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Final
Edition
ESTABLISHED
OVER 100
In 2 Sections-Section 2
YEARS
and
\al
ommetcial an
Reg. U. S.
Volume 160
*-
Number 4310
New
Thoughtful men and women throughout the land have
been well pleased, we feel certain, to learn that it is not
the intention of Governor Dewey to permit whatever "co¬
operation" is effected between him and the Secretary of
State to "eliminate" our foreign policy from the approach¬
ing campaign. It would be exceedingly unfortunate to have
the campaign proceed and a President elected amid a gen¬
eral pretense on either side or both sides that no difference
of opinion existed in this country concerning our post-war
foreign policy. It is of the utmost importance that this whole
subject be aired, and the people fully informed and per¬
suaded to give it the serious and intelligent thought it
No
more
suitable occasion for such discussion and
study than the coming campaign could well be found—
assuming that both major parties and candidates are willing
to have such discussions occur and will refrain from mud¬
International Security Conference In Progress;
Sees Need For Organization To Enforce Peace
Brought under way on Aug. 21 at Dumbarton Oaks, a George-®"
Sir
Alexander
Cadogan,
the
Washington, D. C., the International Security Confer¬
ence
was
addressed by representatives of the United States, Great British
delegation's leader, like
Britain and Russia, with Secretary of State Cordell Hull delivering Secretary Hull and Ambassador
Gromyko, it was noted by the
the opening remarks.
In his address Mr. Hull made the statement that "the very Associated Press, emphasized the
town estate at
character
to be a rather widespread dread of hav¬
ing our foreign policy enter the political arena. It has been
repeatedly asserted in many quarters that the campaign
ought to be fought out on domestic issues, that "unity" is
essential as regards our foreign policies, that peoples abroad
must not be permitted to obtain the impression that we are
a divided nation, that our allies must not be given reason
to fear that we shall "repeat our blunders" following World
To us this appears
to be dangerous nonsense. . In light of long experience one
may well be excused for fearing that the subject would not
receive straightforward, full and intelligent discussion, in
a national political campaign.
The airing of sham issues,
shrewd ad hominem argument, much politically careful and
War I,
V
..
and much more of the same order.
f
ment of small nations, but he de¬
enduring
peace
said:
ference
ereign
moves
us
to
search
for
an
a
—
"The
upon
and
for
and
the
through to military victory, will find an over¬
whelming concentration of power in one or two
nations., That power, of course, will be a reality,
the implications of which we can¬
not
a
task will be to
Our
avoid.
make it
beneficent
reality. This
requires that we use our power,
not to perpetuate itself, but to
create, support and eventually
give way to international institu¬
tions drawing their vitality from
the whole family of nations.
"The easy way
victors to
assume
will be for the
that the power
concentrated
that peace can be assured by in¬
formal processes, not requiring
permanent international machin¬
ery.
The hard way will be for
they
possess
is
so
the victors to create international
John F. Dulles
organs
having the power to make
participate as a mat¬
decisions in which others will
ter of
right. Yet only this latter course can be ex¬
pected to produce a durable peace."—John Foster
Dulles. |
One could easily obtain the impression from these
sentences that Mr. Dulles is obsessed with mechan¬
dealing with world problems. Yet
other observations by Mr. Dulles:
istic ideas about
here
are some
be more dangerous and con¬
than for our people to think
treaty formula of high intent or some
"Nothing would
ducive to new disaster
that
.
some
or tribunal of high
all at once created an adequate
dependable system of world order."
international
organization
sounding name had
and
(Continued on page 812)
.
....
some
up
.
I
■
Alexander
.
in his
Cadogan
remarks
observed
cussions
which
that
"the
dis¬
further
operate in maintaining peace and
today arise
out of Article A of the Declaration
that
security in the future as they are
of
"it
gener¬
the present time
in saving humanity from enslave¬
ment by the Fascist barbarians.
In this noble striving our coun¬
which
is
ally
a g re e
that
d
and se¬
peace
curity
would
Cordell
Hon.
Hull
backed
unless
by force to be used ultimately in
case of failure of all other means
force
That
jmust be available
in ddecfiiat'e metiSurej
promptly,
certainty.
The nations
world
should maintain,
with
and
of
of: peace.
maintenance
the
for
the
to
their
capacities,
forces
available
for
according
sufficient
when
action
joint
to
necessary
".
•
will
co¬
at
naturally
support
fail
nations
cannot but find
the part of the other
Nations, big and
small,
which will be participants of the
international
security
organiza¬
tion, which will be based on the
principle of the sovereign equality
tries
organ¬
ization
surely
these
cooperating
any
on
United
freedom-loving
all
of
and
will
which
-
sponsibility
of peace."
.
bear
,
From
we
in
the framing of
played such a
prominent part."
Associated
the
Press
ac¬
Washington, Aug. 21,
also quote:
Hull
Mr.
"Both
.
open
Hull
Mr.
notable and
and
Sir Alex¬
ander Cadogan
sought to reassure
small nations as to their position
in the projected world agency.
was
on
Thomas
countries
joint
Moscow,
counts from
this
E.
re¬
warned
,
,
point
Republican
nominee,
(Continued
week
last
big-Power
against
on
It
Gov.
that
Dewey,
presidential
maintenance
for the
>>'•
page
co-
814)
From Washington
Ahead Of The News
i
chief
By CARLISLE BARGERON
and
Here is something that is quite funny
we are
not trying to
need for point any analogy. When Hitler, and, indeed, Mussolini got on the
force capable of preventing a re¬ warpath there were business men in both countries who figured the
currence
of world wars.
While popular outcry was misplaced, that they, these business men, under¬
he stressed the responsibility for stood these political leaders, understood what they were trying to do.
world security to be borne by the They were only trying to bring order out of chaos, as the business
of these
men
great Powers because of their
part of Mussolini, being a broadstrength, he said that the founda¬ countries un¬
minded interventionist, an inter¬
tion of a world organization must derstood it. As
nationalist mind, a - person
who
matter
of
be
"the
principle of ;,the sov- a
realizes
that
the
"world
has
fact, we have
shrunk," and he who has had
never
heard
GENEUAL CONTENTS
the
emphasized
wise
if it is fought
present war,
Sir
gives
achieved
Russian delegate, re¬
sponding to Mr. Hull (we quote
from the Associated Press), like¬
Let's Thresh Them Out!
of
frame¬
eration."
ground
for
cer¬
tainty that after final victory is
nations."
for
yko,
end
swiftly
move
setting
work of future international coop¬
vassals
indi¬
viduals
should
toward
against Hitlerite Germany and it-
fair deal¬
ing
additionally that "peace
may come sooner than some ex-"
pect," and that therefore the con¬
clared
unity displayed by these
countries in the present struggle
founded
justice
peace
•
"The
need for force and for fair treat¬
<*>-
war
prevent breaches of the peace."
Ambassador Andrei A. Grom-
(Continued on page 812)
v
o
equality of all freedomloving countries."
Mr. Gromyko
praised the United States Govern¬
ment for taking the initiative and
this
He
| Politics and Foreign Policy
There appears
Copy
a
said
dying the waters in the hope of political advantage.
^
60 Cents
Price
York, N. Y., Thursday, August 24, 1944
11 The Financial Situation
deserves.
Office
Pat.
Page
■.
809
Situation
Financial
Washington
Ahead
country
—
—as was
the
of
809
News
association with a
Fish ever did,
than
Ham
would
up
like
not
to
recall
days. Sol is what one might
these
call a
Progressive in that he moves on
and grows up with situations.
Anyway, what we were getting
around to saying, there were some
American
business
men
who
given
Mussolini
more
Fascist
own
: our
until the time
Regular Featurea
From
in
much
acclaim
such
Editorial
by
*
Moody's Bond Prices and Yields.... 820
Items About Banks and Trust Cos.. 824
Trading on New York Exchanges—
NYSE Odd-lot
Trading.......
NYSE Bond Issue Values at Julv
Changes In Reacquired Stock
31.
822
822
818
Hold¬
819
ings
of
State
VGeneral
Review
810
;
Commodity Prices. Domestic Index.. 817
Weekly Carloadings
.V.. . 823
Weekly Engineering Construction. . 821
Julv Report
820
Industry Statistics..... 823
Movement..
823
Paperboard
Weekly
Lumber
Fertilizer Association Price Index...
821
Weekly Coal and Coke Output
821
Weekly Steel Review
819
U. S. Steel Corp. July Shipments. 817
Moody's Daily Commodity Index.... 820
Weekly Crude Oil Production....... 822
Non-Ferrous
Metals Market.
820
...
Electric
Weekly
Output............ 817
Domestic and Foreign Cotton
Year
June
Fnded
July
July
July 31,
Report
818
1944.
819
Sales
Hotel
Dollar, Acceptances
Bankers'
at
War
Co=ts Lower..
Paper
Outstanding at
822
Federal Debt Limit At July 31. 1914. 818
Copner Statistics (latest summarv(. 818
Ravon Output In Second Quarter.. 818
July 31
..........
Dent. Store Sales
Cottomeed
Fairrhild's
Julv l
May
.....
In N. Y. District..
Receipts to July 31
Retail
Price
Index
.
Mortgage
818
816
At
.
Financing
had
He
men.
put
thought that Industry was
workers
the
it
was
men were more
truly amazing
the
which he had
on
Carlisle
Bargeron
time.
have written
but the biggest
shot in Washington in those days
was a man who had no other im¬
Undoubtedly
we
before about this,
portance at all: Congressman Sol
Bloom. It seems that Sol's daugh¬
ter, Vera, who
only
a
few months
wrote a book about what she
has seen and heard and which we
816
816
haven't
read,
farseeing than the
American indus¬
rank and file of
efficiency
brought more
to Italy, particularly to the rail¬
road workers. He made the trains
run
terri¬
bly wrong to look so askance upon
Roosevelt as it did. -These few
their place
in
ago
819
821
31
Commercial
business
and
Trade
.
American
got
an
entree
to
trialists,
just as was Thyssen
the matter of Hitler. Their
in
in
fellows
Industry, as they saw it, were
backward: being set in
their ways
they couldn't see the need of re¬
form such as these fellows who
ball, could see.
what has be¬
of these far-seeing fellows.
decided
to
play
We have wondered
come
First, there was E. H. Harriman,
President,
at the time, of the
United States Chamber of Com¬
merce.
Mr.
Harriman
would be
quite surprised to know what an
influence he has had
over the
present labor relationship set-up
successful American busi¬ which the country now enjoys.
Mr. Harriman was president of
ness man with a socially amb;tious
wife who wanted to go to Rome the chamber when the New Deal
and
meet
Mussolini, had open came in. The one thing he wanted
to do was to "take the chaos out
'p^amfi if he cot a letter from Sol.
(Continued on page 816)
Nowadays, Sol doesn't like any
Mussolini in those early days, and
every
office
The State Of Trade
The changing panorama
of military events in Europe in recent
than ever before that the Govern¬
speed the machinery of reconversion to meet a situation that
will increase in gravity rather than diminish as the compaign in the
West reaches its ultimate goal.
Reports and predictions of a speedy
end to the battle for France have been uttered by both the military
ment
high-placed Government of-"*
Reciprocal
Trade Pacts — The
They are in close enough
touch with current operations to policy of reciprocal trade agree¬
know either at first hand or from ments was sharply criticized this
week by Dr. John Lee Coulter,
accurate
reports
received
just
and
ficials.
transpiring ther'e. On the
authority of the President and
Prime Minister Churchill of Eng¬
what is
land,
with General Eisen¬
along
General Montgomery,
hower and
and
host of lesser lights, we are
a
given to understand that the end
of the war in Europe is close at
hand.
Why, then, one may ask,
much procrastination in
is there
so
economic house in or¬
the
problems of
getting our
der
meet
to
Confusion between the
supply department of our armed
peace?
forces
well-considered
the
and
opinion of the head of the WPB
exists
as
to
the
requirements
to
necessary
the
carry
war
to a
fruitful conclusion.
Much has been said
the sub¬
on
ject, but Brig. Gen. Leonard P.
Ayres,
Vice-President
of
the
Cleveland Trust Co., in his cur¬
rent
monthly
sums
the
up
bulletin,
by stating
business
matter
that the military's stubborn oppo¬
the beginning of
re-emphasizes
the
need of a strong civilian agency
like the WPB in war-time.
Gen.
sition
Ayres expressed the opinion that
reconversion was "inevitable" as
signs of German disinte¬
as
gration
become
apparent
in
Europe, adding that "the progress
of reconversion will be slow, and
difficulties
the
will
be
to
further,
pointed
he
supplies
of
overcome
Elaborating
numerous."
be
"The
out:
essential
many
ma¬
particularly true in the case of
which nearly all manufac¬
turers of civilian goods will need
as a first requirement.
"These small beginnings of the
reconversion
of
industry
for
be
steel,
peace-time production came into
being only after a series of bitter
controversies in Washington. The
War,
Departments
Navy
and
long and losing battle
permitting even the be¬
ginnings of reconversion at this
time.
/
fought
against
a
t
^
with
stubborn, tenacity
"The
which
the
services
military
op¬
relaxation of controls
emphasizes once more the neces¬
sity of having in this country in
time
of war
a
strong civilian
agency like the WPB, which can
posed
any
between
mediate
requirement^
the nation
irpperatives of
the war."
•' v'
General Ayres stated that more
than 18,000,000 persons are wholly
engaged
in
war V activities
at
and the short-time
.
in
present
of
backs
With the
1940.
in
employed
clouds
of the number
excess
clearing
war
and
cut¬
indus¬
tries, resulting in unemployment,
increasing in
many
the need
fqr speedy action should
be readily apparent to help soften
the
shock
of
our
changing
international economic prob¬
war
ship¬
discloses
now
that,
far
from
first
months
six
the
of
current
to $7,204,000,000.
year rose
were
Total exports for the
than
higher
They
previous
any
semi-annual total and did not in¬
clude
these aims, the agree¬
resulted in just the oppo¬
ments
site."
/
conflict as
said,
was
Citing the present
illustration,
he
an
enough to prove it did not pro¬
mote goodwill or preserve peace,
since the volume of exports dur¬
ing the five-year period ended in
1939 averaged but 80% of the five
than
more
on
of
$200,000,000
..
items
thousand
a
Government
the
lost
rose
tariff reduction
the
but
they
said
imports,
greatly,
Speaking
1929.
preceding
he
years
of
average
an
annual
in
rev¬
enues.
Security Issues in July—
New
With the exception of
May, 1944,
capital flotations
for
July made^the best shoeing of,
corporate
,
any
month since August, 1941'.
The
month's
total
aggregated
$211,244,801, compared with $120,377,691 in June, 1944, and $84,754,500 in July, 1943.
The July
armed forces abroad.
General
amounted
senting
May,
June,
1943.
more
ended
for
$57,327,813, or 27.1% of the total,
whereas refunding operations ab¬
sorbed the balance, $153,916,988,
or 72.9%.
Financing followed the
trend
of
previous months, " the
greater portion falling under the
officially
Drive,
which
Julv 8.
New money accounted
of
months
crease
this
imports
an in¬
the first half
of 32%
over
or
highest
annual total since 1929.
of
1943
and
six
year
$2,047,000,000,
totaled
first
the
the
semi¬
1944
many
volume
to
as
of
Private sales in July showed a
marked
and
increase
number
in
both
individual
of
issues,
For July
compared with June.
as
volume
the total private sales aggregated
$112,460,000,
arate
issues,
55.1%
comprising 14 sep¬
and
represented
the
of
This compares with
47.5%
the
of
emissions.
total
$57,224,590,
June
•
comprehensive data
the
or
months'
six
fice savings fund
$142,000,000.
in Circulation—For
the
in the United States
sur¬
passed the $23,000,000,000 level
during the week ended Aug; 16,
the
Federal
Reserve
System's
weekly condition statement re¬
vealed.
week
Gold
showed
stock
the
in
first
the
same
week-to-
week advance
since Oct,. 6, 1943,
by advancing $2,000,000 j^om the
level
of
was
11,
the
1940,
the lowest since Sent.
to
total
a
a
of
one
culation
Postal
time: in
of
$20,998,-
record high, and an in¬
$110,000,000
previous period.
with
^ week,
On Aug. 16 cash in the
hands
totaled
$23,000,?
public's
crease
preceding
year
was
In
ago,
up
a-
comparison
monetary cir¬
$4,806,000,000.
Savings—For
the
the
over
history of
the
the
first
post
the
had
post of¬
gain
a
of
bond
redemptions amounted to $129,622,063, compared with sales of
$147,292,098, the daily statement of
the
Treasury
Aug. 16 dis¬
figure for bond re¬
for
Thursday, August 24, 1944
President Returns From Pacific
Wilt Occupy Germany And
Says AHIes
—
Japan After Surrenderv
!>.
Returning to Washington on Aug. 17 from his Pacific tour President Roosevelt declared that Allied armies will drive in and occupy
Germany and Japan even should resistance collapse short of enemy
borders.
Noting that the President made the statement at a news* (.
conference aboard his special train as it approached Washington at *
a
time when Allied forces were pushing ashore in powerful new
«landings on the southern coast of ^
more important in view of almost
France, Associated Press advices
insurmountable
•
man-power
and from Washington added:
<
,
.
"This
production difficulties."
Touching
tion,
the
upon
trade
the order situa¬
paper says "the
decline in steel output comes afa
time when practically all types or
time," the President said,
"Germany will not escape the
military occupation which sha
dodged by the armistice in the
first world war."
It
steel orders have been on the in¬
with
would
not
Allies'
own
much
as
companies,
some
10%
as
compared
the
to
corresponding period in
This has resulted in a pushback or further delay in deliveries
July.
on
steel items, according to
Age."
It
seems
rather
,
j
,,,
^
able
be
to
Japa/v
the V
use
goal—uncondi¬
tional
surrender—to
keep
our
forces
out
of
their
homelands,,
reported the Associated Press ad- /
war
vices of
Aug. 17, from which .we/.,,
' ,"{{j
Roosevelt met reporters qf
also quote:
"Mr.
many
"Iron
and
Germany
15 days
first
for the
increase of
ume
that
indicate an order vol¬
Estimates
of August
;
^
the first definite asser¬
was
tion
crease/'
the
,
,
,
Associated
United ffJ
paradoxical that the steel delivery Press, the International News Sersituation is tighter than ever with vice and a representative of the /V
so much talk of current military
four major radio networks as his
Press, the
.
abroad and reconversion
successes
work
However,
the
terial and
for
to
soon
reckoned
first 14 days of August war
undertaken.
be
problems
labor
with
ma¬
sizable figure.
On the steel
front the magazine indicates from
that the large-scale shell
reports
program
be in for
may
from
east
n
V
Saturday.
...
"The President's return to
Wash-vjv
ington spurred immediate
specu-
lation
over
other
meeting
of an-'/j^
Prime .>
of "
Minister
the possibility
with
soon
Winston
Churchill
Great Britain.
"It has been their custom since
tempo¬
a
moved
Seattle,
be
before
production
requirements attains
civilian
any
of
factors to
are
train
where he ended his Pacific trip on
the
j
every
doubt is ex¬
light of past
cutback, but should the war
in Europe take longer than ex¬
pected, output would have to sub¬
sequently. be made
cember.
experience it has been found that
cashing of war bonds following
shell-making
prompt the above
France rolling at its present pace,
y
it seems logical to those close to
manufacturers
governmental affairs to speculate
that the two Allied leaders are to
The
closed.
demptions without
in
but
cessive,
a
the
conclusion
the
of
drive
bond
a
heavy. For the
current
fiscal
year
beginning
July 1 war bonds sales totaled
$2,272,347,-394
and
redemptions
$356,653,538.
Turning to the industrial front,
usually
it
is
runs very
that
noted
scheduled
steel
production for the week begin¬
ning Aug. 21 declined from 96%
to 94.5%, while in the past week
electric kilowatt output increased
both
for
ago.
lished
the
week
and
one
year
Crude oil production estab¬
a new high record, with the
increased
oil rate
by
the Petroleum Administration for
War to 5,051,000
the
output
moved
week, while
up¬
lumber
8.5%
declined
the previous week.
trade,
below
In the retail
department store sales for
the country as a whole were 13%
held
a
true
flat
and the
year ago,
New
for
Business
York
failures
of
rolled
tinues
"Iron
in
situation,
con¬
better
Age,"
"In
some
flat rolled
areas
buying
is said to be cautious, with a silght
increase in cancellations.
Mills
are
anxious to turn out every pos¬
sible ton of steel
later
before expected
in
Such
the
year
ma¬
Iron
of
last
tons
one
Steel
Institute
on
of
an¬
op¬
steel
year
1,732,500
in the hands of steel and
now
declined
the
past week, occasioned by the heat
and a high absentee rate.
Ac¬
cording
decline,
to
steel
observers, this
the man-power
despite
shortage, would probably not have
taken place had it not been for
unprecedented hot weather, states
the
"Iron
Age" in its current
issue.
A
orders,
from
heavy
influx
of
steel
notwithstanding
news
abroad and the lifting of the
•:
ban
on
by
the
civilian
WPB,
Chief of
F.
goods production
were
additional
Echols,
before the Senate War
Investigating Committee, stated
that by July, 1945, the aircraft in¬
dustry's working force would be
cut by 294,000 workers.
At the
Ford Willow Run plant in Michi¬
production
gan
bombers
will
be
next December.
employees
added
recent
cut
The reduction in
and
would
Liberator
in half by
of
be
cutback
production,
effected
in
plane
he
the
output
of
heavy
bombers
anticipated
According
to
Major
General
Echols, since last June the Army
have
been
less
Air Forces
ernment
had reported
agencies
to Gov¬
$109,500,000
worth of surplus material, includ¬
German .war
^
that may
"
We
trou¬
more
Germany, he said, but
turn out to be wishful
thinking.
"He said that there is
an
inter-
J
esting psychology study not only
of the German
people, but of their {'
military command—a characters- 7/
tic to
throw up the
their borders
are
sponge
when
menaced because
,r^I
from
the
she
peace-loving world hherself willing w,
able
live
to
countries.
He
with
because
we
Allies, such
are
as
stronger than
posed of.
been
/
dis¬
^
of
labor's side
employment
Thomas,
of
the
war
R.
J.
picture,
President of the
stated
that
a
survey,
(C.
j
United
I. O.),
just
com¬
industry to maintain such pleted by the union showed a 16%
operating level, the magazine decline in war plant employment.
continues, "is considered all thei
(Continued on page 815) = -
5
"Amplifying the
Saturday
theme of his. •
12)
speech
at/,
(Aug.
Bremerton,
Wash., Mr. Roosevelt
said that permanent defenses must y
be spread the full Pacific length
of the Americas to checkmate any
future aggression.
It is common,*/
he continued, that we don't
anybody to get a foothold
sense,
want
in Central
or
South
than in North America.
more
"The
President
knew of
no
said
/
&
any^
America,
,•
that
he f
urgent domestic issues*
:
awaiting his arrival in Washing¬
ton.
He
has
been
in
almost
in-
■
stanteous communication with the /
"He
said
that
war
he
fronts i:vr
r
.
intends
to
study
.
War Employment—In a presen¬
tation
our
Australia and New %
Zealand.
capital and with the
already
Pacific d
campaigns—with the exception of : /
Burma—our major responsibility, *>
Europe since he left.
has
peaceful m
the
called
adding that of this total $4,000,000
worth
^
v
proves
ing $96,000,000 worth of aircraft,
Automobile, Workers
of the
ble inside
than
highlights in the steel and allied
The ability
by
occasioned by the fact that Amer¬
industries this week.
an
the
hope that there will be
and
Gen¬
Assistant
the Army Air Staff, in an
Oliver
ican " losses
ago.
production
that
sure
machine must blow up early.
off
American
and
feel
until
invasion
week
in
logs
1,692,800 tons of steel ingots and
castings, compared with 1,719,600
tons
he
the Oriental nation must be sealed
companies
(including 94% of the industry)
will be 94.5% of capacity for week
beginning Aug. 21, compared with
96% one week ago.
This week's
operating rate is equivalent to
net
that
said
nothing of internal troubles
Germany which can make us
duction and the substantial back¬
Monday that the
rate
Roosevelt
knew
City.
appearance
Steel
and
"Mr.
'
"Turning to Japan, he said that
advanced
Industry—The
/
meet again in the not-too-distant
future to plan a major war move.
volume of steel orders, insistence
Southern France.
Steel
,
of the armed forces for more pro¬
eral
the
►>;
IfiH
fighting
same
tendency to advance
of
last De-
was
the
opinion, how¬ they don't want Germany overrun.
on the They quit before we got in the ; ?
belief that the European phase of last
time, he pointed out, but they £ j
the war will soon be over—an won't be
spared invasion this. time.
opinion which is
still
in the If we let them quit, he added, then **!
realms of speculation and is not the next
generation will be told "
factually supported by the heavy that Germany won the war.:
played
news
With
an
equipment producers."
Aircraft Workers—Major
the
together
were
is predicated entirely
slightly the past week from 15 to
16, while stocks and bonds dis¬
a
began to meet about once
six months and the last time,,
war
they
"this week is
shape than it has
recently,
and
the
sheet
carryover
is continually mount¬
ing. Any effort to work off these
carryovers by boosting sheet out¬
put wohld only result in plate
carryovers
increasing."
Continuihg,
the
magazine
reports:
no
been
ever,
the
in
shipments
The
terialize..
bituminous
coal
action, since
this equipment
hard pressed to meet the de¬
mands made upon them. <
cutbacks
both
up.
are
to
ever
anthracite
ward
certified
Lack of
equipment
would
oil-producing States.
Production
and
barrels* daily, the
rary
of
various
erating
sive.
of
War Bond Redemptions—In the
nounced last
Aug. 21, 1944, issue of the "Chron¬
icle," on pages 761 to 763, inclu¬
months
six
interval
capi¬
new
tal flotations may be found in the
Money
first
savings banks in 17
States increased their deposits by
more
than $700,000,000.
In this
More
total*
on
formidable competi¬
a
mutual
ahead of
refunding column.
000,000,
In
In
tor.
highest
of 14% from
above those for
12%
oping into
conclusion of the Fifth War Bond.
000,000.
decrease
a
but
to
the post offices are receiv¬
September
for
June
$330,000,000. repre¬
imports
to
by
ahead
far
are
notable as
it was accomplished in the three
weeks
following the successful
financing is the
which
shipments to United States
paid
savings yield
contrasted
as
savings
banks, depositors found this type
of depository more profitable.
In
New York, according to the Post¬
achieving
first time in history circulation of
in history.
1 'lk%
2%
of
return
ing, but the Government is devel¬
reason
money
highest monthly total
the fact that postal
a
for embarking
on such a policy in the following
words:
"The
Reciprocal Trade
Agreements Act was hailed as a
measure
to provide employment,
stimulate exports, create goodwill,
preserve enduring peace and solve
the economic ills of society. Study
plained the
proximately 80% of the total ex¬
ported merchandise, being $1,011,000,000 of a total of $1,271,000,000second
$2,000,000,000
being $2,033,000,000, compared with $1,994,000,000 at the end of May.
The
June increase makes the gain for
the fiscal year $456,000,000, the
largest of any year in recent his¬
tory.
A good portion of the in¬
crease ordinarily would have gone
into savings banks, but owing to
figure
what
ments for June accounted for ap¬
the
the
mark,
lems." Going back 10 years, he ex¬
economy.
June Exports—Lend-lease
the
crossed
ances
pointing out his reasons for
opposition to such a policy, he
said the reciprocal trade agree¬
master, the system is attracting
ments policy has failed not only
than $1,000,000 monthly,
to
achieve it purposes but has better
and that more than half the de¬
meant a $2,000,000,000 to $3,000,000,000
revenue
loss
for
the positors are Americans as distin¬
United States in the last 10 years. guished from a predominance of
As a result, he stated, "it offers foreign-born depositors in previ¬
ous years.
Mutual savings banks
no basis for solution of our post¬
,rtj}e long-term
peace
former
and
In
that will
terials will be small, and
consultant
member of the Tariff Commission.
"even
to
reconversion
soon
economic
department postal
savings
savings deposits from preliminary
figures for June disclose that bal¬
weeks has made it more urgent
so
& FINANCIAL CHRONICLE
THE COMMERCIAL
810
pending legislation to set
post-war unemployment-cornpensation programs."
••
¬
up
The
same
press
advises also
s.
in part:
"The President—back in Wash-
ington
after
a
35-day
;:
absence;*
which took him to Hawaii and the
Aleutians, where his ship skirted
within 900 miles of Japanese ter-
:
Volume 160
-ritory—planned
Pacific
with
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4310
tour
to
,,
discuss
:
his
possible
as
soon
as
Dewey Alarmed Lest International Peace
Easy Trasssifion From War To Peace-Time
Organization Dominate World By Force Operations In Textile Industry Forecast By Bell
military leaders and Secre¬
He also will
promptly with congressional
leaders, he said, but he does not
intend to make a formal report to
tary of State Hull.
meet
;■ 7/77',- V
iy'7'V;.
trip back and forth
the country took the Pres¬
Congress.1',";
"The
across
train
Gov.
night
July 13, the Presidential party
of
home
Roosevelt
the
to
went
the
Washington
of their full
at
Hyde Park, N. Y., one day, then
moved West to Chicago, cut across
Missouri and Kansas into Okla¬
homa, then swung West through
Texas, New Mexico and Arizona
to
San Diego, where
the train
waited
on
a
siding while Mr.
Roosevelt made his July 20 ac¬
ceptance speech to the Democratic
National
Convention
before he
sailed for Pearl Harbor. In Hawaii
he and his military
advisors
"For such
and air fighting equipment and
sea
bases.
"It
first
meeting
with
war
Nimitz
W.
MacArthur.
he
Harbor
Pearl
the
of
Douglas
Gen.
and
From
the
into
went
Aleutians, returning to the United
States at Bremerton, Wash., where
he *
spoke
from
Saturday
last
the
aboard
"It
which
would
Dewey
fellowship of
the essence of
is
7.
be
went
coming
British,
to
on
say,
Chinese
should
the
"if
among
Russians,
be
Gov;
the
the
and
distracted
of
task
planning for a
organization for
genuine world
peace by proposals which amount
merely to a permanent four-power
military alliance to control the
world."
'
Gov.
made
"
7
.
Dewey's
remarks
in advance
;
were
of the Interna¬
tional Security Conference which
opened
on
Aug. 21 at Dumbarton
which
destroyer
an
item
in
our
regarding which appeared
17, page 687.
While terming it as "good" that
representatives
of
the
British,
Russian,
and
Chinese Govern¬
issue of Aug.
ments
to
were
meet
with
our
State
Department for discussion
international organization,
Gdv. Dewey expressed himself as
"deeply disturbed" by some of the
reports concerning it, indicating,
of
an
brought him from Juneau, Alaska,
to the Puget Sound navy yard.
"Coming back to the capital, the
he said, "that it is planned to sub¬
Presidential party traveled from
ject the nations of the world, great
Seattle through the Northwest to
and small,
permanently to the
Chicago, then east to Washington, coercive
power of the four nations
where the trip ended this mor¬
holding this conference."
ning.
In seeking to "make clear some
"At noon today the President
fundamentals as I see them," Gov.
had
a
conference with Geri. George
1
?
•
I have been
A
relatively easy transition from war to peace-time operations
textile, garment and allied industries, together with potentiali¬
in the
ties of
a peace-time turnover of textiles and textile products exceed¬
ing by a considerable margin that of the pre-war years, were forecast
in Chicago by W. Ray Bell, President of The Association of Cotton
Textile
Merchants
textiles
and
the. world,
the Associated Garment Manufac¬
ence
turers and
during
great and small, per-!
the coercive power
manently
of
the
to
nations
four
conference.
•<
In
is
it
that
holding this
7
;
that there may be no
order
misapprehension, I should like to
make
I
as
clear
future
One
fundamentals
some
them.
see
peace
relates
The
problem of
has' two
aspects!
to
Germany
and
Post-War
session
forum
of
merchants
Presidential
running
The
mate.
luncheon will bring the two 1944
Democratic nominees together for
the; first time since their nomina¬
tions
month ago.
a
his
"On
Washington
met by Secre¬
to
return
tyranny and attack."\ Ac¬
cording to the Governor the re¬
renew
sponsibility "to keep Germany
and Japan
disarmed should be
shared with liberated peoples, but
was
tary Hull, who spent half an hour
conversing with Mr. Roosevelt at
station
the
and
en
to
route
the
White House."
The President's
trip, it is stated,
covered 15,000 miles.
United
To
States.
that
insure
Germany and Japan shall
never
again be able to disrupt the peace
of the world, these four Allies
must maintain their present unity.
I have consistently advocated
the
maintenance
after
the
for
of
war
time
some
close
military
cooperation among the Four Pow¬
ers, so that if the Germans or the
Japanese hereafter seek to evade
their disarmament we may strike
quickly, together and with over¬
whelming might.
That is a spe¬
bility to keep Germany and Japan
should
with
shared
be
peoples, but it cannot
immediately be y delegated to a
world-wide
organization
while
such organization is yet new "and
untried.
;;
;
In
reconver¬
sion in textiles should not be dif¬
pointed out that most textile
used for war are not
for this
was
reason
that he
trades must
in fabric selec¬
garment
tion, design, styling, and merchan¬
dising. -V; v :7
.'.7* i;7,7 ■
7;7
For the longer term post-war
prospect, Mr. Bell expressed
timism based
on
fundamental de¬
conditions.
mand
op¬
Basically,
he
said, the rise in population to
nearly 140 million consumers to¬
gether with the high rate of war¬
time marriages and births,
and
please while the rest of the world
is made subject to our coercion.
That would be the rankest form of
Farming Methods
New York State
in projects for the
encourage
youths
of
advancement
Association
Bankers
farming
sound
York
New
the
nethods,
will
State
distrib-
project achievement emblems
55,000 New York boys and girls
jte
;o
n
55
agricultural counties during
few. weeks, according to
George J. Sluyter, Chairman of
;he next
Association's
;he
Committee
on
Agriculture, and President of the
Hrst National Bank of Herkimer.
year's insignia, made up of
vhite
felt imprinted in * green,
ire
wartime substitutes for the
This
Sold, silver, and bronze pins the
Association
has
been awarding
year
award
Each
1927.
since
ichievement
?aeh
the
signifies
successful completion of a year of
1-H work in
ind
approved
project supervised
by
county 4-H
a
Since the war, according
eader.
;o
a
Mr. Sluyter, there
has been a
steady increase in the number of
1-H
achievement
winners.
The
the-number
louble
than
of 55,000 is more
1944 total
in
1940 and
is
attributed
to
1-H
of
greater
club-project activity
)art
on
the
boys and girls and
farm
ilso, in part, to the large number
>f city
>y
for
raising
shickens
and
on
Text of Dewey's Statement
Simultaneously with smashing
military victories which bring the
day of peace ever nearer, it is
good that representatives of the
British, Russian and Chinese Gov¬
ernments
will
meet
shortly with
our State Department for prelim¬
inary discussion of a permanent
international
organization
to
maintain the peace.
Partial proposed
American,
plans have al¬
public by the
British and Russian
made
Governments.
ple
are
world
The American peo¬
agreed upon the need for
organization. ' It is a bi¬
home
the justice of the results achieved
gardens
carrying
17 follows:
and
achievement awards
Victory
Gov. Dewey's statement of Aug.
partisan objective. It has been re¬
peatedly urged by the Republican
Party and its leaders. The future
of the world will depend upon the
ideals, the sound thinking and
children who have become
iligible
imperialism."
In giving out his formal state¬
ment at Albany, advices from that
city to the New York "Times," by
Warren
Moscow,
reported
the
Governor as saying:
"You may
state that this represents the at¬
titude of the Republican Party."
Under date of Aug. 17, Secretary
of State Hull was indicated by the
Associated Press as terming "ut¬
terly and completely unfounded
the concern expressed by Gov.
Dewey lest the 'big four' powers
dominate the earth by force."
*
The ready been
>,000 higher than last year.
ncrease
power
will always be free to do what we
Encourage New
'arm
tion while such
against our enemies
does not give us the right to or¬
ganize the world so that we four
N. Y, State Bankers
To
Powers shall continue for all time
dele¬
economics projects.
at these conferences.
cotton
to
the
dominate
and
world
by
force
through
individual
agree¬
ments as to spheres of influence.
I hope and pray that no such re¬
actionary purpose will be allowed
to dominate the conferences, else
the peace of the world will as
surely as night follows day again
be destroyed.
*
'
-
The fact that
we
four have de¬
veloped overwhelming power as
against our enemies does not give
us the right to organize the world
so
that we four shall always be
free to do what
we
please, while
the rest of the world is made sub¬
coercion.
That would
be the rankest form
of imperial¬
ject to
ism.
our
Such
proposal would be
rejected by the American people.
a
Within the
area
of peace-loving
is a task of cooper¬
ation among equal and sovereign
nations,
Force is essential in any
realistic program for the perma¬
nent maintenance of peace.
But
in the long-term solution of in¬
ternational
problems peace and
cannot be left to the
security
sanction of force alone.
them
a
To leave
exclusively in the hands of
permanent military alliance of
four
victorious
immoral.
powers
It would be
the ideals for which
a
would be
denial of
we are
fight¬
ing.
The millions of Americans
not
are
fighting and dying to domi¬
impose our will
nate the world or
freedom-loving people. We
fighting for our own freedom
upon
are
and to establish
the
to live in peace
guarded
more
As
all
once
and for all
rights of people everywhere
and freedom, safe¬
from
the
coercion
powerful nations.
Americans
our
we
of
'
believe with
We believe in the es¬
minorities.
dignity of the
We
sential equality and
the
goods
garment
cited by Mr. Bell, dat¬
was
of
stalling
Urges Banks To Use
ABA Services More
To
bankers to make
encourage
fuller
of
use
varied
the
services
of the American Bankers Associa¬
tion which
A. L. M.
of value to banks,
are
Wiggins, President of the
Association,
has
had
Work
prepared
a
For
Your
describes briefly
appropriate headings the
booklet,
"At
Bank," which
under
of
work
Association's
the
many
has
booklet
This
departments.
banking in¬
stitution in the United States.
In
been mailed to every
a
accompanying
Wiggins, who is
letter to bankers
the booklet, Mr.
individual wherever he lives.
President
believe in his right to' freedom as
Hartsville, S. C., said that
are
probably
bankers
throughout the country who are
not aware of many of the activi¬
well
as
Tour
We do not be¬
own.
lieve that we, or any
trol his
this
other power,
right to con¬
inherent
the
have
destiny. We are fighting
to a victorious conclu¬
war
sion
these
for
principles.
very
They must not be lost in a cynical
by which any four powers
peace
dominate the earth by force.
We must not sink into the abyss
of
Harts-
Bank of
the
ville,
there
'
ties of the ABA and do not know
of
some
of the services performed
by the organization. "Even mem¬
bers of committees and commis¬
sions
are
activities
fields
in
sometimes
unaware
Association
the
of
whidh they
are
of
in
not di¬
We must rise rectly interested," he added. Mr,
to a new high level of cooperation Wiggins also said:
"The more I have observed the
and joint effort among respected
and sovereign nations to work for work of the ABA, the more im¬
and to preserve the peace of the pressed I am by the wide scope of
world through all the years to its
activities,
the
thoroughness
with which every phase of bank¬
come, based on freedom, equality
and justice.;
ing is continuously studied, the
of power
peace
nations.
trades
.
as
be
world-wide organiza¬
selling
prison-made goods, fore¬
restrictive
legislation
greatly different from those going among the States, and in estab¬
into civilian channels, and
said lishing sound marketing principles
that the physical change-over in under the Worth Street Rules. Mr.
both mills and garment factories Bell
stressed
the
necessity for
should be readily accomplished. maintaining firm contractual rela¬
Mr. Bell noted that war require¬ tionships after the war in the in¬
ments had cut deeply into textile terest of the entire industry. He
supplies and that with stocks de¬ foresaw a broad field of coopera¬
pleted in many directions a heavy tive effort along constructive lines
demand has been built up.
He between the selling agencies of
emphasized that supplies for home textile mills and the garment
furnishings and for industrial pur¬ trades in such mutual problems
poses
had become particularly as arise in the transition and post¬
deficient.
Clothing stocks while war periods.
frequently lighter have been re¬
plenished more often, however,
developed overwhelm¬
immediately
to a
and
tion
that
four have
cannot
the
houses
products
pri¬
of
and the
power
Board
organization is yet
new
and untried."
Gov. Dewey
further said that "the- fact that we
it
between
He
renew
Production
War
the
of
organizing permanent peace
among the rest of the world, after
the difficult post-war period, a
very different attitude
must be
extensive post-warGhome-making
taken. In some of these proposals
there appears to be a cynical in¬
tention that the four great Allied
the rights of small nations and
gated
effort
war
marily by the united
Britain, Russia, China
to
Nelson
ing
the President
Public savings
period of more
than
$100,000,000,000, provide a
large reserve of spending power.
It has been the experience of the
nation in the past that when the
people have money they spend it
for the things they need.
The long record of cooperative
1940.
the
Their defeat will be achieved
liberated
to
before
prod¬
materially
experi¬
run
nation's
the
ing back through the 1930's to the
late 20's when joint efforts were
successful
in checking competi¬
More than that, they must be ren¬
powerless
of
excess
of textile
should
ficult, Mr. Bell stated that he was
in full agreement with this view.
disarmed
permanently
kinds
This
rendered
wholly and conclusively defeated.
dered
of
of all
ucts.
Donald
permanently powerless
tyranny
and
attack.
M.
tion
Japan.
They must, of course, be
wholly and conclusively defeated.
More
than
that, they must be
originality
They must, of course, be
and
garment manufacturers.
r
Quoting a recent statement
the
Japan.
Conference of
Suppliers at the Palmer
House. He appeared with Donald
B.
Tansil,
Vice-President
of
Pepperell Manufacturing Co., rep¬
resenting the textile merchants, in
an
"Industries
Town
Meeting"
show
Harry
—
in
indicate
held
of Missouri, his Vice-
Mr. Bell predicted
War and
reports con-i
forthcoming confer-;
the
These
ence.
and it
S. Truman
17.
Aug.
on
planned to subject the nations of
deeply disturbed by
recent
and
for tomorrow with Senator
York,
requirements
will
provide
the
groundwork for a larger distribu¬
the
Dewey stated that "the problem cific responsibility of the victors.
Chief of Staff, of future
peace has two aspects. It is an essential part of th'e win¬
luncheon meeting One relates to
This responsi¬
Germany and. ning of the war.
a
New
their
C. Marshall, Army
arranged
of
expanded peace-time markets foi^
products, although warning of the necessity
for greater ingenuity in the gar¬
ment trades, in a discussion at the
of
some
cerning
tragedy,"
a
conference
ourselves
from
Only thus<»
'v'"-.7 Oaks, Georgetown (Washington),
Chester
Admiral
master.
lasting peace."
that he held his
there
was
organization," he asserted, "military force must be the
an
achieve the
people
cou¬
pled three days' war conferences
with intensive inspections of land,
declaring that "in the kind of permanent world
seek, all nations, great and small, must be assured
rights."
' ..,;:,77."y
-.7'";
we
servant not the
we
Presidential nominee,
international organization
an
peace,
organization
can
<
Republican
York,
Aug. 17 his views as to
on
maintain
to
of New
Dewey
made clear
ident into 21 states.
Leaving
811
politics.
The kind of world
organization
seek must concern itself with
we
the basic causes of world
disorder.
It must promote a world
opinion
the
nations
that
influence
will
It must develop
right conduct.
to
international law.
an
It must create
tribunal to deal
international
with international disputes.
In the kind of permanent
world
organization we seek, all nations,
great and small, must be assured
of their full rights.
For such an
organizatioin, military force must
be the servant, not the master.
Only thus can we achieve the fel¬
lowship of peoples which is the
essence of lasting peace.
It
coming
British,
ourselves
from
if the
conference
among
the
Russians, Chinese
and
would
the
be
a
should
task
of
tragedy
be
distracted
planning for a
genuine > world organization for
peace by proposals which amount
merely to a permanent four power
military alliance to controP the
hearts in the equality and world.
care
with which its problems are
analyzed
that
fort
the intelligent ef¬
and
commissions, com¬
mittees and councils,
matter what
is
but without
No
duplication.
or
problem arises, there
specific group charged with
a
and
handling,
its
The
thoroughly organ¬
is
ized in its staff,
overlapping
the
serve
banking.
needs of chartered
Association
to
made
is
members
best
of
or
one
more
who
staff,
the
are
qualified, responsible for ac¬
tion.
"I would like for all
about
know
more
There
are many
bankers to
its operations.
services the ABA
performs that would be of
utilized
other
member
less
them.
services
banks
value
if the bankers
to individual banks
There are many
of
value
receive
automatically."
that all
more
or
THE COMMERCIAL & FINANCIAL
812
Dewey Says Wartime Restrictions On Lsfeor Life Ijis* Bcnsfffs Used'
Mcst End With Victory On Fighting Fronts
To Provide For Fsifere
(Continued from first page)
present great need is to bring the nations
in relation
In
which give rise to conflicts
between them."
to pause
of desire
will be
on
It is "essential to any
just and durable peace that
States, which disproportion¬
But
must be excused for certain doubts.
we not thresh these things out in the
one
can
next few months?
realization
early
(Continued from first page)
of analogy, meta- other political or popular figphor, and slogans, shameless' ure, and may suppose that
appeals to prejudice, and all j they have carefully consid-
If
muddle
ered the issues involved.
coiild and doubtless
rest
11 h i
A
d generalization would
similar treatment clear the air further if under-
as
a
r
stood and
leave any other sub¬
accepted. It is that
The remedy is, how¬ no one, either the present
Administration
or
any
one
ever, not to be found in either
silence or pretense, but in a else in this wide world, has
determination to keep the dis¬ evolved any line of policy or
cussion upon a high level and of action which the American
to make the campaign the people
could reasonably be
occasion for stimulating a full expected to support without
and
final
decision by
the careful scrutiny and prayer¬
ful consideration—to say the
people themselves.
least. What appears to be the
"Unity?"
assumption in many quarters,
would
ject.
■
It
would
first
be
that
folly of the
the
nature'
of
"our
j blunders ;Jast time" is clear
or to pretend that'and unmistakable, and that
any general line oi l our proper course of action in
order of magnitude to
suppose
there is
of
there
these
which
at
as
possible.
as
fundamental
are
of
causes
fact
the
moment
a
individuals
their
is
j
To;
own.
there
are accus-|be.
The real task is that of
opinions of: determining what our foreign
pretend that; policy should be after the war
to. have
such^ttnity
as this
amongst us vtould. deceive no that Governor Dewey could
foreign government in the contribute greatly in the com¬
world.
If we approach some
ing campaign. We say Gov¬
is
such state of mind
.the
concerning
fighting and winning the
war
we
fied^
ernor
the
should be well satis¬
There is
and it is to this task
Dewey merely because
Administration
Secretary of State
and
the
appear so
far to have committed them¬
in
no sense
over,
seeking it about peacetime selves to certain broad lines
policy—and we should with¬ of policy that about all that
out question be' much worse
they are in a position to con¬
off—not better off—if such
condition
should
arise.
could
only mean that
stopped thinking.
We must,
tribute is
a
It
fense
therefore, begin
we
are
no
more
universally agreed about
post-war policies than are the
people of the
British
Isles.
We should be well within the
facts
if
we
probably
woman
should
not
one
in 10 has
add
mere
women
of the labor forces "for the patri¬
otic manner in which they have
responded to the challenge of the
enemies of liberty," Gov. Dewey
at
the
time
same
that
observed
"since Pearl Harbor there has not
been a single major strike in New
York, not one serious interruption
in production."
The Governor's
play the light of dis¬
cussion and inquiry upon the
subject, not argumentatively
or for
partisan advantage, but
dispassionately and intelli¬
gently as a physician pro¬
ceeds with a difficult diag¬
come
nosis*
,
.
"The
stirring
victory
of
news
the fighting fronts is cause for
pride not only in the theater of
on
but
war
the home front.
on
the
out
With¬
cooperation of
women here at
superb
workingmen and
home it would have been impos¬
sible to send out
equipped
our
armies
magnificently
attack
to
the
enemies of freedom.
"In this all Americans may re¬
pride in the patriotism
of labor.
Since Pearl Harbor there has not
been a single major strike in New
York, not one serious interruption
in
production.
The fruits of this
on the home front are be¬
ing harvested on the plains of
Tuscany, Normandy, Brittany and
Provence, as well as on the far-
Politics, Old and New
men
and
are
many
women
informed
in this
coun¬
is, therefore, an extraor¬
pleasure in greeting the
dinary
and
men
There
tributed
this
of
who
women
much
so
have
con¬
the occasion
on
celebration of the
year's
try who find it very difficult day dedicated to labor by timeto see
ence
a
great deal of differ¬
between
some
of
the
which will emerge
from this
vastly more powerful
than any others on the globe
can, if they choose—and do
not
fall
out
among
them¬
selves—do about what they
please, at least for a very con¬
siderable
period
to
come.
Assuming no irreconcilable
difference among them, it is
war
conceivable at least that for
number of decades
Pax
Britannica
-
a
sort
a
of
Americana-
Russiana
broad
that
man
or
I
tbj|
to
Dur¬
and group
death benefits and■ nur¬
into
"This
is the largest aggregate ever used;
honored custom and by right.
"Let
make
us
pausing for
sure
forts to provide the
with
all
they
that by next
be
ef¬
fighting fronts
need
our
and
more—
Labor Day there will
end to the wartime restric¬
an
tions
which
have
been
imposed
These restrictions, if
labor.
upon
by not
—
moment in
a
left in the hands of Government,
could destroy the
American
free
institution of
labor
endowments 'J went
turing
these future income plans.
in
one
brings
to
a
movement
totally end the right of col¬
lective bargaining.
of the
expressing
the
and
men
appreciation
their
forces for the
patriotic manner in
which they have responded to the
challenge of the enemies of lib¬
erty."
.
since
way
It is clear
war.
the
American
people.
They
thrift in setting up
the plans initially and maintain-:
ing them over the years.
They
again demonstrated their thrift
and
foresight in placing thesy
funds under future income plans."
The use of the income plan is
of relatively recent development
on
an extensive
scale, the Insti¬
showed great
tute
reports, and yet at the end
1943, the policyholders of the
of
country had set aside over $2,t>
500,000,000 with their life insur-j
companies from benefit pay^
coming due, to be used as
ance
ments
income
future
sonal
either
under
family
or
per-i
plansi
income
These
plans are now paying out
policyholders a large aggregate,
the income instalments paid to
policyholders during the oast year
amounting to $248,000,000.
The
to
Institute
also
stated:
-J,
"These income payments reflect
the
important shift in viewpoint
life
towards
insurance
in
recent
consideration of ag¬
gregate sums involved to a con-i
cept of use in terms of income.
"Hundreds of thousands of fam*
ilies
from
are
a
receiving
now
income
under these insurance
plans which are growing in num¬
bers every year."
While the income plans set up
payments
1943
in
38%
represented
of the
benefit payments subject to such
1929 they
10% of such
benefits and in 1920 only 5%, the
Institute estimates. The aggregate,
of benefits has grown materially
in the intervening years and the
proportion used to establish 'in¬
come plans has multipled this in¬
use,
recently
as
amounted
so
to
as
only
The amount used last year
income
for
plan
was
purposes
twenty times the aggregate
used 25 years ago.
..
37,985 Freight Cars And608 Locomotives On Order
The Class I railroads
to
of the labor
women
incom^
evidence of the thrift-mindedness
some
and I urge all the people of New
York State to join on that day in
this
in
used
the start
,
therefore, I, Thomas E.
Dewey, Governor of the State of
New York, do hereby designate
Monday, Sept. 4, as Labor Day
"Now,
up
$1,000,000,000 this
over
amounts
crease.
and
set
to
year
plans," the Institute said, "and itj
years,
"There
World
year
Institute of Life Insurance.
peace
flung islands of the Pacific.
.
according
privileges,
icy
of
proclamation follows:
peace
on
Aug'.: 1,
1944, had 37,985 new freight
on
cars
order, the Association of Amerr
ican
Railroads
This
announced.
included 12,417 hopper,
3,797 goh-
542 flat, 16,451 plain box
2,160 automobile box cars,
2,118 refrigerator, and 500 stock
dolas,
cars,
Railway Employees
freight cars. On Aug. 1, last year,
they had 27,795 cars on order. V
Told 1,442,623
tives
number
The
1
Class
States,
of
railroads
as
The roads also had 608 locomo¬
employees
of
the
of
United
of the middle of July,
1944, totaled 1,442,623, an increase
of 3.72%, compared with the cor¬
pro¬
But there are millions, yes,
responding month of 1943, but a
This, however, would hundreds of
millions, of decrease of 0.29% below June,
be a real contribution, since it
people throughout the world 1944, according to a report just is¬
sued by the Bureau of Transport
would stimulate the kind of
who have more recently come
Economics and Statistics of the
discussion that is needed, and
to national maturity, or even Interstate Commerce Commission.
with the cooperatiq^ bf Gov¬
A gain over July, 1943, is shown
now
have
only, partially
ernor
Dewey provide an en¬ reached that stage. They are in the number of emplovees for
every reporting group.
The per¬
lightening and exceedingly Hitler's "Have-Nots."
They centages of increase are:
helpful debate on sotfte of the can not be
merely forgotten
Executives, officials, and staff
most important of modernor ordered to be
quiet. The assistants, 3.89; professional, cleri¬
day problems,
problems of this world are cal, and general, 4.15; .mainte¬
In a great
many quarters not nearly so simple as a nance of way and structures, 6.14;
there appears to exist in this
great many would have us maintenance of equipment and
country a notion that inter¬ believe.
stores, 3.71; transportation (other
really given
the subject more than
passing national peace machinery is
Is it not possible to have a
thought—although a larger what is needed to prevent fu¬ full, free,
dispassionate dis¬
proportion than that may be ture wars, and that such cussion of these matters dur¬
"lined up" (for the time be¬
machinery if only it is wisely ing the next two or three
ing) behind this, that or the designed can accomplish this months?
and
men
ma¬ joice and take pride, but particu¬
chinery is not likely to be larly the workingmen and women
of America who are making our
able to cope with, then let us
fighting men the weapons with
face the fact now.
At least which they are giving us victories.
"In New York we take special
let us during the months to
wars
might prevail
dispassionate de¬
throughout the world.
their
of
hands
had grams.
we
this campaign discussion with
full and open
recognition of
the fact that
of
a
the
last
$424,000,000 of their life in¬
surance
benefits to provide in*
come for future years under pol¬
used
ing the year, 38% of all ordinary
recurrent
plans said to be under dis¬
post-war foreign policy which j the future is beyond any sort
cussion and the age-old tech¬
has, or ever will have, the full of debate, must be rejected at
niques of world politics, or
endorsement of v i r t u a 11 y the outset.
power politics.
No one need
every intelligent man
and
expect any nation in this day
The Real Problem
woman in the United States.
and time to admit imperial¬
No such condition ever ex¬
The problem is not that of
istic designs, certainly not in
isted in this or any other
persuading, cajoling, or blud¬ view of the sensitiveness' of
country—and probably never geoning the people of the
the American (from whom all
will.
In that sense there is United States into
supporting want
post-war favors) on the
no
"unity" among us now or any foreign policy already
subject.
The fact is, how¬
among
any
other
people, worked out by the powers that
ever, that the three powers
where
tomed
in
Commending
is
tage of all to come to a full
canny use
the
the
expected of mechanisms, as
we
strongly suspect is the
case, then it is to the advan¬
•
would leave the situation in
end
totally
if far too much
founded,
The Financial Situation
.
and
This
entire concept should receive
the most searching examina¬
tion during the coming cam¬
paign.
If this idea be un¬
precise meaning
number of these sentences, and without inter¬
pretation
restrictions," he said, "if left
most laudable purpose.
It is difficult to be certain of the
a
"These
right of collective bargaining."
needs of others."
of
moment in our efforts "to provide the fighting fronts
need and more," so that "by the next Labor Day there
end to the wartime restrictions which have been imposed
an
labor."
movement
the basic economic
not
sure
families
American
Labor Day,
as
a
Government, could destroy the in-$>
stitution of a free American labor
ately control the natural resources of the world,
develop the will and find the effective way to per¬
mit these resources to service
for
with all they
,
nations like the United
proclamation designating Monday, Sept. 4,
a
Gov. Thomas E. Dewey of New York urged labor to make
into closer association with each other
to the matters
Thursday, August 24, 1944
Gov.
lei's Thresh Them Out!
"The
CHRONICLE
than
train,
engine,
and
yard),
4.00; transportation (yardmasters,
switchtenders, and hostlers), 5.31,
and
transportation
,
engine service), 0.75.
(train
and
,
order on August 1, this
which included 172 steam,
on
year,
electric and
two
motives.
Total
434 Diesel loco¬
order Aug. 1,
1,014, which included
485 steam, four electric and 525
1943,
■;
on
was
Diesel locomotives.
The Class I railroads
new
freight
first
seven
period last
in the first
12,030
in
plain
seven
months included
box,
freight
same
Those installed
1,741
gondola, 972
1,348 automobile
flat,
the
year.
hopper,
9,744
put 18,774
in service in the
months this year com¬
with
pared
cars
cars
and
245
box, 4,722
refrigerator
and one other
car.
They also put 579 locomotives
in
service
in
the
months of 1944
first
which 211
seven:
were
steam, one electee and 367 Diesel:
Locomotives inched
seven
months
in the first
1941 totaled 343,
of which 230 Vr
tric and 99 Dies"1.
s+eam, 14 elec¬
Volume
Savings Bk, War Bond ■ Ford Sees Post-War Leadership Up To Youths
Should Not Be Satisfied With Armistice
Oov't And Private Enterprise, Says MBA And] Deposit Increase
FHA
Example Of Cooperation Between
i,E;
planners looking for a
Post-war
j
working formula for good rela¬
Sales of War Bonds during
the
banks
of
New
to
over
opinions
attention to the first decade's operation of the Federal Housing Ad¬
ministration which, he said, seems to have earned the right to be
$57,000,000,
the New ^
of all
best
"the
ailed
Woodruff's state¬
ment congratulated FHA on its
first ten years' operations which
families
(i.e., June 27th) J
significant fac¬
end next week
One of the most
FHA's
in
tors
success,
Woodruff
it has been
consistently lucky in the person¬
nel it has been able to attract. As
declared,
that
was
FHA personnel, from the
commissioner on down, constitutes
a
group,
example as we can
find in government today of capa¬
ble civil servants, he said. Those
who
for
years
have contended
that one thing American govern¬
ment needs is a
better tyre of
good
as
jpivil
FHA's
an
servant, .may well
study
experience, Mr. Woodruff
;
has
Mr. Woodruff pointed out FHA's
is
impressive
by
any
buy homes,
housing for
than six million families, is
more
or
penses
connection
in
a
was
of $30,350,$26,900,000
and brings total War Bonds sales
made up of June sales
000 and July sales of
for the first
educating
mort¬
their
minds.
reserve
posits continued to increase dur¬
everything
to
ing July with
gain of $52,201,632
a
losses that occur.
It has
popularized the amortized mort¬
bringing the total deposit liability
to another new high of $6,623,-
established excellent ap¬
praisal, home planning and con¬
struction standards and today is
076,186.
taking the lead in holding the line
After
gage,
recognize
to
6,378.600 by
abnormal
FHA, however, faces the danger
post-war period
talize
"so¬
seek to capi¬
its good record and ef¬
on
may
ficient organization by combining
standards.
it
with
public
housing
a
Oct.
that the
increased to
July gain of 22,599.
1st, it is expected
were
savings banks will offer
service of the
the additional
im¬
of War Bonds
in accordance with the regulations
by
the
Details of
plan, which will round out the
schemes
ing June 27. it has attracted more
than 7*2 b'llion dollars of nrivate
which have nothing to do with the
funds to its insured mortgage pro¬
gage
original basis of tbe insured mort¬
worked
being
now
the
in
planners"
our
mediate redemption
values for aonraisal purposes.
that
open
out
Treasury Department.
the
Bond
War
sales
Sept. 1st. '
Democratic Bkairittan
James
J
A.
has
information
that
from
ceived
the
of
been
re¬
Office
Post
De¬
who resigned early in June as Chairman of
tendered a testimonial dinner partment that civilian mail service
Farley,
the Democratic State Committee, was
at the Hotel
Waldorf-Astoria in New York, on July 10, those paying
including, among
ventions and who tasted defeat at his hands; Democrats
President Roosevelt should be
nominated for
Democrats who
believe with Mr.
Farley that the nomination should
1
elsewhere this time." Accord¬
ing to the "Times," speakers for
the occasion included Bernard M.
go
Baruch,
one
closest
velt's
of President Roose¬
advisers; Owen D.
Young,
industrialist,
arbiter
of
and
farmer
international
disputes;
Secretary of Labor Frances
kins, who
Per¬
entered the Roosevelt
with Mr. Farley 11 years
Cabinet
ago; Edward J. Flynn, National
'Committeeman from New York,
Farley
who succeeded Mr.
and
chairman
tional
Na¬
as
has
who
fought the State chairman on sev¬
eral occasions; Maurice A.' Fitz¬
of
gerald
Queens,
who
recalled
^that the retiring chairman was the
;
first
recognize
to
the
growing
strength of Queens, and James J.
Butler of Jefferson County, who
remembered that Mr. Farley was
;
too busy with the
never
the
between
resumed
affairs of
population centers to con¬
sider the problems of rural Demo¬
crats. - Former Mayor James J.
Jarge
Littoria,
who believe sinorie,
and
re-<S>
fourth term, and
a
is
States and the Italian
United
provinces of
"Times" of July 11,
Aquila, Campobasso, Chieti, Froothers, "Democrats who opposed him at party con¬
respects to him, it was noted in the New York
Pescara,
Mr.
Teramo.
Rome
Goldman's
an¬
nouncement says:
Walker was toastmaster.
"For
the
present only personal
11, Paul E. Fitzpatrick
elected, without opposition, to correspondence will be permitted.
No commercial, financial, or busi¬
take the post vacated by Mr. Far¬
ness
communications,
and
no
ley as Democratic State Chairman.
From the "Times" of July 12, we checks* drafts, securities or cur¬
On July
was
rency may be sent;
Registration,
insurance, air mail,? parcel post
resigning from the chair¬
and money order service will *>ot
manship within three months after
be available at this
time.
The
his re-election (in April)
for a
weight limit for letters is 2 ounces.
two-year term, Mr. Farley, who
The letters (including post cards)
opposed President Roosevelt's reare subject to censorship.
nomination to a third term, re¬
quote:
"By
his
lieved
any
political
associates
of
embarrassment that might fol¬
"Mail
service
extended
to
Italian provinces of Avellino, Bari,
opposition to a fourth term.
Benevento,
Brindisi,
Catanzaro,
Although Mr. Farley made no
mention
of his future
political Cosenza, Leccey Matera, Naples,
Potenza, Reggio Calabria, Salerno
plans in his formal resignation, he
and
Taraifto; also the City of
is known to be planning to attend
Rome and Vatican City State."
National Conven¬
the Democratic
in
Chicago
next
week.
In
April, at the time of his re-elec¬
tion as State chairman, he was
named
also
New
from
delegate-at-large
a
York
to
the
conven¬
tion."
Mr.
in
that
nor
Republican Gover¬
present.
tremendous hard
The
work for
the past two days has borne very
fine fruit. The net result has been
Farley had served as State that
chairman for 16 years.
every
was
one
of
the
most
vexatious
problems which face the country
has
settled
been
as
a
matter
of
national
Dewey Reports Unity Of Thought At Conference
Of Republican Governors In St. Louis
•
With
the
conclusion of the conference
in St. Louis on Aug. 4
E. Dewey, Republican
conference was held,
the unity of thought
between the Governors achieved by two days of hard work and
discussion." The remarks of Gov. Dewey, relative to the conference,
as given in advices from St. Louis^
to the New York "Times" by Waradministration.
Republican Governors, Gov. Thomas
Presidential nominee, at whose instance the
stated that one of its important results "was
of the 26
ren
Moscow follow:
conference
"The
was
called to
attempt to solve the area of con¬
flict
between
the National and
State
-
Governments
which has
wasteful and injurious to
been so
government and to the
effort.
The conference has
a complete success. ' Repub¬
-Governors 1 representing
effective
war
been
lican
results of
the unity of
"One of the important
policy by our party and
complete satisfaction of the
Governors
representing
three-
to the
quarters of the people."
The conference -resulted in the
>
adoption of a statement of policy
embodying 14 points bearing on
reconversion, labor, taxation, so¬
cial welfare, etc.
A reference to
the conference appeared in
our
issue
of
Aug. 3,
page < 521,
in
which it was noted that he would
also
make
other
than
brief
St.
stops at cities
On Friday
Louis.
between the Governors
which has been achieved by two
issue
of
Aug. 3, page 521, in
anapolis,
Ind.,
to
confer
with
Ralph Gates, candidate for Gover¬
days of hard work and discussion.
There were 26 different points of
lican
the
conference
was
thought
nor,
and Homer Capehart, Repub¬
nominee
represented, of course, and Senator.
different sectional points of view.
view
"By the end of the conference,
every
.
for United
in
States
i-';\r.-
It is also stated in press
Governor agreed to every that
Pittsburgh,
what
we
from
learn
advices
Springfield,
-
Detroit,
Mr.
but
war,
should
collapsed. The "Sun" added:
going back to his law
studies, he climbed rapidly in pol¬
itics, becoming one of two resident
the
plenty of hard work." / .
He declared also that commerce
purpose
causes
see
for
to
war
it
are
"Once
we
statement of policy, which
^
,
the whole country.
meetings with labor were largely
say
without hesitation
"The nation is indebted to the American Federation of Labor af¬
quarreling and bickering
which
has lasted for
12 years sacrifices made by these Gover¬ fairs. The Congress of Industrial
in traveling
the distances
between the National and State nors
Organizations evidently prefers to
Governments will come to an end they did for this conferences and
"I
can
that the
vith
t^Lq, election
of a Republican making the meeting momentous
talk politics with the Democrats.
Fili¬
a
He held that office
y/V^-y• yyr\
given credit for the
preamble of the Jones Act of 1916,
which ^abolished
the Philippine
regime.
until 1928.
through the air and over vastly
improved world highways would
make international boundary lines
unnecessary,
in
Islands
highest elective office
that the
exposed."
In the same advices Mr. Ford,
it was stated, visualized a "great
age" ahead, "if we apply what we
have
learned
and
mix it with
and
curtains
the
"pull aside the pino might attain under the Amer¬
ican
real
for
Washington in 1909, and President
of the first insular Senate in 1916,
and in part said:
get back to normal
make a lot
improvements in automobiles
and
airplanes.
When we start
work, we are going to
of
He
-
.
was
was
of
the
the
of
Commission and stated it
the
people
United States "to withdraw their
v
and to recognize
independence as soon as a
stable government" could be es¬
sovereignty
.
.
their
tablished.
Mr.
•
.
'
-r"y
;•
Quezon's life dream, inde¬
pendence for the Philippines, ap¬
peared to be a certainty in 1935
when
a
plebiscite held in the
islands
approved the Ty.dings-Mcand over
Duffie Act guaranteeing freedom
will see
after a ten-year transition period
boundaries that seem important
and on Sept. 17 of that year Mr.
become as unnecessary as a line
between
us
and Canada or the Quezon was elected first Presi¬
dent of the Commonwealth.
one between us and Mexico."
trading through the air
highwaysff| you
world
President
left his be¬
in March, 1942,
at the request of Gen. MacArthur.
Quezon
loved Philippines
Manuel Quezon
Dies
He
High-ranking civilian and
mili¬
lington
National
Cemetery on
Aug. 4 for Manuel Quezon, first
President of the Philippines, who
on
N. Y., a
Aug.
1 at Saranac
Lake,
victim of tuberculosis.
hard
a
a
PT
boat
the, naval hero
It was
decision for Quezon to
make, but it was MacArthur, com¬
ing : to the Philippines in 1935,
who had transformed the Islands'
into, rounded soldiers,
militiamen
and
it
was
MacArthur
on
whom
the President leaned.
A
requiem mass was celebrated for
President Quezon at St. Matthew's
aboard
by.
John D. Bulkeley.
Lieut.
tary officials of the U. S. Govern¬
ment attended burial rites in Ar¬
died
traveled-
commanded
Philippine President
The voyage Id
in
Australia, begun
submarinqi'p the harbor of
a
Manila, was^taxipg on the aging
attended by not only Quezon, but he paused only long
those prominent in official, Army enough iti Australia to confer with
and
Navy circles, but
also by MacArthur before traveling on to
members of the Philippine Cabi¬ Washington to set up the Philip¬
net, including President Sergio pine Government in Exile. He ar¬
Osmena, former Vice President, rived in this country on May 8,
who was sworn into office follow¬
1942, and immediately set up his
Government.
'
ing President Quezon's death.
Mr. Quezon's term as President
President
Quezon,
who Fed
of the Philippine Commonwealth
from his native Luzon in a sub¬
was
to have ended last Novem¬
marine on Feb. 20, 1942, after the
Philippines fell to the Japanese, ber, under the Filipino law which
makes eight.years the maximum
was 65 years of age.
He went to
tenure, but a joint resolution of
Saranac late last spring.
Congress extended his term until
At the time of the approval by
civil rule could be reinstituted in
President Roosevelt on June 30 of
the islands.
:''y;the legislation promising PhilipFrom Advanced Allied Head¬
pi n e
independence,
President
Quezon issued a statement from quarters, New Guinea, Aug. 2 the
Cathedral,
.
Saranac,, saying he
an
as
had supported
original draft of the legislation,
introduced by Senator Tydings
(Dem.,
Mdi),
to
Filipino
grant
indepen0£^ce outright within 30
afterjts passage; he was said
days
of the country
in the last twelve years.
he
Senate
States
,
After
will be 111., and St. Louis, Dewey con¬
however to have implied that he
of the population
a tremendous contribution to the
ferred with political leaders and favored a more definite statutory
reached unanimous
effectiveness, efficiency and the
agreement on the subjects which
spokesmen of racial groups, indus¬ provision for the Islands' inde¬
capacity of our Government to
have created so much confusion
y .
His pendence date.
render service to the people of try, labor and agriculture.
three-quarters
United
the United States until the move¬
Sicily, the
low
tion
waning
America would adopt a
war slogan—"Remember the
previously
was
Sardinia,
his
hoped
commissioners
Aug. 16
on
be
July 29, also re¬
Ford as saying that
"we should not be satisfied with
an armistice"
to end the present
Extended In Italy
Goldman
used
had
to bring about defeat and
ouster of the Japanese.
He told
the
to
seem
he
energy
work,
our
people
arrival in the United
Since his
States
ment
ported
Albert
just about
have
experience are what matter most.
Nobody knows that better than
the men in the service."
The Associated Press accounts
from
Mail Service
New York announced
United States.
as
in the raw
have to supply are
we
of
well
need
we
and
homes
of the savings banks, are
expected to be announced around
program
Postmaster
lot
as
worrying about jobs, but a job is new
just a mathematical way of divid¬ Philippines."
Reporting his activities in be¬
ing up the work that has to be
half of the Philippines, the New
done, and there is plenty of work
York "Sun" of Aug. 1 noted that
for everybody."
The leadership of the post-war he was a law student when the
world is up to the youth of the United States drove the Spaniards
nation. "We'll get the biggest help out of the islands in 1898, at which
from returning service men. The time he joined the rebel forces
of Emilio Aguinaldo and became
longer we work, the more we
realize
that
our
families,
our chief of staff in the fight against
system, Mr. Woodruff said.
Filzpatrick Succeeds Farley As ft, Y. Stats
We
they
for
youth,
hands
minds and
"A
safekeeping
and
All
state.
Similarly the number of
accounts
against inflation in real estate by
refusing
our*
their
use
pay any
interview on July 29—the eve of
press
a
birthday. The Detroit "Free Press," in quoting Mr.
Ford to the foregoing effect, also quoted him, in speaking optimistic¬
ally of the future of the United
Japanese invaded his homeland.
States, as saying:
"There is nothing to fear. We Previously, he had opposed occu¬
are
learning the right ways of pation by both Spain and the
months of 1944
seven
voiced in
were
his eighty-first
must
ex¬
record
In its first decade end¬
This total
Association office.
than 81 million dollars to
more
according to figures
by the Savings Banks
$165,268,634. It is further stated
by the Association that the de¬
with
insurance and has
gage
savings
State
released
better
paying all its operating
now
of
build
to
provided
cial
added.
•
has enabled about 1,350,000
gram,
agencies."
eal
mutual
York
"Plenty of trade on an equal basis is the answer to maintaining
amounted
Fifth War Loan Drive by the 131
between
.
amity between Nations," according to Henry Ford, who at the same
time predicted a tremendous expansion in post-war agriculture.
His
private enterprise and the federal government were
advised on June 24 by H. G. Woodruff, Detroit, President, Mortgage
Bankers Association of America, that they might well direct their
tions
813
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4310
160
Associated,
In
from
Washington
advices
Press
Aug.
1
Associated Press said: Gen. Doug¬
MacArthur, commenting today
las
on
the death of Philippines
dent Manuel Quezon,
"President
be
the
a
Quezon's death will
great shock to the people of
Philippines, who so keenly an¬
ticipated his return to Manila. He
was
the
very
apotheosis
Long a disciple of Philippine
independence, Mr. Quezon cast his
lot with the Americans when the
of
the
aspiratibn of the Filipinos for the
it was higher things of life.
stated:
Presi¬
said:
A great lib¬
eral, his fame and glory will
crease
as
his
in¬
policies ^gradually
approach fruition.; I thiburn him.
THE COMMERCIAL & FINANCIAL CHRONICLE
international
Security Conference Opens;
Sees Need For Organization To Enforce Peace
U»''
(Continued from first page)
Gov. Dewey later desig¬
ercion.
nated John Foster Dulles, his
viser
in
come
here
international
Mr. Hull
for
ad¬
affairs,
to
with
conferences
the Dumbarton talks.
on
Mr. Dulles will arrive Wednesday.
"
-
It
be
cannot
often,'
emphasized too
said, 'that the
Hull
Mr.
principle of sovereign equality of
peace-loving States, irrespec¬
tive of size and strength, as part¬
ners in a system of order under
law, must constitute the founda¬
all
tion
of
another
is
moving toward an overwhelm¬
ing triumph for the forces of freedom., It is our task here to help
lay the foundations upon which,
after victory, peace, freedom and
a growing prosperity may be built
for generations to come.
The very character of this war
of them the
responsibilities com¬
mensurate with its powers.'
'
f " 'No onejwishes to impose some
great Power dictatorship on the
the
world,'
he
declared,
again.
equally powerful
coercion
the
and
almost
of
these forces
deceit,
succeeded
weapons
in
enslaving
how¬
made
will,
tack,
the
while these aggressors
their preparations for at¬
the
peace-loving
nations
years
lacked
f According to the press advices
the first session of the conference
realization
21
lasted
because
35
about
both
unity and strength
lacked a vigilant
they
of
the
of evil
which
perils
loomed before them.
These advices added:
These forces
face utter defeat be¬
now
*Tt
covered
only
the
three
speeches plus picture taking. The
cause, at long last, their intended
victims attained the unity and
first business session of Ambassa¬
armed
power
which are now
bringing victory to us.
The lessons of'earlier disunity
dor Gromyko, Sir Alexander Cad¬
ogan and the chief of the Amer¬
ican delegation, Undersecretary of
State Edward
R. Stettinius Jr.,
scheduled
was
for
and weakness should be indelibly
the minds and
hearts of this generation and of
generations to come.
So should
stamped
tomorrow
morning.
'
/
"At the opening Secretary Hull
sat
at
the
center
of the head
with
table
the
Earl
his
table
left.
Also
Sir
were
Alexander
J.:/.
'
j
"Military, naval and'diplomatic
advisers
seated
table
room
the
to
conference
around
and
of
the
around
the
sides
the
old
peace
were
of
It
to
noted
was
by Lansing War¬
means
physical and moral being
matter
a
most
In
of
the
enlightened
the
final
self-inter¬
like
constant
liberty,
devotion
It requires willingness
positive steps toward its
preservation. It requires constant
to
take
cooperation
and
the
among
determination
gether
good
as
of
world
requires
live
neighbors
good neighbors.
at
practicable'
should
a
so
over¬
that
all
resort
to
pacific
ingenuity of
and
men
everywhere. That is why
the -United Nations, in the midst
of a relentless prosecution of the
have been working together
war,
to create the institutional founda¬
ington, the texts of the addresses
Secretary Hull, Sir Alexander
tions
for
a
of
delegation, and Am¬
Andrei
A.
Gromyko,
the
Russian
and
delegation,
velt and
name
offer
on
of
of the peace.
President Roose¬
of
brief
us,
I
desire
remarks
on
The
series
to
and
the
of
initiate
among
the
conversations
today
marks
well-being
oeaceful
,
we
or, suppress
or
breaches
They must also
opment of conditions
opening of this important meet¬
ing.
which
of force, if
sup¬
port arrangements for promoting,
by cooperative effort, the devel¬
behalf, I wel¬
Washington. In the
both
some
use
to prevent
to the peace
and
of
necessary
friendly
nations
maintenance
stability
and
of
for
relations
essential
also
its
assumed
share of responsibility for leader¬
ship in bringing about the crea¬
tion of an international organiza¬
tion
for
this
purpose
through
joint action by all peace-loving
nations.
such
Success
failure
or
of
organization will depend
upon the degree to which the par¬
ticipating nations are willing to
an
exercise self-restraint and
of
the organization.
There must
be agreement among all
whereby
play its part to the best
mutual advantage and fear re¬
sponsibility commensurate with
each
its
can
capacity.
security
and
peace.
These are basic problems
of international
organization.
for
toward
of failure of all other means
the
maintenance
of ; peace,
case
for
and
force
with
their
to
making
tions
for
an
agreement
to
capacities,;-suf?
for joint
Governments
has
diligent prepara¬
effort to reach the
which
I
have
just
referred. »We have committed
our;
tentative thoughts to writing, and'
each of
us
has had
in
was
itself
im-^.
an
Their noblest capacities and their
both strong and united that peace
can be preserved.
We have, I be¬
highest skills have been diverted
creative
the
pursuits
of
and terrible
They see the de¬
grim
tasks of battle.
struction
of
of
resources
will
their
their
be
not
homes
lands.
Their
peace.
during the last few
We
nations
for the
sacrifices
met here to
are
to
to
tional
through
build
make
sure
that
interna¬
machinery
is
fashioned
which the peoples can
peace
they so deeply
the
desire.
The
good. Individual
nations, small and great, must be I
the
basis
of
and
I
this
thought
share
his
will
which
give to each of them the
Sibilities
or¬
problem is to
machine
a
world
new
our
will
respon-*
with
commensurate
its
This is no light task, (but*
it can be accomplished.
No one wishes to impose some
great Power dictatorship on the
power.
confi¬
rest of the world; but it is obvious
that unless the great Powers are
is
the
govern
deliberations which you are now
undertaking.
Sir' Alexander
our
ganization; and
view, that
President
dent,
effectively
cooperate
common
construct
It is the sacred duty of the Gov¬
of all peace-loving na¬
>
years.
plan a sys¬
individual'
tem which will enable
pre¬
a
can
tions
lieve, learned many salutary lesr
sons
They
with
content
the
and
conviction that
by the victors remaining j
widespread
it is only
Cadogan
The discussions which open to¬
day arise out of Article IV of the
Declaration
of
Moscow, in the
united
in
aim
and
ready
to
as¬
fulfill
and
sume
loyally
their
machine for main¬
obligations, no
taining peace, however perfectly
constructed, will in practice work.
On the other hand, even Hitler
has
surely learned
we
have
by now what
long known,
that it is not by riding roughshod
ourselves
framing of which Mr. Hull played
a
notable
and
prominent
part.
We have listened with ad¬
over
miration to the wise and powerful
words, with which he has initi¬
the long run best be protected. *.
Another lesson I submit we may-
such
labors,
our
know,
and
we
pre,
I
all
the smaller Powers
that the
vital interests of the larger can
learn from
experience, is that
in
we
profoundly grateful to
indefatigable efforts
in the cause of international un¬
derstanding.
Of him it may well
should not attempt too closely to
define what is perhaps undefin-
be
is, at
him
for
his
-
that
said
he
embodies
his
in
able.
I have already said, no
As
machine
will
work
rate
any
unless
there
the part of the
on
torily provided such a will exists.
We might do well, therefore, to7
ac-.
long time before the Mos¬
Conference, and especially
during the months which have
elapsed
since
that
conference,
been
force
moral thing; now there is a much,
system of decent and
.just relationships among nations.
a
development of the country which
he represents/
maintain,
available
our
that
a widespread
Western countries
was
many
machine
cow
of
feeling in
sponsible for the reaction and the
a
each
may
measure,
action when necessary to prevent
breaches of the peace.
For
On
hope to build
securely for the future.?;
we
available
be
certainty.
forces
basis
thought
and
person
qualities which have been
adequate
of the world should
cording
horrified the civilized world must
receive their just retribution.
The nations
must
in
United Na-4
more
ated
.
' S
,
In 1919 there
people of all the United
are
hoping and praying
the opportunity to build anew
Nations
assume
the responsibilities of joint action
in support of the basic purposes
'1
tions, whenever it comes, must bej
complete, the military defeat of
the
aggressors
must
be made*
clear beyond all doubt, and most
of all to the German people them-i/
selves, and those responsible for.
the
wanton
outrages that have
more
sweeping the earth shall not
The
ernments
an
opportunity
study the results of the work
by
the
others.., All this
should make easier the task which
the
-
great
re¬
own ;
and
To the Soviet Government, too,
all have
we
to be
reason
grateful.
It:was, I think, .on M. Molotov's
initiative that the decision to
hold
these
and it
discussions
taken;
was
evident from their at¬
was
titude at the time of the Moscow
Conference that the Soviet Gov¬
ernment attached the
portance
the establishment of
to
system
a>
highest im¬
designed
Nazi
of
recurrence
to prevent a
and Fascist
Powers,
equally
will ,to work it;
an
imperfect
function satisfac¬
a
even
may
concentrate
certain
on
guiding
-
principles
basic
and on certain
institutions, rather-, than on
of
a
set
detailed
regulations,
which*
however ingeniously drafted, will
probably have to be revised in the
light of subsequent experience. -:
One other consideration I would
put before you: we must remem-v
ber that peace, in
the negative
of
sense
absence
of
war,
is
not
have
No world system can en¬
dure unless it permits of growth
and
unless it tends to promote
the well-being of humanity as a
whole.
Hence, however, we may
done their best to facilitate them.
fit the various non-political world
We
organizations
aggression.
My Government, for their part,
have from the outset favored such
discussions
these
as
have
expressed
and
pro¬
our
enough.
into
general
to dis¬
whereby the expand¬
our
before you of reaching a
Consensus of views which you can
visional views in the papers which
have
been
and
are
circulated,
system,
jointly
most
happy to find that in the
of all three Government
there is such a large measure of
ing force of modern scientific dis¬
now
the
similar
consultations
Government
all
the
other
United
our
soon
as
clusions
to
and
of
peace-loving nations.
It is
the
and
Nations
be
peoples
of
all
made
of
our
available
public
study and debate.
We are fully
that no institution—especi¬
aware
ally when
it
is
portance
as
the
thoughts
—
of
will
as
one
great
im¬
in
our
now.
endure
unless
there is behind it considered and
complete
and
minds
support.
of
on
at
present
powerful States
are
achieve
some
achieve it
self be
cess
The
men
and
of
a
in
fact,
to
be
For
range
the three most
in the world to
kind
of
world
or¬
more,
That should
soon.
to
it¬
labors.
their
ization,
and
to1 join in the
wish
establishment
the
I
of
such
am
an
organ¬
confident that
discussions with
the Chinese delegation will show
that there is a community of aim
subsequent
the part of
and ancient of
We
shall
the most populous
our
civilizations.
thus, I hope,
be able
princi¬
everywhere, if it is to
ples between officials from States
achieve enduring peace. ;
comprising
about half
the in¬
For us in the United States, it is
habitants of the globe, and from
as natural as it is desirable that
States, moreover, whose combined
to
achieve
is
turned
rather
the part of what
Chinese statesmen also have de¬
clared
coveries
tive
a
good augury for the suc¬
our
must attempt
we
cover means
into
into
than
construc¬
destructive
channels.
seems,
general will
on
popular
will to peace must spring from the
hearts
There
countries
for
countries
i
agreement,
ganization, and, what is
further
thought that
practicable, these con¬
will
papers
with
of
China, the
conclusions reached will be com¬
municated to the Governments of
women
to
their determina¬
hopes.
.
internationaUrdisputes
for the joint
threats
my own
to
you
of
necessary,
Secretary Hull
come
before in
the
and
The people
now united as
curity.
In the Moscow Declaration each
i
The victory of the
;;
that
Moscow Declaration
enduring
.
freedom
only be rewarded by the ful¬
fillment
of
their
reasonable
as
.
ment
follow:
behalf of
and
These foundations must support
arrangements for peaceful settle¬
British
of
just
peace.
Cadogan, British Undersecretary
of Foreign Affairs and leader of
bassador
attain
carious
after
and
the
tute the foundation of any future
dom
women
3, page 517, and Aug. 17,
687.
As given in the Asso¬
for
international organization for the
maintenance
of
peace
and se¬
Government
mankind.
recur.
consti¬
recommend, to your re¬
spective Governments.
It is the intention of the Gov*:
ernment of the United States that
tion.
ciated Press accounts from Wash¬
On
under law, must
playing so prominent a part in |
overthrowing the sinister forces;
of evil, which, only a few years
ago, came near to dominating! all
is
peace
the
order
and determination is now-
power
tion that the tragedy which today
supreme
can be translated into ac¬
The devising of such insti¬
tutions is a challenge to the wis¬
peace
be
study and debate.'"
References to the proposed'con¬
ference appeared in these columns
head
of
faith from
nation, it is
future, that
individual and every nation
never
principle of the sover¬
eign equality of all peace-loving
States, • irrespective of size and
strength, as partners in a system
is
...
the
the
to
be
But peace also requires institu¬
tions through which the will.to
given out to all people 'for public
page
the future main¬
of
tenance
done
must
main¬
liberty qpder
our
our
of this country are
national
controversies
can
means.
Dumbarton
Oaks should be circulated among
all the United
Nations and 'as
as
that
dream
our
represented
agreed in their
conviction
and
and
resolved \ by
ses¬
con¬
in
Peace
common
important
nations
among
a
precious and
so
differences
talks
to¬
acceptance of the idea
an
interest
nations
to
whelmingly
..
reached
ceaseless
vigilance.
V- "Mr. Hull said it was the Amer¬
ican
intention
that,
after .. the
clusions
is,
it
requires
and
that its maintenance is
immediately following these
sions with the Russians, the
fully
are
enjoy
It has been
beginning of
every
Governments
The
here
ficient
Peace,
v
Anglo-American-Chinese
highest
analysis
As to this, the Associated Press
stated: -: ' '
< .■
,
the
.
would surely fail unless backed
by force to be used ultimately in
spirit.
United Nations in the Cairo and
Teheran talks, which draws a dis¬
tinction
between- the
European
•>
.
progress,
In the
first and foremost, a thing of the
another
Pacific wars/!,itV
•'.
themselves
for
otderly
for
na¬
security to enjoy it.
That
and
meeting will be
held between the United States,
Great Britain and China, follow¬
ing the precedent set among the
Aug.
should
and small.
promptly,
est.
cussions (of representatives of the
United States, Great Britain and
soon
law.
Nations
advancing
of man, the maintenance of such
be
ington, Aug. 19, to the New York
"Times," that after these first dis¬
Russia I
should
to act together
the well-being of
their peoples.
They have been
achieved by the united effort of
more
than forty nations,
large
United
unity is
are
in special advices from Wash¬
and
the
to
es¬
held.'
ren,
and
other
;
means
men
It is generally agreed that any
peace and
security organization
with freedom and justice.
face of what modern war
big music
tate, where all sessions
the
common
assure
can
security
the
Georgetown
re¬
action to¬
ward comrtion good and against
common peril is the sole effect¬
ive method by which, in time of
peace,
the nations which love
Cado¬
gan ond Mr. Stettinius.
'
Unity for
head
the
at
of unity and its
strength achieved by
United Nations in this war.
Halifax,
Ambassador, at his
Ambassador Gromyko.
and
lessons
sultant
of
British
right
at
the
the
upon
of
the
for
of
to
in practice, work/ "
Aug.
desire
profound
the
rise
not
chine for maintaining peace,
on
the
from
would
mankind because the peace-loving
nations were disunited.
During
minutes.
These and
other similar steps are indicative
peace
We
nations.
for
Powers are united in aim
ready to assume and fulfill
loyally their obligations, no ma¬
constructed,
habilitation, and the Financial and
of
devise
to
with
table
a
taining peace and security.
No
passion
runs
'deeper" in
the
thoughts of the people of this
country than the belief that all
that
with
great
perfectly
tions
the
Re-t
It cannot be emphasized too often
and
Armed with the weapons of mod¬
ern
science and technology and
and
ever
r
believed
dividuals
problem is to construct
machine which will give to each
of
and
around
representatives
v
and security—
objective of inter¬
cooperation—must be a
joint task and a joint responsibil¬
ity of all peace-loving nations,
large and small.
They solemnly
proclaimed this conviction in a
declaration of their Foreign Min¬
isters at Moscow on Oct. 30, 1943.
to search for an endur¬
moves us
have witnessed—and are witness¬
'our
'but it is obvious that unless
Relief
on
,
#
"Sir Alexander Cadogan said of
the large-and-small nations issue
rest
Conference,
Agriculture
Conference
Monetary Conference.
toward establishing
a lasting system of organized and
peaceful relations among nations.
We meet at a time when the war
step
ing peace—a peace founded upon
justice and fair dealing for in¬
any
;
a
and
gather
we
the
ing today—the sweep of forces of
savagery and barbarism of the
kind that civilized men hoped and
future international
organiaztion for the maintenance
of peace and security/
that
Substantial progress has already
achieved through the Food
been
Thursday, August 24,. 1944
■
814
agreement
on
this
reason
for at least
must
we
a
coordination between the
functional
ated
or
ar¬
measure
organizations
of
various
now cre¬
to be created, and in some
way gear
them to
national
machine.
our
world inter¬
I
would
we
should
All
emphasize here is that
always recognize that if there is
political instability/no eco¬
acute
nomic
or
social
organizations will
function successfully, and on the
other hand, let us never forget
that acute discomfort in
and
nomic
social
field
the
eco¬
will
con¬
stantly hamper the smooth
opera¬
tion of the best political plans. In
other words, freedom from fear
and freedom from want, so far as
human
move
In
agency
forward
can
contrive
it,'
simultaneously;
conclusion,
I
must
for 'my
part emphasize that the working
party from
the United Kingdom
Volume
period, or a gain of
.v:;\
Estimated production of bee¬
The State
'
The
according to
Mr.
"covered 447 basic war
survey,
•
■
Thomas,
plants employing approximately
1,000,000 workers at the peak
of us to
period of war production.
Total
and such
employment in those plants for
knowledge and experience as he
1944,
had
declined
by
July,
possesses to the search for agreed
160,000.
By July, of 1944 a total
recommedations
for submission
of 197 of these 447 plants had suf¬
by our Governments, if they ap- fered
cutbacks, causing reductions
prove
them, to all the other
I' can
pledge every one
©'devote his best energies
IV
h
©
Nations.
We
*v
United
?
take
comfort in the fact
may
that, as will be
memoranda al-
the
from
seen
,
b> ready
AH of
world.
glad that one
of the distinguished participants
of the Moscow Conference, Secre¬
us are
circulated, there is already
tary Hull, is among us at the
r
much .common ground.
~
r>Let us also not forget the time present meeting.
It goes' without saying that in
*
factor.
Events are moving fast
and peace may come sooner
''
delay the construction
-
'
than
It would be folly to
expect.
some
of at least
framework of future international
cooperation
until the
some
peace confront us
with all their insistency.
More-
of
problems
:
is
to
establish
the points
on
which
there
seems
to be provisional
agreement, we must work fast
if
the time even of officials
limited.
If therefore we are
over,
"
r
:
order to maintain peace and
curity
the
depends
Much
and some give
to
where employment
son
vh'
);
r
se¬
Consolidated Edison Co. of New
shows
compares
of
week
199,500,000
with
watt hours for
1943,
but
a
Freight
ican
of
kilowatt-
Loadings—Car-
was
international secur¬
0.6%
an
announced.
the
preceding
week
increase of 9,008
cars,
or
1%
above the corre¬
sponding week of 1943. .. Com¬
pared with a similar period in
1942, an increase of 27,327 cars,
or 3.1%, is shown.
Based on advance reports from
85 Class I railroads, whose rev¬
this year, and an
organization will in the inter¬
ests of the freedom-loving peoples
The present meeting is the first
enues
represent 80.8% of total
of the world use effectively all
<j\ meeting
of exploratory discusoperating revenues, the Associa¬
resources in possession of mem¬
sions between representatives of
tion of American Railroads, in a
bers of the organization and, first
the United States, Great Britain
current
release,
estimated that
of all, the resources of such great
and the Soviet Union on the es¬
railroad
operating revenues
in
nations as the Soviet Union, and
tablishment of an international
United States and Great Britain. July, 1944, were 0.7 % more than
*
security
organization.
I fully
This
The unity displayed by these in the same month of 1943.
Share the thoughts expressed by
countries in the present struggle estimate, it was pointed out, cov¬
Secretary Hull in regard to the
ers
only operating revenues and
against Hitlerite Germany and its
importance of the present--discusvassals
gives
ground for cer¬ does not touch upon the trends in
;
'
sions.
I
tainty that after final victory is operating expenses, taxes, or final
The peoples of our countries are
income results.
Estimated freight
achieved these nations will co¬
^
waging a life-and-death -struggle
revenues
in
July,
1944,
were
operate in maintaining peace and
**
against the worst enemy of husecurity in the future as they are greater than in July, 1943, by
-? inanity—Hitlerite Germany. This
0.2%, while estimated passenger
cooperating at the present time
Struggle has already cost our
revenues were greater by 2.9%.
in saving humanity from enslave¬
"countries, as well as many other
Post-War Auto
Market—Com¬
ment by the Fascist barbarians.
ifreedom-loving countries of the
In this noble striving our coun¬ plete
suspension of automobile
V; world, heavy human and material
since
January,
tries naturally cannot but find manufacturing
sacrifices.
Waging a struggle for
support on the part of the other 1942, has created a market for
Hheir freedom and independence,
United Nations,
big and small, more than 16,000,000 cars for re¬
dhe peoples of our three great naf
which will be participants of the placement alone and has brought
;tions are also saving the freedom international security organiza¬ about a situation that will keep
and independence of other free¬
tion, which will be based on the the industry busy until 1950 just
dom-loving peoples of the world.
.!:«
principle of the sovereign equality to put back on the highways the
As a result of the combined efsame
number of cars that were
■J'■*'"3Ambassador Gromyko
ity
'
-
*
~
6
1
-
in a like period
As of Aug. 1, stocks of
ore on hand at furnaces and Lake
Erie docks totaled 32,069,216 tons,
Torts
of the Allies,
ioe—Nazi
our common
nearing
Germany—is
freedom-loving countries
will bear joint respon¬
sibility for the maintenance of
of
all
and which
catastrophe.
Our
squeezing the peace.
The unity
of the Allies dis¬
enemy from the East, West and
played in the struggle against the
South.
As a result of the latest
common foe and their striving to
offensive of the Red Army, milimaintain peace in the future is a
•'jptary operations are already being guarantee that the present ex¬
b
"carried to enemy soil. The time is
ploratory discussions will bring
not far off when the combined
""'efforts
of
the
freedom-loving positive results. They are the first
step leading to the erection of a
0
countries of the world, and, first
building
in the
foundation of
rof all, the efforts of our nations,
which all freedom-loving peoples
'will bring a complete and decisive
of the world are interested—for
-;;
Svictory and will force Nazi Ger¬
an
effective international organ¬
many to her knees.
ization and maintenance of peace
u-;
jn vjew of the heavy destruc'
'.
its
inevitable
brave warriors are
'
'
•
r"
;
"
'
and
dion
the
which
sacrifices'
countless
present
''
war
'brought5 to humanity,
itrr'dom-loving peoples of
j
5
the free-'
the world
'are naturally looking for means
to prevent repetition of a similar
tragedy in the future. They have
much blood and made
sacrifices to be indifferent to their future.
That is
'
shed
too
too
many
why they are
;
;an
f*
v
has
international
which
establish
organization
striving to
would be capable
of pre-!
repetition of a similar
X tragedy, and of guaranteeing for
'
venting
('j
'
^
.
a
and security.
In
sary
closing, I
consider it neces¬
to note the
by the
States
initiative taken
Government of the United
in calling the present con¬
ference.
delegation is
discussions with the
The Soviet
glad to begin
delegation headed by
Edward R. Stettinius, with whom
I have had the pleasure since 1941
American
of meeting
and discussing
at dif¬
various matters of
mutual interest, and also with the
ferent
times
British delegation
headed by Sir
Alexander Cadogan.
freedom-loving
countries
of the
have
no
doubt
r
-.
.
previous week and 29
There were two
Canadian failures this week, com¬
11
in
one
the
ago.
year
a year
Store
Retail
and
Department
preceding
ago.
Sales—Department store sales pn
basis,
country-wide
a
taken
Board's
as
from the Federal Reserve
index
13%
were
ahead of
a
year
for the week ending Aug. 12.
For the four weeks ending Aug.
ago
26,655,414 tons on
32,388,932 12, 1944, sales increased by 10%.
tons a year ago.
Out of a total of A 7% increase in department
196 furnaces, 177 were in blast on
store sales for the year to Aug.
Aug. 1, compared with 180 out of 12, 1944, over 1943 was also noted.
196 on July 1 and 182 out of 192
Moderate
improvement
took
hand
month ago and
a
Aug. 1, 1943.
on
the price of sil¬
ver unchanged at 23d.
The New
York
official for foreign silver
continued at 44%0, with domestic
gained quiet and
Daily
—
were
gross
Petroleum Institute, was
barrels,
estiblishing
This
record.
a
was
high
16,650 barrels
preceding
the
exceeded
and
4,667,300
new
a
day in excess of the
week
corre¬
sponding week in 1943 by 427,900
barrels a day.
The current figure
was also 11,000 barrels above the
daily
but, fall openings, too,
sluggish in moving. Ac¬
cessories, notions and drugs, Dun
evening,
Production
Oil
tion for the week
asa
figure
average
&
daily and produced
and
in
with especial emphasis on
sportswear.;
Due to continuing
military requirements, shortages
in textiles were apparent.
In the
housewear and furniture depart¬
ity,
recom¬
caution among buyers was
ment,
a
residual fuel oil
8,264,000
week ending Aug.
factor to be reckoned with.
above
The
source
estimates
a
gain of 4% to 7% for the week
in
retail
sales
throughout the
Regional increases were:
England, 2 to 4%; East, 2 to
country.
New
5%; Middle West, 4 to 6%; North¬
west, <5vto 7%; South, 8 to 12%;
Southwest, 10 to 12%, and the Pa¬
cific Coast, 8 to 10%.
According .to Federal Reserve
13,708,000
barrels during the
12, 1944. Stor¬
age
supplies at the week-end
totaled 81,203,000 barrels of gaso¬
line; 11,850,000 barrels of kero¬
sene; 40,035,000 barrels of distil¬
at
were
stated the above author¬
volume,
gasoline. Kerosene out¬
barrels
reported,
shops was not neglected.
college
put totaled 1,428,000 barrels, with
distillate fuel oil placed at 4,976,000
Bradstreet,
Re-orders characterized wholesale,
Admin¬
istration for War for the month
of August,
1944.
For the four
weeks ended Aug. 12 daily output
averaged 4,635,450 barrels.
Reports
from
refining com¬
panies .indicate that the industry
as
a
whole ran to stills (on a
Bureau of Mines basis) approxi¬
mately 4,560,000 barrels of crude
barrels of
not
popular demand, while apparel in
mended by the Petroleum
oil
large the
Some stimulus was
given to summer goods by the op¬
pressive heat wave that blanketed
the
East
until
last
Thursday,
week.
past
crude oil produc¬
ended Aug. 13,
estimated by the American
average
wholesale
and
trade for the country at
silver at 70
Crude
retail
in
place
Silver—The London market re¬
Bank's
sales
in
index, department store
New York City for the
Aug. 12, in¬
the same pe¬
For the four
weeks ending Aug.'12 sales rose
by 11%, and for the year to Aug.
12 they improved by 8%.
period
weekly
to
creased by 13% over
riod
of
last
Interest in
year.
fall merchandise by
here in New York was
consumers
57,003,000 barrels of hampered to a degree last week
residual fuel oil.
The above fig¬ by abnormally high temperatures
ures
apply- to the country as a and sales of department stores wit¬
whole, and do not reflect con¬ nessed a drop of from 5 to 10%
registered before the war, George ditions on the East Coast.
under the same week of 1943, thus
H. Pratt, general sales manager of
September Oil Production Rate interrupting/, a
long series oi
the Hudson Motor Car Co., told a
—The September production rate weekly
gains, reports the New
meeting of dealers and distrib¬
for oil as authorized by the Pe¬ York "Times." Most departments
utors
of the Chicago area last
troleum Administration for War shared in sthe falling off in busi¬
week.
Mr.
Pratt
was
of the
was set at 5,051,000 barrels daily,
ness, but chiefly
affected were
opinion
that buying power to
such items as women's apparel
meet
demand for new cars
is the highest output ever certified
to
the Y various
oil-producing and -furs. Buying activity in
based not only in»predictions of
markets
experienced
States.
The increased rate ex¬ wholesale
high national income, large accu¬
ceeds the August daily total by curtailment with fill-ins chiefly
mulations of savings and holdings
105,900 barrels a day and is the sought by retailers. The situation
of war bonds, but also by the fact
first to surpass 5,000,000 barrels a in cotton goods and a wide range
that at the end of the war prac¬
day.
The new rate for the East¬ of merchandise continued acute.
tically all of the $9,500,000,000
ern States is 71,300
barrels daily New directives, states the "Times,"
pre-war consumer debt will have
had no immediate effect, as the
as against 68,400 in August; Mid¬
been liquidated.
western States, 976,400 barrels, or mills are still awaiting price ac¬
Coal Production—The U. S. Bu¬
an
increase
of 11,600 barrels; tion before reinstating lines.
reau of Mines reports production,
Southwestern
States, \ 2,931,400
Wholesale Food Prices—Irreg¬
of
Pennsylvania anthracite for'
barrels, or 71,400 more than in ularity was evident in the whole¬
week ending Aug.
12, 1944, at
August, with production for the sale commodity markets.
A de¬
tons, van
increase of; Rocky' Mountain States virtually
I,239,000
cline to $3.98 from $4.01 in whole¬
18,000 tons (1.5%) over the pre¬
unchanged, but California's rate sale food prices during the week
ceding week, and a decrease of
is increased 19,600 barrels to a ended Aug. 15 was recorded in
95,000 tons (7.1%) frorn the cornew total of 936,700 barrels a day.
the index compiled by Dun &
resnonding week of 1943.Y The
Lumber * Shipments —The Na¬ Bradstreet,
Inc.
The volume,
1944 calendar year to date shows;
tional Lumber Manufacturers As- however, rose 5% to 8% above
an
increase of 7.2% when com¬
sociatiott
reports
that lumber the same period in 1943. In the
pared
with the corresponding
commodity
markets,
shipments of 508 reporting mill? wholesale
period of 1943.
V- ■
were
8.5% below production for the index moved during the week,
The report of the Solid Fuels
the week ended Aug. 12, but new from 171.12 to 172.28.
Administration placed bituminous
that in the production for the week ended
the peonies peace, security and course of the present discussions Aug., 12 at 12,110,000 net tons,;
'prosperity in the future.
\ ;
the representatives of the three against 12,000,000 tons in the pre-;
v Members of such an organiza¬
nations will conduct their work ceding week and 12,150,000 tons
tion can be, as it is said in the
in a spirit of mutual understand¬ in the corresponding week of last
four nations' declaration signed;
ing and in a friendly atmosphere year, while output for Jan. 2 to
at
the
Moscow Conference
on which cannot but add to the suc¬
Aug. 12 totaled 389,530,000 tons, as
Oct. 3, 1943, all big and small cessful outcome of the discus¬
against 360,311,000 tons in the
sions.
I
tons
compared with
<
;v
Lake
corresponding week of 1943, Dun
Bradstreet reports.
Concerns
&
last year.
*
'
60 in the
week and compared with
For the first seven
51,248,423
This
increase of 5,714 cars, or
above
—
Aug.
16 from 15 in the previous
week and
Association of Amer¬
Railroads
Consumption
Ore
to
pared with none in the
loadings of revenue freight for the
week ended Aug. 12^totaled 896,172 cars, the
10
months
of
1944, 51,-361,963 tons of ore
were consumed and compare with
sponding week of last year, a de¬
crease of 18.7%.
R.
vanced for the period ended
corresponding week of 1943.
veals.
hours, compared with 193,700,000
kilowatt-hours
for
the
corre¬
R.
38,400 tons for
or
Business
—
the United States ad¬
in
Superior Iron Ore Association re¬
Local distribution of electricity
security
decline
a
Failures
Business
failures
failing with liabilities of $5,000 or
more
numbered 9, compared to
15.2%.
amounted to 157,600,000
of
decrease
compared with the output
ended Aug. 5, last,
Iron
kilo¬
decrease
source,
19,700 tons
same
Superior iron ore consumed in
July amounted to 7,371,733 tons,
as against 7,112,060 tons in June
and 7,155,703 tons in July, 1943,
the monthly report of the Lake
the corresponding
or
States for
12, 1944, as
the week
for
system
reports
the
by
a
when
output of
169,100,000 kilowatt-hours in the
week ended Aug.
13, 1944, and
of the above, it be¬
comes
clear what responsibility
falls to the nations, members of
if the future
4,399,433,000
York
United Nations freedom and independence are
dear cannot but draw the conclu¬
who are giving their all to make
sion that this freedom and inde¬
possible the construction of a
pendence can be preserved only
better world.
v
ended Aug. 12
preceding week.
and women of the
r
greater, and orders, 37.0% greater.
reported
the
kwh. in the
The latest fig¬
ures represent a gain of 3.0% over
one
year
ago,
when
output
reached 4,287,827,000 kwh.
from
In the light
future
the week ended Aug.
Edi¬
electricity increased
approximately
4,415,368,000
kwh. in the week
aggression could be pre¬
vented or suppressed and inter¬
national order maintained.
the
28.2%
Electric Institute reports that
to
which
and take will prob-
now
the output of
the
harness
is
below top war-time levels."
Electric Production — The
and the desire to apply
force against him if it should be
demanded by circumstances.
In
order to guarantee peace and se¬
curity it is absolutely necessary
to have resources with the aid of
efforts,
our
desire
mere
took
have
enough to
not
that "the heaviest layoffs
place in plants producing
shells and other ordnance items,
survey,
organization,
ably be required. Let us go forand
especially
to
the
nations
Ward with a full sense of our re¬
which bear the main brunt of the
sponsibilities, not only to our own
nations but to the world at large. present war, and which possess
the necessary resources and power
Let us go forward, above all,
to maintain peace and security.
with the determination to proThat is why all those to whom
duce a scheme worthy of the men
'
:
on
is
it
Mr.. Thomas
employment."
further stated, according to the
in
in
aggressor
and well,
lb
hive coke in the United
responding week of 1935-39, pro¬
duction
of reporting mills
was
24.1% greater; shipments, 22.-3%
8.1%.
(Continued from page 810)
c
the average cor¬
Compared to
1943
same
piitf recruited from the humble official level.
From that it follows
that, so far as we are concerned,
1 these talks are necessarily exploratory and non-committal. Within
these limitations we will make the
best contribution we can, and I
v
815
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4310
160
late fuel, and
orders
of these mills were
above
production
period, while
for
3.8%
the same
unfilled order files
of stocks. For
amounted to 104%
1944 to date
shipments of report¬
exceeded pro¬
by 4.8% and orders ran
Retail
Food Volume
—
ing to Dun's survey of
conditions,
retail food
showed
week
a
Accord¬
business
volume
gain from last
about 5% above
slight
and was
Fresh fruits and vege¬
ing identical mills
last year.
duction
in plentiful supply,
counted for most of the rise.
7.2%
above output.
tables,
ac¬
•THE COMMERCIAL & FINANCIAL CHRONICLE
816
Thursday, August 24, 1944
From Washington
Department Store Sates In New York Federal Fairehild Index Shows July I Retail Prices
^
Reserve District In July 4% Above Year Ago
Unchanged For Fifth Consecutive Month Ahead Of The News ^
announced
The Federal Reserve Bank of New York
that
4%
Federal Reserve District increased
bined
over
a
The com¬
ago.
year
January to July, 1944, were up 8% from the same
sales for
Stocks of merchandise on hand in depart¬
1944, were 4% above the amount
period the previous year.
ment
(New York)
in the Second
July sales of department stores
Aug. 18
on
the end of July,
stores at
in July, last year.
included in it shows
District reported
•a 3%
gain in the net sales in July. Their stocks on hand at the
close of the month were 9% higher than the same month in 1943.
The apparel
stores in the New York Reserve
The following is the
BY
Second
Federal
District
Reserve
1
Percentage change from preceding year
>
Stocks
-Net sales-
Department stores—
Second District
+
8
+
4
+
—+
City———,—_
6
4
+ 10
+
4
+
4
—
7
—
Northern New Jersey—
Newark—-—
—
+
Syracuse---.
5
+
9
+
6
1
+
1
+
2
1
+
4
+
9
+
8
——
6
—
+
+
9
3
rr-<i
4
+
6
.—
+
9
+
Apparel stores (chiefly New York City)—————
+
3
+
+
••.Buffalo—————.————
Niagara Falls.
■
——
...
Rochester—
or
retailers likely to
3
+
Chances are that there will be some
absorb it.
great.
7
PUBLICATIONS
1
May 1,
Piece Goods
70.7
Men's Apparel
Women's Apparel
Second
'vV-'.'.
■
-'-y
Sales
(average
——
(averag^idaily), seasonally adjusted,—
'136
!
-
(1923-25
•■
■■
•>'
■
99
141
147
112
118
113
113.7
113.7
113.7
108.2
108.2
108.2
108.2
115.6
115.6
115.6
115.6
57.4
84.7
84.7
69.2
108.0
108.1
108.1 °
108.1
108.1
68.6
143.8
143.8
143.8 ;■
143.8
116
118
84.7
84.7
:••
126.8
—
72.9
;
126.8
126.8
;;
135.0
65.0
Sheets—
—Blankets & Comfortables——
134.9
134.9
;
134.9
v:
59.2
;
75.5
Aprons & House Dresses
90.4
89.9
126.8
126.8
t
90.0
■
90.0
-V
90.0
140.5
140.5
83.6
111.2
111.2
111.2
111.2
139.3
145.0
145.1
145.1
145.1
69.2
102.7
102.9
102.9
140.5
140.5
140.5
;
1944
United States___^
1944
1943
On hand at mills
Underwear
90,336
118,701
263,582
257,856
258,289
259,004
7,478
59,847
82,864
59,723
83,252
127
374,125
473,690
373,908
475,928
9,800
158,314
131,152
152,593
194
343,184
345,377
3437443
19,838
166,317
750,904
212,839
166,518
1,976
543
707,575
745,605
22,354
11,540
,22(5j625
272,075
219,302
272,667
7,388
1,065
il i',k782'
219,522
111,512
222,194
2,062
1.792
Oklahoma-
All other states
•Includes
hand Aug.
199,686
208,295
196,508
5,671
2,593
283,018
383,041
276,531
388,962
9,753
3,266
1,054,964
953,838
44,669
145,058
107,034
1,043,250
138,714
31,499
105,192
Texas
+
561
205,649
>
and 9,897 tons destroyed at mills hut not 90,336 and 81,928 tons
1 nor 52,580 and 64,065 tons reshlpped for 1944 and 1943 respectively.
PRODUCTS
MANUFACTURED,
SHIPPED OUT,
Produced
On hand
Items—
Season
1' \
Crude oil
Aug. 1
1943-44
AND
ON
HAND
Shipped out
i
1943-44
18,542
1,834,054
1,824,820
27,776
1942-43
190,100
1,994,611
2,166,169
18,542
irunning
bales)
1943-44
11,964
23,283
923,738
44,118
1,085,034
1,117,188
11,964
1943-44
135.927
§1,183,115
1,255,983
§63,059
1942-43
:
926,451
1942-43
1,262,565
24,646
135,927
43,295
1,355,197
j
1943-44
556
24,635
f
1942-43
229
36,417
36,090
Orebbots, motes, &c.l
(500-lb. bales)
1943-44
14,106
48,766
52,726
1942-43
—....
23,644
63,653
14,677
73,191
Bull fiber '
<500-lb. bales)
)
'Includes
13,826,000
and
—
18,695,000 pounds held
by
refining
545
556
;
-establishments and 3.150.000 and 2.644.000
pounds in transit to refiners and'consumers
Aug. 1, 1943 and July 31, 1944 respectively.
•
w
tlncludes
™«seme?
3,734,000
Ang. 1,
3,196,000
and
1,563,000
pounds
held
-r
by
refiners,
brokers,, agents,
and
5lace8 other than refineries and manufacturing establishments
and
and 2,072,000 pounds in transit to manufacturers of
shortening, soap,
1943 and July 21, 1944 respectively.
Does not include winterized oil.
^Produced
from
1.228,346,000 pounds of crude
etc.
oil.
f
Exports and Imports of Cottonseed Products
In the interest of national
has
discontinued
until
defense, the Department of Commerce
further
concerning imports and exports.
notice
ued to hold
the
publication
of statistics
took
an
after Mr. Roosevelt's reelection in
1940 and the last
we heard of him,
trip to London "to
study the situation."
v
Then
a
there
is
Mr.
Mr.
known what he
Batt,
always
doing because
was
fact that Standard Oil
a
Dealers
with
was
smeared
by
the
for
having dealt
tremendously
New
Bill
has
Batt
*
German
94.3
105.9
105.9
105.9
105.9
109.6
109.6
109.6
109.6
New
114.6
114.9
114.9
114.9
114.9
a
whereas
when
Deal
to say,
i—-.s—A
was
103.7
103.7 /
103.7
103.7
106.0
106.0
106.0
106.0
urally do that.
129.2
129.4
129.4
129.4
129.4
Mr.
146.9
146.9
146.9
146.9
140.9
50.6
66.8
66.8
66.8
66.8
66.8
•+"
94.7
93.5
110.6
a
weighted
aggregate,
ganda
?
Oil,
93.5
been
110.6
110.6
94.9
Major group
indexes
are
arith-
had
way
And it could but
a
different
experience
whose
94.9
93.5
110.6
94.9
93.5
110.6
Batt
93.5
94.9
72.5
81.5
its
of
out
not unusual, that
firm like SKF could quite nat¬
a
103.7
106.0
60.1
:
.
the
went
this
80.9
the
experience
at
same
all.
•
propa¬
Standard
had not
than
But
since
that
time, and for many months
before, little has been heard in
vice chairman of the War Pro¬
or
duction
thinks
Beard,
Batt
Mr.
with
do
the
if anybody
anything to
but
has
War
Production;
these
Board
days, he is
loon. •' -;'■■•••-•?
as 'a
as
crazy
; VW ^
What gave us the idea for this
of Mr. Donald Nelson. He
thier position and to account for the largest proportion
Type
of
Volume
,
.
% of
Lender
(000)
Cos.
34.5
21,794
5.4
'
Bk. & Tr.
Total
$139,748
S. & L. Assns.
Cos.
Ins.
Mut.
Svg. Bks.
Total
______
_____
79,083
April
-May 1943.
1944
Volume
% of
(000)
Total
9.7
$107,221
32.8
$579,979
>425,871
24,435
7.5
103,463
109,155
65,688
20.1
344,617
275,172
+ 25.f
12,940
3.9
57,500
49,538
+16.1
+
19.5
+
9.2
14,882
3.7
+
20.6
23.6
+
7.0
53,858
13.3
+ 12.4
$405,095
100.0
close
+
9.7
1944
1943
Chg.
+ 36.5
—
5.2
70,054
21.4
419,178
295,960
+ 41.F
46,754
14.3
249,459.
197,937
+ 26.0
$327,092
100.0
$1,353,633
+29.6
.
$1,754,196-
behind with
an
advance
of 37%.
panies, the only class of mortgagees to show
corresponding period of 1943.
below the
As
"doing
;
speech
a
busi¬
;
-.
v*
of
matter
a
made
upon
usual."
ness as
fact, he once
telling Industry
of getting rid of
that its best way
Roosevelt was to
win
go ahead and
Quite insulting, of
but that is the way Nelson
the
course,
war.
He
understood
his
as
fellow
the
business
New
men
Volume (000)
Cumulative recordings for the first 5 months of this year aggre¬
gated $1,754,200,000, a gain of 30% over the total of
$1,353,600,000 for
the same period last year. Individual lenders with a marked increase
of 42% showed the largest percentage rise. Savings and loan associa¬
tions were
insistent
was
didn't.
—-—January-May
+ 10.8
95,730
-
Deal, notwithstanding his connec¬
Big Business World*
Indeed, he was one of those who
joined in on the pre-Pearl Harbor
agitation that American industry
tion with the
Deal
-Cumulative Recordings-
from
...
of the first to understand the New
was.
—May 1944% Chg.
was one
-
largest share, 24%, followed
by banks and trust companies with 20%, miscellaneous lenders, 13%,
insurance companies, 5%, and mutual savings banks, 4%.
All mortgagees except insurance
companies loaned more in May
than in the
corresponding month last year. Individual lenders showed
the largest gain,
37%, followed by savings'and loan associations with
a rise of 30%.
Recordings of insurance companies receded 11%.
Others
cut, 811,926 bales second cut
bales first cut, 31,010 bales
He
109.6
of the business. Individuals had the next
r"dividuals
,Kl un!er8 produced, includes 289,730 bales first
L £'
J®! USV?11' I?™ held inc}udes 27,602
second cut and 4,447 bales mill run.
'
concerned?
106.0
a new peak for the third consecutive month as
aggregate of $96,000,000 in new loans was financed by this group.
Savings and loan associations with 35% of the May total contin¬
10,146
14,106
and jmahUfdituring
is
114.8
types*of mortgages increased their recordings in May over
April, the percentage gains ranging from nearly 21% for mutual sav¬
ings banks to 7% for individuals.
Mortgages recorded in the name of
'30,186
t241,270
207,409
ton
awful propaganda drubbing at the
hands of the New Dealers just
>99.3
The FHLBA announcement continued
by stating:
1,402,085
1,304,380
Mr. Biggers was one of the
biggest shots on it. Where is Mr.
Biggers now, insofar as Washing¬
94.3
All
an
1,400,534
tl, 155,047
X
it quite early in the game. Came
the war and the first manifesta¬
99.3
individuals reached
310,191
—
used
He
chores for
do
story, however, is the experience
July 31
t207,409
lions).
Deal.
New
114.8
subgroups.
On hand
1942-43
Bulls
of
July 31
1943-44
Xitnters
averages
Aug. 1 to
1942-43
(tons)
j—
1,233,398
j
Cake and meal
the
down and
come
79.9
I
:
1,233,938
ithousand Donnds)
t-i
<thousand pounds). (
to
74.3
Aug. 1 to
July 31
'23,283
34,460
ftefined oil
derstood
99.3
During May the volume of mortgage recordings exceeded $400,000,000 for the first month since October 1941. It was reported by the
Federal Home Loan Bank Administration in its
July 4 release. The
estimated total of nonfarm
mortgages of $20,000 or less was $405,100,000, compared with $369,300,000 in April, and $327,100,000 in May
1,560
COTTONSEED
why his fellow Industrial¬
as they did.
But he un¬
ists felt
94.3
2,403
/
stand
114.8
92.4
108.1
May Mortgage Financing Shows Increase
3,798
94Q.668
Tennessee
gers, the Ohio plate glass man.
Mr. Biggers could never under¬
Washington of Mr. Batt. His title
is perhaps still assistant chairman,
6.8Q6
;
:
?
South Carolina—i.—.
•
un¬
94.3
92.4
108.1
2,185
124.450
Uorth Carolina—
on
•
•V +362,'977
fi/ 214,272
(Louisiana
didn't
99.3
92.4
108.1
■
9,583
Mississippi——
Industrialists
114.8
92.4
108.1
v,
•
3
'California—,.
fellow
69.4
_—1_
Note—Composite index is
metic
•Georgia-
other
some
76.3
■_.
4,497,779
Arkansas
were
94.3
102.9
;
Infant's Wear
Luggage————7__
1943
3,953,588
-
there
70.1
Electrical Household AppliancesChina-
July 31
1944
4,516,084
Arizona
Well,
fellows who thought they under¬
stood
the New
Deal and
their
99.1
i.—'.'■'
Radios———
3,983,513
Alabama___
to
do.
114.8
Clothing incl. Overalls
Shoes
Ploor Coverings
(TONS)
1943
business
wanted
+
_
Shoes
Aug. 1 to July 31
Aug. 1 to July 31
out of
Harriman
;•,
92.4
102.9
it,
108.1
t.
69.6
__
furniture
'Recelved at mills
State-
chaos
Mr.
74.3
Underwear—
Hats & Caps
July 31, 1944 and 1943.
ON HAND
that
69.7
76.5
64.9
Shirts & Neckwear—
"products manufactured, shipped out, on hand, and exported for the
Crushed
taken
which
counterpart,
agitation de¬
veloped a few months ago about
the Swedish ball bearing industry,
SKF, of which Mr. Batt is head
in
this country,
making money
out of both sides in the war, the
l_—
Socks
AND
for
74.0
Underwear—'
:
CRUSHED,
We
A
labor, through the National Labor
Act,
without
having
111.2
66.8
Shoes—
Receipts To July 31
RECEIVED,
labor.
Seven
Relations
it is
'•■',
Furs—
showing cottonseed received, crushed, and on hand, and cottonseed
COTTONSEED
for
A
Section
134.9
>
Corsets & Brassieres
121
Aug. 12, the Bureau of Census issued the following statement
12 months ended
Seven
have
Perhaps
Apparel
Hosiery—..—
On
Section
still
143.8
84.7
Men's
Cottonseed
all
out
of the main¬
springs, by way of taking out this
chaos, of the NRA. When he went
to the New Deal with his taking
chaos out of business proposition,
the New Dealers, being totalitar¬
ian, said it was a splendid idea
he had.
They insisted, howevef,
that by way of taking the chaos
out of business, they had to have
he had taken
Apparel
Hosiery—
110
111
;
113.7
108.1
;
Women's
>
A
1
■
131
149
117
A
'Revised.
.
141
106
Stocks, unadjusted ———._———
Stocks, seasonally adjusted——i.-,,,——_.
105.3
Domestics
July
100)
average =
105.3
Woolens.
June
* *139
•
105.3
Cotton Wash Goods-
1944
'91
Sales
112.2
Piece Goods
May
April
136
■•July
1944
113.4
112.2
115.5
76.4
''
,
1943
;>+:;
daily), unadjusted
1944
113.4
112.2
Silks
100) >;
=
1944
113.4
105.3
112.7
71.8
Furnishings—
1944
112.2
:
•+'
105.3
70.2
District
Federal Reserve
(1935-39 average
.■■■:
■■
112.2
July 1,
113.4
1943
i
'
65.1
—i___
Infants' Wear
STOCKS
AND
SALES
DEPARTMENT STORE
it
took
one
tion of the War Production Board
June 1,
May 1,
April 1,
113.0
69.4
Composite Index
Home
OF
He
was
and
July 1
*
1933
this year
for those stores there were two less shopping days this year.
INDEXES
INDEX
Copyright 1944 Fairehild News Service
9
+
RETAIL PRICE
1931=100
JAN. 3,
8
+
FAIRCHILD
4
+
~7
THE
Many stores were closed on Monday, July 3, 1944;
than last year.
But it is questionable whether garment manu¬
processors will absorb the entire advance.
Nor are
cording to the OPA.
quality has deteriorated considerably, and distributors gen¬
erally will tend to liquidate these items."
»
1
+
The calendar month of July had one less shopping day
j
great.
The greatest were recorded for furs, 61.6%; cotton piece
goods, 39.3%; sheets, 39.2%; blankets, 31.6%; aprons and house
dresses, 34.3%; furniture, 37.4%; and floor coverings, 32.6%.
"Cotton piece goods prices should not advance because of higher
costs due to the Bankhead amendment to the Price Control act, ac¬
He
.,
6
+
—
Western New York State-,.———— -——
■
been very
where
o
+
.
recorded for piece goods, women's apparel
The Fairehild publication went on to say:
are
furnishings."
unchanged until the end of the European war, but a downward ad¬
justment will develop afterward. The first decline will occur in items
8
+
+ 1
+11
—-
——,——
———
+ 14
+12
+ 3
—
and
"According to A. W. Zelomek, economist under whose supervi¬
sion the Fairehild Retail Price index is compiled, prices may remain
3
—
+
Southern New York State—
Elmira_—
5
+
———-—*
socks,
greatest increases
tion has been very
3
—
—-—
northern New York State——
Binghamton—
+ 16
—
This
in furs, women's underwear, men's shirts,
furniture.
Compared with pre-war levels the
marked
business."
right.
affected. Thus, while the advance derstand it, and were therefore
•
;
may not be reflected in actual price rises, it will be reflected in misguided
One of these was John L. Bigquality. As a matter of fact, the rise in costs due to quality deteriora¬
1
+
8
—15
—
—
particularly
infants'
(Continued from first page)
of
further manipulation of the items
+ 14
—
—
Central New York State—
Mohawk River Valley————
•:"■
7
—16
15
+
4
6
—
7
—
—11
_
is
facturers
5-
+
7
+
Poughkeepsie—-———
Upper Hudson River Valley__
—————
Albany
——————-—
Schenectady
_———_
—
v-
+
2
+
—*3
-^12
Bridgeport———————..
lx>wer Hudson River Valley—..—;—
Utica——
July 31, 1944
4
+
———
Westchester and Fairfield Counties..-..—.--
-
1944
1944
1
—
hand
on
Jan.-July
July
However,
"Gains for individual items from pre-war levels have
LOCALITIES JULY, 1944
MAJOR
change from the previous month.
no
number of items show gains in comparison with a year ago.
a
and home
bank's tabulation:
DEPARTMENT STORE TRADE
Kcw York
For the fifth consecutive month retail prices have remained
unchanged, according to the Fairehild Publications Retail Price
Index of July 14, which further said:
At 113.4, the index has shown no change since the beginning of
the year.
Quotations show only a fractional gain over those of a
year ago.
Prices show an advance of a 27.6% over the 1939-40 low."
The report also added:
"Not only is the composite index unchanged, but every item
a
Insurance
com¬
decline, dropped 5%
Now, look where he has goneJ
Washington
observers
are
The
saying
has
quite
There is
one
Harriman
has
been
who
the
left.
that
he
"Siberia."
He is Averill
thinks
Industry
pretty rotten and who
believes in
Moscow.
accurately
banished to
been
FD. He's still
We
over
in
don't think he has
slightest influence in the
of things, but it is fas¬
cinating to be in Moscow and to
ride on global airplanes in^these
days and times.
scheme
Volume
THE COMMERCIAL
Number 4310
160
Electric Output For
Week Ended Aug. 19, 1944
Shows 4.4% Gain Over Same Week Last Year
Institute, in its current weekly report, esti¬
The Edison Electric
industry of the United States for the week ended Aug. 19, 1944,
was approximately
4,451,076,000 kwh., compared with 4,264,824,000
kwh. in the corresponding week a year ago, an increase of 4.4%. The
power
Aug. 12, 1944, was 3.0% in excess of the
output for the week ended
similar
period of 1943.
^
.
,
/-v'- PERCENTAGE INCREASE OVER
f
Central Industrial
5.1
West Central
1.3
7.1
3.2
■'
Total United States.
*4.3
DATA FOR
13.3
14.4
3.0
3.7
RECENT
WEEKS
(Thousands
1943
4,233,756
4,238,375
3,903,723
8.5
3,969,161
6.8
4,245,678
4,291,750
6
May 13
May 20
3,992,250
6.3
3,990,040
7.6
May 27
-
over
1942
Aug.
14, 1943, and the percentage changes for a week ago, a
and a year ago, and (2) percentage changes in subgroup
PRICES FOR
16.9
;#■:
3.9
1932
1,436,928
1929
1,698,942
1,435,731
1,704,426
3,379,985
1,425,151
1,381,452
1,705,460
1,615,085
1944
1944
1944
1943
1944
*103.9
*103.9
102.7
+ 0.4
+0.1
122.9
+ 1.9
+
0.5
105.1
+ 1.4
+
0.5
116.8
118.4
0
0
97.4
97.3
96.9
0
+ 0.2
+
0.6
0
+
2.6
83.8
83.9
83.8
81.7
0
*103.8
*103.8
*103.8
103.8
0
3uilding materials
116.0
116.0
115.9
115.8
112.1
0
+ 0.2
+
3.5
Chemicals and allied products
105.2
105.2
105.2
105.2
100.2
0
0
+
5.0
lighting materials
Metals and metal products
1,689,925
1,699,227
4,287,251
4,098,401
3,433,711
1,702,501
4,325,417
4,120,038
5.0
3,457,024
1,456,961
1,723,428
Miscellaneous commodities
4,110,793
5.3
3,424,188
1,341,730
1,592,075
Haw materials
8
4,327,359
3,940,854
3,919,398
0.5
3,428,916
1,415,704
1,711,625
Semimanufactured articles.
July 15
4,377,152
4,184,143
4.6
3,565,367
1,433,903
1,727,225
Manufactured products
July 22
4,196,357
4.4
3,625,645
1,440,386
1,732,031
All
July 29
4,380,930
4,390,762
Aug.
4,399,433
4,240,638
1,426,986
1,724,728
3,637,070
1,415,122
1,729,667
1,431,910
1,733,110
Aug. 12
4,415,368
4,287,827
+
3.0
Aug. 19
4,451,076
4,264,824
+
4.4
3,673,717
1,436,440
3,639,961
1,464,700
3ousefurnishing goods
106.0
106.0
Of
93.3
93.3
113.9
93.8
93.8
93.7
92.8
*101.0
*101.1
*101.0
100.0
than
other
the
seven
ended
July
31, last,
period. The previous record for the first seven months'
shipments, 12,269,256 tons, was established in 1942.
The following tabulation gives shipments by subsidiaries of
United States Steel Corp. monthly since the beginning of 1939
record for this
(figures in net tons):
t
January
February
1942
1943
1944
1,730,787
1,755,772
'
v
1,685,993
1,691,592
1.738.893
1,616,587
1939
1941
1940
1,682,454
1,548,451
1,145,592
870,866
1,009,256
747,427
March
1,874,795
1,772,397
1,780,938
1,720,366
931,905 V
845,108
April
1,756,797
1,630,828
1,687,674
907,904
771,752
1,745,295
1,084,057
795,689
fPrellminfery.
1.1
0
+
1.1
+ 0.1
+
1.4
0
0
IN SUBGROUP
CHANGES
5,
1944
TO
Fruits
and
Other
farm
AUG.
12,
INDEXES
FROM
„—
products—_r.
9.2
Livestock and poultry
Agricultural implements
*
v
l.3
0.1
o.l
Grains
1.3
Paint and
0.2
Hides and skins
Meeting Of
Mortgage Bankers Association This Fall
the
America, "headed by Charles A. Mullenix, Cleveland, announced at
Aug. 5 the complete slate of officers and Governors which
will be presented to the organization's members at the annual busi¬
ness
meeting at the Edgewater«>
Beach
Hotel, Chicago, Oct. 20. Northwest Central region, Harry
Nomination has always been tan¬ A.
Fischer, Chicago, President,
Chicago
on
tamount to election.
Nominations
1,455,604
885,636
1,392,838
1,086,683
1,345,855
Mountain
for
went
on
to
say:
Products and
,
Foods—Average prices for
farm products
Mutual
National
Bank.
Nominated for positions on
the
Board of Governors for terms ex¬
piring in 1948 were: M. T. MacDonald, Jersey City, Vice-Presi¬
dent, The Trust Company of New
Jersey; Harold D. Rutan, Exec¬
utive Vice-President, The Bank
region,
Guarantee
and
Trust
Co.;
Earl Gi-
for
Savings
in
the City of-New
York, New York; R. C. Houser,
Miami, President, Florida Bond
& Mortgage Co.; C. P. Kerftiedy,
Cincinnati, Kennedy & Stevenson;
Edward
F.
Lambrecht, Detroit,
Lambrecht Realty
Co.; H. G. Mc-
Call, St. Paul, H. G. McCall Co.,
and R. O. Deming, Jr., Oswego,
raldin, St. Louis, President, Giral- Kan., President,
din Bros.
Real Estate Co.; and ment Co.
each
with
smaller
succeedingly
larger size group.
Deming Invest¬
Forum, Seminar Month
November
will
observed
as
Seminar
and
by the American Institute
Month
of Banking,
201
stitute's
and each of the In¬
chapters
is being
by Edward F. Gee, Chair¬
the National Forum and
urged
of
man
Seminar
Committee,
preseni
to
special program during that
one
In
period.
recent letter to the
a
chapters, Mr. Gee announced that
arrangements have been made by
the committee with the Office of
of
Inter-Ameri¬
the
Coordinator
can
Affairs in Washington, D. C.,
to make sound
films, and capable
South
about
speakers
America
all parts
The committee
every
chapter
available to chapters |n
of
the
country.
askea;; that
has
sponsor
hold
^{ seminar program and
at/lepst
one
forum meeting
during .'the course of the year oa.
the
general theme, "Inter-Amer¬
ican Tradeand Travel in the Post¬
Foreign Trade Convention To Be Held In N. Y.
October 9-11
P.
of this third wartime Convention will be carefully planned to
carry forward the task of winning^the economic peace, by the co¬ deep insight into both their na¬
ordination
of
American
view¬ tional and international aspects."
According to Mr. Thomas, the
points with respect to future world
economic relationships that will subjects to be considered will in¬
clude:
<X.
V.
ensure rapid recovery and expan¬
gram
v
Program material available t®
the chapters from the office of the
Coordinator
of
Inter - American
Affairs includes a choice of 5®
sound
Thomas, Chairman of the National Foreign Trade
Council, in announcing the holding of the Council's 31st National
Foreign Trade Convention in New York, on Oct. 9,. 10 and 11, with
headquarters in the Hotel Pennsylvania, says:
"With the nearer approach of Allied military victory, the pro¬
Eugene
be
Forum
National
war World."
for
"Farm
The
Vice-Presidents in¬
clude Pacific region, Roy F. Tay¬
regional
South Central region, C.
V
in all county
the extent of im¬
became relatively
occurred
groups,
Mahan, St. Louis, as the nominee for President,
V. Kanaley, Chicago, as the nominee for Vice President,
nominating committee of the Mortgage Bankers Association of
Title
and
1943 to the first half
Headed by L. E.
and Byron
1,664,227
by saying:
- ,
•
all-commodity index to 104.0% of
the 1926 level.
Average prices for the 900 price series included in
the index have risen 0.1% in the past four weeks and are 1.3%
higher than at this time last year," said the Department's report,
Dis¬
While reductions in fore¬
of 1944.
provement
1,753,665
Aug. 17 report, which continued
"The increase brought the
Boston
provement in foreclosure activity
with a decline of 53.5% from the
closures
0.1
Officers To Be Voted On At Annual
1,788,650
1,703,570
1,787,501
1,665,545
in August, advancing prices
the
in
"By size of county, those with
than 5,000 non-farm struc¬
tures
showed
the greatest im¬
size
lor, Seattle, Vice-President, Seat¬
tle Trust and Savings Bank; Rocky
Following the marked decline early
15%
to
first half of
paint materials.....
745,364
agricultural commodities, particularly livestock and fresh fruits
and vegetables, caused the Bureau of Labor Statistics' index of com¬
modity prices in primary markets to rise 0.4% during the week
ended Aug. 12, announced the U. S. Department of Labor in its
in the Little Rock Dis¬
from 55%
less
products
,
-
improve¬
reductions
ranging
with
ment
Districts
national
the
in
'
1944
3.0
vegetables
607,562
0.4% For Week Ended
Aug. 12,1944
of 1943. Each of the Bank
trict.
PERCENTAGE
1,296,887
Wholesale Prices Up
that for the first six months
low
-
C. W. Mead,
1,406,205
1,425,352
1,624,186
1,660,594
November
Omaha, President, Nebraska Bond
1,443,969
1,544,623
1,846,036
1,849,635
1,719,624
December
;
and
Mortgage Corp.; Northeast
20,244,830
21,064,157
20,458,937 14,976,110
11,752,116 Central region, Ernest H. HackTotal by mos.
*97,214
*449,020
*42,333
37,639 ;; *44,865 man, Ft. Wayne, Ind., President,
Yearly adjust.
Wayne Mortgage Co.; Southeast¬
v
Total
20,147,616
20,615,137 20,416,604
15,013,749 11,^07,251 ern
region, J. C. McGee, Jackson,
^Decrease.
" ■1v';Miss., President, Reid-McGee and
Note—The monthly shipments as currently reported during the year 1942, are sub¬
Co.; Eastern region, Guy T. O.
ject to adjustment reflecting annual tonnage reconciliations.
These will be compre¬
Hollyday,
Baltimore, President,
hended in the cumulative yearly shipments as stated in the annual renort.
%
non-
January
activity for
foreclosure
+
97.3
1,209,684
1,572,408
June,
9,190
from
foreclosures
farm
+ 0.1
98.4
1,666,667
1,851,279
estimated
an
the first half of 1944 was 35% be¬
*98.6
1,668,637
1,794,968
\
"With
1.1
*99.5
1,765,749
1,664,577
(1935-39=
'
respectively
11.4,
ioo).
1.8
*98.7
1,660,762
1,704,289
and
+
+
*99.5
1,552,663
October
April, 1,535 in May,
and 1,564 in June.
The seasonally
adjusted
foreclosure index
for
these three months was 10.0, 10 J,
0.1
0
*98.7
1,706,543
August
foreclosures
in
1.7
*99.5
1.758.894
1,834,127
1,774,068
September
of
number
total
occurred
1.0
than
1,754,525
»■*_'_
July
the
shared
1,776,934
—
June
"Evidencing a slight upward
the quarter, 1,325 of
trend during
trict
'
on
+
—
1,737,769
May
advices
+
"
shipments totaled
12,387,379 net tons, as against 11,700,778 net tons in the same period
last year. The current seven months' shipments were the highest on
;
The
period.
+
*98.7
other
commodities
amounted to 1,754,525 net tons, an increase
months
1943
0.4
+
*99.5
farm products
1,666,667 net tons.
For
contrasted
0
+ 1.2
Decreases
16,756 tons over June shipments of 1,737,769 net tons, and an
increase of 93,763 tons over 1,660,762 net tons shipped in July, 1943.
Shipments in July, 1942, were 1,765,149 net tons, and in July, 1941,
i
structures
rate of 1.3 for the compar¬
a
+ 0.1
112.3
of
.V
foreclosure
0
0
92.4
113.8
*101.1
Cereal
Shipments of finished steel products by subsidiaries of the United
were
non-farm
with
the
April-June, 1944
1,00®
to
Increases
States Steel Corp. in July
in
the
0.8 foreclosures per
of
rate
0
0
,
0
104.2
93.3
112.9
P3.8
ANG.
finished Steel Shipments By Subsidiaries
U. S. Steel Corporation Increased In July
is
situation
'
93.3
farm products and foods
1,761,504
4,322,195
106.0
106.0
114.3
commodities
All
1,750.056
Aug. 26
1.4
97.5
83.8
*103.8
?uel and
1,440,541
3,649,146
—
97.5
Textile products
1,441,532
3.654,795
1.0
124.2
105.6
116.8
1,435,471
3.7
1.5
124.1
105.3
116.8
3,463,528
3.9
+
+
122.5
104.6
116.8
3,372,374
+
1.3
124.8
products
4.6
4,226,705
+
106.1
*arm
5.5
5
1943
1944
*103.6
aides and leather products
5.6
July
Aug. 12, 1944 from—
8-5
7-15
8-14
Poods
4,040,376
_
8-14
1944
3,925,893
1
7-15
7-29
8-5
*104.0
All commodities
4,264,600
July
quarter of
Aug. 5 further stated:
'"'v
(1926=100)
8-12
4,144,490
June 24
decline of
a
An indication of the marked
1944
12,
ENDED AUG.
WEEK
at
of
quarter
the second
from
1943.
Percentage change to
»
3
June 17
second
previous quarter and
37%
the
reduction of 7% from the
a
able
Aug. 5, 1944 to Aug. 12, 1944:
June 10
June
Indexes
prices.
the
for
in
estimated
were
improvement
'riy'-:
3,356,921
3,322,651
changing
4,424
1944,
foreclosures
States
from the FHLB Administration
of Kilowatt-Hours)
3,365,208
report
i-
Commodity Groups—
1943
to
following tables show (1) index numbers for the principal
of commodities for the past three weeks, for July 15, 1944
WHOLSALE
% Change
May
plete reports.
indexes from
1943.
1944
Week Ended—
promptly
adjustment and revision
*5.3
4.4
in
to such
9.0
V>. *6.0
.
under similar week
attempt
(*)» however, must be considered as preliminary and subject
as required by later and more com¬
marked
Non-farm
United
0.0
6.5
11.9
:•
Pacific Coast
will
month ago
2.7
1.9
8.1
3.1
3.0
V
*3.9
Rocky Mountain
tistics
and
*3.7
,
'■
Note—During the period of rapid changes caused by price con¬
1.4
"*3.1
V" VsV-'
5.2
Southern States
July 29
2.0
*4.4
!
3.5
•1.5
Foreclosure Down 7%
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
groups
Aug. 5
Aug. 12
Aug. 19
Major Geographical DivisionsNew England
Non-Farm Real Estate
The
Week Ended
Middle Atlantic
•Decrease
ment's report:;
PREVIOUS YEAR
•
817
to change the indexes for any of the industrial commodity groups.
Slight price increases were reported for some types of yellow pine
lumber, while rosin and turpentine declined about one-half of 1%.
Quotations for goatskins decreased less than|l%.''
• '
- ; •
The following notation was also included in the Labor Depart¬
production of electricity by the electric light and
the
that
mated
& FINANCIAL CHRONICLE
pictures, many of
a
series of
of the South
countries
presenting
moving
which
are
booklets
American
color,
in
on
each
cultural and historical
a leaflet on program
as well as other ma-,t
The office also said thai
economic,
and
suggestions
facts,
terial.
1,500
speakers
discuss
various
are
available
South
t®
American
1.9% during the week. Sharp
subjects.
apples in the Portland (Oregon)
market, for citrus fruits and for potatoes and onions. Livestock and
The;|uture of Lend-Lease oper¬ American leadership in the build¬
poultry advanced 1.3% with steers up 2% and hogs 0.6% and live sion of international trade and
poultry up nearly 10% at New York and more than 1% at Chicago. commerce. In both general and ations; Government controls as af¬ ing of a new world economic
group
sessions there will be a fecting private enterprise in the order.
Gram prices declined 1.3% led by decreases of 6.6% for oats and
more than
1% for wheat on favorable crop reports. Lower prices comprehensive survey of the main foreign commercial field; the dis¬
Mr. Thomas adds that "it is our
Government - owned
were
also reported for cotton and for apples in Eastern markets. factors that affect future trade position' of
this
in world markets.
The coopera¬ surpluses; post-war transportation confident expectation that
Farm product prices have advanced 0.5% since mid-July and are
tion of government departments (including merchant shipping and
1.5% higher than, in mid-August a year ago.
year's convention will exert a
monetary policy and
"Led by an advance of over 9% in quotations for fresh fruits and agencies, in an advisory and aviation);
powerful influence in the further¬
and vegetables, market prices for foods rose 1.4%.
In addition, informative capacity, will make exchange stabilization; the future ance of a United States post-war
available
government views on of the reciprocal trade agreements
minor increases occurred for flour in most markets and in prices
reconstruction policy which will
for fresh milk at Chicago.
Eggs declined fractionally following then- current problems of importance program; foreign investments (in¬
sharp rise iril; earlier weeks.
Average prices for foods are 0.5% in these transitional times. Speak¬ cluding cartels); commercial and have the united support of lead¬
tax treaties, etc.
ers
of the highest reoutation in
higher than for the corresponding week of July and 1.0% above the
ing national trade organizations in
at
the
primary market level rose
reported in prices for
increases were
("Industrial
in
their
various fields will
bring to
Particular emphasis, it
is stated,
level.
'
the
consideration
of
economic will be placed upon the indispen- subsequent
Ccmm^dities—The few minor chants which occurred
problems a wide knowledge of and sability of private enterprise to ences."
industrial commodity markets were not of sufiicient importance
Aug. 14,. 1943.
international
confer¬
i
Thursday, August 24,1944
CHRONICLE
THE COMMERCIAL & FINANCIAL
818
the amount that would be
Exchange Statutory Debt Limitation As Of July 31* 1944
Market Value Of Bonds On N. Y. Stock
July 31; there were 1,065 bond issues,
As of the close of business
the New York Stock
Exchange with a total market value of $102,284,657,208. This com¬
pares with 1,057 bond issues aggregating $95,728,780,260 par value;
aggregating $101,559,186,057 par value, listed on
price of 100.53 on June 30.
total market value $96,235,324,054; average
governmental
following table listed bonds are classified by
In the
with the aggregate market value and average
and industrial groups
price for each:
-June
—*—July 31,1944
Average
■■
/'
V.
'■
■
V:":.
.
S
-
(incl. N. Y.
etc.)—————
Price
$
$
$
'
made public on August 5 its monthly
the face amount of public debt obligations issued
under the Second Liberty Bond Act (as amended), outstanding on
July 31, 1944, totaled $216,149,252,172, thus leaving the face amount
of obligations which may be issued, subject to the $260,000,000,000
statutory debt limitation at $43,850,747,828. In another table in the
report, the Treasury indicates that from the total face amount of
outstanding public debt obligations^ ($216,149,252,172) should be de¬
ducted $8,701,991,095 (the unearned discount on savings bonds), re¬
ducing the total to-$207,447,261,077, but to this figure should be
added $1,126,333,349 (the other public debt obligations outstanding
but not subject to the statutory limitation). Thus, the total gross
debt outstanding as of July 31, 1944, was $208,573,594,426.
The following is the Treasury's report for July 31:
The Treasury Department
Cities,
State,
85,578,388,793
103.08
79,385,574,925
1C3.15
7,359,375
7,714,000
98.13
101.50
102.13
107.00
103.79
7,350,000
98.00
Automobile
7,704,500
101.38
13,334,625
101.79
—————
13,379,000
15,133,010
—.
—
——
44,423,875
15,133,010
44,313,250
20,300,000
101.50
20,200,000
101.00
—-——
Financial
—————
102.50
106.35
40,081,565
254,980,625
102.50
—
40,081,458
254,856,242
Act, "shall not exceed in the aggregate $260,000,000,000
standing at any one time."
The following table shows the face amount of obligations
106.40
standing and the face amount which can
92.1,6
10,895,081
35,167,718
92.10
Machinery and metals——Mining (excluding iron)
—
Paper and publishing—
10,901,291
35,316,135
92,173,592
32,174,958
Food
equipment-
——
Land and realty
Petroleum
———
Railroad
Retail merchandising
Rubber
;
Tobacco
71.12
104.30
92,536,771
71.31
33,823,406
104.14
104.14
629,389,618
104.02
8,075,478,116
12,911,944
69,413,196
19,485,283
410,168,275
103.53
36,487,500
104.25
36,487,500
105.78
105.57
172,658,609
—
Treasury
(operating)(holding)
$81,096,896,350
45,239,754,875
482,196,250
716,720,757
(maturity value)—
■"Savings
Depositary
——-——
service
Adjusted
—.
3,194,794,420
60,820,360
112.66
1,170,915,688
102,984,749
71.28
U. S. companies oper. abroad—
Miscellaneous businesses
148,103,389
84.25
31,341,030
106.14
14,665,246,864
8.
——
companies
Foreign
government
Foreign
companies
85.58
31,234,780
105.78
92.13
14,713,213,163
70.17
1,408,150,991
90.30
728,384,975
96,235,324,054
100.53
S.
U.
no interest:
savings stamps
Excess
profits tax refund bonds
100.71
the
following table, compiled by
gives
us,
two-year compari¬
a
of the total market value and the total average price of bonds
son
listed
Average
Market Value
Average
Price
Market Value
1943—
$
July 31
Sept. 30—
—
Nov.
31—i,
30——
Dec.
31———
$
Aug. 31—;
80,109,269,964
80,149,558,292
99.37
90,501,768,934
90,076,888,558
90,274,071,634
Oct.
30-
Nov.
30_„
96.11
Dec.
31__
96.70
1944—
Mar.
31_——
Apr.
30_i
96,837,573,171
—_
together to start formulating a
post-war tax policy and plan for
Mar^ 31-
95,713,28U.M4
$195,917,540
,98.24
29—
95,305,318,075
93,849,254,814
100.62
June 30—
96,235,324,054
99.35
102,284,657,208
CoHon In 0. S.—Season Of 1943-14
•Approximate maturity
Principal amount (current redemption value)
debt statement $36,537,763,780.
value.
cording to preliminary public
are presented in the
the principal
of
supply
and
distribution;
OF
COPPER
STATISTICS
,
on July 31, 1943
1944; and Number III further details concerning the supply and
and
the distribution.
that
round
bales
The.Quantities
qounted
arq
equivalent 500-poundIbaies.
4—Cotton Ginned,
Consumed^
'
'
i
■
•
Destroyed
(baled
cotton)
II- -Stocks
of
not
included.
Ending July 31, 1944
/'-:*;
BiXlCS
;
-
are
"
Ginnings from Aug., 1, 1943 to July 31,
Consumed
half bales and foreign cotton in
as
Linters
And Detroyed In The United States For The 12 Months
»
'
are given in running bales, except
1944
—
—
Cotton
____III_I"——III—I—
—
In
The
United
States
July
31,
1944
and
1,873,187
2,115,323
7 676 629
'608',000
'685',000
10,726,828
10,656,952
_
_____
Total
_____
III—Supply and Distribution j>f Domestic
For The
12
Months
—_____
and Foreign Cotton In
Ending July 81, 1944
The
United
Dnlflg
In
In
on
hand Aug.
1,
1943, total
consuming establishments
IIIIIIIIIIIIII———'
public storages and at compresses.—
_
(partially estimated)
Ginnings during 12 months, total
Crop of 1943 after July 31, 1943—
Crop of 1944 to Aug. 1, 1944_,
__
——
7
_
_"
Production
'
or
Viscose
tDomestic
Export
Period
Blister
Refined
818,289
814,407
134,152
159,485
+17,785
—130,270
48,537
142,772
—41,417
—
307
75,564
—48,671
—
65,309
+16,636
52,121
—12,172
—
1940..
992,293
1,033,710
1,001,886
1941-
1,016,996
1,065,667
1,545,541
Year
1942-
1,152,344
1,135,708
1,635,236
1943.
1,194,699
1,206,871
1,643,677
>:
.
—
,—
5,830
—
16,713
67,208
10,255
13,188
105,589
129,631
55,097
—
100,077
98,333
147,135
53,726
—
45,844
+
534
47,148
+
5,315
+
1,304
52,027
—
2,796
+
4,879
6,076
+
____
141,111
.
'
■
102,589
99,340
97,274
129,212
102,136
138,881
____
98,568
104,644
115,850
____
52,121
—
45,800
+
+
8,585
37,259
+
2,171
101,779
87,128
124,532
101,289
99,118
156,083
Apr.,
1944.
92,779
95,280
155,877
1944.
94,624
98,580
165.714
37,074
—
89,102
93,958
140,932
42,467
—
85,734
93,650
121,705
48,050
—
1944.
♦Mine
or
—
2,643
36,489
92,781
95,713
1944.
July,
—
610
95,424
smelter
w___
p'_
38,382
y
■
<
—
production or shipments, and custom intake
tBeginning March, 1941, includes deliveries of duty paid
consumption.
tAt refineries, on consignment and in exchange warehouses,
consumers' stocks at their plants or warehouses.
SCorrected figures.
'
6,321
9,311
+
770
+
1,123
4,856
+
5,393
7,916
+
5,583
2.501
-
1,308
3,956
including scrap.
foreign copper for
domestic
"
1 873 187
public storages .and at compresses
s'245'641
(baled
cotton)
J
50,000
^
Stockc on hand
In
In
"Elsewhere
.
»*
(partially
estimated)
fQj^H^es cotton for export
'10 726 828
l-IIIIIIIHIIZ
608^000
on shipboard but not cleared; cotton coastwise; cotton
in transit to ports, interior towns, and
mills; cotton
of
comparison, the Textile Bu¬
reports; it adds: "Staple fiber production in the
including
.
_
second
quarter dropped 3% to 41,-
400,000 pounds as compared with
42,700,000 pounds produced in the
first quarter of the year. Output
in the second quarter of
taled 39,800,000 pounds.
"Deliveries J of
by
filament
rayon
American
1943 to¬
mills
totaled
41,600,000 pounds in July, accord¬
ing to the "Organon," compared
with 43,900,000 pounds shipped in
June
and
40,000,000 pounds in
July,
on July 31 by Chairman Doughton of
Means Committee at the progress, in post-war
taxation studies made during the Congressional recess by experts of
Satisfaction
was
ments
joint committee and the tax staffs of the Treasury and the Bureau
working in unison.
The statement was also
made at the same time by Chairman Doughton that Congressional
tax leaders would be
the
war
nomic
ready, when<^
ended, to stimulate eco¬
expansion
by
making
broad adjustments
an
expressed
of Internal Revenue,
1943.
Seven
months' ship¬
304,400,000 pounds
compared with 282,600,000 pounds
in the corresponding 1943
period,
Doughton Satisfied With Post-War
a
9.942,070
IIII III "
~~
July 31, 1944, totaTIII
II~~~ """""
"*"•
consuming establishments
IIIHIHIHI
Destroyed
the second quarter
-
reau
yarn
but not
This
yarn
■
Mar.,
1944
2,664
.
hand,
94
—
Aug., 1943—
Sep., 1943...
Oct., 1943—
Nov., 1943—
Dec.,
1943.
1944.
Jan.,
1944.
Feb.,
—
Aug. 8.
same
966,622
100,456
97,413
98,867
5,133
on
7,882
660,495
July,
1943-
Inc.,
1,371
654,665
48,050
the House Ways and
48,182
,
by
second
cuprammonium yarn
output declined from 92,900,000
pounds in the first quarter to 92,200,000
pounds
in
the
second
quarter of 1944.
On the other
Taxation Studies
DISTRIBUTION
yarn
the
the production of acetate
increased from
42,600,000
pounds to 43,500,000 pounds in the
4,071
7 Mos. 1944.
*
Consumed
in
1943.
Decreases (—)
Refined
Year
Bales
11,069,653
rayon
output, says the "Organon,"
compares with production of 135,-^
States
li 021 471
__I__IIIII.IIH
—
*
I
676'629
'r65'ooo
'
•
record
pounds in
End of
"Crude
2,115 323
~
Sen¬
500,000 pounds in the first quarter
of
1944
and
with
123,600,000
COPPER
THE
Stock Increase (+)
Stocks
to Customers
Year
10,656,952
•Elsewhere
OF
MEMBERS
836,074
1939-
SUPPLY
.
JStocks
totaled
increase of 8%.
"Staple fiber shipments in July
totaled 13,400,000 pounds against
14,300,000 pounds in June and 13,200,000 pounds in July 1943. Seven
months' shipments totaled
96,000,000
pounds
against
91,900,000
pounds in the corresponding 1943
period.
enacted until
the Associated
"Filament rayon yarn stocks on
Washington
July 31, as given in the New York July 31st totaled 6,500,000 pounds
"Times," further indicated him as against 7,300,000 pounds on hand
saying that "before we write a June 30,1944, and 6,400,000 pounds
detailed law we've first got to on hand on July 31, 1943. Staple
economy
could
be
after
the* war,,
Press
advices
from
in tax burdens
corporations.
on
July 31, 1944,
"But at the same time," he added,
"we should pay something on the
SUPPLY AND DISTRIBUTION STATISTICS FOR LINTERS
national debt, if it can be done
Quantities are in running bales
stocks.
totaled
have some idea of what the post¬ fiber
Without crippling industry."
3,100,000
(Not included in cotton statistics above)
Stating that Chairman Dough¬ war Federal budget will amount pounds on July 31st against 2,600,Stocks of linters Aug, 1, 1943, were 739,114 bales; production during twelve months ton voiced
tOj an estimate of the peacetime 000 pounds on June 30, 1944. and
doubt, however, that a
Tulyn3i mi 569 250 1,183'115; consumption l,362,298; destroyed 3,000; and stocks precise tax law for the peacetime national income, and an idea of '3,200,000 pounds on July 31,1943."
V,1!ln hand
hand Aug. 1, 1943, and 117,974 on a^ove items
_
Year
Bales
—————8 245 641
-
the
pounds, states "Rayon Organon,"
published by the Textile Econom¬
tRefined
Deliveries
U. S. Duty
Free Copper
SJune,
1943
Bales
......
consuming establishments
In public storages and at' compresses—
^Elsewhere (partially estimated).—
' 50^000
1943
1944
:
,
_
In
BY
REPORTED
May,
11,069,653
_
—9 942 070
of
mills
ics Bureau,
INSTITUTE
Year
Number II the comparative
figures of Stocks held
Production
American
The Copper Institute on Aug. 11 released the following statistics
pertaining to production, deliveries and stocks of duty-free copper:
SUMMARY
following tabular statements.
items
of
Second Quarter Rayon.
ac¬
Summary Of Coper Statistics
,
shows
Committee
quarter of 1944 totaled 135,700,000
The preliminary report for the several items of the
Supply and
Distribution of Cotton in the United States for the 12 months end¬
I
on
$208,573,594,426
100.71
Stiffly And Sislribulion Of Domestic I Foreign
Committee
ate."
deb$ outstanding as of July 31, 1944--.
Latest
Number
Finance
100.53
July 31__
99.64
Total gross,
100.31
May 31-
Apr.
98.69
the
7,546,160
922,869,649
public
not
y
to
Ways and Means of the House and
Matured obligations on which interest has ceased
Bearing no interest———.
——
other
10U.52
99.47
ing July 31, 1944,
submission
$207,447,261,077
debt obligations outstanding but
subject to the statutory limitation:
Interest-bearing (postal savings, etc.)———
Add
100.21
71.857,596.488
June 30__.
8,701.991,095
99.78
29-
81,048,543,830
80.704,321,646
80,352,221,151
May 29
July 31
90,544,387,232
Feb.
<0749
71,575,183,604
L—'.
31—
97.47
71,038,674,932
27,—^ J 71,346,452.852;
,
discount on Savings Bonds
(difference between
redemption value and maturity value)-————
unearned
1,126,333,349/
Jan.
*30————*
.Feb.
99.38
as
most
important preliminary
work, I shall call the committee
current
99.02
■
the country that as
the staffs have completed
$216,149,252,172
Deduct,
99.45
96.18
96,48
1943—
Jan.
this
99.23
3ept. 30_„
prepara¬
can assure
soon
1944
$
95$76
internal
on
the
obligations issued under
authority of the Second Liberty Bond Act—————.
Price
96.08
61,277,620,583
62,720.371,752
62,765,776,218
64,843.877,284
64,543,971,299
70,583,644,622
Aug. 31—
OF THE UNITED STATES TREASURY
Total face amount of outstanding public debt
the Exchange?
on
1942—
Oct.
JULY 31,
several
tion of its report on post-war tax¬
ation.
-
$43,850,747,828
issuable under above authority——,——
DAILY STATEMENT
WITH
for
thus obtained
taxation in
revenue
216,149,252,172
RECONCILEMENT
continue
it is believed that the
committee
joint
358,188,591
"I
The
will
will greatly facilitate the work of
———
Face amount of obligations
been
.
material and views
180,398,956
177,789,635
.i
have
individual business repre¬
weeks and
167,800,674
91.59
102,284,657,208
—
Bearing
as
sions
$215,623,262,907
ceased
70.26
646,075,533
—
92.60
1,394,946,013
—
AH listed bonds—
150,605,244
,
'
I
;>■:
conferences
"These conferences and discus¬
108.77
Matured obligations on which interest has
group of the
Economic Develop¬
sentatives.
88,087,694,675
112.80
71.94
103,463,376
Miscellaneous
well
15,523,884,000
108.25
utilities——
Communications
on
■
"Other
36,088.531,000
indebtedness—
business
scheduled by the staffs with many
other groups and organizations, as
$36,465,279,675
— ———
of
the
Committee
ment.
$127,535,568,232
Treasury notes
Certificates
108.57
108.07
sponsoring the Twin
Cities (Minneapolis-St. Paul) plan
group
and
—-
been held with
conferences have
$260,000,000,000
—
"Informal discussions and
stated.
'
104.25
173,003,439
out¬
Bonds—
91.56
3,203,371,800
60,710,360
1,165,512,094
U.
over.
being compiled, as well as
suggestions and recommendations
of various groups and organiza¬
tions interested," Mr.
Doughton
out¬
still be issued under this
outstanding at any one time
Treasury bills (maturity value)
Gas and electric
Total
is
war
are
Outstanding as of May 31, 1944:
Interest-bearing:
104.41
91.97
103.69
—
—————
Gas and electric
/■
a
platforms call for tax reductions
a
Total face amount that may be
Utilities:
,
write
and
situation
speedily to adjust individual
and corporation levies to encour¬
age private endeavor and expand
employment.
:
The Democratic and Republican
limitation:
95.08
104.70
19,571,658
393,594,997
-
that
83.42
84.14
94.15
—
—
—
102,04
69.605,596
—
u——
Shipping services
Steel, iron and coke
Textiles
102.48
103.54
8,032,336,418
12,785,368
—
—
y
641,881,733
—
—
-
—
Then,
taxes.
law
Liberty Bond Act, as amended, pro¬
vides that the face amount of obligations issued under authority of
equipment
—
summary
economic
Second
of the
21
Section
Electrical
Business and office
,.
reductions in the
he added,
Congress could take a look at the
with
when the
107.00
Chemical
-
$5 use tax on automobiles, ■ along
excise
"Information and statistical data
Amusement.———;——.
Building
corporations and repeal of the
on
companies:
S.
profits tax
of the 95% excess
war
Debt Limitation as of July 31, 1944
Statutory
modification at once after the
or
report showing
Government
8;
-U.
Price
Market Value
Group—
30,1944Average
Market Value
raised
by present * rates."
'
He said that he expected repeal
on
farms, etc
are 113,582 bales consumed; 87,956
of
individuals
and
-
(
.
i*.
^
Volume
Number 4310
160
THE COMMERCIAL & FINANCIAL CHRONICLE
Bankers' Dollar
Changes In Holdings Of Reacquired Stock
AQceplances Outstanding On
July 31 Decrease To $110,250,000
Of N. Y. Stock & Curb Listed Firms
The New York Stock Exchange issued on Aug. 16 the following
\
tabulation of companies reporting changes in the amount of stock
held
heretofore reported by the Department of Stock List:
as
Shares
Shares
Previously
Reported
Report
1,053,199
American
Locomotive
American
Safety Razor Corporation,
Company, 7%
Associates Investment Company,
Investment
Associates
Atlantic
Atlas
Gulf &
Company,
Indies
West
Corporation,
common
6%
Atlas Corporation,
cum.
preferred-——
capital-—
5%
cum.
„—
21
45,321
2,900
3,000
63,892
68,299
'
——
preferred———————————
loss of $28,442,000.
a
one
The Reserve Bank's report follows:
-
t.
64,696,000
66,716,000
Philadelphia
6,715,000
6,357,000
7,203,000
Cleveland
1,876,000
709,000
1,443,000
are
>.760
5
Richmond
1,036,000
1,719,000
as
6
Atlanta
1,189,000
3,115,000
2,019,000
4,059,000
5,273,000
937,000
687,000
but in
69,000
273,000
ing is apparent and the situation
None
2,800
v
>
None
(1)
100
670
124,206
49,100
(2)
2,419
3,200
2,676,000
9
Minneapolis
Louis
Kansas
4,247,000
747,000
64,000
+
City
11
5,980
38,200
July 31, '43
Chicago-—
Dallas
12
None
'44
$18,999,000
—
St.
10
37,600
June 30,
$20,450,000
..
York
8
1,200
San Francisco
142,000
108,000
549,000
7,601,000
9,417,000
Grand
84,414
Total
$111,675,000
$138,692,000
Decrease
$110,250,000
—!
for
month
for
32,800
100
16,284
16,584
95
93
Exports
2,642
2,304
954,125
8,834
9,034
1,220,100
—
,—
preferred
Century Fox Film Corp.,
Imports
1,104,125
1,223,956
common—_
common.—_____
July 31,'44
$72,319,000
"
Sterling Drug, Inc., capital—_
Transamerica
Corporation,
capital——
United Merchants & Manufacturers, Inc., 5% cum, pfd.—
Universal Laboratories, Inc., preferred.—————
Twentieth
ACCORDING TO NATURE
9,467
None
Corporation of California, common
Plymouth Oil Company, common———.
Safeway Stores, Incorporated,'5 % cum. preferred—.___—
+
3,225
Based
-A-
3,275
6,712
^
$73,943,000
exchange
11,809,000
10,764,000
8,858,000
9,152,000
9,785,000
15,005,000
Domestic warehouse credits
14,734,000
25,507,000
193,000
226,000
195,000
2,146,000
2,856,000
9,925,000
_
goods stored in
on
or shipped
foreign countries.
between
_
(3)
1,568
58,831
—
shipments
July 31, '43
$81,471,000
June 30, '44
64,831
BILLS HELD BY ACCEPTING BANKS
notes
(1)
(2)
Own
Acquired 100; retired 18,450.
Acquired 5,900 shares; disposed of 81,006 as bonus to employees.
Figures adjusted to reflect status after merger in June of 1943 and
.
(3)
quent changes
date.
to
bills——$46,498,000
subse¬
CURRENT
MARKET
18 the
90
&
Carman
Co.,
&
385,460
C
605
55,698
44,163
42,077
80
180
34
Feb.
7,017
Mar.
31
26
27
Apr.
30
29
Trunz, Inc.,
United
—.
19,456
19,595
May
common.
12,243
12,247
June 30
common
Cigar-Whelan Stores Corp.,
July
June Hotel Sales
Higher
Horwath & Horwath, New York, public
accountants, report that, "nearly all the cities and sections had larger
gains over a year ago in June than in May, and the over-all increase
in total sales was 12% compared with 9% the month before. The
Pacific Coast led with one of 15%, followed closely by New York
City with 14%; and proof that the whole country is sharing in the
present good business is found in the fact that the third largest im¬
provement is scored by the group of widely scattered miscellaneous
hotels. All Others; its pickup in total business over June, 1943, was
its August bulletin,
In
13%."
•
'
.
the report, "the rule for quite a long time was
restaurant than in room sales, there is now
a tendency in the other direction, and our table actually shows two
small declines of 1% each in restaurant sales, from a year ago—for
V
"Whereas,"
says
much larger increases in
Philadelphia and Cleveland. Both were caused by considerable drops
in beverage business and Texas too shows one in those sales.
A
strikingly contrasted picture is presented by the Pacific Coast, which
not only has a larger increase in restaurant sales than in rooms, but
also a much larger one in beverage sales than in food—28% compared
with 15%.
Nov.
194,220,000
Dec.
197,278,000
Jan.
•
139,304,000
—
123,494,000
118,581,000
31-——
30—
1943
Oct.
30
Nov.
30——
111.2K9 UQP
Dec.
119,682,000
Jan.
31
Feb.
190,010,000
1
.
135,815,000
139,846,000
July
127,062,000
129,818,000
128,350,000
May
June
30
July
116,814,000
/
138,692,000
27—:
Mar. 31—
156,302,000
—
31
31
—-
31—_
120,497,000
Feb.
29—
134,772,000
Mar. 31—
129,358,000
Apr. 29—— 125,566,000
May 31
113,139,000
June 30—— 111,675,000
Apr.
182,675,000
177,293,000
—
173,906,000
.L 162,849.000
31-
1944—
30-——
30
29—
—-
110,250,000
31
Steel Output Again Declines — Orders HeavyWar Pressure Continues—General Buying Lags
"Factors, more or less non-operative since America entered the
have begun to creep into the steel industry market within the
past few weeks," the "Iron Age" states in its issue of today (Aug. 24),
further adding: "While some of'them are still quite weak-, others bear
all the earmarks of those items which, during normal times, estab¬
lish definite trends in the iron and steel industry.
"Within the past week the scrap^
markets throughout the country the shell steel program is exert¬
have become definitely weaker, ing the greatest effect upon stee]
which has been reflected, either production schedules.
The Pitts¬
by actual quotations and sales be¬ burgh area, where demand for
low the OPA ceilings or by a heavier products is predominant,
complete lack of activity. In nor¬ shows little or no sign of slack¬
war,
mal
times
such
factors
have
al¬
indicated the imminence of
downward trend in scrap prices.
ways
a
Whether
or
not
this
will
mate¬
ening order volume. Current re¬
ports of restricted buying and
heavy cancellations are not borne
out in that area.
Practically all
major steel districts report no
heavy volume of cancellations.
this month is a new high average occupancy of rialize in the present case remains
94% for New York; the lowest ever recorded for that city in these to be seen, but district reports
reports was 37% in July, 1932, and the. lowest for any June was 47% seem to definitely indicate an,
"Tonnage for the principal out¬
that same year—exactly half that for June, 1944." The firm supplies overall lower level in iron and
standing war programs now ap¬
the folloWing statistical data:
steel scrap prices.
The defeat of pears to have been placed with
"Worth noting
JUNE,
1944, COMPARED WITH JUNE,
Occupancy
York
New
City.
Chieago
.
+
+
14%
7
Restaurant
Rooms
>+14%
+
Philadelphia
+
4
5
+ 11
+
3
+
Detroit.
Pacific
All
•y
_.
——-
others
15%
—
:
8
+
5
82
82
+
7
+
2
+ 13
96
93
+
7
+ 12
—15
87
85
+
5
+
+
8
+
4
+ 11
+ 14
8.,
1
91
89
28
85
81
+
—15
92
92
4-
4
+ 16
+ 11
87
81
+
3
+ 21
+ 15
7
+
—
12
+ 14
+
+
;
7
+
15%
+
12%
88%
84%
+
5%
+
17%
+
17%
88%
83%
+
5%
88%
84%
+
5%
+
10%
+
11%
+17%
1344-—— +12%
+
10%
+ 14%
+ 15%
Date.
3
1
+14%
to
7%
+
1
Total——+12%
Year
+
84
4
+ 19
+
88%
88
Deer.
+
—
+ 10
5
94%
or
8
+ 12
+
5
1943
+
+ 15
+ 13
+ 15%
1944
7
+ 12
—
Coast
Texas
+
Beverages
—
+. 7
+
Cleveland
Food
June
+
8
Washington
+15%
Ratet
Increase
June
Total
Total41
Room
1943
Increase or Decrease-
-Sales,
LAST
SIX
Germany, which apparently is be¬
in the present
scrap
market movements, will,
when it becomes a definite fact,
probably have a more concrete,
effect upon .scrap quotations. Declines
in quotations of various
ing
anticipated
springboard payments, a device
for bringing scrap in from out of
the district, is practically univer¬
sal.
MONTHS
fune,
/[ay
—
/larch
February
fanuary
9
+
7
+ 10
+ 11
+
8
88
85
+
4
+14
+
11
+ 18
+ 18
+ 17
88
83
+
5
+16
+
12
+ 19
+ 19
+ 20
88
83
+
6
+17
+18
+ 13
+ 21
+ 20
+ 22
88
82
+
5
14
+ 22
+ 21
+ 23
87
81
+
6
+
—.—
Lpril
-
„——
—;
_
12%
+
"rates" wherever used refers to the average sales per occupied room
,nd not to scheduled rates.
•Rooms and restaurant only.
tThe
f'rm
eastern
any
request of
Some jobbers are
possible exception of the shell
steel program. Reduced buying as
result of war contracts is expected
as
an
is
"Plate
buying is easier, with
offering December
"Work
has been
allocation
of
steel
completed on
requirements
for
fourth quarter with tonnage
practically the same as for third
quarter.
It is understood it is at
about 110% of rated capacity. Tin
plate export requirements have
increased for fourth quarter, the
Tin Plate Advisory Committee has
been told.
Production require¬
ments for fourth quarter will be
750,000 tons.
The major portion
of 148,000 tons earmarked for ex¬
port has been allocated for lendlease requirements of about 82,000 tons, the remaining tonnage
being allotted to Latin-American
requirements."
Williamson Quits Bank Post
Frederick E.
of
rector
the
Williamson,
Federal
a
di¬
Reserve
Bank
of New York since Jan.
1942,
has, for
tendered
rector^
the
1,
of health,
his resignation as a di¬
reasons
The board of directors of
bapk, ,at its meeting held on
August 17, accepted Mr. William¬
son's resignation, said Beardsley
Ruml, Chairman of the board of
the bank on Aug. 17.
He added:
"Mr. Williamson
a
was
elected
as
class B director of this bank for
term of three years ending Dec.
31, 1944, by member banks in
Group 2 which consists of banks
with capital and surplus of more
than $300,000 and less than $10,000,000.
a
"In view of the fact that a reg¬
ular
election
by
the
member
banks in Group 2 is scheduled to
in
the
coming be held this fall for the purpose
Significant along this line of electing a class A director and
\
is the report that the Maritime a class B director for the threeCommission, which has been an year term commencing Jan. 1/
grades of scrap have been noted exceptionally
heavy
buyer
of 1945, a special election will not be
this week in such districts as New
plates may become a less impor¬ held for the purpose of electing a
York,
Philadelphia,
Pittsburgh tant' customer towards the end of director to fill the unexpired por¬
and Cleveland, and the absence of the
year.
WPB is understood to tion of Mr. Williamson's term
"On the steel order
+
the
tried to
most producers
and January.
<j*
,
130,244,000
117,016,000
114,883,000
116,067,000
118,039,000
An
reported that he
received
doing
have
much business as for¬
increasing disposi¬
shown by consumers to
take steel as it is due, without
seeking to advance their orders.
Aug. 31—
Sept. 30
1943—
28
76,321
6,917
Oct.
193,590,000
•
31
76,021
«
Sept.
30_
184,806,000
—
1942—
Jan.
$
31
176,801,000
31
31—
>
457
1942-
Aug.
197,472,000
29
Dec.
44
,
j
NOV.
not
tion
y2
30
Oct.
12,095
12,045
common——
had
producer
merly and
_.
30
3ept.
46,163
41,086
453
$1.20 conv.
Co.,
shipments.
not
—
1941
Aug.
56,748
-
pref.—_____
Motors Corp.,
least would
170
The following table, compiled by us, furnishes a record of the
of bankers' acceptances outstanding at the close of each
month since June 30, 1941:
Starrett Corporation, v. t. c. common———;,
Petroleum
at
obtain
this character.
volume
'
9,566
Corporation,, common—
Paramount
Root
condition of mills is recognized/
if the situa*
tion were as tight as recently buy¬
it is pointed out that
i7<r
•He
j/2
producers
up
11,056
9,366
V
common-
preferred-
Equity -Sorporation, $3 conv. preferred——!
Esquire, Inc., capital—
General Finance Corp., 5%
"A" preferred—
Lane Bryant, Inc., 7%
preferred———
Midland Gil Corporation, $2 conv. preferred.
Nehi Corporation, first preferred———
Ogden
385,472
530
"A"
6%
1944
14,
AUG.
Dealers' Selling Rates
there have
While it is true the sold-
assert.
%
_.
180
Report.
^
10,869
"A";—
Co.,
Mfg. Co.,
BANKERS
so,
advance tonnage, some
Per Latest
Previously
Reported
common—
class
Inc.,
Manufacturing
Detroit Gasket
ACCEPTANCES,
PRIME
position to do
a
been relatively few requests from
consumers
or
warehousemen for
plate
150
Company and Class of Stock—
Dennison
ON
,\V'V.
__
120
Shares
Shares
Corp.,
.$1,188,000
60
changes in their holdings of reacquired stock:
Total—$87,707,000
others—$41,209,000
permitted to begin ship¬
against the following,
y2
30
General
of
for month—
Dealers' Buying Rates
Days
following list of issuers of fully listed securities which have reported
American
RATES
-
The New York Curb Exchange made available on Aug.
Bills
Increase
"At mid-August, when produc¬
ers were
ers
•
.
eas¬
is irregular.
in
CREDIT
11,729,000
Domestic
Dollar
OF
other directions
month's commitments, if they are
34,200
9,267
Pacific Finance
for essential war needs
some
ments
.$28,442,000
year—
not placing as much business
recently. Mills are under heavy
pressure
11,275,000
—
3,220
v.
84,413
New
pause
DISTRICTS
July 31, *44
Boston—
7
200
530
2,429
RESERVE
"
Company,
indica¬
4
—
Pen
definite
3
2,100
——
A.i
"Increasingly
None
-V
1
2
10,389
OUTSTANDING—UNITED STATES
ACCEPTANCES
Federal Reserve District—
2,000
'
——
Corporation,
follows:
2,140
DOLLAR
BY FEDERAL
•
—
(W.
of the iron and steel mar¬
kets on Aug. 21, stated in part as
None
13,841
None
10,159
Corporation, common
Jewel Tea Company, Inc., common™—™——
Kalamazoo Stove & Furnace. Co., Capital
1-—
Madison Square Garden Corporation, capital—
Mead Corporation, The, $5.50 pfd.
"B"Nash-Kelvinator Corporation, capital
Newport News Shipbuilding & Dry Dock Company—
$5 cumulated convertible preferred———
Norfolk & Western Railway Co., adj. preferred———
Oil
ago.
year
"Steel" of Cleveland, in its sum¬
mary
$28,442,000
79,809,000
13,838
v
Engineers Public Service Co., Inc., $5.50 cum. diyd. pfd.—
Engineers Public Service Co., Inc., $6 cum. divd. pfd.™—
Florsheim Shoe Company, The, class "A" common
Franklin Simon & Co., Inc., 7% cum. pfd——!———
Sinclair
Th^
its
BANKERS
14,360
160,392
_—
Sheaffer
ago.
tion that the European war is in
25
15,256
136,292
—„
Motors
July 31 total represents
year
operating rate for the week be¬
ginning Aug. 21 is equivalent to
1,692,800 tons of steel ingots and
castings, compared to 1,719,600
tons one week ago, 1,717,800 tons
one month ago, and 1,732,500 tons
18,350
Corporation, 5V2% cum. preferred—
The, capital!
!——'„!
Bucyrus-Erie Company, 7% preferred—
Consolidation Coal Company, preferred--™™
Copperweld Steel Company, cum. conv. pfd.„——
Crucible Steel Company of America, 5% conv. pfd.„_
Davega Stores Corporation, comraoiij_^-!—Engineers Public Service Company, Inc., $5 divd. cum. pfd.
Company,
General
on
o$e
monthf ago,
one
closing phases is bringing a
in placing of steel orders
for both near and remote delivery.
"Little change is apparent in
pressure for delivery of tonnage
already on books but consumers
19
Barker Bros.
Borden
48,000
45,076
common.———————
Steamship Lines, pfd.;
outstanding
decrease of $1,425,000 from the June
a
comparison, imports, domestic shipments,
dollar exchange, and those based on goods stored in or shipped be¬
tween foreign countries were lower, and exports and domestic ware¬
house credits were higher, while in the yearly analysis all the items
for July, 1944 are lower than a year ago.
12,700
•
1,000
None
July
30
total, according to the monthly acceptance survey issued Aug. 14 by
the Federal Reserve Bank of New York.
As compared with a year
$110,250,000,
Aug. 21, compared with 96.0%
week ago, 95.9%
and
99.4% one
In the month-to-month
1,083,989
10,700
_—
preferred—
The volume of bankers' dollar acceptances
31 amounted to
ago, the
Per Latest
Company and Class of Stock-
819
ket
trends this
week
front,
are
be
considering
mixed.
This is
especially true in such centers
as
Pittsburgh and Cleveland where
a
reduction in the
ending Dec. 31, 1944."
Maritime steel directives for De¬
cember."
The
mar¬
Currently orders are heavy, ship¬
ments are strong and backlogs are
undergoing little change.
materialize
to
months.
x
American
Iron
and
Steel
Eddy Envoy To Arabia
On August 11 the Senate con¬
Aug. 21 announced
the nomination of Col.
that telegraphic reports which it firmed
Institute
had
on
received indicated that the William A. Eddy, of the U.-S. Ma¬
operating rate of steel companies rine
Corps, as a special Envoy ancf
having 94% of the steel capacity
Minister Plenipotentiary to the
of the industry will be 94,5% of
capacity for the week beginning Kingdom of Saudi Arabia.
•
-
.
:
/'
./•
•
•
1
MOODY'S BOND
U. 8.
Avge.
C-ovt.
Daily
Corpo¬
112.75
119.88
21
12
118.60
117.20
111.25
119.20
116.80
11L62
99.04
103.30
114.08
117.00
107.09
117.00
113.31
108.16
92.06
96.54
111.62
114.08
119.84
112.56
118.60
119.88
112.56
118.60
120.01
112.56
118.60
120.03
112.56
118.60
120.00
112.56
118.80
5__
120.05
112.56
118.80
4
120 08
112.56
118.80
___
3.—
120.14
112.56
120.14
112.56
118.80
1
120.09
112.56
July 28
120.10
112.37
118.80
118.60
120.18' 112.56
118.60
120.23
112.56
118.60
7
120.27
112.56
118.60
June 30
120.15
112.37
117.20
117.20
117.20
117.20
117.00
117.20
118.80
2
118.60
'
21
14___
*
120.13
112.19
118.40
120.01
112.19
118.40
9
23
12
16-
—
119.88
112.19
118.60
2
119.99
112.19
118.60
26
119.66
112.19
118.40
19—
i
119.59
112.00
118.60
119.48
112.00
118.60
5
119.48
111.81
118.40
Apr. 28
119.35
111.81
118.40
119.68
111.44
118.20
Mar. 31
—
25
111.25
118.20
119.47
111.07
118.20
1344
High
120.21
28—
Feb.
Jan
120.44
112.75
118.80
119.34
110.70
118.20
1944
Low
1943
High
114.08 117.20
114.08 117.20
114.03 117.20
114.08 117.40
114.08 117.20
114.08 ' 117.20
114.08 117.20
114.08 117.00
114.08 117.20
J 14.07 11
106.92
106.92
106.92
106.92
106.92
106.92
106.92
106.92
106.74
106.74
106.92
106.92
106.74
106.74
106.92
106.74
106.56
106.56
106.39
106.21
106.04
106.04
105.86
105.69
105.86
120.20
118.80
7
May
103.30
103.30
103.30
103.30
103.30
103.30
103.30
103.30
103.30
JO9.30
103.30
103.30
103.30
103.30
103.30
103.30
103.13"
103.13
103.13
102.96
102.80
102.63
102.63
102.46
102.46
102.30
102.13
101.64
101.47
101.47
100.81
119.41
118.80
112.75
i
117.20
Jj^PW 1943
100.32
100.16
103.30
99.04
99.36
114. C8
114.27
114.27
114.08
114.08
113.89
113.89 v
113.70
113.89
117.20
117.00
117.20
117.20
117.20
117.20
117.00
117.20
117.40
117.40
117.40
117.20
117.23
117.20
113.89 117.00
113.89 117.00
113.89 116.80
113.89- 116.80
113.70 116.41
113.70 116.41
113.70 116.22
105.86
105.86
105.52
105.52
105.34
104.66
104.31
104.14
106.92
103.30
103.47
92.35
114.27
114.27
114.08
114.08
114.08
2 Years
117.93
U. S.
1944—
rate*
Aug. 22
1.81
3.02
2.72
1.81
3.02
2.72
2.79
19
Stock Exchange
Indus.
3.34
2.94
2.79
3.34
2.94
3.04
3.55
3.34
2.95
2.79
3.34
2.95
2.79
2.79
3.04
1.81
3.03
2.72
2.79
3.04
3.55
3.34
2.95
3.03
2.72
2.79
3.04
3.55
3.34
2.95
14—
1.80
3.02
2.71
2.79
3.04
3.55
3.34
2.95
1.81
3.02
2.71
2.79
3.04
3.55
3.34
2.95
11
1.81
3.03
2.72
2.80
3.04
3.55
3.34
2.95
2.79
3.34
2.95
3.35
2.95
•'
3.35
2.94
2.94
3.34 '
2.89
2.79
3.05
2.72
2.80
3.05
3.55
2.72
2.80
3.05
3.55
2.71
2.80
3-05
3.55
2.80
3.05
3.55
1.79
3.03
1.79
5—L—
3.03
tl.80
8——
3.03
2.71
-
v
;
'1.79
3.03
2.71
2.80
3.05
3.55
3.35
2.95
2.79
3
1.79
3.03
2.71
2.80
3.05
3.55
3.35
2.95
2 :.o
2
1.79
3.03
2.71
2.80
3.05
3.55
3.34
2.95
2."3
2.80
3.05
3.55
3.35
2.95
2.7°
4
——
3.03
2.71
1.79
3.04
2.72
2.81
3.05
3.56
3.36
2.94
monthly for 1943, according
the American Zinc Institute.
moving upward to a new high
the
at
tons
of
end
of
the
The slab zinc statistics for June
and
in
July,
tons,
compare
1.79
3.03
2.72
2.80
3.05
3.56
3.36
2.94
June
July
*73,067
2,436
72,947
2,353
*65,488
62,951
Production, dally —1
^ Shipments:
14—
1.78
3.03
2.72
2.79
3.05
3.56
3.37
2.95
2.78
1.78
3.03
2.72
2.80
3.04
3.57
3.38
2.95
2.78
"
Domestic
Export,'etc.
1.79
3.04
2.72
2.81
3.06
3.58
3.39
2.96
2.78
1.79
3.05
2.73
2.81
3.06
3.59
3.39
2.96
2.79
—
1.80
3.05
2.73
2.82
3.06
3.59
3.40
2.97
2.79
—
1.82
3.05
2.72
2.82
3.07
3.60
3.41
2.96
2.7Q
1.81
>L 3.05
1.84
,3.05
2.73
2.81
3.07
3.61
3.06
2.72
2.81
3.07
3.62
June 30
23
16
9
2
May 26—i
1.84
19—,—
f
3.07
2.81
2.72
3.60
2.96
3.40
3.40
'
2.80
2.95
3.40
V
2.80
2.96
2.81
297
—:
*65,785
62,951
224,953 " 234,949
'•Totals
Stock at end
••.
.
•'
zinc during
of slab
Production
the first
—
—
•Corrected.
months of 1944 to¬
seven
name
Apr. 28
lard H. Dow,
Mar. 31
1.83
3.09
2.74
2.83
3.10
3.70
3.47
2.97
2.84
3.10
2.74
2.83
3.11
3.73
3.49
2.98
2.74
2.84
3.11
2.74
3.50
2.99
2.83
M.
2.74
2.84
3.12
3.81
3.55
3.00
2.85
week.
1.77
3.02 i
2.71
2.78
2.03
3.55
3.34
2.94
2.78
3.31,
2.81
2.96
3.23
4.25
3.93
3.07
3.09
2.68
.oirrt'ji:;
2.80
3.07
3.79
3.54
2.94
2.78
21.
1.84
1943.
3.iOiS '2.69
2.81
3.08
3.81
3.55
2.95
2.80
/<>
riov.::
3.33
2.02
1942.
22,
..
dn 12.80
from
4.27
3.27
2.99
3.97
3.08
2.95
yields on the basis of one "typical" bond
(3%% coupon, maturing In 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was published
•These
In
prices
are
Jan.
the issue of
computed
14,
1943.
average
202.
page
Non-Ferrous Metals
To
—
Lead
"E. & M. J. Metal and Mineral
Markets," in its issue of August
17, stated: "Demand for September lead was quite active during the
last week, with consumption at close to peak levels.
Call for copper
and zinc for
delivery next month remained on the conservative side,
indicating that consumers expect to encounter no difficulties in ob¬
taining all of the metals required for the war program and limited
civilian products. WPB issued an-19>of its orders
one
on
recon¬
Government's stockpile of copper
June
version, but immediate results in
on
expanding
tons.
ferrous
consumption
metals
of
for civilian
non-
needs
likely to be insignificant, the
trade believes, as the manpower
are
He
30
amounted
279,000
added, however,
the basis of present
stockpile
to
is
Atha^Aon
program's(,the
expected to
drop
to
around
130,000 tons a year .'from
Industry authorities
problem dominates the entire pro¬ that date.
gram.
Quicksilver on spot was were at a loss in trying to calcu- j
how
this
substantial
firmly held and slightly higher late just
prices were paid in this market." lowerng of the stockpile could be
about.
The
stocknile
The publication further goes on brought
probablly increased during July
to say in part:
v>.
w
and
Copper
Donald M.
revealed
on
asked WPB
He
to
remove
Nelsdn; Imad of WPB,
Aug.
15,
that
at
from
controls
all
once
the
industry and to per¬
mit it to function as a private in¬
magnesium
Such a course, Mr. Dow
maintains, would save the people
money, because the Government
dustry.
could
a
true
would
other
and
Controls
unchanged last week at 23 %d.
tons, whicn compares with 1,233,712 tons in the same period last
the American Iron and Steel
Institute reports.
accounted
for
Hot-dipoed plate
76%
of
the
total
the Jan.-June period
of the current year, and electro¬
lytic 24%. Consumption of tin by
the tinplate industry amounted to
about 12,000 tons in the half-year
period,
at
continued
silver
domestic metal at 705/sC.
in
according
trade
to
during
United
dropped to
low for the war
June
69,443 oz., a new
according
oeriod,
leased
The market for tin was feature¬
Straits
quality tin for ship¬
ment
was
follows, in cents per
as
pound:
Aue.
10
11
Aug.
12
Aug.
15
Aug.
Oct.
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
-
14
Aug.
Sept.
52.000
52.000
___
16—
52.000 *
i
52.000
Chinese,
or
at 51.125c per
99% tin, continued
statistics
that
of
Coppfer
deliveries
figures
Statistics.
Production
May was 82,318 cz. and
last year
on
The
stitute.
Aug. 17 by Holgar
President of the In¬
Johnson,
division will or¬
new
in the women's
of reach¬
activities
ganize
field with the objective
ing both the women who are own¬
ers
of life insurance and those
who
It will
beneficiaries.
are
co¬
women's or¬
ganizations,
assist in
program
planning for local groups and help
in the
preparation of magazine
operate with national
pound.
481
the
in
oz.
same
and
-as
the
week
programs
audiences.
woman
seeking
sales,
to
carry
the
about
life insurance to the women of
the
Mrs. Eberly's first busi¬
ness activity was in the organiza¬
tion formed during World War I
known as "Fatherless Children of
country.
France."
She
later
put
was
in
charge of the office of 35 persons,
directing the activities of 90 com¬
throughout
the
United
Mrs. Eberly be¬
of the New York
Bureau
Service
"Herald Tribune," and in 1943, she
undertook
a
special project for the
of Inter-
Coordinator
of
Office
exhibit
an
on
748,last
and
lecture
"Inter-American
in the War Effort."
50
before
period
1940,
In
assistant director of the Club
of
in June
505,560 oz,, against
was
radio
and
to
rected
American Affairs, being in
for the first half of
charge
series
Cooperation
She lectured
organizations through¬
this project.
graduate of Bar¬
nard College, is taking over the
out the country
Mrs.
new
Eberly,
on
a
division of the Institute this
will
initiate activities
month
Moody's Daily
Commodity Index
Tuesday,
Aug.
Wednesday,
Thursday.
Friday,
15,
Aug.
__
18
250.3
250.8
250.6
250.6
250.4
___
19___
Aug.
Saturday;
249.8
250.1
_—
17
Aug.
Aug.
1944
16_'_
Monday, Aug. 21
Tuesday,
Two
Aug.
weeks
ago,
ago.
22—
ago,
249.2
Aug. 8—_
July
Aug.
—
249.0
22
21,
_
1944
High,
_.
245.0
—
1943
High, April 1„
249.8
_
and
among
1943
Spot and nearby quicksilver was
held
articles
in
year.
Year
tightly
announced
J.
of
112,709 oz.
Gold output
1944
re¬
by the American Bureau
Metal
Month
Quicksilver
showed
to
esti¬
less.
Aug.
of
Stevens Eberly, was
Mrs. Marion
States.
mates.
Aug.
of Life
mittees
Gold
Low, Jan. 2
July
the Institute
foreign
with
44%c.,
Production of gold in the
Shipments of tinplate during the
1,276,428
shipped
ounce.
factors
local
The New York Official for
States
-
Women's
a
Insurance, under the direction
came
Tin
August.
The
London
The
petitive basis.
year,
an
price relationships.
market for silver
tend to distort
was
$1.06
authorities point out
obtaining for precious
foreign markets are not
reflection of what sellers
obtain in a free market.
buy magnesium on a com¬
first half of 1944 totaled
Consumption Close
Peak Levels—Slab Zinc Stocks Ai New High
other
Donald
informed
Nelson, Chairman of WPB, last
to around
vanced
2.93
1.79
2 Years Ago
Aug.
Co.,
2.84
3.11
•3.13
1 Year Ago
Aug.
Chemical
1.87
of
Institute
the
facts and fundamental data
against
2.83
1.81
ad¬
has
Bombay
at
price
of
not
2.83
2.97
1.87
offering Lend-Lease metal
from the United States.
Establishment
Division
metals in
2.81
2.97
3.43
25
the
inflationary
trend in silver prices in that mar¬
combating
is
Forms Women's Div.
Monetary
2.96
3.42
3.66
2.08
forward
October
metal.
nearby
Institute Of Life Ins.
that prices
3.42
3.66
3.08
1943
parcels bringing from
$106 to $108 per flask. Production
for
July
probably
was
even
smaller than '{ that of June, and
August may drop below the July
level, according to trade authori¬
ties. Most of the buying interest
has
been confined to
spot and
with small
give ample insurance
3.65
3.08
2.82
1943
low
kind of shortage, WilPresident of the Dow
2.81
2.82
2.73
Low
the
as
any
2.72
2.73
1944
flask
regarded $105 per
on round
lots,
sellers
ended
di¬
Its
functions will be educational and
3.06
1944
291,000, is 47% below the
ing period in 1943.
to
as
3.07
Low
months of 1944, $1,554,$2,921,188,000 reported for the correspond¬
financing for the seven
New construction
and the stockpile
(about
100,000,000 lb.) is of such propor¬
port,
3.07
High
departmental construction.
priations for military and
The
1.86
'iligh
a
obtained
28
for July totals $1,111,014,-
capital for construction purposes
volume that compares with $2,424,122,000 in July, 1943. The
current month's financing is made up of $8,650,000 in state and
municipal bond sales; $500,000 in corporate security issues; $330,000
in RFC loans for construction; and $1,101,534,000 in federal appro¬
000,
ket by
1.85
Jan.
New Capital
New
either for domestic use or for ex¬
1.85
Peb.
seven-month construction to
$2,062,540,000 reported for the
period in 1943. Private construction, $239,774,000, is 6% lower than
last year, and public work, $810,617,000, is down 55% due to the 60%
drop in federal volume.
State and municipal construction is 9%
higher than in the first seven months of 1943.
July volume brings the 1944
is en¬
tirely capable of supplying all
possible needs of the Government,
The magnesium industry
tions
25,460,000
94,808,000
$1,050,391,000, a total 49% below the
566,893
5
341
Municipal
______
tons, which com¬ quotations are wholly nominal.
with 556,912 tons in the
Silver
period last year.
Press
advices
from
Bombay
Magnesium
state that the Indian Government
taled
pares
2.79
1.79
1-
and
State
Federal
—
___
as
follows:
2.80
21
July 28—
v
of slab zinc during
amounted to 62,951 tons,
which compares with 65,785 tons
:n June and an average of 73,930
Shipments
2.73
2.94
2.72
3.03
Public Construction
July
2.80
3.34
3.03
1.80
7
v
following receipt of alloca¬
Washington.
tion certificates from
2.79
1.81
—
9
3.55
S. Construction
Private Construction
The
2.80
—
10
>
Zinc
two,
(5 weeks)
Total U.
tons, against 119,818 tons
in the Jan.-June period of 1943.
Buying of zinc for September
delivery will increase in a day or
July, 1944
(4 weeks)
$158,561,000
r 38,293,000
120,268,000
June, 1944
(5 weeks)
$296,288,000 " $157,811,000
32,704,000
32,569,000
263,584,000
125,242,000
23,200,000
31,687,000
240,384,000
93,555,000
July, 1943
76,117
2.79
-
month, and the current month are:
.
produced 9,872 tons of
during June,
making the
for the first half of the year
2.79
12-
:
:otal
2.78
-
2.72
3.03
1.81
15
f
lead
,
week
Canada
' •
.'
month, last
engineering construction volumes for the 1943
Civil
previous.
2.79
1.81
16.
;
the
in
tons
2.79
3.55
17
.
-
tons,
however, public work is down 43% as a result of the 51%
federal.
State and municipal volume is 37% higher
in
decrease
for the
9,566
to
Production
2.79
2.72
7,344
against
Corporate by Groups'
Closed.
3.03
1.81
X18-—
of lead
sales
amounted
Output declined in July, but not
sufficiently to keep stocks from
3.55
3.55
3.04
3.03
3.03
2.78
21
:
than in the 1943 month.
requirements.
Domestic
week
tons
P. U.
for the five weeks of June, 1944, but 33% below the average for
five weeks of July,. 1943, as reported to "Engineering l\ewsRecord" and made public on Aug. 3. The report added in part.
Private construction, on the weekly average basis, tops last
month by 47% and is 46% higher than in the month last year. Public
construction is up 20% compared with a month ago as both state and
municipal work and federal volume report gains. Compared with a
the
year ago,
114.46
R. R.
Aaa
the
showing
16
Aug.
on
234,849
month.
Corporate by Ratings*
Aa ;
A
Baa
Corpo-
Bonds
ing the construction by military engineers abroad, American con¬
and shiobuildine, is 26% above the aver¬
their
Avge.
Govt.
Daily
$158,561,000 for July, an average of $39,640,000 for each of the
This weekly average volume, not includ¬
four weeks of the month.
quantity of foreign metal that will
be needed next month to cover
111.81
Prices)
(Based on Individual Closing
Averages
•
WPB
statements to
to mail
asked
have
Consumers
months.
cent
been
97.16
AVERAGES
MOODY'S BOND YIELD
engineering construction in continental United States to¬
Civil
tals
age
demand for lead
was
quite active during the last
week, following the trend of re¬
expected,
116.22
116.41
117.40
116.02
117.40
Ago
1942-
22.
Aug.
Engineering Construction $158,181,089
;:r'A^
■' in July
tracts outside the country,
Lead
to
1943-
21,
Aug.
in May.
113.50
113.31
114.27
113.12
114.27
1 Year Ago
.
in June, against 24,179 tons
copper
117.20
116.80
118.60
112.75
119.88
8..
v
114.27
111.44
112.56
119.92
9
..■>
106.92
107.44
119.86
—
10
•V
117.20
120.87
118.60
15
...
Indus.
114.27
As
117.20
118.60
118.60
112.56
12
.
P. U.
106.92
116.85
112.56
112.56
119.83
__
14.
4
103.30
103.30
112.37
112.37
112.37
112.37
112.37
112.37
112.37
112.19
117.00
112.19
117.00
112.19
117.00
112.19
117.00 112.19
117.00
112.19
117.00
112.19
117.00
112.19
117.00
112.19
116.80
112.19
117.00
112.19
117.20
112.19
117.00
112.37
116.80
112.00
116.80
112.00
116.61
112.00
116.61
111.81
116.80
111.81
116.80
111.81
116.80
111.81
116.80
111.81
116.61
111.62
116.61
111.62
116.41
111.25
116.41
111.07
116.22
111.07
117.40
112.56
116,22'. 110.88
117.00
111.81
113.89
108.88
119.84
____
i6
'
112.37
112.56
117.40
119.83
18
17
•
R. R.
Exchange Closed.
Stock
19
118.60
112.75
119.88
Aug. 22_
Corporate by Groups
Corporate by Ratings*
Aa
;
A v!
Baa
Aaa
rate*
Bonds
Averages
repairs, etc.
Canada produced 23,873 tons of
Yields)
(Based on Average
1944—
•:.
PRICESf
Thursday, August 24, 1944
Civil
anticfpated, and reflected tempo¬
rary slackening in activity at fab¬
ricating plants, due to vacations,
bond yield averages are
prices and
computed bond
-, Moody's
given in the following table:
lower
somewhat
was
ure
.
.
The fig¬
than
declined to 121,705 tons.
Moody's Bond Prices And Bond Yield Averages
'
,0
FINANCIAL CHRONICLE
THE COMMERCIAL &
B20
women's organizations for
this fall.« "The Women's Division
will be
one
added, "has long been under con¬
sideration
the fact
March
Jan.
5
17
women
be
by
a
as
recognition
women.
of
business."
most
division,
of
of the
force
in
beneficiaries.
women's
women,
prove
full
policies
130,000,000
240.2
251.5
247.0
in
that behind
everyone
Low,
of the Institute's im¬
portant undertakings," Mr. John¬
son said.
"Its establishment," he
are
This will
directed
in the sole interests of
On that basis,
it
should
invaluable
benefit' to
the
insurance
in
life
THE COMMERCIAL £ FINANCIAL CHRONICLE
Number 4310
Volume 160
Weekly Coal And Coke Production Statistics
-
The Solid Fuels Administration, U. S. Department of the Interior,
r
report, states that the total production of soft coal in
the week ended Aug. 12, 1944, is estimated at 12,110,000 net tons,
in its
latest
110,000 tons, or 0.9%, over the preceding week.
In
the corresponding week of 1943 output amounted to 12,150,000 tons.
Cumulative production of soft coal from Jan. 1 to Aug. 12, 1944,
totaled 389,530,000 tons, as against 360,311,000 tons in the same period
in 1943, a gain of 8.1%.
•'
•"
-A.'
According to the U. S. Bureau of Mines, production of Penn¬
of
increase
an
estimated
at 1,239,000 tons, an increase of 18,000 tons (1.5%) over the pre¬
ceding week. When compared with the output in the week ended
Aug. 14, 1943, there was, however, a decrease of 95,000 tons, or 7.1%.
The calendar year to date shows an increase of 7.2% when compared
sylvania anthracite for the week ended Aug. 12, 1944, was
corresponding period of 1943.
reported that the estimated production
beehive coke in the United States for the week ended Aug. 12,
with
the
The Bureau of Mines also
of
with the
tons less
1944, showed a decrease of 19,700 tons when compared
output for the week ended Aug. 5, 1944, and was 38,400
than for the corresponding week of 1943.
821
National Fertilizer Association Commodity Price
Index Continues Fractional Decline
The
weekly
wholesale
commodity
price
index,
compiled by
The National Fertilizer Association and made public Aug. 21, declined
fractionally to 138.3 in the week ending Aug. 19 from 138.4 in the
preceding week. A month ago this index registered 138.2 and a
year ago 130.1, based on the 1935-1939 average as 100.
The Associa¬
tion's report went on to say:
:
,
The farm products group receded slightly. Although there were
lower quotations on one grade of wheat, higher quotations on another
grade of wheat and on rye caused the grains index number to
advance slightly.
Lower prices on ewes more than offset the small
increase on cattle.
A sharp decrease in the price of eggs took the
;
foods group to
the lowest level in the last eight-week period. The
textiles group index number moved into higher ground, reflecting
higher prices for raw cotton and gingham. All other group indexes
remained unchanged from the previous week's level.
During the week seven price series advanced and three declined;
in
the
preceding week there were two advances and nine declines,
in
and
second
the
preceding
ther
week
nine
were
advances
and
four declines.
January 1 to Date
Week Ended
Aug.12,
and
Aug. 5,
1944
1943
lignite—
average
2,018,000
—
Aug. 14,
1943
1937
1944
by
The
I"*'^
/,
%
National
PRICE
Fertilizer Association
'
'•
Latest Preceding
Week
Aug. 19,
Group
Total Index
Aug. 12,
1944
25.3
1944
Foods
Month
Year
Ago
Ago
July 22,
Aug. 21,
1943
1944
138.5
145.1
145.1
145.6
163.1
163.1
163.1
160.7
1944
1943
1937
1,334,000
1,281,000
40,364,000
38,751,000
37,665,000
36,158,000
32,370,000
30,752,000
-
Aug. 12,
.
by
the
is
the
or¬
importance
of
keeping credit files in "shipshape"
at this time.
"It is only the short¬
sighted credit manager," he says,
"who has failed to keep his credit
records up to date."
went
to say:
on
"Whether
Mr. Heimann
'
these
not
or
are
of
the
Government
normal
value
is
records
when
now
such
large
buyer, it is well to remember that
they will be indispensable the mo¬
ment
If
a
a
peace-time business returns.
credit executive does not have
his
ledgers clean and his credit
files full of adequate and up-tothe-minute
information
on
the
credit of his customers, he is fail¬
respon¬
nation
employment in the transition
riod from
Up-to-the-minute credit
will
records
of
ceptance
161.4
160.7
154.9
will
202.8
192.7
diate
154.9
158.9
146.8
the
157.0
pe¬
to peace-time pro¬
war
duction.
202.1
Farm Products
Aug. 14,
1943
Aug. 14,
point stressed
ganization
Cotton—
23.0
Aug. 14,
1944
§Aug. 5,. 't
1944
terminated."
Another
chief of the credit executives'
Grains
Calendar Year to Date
Week Ended-
+Aug. 12,
Penn. anthracite—
140.8
145.1
Cottonseed Oil-
(In Net Tons)
141.4
Fats and Oils
COKE
PRODUCTION OP PENNSYLVANIA ANTHRACITE AND
ESTIMATED
once
desires the avoidance of large un¬
Week
Each Group
3ears to the
INDEX
1935-1939=100*
:v.•':
1,428,000
v■ V
1,877,000
2,039,000
2,025,000
2,000,000
■"Subject to current adjustment.-:
COMMODITY
WHOLESALE
Compiled
l?.lcn.ona 339 .*->0 nno 300 011 n** 2V.rnr
Total incl. mine fuel 12,110.000. 12 ono.onn
Daily
Aug. 14,
"Aug. 12,
Aug. 14,
1944
Bituminous coal
WEEKLY
are
and methods of
war contracts
means
liquidating it
ing in his professional
sibility.
"Every person in this
PRODUCTION OP COAL, IN NET TONS
ESTIMATED UNITED STATES
-
study the,
accelerate
credits
contribute
of
ac¬
and
towards
production
flow
the
can
and
in
credit
imme¬
accelerating
to deserving
1,221,000
1,189,000
1,172,000
154.6
151.2
Fuels
130.1
130.1
130.1
122.8
Miscellaneous commodities.
132.2
132.2
132.2
131.0
8.2
1,239,000
tCommercial produc.
17.3
10.8
•Total incl. coll. fuel
Textiles
153.1
152.5
152.6
7.1
Metals
104.4
104.4
104.4
154.0
154.0
154.0
126.9
126.9
126.9
126.6
only the world's recovery but the
118.3
118.3
118.3
117.7
attainment
119.8
Livestock
Beehive cokeUnited
States
"Includes
total
washery
dredge
and
2,235,000
and coal shipped by truck from
^Subject to revision.
§ Revised.
authorized
coal
t Excludes colliery fuel.
operations.
4,768,700
4,751,200
163,200
144,500
124,800
6.1
__
_
_
Building materials
1.3
Chemicals
and
drugs
<:
.3
BY STATES
Fertilizer materials
Fertilizers
119.7
Farm
104.5
railroad carloadings and river shipments
(The current weekly estimates are based on
end
are
subject to
revision
on
receipt of monthly tonnage reports
operators.)
100.0
from district and
Btate sources or of final annual returns from the
21,
on
1943,
—
_
machinery
All groups
"Indexes
Aug.
v
104.5
(In Net Tons)
.
104.4
152.5
119.7
.3
ESTIMATED WEEKLY PRODUCTION OP COAL,
.3
150.1
'
».
base
138.4
were:
Aug.
19, 1944,
107.7; Aug,
12,
138.2
1944,
135.1
107.8,
and
105.2.
Aug. 7,
1937
1944
373,000
402,000
361,000
253,000
5,000
5,000
5,000
2.000
1
1944
State—
Alabama
Alaska
"
-a
Arkansas and Oklahoma
*
90,000
Colorado—
-
130,000
145,000
1,000
1,000
1,440,000
570,000
-
'90,000
*
1,432,000
530,000
~
1,000
1,462,000
Georgia and North Carolina
Illinois
59,000
82,000
151,000
87,000
518,000
Engineering Construction Tops Week
Ago And Year Ago For Second Successive Week
41,000
39,000
37,000
168,000
181,000
138,000
92,000
Kentucky—Eastern
970,000
1,013,000
923,000
667,000
352,000
406,000
299,000
40,000
40,000
38,000
2,000
1,000
4,000
75,000
78,000
42,000
Civil engineering
235,000
35,000
Kansas and Missouri
Indiana.--—-
-ii
^lowa
*
Kentucky—Western
'Maryland™!
Michigan
_____
__
_
79,000
Montana (bitum. & lignite)
New Mexico.._
___
31,000
37,000
28,000
42,000
30,000
19,000
678,000
638,000
346,000
Utah
2,985,000
150,000
141,000
2,000
2,000
19,000
lignite)—
__
_
3,030,000 >'
130,000
124,000 y
106,000
46,000
370,000
386,000
397.000
272,000
30,000
28,000
22,000
30,000
2.1*1.000
2.200,000
1,142,000
1,155,000
983.000
154,000
_
Virginia
Washington
tWest Virginia—Southern
tWest Virginia—Northern——
Wyoming
154,000
158,000
*
lOther "Western States
.
i:y.
-
■?.'*
11,883,000
7,478,000
1,237,000
1,309,000
511,000
13,627,000
13,192.000
with
an
increase of 25%
current week's
The
and
the N. & W.; C. & O.; Virginian; K. & M.;
Grant,
Mineral
and
Tucker
B. C. & G.; and
tRest of State, Including the
§Includes Arizona and
counties.
.
of
a^ear
16% above
construction brings 1944 volume to $1,164,-
ago.
week, and the current week are:
S. Construction
Total U.
decrease of $602,000,000, or 7.6%, from
a
expendi¬
Aug. 17 by the War Production Board, which
reported:
daily war spending in July totaled
"Average
the lowest of any month
"From
"These
July 1, 1940, through July 31, 1944, expenditures
Construction
—
for war
"Monthly
expenditures
war
and the average daily rates from
quarter of 1941 to July, 1944,
following table:
inclusive, are listed in the
EXPENDITURES MONTHLY AND DAILY RATE
1941—July, 1944
January,
(In
1
i94i
2nd
millions of
■'■'■■■} '■'■'..-v-
•'
•'
1st
-V
Checks were Cleared
$684
897
1,253
1,797
25
26
26
25
monthly average
quarter monthly average
1942—12-month
total
•"
>
$27.4
34.5
48.2
71.9
$169.1
$272.9
310
312
7,416
26
—
7,808
25
312.3
—
7,948
7,493
7,918
7,957
February
March
„
_
.
,
27
25
27
26
294.4
299.7
293.3
306.0
7,355
26
January
April
:
52,406
85,135
total
1943—12-month
1944
Daily
Rate
Number of Days
Expenditures
quarter
4th
dollars)
Monthly
quarter monthly average
quarter monthly average
3rd
-
-
_
I-
May
June
~~~I
July
II"
Federal
economic
condi¬
prosperous
country depends
own
largely upon credit, both Governprivate. There has been con¬
and
some
discussion, some sound
in the opinion of many
of credit to
world.
with
bring health to a sick
However, we should begin
our
domestic
own
situation
and study the ways and means to
best
make
power
of
use
credit
as
line of business when
return to
the
we
peace-time production."
July Living Costs Up 0.6%
The
of
cost
living of the
family of
age
wage
aver¬
and
earners
lower-salaried clerical workers in
United
States
rose
0.6%
in
July, after having been unchanged
in June, according to the National
Industrial Conference Board's
port
released
further
Aug.
17,
re¬
which
stated:
"The
since
on
increase
first
the
in
of
living
the
year
costs
was
I
mula, the rise amounted to 22.1%.
The July index was 25.0% above
that for August, 1939.
"Food prices in July advanced
1.2% over those of June, reflect¬
ing increased prices of eggs, po¬
tatoes and oranges. Housing costs
rose very slightly — 0.1 % — after
remaining generally stable since
gains oyer last week are in July, 1942. There was no change
from June to July in the costs of
industrial buildings, and public buildings. Sewerage and
clothing, fuel and light, and sun¬
public buildings report increases over the 1943 week.
Subtotals for dries.
sewerage,
the
in
week
each
class
of
construction are:
waterworks, $376,000;
$1,541,000; bridges, $86,000; industrial buildings, $1,555,000;
commercial building and large-scale private housing, $934,000; public
sewerage,
buildings, $23,396,000; earthwork and drainage, $1,339,000; streets
roads, $5,128,000, and unclassified construction, $7,980,000.
1
and
-
■.*
285.2
282.9
"According
to
the
Conference
Board's index of living costs on a
wartime
were
budget basis, July costs
1.8%
July, 1943.
higher than those of
Food costs were 0.4%
week totals $1,lower;, than a year earlier, but
947,000, and is made up entirely of state and municipal bond sales. other items in the family budget
The week's new financing brings 1944 volume to $1,582,246,000 for
rose during the 12 months' period:
the 33-week period, a total that compares with $2,925,355,000 for the
housing
by 0.1%;
clothing by
New
capital for construction purposes for the
4.0%; fuel and light by 2.8%, and
sundries by 5.7%.
Debt
Liquidation Now To Prepare For Peace
Is Urged By Heimann Of Credit Hen's Ass'n
thMfnjnediate
"The purchasing value of the
dollar, based on 100 cents to the
dollar
in
1923
goods, was 95.2
cents in July, as comoared with
95.8
cents
in June, and with 97.0
of all in¬ cents in July, 1943."
dividuals, proprietorships and corporations," declares Henry H. Hei¬
mann, Executive Manager-on-leave of'the National Association of
PT Boat War Bond Exhibit
Credit Men, in his Monthly Business Review, released Aug. 15.- He
Believing that the continuous
points out that "Dollars are reasonably easy now, making it more
sale of tvar bonds is vital to an
advantageous to liquidate debt at this time than in the post-war
"Debt
'
-
UNITED STATES WAR
•••'■
34,328,000
4,758,000
29,570,000
Municipal
corresponding period in 1943.
and pay¬
appropriations and net outlays of the Reconstruction
Corporation and its subsidiaries.
first
Aug. 10,1944 Aug. 17,1944
$39,507,000
$42,335,000
7,844,000
2,800.000
31,663,000
39,535,000
7,301,000 VO; 7,540,000
24,362,000
31,995,000
Aug. 19,1943
$41,648,000
7,320,000
figures include checks cleared by the Treasury
able from war
the
this calendar year.
amounted to $207,200,000,000.
purposes
Finance
$282,900,000, as
The July daily expenditures
compared with $306,000,000 in June.
were
our
sound
a
In the classified construction groups
according to figures compiled by the Treasury Depart¬
ment and announced on
also
-
expenditures by the U. S. Government in July amounted
$7,355,000,000,
week ago and a
engineering construction volumes for the 1943 week, last
Civil
Private
July War Oosls Lower
tures in June,
of
reasonably
yeafl^nd^public work, $904,769,000, is down 53% as a result 1.1%; since January, 1941, base
the 58% decline in Federal work.
State and municipal volume is month of the "Little Steel" for¬
State and
to
a
051,000 for the 33-week period, a total 47% below the $2,183,450,000
for the 1943 period.
Private construction, $259,282,000, is 5% lower
Public Construction
War
over
week and last year.
7,989,000
Kanawha, Mason and Clay counties.
in
District
and
the
Public work,
gain of 15% over a year ago, is responsible for the higher total, as
private construction is 64% and 62% lower, respectively, than last
.
12,390,000
"Less than 1,000 tons.
Oregon.
95,000
13,221,000
tlncludes operations on
O,
"
*
<■
*
&
481.000
■;
,1,221,000
Total, all coal
B.
follows:
1,764,000
2,315,000
-
12,000,000
Total bituminous & lignite
the
country, and shipbuilding, is 7% higher than last week,
corresponding week last year, and 9% above
the previous four-week moving average as reported to "Engineering
News-Record" and made public on Aug. 17.
The report continued
2% higher than in the
as
thtft
than last
Pennsylvania anthracite
Panhandle
outside the
96,000
•3,000
construction volume in continental U. S. totals
$42,335,000 for the week, and for the second /successive week tops
both a week ago and a year ago.
The week's Voluble, not including
the construction by military engineers abroad, y American contracts
2,015,000
124,000
2,920,000
_
Texas (bituminous &
on
7,000
.
670,000
_
Pennsylvania (bituminous)
Tennessee
27,000
y
42,000
(lignite)
_
122,000
is.
'
30.000
.
__
North & South Dakota
Ohio__
<
plan,
unsound, relative to the utilization
Civil
634,000
-
world
no
has been submitted, that does not
in some way involve credit.
Not
and
Aug.7,
1943
is
siderable
Week Ended
July 29,
Aug. 5,
"There
tion in
combined
1926-1028
104.1
:
sources.
liquidation should be
concern
early
ending of the war, the
It cannot be too fre-^
"However,"
he
adds, Bankers Trust Co. of New York
stated that now is the period."
"this matter of debt liquidation
time for a business or for an in¬
recently opened a PT Boat War
dividual to build for his credit should be studied by business in
Bond Exhibit in its Fifth Avenue
general.
Even those engaged in
future.
"On the whole, debt liquidation war work, where it is sometimes office to sell more war bonds now,
period.
quently
individuals, including the
agricultural class, has been quite
satisfactory," Mr. Heimann points
out, "and this portends well for
individual credit in the post-war
among
impossible
materials
or
being
for producers
to
avoid
considerably
should at this time cast
eye upon
of
war
sizeable loans
in
a
debt,
weather
it is announced ,by Guy Emerson
of the
held
Company.'A preview was
on
Aug. 9.
their debt situation and remain open
The exhibit will
until Sept. 15.
Thursday, August 24, 1944
THE COMMERCIAL & FINANCIAL CHRONICLE
822
-
■
Daily Average Crude Oil Production For Week
Ended Aug. 12,1944 Sets Another High Record
daily
The American Petroleum Institute estimates that the
establishing
4,667,300 barrels, again
increase of 16,650
an
of
week
also
barrels
day higher than the daily
per
figure
average
Administration for War for the
Petroleum
the
by
recommended
month of
The current figure was
Daily output for the four weeks ended Aug.
August, 1944.
Further details as reported by
12, 1944 averaged 4,635,450 barrels.
that the in¬
Reports received from refining companies indicate
dustry
series of current figures
Short sales
with member trading during the week ended
compares
oil, and 8,264,000 barrels of residual fuel oil during
the
12, 1944; and had in storage at the end of that
40,035,000 barrels of distillate fuel, and 57,003,000 barrels of resi¬
Actual Production
•State
Week
Allow¬
•P. A. W.
ables
dations
Aug. 12,
Aug. 12,
-
1943
Week
August
Aug. 1
/Oklahoma
332,000
340,000
1*339,600
+
500
339,850
274,000
269,400
t277,150
+
36,700
270,550
306,200
900
Number
1,950
t900
1,000
Nebraska
Panhandle
484,950
East Central Texas-
m
Southwest
Coastal
•Customers'
533,300
—
73,000
Dollar
Arkansas
350,000
393,117
362,800
+
73,000
78,235
81,000
+
__
Mississippi
Alabama
4, Total*——
i„'V
208,800
12,950
+
100
2,250
68,000
:>■
77,550 ■*:
23,000
Kentucky
_
51,000
__
_
100,000
Colorado
Total East of Calif.
California
110,000
21,400
+
100
8,450
50
108,500
+
13,250
3,781,500
•P.A.W.
4,656,300
recommendations
3,400
853,950
4,635,450
they
+ 16,650
allowables,
.
is
the
fields
several
basic
net
shutdowns
and
which
allowable
shown
as
exemptions
Aug.
the
for
month.
calculated
1
entire
a
on
With
month.
TO
STILLS;
+•
UNFINISHED
AND
'
GASOLINE,
RESIDUAL
■
PRODUCTION
FUEL
,
OIL
GAS
OIL,
OF
WEEK
1944.
Vv>
STOCKS
;
AND
DISTILLATE
ENDED
/
in
this
on
a
*
Bureau
125,750
.«■
—
7,320
—
115,375;
•
the floor—
reported
of
43,815
2.84
44,215
tial
District—
fineries
Crude
Poten-
Runs to Stills
% Re-
Daily
tStocks
Finished
Includ.
and Un-
% Op- Natural finished
was
iana
of Gas
sidual
Oil
13.57
206,810
as
I..II.
inland
"members"
their
and
partners,
calculating these
Exchange volume includes only
tRound-lot
rules
are
short
included
sales
with
which
Texas....
2,518
2,346
93.2
6,837
37,187
20,920
80.0
317
2,295
494
the
Exchange for the reason that
sales.
exempted from restriction by the Commission's
are
are
47
60
127.7
185
1,376
278
783
95.0
2,563
17,493
6,247
4,254
80.2
377
90.2
1,281
6,869
1,799
1,454
Reports
Rocky Mountain—
13
100.0
District No. 3
13
17.0
District No. 4
141
58.3
102
72.3
374
2,181
353
89.9
775
94.9
2,115
13,749
9,941
32,926
received
,
53
36
;
35
3
from commercial paper dealers show
market paper outstanding on
Aug. 15.
Total U. S. B. of M.
basis Aug. 12,
1944_
4,908
87.2
4,560
92.9
13,708
t81,203
40,025
57,003
basis Aug. 5,
1944—
4,908
Following
67.2
4,529
92.3
14,144
80,801
39,410
1156,572
D. S. Bur. of Mines
basis Aug. 14, 1943•At
4,050
11,795
34,768
66,644
the
request of the Petroleum Administration for War.
tFinished, 68,834 000
unfinished, 12,369,000 barrels.
fStocks at refineries, at bulk terminals
in
§Not including 1,428,000 barrels of kerosine, 4,976,000 barrels
total of $142,900,000 of open
on
on
on
y
$
May 31
July 31-.-
149,800,000
136,500,000
Jun
143,300,000
150,700,000
30
May 29
159,600.000
29
171,500,000
Apr 30
178.900,000
transit and in pipe lines.
Mar 31
194,800,000
Mar 31
200,600,000
of gas oil and distillate fuel oil and 8,264,000 barrels of residual fuel oil produced
dfering the week ended Aug. 12, 1944, which compares with 1,373,000 barrels, 4,969,000
in the preceding week and 1,228,000 barrels,
4,113,000 barrels and 8,282,000 barrels, respectively, in the week ended Aug. 14, 1943!
fRevised in combined area due to error by reporting company.
Feb
213,700,000
Feb
27
208,900,000
Jan
30
barrels;
barrels and 8,443,000 barrels, respectively,
1943—
against
of
kerosine
at
Aug.
11,800,000 barrels a week
12,
1944
amounted
to
earlier and 9,580,000 barrels
11,850,000
Nov 30
a
year
barrels,
before.
as
30
209,100,000
—
1942—
Dec 31
Oct
Note—Stocks
29
Jan 31—;
202.000,000
—
mailed.
are
Dec
203.300,000
Nov
Oct
31
220,400,000
;
30
187,800,000
31
229,900,000
.
260,600,000
—
sent
This
does not
without
between
June 30,
July 31, 1943.
1943—:
>
be continued
a
request therefor
September 15 and Octo-
'
ber 15.
142,900,000
Jun 30
Apr
a
the totals for the last two years:
1944—
July 31
71,248
are
ages
July 31, 1944, the bank announced
This compares with $136,500,000 outstanding
1944, and $149,800,000
Total U. S. B. of M.
may
accepted subject to the gen¬
requirement that a request
modify the arrangement under
by the Federal Reserve Bank of New York which Chistmas parcels
may be
626
817
California
girth combined
therefor from the addressee must
be presented at the time the packr
Commercial Paper Outstanding
145
85.2
418
Mo
87.2
824
District No. 2
Ind., HI., Ky
Okla., Kans.,
83.9'
parcels
not
exceeding
5
pounds in weight or 15 inches in
length or 36 inches in length and
eral
326
Appalachian—
130
"Foodstuffs and candy in ordi¬
nary
to be
Included with "other sales."
17,237
104
90.3
on
overseas.,
Furthermore,,
of these packages were not
packed securely and, consequent¬
ly, did not carry well in the mails*
"other sales."
{Sales marked "short exempt"
1
to place a severe strain on the
many
includes all regular and associate Exchange members, their
including special partners.
percentages the total of members', purchases and sales is
compared with twice the total round-lot volume
the
food¬
mission
52,183
41.633
tin
containing
facilities available for their trans^-
0
52,183
*The term
firms
Louis-
North
Louisiana-Arkansas,
and
packages
stuffs and candy became so great
.
{Customers' other sales
Fuel
Gulf,
District No.
However, the number of
gift
196,490
C. Odd-Lot Transactions for Account of
SpecialistsCustomers' short sales
of Re-
Oil and
Rate porting Average erated Blended Gasoline Fuel Oil
Gulf,
sending of small essential
10,320
JStocks tStocks
•Combin'd East Coast
Texas
established in order to facili¬
articles.
211,115
tOther sales
Distillate
which
tate the
Total purchases.
Short sales
Total purchases.
at Re-
from
Wash¬
accepted for
mailing without the presentation
of a request from the addressee
basis
Mines
in¬
small packages were
400
4. Total—
.
been receved
"The arrangement under
43,415
Total sales..
-v
totals
2.66
39,900
,
on
Albert
that
hereafter this provison will
apply to such packages con¬
taining foodstuffs, including can¬
dy. The advices also state:
37,900
....
York
not
2,600
Total sales—
made
was
Postmaster
New
and
41,950
—...—.i.—-1:—
by
of
forces overseas, without a request
for the articles so sent, is modified,
8.07
122,695
on
Production
Daily Refining
Capacity
reported with
ington 25, D. C., that at the request
of the War Department the provi¬
sion for the acceptance of small
packages, not exceeding 8 ounces
in weight as ordinary mail, when
prepaid at the first-class rate, for
mailing to members of the armed
stocks in which
tOther sales
{Gasoline
;
-
;
are
the Post Office Department,
registered—
Total sales
;
^
formation has
Members:
of
Total sales
include
section
Account
Short sales
AND
FUEL
for
Total purchases
plus an estimate of unreported amounts and are
therefore
1,528,065
1944
12,
AUG.
long position which
lot
'
15
Goldman
3. Other transactions initiated off the floor-
FINISHED
OF
(Figures in Thousands of barrels of 42 Gallons Each)
Figures
August
1,540,000
.
Short sales
31-day basis and
the exception of
■
GASOLINE;
a
round
a
Announcement
and Stock
Exchange
(Shares)
1944
tOther sales
exempted
•
RUNS
Curb
11,935
Other transactions initiated
{Recommendation of Conservation Committee of California Oil Producers.
CRUDE
York
Members*
—
Total purchases
entirely and of certain other fields for which
shutdowns were ordered for from 1 to 15 days, the entire state was ordered shut
down for 7 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases, a total equivalent to 7 days shutdown time
during the calendar
were
of
Total sales
2.
above,
for week ended 7:00 a.m. Aug. 10,
are
of
as
New
Account
.JOther sales—
.
tOklahoma, Kansas, Nebraska figures
tThis
includes
are
4,239,400
•'
represent the
production of crude oil only, and do not Include amounts of condensate and natural
gas derivatives to be produced.
:
■
;
state
liquidate
Packages For
Army Personnel Overseas
17.01
Total for week
Total purchases
Short sales
787,700
4,667,300
and
the
on
for
Transactions of specialists in
3,451,700
+
1.
%
Total United States
Sales
...
Round-Lot Transactions
8.
104,000
854,200
§866,000
866,000
Stock
Total sales
7,400
+
3,813,100
3,790,300
__
than
less
Revise Rule On
777,570
——————
tOther sales
8,150
110,000
__
re¬
Small
61,200
108,550
7,900
—
..
New Mexico
are
2.92
>94,290.
—683,280-
WEEK ENDED JULY 29,
101,000
21,900
—
exempt"
—.
Transactions
23,000
24,750
51,900
90,900
21,800
Montana
is
773,570
—
—
Short sales
8,300
83,800
176,310
"short
■:.
'
Round-Lot
76,850
14,850
49,400
_
24,000
Wyoming
300
25,300
_
__
Michigan
marked
and sales to
18,850
128,420
A. Total Round-Lot Sales:
i'
__
115,880
__
tSales to offset customers' odd-lot orders,
;
(Not incl. 111., Ind!,
Ky.)
Total
12,950
••
'
12,850
2,650
'•>
sales
;
.
208,200
•
115,780
♦Sales
5.09
147,270
Total sales.
50
+
71,400
■
211,200
200
'
50
Eastern—
100
sales
Number of .shares
118,810.
—.
Short sales.
54,000
209,850
Indiana
sales
Round-Lot Purchases by Dealers:
76,250
45,650
215,000
+
442,049
$15,440,031
ported with "other sales."
————————————
tOther sales
80,650
14,000
Illinois
—
Total
17,300
—
226,100
^
Total purchases
352,300
400
200
,.
Florida
360,150
1,650
45,450
40,000
_
_
Short
"other sales."
■
Total' Louisiana—,
sales—
tOther
9.00
237,960
———-
Total purchases
Short sales—....
-
100
value
Round-Lot Sales by Dealers—
3. Other transactions initiated off the floor—
268,500
100
+
total
437,933
83,800
287,150
73,850
4,116
other sales
Customers'
I
346,060
Total sales—
474,250
288,950
Louisiana—
17,639
>
,
58,140
•
Total sales
Coastal
17,529
sales—
short sales—
Customers'
—
tOther sales
North Louisiana
total
•Customers'
1,710,600
*/:*jr.—.—
2,108,600
2,099,000 12,101,382
,
110
sales—
other sales
Customers'
404,200 .y
tOther sales———.—.——
238,600
2,087,950
535,200
Texas
Total Texas—.
short
Customers'
Number of Shares:
-
Total purchases
Short sales.
129,950
321,650
Texas
~
17,759
498,766
$19,824,968
_■—■
(Customers'sales)
2. Other transactions initiated on the floor—
371,000
320,700
V'f; y:
'
shares
Number of Orders:
258,400
148,000
"V
371,700
of
Total*
for Week
orders
Number of Shares:
98,000
367,650
147,650
•
East Texas-
1944
Odd-Lot Purchases by Dealers—
416,800
Total sales
140,400
474,250
*V V;
148,750
Texas,..
West
93,900
150,150
98,700
Texas
Texas
North
of
Number
331,450
Kansas
Week Ended Aug. 5,
•
--—-
—
'
STOCK EXCHANGE
Odd-Lot
:——
tOther sales
ODD-
THE
FOR
ON THE N. Y.
AND SPECIALISTS
stocks in which
Total purchases
Short sales
Aug. 14,
1944
Previous
1944
TRANSACTIONS
LOT ACCOUNT OF ODD-LOT DEALERS
they are registered—
Ended
Ended
from
Ended
begin.
Recommen¬
of
Accounts
a
,
STOCK
Members,
Account of
for
Odd-Lot
Transactions of specialists in
1.
Week
4 Weeks
Change
the
for
Except
Exchange, con¬
Stock
series of current figures
being published by the Commis¬
sion. The figures are based upon
reports filed with ' the Commis¬
sion by the odd-lot dealers and
specialists.
.
Dealers and Specialists:.
.
;':y 'V+
}
New York
4,562,520
Transactions
Round-Lot
IN BARRELS)
(FIGURES
PRODUCTION
ists who handled odd lots on the
\%
Total for week
145,610
4,416,910
Total sales
S.
CRUDE OlL
AVERAGE
—•
mi
special¬
of all odd-lot dealers and
Dollar value
1944
,
—
and do not reflect conditions on the East Coast.
DAILY
ENDED JULY 29,
tOther sales
The above figures apply to the country as a whole,
fuel oil.
on
WEEK
A. Total Round-Lot Sales;
Short sales
account
odd-lot
for
transactions
Round-Lot Stock
the New York Stock Exchange and
Transactions for Account of Members* (Shares)
Sales
Stock
made
Odd-Lot Sales by Dealers
(Customers' purchases)
14.86% of total trading of 1,805,020 shares.
Total Round-Lot
public on
Aug. 16 a summary for the week i
ended Aug. 5 of complete figures...
showing the daily volume of stock /
shares was
members of 536,555
of Curb
account
Exchange
and
Securities
-
shares; during the July 22 week
that exchange of 1,540,000
81,203,000 barrels of gasoline; 11,850,000 barrels of kerosine;
dual
member trading during the week
amounted to 417,925 shares, or 13.57% of the total
ended July 29
for
July 22 of
of the total trading of 8,268,290 shares.
2,888,580 shares, or 17.47%
on
This
Exchange of 4,562,520 shares.
of the total transactions on the
The
.
Commission
(in round- tinuing
totaled 1,551,140 shares, which amount was 17.01%
lot transactions)
trading
the week ended Aug.
week
Exchange for the account of members
the Stock
on
(except odd-lot dealers) during the week ended July 29
oil daily and produced 13,708,000
gasoline; 1,428,000 barrels of kerosine; 4,976,000 barrels
of distillate fuel
are
Trading
volume
mately 4,560,000 barrels of crude
of
in the week ended July 29, continuing
being published weekly by the Commission.
shown separately from other sales in these figures.
members of these exchanges
a
whole ran to stills on a Bureau of Mines basis approxi¬
as a
barrels
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
On the New York Curb Exchange,
the Institute follow:
NYSE Odd-Lot Trading
;
made public on Aug.
10
1944, and exceeded the corresponding
Aug. 5,
by 427,900 barrels per day.
1943
11,000
This was
the previous peak reached
high record.
new
a
barrels per day over
ended
week
the
for
aver¬
crude oil production for the week ended Aug. 12, 1944 was
age gross
Trading On New York Exchanges
The Securities and Exchange; Commission
.
|
(
"Small articles of intrinsic value; "
bearing the first-class rate of post¬
age may be accepted for registra¬
tion when weighing not more than
eight ounces, and the mailing (not
registration)
thereof
has
been
specifically requested by the ad¬
dressee. Such registration service
is intended to
such items
or
fountain
sired
and
271,400,000
Sep 30
169,500,000
Sep
30
281,800,000
Aug 31
156.200,000
Aug 31
297,200,000
the mailing of'
watches, eyeglasses
especially de^
readily availalblle
pens,
not
Indemnity
applicable."
overseas.
when
cover
as
is
payable
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4310
160
823
Total Loads
Revenue
Freight Gar Loadings During Week
Ended Aug. (2, f 944 Increased 5,714 Gars
of
Loading
!
Loading of revenue freight for the week of Aug.
*
of
1,229
10,257
4,985
4,662
463
435
318
1,641
1,745
2,941
1,572
2,815
464
274
15S
107
499
672
906
1,521
The
1,18."
9,683
3,738
1,512
1,895
1,727
196
286
117
83
861
1,409
Georgia
v
iJ
56
45
48
94
1,153
1,337
2,435
692
598
—__
gregating
4,385
17,342
17,483
authorized
in
11,873
11,822
RFC
185
250
650
188
186
574
4,458
4,862
807
937
957
2,203
1,48C
341
333
301
1,241
1,156
"Of
479
415
434
9,627
9,843
8,805
7,937
25,297
21,540
23,896
25,375
22,662
704
534
580
678
805
134
135
121,370
117,328
Winston-Salem Southbound
104
1,149
1,133
117,178
collateral securing the loan and
$11,350,837 represents the proceeds
of the sale by the United Kingdom
114,257
of
alone, grain and grain products loading for the week of Aug. 12,
decrease of 458 cars below the preceding week
and a decrease of 5,772 cars below the corresponding week in 1943.
Northwestern District-
cars,
of
Weeks
8
4
January
weeks of April
5
4
weeks
of
May
5
weeks of
June
4
weeks
Week
Week
August
of
August
of
;
—
_—
July—
of
—-———
5
12
—
table is a summary of
The following
Chicago, Indianapolis &
Central Indiana
Delaware, Lackawanna
Erie
!
7,296
3,192
11,637
6,289
5,299
187
242
628
696
2,890
2,755
3,406
2,382
144,922
147,519
68,494
64,046
Alton
—
& Hartford
j
Ontario & Western
N. Y„ N. H.
Union Pacific
Utah
929
12,475
2,630
2,492
6,242
5,847
953
855
2,723
2,034
4,234
4,072
6,857
6,955
815
749
761
666
94
25
1,016
1,334
1,313
1,974
1,849
*2.638
1,903
1,755
1,214
1,195
1,315
1,646
__
__
1,987
2,037
1,116
1,291
1,233
4,257
___
.
0
21
34,053
268
335
18,289
15,747
System
_
_
_
83
882
1,041
17
0
0
31,111
14,646
13,583
343
1,830
1.751
15,985
'
18,614
17,257
,*
493
610
624
1
2,358
4,522
4,709
132,*293
127,568
106,666
99,228
532
Kansas
1,534
2,019
2,163
2,339
3,123
3,601
3,454
328
345
879
1,128
5,747
4,826
2,996
2,995
4,100
3,283
4,384
2,862
2,892
282
396
292
1,256
1,425
781
._
683
512
359
_
.
__
Missouri & Arkansas
157
46
52
2,233
2,659
6,674
6,399
11,779
11,457
7,540
10,008
11,302
St. Louis-San Francisco
162
102
187
1,702
1,257
2,785
Missouri Pacific-
2,493
5,290
19,575
91
55
86
330
318
8,685
9,330
9,305
10,420
2,713
2,789
6,922
7,528
12,039
13,794
12,500
5,755
5,143
5,049
4,807
7,044
6,088
86
121
45
46
47
25
26
31
29
75,899
.__
.
72,419
71,994
68,566
70,900
Texas & Pacific
16,888
18,305
4,269
7,959
8.273
468
4,936
18,957
10,177
_
_
Texas & New Orleans
12,704
406
5,750
17,245
St. Louis Southwestern
1,134
319
170
5,902
Quanah Acme & Pacific
7,869
326
V;
17,265
26
965
2,232
150
Missouri-Kansas-Texas Lines
29
1,315
329
207
4,666
3,029
5,562
—
Litchfield & Madison
Midland Valley
390
5,420
2,202
__
City Southern
Louisiana & Arkansas
1,639
945
5,624
2,404
___
Kansas, Oklahoma & Gulf
1943
Weatherford M. W. & N. W._
Wichita Falls & Southern
/
5,550
2,983
184
186
2,076
2,130
1,856
1,683
8,777
9,205
15,205
14,822
*2,569
2,359
Total
2,381
2,264
6,098
6,173
405
458
2,369
2,365
25
211
57,206
48,364
54,516
57,463
9,766
9,600
17,591
18,344
X,
'Previous
1,149
3,306
16,704
"2,329
2,269
7,554
7,685
8,280
8,997
8,619
*>,375
4,908
5,247
7,202
7,905
920
899
774
35
17
366
398
390
253
1.446
348
1,123
1,195
2,992
2,776
326
366
1,194
1,053
5,817
5,819
6,017
12,365
5,144
6,324
4,249
5.274
161,610
169,520
->461,324
224,231
232,146
figures revised.
12,734
6,455
figure.
262
North
■v
•
Pittsburgh & West Virginia
—r
Wabash
Wheeling & Lake Erie
'
Weekly Statistics Of Paperboard Industry
We give
The
729
6,905
6,021
658
788
43,024
334
,;
.
268.
/
■?.
1,368
1,153
41,777
30,464
2,140
1,905
of
this
Association
member of the orders and
activity
are
a
represent 83%
of the mill based
of the
total
statement each week from each
production, and also
on
a
figure which indi¬
the time operated.
These
1,833
1,978
15
industry.
;
;
STATISTICAL REPORTS—ORDERS, PRODUCTION.
7,099
20,799
20,913
565
Washing¬
August 16 issued its report
showing cotton consumed in the
on
United
States, cotton on hand, and
cotton
spindles for' the
month of July.
In the month of July, 1944, cot¬
ton consumed amounted to 724,167
bales of lint and 136,726 bales of
active
linters
compared with 805,735
118,866 bales of
as
bales of lint and
linters during June this year, and
839,868 bales
of lint and
31, cotton consumpton
070
bales
bales
lint
of
of
linters
40
9,942,1,362,298
was
and
with
compared
Orders
Period
Receiyed
Production
Tons
Orders
bales
in
of linters
the
corre¬
sponding period a year ago.
There were
1,873,187 bales of
lint and 335,300 bales of linters on
hand in consuming establishments
on July 31,
1944, which compares
with 1,984,910 bales of lint and
352,393 bales of linters on June 30,
1944, and with 2,115,323 bales of
and 465,274 bales of linters
on July 1, 1943.
On hand in public storage and
at compresses on July 31,
1944,
there were 8,245,641 bales of lint
and 55,356 bales of linters, which
compares with 8,855,931 bales of
—
lint and 66,519 bales of linters on
June 30 and/7,676,629 bales of lint >
and 57,197, bales of linters on July
"
31, 1943.
There 'Were
22,289,904 cotton
spindles active during July, 1944,
which compares with 22,373,494
active cotton spindles during June,
lint
,
with
and
cotton spindles
22,667,376 active
during July, 1943.
Lumber Movement—Week
Ended Aug.
12, 1944
According to the National Lum¬
ber !
Manufacturers
Association,
lumber
ber
of 508 mills
National Lum¬
shipments
reporting
to
Trade
the
Barometer
were
8.5%
ended
production for the week
Aug. 12, 1944. In the same
new
below
Activity
files
Current Cumulative
order
porting
mills
104.0%
of
stocks.
612
58
233
266
29
19
May
6
186,666
158,534
628,495
98
95
softwood mills,
136
137
27
49
May
13
144,921
620,728
95
95
1,343
1,707
855
3,930
3,990
May
20
140,287
150,435 \'-J
157,370 "
602,062
97
95
May
27
Tons
of
above
667
1944—Week Ended
Tons
orders
3.8%
Unfilled
Percent of
Remaining
these
mills
production.
of
the
re¬
amounted
to
For reporting
unfilled orders are
1,963
Reading Co.,,
.
Maryland
1,932
2,480
3,008
138,501
155,105 ~
582,090
96
95
82,940
67,647
65.545
June
3
170,421
152,461
599,322
93
95
stocks
15,733
14,425
29,250
27,175
June
10-
144,384
157,794
584,083
96
95
1.9.157
21,528
20,795
7,471
7,186
June
17_
147,689
154,137
577,721
95
95
June
production.
For the year-to-date, shipments
of reporting identical mills ex¬
ceeded production by 4.8%; or¬
ders by 7.2%.
Compared to the average cor¬
V.
,L,
.
4,C90
4,200
12,239
11,950
196,775
,193,992
184,959
177,923
173,557
24.
130,510
156,338
549,830
96
95
July
4,039
«.
Total.
-
1,976
88,471
14,737
.
.
equivalent to 37 days' production
at
the current rate,
and gross
8.9.027
Long Island-
1_
152,954
155,170
544,454
.95
95
July
8_
145,317
98,235
586,379
60
94
145,775
147,478
586,103
91
94
July
July
District—
ilk & Western
.
.
31.035
28.920
28,922
13,765
14,180
22,491
22,836
22.865
8,765
6,939
4,017
.
4,864
4,646
2,431
2,337
58,143
56,690
56,433
24,961
23,456
~r~
>
22l~I—I—II III——I
157,041
152,402
590,263
94
94
July
ipeake & Ohio-i.-—
.,
11,100,082 bales of lint and 1,300,-
195
Cumberland & Pennsylvania.
106,640
bales of linters in July last year.
In the 12 months ending July
172
Cornwall
;ahontas
The Census Bureau at
were
MILL ACTIVITY
Unfilled
12
7,517
of the
week
advanced to equal 100%, so that they represent the total
3
6
271
1,720
7,034
balance
July Cotton
Consumption Report
30,604
7,014
members
industry, and its program includes
Allegheny District—
43.300
from the National
us
paperboard industry.
cates the
.
herewith latest figures received by
Paperboard Association, Chicago, 111., in relation to activity in the
figures
& Youngstown.
the
principal
loan."
1944,
15,391
188
week's
Note—Previous year's
2,311
8,094
561
v
/
applied first to
and
2
2,254
/
—
International-Great Northern
1,382
2,394
575
:•
97
Southwestern District—
Connections
1,433
2,249
732
2,283
_
_
:
Burlington-Rock Island
1944
*2,301
-•
142,563
__
Gulf Coast Lines
Received from
interest
reducing the
936
CONNECTIONS
338
3,706
.
34.372
Total
1,334
Pittsburg & Shawmut
Western
11,640
833
13,144
_
Western Pacific
7,478
Pittsburgh & Lake Erie
Marquette———
,
12,706
2,487
12,417
Peoria & Pckin Union
379
Pere
Akron, Canton
19,855
3,190
12,960
Toledo, Peoria & Western
255
1.250
Total
20,860
3,11.5
Southern Pacific (Pacific)
15,328
6,539
Chicago & St. Louis
Y., Susquehanna & Western
New York,
Rutland
77
13,728
North Western Pacific
312
S i
9.2o9
New York Central Lines——
4,288
67
2,606
868,845
13,163
",166
2.439
—
—
11,859
4,488
586
__.
_
850,221
8,689
2,354
;
Montour__
13,903
3,640
493
Nevada Northern
836
147
Monongahela
22,407
3,768
_
Chicago, Burlington & Quincy
Chicago & Illinois Midland
2,088
Lehigh Valley
Maine Central
21,714
3,787
20,832
__
Missouri-Illinois
6,052
—
Lehigh & New England
28,941
398
_
Bingham & Garfield
Illinois Terminal
1942
13,622
v
..
139,812
3,431,395
253
3,710
Lehigh & Hudson River
2,840
Atch., Top. & Santa Fe System
1944.
with
United
2,682
11,957
161
4,139,395
6,617
!2,626
Pittsburg, Shawmut &
8,450
11,564
capital
the
2,191
Fort Worth & Denver City
312
Grand Trunk Western
N.
2,602
3,311,637
232
—
—
New York,
2,475
4,209,907
1,757
Detroit & Mackinac
Detroit, Toledo & Ironton—
Detroit & Toledo Shore Line
51
1,916
8,020
& Western
to
1,981
5,962
Delaware & Hudson
1,175
3,149.:
30
Central Vermont—
911
2,116
1,070
i
497
Denver & Salt Lake
1,301
Louisville
current
389
Denver & Rio Grande Western
776
;
116
5,659
2,328
Colorado & Southern
303
Bangor & Aroostook
88
7,051
6,971
listed
United
companies
said payments are
561
28,776
_
Chicago, Rock Island & Pacific
6,499
Ann Arbor__
Boston & Maine
10,522
of
and
assignment of the earnings of the
insurance
companies. The
RFC
ton
the freight carloadings for
1943
10,957
insurance
States
455
44
Total
26,967,602
colla¬
includes
securities
corporations,
25,514
_
^
the
of 41 British owned
520
Northern Pacific
ENDED AUG. 12
1944
y.
10,013
collateral
States
stock
394
_
3,174,781
Total Revenue
District—
Eastern
Bay & Western—
3,122,942
Freight Loaded
.
569
Minn., St. Paul & S. S. M
Total Loads
Railroads
312
514
Chicago & Eastern Illinois
26,167,175
AND RECEIVED FROM
(NUMBER OF CARS; WEEK
446
1,458
8,038
of
amount
unlisted
26,565
_.
_
3,858,479
separate railroads and systems for the week ended Aug. 12,
During the period 66 roads showed increases when compared
the corresponding week a year ago.
FREIGHT LOADED
29,496
992
Spokane International
Spokane, Portland & Seattle
1942
1943
the
REVENUE
30,582
Central Western District-
3,924,981
3,363.195
4,003,393
3,455,328
872,133
887,164
27,199,336
Total
3,948
.
..
_____
3,073,445
890.458
896,172
;
4,155
8,901
Dodge, Des Moines & South
3.531,011
3.055,725
3,796,477
3,159,492
3,135,155
4,068,625
3,446,252
4,343,193
3,463,512
—
.
March
of
weeks
*—
February
of
weeks
4
...
4,112
;
Minneapolis & St. Louis
■-
1944
4,792
985
Lake Superior & Ishpeming
-
-
,
10,574
Elgin, Joliet & Eastern
compared with the correspond¬
ing week in 1943, except the Eastern and Northwestern and all dis¬
tricts reported increases compared with
1942 except the' North¬
western.
3,174
11,233
27,411
_
Green
14,716
3,176
20,886
Duluth, South Shore & Atlantic
Ft.
13,802
2,248
21,157
3,582
Chicago, St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range
districts
All
2,829
23,151
2,903
22,507
Chicago, Milw., St. P. & Pac
Great Northern
21,486
20,138
——.
Chicago Great Western
an
week in 1943.
reported increases
corresponding
and
Chicago & North Western
increase of 297
cars above the preceding
week, and an increase of 978 cars above
the corresponding week in 1943.
In the Western Districts alone
loading of livestock for the week of Aug. 12 totaled 11,639 cars,
an
increase of 585 cars above the preceding week, and an increase
of 677 cars above the corresponding week in 1943.
Forest products loading totaled 50,097 cars, an increase of 24
cars above the preceding week and an increase of 1,398 cars above
the corresponding week in 1943.
.*
V
Ore loading amounted to 80,437 cars, a decrease of 1,728 cars
below the preceding week and a decrease of 8,233 cars below the
corresponding week in 1943. v
:•
Coke loading amounted to 14,184 cars, a decrease of 104 cars
below the preceding week, and a decrease of 201 cars below the
loading amounted to 15,966
small
a
teral.
"The
totaled 35,919 cars, a
Livestock
119,048 *
total payments, $113,represents interest, divi¬
dends and other income from the.
9,546
10,000
;
the
816,350
9,178
Seaboard Air Line
Total.
was
July, 1941, but the
$390,000,000 was
actually disbursed.
441
3,166
•_
said
621
245
3,078
;
below
Press
only
4,661
3,111
System
the
$425,000,000
4.415
3,936
328
Tennessee Central
from
Associated
of
26,988
Richmond, Fred. & Potomac
1,115 cars below the preceding week and a decrease of 6,214 cars
the corresponding week in 1943.
In the Western Districts
The
loan
25,597
Nashville, Chattanooga & St. L._.
Southern
"A
28,573
Mississippi Central
Piedmont Northern
Aug. 10
advices in the matter added:
24,774
4,516
Macon, Dublin & Savannah
Norfolk Southern
Kingdom.
26,204
—™__
Illinois Central System
Louisville & Nashville
an' increase
$125,167,187
28,625
Gulf, Mobile & Ohio—
Finance
on
collateral securing the RFC's preLend-Lease loan to the United
465
684
«
that it had received payments ag¬
3,211
646
V.
Reconstruction
Corporation reported
76
1,043
1;
,
Georgia & Florida—
of
cars,
921
11,100
3,711
Florida East Coast——
merchandise less than carload lot freight totaled
of 1,654 cars above the preceding week,
and an increase of 5,650 cars above the corresponding week in 1943.
Coal loading amounted to 180,274 cars, an increase of 4,158 cars
above the preceding week, and an increase of 3,243 cars above the
corresponding week in 1943.
v
Grain and grain products loading totaled 51,184 cars, a decrease
Loading
867
11,303
3,806
Gainesville Midland
cars
106,440
1,003
10,167
Securing
Lend-Lease Loan To British/
!
2,528 cars above the preceding week, and an increase of 12,382
above the corresponding week in 1943.
of
2,667
Durham & Southern
increase
an
38P
2,609
Columbus & Greenville—,—.
12 increased
cars,
309
667
Clinchfield
■
397,590
freight loading totaled
Miscellaneous
350
642
Central of Georgia™
Charleston & Western Carolina—
same
5,714 cars, or 0.6% above the preceding week.
271
801
Atlantic Coast Line
ing week of 1943 of 9,008 cars, or 1%, and an increase above the
week in 1942 of 27,327 cars or 3.1%. < ;
L'.-:
From Collateral
1943
3944
1942
1943
369
Atlanta, Birmingham & Coast
freight for the week ended Aug. 12, 1944
the Association of American Railroads an¬
This was an increase above the correspond¬
896,172 cars,
nounced on Aug. 17.
Connections
1944
Southern District—
RFC Receives $125 Million
Received from
v.
.
Alabama, Tennessee & Northern,
Atl. & W/P.—'W. R. R. of Ala
revenue
totaled
;■
Total Revenue
Freight Loaded
;: .JV Railroads
29
139,743
157.720
570,626
96
94
5—
195,161
160,568
604,299
96
94
August 12—
140,338
158,849
585,316
96
94
August
—
Notes—Unfilled
orders
equivalent to 33 days'
responding week of 1935-39, pro¬
duction
of reporting mills was
of the prior week,
plus orders received, less production, do .24.1%
not necessarily equal the unfilled orders at the close.
Compensation for delinquent '22.6%
reports, ordeis made for or filled from stock, and other items made necessary adjust¬
ments of unfilled orders.
are
37.0%
greater; shipments
greater, and orders
greater.
were
were
^
lion,
Companies
Items About Banks, Trust
is
Announcement
Earle
S.
that, and the Seneca Wire and ManuPresident of I facturing Co. and also President
made
Thompson,
Water Works
Dry Dock Savings
Institution of New York.
a
trustee of the
officer
of
director
or
number
a
Called For Payment
announced
genthau
on
4% Treasury
that all outstanding
Allan
Federal
1944-54
of
Bonds
are
Findlay,
and
Morgenthau
notice issued by Mr.
York,
announces
that the Luzerne-Hadley Bank, Luzerne (P.
O., Lake Luzerne, N. Y.), N. Y.,
became a member of the Federal
effective Aug. 14.
Reserve System
It
was
announced in the Min¬
neapolis "Star Journal" on Aug.
17 that Clarence E. Hill, VicePresident
of
the
Northwestern
National
Bank
since 1922, has
Chairman of the
been elected to the
Executive Committee and former
rectors of the bank.
W. C. Feathers,
Manufacturers
the
of
President
National Bank of Troy,
N. Y., died
Aug. 15 at the age
Feathers first became
of 74.
on
Mr.
connected
with the banking business in 1893
when he join'ed the Manufactur¬
Bank
National
clerk.
a
as
Board of Di¬
He
fill the vacancy
ed to
elect¬
due to the
was
given
that all outstanding 4% Treasury
Bonds of 1944-54, dated Dec. 15,
National Fire Waste Council
Declar¬
ing that industrial fires have in¬
creased heavily in 1943 and 1944,
the
against fire.
Chamber
taken
have
toll of
enormous
warned
statement
fires
war
such
that
an
plants and
supplies and thousands of lives at
a
time when manpower is ex¬
The Chamber also said: "Today
when
forces
invasion
our
are
steadily pushing the enemy back
the battlefronts of final deci¬
hereby called for re¬
on Dec.
15, 1944, on
which date interest on such bonds
to
will cease.
and
2.
Holders of these
stated on Aug. 16, according to
der this call will be found in De¬
organizer of the Bank of AuMemphis "Commercial Ap¬ partment Circular No. 666, dated
sable Forks, Ausable Forks, N. Y. the
In
1925
Mr.
Feathers became peal." Mr. Alexander was also re¬ July 21, 1941.
President of the Manufacturers ported as saying:
"Due to war conditions we do
National Bank and held that po¬
sition until appointed Chairman not feel it proper to have.an elab¬
of the Board in 1934.
Two years orate celebration but do think the
later be became Chairman of the occasion of too great importance
to the bank not to observe the an¬
Executive Committee,
A proclamation designating Oct.
niversary."
In observance of its Diamond 8 to 14 as Fire Prevention Week
Wynant Davis Vanderpool, vet¬
Jubilee the bank will put on dis¬ was issued on Aug. 17 by Presi¬
eran banker and lawyer, of New¬
dent Roosevelt who declared that
ark, N. J., and President of the play the world famous Kimberley
"the widening operations of. our
Howard Savings Institution, New¬ diamond valued at $65,000. When
valiant armies and navies make
ark, died on Aug. 19.
Mr. Van¬ the bank started in 1869 it had a
it imperative that we exert our
derpool was 69 yers old.
From subscribed capital of $671,300.
utmost effort to provide an in¬
Morristown advices to the New¬ From the paper referred to we
creasingly abundant flow of goods
quote:
ark ''Evening News" we quote:
materials
to
every
battle
"With 75 years of service and and
"He was graduated from Har¬
credit, Union front," the President went on to
vard Law School in 1901 and was experience to its
say that "the prevention of waste
admitted to the New Jersey bar Planters National Bank facilities
is as essential to this end as is
in 1903.
His practice of law was are made available to customers
the production of goods."
limited chiefly to management of far beyond the borders of the
Calling attention to "the waste
estates.
He was elected a man¬ Mid-South territory; in fact, as of
occasioned throughout the Nation
ager of the Howard/Savings In¬ June 30, 1944, the main office and
by
preventable
fires,
which
stitution in 1910, Vice-President branches showed more than 110,reaches a staggering total each
in
1917 and President in 1924. 000 accounts, its deposits were in
Five years later the Howard was excess of $156,000,000 with capi¬ year," the President in his procla¬
mation stated:
merged
with
Security Savings tal assets, $11,000,000."
fire
of
frustrations
waste.
Many civilian supplies and goods
are rationed; some under govern¬
ment order can be made only in
limited quantities, others may
be made at all except
the
until
ment
use
There
never was a
not
for govern¬
is
war
won.
time when fire
Result
Of Treasury
an
Fire Prevention Week
October 8-14
ill
The
Bank.
•
"Mr.
was
a
former
President of the New Jersey As¬
sociation of Mutual Savings Banks
and
member of the National As¬
a
of
sociation
the
Banks,
Savings
Mutual
Catterall, President of
the First National Bank of Gal¬
Fred W.
veston, Texas, announces the elec¬
tion on Aug. 15 of Neal Butler as
Vice-President.- : "
Banking Adviand the Morristown
State
Board
sary
"Mr. Vanderpool was a
director
of
& Essex
of the National Newark
Rogers
Joseph
of Baker, Ore.,
has assumed the Vice-Presidency
Board of Water Commissioners.
of
Banking Co., American Insurance
First
Pomona
nounced
Bank
National
Cal.,
Pomona,
it
an¬
was
Aug. 10 by Raymond
on
Mutual Benefit Life Insur¬ Smith, President.
Mr. Rogers is
ance Co., Bankers' Indemnity In¬
Vice-President
of
the
Oregon
surance Co., National Biscuit Co.,
Bankers Association, according to
Morristown Trust Co., of which Pomona advices to the Los An¬
he also was Vice-President, and geles "Times."
the United New Jersey Railroad
Co.,
& Canal Co. of Trenton."
Harry
T.
Jaffray,
Vice-Presi¬
dent and General Manager
The
National
Central
Cleveland
Bank
retired
has
of
10,000
shares of preferred stock amount¬
ing to $240,000 and adding $160,€00 to the surplus account, it is
learned from the Cleveland "Plain
Dealer"
of
Aug.
transaction
"The
shares
to
par
of
which
^
also
brings
20,
stated:
*
total
preferred stock retired
$92,000. These shares have a
value of $16, retirable at $24.
in the bank's capital
Remained
structure
are
preferred
stock
780.000.
;
: :
shares of
retirable at $9,-
407,500
;
bank's
"The
capital structure,
including reserves, is $17,391,767,
consisting of $6,520,000 par value
preferred stock, $5,000,000 com¬
mon
stock,
$2,910,000
surplus,
$513,823
undivided
profits
and
$2,447,944 reserves.
"A
cents
semi-annual dividend of 30
a
share
common
6 months
Lucian
was
paid Aug. 1 on
of the
cit¬
of
Kinn
the
was
Ohio
elected
a
Citizens
Toledo, O., at meet¬
ing of the Board on Aug. 15. Mr.
Kinn is President of the Ameri¬
Floor Surfacing Machine
Co.
his
fire hazards within
trol
and
protection against the waste of
our
fighting power through de¬
struction by fire.
I also request
State
governments, the
local
and
of
Commerce
of
Chamber
the
Fire
Waste Council, business and labor
organizations,
educational
and
civic
groups,
and
the
various
agencies of the press, the radio,
and: the' motion picture industry
throughout the country to lend
United
States,
themselves
the
to
the National
stimulation of
the
public purpose to reduce and
eliminate
losses
preventable
by
Offering
local population
by the banks in the area.'
:
"He
said
that the American
and
troops
voluntarily sending
were
nearly all the money
home
back
they were paid.
"As part of the primary com¬
bat mission, in order to prevent
inflation and to meet local needs,
bringing into the area
the Army is
quantities of food and other sup¬
plies for the civilian population,
the Secretary said, adding that the
thrived there under the Germans
longer in existence."
were no
From the New York
"Times" of
Aug.' 16 we take the following: v ?
"Secretary
of
the .Treasury
•
Henry Morgenthau,
speaking from
night,
declared that
last
London
Germany and Japan must be kept
disarmed to assure the world they
be able to be¬
nations.
Morgenthau, in an address
broadcast to this country by the
Columbia
Broadcasting
System,
cautioned that 'eternal vigilance
again will
never
come
aggressor
"Mr.
is the
Secretary of the Treasury
price of liberty,' and added
well as
that the United Nations, as
the disarming the Axis nations, should
continue the cooperation and unity
there¬
abouts, of 92-day Treasury bills to successfully displayed during the
be dated Aug. 24 and to mature war.-' f
"Mr. Morgenthau, just back from
Nov. 24, 1944, which were offered
a trip to the Normandy battlefront,
on
Aug. 18, were opened at the
Federal Reserve Banks on Aug. 21. paid tribute to the peoole of Lon¬
The details of this issue are as don, 'a city almost without chil¬
dren,' and their ability to 'take it'
follows:
the rain of Nazi robot
Total applied for, $1,850,697,000. during
announced
Aug.
on
22
that
Total
accepted, $1,209,047,000 (in¬
$61,878,000 entered on a
fixed price basis at 99.905 and ac¬
cepted in full).
Average price 99.904, equivalent
rate
of
discount
approximately
bombs."
cludes
Carusi Commissioner
Of
0.375% per annum.
accepted competitive
Range of
bids:
"
High, 99.908, equivalent rate of
approximately
0.360%
discount
per-annum.
Lowf 99.904, equivalent rate of
0.376%
approximately
discount
of the amount bid for at
(60%
the low price was
There
was
a
accepted.)
maturity of a simi¬
<
Immigration
15 President Roosevelt
nomination
On Aug.
sent to the Senate the
Carusi, executive assistant
General Francis Bid-
of Ugo
to Attorney
die, to be Commissioner of
gration and Naturalization
Department of Justice.
v
Immi¬
in the
'-
Carusi, of Barre, Vt., -suc¬
of Phila¬
Mr.
annum.
per
ceeds Earl G. Harrison,
delphia, who resigned recently to
resume his private law practice.
Mr. Carusi was born in Carrara,
-
lar issue of bills on
amount of
Aug. 24 in the
Italy, in 1902, the son of natural¬
ized American citizens who had
$1,214,114,000.
adequate,
providing
to
con¬
own
with complete
'being received
confidence by the
visit- The
United
States and settled in Barre when
Carusi was three months old, said
Associated
Press
advices
from
returned to Italy for a
MorgenHiiii Reports
French Accept Allies
invasion Currency
The return of
Secretary of the
Wash¬
Aug. 17, following a trip
Morgenthau
Treasury
to
returned
parents
the
to
Washington Aup. 15, in which it
was also stated: From 1922 to 1925
he
secretary to the Attorney
was
of Vermont.
General
In
1925
he
where he at¬
University Law
to London and the Normandy bat¬
School and entered the Depart¬
tlefield,
was
made
known
in
Associated
Press
advices
from ment of Justice as private secre¬
tary to Attorney General John G.
Washington on that day.
ington on
came
to Washington
tended
National
The
statement
"invasion
cial
,
v
Members
eliminate fire hazards which have
and
ager
was
appointed General Man¬
in 1937."
this
caused
Pointing
Morris
Envoy To Iran
B.
Morris,
formerly
whether
increase.
Pearl
Harbor
seven
months
"fire
losses
steadily
since
that
out
increased
have
for
period ending June 30."
E.
during
was
that the spe¬ Sargent.
Mr. Carusi was appointed ex¬
money"
of the
ecutive assistant to Attorney Gen¬
Allies was being received with
eral William D. Mitchell in 1930
confidence by the French, was
and had served in the same ca¬
made by Mr. Morgenthau on Aug.
pacity to the four succeeding At¬
10 when he reached London fol¬
torneys General. Homer S. Cumlowing his visit to Normandy.
mings, Frank Murphy, Robert H,
Advices to this effect were con¬
Jackson and Francis Biddle.
tained ; in London United Press
President Roosevelt named Mr.
accounts, published in the New
Carusi in 1938 to represent the
York "Times" of Aug. 11, which
United States at the first Inter¬
also had the following to say:
national Congress on Criminology
"Mr. Morgenthau also said that
of Canada.
In support of President Roose¬
at Rome. He is a member of the
American soldiers in France were
"Prior to becoming an inspec¬
velt's proclamation, the Chamber
American and District of Colum¬
not engaged in extensive, infla¬
tor in 1915, he served the bank in
of Commerce of the United States
bia Bar Associations.
tionary spending.
Portage la Prairie, Golden, B.C.,
appealed on Aug. 19 to all of its
The resignation of Mr. Harrison
"The
Secretary declared that
and Prince Albert.
With head¬ members and to business men
was noted in our issue of July 27,
President Roosevelt had suggested
quarters in Winnipeg, he became throughout the nation for partic¬
page 417.
that he go to Normandy 'to see at
Western Superintendent ii),,1919 ularly intensive effort to arrest
the steadilv mounting toll of fire first hand how financial and mone¬
and Assistant General Manager in
Tariff Commission
losses evident this year
and to
tary
problems are being met,
1922. He came to Toronto in 1928
stock from earnings
Trust Co. of
can
every
special thought and
Fire
Prevention
Week to detecting and eliminating
izen to devote
effort
Imperial Bank of Canada, died on fire. I also direct the
Department
Aug. 18 as a result of a heart at¬ of
Agriculture, the War Produc¬
tack.
From the Toronto "Globe
tion Board, the protective services
and Mail," we quote:
'
of the
War and Navy
Depart¬
"He was a past President of
ments,
and
other
appropriate
the
Canadian Bankers Associa¬
agencies of the Federal Govern¬
tion, filling that position in 1940 ment to
give the widest possible
and 1941.
Born in Gait, he en¬
support and assistance to every
tered the Merchants Bank there
effort to inform and instruct the
in 1898 after leaving Gait Colle¬
oublic with respect to the possi¬
giate Institute.
The following bilities and importance of the
year he joined the Imperial Bank
fire-prevention program."
Leland
Director
earnestly request
.
Vanderpool
the
tenders of $1,200,000,000, or
.
"I
Morgenthau said that he
currency in question
"Mr.
found
sion, the home front appears to be Mayor of Cherbourg told him that
losing ground against the ravages the extensive black markets which
Feathers' banking ac¬
prevention was more necessary on
"The Union Planters National
tivities were that ^f President
all types of buildings, stocks and
Bank & Trust Co. of Memphis,
and Director of the Peconic Val¬
exchange offering will be issued. furnishings."
Tenn., will observe its 75th anni¬
3.
Full information
regarding
ley Bank, Berlin, N. Y., founder
and Director of the Bank of Lake versary on Sept. 1," Vance J. Al¬ the presentation and surrender of
Placid, Lake Placid, N. Y., and exander, President of the bank, the bonds for cash redemption un¬
Among Mr.
reluctant to ac¬
the French were
cept the Allied currency.
•,,
in their war
1924, are
demption
bearing obligations of the United
States, in which event public no¬
tice will hereafter be given and
an official circular governing the
Michigan.
year
any
Impressive facts have been mar¬
shalled by the National Chamber
Public notice is hereby
bonds may,
resignation of Russell A. Steven¬ in advance of the redemption date,
son, former Dean of the Univer¬
be offered the privilege of ex¬
sity of Minnesota school adminis¬
changing all or arty part of their
tration, who will assume a simi¬ called bonds for other interestlar position with the University
of
1932."
ceedingly critical.
says:
1.
for
than
higher
since
and
MorAug. 14
Secretary of the Treasury
called for
in Fostoria,
redemption on Dec. 15, 1944. Ap¬
and in
proximately $1,037,000,000 of these
Sproul, President of the Hanover and York, Pa., according bonds are now outstanding. The
Reserve Bank
of New to the Toledo "Blade."
companies
other
of
Fremont
ers
He is an
of Fostoria.
Co.
ings
elected
Electric Co., Inc., has been
Bank and Sav¬
of the Commercial
and
American
the
Treasury 4s Of 1944-54
1944
Thursday, August 24;
FINANCIAL CHRONICLE
THE COMMERCIAL &
824
and
of
for
1944
the
are
first
nearly
in
and
also
sulting
United States Minister to Iceland,
15% higher than for the same pe¬
arrived at
riod of
and by
13
as
the
first
American
on
Aug.
Ambas¬
sador to Iran, according to United
Press accounts from Teheran.
1943," the Chamber said:
"Unless
losses
is
the
present
reversed
losses will be well
trend
promptly,
over
of
with
of
the currency
of
our
troops
whether inflation is re¬
in
Normandy areas as a
spending by our troops
spending was
The
States
United
Senate
on
August 7 confirmed the appoint¬
ment of George
member
Tariff
of
Z. Barnes to be a
United
the
Commission
for
States
the term
ending June 16, 1947, and Geroge
the Army.'
"Charges have been
1944' American
$400 mil¬
difficulty is arising
furnished for the use
result
Teheran, Iran,
any
connection
made that
producing
inflation in freed France
and that
McGill
to
be
a
member
of
the
Commission for the term expiring
June
16, 1948.
@FedFRASER