Full text of Commercial and Financial Chronicle : April 5, 1945, Vol. 161, No. 4374, Section 2

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Edition

Final

In 2 Sections-Section 2

ESTABLISHED OVER 100 YEARS

.

ommetei

Reg. U. S. Pat. Office

Volume

New York, N.

Number 4374

161

Byines Reports

The Financial Situation

Price 60 Cents

Y., Thursday, April 5, 1945

a

Copy

War Production, Reconversion

on

of the many unsettling developments of the Holds More Manpower for War Production Still Needed and Urges More Govern¬
day give the thoughtful man more concern than the assidu¬ ment Economy After V-E Day.
Calls for Continuation of Price and Production Con¬
ousness with which the art of flim-flamming the public has
trols.
Predicts Less Favorable Food Situation and Housing Shortage in 1945.
been cultivated during recent years and the "planned" utili¬
Warns Against Pressure for Public Works in Reconversion Period.
Resigns Office
zation made of it in national political affairs.: Of course, the
and Is Succeeded by Fred M. Vinson.
professional politician has long been, perhaps has always
been, something of an actor and a pretender.
He is usually
Director of War Mobilization and Reconversion James F. Byrner*>good at cajoling his constituency and in pulling the wool made public on March 31 his second report to the President and the' ished munitions, but also those
providing equipment components
<vover its eyes.
There are many tricks ii^ the art of doing so, Congress,
and materials,-and essential serv¬
agencies have accomplished much
which he has
and he is usually master of most of them—if he is long suc¬
ices, such as transportation.
in bringing critical war programs
submitted
in
Few if any

cessful.

grossly
and influence in public

and trickery tend often to send

incompetent men to places of power
life.
But all this is as a child's wayward play compared with
the injury being inflicted upon the world by experts in flimflamming now in public life in various quarters of the globe,

particularly in Washington, D. C.,'who have made it their
perfect and employ the art of flim-flamming for
two purposes. One purpose is®
to keep themselves and their lands. Upon reflection it is
about as evident from the suc¬
own in office and in control
cess they have already had in
indefinitely, and the other is
to effect changes in our way changing the face and form
A dozen
of living so profound as to of our economy.
amount to making this coun¬ years is a short time to con¬
try over, perhaps making the jure up and install all the
world over, to comply with strange mechanisms of con¬

War

the

with

Mobilization

items
uary

sion Act. Text

February

of

Mr.

life's work to

report follows:
The
report

their
•"

trol and direction which have

ideas and ideals.

own

high¬
ly skilled in their art is ob¬
-

That these groups are

up ;; and t flourished
President Foosevelt

sprung

of the
of

submission
first

the

re¬

port on Jan.
i, 1945.
It is

James F. Byrnes

submitted

hope for early victory
in Europe mixed with profound
sorrow
at,-.the sacrifices which
must be made to accomplish this
"with high

Japan."
[On March 24, a few days after
vious from the length of time first went to Washington as
filing his report for the year 1944,
that the New Deal has re¬ President presumably bound Mr. Byrnes submitted to the Pres-t
mained in Washington, and by promises to restore and to ident his resignation as Director
in

since

degree in which its preserve sanity, real sanity of
spread across domestic vintage, in our na(Continued on page 1520)
and plains in other

the

basic ideas have
oceans

From Washington
Ahead of the News
By

semi-official popula¬
tion, which means, more or less, the officeholders and the newspaper¬
men, are divided into two distinct classes: the world do-gooders and
the non-world do-gooders, or the people, who like ostriches, have
their heads in the sand. They sprang, each class, from the domestic
do-gooders of the early New Deal and the non-domestic do-gooders
In Washington

of those days.

<

these days the official and

particularly

split. We have
i

h ere

men

never

who

_

':

in

bleeding
the world,
vice

by
.

versa.

held,

for

next

and
But

is

But

there is
not

has

just

wide open.

with the New
why you

reason

no

have

If you

an

excursion

most

he

erudite

had

of

our

com¬

Judge

the

Vinson,

M.

Fred

delightful trip.
enjoy it.
He
it because over

a

the Office of

who was
Byrnes' post.]
The report points out that co¬
ordinated, concentrated efforts by
the production and procurement

impoverishment, but impoverishand
travail all over the

fist-fight

the floor of the House of Representatives several weeks ago
With this background, we want I between Representatives Rankin
to present a current Washington
of Mississippi and Hook of Michispectacle which is baffling all gan. This worried our commenon

ment

"

■

behaviour, and




i

I

(Continued on page 1527)

;

been

oV,-<'■■■■ • v";
of

an emer¬

gency nature, and, with the ex¬
ception of the travel measure,
should be withdrawn on VE-day.

Other

measures

taken to relieve

shortages have included
the tightening of
draft regula¬
tions, the stricter issuance of state¬
rs Continued on page 1524),
, '

manpower

fin-

dangers of in
that

flation
will

post-war

pe¬

riod, and

ad¬

Page

1517

News

• •

...,..

1517

Moody's Bond Prices and Yields.. . ,1529
Items About Banks and Trust Cos.. 1520

York Exchanges.. .1529

Trading on New

Odd-Lot Trading...,..;......

NYSE

1529

Review...................,. 1519

Domestic Index. 1528

Commodity Prices,

Carloadings.................1531
Construction... 1529

Weekly

Weekly Lumber

Statistics......1531
1531

Movement..

Fertilizer Association

Non-Ferrous

Price Index... 1528

Coke Output..

Metals

Weekly Electric
Treasury
Tax

ruary

......,

1942

1528

Income

1522

Reserve

Reports

on

Feb¬

1522

Industrial Activity

Ownership

Analyzed

in

on

Returns

Federal

SEC

..1530

Market.

Output.

Reports

of

Demand

f

Deposits

...1528
..1523

a

be

to

backed
Allan

war.

"

following

Conceding,

that

"comparative

the war
favorable factors
bearing on the post-war period,"
Mr. Sproul says, "some other fea¬
the

of

one

have at present, such

goods
and
services,
by the large wartime

up

post-war

gest
must

'

,

stability of prices during
is

we

savings and the greatly expanded
money supply, would indeed sug¬

Sproul

ac¬

complished in the years
the

as

volume of deferred demand for

civilian

full

employment

borne

be

inflation;
in

mind,

and
at

it

any

that any
large-scale cashing-in of its hold¬
ings
of Government securities
by the public would force these

rate

as

a

possibility,

-

securities into the banks and thus
wartime economy,, still further expand the supply of
money.
If such a wave of private
raise difficult questions for the
future.
Last
year
was
again expenditure should come before

tures

of

our

characterized

by

financial

and

reconversion

lars, commercial
money

civilian
new

consumption

high

peak,

the

reached

volume

to peace¬

panding supply of goods, there
might well develop a runaway
rise of prices and all the other
disorderly manifestations of an

and

supply—the total of
bank
deposits and currency in
circulation—was enlarged by an
additional
28
billion. * Though

the

war

time

bank assets ex¬

panded more than 22 billion,

from

production
had gone far
enough to match it with an ex¬

monetary expansion. The Federal
debt rose another 62 billion dol¬

Reports on Individual Savings
1944...

such

and

levels

if

period is a

complex question.
Placed on top
of an already high level of na¬
tional
income and employment,

consump¬

tion

is

Trade

of

State

o

.

tend for the post-war

priv¬

higher

goods not now available con¬
pile up.
-

"What these wartime facts por¬

both

ment

again

tinues to

invest¬

ate

the

of

Ahead

ital

pe¬

points out the
for

business

increased.

presumably also for civilian cap¬

He also

need

of

and

again exceeded
wide margin,
assets of indi¬

a

At the
same
time the deferred demand
for consumer durable goods and

price

of

greater
Regular Features
Washington

From

viduals

substantially

vocates reten¬

riod.

Situation

Financial

consumption by
and
the
liquid

the

in

incomes

money

!1

frr:

this

face

transition

Editorial

Prices Feared

of the Federal Reserve Bank of
President of the Bank, calls attention to the

York, Allen Sproul,

controls in the

GENERAL CONTENTS

Paperboard Industry

the story of the near

has

measures

;V

measures are

thirtieth annual report

the

In
New

tion

1530
a
soldier reading the "Stars and
1527
Stripes," one of the official Army Weekly Steel Review.
newspapers.
Our
commentator Moody's Daily Commodity Index.... 1529
1530
friend wondered what this boy Weekly Crude Oil Production

saw

in their

coal

Require Increase of Private Investment and a 40% Expansion of Con¬
sumption.
Urges Taking Advantage of Interval Between End of War ia
Europe and in Pacific to Accomplish an Orderly Transition.

nation

Weekly Coal and

devised, the most

save

Sproul, President of Federal Reserve Bank of New York, Urges
Continuation of Price Controls.
Says Post-War Full Employment Will

immediate

enjoy

finding in this publication,
so he subsequently got hold of it
to read.
And, lo and behold, he

in

Allen

nominated for Mr.

Weekly Engineering

was

These

Post-War Runaway'

Economic Stabilization,

couldn't

there, in Italy, just one of the
countries he visited, he observed

profitable of all was the business
of bleeding not only for domestic

students of human

of

General

day at the same hour.

couldn't

and

of
the
Carlisle Bargeron
period is writ;
ten,
it will
I turn out that of all the profitable
industries which American inge-

world.

far

President Roosevelt an¬
nounced on April 2 the acceptance
of the resignation "with regret"
and
requested that Mr. Byrnes
continue in his office until the
Senate confirms the appointment

junket over Eu¬

a

now

mentators

when the his-

nuity has ever

our

been in good

This

tojry

i

be¬

distant."

be¬

abroad, and be able to tell of the
wonders of how you can leave
here at noon and be in Paris the

of

division

the

that he was retiring
"I think VE-Day is not

cause

Incidentally, the junketing

should

and large,

has
'•

Deal

have

way out
front: in

matter

commentators

have

but

gone

\ the

One of

national

season

domestic

the

-suffering

of War Mobilization,

stating

most erudite

haviour.

rope.

bled for

Washington

of

returned from

hearts

'whose

of the Office

^

The lines have

-'reduced

were

to

these

to

heartening.

years

only affect plants making

elec¬

victory and to defeat

present Director of

CARLISLE BARGERON

lic

by 1,800,000, de¬
spite the
addition of 4,400,000
women workers.
Labor shortages
not

of

use

The response of the pub¬

houses.

was

three

asked

were

the gain in critical
made somewhat at
the
expense
of other items of
munitions, as munitions produc¬
tion, as a whole, was lower in
February than for some time.
This production has to be ac¬
complished with a civilian labor
force which was dropped in the
last

of racing,

public buildings, and our people

v.;.-

■

in

reduction

tricity in night lighting and the
closing of places of entertainment.

Moreover,

programs

since the

war

Production

the

in

reduction

a

a

the suspension

Temperatures

1 erated

progress

include

to

travel,

over

War

points out the
acce

over

schedule in February.

Byrnes'

but

effect

December and 9% in
January, actual
output was still 4% below sched¬
ule
in January and 6%
below

official

summary

necessary

while the output in critical
was increased 11% in Jan¬

ever,

and Reconver¬

of the

Lagging production has made it
for various conserva¬
tion measures to be placed into

How¬

production.

increased

into

rdance

a c c o

Political palaver

inflationary

boom."

'

is," adds Mr. Sproul, "at
enough plausibility in this

"There

least

a

(Continued on page 1525)

of
I

THE COMMERCIAL & FINANCIAL

1518

with

U S Chamber of Commerce Endorses

respect to the
for

sources

and

of its

use

relief,

and

Presents Four-Point Program lor

the

unlikelihood of immediate attain¬

Bankers' Stand

Bretton Woods

on

Approves Report of Robert M. Hanes, Chairman of Its Finance Depart¬
ment, Recommending That Action Be Deferred on the Fund, but Uphold¬
ing U. S. Participation in the International Bank.
Advocates the Bank
Undertake Currency Stabilization Function.

the

"The

combine

to

Reconversion

pre¬

negative

Economists Committee

on Reconversion Problems
Proposed: (1) Elim¬
Controls, (2) Freedom to Establish New Enterprises,
(3) a Tax Structure That Will Preserve the Profit Motive, and (4) En-;
forcemeat of the Anti-Trust Laws, Without Attacks on Mere Size.
;

'

,'

highly necessary adjust¬
which should take place

ments,

ination of Wartime

before the Fund could be effec¬
tive,

include

other

the

adoption

commercial

proper

policies

favorable

measures

of

and

to

A four-point program to assure the nation of the
benefits of free!
competition in the reconversion of industry from war to- peace after

an

expansion of world trade, toward

pro¬

credits

Inter¬

posed

essential

certain

argument for urgency.

any

Participation by the United States in the proposed International
Bank for Reconstruction and Development and deferment of action
upon

ol'

ment;

requisites,

and

otherwise,

the

which

the Bank

could be of assistance in stabiliza¬

national Mon-

Chamber

victory in Europe

Indeed, emer¬
gency loans for stabilization pur¬

awaiting
study

the

by

Bank

a

in

a

of

report

the

under

rec¬

are

ommended

of

to

seem

be

stances

for

other

purposes

Committee

and

of

United

States

Cham¬

ber

of

with

Copyrighted by
Harris h Ewir.g

en¬

Robert

of

board

ML

Hanes

.

of

directors of the Chamber.
The

committee

expressed

com¬

agreement with the objec¬
tives of the Bretton Woods Con¬

ference and favored collaboration

with other nations in

a

program of

monetary stabilization, but raised
Questions as to methods under the

proposed Monetary.Fund.
In recommending deferment of
action on the Fund, the committee

suggested that the board of gov¬
of the Bank prepare a pro¬

ernors

for

monetary stabilization
which the nations can agree,

upon

the Bank meanwhile taking the
leadership in stabilization activi¬
ties,
including
agreements
and

loans.

The Bank

was

held to have

sufficient

authority
to
proceed
along these lines under its general
and

powers

under

clause

.a

per¬

mitting loans and guarantees in
special circumstances for purposes
other than specific projects of re¬
construction and

The

development.

Winston-Salem, N. C.,

former President

ican

Bankers

after

of

the Amer¬

Association,

consultation

with

acted

subcom¬

mittees of the Chamber's Foreign
Commerce Committee and with
its

Committee

International

on

Post-War Problems.
The

were

as

4

par¬

ticipate in the International Bank
for

Reconstruction and

ment.

"II.

'

.

That

Develop¬

'

the

a

board

of

of the Bank make

nors

a

gover¬

recommendations

tions
sary

to

the

na¬

concerning (a) any neces¬
broadening of its powers to

include the

ization
ments

negotiation of stabil¬

agreements

and

arrange¬

for stabilization

loans,

(b)

the International Monetary
Fund,
or
(c)
some
other
mechanism,

with; operations of the
other agency properly
with those
"III.

Fund

or

integrated

of the Bank.

That the Bank

cluding agreements and loans, as
may1 be permitted by its Articles
of Agreement, which
give definite
authorization for loans and guar¬

antees in special circumstances

for

other
than
specific
projects of reconstruction and de¬
velopment.

purposes

on

That

Congress defer action
tfye participation of the United

States

in

an

International Mone¬

tary Fund pending submission of
recommendations by the board of
governors of the Bank with regard
to the stabilization of
exchanges."

In

elaborating its recommenda¬

tions, the committee said:
„

Both

i,

in

.

the field of

,

,

long-term




lead to

not

provide the stimulus necessary

to

of

a

the

secure

deferment would

try is freed

sounder initial valuation

government

a

high

of

level

pro¬

duction and employment essential
to future prosperity unless indus¬

currencies, with an ultimately
chance
for
permanent

from the shackles of

controls

and

couraged to expand
lower prices.

greater

stability.

is

en¬

and

output

The

Committee, of which Dr.
Wright, - professor of eco¬
of
Brooklyn
College, is
been a determining factor in the secretary, asserted in a statement
recommendations of the commit¬ that only by the adoption of the
tee.
There should, however, be following measures at the war's
full disclosure of proposed post¬ end can the powerful spur of
war loans and other international
competition be secured to accel¬
"The very substantial cost of the

Bretton

Woods

financial

has

program

undertakings

United States

as

nomics

erate

the
gain¬
It is

of
of

means

a

Ivan

not

reconversion and

its

assure

cut

costs, they

sizeable

of the

part

retain

can

larger

1.

a

earn¬

ings that result.

/

4. The anti-trust laws must be ;
enforced to prevent monopoly and
unreasonable trade restraints,

ex-?

in the public utility fields,
whereby regulatory agencies with;
cept

broad

control

powers

the

enforcement

and

prevention

should
tacks

not

be

of

exist,
ButJ
competition^

of

monopoly?

confused

with

at-?

enterprises which have;
become larger in size because of*
efficiency.
•;
on

Such cumbersome wartime
vices

as

price

ceilings

production
are

de-J
and;

controls

wholly unnec¬

essary and mischievous in

success:

clause mak¬

a

ing membership in the Bank
tingent on membership in
Funds
the

NcP general

nations

obtain

should

consent

amendment

the

world

question

operations

needed

this

to

slight

Articles

of

of

the

Bank

Bank

with

at

would

integration
There is

operations.

of

management

institutions

careful

a

be

the

"Establishment

"Effective

conference of

to

to

con¬

respect to possible
the Fund and the

of
cross

due

purposes,

for

son

further

study of the sta¬

tion for deferment of action

bilization

In

Fund

to the Bank is favorable in other

board

the

States.

well

Serious

where,

in the United

as

doubts

been

as

to

expressed

in this country.

as

be

made by the board of
governors
of the Bank with respect to a
per¬
manent

stabilization

program

weight

carry

in

all

the

nations.
committee's

that action

on

the

conclusion

Monetary Fund

should be deferred is
based, first,
various

objections appropriate
by the board of

lor further study

of

governors

the

Bank, such

as

involved in differences of in¬
terpretation and opinion with re¬
spect
to
changes in
exchange
are

rates,

credit

tions,

and

change

rights

of

controls

and

agreements;

second,
recognition '

would

be

during

a

from

na¬

of

ex¬

expected

bilateral

on
■

the

that

of

transitional

the

ap¬

little

Fund

period

of

three

to
five
years:
and
the desirability of await¬
certain highly necessary ad¬

third,
ing

the

continuance

on

justments

in

domestic

national policies before

and

inter¬

setting

up

institution in which the
process
of granting credits
might be re¬
garded as somewhat automatic.
an

"The

objections

against the

Fund

advanced

are

m^ke it impossible

such

for the

as

to

com¬

mittee at present to view the
plan
as
meeting the criteria of the

Chamber's

position

policy.

monetary

"Authority
of

for the continuance

controls in the early
Fund, .limitations

the

cited

against

the

on

of

some

the

committee

the

monetary

referred

to

expressed
in
that the extreme

ap¬

some

flexif

bility in exchange rates, together
with
of

the

authorized

continuance

exchange controls and bilateral
during

the

post-war

transition period, would result in
further instability of currencies
and

that

stability would not be
obtained.
Widely .differing- in¬
terpretations of the plan in the
United

States,

Kingdom,

it

and

United

the

provide

stated,

was

basis for doubt

to what may be

as

the

expected.

The committee, in calling atten¬

widespread opinion that
adequate safeguards in credit ex¬
tensions
are
lacking, cited the
possibility of excessive borrowing
which
the

a

might lead

Fund

and

to

collapse

adverse

conse¬

quences to the world economy.
was

is

•

of

It

pointed out that the inference

being

would

titled

to

quotas
fusals.The
world

drawn

consider
the

and

that

members

themselves

amounts

would

of

expect

en¬

could

member

be

peace-?

time, for competition accomplishes^
the

same

purpose

satisfac-^

more

torily, said the Committee, whicH5
has been studying the basic
prob-v'
lems that will confront American'

business
a

in

civilian

the

to!

reconversion

economy.

"Under

a free competitive econ-T
each businessman makes his?
decisions," the Committee!
stated, "and his own enterprise is

omy,
own

the

chief

sufferer from

the

of mistakes.

sequences

con-'

a:

Under

controlled economy, a government
official
makes
managerial deci-^

nations

domestic

ir ■v/;''

.

success

of

Currency

any

jeopardized

by

was

important to be

commencing

op¬

erations at too early a date. Until
domestic and world conditions are
more

favorable, gradual develop¬
of

a

program

under

leadership of the Bank

was

with

respect

require careful study.
the proposed
International Bank, the committee
upon

"As against the ultraliberal

to

con¬

ditions applying to credits through
the
Fund
the
proposed
Inter¬
national Bank would operate on

business

basis.

.

a

The

Bank's
outstanding
guarantees,
participations
and
direct
loans
would
of

be

limited

100%

of

to

maximum

a

Loan projects would be in¬
vestigated and approved only on
plus.

the basis of

favorable report by
competent committee. Arrange¬

ments

a

would

be made

to

that proceeds of loans

ensure

were

used

only for purposes intended, with
due

attention

efficiency
other

to

consideration

and

without

and

economy,

regard

to

of

political

non-economic

or

influences.

would

be

given to
the prospect of repayment. Loans
to
private borrowers would be
guaranteed

by a governmental
A member nation would

agency.
have a veto
to

loans

would

in

be

with

respect

currency.

Loans

power

its

made

only

when

not

obtainable from private sources.
"The
Articles
Bank

the

safeguards writen into the
of
Agreement for the

tend

to

institution

encroachment

minimize

the

pos¬

The policies of

would

directed

be

upon

private

"The

Bank,

ternational
be in

with

its

in¬

broad

representation,

would

favorable

a

position to study
develop for approval of the

nations

ways

and

rency

stabilization

held

about

the

the

en¬

terprise.

and

entire

an

industry,

"Government controls

over

means

and

introduction

of

to

feasible and desirable."

cur¬

bring

of*these

to

be

or'
All

the,/

quantity and quality of produc-*
tion, over distribution and selling
prices, will m&ke for higher costs,v
reduced

sales and less employ-'
Competition, by contrast/

compels

manufacturer

Iributor

alike

and

dis-?

to

operate effici¬
to reduce costs, lower?

ently so as
prices and thus ,expand
a competitive market.

sales in-

if, during the

war,

indeed

the nation be-.;

so
habituated to
govern-;
regulations that it will con-?
to rely upon such (Controls'
in peacetime rather than, the auto-;!
comes

ment

tinue

matic forces of free competition.Reconversion, following victory in
Europe, will provide the test."

unimpaired

sub¬
scribed capital, reserves and sur¬

a

for

for the economy as a whole.
suffer if he makes an error.

"It will be unfortunate

said:

plans when they anpeared
respect

to

stated to

were

the

to be desirable.

Questions

upon

toward the support of rather than

scheme for

stabilization

asserted to be too

with

policies,

sions

ment.

exerted

sibility of losses.
re¬

as

national

which might be exercised
the Fund, including pressures

by

their

no

motive

ihe

of

powers

which

Consideration

tion to

profit

mainspring

strictly

prehension
quarters

destroy

the

Commenting

stabilization mechanism.

The

to

a

committee

ment

of exchange
years

on

final

it."

study by the
of governors of the
Bank;

agreements

"The

on

pending

criticisms

Such

might

as

.

the

else¬

before

program

is taken upon

support of its recommenda¬

countries

as

to

different regulations applicable to
them.
This is an additional rea¬

tions

both institutions
were
Sentiment with respect

their

.

3. The tax structure must .be re¬
formed so that it will not tend

serious

a

action

on

two

require

of

should
be
accomplished
more
speedily under this program than
if immediate action
by the na¬
needed.

ties.

calculable harm, might be done.

the Fund is

on

the elimination of

parent
such

assume

interim stabilization
activities, in¬

'TV.

advance of action

study of

question of monetary stabil¬
ization with a view to submission

development

that competition can¬

and

.

by establishment of the Bank in

would

the

of

serious

warned

Restrictive
ing a proper perspective.
production, dis¬
The board of governors of the pro¬ likely that such undertakings will tribution and price controls must
be
of
be
terminated
considerable magnitude.
immediately at the
posed International Bank would
"The
committee
is
be well fitted to make such a
impressed end of the war, so that output can
be
with
the
expanded
by manufacturers,
importance of sound
study and to report its recom¬
mendations to the nations.
management of experienced of¬ and merchants can be provided
"The committee is not impressed ficials;; if an international institu¬ with more goods to sell.
2. No obstacles must be
placed
by the argument that any action tion, whether intended for mone¬
in
the way of new enterprises
other than approval of both the tary
stabilization
or
long-term
Fund and the Bank would require credits, is to be successful.
With that wish to enter an industry,
and compete with those already
another world conference, with proper management, the nations
established therein, except where
probable failure of the entire pro¬ could have assurance that what¬
public interest calls for reason¬
gram..
The only change in the ever powers were granted would
able
limitations as in air trans¬
exercised
with
Articles
of
caution.
Agreement for the be
portation and other public utili¬
such
Bank which would be necessitated Without
management,
in¬

recommendations

"I. That the United States

.■

has

that such

goods

Commit¬

the

tee

On the contrary, it is its be-;

lief

time

same

the Fund

on

stabilization is desirable.

currency

Fund have

recommendations

follows:

committee,

Agreement.

mittee, which is headed by Robert
a

the general problem of
stabilization. -

as
to the advisability or
necessity of immediate action by
Congress on the plan for an In¬
ternational Monetary Fund.
It is
of the opinion that further study

Finance Department Com¬

M. Hanes of

to be

of this and alternative methods of

plete

gram

stated

doubts

24,

the

the

"The

public

dorsement

to

currency

was

March

pn

tention

The

made

The
appear

sufficiently broad to warrant at¬

Com¬

report

development.
of the Bank

powers

At the

practical program for the
stabilization of curren-i

a

cies.

than

specific projects of reconstruction

a

post-war

permitting loans
guarantees in special circum¬

Depar tment
the

of

provision of the Articles

a

action

need not prevent the

possible

Agreement

and

Finance

merce.

>

would

poses

deferment of

economy.
Managements should
know that if they sell more
_

Reconversion Problems.

on

"The committee believes that

tion of currencies.

Fund

offered to-®'

was

consistently day by the Economists Committee

has directed its efforts.

'

etary

Thursday, April 5, 1945

re¬

rehabilitation

indebtedness,

war

CHRONICLE

hi

UNRRA

to

>Y>

Supply

Yugoslavia
Herbert H.

Lehman, Director of<

the United Nations Relief and Re4
habilitation
Administration
and'
Marshall
Tito's
government
im

Yugoslavia
have
agreement which

to

come

am

permits Tito'sc
government to distribute supplies,
furnished

by the UNRRA.
'
Washington advices to the N. Y.',

"Herald

Tribune"

discussed

the

of

March

agreement

as

28.

fol

i

lows:

ir'A
UNRRA

however,

representatives

to

portunity

of

be

afforded

observing

are*
op¬

distribu-*

tion in Yugoslavia "at all
it was provided by the

They

an

stages,"^

conditions^

signed in Belgrade by
Nikola Petrovic, Minister of Com-?
merce, and Roy F.
Hendrickson^.
a
deputy
director
general
for,
were

UNRRA.
No request for
payment is to,
be made. The director
general was
disclosed
to
have

"determined

that Yugoslavia is not at this
time,
in position to
pay with suitable'!
means of foreign

exchange for re-!!

lief and rehabilitation."

The United Nations
agency an¬
that Alan Hall of Aus¬

nounced

tralia, acting chief of the UNRRA
mission
establish

grade.

to

Yugoslavia, will
headquarters

in

soon

Bel-t

/

in Excess of

Against Reliance oft Credit

Wains

Contrary to Accepted Principles

ations Arfe

Joseph D. Nunan, Jr., Commis¬

Sees Abuses if Oper¬

sioner

of Credit and Foreign

March

of

Internal
that

29

said

Revenue

dealers

in

Survey," published by the ceilings established by the Office
York, contains an analysis of the ofvPrice Administration, cannot
have such excess payments con¬
post-war foreign trade nutlook for*~
sidered as
deductions in
deter¬
the United States.
Pointing out tion, its costs, even though large,
The March issue of "The Guaranty

Guaranty Trust Company of New

.

both

that

Lave risen

ing anything in * the past," - ihe
"Survey" maintains this is nQ in¬
dication that these levels will be

after

rpaintained
that

if

than

"to levels far exceed¬

efforts are

and

the. war,

made to swell

foreign markets by too great a re¬

Credit,
dangers ahead.

liance

upon.

grave

,

there

.

are

;

"Too great reliance upon

'

.

credit

swelling foreign
tnarkets for American products is
tis.'

means.'

a

of

certainly
to
be
avoided," ' tiie
article stated. : "Capital exports

undoubtedly
can
and will be
made.
Their volume should be

strictly
from
the long-term investment
point of viewi with due weight
given to their probable broad
however,

determined,

economic effects and the prospects

There will be a
strong temptation to use credit as
of

repayment.

it

was

used after the last war, as

af means

of stimulating merchan¬

exports without considering

dise

tfiat in the end imports and serv¬
both the loans
If such practices
adopted again,
they

ices must pay for

and our exports.
be

should

probably end, as they did
before, in a general international
collapse of credit and trade, re¬
sulting in heavy losses to Amer¬

would

ican investors."

Referring to the International
Monetary Fund as a factor in
post-war trade, it ig stated:
>" "Most

emphatically,

believe
the solution of the credit problem
does not lie in the establishment
we

of
an
International Monetary
Fund of the sort contemplated in
the

.

Much

Bretton
Woods
more effective

proposals.
as

a

means

providing such credit as may
needed to promote exchange
availability and finance rehabili¬
tation would be the proposed In¬
ternational Bank for Reconstruc¬
tion and Development.
Such a

of

be

bank, under proper
cbuld be of

management,

real service in sup¬

plying credit of types not suitable
for private investors."
Turning to the dangers of the
Monetary Fund, the "Survey"

'

'

continues:
*

could per¬
function that the
International Bank could not per¬
form as well or better; and it
would.expose the world, and the
United States in particular, to a
number of very serious dangers.
Its methods of operation would be
contrary to all accepted principles
both of credit and foreign ex¬
"The Monetary Fund

form no useful

mination of their taxable income.
In

But

objective.

desirable

a

the plan
to

more

no

as

reasonable price to pay for

a

such

accepted

be

might

imports

and

exports

would do little or nothing

stabilization,: and

promote true

might have exactly the oppo¬
site
effect.
Currency ; stability
it

comes

not from

was the news of the "New
Management," embracing.the principles upon"
which labor and capital will work for greater harmony and progress
between employee and employer, which in turn will promote the
common good of the natiori as a whole.
\
■
'
>
The agreement recognizes the rights and responsibilities of both
groups and through it labor and^
of
the
individual,
management will strive to cope protection
silccessfully with the big problem against unemployment, expanded
of
employment and production foreign trade free of subsidized'
when our country again 'returns
competition,
and
an
enduring
to an economy of peace.
peace, 1.:,:-'*,■:,
■ :•
,:
There
are
Finally, the charter called for a
undoubtedly some

1

com¬

modities;: subject to price con¬
trols who pay- prices above the

Exchange.
V

fexcl^nge-pegging

the: audit

turns,, he

.

tention

agreement
to go

of
:

last

or

are

stability
of currencies.
When they exist,
no elaborate international mech¬
anisms are needed to stabilize ex¬

the factors that make for

When they do not;

change rates.

mechanisms

such

ceive

the

try would supply a large propor¬
tion of the Fund and its currency
will

probably be most in demand

The United States
would, in fact, be placed in the
position of agreeing in advance to
accept foreign currencies at cer¬
tain values and to lend foreign
countries large sums of money
•without
an
opportunity to ex¬
of those curren¬

terms of the
the financial position of

cies, the' amounts or
loans, or

the borrowers.
*

"If

the

proposals offered pros¬

pectsfor
of FRASER
lasting currency stabilizaDigitized


greater unity among men.

or

industrial strife is the lack of true

business to buy or re¬

society had in a high degree been

issued

could

in

of the pro¬

pursuance

visions of the Act.
decisions

court

well

*

our

industrial" set-up

be

been attained.

He also referred to various Fed¬

1

independence* as
possible had then
Today, the radical

for ; industrial

holding,

in

in

change

occasioned by

our

nation."

:

-

•

Steel Industry,— The secondary-*steel order; peak of the war to all,

has passed this week,

appearances

since Some mills for the first tirne

have; reported reduc-;
Cancellations
to -the overall;
improvement in the steel produc¬
tion picture. Improvement in the
railroad car situation,;the end of
cold weather, and in some cases ,
better local operating conditions;
have combined to put both ingotand finished steel production on a
higher plane, states "The Iron!
Age" in its currently weekly sur¬
vey of the steel trade.
Preliminary production reports ;
for March indicate that, although;
few wartime records will be set,
output will be the highest for sev¬
eral months.
Chicago's operating
rate the past week, 103, was the'
highest in 11 months and operations in Pittsburgh have assumed

this

members and the common good of

reached.«As wide an Opportunity

any

Of

terests

One of the root causes of much

the departure over

year

tions

of

have

contributed

backlogs.

methdds of produc¬
effect, that a deduction from Fed¬
"One thing seems certain;' The
greater use of ma¬
eral income tax should not be al¬
optimistic estimates of post-war lowed where the result is to al¬ chinery, of necessity, makes the
foreign trade volumes will not be low a tax
advantage to flow from skilled artisan as well as the un¬
realized if the world allows itself
an
illegal expenditure and thus skilled worker more than ever
to drift back into the system Of
frustrate a. Sharply defined public dependent upon business arid iriprohibitive tariffs, quotas,
ex¬ policy.
He added, to allow an dustry to sustain him. '■ change controls, bilateral clearing amount paid in excess of the es¬
In seeking to" attain security of
arrangements and multiple-cur¬ tablished ceiling price as cost of job and
well-being of family,
rency practices that prevailed dur¬
goods sold, or to allow such an some workers turn to labor or¬
ing the pre-war decade.
These item to be otherwise deductible ganizations as the best means to
a more "normal" character for the
barriers have been subordinated, for
purposes of the Federal income this end. On the opposite side of
for the time being, to war-time
tax,
would be to
allow vio¬ the picture we find business and first time in nearly two andsa half
•
controls, the need for which will lators of the Price Control Act to industrial
.;
groups
such as the months.
Cancellations had an important
pass with the
coming of peace. distort the true nature of the pay¬ United • States. Chamber of Com¬
The post-war transition will pre¬ ments made and to encourage the merce, the National Association effect on backlogs the past weekof Manufacturers and like trade and were largely from customers;
sent the world with a rare oppor¬ consequent disregard of the antithe years in
tion and the

-

'

tunity

itself

rid

to

strictions.

these

of

re¬

The process, however,

the reluctance
delegations at
Mexieo City to consent to tariff
reductions
has
shown;
and
it

inflationary

established

policies

by that Act. •-

4

-

of

the

of

some

probably cannot be accomplished
at all without general interna¬
tional
agreement.
Efforts
to
reach such an agreement should
be
directed
exclusively at the
question of trade barriers, which
considered

should

be

merits

and

more

should

its

on

not

be

:

own

made

than necessary by

difficult

the inj ection - of -such highly con¬
troversial

issues

the

as

Woods proposals.
"The
United
States,

Bretton

the

as

stake in
expansion of
foreign markets, would be the
most logical
initiator of such a
movement. Our heavy industries,
the restoration <' and

with capacities

greatly increased
demands, probably face

war

drastic

curtailment

Unless

large

opportunities can be found in sup¬
plying Capital equipment for the
development of new industrial
areas in foreign countries.
Such

savings

insured sav¬

uneconomic

and

discouraged

interference.

out

the

If

Bank of Chicago,

reported

March 29. He said that in the
303 such institutions in this dis^

on

trict, people had $453,718,417 in¬
vested on Dec. 31, 1944, a gain of
11.7% from June 30.
Maintenance
serves

and

of

average

re¬

profits

undivided

at

approximately the same ratio to
total assets as at

mid-years, des¬

pite the phenomenal gains in new
money

flowing in, was reported in

further analysis by Mr. Gardner

a

of the

balance sheets of-associa¬

shares in¬
This is the only group of

tions which have their

ratio of such loans

declined from 69.11 to 67.2%. The

by

international

increasing percentage of assets not

more

may

hopeful fore¬

finding an outlet in the mortgage
loan field is accounted for by rap¬
idly enlarging portfolios of Gov¬
bonds
and
increased

casts, with immeasurable benefits

ernment

both to ourselves and others.":

cash, both phenomena of the war¬
time economy. ./•

New South Wales Tenders
The Chase National Bank of the

City of New York, as successor
fiscal agent, is inviting tenders for
the sale to it of
ternal

an

amount of

ex¬

5%

sinking
fund
gold
bonds due April 1, 1958, of State
of New South Wales, Australia,

sufficient

to

exhaust

the

sum

Mr. Gardner said
assets

that the total

of the associations in these

two states which have

accounts

insured

by

their share

the Federal

Savings and Loan Insurance Cor¬

poration, went over the half bil¬
of

lion mark for the first time as
Dec.

31, 1944.

/

Philip

the

CIO.

1945, at the Corporate Trust De¬

partment

of the bank,

11 Broad

St.,'New York City 15, N. Y.

Murray, President of
One objection raised

who have had their second
ter

CMP ^allotments

from

than

curtailments.
ufacturers
luctance

changes

or;

Many civilian man¬

display
to

quar¬

rather'

cut

schedule

a

marked

remove

re¬

mill

from

second
quarter authorization has been re¬
voked. As for the mills, their atbooks

tonnage for which

titude

is

that

it

is

their re-;

not

sponsibility to police the validity,
of authorizations which have been

:

handed them.
'

Some

eastern

■>,;

mills

last

week

reported to be seeking plate
business for
May delivery, the

were

.

k.

conjecture being that cutbacks in
the

tanker

construction

program

have created spot openings.
Renewal of contracts held by mid-,

may

against: the charter was that of
Jrd Mosher, President
of the Western landing craft builders
NAM,: who " stated that it was may offset to a degree this re- :
good "as far as it goes but it ported setback. Overall Maritime v.
plate
requirements.
doesn't go far enough." This ob¬ Commission
jection rif Mr. Mosher's is not give evidence of their oft-ru¬
likely to preclude the possibility mored '.-'slide and by July seem*
of cooperation on the part of the destined to be less than 40% of
association- he heads, since two the July, 1944, level, according to
of its officers were signatories to the magazine.
/
.

the

agreement.

-

I; Some insight may be afforded
interested in the charter
from the following excerpts of the
those

text which embraces seven

prin¬

ciples:

management and labor

"We in

firmly believe that the end of
war will bring the unfolding
era

new

-

based

upon

this
of a

vastly ex¬

plate mills are in

Some

search

of

business

for

the

active
third

As an indication of this,'
producer stated the past week
that his mill will take orders for.
quarter.

one

plates for any month after August.,
The feeling exists that Maritime
reservations of plates will be cbm- >
pletely abandoned shortly thereafter. '
:

Expansion of warehouse stocks
panded economy and unlimited
opportunities for every American. has occurred as a direct result of
the
improved situation
at j the •
"This peacetime goal can only
mills
made
possible; by higher
be attained- through
the united
production and additional avail¬
effort of all our people. Today we
able freight cars.
Order volume
are united in national defense, to¬
is being dictated closely by avail¬
morrow we must be united equal¬
able stocks and March orders will
ly in national interest.
run higher.
Delay in shipment of,
"Management-labor unity, so ef¬
CMP orders by mills continues to
fective in lifting war production
throw a larger than usual propor-'
to unprecedented heights, must be
tion of production business to the
continued in the post-war period.
warehouses, "The Iron Age" points.
To this end, we dedicate our joint
out.
Some sources indicate that
efforts for. a practical partnership
warehouses
will
get additional
within this code of principles."
galvanized sheets in the future.
The code calls for wages assur¬

ing

a

steadily advancing standard

Production

of

galvanized

and

cold-rolled sheets continues below

competition, the
its peak, because of manpower
right of management to direct op¬
shortages, while new business in
erations, the right of labor to or¬
(Continued on page 1526)
ganize and bargain collectively,
of

of

$241,436.63 now held in the sink¬
ing fund. Tenders will be opened
at 12 o'clock noon on April 9,

and

to total assets

be prevented
our

and

and loan associa¬

can

understanding at the outset,
foreign trade after the war
bear

*

code recently arrived at.
The new charter of labor

industry has the endorsement of
tions in Illinois arid Wisconsin the President and leading indus¬
and
bankers
and was
continued upward in the last half trialists
of 1944, and the $45,222,222 net signed by Eric Johnston, Presi¬
dent
:of
the
Chamber
:
of Com¬
gain in private shares rolled up
a
new
record, A. R. Gardner, merce of the United States; Wil¬
President of the Federal Home liam Green, President of the AFL,

ings,' building

opportunities certainly exist, and

such restraints

so

mindful

Bldgt & Loan Assns.

Lban

nation with the greatest

by

Savs. in lilt-Wise.

investments in

One can

no

tions

The rate of increase of

industry.

quarrel with such associa¬
long as they remain
of the common good of
society in their administration.
Such is the intent and purpose of
the new labor and management

find

and

established in the interests

groups

of business and

•

will not be easy, as

after the war.

amine the values

it

commodity", in viola¬

eral

useless.

or

practice, such abuses
principally at the expense of
United States, since this coun¬

as

tion of any regulation or order, or
in violation of any price schedule,

than

worse

are

,

bf .trade

industry—thesfe

prosperous

'

"In
be

representatives which
"will Seek to promote an under¬
standing and sympathetic accept- *
ance of this code of principles and
will propose such national poli- \
cies as will advance the best in-'
labot

arid

provisions of the
lavish extensions
bf
credit but from sound :,eco-, Emergency Price Control Act pro¬ understanding on the part of both
viding that-it-is unlawful for -any groups of each other's problems.
nomic, monetary: arid fiscal < CGftf
In the period of early medieval
ditioris in. individual. countties. person, under circumstances re¬
cited in the Act, "to sell or deliver
guilds a just balance between the
Balanced budgets,- sdund money;
any y.cbmmodity, or in the course economic interests of their own
Stable domestic prices^actiye and

agreements

-

war."

'

business

of

committee

national

an

impotent in the promotion

be

to

countries

! those that occurred after the

such

of industrialconflict will prove

the

to

upon

fraught with so
generalities that its failure
to the heart of the problem

many

;

Commissioner Nuriah called at¬

7

look

will

who

re¬

goods sold or as
expense for deduction
income.
;

from gross
;

tax

cost of

as

item of

an

income

stated, such an excess
will
not
be
allowed

payment
either

of

jured;
They'would not prevent the
principal obstacles to their
savings and loan institutions for
from
adopting infla¬
full realization lie not so much
which
these
full
data are
yet
tionary policies at • home while
in foreign competition as in the
available> it was pointed out.
continuing to exchange their cur¬
possibility of Government regu¬
While the total amount of mort¬
rencies for others at fictitious
lations, cartel arrangements, sub¬
parities. They would make pos¬ sidies and other forms of artificial gage loans outstanding increased
during the last half of 1944, the
sible credit abuses far exceeding

change.

significance the past week

Of much

Chatter fon Labor and

Solution of Credit

Proposed International Monetary Fund.

in the

The State of Trade

Prices Not

;jl§;To Foster Foreign Problem Does Not Lie
Guaranty Trust Holds That

1519

THE COMMERCIAL & FINANCIAL CHRONICLE-

Number 4374

.Volume 161

living,

free

THE COMMERCIAL & FINANCIAL

1520

Job Relations Inst.

The Financial Situation
(Continued from first page)

•

J

,

,

.

Thursday, April 5, 1945

Items About Banks, Trust Companies

Planned for April

• •

The

statement

of

condition

of

Guaranty Trust Co. of New York

Three

institutes for instructors, as of
March 31, 1945, shows total
government. The cote- j there can be but little ques
who will
conduct job
relations
rie of huge corporations and, tion
what would happen. programs for the American Insti¬ resources of $3,483,800,314 against
$3,826,161,882 on Dec. 31, 1944.
agencies functioning under, Their schemes would be re¬ tute of Banking in their home and
total deposits of $3,144,252,438
jected
chapters,
are
being
and
decisive¬
promptly
planned
for
through and with the support
compared with $3,441,036,641 three
April,
according
to
William
C.
of the Reconstruction Finance ly
But it is not in keeping
months ago, and holdings of U. S.

tional

V

CHRONICLE

>

The Commercial National Bank
Trust Company of New York
reported as of March 31,
&

1945,
$224,092,155.24
of
$248,125,431.10
compared,
respectively,
with $244,089,649.95 and
$268,004,596.65 on Dec.
31, 1944. The bank
total

deposits

and'

total

-

of

assets

Way President of the Institute,
Corporation; the Securities with the art of flim-flamming who'is also trust officer of the Government obligations of $2,159,- held cash on hand and due from
912,429 against $2,362,481,307 at banks of $46,670,071.41 compared
the
public to call a spade a Central National Bank, Cleveland, the
Exchange Commission
end of the year.
with
$44,263,008.35 on Dec. 31,
and the half dozen laws under spade or to tip one s hand Ohio. The AIB is the educational
Capital and surplus remain un¬ 1944; investments in United States
section of the American Bankers
which it now functions on a prematurely. Even Hitler was
Government
changed at $90,000,000 and $170,securities of $160,Association.
broad front; the Federal De¬ far too wise to do any such
000,000, respectively, and undi¬ 915,430.64 compared with $178,The three April job relations
vided profits total $45,148,336 as
102,233.34 on Dec. 31, 1944. Loans
posit Insurance Corporation, thing. Little by little, one institutes planned for Dallas, Tex¬
discounts
of
compared with $42,222,571 at the and
$35,250,635.33
the several mortgage corpora¬ scheme at a time presented as; Detroit, Michigan, and Cleve¬
time of the last published state¬ compared with
$40,897,678.93 on
land, Ohio respectively, bring the
as
Dec. 31, 1944.
though it were an isolated total
tions, the whole system of
ment,
Dec.
31,
1944.
number of institutes to nine
The bank's capital account
home loan financing, the sev¬ and highly special case and since
was
the beginning of this year.
The
National
eral laws and innumerable supported with ad hominem Institutes already completed were
City Bank re¬ unchanged at $7,000,000 and its
surplus and undivided profit ac¬
executive orders concerning arguments—that is the tech¬ held in New York City, Chicago, ported as of March 31, 1945, total
count increased to
$11,378,732,15
Columbus, Seattle, and San Fran¬ deposit of $4,163,630,113 and total from
'employer-employee relation¬ nique of the flim-flammers. cisco. At
$11,148,851.37 at Dec. 31,
Boston, an institute for assets of $4,440,199,932 compared
The
1944,
after
payment of the regu¬
program grows little by bank representatives from Port¬ respectively with $4,205,072,012
ships,
the complete turn¬
lar dividend.
Net earnings per
about
in
ideas
concerning little with the appearance of land, Maine chapter,- Concord, and $4,469,686,465 on Dec. 31,1944.
share for the quarter were
$1.06.
un¬
sound fiscal finance and bank¬ apparently unrelated parts, Massachusetts
chapter,
Provi¬ Capital and surplus were
dence, Rhode Island, chapter and changed at $77,500,000 and $122,Total assets of Clinton Trust
ing-—these are but a partial each appealing to some par¬ Boston
chapter is now in progress 500,000, respectively, and undi¬
ticular element or contingent with William G.
list.
There are many more.
profits were
$30,382,534 Company of New York as of
Barry, assistant vided
in the population. Only slow¬ branch office manager of The against $28,610,465 at the end of March 31, 1945, increased to $22,Planning More of the Same
131,330 from $21,376,233 on Dec.
First National Bank of Boston, as December.
No one who follows Wash¬ ly does the pattern of the
31, 1944, and

and

:

•

developments

ington

with

reasonable attentiveness sup¬
poses for a
elements in

elsewhere
sible

for

stated.

ever

who

to

are

all this

respon¬

are

as

there

is

yet
any

to -suppose

the

and

by that time all but the most
alert and independent minded

moment that the
have become
Washington and

Neither

reason

scheme become evident

much

done, and
terests

accustomed

so

of what
so many

have been

has

been

vested indeveloped

that it is difficult if not

im¬

that, what¬
possible to do anything about
protestations now, a

determined effort will not be

it all.

made

by these groups to con¬
Propaganda!
tinue permanently after the
Meanwhile the g r o w i n g
war is over
many of the con¬ stream of propaganda is all
trols, restrictions and other but suffocating the public. In
devices
to which
the
war
Germany,
Hitler had
his
years have given rise.
The ''Propaganda Minister" frank¬
intentions and the maneuvers
ly so labeled. We have them
of these day-dreamers are not
by the dozen, but they carry
infrequently
portrayed
as no official title that would for
having dark designs upon us a moment suggest propagan¬
all—indeed of having large, da. Such
machinery called by
well-developed horns or some other name is a neces¬
tusks, or both, and waiting sary part of the equipment of
only the oppotrunity to em¬ the flim-flammers, and they
ploy "them.
It is, however, know only too well how to
not necessary to suppose that use it.
.-By such means the
such is the general rule in
public is gradually led around
-

•

order to foresee extensive and

very serious damage to
America which we have
known

and

intended

are

doubtless

:

cere

as

They

any

hold

which

all

always
Many of these indi-

to have.

ividuals

the

sin-

as

of the rest of
certain

Americans

us.

opinions

as

rule

a

certainly have not held in the

conductor.

o

During the week of April 2 an
institute will be held at Dallas,
Texas, with' Robert C. Ruther¬
ford, assistant to the national AIB
secretary, as conductor to tram
chapter instructors! for Houston,
Forth Worth, and Dallas, Texas,
and Oklahoma City, Oklahoma
Mr.

Rutherford is

also

scheduled

to conduct an institute to be held

in

Detroit for the Michigan area
during the week of April 16. Tenative plans have been made for

another
Ohio

institute

for

Cleveland,

during the month.

Institutes
structors

for

are

job relations

limited

we

think do not

now

hold.

They would make
changes in the American sys¬

tem

which,

so

we

believe,

in order that each of the
chapter conductors may be given
a

maximum amount of individual

training and help during the in¬
tensive 40-hour
relations

The

course.

'people understood

was

the

acceptance

in

working

persons

their
1

_

is realized.

Let

no one

,

'

■

for

amounted to

$4,378,668,279 and the
$4,685,404,829 as
compared with a corresponding
total at the end of the year of
$4,365,045,288 and $4,659,177,218,
respectively.
total of assets to

„

Net current operating earnings
of the National City Bank of New

City Bank Farm¬

Trust Company combined, for
the first quarter of 1945, after
ers

March 31, 1945, amount¬
$20,733,027 compared with
deposits of
$20,050,698
three
ed

on

to

months

earlier

last year.

and
$16,979,875
Surplus and undivided

profits of the bank totaled $573,697
compared with $514,664 on
Dec. 31, 1944, and
$472,563 a year
'

ago.

1

and

,

discounts

,

as

.

of

March 31,

1945, totaled $2,901,663
compared with $2,922,011 on Dec.
31, 1944, and $3,008,258 on March

31, 1944. Holdings of U. S. Gov¬
ernment securities totaled
$11,345,874
and
municipal
bonds
$912,515 against combined hold¬
ings of U. S. Government and mu¬
nicipal bonds; of $11,029,605 • on
Dec. 31, 1944, and
$9,092,382 on
March 31, 1944. "Cash on hand and

due

from

banks

on
March 31,
$4,629,489
compared
$4,541,036
three
months

1945,

was

with

depreciation earlier and $3,638,70$ a year ago.
$4,224,559
The Public National Bank &
compared with $3,438,297 for the
same period in 1944.
This repre¬ Trust Co. of New York reported
sents 68 cents per share in the as Of March 3
L-1945, total deposits
current quarter arid 55 cents per of $422,788,360 and total assets
of
provision for taxes,
and

amortization

share for the

quota act after the

\

doubt that

a

pro¬

facts

clearly and calmly be¬

fore the people. Once that is

trying to do. Were they to lay done—and the
flim-flamming
out a blue print of their mas¬
exposed—most of the danger
ter plans and present them to of New
Dealism would dis¬
the public in full frankness,
appear.




-

House Inquiry to Be Made

deposits

the
bank and the trust company to¬
gether, as of March 31, 1945,

York and of the

posits

Loans

of

total

year

were

on

same

period in 1944

$448,418,898,

.compared,

•

respec¬

the

-

gram as un-American almost
what- as Nazism is
being formulated

hot candid with the public
about what they really are

own

bank departments.

The

a

-

taking place or what was (or has been
formulated) for
being planned. If these
adoption in the United States
changes were to be made they once the war is
over, or that
would be just as harmful as
all these arts of flim-flam¬
though those who effected
ming are being arrayed in its
them had evil
designs in do¬ support. The
plans are bad
ing so.
'
enough, but they would be
Lack of Candor
relatively harmless were it
The complaint
against not for the degree in which
these so-called reformers is the
art of
flim-flamming the
not that they are not
sincere, public has been
developed
or that
they are undertaking within recent years. It is of
changes which they know the utmost
importance to find
will hurt rather than
help the a way to combat the latter.
country, but rather that they The real problem is to
get the

are

job

of the AIB is
designed to stimulate qualities of
leadership among bank people
employed in
supervisory posi¬
tions, and to provide them with
practical demonstrations oi tech¬
niques they can use in success¬
fully directing the activities of
program

end of the year.

$18,161,884

according
to
the
bank's
statement of condition at the end
of the first quarter of 1945. De¬
ago,

with
6,200,000 Shares outstand¬ tively,
$415,525,107
and
of a pro¬
$441,608,844 on Dec. 30, 1944. Cash
on
Immigration, Veterans ing., '
gram which is at the same
on hand and due from banks
Total earnings, including oper¬
on
Bringing its investigating activ¬
time developing. Slogans and
March 31 amounted to
ities to a probable all time high, ating earnings and profits from
$80,525,666,
"smear" phrases are coined the
against
$75,955,645; holdings of
House of Representatives on sales of securities net of taxes,
and put into circulation. They March 27 submitted for inquiry were $7,046,436, or $1.14 per share United States Government securi¬
and for the same period in 1944 ties to $253,268,726, against $257,the
aid greatly in getting the pub¬
post-war problems of immi¬
were
$5,328,111, or 86 cents per 941,964, and loans and discounts
lic to accept almost anything gration and future administration
to $101,579,619, against
share.
of veterans' affairs.
Security profits, together
$96,041,9C8. Capital was increased to
without inquiring too pointed¬
with recoveries, were transferred
New York
$7,~
"Herald Tribune,
700,000 while surplus remained
ly what it is, and in prevent¬ Washington advices of March 27 directly to reserves.
unchanged at $9,000,000, and un¬
'
ing what has been accepted said:
!
divided profits March
31
were
The inquiry into the immigra¬
The
Chemical Bank & Trust
from appearing too shocking
after
tion laws, their administration and Company reported as of March $4,117,374,
allowing
for
to the public once its nature
$165,000
dividend
payable April 2,
the possibility -of
revising the 31, 1945, deposits of $1,224,334,794

to

would not be countenanced if

the

in¬

Per~

sons,

,

past, and

10

to

The City Bank Farmers Trust
Co., the stock of which is owned
beneficially by the shareholders of
the bank, reported as of March 31,
1945, deposits of $215,038,166 and
total
resources
of
$245,204,897
compared with $159,973,276 and
$189,490,753, respectively, on JDec.
31,1944. Capital and surplus were
unchanged at $10,000,000 each and
undivided profits were $6,556,673
as compared with
$6,332,967 at the

.

war,

was

.ap¬

proved by a record vote of 182 to
113.

,

<

.

The

resolution

was

introduced

by the Chairman of the Commit¬
tee, Representative Samuel Dick-

stein, Democrat, of New York.
The

investigation into

the; ac¬

tivities of the Veterans' Adminis¬

tration, provided for in

a

resolu¬

tion sponsored by Representative
John
E.
Rankin, Democrat, of

Mississippi,

Chairman

of

the

House World War Veterans Com¬

mittee,

was

adopted by

a

vote of

banks

:■

amounted

to

loans and discounts to $159,-

404,148 against $198,159,376.
Net

bur;

operating earnings for the

quarter amJounted to $2,000,656 hs

President
his

Roosevelt

home

returned

in

Hyde Park,
Y., after a four-day vacation.
Washington Associated Press ad¬

vices also stated:

Upon his return
the President .went into confer¬
ence with the British
Ambassador,
Lord Halifax, and Sir Oliver Lytand
in

recoveries

and

on

Col.
the

J.

J.

Llewellyn,

United

States

study the food supply situation.

to

securities

$975,071, against $78,-

145 for the first quarter

N.

are

and

amounted to

Hyde Park

who

from

$205,637,461 compared with $252,018,057; holdings of United States
Government securities to $736,400,527 against $836,557,275; bank¬
ers' acceptances and call loans to
$69,513,385
against
$77,035,291;

its

FDR Returns From

tleton

due

compared to $1,752,053 for the
same period a year ago.
Net prof¬

256 to 4.

from

and total assets of $1,327,370,079,
compared, respectively, with $1,398,753,587 and $1,500,836,755 on
Dec. 31, 1944. Cash on hand and

of 1944.

Capital and surplus were un¬
changed at $20,000,000 and $60,000,000, respectively, and undi¬
vided
profits
were
$11,443,756
against $10,598,346 at the end of
December.

earnings

on

The

the

indicated

(par $10) amount to $0.87
share for the first quarter of
—-

1945

as

share

a

—

compared with $0.71
year ago.

The

Irving

Trust Co.

York announced in
of condition

that

total

its

of

of March

as

resources

New

statement

31, 1945,

are

$1,188,200,127, compared with v $1,262,589,365 on Dec, 31, and $1,142,500,005

March

on

31,

total' deposits - are"^

h'gai

n s

hioiiths

t

ago

1944,- while

$1,066,240,406,

$1,141,041,213 -three
and $1,027,501,094 a

year ago. Loans and discounts
hbW $214,494,615,

469,810

and

are

against

$267,-

$213,230,746

while

U.' S. Government securities
at
the latest date stand at
$722,085,-

717,

compared

with

$747,793,042

and

$680,118,603 last year; the
capital is unchanged at
$50,000;000, while surplus and undivided
profits are shown as

$108,968,615,

March 31, 1945, against

$108,303,-

328, Dec. 31, 1944, and
$106,881,865, March 31, 1944.

net

bank's 2,000,000

shares
per

1945, against $4,508,040 at the end
September.

of

—

per

Bank

of the Manhattan
Com¬
reported as. of March
31,
1945, total deposits of
pany

495 and total assets of

(Continued

on

$1,072,419,$1,137,014,-

page

1532)

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4374

161

Volume

perfected to afford the devastated
undeveloped nations reasonable
assistance to
encourage the
re¬

A New Deal Salesman?

demand from abroad,

development - of
sound economic systems.
Interna¬
tional
trade. cannot
expand
through
subsidized competition
among the nations for diminishing
markets, but can be achieved only
through expanding world markets

factories must

and

report looks ahead after the defeat of Japan.
a tremendous demand for materials for

"The

It foresees

inventories of consumer

reconversion and to restore

goods in this country.

There will also be a huge

where destroyed homes and
be rebuilt.
Foreign trade is essential

Foreign countries
have expanded their gold and dollar assets by more
than $8,000,000,000 since 1940.
However, their re¬
sources are not unlimited and we must be prepared
to make loans to those countries where there is rea¬
to our own

post-war prosperity.

to

y..-/-yyyy"yy:';

7.

of

this

Much

more

of the

same

.

In

of

Association,

£ \.

general order, some good,

Heads and Eric Johnston of U. S.
Seven Point Program.
NAM Holds Provisions Not Specific Enough.
President Roosevelt,

and

management,

of the Cham¬
ber of Commerce of the United
States. The so-called "Code" con¬
tains seven points, upholding the
inherent right of management to
direct the operations of an enter¬
prise and the fundamental right

icies."

jointly

be the foundation

of our nation's

peaceful, and prosperous expand¬
economy.
Free competition
and free men are the strength of
our free society.
3. The inherent right and re¬
ing

sponsibility of managehient to di¬
rect the operations of an enter¬
prise shall be recognized and pre¬
It maintains the principle of "the
served.
So that enterprise may
highest degree of production and
develop and expand and earn a
employment at wages assuring a
reasonable
profit,
management
steadily
advancing standard of
must be free as well from unnec¬
living." The following is the full
essary
governmental
interfer¬
text of the proposed charter:

of labor to

in

We

collective bargaining,

management

and

labor

firmly believe that the end of this
war will bring the unfolding of a
new era based upon a vastly ex¬

panding

economy

and

opportunities for every

unlimited
American.

peacetime goal can only be
attained through the united effort
of all our people.
Today we are
united in national defense.
To¬
morrow we must be united equal¬
This

national interest.
o i0
Management-labor unity, so, ef¬
fective in lifting war production
to unprecedented heights, must >be
continued in the post-war period.
ly in the

To this

end,

dedicate our joint
practical partnership
of this code

we

efforts for a

within the framework
of
•

principles:
1.

Increased

involves

the

orosperity for all
highest degree of

production and employment at
wages assuring a steadily advanc¬
ing standard of living. Improved
productive efficiency and tech¬
nological
advancement
must,
therefore, be constantly encour¬

4.

The

The

rights of private prop¬

erty and free

choice of action, un¬




fundamental

rights

of

period,
management
and
are going
to have to get
to cases.
The seven prin¬

ciples that make up the

agement shall be recognized and
preserved, free from legislative
enactments which would interfere

are

objec¬
tives. Through the acceptance of
collective bargaining agreements,
differences between management
and labor can be disposed of be¬
discourage

or

these

so-called

generalities on which
there is already wide agreement.
What the people of America want
to know is what is going to be
done about making them work.
This is a job for the Congress,
with labor and management fur¬
charter are

nishing all the practical help
.

v

that

"Furthermore, we must not for¬

labor and

that

management

not the only parties

All consumers

—

involved.

farmers, house¬

professional people — the
whole public are the ones who pay
the price.
They must have their
wives,

interests recognized."

,

6.

An

home

vastly

a

press

drafting of the
joint letter was sent to

Following

expanding

will

In

be

economy
stimulated by

increased

foreign

-

at
a

trade.

Arrangements must therefore be

"code,"

a

the

by Messrs.
and Johnston, an¬
nouncing the principles adopted. President

Roosevelt

Murray, • Green

minirjnum.

corporation

(a) The
has

I

made:

billion that was

quota

the $9
assigned in the

reduced

been

from

Sixth Loan-to $7 billion.
This
will reduce State and county

in

quotas

proportion

and will

excessive

subscrip¬

down

cut

i-

<;

i

;

co¬

tion^

previously entered
for
speculative
or
quota-making

speculative

purposes;

in

subscription for a mar¬
presented through
bank, please submit the cir¬

cepting

a

issue

your

and

cumstances

all

available in¬

to the Federal Reserve

formation

District. That bank,
capacity as fiscal agent of
the United States, will advise you
as
to the disposition to be made
of the subscription.
Bank of your

in

its

request your coop¬
declining to purchase

further

"I

in

eration

securities

outstanding

bank investors on the

from nonunderstand¬

..

ing or condition that a subscrip¬
HSv-:
tion
for
a
substantially
like
(b) The basket of securities
amount of Treasury securities of¬
offered to corporations does not
fered during the Drive will be
contain the 1V2 % bond that will
"made
through your bank with
be available to individuals durpayment to be made through the
War Loan Account."
"For the first time in the his¬
Previous information concern¬
tory of our country," the letter
ing the Seventh War Loan Drive
stated, "representatives of man¬
appeared in the "Chronicle". of
agement and labor have worked
March 15, page 1192.
-.'v
out a code of principles which
purposes.-

..

they are prepared to recommend
to their respective organizations.
We realize that it will have to be

from time to time to
meet practical situations.
"As you will see in the attached
copy of this code of principles, we
agree to establish a national com¬
mittee to effectuate the dual ob¬
improved

jective of cooperation in industry
and national prosperity.
It is our
hope that eventually this commit¬
tee will include not only manage¬
ment and labor but other seg¬
ments of our national life.

Of the drafting of
is proof positive
Americans, acting on
initiative, can, unite for

"The very act

this

charter

that

free

their

own

well as war. We

assure

wish to

that we will be happy

you

advised of what prog¬
making."
The President, in reply stated
that he was "very pleased to learn
to keep you
ress

we

of your

mittee

plans to organize a com¬
representatives of in¬

of

organized labor to in¬

sure

the continued close coopera¬

tion

between labor
to

the

win

peace.
"The close

1, 1948 are being notified that
$1,311,000 principal amount of the
bonds have been, drawn for re¬
demption on May 1, 1945 out Of
moneys in the sinking fund. Upon

presentation and surrender on the
redemption date at the office of
J. P. Morgan & Co. Incorporated,
New
York, or at the principal
office of The National City Bank
of New York, or at the principal
office of The First National Bank
payment will be made
principal amount of the
bonds.
Interest on
the drawn
bonds will cease on the redempt-

of Boston,

the

of

tion date.

and manage¬
and the

A'-''•

unexcelled

achievements

in

production.
That close co¬
operation must be continued to
make possible the full employ¬
ment of labor and capital under
our
system of free competitive
enterprise when hostilities cease.

war

that you will press for¬
ward with your plans and report
to me from time to time the prog¬
ress achieved. I shall be happy to
"I hope

cooperate with you in every way

possible.''

'

-J

March

On

"'v-

-

"■

$198,500

1945,

27,

principal amount of the bonds
previously called for redemption
had not been presented for,pay¬
ments

,V;.vr

Swedish Bonds Called

war

cooperation between
labor and management during the
war has made possible our great
and

Bonds

Argentine Republic
Ten Year Sinking Fund External
Loan 41/2% Bonds, due November
of

Holders

are

dustry and

ment

WW———

——

Redeem Argentine

Kingdom of Sweden

Holders of

Loan Bonds o£ No¬
vember 1, 1933 are being notified
that these Bonds have been called

3V2%

for

State

redemption on July 1, 1945 at
and accrued interest* and

100%

and after the redemp¬

that from

tion

shall

sented

and

1945

1,

attached,

coupons

the bonds

subsequent

may

be

pre¬

the redemption date

on

National

.at

City Bank of {New

Wall Street, New York

York, 55

City-

on

The bonds, witty No¬

cease.

vember

The

interest

date,

■

•

.

■

your

declining to make
loans for the purpose of acquiring
the Drive securities later for your
own
account.
If you have any
doubt as to the propriety of ac¬
(3)

ketable

the following

the pattern and pro¬
previous drives

been

-y

conference, Mr. John¬
tween the parties through peace¬
ston said that Mr. Mosher had at¬
ful means, thereby discouraging
tended one meeting on the plan,
avoidable
strife through strikes
but had
not responded to two
and lockouts.
y - .^,/v'V
other invitations to conferences,
5. The independence and dig¬ and to this statement, Mr. Mosher
nity of the individual and the en¬ has replied "that he was confront¬
joyment of his democratic rights ed on short notice with ready
are
inherent in our free Ameri¬ made proposals."
can society. Our purpose is to co¬
The
"charter"
was
highly
operate in building an economic praised by Henry J. Kaiser, prom¬
system for the nation which will inent
industrialist
and
s h i pprotect the individual against the builder, who called it a clearcut
hazards of unemployment, old age.
document, "very heartening and
and physical impairments beyond
encouraging at this time."
his control.

have

peace as

get

is

in mind,

this

changes in

Continuing Mr. Mosher stated:
going to prevent strife
in the rapidly approaching post¬

down

and

cedure followed in

-

is within their power.

organize and to engage in
collective bargaining with man¬

with

With

"If we're

war

Drive

Loan

for

tered

Seventh
designed to

mercial bank funds to a

could easily breed further
misunderstanding between them
and really not materially assist in
formulating
sound public
pol¬

labor to

aged.
2.

burdensome restrictions.

ence or

War

terms

labor

banking system
The basket of

reduced.

accomplish maximum investment
of non-banking funds, and to hold
indirect
participation
of com¬

a

New Charter for Labor and Management" was
by William Green, President of the American
Federation of Labor, Philip Mur-'^
der a system of private competi¬
ray, President of the Congress of
tive capitalism, must continue to
Industrial Organizations, and Eric
On March 28, "A

Johnston, President

commercial
be

group.

statement couched in such general

announced

the

securities selected for the

the result of delibera-

labor

tween

the
obtained from

money

can

the

expressed

of

objec¬

accomplished,

be

can

amount

Such a group
could give consideration as to how
the
purposes
of the statement
might be implemented before is¬
suance, which would lend
great
strength to the words. Otherwise,
instead of promoting unity be¬
sentative

Chamber of Commerce Agree on
Mosher of

tive

tions.by a larger and more, repre¬

Management-Labor Code

Labor Organization

Code Praised by

Johnston,

the extent that this

"To

request

earnestly

operation in the coming drive, (1)
in declining to make loans for the
speculative purchase of Govern¬
ment securities; (2) in declining
to accept subscriptions from your
customers which appear to be en¬

;V;:.

war.

"The
proposed
statement of
principles is premature. To obtain
wide acceptance, such a statement
be

in

work

According
to
the
New
York
"Times," Mr. Mosher, in support
of his view, wrote:

should

"I

and to put them to
the prosecution of the

request is not in¬
.preclude
normal

adjustments.

portfolio

security

Government

into

pos¬

as

investment,

general approval of the proposed
code "as far as it goes," but called
for "a more specific statement."

remarkable document.
It begins to appear that it is a part of the duties
of the Director of War Mobilization and Reconver¬
sion to "sell" New Deal post-war ideas to the public!

Announce a

sible

the National Manu¬

President
facturers

the securities of¬

for

to

and

Ira Mosher,

subscribe

with;

This

representa¬

Eric

to

9,

non-bank

of ob¬
which to

purpose

tended

the best interests of our

March

solely for the
taining funds

Drive.

an

letter

a

of

funds

these

of

much

as

nation.

dated

(c) Non-bank investors have
requested to refrain from
selling securities now owned

been

sharply under present conditions.
It is highly desirable to channel

understanding and
sympathetic acceptance of this
code of principles and will pro¬
pose such national policies as. will
advance

pro¬

fered in the Seventh War Loan

izations. This committee will seek

promote

sales

;

investors will continue to increase

tives of business and labor organ¬

to

hands

the

in

funds

In this spirit we
a national com¬

of

bond

war

pro¬

securities

of

sale

already owned.

Treasury's

It is clear that Federal
expenditures are going to remain
at a high level for some time to
come.
It is also apparent that

national life

prosperous

create
composed

mittee,

bad, is included in this

some

a

to

agree

.

Reconversion.

for

sustained peace.

developments in industry and trade. Free enter¬
prise will have its opportunity in utilizing these
developments in peace to prove it can provide full
employment. Anti-trust laws must be enforced
vigorously to prevent monopolies and to protect
small producers.
Vigorous steps must be taken to
stop international cartels designed to maintain price
structures at high levels."—From the official sum¬
mary of the second report of the Director of War
Mobilization and

work

and

the

of

the

of

with the

made

were

ceeds

gram.

and with Government, to prepare

stimulated new

has

war

intensified

our

our

continuation

a

the

sues

"The Seventh War Loan will be

management

other elements of

factories of the
on April 9.

and

plants

country will begin

and labor
primary duty is to
win complete victory over Naziism and Japanese militarism.
We
also agree that we have a common
joint duty, in cooperation with

governments in default on
An active foreign trade is necessary
for

in

that

War Loan Drive.

a

part of the campaign to raise

a

the

se¬

peace.

We

—

Drive.
It was in the
corporate basket and on issues
of this
type that speculative
subscriptions were entered in
previous war loans, and sub¬
stantial purchases of these is¬
ing

: this amount, an intensive program
for the sale of Series E bonds in

ticipation by all the United Na¬
tions, capable of preventing ag¬
gression
and
assuring
lasting

agree

the

largest

individuals in

curity organization, with full par¬

United States.

"Production

international

is

quota that has ever been set for
As

enduring
an

This

individuals.

,;

lishment

"The Treasury will open the Seventh War Loan Drive on May 14,
a goal of $14 billion.
One of the primary objectives of
securities to

.

1945, with

this Drive will be the sale of $7 billion of Government

prac¬

peace must be
This calls for the estab¬

prohibiting loans
their obligations to the
^

An

public the following letter in part which he has addressed to bank¬
ing institutions throughout the country:

ar¬

any

unreasonable

secured.

repeal of the Johnson Act,

if trade at home is to prosper.

of

and

report recommends

and the

elimination

bitrary

favorable consideration
by Congress of a broad foreign policy, to include the
extention and strengthening of the Trades Agree¬
ment Act; the establishment of the International
Monetary Fund; approval for the establishment of
the International Bank for Reconstruction and De¬
velopment; the extension of the authority of the
Export-Import Bank to finance our foreign trade,
"The

the

Prompt Sales to Individuals

Secretary of the Treasury Henry Morgenthau on March 20 made

and

tices.

of repayment.

sonable prospect

7th War Loan to

or

building

*521

:

'

;

'

'I '■

:r

THE

.1522

COMMERCIAL & FINANCIAL CHRONICLE

The

year.

Reports of 1942 Income Tax Returns

creased

for

rates

Treasury's Statement Shows Over 201/2 Million Individ¬

(e)
of

ual Returns With Total Net Income of Almost 79 Bil-

128% Increase Over 1941.

or

dividual

income

taxable

fiduciary income tax re¬
data are prepared

from

the

Commissioner

•

the

of

income

Internal

The

filed

total

number

of

Rev^

returns

for the income year

1942

is

36,700,729 an increase of 10,745,928, or 41% over the number filed

.for the income

'turns

for

207

1941.

year

1942

The

comprise

re-

20,513,-

an

for individuals with certain
gross
income of $3,000 or less, an in¬
of

crease

57%; and 81,483 taxable

fiduciary

returns.
decrease of 4%.
The

total

net

Form

$78,889,361,656,
$20,021,336,262,

■of

1041,

income

reported
increase

net

a

34%

or

a

over

the

previous year.
Included in
income is $25,715,974,137
gross income reported on Form

■the

net

reporting the amount of net in¬
come.
Nearly 64% of the total
net

increase in

counted
under

net

income is

ber

//:/;

: \

1942

27,718,534 and show
of

come

ac¬

for in the income classes

$3,0.00.

Taxable returns for

v..

creased

$67,060,861,503,

returns

■i

thereby

and

of

taxable

returns,

tax

is

it

there is

and

taxable

"Net

'

•

■

of

for

in

number of

income, deficit, and

1942

1941

over

are

as

of

DecreaseC—)

or

Number

.

78,889,362

tTotal tax
With

net

25,954,801

Percent

-

"Net

198,598

292,023

•—93/424

-31.99

3,907,951

5,018,761

128.42

17,587,471

10,131,063

67,060,862

45,902,884

21,157,978

8,926,712

3,905,625

1.445,042

556,019

5,720,130

___

Surtax

tax
.

Alternative

Defense

Optional
With

income

57160

j

Number

of

46.0.9

Number
Net

of

_

fReturns with

as

income

1942,

in

capital

gain

combine
from
a

over

.normal

:

sa.es

or

nai

pa

by

purpose

loss,

301.23

tax

the

50.,

aim

tax

net
tax

is

reported

$hort-term
and

551,557

6.67
-8.77

surtax

(normal

are

based

on

and

to

tne

total

such

and

net

surtax)

long-term

excess.

returns

assets.

on

showing

but

only

net

For

if

1942,

the

gain

income,

income

the

over

...

net

net

tables in¬

There is

A

It

the changes

ong

ternal

Revenue Code

in

the

In¬

amended

as

the Revenue Act of

1942, which
N.f'eot the comparability of the in-

,c('me and

tax data for individual

ano

tiduciary

able

vears

returns

beginning

with

on

or

tax

after

January 1, 1942, with data for the
previous

(a)

year

The

are:

minimum

income for

gross

amount

which

a

of

return

single
not

•for
an

person,

a

married

living with husband

person
or

,

.

The personal exemption is
reduced from $1,500 to $1,200 for
a
person who, during the entire
year,
was

was head of
married
and

husband

or

family, or
living with

a

wife; and from $750




sum

for

this

capital

credit

1040, for

pendent is

reduced

'

for

:

,

,

from

a

net

of

surtax

in

(d)

excess

The

1040A, is
be

used

of

was

2% above the Jan-

tinuation of the freer
spending in
evidence since the middle of 1944.

March.

of

nonferrous

metals

continued

to

deduction

rent

of

pro¬

net

in¬

$200,0,00.
return, Form

longer permitted to
taxpayer receiving
royalty income.
The

no

and

deduction

a

on

for

Form

1040A, for

a

port

returns

are

1942,

year

within

for

loss

is

the calendar

fiscal

a

the

ending
July
1942

year

period

through

June 1943,, and a part
year with the greater part of the
accounting period in 1942. Returns
for

which

statistics

slightly in February, largely
reflecting increased military de¬
mands.
Activity in the machinery
and transportation equipment in¬

owing to severe weather condi¬
tions, have increased since that

dustries

was

time.

level

the

of

maintained

at

the

preceding month;/a
decline in shipbuilding offset a
slight increase in output of most
other munitions

industries.

glass

products

at about the

was

a

Output

and

of explosives

ammunition

large

gains.

year

tabulated

are

Forms 1040, 1040A, 1040B, and
Tentative returns and
amended
returns
are
excluded.

nounced

that

supplies

was

of

day

of

the

instead

taxable

6%

was

above

autumn,

as

to

made

by

the

revisions

as

result

a

of

the

may

audit by

be

the

Data

for

Form

1040,

$5,000

and

fiduciary
the

with

return.

returns,
income of

net

for

taxable

returns
of

regardless
net
income,

tabulated

from

of
are

each

This procedure is follow¬

also with respect to individual

returns, Form

1040, with net in¬
come under
$5,000 where business
receipts equal or exceed $25,000,
while the data for the remainder
of such returns and for individual

returns, Form 1040A, as well as
individual
returns, Forms 1040.
no

The

net. income

re¬

395

ductions

Excess

estimated

may

return,

Form

be filed by an

to

net

not

"The

is tabulated

income

and

income

net

income.

increase

ings.

portfolios

personal exemption shown in the

cate

billion

payer's status

March 1

the

on

and

of the

the

income

net

lation

and

fiduciary

:

is

returns

after

deducting

distributable to
Income

Bill

million

for tabu¬

classification

the

of

the

net

in¬

ceipts
in

over

the

and

Total

the

source,

lated

is the

of

as

re¬

the

returns,
tabulated for

sum

income

the

of the net

"from

that

1040A,

optional

is

gross

returns,
income.

Negative amounts reported under
income
are

on

Forms

transferred

deductions,^ and
fied

deduction

ductions.

bil¬

Re¬

banks

reduced

260

million
Hold¬

Bond

for

increase.

purchasing

Government
by

holdings,

to

230

million

commercial

and

securities

loans

dollars

by

185

million."

in

1040

President

and

1041,

signed

a

450,940

advices

Associated

year

Press

$44,508,000 for rivers and

harbors,

$24,172,000 for general
control, $30,000,000 for flood

control

de¬

1,

passed

in

other

functions for the

carries

on

included

in

to

from Washington report¬
April 2.
The bill which
the Senate on March 21

ed

flood

speci¬

on April
2
appropriating $112,finance War Depart¬

starting July

to

a

Roosevelt

bill

civil

ment

tabulation

are

or

War Dept. Appropriations

reported

except that income tabu¬

from

Form

on

aggregate

amounts

a

Federal

continued

loans

declined
and

various
of gross

deductions

source

of about

by

dollars.

carrying

fiduciary, that
the amount

excess

schedules

the

each

the

banks.

beneficiaries.

from

is

sources

in

holdings increased by.-1.4
dollars,
reflecting
the
Treasury exchange offer.
holdings were reduced by 210

however,

used

taxable to the

come

income

income.

gross

The

earned

re¬

ings of Treasury notes declined
by 1.7 billion dollars while certifi¬

The

indicated

member

in

Reporting

their

tables is determined from the tax¬
as

four

and

dollars in the four weeks.

total

as

the

14, while

decline in commercial bank hold¬

The gross

both

increased

in

holdings
of
Government
securities roughly paralleled the

distributed

by net income classes.

Bank

States

serve

income, therefore

are

currency

have remained at

reserves

average level
lion dollars.

is

is
salary, wages, divi¬
dends, interest, and annuities, does
not
provide for reporting the
of

the

non-member

funds

reserve

wholly from

returns

re¬

as

an

amount

re¬

required

dollars

in

the

Treasury deposits at the Reserve
Banks supplied 450 millions
qf

output rose slightly
February, reflecting increased
output of anthracite and a further

such

in

in

securities

million

mil¬

period,

To meet the

weeks ended March

"Minerals

]the amounts tabulated for

optional

1040A, which

are

well

as

350

same

somewhat

Government

-

and

over,

amount

completely
ed

individual

the

drain,
Federal
Reserve
holdings of the United

in

is,

*

declined

serves

and

Currency

increased

over

following.
sulting increase

tires.

re¬

taxpayer,

that

but

chiefly a sharp increase
production of military truck

individual whose gross income
not
more
than
$3,000
and

dollars

during the four-week

week

flecting
in

cur¬

about 200 mil¬

rose

circulation

lion dollars

products indus¬
and February

last

billion

period ended March 14.
in

meat

return

from samples.

1,

in

1.4

deposits

lion dollars

an¬

credit shown is estimated at 9.4%

from

time

decline, as pork and lard pro¬
dropped further and was
50% below the peak level reached

1041/

taken

creased

meat¬

duction

ago./ In March it

increase the

by the public.
Ad¬
justed demand deposits at weekly
reporting banks in 101 cities in¬

to

year

to

deposits and

held

rency

ago.

further

at

continued

total volume of

small-

showed

Activity

March

packing establishments continued

a

■/•/■//■/:''■
Credit

"Treasury expenditures during
February and the first half of

level

a

January

the 5-week period
ending

Bank

showed
little
change in
February. Output of cotton goods
and shoes, however, rose 5% from
to

of

of February

less.

were

goods

preceding month
slightly above that of

end

part

Shipments, of miscellan¬
freight were in larger vol¬
in

January level.

the

the

March 17 than in the
correspond¬

"Production of most nondurable

arms

early

the

ing period of 1944, while loadings
of most other classes of
freight

clay,
February

in

at

and

eous

duction of lumber and stone,
and

declined

ume

Pro¬

are

with

is reduced from
$400
$385 and the marital status is
determined as of July

last

net

a

as described in
(g) above.
The returns included in this re¬

dependent

the

or ex¬

limited

to

of

such

"Freight carloadings, Which had

rise

loss.

changes of capital assets, but the

prior

$5,000,000, is
the first $2,income, pro¬

surtax

optional

by

net loss from sales

de¬

surtax net in¬

net

gressing to 82% of
come

capital

alternative tax in the

no

a

filed

$400 to

income,

of

excess

increased to 13%
000

al¬

Bureau of Internal Revenue.

surtax

in

of

long-term gain

short-term

turns

v

gressing to 77% of
come

of net

The

$2,-

of

capital'

computation

are

The normal tax rate is in¬
creased from 4% -to
6%, and the
surtax rate of 6% of the first
000

the

Statistics

(c)

any

(b)

the

estate.

an

$350..

wife

part of the taxable year,
estate, and a trust.

is

single person, a mar¬
not living with hus¬

Form

on

is

required to be filed is reduced
from $1,500 to $1,200 for a mar¬
ried; person living with husband
or
ynfe for the entire taxable
yea/ and from $750 to $500 for a

tax

net gain

reduced

exemption,

and

year,

credit

the

the

wife any part of the tax¬

or

able

than

.

person

band

less

•

to $500 for a

ried

is

of

case

long-term

short-term

\

.

which-personal

on

net

alternative

net

on

In

net

—30.18

in

of

tax

denenoem s, and earned income credit
exceed net income.

•

(3)

fiduciary.

which includes

.

with

excess

such

income

computed

capital

an

of

/

excess

over

deductions equal or
and not on a com¬

sample

a

-

long-term gains from sales or
exchanges of capital
assets
is
changed from 30%
Qf the net
long-term capital gain to 50% of

63.90

—85,851

1040A,

taxable

those wherein

are

63,605

284,449
Form

on

income

loss,

computed

capital

tax

of

excess

ot

capital

loss

extent

-2,326

-1,136,641

returns

on

capital

the

to

8,267,502

net

to

ternative tax, the rate applicable

12,965,141
99,531

*

.

(h)

—297

8,819,059

(deficit)
these data

long-term

-7,573

prior

exchanges of

:No itaxabie

■

r

alternative

and

allowed

in

rate, while electric steel pro¬
duction increased 7%.
Output of

first

rubber

989,468

on

§9 h*

or

of

open

the

January

—1,150'

years.
• '■ '; '■•
v." "
'V
;/■/j';/
.i;.;■;/
t'Fntal tax is the aggregate of
normal tax, surtax, alternative
tax, and the optional
Form 1040A, paid in lieu of
normal-tax and surtax.

tax

of

net

For

no

total income.

plete tabulation

gains

half

than

February

in

tries

income

net

such

$1,000, whichever is
Formerly, the short-

or

end

little

output of

weeks

and

tivity in

198,598
(1)

computed

capital
loss
was
allowed
only to the extent of short-term
was

1

11,828,500

___

of

gains,

exchanges,

income

the

at

show

,

March
was
22% .larger
the corresponding period
a
year ago, reflecting the earlier
date of Easter this
year and con¬

three

month

cluded the net short-term

1,150

cluding fiduciary returns, Form 1041, the
exceed

losses,

the

of

or

regard to

smaller.

the

sum

the/: net

deduction

a

conditions, showed

increase

usually

Average
hearth steel during

the

of

328,479

163,136

the

sales

substantial

a

1,317,947

returns

is

as

extent

such

change from January, increased^
considerably this year. Value of
sales in February and the
first

result qf continued

as a

weather

extent of other income which in¬

income:.

income

the

to

Losses

which

ruary,

months, and

account.

allowed

are

Distribution

"Department store sales in Feb¬

clined further in the first part of

months

exchanges of capital

and declined
slightly
early part of March.'

February
severe

—59.39

2,326

•_

18

level

uary

in the

de¬

—648,668

Deficit
•Net

only

into

or

which

1,092,261

tax

net

no

Number

taken

assets

gain.

_*

than 24

more

production,

§443,593

297

income

tWith

but not

than

more

"Steel

long-term capital gain and to the

;

returns

held

1935-39

196.73

7,573

of

assets

account
in
computing net
income; formerly, 66%% of the.
gain or loss from sales of capital

gain;

income:

net

capital

sales

into

assets

the

produc¬
production re¬

in

234

3,792,415

Nontaxable individual returns:
HWilh

of

of

February, as compared
January and 232 in
the last quarter of 1944.
with

1,927,715

Deficit

Alternative

upon the

than 6 months is taken

more

235%

average in

available for civilians in the sec¬
ond quarter of 1945 would be 12%
less than in the first quarter.
Ac¬

■

(individual

returns

held

ad¬

128.56

f

returns:

•

exchanges

or

than

more

Only 50% of the gain

loss recognized

seasonally

159.89

:

tax

net

no

the

long-term from

than 18 months to

more

Board's

was

889,023

tax

tax

"The

justed index of industrial produc¬
tion

petroleum

February and the first
two weeks of March from a
large
decline during January. Bitumin¬
ous coal production
showed little
change in February from the Jan¬

Industrial Production

5,021,087

___i.___.j__

,

from

less to 6 montns

or

less and that of

or

34.01

•27,718,534

income

Normal

removed

from 18 months

20,021,336

8,926,712

/ /

ury

trade

an

term

//:
."__._____.J__

••

returns

is

used

of capital assets.
The
meaning of short-term is changed

without

„

of

ex¬

definition

plus

fiduciary returns:

income:1

Number

estate

business

or

41.40

10,745,928

58,868,025

medical

family, and to $1,250

a

Real

from

tDeficit

■

(g)

were

fiduciary
36,700,729

or

for all other individuals.

from sales
Increase

the

to

the head of

taxes

dollars)

1941

insurance

sales

1942 and 1941:

and

by

50% of the gain or loss from such
held more than 24 months,

follows:

income, deficit

re¬

However, the medical ex¬
deduction is limited to $2,500 in the case of husband and
wife who file a joint
return, or

.

percent of in¬

decrease

fiduciary returns,

returns

Taxable individual and

regard

or

thousands

income

for

$222 for 1941 and the effective tax
rate is 13.3%
as
compared with
8.5% for 1941.

taxes

'■//■//

gain in crude

tion. / Anthracite
covered in

to say:

continental

Amortizable bond premium

6 months.

net

the
.

pense

because

returns:
Number

States.

pense.

The average tax for the taxable
is $322 as compared with

1942

individual

outside

forces

naval

or

deduction against interest

a

out

applicable

'■

i

Total

military

returns

or

if

family/

a

are
allowed as a de¬
from gross income to the
extent that such expenses exceed
5% of net income computed with¬

surtax

when
loss from sales of

net

a

returns,

net

Money figures in

and

decreased

tax

longer

no

$300

or

on

the

pensated

lowered

ternative

family,

,

not

otherwise

personal ex¬
emptions,
the
increase
in the
number of returns filed, and also
from the generally higher incomes
received by taxpayers.
The al¬
the

rates,

a

the head of

or

and

ceived; and medical expenses paid
during the taxable year not com¬

liability for 1942

normal

increased

of

forces to the

if single

of

(f)

$8,926,711,923, an increase of
$5,018,760,922 or 128% over 1941.
The tax increase results from the

crease

increases
of
58%
in
number and 46% in net income
as compared with 1941.
Number

total

to a summary of general business and financial con¬
ditions in the United States, based upon statistics for
February and
the first half of March, issued March 26
by the Board of Governors
of the Federal Reserve System, "industrial
activity continued to in¬
crease slightly in
February and the early part of March.
Value of
department store sales was one-fifth greater than in the same
period
last year.
Wholesale commodity <t>-

duction

The amount and

in¬

reflecting

Individual

The

the

prices
generally
showed
little
change." The Board's report went

is

7%.»

by

in

•

income in¬

net

Activity Increased Slightly
February Fed. Reserve Board Reports
According
in

ically postponed for all members

United

is

num¬

net

a

with

Industrial

surtax.

officer

in such

$250

head

serving

number of nontax¬

the

returns

capital assets.

1040A which does not
provide for

re¬

less than last year

9%

although
able

returns,
Form
increase of 31%; 16,106,039 optional returns, Form
1040A,

is

is

returns

individual

11040,

nontaxable

8,982,195 of which
8,819,059 show net income of $11,828,500,153
(nontaxable because
exemptions and
credits exceed
net income) -and
163,136 show a
deficit of $198,598,196.
The net
income
reported on nontaxable

Joseph D. Nunan, Jr.

,enue

,

for

of

married

number of

and

The filing of returns is automat¬

turns for 1942 is

1942, under the direction of

year

•

returns

the

———-

The

tax

commissioned

tive service

and-8>-

returns

These

turns.
•

tax

in¬

changes in

Personnel below the grade

extent

Secretary of the Treasury Morgenthau on March 31 made public
data from "Statistics of Income for 1942, Part 1," compiled from m.

normal

is

tax

the

military or naval forces of the
United States, exclude from gross
income salary received
for ac¬

lions. Total Tax Liability Was Approximately $9 Billions

.

optional
reflect

to

.

Thursday, April 5, 1945

on

the

Mississippi
flood

control

tributaries

and
on

River, California.
'/

.

of

$2,050,000
the

the

for

Sacramento

,Volume 161'
!

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4374

N. YrFactory Employment

Individual Savings in 1944

SEG Reports on

Employment

in

the form of liquid sav¬
increased by the unprecedented sum of $40 billion during the

ing

Commission reported in
releasing its
quarterly analysis
of
the
volume
and * composi¬

amounting to $300 million.f

saving by individuals in
the United States.*
This rate of

of

change

tion

of

creases
in
employment, notably
food, textiles, chemicals and many
branches of the apparel
group.

to

$2.9

Industrial

This change from

Commissioner

Edward

Corsi* announced. Mar.
19
that
saving was ten times as large as repayment of old debt to incur¬
employment
that of 1940, the latest full year rence of new debt reflects the fact jn an ufa c tu r i n g
prior to our entry into the War. that the bulk of installment- debt dropped. Q.5%. .between January
and February.
The advices also
Since the beginning of the war previously incurred for the pur¬
stated:': ' -.'v
production program in 1940, the chase of automobiles and other
v

liquid resources of American in¬
dividuals have increased approxi¬

The propor¬

mately $120 billion.
tion

increased

to the middle of 1942
relatively con¬

up

remained

has

but

saved

income

of

rapidly

stant since that time. ;■*'•
'

Cash

v

securities

the

counted

for

current

saving

S.

U.

and

deposits

and

Government
*

have

ac-

of
War

greater part

the;

during

period. For the past two and onehalf years individuals have been
saving close to 25% of their in¬

into the

;

;

two

these

At the.time, of our entry
war at the end of 1941,

forms.

,

in

taxes

after

come

Accumulated saving in cash and
deposits and U. S. Government
securities
was
already
at
the
highest point in history.
In the
comparatively short period since
that time, such accumulated sav¬
ing has shown an increase of
125%. As of Dec. 31, 1944, indivi¬
duals' holdings of cash and de¬

prior years, the growth in
insurance
and
pension reserves
formed an importnt part of total
As in

saving.
The increase in individ¬
uals' equity in private insurance
1944, amounting to $3.3 billion,

jwas

$200, million higher than; in

1943, while the increase in Gov¬
ernment insurance, amounting to

billion.

curities.
The pattern

of individuals' sav$17.0 billion to their currency andf jng jn
fourth quarter of 1944
bank
deposits, $15.5 billion to j was not much different from savtheir holdings of U. S. Govern- ■
;ng
previous quarters.
Total
ment bonds, $4.4 billion to their
liquid saving in this final quarter,
equity in Government insurance, amounting to $11.8 billion, was at
$3.3 billion to their equity in pri¬ a new high, reflecting the higher
vate insurance, mostly life insur¬
level of income after taxes.i
In
and $900 million to their in¬
and loan asso¬
ciations.
At the same time indi¬

ance,

the fourth quarter of 1944

vestment in savings

uals'

increased their

viduals

indebtedness

consumer

by $300 million

and

and

purchases of $4.5 billion of U. S.
Government bonds, in large part
Drive.

with the third

of

composition

The

1944

was

similar

saving

that

to

in

in
the

preceding year. Cash on hand and
in banks was again
the largest
component of individuals' saving,
with U. S. Government securities
a
close second.
The substantial

growth in individuals' cash and
deposits during 1944 reflected a
very large increase in time and
savings deposits amounting to an
all-time high of roughly $7.1 bil¬
lion as contrasted to a rise of $4,4
billion in 1943. On the other
the

hand,

billion increase in cur¬
and the $5.2 billion rise in
deposits in 1944, though

large,
ures

actually

were

smaller than

somewhat
in U. S.
$11.8
savings

for 1943. The increase

reflected
billion increase in U. S.

a

bonds, and a $3.7 billion increase
in other XJ. S. Government secur¬
Both

figures were

of these

moderately above the 1943
'

One of the more

velopments in the

composition of
in

1944

saving

the increase

in consumer

other

level.

significant de¬

individuals'
edness

Sixth

the

War

Loan

than

was
indebt¬

mortgages,

may be compared
quarter when indi¬
viduals increased their cash and

which

business,
creased

by

contrasted

close
with

JA
was

'

,

considerable
income

fourth

quarter

Januaiy,

part
the

from

attributable

the

to

income

decline

.

postponement
tax

payments

of
to

New

In

j; Compared with February of last
^earfemployment was 8:9 % lower
while payrolls were 3.4% smaller.

Average

suggestion of France, were

invited to attend.
under

were

fore

the

been

present

given

a

Makram

but have
independent

Finance;

war

Lublin-installed

ment losses in

shipyards

were ac¬

has

Bank, and Hafez Afifi Pasha, Di~,
rector of the Bank Misr.

Polish

ask

ment, and non-ferrous metals in¬
dustries. Many steel mills also re¬

ported increases.
Industries in the apparel group
which normally report seasonal

Australian

•

expansion in the month of Feb¬
are
men's tailoring and
,

peck wear, women's dresses, suits
and coats, millinery and children's
wear.
While payrolls were higher
in all of these branches, employ¬
ment dropped in the men's cloth¬
ing and women's dress industries.
Declines in both employment and

occurred in fur goods,
.

accessories, and fabricated textile

For the apparel group

products.

whole, employment decreased

as a

while

0.7%,
3.4%.

reported
with

a

a

advanced

payrolls

In the food group,

meat packers

sharp cut in payrolls

smaller

reduction

in em¬

which

was

on

In

New York City employment

while
payrolls
1.5%.
The men's clothing
women's dress industries re¬

rose

Irish Free State Bonds In

and

$14,000 Called

'

Holders

-of

Irish

Free

State

(Saorstat Eireann) external sink¬

ing

fund

5%

November 1,
fied that

are

bonds,

bonds outstanding

called

for

due

have

redemption

through the sinking fund

on

1, 1945, at par.

may

Payment

May
be

American
c,

,T

Fiscal
.

otreet, New York,

ported losses in employment al¬
though seasonal gains are usually
expected in February. . The de¬
clines in
these industries were
largely responsible for a 0.8% de¬
for the apparel group as

crease

being noti¬

$14,000 principal amount

of these
been

.gold,

1960,

Agent,

55

Wall

0.7%

a

whole.

:

The

firms in

A-V'0' h-'""

metals

and

.

machinery

New York City reduced

employment 0.6%
were 2.3% higher.

but payrolls
In the trans¬

portation
equipment
industry
heavy employment losses in ship¬
building were partially offset by
gains in aircraft.
Employment in
most of the other war industries
changed very little.

According to

an

the

As-

/

offset to the

Commonwealth of
:

•

..

Tribune,'*;

H.

Vandenberg,
who is a delegate to the San Fran¬
cisco Conference, "angrily lined
up strongly" against the proposal,
but it was supported by Congress¬
man Sol Bloom, Chairman of the
House Committee on Foreign Af¬
fairs, and also

a
Mr.

Conference.

delegate to the

delegation will

Deputy Prime Minister, and Her¬
bert Vere Evatt, Minister for Ex¬
ternal Affairs, who will be accom¬

...

deeply disagree with

would

"I

.

voting

any

is

Vandenberg

reported to have stated:

comprise Francis Michael Forde,

'

correspondent of

a

Arthur

Senator

Andrei A. Gro-

proposal,

if

made,

,

which would destroy the promised-

'sovereign equality' of nations in J
the

league's

peace

assembly

as

previously proposed at Dumbarton

panied by Sir Frederic Eggleston,
Oaks. This applies to extra votes
Minister in Washington; Lieut.
for us just as much as to extra
Gen. Sir John Lavarack, head of
votes for any one else.
This As¬
the Australian Military Mission in
sembly must continue to be to¬
the United
States; Air Marshal
morrow's free and untrammeled
Richard Williams, head of the
'town meeting of the world.'- The
Australian Air Mission; Comdr.
voice of the great powers will be
S. H. K. Spurgeon, Naval Attache,
amply protected in the Council." *
and P. *E. Coleman, Assistant Sec¬
In
taking an opposite stand,*;
retary of the Department of De¬
fense, and by Senator George Representative Bloom made the
McLeay, Liberal Party; Senator following comment:
"Great Britain would have six
R, H.. Nash, Labor Party; J. McEwen, Country Party; R. J.Pol¬ votes, including herself, Australia, :.
lard, Labor Party; H. A. M. Camp¬ Canada, India, New Zealand and
bell, editor of "The Age" news¬ the Union of South Arica. This
paper; J. F. Walsh, Federal Pres¬
arrangement would make it, then,'
ident
of the Australian Labor three for Russia, three for us and
Party; C. D. A. Odberg, President six for Great Britain. I think it
should be six, six and six.
of the Australian Council of Em¬
We
'

men's
to

Organization,
the delegation.

will

consist

the

Indian

John Sophiano-

will

be

com¬

Secretary; Capt. T. E.
Brownsdon,.Deputy Secretary, and
John Bartley, legal .adviser* Amir
Menon,

Faisal, Viceroy of the

Hejaz and
the

Foreign Minister, will head
Saudi Arabian delegation.
The head of the

Union of South

delegates will be Field
Marshal
Jan
Christiaan Smuts.
Africa

The Union's Minister in

ton, Dr.

S. F. N.

Washing¬

Gie, will be a

co-delegate.
Prime

Fahmy

Minister

would

EJ-Nokrashy

a

h

m o u

Pasha

you

'- Secretary

of

State

R.

Edward

Stettinius, in his press conference

that the secret
the voting quota would
endanger the success of the
United Nations Conference, but he
on

March 29, stated
on

not

refused

to

go

further in an am¬
,

.

L. K. Garrison

Named to WLB
J

Lloyd
24

d

will

K.

Garrison,

named

was

on

March

Vice-Chairman of

the War Labor Board,

succeeding

George W. Taylor, who wa$ re¬
cently advanced to Chairman of

the Board.

•

T Washington United Press
vices in reporting this said:

sin law school,
1942

ad¬
-

is on leave
dean of Wiscon¬
joined the board in

Garrison, who

Mr.

from his post

one

M

million dollars, what
say?"

offered you a

The

posed of Sir Ramaswami MudaRar, Sir Firoz Khan Noon, Sir
V. T. Krishnamachari, K. P. S.

:

posed in the understanding, and
I
can't see
any
reason
why it
shouldn't be done.
If a fellow

will plification of the statement.

Minister,

Greek delegation.

delegation

ought to have as big a representa-'
tion as any one else.
In general,
we are entitled to get what is pro- ;

pact

delegation
of Dr. Jan Masaryk,

Foreign

poulos,
head

assistants

as

Czechoslovak

The

Foreign Minister.

Feb. 12.

decreased

Amount of

employment
partially offset *1by

in

the New York "Herald

■

ruary

as

by the British
Nations.
$

fnyko.
The

each

votes

Organization

eign Commissar Molotoff will not
attend the Conference and that its

hired

three

six votes which will be controlled

the United States,

were

<

sembly of the projected Security

plant and premium rates paid to
men who worked on February 12.
workers

29,

secret agreeConference,

Russia and the United States will

delegation will be headed by the
present Russian Ambassador to

Additional

a
Yalta

the

at

March

on

result of

as a

ment

Question

disclosed

was

that,

companied by higher payrolls be¬
cause of increased activity at one

in the machinery, electrical equip¬

Vote

The

It

*

For¬

that

announced

of

Pasha, ex-Minister

Foreign Affairs; Aly El-Chamsy
Pasha, Director of the National•

weekly

Russia

of

Ghali

tros

Department, together
with • the British Foreign Office,
has refused the Russian request
the

Hafez Ramadan Pasha,
Justice; Wassef Bou-

Minister

'

.The State

ihat

Pasha, ex-Prime Minister;
Ebeid Pasha, Minister of

be¬

mandate

more

■'>'

Senate; Ismail Sedky Pasha,1
Minister; Abdel Fattah.

Yehia

These countries

French

status since.

employment decreased 0.4% while
payrolls dropped 1.4%, Employ¬

1945.

individuals* equity
in Government insurance is, however, considered as part of individuals' saving.




ex-Prime

in

National City Bank of New York,

The change in

of the

,

obtained at the head office of the

included.

disclosed that Syria and Lebanon,
at the

gains in book and job printing.
Payrolls, however, dropped 3.3 %
of the increase in
because many firms were closed
preceding quarter
million

$200

1343.

such

$100

to
a

to have in¬
million in 1944

estimated

is

saving in¬
s&ving of

this analysis individuals'
unincorporated business

types

1.5%.

on

Beverage industries
deposits by $6.2 billion and their ployment.
Federation; Dr. Roland
also reduced activity. Grain mills ployers
holdings of U. S. Government
Wilson, Secretary, Department of
bonds by $2.2 billion. Individuals' and sugar refineries reported in¬ Labor and National Services; W.
creases in employment and pay¬
indebtedness
arising
from
the
McMahon Ball, head of the De¬
rolls.
Every branch of the tex¬
purchase of consumer goods rose
tile industry had
fewer workers partment of Political Science, Uni¬
by $400 million in the fourth
versity of Melbourne; E. V. Rayexcept hats, where employment
quarter, the largest such increase
remained at the January level. mont, General Secretary, Returned
since the beginning of the War. '
Soldiers and Sailors Association,
In
the printing industry,
news¬
and Mrs.. Jessie
Street, leading
tThis does not
include the
change in papers and periodicals reported a
member of the Australian Wo¬
consumer's indebtedness to unincorporated
moderate decrease in

specified
in
the
attached table.
Corporate and Government saving are not

,.*111
cludes

Out¬

City, however, there' was a
net rise in payrolls due mainly to
gains in most of the apparel in¬
dustries but partly also to a sharp
increase at one war plant. •

This

the comparable fig¬

Governments

ities.

of

result

a

$4.7

rency

demand

;

cash

$5.4

by $700 million.
-

Organization at San<§>April 25, the State lead the Egyptian delegation. He
Department announced on March will be assisted by the Minister,
30.
According to a Washington for Foreign Affairs, Abdel Hamid
despatch of that day to the New Badawi Pasha, and by Mohamed
York "Times," the Department also Hussein Heikal Pasha, President
Francisco

City, the net drop

was

representatives to the Conference of the United Nations on

International

York

individ¬ payrolls

billion to their
deposits and made net

added

holdings of secur¬
ities other than U. S. Government
their

reduced

payrolls

Thirty-seven governments have formally accepted the invitation
send

,

individuals added

1944

During

in

0.3%.

Each Ask Three Votes in the Internationa!

Government be invited to attend,
earnihgs were
$4.4
billion,
was.
$600
million
$50.06 in February, $50.07 in the holding that in accordance with
the
Yalta Agreement
higher than in the previous year.
the rival
previous month, and $47.26 in
The increase in Government in¬
Polish
provisional
governments
February 1944. These figures are
surance
in
1944
reflected
a
should first come to an agreement
based on preliminary tabulations,
marked rise in the National Serv¬
bf reports from, 2,824 factories in establishing a new regime. Ar¬
ice Life Insurance Fund, amount¬
throughout the State, collected gentina, which recently declared
ing to $1.0 billion, as well as a and
analyzed by the Division of war on the Axis powers, also has
record $2.7 billion increase in So¬
not yet been invited to send dele¬
Research and Statistics .under the
cial Security funds, and $600 mil¬
' 1
direction of Meredith B. Givens. gates.
lion
increase
in
various
Civil
From the Commissioner's ad¬
In addition to the delegations
Service and Railway retirement
vices we also quote:
already named by Great Britain,
funds.
;
Further layoffs in aircraft and New Zealand and Belgium, as re¬
Of the remaining components of ordnance plants in February were
ported in last week's "Chronicle,"
individuals' saving in 1944, only accompanied by heavy losses in
delegations have been named by
the extremely large increase in payrolls and hours. For the metals Australia, Czechoslovakia, Egypt
investment in savings and loan and machinery group as a whole, and the Union of South Africa.

posits and U. S. Government se¬
curities -amounted
to
the
ex¬ associations, amounting to
$900
tremely large totals of $95 billion million, and the fairly consider¬
and $53 billion, respectively.
Of able decline in securities other
the total of cash and deposits $22 than U. S. Government, amount¬
billion was in currency, $39 "bil¬ ing to $700 million, were particu¬
lion in time deposits, and $34 bil¬ larly important. The decrease in
lion in demand deposits.
Indi¬ individuals' holdings of securities
viduals' holdings of U. S. Govern¬ other than U. S. Government was
ment securities were mainly con¬ due to a variety of factors includ¬
centrated in U. S. savings bonds, ing declines in outstanding cor¬
amounting to $29 billion in Series porate,
foreign,
quasi-Govern"<A-E bonds and $8 billion in F
ment, and municipal issues and an
and G
bonds, with other U, S. increase in loans for the purpose
Government securities accounting of
purchasing or carrying such se¬
for $16

declined

side New York

-/A,

ready been paid off...

in

Payrolls

consumers' goods has al¬

durable

France Will Send Delegates, as Well as Syria and Lebanon.
Nations
Attending May Reach 48. Argentina and Poland Not Yet Invited.
Russia and United States

re¬

1943 and

in

billion

$1.0

more

Assembly.

duction in consumer indebtedness

billion in 1942.

February, accounting for

factory ; employment.
Civilian
goods industries also reported de¬

This

with the

compared

be

may

ship¬

aircraft,

Agreed to Attend

San Francisco Security Conference

than one-third of the total loss in

1944, the Securities and Ex~<^

year

in

building, and ordnance plants in
New York State dropped sharply

public's latent purchasing power in

The

•>

Bulk of United Nations Have

Drops Again in February

Liquid Savings Estimated at $40 Billions, Accounted for
Mostly by Cash, Bank Deposits and Government Bonds.

1523

as

as

general counsel, and was

of the public members-

beard

ment.

at

Of the

the time of his appoint¬

and Reconversion
(Continued'from first page)
of

ments

creased

availability

efforts

in¬

and

ments for the

munitions will be

dures have been
the

duce

of

extent

in

contracts

effect in tight labor areas.
The employment
ceiling

,

pro¬

However,
cumberprocedures in applying the

gram has been pushed.
the

Some

indirect

to

resort

necessary

available

sanctions

Government

in the first three months
following V-E day and 40 per cent
by the end of a twelve-month
period.
The Army proposes to utilize
all usable equipment in Europe

needed

excessive.

continues

It is clear that

do not have

we

efficient

comprehensive,

man¬

system.

Without such

system, produc¬
tion agencies cannot meet their
responsibilities.
The
need
for
manpower
legislation continues.
Controls are necessary not only
for war production but also for
the production of essential civilSan goods; and later, to facilitate
field

of

governmental
Organization, the report refers to
the requirement in the War Mo¬
and

bilization

for

Act

Reconversion

the reorganization
And consolidation of agencies in
the manpower field. It recognizes
the need but states that specific
report

a

on

lecommendations will not be sub,

...

f1*,?
feated.
field

n

/

Any reorganization

Aa

thiQ

th

in

s

the

divert from

would

now"

•

„„„

War effort.,

Consolidation of Government

Agencies
The heed for the consolidation
bf

Government

agancies is rec¬
The report recommends

ognized.

Ihat the President be

authorized,
the powers he now

in addition to
has under the Second War Pow¬
ers Act, to consolidate and trans¬

fer

Government agencies as war
functions decrease. Such consol¬
idation

and

transfers

would

be

jpermanent unless disapproved by
Congress within thirty days after
they are made.
The

points

report

that

out

45

per cent of our total productive
butput in 1944 was for war.
To
bbtain

this

'Civilian

to

proportion,

programs

essential
reduced

were

level which demands

a

hnore

an

tary needs against those .require¬
Are
'

which

not to

must

impair

be

our

if

met
war

we

effort.

The Office of War Mobilization

And

Reconversion

has

required

fcontinuing reviews to be
till

military

made of

procurement

pro¬

grams to maintain this balance.
In

February,
War

bf

Views

1944, the Secretary

announced

had

curement

that

reduced
programs

such

re-

military pro¬
by $12,800,-

'000,000. ;
:
Recently the director, after

tions

coordinate

approval

steps

of

the

President,

to

stop the construc¬
tion of seventy-two naval vessels
Which

did

not

absolutely

appear

Essential to the prosecution of the
War against Japan and were be¬

ing

constructed

as

measure.

•

the

director

has

also

142

pro¬

in

1946.

As

a

Pesult of

the reduction of the high
bctane program, he has
requested
the cancellation of orders for
forty
tankers. The Joint Chiefs of Staff
have been asked to fix an earlier

date than presently used beyond
Which
B*eate

fbont

it

will

new

be

unnecessary to
production for a two-

war.

release

"v

♦

1

■

■

of

•

tremendoiy; backlog of civilian
demand, with savings, including

Arrrty Service Forces

have




made

Reconstruction

sales

laws.

The

bond holdings, at

a total of
Hollars
should rmirklv
dollars,
should
quickly
provide employment.
The temptation to embark in
large public works and other pro¬
grams designed to provide em¬

grant

production and

with

Plan

the

at

:

report

the

War

that

Labor

in

buying

to facilitate

so as

would

Manpower

ing.
is

must

more

we

in government.

economy

The

in

ation

also

the

a

-

gladly do
suffering and

war-torn

to the people

,

world.

machinery
sion
that

on
a

reviews

for

V-E

sound

partial

is

that

basic

is

now

available

to

this

provided

staffs

for

War

purpose.

Department
settlements in February required
an
average of only 3.4 months as
compared

with

December.

The

4.2

in

While

the

Board

the

was

not

in

Navy cut its set¬

tlement time from
months

months

9.9

Surplus

period. :
until

in the amount

low-

aided

State

housing programs and rural

consideration by the Congress.
The director also urges

travel

must

■0-!

The, Interagency

between

26

and

29

transportation.
:

.

still

Federal Works Administration be

senger-car

in

The

Reeemployment

report points out the pro¬

cedures established under the re¬

training and re-employment ad¬
ministration to aid veterans and
released workers. Re-employment
committeemen
are
available
at
each

of 6,500 local draft boards
help veterans in obtaining their
old jobs; 1,500 local offices of the
USES are equipped to help veter¬
to

find jobs and 27,000 institu¬
tions have been approved to fur¬
ans

Ade¬

nish education to veterans.

quate hospital facilities are being

provided.

State unemployment
compensation offices will furnish
the
veteran
with
readj ustment
allowances if he is unemployed.

Arrangements have been made to
facilitate loans provided for in
G.

the

The

no

transportation.

I.

section
and

Bill.

imme¬
or

the

of

Service

report

and

points

pas¬

How¬

Housing
out

that

which

Act

committee
Hines

is

appointed by General
studying this problem.

The report of this committee will
be given
full consideration and

submitted to the
ther

Congress if fur¬

legislation

facilities

of

USES will be retained to find

ployment for displaced
Provisions

ers.

for

have

unemployment

to

for

care

while

war

the
em¬

work¬

been

made

compensation

these

war

temporarily

workers

unemployed.
are in¬

However, these provisions
adequate.

to

access

Board

business

Previous recommenda¬

The

will

has

see

adequate

materials.

The adop¬
Congress of the Wag-

ner-Spence Bill to amend Section
13B, Federal Reserve Act, to stim¬
ulate
and

loans
the

to

small

business

extension

of the life of
the Smaller War Plants Corpora¬
tion to Dec.
31, 1946, are rec¬

ommended.

\

.

The report reminds
will

still

war

in

be

fighting

the

continue

;

Pacific

to

that

us

which

receive

we

coalition

a

must

lend-lease

support.
Some of our allies de¬
pend almost entirely on certain
specific items of military equip¬
ment

produced

in

this

country.

Moreover, they must continue
receive

repairs

for the
has

will

has

to

parts

spare

military equipment which

been

past.

and

furnished

The

them

volume

of

in

the

lend-lease

decline

rapidly, and in fact
already dropped 25 per cent

Normandy invasion.

Rehabilitation and Foreign Trade
We

must

liberated

people

provide assistance in

countries.

ernments

Stable

cannot

develop
hungry.
A

are

world

economy

world

peace

Gov¬

where

strong

is essential
to
and - to a healthy

economy at home.

When

we assume

the

or

other

controls in

into

zones

one

which

Germany

is to be divided, the
people of America will not desire
to

let

the

women
and children
care starve.
Congress
should consider at an early date

under

our

the extent to which funds and aid

will

be

made

available

for

this

purpose.

The committee set up to co¬
ordinate foreign shipments under
the

chairmanship of Administra¬
Crowley of the Foreign Eco¬

tor

nomic

Administration

will

de¬

velop

a sensible balance sheet.
The report looks ahead after the
defeat of Japan. It foresees a tre¬

mendous demand for materials for
reconversion and to restore inven¬
tories of consumer goods in this

country.
There will also be a
huge demand from abrbad,1 where
destroyed homes
and
factories
must

be

rebuilt.

Foreign trade
our own post-war
prosperity. Foreign countries have
expanded their gold and dollar
is

essential to

assets by more than

since

1940.

sources

must

are

$8,000,000,000

However,

their

re¬

not unlimited and we

be prepared

to make loans

to those countries where there is
reasonable prospect of
repayment.-

The report recommends favor¬
able consideration by
Congress of
a broad
foreign policy, to include
the

extension and
strengthening
of the Trades Agreement
Act; the
establishment of the International

Monetary Fund; approval for the
establishment of the International
Bank for Reconstruction and De¬
velopment;
authority

the extension of
of

Export-Import
our
foreign trade,

and the repeal of the Johnson

prohibiting loans to
default

on

their

the United States.

eign

trade

is

at home is to

the

the

Bank to finance

Act,

governments

obligations to
An active for¬
if

necessary

trade

prosper.

Free Enterprise and Cartels

Production
stimulated

for

new

industry, and

this

has

war

developments in

trade.

•

Free

enter¬

prise will have its opportunity in
Utilizing these developments in
peace, to prove it can provide full

employment. Anti-trust laws
time

war

be enforced

must

vigorously to prevent

ihoiibpolies and

to protect small
producers. Vigorous steps must be
taken to stop international cartels

designed to maintain price struc¬
tures at high levels.
The

report

points

out

the

ne¬

cessity for a tax structure designed to help business. It urges

tions for their broadening by the

that the reports of the Joint Com¬

Congress

mittee

of

are

renewed with

urgency.

The

of

section

Small

of

small

manufacturers
reconvert

on

Revenue, Taxation

and

the Treasury be presented to and
receive the consideration of Con¬
Business

gress at the earliest possible date.

report on
points out that

supply in the
face of increasing demands makes

to

note

the

business

able

a

-

small

food

be

to

appears

necessary.

a

in

provides

re-employment rights for veterans
requires clarification.
A special

Position

Supply

out that the
Selective Training

manufacturers.

Production
small

tion by the

in

report points

-

small increase in the b*sic

Food

The

stimulate

now

-

gasoline ration appears feasible.

i.

to

for projects to be
built when Japan is defeated.

The

employed

diate relief in either truck

a

authorities

local

to

planning

be

Deferment

VE-Day will provide

ever.

that the

provided with the $35,000,000 ap¬
proved by the Senate for advance

in

pay

being received must have as
foundation a volume of pro¬

Propertv I decrease

established

take-home

Director, has granted a high
percentage of deferments to men

months to

same

to

the

in ef¬

contracts

trained

can

Committee, at the suggestion of

rapidly and that contractors have
also

into peacetime

The report points out the
mag¬
nificent job being
accomplished
by our railroads.
However, the

{

personnel

settle

equal

unnecessary
avoided,

reconver¬

experienced

productivity has

over

on
transportation will con¬
tinue until Japan is defeated and

day.;
It points out
policy governing the

niacins? of cutbacks

fect,

the

war

tax

who will

bills."

report

our

instances,
know how

we

ian

must give consider¬

we

such

duction and
consumption of civil¬
goods equal to our present
production and consumption.

is necessary to win the
will do, and as a
Christian,
humane people, we will

distress

in

now

re¬

"What

However,

study

pay

a

to relieve

than

carried

peace

to

war we

part

this

adjustments

production before wage rates
be increased.
Take-home

port states:

our

the

must wait until

much of

we

program

can

Other

Economy
attention

of

purpose

determine

be made in these in¬
dustries in the framework of sta¬
bilization policies.

Com¬

Germany is defeated

devote

lower the standard of liv¬

The

to

which

been
More Attention to

and

Federal

Veterans'

tiles, paper and pulp, lumber,
leather, containers and chemicals.

mission controls will be continued
in all tight labor areas.

a

approximately $2,000,000,000.

of

:

living and hence any sharp de¬
cline in hours worked per week

prevent the building of excess in¬
ventories
and
to
protect small

such

such loans

insure

earn¬

leased except as required by con¬
tinuing shortages such as in tex¬

War

and
Federal authority is available to

under

power

a
special study be made to de¬
termine those industries in which

The War Production Board is
pre¬
pared to take prompt actions to

excellent 'position

in

are

finance

to

rent

hourly wage rates have increased
substantially less than the cost of

business.

tutions

insti¬

loan

Our

available.

large

War
that

agencies

housing should receive favorable

The Office of War Mobilization
and Reconversion has asked
that

j

/

be

projects,

comes

sta¬

re¬

"

will

vate

construction

Congress
Board

Wage Adjustments

a
simple
plan, and thirdly the
"open-ending" of CMP while it is

orders

projects
including pri¬
which will, reach

total backlog,

a

$7,000,000,000.

reconversion.

early date

-

and

the Price Administrator have de-

ufactured goods

substitution of

Limitation

backlog of $4,500,000,-

a

000 in authorized Federal

the

ings under control; to hold wages
in check, and at the same time
to establish prices on
newly'man¬

priorities

continued.

There is

than

since the

sloped

consumer

Controlled

an

produc¬

large-scale

prevent

will develop pressure for large public
works programs. These should be
resisted until Japan is defeated.

Reconversion.

control; to keep corporation

promptly as possible to en¬
courage private enterprise to re¬
convert with maximum
dispatch.
The War Production Board
plans
to
relax
controls, first through
the increased use of "spot" au¬
thorizations, secondly through the
as

the

anti¬

recom¬

a program which is de¬
signed after Germany is defeated,
to keep prices in
check; to keep

The report points out that pro¬
duction controls must be released

of

will

Surplus Property

and

for some months and

scarce

tion of private housing.
Local unemployment

The report states that the Direc¬
tor of Economic Stabilization and

reconversion.

discontinuance

main

power to hiake its deci¬
sions enforceable is renewed.

ployment in this period must be
as these programs would
war

the

director

the

required to support the war
against Japan. Lumber will re¬

tutory

resisted,

Materials

under

The

of

been

ter is

Finance

recommendation

January

.wjii;nr,
140
billion

"

At the reouest of the director the

the

has

The governmental
should be
given funds to prepare plan.s and
V-E Day.
So far, economic sta¬ specifications in sufficient detail
bilization has kept the cost of to permit proj ects being placed
under construction rapidly follow¬
living from rising excessively. In
ing the defeat of Japan.
World War I it rose 62
per cent
Private construction, particular in fifty-two
months, whereas in
ly private housing, should pro¬
this war it has gone up
only 29
gress rapidly when lumber be¬
per cent in sixty-six months.

percent in the third quarter.
Unemployment
problems fol¬
lowing the defeat of Germany will
be
temporary in nature.
The

interfere with

be

production

In discussing economic stabili¬
zation, the report emphasizes the
necessity for
continuing
price,
wage and rationing controls after

second quarter and still another 5

war

to

soldiers'
disapproved by

quality

or

In discussing construction and
public works, the report recom¬
mends that private construction
be permitted to go ahead before
public construction unless the lat¬

Continuation of Price Controls

from

resources

be¬

are

civilian

Mobilization

production
will
be
about 20 percent in the first quar¬
ter, an additional 5 per cent in the

6.4

■

v

the

munitions

pay

Additional Liberty
ships and cer¬
tain high octane gasoline
plants
Which would not come into
well

of

they

ikye

supervision of the Office of War

.

stopped

proposed construction of

duction until

activities

the

to

the Director.

Board be removed from the direct

to

taken

agencies hav¬
reconversion responsibilities.
When Germany is defeated, our

total

if

to

proposed

ing

The
The

surplus

several Government

insurance

an

been

tity

report points out that the
war
plants is desirable

mends that the
have

re¬

ration

before these plants

trust

emphasizes the ac¬

which

In this way we will be able

Corporation to develop procedures
for giving an opinion
on
such

Reconversion Policies

The report

When
con¬

for

duction will decrease rapidly.

,

the

need

the

emergency

of

and

deliveries from United States pro¬

-

ference with the commander of
the fleet, in the absence of the
Secretary of the Navy, and with
took

Then

filled.

been

pipeline
Pacific has

the

to

the

quickly.
The director has asked
the Department of Justice to work
with the Surplus
Property Board

the

even

delicate balancing of mili¬

ments

until

meet

sale

converted

operations

support

Europe

a

TeConversion.
the

from

to

Pacific

to

even
come

from the United States will

the

in

Needed

Manpower

Turnover

In

The

equipment

repackaged and recrated.
While plans have been made to
expedite this movement, deliv¬
be

power

This

centers

,

More

a

Pacific.

the

in

to

quirements.

must be

eries

needed.

to 20

15

from

made

be

can

Congress for its modification.
provide some relief for stricken
Much attention has been given areas
throughout the world with¬
to making space available for the
out weakening our own military
quick storage of termination in¬ effort and without
impairing the
ventory and 15,000,000 square feet health of our civilian
population.
will be ready by June in fifty-six
A proposed reduction in the quan¬

per cent

to

this pro¬
gram from being effective prompt¬
ly
in
placing
workers
where
prevents

mendations

against Japan.

war

Reduction in deliveries of finished

priority jobs.
Proce¬
developed to re¬

higher

careful review of their require¬

a

divert workers

to

Thursday, April 5, 1945

January, the procedure developed our situation less favorable in
previously by the administrator 1945 than 1944. We will not eat
enabled the responsible agencies as well.
However, we will not
to gain valuable experience.
The be hungry and our diet will not
be
Surplus Property Act is compli¬
deficient. We must tighten our
cated
to
administer.
'However, belts a little. At the same time,
more experience is necessary un¬
we must
again call on our farmers
der the act before specific recom¬ for an all-out effort.

Byines Reports on War Production

to

& FINANCIAL CHRONICLE

THE COMMERCIAL

1524

,

should

more

be

quickly

Specifically, the Director
his

recommendations

celeration
ances;

of

for

depreciation

to make available

renews

th®

ac-

allow-*
to

cor-

-

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4374

porations immediately after VEDay a part of the post-war refund
of their excess-profits tax and the

corresponding reduction in the
compulsory savings provisions in
the excess-profits tax; and an in¬
crease
in the exemption in this
tax from the present $10,000 to
$25,000.
^\
'i/{ V In
discussing agriculture,' the
report refers to the action which
Congress has' already taken to
continue support prices for two
years after the first Jan. 1 follow¬
ing the end of the war. It recom¬
mends that Congress authorize ap¬
•

propriate administrative agencies
to make payments in lieu of sup¬
port prices when it is determined
that such prices are resulting in
the accumulation of

surpluses.
legislation to
bring about an orderly expansion
of the present school lunch pro¬
gram so that all grade and high
school
children can
participate
The enactment of

within the next two or three years

is recommended.*

-

The report points out the need

;

soil

for

^conservation and urges
that Congress give consideration
to this problem. Several agencies
within the Department of Agricul¬
ture

are now

authorized to under¬

take programs of assistance under

specific and separate acts of Con¬
gress.
One program would be

Expenditures After VE-Day

of the

part

as

administrative

justment as
defeated.

of read¬

as Germany is
It recommends that the
soon

and

Mobiliza¬

Reconversion

has

had

unusual opportunity to become
familiar with the operations of
an

War and Navy Departments.
These operations have been con¬

our

ducted .with

high

.a:

there

will

military

in

will

It

the

voluntary withdrawal from
employment of many women and

eld and young workers who would
not

normally be employed, we can
considerably reduce the dimen¬
sions of the employment problem.
"But whether such
adjustments,

by themselves, will be adequate
to solve the
problem, particularly
after

the

mand

ket in

doubtful.

history. * War expendi¬

our

will

tures

decline

from

80

some

dollars a year to perhaps
billion, and total Government
expenditures
(including

of

wave

has

If we

example, such

deferred

its

run

course,
to

are

attain, for

billion

national

ployment estimate of 140

to

8

de¬

seems

level of post-war

a

6

income

the

as

full-em¬
billion

dollars so widely used in current
from' discussions, we shall need to have
over 100 billion dollars to perhaps
not only a great increase of
pri¬
30 billion.
Government deficits, vate investment but (what is far
now of the order of magnitude of
more important in terms of com¬
50 billion dollars a year, must be parative magnitudes) an
expan¬
State

and

of

many,

(or;

even

military

present

program

of providing

means

need

expendi¬
place of the

the

take

to

the

stress

Government

further

tures

fall

will

who

those

even

of

local)

according to the ideas
by a balanced budget
by a surplus), while

replaced,

finances

that

return

a

as

high employ¬

still

and

"one

the

important
conditions

normal

to

sion

of

consumption by at least
40% beyond any level previously
known in time of peace and sub¬
stantially above the current (ci¬

vilian) wartime level, which is
the highest in our history.
How
this

is

to

what

of

tween

our
we

By reconverting

sense.

resources

to

peacetime

increase

can

both

our

uses

the

in

preser¬

free

enterprise, and
of cooperation be¬

Government

and

that "no

serves

fer

the

final

wants to de¬

one

because

peace

the

problems it will bring will
be hard, but it still seems prob¬

new

able that the

will end in two

war

stages rather than abruptly.
We
should be able to take advantage
of1

the

interval

to make

from

a

Pacific

more

war

a

between

the

in Europe and the

war

of the

to

and materials.
Therefore the report recommends
that Congress should, at an early

ahead."

appear

'

.

to lip

b

,

Eickange Annual Financial Report

revenue.

serves, depleted by the years of
attrition
and depression through

an
increase
of
$21,800
the year, reflecting in¬
creased purchases of United States

•

>

.

;

„

The report refers to the counsel
received from the Advisory Board
created under the act establishing
Office

the

tor

in

his

of

War

Mobilization

associations

with

the

Board.
In

concluding

the

report,

the

which

business

has

passed."
The following table was includ¬

Director states:
"I know that the American peo¬

this

ed

in Mr. Schram's report:

Net

earnings for 1944
the
earnings and

.

compare

ple will continue their full sup¬
port of our war effort until the
military might of both Germany
and Japan has been utterly de¬
stroyed. They will recognize that

Year

the

1944...

$673,758.93"

1940__

$981,348.37*

1943™

676,508.89

1939™

1,149,373.23*

1942—

815,972,26*

1938™ 1,548,417.24*

quickest way to ultimate vic¬

tory lies in the use of overwhelm¬

ing forces in the air, on the sea,
and on the ground, until
these
forces are no longer capable of
armed resistance."
r1
i

.

■'

He points out his

the

future

'

/

t

r j

a

our

..system

because

makes

of

the most

.ji'

"Amepica^js

wjwe

enterprise
of each of these

Consolidated

Net Profit

Net Profit

Loss6

or

deficits

follows:

as

Consolidated
Year

1941— 2,229,560.63*

or Loss*

1937—

Regarding the income and

;v

increase

an

of

was

$5,-

$238,224

price ceiling increase, since news¬
under

ceiling price

would

nually.

of newsprint was increased by
ton

$3 a
by the Office of Price Admin¬

istration

in

the

on

This boost

March 29.

which is effective
immediately, was attributed to the
increased costs in the production
of
.

.

,

v

OPA, in making the third




v

United
vices

this

price,

nulpwood.
The

cost

publishers

its

on

:

American
about

control

"The

also

said:
25%

in

an¬

Washington

ad¬

this

29

in

increase

This

the

the United

increase

for in the

Income

Miscellaneous

Printing,

Tax

Taxes

and

Salaries

—

_™™™__™.

Wages_™_i>__._.^

Stationery,

and

accounted

.-t,l>

rV;.. -'v.'".
Federal

is

following items:

Accounts

etc.—

•

•

84,247

Charged off
<

newsprint

a

expense

net decrease of

items

14,652

of

charged off were items of
years' standing on the books

the

Company which
determined during the year

were

be

to

Building

"The

ordinary expenses of the
exchange have been maintained
the

at

levels

are

1942

after

of

of

the

last

several

Although the exchange will
continue, in view of the fluctuat¬
ing nature of its business, to avoid
years.

commitments

*

resulting in fixed
overhead charges, it will be re¬
quired to incur larger expenses
in certain categories in the next
few years."
As to the
dent

Gratuity Fund, Presi¬

Schram

said:

■

.

"The statement of condition of
the

gratuity fund shows that the

net worth of the fund

$1,051,-

was

920

as of Dec. 31,
1944, a decrease
$242,167 from a year ago. Dur¬
ing the year the Trustees appro¬

of

priated out of the principal of the
pursuant to Section 7 of
XVI

$309,150
ments

of

the

Constitution,

credit against

as a

the

on

deaths

assess¬

of

fifteen

during

the year.
The
principal of the fund will continue
be

used

for

is

and

purpose

net gratuity fund

until its net worth is

reduced to

It

this

no

$500,000."

also

loan

noted

drives,

that

showed

$24,223.

of

are

andhas backed up
that "government

the world's best invest¬

by

investing
in

assets

of

also includes,

report

balance

York

70%

its

them.

sheets

con¬

of

^7- v

The

compara¬
tive figures for the previous year.
Other tables in the announce¬
ment

statements

are

of

income

and expenses, analysis
in capital investment

of changes

merit of condition and

operations

of the

City
'

member

banks

\'\£v

■■■

in¬

r

of

Berkeley,

.

Florida—Florida National Bank
Coral

Gables, Coral Gables.

Illinois —First

National Bank,
Manlius, Palatine National Bank,

Palatine.
Iowa
Farmers Savings Bank/
Boyden,
Ionia
Savings
Bank,
Iona, Iowa Falls State Bank, Iowa
Falls,
Farmers
Savings
Bank,
Remsen, Wellman Savings Bank,
Wellman., :
.'A';., /:■/

Kentucky

Hyden

—

Citizens

Bank, Hyden.

Maryland—Exchange & Savings
Bank, Berlin.

t

Ohio—Adelphi

:i;:

Banking Com¬
Central National

Adelphi,

pany,
Bank

at

Cambridge, Cambridge,
Peoples Bank Company, Fort Re-^
Bank of Galena Company,
Galena, Iron Bank, Jackson, Millersport Bank Company, Millersport, The Miami Valley Bank,
Quincy, The Farmers Bank, Sedalia, First National Bank, Syca¬
covery,

i, -■■■\:'v v: .-Tv.£'■

more.

Oregon

\::

Commercial Bank of

Tillamook; Tillamook.'
Texas
First National Bank,
Byers,
First
National
Bank,
Bynum, First State Bank, Jarrell,
First
National
Bank, Richland,
Harlandale State Bank, San An¬
—

tonio.

.v;;T

.

v

Rico—Roig Commercial
Bank, Humacao..
£, ■ '|£ £ !■■'' £j::

Un-American Acts

i

and

Analyzed by ■
Brookings institution^

state-

The

Brookings

"Un-American

Activities,"
Congressman Martin
digest the numerous re¬
which the Committee has

headed

Dies

by

to

plies

received

regarding

activities,

The Senate confirmed

on

March

Army lieutenant generals
full generals, raising to 11

be

number

of four star generals

active duty.
United Press

on

reau

Washington

"March

on

28

in

Bu¬
reporting

this said:

Five

of

the

new

generals hold

the

,

-

the

of

'

United

:

States

Strategic Air Forces in Europe.
/ The

others,

rank

as

who hold perma¬
brigadier generals,

George C. Kenny, Commander
of the Far East Air Forces; Mark
W. Clark, Commander of the Fif¬
teenth
Army
Group
in
Italy;
Jacob L. Devers, Commander of

giving effect to a 'net the Sixth Army Group in Europe,
loss
carryover'
from and Thomas D. Handy, Deputy
approximately $546,000, Chief of Staff.

un-American
formulated
four

has

separate acts which would be in¬
cluded in this category.
These,
according to the Associated Press
are:

"1.

28 nine

of
re¬

quested by the House Committee
on

gratuity fund.

Nine New 4 Star Generals

Institution

Washington, which had been

It

is

individual

nent

Gate

•

new

California—Bank

the

Stock

poration, for 1944 and

the

Traders

statement

Exchange and
affiliated firms, which are, New
York Stock
Exchange Building
Company, New York Quotation
Company and Stock Clearing Cor¬

to

1945,

Puerto

,

v

the Ex¬
change has supported the sale of
1var j bonds in all of the six war
the

Feb.

National Bank, Kansas City, Mis¬

fund,

Article

Association

of

—

uncollectible.

are

$268,053

"Federal Income taxes for 1944

operating

President
souri.

at

counts

the

Committee, according
to R. L. Dominick, Chairman of
the committee, who is also Vice-

Berkeley.

The rents and ac¬

se¬

of

ganization

un-American

for

any

by force, in¬
timidation, deceit, fraud or brib¬
ery to prevent or seek to prevent
any person from exercising
any
right or privilege which cannot
constitutionally be denied to him
either by the Federal Government
or by a State government.
"2.

It

or

is

group

un-American

for

any

individual to advocate, to conspire
or
to attempt *to bring about a

change in the form of government
the United States

in

lowing
for

the

that

without

processes

purpose

by

fol¬

prescribed'
the Consti¬

tution.
"3.

It

person

is

un-American

(secretly)

to

for

any

conspire

by

methods, constitutional or
otherwise, : to overthrow or at¬
tempt to overthrow a government
any

of law and to substitute therefore
a

government

plete
"4.

vested

discretionary
It

44,980
21,455

reporting

country is produced
States, the remain¬
der
coming from
Canada
and
Newfoundland.

in

in 1943, an
of approximately $244,-

the

were

result of activities of its Or¬

r

mander

were

month

a

of such items.

many

banks

members

new

during
as

printing, sta¬
tionery and office supplies reflects
larger purchases and higher cost

$102,719

1944

pared with $4,012,091

"Other
of

for

expenses

as

Bankers

in

Increase

Expenses

Rents

March

About
used

newspaper

$10,000,000

increase

permanent^ rank
of major
general in
the
regular Army.
They are Brehon B. Somervell,
Commander of the Army Service
Forces; Joseph T. McNarney, Dep¬
uty Supreme Allied Commander
in the; Mediterranean;
Omar N.
Bradley,
Commander
of
the
Twelfth Army Group in Europe;
Walter Krueger, Commander of
the Sixth Army in the Southwest
Pacific, and Carl Spaatz, Com¬

decrease of approxi¬
mately $58,600 from 1943."

in

--

Press

effected

a

"Total

March, 1942, said that this action

The manufacturers'

in' 1944,

000.

came

transactions

the exchange, totaled $1,009,155

also higher, being $4,255,921, com¬

"Total income for 1944

465,072,

from

firms
on

ex¬

Income

itw-

print

Newsprint Ceiling Raised

and its affiliated com¬
The largest single item
of
income,
receipts
from, the
charge of 1% on net commissions
retained by members and member
change
panies.

140,376.73*

free

opportunities."

*

brokerage industry.

during

Government securities by the ex¬

Twenty-seven
cured

American

clude:

discounts

and

showed

penses of 1944 Mr. Schram said:

i

confidence.,in

land of opportunities

still

J

with

since 1937

Interest

bonus

policy adopted by the War Labor

The

ahead and to restore necessary re¬

defeated.

single de¬
defense to
when Japan is

revised

a

Twenty-Seven

New Member Banks

Board applicable to the securities

solidated

which have resulted to the Direc¬

establishing a
of national

under

ment"

and Reconversion and the benefits

date, give consideration to legis¬

effective

mitted

bonds

Schram,

■

in
December, 1944.
In
1945, an additional 2%
bonus for 1944 was paid, as per¬

the much

problems which

pay¬

March,

to

fundamental long-

were

ployees

assessments

more

taxes

ABA Has

Tax

"The item of salaries and wages
includes a 4% bonus paid to em¬

economy

In presenting to the members of the New York Stock Exchange
the annual financial report of the exchange and affiliated companies,
Emil

such

there will be

run

Franchise

'£

a

President, said: "The operations of the exchange
showed a net profit of $673,758 in 1944, compared with $676,508 in
1943. Although the total share volume on the exchange in 1944 was
about 5% lower than in 1943, and although tax expense increased
substantially, the net profit was$~
*
■—
maintained at the previous year's over total income for 1943, which
level, due, principally, to im¬ was $5,226,848. Listing fees, which
to
provement in income. The ex¬ amounted
$741,759
in
1944,
change
was
thereby
able
to compared with $583,146 in 1943,
were
strengthen its cash position for
responsible for the larger
the
post-war period which lies part of the improvement in total

become

which

New

but also manpower

State

but also to prepare ourselves for

con¬

Miscellaneous

able.',,

members

Emil* Schram, President Indicates Second
Successive Profit Year

programs

partment

for

only
orderly transition
peace

in

changing the privilege period

total

could have saved not only dollars

lation

law

York

not

war

Shews Net Protit of $673,758 ii; 1944

interest.

tax

due to revisions in the

was

New

business

questions de¬
serving the most intensive study."
In conclusion, Mr. Sproul ob¬

end

the usual

about

it will require are

end of the

large' part of what we
now produce
is not intended to
serve
any economic purpose, in

brought

measures

income.

A

be

consistent with

ways

vation

it will not be necessary to main¬
tain the wartime level of national

However, procurement supply
under a unified system

:

decline

expenditures.

N. Y. Stock

military and naval
and its readiness to

common

huge

a

resump¬
normal work-week and

a

increase

Taxes

declining; and by the

tion of

represent the greatest loss of mar¬

compromise and reach agreements
in the

be

is

of

degree

of

leadership

our

sumption and our capital equip¬
ment even though total production

unity because of the outstanding
character

;

more

largest single fact
about the post-war period is that

the

tive expenses may be made and
the amounts to be covered back

tion

de¬

fact to bear in mind is that with

ih administra¬

into the Treasury.
The Director of War

the

The

serious.

states

of the Budget be given
authority to determine those agen¬

Director

cies in which cuts

view

provide
jobs for all, or nearly all, will
surely be one of our major post¬
war problems."
In
duscussing * post-war eco¬
nomic
conditions,
Mr.
Sproul

purposes

process

dver-all

flationary
implications
of
present situation
may
be

ment

The report urges that the Gov¬
ernment start reducing expendi¬
for

ing wartime controls until we can
sure they are no longer needed.

be

an

income

the

paramount necessity of maintain¬

in

the

(Continued from first page)
developments to indicate the

But

reduced,

liability for 1944 by approximate¬
ly $229,000. The major portion of

kind of analysis of possible post¬
war

1525

Runaway Prices Feared

ment, talk only of relatively mod¬
est deficits of perhaps 3 billion
dollars a year.
How to bring
about such a change in Govern¬

better.

tures

which

Post-War

:

Yolume 161

person

is

with

un-American

for

any

with the primary intent to

advance the interests of
nation

com¬

power.

association

or

tion clearly and

to

a

foreign

take

ac¬

definitely against

the interests of the United States.
"5.
war,

In time of

it

person

war or

threatened

is

un-American for any
with the intent to inter¬

fere

with

tion

for

.

the successful prepara¬
or

prosecution of war."

Thursday, April 5, 1945

FINANCIAL CHRONICLE

THE COMMERCIAL &

1526

stores

Year Book of New York Stock

dresses,

which Chairman Eccles of FRB Writes of House

hosiery.

Book" of the New York Stock Exchange

Banking Com¬
has recently been released shows that "during 1944, 717 of the 864
mittee
to Confine Business of These Concerns to Opera¬
common stock issues listed on the New York Stock Exchange paid
cash dividends aggregating $2,222,612,000 and 341 of the 395 listed tion of Subsidiary Banks Only.. Measure to This Effect
preferred stock issues made cash disbursements aggregating $369,437,000, a total of $2,592,049,000.
During 1943, 687 common stocks Already Pending in Senate.
The annual "Year

paid dividends amounting to $2,-<^
to
the
total
number
of Stock
063,411,000, and 339 prefered is¬
sues
paid $344,577,000, a total of Exchange members, banks, etc.,
as of June 30th of each year.
The
.S2,407,988,000. As a result of 1944
disbursements,
dividend
paying solvency record of the New York
common
and
preferred
stocks Stock Exchange members in a
listed

New

the

op

Exchange showed a
of
5.0%
and 4.7%
based

year-end prices.

on

of

record

A

listed

York Stock
typical yield
respectively,

99.69%, against 98.35% of all U. S.
Banks, 99.05% for National Banks,

in

Bill
tenders of

Jan. 1, 1945,

540 on Jan. 1,

compared with

1944: the number of

offices

branch

the

during

rose

from 773 to 797 on Jan. 1,
1945,
and non - member corre¬
spondents which maintained di¬
rect wire connections with mem¬
bers rose slightly from 2,051 at the
year

of this year.

Firms:

York

417

—

Total

145

Partners of Stock

of

Members

the

562

~

—

-

J"-.—

Total

Other

845

Special

2,078
306

—.

(Allied

Special

and

General

Members)

V,'

2

—

11

'

2,395

Total

per annum.

discount

*27

Total

3,240

—_

Memberships

held

the

in

of

names

deceased members.

of

As

Jan.

1,

1945,

the

says

Book," 811 members of the
Exchange had been members for
more
than ten years.
Of these,
"Year

284 had
than
t:ian

members for

been

twenty

forty

more

49 for more
and 6 had held

years;

years

their memberships for more than
fifty years.

During 1944, the "Year Book"
further, reports, 174 applications
to

158

list

tues

on

change

for

and

64

26

bond

is-

"X^rk Stock Ex¬
by the

approved
Of these, 23

were

Exchange.
tions

stock

the New

stock

0.376%

approximately

per annum.
-

applica¬

issues

and

change in the situation since the
report was made which causes the
board
to feel any less concern,
the

and

proposed legislation
Com¬
merce" bank holding companies
would
be prohibited
from pur¬
stated by the "Journal of

chasing any more bank stock, ex¬
cept in order to protect existing
minority
interests
who
might
otherwise have
of

shares

the low price was
•

There

was

certificates

accepted.)

maturity of

a

of

%%

indebtedness

on

V

these

offerings,
90,862
shares,
valued
at
$3,681,097, were dis¬

Savings & Loan League

in the book

compares

the solvency record of New York

Stock
that

of

States,

Exchange members with
all banks in the United

national banks, and com¬

mercial houses. The figures repre¬

of solvency dur¬
ing the indicated calendar years
sent percentages




made by present

be

could

shares

bill,
bank

additional

in

holdings

no

Appoint Vaile

as

New

League.

nine

past

Mr.

years,

nationwide

the

educational program of

the Insti¬
and loan person¬

tute for savings

nel, doubled the Institute mem¬
bership, established special per¬
sonnel

and services for
savings and loan associa¬

programs

staffs of

tions, and developed a system of
regional conferences for the study
discusion

and

of

modern

of

Savings

and

Loan",

home-

and

of

"Office Procedures and Customer

Relations".

President
Mr.
with
Loan

Erdmann

Vaile,
the

in

his

has

development

recent

been the

attempt to place a sub¬

stantial

tonnage

with

sheets

galvanized

of

producers for deliv¬

to France.

ery

v

the slack

A lack of labor to fabri¬

steel than is being re¬

more

reliance on inven¬
responsible.

a

Despite the receding order vol¬
it is apparent that war bus-

ume,

will hold up

ness

close of the

strqng, past the
European'phase of the

except under special authorization
of the Reserve Board. Managerial

regulated so as to

be

would

fees

prevent unreasonable charges, as
well as dividends not paid from

Holding

income.

current

com¬

panies would be required to make
reports similar to those demanded
of the banks which they control.
These
recommendations
have

previously by
Mr.
Annual Report of
the Board of Governors of the Re¬
serve
System in 1943, and Sen¬
ator Robert Wagner, Chairman of
the Senate Banking and Currency
Committee has already introduced
a measure in the Senate to amend
the Federal Reserve Act to carry
made

been

out

the

in

Eccles

the

proposals.

A

noted

in

heavy demand

was also,
clothing.
In
men's wear, stores in some areas :
reflected gains of 20 to 30% over?
the corresponding week last, year.'

children's

sonal

the

and

Hardware

I

usual

sea¬

and farm supplies
healthy increase over

garden

showed

a

previous weeks and a year ago.
A
scarcity of selection worked
against

heavy volume of
housefurnishings,

very

a

novelty,

and furniture sales the past
A

week.;

slightly higher increase was
in food volume, although'

noted

other

commodities

under

that

trifle

a

Florists!

year.

,.T-

ness.

j

held

last

of

Retail volume for the country
from

estimated

was

the

above

16

level

high

21%

to

last

:

year.

percentage
increases;
England, 19 to 22%;^

Regional

New

were:

15Northwest, 13 to 17%;to 21%; Southwest, 22 ;
to 26%; Pacific Coast, 9 to 14%.
.
Wholesale
volume
last .week.
continued at a
high level with
slight gains registered both for
East, 21 to 26%; Middle West,

to

19%;

South,

17

.

the

and

week

the

over

corre¬

sponding period a year ago.
The »
demand was steady and strong in;
all goods.
Soft line sales moved:
slightly upward in the week and
those

above

were

-textile

of

last

continue

items

year;
to

i

be.

Wholesalers in hard lines,

scarce.

steady volume compared >
previous weeks and a year
ago, housefurnishings remain the
leading items. Some seasonal lines,
of hardware were in heavy de¬

\

report

a

azine.

Extreme

position

pressure

has

al¬

ready been applied to steel orders
to build up supplies for the Pa¬
cific War as early as possible, and
this pressure is

likely to continue
long as it is thought practica¬
ble.
One unfortunate result, ap¬
as

parently

now

when the

unavoidable, is that
does end American

war

industry will be heavily occupied
in

and loan

associations

in coopera¬

government

pro¬

gram for veterans' home loans.

mand but orders

Increase

Failures

Business

—

industrial fail¬
March 29,

and

Commercial

in the week ending

the

of

number

highest

week in 1945. Dun & Bradstreet, Inc., reports 28 concerns
failing against 14 last week and
21 in the corresponding week of
1944. This is only the second time
since the spring of 1942 that fail¬
ures
have exceeded those in the
any

week of the preced¬

comparable
ing year.

of

number

concerns

of

that

times

four

a

failing

was

week

ago.

Large failures with liabilities
$5,000

or

more

compared

with

of

numbered 16 as
11 for the pre¬
10

vious week and

war

mills

are

iron

some

indications that

watching the

are

carefully

in

and

placing

steel

scrap.

orders placed in a
manner

war trends
orders for
No longer
high, wide,

in order to

shipments.
Moreover,
carefully scrutinizing in¬

encourage

mills

are

industry

year ago.

a

trade

and

groups

except wholesale trade and com¬
mercial service
showed an in¬
from

crease

previous

the

week.

Compared with the corresponding
retail and com¬
mercial service remained at the
same
level while manufacturing
week of last year,

failures

to

jumped

those

times

graphically,

a

gions,

over
ago.

year

failures

concentrated than

a

were

week occurring

East

less

week ago. In¬

with1 sharp gains

lantic,

three
Geo¬

reported in six re¬

were

creases

business.

There

'All

over

last

in the Middle At¬

North

Central

and

Two Canadian failures were re¬

ported against one in the previous
week and two in the comparable
week of 1944.

about

received

Institute
that

are

American

being heard.

Iron

announced

and

last

Steel

Tuesday

the

operating rate of steel
companies (including 94% of the
industry) will be 96.9% of capac¬
ity for the week beginning April
2, compared with 96.6% one week
week's operating rate
represents
an
increase
of
0.3

ago.

This

pared

to

week

and

ago.

1,769,400 net •tons
1,782,300 tons one

last
year

or

change

no

difficult to

was

reflect¬

in wholesale grocery

ed

and bev- «
the previous;
week and last year; supplies of ,
meats and poultry remain below
the heavy demand, while trading;
in fresh fruits and vegetables was
volume from

erage

active.
The demand for!.
goods continued large.
Department store sales on a
country-wide basis, as taken from

fairly

canned

Federal

Reserve

Board's

Retail

for

the

and

a

Wholesale

good lift the past week

whole as a
exceptionally warm
Retail sales were mod¬

country

as

a

result of the

weather.

erately above those of a

week ago

favoring apparel
and accessories in the week be¬
fore Easter. ; Sales in the above
items were at a record level. Re¬
tailers reported their inventories
lower than usual at this time due
in part to increased sales and the
difficulty encountered in obtain¬
ing sufficient goods. Spring cloth¬
ing sold exceptionally well with
specialty shops and department
with

in-;

24% ahead of a year
ago for the week ended March 24,1
1945.
This compared with 24% in the preceding week.
For the
four weeks ended March 24, 1945,
sales increased 24%, and for the

dex,

were

to date by 18%.
Climaxing the Easter trade, re-.
tail sales showed marked activity

year

ihe

for

buying

saw

to

turn

in

New..

interest
main floor

consumer

accessories,

items, flowers,
ties.

here

week

past

The completion of apparel

York.

candy and

novel-'

Extreme tightness character¬

ized

the

wholesale

market

and

few buyers were

in evidence. The
uncertainty surrounding, the fate
of
M-388 and its accompanying
maximum
worked

average
price
order,
against fall preparations.

Federal Re¬
department;
store sales in New York City for [.
According

serve

the

to

Bank's

the

index,

to March 29, '
increased
27%
over
the.
period of last year.
This
compared with an increase of 29% ;■
(revised figure) in the preceding
weekly period

same

week.

For the four weeks ended'

March 24, 1945, sales rose by

Trade—
The volume of all seasonal lines

rejections

Little

1945,

Pacific States.

coming shipments, particularly of
turnings, and faint
grumblings
The

were

fill.

the

small fail¬
ures
was the
sharpest, involving
liabilities under $5,000 where the
The increase among

^

Savings and
points from last week's rate, and
give special
is equivalent to 1,774,900 net tons
managers of savjngsof steel ingots and castings, com¬

the

eties.

reported doing an excellent busi¬

hibiting "upstream loans" and in¬
ter-company
sales of securities

in line with the Army's anx¬

iety not to repeat 1944's mistake
of overconfidence, states the mag¬

will

to

with

that

National

League,

asistance

tion

said

new

The

cold-rolled sheets.

on

most

war

Loan League, trade or¬
ganization of the savings and loan
business,
it was announced on
March 31 by Arthur G. Erdmann
of ' Chicago,
President
of
the
ings and

directed

gal¬

tories appears to be

Field Service of the National Sav¬

the

fined to women's unrationed vari¬

holding companies, by pro¬

bank

proached by fourth quarter quo¬

ceived, plus

Savings and Loan Institute,
been appointed Manager of

For

enjoyed a good
interest largely con-*
too,

insufficient supplies of meats and.

reached

Douglas C. Vaile, formerly Di¬
rector of Education of the Amer¬

Vaile

retail

excellent and

as

with

week

blouses and'
volume was-

coats,

Millinery

stores

strong ''in

was

holding concerns.
It is also pro¬
posed to strengthen the present
controls
over
the operations of

ures

cate

Field Service Manager

ican

shoe

gift,

ginning of 1943.
Accordingly, under the new

vanized sheets are now being ap¬

tainers.

tributed.

table

bank

(Continued from page 1519)

New orders to take up

1

latter

A

holding

1946 quoted on

Deliveries in

and handsome

■

the

to

already owns more than

company

are

Of

apply

not

where

situation

the

moreover,

made by cancellations are in the
main for shell and powder con¬

financing procedures.
were by companies
-In
conjunction
with
North¬
previously represented on the
western University at
Evanston,
Exchange's
list.
During
1944,
111.,
Mr.
Vaile
organized
the
seventy-three special offerings in¬
Graduate School of Savings and
volving 973,694 shares,
with a
Loan in 1939, and served as its
market value of $32,352,118, were
first dean.
In addition to being
announced.
Sixty-three of these
widely known as a speaker and
offerings,
embracing
8 4 7,3 24 adviser on
training methods and
shares, with a market value of
personnel management, Mr. Vaile
$27,205,331, were distributed and is the author of the "Handbook
withdrawn.

market for their

would

prohibition
a

no

stock,

issue of bonds

were

un¬

the

not

ten

the

described .in

abuses

Under

tations

(-39% of the amount bid for at

has
Grand

There

improvement nor

to divest themselves of
stocks acquired after the be¬

these lines continues to be heavy.

24

Members)—

(Allied

Congress

holding

years

The State ol Trade

819

Partners:

General

has been neither

High, 99.908, equivalent rate of
approximately
0.364%

729,000.

Exchange:

General Partners

in

within

companies

bank
two

competitive

of accepted

April 1 in the amount of $4,876,-

Exchange Firms:

Special Partners
—;
General and Special Partners—

other forms of sug¬

discount

*1,348

Out-of-Town

lend

bank,

of such

stock

provided that the same offer to
purchase is made to all minority
holders.
The bill would require

suits,

described

favorable;

very

a

Demand'

week."

with

Low, 99.905, equivalent rate of
—

Exchange

approximately

discount

Range

—-1,163
185

*

Stock
New

$1,316,815,000

accepted,

of

recommendations to

bids:

the Exchange:

Out-of-Town
Total

as

applied for $1,842,559,000.

Total

"numerous indi¬
vidual banks have importuned the
board to offer the precise form of
a bill
which would carry out the
published,

was

the

of

50%

0.376% per annum.

general and special partners of
member firms, as of Jan. 1, 1945:
of

details of this issue are

Total

report

annual

1943

board's

the

as

.

follows:

of

York

Spence,

Mr.

to

letter

.

Banks on

Average price 99.905, equivalent

change,
the number of Stock
Exchange firms and the number

Members

his

In

which were report continue unabated and
opened controlled."

April 2.

rate

on

March 30, were

on

(includes $45,724,000 entered on a
fixed price basis at 99.905 and ac¬
cepted in full).

Branch offices
(797) of member firms on Jan. 1,
1945 were located in 325 cities in
46 states, two territories and five
foreign countries.
From the "Year Book" we take
the following table showing the
number of members of the Ex¬

New

and to ma¬

5

1945,

5,

bills

Treasury

91-day

at the Federal Reserve

The

sage

have made similar requests.

of the Treasury
April 2 that the

on

July

offered

the

beginning of 1944 to 2,057 at
start

ture

Committee urging the pas¬
of a bill to tighten the curbs
bank holding companies.

rency

gested bills."
"Representatives

Offering

dated April

be

has written a let¬
ter to Congressman Brent Spence
of the House Banking and Cur¬
Reserve System

its support to

$1,300,000,000 or there¬

of

about
to

the Federal^

Board of Governors of

board's

Secretary

The

announced

on

our

Results Of Treasury

respect to the number of
member firms of the Exchange
it is shown that these firms totaled
562

year was re¬
issue of Mar. 30,

1944, page 1337.

seniority.
With

last

for

ferred to

payments of their first
in 1854, are next in

with-

of the Stock

"Year Book"

The

distribution

published a
Washington dispatch stating that Marriner S. Eccles, Chairman of the
"Journal of Commerce" on March 28

The New York

Chairman Eccles stated that since

Exchange

sylvania Railroad Company, which
made its first payment in 1848,
heads the list while the Conti¬
nental Insurance Co. (N. Y.) and
the
Corn Exchange Bank Trust
Co.

commercial

for

99.16%

houses.

which

Exchange

the

on

paid cash dividends consecu¬
tively for 25 to 97 years is con¬
tained in the report.
The Penn¬

have

of 45 year averages was

summary

and

•

stocks

common

enjoying

Exchange Issued Asks Tighter Curbs on Bank Holding Companies

shoppers

and for the year to date
Food

,

Price Index Unchanged—

For six weeks
no

27%'

by 18%.

past there has been

change in the

wholesale food

price index, compiled by Dun &
Bradstreet, Inc. Standing at $4.10
on
March 27, the current figure
represents a rise of 1.7% over last

year's $4.03, and is identical with
on the correspond-

that recorded

>

ing date two years ago.

Only two changes occurred dur-:
ing the week, rye advanced while
sheep declined.
The

index

total of the

represents the

price
foods in general

per
use.

sum

pound of 31'

Volume 161

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4374

Front Washington

Steel Operations Increased—Shell and Navy

:

The House Military Committee on March 22
unanimously ap¬
proved a one-year extension of the present draft law;
while the
Senate Military Affairs Committee
also
extended
the law on

Programs Gut, but Backlogs Still Very Heavy Ahead of The News
this week was still relatively

"Order volume in the steel industry

heavy with
orders

steel companies continuing to report an excess in

some

over

shipments," states "The Iron Age" in its April 5 issue

; which further says in part: "Throughout the trade, however, there
was this week a definite feeling that the March peak in war orders—

perhaps the highest monthly volume in steel history—was beginning
to

'■

r

change its shape into a plateau,<*>-——
;—
ucts
in
addition
to
those
an¬
poised for sharp descent
nounced
on
Jan.
11,
seemed
early
military cutbacks become numer¬
this week to have struck a snag.
ous after Germany collapes.
"For the first
time in many Steel sources had expected that
months steel

ordering trends were
This

\

not uniform in all districts.

'

is partly accounted for by the nature of the steel orders which pre¬

dominate certain

areas

certain

or

companies. In the Chicago district
fresh steel business continued to

.

.

roll in at

high volume, but can¬
beginning to ap^
pear as a result of the cut in sec¬
ond quarter allotments. The bulk
of these adjustments, however, is
yet to come even though the sec¬
ond quarter has begun.
"At Pittsburgh, the flow of or¬
ders has eased somewhat, but one
mill reports that its booking were
still
somewhat
ahead
of
shipments. Cancellations at Pittsburgh
are on the upgrade, the result be¬
ing that monthly carryovers have
improved although they still rep¬
resent a definite production proba

cellations

'

'

"

f

were

Jem.

,

..

"Probably indicative of events

;
to

come,*

before

even

'collapses,

the

was

Germany

this

cutback

week in the shell program involv•

ing a contract at a plant1 of the
Jones & Laughlin Steel Corp. The
Navy cutback on ship construction
"

last week

reflected in rather

was

substantial

openings

plate

on

mill schedules.
"It

believed that the

is

Services

Armed

actively studying the
feasibility of going forward with
are

cancellations

those

which

would

not

necessarily have to wait until
the final blow at Germany suc-

ceeds.

:

While there

still

was

some

confusion in many official circles
this

week

what

to

as

magnitude

the cutbacks would be: on YE-Day
vand as to the speed with which

they would be put into operation,
general belief was that the Army
would take a gradual course in
order to mitigate a possible cha; otic
:

and production

steel order

condition in the industry. Never¬

theless, there are many who feel
just as strongly that cutbacks will
reach the mills with such

an

im¬

pact after VE-Day that confusion
will, at least temporarily, be the
order of the day.
•

"Steel

backlogs were still ex¬
ceptionally heavy this past week
and

there

was

little

to

indicate

price
adjustments
would
probably be permitted by at least
April 1.
Further conferences on
the problem may be necessary
and it is hinted in Washington

new

on

steel

be

held

promises on some of these prod¬
ucts
;

extended

are

fourth

as

far

as

the

of this year and
the first quarter of next year. De¬
spite the prospect for heavy in¬
roads being made in steel order
volume and backlogs after VEDay, any decline in the entry of
new business and in the produc¬
tion

quarter

steel

of

will

due

be

The

20

in

a

are

new

gas

inch, 300 miles of 22 inch, and
pipe.

900 miles of 26 inch welded

reported, that 875 railroad
been
authorized and
scheduled
for
construction
by
"It is

cars

have

WPB this past
,.

"The

week.

expected

steel

price ad¬

justment by OPA on steel prod-




and

Iron

Steel

Institute

on
April 2 announced
telegraphic reports which it

that

that

indicated

received

had

not

the

making the

sacri¬

necessary

follows:

"Cutback

the

in

Navy program from 84 to 12

new

com¬

bat

sensitive

so

to

as

our

home

front

doings, is wondering about
blow-up of Jimmy Byrnes.

the

That

it was

sudden, there seems
His resignation,
made public on April 2, was dated
be

to

doubt.

no

March

24.

But

on

Saturday,

March 31, he assured a press con¬
ference that, regardless of his own

desires, he intended to stick to his
job until the war's end in Ger¬
that

he

chafing at the bit
got the runaround

had

since he

ever

in

been

his

Vice-

Presidential ambitions at Chicago,
has been well known.
He seems
to have been burned up ever since
that time.
Because of this, he

bill

in

Congress evolved.

became

known

will

affect

to

early

as

indications that at the sug¬

came

said

to

been

that naval

be

much

lower

losses

than

had

expected.

y

have
been

>

"Despite removal of this large

th£
War
Production
has
not
slackened
its
pressure forTsteel, in spite of in¬

tonnage
Board %

,

dications that the European phase
the war may be near its end.

of

Special efforts
second

are

screen

being made to
require¬

quarter

ments

closeljieAllotments in

cases

are

make

room

being

^r

cut

more

some

further

to

important

The frc&rd is following up
reductions to^ssure that affected
work.

dusaaot delay in advis¬

consumers

ing mills oijyithdrawal of their
validations.

most

urgent

requirements,
including the Navy bomb pro¬
gram. As a result, warehouse stock
orders for these
products vali¬
dated for
second
quarter have
been cut to half, in addition to re¬
cent order to jobbers to reduce
warehouse

war

load

on

hot-rolled

pickled for third quarter by 50%.
Second quarter reduction/it ap¬
pears, will cut orders of all dis¬
tributors by half but the third
quarter cut will apply less evenly,
apparently.
It is the interpreta¬
tion of some producers that ware¬
houses which have placed orders
for third quarter will receive full

requirements until mill load is
absorbed, leaving those whose or¬
ders

were

not entered early with-

Bill.

recommended

what

was

As

he

be

the

He

Byrnes

had

never

should have.

became

identified

more

the

as

seems

more

author of

to have taken

the attitude that, o. k.,

if the Ad¬
had doubleChicago, wanted to
be hardboiled, he would show it
how to be. In quick succession he
came up with the ban
on racing
and subsequently the curfew. The
squeals from
patriots
and dogooders really increased.
The well-grounded impression
as this is written, is that Jimmy,
being held in his job against his
will pretty much ever since the
Chicago Convention, was out to
make the Administration just as
unpopular as he could. What was
his
experience?
He was being
blamed
alone.
He, was
being
blamed for the manpower bill
ministration,

which

crossed him at.

which he did
New

not recommend.

In

York, the Roosevelt-support¬

ing night-club operators said they
were quite sure their hero knew
nothing about his curfew.
Then on last Saturday Jimmy,
who
has, been
the darling
of
Washington
newspapermen
and

announced

politicians,

that

the

curfew and the racing ban

lifted

be

after
the

needed

VE-Day.

manpower

would
But we
bill, he

said, for reconversion as well as
war.
On the Hill, the friends of
the bill hit the ceiling and an¬
nounced that with such foolish
statements

the

Jimmy, who
self

in for so

has

bill

was

never

dead.

let him¬

much unpopularity

in all his

life, whose whole career
has been based on his popularity,
decided quickly, irrespective of
the date of his resignation, that it
was time to quit.
disconcerting than
this confusion on our home front
Even

to

more

the doughboy of our

tator's
should

commen¬

acquaintance,
however,
what is happening to

be

would

have

but

can

—

—

demand

draftee could be

a

battle

ments

to

the

Selective

Service

area.

said that the current need for

had

placements

resulted

re¬

in

a

policy by which the physically fit
sent into combat within

men were

five

months

of

their

induction,

regardless of their age.
There has been
killed

said,

a

of

in action

General

case,

five

being

man

a

months

and

induction.
Major General Lewis B.

Her-

shey, Director of Selective Serv¬
support of the bill, but was
called.
r
;'^
In

tee's

Senate- Military

the

Senator

Committee

the

extension

House, commit¬
of

thej law the
(that draft

White House announced

calls may drop an average of
after July 1.
:

not

Affairs

Chapman

James lit. Cox

Roosevelt, sending up
Congress ;for $54,500,000 to finance selective serv¬
request
for

this

to

another

fiscal

contemplated

Based
In

on

which

Stephen

Henry

I

month.;;

a

figure of

Major
General
the House

told

committee is the expected average
from now until June.
»;
:

Optimistic

World Peace

on

Supporter

League, Says Present Peace Structure Is

Principles Enunciated by Woodrow Wilson.
Press in Miami, Fla,,

granted the Associated

interview

an

average

This compares with a

135,000

said

year,

an

draft call of 93,000

Democratic Presidential Candidate in 1920 and
of Old World

31%

i

President

a

also waiting to testify in

was

also.

Following

,

ice

nine days after

ice,

committee

,:i

published in the New York "Times" on March 31, James M. Cox,
was
the Democratic presi-^
dential
candidate
in
1920, and perhaps permanent international
who supported the adherence of peace.
The world has been pun¬
the United States to the League ished and in a chastened spirit has
and

who

of Nations,
expressed optimism
regarding the prospects for a long

international

continued

"A

peace.

before us.
alarming," began
"Every generation has

new

age

Mr. Cox.
a

world

new

opens

face.

to

We

con¬

front swifter

change than in past
times, but we have better means
of
adjusting ourselves.
Man's
life has been

an age-long struggle
larger stature.
Some
have succeeded in the adjustment

rise

to

and

to

have

forward progres¬
Others have /missed the

sively.

to its

come

at last.

senses

"We shall have the benefits of

•

scientific achievements. The mys¬

That shouldn't be

and

would

194$,

'

One would have forbidden
Major bill.
General Idwal Edwards, in charge combat assignments of boys under
19.
The
other would have set the
of training,
who was heard in
support of the present bill, along age limit at 18 years and six
with Major General Stephen G. months.
However, the extension
Henry, in charge of personnel, was passed unanimously in this

it, just said that it

we

bill, he

And it

the

as

ends before then.

Revercomb, Republican of West
an amendment to the
present law, Virginia, also tried unsuccessfully
which defined a definite training to win approval of two amend¬

Edwards

fact

Manpower

gestion of the Navy the Maritime
Commission
may
cancel brders
for 40 tankers, requiring about 4,500 tons
of steel each, half of
which were to be built by Sun
Shipbuilding & Dry Dock Co.,
Chester, Pa. The 12 ships remain¬
ing on the program will be built
on the Pacific Coast by Kaiser and
Todd yards.
Cause of the deci¬
sion to eliminate so many ships is

committee

sent into the

he is

war

believed that the^———

was

period before

ships caught the steel and
shipbuilding industries by sur¬
prise and is causing heavy steel
order cancellations, some of which

rolling schedules as
April.
"With
this v curtailment
also

At first it

The question naturally arises as
to what this doughboy, assuming

.

as

on

fices.

operating rate of steel companies seems to have set out to make
having 94% of the steel capacity himself as hard-boiled, deliberate¬
of the industry will be 96.9% of
ly, as a man could, First; he es¬
capacity for the week beginning- poused the manpower legislation.
April 2, compared with 96.6% one The funny thing about that was
week ago, 95.9% one month ago that he didn't
exactly espouse it.
and
99.5%
one
year
ago.
The He said, in his periodical report
operating rate for the week begin¬ to Congress several months ago,
ning April 2 is equivalent to 1,- that the manpower draft was what
774,900 tons of steel ingots and we should have, but he realized
castings, compared to
1,769,400 that no such thing was possible
tons one week ago 1,756,500 tons with
Congress, therefore he was
one month ago, and 1,782,300 tons
not recommending it.
On top of
one year ago.
V
his words, the President, who had
;
"Steel" of Cleveland, in its sum¬ never shown
any vigorousness for
mary of the iron and steel mar¬
a manpower
bill, came out whole¬
kets, on April 2, stated in part heartedly for it and a manpower

"Hot-rollei! pickled sheets and

currently
pipeline
project to run from Oklahoma to
Detroit, a distance of nearly 1,300
miles. Because of the tightness in
the seamless tube picture, it is ex¬
pected that the line will be made
from welded pipe and will re¬
quire about 250,000 tons of steel.
Plans presently call for construc¬
tion to begin May 1.
The order
will consist of about 65 miles of
producers

American

expired

House

back terribly dissatis¬
fied with the home front. We are
came

The

;

had

doughboy

present draft law, passed in 1940,
May 15, and is now extended until May 15,

tator

many.

..

the

The

be cut short if the

they will do it, must remain pure¬
ly within the realms of specula¬
tion."

,

28.

March

read it and what would he think
of the home front. Our commen¬

do, or if they will do it, or when

strip are infe>particularly critical
situation, at^pickling facilities are
inadequatemeet demand for

of demand.

"Plate

abeyance

mill

schedules rather than due to lack

interested

price

in

to the

readjusting

for

necessity

OP A

adjustments may
until after
VE-Day. However, on the basis of
past history definite conclusions
as to what
OP A will or will not

'that

anything but a small dent
would be made in them, until
military cutbacks made their ap¬
pearance in much greater volume;
Much of this -unfilled tonnage,
however, will probably never be
shipped, as many of the delivery

action by

that final

circles

(Continued from first page)
tator friend tremendously because

undoubtedly

Draft Extended Another Year

;

:

1527

gone

mark and vanished from the race.
"A constant evolution has been

going on.
It has taken ages to
develop our civilization and there
are ages yet to go.
All this tells
us we must be patient, yet ever¬
lastingly at the present pressing

teries

of

nature

one

are

by

one

being solved and the material way
of life, if we manage well, will
be easier and happier.
We have
won many, battles against. disease
and shall win many more.
Be¬
cause of this, we shall be a hap¬
pier people, for health brings hap¬
piness.
A healthy body, more¬

promotes that wholesome
of mind which begets un¬
derstanding and harmony among
over,

state

men

and nations."

When

questioned as to the re¬
jection of the old League by the
United States as leading to the
present war, Mr. Cox is r,epprted
have

to

said, "This

war

did not

The conviction of that

need to be.

task."

fact will grow as we demonstrate
Regarding the future Mr. Cox that an outlaw nation cannot run
remarked, "We enter into the at large, and that disputes can be
strange new day in the midst of settled
without
resort
to
war.
widespread grief and desolation, Time will reveal even more clear¬
yet with every prospect of new ly than, it has already done that
and better things ahead.
There the
conspiracy which wrecked
is promise of long continued and the project for peace after the
first

this is that it is not those ostrichin-the-sand

those evil¬
doers, who are trying to blow this
up, who are trying to torpedo it.
It was not they who dug up the
Russia

that

fact

that

Yalta

people,

she have

three

intends

to

the

You would expect
ostrich-in-the-sand people to
himself.

be shouting to
But

the

The

they.

fact

the heavens.
is

that

do-gooders

is

not

are

the

it

are screaming; it is they
demanding that the San
Francisco
Conference
be
post¬
ones

that

who

are

opponents
have
the, great Dumbarton Oaks pag¬ never been much
concerned, as¬
eantry. The amazing thing about suming it was the bunk in the
first place. Is it possible that the
and
broad - minded
out any tonnage.
Third quarter do-gooders
nail shipments to warehouses are people are becoming disillusioned
also cut to 50% of former alloca¬ over the world leadership which
they have followed ?
tion."
poned.

Their

"I

sometimes

in the

hear

it

said

;

that

coming cooperation of
for
peace,
the errors

tions

na¬

of

blueprints imbedded in the mind
soul of that martyred Presi¬
dent.
There will be changes in
detail, but not in principle. •
and

"Time brings its

send

his Ambassador instead of
his Foreign Minister to the San
Francisco Conference, or to ap¬
only

pear

our

..

mem¬

this great

tribunal of tomorrow. You
expect these evil-doers to
be jumping
on
something like
this, to be jumping, also, on the
Stalin

most

The whole structure that is being
built now is laid out from the

peace

that

the

was

at

would

fact

War

Woodrow Wilson will be avoided.

demanded

bers of the assembly of

World

tragic and sinful chapter in
history.
■
■"
■

The wisest of

is

the

county

who gets the last look at

coroner

things.

Those

discredit

on

the

in

who

would

cast

Woodrow Wilson

only trying to

guilt

compensations.

men

cover up

their

conspiracy of

If there still

be active

now

are

own

1919.
some

remains of the sinister movement
of that
an

time, it must be because

enduring

wrong

peace

which

will expose the

they accomplished

then.

If

ceeds

today, it would have

a

League of Nations

suc¬

sucr

ceeded had these political plotters

given it the chance
a

century ago."

a

quarter of

THE COMMERCIAL & FINANCIAL

1528

CHRONICLE

Thursday, April 5, 1945
began has been the greatest
single contribution to the preven¬

war

Unchanged for Week
March 24, Labor Department Reports

Report

Wholesale Prices
Ended

potatoes at New York to¬
gether \iith minor decreases in the grain and cotton markets did not
influence the Bureau of Labor Statistics' index of commodity prices
at the primary market level.
The U. S. Department of Labor an¬
nouncement of March 29 stated: "The all-commodity index remained
unchanged for the third consecutive week at 105.1% of the 1926 aver¬
age.
In the past four weeks the index has risen 0.3% to a point 1.4%
higher than at this time last year."
-"Vy
prices for cattle and for white

Lower

The5

report went on to say:

The

Ownership of Demand Deposits

on

deposit ownership conducted by the
January 31, 1945, indicates, as did the
previous survey, that individuals are still adding large amounts to
their holdings of demand deposits.
The expansion in individuals'
holdings- of demand and time deposits and of currency during
the six months was greater than in any comparable period. Farmers'
demand deposits also increased, but seasonal influences undoubtedly
account for part of this rise.
Unincorporated business, especially
trade concerns, has also continued to expand its deposit holdings.
Balances of corporations, exclusive of those engaged in trade, show
little gain.
,I.'. .
During the six months ended January 31, 1945, individuals other
of

survey

demand

Federal Reserve System as of

than farmers added

estimated 2.3 billion dollars to their demand

an

decline of 0.7 % in the live¬
deposits, a 16% gain. This lifted their total to 16.7 billion dollars, as
stock markets, average prices for farm products dropped 0.3% dur¬
shown in the following table.
Farmers' deposits were also up 700
ing the week.
Quotations for cows were off 4% and steers nearly million dollars.
1%.
Rye, wheat and cotton declined fractionally.
White potatoes at
Ownership of Demand Deposits of Individuals, Partnerships, and Corporations
New York dropped sharply and somewhat lower prices were reported
(In billions of dollars >
for potatoes at Boston and for apples.
Prices for a few important
Dollar Amount
Change, July 1944
farm products rose during the week.
No. 3 yellow corn at Chicago
to January 1945
July 1944
January 1945
and calves advanced less than 1% and increases of from 2.5% to a
33.0
+ 2.3
Nonfinancial business
35.3
4.7
+ 0.4
Financial
business
5.1
little over 5% were reported for citrus fruits, sweetpotatoes and
4.0
+ 0.7
Farmers
4.7
white potatoes in the Chicago market.
Since the end of February, Other persons
14.4
+ 2.3
16.7
+ 0.6
3.5
average prices for farm products have advanced 0.5% and were 1.9%
All other
4.1
over the level for the corresponding week of last year.
Total
66.0
59.6
+6.4
"As a result of declining markets for apples and potatoes, aver¬
Demand deposits of all domestic business firms increased an
age prices for foods dropped 0.1% to their level of a year ago.
In the
past four weeks, prices of foods in primary markets have risen 0.4%. estimated 2.8 billions, or approximately 8%. Over one-half of the
total business increase went into accounts of wholesale and retail
"Industrial Commodities—Industrial commodity markets con¬
trade establishments.
tinued steady.
Sales realizations on maple flooring advanced 1%
In addition
to
this substantial increase is personal demand
and: prices for sand and lime were fractionally higher.
Turpentine
rose 0.6%.
These changes were not sufficient to affect the index for deposits, time deposits and currency in circulation, both of which
are held largely
by individuals, increased an estimated 4.0 and 2.6
the building materials group which now stands nearly 17% above
billion respectively.
Thus, during this six months' interval, indi¬
the 1926 average.
Heavy supplies of ergot forced prices down 7.5%,
viduals,
including
farmers, increased the cash holdings by nearly
The f Labor Department included the following notation in its
"Farm Products

and Foods—Led by a

r

_

-

tion of economic dislocation. 46%

the

of.

Government's'

spending

was

direct taxation

wartime

coming

now

from

compared with

as

29% at the start of the war, while
the

since the

average

39%.

was

began

war

This, together with the
participation of non-

increased

banking

investors in war bonds,
declining redemptions was
pointed to as favorable factors in
and

the

maintenance

of

economic

equilibrium.
The importance of wage and
salary, earners, including farmers
and professional people, increas¬
ing their purchases was manifest
and the WPB, the Treasury, and
business and financial leaders all

agreed that the threat of higher
prices and economic instability
lay with the individual.
"With consumption goods in¬
creasingly
difficult
to
secure,
more money is left
in the hands

—

$10,000,000,000.

report:--•

rapid changes caused by price con¬

Note—During the period of

trols, materials allocation, and

tics will'

Statis¬

rationing, the Bureau of Labor

The indexes

prices.

attempt promptly to report changing

considered as perliminary and subject to such adjustment
and revision as required by later and more complete reports.
The following tables show (1) indexes for the principal groups
of commodities for the past three weeks, for February 24, 1945 and
must be

and

a year ago

77'"S'

1945 to March 24, 1945.

from March 17,

■

v

•

March 24, 1945 from—

v

3-10

2-24

3-25

3-17

1945

1945

1945

105.1

105.1

1945
104.8

1944
103.7

1945

105.1

3-17

3-24

v

.

Commodity Groups—
All commodities

——

w..

2-24

3-25

1945

1944

+0.3 + 1.4

0

127.4

127.1

126.4

124.6

—0.3

+

104.5
118.2
Textile products.-.—.——
— 7 99.2
Fuel and lighting materials—^—
83.9
Metals and metal products
104.3
Building materials!.
116.9

104.6

104.5

104.1

104.5

—0.1

+ 0.4

118.2

118.1

118.0

117.5

99.2

99.2

products

Food si,

Hides and leather

products——

83.9

83.8

104.3
116.9

97.3

99.1'

,

1.9

0.5

127.0

Farm

0

o

+ 0.2

0.6

o

+ 0.1

2.0

0.1

0.4

0

0.5

83.6

+

104.3

; 83.8
104.3

103.8

0

116.9

116.9

114.6

0

V

0

2.d

•

94.9
106.2
94.4
116.0
94.9
101.8

Chemicals 6nd allied products—.

Housefurnishing goods
Miscellaneous commodities
Raw materials

Semimanufactured articles——
Manufactured products
All commodities other

100.3

quotations in the farm products group were responsible
decline in the all-commodity index, with declines in
sub-groups of this group index.
Cotton declined

Lower

for the small

each of the three

94.8

93.5

0

+ 0.1

1.5

100.7

0

+ 0.2

1.1

vanced

100.3

100.3

100.1

99.2

+ 0.2

+

1.1

98.3

+ 0.1

+

1.1

0

116.3

116.2

114.0

115.7

99.3

99.4

99.4

0

0.1

0

0.3

+ 0.3

1.2

"

1.8

+ 0.3

—0.3

during the week causing the miscellaneous commodities group
to advance.
This rise was not sufficient to change the industrial

commodities

1945 TO MARCH 24,

1945

Increases

7 A.V *

were

0.7 Drugs and pharmaceuticals.....
0.2 Other farm products

and

vegetables

—

Compiled by The National Fertilizer Association

0.1

1935-1939=100

Month

Year

Week

Ago

Ago

Mar. 24,

Mar. 3,

Apr. 1,

that

Products-*.-

Farm

23.0

Cotton:

Institute, in its current weekly report, esti¬

industry of the United States for the week ended Mar. 31, 1945,
approximately 4,329,478,000 kwh., which compares with 4,408,-

—

power

Fuels

was

10.8

Miscellaneous

Marl 31, 1945, was 1.8% lower than
jc,-i

-

i

:

r

New

England

-

.

Middle Atlantic—-Central Industrial
West Central——

—4.

•0.4

3.7

*0.1

*0.5

*6.3

*3.0

*3.5

*2.8

0.2

1.8

0.9

1.7

6.1

5.3

5.9

4.6

3.6

4.9

6.3

Rocky Mountain

*7.4

*10.0

*7.5

*5.6

*6.5

*2.1

*0.1

*2.1

*1.8

*0.2

•0.1

0.5

—

;

States.^

'Decrease under similar week in previous

'

DATA

FOR

RECENT

WEEKS

Jan.

6

—

Jan.13
Jan.20

—T

Jan.27
Feb.

3

—

Feb. 10

Feb.17
Feb. 24

—

1944

over

1932

1929

4,567,959

3,952,587

1,602,482

1,733,810

4,539,083

+

1.7

3,952,479

1,598,201

1,736,721

4.588,214

4,531,662

+

1.2

3,974,202

1,588,967

1,717,315

4,576,713

4,523,763

+

1.2

3,976,844

1,588,853

1,728,203

4,538,552

4,524,134

+

0.3

3,960,242

1,578,817

1,726,161

0.6

3,939,708

1,545,459

1,718,304

0.9

3,948,749

1,512,158

1,699,250

4,532,730

4,472,293

4,511,562

4,444,939

—

—

+

0.7

3,892,796

istration

130.4

130.4

130.1

:

125.4

Drugs

Materials.:

April

1,

a

test

1,519,679

1,706,719

Mr:

Gamble,

Frederick
State

W.

118.3

117.7

119.9

119.7

when

under

were:

March

31,

1945,

109.1; March

24,

1945

,

109.1,

Challenge to Nation

as

start officially oh May 14 will

Loan drive to

Serious than that of any

Chairman

and the next

previous

war

loan drive*

issuance of

insure
war

loans

011

workers.

the insurance authorization
VI

Title

the

of

National

Housing Act neared exhaustion.
The
with

FHA

action

was

in

accord

Congressional approval of
its

an

ex¬

housing insurance
July 1, 1946, and

war

pbWer§;;until

.added,$100,000,000 to its Title VI

au|lXo^ization.

war

3,928,170-

1,480,208

1,679,583

March 31—

4,329,478

4,408,703

Year
~

holiday,
'

'

-

no

both

the

$7,000,000,000

last

loan

of

war

bonds

the forthcoming

have received as in¬
come
some
$14,000,000,000,
or
nearly $2,000,000,000 more than
they received in the comparable
drive,

will

and*'thus

by'^period

York

the

0.2

1,633,291

of

New

campaigns,
"spark plug" of war fi¬
nance,
spoke extemporaneously.
Individuals, for whom a quota

as

4,403,159

1,465,076

introduced

Gehle,

4,401.716

New

resume

to

Congress, in passing the amendcountry
national mdiit/Yaised the total FHA Title
VI 'insurance authorization from
loan Director, declared recently at a luncheon meeting of the
$1^00,000,GOO
to;
$1,800,000,000
York Financial Advertisers in the City Midday Club.

March 24—

6.

War

more

has been set for

the

base

Admin¬

Housing

March 28 notified its

phase of FHA operations
suspended early in February

was

118.3

106.7.

1,683,262

Jan.

combined

1926-1928

on

1944,

1,514,553

ended

on

This

119.9

137.0

3,946,836

contained

Federal

field offices to

127.7

125.4

125.4

on

War Workers' Houses

118.3

139.8

0.1




The

146.4

130.4

140.1

4,400,246

week

164.8

159.4

140.0

4.397.529

ago

200.6

163.7

160.3

104.2

March 17

year

207.2

163.7

159.9

104.8

of

a

207.3

162.9

104.8

1,702,570

week

206.4

104.8

1,687,229

available for the

159.6

156.4

Fertilizers

1,538,452

same

163.1
165.3

Farm Machinery

1,537,747

the

163.1
166.1

.3

3,946,630

3,889,858

To Insure Loans

163.1
165.6

.3

3.944,679

Note—Because

146.1

119.9

0.2

percentage comparison is

145.3

152.4

0.5

1.8

145.3

154.1

+

—

137.8

145.3

154.2

+

—

of the Treasury upon a large
proportion of short-term borrow¬
ing, Mr. Gamble said.

154.2

groups

there
1.75%

because of the reli¬

Metals

All

de¬

financing program

war

Building Materials
and

that

further drop to

7.1

4.464,686

—

expected
a

6.1

4.425,630

-

be

houses built for

4.472,110

3.

could

commitments

Chemicals

Gov¬

had

clined from 2.58% to 1.92% and it

104.4

Fertilizer

of the

borrowings

152.2

4.446,136

March

March 10

cost

interest

ernment's

test which it is up to the wage and salary earners of the
to meet to a greater degree than ever before, Ted R. Gamble,

4.427,281

4,505,269

under the circumstances. Average

132.2

offer

Kilowatt-Hours>

1943

demptions through February, 1945,
averaged
12.98%
of
the
total
bonds sold up to then, which the
speaker regarded as not excessive

156.1

New

1944

$102,000,000,000 had been lent by
non-banking investors, and $75,000,000,000
by
the
commercial
banks of the country.
Total re¬

tends

4,614,334

4,473,962

—

,

loan

paign would be backed by the
greatest array of advertising and
other activating media ever mo¬
bilized for any cause and would
be the finest example of businessgovernment - citizen
cooperation
in the nation's history, he added.
As of Jan. 1, 1945, the govern¬
ment's cash balance was $16,000,000,000 larger than its expendi¬
tures, although the accumulated
deficit was $161,000,000,000.
Of
the
total
wartime
borrowing,

133.4

war

1945

done

104.7

a

of

the

do

ever

104.7

Commodities

War Lean Seen

year.

(Thousands

must and I believe
biggest job* we
in the
coming
campaign." The cam¬

we

will

have

amendment to the Act which

% Change
Week Ended-

;

-

The Seventh
Total United

1944

141.2

7.3

..

we

156.1

*Indexes

and

direction,

133.4.

100.0

Mar. 10

Mar. 17

profiteers.
are
going Uo maintain
gains we have made in this
we

156.0

.3

future

to

and

"If

104.7

'

Pacific Coast

Southern States

1945

141.6

Week Ended

Mar. 24

Mar. 31

Major Geographical Divisions-

ers

the

133.7

PERCENTAGE INCREASE OVER PREVIOUS YEAR

-,i; "<:

.

current

8.2

1.3

that in the same week last year.

'

.

:
—

Livestock
17.3

•<

——

—

-

Grains

703,000 kwh. in the corresponding week a year ago, and 4,401,716,000
kwh. in the week ended Mar. 24, 1945. The output of the week ended

,

Oils

and

Cottonseed Oil

production of electricity by the electric light and

the

1945

141.6

\.1945
Food
Fats

The Edison Electric

r

Mar. 31,

Group

Total Index

i.8% Below That for Same Week Last Year

from

money

spending, and thus keeping it out

ance
Week

Bears to the

mated

said.

program
will
contribution to

holding the price line and stabil¬
izing our economy, by removing

is concluded,

*

Latest Preceding

25.3

Gamble

Mr.

bond

definite

before the

COMMODITY PRICE INDEX

0.1

Output for Week Ended Mar, 31,1945

war

a

would be

Each Group

Electric

"The
make

annual

<

WHOLESALE

WEEKLY

Decreases

and poultry....

All remaining groups in the composite

group index.
unchanged.

and four advances.

clines

0.1

—

index

During the week five price series in the index declined and only
one advanced;
in the preceding week there were one decline and
eight advances; in the second preceding week there were three de¬

INDEXES FROM

Paint and paint materials

,

tionally declined to 140.0 in the week ending March 31, 1945, from
140.1 in the preceding week.
A month ago the index stood at 139.8,
and a year ago at 137.0 based on the 1935-1939 average as 100. The
Association's report went on to say:

'

17,

With Only Slight Decline

weekly wholesale commodity price index, compiled by the
National Fertilizer Association and made public on April 2, frac¬

101.6

0
0

93.3

PERCENTAGE CHANGES IN SUBGROUP

*

Fruits

Price Index Steady
The

':

history,"

our

war

94.9

95.0

105.9

94.1

99.4

MARCH

"'

,

101.8

94.9

106.2

94.4

'

Livestock

for a

94.9

94.9

106.2

94.4

than farm

products and foods..

,{t,

establishments accounted

service

and

101.8

94.9

106.2

than farm

products—
All commodities other

7

Trade

slightly. Corn and rye prices were lower causing a moderate decline
in the grains index.
Quotations for good cattle and lambs were also
lower resulting in a small decline in the livestock index.
The tex¬
tiles index declined fractionally.
Quotations for news-roll paper ad¬

—

11 :>

unincor¬
substan¬
balances
balances

National Fertilizer Association Commodity

Percentage change to

'

'.V.

15%.

large part of the growth in each of the categories.

v'7.--(1926=100)

1

7 •'

.

'

•

growth of
porated business holdings during the past six months was
tially greater than that for corporations. Corporate business
increased
about
5%,
whereas
noncorporate
business

MARCH 24, 1945

WHOLESALE PRICES FOR WEEK ENDED
•

corporate and other

between

and the percentage changes from a week ago, a

March 25,1944,
ago,

month
and (2) percentage changes in subgroup indexes

of business balances

types of organization showed that the relative

increased

people, and thus the big¬

of the hands of the black market¬

division

The

the

of

gest drive is timed to meet the
biggest market for war bonds in

for the Sixth War Loan
Drive, which may well represent

the

difference

stability

and

between economic

the

Gamble declared.
dividuals

had

an

reverse,
Mr.
In addition, in¬

estimated

total

makes possible,- it was
estimated,
the
construction
of
nearly 22,000 additional privatelyfinanced dwelling units urgently
needed

for

workers.

war

$32,000,000,000 in checking ac¬
counts as of January 1 this year.

Housing Agency.

expenditures were going to
continue high, but the absorption

000

of

War

of-

$42,000,000,000 of government
• by
individuals since the

bonds

About

16,000 of these already have been
programmed
by
the
National

Through February, about. 380,houses

for

war

workers

been completed by private

prise

with

insurance
i

FHA's Title VI.

had

enter¬

through
:

.Volume 161

Trading

i

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4374

in Federal volume.

New York Exchanges

on

than

The Securities and Exchange Commission made public on Mar. 28

;

figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the N'ew York Curb Exchange and
the

volume

stock transactions

round-lot

of

for the

account of

all

members of these

exchanges in the week ended Mar. 10, continuing
series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
a.

YY
xY/: Y
YY.' y; Y/,
Trading on the Stock Exchange for the account of members
(except odd^lot dealers) during the week ended Mar. 10
in roundlot transactions) totaled 2,695,256 shares, which amount was 13.81%
of the total transactions on the Exchange of 9,759,280 shares.
This
compares with member trading during the week ended March 3 of
2,964,005 shares, or 15.17% of the total trading of 9,776,340 shares.
On the New York Curb Exchange, member trading during the week
ended Mar. 10 amounted to 700,350 shares, or 14.52% of the total vol¬
ume on that exchange of 2,411,800 shares.
During the March 3 week
trading for the account of Curb members of 753,360 shares was 13.41%
of the total trading of 2,827,100.

figures.

Total

,

Bound-Lot

Sales

Stock

Y'Y'V

'

for

York

New

the

on

.Transactions

Account

of

Stock

WEEK ENDED MARCH 10,

;/v'

A. Total Round-Lot Sales:

-

1

Short sales
-

tOther sales

—

Round-Lot

Except

for

the

for

Odd-Lot

State and municipal-construction is 17%

It

ago.

Total U. S.

of

$29,412,000
Private Construction
10,250,000
Public Construction-.——— 19,162,000
State and Municipal-—
2,727,000
Federal
16,435,000

of

Accounts

In

the

increases

the 1944 week.

over

<iven

90,200

the following table.

m

U. S.

A

Baa

R. R.

P. U.

Indus

122.04

114.85

121.04

118.40

114.85

106.04

111.25

114.27

119.20

2__

122.00

114.85

120.84

118.40

114.85

106.04

111.25

114.27

119.20

114.85

121.04

118.40

114.85

106.04

111.25

114.27

119.20

122.01

29

122.03

114.85

121.04

118.40

114.85

106.04

111.25

114.27

119.20

122.04

114.27

119.20

—

33,520

1.

211,114

Total sales

114.85

121.04

118.60

114.85

106.04

111.25

122.11

114.85

121.04

118.40

114.85

106.21

111.25

114.27

119.41

115.04

121.04

118.60

114.85

106.21

111.25

114.27

119.41

24

122.19

115.04

121.04

118.40

114.85 : 106,39

111.44

114.27

119.41

23—

122.19

115.04

121.04

118.60

114.85

106.21

111.44

114.27

119.41

22

1,421,852

.Short sales

147,320

tOther sales

1,126,084

7/vTotal sales

114.85

120.84

118.60

114.85

106,21

111.25

122.19

114.85

120.84

118.60

114.85

106.21

111.25

114.27

119.41

122.20

115.04

120.84

118.60

114.85

106,21

111.25

114.46

119.41

19

122.20

115.04

120.84

118.60

114.85

106.39

111.25

114.46

119.41

.17

122,25

115.04

120.84

118.80

114.66

106.39

111.07

114.46

119.61

122.25

115.04

120.84

118.80

114.66

106.39

111.07

114.46

119.41

•

16—

13.81

1,273,404

;

122.19

21

2.53

:

Total—
Total purchases

-

20

YxC

244,634

Stock

Sales

WEEK

ENDED

Total Round-Lot Sales:

A.

the

on

New

York

Curb

-

MARCH

10,

Exchange

and

122.28

114.85

120.63

118.60

114.66

106.21

110.88

114.46

119.41

122.36

114.85

120.63

118.60"

114.85

106.39

110.88

114.46

119.61

13——

122.39

114.85

120.63

118.40

114.66

106.21

110.88

114.46

119.41

■7

1945

.

Yy/yx 7

\%

XX'Y-. 5

s';/ ?

Transaction

Round-Lot

B.

•'.Y.

of

Account

for

Feb.

they'are registered-—
x

"

Total

Yx:

Short sales

.

————.

——.—

tOther sales-——
Total sales——.

Other

2.

transactions

—

,

Jan.

9.05

120.63

118.60

114.66

106.21

110.88

114.46

119.41

114.85

120.63

118.60

114.66

106.21

110.88

114.46

119.41

114.85

120.63

118.60

114.66

106.21

110.88

114.46

119.41

122.53

114.85

120.63

118.60

114.46

106.21

110.88

114.46

119.41

122.50

114.85

120.63

118.60

114.46

106.21

110,88

114.27

119.41

122.42

114.85

120.63

118.60

114.46

106.21

110.88

114.27

119.61

Total purchases

,

.ji:

V/Y'-v

x

Short sales——

V'

—.

3.

900

Short sales

Total sales—

v

Short sales

tother sales.

355,785

110.70

114.27

119.61

110.70

114.27

119.41

ended Mar. 17 of complete

106.21

110.70

114.27

119.61

1

122.03

114.85

120.63

118.60

114.66

106.21

110.70

114.27

119.61

showing the daily volume of stock

23——

16—

—

121.92

114.66

120.02

118.60

114.46

106.04

110.52

114.08

119.41

121.97

114.46

120.02

118.60

114.27

105.69

110.15

114.08

119.41

9——

121.58

114.27

119.82

118.40

114.08

105.69

109.97

114.08

119.20

2—

121.33

114.08

119.82

118.00

113.89

105.34

109.60

114.08

-

118.80

26—X—

120.88

113.89

119.41

118.00

113.70

105.17

109.24

113.89

118.60

19—

121.09

113.70

119.20

118.00

113.70

105.00

108.88

113.70

118.60

12

121.25

113.70

119.00

118.00

113.50

104.83

109.06

113.70

118.40

120.66

113,50

119,00

117.80

113.50/ 104.66

108.70

113.89

118.20

122.53

115.04

121.04

418.80

114.85

106.39

111.44

114.46'

119.61

120.55

113.50

118.80

117.80

113.31

104.48

108.52

113.70

118.20

119.70

111.44

118.40

116.41

111.44

100.81

104.66

113.70

116.41

117.38

109.60

117.60

115.43

110.52

96.85

100.98

112.93

115.63

.—

1944.

3,

1943-

3,

U. S.

1945—

Govt.

Corpo-

Bonds

rate*

Apr.

3—_

1.66

2.91

2——

1.66

2.91

1.66

2.91

14.52

•The

"members" Includes all

tin

are

short

included

{Sales marked

r

Civil

■;"::;7'

sales

with

which

"other

are

are

outside

the

1.66

2.91

2.60

2.73

2.91

3.38

3.10

2.94

2.68

26__—

1.65

2.90

2.60

2.72

2.91

3.38

3.10

2.94

95,608

24

1.65

2.90

2.60

2.73

2.91

3.37

3.09

2.94

2.68

23-,-

1.65

2.90

2.60

2.72

2.91

3.38

3.09

2.94

2.68

83,881

22

1.65

2.91

2.61

2.72

2.91

3.38

3.10

2.94

2.69

from restriction by

The report made public on
/

construction

brings

1945

volume

to

3.10

2.94

2.68

2.93

2.68

2.61

2.72

2.91

3.38

3.10

2.90

2.61

2.72

2.91

3.37

3.10

2.93

2.68

2.90

2.61

2.71

2.92

3.37

3.11

2.93

2.67

16

1.65

2.90

2.61

2.71

2.92

3.37

3.11

2.93

2.68

15

1.64

2.91

2.62

2.72

2.92

3.38

3.12

2.93

14—

1.66

2.91

2.62

2.72

2.91

3.37

3.12

2.93

13

1.66

2.91

2.62

2.73

2.92

3.38

3.12

1.66

2.91

2.62

2.72

2.92

3.38

3.12

1.66

2.91

2.62

2.72

—-

Y

.

2.92

3.38

3.12

2.93

2.92

Y 3.38

3.12

2.93

2.93

3.38

3.12

2.93

,/Y 2.68

7——

1.65

2.91

2,62

2.72

2.93

3.38

3.12

2.94

2.68

6,—,

1.66

2.91

2.62

2.72

2.93

3.38

3.12

2.94

2.67

1.67

2.91

2.62

2.72

2.92

3.38

3.13

2.94

2.67

1.68

1.69

,

•

2.68

3.13

2.94

2.68

3.13

2.94

2.67

is

2.94

2.67

"other

2.95

3.39

3.14

2.94

3.41

3.16

9

1.72

~2.94

2.66

2.73

2.95

3.41

3.17

2.95

2-"—

1.73

2.95

2.66

2,75

2.96

3.43

3.19

2.95
2.96

2.96

2.68

2.75

2.97

3.44

321

2.97

2.69

2.75

2.97

3.45

3.23

:

2.97

2.71

2,72
2.72

2.97

2.70

2.75

2.98

3.46

3.22

2.97

2.73

1,79

2.98

2.70

2.76

2.98

3.47

3.24

2;96

2.74

1.80

2.98

2.71

2.76

2.99

3.48

3.25

2.97

2.74

1.64

2.90

2.60

2.71

2.91

3,37

3.09

2 93

2,67

2.97

2.83

3.01

2.87

.

•_

„

2 Years

April

3,

1944,

1.83

3.09

2.73

2.83

3.09

3.70

3.47

Ago
1943-

2.05

3.19

2.77

2.88

3.14

3.95

3.69

*

•These prices are computed from average yields on the basis of one

(3%%

"typical" bond

and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
coupon,

maturing in 25 years)

.

$380,207,000 for the thirteen weeks, a decrease of 16% from- the
$450,122,000 reported for the corresponding 1944 period.
Private
construction, $113,444,000, is 15% higher than a year ago, but public
construction, $266,763,000, is down 24% as a result of the 29% decline




of yield averages, the latter being

the true picture of the bond market.

tThe latest complete list of bonds used in computing these
in the issue of Jan.

14, 1943, page 202.

indexesi

was

522,674

sales—.

530,098

1———v—

$20,789,585

by Dealers—
MU-.1

„———

sales

of

:

Dealers;, p

shares—^

marked "short

n•.

;Y.

—.

150

98.410

f

——

exempt"

i

98,560
-

192,930'

'are

re¬

and sales to liquidate a long position which
less than a round lot are reported with
sales."

Moody's Daily
Commodity index
Tuesday, March 27, 1945
—-—.J 255.0
Wednesday, March 28—,—
255.2
Thursday, March 29—
: 255.2
Friday, March 30—.'
*
Saturday, March 31_,i
255.2
Monday April 2
.i—-.
^
255,3
—

.

1 Year Ago

April 3,

ir

-7,424

2.69

•

,

;

:

.

2.68

-

1945

f{

2.68

2.95

i

—

' YV.

'

tSales to offset customers' odd-lot Orders

3.13

2.93

20,537
JJ;-

sales—

ported with "other sales."

3.38

2.72

1.74

•Sales

3.38

2.72

—

Total

Number

2.92

2.65

sales

Round-Lot Purchases by

2.93

2.65

1945

2.68
;

2.92

2.92

221'

go,316

Number of Shares:

2.72

>

total

Round-Lot Sales

2.72

2.93

5—,—i.

Dollar value

2.72

1.69

i ?

-

,

other sales-.

Customers'

2.62

1.75

total

short

•Customers'

2.63

1.69

.12

Customers'

2.62

16

sales

other sales,

Number of Shares:

2.91

1.77

short

•Customers'

2.91

23——

:$2|,450,657

(Customers'sales)
Customers'

2.92

3.38

634,328

—

Number of Orders:

sales

2.72

' :

Total

shares

tOther

2.72

1.69

of

2.68

2.62

1

Number

2.68

2.62

2

Y

Dealers

Dollar.value

2.93

2.91

,

Y.

1

17, 1945

Odd-Lot Purchases by Dealers-

2.93

2.91

3—

•

.

sales

1,66

—

Sales by

Short

1.65

„

ODD-

N,

Number

2.67

—

——

9

*

2.68
:

8——-

10

High
Low

3.38

•2.90

^

last year. Both state and municipal work and Federal volume par¬
ticipated in the public increase, both reporting gains over the pre¬
ceding week and the 1944 week.

week's

•

2.91

1.65

19——

YY

2.72

1.65

Jan. 26

.

the increase, reporting a

2.61

THE

THE

EXCHANGE

Ended March

Customers'

1.65

27%

over a week ago and 73% over a year ago.
Private
construction is 22 and 59% lower, respectively, than last week and

current

Feb.

2.91

FOR

ON

2.68

«

19

5

by

1.65

SPECIALISTS

(Customers' purchases)
Of orders—-—-

'

;

17

20——

12

gain of 82%

The

—

21—i—

the Commission'#

above the volume reported to "Engineering
News-Record" for the corresponding 1944 week, and 4% above the

.

3.39

27—

.

Public construction is responsible for

2.91

2.69

included with "other sales."

previous four-week moving average.
March 29, added:
'•

2.73

2.69

military, engineers abroad, American contracts
country, and ^shipbuilding, is 58% higher than in the

preceding week,

2.69

2.94

^Fofr';Week

construction

2.69

2.94

2.94

engineering construction, volume in continental United
States totals $37,301,000 for./the week. This volume, not including
the

2.69

2.94

3.10

Engineering Construction $37,301,609

x

2.94

3.10

3.10

-

Civil

3.10

3.10

3.39

sales."

"short exempt"

2.60

r

3.39

regular and

exempted

3.33
3.39

2.91

30———

'Y

calculating

tftound-lot

2.91
2.91

2.91

■

Exchange volume includes only sales.

rules

2.73

2*.73

2.73

'

these percentages the total of members' purchases and sales Is
compared with twice the total round-lot volume on the Exchange for the reason that
the

2.60
2.61

Indus.

P. U.

R. R.

2.72

.

AND

Corporate by Groups*

Baa

2.60

'

associate Exchange members, their
firms and their partners, Including special partners.
term

A,

2.91

95,608

purchases

•

Aa

1.66*

*■ !'Y

TRANSACTIONS

LOT ACCOUNT OF ODD-LOT DEALERS

STOCK

Corporate by Ratings^

Aaa

figures
Recount

odd^lot dealers and gftdciallots, on, ..the
New York Stock Exchange,' con¬
tinuing a series of current/figures
being published by the Copimission.
The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers and
specialists.
../Y/ ■ /■ :y ;

Odd-Lot
"/ ■"

odd-lot

ists who handled odd

Week

Avge.

Dally
iverage?

for

of all

AVERAGES

Stock Exchange Closed
1.66
2.91
2.60

ICustomers' other sales

Total sales

transactions

Individual Closing Prices)

29—
0

Total

BOND YIELD

on

28

Customers' short sales

f or the'week

summary

106.21
106.21

1945

Odd-Lot Transactions for Account of Specialists—

a

HxckRiige
public l 10n

114.46

MOODY'S

368,840

Total sales—.

March 28

made

114.66

Mar. 31—

C.

Commission

STOCK

3.29

Trailing

and

114,66

April

105,880

Securities

The

men

well in combat."

NYSE Odd-Lot

2 Years Ago

331,510
13,055

purchases

up

new

118.60

1945^

TotalTotal

"measure

battle

these

118.60

(Based

4.

that

118.60

104,270

—

added,

indicate

■■■••■Yx y
reports

120.63

1,610

—

tOther sales

he

And,

published

'

.

120.43

April

2.18

52,605

.

,:y/':Y.'V/Yy'^Y

120.63

1 Year Ago

52,275

.

veterans." /;

114.66

LOW

Other transactions initiated off the floor—
Total purchases

"It should be kept in mind," he
said, "that all of these niep / . .
are
assigned to units witli; long
combat
experience
where
the
leadership
is in the hands of

114.85

High

51,375

/Y/Y.; Total sales—
,t.

52,650

•-

.—

—

individual^oldietxl*

an

114.85

floor—

——

——;

tOther sales

division,

122.28

'

'

placed in a veteran unit p?ay
adequately prepared for battle in
much .less/time.■ ^
y/Y";/

122.05

.

210,685

—

initiated on the

10,545
200,140

114.85

full

'

122.11

226,255

purchases——

122.42
122.47
122.47

1

—

Members:

l. Transactions of specialists in stocks in which

•;

he said, this is not possible.
pointed out that while it re¬
quires a year or more tq , train a

3—XX—

2,411,800

.

Hope

2———

v.x

■

--■

—

6

2,398,290
'f-"' i.7"
Total sales

„

...8

13,510

Short sales

77'-;i< '•

10
9__—

Total for week

.

Stock

119.20

15.

(Shares)

Transactions for Account of Members*

.^7,

o

114.27

14

12

Round-Lot

Total

Exchange Closed

122.16

-

bon-..;Y

overseas eare

ever,
He

Stock

26—

248,462

Corporate by Groups*

Corporate by Ratings*

30_

28—

floor—

Avge.
Aa

sent

usually given additional > training
after they reach the theatre of
operations.
In some cases, how¬

Average Yields)

Aaa

continued:

soldiers

that

3

27—

purchases—

on

learned

General Marshall told Mr;.

are

rate*

3ll0

296,820

/

averages

Corpo

273,220

tOther sales-

c

yield
.V.'

Govt.

23,600

„

;

vices from which this inf<t>rifcation
is

Bonds

308,070

Total purchases-

4.

are
being sent intd 'battle
only 13 or 17 weeks' b^sic
training. When the draft Age^was
lowered to 18, Mr. Hope s^id',;'Bar¬
ents had the impression
thajfcj their
young sons would be giveh' a lull
year's training before facing the
enemy. 'x- ■
xY .V "■ ■ v
\ l 'x;'
Washington United PHsif ad¬

iverages

Mar. 31

Short sales

bond

receiving bet-*
before.

ever

with

j1945—
Daily $

8.18

the floor-

Other transactions initiated off the

and

training than

diers

MOODY'S BOND PRICESt

865,320

on

prices

and

Mr. Hope had asked Gpri.; Mar¬
shall to explain why young! sol¬

Moody's Bond Prices And Bond Yield Averages

641,750

tOther sales

also

ter

Total for week

bond

prolonging the, war
the Pacific; t He
asserted
that
the1 young

Europe

American soldier is

Subtotals for the week in each class

are:

computed

the risk of

run

in

$181,638,000 reported for the corresponding thirteen-week period of
1944.
■
YxxYYY.Y:W Yx',
\'V-Y " Y Y' Y '

731,950

Total

that the army must use fl8-yearr
as
combat replacements or

olds

1945

Apr.

3.

Marshall, Army Chief of; Staff, in

waterworks, $805,000; sewerage, $599,000; bridges,
$137,000; industrial buildings, $2,602,000; commercial buildings, $312,000; public buildings, $22,047,000; earthwork and drainage, $1,630,000;
streets and roads, $6,104,000; and unclassified construction, $3,065,000.
New capital for construction purposes for the week totals
$4,504,000. It is made up of $1,816,000 in State and municipal bond sales,
and $2,688,000 in corporate security issues.
New construction financ¬
ing for 1945 to date totals $249,535,000, a Volume that compares with

Moody's

Fighters

General of the Army George C,

his letter to Representative. Clif¬
ford H. Hope (R., Kan.),- stated

classified

of construction

(Shares)

Short sales—

.

'

in

are

(Based

Short sales

.

On 18 Yr. Did

construction groups, gains over the preceding
waterworks, sewerage, public buildings, earthwork and
drainage, and streets and roads. The same classes of work report
week

Odd-Lot

tOther sales

;

Defends Ann; View

Mar. 29,1945
$37,301,000
•"« 4,167,000
33,134,000
4,900,000
28,234,000

$23,559,000
5,338,000
18,221,000
3,181,000
15,040,000

—

Members,

they are registered—
Total purchases

.

higher
y

216,000

Account

Other transactions initiated

Mar. 22,1945

Construction

1. Transactions of specialists in stocks in which

2.

Mar. 30,1944

;

:

Dealers and Specialists:

%

/

.

engineering construction volumes for the 1944 week, last
week, and the current week are: *

9,759,280

Transactions

year

Civil

9,543,280

-

Total sales
B.

and Round-Lot Stock

Exchange

Members*

a

•'1529

Tuesday, April 3

255.3

Two weeks ago,

March 20
flMarch 3_
Year ago,. April 3, 1944
1943 High, April 1
.__J
Low, Jan. 2_—
1944 High, March 6—
Low, Jan, 24—
Month

ago,

•Holiday.

,

255.3
—.

^

255.0

249.8
240.2

255.5
252.1

>

.

.

Daily Swage Crude Oil Production for Week
Ended March 24,1945 Increased 8,200 Bills.
Institute estimates that the daily aver¬

The American Petroleum

*

Thursday, April 5, 1945

THE COMMERCIAL & FINANCIAL CHRONICLE

1530

March 24, 1945
was 4,782,115 barrels, an increase of 8,200 barrels per day over the
preceding; week and a gain of 397,365 barrels per day over the cor¬
responding week of 1944.
The current figure, however, was 11,235
crude oil production for the week ended

age gross

recommended by the Petro¬

daily average figure

barrels below the

Daily

March, 1945.

for War for the month of

leum Administration

March 24, 1945 averaged 4,772,300
reported by the Institute follow:

output for the four weeks ended
Further details

barrels.

as

companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,742,000 barrels of crude oil daily and produced 14,907,000
barrels of gasoline; 1,732,000 barrels of kerosine; 4,448,000 barrels of
distillate fuel, and 9,166,000 barrels of residual fuel oil during the
week ended March 24, 1945 and had in storage at the end of that week
Reports received from refining

6,859,000 barrels of kerosine; 26,782,000
43,327,000 barrels of residual fuel oil.

military and other gasoline;
barrels of distillate fuel, and

*Stftt6

Actual Production

Allow¬

Week

•P. A. W.

Oklahoma

.

Kansas

i—

Ended

from

dations

Begin'.

Mar. 24,

Previous

Mar. 24,

March

Mar. 1

1945

Week

1945

363,000

363,000

t369,350

274.000

259,600

f275,500
t950

1,000

For the calendar year to

1944.

increase of 7,400 tons when compared with the output
the week ended March 17, 1945; but was 10,600 tons less than for

corresponding week of 1944.
ESTIMATED

UNITED

STATES

NET

IN

BITUMINOUS

OF

Mar. 24,
Bituminous coal &
Total

including

lignite—

mine

average

■"Revised.

—

tSubject

to

1944

4,200

ESTIMATED

adjustment.

current

PRODUCTION OF

Net

(In

-T'..-.*'"--

274,100
1,350

950

tMar. 24,

Penn. anthracite—

1945

•Total incl. coll. fuel

tCommercial produc.

1945

1,203,000
1,155,000

1,214,000

134,600

127,200

:

88,000

92,850

149,300

149,200

142,600

AUTth

Texas
Texas

East

Central

East

Texas

Southwest
Coastal

A

477,400

474,100

340,900

Texas.
—

Texas

Texas

„

—

146,700

147,600

381,000

383,750

116,600
365,100

352,150

350,850

291,500

564,450

563,850

513,800

States

United

12,160,675

2,160,000

2,159,000

—;■

2,157,350

1,863,350

70,150

76,150

295,450

283,950

washery

and

1944

1945

15,398,000
1,174,000 *12,188,000«'14,782,000

ESTIMATED

WEEKLY

BY

current

(The

and

State

and

of

weekly estimates

final

891,800
authorized

annual

BITUMINOUS

OF

STATES,

subject to revision

are

Or

1,884,200

Louisiana

Coastal

70,100

—

50

r_

295,650

—

■j

'7 7777:7:

7;. ■' '7;i7-'.-77:-.;'';

river ship¬
district

and

from

Louisiana

401,800

360,000

Mar.

/365,750

360,100

365,600

50

—

Colorado

Arkansas

Alabama

r

—

—

8(5,317

80,000

—_.A

Mississippi

80,200

•

52,200

300

250

'•

51,900

79,650
41,500

250

50

80,700

100
:

700

53,000

-

'

•i .'

'

■

^

15

Illinois

Indiana

—

Eastern—i

-.-.v

198,000

191,250

+

9,300

195,450

216,450

12,000

10,350

+

50

11,350

13,600

7;

7.7".

,,

'.'■.j

(Not incl. 111., Ind.,

—J.

Ky.)

32,000

;

:
__

Wyoming

_____

....

Montana

22,400

New Mexico

48,550

50,950

103,300

91,350

North & South Dakota (lignite)
Ohio

100

20,650

20,800

—

100

t

103,850

105,000

69,000

10,100

8,200

103,900

112,850

Montana (bitum. & lignite)

Texas

of Calif

3,886,000

California
1

3,874,015

§907,350

907,350

908,100 7.

+ 12,600

3,864,150

3,555,250

4,400

908,150

829,500

—

•

>

*P.A.W.

4,793,350

4,782,115

and

state

+

derivatives to be

allowables,

4,384,750

4,772,300

8,200

produced.

tlncludes

tThis is

the

Panhandle

and

Oregon..

shutdowns

and

174,000

v.:

7

7|7. ;.-:77 7':.*;

Metals

of

hands

302,000

341,000

35,000

3,000

102,000

107,000

34,000

34,000

40,000

pile

40,000

56,000

52,000

short tons

40,000
2,000

7.

78,000

.

656,000

478,000

647,000

2,866,000

2,420,000

2,914,000

130,000 A-77
777'7 2,0007; 7,77

157,000
3,000

7

520

a

time in

by

that

WPB.

The

stored

392,000

concentrate.

26,000
985,000

198,000 7 7;,7"

193,000

*

*

A

10,885,000 :? 7

12,072,000

as

market

The

2.197,000
f

allowable

of March

as

exemptions

for

the

1

calculated

entire

on

a

the

With

month.

31-day

basis and

exception

of

the B. & O.

on

the N.

&

W.;

C. & O.; Virginian;

K. &

M.;

B.

C.

&

in

Kanawha, Mason, and Clay counties.
JRest of State, including
and Grant, Mineral, and Tucker counties. ' ^Includes Arizona
*Less than 1,000 tons.' 7
V
/ '7'."77. 7; :■ 7 7y%y77.: 77A77 •. /77r:-7 7

re-:

value covers tin
and contained in

remains

situation

Straits quality tin
continued at 520, spot, with for¬
ward material nominally as fol¬
unchanged.

lows:
April

G.;

District

also

was

the

metal

139,000

343,000

883,000

It

stockpile of tin
stands at 83% of the objective set
vealed

366,000

2,052,000

on

88,450

roughly

of tin.

134,000
7

the

Co.

pound, the trade lost no
calculating that the stock¬

contained

130,000,«

32,000 '

in

tin

31, 1944, was valued at $91,989,736 (at market value), accord¬
ing to report made public by
Charles B. Henderson, President
of the RFC subsidiary. The mar¬
ket value of "Grade A" tin being

4,000

58,000
153,000

of

Reserve

Oct.

35,000

11,925,000

lignite

operations

on

Includes

V

inventory

>

and

basic

77

542,000

198,000

tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. March 22, 1945.
the net

83,000

as

Total bituminous &

in

Tin
The

342,000

-7:77 7

zinc

slab

according to the Bureau of

928,000

,

of

Mines.

10,000

1,535,000

1,038,000

—___

April

WPB dur¬

against 73,642 tons in December
and 70,630 tons in January last

880,000

'

i

shipped in recent months. Some
requests for Special High Grade

972,000

2,070,000

Wyoming

•

ing the last week and producers
believe that
the tonnage# called
for will
average
close to that

1944

482,000

30,000

tWest Virginia—Southern—

released by

were

150,000

—

SOther Western States

recommendations

shown above, represent the
production of crude oil only, and do not include amounts of condensate and natural
gas

Washington
tWest Virginia—Northern

Total United States
•

Virginia—i—

'.V

Allocation certificates for

zinc

147,000

2,00O>

—

'

Zinc

7'

54,000

(bituminous & lignite)

antimonial.. lead,
4,866 tons at \

7

59,000

135,000

Tennessee^

30,141

refined

of

stocks

of

tons

5,664

383,000
v

1,482,000
7.7/.

565,000

..

Pennsylvania (bituminous)

Utah

Total East

1,000

18,

'

Kentucky—Eastern.
Kentucky—Western—.

300

10,000

■

105,000

—

—

950

20,550

9,500

New Mexico

Kansas and Missouri

+

23,000

164,000

Iowa

14,600

100,000

7

—

400

__

160,000

1,512,000

Indiana

+

51,050

83,000

--7 * .''777,

V

Illinois

—

105,300

Colorado

i

Georgia and North Carolina

63,850

47,000

91,000

Michigan—^

62,900
21,500

2,950

7,000

Maryland—

"-:7"Vv

A:;

•A'

68,200

Kentucky
Michigan

50

•'

■

1945

373,000

7,000

Arkansas and Oklahoma

in

which compares with
the end of January.

year,

7v;7

1945

—__7—,

44,213/

27,738

Included

,

Mar.

Mar. 10,

17,

364.000

State—
Alabama—

a~V

Alaska———-.
Total

7:'

46,616

-40,887

—_

Consumption

Week Ended

A/;:.

-

Louisiana

North

7,917 '

3,636

January amounted to 86,228 tons,

railroad carloadings

on

,

and Prime Western were cut back.

receipt of monthly tonnage reports from
the operators.)

on

returns

•

lead at the end of February were *

COAL AND LIGNITE,

IN NET TONS

based

are

1,357,600

and

PRODUCTION

t

,

coal shipped by truck from
tSubjefct to revision.
gRevised.

145,200,-

coal,

dredge

fExcludes colliery fuel.

operations.

ments

Total Texas

total

•Includes

38,699

49,039

—

end

Stock at

Mar. 27,,
1937
12,140,000
11,533,000

Mar. 25r

•

1,223,000 712,696,000

1,165,000

45,463

Calendar Year to Date

Mar. 24,

Mar. 25,
i 1944

gMar. 17,

—

Shipments

777A'/7., 7-77.

Week Ended—

1944

Feb.

27,738

Secondary and foreign

-

AND COKE

Tons)

Jan.

19,536

the

.

329,500

beginning

Domestic

"

,

ANTHRACITE

PENNSYLVANIA

re- ?

Production:

Mar. 25,
1944

tMar. 24,
-1945 :•

Mar. 25,

-'1945

,,1,970,000.

at

Stock

and February

statistics, in tons, fol- '
7 ■
" \." -

low:

11,925,000> 11,954,000 139,855,000 151.291,000
1,988,000 A 1,992,000 y; 1,953,000
2,081,000

11,820,000

—

fined-lead

Jan. 1 to Date

*Mar. 17,

1945

fuel;.;

,

The January

V,' y'"7r

Week Ended

46,616 ;

to

greater ex¬

cept for a gain in production from f.
secondary and foreign material.
/

AND

COAL

TONS

volume

tons would have been

Totals

PRODUCTION

LIGNITE

in

decline

the

;

Beehive coke—

West

Output of the refineries in Feb- ;
a reduced scale, but

ruary was on

for

an

'

88,000

/panhandle Texas.—

.

to March 25, 1944.
According to the U. S. Bureau of Mines, production of Pennsyl¬
vania anthracite for the week ended March 24, 1945, is estimated at
1,203,000 tons, a decrease of 11,000 tons (0.9%) from the preceding
week.
When compared with the output in the corresponding week
of 1944, there was a decrease of 20,000 tons, or 1.6%.
The calendar
year to date shows a decrease of 17.5% when compared with the same
period of 1944.
The Bureau also reported that the estimated production of bee¬
hive coke in the United States for the week ended March 24,1945,
showd

Dec.

January.

calendar year

Mar. 25,

.

369,050
260,650

77 40(1

+

week in

March 24, 1945 soft coal output total. 139,855,000 net tons, a decrease
of 7.6% when compared with the 151,291,000 tons produced in the

Daily

Ended

ables

—

of 105,000 tons from the preceding week, and 134,000 tons less

crease

than in the corresponding

■

*

Nebraska

Administration, U. S. Department of the Interior,
that the total production of soft coal in the
week ended March 24, 1945, is estimated at 11,820,000 net tons, a de¬

Week

4 Weeks

Change

Ended

Recommen¬

The Solid Fuels

(FIGURES IN BAHREIN)

AVERAGE CRUDE OIL PRODUCTION

DAILY

month

on

in its latest report, states

grade gasoline; 45,525,000 barrels of

barrels of civilian

53,487,000

tons, against 27,738 tons a
previous and 19,536 tons
31, 1944, the American
Bureau of Metal Statistics reports..
Domestic shipments of refined
lead in February amounted to 44,- ;
213' tons, against 40,887 tons in
30,141

Weekly Goal and Coke Production Statistics

June

May

March 22—

52.000

52.000

52.000

March 23—.—

52.000

52.000

52.000

March 24—

52.000

..

52.000 7" 52.000

L'

March 26

52.000

52.000

52.000

shutdowns wfere ordered for from 2 to 15 days, the entire state was ordered shut down

March 27

52.000

52.000

52.000

for

March 28——

52.000

52.000

52.000

several

6

fields

which

were

days, no definite

required

to

shut

operate leases,

a

CRUDE

RUNS

AND

"

TO

certain

fci

fields

other

for which

operators only being

specified;

of

Conservation

STILLS;

Committee

PRODUCTION

GASOLINE,

OF

GAS

of

GASOLINE;

OIL

AND

(Figures in

thousands

t

of

Figures

in

barrels

this

pf

each)

gallons

include

Bureau

of

AND

1945

24,

are

plus an
therefore on a

basis

Mines

% Daily Crude Runs

Refining

7
District—
East

Coast

Pro¬

to Stills

tStocks

duction

of

at Ref.

Gas Oil

tStocks tGasoline Stocks

% Op-

Inc. Nat.

& Dist.

porting

age

erated

Blended

Fuel Oil

713

90.1

2,017

5,285

5,618

6,903

99.5

at

of Resi¬

Mili¬

dual

tary and

vilian

Fuel oil

Other

Grade

Ci¬

6,935

District No. 1

76.8

100

68.5

District No. 2

81.2

56

112.0

154

120

163

616

866

87.2

779

90.9

2,920

1,846

6,778

17,461

Ind., 111., Ky

301

was

some

373

248

1,241

1,248

WPB

Zinc con¬

fairly

for

large tonnages of zinc for April
delivery.
Requests for Special

High

Grade
had

the

to

these

to

and
be

Prime Western
down, owing

cut

supply situation in
Lead was quiet.

tight
grades.

384

81.9

1,442

3,351
1,691

1,188

1,816

8,056

Inland Texas

59.8

233

70.8

967

335

599

Quicksilver for spot delivery was
lower in price, reflecting recent

Gulf Coast——

89.3

1,087

87.9

3,409

5,038

6,315

1,279
11,021

1,806

Texas

5,405

unsettlement

Louisiana Gulf. Coast.

96.8

284

109.2

752

1,903

1,502

2,413

2,627

No. La. &

The

55.9

69

54.8

191

707

284

937

2,063

Okla., ;Kans., Mo

78.3

Arkansas—

Rocky Mountain—
>

District No. 3

'

District No. 4—_

California

17.1

—

—

10

76.9

31

15

30

20

65

72.1

120

75.5

429

349

590

466

2,042

85.5

907

91.2

2,294

7,615

24,944

12,035

4,913

Total U. S. B. Of M.
1.

basis March 24, 1945

85.5

4,742

87.3

14,907

26,782

43,327

*45,525

53,487

85.5

4,773

87.9

14,481

26,483

43,718

45,471

53,411

Total U. S. B. of M.
basis March 17, 1945

basis March 25, 1944
Includes

aviation,

4,466

military

Currently indeterminate as -o ultimate
this week, compared

13,221

solvents
use,

n

fuel

oil

produced

during

the

52,475

35,189

50,394

naphthas, and gasoline blending stocks
and 11,748,000 barrels of unfinished
gasoline

with 11,992,000 barrels

ie^onnn'Hm
?nH\ rcd
fX?
4,448,000 barrels of gas oil and

30,925

and

a. year

ago.

tStocks at refineries,

JN,ot deluding
1,732,000
and

distillate fuel oil
week ended March

barrels of kerosine,

9,166,000

24,

1945

at bulk

barrels

which

1,652,000 barrels, 4,527,000 barrels and 9,042,000 barrels, respectively
week and 1,472,000 barrels 4,785,000 barrels and 9,195,000
week ended March 25, 1944.

of

residual

comuares

in

with

the preceding

barrels/^respectively S th!

Note—Stocks

of

kerosine

at

March

24,

1945

amounted

jagainst 6,852,000 barrels a week earlier and 6,476,000 barrels




to
a

6,859,000
year

ago.

barrels,

as

in

forward

Copper
A report to the effect that

Great

Britain has arranged to sell 85,000
tons of copper to France for de¬

livery this
terest.

year

atracted wide in¬

The deal is believed to be

agreement
in which foreign exchange plays
an

of

a

commercial

important

part.

In

April 1944, when consumption, as
measured by the figures compiled
by the fabricators, reached 160,691
tons.
' ' •
7.
;
Lead

Though some factors in the in¬
dustry still look for continued ac¬
tion by WPB in reference to the
lead regulations, most observers
believe that little of a disturbing
nature is likely to occur under

or

times, France purchased substan¬
hemisphere.
Early
this year France obtained about
7,000 tons of copper from the
United States, all of which was
shipped under the war program.
The fabricating division of the

99% tin, continued
pound.

Quicksilver

v

Trade

authorities

the
Coast
are
maintaining
prices, because of what they re- :
gard as a strong possibility that

on

,

buying in volume for the enlarged
battery program will set in soon.
Others

are

nervous

over

of

lead
on

during
the

the

light

ed.

month

on

month

of

shipment.,

Silver
The

hand at domestic refineries at the

the

flask, Pacific Coast basis, de- *

pending

last

Lead-refinery statistics for Feb¬
ruary showed
another moderate
increase
in stocks, the total on
of

Prices ranged from $150 to $155 /

side,

amounting to 3,411 tons.

end

freer of¬

Spanish metal on the
basis of $152 per flask, New York,duty paid.
The result last week
was
that prices here covered a
range, of $160 to $165 per flask,
depending on quantity.
, ~
y
MRC's inventory of quicksilver
on
Oct. 31, 1944, was valued at
$6,049,450, based on market values •
as of that date, it was stated of-*
ficially.
Metal was quotedi in •
New York at $113 as October end¬

Nearby metal tight.

were

,

of

ferings

reduced.
Sales

that

ing through a rather "sensitive"
period, which accounts for unset¬
tlement in prices. Some producers

per

week

believe

the market for quicksilver is pass¬

present
conditions.
Consumers
will get about 21,500 tons of for¬
eign lead during April, which
means that the stockpile is being

prewar

tial tonnages of copper from pro¬
ducers in this

industry consumed 165,387
tons of copper during February, a
new monthly high. This compares
with 153,904 tons in January and
131,855 tons in February last year.
The previous record month was
copper

metal."

publication further went on
to say. in part as follows:

part

V. S. Bur. of Mines

Current business continued

uncertainty about <£—

asked

sumers

zinc

Appalachian—

period.

high level and consumption for war purposes is expected to be
maintained at a record rate for another month or two.
However,
a

June forward business.

Capac- Daily
ity Re- Aver-

—

Markets," in its issue of March 29,
states: "With the war in Europe entering into its final stage, pro¬
ducers of non-ferrous metals are deeply concerned over the probable
"E. & M. J. Metal and Mineral

there

SGasoline

P

Large Tonnage for April—Quicksilver Lower
trend of business in the summer

totals

reported

estimate of unreported amounts and

7

FUEL

Chinese,

at 51.1250 per

FINISHED

OF

STOCKS

DISTILLATE

42

section

Non-Ferrous Metals—Zinc Consumers Ask for

Oil Producers.

California

RESIDUAL FUEL OIL, WEEK ENDED MARCH

L

t

of

and

dates during the month being

UNFINISHED
-

entirely

down as best suits their operating schedules or labor needed to
total equivalent to 6 days shutdown time during the calendar month.

§ Recommendation

k

exempted

amounting

to

was

London

quiet

market

and

for

silver"

unchanged

at

25 Vid. The New York Official for

foreign silver continued at 44 %0,
with domestic metal at 70 %0.

THE COMMERCIAL &

Number 4374

161

Volume

*

'

,

FINANCIAL CHRONICLE

1531

.

.

Total Loads

Revenue

Freight Gar Loadings During Week
Ended March 24* 1945 Increased 269 Cars

Railroads/

Southern District—

Loading of revenue freight for the week ended March 24, 1945
totaled 816,058 cars, the Association of American Railroads announced
on March 29,
This was an increase above the corresponding week of

3.6%,

^

-"...

,

,

week of March 24, increased
0.03% above the preceding week.
;
Miscellaneous freight loading totaled 404,875 cars, a decrease of
cars below the preceding week, but an increase of 32,129
cars
Loading of revenue freight for the

269 cars, or
:

"177

corresponding week in 1944.

above the

^

,

,

Loading of merchandise less than carload lot freight totaled 110,214 cars, an increase of 1,834 cars above the preceding week and an
increase of 3,498 cars above the corresponding week in 1944.

v

Coal loading

amounted to 167,063 cars, a decrease of 2,507

cars

preceding week, and a decrease of 955 cars below the cor¬

below the

responding week in 1944.

:

products loading totaled 45,822 cars, an increase

Grain and grain

Received from

Connections

1945

1944

1948

1943

1944

Retiring War Money
The yellow seal dollar and the
Hawaiian dollar, the two forms'
of

444

425-

400

331

298

955

778

752

2,542

2,467

rect

Atlanta, Birmingham & Coast

983

664

680

1,658

1,525

retired

•*.

14,030

13,523

15,401

13,336

11,278

Central of Georgia
Charleston & Western Carolina

3,950

3,731

3,883

5,993

5,010

471

362

376

1,546

1,985

Clinchfield

1,713

1,555

1,648

3,591

3,463

287

215

327

240

228

Durham & Southern

115

112

118

612

724

3,914

4,213

2,650

1,683

2,230

42

33

123

2,697

.

Florida East Coast

Gainesville Midland;

38

163

1,229

1,349

2,528

388

340

370

861

4,563

3 975

3,471

4,391

4,450

28,753

27,143

26,268

18,699

17,389

25,231

12,688

12,165

155

1,001

1,077

Georgia

1,232 -i

Georgia & Florida

_

Gulf, Mobile & Ohio—.

\'r

:

U.

Although

777

were

124

Mississippi Central

414

259

220

493

845

Nashville, Chattanooga & St. L.

3,546

3,297

3,135

4,999

4,754

Washington

Norfolk Southern

1,080

966

1,223

1,836

1,796

further said:

455

376

335

1,359

1,474

Richmond, Fred. & Potomac

354

341

495

Africa,

11,755

12,793

11,835

10,340

10,325

9,620

9,781

Southern

24,955

23,040

22.059

28,308

25,649

810

612

810

799

145

108

1,448

1,074

122,051

121,386

133,623

125,959

Tennessee Central

630

Winston-Salem Southbound

146

1

Total

increase of 1,067 cars above the preceding week
increase of 1,024 cars above the corresponding week in 1944.

an

corresponding week in 1944.
products loading totaled 39,604 cars, a decrease of 2,301
below the preceding week arid a decrease of 3,984 cars below the

above the

Forest
cars

corresponding week in 1944.
Ore loading

2,621

2,642

2,373

3,859

3,356

21,476

20,132

19,782

11,106

10,963

3,151

3,146

4,440

4,501

1,213

1,153

3,620

Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic

1,025

Elgin, Joliet .& Eastern

9,236

495

Ft. Dodge, Des Moines & South.....
Great Northern
Green

amounted to 17,877 cars, an increase of 797 cars above

preceding week and an increase of 3,385 cars above the corre¬
sponding week in 1944.
'
'
Coke loading amounted to 14,935 cars, a decrease of 465 cars
below the preceding week, but an increase of 669 cars above the cor¬
responding week in 1944.
All districts reported increases compared with the corresponding
week in 1944 except the Pocahontas and Northwestern.
All districts

:

12,466

520

519

295

323

6,221

435

1,013

5,431
937

73

2,595

2,082

2,062

1,936

4,475

5,099

4,427

3,161

3',986

10,063

9,350

5,370

5,693

219

101

71

632

583

1,881

2,532

2,062

4,113

4,123

84,533

85,001

81,203

73,021

70,163

':•//■

.

'

4

Weeks of January

4

Weeks of

:

February™,

Week

of March

Week

of

March

3
10—

Week

of

March

17_—

Week

of

March 24.

3,001,544

3,158,700

2,910,638

3,049,697

3,154,116

3,055,725

785,264

786,893

748,926

--

—-

,

jr

766,290

780,265

769,045

815,789

785,195

768,134

816,058

777,578

787,340

J_

24,724

21,580

21,291

15,003

12,382

f

3,676

2,831

2,988

4,677

4,462

mmmmmmtmrn'

Bingham & Garfield-.

'

•'

9,039,808

9,442,747

9,234,642

—

45.9

683

63

83

18,354

19,042

13,151

12,787

2,877

3,064

3,206

895

928

10,695

12,243

14,523

13,371

2,377

4,732

6,242

1

'

'

12,477 Z:

Chicago & Eastern Illinois———
Colorado & Southern

»'

—

table is

The following

of the freight carloadings for

a summary

separate railroads and systems for the

the

week ended March 24, 1945.

showed increases wheri compared with

During this period 82 roads

Denver & Salt Lake

.

FREIGHT
.

AND

LOADED

(NUMBER OF

RECEIVED FROM

24

Illinois Terminal—.—

.

:

,

•

_

1945

Eastern District—
Ann Arbor

Bangor & Aroostook
Boston & Maine—

Chicago, Indianapolis &

1943

1944

/.

278

242

260

"

1,510

Union Pacific System

JJ

1 (TT 1.1

nm

,u

3,200

2,721

2,633

607

210

7,213

6,966

6,273

17,210

16,798

1,121

1,423

1,514

2,346

2,076

31

h 42

37

Louisville..

36

Central Indiana

Kansas

20

2,119

1,968

2,171

928

958

960

703

578

1,112

1,860

2)108

90

116

made public on March 27 the fol¬

726

lowing

-

992

864

9

25

z.0

29,362

27,270

15,511

14,637

290

381

210

2,411

2,075

./V

:

'757

h

13,898

14,596

536 "

0

/v.-

16,266

17,118

595

1,850

'

..

x

6

4,055

5,321

100,893

108,045

117,690

5,053

4,8.96

6,331

15,899

13,291

Quanah Acme & Pacific

7,474

7,568

12,675

11,418

St. Louis-San Francisco

7,456
i

Detroit, Toledo & Ironton
Detroit & Toledo Shore

100

165

248

230

178

2,036

2,043

1,890

1,544

1,432

415

332

347

4,371

S. 3,210

Line

13,204 '

•

13,181

19,251

18,755

Grand Trunk Western—

4,218

3,885

3,495

10,366

9,456

Lehigh & Hudson River—

167

164

159

4,602

3,522

2,082

1,864

2,140

1,542

1,519

Lehigh Valley.
Maine Central————————

7,950

8,475

7,068

12,213

16,907

2,494

2.420

2,506

4,765

Monongahela

5,957

6,351

7,052

362

2,218

2,503

2,620

25

18

New York Central Lines..————

49,094

47,315

51,932

56,425

56,368

Hartford
Ontario & Western.—.

11,066

10,281

10,460

20,782

1,025

1,235

"986

3,552

York, Chicago & St. Louis—-

6,763

6,387

6,659

17,437

13,469

Brie

Lehigh & New England
1

Montour

—*—

—

N. Y., N. H. &
New York,
New

'

'

N. Y.,

1.518^:.

•371

8.263

7,875

8,188

8.271

5,446 /-

4,826

4,681

/, 9,907

818

832

12

520

Susquehanna & Western

Pittsburgh & Lake Erie—.

;—■

Pere Marquette....——
"

614

Pittsburg & Shawmut.
Pittsburg, Shawmut & North..

Pittsburgh & West Virginia
Rutland

285

,

319

■.

I

Webash————

Wheeling & Lake Erie

v

364

•

■

•

957

920

.—

378

340
709

/;

355

6,142

5,795

5,660

6,655

4,935

.5,004

.

13,757
5,665

157,966

162,877

256,014

—

essemer

Youngstown

,<•

uffalo Creek & Gauley—

ornwall

Texas & Pacific

V-.nn

12,076
>■-

4,485

246,428

1,361

t

331

1,542

1,879

yzs;"u

t

12

13

7,203

22,695

22,070

596

590

65

66

211

302

7

10

119

137

36

42

6,464

,

r

!V-;

Pennsylvania

/ 1,500

.

v

i

.

r

<

1.237

v

1,090

4,795

♦Previous week's figure,

Note—Previous

1,662

1,667

2,516

2,590

76,961

78.754

66,987

66,540

15,413

14,405

15,327

33,934

30,408

—

(Pittsburgh)
Maryland:

19,206

19,621

21,578

4.857

4,034

4,188

4,022

4,259

.15,548

13,671

astern

Total

170,967

178,736

186,566

175,391

,

.

Norfolk & Western

Virginian...——•

►"

28,198

28,605

29,809

13,974

21,665

21,789

22,721

9.822

7,929

4,441

4,480

4,904

3,503

2,274

54,304

54.8V4

57,434

21,299

23,383

••

—

13,180




;

with

the-Island

16,153

15,604

16,623

20,514

20,000

106

95

83

322

264

9,672

7,515

8,855

3,720

3,049

2,939

/

/'

8,7.92

8,804

8,014

'7,234

11,072

12,227

12,803

5,804

5,701

5,364

5,483

3,939

8,311

7,760

•V y-

46

■§':r

23

the

Philippines

C.

Luzon

of

73,426

>

30

69,693

*

.

Only first class
patch by surface

mail

-

for

dis¬

will

means

Registry

available.

is"

/'■./-

■

•

postage, three cents

an ounce, and
registry fees, regis¬
try surcharges and limits of in¬
demnity when the matter is reg¬

the

domestic

istered, will apply.
nity

conditions

Thfe, indem-;

which

will

gov-'

ern

will be those in forc6 prior to

the

suspension of registry service

with the
No

Philippine Islands.

letter

packet

exceeds

weight,

or

42

"

from the National

us

members

''/

/;:

of

this

'7,":;/z

inches

in

combined.

may

11

length and
girth
the present, rot
letter packet per

For

than

one

from

the

sender

same

addressee

same

.

will

be

Association

industry, and its} program includes
cates the

a

represent

83%

of the total

statement each week from each

production, and also a figure which indi¬

activity of the mill based

on

the time operated.

These

figures are advanced to equal 100%, so that they represent the total
industry.

,/'

.

REPORTS—ORDERS,

Period

•

1945—Week Ended

January
January

189,769

—

>

.

February 24
3—-—

March 17

March 24—.™—
Notes—Unfilled

„

orders

of

of

Manufacturers

orders.

„

Association,

lumber shipments of 473 mills re¬

porting

to

the-National

Trade Barometer

production

24,

1945.

orders of

for

In

were

the

the

than

80

production

at

the

95

87

94

89

and gross stocks are

95

91

34

152,075

510,931

148,139

565,064

92

91

151,307

560,960

93

92

145,541

149,816

553.609

93

92

131,989

152,755

:

Unfilleu

current

days' production.
year-to-date, shipment;
reporting identical mills ex¬

529,238

97

93

181,377

150,486

558,285

96

93

by 16.6%.

152,611

580,804

94

93

129,948

153,625

^557,986

95

93

137,911

158,551

537,005

99

94

Compensation

rat\

For the
of

177,711

received, less production,

For

equivalent to

ceeded production by

plus orders

nev

36.5%,

reporting softwood mills, unfilled
orders are equivalent to 39 days'

524,308

prior week,

were

reporting mill;

503,240

149,590

the

March

week

production.
of the

Lumber,

6.2% above

week

same

these mills

150,011

yqual the unfilled orders at the close.

unfilled

Activity,

of

According to the National Lum¬
ber

150,876

reports, orders made for or filled from stock,
ments

80

532,194

125,882
¥

Percent of

Current Cumulative

204,550

159,885

—

—

necessarily

Tons

131,901

3

February 17

Remaining

Tons

149,921

—

20__™
27^

February

'

:

6—
13™—

January
January

Production

Tons

;

was

Islands

amounted to 109% of stocks.

Unfilled Orders

Received

the

Ended March 24, 1945

order files

PRODUCTION, MILL ACTIVITY

Orders

with

Lumber Movement—Week

more

STATISTICAL

to
ac¬

Leyte, Samar and Mindoro.

-'"v".

V-■

v y-

be

sent;
pounds
in
18 inches in length, or.

which

the

herewith latest figures received by

be

service'

The domestic first class rate of

week

•

Paperboard Association, Chicago, 111., in relation to activity in the

paperboard industry.-

in

'' resumed

was

March 25.

49

j

Weekly Statistics of Paperboartl Industry v{
We give

by

serv¬

Previously, limited service

not
,

Total

527

4,767

tlncluded In Baltimore & Ohio RR.

March 10_—

District-^

Chesapeake & Ohio.

mail

ice

announced

March

Pocahontas

issued

Walker that restricted

cepted.

February lo
181,882

432

5,019

year's figures revised#

Goldman

Frank

more

3,815

2,037

81,758

*

115

5,837

68,008

i.

457

188

68,758

ii.no

2,235

/1,219

523 /

5,135

y
~'i.nil

1,101
2,921
-

130

74,197

.

103

.

nnsylvania System

212

•

..

1,259

673

26

281

.((:: 3,022
1,640

2,643

310

108

1,366

1,596

6,411

2.935

607

81

2,871
V

29,175

,}-><■

2,860

p'- 313

25

20

1,784
-/;/'• t

1,245
3,367

83

8,443

31,662

...

216

4,472

2,968

3,263

t

'

"

43

.•8,335

41,572

A/

trf'l.jift-M

,

'

Wichita Falls <fc Southern

''

2,882

..A"

S

Albert

announcement
Postmaster
General

3,305

40,557

490

[gonier Valley
——
jng Island..—
nn-Reading Seashore Lines.

lion

1.668 /

'

4,059

Weatherford M. W. & N.

—.—

umberland &

ading Co

773

'

-a.— -—

2,336

4,043

6,787

W'

mm****,***-

2,722

17,247

45.072

ambria & Indiana.—.—
entral R. R. of New Jersey.

688 t

830

,

,—

& Lake Erie—•

355

Texas & New Orleans

5,097
..2,095

5,511

3,490

tr;TT-„.ul^,

member of the orders and

altimore & Ohio

".z:;/. 295.

5,463
»

347

20,472
.

Allegheny District—
kron, Canton &

281

•

'

''

Sfr. Louis Southwestern

The
163,805

ant

——a

Missouri Pacific

432

236

1,100

>

7,445
1,844

229

8*77:

4,699

•

3,869

,

—

— — MM

r"

2,78.9

',0

in ,r

—

Missouri-Kansas-Texas Lines

Delaware & Hudson
•

481

'

3,086

Missouri & Arkansas

2,801

Detroit & Mackinac

'

667

2,492

Delaware, Lackawanna & Western-

—

„

1,402

Postmaster

......

589

2,250

117,961

7,346

Midland Valley

1,079

Mail Service to Luzon

1,667

27,525

379

n.i

on

invasion of

an

•

♦2,478

accepted.

Litchfield & Madison

1,120

•

5,935

.

'

;

Central Vermont

y<

1,564
*2,140

125,355

City Southern

Haiwaii.

1,100

2,004

,

their attack

up

Pearl Harbor with

836

'

.

they followed

829

16,520

,iiq

T-H nmniwr

by
the
Treasury
for
dollars, thereby pre¬
venting the enemy from profiting
by the use of our money in case
Hawaiian

2,386

''

Utah
Western Pacific

Louisiana & Arkansas—

over-printed

All regular dol¬
Hawaii was" ex¬

in

currency

54

Toledo, Peoria & Western

Kansas. Oklahoma & Gulf

1944

in large letters.

6,942

11

International-Great Northern

1,712

Hawaii

2,282

623

Southern Pacific (Pacific)

Gulf Coast Lines———————

1945

word

749

Burlington-Rock Island™

Received from
Connections

Total Revenue
Freight Loaded

regu¬

certificate, except that it ha^>

the

770

"

-

lar

from

'../'//.'"■v
dollar is a

3,365

'

Railroads

case we were driven

area.

The Hawaiian

672

North Western Pacific

Southwestern District—
-

the

647

Missouri-Illinois

..

Total Loads

ing it in

3,255

CONNECTIONS

WEEK ENDED MARCH

CARS J

means

710

Fort Worth & Denver City

Total
REVENUE

as a

523

,

week a year ago.

the corresponding

Treasury

distinguishing this currency
from ordinary
billq. in circulation
in North Africa, and of separat¬

3,516

L;:j

Denver & Rio Grande Western

Peoria & Pekin Union

"

2,687

2,831
'

Nevada Northern

Total

490

20,675

;.

n

MaraaMMMl

1943

of

a

changed

Central Western District—

Atch., Top. & Santa Fe System

•

1944

1945

certificate

of

lar

Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific-

except the Pocahontas.

reported increases compared with 1943

Total

;

which

substi¬
yellow for blue ink in
printing of the seal, was de¬

11,574

./

silver

States, with

vised by the

55

'

-

dollar,

of

121

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

8,808

regular
United

tution

107

Minneapolis & St. Louis

Spokane, Portland & Seattle

the

378

.

March 30

on

yellow-seal

the

198

retired.

currency.

a

541

3,133

Spokane International

is

260

'

Ishpeming

all

dollars
from
circulation, gradu¬
ally by replacing them with reg¬

12,-251

375,

the

for

13,663

263

in

currency

9,182

8,554

11,026

Bay & Western....

Lake Superior &

bureau

584

804o

763

-v.

445

Northern Pacific

the

14,749

15,301

14,338

15,006

16,309

Chicago, Milw,, St. P. & Pac..
Chicago, St. Paul, Minn. & Omaha..

Hawaiian

back

virtually

are

The

Chicago & North Western

the

monetary units are regu-.
and are exchange¬
greenbacks.
The Treas¬
ury's practice is to withdraw these

Northwestern District-

Chicago Great Western

amounted to 15,668 cars, an increase of

1,333
cars above the preceding week and an increase 1,177 cars above the
corresponding week in 1944.
In the Western Districts alone loading
of live stock for the week of March 24, totaled 11,995 cars, an increase
of 1,120 cars above the preceding week, and an increase of 1,408 cars
Livestock loading

yet

Both

lar

able

ular

totaled 29,889 cars, an
and

131,982

of

Advices from the N. Y.! "Times"

Seaboard Air Line

System

all
not

used in the invasion of North

24,149

Piedmont Northern..

a di¬
being

are

Treasury's hands, banks have been
asked not to circulate
any that
may come
into their possession.
The
yellow seal dollars, which

loading for the week of March 24,

alone, grain and grain products

are

212

:

war,

31.

26,410

:

the

quickly as possible, the
Treasury
announced on

S.

Macon, Dublin & Savannah

above the preceding week and an increase of 2,561 cars
corresponding week in 1944.
In the Western Districts

the

in

as

dollars

of 1,755 cars
above

role

March

Columbus & Greenville

that have played

money

Alabama, Tennessee & Northern..

Illinois Central System
Louisville & Nashville

*;

Total Revenue

Freight Loaded

Atl. & W. P.—W. R. R. of Ala
Atlantic Coast Line

the same week in

38,480 cars, or 4.9% and an increase above

1944 of

1943 of 28,718 cars, or

..

9.2%; orders

Compared to the average cor¬
responding
week
of
1935-193"),
production of reporting mills was
do

14.5%

for delinquent

10.8%

and other items made necessary adjust¬

greater;

shipments

werv

greater;

and orders

were,'

42.9% greater.

FINANCIAL CHRONICLE

THE COMMERCIAL &

1532

Arthur G. Frank, who was

Companies

llems About Banks, Trust

(Continued from page 1520)
908, compared,

$1,104,705,889

respectively/with montns ago they were $1,205,104,026 and one year ago they were
$1,170,340,024
$864,450,080.
Loans, bills pur¬

and

of Dec 31, 1944,
Cash on hand
and due from banks amounted to

as

$241,276,558, against $229,027,821;
holdings of United States Govern¬
ment
obligations
$550,298,549,
against $550,257,723.
Loans and
discounts decreased to $292,019,-

are

now

pare

and

bankers' acceptances
$340,326,892 which com¬

with $367,338,389 on Dec. 31
$335,440,682 on March 31 of

last year.
V
i ;
Preferred stock is shown as

„

$7,-

$345,132,608. Capital and 712,300, common as $32,998,440,
surplus remained unchanged at surplus as $33,000,000 and undi¬
$20,000,000,
respectively.
Undi¬ vided profits as $20,384,160. As a
result of the redemption of 14,881
vided
profits after reserve of
shares of its preferred stock on
$500,000 for quarterly dividend
increased to $12,964,119 from $12,- March 28, as required under its
preferred stock indenture, capi¬
408,282 at the end of December.
tal account was reduced by $297,726 from

In its statement of condition as

of March

31, 1945, J. P. Morgan
New York, reported total
$704,341,246 and total
deposits to, be $700,765,006, com¬
pared, respectively, with $816,—'
596,609 and $756,594,777 as of Dec.
31, 1944. Cash on hand and due
from banks stood at $126,849,180,
& Co.,

at

assets

against $ 128,580,742 three months
ago;
U. S. Government bonds

$507,707,209, compared with $535,Loans and bills pur¬
decreased from $116,959,-

055,436.
chased

509 at the end of the year

to $88,592,488, while capital and surplus
remained unchanged at $20,000,^CVOOO each, and undivided profits

^'"'increased

$4,-

to $4,846,545 from

The

Federation

to

4%%.
The

Oliver W. Birkhead has recent¬

lower rate is granted only
and will not apply to

of

Plains, N. Y.

and former President of the Sav¬

At

meeting of the Board

a

of

Directors

Bankers

the

of

Trust

Company, New York, held April 3,

S. Schroth

eorge

elected

was

Assistant Treasurer.

an

Mr. Schroth

representing the aggregate has been connected with the Note
par valiie for such shares, and un¬ Tellers'
Department at Bankers
divided profits account was re¬ Trust
Company since 1931.
duced by approximately $452,380,
representing the amount in ex¬
Fulton Trust Company of New
cess of the par value of the shares
York reports total deposits of $38,redeemed at $50/ per share, plus
dividend

accumulated

the

of

40

cents per share.
Net operating

earnings for the
three months ending March 31,
1945, after amortization, taxes,
etc., as well as dividends on pre¬
ferred stock, were $2,057,490, or
$1.25 a share, which compares
with 99 cents
months

share for the three

a

ending

Of this amount,
in dividends on

March 31, 1944.
$824,959 was paid
the common stock,

$1,232,531 was credited to un¬
divided profits.

553,578 and total assets of $44,011,815 in its statement of March 31,

with deposits
of $39,048,588 and total assets of
$44,462,755 on Dec. 30, 1944.
1945,

compared

as

Cash,, U. S. Government securi¬
ties and demand loans secured by
collateral amounted to

$40,530,551,

compared with $40,937,297

as

on

\-;-

Dec. 30 last. /

property

bank

which the

on

holds mortgage.

Capital and surplus showed

no

139,035

after

payable

dividend

statement

of

condition

as

of March 31,

1945, total assets of
$730,329,276, compared with $718,781,202. and total deposits and
other

liabilities

of $691,714,211,
$680,602,630 on Dec. 31,
1944. Holdings of U. S. Govern¬
ment bonds were $509,747,241 as
of March 31, against $491,375,697

Century Club of the bank. They
Frank K. Houston, President,
and N. Baxter Jackson, First VicePresident, both of whom joined
the bank on April 1, 1920.

against

three months ago, and loans and
discounts
stood
at
$32,491,571,

compared with $38,719,585 at the
end of 1944.
Capital remained
unchanged at $15,000,000 while
surplus and undivided profits in¬
creased from $23,178,571 on Dec.
31 to $23,615,066 on March 31.
The Continental Bank & Trust

Company of New York reported
as
of March 31, 1945, total de¬
posits of $162,679,318 and total as¬
sets
of
$174,600,879, compared,
respectively, with $166,225,371
and $177,278,424 on Dec. 31, 1944.
Cash

hand and due from banks
amounted to $35,072,409, against
on

Mr.

Raymond G, Forbes, Vice-

President

and

New York

Treasurer

Directors of Clinton Trust Com¬

of New York on March 27
declared a regular quarterly div¬

pany

terly payments.

profits

were

$1,408,770,

against

$1,289,436 at the end of last

year.

The statement of condition of
Manufacturers Tfust Company as
of March 31, 1945, shows deposits

the

Company, New
York, retired April 2, after 42
years
of experience in banking
with the Bankers Trust Coiqpany
of New York and the Liberty Na¬
tional Bank of New York, which
merged with the New York Trust
Company in 1921. He has filled
official positions in these institu¬
tions during the last 28 years, be¬
coming Treasurer of the latter
company in 1930 and Vice-Presi¬
dent and Treasurer in 1941, with
particular responsibility for bank¬
ing and accounting operations.

766,460.

unchanged
at
$4,000,000; and surplus re¬
mained at $4,500,000.
Undivided

of

Trust

idend of 50

was

able

April

record
crease

cents per share pay¬

2

March

to

stockholders

28.

of 15 cents

This
over

is

an

of
in¬

1944 quar¬

ant

Controller

Savings

Y.,

N.

Brooklyn,

Bank,

"Times"

of March 29.

The

County Trust Company,
White Plains, N. Y., has added
$533,662.92
during
the last
12

capital funds, which
$2,704^457.33, according

months to its
total

now

current statement.

the

to

Jr., the Presi¬
that

Andrew Wilson,

Cash

and

due

from

banks

is

at

$378,712,247 as against
$445,668,127 shown on Dec. 31 and
$372,935,412 shown a year ago.
United States Government Secur¬

ities stand at $1,149,132,013; three




$26,925,619 on March
against $29,433,333 on

1945,

31,
Dec.

31

last;

Filling an unexpired term end¬
ing Dec. 31, 1945, John W. Cadman on March 16 was
appointed
Director at Large of the Federal
Home

Mr.

Loan

Bank

Cadman

is

of

New

President

York.

of

the

Homestead Savings and Loan As¬

Fred
on

G.

March

Wolff, Vice-President,
28

was

elected

Presi¬

U.

S.

Government

$75,471,896,

were

a new

high as compared with $64,479,579; State, municipal and cor¬
porate securities amounted to $1,-

351,605, compared with $1,568,763;
loans and discounts were $27,388,324, against $31,168,980
Stock

Dec. 31.

Reserve

Federal

in

on

Bank

$142,500 and
surplus was unchanged at $3,250,000.
Reserves were $725,173, as
was

unchanged

at

Philip Kunzinger Jr., an Assist¬
Secretary of Booklyn Trust

Company and for ..many years
Regional Officer in charge of the
company's
offices
Ridge region, died

in
on

the Bay
April 3.

Mr.

Kunzinger was born in
Brooklyn in 1892 and was first
employed by the Mechanics Bank
of
Brooklyn,
which was later
merged with Brooklyn Trust Com¬
pany, in 1908.
His headquarters
been

at

the

Fourth

office, Fourth Avenue
Street, and he had been

and 51st
resident

of the

Bay Ridge region for many
years.
He was a member and a
trustee
of
the
Roman
Catholic

Church of Our Lady of Angels and
member

a

Council

No,

Columbus.
a

Thomas

of

1251,

He

was

Dongan

Knights

of

Treasurer and

Director of the 12:30 Club of Bay

Ridge, and
ers

Club

a

of

member of the Bank¬

Brooklyn.

Funeral

services Will be announced later.

Judge

Edward

President of the

Sayings

Bank,

A.

Richards,

East New York

Brooklyn, N.

dent
of the Peoples
Industrial
Bank, New York. Mr. Wolff, who

announced

has been with the bank since
1932,
succeeds
the
former
President

"Herald Tribune" advices of

000

to

Y.,

an Easter gift of $60,3,250 small,home owners.

1, reported:

April

stock

of

the

National

Bank of Detroit. At the same time
the

stockholders of the bank ap¬

proved the issuance of $10,000,000
worth of additional common stock,
it was announced by the bank's
Chairman, Walter S. McLucas.

following the bank holiday in "De¬
troit
in
1933, General Motors
Corp. subscribed $12,500,000 for
all the bank's common stock. The

Reconstruction
the

Finance

time

same

Corp. at

subscribed

its

to

$12,500,000 of preferred shares, of
which it still holds $8,500,000.
•
"Sales

of

stock

common

$393,350 of this amount represents

duced General Motors

bank's

formation

since

have

re¬

holdings to
the proceeds of the recent sale of an investment of about
$6,375,000,
stock and $138,202.91 was added represented in the
510,000 shares.
out of earnings during the period.
"The new issue of $10 par value
The

difference

came

other

from

sources.

Stockholders
of

stock

common

of

the

will

bank

be offered to stockholders at

25d

a

received
share

on

divi¬

a

the

stock for the first quarter of
If continued, this rate

new

share in the ratio of

one

$40

a

for each

four shares held."

•

1945.

of payment

would

place the new stock on a
dollar annual basis, equivalent to

The election of R. C.

Hitchcock,
manufacturer, as a

Minneapolis
director

the

of

Minnehaha

Nat'l

Minneapolis,

Bank,

Minn., was
announced by Lyman E. Wake¬
field, President of the First Nat'l
Bank of Minneapolis, an affili¬
ate
of
the
bank, reported the
Minneapolis "Journal" of Mar. 30.
The

Mississippi Valley Trust
St. Louis, Mo., announced
March
28
the
promotions
of
Co.,

Thomas

J.

and Paul J.
Assistant Secre¬

Franey

Harbaugh,

as

taries.

Directors of the First National

Bank, Palm Beach, Fla., have re¬
cently voted to increase the sur¬

plus of the bank by the transfer
of
$300,000
from
undivided
profits.

been President since 1928.
At
On

April

4,

of

President

Dwight E.

Dean,

National

the

Iron

Bank, Falls Village, Conn., cele¬
brated his 80th year of continu¬
service

ous

the

with

bank.

Mr.

Dean, who is now 96, became con¬
nected with the bank on April 4,
1865.
The

York

New

une"

in

He

is

"Herald

reporting this also said:
by his staff to

believed

be the oldest active banker in the

and

country,

possibly

in

the

world.

Roy A. Hitchings, President of
the Irvington National Bank,

J., has recently

Irv-

been

elected to fill the unexpired term
of the late Charles A. Hassler as a

member

ter

tlie

of

Board

of

Gov¬

of the Essex County Chap¬

of

the

Banking.

American

City,

the

Mexico,
double

the shareholders voted to
the capital of the

bank from $1,-

200,000 to $2,400,000.

Bill Introduced to

Outlaw

Royalties

to Labor Unions
Royalty

ington, N.

of

meeting

of the Banco Inter¬

Mexico

national,

such

ernors

recent

a

stockholders

Trib¬

Institute of

Advices from the New¬

ark "News" of March 26 said:

payments
to
unions
paid to James C.

those

as

Petrillo's
and

AFL

those

musicians

union

sought by the United

Mine Workers Union will be out¬
if the bill introduced

lawed

the House

on

March 28 and

into

soon-

sored

by Representative Miller
(R., Neb.) is passed by Congress.
Associated

Press

Washington

advices of March 28 said:

"Congress never intended that
President
County Bankers As¬ labor unions should get the green

Mr. Hitchings is also
of the Essex

sociation.

Avenue

a

Motors Corp. an¬
April 2 its intention
dispose of its 510,000 shares of
on

the

compared with $620,832 on Dec. 31.

ant

General

dent of the institution, states

Lockport bank since 1889, and has
banks

ffom

due

and

The

nounced

ings Bank Officers Ass'n Group V,
died on March 27 at 51 years of
Detroit advices of April 2, to
age.
Mr. Smith was connected
with many civic organizations as the Associated Press, also said:
pointed out by the New York
"When the bank was organized

Amounted to

had

1

of $1,845,217,647 and resources of
sociation, Buffalo, N. Y.
$1,957,824,482, which compare
Associated
Press
Washington
with
$1,991,382,142 and $2,100,- advices
of
March 16 also said:
298,087 shown on Dec. 31, 1944.
The FHLB
constitutes a credit
On March 31, 1944, the respective
reserve for 360 members in New
figures were $1,562,527,324 and
York and New
Jersey.
$1,665,581,402.

listed

Dec. 31.

on

Cash

securities

$34,798,793; holdings of U. S. Gov¬
ernment obligations to $64,995,210,
against $61,376,347; loans and dis¬
counts to $54,825,574, against
$62,Capital

626

are

30.

Dec.

on

common

Smith, Assist¬
of the Brooklyn

April 2, 1945, as against $1,116,470 a $2.50 rate on the former shares.
Mr. John E. Bierwirth, Presi¬
Company of New York reported
shown on Dec. 30, 1944.
In his letter to stockholders, the
as of March 31,
1945, deposits of dent of the New York Trust Com¬
President reported operating re¬
$23,435;113 and total resources of pany of New York, announced the
Statement of condition of Ster¬
sults for the first quarter's busi¬
$31,683,205,
against
$29,606,511 appointment of Edward S. Peter¬
ling National Bank & Trust Com¬ ness as "encouraging in view of
;
\
and $32,730,769, respectively, as son as Treasurer.
pany of New York City on March
general conditions."
of Dec. 30, 1944.
Cash, on hand ; Mr. Peterson started his bank¬
31, 1945 shows resources of $131,The current statement
shows
and due from banks amounted to ing
career
with the Bank of
960,321, as compared with $127,- deposits of $40,766,558, compared
$6,702,036, against $7,916,540. America at San Francisco, Cal.,
864,980 on Dec. 31, 1944. Deposits with $34,076,162 a year ago and
Holdings of United States Gov¬ in 1925; he was later employed by
were
$115,661,803, as compared total assets of $43,859,521, as com¬
ernment securities totaled
$12,- the City Bank Farmers Trust
with $121,374,164.
Of the March pared with $36,552,130 at this time
536,991, against $12,473,660. Loans Company
of
New
York,
and
total deposits, U. S. Government last
and
discounts
were
$9,252,805, joined the Investment Division of
year.
v
totaled
$12,090,729, as
against $8,378,707.
Capital and the New York Trust Company in deposits
Charles H. Wendell, President
surplus were unchanged at $1,- 1937, being appointed an Assist¬ compared with $19,816,051 on Dec.
31 last; commercial and other de¬ of
the Farmers and Merchants
000,000 and $1,200,000, respective¬ ant Secretary in October, 1943.
posits reached an all-time high Savings Bank, Lockport, N. Y.,
ly, and undivided profits were
of
$103,571,074,
as
died
on March 28 at 79 years of
compared
with
$446,077, against $415,026.
Percy H. Johnston, Chairman of
Capital, surplus and age.
The New York "Times," in
the Chemical Bank & Trust Com¬ $101,558,112.
The
Corn
Exchange
Bank pany, announced the addition of undivided profits totaled $5,035,- reporting this, said: Mr.,Wendell
been
connected
with
the
Trust Co, of New York reported two new members to the Quarter 242, a new high as against $5,070,- has
in its

269

to

William Gordon

dend

change in total at. $4,000,000 but
undivided profits increased to $1,-

$28,000,000,
respectively.
Undi¬
vided profits are shown as $10,437,784 and compare with $9,958,-

apartment houses and other types

ly been elected Vice-President of
Empire Trust Co., New York.
"Mr. Birkhead," states the Jour¬
nal of Commerce on March 28, "is
President of the Peoples National
Bank
&
Trust
Co.,
of
White

the

bank on March 31, 1945, were
both unchanged at $14,000,000 and

homes

on

Trust

Bank &

home
mortgages, held by the bank, will
be cut one-half of 1%—from 5%
on

620,

and

429,102 in this current report.

Beginning Easter Sunday (April

i) the interest payment

years.

and

chased

recent¬

ly elected to the newly created
position
of
Chairman
of the
Board. Mr. Frank had been Presi¬
dent
of
the
institution for 24

Thursday, April 5, 1945

The statement of the Philadel¬

phia National Bank for the quar¬
ter ended March 31, 1945, shows
deposits on that date of $695,455,654, which compares with $715,366,516 on Dec. 30, 1944.
Total

resources

amounted

to

$755,032,419, compared with $774,126,070 at the end of December;
cash

and

due from banks aggre¬

gated $188;940,990, compared with

light to commit acts that would be
illegal if committed by anyone
else," Mr. Miller said.
"The telephone unions

are

now

giving consideration to charging a
five-cent tax
of toll on every

long-distance
Unions
might
royalty
tured

on

every

on on

"Unions

telephone
well

every

in

the

a

plane manufac¬
radio.
steel

could follow Mr. Petrillo's
L.

call.

demand

industry
or

John

Lewis's example and demand
$179,670,195; U. S. Government
royalty for the steel they pro¬
securities $443,608,501, compared
duce.
It will take legislative
with
$471,028,479; state, county action to
curb the racket of Mr.
and
municipal
securities were Petrillo
and Mr. Lewis."
$14,327,793,
against $10,547,043;
Mr. Miller also introduced a bill
other
securities
$33,824,566,
as
to outlaw the closed shop and dues
compared with $29,499,884; loans
and
discounts $69,244,944, com¬ checkoff by making such labor
practices illegal and subject to
pared with $78,800,075.
The canital and surplus of the
penalties.
.

.

.