The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
olume
York, N. Y., Thursday,
New
Number 4276
159
of the
of the United and Associated Nations who have par-
turned up
again.
It is the ''consensus of opinion
xperts
icipatecl in these discussions [recently held in
hat the most practical method of assuring
Indeed,
whether it is in fact the case.
we
~
,
,
Time
;
What is
-
'
,
who it is that picks them and dubs them "experts.'!
scarcely fail to realize from
living and be able to consume
expanded output of our farms
■;
(Continued on page 1740);;
-'-yTy'
•-:'■■■■ T
-;
produce
more,
the
by
duction
-
recognized here by
been
well
as
The reaching
as
Congressional
noted
all been of
a
technical nature and
character."
The
added, "is not in
committed until Congress
exploratory
that
'The
pro¬
any way
tentative
that
posals
have been un¬
der
discussion
by the techni¬
cal experts
are
part
program
cooper a
on
of a
for
ti o n
interna¬
tional
ecor
has taken action."
A
by the ex¬
perts,
also
made
public
on
April 21, recommends, it was ex¬
plained by Mr. Morgenthau to the
Congression group, "that all of
joint
CONTENTS
GENERAL
United States, he
I
i'
; '■.
i
r
1737
....
Regular Features
From
Washington Ahead of
....1737
Moody's Bond Prices and Yields... .1747
Items About Banks and Trust Cos.. 1752
Trading on New York Exchanges... .1750
Odd-Lot Trading..
,..1750
NYSE
subscribe
NYSE Share Values at
000.000 to the fund in the form of
gold
and
currency"
helping
to be
member
maintain
exchange
local
March 31..
.1748
.
'
State
of
Trade
. .1739
Domestic^Index. 1749
.... 1751
stability and correct maladjust¬ Weekly- Engineering Construction... 1748
the
United
ments
in their balance of pay¬ Paperboard Industry Statistic^... ■.. .1751
Sec. Morgenthau
Nations," the
Weekly Lumber Movementv,-.-...... 1751
ments.
Fertilizer Association Price jndex.. .1748
objectives
of
1749
According to Mr. Morgenthau, Weekly Coal , knd Coke Output
which,
he said ., "are the ex¬
"the par value of currencies of Weekly Steel Review.,..............1746
pansion and development of in¬
Moody's Daily Commodity Index
1747
ternational trade, the. restoration member countries would be ex¬ Weekly Crude Oil Production..... . ,1750
in gold and could be Non-Ferrous Metals Market........ .1749
of
international investment for pressed
productive purposes,- the mainte¬ changed only at the request of Weekly Electric Output............. 1747
nomic
lems
prob¬
available
amdng
countries
in
to
stable and orderly ex¬ member countries after consulta¬
He. termed the es¬ tion and approval of the Fund."
Morgenthau
also observed
tablishment of an International Mr.
that the purposes set forth in the
Monetary Fund and a Bank for
joint statement "have long been
Reconstruction and Development
the international monetary poli¬
as important steps in the attain¬
He
ment of
the objectives, of the cies of the United States."
nance
of
changes."
,
program.
(Continued
It was also emphasized
-
.
on page
.
1742)
/.
General Review
Carloadlngs........
Planting Intentions as
Consumer
of March 1.. 1744
Credit Lower in Feb...
Latest Copper
Bankers Dollar
Commercial
April
.1747
Statistics............ .1747
Acceptances Mar. 31.1748
Treasury Announces Final
of March 2 Offering.
,
.
..
Commodity Prices,
Weekly
Results
Paper: Outstanding
After all, we are
to do the
tie
not
Do
unnecessary
and
us down with
impractical re¬
enterprise.
know-how
with unwise and bureaucratic reg¬
strictions
Do
vol¬
concerned for
on
our
obstruct
not
free
our
ulations.'
point I want to em¬
strongly as I can. The
amazing production achievements
"This is
a
as
,
remember that
of
our
war
program
were,
made
1749
at
„
18-;.J., 1750
(
From Washington
Ahead Of The News
By
CARLISLE BARGERON
that
doubt
in our
is the
first definite knowledge of his having unqualifiedly told anybody of
it.
For some weeks, however, the word has been going out from his
White House aides to State leaders, charged with the job of tying
•Mr. Roosevelt
has definitely
told a close friend, a Senator,
duty to run again. There has never been a any
mind that this was his plan, but insofar as we know, it
he feels it his
giving them the$
:
supremacy."
lignt to tie the delegates to
delegates,
up
green
Roosevelt.
of
there are two
the
might
which
pause.
two
and
Both
possi¬
immediate future
the President
give
They would be the defeat
of his most loyal Senate
Hill of Alalbama
Claude
are
up
Pepper of Florida.
against two hot pri¬
fights and both are so
frightened that they are shouting
for
aid.
The
recent
Supreme
Court decision holding that Ne¬
mary
they are re¬
Ed Pep¬
per.
Incidentally, it had looked
as though the New Dealers might
get the original Cotton Ed this
time, after their unsuccessful ef¬
fort to purge him six years ago.
But the Supreme Court decision
is
considered
as
having saved
him.
"White supremacy" is Cot¬
ton Ed's main,, mostly his only
Here
ferring to him as Cotton
»
followers, Lister
the
News
the United and Associated Nations
$8,000,-
must
we
policy.
production,' maximum em¬ possible to a large degree by the
free and voluntary cooperation of
ployment and the preservation of
the- major
functional
groups—•
free enterprise must depend upon
labor, industry and agriculture.
the structure of a balanced econ¬
We all enlisted for the duration.
omy. -The power to buy must al¬
The results attest more eloquently
ways match and even exceed the
words to the value of this
power to
produce.
Markets for I than
the
produce of agriculture and!
(Continued on page 1746)
However,
Page
•
-
job.
stimulate
y//'/'a
L
'"But
of
statement
approximately
ing,.^'
bilities
Editorial
Financial Situation
of
the ones who will have
full
spokes¬
agriculture,
of labor. The major
in
group
tion
the
and
Government:
voice in the determina¬
us a
progressively
phasize
higher standard of American liv¬
for'-industry and
of agreement by technical experts of the United
functional groups of our domestic
Nations upon "a set of basic principles for an International Monetary
economy are in complete agree¬
Fund" was made known by Secretary of the Treasury Morgenthau
ment.
That agreement embraces
before a group lof Senate and House Committees on April 21, at
these, outstanding points:;
which time he made available a joint statement of technicians repre¬
"ho That full production is es¬
senting some 30 nations regarding the principles agreed upon.
Mr.
sential to the national well-being
Morgenthau
from every constructive, economic,
by
Secretary Morgenthau
that
in
his
state¬
"the discussions up to now have
ment
to
the
-
'Give
assignment.'
say
to the
and
the
among
great masses of consumers."'
, !
Continuing
his remarks,
Mr.
Green said: "This great truth has
men
"We
greatest possible free and
untary effort by all
the realization of a
and to
bountiful
more
distribution
effective
Moiganthau Reports On Plans
Foi International Monetary Fund
less,
not
order to
in
assured
the
us
enterprise for in¬
dustry, labor and agriculture must
markets for our pro¬
create wider
good. We say to America: 'This is
our job.
We know how to do it.
We are determined to do it.
Give
"3. That free
.
v,:S
agriculture are united not
in purpose but in a deep
sense of responsibility for making
factories.
be
toward
only
productive jobs and services
be provided so that every
American family can earn a good
olumns that many
best proceed
and
Labor,
at the
must
long series of discussions which have taken place in these in order to
who have at least as much right to be wipe out sur¬
ailed "experts" as any of those in Washington entertain pluses, as fol¬
lowed by the
views which differ, often quite radically, from those embod¬
Government
ied in the pronouncement now made public.
It would be during the
entirely possible to assemble a substantial number of people pre-war days,
who might by many be considered "expert" who would agree was proceed¬
to almost any scheme of this sort—we had almost said, pro¬ ing the wrong
way,"
vided it is wild enough.
"We know
The first suggestion we can make therefore is that the now," he stat¬
William
Green
word "expert" be divested of its magic, and that this plan ed, "that the
be considered on its merits precisely as it would be if it had only way to
establish
sound and-^continuous
been formulated, not by self-styled experts but by one of
prosperity in our country is to
he
we can
perity in America in the post-war
period.
"Furthermore,
labor, industry
in
opinion "that
attempts
to
induce scarcity
eaders of the "Chronicle" can
which
plat¬
basis on
establishing and maintaining pros¬
political and social point of view.
"2. That maximum employment
New
York City, on
Hotel,
greement, whatever its nature or extent, means relatively April 12-13,
ittle.
It all depends upon who the "experts" are—or, per- expressed the
aps,
form to the nation as the
<S>-
Commodo r e
their
quite certain is that the mere fact of
address
his
in
"Experts"?
gram is interdependent.
"We offer this economic
v
of the American Federation of
to the organization's Post-War Forum held
-V William Green, President
The whole pro¬
ple at high levels.
Period To The
Them Over The Transition
Jobs Will be Available For Them
To Carry
suspect that the
little.
must be maintained by
keeping the national income and
the purchasing power of our peo¬
Agriculture And Industry Must Be Maintained By Keep¬
ing The National Income And The Purchasing Power Of
Our People At High Levels—Advocates Amending So¬
cial Security Act So That Disemployed War Workers
And Demobilized Servicemen Can Derive Sufficient In¬
come In Accordance With Their Family Responsibilities
o
'experts" have in truth agreed upon very
Copy
a
Off:
industry
Markets For The Produce
AFL President Asserts
Washington]
international
onetary cooperation is through the establishment of" such
fund.
To this pronouncement is added a set of principles
'designed to constitute the basis for this fund." One is left
suppose that the ^'experts" have formulated the "priniples" and agree among themselves about them, although a
lose reading of the official announcement discloses That
othing of the sort is said, and gives rise to some doubt as
.o
Cents
60
Is To Produce More: William Green
fund'', idea, like a bad coin,
The "international monetary
Price
April 27, 1944
To Establish Prosperity
The Way
The Financial Situation
as
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
irial
issue.
.
"
Dakota, a battle
revolving around
the New Dealers' efforts to elimi¬
groes could participate in South¬
nate Gerald Nye in the Republi¬
ern.
Democratic
primaries -has
can
Senatorial
primary.
Inas¬
thrown the Southern States into
much as Nye would be the Chair¬
political tumult. You can't help man
of
Senate
Out
in
North
of the century is
; Appropriations
Claude Pepper's Committee in a Republican con¬
It is seldom that a trolled Senate, he is claiming that
more
"advanced" political mind
ever came out of the South.
He big Eastern money is being used
against him to prevent North Da¬
tied up with the New Dealers at
kota's
Senator
having
such a
the outset; in fact, Jimmy Roose¬
powerful position/The New Deal¬
velt and WPA helped elect him
ers, mostly the CIO Political Ac¬
six years ago.
So advanced was
tion
Committee,
is
supporting
he in contrast with other Southern
Congressman Burdick. The funny
Senators that he sponsored the
thing about it is that both were
anti-poll tax bill which is a red
pre - Pearl
Harbor isolationists.
flag to the South.
Burdick now claims he realizes he
Now you ought to hear him. He
was
wrong but that Nye won't
excells Cotton Ed Smith of South
(Continued on page 1741)
Carolina, in shouting about "white
laughing
over
predicament.
1738
THE COMMERCIAL
Policies
And Urges Closer Relations
New
have
outlined in the latter's radio
bs
."greatest contribution towards
the recognition of the need of
.
both houses of
Congress
into
dis-
post-war
u s
c
not
are
Latin
is
no
universities, a
thriving cities,
thing
as
world'
'one
us
S."
"There
such
of
o n
i
s
ica, whether they speak Spanish,
French, or Portuguese in Brazil.
Most
politically,"
continued
Mr.
America
science,
boast
long
fact,
in
had
before
ancestors had
"There
North America.
be
even
they have
Most of
to trade in all
do not
us
have
countries.
Flourishing
even
great
one
America, and
such scholars who
many
long been
recognized, in
Spain, Portugal, France, and Ger¬
prosperity for
all peoples
many.
As long, as; this state of
affairs continues, little wonder our
neighbors would rather fraternize
with people from
means
of with
and
commerce
Alf M. Landon
nomic progress
eco¬
Only when a healthy compe¬
ress.
tition between all peoples can
brought about
semblance
can
have
we
order
world
to
be
any
or
unity."
He suggested that "both
political parties reverse their tariff
-
policies.''
y
' y
Turning next to Latin American
relations, Mr. Landon remarked:
"So
far,
fellow
"If
to win the respect of
good friends to the south, we
our
we
must
are
overcome
this
Therefore,
cap.
we
ourselves
Latin
American
tory,
literature,
and
we
great handi¬
must devote
intensive study of
to
are
,
now
this problem. '■
Americans
this
on
hem¬
between
.indifference
geography, his¬
and
languages,
rising to meet
'
.
buy the respect and the
liking .of the other great nations
on
-
this
to
be
hemisphere.
We have got
ling Appointed Aide
understanding of
they are of ours."
ways as
In order to cultivate
fense
nounced
It
is
has
knowledge
of Latin America and its peoples,
Mr. Landon pointed out the value
Transportation,
1
by
Col.
-
April 10.
their
as
leased
from
United
7; 1941.
Executive
Johnson
on
that
Mr. King,
transportation
extensive
experience.
In
as
his
youth
railroader
a
in
he
New
Director
Of
silver
the
at
least
90
must
here
live
now
and
be entitled to
or
ment benefits from another-
materials
schools, and
from
t he
in
use
greater amount
a
communication
and
for
and
Latin
travelling
American
eers.
of
for
to
After the war, he returned
time to railroad work and in
1922
coun¬
a
became
associated
with
the
tries. Movements along these lines
Interstate Commerce Commission.
He joined the staff of the Bureau
have
heen inaugurated,
agencies of information, like
of
radio
1938.
and
the
already
and
press
giving
are
attention to Inter-American
more
affairs. "Our industrialists
ginning
to
be¬
are
look
south, and our
airlines are leading the way in
making better connections for us."
"If you ask me to interpret
—to
what
say
is
back
Service, ICC, in 1931
director
came
for
the)
some
time-and
member of the
1926. In
be¬
bureau
Mr. King lived in
in
Georgia
has
been
a
Georgia bar since
1935 he
was
admitted
to
practice before the U. S. Supreme
Court.
As
Director
of
the
this
Bureau
of
this
worked
with
of
of
and
Service, Mr. King has
Col.
Johnson in
ad¬
awakening," continued Mr. Lan¬ ministering the Interstate Com¬
don, "I would sum it up as the merce
Commission's
wartime
4
result
of
two
problems
two
and
transportation
opportunities.
"The
first
establishing
Mr.
problem
is
that
of
truly sound policy
a
tant,
King,
and
continues
measures.
Deal.;
If
New
could
stand
job," Mr. Loysen added.
a
"Such
persons .may
maximum
a
-,j
qualify fori
of
of
benefit
20
L.
White, who
executive
as
towards Latin America—one based
the
ODT,
will
both
on
associated
with
Col.
interchange instead of spend¬
ing or exploitation, on respect in¬
stead of condescension.
Moreover,
we
that
established
only
way
a
sound
shall
policy
continue.
once
The
to meet these needs, we
believe,
own
is to take over in our
region the management of
relations with Latin America
and put them on the basis of
per¬
sonal
acquaintance,
and
officer
be
of
friendship,
mutually beneficial economic
"The second problem
lack of
our
is that of
knowledge about Latin
America.
As
Americans
brought into contact with
other, we discover that the
Americans
and
Latin
are
educated, refined,
and that our ig¬
about them is appalling
informed,
norance
and
are
each
embarrassing.
Some of
us
do
not know whether
Honduras is in
South America or Central Amer¬
we
pay-1
each, regardless of
earnings
before
entering
their
is
God's
Heretofore only veterans
earned sufficient wages in
who
employment
induction
to
could
quality,
borrowed
do
not
justified
countries
of
them
have, but hot
previous wages.
give away
will
Now all eligible
be
given
the
other
all
serve
claimants, vet¬
the
usual
wait¬
in
less
not
report to
than
two
in
$360
weeks
and
their local employment
and insurance offices
No veteran
as
instructed.
collect"
can
than
more
in
payments
a' benefit
year.
"Receipt ; of mustering-out pay
up
to $300. does npt affect the
amount of) unemployment benefits
which
veteran
a
is." entitled,
If, however, such pay should be
increased by future Federal legis¬
lation to
a
responding
above
sum
$300,
deductions
-
of benefits of
be
$360, otherwise
pay¬
in any benefit year.
>
allowances cannot qualify for ben¬
efits
under the
new
provisions.
Those
who are partially disabled
qualify for the difference be¬
and
are
Federal
their
tween
allowance
the
$18 benefit rate, if they
available for jobs.
Veterans
who
do
not
qualify undei; these
new
provisions may be. able to
qualify- under
an
amendment
which
was
enacted two years .ago
'freezing' the rights of all service¬
and women.
Generally
speaking, under this measure, if a
persons was eligible for benefits
men
he
entered
service
he. will
be eligible to receive between $10
and
industrial
Let
such
or
be gen¬
us
money
as
we
go into more debt to
more
ican
$18 per payment when he is
discharged."
,
....
'.
,
workers
.the
are
not
keep
try to
and
cost
our
of
who
nation.
our
that
reason
we
can¬
social gains if we
the rest of the world
save
cheap
send
in
their
made
are
do
color
3.
with
put
War Bonds
Then
their
get
trade
agreements,/ international
bank,
unemployment is
rampant because of foreign com¬
petition, and after the borrowing
etc.
and
when
to
comes
I
pen?
end; what will hap¬
an
assume
Dealers
will
that then the New
want
to
start
these
idle
workers.
Yet,
there is no-need for this.
'
The
alternative
is to keep the
down so as to be
able to meet competition during
the
years
ahead.
What is the
sense
of now building our costs
sky-high when we know they
of
cost
must
the
goods
after
tumble
the
War.
In
the ultimate con¬
sumer
will
pay the
bill.
This
will happen in spite of any labor
meantime,
,
other
organizations. Only wise
and
those engaged
in
active
business
can
pass
these
costs along.
.
•
or
be
Application for benefits should
investors
.
in ,be made at the
the future policies of the
the
Division of
agency.
Unemployment
various
Private UNRRA Donations
Are Deductible From Tax
There will b
to
unfortunat
manufactur
4.
commercialized
Big
cities
should
evils.
be
This is the only know
protection against bombing plane
as well
as against social hazard:
be
may
accomplished
Voting
day
some
Because
should
is
not necessarily entitled t
irrespective of character, in
telligence or. record.
This dop
vote
not
that
mean
does
fair
successfully
tests
the
will
The
be
offices
Placement
Insurance
cities
State.
field
and
in
6.
a
Religion must again becom
part of the nation's educations
system.
The Church, however
stripped of its supersti
tions,
dogmatism
and
busines
enterprises. Churches are due fa
will
a
be
rude
and
a
awakening, severe taxatioi
general purging; but th<
Church will
come
useful than
ever.
7.
out of this mof <
Finally, biology and the im
portance
of
BLOOD
train the
most children
mately control.
will
the autocratic countries will have
defrayed
of
this
Things To Remember
the
more
democratic;
democratic
countries
more
employers
Private
by. the
and
workers.
its
-wage
enterprise must
prove
Women's Party Requests
FDR TO Back
the responsibility of all groups to
cil of the National Women's
employment
produce the best possible product
in quantities as large as needed
adopted
based
on
veterans'
inquiries, that private dona¬
tions to the United Nations Relief
earnings
in
covered
and Rehabilitation Administration
will,
charged to the latter and those to
eligible for income tax deduc¬
contributions.
The
Treasury Department in
nouncing this, also stated:
authorized
UNRRA
has
that
an¬
been
it
is
to
supplement with
contributions from private sour¬
ces the funds
appropriated by the
Allied
Governments
for
the
generally'speaking,
veterans
with
insufficient
or
be
no
previous earnings to the former.
The program
is designed to
run
ever,
How¬
it will be immediately ter¬
minated if and when Federal leg¬
world-wide relief activities of the
islation
organization."
ment benefits to veterans.
provides
for
unemploy¬
its
the
at
of
crisis
country at
and
demon¬
right to survive.
lowest
possible
It is
cost
con¬
sistent with fair wages and a fair
return
on
money
America
needs
invested.
national phil¬
a
For busi¬
osophy of teamwork.
ness
through June 3, 1945/the end of each
the 1944-1945 benefit year.
wil
totalitarian.;
prior
Rev¬
whilr
To win the battle of production
is the supreme task today of both
program
jointly
become
the
ments
by
ulti¬
In the meantime
on
advised
SOU
and
Should be given greater consider¬
ation.
Those who breed and bes
have become
the
throughout
cost
.
of
ous
he
un
worthy.
strate
said
but ci
certaij
pass
eliminate
to
employment Insurance Fund. Pay¬
Internal
Joseph D. Nunan, Jr., stated
April 18, in response to numer¬
Nunan
owi
to vote;
that prospective voter
mean
should
must
one
property in order
enue
"Mr.
b
is of age
one
time
charitable
b,
wi,
live i!
encourage more people to
the rural sections.
usefulness to the
as
t
method of taxation that
this
tions
'
decen
tralized.
real
of
Ac
inefficient
State's general fund and the Unr
Commisioner
en
new
housing, clothing and goods
for
freely.
subsidies
certain
government WPA projects to pro¬
vide
more
restricted.
Makers
with
should
emphasis will b
ers
and
independent merchant)
There, however, will be a recogj
nition that the safety of the
naj
tions
depend
upon
prohibiting
5.
Peace
laws
law enforcement.
farmers,
he
the
way
worl
talki
cease
movement to let natural la
fewer
burden.
The Real Solution
better
a
creed.
upon
a
some
going to be
After
tl
so
and
or
This
our
■
nature,
companied with this there shoul
be
of
out of
under
harness
to
should
acted but greater
in
are
a
As America h
physical
Fewer
millions
goods,
jobs.
Industi
against fea
struggle. Home
colleges should one
put the emphasis on sacr
fice, training and the good of al
But all must be given more
equ;
opportunities,
irrespective
let
we
American workers
could be
battle
power
all
schools
our
by letting them
cheap goods that
cheap labor.
If
these
farmers
backbone
It stands to
revolution.
plan for
We
work
money.
producing
goods,; including
farm products, continues to
in¬
crease,, this will harm our Amer¬
cor¬
will
"Totally disabled veterans re*
ceiving Federal
total
disability
may
in
Also, remember that if
ing period of eight effective days
t
explo|
more
nothing
of
rate.
must
with
erous
$18
We
borrowing
with
farming facilities.
and
their benefit rate might have beeri
low as $10, depending on their
as
in
can
to support millions in de¬
money
back
money, what
the whole world?
for
muci
as
about the abundant life and
agai
teach that life is
Babson
j its
pressed
by the Un¬
employment Insurance Law prior
W.
Roger
not
feet here in this country, so
could not pay for it
except
are
covered
2.
,
we
service.
'
men
The
must now learn how to harne
the forces of human nature. Th
the
on
with
$18
are
relations.
of
,
as
,
closely
Johnson
and the Latin Americans want
assurance
our
shaping
assis¬
own
,
tlj
on
self-seekii
beings is the cei
greed.
the
Deal
tain
and
forces
New
a
to
the
found
ex¬
State^
when
executive
as
Joseph
hate
money.
on
road
must win
pect to put the
whole
world
be
must
made from the maximum amount
lished
tain
be
ready, willing v-aridj
able to work, but unable to
ob-j
and
able
Engin¬
our
tation of human
with
We cannot
unemploy-]
,
the
the other.
thought to building
producing materials.
we
not
ktoo free
Federal total dis¬
a
allowance,
Mexico and served, for 18 months
in
France during the
last war
(Railroad)
must
be
with
21st
hand,
looking, for work here, must mot
ability
and
on
1* Industry should give
War
-
On the other
consecutive
hand,
elements
Borrowing
days immediately prior to' inducy
tion
a
Further
Post
actually resided in this
for
elemenj
one
lining.
Stop
partment of Labor, "eligibility re¬
quirements specify that claimants
State
the debt will I
a way,
Seven Postwar Goals
Divi¬
tuguese,
the
has
Hence, in
line is between patriotic
in management and labor
Every
cloud
>
'
for
Yet, at 2Vz% ir
<■♦>-
business sta¬
bilizer.
or
of the study of Spanish and Por¬
the distribution of pub¬
selfliquidating as well as
Unemploy¬
Insurance of the"State De¬
ment
to
announced
returned to the government as taxes.
the
on
probably headed
every
sion of Placement and
"Like
an¬
•
in
is
to think of.
so bad if it can
gradually be reduced. This interest
paid to the people of our country. None of it leaves the U, S. A. (
dollar received by us as interest, a certain proportion must 1
all
em¬
According to Milton O. Loysen,
erans
; y
had
worked
was
•>
duty
S.
terest this is not
a
active
States armed, forces
maximum
To Col. Johnson Of ODT
cannot
PARK, MASS.-—The U.
$300,000,000,000 debt which no one likes
consecu¬
ployment benefit law which ap¬
plies to all men and women. re¬
veterans
or
positive attempts
cultivations, lacking much sem¬
blance of the approach on which
The appointment of Homer C.
lasting friendships are based. Our King, Director of the Bureau
of
recent sudden attempts at buying
Service
of the Interstate Com¬
this friendship through the great¬ merce
Commission, as Executive
est money-spending splurge in all Assistant
to Col. J. Monroe John¬
history are not successful.
We son, Director of the
Office of De¬
in
.
90
BABSON
according to the •re¬
enacted veteran's unem¬
ments
us.
relations with our
our
isphere have alternated
,
Europe instead
and hygienic prog¬
least
Roger W. Babson Discusses National Debt
who
ployment,
cently
must have
before our
put ashore in
know the name of
scholar
of
Latin
economically,
if private en¬
terprise is free
could
we
achievements, in
cases,
Landon.
can
recognized
literature,
leaders
in
and
some
that
aware -
great
of similar
veterans
to work and unable to obtain
after Dec.
international
State
at
days may qualify for unem¬
ployment benefits if they are able
American Day at Kansas City,
Republican candidate for President,
Secretary of State Hull's principles
address on April 9. The Secretary's
a national policy,".he stated, "was
bringing bi-partisan committees of
expressed general approval of
York
served
Thursday, April 27, 194
Sewn Goals To Seek'-
tive
With Latin America
-Mo., Alfred M. Landon, former
CHRONICLE
For N, Y. State Veterans
address commemorating Pan
an
FINANCIAL
Unemployment Benefits
Landon Supports Hull's
In
&
this means teamwork within
concern
labor,
and
alien
and teamwork with
competitors,
the
the
Government.
armies
public
Though
conquered,
alien philosophies can still over¬
run the land.
Industry is one of
the first targets.
The true battle
may
be
"Equal Rights"
On
April 15 the National Coun¬
a
resolution
Part^
calling or
to use hh
President Roosevelt
efforts, toward bringing about the
adoption of the proposed equal
rights constitutional amendment
The resolution also requested the
President to receive a delegation
from
the
27
Organizations
National
Women's
supporting
this
measure.
At the April 16 session of the
Council, Mrs. Ralph E. Hayden,
of Iowa, Senator Guy M. Gillette
of Iowa and Mrs. Hattie
were
scheduled to
Carav[h^
speak.
W*
1
A
Timely Warning
"Yes, the
same
forces who carried America
•
down the road to communism
'
f
prior to the .present
world war are active today.
They have no inten¬
tion of abdicating.
You cannot change their minds
or their
philosophy.
!
"I
that those who used the power of
bureaucratic patronage, financed by the American
taxpayers, to the tune of building a national debt
which in all its phases amounted to approximately
$60,000,000,000 before ?we ever entered the war,
warn
to
over
go
forward and
complete their original plans.
O'C
\
"I
'
'
1.
you
when this war1 is
intend
warn
you that the soothing voice of Jacob,
preaches to you the philosophy of social secur¬
ity from the cradle to the grave and freedom from
fear right up to the Pearly Gates, is backed up by
the hand of Esau busily engaged in picking the
pockets of the American taxpayers and mortgaging "
the oncoming generations of American citizens.
i
who
"I
that there is only one hope of
maintaining America for Americans, of maintaining
a
government by law instead of a government by
edicts, directives and executive orders, and that is
for the great rank and file of the people of America
to again declare in ringing terms that philosophy of
government announced by Gen. Sam Houston when
he said: 'Our only ambition is to obtain and main¬
tain liberty.' "—Senator W. Lee O'Daniel.
'J, •'!
i
I,
1
-
I
;•
warn
you
This is excellent advice.
if
We cannot afford to
"forget" such matters "to the duration" because
the schemers will not.
{•
1739
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4276
159
olurae
'"V
April ,24, last .year,steel output 11% of net sales, while the net
totaled 1,731,700 tons, and the rate 'after income taxes for that year
was $2,285,625,000, placing income
was at 100%
of capacity.
-•:
Ga'rloadings of' revenue freight" taxes at about $441,000,000; * For
for the week ended April 15 to¬ 1942 net income of the 1,086 cor¬
taled 799,965 cars, the Association porations before income taxes was
of American Railroads announced. $7,405,660,000,
or
13.3% "of net
This compared with a net
This
was
an
increase of 10,641 sales.
of
$2,676,239,000
after
income
cars, or 1.3% above the preceding
week this year, and an increase taxes, or 4.8% of net sales.
The
of 19,057 cars, or 2.4% above the basis for the foregoing conclusions
corresponding
week
of
1943. reached by the study \vere from
However, in a comparison with a documents filed by the companies
similar period in
1942,
a
decrease
of 46,540 cars, or 5.5%, is shown.
Air
transportation is assuming
increasing share of passenger
an
travel, mail and freight, these
days when speed is so essential.
The Air Transport Association of
the
Commission.
American
of
tor
was.
planning on Monday of this
week by the National Retail Dry
war-time
that * "the
airlines
domestic
flew
qqarter.
Mail carried during the
period exceeded 36,000,000 pounds
against 23,618,983 pounds a year
ago, with mail-pound miles up to
22,500,000,000 compared with 15,058,722,057 last year."
Express
poundage was up 51%
to 19,500,000, and express-pound mile¬
age rose more than' 40% to 9,500,000,000.
;;;
Production
for
the
year
bituminous
of
coal
continues to exceed
1943
-tonnage to date, although
output for the week ended April
15 declined 270^000 tons from the
week and was below
the comparable period of a year
ago
as
Well, the National Coal
Association reported.
From in-,
complete car loadings reports, the
Association places production in
business,
war
Goods
468,500,000
revenue
passenger
miles
during
the
first
three
months of this year, a rise* of 40%
above "the 331,273,000 for the 1943
retail
given consideration in post¬
America, touching upon this type
transportation service, reported
All
are
Savings Banks
New
Jersey savings banks
members of the Federal'
now
Deposit Insurance Corporation, it
indicated
was
Newark
the
in
"Evening News" of April 12 which
stated
that
there
22
are
mutual
that is a
stock
company.
Deposits. in all,
these banks to $5,000 are fully in¬
sured, and it was added:
This announcement was made'
savings banks
and
one
.
Instalment buying, which prior
to the war has been a major fac¬
of
preceding
The State Of Trade
with
N. J.
Association
third
its
at
Gordon
J.
conference.
Manager - of its
credit
division, predicted that a sub¬
stantial part of the probable in¬
crease in civilian production and
consumer
purchasing during the
current year will be represented
by instalment sales.
A moderate
Dakins,
.
increase
the
in
of
volume
today by Leo T. Crowley, Presiof
FDIC,
and
Eugene E.:
Agger,
State
Commissioner
of
Banking and Insurance. They dis-^
dent
.
closed that nine mutual banks had
just been admitted to the system.
The others had been admitted pre¬
viously. Commissioner Agger said
the
admissions will add about
new
$200,000,000 to the resources of the
insured banking institutions of theState.
The newly
admitted banks are:
Institution, New¬
Howard Savings
con¬
ark; Franklin Savings Institution,
Newark; Dime Savings Institution,Newark; Bloomfield Savings In¬
ing
influences
of
Government stitution; Orange Savings Bank;regulation; ' Citing the decline in Half Dime Savings Bank, Orange;
consumer
credit by
51% since Montclair Savings Bank; Morris
sumer
credit is looked for in the
current year
despite the restrain¬
-1941,
September,
Dakins County Savings Bank, Morristown,-
Mr.
stated that this reduction was not
chiefly due to Regulation W, but
rather to a decline in the supply
of
consumer
durable goods* avail¬
able and to the enlarged consumer
incomes
which have permitted a
reduction
incurred.
rapid
ously
of debts previ¬
Revealing the
marked decline in instalment sale
he 'pointed
credit,
that this
out
,
and Plainfield
The
said:
v
Savings Bank.
further
"News"
Newark
'
■
/.
.
.
;
The other mutual banks and the
stock
organization,
Paterson-
the
Savings Institution, have been for
time members of the insur¬
some
Paterson
of more
corporation.
The
Savings has resources
ance
than
$35,000,000."
'
-
■
;
82% ,
The total assets of the mutual
or $3,300,000,000, since the fall of
savings banks is about $352,000,000
Post-war planning again enjoyed a fair share of the news last
the United States for the week 1941, while charge account credit and
they have deposits of about
eek and obscured to a degree the more prosaic activities of trade ended
April. 15 at approximately dropped only 28%, or $494,000,000.
$322,000,000, the highest in the
industry. Of particular interest was the monetary plan of treas- 11,750,000 net tons, against 11,- Reviewing the prospects of such State records.
ry
experts of 34 nations and the announcement of their agreement
type of-credit decreased' by
818,000 tons for the corresponding
credit in the post-war
week of last year.
noted
period, he
The statement given today said
survey
negotiations for the insurance of
the U. S. Chamber of Com¬ all the institutions began several
ote world trade and prosperity.*>
coal
output run above the. 12,- merce, indicating a $20,000,000,000 months ago after a program for
'he agreement was looked upon Middle West; further shipments
000,000-ton. mark, l For the year market for consumer goods in the insurance of the savings banks of
i a clear-cut American victory from that source are in the plans, Jan. 1
through April f5, produc¬ first six months after the' war, does New York was completed by the
Ver British proposals to relegate says "Steel."
Expectations of an tion stood'atM86,252,000 tons, and not indicate that "most people are hew Superintendent of Banks, El¬
old to a minor role in post-war increased supply of steel.immedi¬
compares
with 181,571,000 tons counting on buying these things liott V. Bell, an appointee of Gov¬
ately available for civilian pur¬ last year.
urrency stabilization.
The survey,, according ernor Dewey.
As reported by the for cash."
One other bit of news, this of poses are • not well founded, in Solid
Fuels
Administration
for to Mr. Dakin, indicates that "the
Commissioner Agger today said
dmfort to small business, was the view of current conditions, and
American
habit
of
instalment the initiative in New Jersey to¬
War, production of bituminous
tatement
by Maury Maverick, until the pattern of requirements coal for the" week ended April 15 buying will play a major part in ward extension of the insurance
ead of the Smaller War Plants after the invasion of Europe be¬ was
estimated at 11,730,000 net post-war consumer buying."
was taken by the nine hanks that
;orp., in which he contended he¬ comes well defined, the likelihood tons, or a decrease of 290,000 tons,
Activity marked the^ trend of had not been members of the sys¬
of war needs diminishing on^a or 2,4% below the
re a Senate Military subcommitprevious week. retail trade in New York City the tem. He said many of the banks
considering
war
contract scale sufficient to release steel for
Sales compared fav¬ are in the best financial position
Paper
output for .the week past week.
broad outlines, for a proposed
$8,000,000,000 gold-based stabilization
und designed to place international finance on a firm basis and pron
Only twice in
the last six weeks has bituminous
that
a
nation-wide
by
-
ermination and reconversion the
civilian production seems remote,
that a policy of enorcing war controls and restricions until such time as big and
says
iast
week,
mall business
can
reenter civilian
iroduction simultaneously, would
the
ioint
road
in
>usiness
this
to
ruin
country.
of
small
As for
he week's
activity on the indussteel production was
veil maintained and established a
rial
front,
high record in the U. S., with
mprovement also noted in soft
:oal production, carloadings, retail
iew
and
:^ade
ilectric
.
commodity
prices,
while lower the
week, reflected a gain over
oast
output,
iast year.
In the field of electric produc¬
tion, results reveal that output of
alectricity dropped to approxi¬
mately 4,307,498,000 kwh./in the
week ended April 15 from 4,361,-
994,000 kwh. in the preceding
week, as reported by the Edison
Electric Institute.
The latest fig¬
notwithstanding the decline
the previous week, repre¬
sent a gain of 10% over one year
ago,, when output reached 3,916,794,000 kwh.
Consolidated Edi¬
son Co. of New York reports sys¬
tem output of 197,900,000 kwh. in
the week ended
April 16, and
ures,
from
178,100,000 kwh.
for; the corresponding week of
4943, or an increase of 11.1%.
; f"r Operations of steel mills last
compares
week
with
were
well maintained, and
of a short¬
metal in the months
ahead are not being borne out by
torent
indications,
since
the
fears in some quarters
age
of
scran
present supply of the metal is suf¬
ficient, with no evidence of a
crisis in the offing. The Pacific
Coast enjoys a surplus, and this
reservoir can be utilized in the
event of pressing. needs in the
"of the
being strained to / the
utmost, and with practically onethird of the year behind us, orders
"Steel."
mills
Capacity
is
ended
April 15
was
equal to 85%
of capacity, against a revised fig*
urej of
88.2%
in the preceding
orably with the post-Easter trade
of
a
year
ago
and,-according to
sales
by 11%
efided April 17,1943, the American over the same period of last year,
for flat-rolled steel "cover nearly
Paper- & Pulp Association's index which "happened to be a preall capacity almost to the end of
of mill activity indicates.
As for Easter week.. For the four weeks
the year, and in other products,
paperboard,; production, for the ending April 15 they were up by
bars, wire and the like, backlogs same
period was reported at 92% 17%, and for the year to April 15
are being increased," according to
of capacity, against 94% in the they were better by 5%.
In the
the magazine. •
?
seasonal accessories line such as
preceding week.
•
\
"Due to the, fluidity of war re¬
On Saturday of last week the handbags and jewelry, consumer
quirements emphasis on various
SEC disclosed in its comprehen¬ demand was heavy, suffering little
products is
shifting constantly.
sive study of profits-and opera¬ if any from the imposition of new
At the same time Washington is
tions of more- than 1,000 listed excise taxes. Signs were in evi¬
disposed to use directives only as
American corporations that such dence- of retailers in the Wholesale
a
last resort.
Every pressure is
markets
looking for staple fall
being put on contractors and sub¬ concerns, while they more than
doubled their receipts in 1942 as goods for early fall disposal. -In
contractors to exhaust all possible
the shoe market buyers eagerly
sources
of supply, surplus steel, compared with 1936, were able to
stocks of
retain little
more
than half as sought out available
and warehouses, before directives
much of each dollar of income in summer and fall shoes,' while coat
are allowed.
Nevertheless? many
1942 as was possible six years ago. and suit manufacturers were get¬
directives are found necessary to
ting their lines in order for the
obtain wanted delivery, resulting The, burden of greatly increased
season
which opens early
taxes and higher production costs new
in considerable rescheduling and
was reflected
in the grand total in May.
confusion.
of 75 manufacturing groups, em¬
Department store sales on a
"In advance of the actual inva¬
country-wide basis, as taken from
sion, military procurement agen¬ bracing 872 listed, corporations in
1936 and 1,086 in 1942.
For the the Federal Reserve Board's in¬
cies are preparing for all possible
872 corporations listed in 1936, net dex, dipped 11% for the week
contingencies and are building up
sales, aggregated
$24,885,023,000. ended April 15, compared with the
supplies at top speed. Promptness
Out of this sum they were able to same week a year ago, Which, it
or delay in establishing a foothold
in Europe will affect the nature retain, as a final net profit after should be noted, was a pre-Easter
all
charges and taxes, $2,285,- week, • while sales for the four
of further needs
of the armed
forces and have a strong effect on 625,000, or 9.2 cents on the dollar. weeks' period ended April 15 ad¬
By 1942 net sales expanded to vanced 15% compared with a like
demand
for
various
types
of
$55,567.26-3,000, of which amount period last year, and by 5% for
steel," states "Steel."
As for the rate of steel produc¬ the 1,086;companies listed at that the year* to April 15 over a simi¬
time were able to keen $2,676,- lar period in 1943.
tion, the American Iron and Steel
As for commodity prices, the
Institute places scheduled output 239,000, or less than $400,000,000
more than in. 1936.
The foregoing trend veered slightly upward for
for the week beginning April 24
week
and-89.3%
for
the
week
the
Federal Reserve index,
for'
the
Week
.
....
.
at 100% of rated
represented 4.8 cents on the dol¬
lent to
lar,
capacity, equiva¬
1,791,300 tons of steel in¬
gots and castings, a new high in
the U. S. for the second successive
week.
tions
This compares With opera¬
at the rate of 99.5%, and
output
ago.
of
1.782,300 tons a week
For the week beginning
or
little more than half the
1936.
final net of
the week ending April
15,
as
noted
by the Bureau of- Labor*. Statistics'
index of commodity prices in pri¬
markets,. the increase was
the great effect of
profits, the study
shows that in 1936 net profit, be¬
mary
fore income taxes Of the 872 listed
hogs, eggs and citrus fruits, were
Revealing
war
taxes
companies
on
was
$2,726,858,000,
or
have disposed of
They
much real estate
and other slow assets.
declined
•
.
establishment.
their
since
placed at 1%.
Higher prices for
farm products, with emphasis on
responsible for the rise.
The in-
H. Y. State
E.
Thomas
Governor
issued
Employees
order
an
"freezing"
18
approxi¬
State's
the
Dewey
April
on
mately .45,000' employees in their
jobs,
in a press
it was reported
dispatch from Albany to the New
the
The order placed
following day.
all
of
Tribune"
"Herald
York
employees under the regula¬
War
Federal
the
of
tions
Man¬
Commission and notice to
power
that effect
and
State
J.
served
was
partments
by
on
all de¬
of
agencies
the
Conway,
Edward
President of the State Civil; Ser¬
also observed that other
ers
may
unless
leave
been properly
have
"
••
•
explained
was
that
meant
employ¬
not hire state employees
they
released.
It
notice
The
Commission.
vice
their
state
the
notice
employees who
jobs without permis¬
sion of the Civil Service Commis¬
sion
barred
are
ployment
the
state
without
a
for
cannot
hire
other
em¬
and that
new
help
release from the other
employers.
crease
from
60 days,
-
brought the Bureau's all-
commodity index to 103.8% of the
1926 average.
1740
THE COMMERCIAL &
FINANCIAL CHRONICLE
The Financial Situation
(Continued from first page)
those
Ton-fliles Of Revenue
Freight Up Only 2.1%
publicists
who
pontifical
ace
with
ments
the
pref-
pronounce
statement that
a
speaker
knows
The
who suppose that any
system which is planless is
many
well
us, as
handled
traffic
railroads in
I
2.1%
to many others,
as
the
Asociation
The view that "it
of American
The
first
Department is | about international financial
The! relations an excellent illuspeople could in j tration of the causes of these
Class
three
revenue
the
in
notebook
Parliament,
a
of
leaf from
the
which
even
be¬
fore the substance of the
pro¬
posals
had
doubts.
British
become
known,
being - assured
upon
in
second
guided in all
income."
its decisions by the purposes and
policies set forth below:
1. To
institution
permanent
a
tary problems.
facilitate
the
sion
to
expansion
and balanced growth of interna¬
tional trade and to contribute in
this way to the maintenance of
call
developed
reached
since
deci¬
at
Washington
military service
for
up
manpower
months
three
of
and
1944
large numbers of young men who
had been deferred.
Representa¬
tives of many industries
have is¬
1943
(000 omitted):
1944
1943
%
Mo.
of
Jan.—
60,487,994
55,134,789
9.7
sued statements
Mo.
of
Feb.—
*59,400,000
54,419,933
9.2
taking of their
of
Mar.—
162,500,000
61,220,266
2.1
would
182,387,994 170,774,988
6.8
Mo.
3
rnos.-
^Revised estimate,
curtailing
production,
have gone
tPreliminary Estimate.
Living Costs Down In Mar.
workers
ical
35
of
63
living
so
in. March
there
the
sur¬
correct
maladjustments in their
balance
of
resorting
payments
without
measures
destruc¬
to
tive of national
or
international
prosperity.
4.
-
.
To
exchange
sta¬
bility, to maintain orderly exchange
arrangements
among
member countries and to
avoid
competitive exchange deprecia¬
tion.
5.
Board.
largest
decline,
really worth in the
everyday business
ment
assist
of
in
the
multilateral
facilities
is
paid
same
on
establish¬
has
need
been
in
6. To
shorten the periods and
lessen the degree of disequilib¬
rium
in
the
ance
of
payments
countries.
Now,
international
of
bal¬
member
'
it not be that
objectives listed
here would be best promoted
the
if
term
them.,
.what
In
and for the
these
ends
and
much
there
will
be
cases
each
United
States
as
a
whole
may
broad
these
experts
home and
were to go
themselves to
set
work
on
There
are a
opinions
utmost
some
other
task?
good many whose
are worthy of
the
respect
such to be the
who
case.
of
same
nation
world if given
opportunity. The
important thing is, however,
basis in
prudent business
or
finance. which political wiseacres un¬
instrument
instrument
bv
oy
dertake to manage
of the world.
How Sound Trade Is
Promoted
In
an
an
For
fine, sound international
such
our
part,
international
mestns
mednb
less
was
last No¬
of
lay-offs
rate
average
rate
months,
Moreover, the voluntary
quit rate
any
was
of
the
previous
11
much lower than in
previous
month
of
1943.
Sharply decreased quit rates
equiva
discount
approxf,
per annum.
'
High, 99.910, equivalent rate o|
approximately
0.356%
discount
per annum.
;
,.
,
Low, 99.905, equivalent rate
discount
approximately
o:
0.376%
per annum.
(37% of the amount bid for
low price was accepted.)
a
the
There
ilar
was
a
maturity of
issue of bills
the amount of
a sim ¬
April 27 ir
on
$1,016,925,000.
Mlge, Loans Increase
Reported By Illinois &
Wis. Savings Ass'ns
Despite the largest repayment.',
ahead
of
schedule
borrowers
which
home'
achieved
have
sinct
mortgage lenders
can
remember
the Illinois and Wisconsin
savings
building and loan
association.'
closed the year with a 4% increase
for the last six months of 1943 in
their volume of
outstanding.
dence
of
mortgage loans
This surprising evi¬
heavy;
new
borrowings
for property
ownership was re¬
ported on April 1 by A. R. Gard¬
ner,
President
of
the
Federal
Home Loan Bank of Chicago.
It
was
based
on
year-end reports
just assembled from the 295 in¬
sured institutions in the district.
The announcement from the Bank
adds:
are
good
of'
are
indicators that' workers
folding
on to their1 jobs with intenacity because they feel
Uicreased
the affairs
The
million
a
among factory workers in Decem¬
ber was not only
higher than in
any previous month of last
year,
but it was over 50% above
the
reasonable
no
nearly half
January than "it
vember.
lished needs of the economic
a
was
'in
best system of the
decreased confidence in their abil¬
ity to find other jobs easily."
"The heavier demand for loans
has been sustained into 1944.
Bank
ary
The
President pointed to Janu¬
and
February
home
new
mortgages recorded in Cook and
we
find
monetary
Cotton Spinning For March
The Bureau
of
the
Census
Milwaukee Counties 52%
in
volume
an¬
than
for
greater
the
same
April 19 that accord¬ months last year.
ing to" preliminary figures, 23,"Ten associations increased their
growth of enduring interna¬ suited to the latter purpose. 320,494 cotton
spinning spindles total
mortgage loans outstanding
tional trade have their
roots, We are far from certain that were in place in the United States
by more than a quarter of a mil¬
on
March 31, 1944 of which
not so much in clever or in¬
22,they would not quickly de¬
568,308 were operated at some lion dollars for the last half of
tricate banking
machinery or velop into instruments to aid time during the
month, compared 1943, and two had net increases of
the like, as in careful,
prudent in a worldwide extension of with 22,513,300 for February, 22,more than $1,000,000.
As of Dec.
and
New Deal and other similar 217,994 for January, 22,596,322 for
vigorous
management
31, the insured associations held
of domestic
December, 22,623,406 for Novem¬
o f
affairs, and a theories
"expansionist"
ber, 22,599,426 for October, and $308,993,434 in mortgage loans, a
willingness to trade, when it economics, in which not the 22,924,634 for
March, 1943.
The net increase of $11,160,332.
The
is advantageous to do
so, ex¬ profligate,
but the prudent aggregate number of active spin¬ lending
during
the
first
two
pecting neither to sell with¬ nation Jtyould be palled upon dle hours reported for the month
months of 1944 by all
was
savings and
out buying nor to
10,467,478,351.
Based on an
buy with¬ to equilibrate an;jinbalanced
activity of 80 hours per week, the loan associations in the two met¬
out
selling.
Of course, economic situation; by adopt¬ cotton
financial
relations
and
the
schemes
as
this much too well
believe granted vigorous and varied
ing the policies which, when
productivity in the various practiced by other nations,
We are,
course, well aware of all
that has of late
it
stands
0.4% higher than a year ago, and
20.2%. above January, 1941.
of
99.905
.Range of accepted competitiv
in
agricultural
»
price,
rate
bids:
renewed
some
which industrial and
the
are
payments
the growth of world trade.
Average
mately 0.375%
Congress about
enacting some form
for
accepted in full),
re¬
the
a,
$2,128,761,000
$1,013,541,00
(includes $54,233,000 entered, on
fixed-price basis at 99.905 an<
those
a
are
Total applied
for,
Total
accepted,
if
genuinely inconvenienced by
losing some of their young men,
carefully refrains from en¬
couraging or stimulating ex¬ that it arise in response to
port markets for its goods and need, and that it remain a
services by
"lending" opera¬ hand-maid of commerce—not
current transactions
foreign ex¬
change restrictions which ham¬
•
the
for
sense
reason,
among member countries and in
the elimination of
per
of
sense
o
24.
The details of this issue
follows:
down
number
ordinary
the Federal Reserve Banks
April
be
1.0%,
tions which have
To
at
r„
furthered when
promote
be dated April 27 and t
July 27, 1944, which wer,
offered on April 21, were
opened
shut
to
of national service
legislation ap¬
plying to civilian workers.
"No doubt many
employers will
Living costs
were
higher in 22 of the cities,
and remained unchanged in 6 of
them.
The Board's report, made
public on April 20, also said:
"The
some
at work in
services than it is able to
February of
"Living tosts were higher this
pay
last year.
That is an important
for either in current goods or March than in March, 1943, in 39
a high level of
employment and
cities. Denver recorded the largest shrinkage, but on further study
real income, which must be a services
rendered, or else in
the conditions appear to be
increase during the twelve-month
less
primary objective of economic other
forms
such, for ex¬ period with an advance of 3.6%. serious than those figures indi¬
policy.
cate.
ample, as promises to pay in Twenty-three cities showed - de¬
3. To give confidence to mem"Employment in the manufac¬
clines while one other showed no
the future or title to
property
ber countries by
making the
change. The cost of living for the turing industries is declining, and
which are
resources
available
to
them under adaquate
safeguards,
thus giving members time to
to
mature
lent
establishments
discussion
veyed by the National Industrial
Conference
have
and
growth of in¬ occurred in Atlanta and Bridge¬ production will be adversely af¬
Nowhere else was the de¬ fected by such losses of employ¬
ternational trade," and all the port.
cline as great as 1.0%. The largest ees.
Nevertheless it does appear
blessings that accompany if increase,
1,9%, ; occurred
in that this latest manpower crisis is
are best
sought, or, at least, Toledo. In two other cities, Phila¬ largely verbal, and almost surely
most
effectively attained, delphia and San Francisco-Oak¬ less serious than it is claimed to
be.
The number of
when each country seeks to land, the increase was more than
employed ci¬
1.0%.
For the United States as vilian workers in February was
obtain from any or all other
a
whole, the cost of living was 50.2 millions, and that was a mil¬
countries no more goods and
lion and a half fewer than V
unchanged.,• ' '
the
fund's
r
Secretary of the Treasur
on
April 25 that thi
tenders
for
$1,000,000,000,
thereabouts, of 91-day Treasury
to claim that
as
protests
cler¬
declined
cities
industrial
far
would
young men were taken. As
sult of such claims and
fof. wage
lower-salaried
and
earners
in
of
cost
employees
disastrous results in
have
their
The
claiming that the
young
.
.
The
.
submit
we
has
was
a
Treasury
Offering
announced
bills
like
•
which
provides the machinery for con¬
sultation on international mone¬
2. To
crisis
/
they
'
ill!
labor
that "balanced
international
promote
monetary cooperation through
Now
is
"Something
following table summarizes
ton-mile
statistics for the
first
1st
the
dis¬
the
crisis" follow:
The
>
The central purpose of this
ambitious scheme is set forth
most
in
by Gen. Ayres on
employment and the "manpower
ton-miles of service than
;
"the
situation
morej
first three months of 1939.
Ayres,
condition
that the number, of
women workers has
decreased in
each month since last
July;" Fur¬
ther comments
the
per¬
Central Purposes
paragraph
that the British Government above, i.e., "to facilitate the
had not been committed to expansion and balanced
anything. Now, what is such growth of international trade
and to contribute in this way
a fund
supposed to do?
Let
to the maintenance of a
the experts answer:
high
level of employment and real
The fund will be
insisted
in
1944
period of 1943, 38%
more than
in the same period of
1942, and 192% more than in the
to understand.
this matter take
the
of
Resells Of
According
Gen.
quieting
same
from the State
American
railroads
I
months
formed approximately 6.8%
hurried—endorsement of the all this reasoning, and find in
scheme
should
have issued the present set of
proposals
not easy
to
reports just received by the Asso¬
ciation from" Class I railroads.
the end of the wide influence over the rank
file
that
it
war, lead any one to deal dif¬ and
ap¬
ferently with the subject. pears but little short of trea¬
With all due respect to the son to express doubt of the
Secretary, he can scarcely be "necessity" of "purposive" or
regarded as an authority on "collective" planning or ac¬
the subject, or could be ex- tion in the
sphere of ecopected to be. Precisely whynomics, or kindred realms,
such a rather strange—and
| Yet we doubt the validity of
Laws, Says Ayre
seems
increasingly clear that we are now to
far along in the war
emergency to warrant the enactment of nation!
service legislation," is
expressed by Brig. Gen. Leonard P.
Ayre!
Vice-President of the Cleveland
Trust Co., who, in the
company
Business Bulletin,
April 15, states that
"probably it will prove t
be true that the peak of
industrial production in this war
perio
was
reached
last
October, and'othat the worst of our labor
strin¬
gencies are behind us."
about his subject. Nor should that this kind of loose talk Railroads announced on April 22.
Freight traffic, measured in tonthe
plea of Secretary of has been going on for so long, miles, amounted to
approximately
State Hull for this, or some and been sponsored, if not
62,500,000,000 ton-miles, according
similar arrangement to take engaged in, by so
to preliminary estimates based on
many with
effect prior to
Stringencies Behind Us;
Wo Need For fiaf'l Service
freight
Class
by
Worst Of Labor
March 1944, exceeded the same
It is evident to month last
year by approximately
indefensible.
nothing
of
volume
Thursday, April 27, 194
countries of the
nounced
on
spindles
States
March
were
1944
in
the
United
at
122.0%
ropolitan
during
operated
amounted
capacity.
had in the first
was
areas
to
in
the
$12,042,794,
district
which
37% of the total amount lent
earth, and a
place caused This percentage compares, on the by all sources of
mortgage money
been willingness to trade, each for the trouble
complained of. same basis, with 123.3 for Febru¬ during the .period."
"planlessness" of his own benefit, international We
hope it is true, as is being ary, 124.0 for January, 115.3 for
Mr. Gardner said that the cur¬
the system of free
enterprise, financial machinery is needed said, that the whole matter is
December, 125.3 for November, rent lending experience of sources
and of what we have hereto¬
as a
facility of trade—but it likely presently to be put 129.5 for October, and 134.4 for other than, the
fore supposed to be economic
savings and loan
largely exists, and what is away in moth balls for resur¬ March 1943. The average number associations also
bears out the fact
and political freedom.
We further needed will
without rection only if needed for
po¬ of active spindle hours per spindle that there is a heavy increase over
know full
years
said of the
well that there
are
doubt
arise
to
meet
estab- litical purposes.
in
place for the month
was
449.
last year.
& FINANCIAL CHRONICLE
THE COMMERCIAL
Number 4276
;rolume 159
\
Food Subsidies And 40-Hour Week in War
Repeals Primary Laws To Prevent From Washington
Ahead Of The News
flegfoes From Voting In Primaries
>outh Carolina
view
a
to
duced,
•f
party officials,
the
after
could
primaries,
uled recently that Negroes
in
mte
vhich
Texas
the
similar
were
Carolina's.
\-k '■
Democratic
South
to
.
20 Attorney General
Sellers of Texas asked the
Supreme Court to set aside
ts April 3 ruling opening State
Democratic primary elections to
S.
.
asked permission to
personally the rehearing
Negroes and
irgue
'equest.
The Associated Press in
Austin,
advices, April 20, added: '
The motion argued against the
pinion, which held
that
"the
reat
privilege' of choosing his
ulers may not be denied a man
y the State because of his color.'?
"Despite the seeming unpopuarity of its philosophy among
ertain strata of
he
State
of
Government,
our
continues
Texas
to
dhere to the fundamental Amer-
that
principle
can
elections
are
onducted not for
the purpose of
hoosing 'rulers' but for the purof
ose
electing public servants,"'
Under
ratic
State
laws
of
the
Demo-
the
prescribe
its
members.
..The ruling of the U. S. Supreme
ourt according Negoes the right
to vote in Texas Democratic
its
account of
dissented.
conclusions
The
reversed
Court in
its
posi¬
of nine years ago.
Stating
that the decision has far-reaching
tion
implications in Southern States
where victory in
a
Democratic
party primary is usually equiva¬
lent
to, an election, Associated
Press
advices from., Washington
on
April 3, as, given in the New
denied
a
"Sun," also had thefollow-
ing to say:
"The extent to which the deci¬
sion
would
would
be
apply
apparently
guided by these words
of the Court:
part
of the machinery for choosing of¬
ficials, State and national, as they
have here, the same-tests to de¬
termine the character of discrimi¬
nation
abridgement should be
or
applied to the primary as are ap¬
plied to the general election."
"The Court, nothing its change
of view, declared that 'when con¬
vinced of former error, this Court
felt constrained to fol¬
has
never
low
precedent. '
"Justice Roberts said the Court
was
overturning previous rulings
decision
class with a
fast that a high court
so
feR
the
into
restricted
said
"He
'good
ticket,
day and train only.'
for this
term
same
railroad
of
that
Court
he
earlier
in
this
had protected
present policy of the Court
freely to disregard decisions and
to
override considered decisions
and the rules of law announced in
them.'
'This tendency,' he commented
'the
"
today, 'it seems to me, indicates
an
intolerance
for what those
who have
composed this Court in
the past have
conscientiously and
man
primary
for
the
states
such a
nomination of
forthcoming
cam¬
the Chairman of the
National Committee,
E.
nie
Smith,
eral
election
precinct of
of the 48th
County, Tex.
Harris
house to
the
by
primary
judges
Negro,
Houston
a
to
1935
Court
decision,
exclusion of Ne¬
Supreme
the
from
groes
Texas primary, was
theory that the
a
the
on
labor
their
on
Congress,
of
record
neces¬
sarily, but upon whether they
supported roll-back subsidies, the
Federal soldier ballot, the antipoll tax bill; in other words, the
New Deal party line is being ap¬
plied as the test.
In some in¬
stances, members who have been
%
"His attorneys contended that a
sustaining
campaign in sev¬
already in an effort
members
purge
not
right to participate in the Demo¬
cratic primary is one of the privi¬
100%
leges incidental to membership in
the: Democratic Party of'Texas
and should not be confused with
for
posed
being
labor, are
they
because
If the
should be successful,
the right to vote.':- -S•- along with Mr. Roosevelt's reelec¬
"The attorney cited a 1941 Su tion to a Fourth Term, Hillman
in
opinion,
Court
preme
enterprise
would be
case
a
Louisiana, which they said
held that in a State where choice
ful
at
the primary was tantamount
election, the right to vote in
the primary was deprived from
uania,
to
in
U.
the
the
from
Constitution
S.
"
y." •>:
have
'I
of
no
current '
decisions,
not
'
may
and
Justices who deem
they have new light on the sub¬
overruled
by
ject.
In
the
Court
has
"
is
'It
era
present
overruled
the
term,
three
to
came
this country
through Ellis Island, and
directly to Chicago, where
cases.
regrettable that in an
by doubt and confu¬
marked
sion, an era whose greatest need
Hart, Schaffner and Marks
apprentice cutter.
an
as
In the famous
Chicago, clothing
workers'
strike of
1910, he in¬
gratiated himself with the social
workers
who
Raymond
Robbins
Darrow.
Subse¬
Clarence
and
quently,
introduced him to
York counterparts of
they
New
their
,
Wald's
Lillian
the
Jane
intervened,
Mrs.
Adams,
crowd.
Settlement
Henry
Street
he
There
Frances Perkins.
met
1
should
of fresh
in
fusion
the
itself
now
the
doubt
and
public mind
of our
stability
"The
the
become
to
institutions.'
majority ruling said: 'The;
United
is
States
constitutional'
a
law
organic
Its
democracy.
grants to all citizens a right to
participate in the choice of elected
officials
without
restriction
by
State because of race.
This
grant to the people of the oppor¬
tunity for choice is not to be nul¬
lified by a State through casting
its
electoral process in a form
private organi¬
to practice racial discrim¬
permits
zation
election.
the
in
ination
a
Consti¬
rights would be of lit lie
value if they could be thus in¬
directly denied.'
tutional
the privilege
political party
the Court previously
Court
"The
said
of membership in a
may
be,
as
had ruled, no concern
"
'when,
a
State.
opinion
added,
here, that privilege is
'But,'
the
as
also the
of
essential qualifaciton for
voting in a primary to select nom¬
inees
State
for
a
general election, the
the action of the
makes
party the action of the
State.'
when
this
questions.
However,
convinced of former
Court
has
never
felt
error,
con¬
strained to follow precedent.' "•
are
following
to
trying to win the war
impossible basis," he told
Banking Committee,
saying the average .work week in
all
manufacturing in 1943 was
44.9 hours, compared to 45.7 in
are
an
on
Senate
the
1939 and 51 in 1914.
Seven
changes
major
nation's
in
program
the OPA can impose on a
price violator and substituting a
maximum penalty or $50,000.
4. Abolition of OPA's authority
the
advocated
were
a
Garment Workers' Union and not
being able
he
to
the
formed
Workers
of
America
now dominates.
Felix
Clothing
which, he
Prof.
Frankfurter,
and the
into the AFL,
Amalgamated
get
Z.
W.
ecutive
him
Ripley
War
World
to
I
The turbulent man¬
ner in
which he built up his or¬
ganization
in
the
New
York
clothing trade is well known. His
influence was pretty much con¬
fined to New York, however, un¬
Washington.
gressional
the OPA.
critic of
rewritten
Price Control
Act
the
by
A
Required
Relaxation
6.
in
their
was
to appear
tained
a
a
movement, which
as the CIO.
He at¬
national
1940 named him
member of the
the
was
liam
international agreement to
An
the
as
basis
both OPA and WLB orders.
International
Australian
maintain high levels of employ¬
international planning was proposed
of all
Conference at Philadelphia
Labor
In
the
this
tion's
one
L.
of
war
production agency.
capacity he
labor
war-time
his
Lewis
jobs
out
was
the
czar
na¬
and
was
of
to get John
the
CIO, which
he did.
according to an Associated Press dispatch
April 24, which also had the following to say:
end
"To -that
Australians
the
-
the regulation
of the employment
hold
a
subsequent international of children, special safeguards for
the employment of women, provi¬
conference to deal entirely with
sions
for
minimum
world employment.
wages
and
"The proposal has been made in maximum hours, the provision of
a
drafted convention, circulated rest periods and opportunities for
to conference delegates, and will
leisure; the establishment of com—
prehensive systems of social in¬
be discussed later in full session
by J. A. Beasley, Australian Min¬ surance and public assistance, and
provisions for opportunity for de¬
ister of Supply and Shipping.
"Robert J. Watt, United States velopment of collective bargaining.
"I take it that all nations gath¬
delegate, the workers' Vice-Presi¬
ered here, including the U. S. A.,
dent of the conference, says the
intend in the future, as in the
workers'
group
will
fight the
past, to place primary reliance on'
Beasley proposal since, in effect,,
the procedures of the International
it places labor itself one step re¬
Labor
Organization to develop
moved from any final labor policy
and implement labor standards."
evolved by the United Nations
She proposed that I. L. O. act
He plans to answer Mr. Beasley in
proposed that the United Nations
as
of
"Secretary
Labor
Nations
meed
the
full
for
should
be
'a
as
I.
said
O.
L.
mend
delegation
the
in principle'
'agree
She also
tude.
great guns in war-time
Washington until late summer of
1S42 when Madame Perkins realr
m
r
f
i
{•
Ii
r
be able
to
suggestions
this atti¬
on
the
I.
L.
S.
Ambassador
Harriman,
War
value
the
attested to
W.
Averell
cablegram from
public April 18,
a
made
Moscow
O.
in
of
Russian
Relief supplies reaching
the
Soviet Union and stressed the
ur¬
gent need for additional clothing
and
other necessities
familities in liberated
for Russian
areas.
Mr.
Harriman's
pe¬
cable, addressed
to
Carter, President of
Russian War Relief, was received
as
communities
throughout the
responsibility for develop¬
country were preparing to launch
"The
culiar
of
O. has
I. L.
a
us
accepted
as
ized that Hillman was
and
more
ground.
special
the
more
"Clothing for Russia" campaigns.
New York City drive will 'be
held
from
May'.'l to May 15.
A
necessary-
Clothing and other' supplies trans¬
mitted through Russian War Re¬
pushing her
into
the
lief, Mr. Harriman said, not only
aided the Russian people in their
back¬
She went to work on him
Washington intrigue and
Hillman
is
a
very
He has played boll
Communists and fought
man.
occasion
playing ball
battle
practical
with the
them as
Such
assistance,
stituted
the
He's
r
■
[\itiv"
a
he
invader but
to rebuild
the Nazis.
added,
con¬
valuable supplement to
lend-lease
program
and con¬
veyed the sympathy and admira^
tion of the American people for
and shooting for
He's got all of po¬
Washington watching him.
i
the
expel
them strength
destroyed by
gave
stakes.
litical
to
areas
warranted.
n^w
C.
Edward
"ill health" overtook him.
hish
should
its
for
effective pursuit of this
more
U.
Nations
said:
in
appropri¬
Russia, Says Harriman
recom¬
should discuss economic matters—
all
and
Clothes Needed For
will
said
should
objective to each of the technical
agencies whose activities will be
indispensable to its attainment."
States
United
the
that
United
Food
of
matter
United
the
O.
communicate
international concern.'
"She
L.
I.
from want and
by the
regarded
Nations
the
on
which progress is being made to¬
ward the objective, of freedom
national income within every na¬
tion
and
ately discuss the various ways in
em¬
high levels of employment and
United
Na¬
Rehabilitation
Conference
"The
Miss Perkins said the maintenance
of
the United
to
and
Agriculture, and added:
Tomlinson, speaking
for the British Ministry of Labor
George
stressed
Relief
Administration
Perkins, speaking to the I. L. O
and
adviser
an
tions
Frances
Conference for the United States
the
He went
to the
24 by the
April
on
Government,
from that city, on
Nd^ional De¬ reducing hazards of work places,
Council! }dhd more
following- yearn when he
name^ fep-director, with Wil¬
S.
Knudsen, of the OPM,
then
rent
Maintain High
Levels Of Employment Asked By Australia
fense Advisory
so
certain
International Agreement To
when ing those minimum standards that
influence
Mr. Roosevelt in
as
for
desire
of
Broader court review powers
7.
over
previously barred from the or¬
ganization's agenda."
til Madame Perkins brought him
Miss Perkins, in recommending
to Washington with the old NRA.
the establishment, on a 'universal
During this period he enjoyed a
of labor standards now
brief acceptance by the AFL. But basis,'
he quickly joined with the New prevailing in the United States
socio-political
orders,
controls.
was
assigned to
Government
group
whether
investigate
publication of ex¬
regulations and
directives in the Federal register.
con¬
taining the recommendations
filed
5.
,
Dealers
court
review.
Smith (D.-Va.), the severest con¬
without
sanctions
order
to
meanwhile by the House commit¬
tee
headed
by
Representative
late Justice Brandeis in¬
troduced
of the treble dam¬
Abolition
3.
ages
price control and stabil¬
ization
than it
——
War Labor Board.
He called it
time.
war
more
prices as of Sept. 15, 1942, into the
price control law.
2. A curb on the powers of the
outrageous perversion to have
basic 40-hour work week in
an
of manpower
use
year
agencies exceed their authority.
A minority report concurred in
some
of the proposals
but dif¬
fered sharply on others.
The majority plan suggested:
1. Writing the President's holdthe-line
freeze
of
wages
and
ployment in the post-war world
although they made no definite
Along about 1914 he took over suggestions
for
arriving
at
a
group bolting from the United higher
world
living
standard
any
which
24,
remarks
social worker friends.
con¬
as
April
on
these
say:
"We
under
Press advicesw
Washington
which
of
steadfastness
Associated
what he called
costing $50,000,000,000 a
was
full session.
thought and; :'' The complaint' of the old line
purpose,
this Court, which has labor'!-leaders ;isri that he hasn't,
been looked to as exhibiting con¬ come up through the trades un¬
sistency in adjudication and a ionist movement, never even be¬
steadiness which would hold the came a journeyman at his trade,
balance even in the face of tem¬ but that he has always been a
advanced by his
porary ebbs and flows of opinion, socio-politico,
is
war
from
wheat, his grandfather
He
long. After a period of unem¬
ployment he went to work with
in view
that
the
announced
today'
shortly be repudicated
small
a
it
assurance,
opinion
in
father
he got a job with Sears, Roebuck
as
a stock clerk.
He didn't keep
RobertsTin dissenting,
said:'
his
1907
went
Democratic Party.
"Justice
a
rabbi.
in
Negroes from the
the attorneys said, was
a resolution adopted by
on
State
the
a
Zagare, Lith¬
part of Czaristic Russia,
1887,
the
from
ment
in
born
was
trader
not
party.
primary,
based
and
He
should.
of the most power¬
one
in America.
men
said
and
op¬
pre-
were
isolationists.
Pearl Harbor
from
Coast, people who don't need to have their grocery bill subsidized.
Senator Reed also criticized
house
States
By Senator Reed At Senate Hearing
Reed, appearing at hearings in Washington on bills to
continue price controls, on April 24, opposed subsidies on the ground
that "they are for all"—the people on Park Avenue and on the Gold
a
The committee is active with a
excluded from voting in
was
1940
brought by Lon-
case was
tutional
majority opinion
'that 'the right to vote in
the
in
Democratic
"The majority said that, reach¬
concluded, and in¬
volves an assumption that knowl¬ ing that conclusion, it was 'not
edge and wisdom reside in us unmindful of the desirability of
which was denied to our prede¬ continuity of decision in consti¬
"The
him
paign than
deliberately
cessors.'
ever
if not Mr. Roosevelt himself.
"The
breeder
"when primaries become a
undertaken by one
in this country, Sidney HillYou are going to hear more
man.
of his color.'
cause
Po¬
reflect
'
Senator
taken, also had the
CIO
the
Committee
Action
power
of
of
activities
of the most ambitious bids for
one
may
Under our Con¬
race.
;
York
18th
of the
right
the great privilege of
his ruler may not be
man
by the State be¬
stitution,
choosing
party
primaries, was hended down on
April 3, in an 8Tto-l decision de¬
livered by Justice Reed.
Justice
Roberts
that
"Exclusion of
party, may
ualifications
terms
Burdick and Nye.
both
The
litical
abridged by any State on
not be
the motion.
aid
the
Amendment
'based
exas
peat
right secured by the Constitution.
who
April
-rover
vote
'"By
primary
rimaries."
On
the State, like the right to
in a general election, is a
tion by
:
■
-
in
South Carolina, a one-party State,
s equivalent to the election. ■
"The legislation ground out by
he session was designed to pre•lude any legal action to permit
Negroes to vote in the primaries,
t will permit political parties to
nake their own rules governing
"The
difficulty getting his
campaign organized. If he should
get started in the next week or
so, he stands a good chance to
discrimina¬
without
candidates
the
He is having
Su-"^
Court of the United States
>reme
national com¬
American Legion.
former
a
of
mander
Columbia, S. C., on April 17 added:v
session was called by Gov. Olin B. Johnston, at the request
tdvices from
"The
Criticized
(Continued from first page)
admit his mistake yet. Lately, an¬
other
candidate is being intro¬
preventing Negroes from voting in the Demo¬
cratic primaries, a special session of the South Carolina General
Assembly, passed on April 17, hundreds of bills repealing primary
aws on the state books.
In making this known, Associated Press
With
1741
i
the embattled Russian
■
J■
*
:t
.*'■
i
people.
'
1742
THE
COMMERCIAL
Morgenlhan Reports To Congressional Group On
Plans For International
Monetary Fund
"The
with
from
cussions
Washington
New
York
of
the
experts "contem¬
plate the establishment of a Bank
for
Reconstruction
the
"The proposed
agencies."
"The Bank
would also," he
says, "supplement
investment of private financial
this
becomes
In
advices
York
"Journal
from
to
the
its
of
New
two
bureau,
hands
and
posals,
that
of
Russia
given
here
technical
major
the
today,
experts
United
agreement
to
store
pro¬
all
Nations
in
sents
clear-cut
a
tory
which
agreement,
""2.
gold to
post-war
currency
replaces
in
proposals -ad¬
vanced
by this country,
Britain and Canada.
toward
and
gold
Great
basis, ..both
Harry D.
American
"
'In
'•
^
Keynes,
financial
British
of
a
fo
adviser
Exchequer, is
the
a
clearing union
achieve stabilization without
phasis upon gold.
"As
now
would
call
put
and
framed, the
for
for
Great
and
000,000.
more
the
looked
than
$2,000.,r
approval.
In
us
of
tion'
he
said
trade
a
would
and
result
greater
prosperity.
'It might well
be,' he acknowledged, 'that we will end up five
"
ten
or
from
years
smaller gold
how
with
holdings.'
"Evidently
as
concession
a
to
Great Britain the agreement
omits
this country's general
veto power
previously
envisioned
in
the
White plan, although Mr.
White
emphasized that the draft pro¬
vides other safeguards for
Amer¬
ican
interests.
Voting
power
would
be
quotas, but
'closely
a
related'
to
specific formula for
determining then)
left
was
to
a
later decision.
"
'Unitas' ahd
'Bancor,'
that American and British
cial
exnerts,
gested
for
an
names
finan¬
respectively,
international
sug¬
cur¬
rency,, have been eliminated
from
the plan.
Mr. Morgenthau, in an¬
nouncing the experts' agreements
.
on
principles,
make process,
all names.' "
Under
stated
in
da+e
said
'in
order
to
they have dropped
of
United
Aoril
21
Press
it
was
accounts
bodied
:
-
viz.:
groups,
are not
I
in
cussed
however,
have
Bank
for
Reconstruction
approve
a
views" of
narrow
based
range
that
country
these
the
and
have be
United
States is not
committed
until
in
T1
Wf
any
Congress
taken action.
h
"It is -my hope that after
stud?
ing the recommendations of tl
technical
experts,
the
goven
United Nations wJ
ments of the
to the conclusion
that the
is sufficient basis of
agreement'}
come
technical
a
level
convening of
"I
to
warrant
tl
formal conferenc
happy to say that tl
am
President
a
has
authorized
me
state that if
a conference is
hel
it is his intention to
invite dire
re¬
on
repr
technic
questions.
of
consideration would be given to
requests for necessary adjustment
of exchange rates.
Member coun¬
tries would not allow
their ex¬
change rates to fluctuate outside
charact
done
the
studying
and
"Voting
would be
A
in
power
the
closely related
member
draw from
Congressional participation in
work
of
the
United
States
tl
del
The
summary of the recorr
mendations of the technical
e>;
perts, dated April
-
20,
made
available
Department
ak
was
by the Treasury
April 21 as fo
on
lows:
country
Fund
could
the Fund
within
of the
Recommendtions of the Technical
Experts
"The experts
propose the estafc
with¬
immediately
reasonable time.
a
and
Summary
to quotas.
by giving notice ill writing, and
obligations would be liquidated
had
contemplate the establishment of
a
request
the
in.
been
Prompt gation."
a
<
we
the
has
agreed gold parity.
investors in providing an ade¬
quate volume of long-term invest¬
ment capital for
productive* pur¬
discussions
at
exploratory
experts of this
other countries
ex¬
quested change in
parity only if
it were essential to
correct a fun¬
damental disequilibrium.
,
high level of business
activity.
They believe it necessary to take
steps to encourage and aid private
"The
help
countries after consulta¬
approval of the Fund.
Fund would
tion
The
problem of reviving
post-war international investment
the Bank as essential
tp
the
expansion
of
international
trade and the maintenance of
a
f
only
want
sents
consistent
member
em¬
the
poses.
un¬
member
changed
and
basic
principles for
is
Fund.
great step forward.
It
a
who
the
an
Monetary
importance
believe
world
with
that
can
to all of
the
nations
cooperate
international
in
eco¬
"Technicians representing
ciples
This
which
are
agreed
statement
bind
course,-
participate
Monetary
any
in
lishment.
of
an
Internationa
Monetary Fund as a permanei
institution for international mon
tary
cooperation.
The
purpo
upon.
not,
it
Fund
be
"I want to call
particular atten¬
tion to some of the facts
contained
statement, but before
that I should
like to review
with you
have
some of the
things that
happened since I appeared
before these committees on Oct. 5
of last year.
At that time I told
you I would like to
keep you in¬
formed
of
and
progress,
accord¬
ingly I appreciate this opportunity
to bring you up to date,
"Since
I
last
talked
to
you
we
have
discussed the principles of
the international
stabilization and
investment program with
bankers,
labor
representatives
interested
Chicago,
groups in
Boston,
and
other
Washington,
Philadelphia,
New York, and other
cities.
of .these
meetings came,
Out
helpful
suggestions,
many
incorporated in
of which
our
plans.
were
"I
lending
for
"A
-
full
•
technical
productive
statement
mendations
of
such
ciples
the
on
Bank
a
of
the
recom¬
a
would
to
toward
way
these
prin¬
long step
preventing
a
on
a
breakdown of currencies and the
imposition and retention of re¬
strictive and
discriminatory
change measures after
Through
international
the prin¬
such
experts
constitutes
ciples
establishment
and
which
on
of
these
frank to say that in
my
the
agreement
of
the
am
opinion
purposes from its own resources
when private
capital is otherwise
not available on reasonable
terms.
Bank
the
ex¬
war.
confidence
to member countrie,
All of the United and
Associate
Nations would subscribe
approxi
mately $8,000,000,000 to the Fun
in the form of
gold and local cur
rency
in
accordance
with
a.
agreed formula.
The resources
q
the Fund would be
available uh
der
adequate
safeguards to hel]
member countries to maintain
ex
change stability while
rect
coopera¬
tion now, we can assure
and orderly pattern of
they cor
maladjustments in their bal
ance
of payments.
should be based is still in
prepara¬
tion by technicians.
It is my hope
that this statement will soon
be
exchange rates.
"Member countries
ableTo buy.foreign
joint
"The purposes set forth in
this
statement have long been
the international
the Fund with their own
currency
to meet payments
consistent witl
the purposes of the Fund
until
lished,
does
will
by
sary,
that
gradually be relaxed.
private financial
becomes neces¬
it
will
it
is
be
pub¬
committees.
meeting post-war monetary prob¬
do
this
if
to
lems.
in this joint
of
agencies
of
recommended to each of the
gov¬
ernments as a practical means of
I
investment
International
though
the
expectation
made by private investors.
The Bank would also
supplement
completed and
that
issued later.
Before
some
government
the
Fund,
that
mean
does
loans
I
shall
"Now
I
briefly
your
should
like
of
the
the
to
explain
principles
technicians
are
agreed in connection with the In¬
ternational Monetary Fund. •
"Here
policies
are
as
the
set
"'(1)
To
monetary
purposes
forth
statement:
in
the
promote international
cooperation through a
monetary
problems.
"(2)
and
To facilitate the expansion
growth ,of - inter-
balanced
natmnal trade and to contribute
in this way to the
maintenance of
a
high level of employment and
real, income, which-must be a
pri-
many
objective
of
economic
policy.
"(3) To
resources
confidence
to
by making the
available
to
them under adequate
safeguards,
thus giving members time
to cor¬
rect
maladjustments in their bal¬
ance
of payments
without resort¬
ing
to
poli¬
States,
For
years
it has been
have
these; policies
other
objective to
adopted by
countries.
know of
better
way
adherence
to
of
our
We
no
assuring
these
general
policies than
in
International
an
Monetary
"We believe that it is of the
greatest importance that all of the
United Nations are in
agreement
on
the best means to deal
with
these international financial
prob¬
lems after the war.
This is con¬
crete
evidence that the United
Nations can and will work to¬
gether
in
establishing
a
peaceful
and prosperous world
just as
they
now
fighting together to de¬
stroy tyranny and oppression.
"International
cooperation
on
are
measures
destructive
of
and financial matters
keystone of successful co¬
operation on all international eco¬
is
the
nomic problems.
to
expand
world
Unless
trade
we
agree
and
de¬
velop the world economy, few
other economic
agreements which
we
might make will or can be
effective.-
would (
tiff
Fund's total holdings of their cuf
rericy reach 200% of the quota
Where a member
country is
mak¬
ing use of the Fund in a manhei
contrary to its purposes and poli¬
cies, the Fund would give
appro¬
priate notice that it would sell ad¬
ditional exchange to the
membdi
country only in limited amounts
Member
quate
countries
gold
holding
and
ade¬
exchange "re¬
sources
for
-
monetary
give
member countries
Fund's
United
Fund.
international
on
the
through international cooperation
and
joint
,
permanent institution which
pro¬
vides the
machinery for consulta¬
tion;
of
stable
exchange ffoh
monetary
cies
some
which
upon
fully inform
a
post-war
j
important steps
are
Whatever
countries
payments
Inte
an
Fund
the
and
of
"The par value of
currencies of
countries1 would be ex¬
pressed
in'»gold and could be
;
the
regard
the
the
and
with the
purposes of the Fund.
yet completely
principles
World Bank,
to
Monetary
to
emphasize 1 aga!
discussions up to no
have all been of a technical
natm
their quotas, in order to
meet in¬
ternational
somewhat
tell you,
can
safeguards
"I
that
foreign ex¬
change from the Fund with their
own
currencies, to the extent of
de¬
on
adequate
of
the attainment of the
objectives
this broad program.
ap¬
resources
establishment
velopment
recom¬
gold
payments.
Member
would be able to
buy
an
'v
'
.
initiated
of
The
currency.
high lev,
productiq
a
and
Bank for Reconstruction and
D!
1
statement
the maint
orderly e
these mea
contribute to
national
member
of
the
and
that good progress has been
made.
"Those with whom we have dis¬
follows,
as
of these 30 nations have
prepared
a
joint statement of the
prin¬
from
world
k
;
joint
can
employment
The
change stability and to correct
maladjustments in their balance
that there is considerable
support
the general
of
nomic problems.
question, Mr.
White said the
proposal does not
contemplate a redistribution of
this country's
gold holdings, ex¬
cept for the 'normal redistribu¬
freer
of
member countries to maintain
competi¬
discussions
for
large
some
der
cur¬
and
we
of
the Fund would be
available
was here on
Oct. 5 J
projected international
were
finished.
im
unfair
reconstruction
later, they
Special
of
dealing
Capitol Hill.
"In response to
in
provide
a
for
Bank
productive
herewith,
is of greatest
upon
on
give
the
This
fact,
he
declared,
the
entire
project 'naturally' depends
its reception
for
investors
and
International
transfer would be made
with¬
Congressional
"The
,
prohibit deliberate
secure
velopment.
.-"Because
sharing risks of
investors,
participating
private
set
a
Treasury's present stabilization
fund, although he emphasized that
out
national
Committee on Post-War
Economic Policy and
Planning:
"I am. happy *to tell
you today
that
technical
experts
of
the
United Nations have
agreed upon
000,000 is already available in the
no
hamper
Through
"During the period of transition would be to promote exchang
Development to facilitate longAffairs, Ways and Means, term
investment capital through following the war, member coun¬ stability, assure multilateral pay
Banking and Currency, Coinage,
tries would be permitted to
private
financial
retain nient facilities, help lessen inte
agencies
by
Weights
and
Measures,
and
guaranteeing and participating in their exchange controls with the national disequilibrium and giv
Special
$1,250,000,000 and
approximately
$1,000,Mr. Morgenthau
noted,
however, that
to
changes.
eign
about
Russia
bank
Post-War
States
toward
Britain
of
Committee on
Economic Policy and
Planning; and the House of Rep¬
resentatives Committees on For¬
em¬
countries.
the world pic¬
of
productive purposes,
nance
of stable and
mends that all of the United
and
advantage in world trade.
spoke of
divided
Committees
on
Foreign
Relations, Banking and Currency,
to
$2,500,000,000
$2,750,000,000
be
to
"When I
prim
Senate
agreement
United
between
up
fund, with
to
the
on
by
Congressional
British proposal which would
have created
to
the
author
and
effort
tive
discussion
the statement by
Secretary Mor¬
genthau on April 21 before the
Lord
•
payments
form
manipulation of currencies in
for
transferable
-
to
abroad
go
We
many resemblances
plan.'
Bank
capital needed for reconstruction
and development where
private
capital is unable to take the risk."
single nation's plan.
Keynes
to
with
England,' said Mr. White,
the
non
amount
as
ventures
so-called White plan,
that the present draft
of
ance
pos¬
Development
agreement
-
private
or
no
and
technical
investment
Morgenthau and
White, author of the
'they will find
to
tal
views
stabilization
a
.
To shorten the periods and
lessen
the
degree
of
disequi¬
librium in the international
bal¬
local
sible, harmful fluctuations
international
among
"(6)
ture after the last
war, we are all
agreed that an effort must be
made to prevent, insofar as
come
and
foreign trade.
De¬
signed to encourage private capi¬
Mr.
emphasized
presents
Canadian
as
in
with
such
"Despite British capitulation to
American
"Having studied
among members on 'agreed-upon
formula' based on relevant data
stabilization,
separate
,
change restrictions which
the growth of world
trade.
change restrictions.
re¬
working basis
Nations
taxable,
$100,000
shares
to
.
a
to
expected soon.
Proposed
capital, about $10,000,000,000 in.
vic¬
proposals
—
rency;
United
stage,
ciples
repre¬
minor role
a
period
long-term
—still
non
British
over
relegate
of
Reconstruction
we
American
pre¬
war, without some assurance that
steps have been taken to prevent
and
,
economic
probler
the United Nations. •' Tj
objectives of this program are tl
expansion and development of i!
ternational trade, the restoratit
of
international investment f
avoid
multilateral. payments
facilities
current transactions and
to aid
in the elimination of
foreign ex¬
catastrophic global
,
quote the following:
"The
a
to
deprecia¬
on
nation, to take major
financial risks,
immediately upon
investment.
stabilization principles."
From Associated Press accounts
from Washington,'
April
21,
post-war
quickly to
tion
the broad
currency
on
Relief
Administration
necessary
and
exchange
"(5) To assist in the establish¬
ment among member
countries of
of any
men
fidence leads to gradual
resump¬
the
are
or
The other
Nations
a
countries,
tion.
as
re¬
requisite to this investment.' * I
believe we cannot expect Amer¬
ican business men, nor
business
inter¬
the economic life of
war-stricken
countries until the growth of con¬
meant
of
be
tb
national
among
member
competitive
through the medium of
international fund, is generally
the heels of
mediate
control.
"Assent
and orderly ex¬
Informed opinion
to point to
private invest¬
rates.
to
"The
tentative proposals
have been under discussion
pros¬
investments
from
Capital, $2,- their
being Associated Nations subscribe
500,000,000; United States share, jeopardized by unduly fluctuat¬
proximately $8,000,000,000 to
ing money values and severe ex¬
$1,350,000,000.
Designed for im¬
Fund in the
place these
Government
under
to
stable
believed
or; international
by't
"(4) To promote
exchange sta¬ technical experts are part of
bility, to maintain orderly ex¬
program for cooperation on inte
change
arrangements
already established.
national capital movements out of
transactions
cooperation
Thursday, April 27, 19
perity.'-''"'''*."-
are
upon
Nations
an
are:
"1. United
national
and the stabilization
currencies among the United
of
financial
are
areas.
Rehabilitation
talked
ment on a world-wide
basis
vital to post-war
recovery and
capital
into devastated
"One broad purpose of the
plan
is to take the control of inter¬
private
three
related and designed-to furnish
facilitate the pumping of
Commerce"
Washington
April 21, said in part:
of
one
those,
favorably
of
CHRONICLE
$8,000,000,000 in¬ construction;
nomic recovery.
"All three programs
neces¬
referring to the proposals of
experts,
but
principle
seems
'shots in the arm'
aiming to stimurlate
world-wide
post-war
eco¬
sary."
the
the
ternational monetary fund would
be
financial
if
in
look
of
.
have
we
to
maintain
Tribune")
that:
and
Develop¬
ment to facilitate
long-term investment capital through
private
agencies
(given
"Herald
majority
whom
change
likewise pointed out that the dis¬
vast
inclined
(Continued from first page)
& FINANCIAL
would be expected to
pay
half of their
exchange
chases
with
whose
pur¬
official
are
gold
and
would be expected to
the increase to
the
countries
holdings of gold
adequate and are increasing
use
half of
repurchase part of
Fund's holdings of their
cur¬
rency,
"When the Fund's
holdings of\a
currency become scarce, the
Fund
would issue a
report and make
recommendations designed to in¬
crease
the supply of such
cur¬
rency.
In the meantime,
consultation with the
Fund,
ber countries would be
af'tpr
mem¬
authorized
temporarily to restrict freedom
pf
exchange operations in the scarce
currency.
"The
Fund's
p
could
t
resources
•
y .country in exchange for its curlarge out- giving members time to correct
.;
■.
.
■7
malaajustmeiits: in their balance •,:/ rency/
ow
of capital, although, they
of payments without resorting to ; •• 5.
So long as a member coun¬
[>uld be used for capital transacmeasures
destructive; of national try is 'entitled to buy another
Ohs
of reasonable amount. • A
member's currency from the Fund
or international prosperity.
7 '
tember country could also use
4.; To promote exchange stabil¬ in exchange for its own currency,
s own resources of gold or f ority, to maintain orderly exchange it shall be prepared to buy its
>gn exchange for capital transacarrangements among member own currency from that member
ons that are in accordance with
countries, and to avoid competitive with that member's currency or
le^purposes of the Fund.
with gold. This shall not apply to
"The par value of the curren¬ exchange depreciation.
5. To assist in the establishment currency subject to restrictions in
ts. of member, countries would
of multilateral payments facilities conformity with IX, 3, below, or
e expressed in gold and could be
on
current
transactions
among to holdings of currency which
hanged only - at the request of
member countries and in the elim¬ have accumulated as a result of
lember
countries.
The>;■ Fund
ination of foreign exchange re¬ transactions of a current account
muld approve a requested change
strictions
which hamper the nature effected before the removal
i
parity if it were essential to
7 by the member country of re¬
orrect
fundamental
di.seq.ui- growth of world trade, /> •;
6.
To shorten the periods and strictions on multilateral clearing
brium.
After
consultation,
a
lessen the degree of disequilib¬ maintained or imposed under X, 2,
at be used to
meet
a
application for a
not, covered by
the above and not exceeding 10%,
the Fund shall give its decision
within two days of receiving-the
'
country
would
be
per¬
its
by not more than 10%.
'rompt consideration would be
iven to other requests for ad-
rium in the
ustment of exchange rates.
: *
b"The Fund would be governed
board and an executive com¬
mittee representing the members.
y a
Noting power would be closely
plated to quotas.
A member
puntry could withdraw from the
Tmd
immediately
by
giving
etice in writing.
Thereafter, the
eciprocal obligations of the
Fund
be liqui¬
dated within a reasonable time.'
"Member countries would not
flow
exchange transactions
at
nd the country would
(.
outside
ates
iased i
on
a
the
prescribed range
agreed
parities.
[]hey would not be permitted to
mpose restrictions on payments
current international transact¬
or to engage in discriminaory
currency
arrangements or
pr
ions,
hultiple currency practices with¬
out the approval of the Fund.
[ "During the period of
transition
ellowing the war, member counries would be permitted to retain
heir
exchange controls with
the
expectation
that
these
would
gradually
be
relaxed.
Three
/ears
after the establishment of
international balance
below.; 7 yy. 7y;
payments of member countries.
of
urgency
A
6.
y.y [
:Y7''
member country desiring
of
case
further
.
lember
the
In
'
mitted to change the parity of
1743
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4276
,'olume 159
Countries
7"7;";::;:
Member countries shall sub¬
1.
obtain,
to
the
currency
,
gold at a price
which exceeds the agreed parity,
its
of
buy
to
Not
1.
currency
by more
t:^an
a
applicant •• so prescribed margin and not to sell
requests.
.//
gold at a price which falls bekw
5.
An agreed uniform change the agreed parity by more than a.
may be made in the gold value of prescribed margin.
application,
member
ery
or
•
the
if
currencies, provided ev¬
actions
:'
outside
approves.
7
[
■.
member country may not
A
1.
/
the Fund's resources to meet a
large
or
sustained outflow of
Use
its
in
other
of
cies
the
on
Capital Transactions
V.
-
Not to allow exchange trans-'
2.
member country having 10%
more
of the aggregate quotas
market in curren-'
members at rates,
a prescribed range based
agreed parities.
Not to impose
3.
restrictions on'
payments
for
current
interna-*
tional
transactions
with
other
(other than
capital transfers
or in accordance with VI, above)
controls to prevent such use of or to engage in any discriminatory
the resources of the Fund.
This currency arrangements or multi¬
provision is not intended to pre¬ ple currency practices without
vent the use of the Fund's re¬ the approval of the Fund.
capital, and the Fund may require
a
member
country to exercise
directly or indirectly,
of another member
country for gold is expected, pro¬ sources for capital transactions of
scribe in gold and in their local
vided that it can do so with equal reasonable amount required for
funds
amounts
(quotas)
to be
advantage, to acquire the cur¬ the expansion of exports or in the
agreed, which will amount alto¬
rency by the sale of gold to the ; ordinary course of trade, banking
gether to about $8,000,000,000 if all Fund. This shall not preclude the or other business. Nor is it in¬
the United and Associated Nations
sale of newly-mined gold by a tended to prevent capital move¬
subscribe
to
the Fund
(corre¬
gold-producing country on any ments which are met out of a
sponding to about $10,000,000,000
market.
.■.■■71 ./7//'"-:/77
' : member country's own resources
for the world as a whole).
.y.7. The Fund may also acquire Of gold and foreign exchange,
2.
The quotas may be revised
gold from /member countries in provided such capital movements
from time to time, but the changes
accordance
with the following are-in accordance with the pur¬
shall require
a four-fifths vote
poses of the Fund.
/■/■.',;/;:{
provisions: •
\XSXX,:'X%^
and no member's quota may be
/ 2. Subject to VI below, a mem¬
(a) A member country may ber country may not use its con¬
changed without its assent.
3. The obligatory gold subscrip¬ (. repurchase from the Fund for trol of
capital movements to re¬
tion of a member country shall be 7 gold any part of the latter's strict
payments for current trans¬
fixed at 25% of its subscription 7 holdings of its currency.
actions or to delay unduly the
(quota) or 10% of its holdings of
7"* (b) So long as a member's transfer of funds in settlement of
holdings of gold and gold-con- commitments.
gold
and gold-convertible
ex¬
/ : 7 .■ /"•:'■ 7 7/ ■ 1
vertible
exchange
exceed its
change, whichever is the smaller.
Subscription to the Fund
II.
The Obligations of Member
IX.
change,
-
countries
member
involving
those
Transitional
X.
Arrangements
Since the Fund is not
1.
intend¬
provide facilities for relief
or reconstruction or to deal with
international indebtedness arising
out of the war, the agreement of a
member country to provisions III,!
5 and IX, 3, above, shall not be¬
come' operative until it is satis¬
fied as to the arrangements at
ed
to
.
disposal to facilitate the set- ;
of the balance of pay¬
the early'
its
:
,
.
,
■
'
Transactions
III.
with the Fund
shall deal
with the Fund only through their
Member countries
1.
Central Bank, Stabili¬
zation Fund, or other fiscal ageri-'
cies.
The Fund's account in a
member's currency shall be kept
at the Central Bank of the mem¬
Treasury,
7 quota, the Fund in selling for- VI. Apportionment of Scarce
l eign exchange to that country
Currencies
:
shall require that one-half of
1. When it becomes evident to
I the net sales of such exchange the Fund that the demand for a
t during the Fund's financial year member country's currency may
;
be paid for with gold.
soon exhaust the Fund's holdings
(c) /If at the end of the Fund's of that currency, the Fund shall
7 financial year a member's holdso
inform member countries and
t Zings of gold and gold-convert¬
propose an equitable method of
ible exchange have increased,
apportioning the scarce currency.
:
the Fund may require
up to
When a currency is thus declared
.
tlement
ments differences during
means
period
transition
post-war
by1
which will not unduly en- /
its
cumber
facilities
with
the'
.V'.; /
7' ,77; /'■ 7- : 1
2. During this transition period
member countries may maintain •
Fund.
and
adapt to changing circum-'
exchange regulations of
been in"
stances
the character which have
operation during the war, but
they shall undertake to withdraw
as soon as possible by progressive
stages any restrictions
which im-'
pede multilateral clearing on cur- '
rent account.
In their exchange*
ber country. :
,
'
policy they shall pay continuous
2. A member shall be entitled
regard to the principles and' ob¬
member still re•; one-half of the increase to be scarce, the Fund shall issue a re¬ jectives of the Fund; and they/
to buy another member's currency
:aming
restrictions inconsistent
from the Fund in exchange for its 7 used to repurchase part of the port embodying the causes of the shall take all possible measures'
yith these principles would conFund's holdings of its currency
own
currency
on
the following
scarcity and containing
recom¬ to develop commercial and finan-;
mi t with the Fund as to their re¬
•7 so long as this does not reduce mendations designed to bring it cial relations with other member
tention.
The transition pe™od i« conditions:
;./the Fund's holdings... of a coun- to an end,, .7/77 /./ ; v'i- /•: ;;" countries which will facilitate in¬
recognized
as. one
of change
(a) The member represents
2.
A decision by the F*und to ternational
payments
and
the'
.7 try's currency below-75% of its
and adjustment and in deciding on
that the currency demanded is
f quota or the member's holdings apportion a scarce currency shall maintenance of exchange stability.requests presented by members
presently needed for making
of
gold and gold-convertible operate as an authorization to a
3.
The Fund may make repre-1
the Fund would give them the
payments in that currency which
to any member that'
member country, after consulta¬ sentations
| exchange below its quota.
enefit of any reasonable doubt,"
are consistent with the purposes
tion with., the Fund,- temporarily conditions are favorable to with¬
/ The - joint
statement issued by 7 .of the Fund.
7:y7/;77 IV, Par Values of Member Curdrawal of particular restrictionsto
restrict the freedom of ex¬
her technical
experts
of
the
(b) The Fund has not given 1
rencies
.//'
change operations in the affected or for the general abandonment of;
nited Nations follows: ././'./., ;
notice that its holdings of the
the restrictions inconsistent with
currency, and in determining the
7 1. The par value of a member's
currency
demanded have be¬
currency shall be agreed with the manner of restricting the demand IX, 3, above. -Not later than threepint Statement by Experts on the
come scarce, in which case the
Fund when it is admitted to mem¬ and rationing the limited supply years after coming into force of :
Establishment of an Interna¬
provisions of VI, below, come
tional Monetary Fund
bership, and shall be expressed in among its nationals, the member the Fund any member still re¬
into force.
%:7:/%/77'//l XXX:-r terms of gold. All transactions
country shall have complete jur¬ taining any restrictions inconsist-;
7 Sufficient discussion of the prob(c) The Fund's total holdings
between the Fund and members isdiction. 77/ //;/;7/;';//.;.■;7 >77:-/.; ent with IX, 3 shall consult with
ems
of
international monetary
of the currency offered (after
the Fund as to their, further re-»
Shall be at par, subject to a fixed
ooperation has taken place at the
having been restored, if below
tention.
7
- ;7/V
Charge payable by the member VII. Management
echnical level to justify a state¬
that figure, to 75% of the rhem4. In its relations with member
1. The Fund shall be governed
jmaking;application to the Fund,
ment of principles.
It is the con¬
7 ber's quota) have not been' in¬ and all transactions in member by a board on which each mem¬ countries, the Fund shall recog¬
sensus
of opinion of the experts
creased by more than 25% of
currencies shall be at rates within ber will be represented and by nize that the transition period isof the United and Associated Na¬
the member's quota during the
an executive committee.
an agreed percentage of parity.
The ex¬ one of change and adjustment,tions who have participated in
previous 12' months and do not
ecutive committee shall consist of and in deciding on its attitude to
these discussions that the most
exceed 20% of the quota.
7;/-'; : 2.7 Subject to 5, below, no at 'least nine members including
any proposals presented by mem¬
phange in the par value of a mem¬
practical method of assuring in¬ ;
(d) The Fund has not previ¬
representatives of the five bers it shall give the member
ber's currency shall be made by the
ternational monetary cooperation
ously given appropriate notice
the Fund without the country's countries with the largest quotas. country the benefit of any reason¬
js through the establishment ef an
that the member is suspended
7;
2.
The distribution of voting able doubt.
International Monetary Fund. The
•from making further use of the approval. Member countries agree
[The
tentative plans of the
not to propose a change in the power on the board and the ex¬
Fund's resources on the ground
principles set forth below are de¬
ecutive committee shall be closely Treasury
Department
(the socurrency unless
signed to constitute the basis for
that it is using them in a mari¬ parity, of their
related to the quotas.
called White plan) as outlined bythis Fund.
Governments are mot
ner
contrary to
the purposes they consider, it appropriate to the
3. Subject to II, 2 and IV, 5, all Secretary Morgenthau were given"
and policies of the Fund; .but correction of a fundamental dis¬
Usked to give final approval to
Changes shall be matters shall be settled by[a ma¬ in these columns April 8, 1943. •
these principles until they have
the Fund shall not give such equilibrium.
pages 1300-1303; also page 1305;
made only with the approval of jority of the votes,
been embodied in the form of
notice until it has, presented to
4.
The Fund shall publish at the British, or Keynes, proposals
the Fund, subject to the provisions
definite
proposals' by the dele¬
the member concerned a report
short intervals a statement of its were referred to in our issue of
below.
.,/
,//' 7
7"
gates of the United and Associated
setting forth its views and has
position.showing the extent of its April 15, page 1388, while men¬
Netions meeting in a formal con¬
The Fund shall approve a
allowed a suitable time for re¬ / 3.
holdings of member currencies tion of the Canadian (or Ilsley)
ference. ■■v.'
/■"/',:
requested change in the par value
ply.
7 7 : .
y-yyy'"'7 of a member's currency, if it is and of gold and its transactions in plan was made on page 201 of our
X' Purposes and Policies of the
The Fund may in its discretion
gold.
July 15, 1943, issue.
Some of the
essential to the correction of a
y
International Monetary Fprid and on terms which safeguard its
other references to the several
fundamental
disequilibrium.
In VIII. Withdrawal
7 The Fund will be guided in all interests waive any of the condi¬
plans will be found in these col¬
particular, the Fund shall not re¬
;
1. A member country may with¬ umns April 1, 1.943, page 1211,
its decisions by the purposes and tions above., 'y;7
(
77.7-•
ject a requested change, neces¬
draw from the
Fund by giving and Dec. 23, page 2546.]
policies set forth below: >' v.-7,;
3. The operations on the Fund's sary < torestore equilibrium, be¬
notice in writing.
account will be limited to trans1.
social
•he
Fund
any
•
,
'
•
.
,
,
,
'
-■
,
•
'
To promote international
cause
of the domestic
or
2. The reciprocal obligations of Puerto Rican Banker To
'monetary cooperation through a sactions for the purpose of. sup¬
political policies of the ^country
permanent institution which pro¬ plying a member country on the applying for. a change. In consid¬ the Fund and the country are to
Address N. Y. Chamber
vides the machinery for consul¬ member's intiative with another
ering a requested
change, the be liquidated within a reasonable
Rafael Carrion/President of the
tation on international monetary member's currency in exchange Fund shall take into consideration time.
7
/
Banco
Popular de Puerto Rico.
problems. '
:
/
: >
for its own currency or for gold.
the extreme uncertainties prevail¬
3. After a member country has
Oldest and largest native banking
].'i 2. To facilitate the expansion Transactions provided for under ing at the- time the parities of the
given notice in writing of its
institution in Puerto Rico, will
"fend balanced growth of interna¬ 4 and 7, below, are not subject to
currencies ef the member coun¬ withdrawal from the Fund,/the
7;
tional trade and to contribute in
way to the maintenance of a
'this
,
level
high
real income,
mary
tr:i3.
ber
of employment
and
which must be a pri¬
objective of economic policy.
To give confidence to mem¬
countries
by
making
4.
its
a
rency
To
(a)
resources
available to them
adequate
safeguards, thus
prevent¬
particular member's cur¬
from becoming scarce:
from
under
entitled, at
option, with a view to
ing
,7.
...
The Fund will be
the
fund's
this limitation.
a
borrow
its currency
member country;
(b) To offer gold to a member
tries
were
initially agreed upon.
Fund,
a. member
[country • may change
the established parity of its cur¬
4.
After
consulting the
provided
the
proposed
change, inclusive of any previous
change since the establishment of
rency,
the
Fund,
does not exceed
10%,
Fund rpay
not dispose of its hold¬
ings of the country's currency ex¬
cept in ■ accordance with the ar¬
rangements made under 2, above.
After a country has .given notice
of
withdrawal, its use of the reof the Fund is subject to
sources
the
approval of the Fund.
Chamber of Com¬
State of New York
the monthly meeting at 65 Lib¬
address
merce
at
the
of the
May 4: His
"Puerto - Rico
erty Street, at noon on
subject
—..
will
be
Past and Present."
Hasler, President of
will
preside.
Frederick E.
the chamber,
1744
THE COMMERCIAL & FINANCIAL
year and the weather is
not too unfavorable for the
plant¬
Crop reporting Board of the U. S. Department of Agriculture
made public on March 20 the
following report for the United States,
on the indicated
acreages of certain crops in 1944, based upon reports
between
such
be
and
reports
acreages actually planted.
The purpose of this report is to
assist growers generally in mak¬
Crop—
1943
Average 1933-42
Corn, all
than
con¬
99,583,000
19,805,000
114.6
2,824,000
....
Flaxseed
.
Sorghums for all purposes
Potatoes
42,858,000
43,170,000
107.7
17,32,9,000
6,320,000
15,074,000
87.0
68.8
1,531,000
17,496,003
4,351,000
1,522,000
18,070,000
15,942,000
3,430,000
3,180,000
898,000
1,462,000
902,000
2,734,000
832,000
2,528,000
92.5
14,762,000
14,619,000
99.0
2,266,000
5,202,000
1,835,000
81.0
4,704,000
61,016,000
59,910,000
98.2
619,000
615,000
—
....
fPeanUtS
*
3,162,000
2,402,000
57,049,000
—————
•"Tame hay
Sugar beets
926,000 /
—
Acreage
harvested,
fGrown
alone
for
all
92.7
771,000
purposes.
Partly
92.7
country
in
parts
pushing
are
the
to
all
limits
of
the
90.4
duplicated
all
in
their
low
for
increased
about
2%
and
the
tions
show
this
The
and close to the record crop
of 1932. If farmers carry
that
reports
received
20%.
indicate
other crops according to the plans
of 68,000 farmers .who reported to
relieved
by
the
and, to
the
planted
acreage
last
disturbed
are
On the other
by
usual
finances,
by
all
to
wheat.
tobacco
The
increase
in
likely to be about
17%, an acreage about 12% above
the iC-year average but still far
seems
below the acreage grown in some
earlier years. The most important
decreases
acreage
now
indicated
fkxseed, 31%; peanuts, 10%;
beans, peas, and potatoes, 7 to 8%;
ard
t me
hay, 2%.
Plans for
soybeans to be grown alone show
are:
decrease
a
of
1%
and
those
for
ccwperi show a decrease of 19%,
but much of the reduction in these
crops
be in
end in peanuts is likely to
portion cut for hay, or
ihe
those who
advanced in
are
years
and have been
labor
dependent on hired
selling their farms, rent¬
are
ing fields,
to
that little
are
plans
enced
even
to
seem
than
more
be
influ¬
usual
threshed
may
the
large
year
indicated,
now
peanuts
be
transportation have not developed
and
instead
belts
and
of
the'tightening of
the
shift
picked
or
equal to
threshed last
acreage
be
to
show
threshed
haps 2
be
may
3%,
or
increase of
Reports
sugar beets and sweet
dicate
as
that
farmers
plant about the
were
expected
small
a
planted
per¬
on rice,
potatoes in¬
are
to
cheaper
during
ages
of
not yet
planned represents a big un¬
dertaking for the manpower now
the farms.
on
vegetables planned have
been received from grow¬
in some
areas, but reports re¬
ceived to date indicate that the
ers
Allowing for dupli¬
cations and for wild
hay and va¬
fully surveyed,
rious crops not yet
and
assuming
of cctton
the
exception¬
now
the
year,
an
The aggregate acreage of
crops
acreages
•changes indicated being less than
1 %.- - Reports
regarding the" acre¬
expected
uries.
planning
same
last
normally
there has been
war
about
and the acreage of soybeans
to
to
the
current
prices
of
because
affected by the draft and
the movement of workers to
corn
In
jobs, but where the farms are
large^ productive and mechanized,
many farmers are in
corn
is
on
wheat
was
those
States.
where grown on
where
most
small scale and
a
of
the
work
by family labor appear less
affected by labor, conditions than
peanuts
are
and
grown
beets,
sugar
on
scale
States,
Georgia showed a
(1%)
while
all
showed
increases
tral
moisture
pective
to
and
supplies
much
as
short
of
factors
were
pros¬
irrigation
in
reducing
of corn, but most other
States
showed
little
acreages
Western
change.
total
planted
be
area
or
about
the
as was
same
grown
with
year,
an
361,000,000
average
of
If
peak
the
of
cotton
com¬
acres
last
354,000,000
years
375,000,000
in
is
as
acreage
crops
likely to
acres
during the previous 10
the
the
farms
that
or
less
to
averaged
of
near
period,
corn
4%
and
acreage
over
has
the
ranged
from 1.3% in 1929 to
8.6% in 1936
over
the longer 1929-43
and
that
have
part-time
first
ones
.
within
As
been
basis
York
thd
acres.
vested
usually
a
and
New
Jersey, farmers
to be planning to increase
land,.. Land
in most
of
these
.
March
Corn
.iiP.
expressed
1
indicate
:
.
2V2%
above that
creases
in
No
indications
this time
as
since
year
than
more
are
losses
of good yields. An
increased
proportion of the acreage will be
planted
to
better
adapted ;and
years
higher yielding.!varieties.
Winter
wheat
in
much
of
the
recent years will tend
toward
popularization.
In
its
the
heart of the Corn Belt
nearly the
acreage is planted to hy¬
entire
brids, but in bordering
which adapted varieties
are
able, further increases
are
thaj; they
areas
Supplies of such
to
for
avail¬
to
be
seed
be
adequate.
With
nearly 52% of the 1943 acreage
planted to hybrid varieties an ex¬
pectation of at least 55%
would
in
1944
not
While
appear
unreasonabe.
the
(1939-42)
4-vear
average
yield probably would be
above the 1943-42
a
minimum indication of the in¬
seeded
was
and
and seeding was
than usual. Fall
winter rains occurred
later
early
too late to aid
completion of seed¬
ing the full intended
acreage.
However,
winter
precipitation
materially improved yield pros¬
pects, and acreage losses are now
less than
were
expected lent De¬
Subsoil moisture
reserves
cember.
in the
Central Plains
area, how¬
insufficient .to insure a
are
good crop unless
than usual
more
precipitation
occurs between
harvest time.
Wheat yields, both
winter
now
and
spring,
quent
dependent
are
weather
ever,
those
of.
spring
planted
per
on
acre
and
subse¬
conditions.
assuming,
yields
How¬
.wheat
equal
to
the
post-drought years
1937-41, by States, and
including
the estimate made
for 1944 winter
last December
wheat
the indicated
duction
production,
1944 all wheat
pro¬
be
would
750 million
approximately
bushels.
Oats
above
be planted with
hybrid seed
1944, but favorable experience
with yields from
hybrid seed in
further
acreage
dry ground,
will
which
•
,
seeded
was
last
the central and southern
Great Plains States under
unfavor¬
able
moisture
conditions, which
prevented
seeding all
the
in¬
tended
acreage.
In
this' area
fall
available at
to the
acreage
win¬
substan¬
was
and where winter
have been light so far. The
increase in spring wheat
acreage
was
encouraged by two successive
in
expected.
Substantial acreage inindicated in the Corn
Belt;
any
acreage
Prospective
170,000 acres
appear
1936, about
planted in 1943
in
red
Northwest, where
wheat
1943..
intentions
will plant
99,583,000 acres of corn
in 1944.
Such an acreage would
be the largest since
land about 3%'%
acreage
1933, and would be 3%
the
affected, the net change
Farmers'
of
97,691,000
This would exceed the har¬
those
on
or
operated
are
com¬
States oats; will be substituted for
part of the barley. fha 1
as
1944 might equal the
average
of these past three
years, the acre¬
age for harvest from the intended
acreage would be about
smaller
appear
the acreage of
grain crops, chiefly
by shifts from hay, pasture and
idle
in
the
is difficult to calculate.
In the whole area from Minne¬
sota and Iowa eastward to New
1932.: average.
large
are
draw
workers from
productive farms
acreage
principal
seems
industries
muting distance.
planted last year,
of
374,00(1.000 f
pared
compel
ter
ever,
Abandonment
decrease in the number of farms
a
the Pacific
States
in Oklahoma. In
Wyom¬
Colorado and Utah scarcity
soil
water
by
hard
nearly one-fifth this year.
for a moderate increase
Idaho, the spring wheat acre¬
age is not expected to increase
in
only
10%
ing,
of
1933-42
extent
3%
last year, while the
of other spring wheat is
continued
in
21%;
acreag
acreage
from
kansas, and Louisiana
seeded
than
tions of
2%
spring5
acres,
largest since 1938.
in
as
year's
i
and
Except
last
decreasing acreages from
Tennessee, Alabama, Ar¬
of
acreage
66,932,000
tially increased
States, except Kentucky with
7%, showed inten¬
Report
in
decrease
other
last
its increase of
has
unknown
small
intended
estimated
as
1943
rado.
North Dakota
leads, with
intentions to expand
spring wheat
1%
in
Florida and South Carolina to
5%
in Virginia and West
Virginia and
8% in Maryland. All South Cen¬
ported by present farmers maybe
an
above
harvest,
December
the
with no State
showing a
decrease.
The
most
significant
Increases were 4% in
Pennsylva¬
nia and 9% in New
York. Of the
South
Atlantic
offset
to
5%
are
feed*
spring wheat
States—Minnesota, North Dakota,
South Dakota, Montana and
Colo¬
year,
which
extensive
an
States
1944
intensive
Expected plantings in North At¬
lantic
be
can
done
as a
nearly 2,500,000
acres
or
16%
greater. The expansion in
spring
wheat acreage is centered in
'
,
for
more
fall
•
.
than,
more
wheat
grain, the winter wheat seedings;
acreage
corn,
curtailed
in
is
with
on
largely,
higher
last
restrictions
acreage
and
emphasis
in spring wheat other
than durum.
The prospective
acreage of durum
wheat is only 67,000 acres or
acreage which ordinarily
have been used for
expansion
usual
prospective increase in all
spring wheat acreage is
and Nebraska
sown
wheat
The
some
and
With
removed,
and the
other
Missouri, Kansas
would
position to
high enough to compete
with industry. Tobacco and cotton
above the 17,275,00C
planted last year, and i^
nearly equal to the 10-year (1933^
1942) average of 20,083,000 acres:
acres
the
some
currently
In
is 15%
acres
wheat total
replacing soybeans
the
V-
planted acre
age of spring wheat of
19,805,00(?
above
positions,
replacing flax and barley.
winter
a
pay wages
is
of
equal
prospective
the
expan¬
In
acreage.
acre-income.
areas,
encourage
corn
J
3,126,000,00(j
Wheat
.
The
expected
provide increasing acreage for
sion
by maximum number of
ally strong demand for food lux¬
as
are
grazing,
to
This would nearly
the record 1942
crop.
summer
meat
season.
or
plantings
of
pasture,
for feed grain
tonnage to produce
and
livestock products at
daylight will
what
prices and profits during the
past
year. This appears to be
particu¬
larly true of vegetable producers,
for the predicted
shortages of rail
off,
amount
bushels.
'Further significant shifts
rotation
reducing their oper- operated. Similar conditionsseem
period.
they can handle, to prevail near
expanding indus¬ Acreage losses were from 1.6 to
Perhaps because of the uncertainty trial areas
elsewhere, particularly 2.4% in the three years 1941 to
of
future
market
conditions, where limited housing facilities 1943.
Assuming that abandonment
farmers'
ations
foods
acreage
etc.
hogging
would
setup under
11% in Minnesota, and 14% in
Michigan.
Favorable
yields
in
•1942 and
1943, and the demand
of
acreage re¬
left to be .consumed by livestock.
about
usual
and
weather
With
fod-ji
der,
Kansas, and no change in Mis¬
souri,, to increases of 1% in Ne¬
braska, 7% in Iowa and Illinois,
re¬
3%
corn,
area
cord
for all purposes (grain
silage,
subsequent year. Intended
changes range from a decline in
hand,
are
fear
Stat
aver
are
of any
by draft
In
The
year.
to
some ex¬
increases of 2.5%
are
corn
fallow and idle land
area
the
consequence,
farmers'
plans with
help of
hired
labor,
show that while
they are doing Lengthening <Jthe hours of labor is
for sorghums, and what they can to produce needed more effective where
mechanical
8% for oats, which are partially crops, they are
compelled to give power is available than where
offset by a 13% decrease in barley. primary attention to
what they as horses are used. At
present prices
The total acreage which farmers individuals
will
be able
to
do. many farmers find that
they can
expect to devote to these four Their plans show that,
although advantageously grow larger acre¬
crops is nearly 7% over the 10- they will exert themselves to the
ages
by hiring combines, corn
year
average
and
higher than limit to secure an adequate sup¬ pickers, pickup bailers and
trucks
plantings in any past years ex¬ ply of grain for their
livestock, on a custom basis.
cept 1932 and 1933, but it wo.uld they are shifting to
crops
for
The extent to which farmers are
not be a large acreage in relation which
they have adequate machin¬ able to
increase the acreage of
to the number of livestock now on
ery and equipment and which will
crops by such adjustments varies
the farms.
require a minimum dependence
considerably between regions. In
The
nearly 25%
increase in upon labor other than wnat their
New England, parts of New
York,
seedings of winter wheat reported families can provide.
Many who the eastern third of
Ohio, on the
last fall is now expected to be fol¬ have power
equipment or can se¬ rougher lands of the
Appalachian
lowed by a nearly 15% increase in cure additional
help from their area, and in some of the
cheaper
the
acreage
seeded
to
spring families are' preparing to plant land
areas of the
South, westward
wheat,
indicating a< return to larger acreages than they have
into Arkansas and parts of Mis¬
about an average acreage seeded ever
grown before, but many of souri
the increases in
for
items
from
by
United States Department of
to be a general fear that there
Agriculture early in March.
vv#
The acreage which farmers in¬ will be an
inadequate supply of
tend to plant to feed grains and labor needed
during short periods
sorghums shows an increase of for harvesting certain crops which
4,000,000 acres — 2.3% over the are dependent on seasonal labor.
chief
Plains.
fall
areas are
that will be available in time for
this season's crops.
There seems
1944 result in
probable production of
age,
be giving
way to winter wheat
in the southern
part of the Great
war
machinery
new
in
the
acreage
of restrictions in
to
influenced by local conditions. All
a
plantings last year
will be in grains, tobacco, and cer¬ shortage of feed for the number
tain vegetables.
No prospective of livestock and poultry on their
planting report is made for cotton. farms and by a tight labor situa¬
Decreases are in prospect for most tion that will not be
extensively
over
shift¬
appears
In each part of the
country the
plans of farmers are considerably
great many farmers in all
parts of the country realize they
individually are faced both by a
present plans, nearly all of the
the
be wasted anywhere on the farms
finally
increase of almost
an
survives
prices, or by lack of moisture
spring crops; and the indica¬
acreage of truck crops harvested
for the fresh market may
acreage
increases
stricted
be
re¬
crops is likely to be several per¬
cent greater than was grown last
out
wheat
Colorado
States
of vegetables for can¬
ning and processing are likely to
and the total acreage of
sources,
year
the
uncertainties.
hay
plantings
production
of
reports
From the eastern border
fewer farmers than
Farmers
the
crops
spring work has been con¬
siderably
delayed
by
frequent
rains. Many individual farmers in
acreage.
close
of
99.4
1,534,000
Beans, dry edible—-—1,991,000
Peas, dry field—
321,000
•J-Soybeans
-—:.T—
8,016,000
——
in
tent, the kind of crops finally corn in northern
sections.
planted, will depend on spring
In
the
North
Central' St.?.tes
rains and on improvement in the
prospective plantings reach
62,prospective supply of water for 036,000
acres, nearly equalling the
irrigation.
In some parts of the 1936 figure and
exceeding that
South
117.4
•"Tobacco
——
current
cash
the total acreage
100.4
1,716,000
Sweetpotatoes
tCowpeas "
Some
for
westward, the
and winter were dry.
In this
99.4
3,136,000
—
commercial
Montana, Wyoming and north¬
ern
103.3
801,000
,—
be
may
growing condii
Should the combination of
yields equal to the 1939-42
Important factors
ing pattern of corn
be upset by unusual
may
plans
of
116.3
Rice
season
yield!f
betj
corn
average
all factors
farm programs in
previous years,
the heavy demand for feed
for the
or
dry fail.
103.1
1,048,000
Barley
2,256,000
17,549,000
41,059,000
f
2,189,000
15,086,000
14,401,000
2,469,000
Oats
this
than
tions.
most West¬
States.
the absence
much
102.5
17,275,000
17,159,000
spring
change is expected in
ern
on
1944, the period represents
ter
that
Indicated 1944 cent of 1943
97,136,000
Durum
Other
at
weather."
sup¬
96,276,000
'
and some
fluence of hybrids
in
Southwestern
Mountain States. Little
time
indi¬
20,033,000
——
All'spring.■ wheat.—
of
indicate expanded livestock numbers
on
they are subject to revision farms,
the
relatively favorable
cultural program, and the effect on
the basis of price
changes.
In market prices and income
per acre
of this report itself
of the winter wheat area, of corn
upon farmers' part
compared with competing
actions.
particularly in Kansas, Nebraska crops such as
soybeans .in the
and Colorado,
——planted Acreages——
plantings this spring Corn Belt and sorghum for
grain
still depend considerably on how in the
1944 as per
Southwest.
Corn
actually
turn out to
may
smaller
or
Plans
on
acreages
planted in 1944
harvesting
and
East
Central
States more than offset
reductions
most Southern,
modified by changes in prices or
other incentives prior to
planting
ply, financial conditions, the agri¬
ing such further changes in their
plans as may appear de¬
The
larger
cated, by reason of weather
ditions, price changes, labor
acreage
sirable.
and
perhaps 1932.
1944 season.
The acreages for 1944 are interpretations of
reports from growers
are
based oh past relation-^
ships
growth
other crops, the
aggregate acreage
of the principal crops
finally har¬
vested this season may
top pre¬
vious records, except
from farmers in all
parts of the country on or about March 1 regard¬
and
in
Thursday, April 27, 194-,
Northeastern
ing,
The
acreage plans for the
last
as
Planting Intentions As Of March I, 1944
ing their
CHRONICLE
two
in
in
be
acres
any
planted
Increased plantings
pected in all but six
are
States.
has
are
other
above
in
12% above the 1933-42
these
46,-
Such
8%
age.
age
of
1944
dkades.
would
acreage
42,858,000
and
oats
plantings
in
year
plantings
of
an
the
1943
aver¬
are
ex¬
States, and
mostly minor producing
In recent
years rust dam¬
been material in
many
areas^ and
the
acreage
has
been
curtailed.-
However, the com¬
paratively recent introduction of
rust resistant and
higher yielding
strains
to
has
added
growing tin's
rpore
ments
feed,
of
the
labor
a
new
impetus
A need for
smaller require¬
crop.
and
specialized
Volume
Number 4276
159
THE COMMERCIAL
equipment per unit of production,
and relatively favorable prices in
1943 are major reasons for acre¬
increases this
age
year.-
the North Atlantic group of
States prospective plantings are
"Deep regret" was expressed by Secretary of State Hull on
April 3 over "the tragic bombing by American planes of the Swiss
city of Schaffhausen on April 1." Secretary Hull indicated that the
United States "vail make appropriate reparations" for the
"unfor¬
tunate event." Washington advices April 3 to the New York
"Times"
reported that in addition to making a formal statement,
Secretary
Hull officially informed the Swiss •>
•18% greater than last year. In the
North
Central
increase
acreage
cated.
In
States
of
6%
is
an
indi¬
oats
production this
group of States is second only to
the
West
where
North
group,
increase of 9%
an
for
cated
Central
Government
is indi¬
said
1944.
of
position
and
Mr.
John. G.
that
his
Winant,
the
telegram
States
American Ambassador in London,
had made a similar
expression of
,about 2% increase is expected.
Unfavorable weather at seeding
regret to the Swiss Legation there.
Mr. Hull's statement as given in
In
the
time
of
South
last
this
fall
prevailed in parts
the
of
group
South
seeding
group
had
time
States.
very
last
Of
of
dry
fall
the
States,
soil at
and
spring.
The overall increase for
the group is estimated to be 8%,
with only one
State, Alabama, re¬
porting less acreage than a year
An
increase
of
ported for Texas.
States
14%
is indi¬
cated, with Montana showing 10%
less than
a
ago, while Cali¬
12% increase.
year
fornia expects
a
If
five-year (1937-41)
State yields per planted
attained,
the
would
in
are
1944
1,300,000,000
above
a
year
ago
March
1
prospective
smaller
to
than
prospects
indicate
reports
barley
the
planted acreage
be
last
considerably
Present
year.
that the
are
1944
acre¬
of winter and spring planted
will be 15,074,000 acres,
age
and
been
able
that
to
he
in
the
against
the
of
course
Nazi
in¬
Press
far
which
prevent
but about
ago
consecutive
the barley acreage has
after having reached
year
that
decreased,
peak in
Although the present acre¬
a
age is the lowest since 1938, it is
still considerably above the 192938 level." V
1944
acreage
main pro¬
shows decreases in all
States
except California.
Material decreases are shown for
Minnesota and Kansas, and the
Dakotas
sota
are
and
down 7%. For Minne¬
the
Plains
States
as
a
whole from North Dakota south¬
through Texas, the acreage
this year is expected to be 15%
a
year ago.
Acreage
toward
which
be
this
had
incidents
of
shifts
wheat
acreages
reflect
turn
compara¬
unfavorable
>
experiences
barley during the part five
in
years
States.
many
Winter
killing of fall sown barley has
been heavy and yields have been
low because of the prevalence of
scab and other diseases.
The in¬
creasing importance of improved
varieties of oats, especially in the
northern Plains States, also has
caused
a
considerable
shift
from
States, mostly in
conditions
in
1944
result in State
yields per planted
equal to the postdrought 5-year (1937-41) average,
production
of
barley would
about
amount to about
280,000,000 bush¬
els—the smallest crop since 1939
and 13% below last year, but still
considerably above
(1933-42) average.
the
10-year
point to
present
growers
a
planted
which will
be
acreage
7.3%
plans
in 1944
smaller than
the acreage planted in 1943.
Ac¬
cording to March 1 reports, the
prospective acreage, for the United
States
in
1944
is
3.180,000
acres,
compared
with
3,429.700
acres
planted in 1943 and the 10-vear
(1933-42)
average
of
3.135,800
acres.
of
fac¬
he
stated
taken
was
foresee
and
difficulties
"in
that
an
will
confront
to peace
war
Mr.
economy."
ChHstopherson
also
said
in part:
"We believe
ing the
uncertainties
many
outlook,
that,Aqtwithstandin the
effort of foresight and
preparedness will prove helpful in
an
the
problems
that
will
arise and in
promoting that
expansion of trade and enterprise
home and abroad which is in¬
dispensable to the attainment and
at
maintenance of healthy economic
conditions.
"Looking to the future,
the
conviction
that
the
we
of the
progress
ment
pensation for damages in the mis-
of
Although smaller than the
acreage of 1943, the pro<mect5ve
1944 acreage would be 14%
larger
Under date of April
11, Associ¬
Press advices from London
has
also
Stimson
this tragedy.
over
asked
has
to
me
Swiss Government that every
pre¬
will be taken to prevent
in
far
so
is
as
Spaatz
(com¬
strategic
pressed
in
the
deep
self and the
at
the
London
men
and
regret
of
this
bombing
Food
appropriate reparations for
damage resulting from this
in
event
far
so
ister in Berne to do likewise with
the Swiss Government."
advices
same
than the 2,788,800
1942.
Contemplated
stated
that
planted in
decreases
intermediate
producing
areas,
California,
Nevada, NeW Jersey,
Maryland show the probabil¬
ity of larger plantings than in
1943.
For
the
18
surplus late
and
States
ports
as
a
to
the
8%
decrease;
12
a
other
intermediate
The
(California
of
growers' re¬
9.3% decrease,
group,
point
for
late
and
States,
for
States,'
the
seven
4.7%
11
de¬
States
Southern
to be maintaining
1944 acreage near the level
appear
1943, with
1.6%
decrease
a
indicated
for
of
the
early
group
pros¬
States
in
this
show variations in
pective acreages ranging from
25% decrease in Oklahoma to
a
with
age
the
acre
about in line
5-year
(1937-41)
is assumed for 1944, the
aver¬
pros¬
pective acreage would produce a
crop of about 410.000,000 bushels.
In 1943, when growing conditions
were somewhat better than aver¬
age,
464,658,000 bushels
vested
were
from
acreage.
har¬
the unusually large
In 1942, production was
370,489,000
bushels;
the
increases.will bring
the
current
allotments
year."
had
Previously the
been
'
"The
schedules
new
will
pro¬
vide monthly 24,000 tons of
wheat,
4,700 tons of pulse, 1,000 tons of
fish, 300 tons of soup, 600 tons of
canned
tein
milk, 300 tons of vegetable
mix, 300 tons of high pro¬
spaghetti,
rice
and
well
as
2,000
expansion, with due
tons
of
sugar
em¬
the special needs of the
on
tons
of
wheat
tor
of
what
the
institute,
business
a
representative
do
to
is
man
and
can
discuss
or
a
union
can
not
result of collective agree¬
ments and wage incentive
plans.
as
tional
ships,
three
chartered
out
of
of
food
in
children
is a familiar process in American
and
or
management."
vey
said.
Professor Har¬
"The
implementation
supplying
Yugoslavia
day-to-day operation of
business
has
a
very
than they now possess of the con¬
and meaning of the terms of
the
collective
agreement."
He
tent
Newly Created Argentine
Bank Will Offer Loans To
Aid Industrial
date
Press
Development
of April
advices
5, Associ¬
from
Buenos
added:
•
-
"Closely related is the pressing
need for objective and
practical
'measuring sticks' in the deter¬
mination
of
values of
jobs.
the
relative
wage
Job analysis, job
evaluation and classification, ef¬
ficiency rating systems, and wageArgentine
Government
incentive plans are techniques of
announced today creation of Bank
satisfactory wage and salary ad¬
for Industrial Credit
.'(Banco de ministration. The
impact of gov¬
Credito Industrial
Argentino) to ernment
wage control, especially
provide long-term loans to indus¬
through the War Labor Board,
trial enterprises in order to
de¬
has
high-lighted the
value
of
velop the nation's resources and
these techniques both to
manage¬
Aires stated:
"The
economy.
"The bank is capitalized at.
50,-
000,000 pesos (about
$12,500,000),
and Federal Bank is
authorized to
lend it an additional
100,000;000
Borrowers may obtain fiveyear loans with the
'privilege of
renewal
for
an
additional five
pesos.
5-year
(1937-41) average production was
361,218,000 bushels.
years."
also
fact
re-settlement
in
taken
that
cog¬
already
civilian
life
discharged from the Forces
calling for such facilities, which
in
number
a
of
cases
have
act¬
ually been granted.
A month ago
it announced that in view of this
demand, which will doubtless
ex¬
pand,
it has been decided that
Alexander Woods. T. D., D.
L., a
Joint
General
Manager of the
Bank, will henceforth devote his
full time to the development of
the type of service indicated. The
bank adds that Mr. Woods has had
close contact with
industry, trade
and agriculture in various
parts
of the
country and has
enjoyed
special opportunities for studying
the
financial
requirements
of
smaller
undertakings_Jn
partic¬
ular.
Bargaining
of industrial
con¬
———
Lecturers at the institute Will
include Herman A.
Gray, Associ¬
ate Professor of
Law and Chair¬
of the
man
New York State Un¬
employment
Advisory
Council;
Charles W. Lytle, Associate Pro¬
fessor of Industrial
Engineering
and an arbitrator for the Amer¬
ican Arbitration
Association; and
Emanuel Stein, Professor of Eco¬
nomics,
New
Acting Director of the*
University Graduate
for Training in Public
York
Division
Service and
a
member of the Re¬
gional War Labor Board.
irodsr Gf
;
with
nounced."
ated
has
the
men
a plant or
significant
Secretary of bearing on the whole production
process.
For the most effective
State Cordell Hull
today by Constantin Fotitch, the
many
executives
Yugoslav Am¬ management,
need a more detailed
bassador.
No
decision
was
knowledge
an¬
discussed
of
of the collective
agreement in the
lend-lease funds.
"The
question
for
addi¬
the
material resources."
bank
nizance
a
thoroughly studied either by labor
Government
own
The
——
-am
available
his
The purpose of the
institute, ac-<$>
cording to Prof. Ray Fy Harvey, zation of
manpower is of primary
Executive Secretary of the Uniimportance to management and
versity's
program
for
training labor today."
personnel specialists and co-direc-
plied by the United States under
lend-lease. To carry out the pro¬
Swedish
upon the character,
integrity and
business capacity of the borrower
as upon the extent and
nature of
wage
agreement resulting from collec¬
tive
bargaining have not been
the
sible support for
promising enter¬
prises under good auspices—sup¬
port which shall be based as much
subject of collective
incentives has been organized
by the Division
of General Education of New
York University to
begin Monday,
April 24, it was announced on April 8
by Prof. Paul A. McGhee,
Acting Director of the Division.
bargaining and
as
make
so
improving or widening
banking service, always pre¬
supposing
the
maintenance
of
cheap money as a primary essen¬
tial, as to furnish the fullest pos¬
our
Wage Incentives
government,
the
precise
working-out
and
the
implications
of
the
collective
will
country in the export trade. We
earnestly studying possibil¬
ities of
A two weeks institute for
personnel directors
cerns
and executives of labor unions
on
the
provided initially industry
a gift
from Argentina.
Other
additional foodstuffs will be
sup¬
Chair¬
January, at
—
N. Y. U. Plans JiestitsEe On GoSleslivs
"Although collective bargaining
during the year.
"Up to 9,000
monthly will be
2,000 tons
as
that
removed
And
food
20,200 tons
monthly, plus 2,000 tons of rice
during January and February.
Under
Decreased plantings in the late
States reflect difficulties in har¬
yield per
i
a
30% increase in California.
a
April
only
group.
However,
If
"The
was
a
early potato
and
an
be
an¬
allotments to 31,200 tons
monthly
and add 2,000 tons of
sugar for
are
with 33 of the 37 States
showing
smaller acreages for 1944 than in
1943.
Of these 37 States,
only
will
program
be
part of the preparation for the
of industrial reconstruc¬
tion and
which added:
of
rather general among the late and
Greece
a
should
4, it was re¬
ported in Washington advices that
day to the New York "Times,"
stew
acres
to
under
on
as
humanly possible.
: • "I am informing the Swiss Min¬
ister in the foregoing sense and
am
instructing the American Min¬
The
relief
nounced
"Naturally this Government will
that is
obstacle
process
More Belief Food For
increased
of
make
importance
as
ex¬
Schaffhausen.
unfortunate
said.
Greece Under New Plan
in his command
accidental
inadequacy
phasis
him¬
in
or
Too often in the past these
qualities have been stultified or
misdirected through -
Swiss radio
humanly possible
General
man,
industry
of
trade.
of financial
resources, and it is of
the
very
first
the repetition of this unfortunate
event.
business
branch
and
bombing of Schaffhausen by
American
planes
April
1,
the
cake
the
caution
a
undertaking
individual
whatever
check for $1,000,000
today
"the first installment" in com¬
as
He
assure
the
American Minister Leland Har¬
handed the Swiss govern¬
business
in
are
is
hold
economic
Business
Christopherson,
—1—
of
...
Post-war
on
shareholders
the^
business customers and our¬
selves in the period ox transition
from
the
attempt
for the
prepare
which
to
our
unemploy¬
destruction
bank, in his statement
rison
areas
side
vesting and marketing the bumper
1943 crop and
uncertainty of ob¬
taining sufficient labor in 1944.
Potatoes
Potato
combat
to
by
to this end. The
establish-
Committee
Mr. Stanley
ex¬
Swiss
north
Rhine.
their
growing
to
due
a
small
States)
If
of
acci¬
announced
was
time
action
to
of
ated
crease.
acre
relief
which
bank
stated:
in a
the West.
few
for
American
of
man
the
lo¬
the
on
barley to oats. On the other hand,
increases are shown this
acreage
year
day
the
200,000
Problems
overcoming
the
tories.
character, mistakenly flew
and bombed
cated
year
result
a
larger
in
tively
with
decreases
to
appear
said
steps which have been taken
within
the
of this
over
ward
below
3
donated
made
•ment
country will de¬
pend very largely on the enter¬
prise and resourcefulness of the
the
prospective
ducing
that
dental bombing of Schaffhausen
Saturday,
and
began
planning
measures
to
d'affaires
The
of
ment
precautions
the
'
victims
a
5% above the 1933-42 average of
14,401,000 planted acres.
This is
1942.
that
on
tensive
taken
April
Council
group of our bombers, due to a
chain of events
negating the ex¬
13%
second
advices
francs
indicate
machine
were
(Switzerland) Associated
Federal
bombing in Europe), accompanied
by Ambassador Winant,; has al¬
ready called on the Swiss charge
year
Berne
so
mander of United States
a
cerely sorry our airmen
happened."-*
operations
war
our
this had
me
barley
below
deep regret at
the accidental bombing of Schaff¬
hausen by our Air Force. General
Spaatz told Mr. Giradet how sin¬
regarding
tells
complete
"Secretary
Barley
1944
matter
War
vestigations which he has
25% above the 1933-42
*
of
this
of
Minister,
to plans for
developing British trade at home or in
markets, the Midland Bank, Ltd., of
London, has recently
known
Forces feel
acre
production.
average
the
on
Incident
overseas
pressed to me the deep regret
which he and the American Air
about
bushels—13%
and about
Secretary
been
average
production
be
the
re¬
In the Western
increase of 2%
an
is
follows:
tragic bombing by American
planes of the Swiss city of Schaff¬
hausen on April 1.
"I have been in close touch with
wet
out the following
Ambassador Wi¬
gave
from
April 3:
"This noon General Spaatz and
I called at the Swiss
Legation and
expressed to Mr. Giradet, who is
charge d'affaires in the absence of
the
weather has delayed seeding this
ago.
"Times"
Hull
nant, which he received
"I desire to express
my own and
all Americans' deep
regret over
Central
Oklahoma
Atlantic
1745
Hull, Siimson Apologize For Accidental Bombing Committee On Posl-War Business
Problems
Of Swiss City By American Planes
Established By Midland Bank Of London'
In
East
& FINANCIAL CHRONICLE
ment
and
have
found
creases
selves
to
are
unions.
that
mere
Employers
wage in¬
of them¬
Cosraiserco fad. Assn.
Gerald
of
LeVino, Vice-President
Company, Inc., for
Guiterman
several
years
Chairman
of
Foreign Trade Committee of
the
the
Commerce and Industry Associa¬
tion
of
New
York,
has
been
named
a
Director of the Associa¬
tion, Secretary Thomas Jefferson
Miley announced on April 18. Mr.
LeVino, widely known in foreign
trade
man
circles, entered the Guiter¬
Company in 1908. The com¬
pany was established in New York
and London
in
1876 as
foreign
sales
agents
American
and
distributors
manufacturers,
for
main¬
taining offices and representatives
in
Europe, the British Empire,
Latin
America
markets.
More
and
other
world
recently Mr. Le¬
Vino has served in
advisory cap¬
acity to many governmental; de¬
satisfy most partments and bureaus, including
To be satisfactory, the Trade Advisory Committee to the
not
sufficient
in
and
to
employees.
system of wage increases must be
Department
administered properly and effec¬
tively. How to administer a wa°e
Exporters Advisory Committee to
the Office of Export-Import Price
plan in order to
Control.
secure
full utili-
of
the
Interior
and
THE COMMERCIAL
1746
& FINANCIAL
Thursday, April 27, 1944
CHRONICLE
Way To Establish Prosperity
Is To Produce More: Green
The
Output At Mew High Peak—Milts Sold
Far Ahead—Demand For Shell Steel Mounts
Sleel
spurted this week to an alltime tonnage peak as pressure from war agencies mounted," says
(Continued from first page)
"The Iron Age" in its issue of today (April 27), which further adds:
production and to facilitate and
splendid 'cooperation.
"Large new inquiries for shell steel and added demand for
"Now we want to re-enlist for expedite the reconversion of war
quick delivery lend-lease, semi-finished steel have tightened mill the post-war period. We urge the industries. We insist, in accord¬
with
democratic precepts,
schedules during the past few days. It is reported that several pro¬ Government to accept our willing ance
that labor, industry and agricul¬
ducers have queried WPB on how-¬
services.
"Steel ingot
production schedules
Rand McHally
Shows
Book," which has just
published, shows the rapid
movement of the smaller banks
and Currency
He said OPA grants
Committee.
general price increases whenever
profits of an industry sink
below the level of the base pe¬
tne
the base
account the
fact that OPA is getting financial
data
from 26 companies which
represent 80% of the industry,
were $116,900,000.
An eight-cent
Annual profits in
riod.
hour
per
into
taking
period,
would
increase
wage
cost the industry
about $108,563,-
000, including overtime for wage
and salaried workers.
earners
"OPA
agreed, as previously re¬
ported, that the
structural, bars,
be increased.
however,
strip and sheet
Announcement,
been
has
of rails,
prices
delayed.
In
line with the OPA policy of com¬
pensatory
adjustment,
it is said
analysis extras for
NE steels of 8600-8700 series will
that maximum
be decreased along
rolled
armor
with prices for
plate, propeller-blade
steel and for bullet-core
steel.
"Marking the first rise in a year,
in March
were valued at $50,799,000, an in¬
crease
of nearly 1.5%
over the
machine tool shipments
$50,098,000 total in February, ac¬
cording to a preliminary report
issued by the WPB Tools Division.
The backlog of unfilled orders at
the
end
of March
was
valued at
decrease of 6.9%
$153,079,000,
a
from the end
of February.
.
"Maritime Commission plate re¬
quirements have been substanti¬
ally reduced for June and July.
This, for the most part, will be
put into increased sheet produc¬
tion starting in June, but not all
of the reduction in plates will be
used to mak^ sheets.
"The
order
which
America are not
restricted
pressure
groups
bars, wire and the
---they are America. They repre¬
like, backlogs are being increased.
sent all the people of America.
"Due
to
the fluidity of war
And
one
of the great achieve¬
requirements emphasis on various
ments of this conference is the
products is shifting constantly. At
voluntary commitment underlying
the same time Washington is dis¬
all our discussions that not a sin¬
posed to use directives only as a
last
resort.
Every
pressure
is gle one of these groups will de¬
liberately seek Selfish advantage
being put on contractors and sub¬
in
the
post-war program.
We
contractors
to
exhaust all pos¬
realize that the .selfish approach
sible sources of supply, surplus
will defeat all our ends. We know
steel and warehouses, before di¬
that
everything
we
hope and
rectives
are
allowed. Neverthe¬
dream
and
plan
for
can
be
less, many directives are found
wrecked if the nation's post-war
necessary to obtain wanted deliv¬
effort
degenerates into a mad
ery, resulting in considerable re¬
scramble for temporary and nar¬
scheduling and confusion.
row preferment.
"In advance of the actual in¬
other products,
procurement
military
vasion
current needs.
"Wire
requirements are
press¬
ing producers and books are filled
far ahead.
Third quarter sched¬
ules
are
filled in the case of many
forms., of
exceeds
wire
and
new
tonnage
shipments."
of
sion
program
operation
the
May 21
Day"
of an Congres¬
President Roose¬
Under authority
sional resolution,
velt
has
issued
a
proclamation
production in 183 produc¬ designating May 21 as "I Am An
tion
areas,
Staff Memorandum American Day." In his proclama¬
No. 42, issued by L. R. Boulware, tion the President urged that ex¬
be held throughout the
WPB Director of Industry Opera¬ ercises
tions, was withdrawn on April 24. nation on that day "to assist our
civilian
and expan¬
industries.
produc¬
disemployready to
reconvert,
reconstruct and re¬
employ would be disastrous.
and
tion
"I Am An American
coordinated
civilian
(1), Chi-'.'
(2), Los Angeles (1) and
(10), Boston (1), Detroit
cago
(1).
San Francisco
.
30, 1939, we had 2,871
banks with total resources under;
On June
$250,000. On Dec. 30, 1943, there
were
only 440 in this classifica- ;■
only one-seventh as many.>
time, the number of
higher classification with
25 million dollars and over of re-;
sources increased from 384 to 607.
The total resources of all banks
tion,
At the same
banks in
has not quite doubled, but it
increased $54,814,309,000
in
has
the,
last five years.
comparison of consoli-;
of
American
banks it is discovered that bank
the
In
statements
dated
in bank
$118,000,000,000.
deposits are the highest
h i
s
t
o r
y—over
exactly twice what
This is almost
•
they were five years ago.
The.
holdings of Government bonds are more
than four times what they
five
were
years
while the.
securities are
ago,
other
of
holdings
Loans show an
less.
increase over
30, 1943,-as well as an in¬
crease over Dec, 30, 1937.
Surplus
June
shows an increase,
but capital re¬
mains almost the same,
1944
first
The
•.;;
edition
of
1
the
1944,
period and help
employment un¬
industry
til
private
its
long-range
can
assume
responsibilities in
this regard.
"Finally, we come to
widespread
and
of banking
which can be put into
without delay during
emergency
Book,"
"Blue
create temporary
the fun¬
separate bound book,
all banks. A
attorneys for every,
accompanies each copy
of the directory. Latest maps of
each state and all foreign coun¬
tries adds a great deal to the in-,
formation and reference value of
listing
the
bank town
book.
the
damental
"I have now
forces must be ef¬
Abrupt cessation of war
lights
of
the
outlined the high¬
American Federa¬
post-war program
in the domestic and international
tion of Labor's
spheres as it has been
during this conference.
presented
Fleming Elected
President Of
Reserve
City Bankers
President of
National Bank of Wash¬
ington, D. C., was elected Presi¬
dent of the Reserve City Bankers
Association, at a meeting of the
Association in Chicago on April
14.
Walter Hasten, President of
the First Wisconsin National Bank
of Milwaukee, was elected ViceRobert V. Fleming,
the Riggs
President. The Washington
of
"Post",
April 15 stated:
Elected
as
directors of the asso¬
Vance J. Alexander,,
the Union Planters;
ciation were
President
of
National Bank & Trust
Co., Mem¬
phis; James Lochead, President of
the
American
Trust Co.,
San
Francisco; Harry Augustine, Pres¬
"This program offers great hope
ident
of
State-Planters
Bank,.
promise for the future. It is
Richmond, Va., and Hugh McGee,
based upon the foundation stones
Vice-President
of the
Bankers'
of Justice, Democracy and Free¬
Trust Co., New York.
"No one realizes more clearly
dom.
It reflects, I am convinced,
than I the difficulties inherent in
the will and the desires of the
before
ment
FDR Designates
our
York
coast—New
to
revised to March,
containing 2,589 pages
and financial informa¬
tion, includes the latest available
spins of our economy be overcome statements, new executive person¬
nel
and directors'
lists, nearest
without danger of a crash.
"Furthermore, the Government, banking points to all non-bank
in
cooperation with cities and towns, a five-year list of diseon-;
towns throughout the nation, must tinued bank titles, all bank asso¬
ciations and Government banking
plan and prepare now a compre¬
hensive public works and housing agencies and the FDIC status of;
post-war reconversion programs.
The
demobilization of industry goal.
fectively timed and
with the resumption
banks are now
coast
from
and
and the armed
dollar
lion
agriculture can help them¬ ment flashes the green light on
agencies are preparing for all
selves is by helping America to the road to maximum expansion
possible
contingencies and are
of peace-time civilian production.
get back on its feet as soon as
building up supplies at top speed.
Here is where our free enterprise
possible in the post-war period.
Promptness or delay in establish¬
If
We all recognize this truth and system faces its crucial test.
ing a foothold in Europe will
and
industry respond
all our plans and programs are business
affect the nature of further nee'ds
whole-heartedly to the needs of
based upon it.
of the armed forces and have a
America when the call comes they
"One of the important consider¬
strong affect on demand for var¬
will fortify their own future and
ations which
we
must keep in
ious types of steel.
justify our faith in the free en¬
In spite of fears in some quar¬ mind is that what we do now will
terprise system.
Labor will do
ters
that scrap supply' may be determine to a large extent the
post-war effort.1 everything in its power to assist
short in coming months no signs success of our
in the process and to give Amer¬
of an immediate crisis have ap¬ There must be close coordination
ican industry a helping hand in.
peared and supply is sufficient of the war mobilization and the the attainment of our common
for
Sixteen bil-'»
found
higher brackets.
into
responsibility of private
industry itself to move boldly and
labor, industry daringly the moment the Govern¬
only way
"The
"Blue
the
,
the House Banking
of the;
edition
Bankers Directory,;
been
rearrange
.
1944
first
The
Rand McNally
schedules already having 94% of the steel capacity
"Would it not be to the advan¬ ture be given full representation
of the industry will be 100% of
on the economic adjustment agen¬
hooked at 110% of capacity for
tage of the Government and of
capacity (a new high record) for
cies set up by Congress.
the next six months to take care
the nation as a whole to accept
the
week
beginning April
24,
"At best, the reconversion pro¬
of impending shell directives.
this offer?
If people are willing
"The rapidly mounting demand compared with 99.5% one week and anxious to go out and do a job, gram cannot be expected to keep
one month ago and
for shell steel is expected to reach ago, 99.1%
with
the
demobilization
isn't that better than to' have to pace
The operat¬
a
crescendo in October when re¬ 100% one year ago.
Therefore
it is ex¬
order
them and force them to process.
tremely
urgent
that
Congress
quirements will be about double ing rate for the week beginning work?
those of March.
Because the im¬ April 24 is equivalent to 1,791,amendments to the So¬
"I say to you out of deep con¬ adopt
300 tons of steel ingots and cast¬
cial
Security
Act
to
tide
pact of this program is heaviest
viction that far better and quicker
in the larger size billets, certain ings, compared to 1,782,300 tons results
will be obtained if the the American people over the pe¬
(the
previous high level)
one
mills equipped to make these large
when
there
will not be
functional groups in our economic riod
week
ago,
1,775,200
tons
one
sizes will share in the program
The
life are given the opportunity to enough jobs to go around.
month ago and 1,731,700 tons one
to
a
much greater extent than
reach prior agreements and un¬ key provision in such legislation
year ago.
The peak in 1943 was
others.
The shell program is so
derstandings on basic policies and must be the establishment of a
reached during the week begin¬
Federal system of unemployment
heavy in nature and involves so
methods of procedure than if the
much slow-cooled material that it ning Oct. 11, when the operating official policies and m'ethods are compensation under which disemrate was equivalent to 1,781,300
may
well effect the production
decided upon without the consul¬ ployed war workers and demobil¬
of
rail
and structural steels in tons.
tation and advice of these groups ized servicemen can derive suf¬
"Steel"
of
Cleveland,
in
its
coming months.
' r
:
and are promulgated by bureau¬ ficient income, in accordance with
"Meanwhile the steel industry summary of the iron and steel cratic directive.
their
family-, responsibilities, to
; •
markets, on April 24 stated in
began presentation of its case be¬
"Let no one fear that if labor, carry them over the transition pe¬
riod to the time when jobs will
fore the steel-wage panel of the part as follows:
industry and agriculture are given
"Hope that more steel will be
National
War Labor
Board in
their rightful voice in the formu¬ be available for them,
immediately available for civilian
"The best and only permanent
Washington with vigorous state¬
lation of Government policies
use is not being met by
current
ments by B. F. Fairless and Lauwhich they will be required to form of social security is a good
conditions and until the pattern
'son Stone.
At the same time it
Labor recognizes
carry out, the public interest Will job at good pay.
of requirements after the invasion
was reported
that fact. But we ask industry to
in Washington that
suffer.
of Europe becomes well defined
understand and acknowledge that
if WLB grants the steel workers
"I know it is the fashion in
there seems no likelihood of war
the stability of our economy and
more
than seven cents an hour
some quarters to castigate the pro¬
needs
diminishing to an extent
the security of our free enterprise
wage increase, the steel industry
that will release steel for other grams of labor, industry and ag¬
will be entitled to an across-thericulture as the programs of pres¬ system depend in a large measure
than war purposes.
^
board raise for all steel products
sure groups.
That is the attitude upon the extension of a full meas¬
"At present, with the year oneof social
insurance to the
under OPA regulations.
of those who have no confidence ure
third gone, flat-rolled steel orders
"This
OPA
Only through
policy
was
an¬
in democracy.
The workers, the American people.
cover
nearly all capacity almost
nounced by Deputy Price Admin¬
farmers and the business men of the stabilizing effects of such so¬
to the end of the year and
in
cial insurance can the sudden tailistrator James F. Brownlee before
to
Directory
More Large Bks.
the
we
are
change-over from
peacetime
to
a
we
will have to
a
wartime
which
economy
undertake in due
,
and
American
people.
I know that it
vyill inspire you and
you.
represent
to
the workers
proceed
with
tremen¬
jthe immediate tasks of winning
dous and inescapable difficulties,
the war with renewed vigor and
we
must
prepare
now
to act determination and that it will en¬
swiftly and efficiently when the
courage you with new confidence
course.
Because of those
Alloy Steel Output In
;
MarcEi Off From 1943 ;•
Production
of alloy steels dur¬
952,287 tons,
native-born
and
about 12% of total steel produc¬
time comes.
The sooner we can
in the -ability of the American
understand more
tion during that month, accord-"
get the process started, the sim¬ people and people of good will in
fully the great privileges and re¬
ing to a report by the American'
pler our problems will be.
all parts of the world to build a
tee
in
Iron and Steel Institute.
In Feb¬
Washington, and among sponsibilities of citizenship in our
"Therefore, the American Fed¬ finer, a freer and a more secure
The
proclamation
other things provide for prompt democracy."
ruary, 905,131 tons of alloy steel'
eration of Labor recommends that life for humanity after we Jiave
also said:
were produced.
ordering of materials for 1,000,000
In March a year
establish immediately won the war and won the peace."
"Our nation has been enriched, Congress
cars, trucks and other GM prod¬
ago alloy steel production reached
the necessary machinery of Gov¬
ucts
at
the war's end.
Initial both spiritually and materially,
a monthly peak of 1,283,709 tons,1
ernment to supervise the change¬
peacetime production will consist by the naturalization of many
Fales On War Labor Board or 17% of total steel output.
over
program, to line up peace
thousands
of
foreign-born men
of 1942 models."
Open hearth furnaces produced
It was announced on April 20
The American Iron and Steel and women and by the coming of production programs which can
tons of alloy steel in
that Frederick S. Fales had been 626,607
of
great
numbers
of our promptly take up the slack of war
Institute on April 24 announced age
March.
The remaining 325,680
appointed by President Roosevelt
youth, who have thereby achieved
that telegraphic reports which it
tons
of
alloy steel production
as
a
member, of the War Labor
our
country by their services at
has received indicated that the the full stature of citizenship, and
came from electric furnaces.
Board to represent industry.
these citizens have strengthened home and on the battlefield."
operating rate of steel companies
"Reconversion
plans of General
Corp. have been laid be¬
fore the House Post-War Commit¬
Motors
citizens,
both
naturalized,
to
,
ing
March
totaled
Volume
J59
Number 4276
THE COMMERCIAL
Consumer Credit Lower In February
The
Board
announced
of
end
'
this
March
on
of
about
-stated:
(
of
credit
less
in'
:
credit
Reserve
outstanding
representing
the
_) "-
half
usual
Board's
seasonal
at
the
last
declined
furniture
about
the
outstanding
loans
based
of the month
outstanding
16%
decreased
at
the
on
:
/:
less
a
amount.
Accounts
•
nearly 9% below the level of
credit.
In
millions
credit-.
of
dollars.
4,674
Instalment sale credit:
Automotive
.
118.40
116.61
111.44
14—
end
of
a
at
101.31
105.17
111.62
113.70
118.40
116.41
116.61
111.44
101.31
105.17
113.70
111.62
116.41
118.40
116.41
111.62
101.31
105.17
111.62
113.70
116.41
118.20
116.61
111.62
101.14
105.17
113.70
116.41
the
end
1
116.41
113.70
116.61
according
118.20,
116.61
111.62
101.14
105.17
113.70
116.41
forecast.
119.86
111.82
118.20
111.44
101.14
105.17
119.90
111.44
113.70
116.41
118.20
116.61
based
111.44
100.98
105.00
120.02
111.62
113.70
116.22
118.20
116.80
111.44
101.14
105.17
113.70
cost
22540
119.94
111.62
118.20
116.80
111.44
101.14
105.00
119.83
111.62
113.70
116.41
118.20
116.61
111.44
101.14
104.83
119.81
113.70
111.44
116.41
118.20
1JL6.61
111.44
100.98
—Exchange Closed-—
104,83
113.70
116.22
119.81
111.44
118.20
116.61
111.44
100.98
104.83
119.79
113.89
111.44
116.22
118.20
116.41
111.44
100.81
104.66
111.44
113.70
118.40
116.22
116.41
111.44
Feb. 28, 1943
—152
—831
2
-184
-299
-211
76
-115
29
71
MEMBERS
OF
THE
/an.
Low
21
High
to Customers
End of
Refined
(Domestic
Export
818,289
814,407
1940—
134,152
159,485
1,001,886
48,537
142,772
—41,417
1,643,677
382,394
1,016,996
1942__
1,152,344
1,194,732
293,375
279,027
1943-
3 Mos. 1944.
1,545,541
Period
307
1,635,236
102,589
97,274
129,212
47,148
99,340
102,136
138,881
52,027
: SDec.,
129,631
55,097
'
98,333
—
53,726
45,844
■
141,111
___ —
/
5,133
534
+
4,879
92,781
101,779
45,800
+
3,121'
124,532
36,489
+
Mar.,'
1944_
9,135
101,210
99,118
156,083
37,259
+
2,092
"Mine
or
smelter
(Beginning
production
March,
1941,
domestic consumption.
+At
refineries,
consumers'
stocks
:
..y. /y';
their
plants
custom
of
intake
duty
vy'v-.:-.
in
—
6,043
+
'
94
'
:"
exchange
116.41
113.70
116.41
113.70
116.41
770
-
including
paid
foreign
111.25
118.20
116.61
111.25
100.49
104.31
113.70
111.25
118.20
116.41
J11.07
100.32
104.31
113.50
111.25
116.22
118.40
116.41
111.07
100.49
104.31
119.69
113.50
116.41
111.25
118.40
116.22
111.25
100.49
104.31
113.50
119.45
116.41
111.25
118.40
116.22
111.25
100.49
104.14
113.50
119.47
116.61
111.07
118.20
116.22
111.07
100.16
104.14
113.31
119.58
116.41
111.25
118.40
116.41
111.07
100.16
104.31
113.31
119.57
116.41
111.25
118.60
116.41
111.25
99.84
104.14
113.50
119.69
116.41
111.07
118.60
116.41
111.07
99.36
103.80
113.50
120.44
116.22
111.81
118.80
116.80
111.62
101.31
105.17
113.89
119.41
116.61
110.70
118.20
116.22
110.88
99.04
103.30
113.12
120.87
116.02
111.44
119.41
117.00
111.81
99.36
103.47
114.27
116.85
107.44
117.40
The
116.80
113.89
108.88
' 92.35
97.16
111.81
114.46
118.23
109.79
118.00
115.43
110.52
96.69
101.14
113.12
product
117.78
106.74
116.22
115.63
113.31
107.62
92.06
96.69
110.70
-113.89
4
;
1944—1
1943
1943—
ago—
ago_
MOODY'S
(Based
U. S.
YIELD
Corpo¬
Bonds
25_
Aaa
3.08
Aa
2.73
in
a
report
Now
for
A
./.■■■•''
R. R.
P. U.
warehouses,
but
not
2.82
3.09
3.67
3.44
2.97
2.83
2.82
3.09
3.67
3.44
2.97
2.83
2.82
3.09
3.67
3.44
2.97
2.83
Bond
1.83
3.08
2.73
2.83
3.08
3.67
3.44
2.97
2.83
in
2.74
1.83
3.08
2.82
3.08
3.68
3.44
2.97
1.82
2.74
2.83
3.08
3.68
3.45
2.97
2.83
3.08
2.74
2.82
3.08
3.67
3.44
2.97
1.82
2.83
3.07
2.73
2.82
3.08
3.67
3.44
2.97
Feb.
The
2.83
3.08
1.82
2.82
1.82
3.08
2.74
2.82
3.08
3.68
3.44
2.97
1.82
2.74
2.82
3.09
3.68
3.44
2.97
2.74
2.82
3.09
3.69
3.45
2.97
1.81
3.08
2.74
2.81
3.09
3.68
3.44
2.97
1.82
2.83
3.08
2.74
2.82
3.09
3.68
3.45
2.97
2.83
3.08
2.74
2.82
3.09
3.68
3.46
2.97
2.83
1.83
3.09
2.74
2.82
3.09
3.69
1.83
3.09
2,74
2.82
2.74
2.83
riety of war materials being used
by our fighting men all over the
3.46
2.97
2.84
3.09
3.69
3.46
2.96
2.84
3.09
3.70
3.47-
2.97
3.09
2.73"
2.83
3.09
3.70
3.47
2.97
2.83
1.83
3.09
2.73
2.83
3.09
3.70
3.47
2.97
2.83
1.83
3.09
2.74
2.83
3.10*
3.70
3.47
2.97
2.84
world."
3lZZ—
1.83
1.82
3.09
2.74
2.82
3.09
3.70
3.47
2.96
2.83
1.80
3.09
2.74
2.82
3.10
3.71
3.47
2.97
2.83
1.81
3.09
2.74
2.83
3.10
3.70
3.48
2.97
2,83
1.80
3.10
2.74
2.82
3.10
3.72
3.49
2.97
2.83
3.09
2.74
2.83
3.10
3.70
3.47
2.97
2.84
"The
on the
fighting fronts
pretty good about the way
the people back here have
partic¬
ipated in the Bond program. A
Output For Week Ended April 22,1944
Shows 10.7% Gain Over Same Week Last Year
half-billion individual 'E' Bonds
in less than three
years is a good
record, and proof that we weren't
wrong in depending upon the peo¬
ple to back up the war voluntar¬
1.81
3.10
2.74.
2.83
3.11
3.73
3.49
2.98
2.84
1.83
3.10
2.73
2.83
3.11
3.72
3.49
2.98
2.83
1.85
3.10
2.73
2.84
3.10
3.72
3.49
2.98
2.83
1.87
3.10
2.73
2.84
3.10
3.72
3.50
2.98
2.82
1.87
3.11
2.74
2.84
3.11
3.74
3.50
2.99
1.86
2.83
3.10
2.73
2.83
3.11
3.74
3.49
2.99
2.83
1.86
3.10
2.72
2.83
3.10
3.76
3.50
2.98
2.83
1.85
3.11
2.72
2.83
3.11
3.79
3.52
2.98
2.84
Bonds
that
industry of the United States for the week ended April 22,
approximately 4,344,188,000 kwh., compared with 3,925,-
power
1.944,
Institute, in its current weekly report, esti¬
production of electricity by the electric light and
the
In
was
175,000 kwh. in the corresponding week a year ago, an increase of
10.7%.
The output for the week ended
April 15, 1944, was 10.0% in
excess of the similar period of 1943.
'
PERCENTAGE
INCREASE OVER
PREVIOUS
YEAR
.
Apr. 22
3.3
——z__.
"Rocky
-
„
Mountain
Pacific
*
__I
—
Jan.
8
26.9
30.2
29.7
10.0
12.3'
13.3
5
'
4.5
WEEKS, (Thousands of
Kilowatt-Hours)
over
3,779,993
1943
1942
+ 14.7
3,288,685
3,952,587
3,952,479
+ 13.8
3,468,1(13
3,960,242
+ 14.2
3.474.638
3,939,708
+ 15.1
3.421.639
3,948,749
3,892,796
+ 14.3
3,423,589
+ 14.2
3,409,907
3,392,121
+12.2
19
4,524,134
4,532,730
4,511,562
Feb.
26
4,444,939
-
12___
+ 15.6
3,472,579
+ 14.8
3,450,468
,
+ 14.0
1932
v
3,974,202
3,976,844
Feb.
Feb.
6.5
4,567,959
4,539,083
29
Feb.
13.2
5.7
1943
3,440,163
3.00
2.85
3.44
2.96
2.82
4.25
3.93
3.07
2.93
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
3.18
2.75
2.88
3.14
3.96
3.68
3.00
3.35
.2.84
2.99
3.30
4.27
3.96
3.13
2.96
1929
1,619,265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,512,158
1,542,000
1,733,810
1,736,721
1,717,315
1,728,203
1,726,161
1,718,304
1,699,250
1,519,679
1,706,719
prices are computed from
the
or
illustrate in
yield
(The latest
issue
movement
average
a
of
of
and
actual
comprehensive way the
the latter being the true
complete list of bonds used
Jan.
14,
1943,
1,538,452
1,702,570
page
report by
April 15.
the
Council's
4,464,686
3,946,630
3,944,679
4,400,246
4,409,159
3,946,836
+ 11.5
3,357,032
1,514,553
1,683,262
3,928,170
+ 12.2.
4,408,703
1,480,208
1,679,589
Market
3.889,858
+ 13.3
3,348,608
1,465,076
wise stated:
4,361,094
1,633,291
3,882,467
3,916,794
3,925,175
+ 12.3
3,320,858
1,480,738
1,696,543
+ 10.0
3,307,700
1,709,331
3,273,190
1,469,810
1,454,505
3,304,602
1,429,032
1,688,434
April
1
April
.
8
j_;
April 15
4,307,498
April
4,344,188
22
April 29
—
3,357,444
+ 10.7
3,866,721
,
Lord Catto Elected
Gov. Of Bank Of
The
rectors
formal
of
the
of Lord Catto
Bank,
England
election by
Bank
as
occurred
of
the di¬
England,
Governor of the
on
announced
accounts
1,537,747
April
18,
it
cated
page
1,687,229
1,699,822
man,
our
1523,
to
who
health.
United
from London.
in
chosen
in
issue
Lord
of
Catto
succeed
resigns
average
price quotations.
They merely serve to
relative levels and the relative movement
picture
in
of
the
bond
market.
computing these indexes
Analysis
was
published
As
Press
indi¬
April
has
13,
been
Montagu Nor¬
owing to ill-
Committee
made
public
owners,
business
concerns,
and
It is like¬
equip¬
ment
available
for
repair and
maintenance during the first post¬
war
"The Committee estimated that
expenditures for maintenance and
repair will rise to $3.9 billion dur¬
ing the first 12 months after the
but even this total, which is
higher than in any preceding year,
will be reduced by the
heavy demands for building prod¬
ucts
will
not
be
large
enough to
en¬
year
needed
enterprises,
erection
war,
was
the
202.
others, Mr. Follin said.
3,345,502
18
"typical" bond
either
The estimated expenditure of
$3<^
billion for 1944 would be less than
at the unprecedented figure of
$5.4
in any year since
1939, in spite of billion annually, on the
average.
the great accumulated demand for
"It is believed that the amount
repair work on the,,part of'home of
building materials and
4,425,630
25
one
show
are
"The
of
in
new
construction
particularly for the
new dwelling units.
estimated
volume
of
pair and maintenance for the
rent year is
re¬
cur¬
greater, in proportion
able property owners to catch
up
to
with all necessary repairs," Follip
stated.
As a result, expenditures
tion, than in any preceding year.
However, it represents only part
for
five
this
buying
in
the
and
more
every
loan
war
more
drive.
$16,000,000,000 Fifth War
Loan, the individual goal will be
higher than ever before."
The
000
Secretary said that 55,000,-
Americans
least
one
more
than
have
bought
Bond—an
average
Bond
one
owner
at
oL
for
family in the country. "In¬
dividuals," he said, "have invested
every
$32,500,000,000 in War
1,
Bonds since
1941,
and seven out of
every ten Americans on a payroll
are
putting some part of their
pay into
War Bonds."
Surveys
made
to
ascertain
the main
rea¬
sons
why people buy Bonds prove,
according to the Secretary, that
the
patriotic
impulse
away the most
is
"People want to back
at
the
far
compelling
the
up
front, and this
is
men
a
good
to do it," the Secretary
way
and
reason.
con¬
cluded.
11
March
the basis of
on
purport to
Owing to. the wartime shortage of many building materials and
of manpower, expenditures for maintenance and
repair of residential
and other construction
during the current year are expected to be
about 17% less than in
1943, according to a statement by James W.
Follin, Managing Director of The Producers' Council, based on a
March
March
als
May
4
+ 13.1
do not
more
averages,
yields
average
maturing in 25 years)
March
!
ily.
But
the
most
important
thing to consider is that individu¬
2.87
1.99
Expenditure For Building Maintenance
And Repair Expected To Be Lower
10.9
10.7
4,531,662
4,523,763
—
15—
22_T.__
Jan.
8.6
13.4
.,-/•
10.7,
4,337,387
Jan.
9.05.4
5.1
RECENT
3.55
3.67
3.23
1.99
coupon,
the
3.81
3.08
2.96
ago—
*These
level
3.12
2.81
2.81
ago——
years
13%%
2.84
2.71
3.31
11.1
7.2
2.8
10.3
1944
1
Jan.
9.1
8.0
% Change
Week Ended—
year
2.74
3.07
1.79
1943
1
2
3.13
1.79
2.08
1943
4.0
27.0
_
Total United States——
Jan.
4.0
6.1
1.87
'
Apr. 1
6.0
——
DATA FOR
•
V
•
———
Coasts
Low
1944
1944
High
..
Apr. 8
3.3
-
7.9
Industrial——______
/West Central—-—————.
Southern States_
Apr. 15
l
14
High
>'n
-Week Ended-
Middle Atlantic—
'
)f
Major Geographical DivisionsNew England-—: Central
28
Low
The Edison Electric
mated
Jan.
men
feel
18—
4
Electric
He added:
2.84
-1.83
—_
Secretary
on
money but to let the Government
borrow it to buy the endless va¬
11___—
§ Corrected.
States,
announced
patriotic American made a volun¬
tary decision not to spend his
-Exchange Closeti-
-
United
('E"
somewhere
April 2.
means," he said, "that on
500,000,000 separate occasions a
2.84
1.82
the
Series
purchased
"This
2.83
3.09
500,000,000th
was
Morgenthau
2.83
3.08
1.82
3
including
by
building
Bond Is Purchased
Indus.
2.73
10—_
Plan
500,000,000th Series "E"
Corporate by Groups*
Baa
2.73
—
assist
mand for their
products.
3.08
3.09
to
to
issued
manufacturers
in
esti¬
mating the probable postwar de¬
3.08
,M3
"How
Tomorrow,"
Council
1.83
15
contained in
were
entitled
for
1.83
__
use.
The forecasts
Prices)
Corporate by Ratings*
rate*
1.84
of building equipment,
stoves, refrigerators, and
bathtubs, needed to replace those
as
now
AVERAGES
Individual Closing
quantity
such
Avge.
Govt.
BOND
on
116.41
17__
scrap,
copper
30%
average demand during the five
years, Mr.' Follin said, pointing
out, however, that this total does
not
include a large additional
120.44
3—
9,311.
+
warehouses.
or
113.89
104.66
104.48
the
be
equipment at the rate of almost
$10 billion annually to meet the
120.21
-
yyy
6,321R
—
Mar.
and
deliveries
and
52,121
•
'
••
consignment
on
at
'
shipments,
or
includes
104.66
100.65
100.81
eZIIIIZ
1,304
+
87,128
—!—*
100.81
111.25
111.25
8
+
98,601
■
111.44
116.61
116.41
11
7,882
—
96,263
'•
116.61
118.20
118.20
10_—
..
2,796
—
'85,902
>
118.20
111.44
12
610
.+, 5,315
1943-
115,850
111.44
111.44
14
1,371
—
1944_
104,644
116.22
13—
r
14,862
—
2,664
—
".
13,188
—
1944—-'
Jan.,
113.70
17__
10,255
—
SFeb.,
'
-
104.66
19_—__
67,208
—
+ 14,348
100,077
98,867
100.81
18-
16,713
—
16,636
37,259
;
105,589
97,413
1943—
1943—
111.25
21
—130,270
—
—12,139
100,456
—
>
+
52,121
July, 1943Aug., 1943—
Sep., 1943
147,135
116.41
22
Refined
—48,671
65,309
■
■■
Oct.,
Nov.,
.
116.22
118.20
119.86
1944—
COPPER
Blister
75,564
1
■
?
116.41
113.70
120.14
Daily
Averages
:■
+17,785
992,293
1941-
113.70
104.66
119.96
years
Stock Increase (+)
or Decreases (—)
"Crude
SYear
;
Stocks
836,074
Year
104.66
100.81
111.44
120.26
3
year
1
■,
1939-
Year
.
100.81
111,25
during
Manufacturers of building ma¬
and equipment would be
required to produce materials and
24—
Deliveries
1,033,710
1,065,667
1,135,708
1,206,871
116.41
111.44
116.41
119.68
1944
Apr.
(Refined
Production
113.70
116.41
118.20
construction
terials
28
High
(In Tons of 2,000 Pounds)
*
104.66
118.40
111.44
Committee's
latter
question will
higher than in 1940."
25—
2
BY
100.81
111.44
119.68
the
in
21
Feb.
decrease from:
13
period
119.70
_____
the
figure is
the assumption that the
on
of
18
estimated)
36
REPORTED
119.77
24____
967
STATISTICS
——
17.
or
116.61
to
The
116.41
-r
to
billion,
—
10
,
Figures
■
v
113.70
105.17
111.62
Mar. 31
ago."
year
105.17'
119.86
il—II
INSTITUTE
,
116.41
101.31
101.31
eZII-II
Copper Institute pn April if. released the following statistics
pertaining to production, deliveries and stocks of duty-free
copper:
Year
113.70
111.62
111.62
8—r—
...
The
Copper
105.00
116.61
116.61
11
Summary Of Copper Statistics
U. S. Duty
101.14
118.20
118.40
1
Free
111.62
111,62
111.81
10—
Low
Year
116.41
119.86
119.86
14—_
"Includes service credit not shown
separately.
(-Includes repair and modernization
.loans;
Estimates for these credits are in
process of revision.
y
-
118.20
construction
lion, or slightly more than onethird of the estimated
average for
the five-year period
following the
war, which will be $21.6
18
by
or
1,218
COPPER
116.41
119.75
111.62
new
construction and maintenance dur¬
ing 1944 would amount to $7.6 bil¬
Indus.
113.70
119.75
119.82
of
17—
the
Jan. 31, 1944
•
OF
P. U.
105.17
119.78
22—
date
167
Charge accounts
Single-payment loans
SUMMARY
R. R.
20
rate
540
'
(Instalment loans
Latest
Aa
21
12—,
1,078
__
,
111.62
.
____
Other
<
119.70
in
was
rapid
receivable
Increase
consumer
101.01
cus-
corresponding
:
•
Feb. 29, 1944
"■Total
Baa
111.44
Aaa
vc
expenditures for maintenance and
repairs, the total value of new
Corporate by Groups*
A
116.61
stores,
CONSUMER CREDIT OUTSTANDING
(Short-term
Corporate by Ratings*
118.40
the
is
decline
department
below Those
seasonal
were
Corpo-
lion
rate*
•
under wartime conditions.
Average Yields)
111.62
other
on
.
than
more
"Charge-account indebtedness declined 6% in
February,
usual
on
Bonds
25_i_____
19-
credit
are
Avge.
119.59
level
at
averages
"Adding the estimated $4.6 bil¬
Averages
further
January
The principal
and
i
the
yield
y
(Based
U.S.
Govt.
24___
somewhat
to February.
year.
about
bond
use
being made
existing structures and the in¬
ability to replace or renovate them
of
MOODY'S BOND PRICES(
Daily
1
volume
sale
in
and
normally intensive
15——
at
about
were
one-half
prices
Apr.
February than in the preceding month, and at the
month
13
a
decrease
announcement
''
..
Instalment
goods
accounts
■
About
Moody's computed bond
given in the following table:
the
at
1747
Moody's Bond Prices And Bond Yield Averages
System
1944—
to
remained
than
1943.
durable
"Instalment
v
Federal
$4,674,000,000,
The
'
sale
to
February,
instalment
at
attributable
Jtomary from January
.
the
consumer
estimated
';VZ
amounted
end
that
indebtedness.
.
consumers'
,
of
$150,000,000 during the month.
is
"Automotive
and
31
is
reduction
•charge-account
;
Governors
February
decrease
of
of
& FINANCIAL CHRONICLE
purpose
the
amount
of
new
construc¬
during the nextZ of the actual need, which is greater
postwar years
are
estimated
than usual
on
account of the ab-
Moody's Daily
Commodity Index
Tuesday, April
18
—
Wednesday, April 19
•
_
Thursday, April 20
—
—
Saturday, April 22
_
Monday, April 24
250-0
Tuesday, April 25—
Two weeks ago,
Month
ago,
_
April ll_
March
Year ago, April 24
1943 High,
April
25
•
—
•_
249.9
250.3
246.9
_
1
_
249.""*
240.2
March
Low, Jan. 5
_
251.3
Low, Jan. 2
1944 High,
249.8
249.9
_____
Friday, April 21—
249.6
17
_
251.5
______
247.0
THE
1748
Publish Proceedings
Commodity Price Bankers' Dollar Acceptances Outstanding On
March 31 Decrease To $ 120,358,00© Average Registers A Fractional Decline
National Fertilizer Association
wholesale commodity price index, compiled by The
Association and made public on April 24, declined
136.9 in the week ending April 22 from 137.1 in the preceding week.
The volume of
The weekly
National Fertilizer
to
amounted
31
from the
increase of $5,414,000
an
acceptance survey issued
April 11 by the Federal Reserve Bank of New York. As compared
with a year ago, the March 31 total represents a loss of $460,000.
In the month-to-month
comparison, imports, domestic ship¬
ments, warehouse credits, dollar exchange, and those based on goods
continues below the level of the corresponding period of 1943. There
stored in or shipped between foreign countries were lower, while
was a fractional decline in the farm products group as lower prices
in the yearly analysis only credits for imports and exports were
for hogs were more than sufficient to offset silghtly higher prices
in live fowls and some cattle. The slightly rising prices for rye were
higher.
not sufficient to change the grains index number which has remained
•:
The Reserve Bank's report follows:
,
■
; •
at the same level for 14 consecutive weeks.
A marked decline in
BANKERS DOLLAR ACCEPTANCES OUTSTANDING—UNITED STATES
raw cotton caused a further decline in the textiles
group. None of
BY FEDERAL RESERVE DISTRICTS
the other group averages changed during the week.
Mar. 31, '43
Feb. 29, '44
Federal Reserve District—
Mar. 31, '44
Price changes were evenly balanced for the third consecutive
$24,129,000
$22,793,000
!
$20,780,000
1 Boston
week as three series advanced and three declined; in the preceding
75,663,000
81,299,000
2 New York——
80,065,000
week there were four advances and four declines; and in the second
5,121,000
6,709,000
3 Philadelphia
•—
6,073,000
2,024,000
958,000
4 Cleveland
1,058,000
preceding week there were three advances and three declines.
■
to
registered 137.2 and a year ago 135.7, based
on
the 1935-1939 average as 100.
The index has risen only 0.3%
since the first of the year and is now 0.9% above the corresponding
week of 1943. The Association's report continued as follows:
The foods group remained unchanged from last week and still
according to the monthly
total,
29
Feb.
this index
A month ago
Latest Preceding
Week
"The
loaders'
and
St.
9
Week
Each Group
Bears to
Total Index
23.0
Miscellaneous
.159.0
156.7
157.0
200.9
202.1
164.8
164.8
142.5
146.9
147.1
130.1
122.2
132.2
130.4
Exports
:
ACCORDING
.3
Farm
151.4
Domestic shipments——™—
jti
11,254,000
104.4
Domestic warehouse credits——
19,622,000
152.2
Dollar exchange.
127.7
127.7
126.6
Based
117.7
117.7
117.9
119.7
119.7
104.2
137.1
137.2
between
135.7
foreign countries—,
6,593,000
—
9,891,000
BANKS
1926-1928 base were:
April 22
Decrease
1944,
,
106.6; April 15, 106.8; and April
MARKET
CURRENT
105.7.
$6,078,000
for month—™,
RATES
BANKERS
PRIME
ON
ACCEPTANCES
i/2
30
•' f
}';'■/ 1
OfMm
Stocks On Hm York
60
l/2
120
Higher On March 31
there were 1,243 stock isshes
aggregating 1,492,248,939 shares listed on the New York Stock Ex¬
change with a total market value of $49,421,855,812.
This compares
with 1,240 stock issues, aggregating 1,491,580,259 shares, with a total
market value of $48,494,092,518 on Feb. 29.
In making public the Mar. 31 figures the Stock Exchange further
said:
of business March 31,
The following table,
month since
close of business Mar. 31, NYSE member* total net
amounted to $747,461,221 of which $487,310,671 repre¬
sented loans which were not collateralized by U. S. Government
issues. The ratio of the latter borrowings to the market value of all
listed stocks, on that date, was therefore, 0.99%. As the loans not
collateralized by U. S. Government issues include all other types
of member borrowings, these ratios will ordinarily exceed the precise
relationship between borrowings on listed shares and their total
borrowings
market value.
<
'
Mar. 31.
1944—
Market Value Av.
'
521,491,820
35.18
4,080,762,172
16.76
27.21
607,209,350
557,799,534
434,911,635
33.66
412,941,844
62.80
5,911,910,832
1,589,150,149
787,986,996
38.84
1,556,672,721
20.15
968,479,626
3,202.514,291
45,744,662
34,790,487
38.30
Equipment——
—6,025,907.063
i
Equipment——
Machinery
—
:
—
:
Operating
Ship Building &
Shipping Services-—™-—
Steel, Iron & Coke—
Gas &
215,005,000
May
29—
173,906,000
May
29—
212,932,000
June
30—
162,849,000
June
30
139,846,000
31
30
July 31—
138,602.000
Aug.
31.
31.
156,302,000
197,472,000
139,304,000
Aug.
31—.
130,244,000
30
176.801,000
Sept.
30_
123,494,000
Sept. 30—
Oct.
31—_.
184.806,000
Oct.
31.
118.581.000
Oct.
30—
193,590,000
Nov.
30-
116,067,000
Nov.
30
111.289 OOO
-
194,220,000
Dec.
31.
118,039,000
Dec.
31—
116,814,000
31—
120,497,000
29_™— -—'J,1
1,252,843,117
2,243,349,880
134,772,000
Dec.
1.210,513,607
87.91
31
Jan.
—'
197,278,000
31
-
117,491,766
—
10.20
17,770,387
42.85
2,151,472,947
35.11
512,872,142
20.11
797,0S6;498
23.42
776,029,713
Miscellaneous Businesses-——
154,074,911
26.25
846,187,233
153,329,059
20.91
Foreign Companies
21.24
Civil
——
Utilities-™™-—
Operating Abroad
20.18
26.12
32.51
48,494,032,513
of the total market
below a two- year compilation
of stocks listed on the Exchange;
We give
value
Average
Average
Market Value
$
1942—
Mar.
31——
30_
May
29™
June
_
_
31
_*
Sept. 30—
Oct.' 31.—'
.
Nov.
Dec.
22.36
Apr.
30.
31,449,206,904
32,913.725,225
33,413,047,743
34,443,805,860
34,871,607,323
21.41
May
29_
22.40
June
30.
_
30
31
Jan.
30
27
Mar.
31-
31.45
32.96
33.27
_
22.73
July
31-
47,577,989,240
32.17
23.42
Aug.
31-
47,710,472,858
32.04
23.70
Sept. 30™
48,711,451,018
32.82
35,604,809,453
24.20
Oct.
30-
48,178,040,869
32.44
37,727.599.526
25.65
Nov.
30™
45,101,778,943
30.33
25.41
Dec.
31_
47,607,294,582
31.96
38,811,728,666
26.39
1943—
1944—
Feh.
S
46,192,361,639
48,437,700,647
48,878,520,886
37.374.462.460
31
Aug.
1943—
$
Price
Market Value
Price
32,844.183,750
_
30
July
127,062,000
Feb.
129,818,000
Mar. 31
129,358,000
28.16
Jan.
31.
™
43.533.661,753
29.61
Feb.
20_
48,404.092,519
45,845,738,377
31.20
Mar.
31.
49,421;855,812
3^47
48,396,650,695
41,410,585.043
-
Engineering Construction $51,425,800
32?. P.V
■
3ll2
and al¬
with respect to
Civil
engineering construction volume in continental United the offering of %% Treasury cer¬
States totals $51,425,000 for the week.
This volume, not including tificates of indebtedness of series
the construction by military engineers abroad, American contracts B-1945
were
made,, known
on
outside the country, and shipbuilding, is 56% higher than in the March
31
by Secretary of the
preceding week, but 38% lower than in the corresponding 1943 week Treasury Morgenthau.: The offer¬
as reported to "Engineering News-Record" and made public 011 April
ing of the certificates on March 22
20.
The report went on to sayf *
,
was
referred to in our issue of
Private construction tops lsfst week by 115% and is 120% above March 30, page 1335. The offering
last year.
Public construction gains 49% over a week ago but is 45%' was open on an exchange basis to
under a year ago as a result of the decrease in Federal work,
holders of Treasury certificates of
The current week's construction • brings 1944 volume to $568,- indebtedness
of
series
B-1944
425,000 for the 16 weeks of the period, a decrease of 51.5% from the maturing April 1, 1944; the sub¬
$1,171,009,000 reported in 1943.
Private work, $117,820,000, is 4% scription books were closed at the
lower than in the period last year, and public construction, $450,- close of business March 25.
The
605,000, is 57% lower due to the 11% decline in State and municipal Treasury announced that the sub*
work, and the 59% drop in Federal volume.
scriptions to the $5,251,000,000 ex¬
Civil engineering construction volumes for the 1943 week, last change offering
totaled $4,876,511,000, leaving $374,489,000 of the
week, and the current week are:
Apr. 22,'43
Apr. 13,'44 Apr. 20,'44 maturing issue to be redeemed for
subscription
final
figures
lotment
.
Total
U.
S.
construction—— $83,165,000
$32,915,000
3,616,000
79,549,000
1,920,000
77,629,000
3,695,000
29,220,000
.
1,928,000
27,292,000
construction
Private
____-™_
construction
—_
and municipal™——
Public
State
Federal.
—
—
$51,425,000 cash. The exchange was on a par7,939,000 for-par basis with no cash sub¬
43,486,000
6,454,000 scriptions accepted.
Subscriptions
and
allotments
37,032,000
Classified construction groups, gains over last week are
in waterworks, bridges, industrial, commercial and public buildings,
earthwork and drainage, and streets and roads.
Increases over the
1943 week, gre in waterworks, bridges, industrial and commercial
buildings, &nd streets/'and roads.
Subtotals for the week in each
class of construction'atd; waterworks, $583,000; sewerage, $255,000;
bridges, $655,000; industrial buildings, $1,488,000; commercial build¬
ings, $5,972,000; public buildings, $29,168,000; earthwork and drain¬
age, $1,061,000; streets and roads, $6,509,000; and unclassified con¬
divided
struction, $5,734,000.
New construction financing for
1944 to date, $364,638,000,-
is 22%
bond
in
It is made up of $2,698,000 in State and municipal
sales, $15,843,000 in corporate security issues, and $115,000,000
Federal appropriations for FWA construction.
New construction financing for 1944 to date, $364,638,000, is 22%
541,0b0.
below the
in
the
among
the
$468,845,000 reported for the
Treasury as
Federal Reserve
follows:
Total Subscriptions
Received and Allotted
.
District—
York
New
—.
—-
C'eveland
Richmond
St.
1
\
)
!r
247,362,000
97,397,000
141.174,000
536,698,000
140.808,000
_
—
,
——
™__——''
Chicago
Louis
Minneapolis
101,346,000
370.028,000
Dallas
Francisco
San
2,958,000
Treasury
$4,876,511,000
Total
<
'
>
■
<
'
■
•
1
- i
1
.
'
'
-
,
111,352.000
145,803,000
——
City
Kansas
■
—154,535,000
Philadelphia
Atlanta
1
$229,607,000
2,547,443,000
Boston
corresponding 16-week period
ll.'i
several
Federal Reserve Districts and the
1943.
t
1 :•
On
Treasury Sifs.
70
The
were
33.12
49,421,855,812
Stocks.
and the average price
'•Apr.
119,682,000
27—
cooperation of the Metropolitan
Shipping Committee.
Air
For Week
In
Listed
30—
Mar. 31
planned by the Aviation Section
to be offered
publicly with the
Final Figures
22.81
859,331,1°5
—_
Miscellaneous
All
Jan.
Feb.
182.675.000
mi
—
Jan.
190 010.000
28
117,016,000'
1944—
1943—
31
Feb.
Mar.
88.29
97,236,908
17,585,580
2,167,636,674
525,293,099
1,272,098,711
(Operating)——
Electric (Holding)
Cos.
___
1942—
12.29
3.704,385,256
18.11
56.85
1,371,623,101
3,712,792,304
117,933,653
S.
July
209,899,000
__
29
21.67
12.57
36.73
3,843,937,174
2,624,039,683
572,871,142
7.15
Cargo,
Metropolitan Air Shipping Com¬
mittee will be 41 Park Row. Ad¬
ditional monthly Air Shipping and
Air Commerce forums are being
114,883,000
—
Nov.
19.39
21.62
36.49
—
Flectric
Communications
U.
Inc., and
the
Automobile
Manufacturers
Association.
The address of the
135,815,000
—
associ¬
formerly
was
Air
with
ated
128,350,000
31
—
Aug.
$
46.71
5,967,944,656
27.36
Utilities:
Gas &
$
Apr. 30™.
July
22.51
33.79
17.15
26.76
31.96
61.68
38.05
56.92
2,237,881,937
1,238,265,265
——
——
502,656,619
29.89
99,889,248
:
Retail Merchandising.
21.97
2,673,568,880
604,487,369
!—-———,—
1.677,737,684
22.50
6,067,014,808
3.924,384,903
Publishing—
28.94
24.40
1,386,348,539
512,673,486
& MetalSi——-——
(excluding iron)—:—
Rubber
j
177,293,000
—
Sept.
37.43
27.18
6.07
28.85
23.83
22.26
21.54
29.41
35.74
36.05
53.88
17.63
10.30
42.53
34.25
46.01
243,905,112
—
—
Machinery
Petroleum
778,864,548
3,126,662,339
45,445,586
29,542,107
243,159.025
1,748,571,529
—,
Realty——.—<
Leather-—
Paper &
57.59
—
Financial
Mining
\
30—
Vlay
Price
$
23.76
—,
Business and Office
Land &
$
550,610,687
4,250,812,974
593,643,086
567,080,387
———,
.
Garment
i. •
1943—
1942—
Apr.
30—
Feb. 29. 1944Market Value Av.
986,748,689
Automobile——:
Aviation_„™_————
Building
Price
$
Amusement——-———
Farm
April 30, 1941:
who
City,
„
,
foT each *
Electrical
the close of each
219,581,000
\pr.
stocks are classified by leading
with the aggregate market value and average price
industrial groups
Chemical
outstanding at
acceptances
1941—
be released.
F. Bauer,
Consultant on Air
and
Foreign
Trade,
Commerce
274 Madison Avenue, New York
following table listed
the
In
1V
compiled by us, furnishes a record of the
June 30
of the
As
bankers'
of
volume
formulated and its
International
l.T
%
of
Board
York
New
Trade, by vote of those attending
the First Air Commerce Forum
The Chairman is George
>/2
ft.
180
Transportation
Magazine''
of the Aviation
Chairman
and
personnel will soon
150
r"
:
the direction of
Editor-Publisher of
under
pointed
has about been
J/2
90
1944
,76
"
'
As of the close
Metropolitan Air Shipping
requested to be ap¬
The
Committee
Section,
APRIL 11,
Dealers' Selling Rates
Dealers' Buying Rates
Days
Stock Exchange
Park Row.
"Air
$99,647,000
Total
$47,525,000
Bills of others..;
bills-.—.—$52,122,000
Own
Market
315,000
._
combined———
from
John F. Budd,
BY ACCEPTING
HELD
BILLS
be
Daniel H. Ecker,
Secretary of the Aviation Section,
New
York Board of Trade, 41
26,268,000
8,297,000
75,000
21,243,000
129,000
goods stored in or shipped
on
104.1
136.9
31, '43
119.8
104.2
10,481,000
..
of containers,, etc.
manufacturers
Copies of the proceedings may
$68,740,000
11,614,000
12,990,000
11,717,000
152.4
104.2
Mar.
29, '44
$82,905,000
104.4
.
machinery,
Feb.
specialists, export man¬
industrial shippers, trade
organizations, water, motor and
rail carriers, express companies,
agers,
secured
12,380,000
152.2
119.7
$129,818,000
CREDIT
$79,434,000
152.4
117.7
'i
—
OF
Mar. 31, '44
.
152.3
—
Fertilizers
on
NATURE
TO
Customs
research
.$460,000
Decrease for year—™
104.4
152.0
'
Fertilizer materials——,——_—
•Indexes
$134,772,000
month—™, —_$5,414,000
127.7
.3
1943,
for
Decrease
154.2
—
—
152.4
.3
24,
$129,358,000
Imports—
132.2
•
Total
Grand
104.4
-™.
L_—
Building materials—
Chemicals and drugs-.
All groups
9,784,000
11,012,000
149.2
130.1
132.2
-
Metals——
100.0
867,000
11,166,000
'
201.5
146.1
commodities.™—___
Textiles™--™
1.3
147.7
159.6
130.1
10.8
6.1
146.1
164.8
Livestock™™™-—™————
*
137.9
159.6
—T
Fuels—™
204,000
477,000
—
Francisco-
146.1
.
™_——
17.3
'
San
City
198.9
Grains
7.1
139.5
Kansas
Dallas
12
1943
138.4
—
Cotton
8.2
10
11
25, Apr. 24,
156.0
Products
676,000
52,000
___
._
159.6
—
Cottonseed Oil—_—_—_
Farm
Louis
146.1
.
-
Fats and Oils—
4,961,000
449,000
-
—
—
138.4
Poods
25.3
Mar.
1944
1944
1944
2,564,000
Minneapolis
Ago
Apr. 15,
Apr. 22,
Group
the
2,597,000
5,067,000
445~000
8
Ago
Month
2,025,000
'3,777,000
27,000
Year
1935-1939= 100»
%
2,120,000
3,769,000
396,000
Atlanta
Chicago
4,841,000
Richmond—
7
Forwarders', CarBrokers'
Place in Air Commerce." ' It is
also stated that since this forum
was
the first of its kind in the
Port of New York, the record of
the discussions has been in de¬
mand by representatives of the
participating and other interested
industries such as foreign freight
forwarders,
carloaders, customs
brokers, air cargo shipping com¬
panies, the air lines, banks, under¬
writers, processors and packagers,
namely:
—.
6
under
pointed out that much interest has
been taken in the subject matter
because
of the
topic discussed,
—
5
at the
of the Aviation Sec¬
tion, New York Board of Trade,
has been made available.
It is
the auspices
—
WHOLESALE COMMODITY PRICE INDEX
by The National Fertilizer Association
Commerce
Forum, held on March 28
Downtown
Athletic Club
.
Compiled
proceedings
first Air
the
at
the
of
record
The
taken
,
WEEKLY
Of
Air Gomttserce Forum
outstanding on March
bankers' dollar acceptances
$129,358,000,
1944
Thursday, April 27,
CHRONICLE
COMMERCIAL & FINANCIAL
i
<
'
M ' '
'
i
Volume
159
Number 4276
THE COMMERCIAL
weeks, for March 18, 1944
percentage changes from a week ago,
ago and a year ago, and (2)
percentage changes in sub¬
group indexes from April 8 to April
15, 1944.
WHOLESALE
When compared with the output in the corresponding week
however,
a
decrease of 127,000 tons, or 9.5%,.
The
calendar year to date shows an increase of 1.6% when compared with
the corresponding period of 1943. '
\
i
The Bureau of Mines also reported that the estimated output of
beehive coke in the United States for the week ended April 15, 1944
showed
an
decrease of 3,400 tons
for the week ended
when compared with the production
April 8, 1944,
PRODUCTION OP COAL,
April 8,
1944
and lignite—*
1944
♦Total incl. mine fuel 11,730,000
Daily average
1,955,000
•
April 17,
1943
ijit
April 15,
1944
1944
1943
+0.2
"103.7
*103.6
*103.6
103.5
+0.1
"124.1
*123.9
*124.5
124.4
+0.3
105.0
104.2
104.6
108.4
0
117.5
117.6
118.4
0
97.3
97.3
96.9
81.1
117.6
97.3
during the first three
1944, which compares
244,324 tons in the Jan.-
with
PENNSYLVANIA
OF
0.3
0
+
0.1
+0.4
—
3.1
0
—
0.7
0
0
+
0.4
informed
the
0
Zinc
March period of 1943.
Myron L. Trilsch, assistant
rector of the Zinc
ANTHRACITE
"83.6
*83.6
*83.6
0
+
3.1
*103.8
American
*103.8
103.9
0
0
—
0.1
114.7
114.6
113.8
0
+0.8
+
4.0
in St. Louis
Chemicals and allied products
110.3
105.4
105.4
100:4
100.4
100.1
0
Housefurnishing goods_
+5.0
+
106.0
5.3
105.9
estimated supplies of zinc for the
105.9
105.9
104.2
+0.1
+0.1
+
1.7
second
93.3
93.3
93.3
93.3
91.4
0
0
+
2.1
*113.9*113.6*113.5 *113.9
112.8
exceed,
+0.3
0
+
1.0
Miscellaneous commoditiesRaw materials
Semimanufactured articles
commodities
93.5
93.5
93.5
93.5
93.0
0
0
+
0.5
*100.9
*100.9
*100.7
*100.6
100.8
0
+0.3
+
0.1
*99.4
*99.4
*99.2
*99.2
99.0
0
+0.2
+
0.4
*98.5
*98.5
*98.3
*98.2
96.8
0
+0.3
+
1.8
.
,—
other,
than
.
—-
1937
than
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
APRIL 8,
40,000
WPB
ply
♦Preliminary.
COKE
•'
1
Livestock
§ April 15,
Penn. anthracite—•
•Total incl: coll. fuel
fl April 8,
f Commercial produc.
April 17,
April 15,
:1943
1,128,000
April 17,
estimates
farm
1943
22,102,000
Furnishings
0.2
—
1929
18,723,000
Agricultural
0.3
products
Grains
146,000 tons, which added to the
156,000 tons on hand at the begin¬
ning of the year should find our
tons
0.2
____
Lumber
implements
at
at
0.1
_______
0.1
___—__
Decreases
1,160,000
1,083,000
1,282,000
18,260,000
17,974,000
20,511,000
144,100
147,500
161,500
2,320,000
2,446,900
Dairy products
0.2
—____
States
products
1,900,900
ESTIMATED WEEKLY PRODUCTION OP
.
—
0.1
——
(In Net Tons)
.
(The current weekly estimates are based on railroad carloadings and river
and
subject
are
State sources
or
revision
to
receipt
on
of final annual returns from
State——
shipments
tonnage reports from district and
of monthly
the operators.)
April 8,
1
April 1,
1944
Alabama
5,000
.
Of
Treasury Notes of series A-1948, which were offered on
in exchange for securities of seven called
or
maturing issues.
the
7,000
520,000
547,000
50,000
192,000
58,000
10,000
158,000
63,000
Federal Farm
661,000
V
1,303,000
'
'
'
'• *
1
v
*
445,000
Indiana
——
+
;
,536,000
50,000
>
187,000
Kentucky—Eastern—Kentucky—Western———
940,000
112,000
926,000
984,000
297,000
304,000
72,000
Maryland
40,000
36,000
44,000
22,000
Michigan—--—-—.
Montana (bitum. & lignite)—.
2,000
90,000
6,000
4,000
2,000
31,000
.
342,000
r
96,000
'
New Mexico——
40,000
.
North & South Dakota
V"
:
+-L
Utah—
i.
:
37,000
50,000
28,000
L.
142,000
142,000
153,000
34,000
4,000
4,000
3,000
15,000
679,0002,937,000
.
125,000
123,000
116,000
36,000
379,000
416,000
30,000
35,000
28,000
2,130,000
2,150,000
2,355,000
36;000
1,503,000
1,040,000
1,002,000
976,000
400,000
177,000
lOlher Western States——
191,000
1,000
1,000
12,020,000
1,128,000
177,000
11,680,000
1,285,000
87,000
6
•
1,000
12,170,000
5,860,000
1,330,000
1,641,000
„
bonds
HOLC
12,965,000
13,500,000
7,501,000
•(Includes operations on the N. &
W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
the B. & O. in Kanawha, Mason and
Clay counties.
(Rest of State, including the
Panhandle District and Grant, Mineral and Tucker
counties,
glncludes Arizona, Cali¬
fornia, Idaho, Nevada and Oregon. KData for Pennsylvania anthracite from
published
records of the Bureau of Mines.
"Less than 1,000 tons.
on
___,
the
among
75,904,300
______
+
—
several
Federal
—
Districts
and
the
Treasury Bonds
Treasury Notes
Total
of 1965-70
of 1956-59
Series A-1948
$3,866,000
$10,415,000
18,931,500
3,455,000
York
Philadelphia
24,939,000
$71,234,000
2,824,308,000
$85,515,000
2,868,178,500
3,728,500
129,294,000
136,477,500
—
_____
Louis
—___
Kansas, City
in
as a
markets
result of
the
Board's announcement
*
"Farm
rose
Products
and
0.3%
we
also
quote:
during the week and are at about the same level as last
Egg markets continued upward with an increase of over 2%
April.
citrus
fruits
Were
Lower
for
prices
were
reported
apples and
potatoes, and for milk in the Chicago market.
"Slightly lower prices for fresh milk and flour during the week
,
did not affect the general level of food
prices as a group, and the
Bureau's index remained
unchanged at 105.0% of the 1926 average,
3% below the level of a year ago.
"Industrial
tinued
Commodities—Industrial commodity markets con¬
relatively stable during the week ended April 15.
Minor
increases
were
Quotations
on
reported in prices for bituminous coal in some areas.
lumber, gum and turpentine advanced fractionally
While rosin declined."
The
Department's
*
announcement
notation:
'
also
contains
the
following
Note—During the period of rapid changes caused by price con¬
trols, materials allocation and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report
changing prices. Indexes
marked (*), however, must be considered as
preliminary and sub¬
ject to such adjustment and revision as required by later and more
complete reports.
The
of
520
pound.
Futures
follows:
a
nominally
as
April
April
May
June
13
52.000
52,000
52.000
April 14
52.000
52.000
52.000
April 15
52.000
52.000
52,145,500
52.000
April 17
52.000
52.000
52.000
11,703,500
April
■318,203,000
39,026,000
341,474,500
52.000
52.000
52.000
2,231,000
36,705,000
40,539.000
52.000 j
52.000
52.000
"
2,714,000
18—
April 19
—
44,477,500
45,239,000
3,123,500
77,942,000
88,662,000
1,591,000
27,067,000
30,538,000
2,142,000
1,105,000
3,148,500
66,542,000
1,014,500
7,834,000
9,953,500
$74,540,500
$93,048,500
$3,743,211,000
$3,910,800,000
Chinese, or 99% tin, continued
at 511.1250 all week.
71,832,500
_____
Treasury
Total
of the
offering
given
were
in
issue
our
1032.
•••
■
"E.
& M. J.
Metal
and
of
-
•
March
9,
■
Mineral
Markets," in its issue of April
"The monthly peak in sales volume for both
copper and
20, stated:
Quicksilver
Commeting
on
its quicksilver
property at Pinchi Lake, Consoli¬
dated Mining & Smelting Co. of
Canada reports that 1943 was a
period of profitable operation. It
was
necessary to restrict develop¬
ment
work,
but
several
rich
stopes
were
drilling
The
opened and diamond
excellent
gave
ore
reserve
results.
position
at
the
end of the year was favorable. In
spite of
an
easier supply situation
lead occurred
during the last week, and tonnages sold point to a' in quicksilver, the company hopes
high level of activity for May. Substantial tonnages of the metals that the property will continue
arriving from foreign sources will be required to round out domestic to be competitive at the lower
needs.
Zinc business showed improvement.
WPB officials look for market price. Output of the Can¬
stocks
to
increase
adian
steadily @>-
this year, unless
production meets
with a setback because of the
ing
and
manpower situation. Labor short¬
obtaining
ages at smelters and
copper
claim.
There
were
no
price de¬
velopments
week."
went
more
from
copper
Africa.
WPB
is
1,739,000
Canada
counting on
tons of new
at
There
were
last
hand
for de¬
time
for
on
Quotations
lead
that
$135
to say in part as follows:
May
shipment,
Sellers
is
to
be
allotted
consumers
for
were
busy taking
care
of
a
May allocations, and available do¬
copper for shipment next
week
month
in the previous week.
mestic
was
sale
all sold
as
the
Though demand
earmarked
or
week
ended.
heavy, most
sellers believe that total
require¬
ments for May will ..be somewhat
was
smaller than those of March
and
April.
compares
per
Manpower
shortages
into
are
production
advances,
but
it
ex¬
as
is
the
to
13,353 tons,
with 6,262 tons
was
London
an
week
May. shipment metal. The
May position appears to be more
Since
been
export
calculating
eased
plying
raw
month
restrictions
moderately
materials
market
for
silver
continued
ounce
newly
troy.
at
44%^,
mined
at
in¬
volved
covered,
to
The New York Offiical for for¬
domestic
total requirements for the
at around 60,000 tons.
1
$130
out the week.
7O%0
50%
improve.
at
unchanged at 23V2d. through¬
with
last
to
Silver
The
special needs, but the bulk of the
booked
was
flask, New York.
eign^ silver
business
develop¬
Business
continued
Some April
buying was in evidence to fill out
than
pected to cut
year
amounted
which
market
pur¬
during the
lively rate, in line
with expectations. Sales for the
last week at
no
week.
chased domestic metal
Copper
22,133 flasks
13,621 flasks in
conditions
termining the tonnage of foreign
f;
the
against
dull, and it appears that both
buyers and sellers are marking
Lead
date
producer Was
1943,
1942.
ments
this year.
With the
in
in major metals last
The publication further
thought likely that part of
following tables show (1) index numbers for the
principal deficit will be offset by
import¬
vailing conditions. Consumers are
obtaining Grade A tin on the
97,280,500
1,880,000
for
•
developments in the metal
likely to occur under pre¬
not
25,242,500
refineries of
substantially higher seasonally.
Prices of
all non-ferrous metals are
hogs advanced more than 1%, reflecting OPA action in
just as
allowing serious as at the
higher prices to producers in Iowa.
mines, producers
and
Congo.
82,666,500
Francisco
zinc
Foods—Average prices for farm products
Belgian
35,634,000
Dallas
April 20
"The increase brought the Bureau of
Labor Statistics' all-com¬
modity index of nearly 900 price series to 103.8% of the 1926 aver¬
age.
The general level of prices .is only slightly
higher (0.2%) than
last month and 0.3% higher than at this
same time last year."
From
the
1,110,000
for
on
in
4,820,000
rose
especially hogs, eggs and citrus fruits, it was announced
by the U.(S. Department of Labor, which adds:
are
being overcome. Receipts of
high-grade
material
have
in¬
creased,
including
concentrate
22,510,000
San
page
15
the Texas
4,393,000
2,282,000
11,568,000
5,541,500
1,986,000
7,596,500
Atlanta
Gonodily Index Advanced 0.1 %
April IB, Lafsor Gepl. Reports Hosa-Ferrosis Metals—Copper And Lead Sales At
Commodity prices
primary
0.1% during the Peak
April
—Large Towage Sold For If ay SSsspmenf
higher prices
farm products—
,
at
is
ties encountered in
treating sonie
of
the
low-grade
concentrates
were
(n Week Ended
week ended
to¬
High
9,794,000
—
Richmond
St.
.
Allotted
-
Chicago
as
'
Treasury Bonds
District—
Cleveland
■
of
moving
along more
efficiently, authorities claim, be¬
cause
the metallurgical
difficul¬
basis
Federal Reserve
New
Treasury
•
directed
was
increasing output
Price
divided
were
holdr^
Tin
are
securities
new
follows:
Eoston
program
ward
602,519,250
_________________
redistilling of
High Grade
able.
559,220,000
—,
into
Production figures are not avail¬
'
Reserve
might
Grade.
produced
700,246,550
.
Issue:
Loan Corporation Issues:
Details
Wholesale
1944-64
bonds, series A-1944-52
Minneapolis
JT 13,148,000
Total, all coal-—
of
Subscriptions and allotments of the
160,000
——
lignlteiii.
flPennsylvania anthracite-A
'1,738,000
379,000
——
Virginia,
——;
Washington
tWest Virginia—Southern
jWest Virginia—NorthernWyoming—
Total bituminous &
3 %
261,000
;
FFMC
Home Owners'
23,000
2,922,000
lignite)—
31/4%
Mortgage Corporation Issues:
3% FFMC bonds of 1944-49
'_
Reconstruction Finance Corporation
1% RFC notes of series W
32,000
636,000
2,871,000
-
Texas (bituminous &
<
443,000
635,000
Pennsylvania (bituminous
Tennessee.
74,000
38,000
'
(lignite)
269,194,300
—
Western
smelter
.
1,000
1,528,000
that
Production may possibly de¬
by as much as 10%.
Dis¬
continuance
of
both
exchange
Production of tin
..
75,000
Description and Title—
Amount Exchanged
Treasury Issues:
^ +
y'i,.
1% treasury notes of series B-1944————
$482,635,,900
3 'A %> treasury bonds of 1944-46
1,221,079,700
%c/o treasury notes of "series A-1944
1,000
1,507,000
;;
ac¬
developments
zinc
—
Ohio
the
into
ings of the ordinary grades. Em-"
phasis at the beginning of our
$4,730,000,000 outstanding securities of these issues, $3,910,800,000, or about 83%, were exchanged as follows:
y :
3,000
137,000
1,000
Kansas and Missouri——,—,
.
that
age.
iy2%
March 2
71,000
180,000
"
.
and
31,000
5,000
86,000
170,000
,
Georgia and North Carolina—
Illinois
out
take
not
should be reflected in
larger
Secretary of the Treasury Morgenthau announced on March 20
final subscription and allotment
figures with respect to the offering
of 21/2%
Treasury Bonds of 1965-70, 2^4% Treasury Bonds of 1956-59
1937
350,000
90,000
L+—.—
April 10,
1943
360,000
5,000
Arkansas and Oklahoma—
Colorado—j
April 10,
1944
392,000
—
Subscription And Allotment Figures Gn
Treasury Notes And Bonds
COAL, BY STATES
current
grow out of the manpower short¬
Prime
Final
dredge coal, and coal shipped by truck from authorized oper¬
fExcludes colliery fuel,
gSubject to revision.
fiRevised.
ations.
pointed
do
302,000
the
of
agreements and the
total
"Includes washery and
:
He
end
crease
Cereal
Beehive coke—
United
approximately
the
estimates
count
0.1
——
-
a surplus of
sup¬
requirements of about
over
year.
0.5
0.4
Bituminous coal
April 20,
1944
19,019,000
1,335,000
poultry
Institute, meeting
April 17 and 18, that
quarter are expected to
requirements
by
some
tons.
For the year 1944,
stocks
1944 TO APRIL 15, 1944
foods
Other
Calendar Year to Date
1944
1944
-1,208,000
and
Other
Week Ended
the
*103.8
—.
AND
of
*83.6
—
commodities
other
farm products and foods
(In Net Tons)
di¬
Division, WPB,
members
114.7
April 17,
•
of
+
Increases
PRODUCTION
ex¬
alloys*
zinc
months
"Revised.
ESTIMATED
and
"103.8
Building materials
farm products
1943
1944
slab
4-17
1943
97.3
12,020,000 11,818,000 186,055,000 181,571,000 149,123,000
2,003,000
1,970,000
2,060,000
2,006,000
1,655,000
__
3-18
1944
117.6
1 to Date—
April 17,
4-8
1944
105.0
All
April 15,
4-17
Hides and leather products
IN' NET TONS
i—-January
Week Ended—-——
Bituminous coal
3-18
"103.8
Manufactured products
\
<
4-1
Textile products
Fuel and lighting materials
Metals and metal products
All
ESTIMATED UNITED STATES
4-8
'1944
*124.5
Foods—.-
America,
lead
Smelters operating in the United
States produced
249,991 tons of
Percentage change to
April 15, 1944 from—
4-15
Farm products
in
containing lead has increased.
15, 1944
1944
All commodities
According to the U. S. Bureau of Mines, production of Pennsyl¬
April 15, 1944 was estimated at
1,208,000 tons, an increase of 80,000 tons, or 7.1%, over the preceding
vania anthracite for the week ended
APRIL
'
-
.....
South
Zinc
PRICES FOR WEEK ENDED
Commodity Groups—
in
port "business
(1926=100)
last year, or a gain of 2.5%.
was,
countries
.
War, U. S. Department of the
Interior, in its latest report, states that the total production of soft
coal in the week ended
April 15, 1944 is estimated at 11,730,000 net
tons, a decrease of 290,000 tons, or 2.4%, from the preceding week.
Production in the corresponding week of 1943 amounted to
11,818,000
tons.
Cumulative output of soft coal from Jan. 1 to April 15, 1944
totaled 186,055,000
tons, as against 181,571,000 tons in the same period
1943, there
1749
month
a
The Solid Fuels Administration for
of
CHRONICLE
groups of commodities for the past three
and April 17, ■ 1943, and the
Weekly Goal And Coke Production Statistics
week.
& FINANCIAL
have
Daily Prices
The
daily price of electrolytic
copper
(domestic and export
re-^
finery), lead, zinc and Straits
were
unchanged from those
ap¬
pearing in the "Commercial
and
for
sup¬
Financial
to
most
1942,
Chronicle"
page 380.
of
July
tin
31,
Ended
April
The American
made.public on .April In
15 figures showing the volume of total round-lot stock sales on the
New Peaks In Feb.
New York Stock Exchange and the New York Cufb -Exchange and
Hourly and weekly earnings, asthe volume of round-lot stock transactions for the account of all
Well as "real" weekly earnings in
members of these exchanges in the week ended April 1, continuing
the 25 manufacturing industries,
series of current figures being published weekly by the Commission.
surveyed each month by the Na¬
Short sales are shown separately from other sales in these figures.
tional Industrial Conference Board
to
peaks in February*;
Trading on the Stock Exchange for the account of members
according to an announceriient by ;
(except odd-lot dealers) during the week ended April 1, (in round- the Board on April 20.
Wage
lot transactions) totaled 1,809,445 shares, which amount was 17.13%
rate
increases
averaging
8.7%.
of the total transactions on the Exchange of 5,281,510 shares.
This
granted to 0.9% of the wage;
in these industries during
compares with member trading during the week ended March 25 of
the month.
These increases aver-;,
2,427,004 shares, or 16.81% of the total trading of 7,220,390 shares. On
aged 0.1% for all workers in the
the New York Curb Exchange, member trading during the week branches
covered,
and
were
ended April 1 amounted to 323,930 shares, or 15.40% of the total greater than in any other month
The Board also
volume on that exchange of 1,051,465 shares; during the March 25 since July, 1943.
announced:
week trading for the account of Curb members of 364,255 shares was
"The work week was longer m
ended April 15, 1944,
per day over the pre¬
excess of the output
for the corresponding week of last year.
The current figure, how¬
ever, was 9,350 barrels per day below the daily average figure recom¬
mended by. the Petroleum Administration for War for the month of
April, 1944.
Daily production for the four weeks ended April 15,
1944, averaged 4,404,100 barrels.
Further details as reported by the
a
were
indicate that the in¬
Mines basis approxi¬
produced 13,784,000
4,565,000 barrels
fuel oil during
the enld of that
week 88,778,000 barrels of gasoline; 6,477,000 barrels of kerosene;
30,561,000 barrels of distillate fuel, and 51,238,000 barrels of residual
fuel oil.
The above figures apply to the country as a whole, and do
Reports received from refining companies
dustry as a whole ran to stills on a Bureau of
mately 4,447,000 barrels of crude oil daily and
barrels of gasoline; 1,651,000 barrels of kerosene;
of distillate fuel oil, and 8,933,000 barrels of residual
the week ended April 15, 1944; and had in storage at
DAILY
Actual Production
Allow¬
Week
Ended
dations
begin.
Apr. 15,
April
Apr. 1
1944
328,000
f331,900
+
1,100
269,600
1272,300
+
14,950
268,400
2,150
Panhandle Texas.—
143,850
143,200
357,400
214,400
127,250
121,900
99,700
362,300
363,700
292,300
188,500
518,800
516,300
340,650
1,910,350
1,886,800
1,389,000
East Texas—
Texas,.
Coastal Texas
Total purchases
.
initiated on the floor-
282,500
-
—
Total sales
Total purchases—
•
'
346,200
359,500
50
+
358,550
374,700
347,700
Louisiana—,
Total
Short sales.
—
78,591
76,700
50
Alabama
550
—
40,850
45,000
79,400
400
+
79,600
•
71,650
41,300
56,750
50
50
—
—
——
—
218,100
14,100
14,250
{Other
Ky.) •
72,250
23,000
Kentucky.
+
2,750
71,900
75,850
22,100
72,400
_
_____
+
1,900
21,500
17,000
+
3,700
2,100
51,000
59,400
89,400
92,200
'
52,550
53,000
93,000
24,000
88,650
21,500
7,000
—
8,500
111,700
3,612,100
829,400
8,400
§829,400
6,450
112,900
97,250
3,576,200
827,900
112,900
111,700
20,250
21,300
WEEK ENDED APRIL
-
Sales:
Short sales—.———_
Total Round-Lot
A.
v';
"
'
i
v..
..f-
.
"Total
0.9%
(Shares)
yTotai for Week
1,041,205
*
California
4,100
+
829,500
+16,050
4,432,150
4,441,500
s
+11,950
3,602,650
4,404,100
Transactions of specialists in
1.
3,907,100
for week ended
.
Figures
in
this section include
plus an estimate of
Total sales—
therefore
on
a
103,185
—————————
Total-L-
40,865
,
;
Totiil
C.
161,105
—
——
Account of Specialists—
...
_
SCustomers' other sales.
.*
at Re-
Capacity
•
>
Poten-
tial
/*
.
% Re-
Crude
Runs to Stills
Daily
Rate porting Average
District--
{Stocks
fineries Finished
Includ. and Un-
of Gas
Oil and
% Op- Natural finished Distillate
erated Blended Gasoline Fuel Oil
of Residual
Fuel
Oil
ers
Gulf, Louis¬
iana
Gulf,
North
Louisiana-Arkansas,
term
:——
"members" includes all
their partners, including
and
34,250
regular and associate Exchange members,
.
2,518
90.3
130
1
83.9
2,323
92.3
6,879
38,796
14,796
AND SPECIALISTS ON
their
STOCK EXCHANGE
special partners.
Week Ended April 8,
members' purchases and sales is
the Exchange for the reason that
exempted from restriction by
96
73.8
289
2,344
723
§Sales marked
245
87.2
44
93.6
146
1,111
343
85.2
734
89.1
2,568
20,348
4,966
1,299
1,449
416
80.1
351
26.9
11
137.5
35
20
58.3
102
72.3
309
2,117
356
519
District No. 4
141
817
89.9
786
96.2
2,259
15,537
7,908
30,191
California
:__
15, 1944
4,901
April 8,
1944-
4,901
87.3
4,447
90.7
13,784
f88,778
30,561
87.3
4,354
88.8
13,161
1188,100
30,478
51,238
51,072
67,011
request of the Petroleum Administration for War.
{Finished, 77,142,000
barrels; unfinished, 11,636,000 barrels.
{At refineries, at bulk terminals, in transit
and in pipe lines.
§Not including 1,651,000 barrels of kerosene, 4,565,000 barrels of
gas oil and distillate fuel oil and 8,933,000 barrels of residual fuel oil produced during
>
*At
3,678
17, 1943
10,260
92,075
the week ended April 15,
1944, which compares with 1,434,000 barrels,
4,702,000 barrels
barrels, respectively, in the preceding week and 1,461,000 barrels,
3,965,000 barrels and 7,868,000 barrels, respectively,4*in the week ended April 17, 1943.
tIRevised to 76,736,000 barrels and 11,462,000 barrels finished and unfinished, re¬
spectively, and on new basis to compare with current week 76,369,000 barrels finished
and
11,731,000 barrels unfinished.
This revision and change in basis affects the
wad
8,541,000
Feb. 29
6,477,000 barrels; as against
week earlier and 5,112,000 barrels a year before.
Note—Stocks of kerosene
April 15, 1944 amounted to
figures of
$213,700,000, and a decrease of
Customers'
♦Customers'
Feb
29
Jan 31—
-
Nov 30
:
Oct 30
Sep 30
Aug 31_L
July 31
May 29
Apr
30
:
—
_•_
.
159,600,000
178,900,000
—*
30
—-
...—
Sep 30—
297,200,000
305,300,000
Aug 31
May 29
•
Apr 30
229,900,000
260,600,000
271,400,000
281,800,000
Oct 31.
30—,
40
'
—
—
Round-Lot Purchases.by Dealers;
Number
♦Sales
of
110,130
110,170.
lL———
Total sales
31—_
Nov
Jun
371,825
$12,795,542!
Short sales
tOther sales
1942—
Dec
143,300,000
30
30—
July 31
sales-—
Round-Lot Sales by Dealers—
200,600,000
209,100,000
220,400,000
27
Jan
202.000,000
203,300,000
187,800,000
169,500,000
156,200,000
149,800,000
total
Dollar value
—
Feb
1943—
Dec 31.
366,829
other sales
Number of Shares:
Mar 31
194,800,000
213,700,000
208,900,000
.
15,813
sales
short sales—'4,996
Customers'
1943-
$
Mar 31
total
Customers'
$5,800,000 over the
19f3, total of $200,600,000.
Following are the totals for the last two years:
other sales
Number of Shares:
March 31,
Jun
California district.
6,667,000 barrels a
Bank of New York announced on April 18
received by the bank from commercial paper dealers
show a total of $194,800,000 of, open market paper outstanding on
March 31. This was a decrease of $18,900,000 as compared with the
The Federal Reserve
149
15,664'
short sales
♦Customers'
30,806
the
•
(Customers' sales)
'
U. S. Bur. of Mines
basis April
—
Number of Orders:
that reports
Total U. S. B. of M.
basis
shares
Customers'
Total U. S. B. of M.
basis April
of
value
Odd-Lot Purchases by Dealers—
32
8
76
District No. 3
orders
■;
1,221
84.4
of
Number
2,661
8,449
.
13,493
369,806
—$14,894,283
Number
Dollar
included with "other sales."
Total
for Week
(Customers'purchases)
the Commission's
100
47
"short exempt" are
1944
Odd-Lot Sales by Dealers
rules
824
—
Ind., 111., Ky.———
Okie., Kans., Mo
Rbcky Mountain—
{Round-lot short sales which are
are included with "other sales."
16,269
TRANSACTIONS FOR THE ODDODD-LOT DEALERS '
THE N. Y.
LOT ACCOUNT OF
.
*
Appalachian—
District No. 2
♦The
firms
STOCK
tin
Texa3
District No.
Total sales
filed with theodd-lot deal-;
and specialists.
47,734
calculating these percentages the total of
compared with twice the total round-lot volume on
the Exchange volume includes only sales.'
♦Combin'd: East Coast
and Inland Texas-
"
Commission by the
47,734
—
Total purchases
tStocks {Stocks
based upon reports
0
Production
Daily Refining
15.40
169,330
sales..
Odd-Lot Transactions for
Customers' short sales
§ Gasoline
8,225
...
{Other sales
specialists who handled odd lots
on the New York Stock Exchange,
continuing a series of current
figures being published by the
Commission.
The
figures
are
154,600
i
____
Short sales.
'3.81
42,115
i__.__—
/
Total purchases
4.
for the week¬
April 8 of complete fig¬
ures showing the daily volume of
stock transactions for the odd-lot
account of all odd-lot dealers and
ended
1,250
Short sales.———
'
Exchange
public
on
a summary
April 15
37,970
;—__—_.
,
_
made
Commission
2.39
Trading
and
Securities
The
24,030
initiated off the floor-
purchases..
Odd-Lot
NYSE
400
23,630
{Other sales—
I
:
1941."
9.20
'26,200
—_—____—;
Other transactions
Total
reported totals
unreported amounts and are
Bureau of Mines basis
6,575
——
Total sales
AND
90,430
——
{Othef sales
PRODUCTION OF GASOLINE;
STILLS;
TO
1.1% higher than in
9.7% above February,
1943, and 113.1% above January,
was
January,
;
Short sales—
3.
same
ruary
initiated on the floor—•
.Total purchases-*—-.—
STOCKS OF. FINISHED
UNFINISHED GASOLINE, GAS OIL AND DISTILLATE FUEL AND
'
RESIDUAL FUEL OIL, WEEK ENDED APRIL 15, 1944
(Figures in Thousands of barrels of 42 Gallons Each)
RUNS
CRUDE
Board's
the
Members:
Total sales.———
Other transactions
2.
7:00 a.m. April 13, 1944.
{This is the net basic allowable as of April 1 calculated on a 31-day basis and
includes shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 3 to 19 days, the entire state was ordered shut
down for 7 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating , schedules or labor needed
to operate leases, a total equivalent to 7 days shutdown time during the calendar
'month.
SRecommendation of Conservation Committee of California Oil Producers.
{Oklahoma, Kansas, Nebraska figures are
54.1%' above
The
{Other sales^^—-_^_'_^^-___—
;
"P.A.W.
January, 1941.
payroll index, with
base, at 267.5 in Feb-;
and
... .
96,610
:
Board's index
(1923=100)
stocks in which
they are registered—
Total purchases^.._—______
recommendations and state allowables, as shown above, represent the
production of crude oil only, and do not include amounts of condensate and natural
gas derivatives to be produced.
.
for Account of
Round-Lot Transactions
1941.
hours worked rose
man
bring the
to
to 137.3 which was
2.6% higher than a year earlier,
/•'
\%
■.
1,051,465
p.
Total East of Calif
in
than in January,
1, 1944.
————:
{Other sales
or 2.7%,
February, 1943,
hours, or 13.7%, longer
hours,
1.2
than
5.5
and
17.13
■—t—10,260
'•
-
.
Exchange and Stock
Sales on the New York Curb
Transactions for Account of Members*
:
,
944,730
Round-Lot Stock
Total
3,119,600
787,500
200
—
i
,,
was
longer
863,810
i.
L_
—
.
which
80,920
—.—__;x...-
sales——.—U
Total sales
Eastern-
1.1%, in the length of the work
raised
it
to
45.7
hours
864,715
purchases-:,——.<.-4^-—
Short sales—„
221,050
900
—
14,000
13,600
Total
9,100
—
.
R
week
V'; /' <:':vVc +
■'
2,81
164,220
Total sales———
Total—
4.
to
February
in
1.7%
vanced
-•
...
100
'
50
215,350
215,000
'
i
'
f
'
income
weekly
point 8.0% above February, 1943,and 30.8% above January, 1941.
,
"An increase of 0.5 hours, or
155,920
{Other sales—————
-
5.33
132,255
8,300
——
1941.
'Real' weekly earnings, or
Iar
302,810
off the floor— ■
9.8%
57.3%
dol^
adjusted for
changes in the cost of living, adr
17,040
—
—.
transactions initiated
3. Other
"
January,
above
February, 1943, and
above January,
285,770
88,300
257,900
Weekly earnings at $48.16
1.3%
above
260,620
„j_—,
—
Short sales
tOther sales——
76,300
283,200
50
+
76,050
mula. ;
8.99
477,700
■
.
Other transactions
above
were
Total sales
2.
base
55,580
422,120
—
Total purchases
1,916,000 {1,918,794
1
—
February, 1943, and'
January, 1941, the
date of the Little Steel for-;
above
38.1%
Short sales———:—____—
tOther sales
in the latter
reached
peaks
6.7%,
471,840
319,800
East Central Texas—
_
Odd-Lot
in which
!
registered—
they are
134,950
374,000
_
West Texas..—
Southwest
91,000
92,000
293,050
Texas__.
1.
payrolls
below
.
Dealers and
91,100
North
the Odd-Lot Accounts of
Specialists:
Transactions of specialists in stocks
for
Except
total
and
part of 1943.
"At $1,048 hourly earnings were
0.2%
above the January level,
Members,
for Account of
Round-Lot Transactions
B.
Total man
1930.
May,
worked
in February but were
the
5,281,510
310,300
1,200
-f 1,200
1,000
.-
that
rose
5,138,100
other month,
years,
to
hours
v
but was shorter
prevailing
generally
recent
1943
339,850
330,800
285,000
—
in
prior
143,410
..
y
February than in any
than
Total for Week
328,000
Oklahoma
Kansas
Week
'
APRIL 1, 1944
Apr. 17,
Apr. 15
1944
Previous
'
'/'
Members* (Shares)
Round-Lot Sales:
A. Total
Ended
Ended
from
ables
Recommen¬
Stock Sales on the New York
Transactions for Account of
Round-Lot
WEEK ENDED
Week
4 Weeks
Change
1
Stock Exchange and Round-Lot Stock
'
"
shares.
trading of 1,273,965
(FIGURES IN BARRELS)
"State
♦P. A. W.
-
14.30% of total
Total
OIL PRODUCTION
AVERAGE CRUDE
earners
Coast.
conditions on the East
Nebraska1
new
rose
Institute follow:
not reflect
Exchange-Commission
The Securities and
estimates that the daily aver¬
Petroleum Institute
crude oil production for the week
was 4,432,150 barrels, a gain of 16,050 barrels
ceding week, and 525,050 barrels per day in
gross
age
Earnings, Employment
Trading On New
Week
15,1844 Increased 16,050 Barrels
Daily Average Crude Oil Production For
27, 1944
Thursday, April
FINANCIAL CHRONICLE
THE COMMERCIAL &
1750
shares
marked
"short
.
'
exempt"
'
*
<■„
li3,780
are
re--
ported with "other sales."
{Sales to offset
customers' odd-lot orders,
long position which
315,200,000
and sales to liquidate a
354,200,000
373,100,000
is
less
than a round lot are reported
"other sales."
with
Volume
159
Number 4276
Revenue
THE COMMERCIAL & FINANCIAL CHRONICLE
Total Loads
Freight @ar Loadings During Week
Railroads
•
•
Total Revenue
April ID, I§44 Increased 10,641 Cars
Loading of revenue freight for the week ended April 15, 1944,
totaled 799,965 cars, the Association of American Railroads announced
on April 20.
This was an increase above the corresponding week of
1943 of
19,057
cars,
2.4%,'but
or
a decrease below the same week in
1942 of 46,540 cars or 5.5%.
Miscellaneous freight loading totaled 373,420 cars, a decrease of
2,350 Cars below the preceding week, and a decrease of 3,474 cars
•below the corresponding week in 1943.
'
1944
Alabama, Tennessee & Northern
Loading of merchandise less than carload lot freight totaled 104,a decrease of 3,754 cars below the preceding week, but an in¬
crease of 6,565 cars above the
corresponding week in 1943. •••.
Coal
loading amounted td 164,647 cars, a decrease of 4,000 cars
;below the preceding week, and a decrease of 5,377 cars below the
.
corresponding week in 1943.
:
Atl. & W.P.—W. R. R. of Ala
Grain and grain products
loading totaled 36,978 cars, a decrease
.of 3,139 cars below the preceding week and a decrease of
5,611 cars
below the corresponding week in 1943. ' In the Western..Districts
:alone, grain and grain products loading for the week of April 15
.totaled 24,431 cars, a decrease of 2,585 cars below the
preceding,week
.and
a
»
Live
decrease of 4,662 cars below the corresponding week in-1943.
stock
loading amounted to 14,827
cars,
an
increase of 645
.
In the .Western Districts alone loading
April 15, totaled 11,127 cars, an increase
preceding week, but a decrease of 1,000 cars
below the corresponding week in 1943.
:r'
'
v \
the
,
,
...
,
Products' loading totaled 43,317 cars, a decrease of 2,424
the preceding week but an increase of 1,916 cars above
below
corresponding week in 1943.
"s
preceding week and
corresponding week in 1943.
an
Coke
loading amounted to
preceding week, and
responding week in 1943.
below the
a
increase of 26,110 cars
increase of 25,791 cars above the
cars,
an
14,506 cars, a decrease of 447
decrease of 426 cars below the
western.
All
districts reported decreases compared with 1942 except
the Southwestern.
,
;
1944
weeks
4
of
5,241
465
406
450
1,967
1,739
1,583
1,629
1,765
3,328
2,768
328
388
248
118
98
194
'717
456
4,289
2,742
2,086
1,826
2,120
48
49
41
201
166
—1,336
2,601
1,436
2,578
377
2,289
335
386
704
626
3,992
3,795
4,889
4,274
26,211
25,768
28,121
16,990
5,033
17,333
24,428
24,865
27,638
11,422
11,110
142
195
171
1,150
927
L-
Gainesville Midland
Georgia
Georgia & Florida
Gulf, Mobile & Ohio——
—
•
Illinois Central System
Louisville & Nashville——
—
Mississippi Central
Nashville, Chattanooga & St. L
of
of
Week
of
Apjril
April
of
April
The
1.437
483
1,172
thrpughout the state pointed
1,272
that
Seaboard Air Line—
11,337
10,932
10,623
11,280
11,134
Southern
9,419
8,553
System—————
22,798
21,749
25,973
23,931
24,868
822
469
740
868
980
120
'120
124
951
1,073
122,722
122,974
131,534
120,917
120,461
Winston-Salem Southbound
Total—.:
——.
—
—
Chicago & North Western
wnWaguGrreat WesternChicago, Milw,, St. P. & Pac.
Chicago, St. Paul, Minn. & Omaha——
17,299
Duluth, MisSabe & Iron Rangel—
17,209
21,368
13,275
11,902
2,412
2,706
2,702
3,473
19,152
19,087
20,058
9,811
2,960
10,849
3,029
2,847
3,560
3,932
3,624
16,827
—
-
1,837
16,585
238
293
666
505
1,036
555
680
8,365
8,472
10,144
11,073
10,835
361
452
658
94
17,062
10,715
18,699
5,770
5,493
467
465
563
928
908
—
-
Ft.
Dodge, Des Moines & South
Great Northern--—.
_
-
Green Bay & Western
Lake Superior & Ishpeming
1,778
471
1,991
65
41
Minneapolis & St. Louis
Minn., St. Paul & S. S. M—
1,930
1,985
2,310
2,569
"2,396
5,722
5,395
6,642
4,106
2,753
9,759
9,251
10,815
5,419
5,210
119
586
704
—
112
124
2,510
2,369
2,668
2,742
3,052
83,890
119,918
64,636
61,818
21,528
22,164
22,632
11,679
13,421
Spokane, Portland & Seattle
l—
—2,871
2,903
530
j
70
11,420
11,306
3,104
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois—
2,866
2,584
1,015
737
,
Bangor & Aroostook—
Central Indiana
Central Vermont-.,—
1,762
1,930
1,848
2,152
962
1,038
1,421
458
1,948
2,022
108
132
Southern Pacific (Pacific)
297
1,884
1,653
13,177
15,003
16,022
14,874
the applicants have recently been
14,359
Ii; 528,
576
366
4
6
1,871
1,873
4,005
4,479
115,671
111,700
115,923
96,578
97,928
Detroit & Toledo Shore Line—
Montour
.
New
*
:
.
;
1,167
1,066
389
7,302
15,722
21,672
—
Missouri Pacific——
—15,349
Quanah Acme & Pacific.
—118
St. Louis-San Francisco——.:
7,894
St. Louis Southwestern—
.1,764
1,931
1,275
1,483
323
2,630
2,948
17,206
19,793
3,686
4,462
•8,316
184
3,217
3,545
2,049
2,363
1,780
9,634
15,487
.
—
Texas & New Orleans
3,326
Total—
14,565
2,704
——
9,893
11,872
18,220
1,038
894
1,001
3,008
2,375
6,198
6,036
7,684
15,838
15,963
448
632
535
2,073
7,720
7,454
8,568
4,695
4.933
5,970
7,200
642
758
774
16
310
331
442
234
976
897
2,502
342
483
1,037
977
7,930
■■"•'
21
5,037
—
5,372,
5,620
11,833
12,299
4,944
——
4,759
4,972
4,089
5,420
151,599
'
158,355
171,581
225,228.^235,393
Bessemer-& Lake Erie_i„
Cambria & Indiana
Central R. R. of New
—
1,441
year's
5,617
13,430
9,671
5,668
5,726
Army
4,259
4,049
8(155
7,688
102
123
147
29
field
19
13
44
25
23
72,620
64,791
72,008
69,434
age, regardless of their draft clas¬
sification, are required to notify
5,443
1,716
The
of
members
industry, and its
314
3
this
member of the orders and
the
figures
4
Association
are
represent
production, and also
activity of the mill based
83%
of
the
—-t
672
232
282
25
13
130
—
1,889
7,995
690
224
r—
Cumberland & Pennsylvania—
1,923
6,623
527.
Ligonier Valley--—
146
142
46
42
841
3,401-
3,827
Long Island
1,152
Penn-Reading Seashore Lines
1,801
1,240
1,706
.
80,260
-13
.14
19,337
22,387
55
106
77,234
1,733
2,502
3,091
82,840
.»
66,845
68,325
14.634
15,967
17,083
27,652
29,447
20,076
20,464
21,251
4,832
4,103
4,325
4,049
4,229
13,056
174,547
Western Maryland-
185,762
168,571
—
13,311
176,792
on
the
a
figure which indi¬
time
Pocahontas
Period
Received
1944—Week Ended
Jan.
Jan.
.Norfolk & Western--
20,594
:
.
29,272
22,771
Virginian
Total.
4,078
52,782
•
4,779
Feb.
12
Feb.
porting
Trade
to
the
pen¬
Tons
121,212
Percent of Activity
Remaining
Tons
Current Cumulative
April 15, 1944.
new
13.8%
tion.
589,815
86
86
614,215
93
90
140,457
602,930
93
91
147,423
151,102
597,011
95
92
628,048
97
151,870
630,449
97
148,533
609,429
96
94
621,875
93
94
146,926
650,606
95
94
144,761
18—-
1
655,682
95
94
639,537
95
94
7,257
7,398
April
15
-2,223
2,076
•
93
93
94
__
_
Notes^—Unfilled orders
147,604
613,978
138,724
_
141,959
607,537
144,422
635,727
94
94
143,883
636,176
92
94
97
a
93
94
"
94
of the prior
week, plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports; orders made for or filled from stock, and other
items made necessary adjust¬
ments of unfilled orders.
same
these
mills
order
files
of
the
ceeded
150,940
125,806
63
•
612,043
179,056
—
8
24,069
—
In the
of*
11
25
of
week
greater than produc¬
Unfilled
136,105
4
2.5%
the
reporting mills amounted to 125%
of
stocks.
For
reporting soft¬
wood mills,
unfilled orders are
92,328
138,381
146,596
26
March
orders
Lumber
were
for
were
Orders
Association,
National
Barometer
production
178,375
_
19
Feb.
April
23,227
severe
April 15, 1944
Manufacturers
154,797
—
13,753
22,761
liable to
lumber shipments of 507 mills re¬
139,044
5
13,281
56,996
ber
130,252
Feb.
not
56,822
are
Ended
145,735
22___,
29
28,143
4,784
.
According to the National Lum¬
185,069
Jan.
Jan.
;
'
•
draff^
Lumber Movement—Week
131,940
15—
April
28,110.
of
Act.
153,097
--
8
Jan.
Production
Tons
1
March
District—
WMC
the
men
week
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Unfilled
March
-
Chesapeake & Ohio
all
alties under the Selective Service
above
Orders
March
Total
desperately
reminded
that
Selective
total
operated.
These
advanced to equal 100%, so that
they represent the total
STATISTICAL
•
1,523
•
Navy
She
staff
boards of any
program includes a statement each week from each
1,605
295
6,810
—
and
need."
are
Service
local
change pf'status or
occupation, a:nd that men who fail
figures revised.
Paperboard Association, Chicago, 111., in relation to
activity in the'
paperboard industry.
29,304
2,731
fit
7,967
6,783
We give herewith latest
figures received by us from the National
1,213
27,647
332
Jersey-*-'—.—
Cornwall-——-———■•
672
40,376
3,594
—
738
40,509
forward
3,406
ended
718
Buffalo Creek & Gauley-—•—————
come
replace those who
3,400
'
41,414
Akron, Canton & Youngstown—
Baltimore & Ohio—
1
:——
"to
4-Fs
to
to
3,009
industry.
Allegheny District—
now
for service and whose services the
404
.
to do this
cates
Total.
week
18,670
282
'3,477
343
9,075
'
Mrs. Rosenberg called attention
General Hershey's appeal this
9,362
Weekly Statistics Of Paperboard Industry
257
1,162
•■
■,
2,269
.7,91'7
to
their
Note—Previous
•19,251
to
104
430
.
disastrous
be
8,090
43
" 10,331
328
could
from
such
away
"Any
62
—
——
3,385
6,709
group
8,513
-1,780
7,020
2,145
this
industry.
industry at the present
time," she said.
"It is of the
utmost urgency that movement be
in the opposite direction only—
from non-essential industry into
war jobs."'
343
8,649
145
in
men
essential
83
Weatherford M. W. & N. W.—_
Wichita Falls & Southern
14,715
every
12,316
Texas & Pacific
326
12,190
of
72,220
293
113
Statements
6,227
8,645
236
53,774
1
:
384
922
4,413
16
—
Wheeling & Lake Erie_,
2,850
6,047
*
Wabash
2,467
5,846
16,865
52,930
——.
—
3,220
6,013
2,301
Pere Marquette——
Rutland
3,128
3,167
28
47,706
'
Pittsburg & Shawmut—————Pittsburg, Shawmut & North——.
Pittsburgh & West Virginia
——
2,766
40
2,369
Chicago & St. Louis—*
Susquehanna & Western——-—.
Pittsburgh & Lake Erie
'
4,568
46
6,711
New York,
,
5,394
422
52,579
York, Ontario & Western-
N. Y.,
6,332
—.
334
6,625
2,448
———
4,365
1,080
596
44,574
—•
N. Y„ N. H. & Hartford
2,690
4,169
223
3,327
Kansas City Southern—
Louisiana & Arkansas—;
7,605
1,865
——
New York Central Lines—
2,638
2,511
Missouri-Kansas-Texas Lines——A
7,780
Monongahela
5,645
352
(1,933
2,332
———:—
6,551
2,526
274
2,037
165
,
7,547
Kansas, Oklahoma & Gulf—;
1,570
3,664
Lehigh & Hudson River————
Lehigh & New'England
Lehigh Valley-—-
255
1,549
13,118
—
458
2,199
•
International-Great Northern—
293
—
Grand Trunk Western—
,
I-
161
'222
12,204
for
precaution to avoid the movement
movement
1,037
143
86
requests
reclassified; 4-F, and to take
of
649
;
all
essential
277
268
Detroit, Toledo & Ironton-
'Maine Central
i_
311
10,924
scrutinize
259
—1,774
7,068
——-—*
instructed
USES to
294
Union Pacific
185
51
days.
Rosenberg has
of the
offices
Availability to determine whether
702
2,227
Mrs.
en¬
period
15,695
349
12,628
of sixty
be
a
15,203
Missouri & Arkansas
2,061
not
may
gaged for other work for
27,911
Litchfield & Madison——Midland Valley
——
12,568
essential
Statement
a
24,324
•257
1,131
Availability
leaves
0
14,869
7,101
who
mqn
583
302
1,037
a
29,242
_j
1,638
Detroit & Mackinac—
that
provides
program
0
15,192
6,563
program of
be required.
The
will
683
538
•'f
WMC
13
7,870
1,017
Delaware, Lackawanna & Western-
the
stabilization
939
2,543
5,568
——
Delaware & Hudson——_—'
rigid
ployment stabilization
8
263
1,548
deter¬
1,068
1,655
1,356
to
employment status,
adherence to the em¬
1
Gulf Coast Lines
1943
Commission
their
804
—
Southwestern District—
1944
leaves his job without d
and
566
1,754
—.
6,037
28
*
1942
4-F
of
1,987
an
Statement of Availability.
These
men will be checked
by the War
5,335
'
1,224
v
-
——
—
290
6,649
-
'Chicago, Indianapolis & Louisville
1943
,
2,048
—_—.
Boston & ,Maine—;
fied
5,604
Burlington-Rock Island
Connections
whenever
employment without
;
f
Received from
Commission
employee who has been reclassi¬
22
Total Revenue
—
be asked to inform the War Man¬
power
1,832
2,165
1944
Ann Arbor——
minimize
this
possibility,
Rosenberg said, essential em¬
ployers througout the state will
Mrs.
5,829
3,174,781
CONNECTIONS
4-F
13,232
3,073,445
war
To
2,035
15
in
work in less essential activities.
6,281
1,349
FROM
stay
12,921
990
RECEIVED
-
their
to
be influenced by
classification to seek
now
915
371
Total——
them
2,409
Toledo, Peoria & Western—
.
compelled
work, might
11,998
Nevada Northern—
AND
of this group, who may have felt
that their classification up to now
705
.
held
defer¬
indicated that some
2,656
2,399
Missouri-Illinois—
previously
occupational
was
12,714
868
North Western Pacific
It
642
577
846,505
have
2-B
or
2,258
Denver & Rio Grande Western
814,096
LOADED
who
some
10,619
—
Colorado & Southern—J
829,038
District—
Erie-__
3,839
77
15,739
3,077
Total Loads
*
3,967
619
16,658
709
Freight Loaded
;
3.492
481
17,841
Chicago, Burlington & Quincy—
Chicago & Illinois Midland.-
780,908
FREIGHT
men be¬
tween 18 and 26 years of
age will
result
in
4-F
classification for
mine
Bingham & Garfield
out
Service
sical examinations to all
Manpower
Central Western District—
Atch., Top. & Santa F'e System—
772,102
789,019
Railroads
Eastern
118
783
(NUMBER OF CARS) WEEK ENDED APRIL 15
'
i
Selective
new
policy of giving immediate phy¬
ments.
Northwestern District-
3,081
the corresponding week a year ago.
the
2-A
During the period 66 roads showed increases when compared with
•
1,785
Denver & Salt Lake
of the freight carloadings for
States
1,359
Fort Worth & Denver City
Illinois Terminal—
summary
United
1,129
3,858,479
12,645,841
the
Employment Service of the WMC
3,122,942
12,003,010
of
462
5,154
3,055,725
12,467,938
offices
578
4,464
573
•
System.^,,
.Utah—-•*•,
the separate railroads and systems for the Week ended April
15,. 1944, Western Pacific
REVENUE
and
183
3,340
403
799,965
a
Instructions issued by Mrs. Ros¬
to Area WMC Directors
enberg
365
789,324
following table is
of
400
———
————
an¬
sion.
437
—
—-—r-——
—
were
April 4 by Mrs. Anna
Rosenberg, Regional Director
the War Manpower Commis¬
on
—.
Piedmont Northern
Richmond, Fred. & Potomac
Peoria & Pekin Union..
Total
examinations,
nounced
254
3,531,811
1,__—
8
15——'
physical
M.
3,314
3,135,155
—.—
forestall
319
1—
787,525
March-'
Week
1942
to
measures
3,130
—.
—
3,159,492
February——
Week
1943
Statewide
any exodus from war industry of
essential workers who have
been
reclassified 4-F after preinduction
1,022
-
Norfolk Southern
220
3.796.477
January—
of
weeks
4,593
;
Florida East Coast.—
Alton
All districts reported increases compared with the corresponding
1943 except the Eastern, Pocahontas, Southern, and South-
Weeks
4,350
,
Columbus & Greenville.
cars
cor¬
week in
5
4,305
107,451
loading amounted to 47,420
-above the
4
1,396
11,427
Spokane International——
Ore
•'
1,666
11,613
240
Clinchiield
Keep
Industry f
4-Fs In War
2,587
781
13,652
Northern Pacific————
.
Forest
2,672
756
—
Elgin, Joliet & Eastern
cars
' 924
292
14,814
-
of live stock for the week of
above the
821
463
4,029
Central of Georgia—
Charleston & Western Carolina
corresponding week in 1943.
cars
352
New York Acts To
1943
13,776
—
Duluth, South Shore & Atlantic-
-of 828
1944
782
Atlantic Coast Line
—
above the preceding week, but a decrease of 327 cars below the
cars
1942
264
843
Atlanta, Birmingham & Coast.
Tennessee Central
r
1943
392
,
Macon, Dublin & Savannah
;850 cars,
Connections
.
Durham & Southern
Loading of revenue freight for the week of April 15, increased
10,641 cars, or 1.3% above the preceding week.
Received from
Freight Loaded
••
Southern District—
Ended
1751
equivalent to 41 days' production
at
the
current
rate, and gross
are equivalent to 31 days'
production.
stocks
For the year-to-date, shipments
reporting identical mills ex¬
production
by
8.6%;
by 15.4%.
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
of reporting
mills was"
orders
34.2%
were
30.5%
were
greater; shipments
greater; and orders
47.7% greater.
THE
1752
COMMERCIAL & FINANCIAL
7,944 shares
underwriting
group headed by Harriman Ripley
& Co., Incorporated, and Merrill,
Turben & So.
Reference to the
proposed increase in the bank's
capital appeared in our issue of
April 13, page 1544.
April 20
ber of years was a director and
of John W. Moffett and Allyn W.
Treasurer of the Museum of the
Robbins of the Irving's personal
City of New York. His home was
trust division as Assistant Secre¬
at
Montclair, N. J., where he
taries of the company.
Mr. Mof¬
seryed as a trustee of the Mont¬
fett, who has spent his entire
clair Academy. In 1937 Mr. Jones
business career with the Irving,
was honored
by the Alumni As¬
joined the trust division in 1922
sociation of his old high school by
after successive promotions in the
being awarded a bronze plaque
banking departments.
He is an and citation that stated his activi¬
honor graduate of the American
ties in the business world had re¬
Institute of Banking.
Mr. Robflected great credit on the DeWitt
bins, a graduate of Brown Uni¬
Clinton High School.
•announced the election on
and
of Fordham Law
School, has been with the Irving
since 1936, serving in its invest¬
divisions.
Kleeman,
S.
Arthur
President
New
Colonial Trust Co. of
the promotion of
York, announces
Joseph M. Sullivan from Assistant
to Assistant Secretary
and Assistant Treasurer. Mr. Sul¬
Manager
the Rockefeller Center
livan is at
office.
'
Fales, President of
The Bank for Savings in the City
of New York, at 280 Fourth Ave.,
announces the election of Robert
H. Craft as a trustee of the bank;
DeCoursey
Conway,
San
condition
a
are
the
by
made
Dec. 31, 1943.
on
100,000.
W.'Felter, President of
Green
Point
Savings
Bank
N.
Broolyn,
Y., announced that
Kirby has been ap¬
chiefly
putting into the law its own
interpretations of what was meant
by the payment of interest in the
Banking Act of 1935. An interpre¬
tation of the law should not be
gress,
left to
ing
bank.
a
3. The Association believes
decline of $6,482,062. Capi¬
to $18,658,207
show
an
from Dec. 31.
increase of $99,806
Cash on hand totals
$116,736,570.
Vice-Presi¬
that
Brown-Maybank bills should
not be enacted because they con¬
stitute
an
inadequate and
un¬
Bond holdings,
Governments,
satisfactory solution of this diffi¬
culty.
4.
We suggest
would
have
legislation which
three
purposes:
(a) That Congress undertake to
in the law
what is the
define
payment of interest.
'
(b) That Congress state in the
limitations under which all
law
may be permitted
exchange charges only
amounts,
assure
to the
banks their
banks
insured
to
absorb
in incidental and minor
and
the matter of
of this type,'
Mr. Wiggins said.
'We will make
no
attempt, however, to extend
"social" or "political" credit.
In
private lending you must expect
lending agencies in
money
rates on loans
back.'
to get your money
'""Deploring the 'increased risk-*
of banking, in which
lessness'
the
tal accounts amount
and
regulations of Government
agencies.
$310,837,417, compared with
$303,769,853
at
the
year-end.
Loans total $31,712,673, represent¬
Assistant Vice-Presi¬
George J. Merked,.
Vice-Chair¬
the
of
Govern¬
the law by the
of
supervisory agencies appar¬
ently can only be cured by Con¬
total
G.
before Con¬
the Brown-Maybank bills now
gress was
of
Superin¬
tendent of Banks,
reveals total
deposits of $442,700,442 on April
13, in comparison to $449,051,876
request
which
dent of the
York.
Co. of New
of
Wells Fargo Bank
Francisco in response to
by
issued
will be sold
and
statement
The
The
at
$150 per share. Subscription war¬
rants will be issued May 1 and
will expire on May 31, 1944. Upon
completion of the sale of the ad¬
ditional shares the bank's capital
funds will be in excess of $5,stockholders on April 25.
Vice-President and George E.
of the Guaranty Trust pointed as
Treasurer
Assistant
ViceF. P. Bos well,
Secretary of the bank.
Sheppard,
A.
Assistant
is
Craft
Mr.
St.
Louis, Mo., announced April 21
the following promotions:
Fred
$2,000,000
was
unanimously
approved at a special meeting of
stock
of
Co.
Trust
Union
The
President,-
additional
Council of the American
position taken by the Executive
The
Bankers Association on
ment
Grace National
the
Opposition To Forcing
Universal Par Clearance By Federal Law
ABA Reiterates
tions
bank.
to
of the
an
"
the capital stock of
Bank of New York
Increase of
by
indicated as follows at its meeting in Chicago, April 19:
1. The Brown-Maybank bills seek to correct a conflict which
has arisen between Government supervisory authorities out of di¬
The National Boulevard Bank
vergent interpretations of the law. This conflict has subjected many
of Chicago, through its President,
of the banks of the country to<^
J. de Forest Richards, announced confusion and
inequity in impor¬ a credit pool system operating on
on April
17 that George A. East¬ tant aspects of their operations.
national, regional and local bases.
wood, President of Armour & Co.,
'We believe that we can com¬
2. /These divergent
interpreta¬
has been elected a director of the
pete favorably- with Government
versity
ment and trust
sold
were
was
a
director • of the Common¬
Harry E. Ward, Chairman of
wealth Insurance Co., The Home¬
Irving Trust Co. of New York,
land Insurance Co. and for a num¬
remaining
The
18.
Companies
Items About Banks, Tiust
Thursday, April 27, 1944
CHRONICLE
assets are
largely invested in Gov¬
loans guaran¬
ernment bonds and
teed by
Government agencies, the
went on to
South Carolina banker
*
say:
"
'We have under way a
and program to
banking facilities, set up
plan
educate
and
loans
the
mobilize
the ma¬
such loans
farmers in the way
should
be
handled
facilitate
to
chinery
definite
safely.'" j
Average !i Y. Savings
Account Over $1,090
Despite the payment of record
to perform other banking
breaking Federal income taxes the
services to their depositors.
Brooklyn, in its official
depositors in the savings banks of
(c) To postpone for a reason¬ New
N. Y., celebrated on April 5 his
York
State,
the
Savings
dition, as of April 13, deposits of
A gold $402,596,592 as compared with de¬ able period of time the effective Banks Association of New York
and Mrs. Conway were notified 50th year with the bank.
date of the law relating to the
on
State reports, added $56,648,712 to
April 20 by the War Depart¬ watch was presented to him by posits of $390,055,771 at the time
absorption of exchange charges,
ment that their son, Major Wil¬ the board of trustees of the bank. of the
their accounts during the month
Comptroller's call as of
thereby allowing for adjustments. of March—a larger gain than in
Mr. Merked entered the bank on Dec.
liam P. Conway Jr., was killed in
31, 1943.
Comparison of de¬
5. The Association reasserts its
5, 1894, according to the posits with June 30, 1943, of $328,action in the Southwest Pacificc April
either January or February and
Brooklyn "Daily Eagle," which 571,625 shows a gain of $74,024,967 previous position in opposition to one which brings the deposit gain
area on April
1.
Major Conway
was
Staff
Officer
with
the states that on July 2, 1906, he was in the period of approximately the forcing of universal par clear¬ for the first quarter of the year
Weather Section Headquarters of made Cashier, and on March 6, nine months.
Resources at the ance by Federal law or regula¬ to $154,804,106 and total deposits
.:
1916, he was elected a trustee, be¬ time of the last call stand at $420,- tion.
the 13th Air Force in the South¬
to an all-time high of $6,321,877,west Pacific.
He was born on coming Third Vice-President on 572,149.
379.
/
•
••
This deposit gain was coupled,
Aug. 4,
1914, at New Canaan, Feb. 6, 1922, and Vice-President
Conn., but lived most of his life and Controller on April 6, 1936.
according to the figures released
ABA
in South Orange and Green Vil¬
by the Savings Banks Association,
Stanley H. Peacock, Secretary- Gehle Of
lage, N. J.
He was graduated
with a gain in accounts for the
Treasurer of the Fairport Savings
from
Princeton
University
in
first three months of the year, of
and Loan Association of Roches¬ In Government Post
1936, summa cum laude.
Major
65,584, bringing
total accounts
Conway entered the employ of ter, N. Y., assumed on April 21
open to another new high of 6,The appointment by Secretary
the
Anaconda
Copper
Co.
at the office of President of the
297,073.
On the basis of these
A. L. M. Wiggins, President of
of the Treasury Henry MorgenButte, Mont.
Later he became a Monroe County League of Savings
figures the average account now
thau, Jr., of Frederick W. Gehle, the American Bankers Associa¬ stands at slightly over $1,000—
geologist for the Phillips Petro¬ Associations.
Vice-President of the Chase Na¬ tion, made known on April 20
leum Co. in Louisiana and Texas.
the
highest average balance in
Announcement is made by F. F. tional Bank, of New York, as Ex¬ that a nation-wide program of savings banks' history. War Bond
To prepare for his entrance into
ecutive Manager of the War Fi¬ encouraging term
loans, backed
President of the First
the armed services, Major Con¬ Brooks,
sales for the first quarter totaled
Bank
of
Pittsburgh, nance Committee for New York, where necessary by a credit pool, $82,488,288, bringing total new
way
attended a special class in National
was
announced on April 18 by is about to be launched by the
Pa.,
that
Attorney
meteorology at New York Uni¬ Pittsburgh,
savings—in War Bonds and sav¬
Nevil Ford, State Chairman.
In Association as a major contribu¬
versity in 1941.
Upon graduation Stanley Lyon has been added to
ings bank deposits—to more than
his new position, Mr. Gehle will tion toward meeting the needs of
he became a Second Lieutenant the official staff of the trust de¬
a quarter of a billion dollars.
direct
the
activities of the 62 business for money in its post-war
and shortly afterwards was
as¬ partment
of the bank, having
This is learned from a
been
appointed
an
Assistant county organizations in the State period.
signed to the 17th Weather Squad¬
It is further an¬ of New York, comprising approx¬ special dispatch to the New York Butrick To
;
ron
at
McClellan Field, Sacra¬ Trust Officer.
imately 500,000 volunteer work¬ "Times" from Chicago, on April
mento, Calif., going overseas from nounced that J. Judson Brooks
Palen
W.
executive committee
of the board of directors of the
Guaranty Trust Co. of New York,
the
of
man
dent and
wick
Controller of the Bush-
The
National
States
United
Oregon, reports
statement of con¬
Bank of Portland,
Savings Bank of
right
,
,
Chase Bank
Launching
Program For
Long-Term Loans
Confer In
there
Southwest
the
to
Pacific
and
S. Fichtel, Assistant
having entered the
George
Trust Officers,
1942.
in December,
area
Navy and Army,
Raymond E. Jones, Vice-Presi¬
dent
of
Co.
on
on
New
Manhattan
the
of
Bank
of
died
York,
suddenly
April 24 at La Jolla, Cal., while
a
Pacific Coast trip.
He was
official
respectively, the
personnel of the trust de¬
partment for the present will be
composed of the following offi¬
cers:
James B. Warden, VicePresident and Trust Officer: Stan¬
at-* ley Lyon, Assistant Trust Officer:
J. Edwin Wilson, Vice-President
and Assistant Trust Officer; Ross
Alexander,
Assistant Vicegraduates of De Witt Clinton High W.
59
of
years
Mr.
age.
Jones
York
New
public
tended
the
schools
and
School.
He joined the Royal Bank
one
was
of the
first
of Canada at its New York agency
in
1901
as
12
appointed agent.
with the Royal
junior
later was
years
16
After
years
clerk
and
Bank of Canada he was elected a
Merchants
the
of
Vice-President
National Bank of New York and
its
became
He
1919.
President
on
Jan. 16,
at that time, the
was,
and ' Assistant
President
Officer, and Charles L.
Assistant Cashier.
Trust
Garson Jr.,
Equitable Trust of Balti¬
The
Md., on April 10 announced
the appointment of Miss Nancy
Douglas Mitchell as an Assistant
Trust Officer.
Miss Mitchell, it is
more,
noted in
the Baltimore "Sun," is
youngest Bank President in New
the first woman
York, being only 33 years. Upon
the merger of the Merchants Na¬
officer appointed
in the bank.
tional Bank with the Bank of the
Manhattan Co. in
1920, Mr. Jones
elected
Vice-President
was
of
for
the
a
rector
First
combined
of
number
of
the past
the
institutions
years
was
Manhattan Co.
several
years
a
and
di¬
For
board
The
Union
of
of
Bank
Ohio,
Cleveland,
of the
Commerce
of
directors
announced
on
April 15 the election of John K.
Thompson as President of the
bank.
he has been
in
charge of the bank's branches
throughout the city of New York.
For many years* he has been ac¬
tive in the Reserve City Bankers
Association and the American In¬
Holders of the 450,000
The National
land,
Were
Ohio,
given
scribe for
common
stock,
an
additional shares at $30
fraternity through¬
out the United States.
Mr; J ones
subscribed for
fore
who
rata rights to <51 ihaggregate of 112,500
pro
stitute of Banking and was known
to'the banking
shares of
City Bank of Cleve¬
ner
share,
104,556 shares be¬
the rights expired on
April
ers.
.
.
-
•
-•
'
•
During the__-pasi jour years, in
addition
to his banking duties;
20, which added:
"This step, which overrides the
long-established policy of extreme
Mr. Gehle has taken a promineht liquidity based on 90-day com¬
and
other
short-time
part in war relief activities. He mercial
was associated with former Pres¬
naner, was revealed today by Mr.
ident Herbert Hoover in conduct¬ Wiggins after three days of con¬
ing the Finnish relief campaign. ferences by its executive council.
In addition, he has served in an
"Mr. Wiggins said the proposal
executive capacity with the Brit¬ made through the council, had
ish, Belgian, and Greek war relief met widespread approval in bank¬
campaigns. Born in London, Mr. ing circles, and that the details of
Gehle came to this country as a a nationally adequate and wellboy of five.
He was ■ educated staffed organization to put the
in Jersey City schools and at the program into effect would be re¬
New York University School of vealed later.
Commerce.
Newspaper
work
"Mr. Wiggins, who has real con¬
first claimed his interest and he tacts with the financial problems
joined the old New York "Eve¬ of little business enterprises in his
ning Post" as a copy boy, after¬ bank in Hartsville, S. C., said the
ward progressing to reporter and council had reached a unanimous
Wall
Street 'editor.
Mr. Gehle decision that the best field of em¬
entered the Mechanics & Metals ployment for idle banking capital
National Bank in 1916 as public¬ was in the field of loans, ranging
ity manager and becaAib.'a Vice- as long as 10 years. To enable the
President of that iriStitution in banks in the small communities to
1922.
After the Mechanics and obtain a proper share of such
Metals merger in 1926, ! he was loans, he said, the ABA proposed
appointed a Second Vice-Presi¬
dent of the Chase National Bank,
which
he
had been associated
becoming
President
early this
since 1920, for the latter part of
year.
the period as a specialist in gov¬
At
the same time Mr. Ford
announced
the
appointment of ernment securities. He is a grad¬
•--
uate of Harvard University and
the posi¬
served as a First Lieutenant of
tion of Deputy Executive Mana¬
Infantry during
World War I.
ger.
Mr. Richmond, who joined
Before taking over the duties of
the Defense Savings Staff in 1941,
his, new office, he was executive
was
previously an officerof the
assistant to' Mr. Ford.
Guaranty Trust Company, with
William
Richmond
to
N. Y, With
Exporters
Sinnott, Manager of
the New York Regional Office of
John
F.-
Commerce,,
P.
Butrick, Counselor of Embassy for
Economic Affairs, who recently
returned
from
Santiago, Chile,,
the
Department
has
announced
New
visit
will
of
that
Richard
York during
the
period from April 24 to 28 inclus¬
ive and will be available for trade
conferences with exporters at the
of Commerce , office
42nd Street.
Mr.
Butrick, one of the foreign trade
experts of the American Foreign
Service, for many years prior to
serving in Chile was in charge
of the commercial work of the
American Consulate General at
Department
130
at
West
Shanghai, China. His visit here,,
following that of Barry T. Ben-^
son,
Commercial Attache of the
American
Embassy
at
Bogota,,
marks the resumption
of conferences between returning:
American Foreign .Service Offi¬
Colombia,
and. businessmen interested/
foreign trade, which were in¬
cers
in
terrupted by the war. These con¬
ferences are arranged by the De¬
partment of State and the Depart¬
ment of Commerce in line with
policy of these departments
available all possible in¬
formation
concerning
foreign
markets and the post war needs,
the
to make
,
-•
of.other
countries.
@FedFRASER