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Final
Edition
In
ESTABLISHED OVER 100 YEARS
2 Sections-Section 2
ommetciaL an
Reg. TJ.
Volume 160
New York, N.
Number 4304
v
The Department of Commerce has.recently estimated
.
that
straight-time wage and salary
tural industries in the United States
Office
Pat.
payments in nonagriculduring 1943 amounted to
just short of $77.5 billion. According to the same source, all
wage and salary payments in these industries totaled $89.5
billion.
The difference, some $12 billion, or nearly 13.5%
of the total, represented payment for overtime work. Of the
latter somewhat over $4 billion represented overtime pre¬
mium rates of pay.
Of Lncid,
Solid Construction" Says Lord Keynes
Chairman of the British delegation and Chairman<S>II, which drew up the plan for the International Bank tell me how to do what I think
sensible, and, above all, to devise
of Reconstruction and Development for the Conference, in moving
means by which it will be lawful
the adoption of the final act at the closing plenary session of the
for me to go on being sensible in
Conference on Saturday evening, July 22, made the following address:
Lord Keynes,
"I feel it
.
signal honor that I am asked to move the acceptance
Conference.
(
a
of the Final Act at this memorable
;
"We, th e<S>— /.
■..
Confer¬
this
the Department of Commerce has this
am
f e r
certain that
achieved
have been try¬
not
during the war period resulted from overtime pay
important implications for the transition period which
will follow the end of hostilities.
It is apparent from the
ing to accom¬
plish some¬
thing very dif¬
and
ficult
removed
accompanying tables and charts that the reduction in income
which will occur with the return to the normal workweek
complish.
proportion of workers'
incomes
has
Unfortunate Analysis
'
This line of comment would
to
please
one
seem
exceedingly
and
himself,
the
find
to
most
solution
in
acceptable
own
our
been
Keynes
easy.
o n
par¬
situa-
ticular
Lord
doubtless
We
each
t i
-
ac¬
trying,
chasing power is derived currently. This factor will be sup¬
plemented by another, operating in the same direction,
namely, the transfer of workers out of relatively high wage
occupations in the heavy industries to lower paid jobs in
consumers' goods and services fields."
,
to
have not been
large volume of pur¬
will eliminate the source from which a
,
That
.
have
would
It has been our
task
to find a common measure, a comstrange to many; of us were similar analyses not now so
mon'Standard, a common rule ap¬
not, this sort of approach is Wholly
plicable to each and not irksome
common.I But common or
unsatisfying.
Indeed it is distinctly unfortunate, since it
scarcely fail, whether intended or not, to give encour¬
can
agement to labor leaders and not a few others who are even
urging that hourly wage rates be raised in this post-war
now
(Continued on page 516)
We have been operating,
in a field of great in¬
tellectual and technical difficulty.
We have had to perform at one
and the same time the tasks ap¬
to any.
moreover,
NORMAN THOMAS*
America
•
isn't
There
a
satisfy
to
)
o
m
>ride
*
—
IIimM'
Cvery
Amercan father or
k
n
of
the
the
at
novies
levastati
v
h i
ven
h
c
for
on
war,
said
of
one
might shorten the war
;
have
have
.
,
rought to towns of Italy and of
and want to add to Eu-
peace
terms and even the
to the men
who will die in vain and to the
theirs
is
the
treason
been
particular
tribute
to
our
lawyers.' All the more so because
I have to confess that, generally
speaking, I do
been
have
I
not like
known
lawyers,
complain
to
that, to judge from results in this
lawyer-ridden
land,
the
May¬
who
turn
poetry
into
into jargon. Not
and
prose
so our
law¬
here in Bretton Woods.
On
prose
yers
the contrary
they have turned our
Collado,
and our
Luxford, Brenner,
Arnold, Chang, Broches
Cox,
Beckett of the
own
British Dele¬
gation. I have only one complaint
against them which I ventured to
voice yesterday in Commission II.
I wish that they had not covered
lar.ge
so
part of our birth certi¬
a
ficate with such very
for
visions
our
detailed pro¬
service;
burial
hymns and lessons and all.
"Mr. President, we have reached
when she sailed u from
Plymouth, must have been entire¬ this evening a decisive point. But
ly filled with lawyers.'
When I it is only a beginning. > We have
first,i visited Mr. Morgenthau in to go out from here as mission¬
Washington some three years ago aries, inspired by zeal and faith.
accompanied only by my secre¬ We have sold all this to ourselves.
tary, the boys in your Treasury But the world at large still needs
curiously inquired of him—where to be persuaded.
is your lawyer?
When it was ex¬ ~: "I am greatly encouraged, I
plained that I had none—"Who confess, by the critical, sceptical
then does your thinking foT you?" and even carping spirit in which
our
proceedings have been
was the rejoinder. That is not my
(Continued on page 521)
idea of a lawyer.
I want him to
flower,
Washington
;
Ahead Of The News
By CARLISLE BARGEIION
Governor Dewey's
GENERAL
CONTENTS
;
Situation...,.
Washington
Ahead
Page
♦
513
of
the
513
York Exchanges....
Odd-Lot Trading....;
upon
State
Review
Commodity Prices,
of
Weekly
have undergone, or
exception was
fice to say is
former
the
Weekly
Steel
Review
526
chie of Mary-
little
1
two States.
Index...' 524
Output
that in recent years
526
514
Domestic Index.. 524
Weekly Coal and Coke
whether they
simply victims of the trend,
is not for this writer to say. Suf¬
were
the Governors have come to mean
Trade
Association Price
step¬
to
Governor Rit¬
Carloadings.
Fertilizer
a
.
do
which we
Whether their attitude had to
with the centralization
stone
who
d,
a n
said
often
General
of them, only
this latter..
looked
their
Deal,
the Senate. An
and Yields.... 525
Banks and Trust Cos.. 528
Trading on New
NYSE
National Gov¬
Some of
the
the thing.
get $5,000 a year and a house to
live in and some of them not even
ping
News
About
was
these fellows, many
jobs as
Moody's Bond Prices
Items
that
and
ernment
the
Govern ors
Regular Features
Frcm
ies
few
a
have, even be¬
fore the New
Editorial
Financial
jaunt out to St. Louis is looked upon here
giv¬
presid¬
over the
great State of
ing
ing
for
up
the
York
Carlisle
Bargeron
Maryland
Presidency.
governors
nothing, except in one or
v¥
,.
to-think they
had a lot to do with it because a
Governor of backbone, who in¬
not
would
consider
or
We
he
except
Your
New
have always as^
big shots
sumed they were pretty
525 and in direct line for the Presi¬
523 dency.
ope's sorrow and bitterness by
But aside from a few States, the
*A
speech given by Norman Moody's Daily Commodity Index... 525
tie
unnecessary
destruction of
526 ambitious men who became gov¬
Thomas, Socialist candidate for Weekly Crude Oil Production
ne
least hamlet. :In our hearts
524 ernors had no higher ambitions
President, at Oberlin Town Hall, Non-Ferrous Metals Market
This
e know how infinitely desirable
Weekly Electric Output
524 than to get to the Senate.
Oberlin, Ohio, July 30, 1944.
May Bldg. Permits........
523 reflected, on their part, an accept(Continued on page 520)
would be if the intrigue among
"ranee
illegal. Too often lawyers are men
gratitude to Dean Acheson, Oscar
has
It
far
teamwork such as I
have seldom experienced.
And
for my own part, I should like to
a
busy
commonsense
three-
or
as
teamwork,
pay
years
be imagined from
been
two-man
conference.
man
of
527
request for something better than Weekly Engineering Construction... 525
527
unconditional surrender, as if it Paperboard Industry Statistics
527
were a
form of treason.
Rather Weekly Lumber Movement
decent
Norman Thomas
<•
and individuals who
usurped the name "liberal"
denounced the demand for
can
or
States,
newspapers
lib-
ration, inevia b 1 y
has
has
any
as
one-man
some
lawyers
in
historic and at the same time, something
"And I make bold to say, Mr. fraught with political dynamite.
,
In the first instance, it symbolizes the independence that our
President, that under your wise
State Governors have been acquiring.
That's all to the good. It has
and Jdndiy guidance we have been
been all too long since these Governors recognized
their proper
<S>successful.
International confer¬ estate. With
ance that they were merely flunk¬
ences have not a good record.
I the exception
(
giving the German people a
little hope of a decent peace. And
can
us
nor
a
this has
But
often
jargon into prose and our prose
into poetry.
And only too often
they have had to do our thinking
for us.
We owe a great debt of
always governed by
energy,
good temper and humor, of Harry
White.
Too
hence.
Washington as something
.
by
Not
in
ook
leaders
Allied
word that
been
nine."
me
the
might
lave
Roosevelt
this
owe
Babel.-
people, soldiers,
farmers, who have
But despite all this neither
President
thrown
iway
and
We
lucid,
indomitable will
the
to
ambulent at the hands
German
the
power.
whose life
v a s
"7~
the
already'paid so terrible a price for
Hitler's dream of conquest and of
"that
h i
of
workers
will
>oy
"
and
,
.
least
of
From
able,
solidarity at the
top should be followed by a con¬
structive revolution of the masses
thirst
!or vengeance.
nother
.
officials
break in German
and
p
or
„
German
high
of
lust
iome
the earliest
We^want no single American boy to
American who doesn't want
decent
bulk
a
construction.
solid
memory
of the microphone been
silently and swiftly perof our at¬
tendant sprites,
the faithful
Scouts, Puck coming to the aid of
Bottom, to undo all the mischief
first
wrought in the Tower of
magic
Proclamation Of Peace
Terms Appropriate To A Lasting Peace—Opposes Com¬
mitment-To Any League Pledged To A Peace Of Ven¬
geance And Of Imperial Power And Holds A Construc¬
tive Revolution Can Bring Hope To Germany And
Europe As A Primitive Peace Cannot—Lays War To
Versailles Treaty And Capitalists From Europe And
Presidential Aspirant Urges A
possible peace that will last.
politician, to the
journalist, to the propagandist, to
the
lawyer, to the statesmaneven, I think, to the prophet and
to the soothsayer.
Nor has the
The Price Of Peace
By
to the
propriate to the economist,
financier, to the
such
similar conhas
no
within
e n c e
conditions
unforeseen
themselves to make
,v,'.,
V
.
Mr.
President,
ence
to say :
"The fact that so substantial a
Copy
a
of Commission
Delegates of
Of this situation,
60 Cents
Price
Y., Thursday, August 3, 1944
Bretton Woods Conference Achieved A "Balk
The Financial Situation
;
S.
inclined
are
handling the problems
State,; could
have
useful purpose and also
sisted upon
his
within
served
a
attracted national attention.
Mr.
Roosevelt,
when
he
came
with his knowledge
fully realized
this set-up. He fully realized that
the great majority of our Gov¬
ernors
were
looking forward to
into
of
power,
human
nature,
running for the Senate. He swept
over and engulfed these State am-
(Continued on page
519)
'
THE
514
What Nonsense Is
Hay Reached Record
Of $1,159,000,000
immedi¬
Eco¬
reported on
July 25 that all types of LendLease shipments from the United
States in the pre-invasion month
of May reached the record value
of $1,159,000,000. Of the total, said
$40,000,000,000. If we don't do that, I predict
will spend more in the long run and get less out
just as we did with the WPA. If funds are pro¬
vided in time, the country will get full value.
"Just as soon as the war blows up in Germany,
of it,
the Associated
"
to
the Mediterranean area,
000; to China,
New
depression is seen coming or some
projects toward which the
Government has been contributing from
times."—Edgar J. Nathan, Jr., President of
and for other
ough of Manhattan.
It is to be hoped that the
shipments brought
the
cumulative total of LendLease exports since Mar. 11, 1941,
,
to
was exported during
the first five months of this year."
from
stated:
pounds, a drop of 24% from May
deliveries.
The dollar value of
the deliveries was not stated.
How, except by monetary tricks,
people through the central government do
is beyond them otherwise?
And anyhow,
there to suppose
welfare is promoted
,
In So< America—
Foreign Bommeree Board Advocated §
Howard E. Blood Sees "Boom"
"boom" of such proportions "it is
reminiscent of the Florida land boom" is now in progress in most
large cities of South America and is enhancing the demand for many
products which will not be obtainable in quantity until after the
war, Howard E. Blood, President of the Norge Division of BorgWarner Corp., declared at Detroit, Mich., on July 27, following his
return from a 17,000 mile business ?>
for increased industrialization, Mr.
survey trip to the major cities of
"
V v;
A
real
estate' and building
continent.
Emphasizing that United States
businessmen can look forward to
the southern
the anticipated wid¬
ened use of the airplane post-war,
a
vehicle of transport and com¬
Blood
Administration
aggregated 806,942,749
poses
the
profligacy.
War Food
reported today that June deliv¬
eries of agricultural products for
Lend-Lease and other war pur¬
cited
...
ernment
and business of the re¬
2.
Obtain
would be:
prevent
Zealand as reverse
to May
the
"Of
Lend-Lease up
31,
total
456,939,150
of
Maintenance Of Union
States- Membership For UP
Ordered By NWLB
assurances
it
and for all the
has
to
"dispel
1943.
idea that the war
enriched all indus¬
try." He added, that "while busi¬
ness
is making money," profits
in the war years have fallen be¬
low "average rates" of the peace¬
time years of 1936, 1937 and 1939.
Discussing corporation profits, he
said, these profits dropped from
3.1 in 1939 to 2.8 last year, while
production volume jumped from
$131,000,000,000 to $298,000,000,000.
The NAM study was based
primarily on Commerce Depart¬
ment
figures, it was said, and
gave corporation gross receipts in
1939 as $130,972,000,000 and net
after taxes
The
1943
4.4%
that
the
stocks to the lowest level
tions
Paper production increased
0.2%
over
last week and
paperboard by 3% over the same
week.
A
decline
occurred
in
by
freight carloadings of 1,770 cars
or 0.2%
below the week preced¬
set in in a
3.5% from the previous
period and
untenable.
The
German line of defense extending
from the Baltic to the
on
the Russian
back
by 8.3%
over a year
Bituminous coal also receded
period. Retail trade
fared well last week as depart¬
ment store sales advanced 11%
ahead of last year for the country
as a whole and by 16%
for sales
volume here in New York.
ago.
for the German forces
week making their posi¬
wholly
coal output
ing, while anthracite
the Russian and western
on
fronts
in many
years.
fell off by
way
brought
and
week
the
for
rels
Weekly Summary of Trade and
Carpathians
for the same
front was thrown
in^ such haste that the with¬
drawal
took
on
more
of the na¬
Loans
Trade
—
Expansion
in
trade loans,
York
with
Florence
the
Germans
ad¬
mitting the evacuation of Pisa. In
the Pacific area American forces
Jpne, but the subsequent expan¬
sion was only $52,000,000 between
July 1 and Dec. 31. From thsame
source
it is reported tha
increase
the
in volume
now
ex¬
perienced is produced by borrow
ings by a wide variety of trades,
notably flour millers, grain deal
ers,
seed merchants and cotton
There is also
volume of grocer?
seed oil dealers.
considerable
on
North
trade paper in the market, mucr
cutting the
of which seems to have its base
distance to the Philippines down
whiskey purchases. Some grocer
to 600 miles. Immediate construc¬
wholesalers would have paid of
tion of an airport was undertaken.
their commercial paper this sea
The
past week saw diplomatic
son had it not been for the pu£
pressure applied against Argen¬
chase of liquor at higher prices.;
tina because of reputed pro-Axis
Dutch
on
Sansapor
New
landed
Guinea,
,
leanings and activities of
the Ar¬
long antici
Bonds—The
War
gentine f Government.
The State pated plan in Washington dealin
Department issued a White Paper with the cashing of war bonds wa
which explained this country's re¬ announced by Henry Morgenthau
fusal to extend recognition-to the Jr., Secretary of the Treasury. Th
military regime of President Far- plan will permit holders to re
rell.
!
that
one
and
contained ceive proceeds immediately an
mention will, it is understood, be put int
announcement effect within 60 days.' The ne
week that the Office of the mechanism
for
redeeming wa
The week's news
other item worthy of
that
was
the
,¥V.WV
Ufonn
decreased by 1,219,000 bar¬
leum
were
the past
1,000,000 bar¬
highest since the
first of the year.
However, do¬
mestic and foreign crude petro¬
rels and was the
general
ica, it is historically true, he de¬
clared, that as a country indus¬ Tenders will be received at the
trializes, the overall market for Corporate Trust Department of
"North American goods increases the bank, 11 Broad Street, New
York 15, and will be opened at
with benefit to all.
To indicate further the prospects 12 Noon on Aug. 8, 1944.
fuel
increased by almost
comparable
Industry—Retribution
than one year ago:
oil the past week
more
Residual
According to the New York last
living United States investors would be
Times
of July 28, the United
j. Rubber Director would come to
h
ah«
•from exorbitant tax¬ Press onnminnAH on the previous r an end. effective Sept. 1, next.
standard scale must be raised if protected
announced
ation on their share- returns, and
Improvements are to continue.
day that it had received a'direc¬ Rubber Director Bradley Dewey
3.
Remove the
United States tive from the Daily Newspaper announced that the agency's job
"Efforts in this direction in the
last several ye&rs have resulted in Department of State from close Printing and Publishing Commis¬ of
supervising the building of the
general salary increases in most association with affairs of busi¬ sion of the National War Labor synthetic rubber industry was ac¬
ness
and set up a foreign com¬ Board in
countries, with wages in Buenos
Chicago instructing it to complished and that the bureau
Aires
up
56.3% from January, merce board, similar to the Brit¬ institute maintenance of * union would dissolve itself.
ish Board of Trade perhaps, to co¬ membership among its editorial
1937, the base year." While these
Military developments of recent
gains are partially attributable to ordinate trade activities.
employes in the United States. weeks have induced stock market
a
war-borne price inflation, "it
The "Times," added:
investors to exercise greater cau¬
appears
that purchasing power
"The order followed a hearing tion making, for rather dull and
has increased considerably," Mr.
before the Commission in Chi¬ irregular markets.
Some expan¬
Blood stated.
Chase Invites Tenders On J
cago
at which the news service sion was noted in trade loans, and
North American technical skill
New So. Wales 5% Bonds < unsuccessfully defended its op¬ bank clearings for the week were
will be especially helpful in
position to 'any and all forms of more than 20% above the volume
The Chase National Bank of the
"streamlining" manufacturing
editorial employes.'
The UP has for the corresponding period of
operations of the many
small City of New York, as successor 14 days in which to petition the 1943. On Tuesday of this week the
firms which have sprung up dur¬ fiscal agent
of external 30-year
Federal Reserve Board reported
Board for a reyiew.
ing the war, most of which are 5% sinking fund gold bonds, due
that total consumer
credit out¬
"Accompanying
the
directive
operating under great difficulties, Feb. 1, 1957 of State of New South
standing on June 30, totaled $4,was
a dissenting opinion written
Wales Australia, is inviting ten¬
he continued.
952,000,000, an increase of nearly
Although products of these ders for sale to it at prices not by Frank R. Ahlgren, editor of The
'Commercial
Appeal,' $55,000,000 since May 31. Single
newer companies represent com¬
exceeding their principal amount Memphis
who was the industry member on payment and instalment loans ac¬
petition with existing United and accrued interest of an amount
counted for most of the increase,
the Commission hearing the case.
States trademarks in South Amer¬ of these bonds sufficient to ex¬
haust
the
sum
of
$247,569.15. The majority report was made by while automotive sale credit also
alization
1% over
previous week with electric
production higher by
the
kilowatt
$4,088,000,-
as
steel output of
ingots and castings rose
figures for
$298,000,000,000 and
$8,200,000,000.
000.
—
;
-
As for industry,
greatly
income
:
June 30,
2% higher than on
was
once
separate report, the For-' 10 miles southeast of Avranches
Economic Administration on the See River, capturing the
said almost a half a billion pounds
large transport center of Brecey
of food valued at $47,911,000 were in a drive that threatens to turn
received by American troops in the whole German line in France.
the South and Southwestern Pa¬ News from
Italy told of British
cific from the government of New
troops fighting five miles from
arbitrary
of United
property;
put
i g n *
.
Mr.
Gaylord
"In a
e
which
Blood / con¬ period. These
tinued, there has developed in the
1. Move to
last several years a "strong spirit
expropriation
of nationalism" in these countries
owned private
with virtually everyone in gov¬
Furthermore,
public a detailed analysis of
dent, Robert M. Gaylord, who made
corporate profits, designed as Mr.<$>
according to the New
"Sun," has already set in.
ture of a complete rout.
In Nor¬
"June Lend-Lease deliveries at
Reports to that paper from com¬
shipside amounted to 658,116,418 mandy American spearheads early mercial paper dealers on Friday,
in
the week
effected a break¬
pounds, compared with 857,870,last, stated that for the first time
924 pounds in May.
They were through in the German wall west in six months, new issues of paper
divided:
British
Empire,
58%; of St. Lo paving the way for fu¬ were
exceeding maturities arid
ture successes which up to Tues¬
Russia, 32%; Greece, North and
that June 3 apparently would be
West Africa and the French Com¬ day of the current week placed
the low point for volume. On that
American armored forces in a po¬
mittee of Liberation, 10%.
date only $136,560,000 was out¬
sition
where they have entered
The .June
deliveries brought
standing compared with $150,700,'^
Brittany and have struck east¬
total Lend-Lease agricultural de-:
000 on May 31 and $143,300,000 op
ward
toward Paris * from their
liveries for the year to 4,071,242,June 30, 1943. .The seasonal bbtsalient on the lower Normandy
117 pounds. " •
• ....i Coast. United States forces drove tom last year- also was reached in
pounds of food supplied, 63,380,000 pounds were veal and beef,
has been in¬
a
multitude of opportunities in
31,910,000 were lamb and mutton,
strumental largely in development
South America after the war, Mr.
18,270,000 were pork, 28,380,000
of hitherto inaccessible areas.
Blood cited this real estate devel¬
were
bacon and ham, 42,000,820
Mr. Blood said that the United were canned meat, and the rest
opment as one phase of a "vast"
States Government, according to included butter, cheese, milk and
industrial
expansion which all
countries of that continent are ex¬ its citizen businessmen living in cream, miscellaneous dairy prod¬
periencing.
The land "boom" is South America, must take at least ucts, fresh vegetables, Scanned
particularly notable in Sao Paulo three steps if healthy trade rela¬ vegetables, apples and sugar."
and Rio de Janeiro in Brazil, he tions between the two continents
are to be fostered in the post-war
said.
'
munication
(
working capital to soften the shock of conversion to peacetime pur¬
suits.
The analysis of the SEC was covered in a previous issue of the
"Chronicle." A like reaction was felt by the NAM through its Presi¬
big
"The
Federal
earliest
the Bor¬
,
■
The Federal Reserve System
~
Congressional Commit¬
by outrageous
Press accounts
Washington July 25, also
Associated
The
whom these
what reason is
$20,525,000,000, of which $4,-
785,000,000
gentlemen expressed these views
week will be inclined to scrutinize such doc¬
what
areas,
May
"The
trines with care.
can
India, Australia and
Zealand, $130,000,000, and to
other
added:
governments should not advance public
works programs beyond their own ability to finance
them.
This is no argument against Federal funds
for certain types of highways, port developments
last
$110,000,-
$44,000,000, in¬
$4,000,000 to the other
American Republics. The advices
all
and local
tee to
previous month.
Russia totaled $316,000,000, to
cluding
other
national need arises reasonably requiring Federal
grants, I do not believe that municipalities should
look primarily to the Federal Government for the
financing of local public works. In the absence of
special or other compelling circumstances, State
a
King¬
than in
Shipments
more
any
of New York City.
"Unless
$100,000,000
dom,
will be real quick,
Press, $559,000,000
shipped to the United
was
the city is ready to
go ahead with its post-war plans. But no city in the
United States* including my own, is able to fully
and completely finance a post-war public works
program without Federal aid."—Mayor La Guardia ,;
which I hope
Crowley, Foreign
nomic Administrator,
least
we
T.
Leo
municipal
of at
speaking of the cost of Federal, State and
public works programs, a five-year program
i
recently took an opposite stand tp
that of the SEC in its opinion that American industry has ample
•:
the
i.
The State Of Trade
In
ately after the end of the war, a 20 days' cost of
war.
I would double that for the second year. I am
t
Thursday, August 3, 1944
CHRONICLE
Lend-Lease Shipments
This?
appropriate for the first year
"I would
COMMERCIAL & FINANCIAL
<-vv%
t
and rose slgihtly. Charge account in¬
Commission,
debtedness
declined
about 1%
Sam Eubanks, Labor Member
Executive Vice President of during June and at the end of the
F. S.
Deibler, public member
Vice Chairman of the
and
and
the American Newspaper
Guild.
month
the
amount
outstanding
the jo"
bonds is expected to ease
a
of
handling bonds that are cashe
maturity. Redemption o
before
bonds is
the
expected to increase a
quantity of bonds outstandin
in the hands of; the public grow
and
will help also to handle
th;
payment of matured bonds. Th
first savings bonds mature in 1945
Under the plan, banks will be re
imbursed for handling bond re
demptions, but a scale of fees ha
yet been worked out, it wa
not
B
stated.
In connection with the openi
of the Sixth War Loan Drive,
th
Secretary said the date of th
start of the next drive would de
pend
the rate of Federal ex
on
penditures between now and No
Under the new bond re
vember.
demption
plan,
the
will be cashed at any
bank
on
obligation
commercia
presentation and proof O
identity, at their full purchas
price plus any interest due.4
Steel Production
can
Iron
and
—
Steel
The Ameri
Institute
nounced last Monday that
(Continued
on
page
the
518)
an
op
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4304
160
515
Industrial
Bradley Dewey Resigns As Rubber Director^ Argentina Recalls
First War Agency To Liquidate Its Own Bureau Ambassador To U. S.
Activity Continued To Decline
tii June, Federal Reserve Board Reports
-
In
The
recall
tendering his resignation as Rubber Director, Bradley Dewey
by the Argentine
has recommended that the Office of Rubber Director be abolished, Government of its Ambassador to
and that priority powers incident to the allocation of rubber goods, Washington, Adrian Escobar, was
and such regulation as may be needed, be given to a rubber division made known in Associated Press
.within the War Production Board.
Mr. Dewey in submitting his accounts from Buenos Aires on
The Board of Governors of the
Federal Reserve System in its
of general business and financial conditions in the United
summary
States, based upon statistics for June and the first half of July, stated
July 26 that "employment and production at factories continued
to decline slightly in June; output of minerals Was maintained in
on
and to James F. Byrnes, Director of the July 25, which stated that accord¬ record volume." "Retail trade and commodity prices showed little
ing to a communique the decision
change in June and the early part$Aluminum
Division of the was taken "in view of statements of July," said the Boafti, which in duction- of the large numbers of
cated in his resignation that the and
War Production Board. Once the regarding Argentina's position at¬ its advices also stated:
cattle on farms will occur.
~ ;
emergency incident to the exist¬
War Production Board has deter¬ tributed to the U. S. Secretary of
ence of the Office of Rubber Di¬
J
Bank Credit
~
;
r
Industrial Production
'
rector
no
longer
exists.
Mr. mined the essentiality - of a pro¬ State in dispatches from Wash¬
"As
"The
Board's
seasonally
ad¬
payments
for
securities
Byrnes accepted the resignation gram, its> production:: executive ington." The Buenos Aires Asso¬
with the comment that Mr. Dewey committee, which includes repre¬ ciated Press added:
justed index of industrial produc¬ purchased during the Fifth Drive
announcement
said
that tion was 235%
had made "a wonderful contribu¬ sentatives of the armed forces, is %■ The
of the 1935-39 transferred- funds from private
tion to the war effort." WPB has the ideal body to insist that ade¬ such v statements,
if
confirmed, average in June as compared with deposits to reserve-exempt .Govr
"Would
constitute expressions 237 in May and 243 in the first ernment
accounts, the average
,agreed to carry out Mr. Dewey's quate. manpower be provided.";
level of "required reserves at all
v ■ :y■
•
organizational. program, said], the ; In the New York "Times" of which the Government and the quarter:
member banks declined by close
.Associated Press, whose advices July 26 it was also stated:
YYV people of Argentina could not ac¬
"Steel production declined 4%
to
144 billion dollars.
Reserve
"Irt a statement issued from his cept without impairment of their from the rate in
.from Washington July 26 said in
May, reflecting
balances were reduced by about
Long Island home last night, Mr. dignity."
part:.
partly manpower shortages. Out¬
/ y'The first war .agency head to Baruch said that W. ;M. Jeffers,
Although the communique failed put of non-ferrous metals dropped $800,000,000 and excess reserves
liquidate his own bureau, Rubber first Rubber Director, and Colonel to specify the statements attrib¬ 8%, largely owing to the contin¬ rose by around $400,000,000. Re¬
serve
funds
were ? absorbed
uted to Secretary Hill, it appar-j ued
Director Bradley Dewey declared Dewey had carried their part of
planned curtailment of alum¬
today
that this country's y new the rubber program to success. :; ently referred to dispatches from inum and magnesium production. through declines in Reserve Bank
>"
of Government ~ secur¬
'They are the rare combina¬ Washington which said Mr. Hull; The lifting on July 15 of some of holdings
$750,000,000 synthetic rubber .in¬
dustry will survive into the peace¬ tion which is found in America, disclosed yesterday that the State the restrictions on the use of these ities,, by a moderate increase iii
time era.
:";: and makes it "tick,"' he stated. Department had sent a report to meaals was the intial step in a currency, and by temporary in¬
creases
in Treasury deposits at
"Well done," we can all say, and all Latin American nations setting
"Mr. Dewey, who yesterday an¬
program to prepare for limited re¬
resignation to the WPB
.Office of War Mobilization, indi-'S*
•
.
..
.
■
.
'
.
resignation and
nounced his own
the dissolution of his office on or
1, said the industry
producing at the full
recommended by the Baruch
.before Sept.
now
rate
was
Committee nearly
two years ago
This
—about 836,000 tons a year.
is
250,000 tons more than the
some
country's consumption of natural
rubber before the war.
capitalist
planting rubber trees and waiting
seven
years for them to
grow,'
said Dewey, '—against a future of
;
" T -cannot
tition
won
with
every
tered
costs—in compe¬
labor
unknown
any
see
chemists who have
battle they ever en¬
and
synthetics
between
nature.'
"For
period after the war syn¬
thetic rubber probably will be one
or two cents cheaper than
crude
a
said, and thereafter
few cents higher than
the natural product. In any case,
he
rubber,
may run a
he observed, it will act as a gov¬
natural rubber prices at
a time when consumption will be
increased
enormously
by
the
uilding of motor roads in many
ow
inaccessible
parts
of the
ernor on
world.
i
"Mr.
Dewey expressed grave
over
the labor shortage
"thanks."
Asked
able
forth
-
hi^ opinion of the prob¬
position of the synthetic rub¬
industry
in ? the : post-war
ber
world,
Colonel
Dewey
said that
he believed it would stand on its
rubber
the
industry,
civilian
ssential
and
de-
and
even
some
ilitary activity unless the manower were
f "Mr.'
Dewey's
sixth
and
final
report on the rubber prodisclosed the agency is tuni¬
rogress
ram
ng
back 35% of its funds to the
for the current fiscal
Besides meeting military
reasury
£ar.
eeds and producing an estimated
2,000,000 passenger car tires this
ear, Dewey said,' a stockpile of
04,000 tons of synthetics has been
uilt up."
Mr. Dewey plans to return to
he
presidency of Dewey & Almy
of Cambridge,
ducing synthetic rubber at about other
12 cents a pound, not including
The
'
...
several weeks after U. S. Ambas¬
-
broader mar¬
synthetic and
natural, than in pre-war days.
He predicted a far
ket for rubber, both
special cablegram from
Rome July 21, to the New York
"Times," it was stated that the at¬
tempt to assassinate Adolf Hitler
was
naturally the chief topic of
conversation and speculation in
Rome .and the Vatican City that
In
day, and it gave rise
that the Pucci agency
pleasure
at
Hitler's
escaping
death." The advices to the "Times"
on
This
to say.
American
Latin
started
a
War Loan drive.
"During
"that to
of the
time
statements
at¬
and considering that such
statements, if confirmed, would
constitute expressions which the
Government and the people of Ar¬
gentina could not accept without
impairment of their dignity, the
Foreign Office has resolved as the
first step to recall the Ambassador
the
United
States, Dr. Adrian
C. Escobar.
will
Foreign Rela¬
July 26 a full
issue
•
statement
policy,
with
which
there
are
nor¬
diplomatic relations, but pro¬
thing and practice is
on
international
our
especially
connection
in
announced
at
of
27
June
it
Department that Ambassa¬
time said:
A
official
Department
Schlaikjer Named
Vice-President Of Federal
incident to the
Reserve Bank of Boston
goods and
Oscar A. Schlaikjer has been
uch regulation
as
the rubber
oods manufacturing industry appointed
Vice-President
and
ay need as well as the'deter- General Counsel of the Federal
ination of the industry's needs Reserve Bank of Boston, bank of¬
q£ products which are in short ficials announced on July 17, said
the Boston "Herald," which added
said
it
should be considered only logical
that Ambassador Armour would
be
recalled at this time when the
whole
course
of
tions
is
other
American
under
Nonetheless,
Argentine rela¬
discussion
with
governments.
Ambassador Ar¬
regarded here
mour's
recall
as
deterioration
a
"Mine production of metals and
coal was maintained in large vol¬
ume
and crude petroleum
United
of
States has
not
at the
The
since.Gen¬
head
of
a
militarist junta
Feb. 25.
A few
Distribution
.
;.
....
,.
clined
index
more
average
first
considerable in¬
and the Board's
of the
1935-39
compared with 183 in
of 177 in the
as
May and
a
175%
was
an average
four
1944
months
this
of
Sir David
year.
part of July sales were 9% larger
than
a
Kelly, British Ambas¬
year ago.
"Railroad
'
carloadings
freight
showed little change in June and
the first three weeks of July after
for
allowance
seasonal
move¬
ments.
limited
amounts. yyy-':::
Y :"Y;
r
"Loans for
rying
the' total
other drive.
amount
Of
advanced
by
banks in 101 cities, loans to brok¬
ers
and
dealers
accounted
$500,000,000 and loans to
for $1,300,000,000.
for
others
purchases
of
securities
during the Fifth Drive,
adjusted demand deposits declined
by $4,700,000,000 at banks in 101
cities.
these
Government
banks,
same
deposits
at
increased
by
$10,500,000,000.
The
difference
reflected the effect of tfce increase
in bank loans and investments."
,
"for
consulta¬
Government,
au¬
The Department
of®Agriculture,
"Well
over
billion bushels of
a
In many areas, the report said,
values have advanced far
wheat and almost 3 billion bushels
farm
of
prospect
on
improvement
and aggre¬
gate crop production in 1944 may
beyond
be about the
in 1943 and
ard has warned several times that
prior
the present situation corresponds
in many ways to the runaway land
were
in
This is
an
corn
over
Jun^ 1 prospects
than
1942.
same
any
as
year
to
V':i
;Y.;:,;
"The number of chickens raised
be
averages
likely to be
maintained if prices of farm com¬
modities return to pre-war levels.
Secretary of Agriculture Wick-
market
was
this
year
was
19%
smaller than
24% smaller and the fall crop may
his
To Be Cautious
"Legislation extending Federal
price controls for one year was ated Press
dispatch from Wash¬
enacted June 30; certain restric¬
ington, .whicb also said:...,,.
>
tive
provisions
were ' relaxed,
Would-be buyers of farms were
especially those relating to prices
told they would realize that the
of cotton products. Prices of most
present period of favorable^ prices
commodities in wholesale and re¬
tail markets have recently shown and ready markets for agricultural
products—prime factors in . the
little change.
: ;
land market—may be drawing to
a
close.
•
y
r Yy.;y,y'
:
Agriculture
called
London
Prospective Buyers
Of Farms Urged
over a new land
boom,
urged on July 27 caution by pros¬
pective purchasers to an Associ¬
last year; the spring pig crop was
to
who
concerned
Commodity Prices
sador to Argentina," has been re¬
with
securities from investors
7%
greater than in the
first, half of. 1943.
In the early
was
larger
days later, July 2, Lon¬
don United Press accounts stated:
tion"
of
were
"Accompanying
store
sales de¬
than seasonally in
June, following
crease
in May,
recognized July 1.
eral Edelmiro Farrell seized power
on
produc¬
new rec¬
.
"Department
was
States-Argentina diplomacy.
United
porting
leading
./v;
purchasing and carT
Government securities in¬
mills and in the. chemical and rub¬
creased by $1,800,000,000 over the
ber
industries
showed
little
Fifth War Loan, an increase larger
change in June. :y:":y'.,.;v y";—; than that of
was
Washington by the
the Argentine regime
Oscar
reached; the
and
earlier record level of December,
1941.
Activity in cotton textile
with the aforementioned facts."
State
ernment
Value of sales in the first half of
"The Minister of
diplomatic form and pro¬ dor Norman Armour had been or¬
tocol the Pontiff, as head of a dered home from Argentina "for
neutral State, could send such a consultation."
Associated
Press
telegram to the head of another advices from Washington at that
State
further
vanced
ton,
to
Drive, be¬
July 12, Gov¬
security holdings at re¬
adjusting their
positions
.prior to subscription during the
output of most other food prod¬
drive, from increased purchases of
ucts continued to rise seasonally.
/Treasury bills, and from subscriptRefinery output of gasoline ad¬ tions to
new securities in
tion continued to rise to
of pure
mal
goods was maintained in
Meatpacking
activity
declined
further Y from
the
exceptionally
high level in the first quarter, but
ord levels.
dispatches from Washing¬
;
Fifth
any
re¬
position
nondurable
State in
Under' date
true," said this authority,
base oneself on questions
same
communique:
Argentina's
garding
port in strong terms.
"It is
the
'
of
"Production
the
tween June 14 and
member banks in 101
cities increased by $4,*
.700,000,000.
Additions to
bank
June.
holdings resulted from purchases
1943.
tributed to the U. S. Secretary of
sensation of its tions
but this evening a Vatican
authority who ought to
know
about such things denied the re¬
own,
about
not returned.
view of the
"In
-
-
rubber
divi-
Most
,
The text
a
longer exists.
upply, be given to a rubber
ion within the WPB.
;
Kelly
Congratulated Hitler
powers
of
V.
and have
"When Hitler escaped death in
In tendering his resignation, Mr.
iewey, according to Washington the Buergerbrau Hall explosion in
dvices July 25 to the New York 1939 no telegram of any sort was
'Times" by Charles E. Egan, said: sent to him by Pius. When Hitler
»""I feel that there is no reason to came to Rome tp see Mussolini it
would have been protocol for the
aintain further the broad powers
Fuehrer to see the Pope, but he
hat were given to the Rubber Didid not.
In this case protocol has
ector only because they were esalso been overlooked."
ential to the meeting of an emer-
ocation
David
their re¬
spective governments for consul¬
Argentina
„
riority
Sir
had been called home by
Ambassadors to Buenos Aires left
"ass.
^"Consequently
I
am
recom;ending that the Office of Rub¬
er Director be abolished and that
Ambassador
Vatican Denies Pope
another.
now no
sador Norman Armour and British
tations.
tocol is one
which
below Jurte,
cause.
dispatches were approved
cost of plant and depreciation or for publication by Argentine au¬
profit," he declared. "This means thorities early today, about nine
it
will
sell
at about
14 to 16 hours after their receipt here, v
cents a pound in the world mar¬
The recall of Mr. Escobar came
kets.
Over the four
to peacetime output.
weeks ending July. 12, money in
in the machinery and
At a press conference yesterday,; transportation
equipment indus¬ .circulation rose by - $230,000,000,
the dispatches added, Mr. Hull tries in June was maintained at which is a smaller rate of growth
said the United States was mak-< the level of the preceding month. than prevailed in recent months,ing known the basic policies which Increasing emphasis was reported reflecting the influence of the
and would' not need a separate the attitude of American' oh
output of heavy artillery and
protect it from competi¬ nations
supporting
the
Allied artillery shells and of tanks. Lum¬
tion from natural rubbers.
cause
and of the attitude of the ber production continued to de¬
"More efficient plants are pro¬ American nation
supporting an¬ cline and was approximately 10%
hemical Company
ency
the Reserve Banks.
conversion
Activity
:
feet
own
went
found,
Ar¬
on
tariff to
to a report
in Vatican
lared the present critical short- City put out to the effect that the
ge of heavy duty truck and bus Pope "is presumed to have sent a
ires would continue to threaten telegram to Hitler expressing
oncern
n
Washington's views
gentina.
a
third smaller
than in
1943.
land
of
World
followed
values
by
and
War
a
I, which
collapse in
ruin
for
many
who had bought at inflated prices.
Far mland sales during the 12
ended in March rose up
months
sources
said
today. Marketings of cattle, however, 20% from the previous year to
coincident with announcing thoritative
"a record, while values for the
promotion, of Mr. Schlaikjer Ambassador Kelly is expected to have been normal in.relationship
country as a whole increased 3%
from counsel to the new position,
leave Buenos^, Aires as soon as to the numbers and unless mar¬
eport to the Chairman of the Exbetween
March and
July this
cutive Vice-Chairman and be or- the bank also reported the adtransportation? can be arranged, ketings are increased during the year.
They now stand »at 42%
anized similarly and operated in vance of Ansgar R. Berge from
these sources said.
rest of this year no material re- above the 1935-39 average.
lewmegeneral way as the Steel Assistant Secretary to Secretary.
.."This rubber division
might well
—
that
the
516
UNRRA Gets $4 Million Hull Sees Attack Oil Hitler AlRealization
The Financial Situation
For Administrative
(Continued from first page)
Vv
have the more abun¬
period in amounts sufficient
dant goods which a longer
to make
the actual weekly
week
would
provide.
We
pay of the worker, working on
must make our choice. ; We
the "normal" 40-hour week
must not imagine that we can
or an even shorter week in a
we
which
the
:
■
But there are other
aspects
of this war overtime situation
which should not be over¬
situation to
Department of
refers does have a
good many implications
looked.
Department's own study, and
since this whole question of
wages and working hours is
"subject perhaps to as much
one
thing it has
the
if
"average" wage earner—
there is any such thing—
just short
A 48-hour
service industries and
like overtime payments
nance,
the
rather
were negligible.
In transpor¬
than the rule. Under the law,
tation and the public utilities
or laws, and according to now
it amounted to only about
almost universally accepted
11%. In construction it was
custom, the "normal" work
22.1%. Similar variations ap¬
week has come to be consid¬
pear within the manufactur¬
ered 40 hours long, and over¬
ing industry. Thus overtime
time must be paid for work
in the iron and steel
week
in
was
the exception
industry
of that number of
excess
$4,000,000
to
Relief and Re¬
Administration to
habilitation
this country's share of ad¬
expenses
of the
or¬
ganization during this year, Her¬
bert H. Lehman, Director Genera]
of the agency, announced on July
17, according
the
to
vices
to Washington ad¬
New York
"Times,"
which also stated.
amounted
to
22.5%, in
"Administrative
payments also
$50,000 each, France and
Greece; $70,000, Mexico; $30,000
each, New Zealand and Norway;
$25,000 each Czechoslovakia and
Peru; $20,650, Egypt, and $5,000
each, the Dominican Republic, El
Salvador,
Ethiopia,
Guatemala,
Haiti, Honduras, Iceland, Liberia,
Luxembourg, Nicaragua, the Phi¬
each;
lippines and Yugoslavia.
<
'
was
as a
of
40-hour week the
a
adopted in this country
part of the New Deal pro¬
case
in other sections of
the economy,
tion
has
the Administra¬
certainly ^ most dis¬
plies and service."
item
in
our
the United States to
the UNRRA; he
issue of May
of
r
after the
the
war
cost
of the
with this 40- will have to foot the bill,
the
a
ductivity must be made with¬
out
delay. We may enjoy the
relative
leisure
shorter work
Germany has lost the war.
m
'We should not let these ap¬
would
follow in
the
looked
the reports
upon
same
time authority to trans¬
supplies, service or fuilids, to
the amount of $350,000,000 under
the' Lend-Lease Act of Mar. 11,
dent
on
islation
signing by the Presi¬
Mar. 28, 1944, of the leg¬
authorizing the United
provide a $1,350,000,000
fund for the UNRRA was referred
to in our issue of Apr. 6, page
States
German
can
indicate that
have
inal
trators
their
cowardly
tent."
- '
■
'Hitler
it
has
furthermore
Executioner,
Chief
Heinrich Himmler, as
the
of
defeat
time
the
At
of
ene¬
our
attack
the
on
advices
London July 20 stated:
Associated
Hitler,
from
Press
that
announced
"Berlin
Hitler
Adolf
burned and bruised in
was
an
unsuccessful
bombing attempt
on
his life today.
Three of Hitler's
five
generals and two ad¬
other
In
been
the German General Staff and to
of
the
certain
mirals."
compelled to remove the Chief of
appoint; his
and make all the sooner and more
jured, while his chief military ad¬
viser, Col.-Gen. Alfred Jodl, was
less severely hurt, as were also
incompe¬
was
in¬
should
we
efforts here at home
former
had
as
and
hard
our
military leaders were seriously in¬
to be chased
posts for a leadership
as
be
tensify
crim¬
as
of
"clique
a
who
general
from
denounced
now
will
realization of Ger¬
a
many's impending defeat is spread¬
ing in the Reich. He and two of
his most important military advis¬
ers
parent developments give rise to
overoptimism. The fighting ahead
and
■
Commander
Army in Germany.
the German
to
broadcast
a
July 21 Herr Hitler said
that he was addressing his peopl
for two reason: "first, so that yo
nation
hear
shall
that
on
I
well;
shall
my
and
voice
knrn
personally am unhurt and
and, secondly, so that yo
hear
the
details about
in Ger
I personally a
entirely unhurt apart from negli
crime that has no equal
man
history....
gible grazes, bruises or burns."
Bankhead Urges Farmers
to
But what of the other ele¬
To Withhold Cotton
Until Price "At Least Equal to Parity'
,
The
1941.
by Himmler
German people the fact
mies.' "
portance of the situation.
"
'The attacks on Hitler,
participate in
"to withhold their cot
A statement in which he advised farmers
from
ton
equal to th
until the price at the farm, is at least
sales
price," was issued at Jasper, Ala., on July 30, by Senato
(Democrat) of Alabama. Mr. Bankhead said that the pos
sibility of an early German defeat and the inability of the OPA an
oarity
Bankhead
cotton mills to agree on
the cost of raw cotton at the mills had de
pressed the price of cotton despitt^
legislation to bring it to the armed forces, but that reduc
parity.In his statement, accord¬ tion will be promptly met ; by in
creased requirements for cotto
ing to the United Press, he said:
recent
refuse to goods to meet the ' civilian de
price below mands and to replenish the de
parity and, where necessary, put pleted stocks in all the America
it under the Government loan, stores and to meet the great nee
"If the cotton farmers
sell their cotton at a
receive
they should in due time
of
and
cotton
cotton
parity price which is assured throughout the world."
that
to them
The extension of the
by law.
should
cotton
to
give
not
"Farmers
buyers or cotton mills any
all of
of' the parity price,
which belongs to them."Senator
Bankhead also
part
trol
for
act
one
year
goo
price
con
to June 30
1945, was noted in our issue o
July 13, page 174. Under date o
July 30, advices to the New Yor
\
stated "Journal of Commerce" from it
whose pay has not risen cor¬ that the recent reduction in price Washington bureau said; ;
The
Bankhead-Brown
amend
had given "a windfall to the cot¬
respondingly? So far as they
ment
to
the
Stabilization
Ac
ton mills and an unjust loss to the
are
makes it unlawful for the OP
organized and are repre¬ farmers."
to establish a ceiling price whic
sented by aggressive leaders,
From the United Press we also
ments in the
economic' system
.
■
does not reflect at least
quote:
cotton
Asserting that Congress has di¬
take
it
producers.
unlawful
for
parity t
It also make
cotton
mills
t
rected President Roosevelt to
at least in any
consumer
direct
is in
way.
a more
later
their
obtain
sooner or
adjustments
All this,
salaries.
refuse
to
He
buy
He
predicted
that,
if
in
continue to receive less than par¬
of
ity,
President
to
vest in the
"further legal authority"
out provisions of. the
Congress
carry
would
'
amendment.
provisions
issue appropriate orders t
prevent the collection of mone
by the mills from the publi
them
pose,
it is unlawful, under
the
new
at
may
which
:
Bankhead pointed out
will,
in good fait
of the law."
H
carry out
the
that
leg¬
Mr.
President
the
farmers early date,
islation, for the OPA to establish,
or maintain, ceiling prices and for
cotton mills to maintain a maxi-
is
to
intended to
pay
be
used
b
parity prices to th
farmers if it is used for that, pur
Senator Bankhead explaine
since he is directed to take awa
Perhaps, free movement of
lawful action to assure the re
prices may yet teach some of
our dreamers much that they mum price which does not reflect
ceipt by the producers of parit
do not appear to be able to parity.
prices.
learn from the books.
And it
He
further
"There
markets
can
be that the American
people at large will have to
the
learn the hard way, too.
be
may
which the tageous position.
week gives, or simply
The
advan¬
all lawful action necessary
"that
collar workers will
after
week business without taxpayer has to pay what is
There is lit¬
very serious penalties, but if exacted of him.
so very
great strides in pro¬ tle that he can do about it—
hour
Reich,
what
repression
conceal from the
that many
generals
believe
that
internal reshuffling or
also requested at
course, adds to the costs of
industry has returned to producing goods and to the
40-hour week. It may be that peacetime pursuits, the con¬
prices which; manufacturers
we shall be able to continue
sumer and not the taxpayer
must ask.
bulk
ily deteriorating military position
of Germany. "But no amount of
maintain a maximum price whic
to as¬ does not reflect at least parity t
sure
that cotton farmers receive cotton producers.
no less than the parity price, the
In order to enable farmers t
Senator said he felt sure that "the withhold their cotton from sal
the most strenuous effort on be headed for trouble. Mean¬ President
will, qt an early date, until they can get parity price
the part of the unions to force
while if wages and prices are carry out in good faith" the pro¬ Congress increased the loan rat
hourly wages up in those in¬ definitely headed upward, visions of the cotton parity amend¬ to 92x/2% of parity.
ment to the recent OPA Extension
"I feel," Senator Bankhead sai
dustries where men have been
then the vast army of white Act.
Only t r u 1 y- remarkable
technological progress made
it possible for the 40-hour
week to continue prior to the receiving heavy overtime pay¬
war without a
Indeed some of the
very substan¬ ments.
tial rise in prices. During the leaders have already served
war the
But
taxpayers have borne notice to that effect.
the
statement^
his
made
These
frantic attempts to restore the ap¬
18, page 2065, reference was made
parent unity of the German Gen¬
to
an
initial
appropriation of
eral Command illustrate the di¬
$450,000,000 asked by President
vergence of views
between the
Roosevelt on May 4 (under the
Army and the party which has
Act of March 28, 1944) to enable
developed as a result of the stead¬
an
of "spread¬ mally failed to prevent infla¬
ing" work (and on the part of tion of labor costs, £\nd this
some of those suporting it as inflation, as is usual with in¬
an indirect means of raising flation, has affected the vari¬
they will soon have their de¬
wages) not on the basis of any ous elements subject to it mands in—-and should infla¬
theory that a work week very unevenely.
And now tion be the order of the day,
longer than that was in any what are we to expect of it all they will promptly get what
For
way deleterious to the work¬ when the war is over.
they demand. If some other
man
or unreasonable or un¬ one
thing, we may count on course is chosen, they too may
gram as a means
fair to him.
Hull
official and
press reports. The official reports
were said to have been along the
same
lines as those gathered by
the press from Germany's borders.
"While not prepared to forecast
"Congress has appropriated
length. The fact is that ing and publishing less than
14%.
Generally
speaking, 1430.
in 1914, the work week in the overtime has
been the
American industry averaged greatest where the industry product if it is priced too high.
well upward of 50 hours, and was most heavily engaged in He
may do so.
If he does,
in some branches the week
j war work.
Workers else- then the pampered men of a
was a good deal longer than where, and of course salaried
good many industries are in
that. Even as late as 1929 the employees have been in much for a
tough time. If not, then
40-hour week was virtually less degree beneficiaries of
they will continue to draw
unknown in American indus¬ this 40-hour, overtime,-system
large money wages, but their
try.
The average was prob¬ of New Deal authoriship.
wages will not buy sp^puch as
Whatever may have been
ably over 48 hours. Indeed
they would like to have them.
of that
idea
"Mr.
-
after studying closely
"
$800,000,000 for UNRRA, the ma¬
jor part of which is expected to
be spent in this country for sup¬
In
July
Special Washington advices to the New York "Times" on
"
when World War I broke out
tthe
reporting this added:
officials
fer
.
21
Belgium, Po¬ his explanatory speech,' Secretary
land and South Africa, $100,000 Hull said in his statement, 'clearly
the
.
July 21 the American people against overoptimism.
have been made by
ma¬
*
'
:
Germany, Secretary of State Cordell Hull at the same time warned
United Kingdom,
Dominion of Canada.
chinery 27.1%; and transpor¬
40-Hour Week
tation
equipment manufac¬
Probably a good many have turing, 24%, but in textile,
even
come
to suppose that I clothing and leather goods it
there is
something heaven-1amounted to less than 9%,
ordained about a work week1 and in paper products, print-
hours.
Adolf Hitler on July 20, as a clear
impending defeat is spreading in
of
on
the
Nations
"The
popular misunderstanding as took home in 1943 a pay en¬
most others it may be well to
velope containing, say .$50,
scrutinize the facts with some
more
than $10 of it repre¬
care.
In the first place, what
sented overtime.
A federal
is this "overtime" for which
civilian employee had about
such large payments were
the same experience. A state
made last year?
Work over or local
go vernment employee,
50, 60, 70 hours a week? Not
however, found his weekly
at all. The work week in all
pay increased only 4%
by
manufacturing during the
overtime allowances. In fi¬
year was actually
of 45 hours long.
States Government
on
realization
a
it was of developments thus far as highly
a num¬
made known, has advanced $1,important. The fact that the Ger¬
ber of serious maladjustments
500,000 for the same purpose and man authorities made"'the an¬
as between the various trades
other payments include $200,000 nouncements
they did, it was re¬
and industries. Let us note a by Russia; $400,000, India; $500,- marked
by diplomatic observers,
China,
and
$300,000, the was evidence in itself of the im¬
few typical examples. When 000,
not even
are
For
for probably given rise to
post-war world which
hinted at in the
the
United
United
that
indication
paid
The
has
cover
Uneven Incidence
rate, the
Commerce
Expenses In 1844
-'
Impending Defeat In Germany
Referring to the attack
ministrative
dur¬
equal to what it has been
ing the war.
At any
have both.
fully
instances,
of
number
may
Of
-
>
•
said:-
should
for
be
cotton
and
loss
of
cotton
further legal
it
will
authority is neede
doubtless
be
granted b
There will
gradual reduction in sales to Congress when it reassembles."
goods caused by peace.
a
Senator Bankhead said that
n o
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4304
160
Truman for
Vice-President, he re¬
plied: 99 r ~
• • >99 >
"I .should
§ay
that idea was
demolished
in- • Chicago
at- • the
Russian Pact With Polish Committee Advances
Plan For
Incorporation Of East Poland In USSR
National
Democratic
517
Stetlinius To Head U. S. Group At International
Security Conference To Be Held In Washington
Convention
Commissariat announced officially at —they changed one-half of the
Roosevelt Reports Favorable Reception For Plan
Moscow on July 25, that the Government had decided to enter into horse.'
A' 9
9; /':1 ■....«' :•-v
-9
■" 9
To Preserve Peace • ■
an agreement with the new Polish Committee of National Liberation
'Which:
half?'
a
reporter
for the civil administration of liberated Polish territory.,
It also asked. Announcement that Edward R. Stettinius will head the American
A999/;99 a9 9/:
9
.reiterated that it had no territorial or social ambitions inside the
"The Governor, smiling, was in¬ delegation in the post-war security conversations to be held in this
territory of Poland, which it regards as a "sovereign, friendly, allied terrupted by laughter and unable country the current month between the United States, Russia, Great
State," said wireless advices July®
to continue. '■Z,
99.9'9•'/9,••
V Britain and China was made by Secretary of State Hull on July 27.
25, to the New York "Times" from liberation of our long-suffering
"Pointing out that Pittsburgh Mr. Hull, in answer to a question at his news conference on July 27
brother Polish people from Ger¬
Moscow.
9-•'-9v9'
produced one-fourth of the na¬ stated that the other members of the American delegation have not
London \ Associated
Press ac¬ man occupation has been made.
tion's steel and Pennsylvania one- yet been designated but that h(<S>"Soviet
troops
have
entered fourth of its coal, the New York himself had appointed Mr. Stet¬ of consultation, at the appropriate
counts (July 25) had the follow¬
Polish territory filled with one chief executive said he wanted to
ing to say in the matter:
,
tinius, who is Under-Secretary of time, between all the United Na¬
P
"Russia has concretely advanced determination: to rout the enemy talk first hand with people close^ State.,
tions."
her program for incorporating the German armies and to help the1 to the problem of continuing our
It was indicated on July 18 by
According to an announcement
eastern part of old Poland into Polish people -in. the task of their employment levels after the war by the State Department on July Secretary Hull that the forthcom¬
the Soviet Union and compensat¬ liberation from the yoke of the ends.
19 the forthcoming conference on
ing talks on world peace organ¬
Foreign
Russian
The
.
"
.•
.
,
■
'
ing a re-born Poland
lands.
with Ger¬
Union
announced
Soviet
"The
that, it
recognized
the
y
newly-
Polish Committee of Na¬
created
tional Liberation as the sole civil
being
authority in territory now
wrested
from
Germans
the
of the Bug River.
of
"Administrators
mittee
west
-
this
com¬
moving right up with
are
setting up civil
administrations," Moscow said.
ct "It disavowed
any Russian in¬
the Red Army and
^arid of the res¬
independent, strong
German invaders
"While
physical reconversion plans for a world peace organiza¬ ization would be held at the ex¬
as great in steel and
tion will be held at the Dumbar¬
pert level rather than by the for¬
and democratic Poland.
coal as in the arms industries, ton Oaks estate in the George¬ eign ministers of Russia, the United
"The
Soviet Government de¬
according to Mr. Dewey1, 'the em¬ town section of Washington. As to States, Britain and China. From
clares that it considers the military ployment problem will be per¬ this the Associated Press
reported: the Associated Press we quote: 99
operations of the Red Army on haps even more acutely affected
Dumbarton
Oaks
Mr. Hull said the conference
was
made
the territory of Poland as opera¬ here with the tapering off of pro¬ available for the talks
by the will not necessarily be on a top
tions on the territory of a sov¬ duction as weicOme closer to the trustees of Harvard University. A level, and that means, he added,
9 -t t
V
ereign, friendly*9.allied State.
In end of the war.' 1
spacious estate, it was presented that the foreign ministers may not
connection with this, the Soviet
"'We
are
making
gratifying to Harvard in 1940 by Robert attend. It has been understood
toration of
man
an
will not be
.
intend to progress in the fighting of the
territory or¬ war,' he said. 'But governmentally
not
Government
does
establish
Polish
on
of its own administration,
considering this the task of the
Polish people.
V
"
"It has been decided to conclude
gans
the Polish so¬
creating any Soviet
with the Polish Committee of Na¬
authority in Polish lands. »■ "*'
tention of changing
cial system or
/
clear, however,
that it considered the Bug River
"Moscow made it
boundary, and that the vast
territories east of that line, which
the
Soviet
of the
Republics of White Russia,
integral
as
the Ukraine and
parts
Lithuania.
Such
boundary has the, approval
the liberation committee.
a
;9. "The committee apparently
of
has
backing for its claim of
western boundary on the Oder
Russian
a
River, which would place within
new Poland all of East Prussia,
a
of Pomerania
Brandenburg and give
broad outlet to the Bal¬
Polish Silesia, most
and part of
Poland
a
tic, all at German expense."
The above
advices /are? taken
from
the Detroit "Free Press,"
which -also, stated:.
y'The formation'
i
, « i 9
and the recog¬
Union were
both apparently without any ad¬
vance notice to the United States
Department of State or the British
Foreign Office, both of which rec¬
ognize the exiled Government as
by the Soviet
nition
the official
^
"It
was
Polish regime.
on high authority
the 9 United
States intends to pursue a
what
.
.
.
-
"Later
in
the
Presidential
morning,
Candidate
the
met
a way
China in
.*
.
t
Government
Soviet
"The
•
.
clares that it does not pursue
Union,
.
de¬
aims
of
International
Machinists
Association
Office
and
Work-
,
stabilization
to
:.
long
Bewey Sees U. S.
Unable To Face Another
At
a
press
of
the OPA
as
job he felt
increase
wages, but as
couldn't do its
should get
we
which
would
a wage
enable
us
to live.'
"
and the United
the
for
talks
one
session,
States, Britain and
another.:
While
has
not
a
date
been
an¬
to
unite the peace-loving nations of
the world in an organization to
wars, by force if
had had a generally fa¬
vorable public reaction. We quote
prevent future
necessary,
insisted,'
added Mallon,
Secretary of Labor be
the
conference in Pitts¬
,
"The
member
Republican Presidential
urged the country to re¬
that
in
November it
called on Secretary of
would
be electing
a
President
Hull, he denounced
'most of whose term will be in
Soviet-approved Polish Com' •
nittee as a 'typical puppet gov- peace time.'
"T
think proper government
jrnment imposed by Moscow J
The text of the' Russian Gov¬ policies can contribute enormously
and
I
believe successfully,' he
ernment statement on Poland, readded, 'in avoiding unemployment
:orded by the Russian monitor
which
so
many
now
regard as
'rom a Moscow broadcast, as con¬
inevitable under an administration
fined
in Associated Press
acthat failed for eight years to meet
eounts from London, and given in
the problem despite tremendous
he New York "Times" follows:
he
.
.
9999Z999'/.;* 9;>999';
Dewey struck hard at the
deficits.'9
"Mr.
said
that
conclusions
at the talks
here will be
referred to the respective govern¬
ments and to other members of
United
Nations
'
discussion.
date
Under
further
for
999rv:/9 9Z ■>.A.
of
June
United
27
Doctrine
by the President would set
a
four
"Subsequently, Mr. Dewey told
sured the House of Commons today
able
that any peace plans would be laid
before Parliament for discussion
and
;
more
than
200
businessmen
that
this country must be prepared to
its
accept
share
if
imports if it
expects to export to other nations
before they were
Churchill
adopted.
as¬
Asked
New York.
Losses
total, it is stated,
the entire
on
were
T1/100 of
V'
1
Net
return
on
Government
these banks
the
capital
over
the past 20 years
has been $57,208,000,
per
annum
$60,000,000
invested in
earning 3.9%
off all
By compari¬
annum inter¬
after writing
losses and expenses.
the
world
council
major
composed
and
powers
number"
up
an
of
other
the
of
a
"suit¬
nations,-
international court. Parti¬
an
cipating nations would use armed
force,
if necessary, to prevent
whether all the Allies would par¬
wars.
ticipate in the plans, he said: "It
is our hope that the arrangements
an
to
be
made
regarding the main¬
of
tenance
and
international
peace
security will be the subject
President
on
June
15,
were
22, page 2609.
four-member
an
commission.
are
subcommittee
agenda
for
the
to
full
On the subcommittee
Senator
dent
Islands
plans for
Security Coun¬
referred to in these columns June
prepare
Rehabilitation Of
First
Roosevelt's
International
cil, announced
a
Commission To Aid
333,052,
bringing to a total of
$7,835,000,000 their loans and dis¬
counts for the past 20 years, and
the largest annual volume in the
history of- the organization, the
banks reported on July 31, through
Charles R. Dunn, Fiscal Agent in
military
international
organization
of
peace-loving nations to work for
world stability. 9 It would include
Prime
Minister 9
meet
The post-war program outlined
Press advices from London stated:
member of
to
and
commitments of Congress.
organized labor and
the Governor agreed.'
' A'.'
'
burgh on July 31, Gov. Thomas
E. Dewey of New York said that
"the United States simply cannot
nominee
likewise
reached
the
'We
'that
a
Repression
Roosevelt
Jan CiechanPolish Government
Commissariat for
Britain and Russia in
Great
27
"
Ambassador
People's
States,
June
.
tion."
sponsorship.
"The
United
on
that the Administration's plan
-
State Cordell
:
the
Roosevelt
President
v
in§:
Exile,
in
research library, A
will bring to¬
a
conference
Associated
Press
advices
Union; also Ace Amceo, presi¬ nounced, they are expected to be from
of acquiring any part of Polish dent of McKeesport Local
1406 held simultaneously early next from Washington June 27, which
of the Congress of Industrial Or¬
also said:
month.
territory or of a change of social
Mr. Roosevelt, in response to a
structure in Poland, and that the ganizations.
The Dumbarton Oaks mansion
,9
"After
a
session: attended
military operations of the Red
by was built in 1801 and was a pri¬ question, said the plan he out¬
American
Federation
of
Labor vate residence until 1940 when it lined on June 15 had inspired lots
Army on the territory of Poland
of letters—all favorable so far.
are
dictated solely by military officers,
one
of them,
Thomas was turned over to Harvard.
He made the remark to a news
The Georgian style, red brick
necessity and by the striving to Mallon,. district AFL director for
render the friendly Polish people Pennsylvania,
Delaware
and building is surrounded by 16 acres conference soon after the Plat¬
New
aid in its liberation from German Southern
Jersey, said his of gardens. Since its conversion to form Committee of the Republican
^oup ;fonnd
Deww's views on a library it has had no living National Convention in Chicago
occupation.
made public a foreign policy plan
"The
Soviet Government
ex¬ labor
entirely
satisfactory
and quarters.
;9
•
It is stated that Sir Alexander opposing a world State and urging
presses
its firm confidence that felt he is the best candidate.
"'We found Dewey in agree¬ Cadogan, permanent Under-Sec¬ "peace forces" to outlaw aggres¬
the fraternal people of the USSR
;.AV
retary for Foreign Affairs, already sions.
and Poland will jointly bring to ment with us,' he said, 'and op¬
The Republicans called for ade¬
posed to regimentation of labor, has been maned chief British rep->
a conclusion the war of liberation
the wage freeze and the July 1 resentative
to
the
Conference. quate post-war military forces to
against the German invaders and
order freezing men to their jobs. Russia and China have not dis¬ defend the United States and its
will
lay;* a firm foundation for
'He told us he was not opposed closed whom they will send. It is outposts, to maintain the Monroe
friendly Soviet-Polish collabora¬
will be found to
owski, of the
tions probably would
ers
direct clash of
tween
Britain
and
/"As
as
tion.
any
sian
mansion
gether
\
that the chiefs of the four delega¬
have a rank
corresponding to that of Undergentina.
..9999: .* 99- 9 A A? 9// Z 9.: Secretary in this country.
The
statement
was
made
Harvard
has
been
by
using the
agreement on labor leaders, including officials
relations between the Soviet Com¬ of the United Mine Workers of
mand and the Polish administra¬ America,
Pittsburgh Carpenters'
avoid face another period like a Roose¬ after the war."
interests be¬ velt depression, which lasted for
the United eight years with more than 10,States, on one hand, and Russia 000,000 men unemployed continu¬ Increasing Business Of
ously from 1933 to 1940."
The
on the other over the Polish ques¬
New York "World-Telegram" of Intermediate Credit Banks
tion, despite the outburst of de¬
Federal Intermediate Credit
July 31, quoting Mr. Dewey to
nunciation which has marked the
the foregoing effect, also, in Pitts¬ Banks did a business in the fiscal
organization of an administrative
authority for Poland under Rus¬ burg advices reported him as say- year ended June 30, 1944, of $948,-
that
Bliss, special assistant to
Secretary
Hull
and
formerly
United States Ambassador to Ar¬
•
war.'
tional Liberation an
strictly
nonpartisan course in the RussoPolish dispute over the admin¬
istration of the liberated areas.
"American officials are hopeful
ward
Woods
The
stated
Washington " that
in
making no< progress to¬
happens after the
are
41
Polish before 1939, were re¬
were
garded
we
Tydings, Vice-Presi¬
Osmena, E. D. Hester, repre¬
senting the Department of the In¬
terior, and Colonel Carlos P. Ro-
steps looking
toward the mulo, Philippine army officer."
Philippines,
From Saranac Lake, N. Y., on
once they are freed from Japanese
July 22, the Associated Press was
occupation, were taken at Wash¬ reported in the New York "Times"
ington on July 21, when a special as saying: ■
9.-Z
9- /' ■.
commission created by Congress
"President Manuel L. Queson of
organized
by ' electing
Senator the Japanese-occupied Philippines
Millard E. Tydings, Democrat, of
predicted today a rehabilitation
Maryland, as Chairman.
Sergio job on the islands much greater
Osmena, Vice-President of the than was indicated when Congress
Philippine
Commonwealth, was created the Filipino Rehabilitation
rehabilitation
of
the
elected Vice-Chairman of the six-
average per
Commission in 1939.
of the USSR has Roosevelt administration, charging
teen-member group composed of
"In a statement preliminary to
est cost of all direct U. S. Treas¬
jeen
entrusted
by the Soviet
it with failing to prepare for post¬
representatives
of
the
United the commission's first meeting in
Government with making the folury obligations outstanding* Dec. States and the
war problems.
•
"
"
Philippine govern¬ Washington
Monday, Mr. Quezon
owing statement:
z
and
members
of
both said:
f"We don't need to surrender 31,1943, was approximately 1.96%. ments
.A-A; A/9Z
"The
Red Army, successfully
-9-/ 9
Despite the increasing volume of branches of Congress. Reporting
'It is obvious that the task of
tdvancing, has reached the State our liberties to a totalitarian New
this, Washington Associated Press
rontier between the Soviet Union Deal,' he said, 'in order to pro¬ business, the number of persons
this 'commission is vastly more dif¬
advices July 24 stated::
foreign Affairs
son
5
,
.
"
,
md Poland.
job opportunities for the
vide
retreating Gernan
troops,
Soviet troops, to¬
gether with the Polish army oper¬
ating on the Soviet-German front,
lave cross the western Bug River,
"Pursuing
the
crossed the Soviet-Polish
rontier and have entered Polish
erritory. Thus a beginning of the
lave
ture.'
-99'''"/V -.'vWDemocrats'
change
the
horses
stream,'
party's
in
slogan,
the
since
nouncement
interest
middle of
of
half
about
in the light of that
nomination
employed has been more than cut
in
'Don't
"Asked what he thought
the
fu¬
1934, says
by
charged
the
Mr. Dunn.
by the
an¬
The
Federal
L.
from
the
commission
Intermediate
Credit
Banks
has
at the uniform rate of
Senator 1^2% since
to
start
work
at
of post-war
economy, trade, finance and re¬
construction in the islands.
once
been held
President Manuel
a statement issued
Saranac Lake, N. Y., urged
"Philippine
Quezon, in
on
problems
"Named at today's
meeting was
ficult
than
that
contemplated
in
the original Tydings-McDuffie In-
depence Act.'"
promising Philip¬
independence, approved by
Legislation
pine
President
was
Roosevelt
referred
to
issue, page 205.
in
on
our
June
July
30,
13
duction
The State Of Trade
the same period
for
(Continued from page 514)
97%
and
week
was
94%
of "capacity,
in
the preceding
reported
at
against
91%
in
the
decline in new busi¬ ing week of last year, a decrease
ness, states the "Iron Age," in its of 18.1%.
t
current issue.
A modest decline
R. R. Freight Loadings—Carin the ingot rate was also suffi¬
loadings of revenue freight for the
cient to cause officials to question
week ended July 22 totaled 903,the possibility of increasing the
034
cars,
the
Association
of
rate
close
to
the 100%
mark.
American
Railroads
announced.
Commenting on the volume of
This was a decrease of 1,770 cars,
,new business, it pointed out that
or 0.2% below the preceding week
steel orders were heavier than in
this year, and an increase of 19,the previous week, effecting an
196 cars, or 2.2% above the cor¬
increase in backlogs. The prevail¬
responding week of 1943.
Com¬
ing policy of war contractors, the
pared with a similar period in
magazine adds, is to buy for ac¬
1942 an increase of 47,519 cars,
tual contract requirements rather
or
5.6%, is shown.
than with a liberal margin for
Silver
The Monetary Confer¬
eventualities. Touching upon the
-shell
container
program,
the ence concluded its sessions at
»above
source
stated, the sharp Bretton Woods, N. H., last week,
A
slash in this program cutting steel but took no action on silver.
•requirements from 385,000 tons to resolution was approved to give
185,000 tons, leads some to believe further study to the proposal that
•that the shell steel program itself the metal be used in the stabiliza¬
tion fund. The London market was
may be susceptible to similar ac¬
tion, although there is nothing quiet and unchanged at 23
—
.tangible to indicate such a possi¬
bility. : -: \
=■
Taking up the increase in order
volume the past week, the maga.zine states, "the stepup in order
.
volume
this
week
important
more
•belief
in
mand
for
some
steel
in
all
was
the
of the
view
quarters that de¬
had
reached
its
There was little indication
of any easing in the
.volume of steel buying. As a gen¬
eral rule, weekly totals of book^
ings are not taken as an indica¬
tion of a general trend. Ordering
is usually heavy preceding the
;so
called
quarterly
directives.
; Quality isteels this week were still
tight as far as deliveries were
concerned
but Bessemer
grades
remained fairly free."
♦peak.
this
week
.
■
-
With respect to pig iron, "Steel"
'
C to the Final Act of
to
of the Conference
was
Conference
This
issued:
Bretton €>
at
Woods, representing nearly all the
peoples of the world, has con¬
portant for peace and prosperity.
The Conference has
such
money
matters
international
of
and finance which are im¬
problems
measures
agreed on the
attention, the
which should be taken,
needing
and the forms of international co¬
I. International Monetary
Fund
Since
all countries have
a
vital interest
in the system of
residual
fuel
oil
in
magazine the current week, indi¬ the same week increased close to
cated some tightening was in ev¬
1,000,000 barrels and were the
idence, although no distress has highest since the first of the year.
•been felt.
Steelmaking is taking Notwithstanding
current
gains,
'by far the larger part of produc¬ these stocks are much below yeartion with foundry demand low be¬ earlier
levels.
Indiana-Illinoiscause of inability to operate at a
Kentucky stocks have been in¬
-high
rate
with present
labor creasing steadily, until now they
-forces.:'
/■' <■
are higher than at any time in the
Scrap
supply in steelmaking last year.
The combined East
grades, according to the magazine, Coast and Gulf area showed the
continues ample and many melt- largest stock gain for the country.
ers refuse to add to inventory, a
Meanwhile, stocks of all heavy
number being out of the market. and
light
fuel
oils
combined
Secondary grades are inspected showed an increase of 1,325,000
closely before acceptance. Battle¬ barrels.
field scrap continues to* arrive, but
Residual
fuel
stocks July
22
its alloy content makes it diffi¬
totaled 55,315,000 barrels against
is
no
available.
longer
.
dise has practically
ceased in the
wholesale markets and little new
merchandise appeared to raise the
on
basic rules
the
which
govern
the exchanges if the system is to
work smoothly. When they do not
volume.
schedules
Delivery
ap¬
agree, and when
and small groups
food
Retail
approximately
volume
10%
was
above
ap-
last
Fresh fruit and vegetables
supply and an up¬
turn in sales was noted along with
numerous
requests for jars and
tops for
home
canning.
Meat
stocks were better, but still below
year.
were
in ample
demand in many places.
establish
should
for
these
Fund, with powers and resources
adequate to perform the tasks as¬
signed to it. Agreement has been
reached concerning these powers
and
resources
obligations
and
which
the
the
additional
member
Department and Specialty Stores countries should undertake. Draft
—The
Controllers'
Congress of Articles of Agreement on these
the National Dry Goods Associa¬ points have been prepared.
tion reveals that department and
specialty
-
.
totaled 353,030,000 tons, as against
324.165,000 tons in the
period.
Electric
son
Production
same
—
1943
The Edi¬
Electric Institute reports that
to
softwood
118.2%
cated unfilled orders
alent
to
40
days'
of
stocks.
mills
indi¬
equiv¬
production at
were
the current rate, and gross stocks
equivalent to 32 days' production.
For 1944 to date, shipments of re¬
porting mills exceeded production
by 5.4% and orders by 7.9%.
Paper Production
—
Paper
pro¬
duction for the week ended July
22 was at 91.3%
of capacity as
nations
■
perform
agreed that
establish
should
a
international
permanent
body to
functions, to be
these
called The International Bank for
Reconstruction and Development.
It has been agreed that the Bank
should assist in providing capital
through normal channels at rea¬
sonable
long
rates
of
periods
interest
and
for
for
projects which
will raise the productivity of the
borrowing - country.
There
is
agreement that the Bank should
guarantee loans made by others
loans.
trade
as
a
whole
the
survey
re¬
worked to the disadvantage of re¬
1942,
tail trade in New York, but not¬
top. gains going to specialty stores,
withstanding this, advances over
up 2t)%.
Department store gains
a year ago were recorded with in¬
ranged from 13% to 23%.
creases
for
department
stored
According to Federal Reserve placed at about 10%. Clearance
Bank's index, sales in New York
sales
of
seasonal
merchandise
City for the weekly period to went well. The possibility of an
July. 22 increased by 16% over early peace was apparently with¬
the same period, of last year. For
out-effect in the wholesale mar¬
the four weeks ending July 22
kets. The situation in cotton goods
sales rose by 12%, and for the
continued acute and pressure by
ports
a
17%
increase
The Conference has
the
on
and
powers
agreed
resources
which the Bank must have and
the
on
obligations which the member
countries
must
assume, and has
prepared draft Articles of Agree¬
ment
accordingly.
The
Conference
mended
that
in
has
recom¬
carrying out the
policies of the institutions here
proposed special consideration
should
be
given to the needs of
countries
from
which
have
suffered
occupation and hos¬
enemy
tilities.
The
proposals formulated at the
Conference for the establishment
of the Fund and the Bank
are now
submitted, in accordance with the
terms of the invitation, for con¬
sideration of the governments and
people
of
sented.
the
countries
»
repre¬
,
Proffiff Heads Savs*
Banks Life Ins. Fund
At
of
meeting of the Trustees
Savings Bank Life Insur¬
Fund, held at the office of
a
the
a
•
amounted
general.
are
The Conference has
the
ance
the
Fund in New York July 27,
Henry W. Proffitt, Trustee of the
Empire City Savings Bank, and
member
a
of
the
of
firm
law
Barry, Wainwright, Thacher &
Symmers, was elected Presiden
of
the
Fund.
Executive
Troy
Albert
E.
Cluett,
Vice-President
Savings
Bank,
of
the
elected
was
Vice-President of
the Fund; and
Whedon, President of
the Monroe County Savings Bank
George W.
re-elected
was
Treasurer.
as
Announcement
.
Reporting
foreign investment, since the
benefits
pur¬
permanent international
body, The International Monetary
poses
II. International Bank for Recon¬
stores last year estab¬
struction and Development
lished new high records in both
sales and profits, before taxes, ac¬
It is in the interest of all na¬
cording to the Congress' study on tions that post-war reconstruction
merchandising
and
operating should be rapid. Likewise, the de¬
results.
Based on statistics from velopment of the resources of par¬
cult to move.
i 54,332,000 barrels a week earlier, 229 stores the record results are ticular regions is in the general
Coal Production—The U. S. Bu¬ an increase of 983,000 barrels and credited to wartime
Programs of
buying power economic interest.
reau of Mines reports production
66,9921)00 barrels in the corre¬ and a reduction in customer serv¬ reconstruction and development
•of
Pennsylvania
anthracite for sponding week a year earlier, in¬ ice by the stores. The report dis¬ will
speed
economic
progress
week ending July
22, 1944, at dicating
a .stock
reduction
of closes that the net profit from op¬ everywhere, will aid political sta¬
1,222,000 tons, a decrease of 44,000 17.43%.
erations in the typical store was bility and foster peace.
:
>
tons (3.5%) over the preceding
Lumber
The Conference has agreed that
Shipments — The Na¬ 10.2% of sales, as compared with
week, or a decrease of 111,000 tional Lumber Manufacturers As¬ 7.5% in 1942, 5.1% for 1941, 2.3%
expanded
international
invest¬
tons (8.3%) from the correspond¬
sociation
The ment is essential to provide a por¬
reports
that
lumber for 1940 and 1.6% in 1939.
ing week of 1943. The 1944 calen¬ shipments of 501 reporting mills operating rates dropped" 28.7%, tion of the
capital necessary for
dar year to date shows an increase
were 9.1%
below production for the decline in percentage to sales reconstruction and development.
of 9.1% when compared with the
the week ended July 22. New or¬ being
2.5%.
Main
store
sales
The
Conference
has
further
corresponding period of 1943.
ders of. these mills were 20.7% made the better showing, with a agreed that the nations should co¬
The report of the Solid Fuels below production for the same rise of 21%, compared with a 12% operate to increase the volume of
Administration placed bituminous period, while unfilled order files gain for basement sales.
For the
„
channels.
ness
..
■
production for the- week ended
July 22 at 11,985,000 net tons,
against 12,260,000 tons in the prer
ceding week and 12,090,000 tons
in the July 24 week of last, year
while output for Jan. 1 to. July 22
poses,
exchange of na¬
Another reason for the quiet tone tional currencies and the regula¬
of the market is that heavy orders tions and conditions which govern and that through their subscrip¬
of
have already been placed for fall its working. Because these mone¬ tions
capital
all
countries
in many lines.
tary transactions are international should share with the borrowing
in
guaranteeing
such
Demand for seasonal merchan¬ exchanges, the nations must agree country
chandise
—
of
pur-
made through normal busi¬
It
is
especially
important that the nations should
cooperate to share the risks of
sidered
single nations
of nations at¬
peared to absorb the attention of
tempt by special and; different
buyers most,
according to the
regulations of the foreign ex¬
survey, which stated that although
changes to gain trade advantages,
reports are mixed, general deliv¬
the result is instability, a reduced
The New York official for for¬ eries appear to be at a more fav¬
volume of foreign trade, and dam¬
orable rate than last year. In the
eign silver continued at 44%c.
age to national economies.
This
Oil
Stocks of
domestic
and apparel markets the trend is for
course of action is likely to lead
quality merchandise and a ten¬
foreign crude petroleum in the
to economic warfare and to en¬
United
States
July
22 totaled dency to avoid long-term corndanger the world's peace.
225,294,000 barrels, a net decrease mitments.
The' Conference has therefore
of 1,219,000 barrels for the week,
Wholesale & Retail Food Volume
agreed that broad international
the Bureau of Mines reports. This —According to Dun's survey of
action is necessary to maintain an
conditions,
wholesale international
brought stocks to the lowest level business
monetary
system
in many years. The stock change food volume was about 11% above
which will promote foreign trade.
last year, with moderate receipts
was brought about by a reduction
The nations should consult and
of 1,118,000 barrels in domestic noted in the hog market support¬
agree on international monetary
crude stocks, and a reduction of ed by a good demand. Beef sup¬
changes which affect each other.
In the retail They
101,000 barrels in stocks of foreign plies were tighter.
should
outlaw
practices
Crude. Texas was responsible for market dollar volume..was report¬
which are agreed to be harmful
the bulk of the decrease in stocks, ed running well above a year ago,
to
world
prosperity, and- they
as the reduction in the State ap¬
activity remained firm as summer should assist each other to over¬
proximately totaled 1,036,000 bar¬ merchandise
kept
moving
and come short-term exchange diffi¬
rels.
The stock total on July 22 more fall displays appeared. Ab¬
culties.
was 5.05%
less than that of July sence of many items from shelves
The Conference has agreed that
tended to curtail sales.
24, 1943.
the
nations
here
represented
Stocks
——
J foreign investment for these
foreign trade affects the
week ago, standard of life of every people,
sale markets than for a
Monetary
Woods, N. H., from July 1
July 22, 1944, the following official summary of the agreements
Bradstreet
due to the fact that summer mer¬
Nations
the United
and Financial Conference held at Bretton
noted.
reported in its weekly
survey
of
business
conditions.
Less activity was noted in whole¬
:
Bretton Woods Conference
As Annex
operation or organization which
are
required. The agreement
Steadiness was a feature of re¬ reached on these large and com¬
tail trade for the country at large, plex matters is without precedent
reflecting moderate gains the past in the history of international
week over a year ago, Dun & economic relations.
wars
Af
Official Summary Of The Agreements
a
■
sharp
a
v
compara¬
rate of steel companies represent a gain of 4.4% over one tive week last year.
(including 94% of the industry) year ago, when output reached
Department and Retail Store
will be 96.9% of capacity for week 4,196,357,000 kwh.
Sales—Department store sales on
Consolidated Edison Company of a
beginning July 31 compared with
country-wide basis, as taken
95.9% one week ago. This week s New York reports system output from the Federal Reserve Board's
pf 159,300,000 kilowatt hours in index were 11% ahead of a year
operating rate is equivalent to 1,~
735,800 tons of steel ingots and the week ended July 23, 1944, and ago for the week ending July 22,
castings and 1,702,200 tons one compares with 207,100,000 kilo¬ while the previous week (ending
watt hours for the corresponding July 15) showed a 15% gain (re¬
year ago.
■
An
early internal collapse in week of 1943, or a decrease of vised figure) over the correspond¬
Germany
and
possibly Japan, 23.1%.
ing week in 1943. For the four
Local distribution of electricity weeks ending July 22, 1944, sales
-growing out of events recently
.occurring in those two countries, amounted to 153,700,000 kilowatt increased by 10%. A 7% increase
have thus far not been reflected
hours, compared with 187,700,000 nn department store sales for the
in either steel order cancellations kilowatt hours for the correspond¬ year to July 22, 1944, over 1943
crating
or
Thursday, August 3, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
518
was
made at the
meeting
of the entrance of the
Erie County Savings Bank of Buf¬
falo
into
the
Savings
Insurance System.
Erie
Lif
Bank
Including th
County Savings Bank, ther
are
now
out
48
the
savings banks through¬
State
of
New
York
of¬
fering Savings Bank Life Insur7
Insurance in
ance.
system
has
force
just passed
for
th
the $49,-
000,000 mark.
Insurance
six
months
increase
the
issued
of
over
for
the
1944 shows
a
firs
29%
insurance issued fo
corresponding period of 1943
This
increase
is accounted
for
over
part by
a
coverage
Insurance
'of
recent broadening of th
of
to
Savings
include
"substandard"
Bank
the
Lif
writing
business, unde
which persons with limited med¬
ical
impairments
/ are
through the payment of
premium
and
an
insure
an
extr~
extension
o
of electricity increased
juvenile insurance to include pol¬
to
approximately
4,380,930,000 against 91.1% the preceding week, year- to July 22 they improved retailers to obtain types of mer¬
icies written without a medica
kwh. in the week ended July 22 the American Paper &
Pulp Asso¬ by 8%.
chandise on order and which are
examination on children down t
trom
4,377,152,000 kwh. in the ciation's index of mill activity
The extremely warm weather about exhausted continues to be
the output
preceding week. The latest figures disclosed. As for paperboard,
pro-
and high humidity the past week
applied.
one
month of age.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4304
160
would
In
Convention Names Kim In Place Of/Wallace
Truman of Missouri was the victorious candi¬
nominee of the Democratic Party at the
Democratic National Convention on July 21.
Vice-President Henry
Senator Harry S.
.
the first ballot, 429V2
eventually gave their support to the Senior, the final balloting
'..-■■'V ■
"■ ' !
~—
'
"
Douglas — would
add
"real
1,031 votes for
strength" to the ticket.
Senator
Tru¬
recording
and
105
Democrats took the weak White
for Vice-Pres¬
House indorsement of Wallace
ident Wallace.
their
at
Other
E.
Robert
votes,
Missourian,
Press, went to
man
^William
the
battle,
conceding
Wallace
would get the most votes on the
first test and slip on the second.
4;
Truman did not have
CooperofTen"nessee,
the
majority
26;
first
clearcut
a
through
time
Senator Alben
the second roll-call of States, but
W. Barkley of
-
victory
Kentucky,
told
the
must be
dated July 14, ap¬
peared in our July 20 issue, page
291), a later communication from
the President to Robert E. Hanne-
'
drive
mow.
matter,
Chairman of the
all
set to
gan,
I
Then
'run
Bankhead
John
although he had an¬
he
the
in
was
race
to
stay, gained recognition.
desire
"I
told
he
to
recall
my
name,"
applauding audience.
Alabama would give 22 votes to
be "very glad" to
with either Senator Truman
he would
Supreme Court Justice
President's
to
letter
him
500 votes to Truman's credit.
on
South
July 19:
"Washington, July 19, 1944.
':
"Dear Bob:
You have written
me
about Harry Truman
ward
be
of
cago,
them and believe that either one
of them would bring real strength
to
the
ticket.
sincerely,
ROOSEVELT.
Always
"FRANKLIN D.
"The Hon. Robert E.
"Blackstone Hotel,
yelled to¬
Mayor Edward Kelly of Chi¬
a potent figure in the big
Chairman Hannegan
and Bill
Douglas.
I should, of course,
Very glad to run with either
Carolina upped the ante
by 18.
'
all
we
in.
Illinois
changed
58
its
votes
Chicago, III'
said.
Asked if he would support
went
away
Truman
the
letter in the matter
The CIO Political Action Com¬
had been addressed (July 14) by
mittee went down to defeat with
I the President to Senator Jackson Henry A. Wallace but promptly
of Indiana, permanent Chairman
declared
its
confidence in the
of the Democratic National Con¬
Democrats'
nominee
for
Vicevention, and in that letter he said:
President, Senator Truman, said
"I personally would vote for his
the Associated Press advices from
(Mr. Wallace's) renomination if I
Chicago July 21, which also had
were a delegate to the Conven¬
the following to say in part:
tion"; he added that "obviously
From his box
seat where he
the Convention must do the de¬
watched the proceedings with sev¬
ciding."
In making public the eral members of his staff, Sidney
President's letter of July 19, Mr.
Hillman, Political Action Chair¬
| Hannegan said he had acted with man, issued a statement saying
the President's consent.
that CIO support of Wallace "did
In reporting the developments
not carry with it opposition to an¬
at the Convention on July 21 the
other candidate whom the Con¬
Associated
Press accounts from
vention might select."
Chicago said:
"We believe that Senator Tru¬
I From Wallace's own
State of
man
is eminently qualified for
Iowa came a Convention motion
the
office
of; Vice-President,"
to make Truman's selection unan¬
Hillman said.
"He will make a
imous. But it was ruled as out
splendid running mate for the
of order at that time.
President. We are confident that
Grinning and waving, Truman,
Roosevelt and Truman will be
the lean, gray, 60-year-old Chair¬
the winning team on Nov. 7. They
man of the
Senate War Investi¬
will
have
our
complete
and
gating Committee, climbed to the whole-hearted support."
speaker's platform, as soon as he
Although it failed to put over
won his uphill battle, to receive
Wallace, the CIO group was, next
the Convention's noisy acclaim.
to candidates' names, the big talk
.
,
adjourned of the tonvention. Never had a
shortly after this demonstration. % labor organization figured mor£
Although Mr. Wallace's name
importantly, in a national party
ispelled political poison to many conclave.
Dixie Democrats, he commanded
Hardly a year old,. the CIO
powerful support from some ele¬ group, now named the National
ments of labor, among them the
Citizens Political Action Commit¬
CIO Political Action Committee.
tee, pitted itself against veteran
7/ To night, for a second time in
big city Democratic organizations
The
Convention
-
-
years, Democrats tossed a
I Vice-President onto the political
I four
picked a new¬
Roosevelt.
7 Four years-ago it was John
Nance Garner who was 'dropped
&t
the instigation-of the Chief
Executive.
This year the Presi¬
-f'scrap" heap and
comer
to run with
would vote per¬
sonally for Wallace if he were a
Convention- delegate, but that he
dent had said he
preme
in
the
Vice-Presidential race.
National
Chairman
Robert
E.
Hannegan of St. Louis, Mayor Ed
Kelly of Chicago, Edward J. Flynn
of New York
City, and Mayor
Hague of Jersey City all
wanted the nomination for Sen¬
Frank
ator Truman.
At
could
one
v;':'77
time, they thought they
talk
Vice-President
Wal-
Su- lace out of the race and avoid a
Court Justice William O. bitter fight.
But Mr. Wallace
likewise thought Truman—or
the
ticket actively this fall he replied:
"Of course."
Wallace
told
political views
his
reporters
were
well summed
in his speech to the convention
yesterday
when
he
seconded
up
President Roosevelt's nomination,
and suggested that they refer to it.
Wallace
remained
in
hotel
his
during the tense developments at
the
convention
in his defeat.
As
for
hall
which
ended
.
his
"I'll be very happy to congratu¬
late Mr. Truman when I see him,"
he added.
leave
;
home, for
planned to,
for
his" Iowa
five
firms, members of the New
of the rule
York Curb Exchange,
in,
in
ages
reprimands in each
firms
case by the
Stock Transactions
on
the
at
tioned
and each of the
same
time
cau¬
was
to subsequent
result be¬
by and large, mere append¬
of the vast New Deal ma¬
mittee, according to the announce¬
ment
by
the
Curb
Exchange,
as
a
chine.
as
which
1942
there
July 24:
"Rule
was
a
reads
House, notwithstanding the dire
forebodings of the Gallup Poll, the
Republicans
elected
governors..
with
All told
issued
was
turnover.
In addition to electing Republican
Senators
and
members
of
the
follows
as
».
sub-division
566,
(d),
follows:
a
they
have 26 of them
now
and
presumably these gentlemen
have the political machinery of
their
a
member
firm
member
or
order for the
purchase of
security which is the subject of'
an
Special Offering shall effect
purchase in the regular mar¬
whenever
a
'regular
way*
offering is available which would
such
states and if they do have,
Dewey will win.
then
ket
im¬
permit such purchase at a lower
net cost than in the Special Offer¬
these
to the country is that
gentlemen, along with the
newly, elected Republican Sen¬
ing. Every order for purchase in
a
Special Offering shall be ac¬
cepted pursuant to the above con¬
ators and
dition."
of
is
considerable
portance
Congressmen, have been
feeling their oats. They have been
asserting themselves.
They have
been wanting to know whether
they
or
part of the government
Being Republican govern¬
they have not been much a
are
not.
ors
part
of
it,
significantly,
but
"On April 28,
1944,
special of¬
a
fering of Reed Roller Bit Com¬
pany common stock at 22*4 with
Commission of 70c per share pay¬
able to purchasing members was"
announced by Reynolds & Co. at
at
M.
A.
10:56
their purely gubernatorial gather¬
ings, even the Democrats have
grumbled about the little part.in
which
Governors
play
in the
scheme of things.
Dewey's St. Louis meeting seeks
was
the
on
of
ticker
this. He is by¬
Senators who have
heretofore been the big shots in
campaigns. He is telling the Gov¬
ernors, in effect, that from now
"we"
the
to
the
upon
things.
run
good
That's all
and bound to make
Governors
What
their respon¬
feel
will
this?
be
The
the
likely result
feeling
Governors,
This special offering
suspended at 11:09 A. M. and
remained
P.
M.
suspended
when
it
until
12:02
resumed
was
and
completed at 12:39 P. M. Between
the time of the suspension of the
special offering and its reinstate¬
stock
ment
at 22
way
was
per
available regular
share. Those who
held orders to buy
"special"
were
by the Rule, directed to purchase
regular way when the price waa
the customer, than the
net less to
special
It
offering
price.
learned
was
that
certain
firms, members of the Exchange,
holding orders "special," failed to
purchase stock regular way dur¬
important, feeling that their par¬
ing the period of suspension
ticular
did
spheres., of authority are
self-contained, will tend to handle
In support of the United States
Secret Service
(Treasury Depart¬
ment) campaign to protect mer¬
chants, storekeepers and business
men from the
danger of cashing
checks
bearing forged endorse¬
ments, Arthur S. Kleeman, Pres¬
the
Exchange.
of
On Commercial Checks
on
'-V.
as
"A
felt long ago.
Against Forgers Printed
re¬
of
procedure.
Certain refunds by each of the
firms were called for by the Com-'
.
In
administration
of the Exchange,
not de¬
or
the Governor's alle¬
offerings,
special
the
in
Committee
Gov¬
Federal
sibilities which they should have
short stay..
a
came
mostly
were
the
The Governors
came,
on,
tomorrow
D.
paid them out
upon
fight for renomina¬
tion, Mr. Wallace said, "I did what;
to capitalize
I thought was right, and I am
passing the
very happy about it."
Colonial Trust Warning
And
The earlier
'<
happy. about
very
states:
What
it—
really I am," the Vice-President
am
from Senator Scott Lucas to Tru¬
man.
Hannegan
who
visitors
of
Mr. Wallace said he
Come on
need.
drive.
.
"I
Illinois delegation:
"That's
number
had waited outside his door.
an
William Truman, two to Wallace, he said.
O. Douglas.
Mr. Hannegan made That really was the spark which
public, as follows, at Chicago the ignited the tinder. It put nearly
or
balloting for Vice-Presi¬
a
Mr.
Senator
nounced
National Committee, made known
that
down a host of favorite son
of Alabama,
Democratic
,
was
in
He smiled and shook hands
with
candidates.
the
Truman
the
out
dent.
parade
••
the
the peace."
shirt sleeves, met
newspapermen in his hotel room,
where he had remained through¬
Three of the ing its 22 votes from Gov. Robert
S. Kerr, keynoter.
Delaware and
*1,176 delegates were absent.
shifted to
Truman,
While President Roosevelt had Mississippi
then Maryland and Kansas.
And
prior to the Convention indicated
his indorsement of the renomina¬
tion of Mr. Wallace (his letter in
Wallace,
F.
giance to Roosevelt.
supported during the war
emergency and during
'Paul V. McNutt, 1.
|
pended
lib¬
of
voice
part of his
projects for
work
When
Whether
ernment
the Democratic party, i:
the
get
the
too,
"I think what has
is
not
debt.
eralism.in the Western World. He
by announcing that it was switch¬
Commissioner
in
success
a
had
there
technical violations by
governing
real start toward a vital liberal¬
"Roosevelt
of further political
that
conclusion
The
been only
sulted
happened is that there has been
ism
contin¬
State.
his
defeat as
liberalism,." Mr. Wallace
newsmen.
a
could
t
blow to
a
.
started
Oklahoma
Harry .S. Truman
7
it
j
Special
Offering Rule
machine. Otherwise this Governor
"I don't look upon my
just barely outside his
was
grasp.
6,
and Manpower
tion.
in making
that the Governor be
had defeated him in their battle
for the Vice-Presidential nomina¬
Violations Of
(Continued from first page)
succeeded
imme¬
comment
his
was
Members For Technical
bitions like nobody's business. He
gency
Convention.
Democratic
That
shots in the Vice-Presiden¬
tial
Prentice
Gov.
people had called
developments
by
Reprimand Five Curb
Washington
Ahead Of The News
diately after he learned over the
radio that Sen. Harry S. Truman
a
Truman
The
O.
•Douglas,
victory.
their
Justice
was
with engineering the Tru¬
gates
Supreme
Court
himself a
credited by dele¬
Hannegan,
t o
the Associated
according
as
advanced"
From
Said the Associated Press:
Chairman
National
cue.
of liberalism has been fur-r
ther
one,
man
indicating his whole-hearted
cause
to 319V2, but the State delegations, one by
>
neither
and
big backer, the CIO.
ticket, Vice-President Wallace in
Chicago on July 21, said that "the
fight for renomination, led
Wallace, who finally lost out in his
on
his
support; of the Roosevelt-Truman
date for Vice-Presidential
A.
listen
not-
would
519
but
right¬
purchase stock when the spe¬
cial offering was reinstated.
An
investigation by the Committee on
fully theirs and resent any effort
Stock Transactions showed viola¬
the
which
problems
are
interfere. They tions by five firms, three of which
will
tend
to
cease
passing the were located without the City of
buck.
They will tend to develop New York. In all these cases the
a
pride in accomplishment.
Na¬ Committee concluded that each
turally this will take the pressure> firm had only technically violated
ident of the Colonial Trust Corn- off of Washington and the Con¬ the rule; but because there were
violations, each firm was
gress which has been yelling that. such
pany of New York, announced on
July 17 that all commercial de-' of course, they have to create a reprimanded by the Committee
and cautioned as to subsequent
positors of that institution will in bureaucracy to handle the tre¬
burden that is passed procedure.'
the future be supplied with checks mendous
The
Committee
also
directed
bearing the slogan, "Know Your on to the National Government
Endorser
Require
Identifica¬
tion,", printed across the left end
—
of
the
banks
have
of
back
pointed
out
the
that
bankers'
and
It
check.
while
is
many
associations
publicized the liability that
the ultimate endorser
assumes
and
of Washington to
Also, these Republican Governors
that each of the firms
should
will consider that they are essen¬
fund to the offeror the
sum
tial to the Dewey victory
they must
and that
get out and elect him
per
share which
commission
re¬
of 70<£
the special
by
each.
was
received
also directed to inform
in their States.
Each
Up to this point the Dewey St,
Louis trip is not only a distinct
the customer involved of all of the
was
circumstances
of
the
transaction
public service but a splendid piece and to refund the sum of 70 per
j share, representing the difference
the suggested slogan on the face of political strategy.
between $22.25, the price the cus¬
But then what?
The publicity
of their
vouchers, the Colonial
tomer
paid
"Special
Offering"
Trust Company is among the first has said they are to get together
and the price of $22.18, including
to put this warning squarely be¬ on the areas of Federal and State
commission, which the customer
fore the person who will cash the rights. That, in the concensus of
would have paid had the orderscheck, on the back of the instru¬ Washington political observers, is been executed
regular way.
ment, and directly above all en¬ bad, because you are not likely to
The total number of shares in-*
A
dorsements which appear there¬ find two Governors agreeing.
volved was 700 shares.
The ex¬
small state is not likely to accept
on.
cess cost to the public was $49.
the same division of powers as a
Colonial Trust Company has also
7 Special, offerings are conducted
The New Dealers
distributed to retail stores in the larger state.
under an exemption to Rule X-?
are
likely to go into high glee
neighborhood of each of its four
10B-2. Because of this exemption,
over
the Republicans' trying to
offices placards reading:
it is of the utmost importance that
get together on the question of
members adhere
"To our customers.
Army
strictly to the
States'
rights, yet the fact re¬
and Navy dependency checks,
provisions of the Exchange rulea
mains that Dewey does not men¬
and
governing special offerings, re¬
others, are being stolen. tion States' rights at all. He says
cited above, lest the exemption be
The U.
S. Secret Service,
"States'
responsibilities" and if
lost.
"7v;
Treasury Department, and our there is
anybody who believes we
own police department, send us
will ever get out of the mess we
this
warning!
Help
prevent are in without the various State low wants quick action through a
in
some
instances have imprinted
-
.
•
.
.
endorser!
for
strangers, require proper iden¬
tification!
We will appreciate
your cooperation in the U. S.
"crime!
Before
Secret
7 tion
To
Know
your
cashing
Service
checks
Crime
Preven-
Program."
serve
as
a
reminder to cash-
iers, clerks and patrons.
officials exercising
their
own par¬
ticular responsibilities, he is nuts.
If we were asked to define the
division
we
practice of
a
a
might
point
to
the
little labor leader in
small hamlet who calls a strike
to Mr.
or
telegram
Mrs. Roosevelt, not his'
Mayor
or
his Governor. The fel-
and immediately sends a
„
o
Federal
board.
Dewey,
as
his
attention to
had
a
We
assume
President,
the
Mayor—or
a
that he would not be
would
fact
local
so
that
call
that he
board;
bent upon
destroying the identities of local
officials as to propose a ballot
whereby the soldiers could not
even
vote for them.
THE COMMERCIAL & FINANCIAL CHRONICLE
520
of
false history and psychology.
They forget that we' in America
have
particular reason to keep
The Price Of Peace
(Continued from first page)
peace
*
will
which
,
,
made
and
For
postponed j nite
be
J
,
■
l
.
1_
promise of self-government
C
Cnn+K
of South
*
1
_
—.
the teeming millions
to
uncertain.
nothing is surer than that
Asia
East
What
Malaysia.
and
will be secure which is guidance and help these people
not based on reason and justice. need should be given under inter¬
The proclamation of terms that national authority. The Japanese
might shorten the war would people should be made to under¬
stand
that
they
will
not
be
mean the statement of terms ap¬
no
peace
doomed to live
as
unarmed peas¬
propriate to a lasting peace.
ants
stripped of machinery
in
/*■ Of the many fallacies for which
we
and our children and their overcrowded islands, but will be
children
is
in blood none
pay
may
dangerous than the pres¬
contention that if only the
more
ent
admitted to the economic and po¬
tion
once
kind
sion
and
peace
it doesn't matter much what kind
that
of
of
enforce the
to
League
will
peace
enforced.
be
The
federa¬
aggres¬
of
establish
can
United States will join some
world
they renounce
benefits
litical
a
trusted.
be
to
peace
not
is
It
merely Japanese imperialism but
white imperialism in the Far East
on
port, world without end, in what¬
ever
he may decide to do with
and to Finland and Poland and
Walter
Germany.
Lippman
ar¬
gues that the weak have no rights
of
self-determination
that
we
ought to respect and that our duty
is open alliance with Great Britain
in an Atlantic Community which
will remain at all costs on friendly
terms with what he calls the Rus¬
sian Orbit.
Republican and Democratic
platforms alike pledge our coun¬
try to membership in some asso¬
The
ciation to maintain the peace
but
extraordinarily vague in de¬
are
scribing the nature of the peace.
Republicans wanted to be
"just" and the Democrats want to
apply the principles of the At¬
lantic Charter to other "peaceThe
loving nations, large and small."
(By
definition,
a
peace-loving
state is one which will fight only
on our side.)
Both parties seem
to accept what the President has
called "the great design" for a
revived League of Nations domi¬
nated
by the Big Three with
China as a poor relation.
But
even
if that plan were structu¬
effective
renunciation
sive armaments by
of
aggres¬
all the nations
The acceptance of
of the world.
this
principle must lie at the base
successful world federa¬
tion.
To replace the anarchy of
competitive armaments, ever more
capable of bringing destruction to
mankind,
by
general
security,
must be the chief purpose of fed¬
eration.
I am not preaching an
impossible altruism to my own
or any other nation when I insist
that the intelligent self-interest of
all peoples everywhere constrains
of
any
them to take this road to peace.
In
shall
have to choose between peace and
vengeance against whole people,
between peace and imperial power
politics.
We cannot have both.
The punishment of particular war
criminals is one thing; the attempt
to destroy Germany as a nation
Europe
is another.
in Asia,
as
Yet that
we
to/be
seems
the purpose of men in high quar¬
ters who make such proposals as
the
and
South
force after the Civil
War
ought to have taught us
something of use to the whole
by
world.
The notion
that nobody
can be
with whom we
in
building a
found in Germany
business
do
can
a
peace
and an or¬
80. million
which
and
capable people
industrious
be
in order for
con¬
or
can
kept
to
rebuild
Russia.
A
opposition the
American commitment
to
any
like, less bad, if we do not squan¬
der our money and our men in
an
imperialist policing of the
world or try to fool ourselves that
an alliance of the strong can or
will maintain a peace that is not
just.
Fortunately,
forced to
the
tives which
we
are
miserable
not
It
one of the great purposes of
the Socialist campaign to arouse
,is
our
.
fellow Americans to this fact.
In the Pacific theatre a decent
aftd hopeful peace
.requires a defi-
for
reason.
countries
That the
which
people of the
have
been
Hit¬
ler's victims should thirst for re¬
venge is natural.
It is, therefore,
significant and hopeful that the
voice of the underground move¬
ment, in so far as we have heard
yet it, is more reasonable than the
alterna¬
I have suggested.
the
his
news
From the
further
voice of certain British and Amer¬
ican
preachers
today our
are
a
own
little
wrath.
Even
priests of hatred
ashamed
pure vengeance
tionalize
of
to
preach
and therefore
ra¬
their demands by a lot
had^
France
of
liberation
solved,
the President
conference."
advices
same
"The
untangling of a contro¬
versy which had flared intermit¬
tently between de Gaulle
and
this
the life of the whole world.
French leader late last week.
is
better
no
or
There
obnoxious than to have it
taught
by conquerors who scarcely prac¬
tice what they preach.
Imagine,
for instance, a British sahib from
India or a Congressman from Mis¬
sissippi as a successful teacher to
German youth of the great truth
that there is no divinely ordained
for
face-to-face
two
two
over
Mr.
at
came
years
to make virtue
way
Government
Roosevelt's
talks
with
the
standing would be set down in
which
would
a
be
"Mr.
issue
not
for
Committee
for
the
will
the
be
new
declared, how¬
particular
no
temporary
a
until
use
a
"The
France.
in
currency
guarantee
no
face
"Emis
other
the
France"
en
backing
or
than
imum
needs
money
will
honest
an
people
constructive
precisely this
of
capable
revolution..
discover
should
effort
is
It
honest effort that the Allied rulers
seem
afraid to make.
tive revolution
can
A construc¬
puni¬
cannot. A just peace
the German peo¬
ple. Already they have suffered
horribly for tolerating their Nazi
rulers.
Perhaps only Russia will
have lost a higher proportion of
peace
will not pamper
her
population in the
Russian
natural
birth
far
are
greater
the
would
agreement.
sure
porter
asked
if
Retail Excise Tax Manual
When
re¬
a
the
con¬
and
toilet
preparations, has been
compiled by the National Retail
Dry Goods Association. Also in¬
cluded
four
easy
ings
and
are scores
of articles in the
classifications,
listed,
for
reference, under the head¬
"Articles Taxable at 20%"
"Articles
Not
Taxable."
Should
changes occur in the
regulations or lists of taxable and
non-taxable items, or if rulings
are issued by the bureau, affect¬
ing the contents, revision sheets
will be prepared and sent to mem¬
The
bers of the associatibh;
man¬
ual is available to non-members—
at
a
nominal charge.-.-
r
'
<
4
-r
•
>
'
para¬
the President went on to
mount,
Eisenhower
General
and
have* the
there
to
ma^e
and
order
power
was
peace
the
Press advices from Algiers said:/ i
"Informed French quarters said
French
Committee
provi¬
a
sional
government, the President
replied he had not said that.
"As
President
Roosevelt
ex¬
plained the arrangement, General
Dwight D. Eisenhower as Supreme
Allied
Commander
have
would
clear
Under
date
^
of
July 11
today that the proposed
American
'
:
United
Frenchdiffered
agreement
from the French-British arrange¬
ment only in that it more pre¬
cisely
defined
authority to take all steps
necessary
in his judgment for
military operations and driving
hower's
the Germans from French soil.
Eisen¬
General
this question.
zones
are
territory,
but
superable
difficulty
was
"General de Gaulle
that he
was
remain
under
results
of his
military control because of battle
States.
He
needs.
that he
civilian
.
-
v„
"There
•
,.
.
,
.
nonmilitary zones
the President said,
reiterating his previous statement
are no
in France yet,
that
only
one-tenth
of
1%
France has been occupied
lied forces.
of
by Al¬
no
seen
in
in¬
in
reliably
was
reported to have cabled to Algiers
administration
ready for
and. which* must
authority
supreme
liberated
"It will be up to General Eisen¬
hower to declare which
the
most pleased
was
was
United
said to have added
most
impressed with
organization Tor
American
fighting the
with the
visit to the
but not
war,
ini-
so
pressed with American views
a
post-war
international
zation."
on
organi¬
.
.
American Business
Congress Heard By Senate
Committee On Increasing Commercial Rents/
A
hearing
commercial rents held in Washington by the Senate
on July
13 was attended by trade and
business association executives representing over 5,000 business men
employing upwards of 75,000 persons. In addition, many individual
Small
on
Committee
Business
tenants made the
trip to Washington for the express purpose of indi¬
cating to Congress their interest in the protective legislation demanded*
The
Business
American
gress,
-
Con-
national organization of
a
small
be permitted to ask increases out¬
independent business men,
has been active in seeking to com¬
bat
the
increasing
commercial
side
rents
and
sert
ment
that
~
claimed
in
from coast to
reports
coast indicate that rents
lofts
and
dozens
are
of
the
on
other
state¬
their
stores
on
increase
in
citijes outside of
New York.
of
all
"We
reason.
recognize but contest
fact that there
the
are
problem
some
is
and one for solution
City
or
the
who
as¬
purely local
by New York
State authorities. Attempts
enact legisla¬
Albany without success.
have been made to
tion
in
Even now there is an
/
Assembly
made committee 'studying the condi¬
at the hearing, Harold M. Schwab, tions.' But before this committee
In
a
<
;
prepared statement
Director
Executive
of
the
Con¬
■
Bureau of Internal Revenue
«.
are
authority
agreed upon for de Gaulle made
A
cerning the taxability of specific
articles of fur, jewelry, luggage
questions
behind his lines."
gress, said:/:
/;//.;•.
/•■// •
26-page Retail Excise Tax
"Only this week we heard of
Manual, containing an analysis of several
cases
in / Philadelphia,
the
excise
tax
regulations and among them a building where one
many important rulings from the tenant is
being raised frorR $18,000
.
"Military
say,
as
for buying cigarettes and
'
formal
and the
Russian
and
rate
resources
war
effect,
understanding
give de Gaulle virtual gov¬
ernmental powers, but Roosevelt
emphasized it was not to be a
bring hope to
Germany and Europe as a
tive
"In
such
soldiers
of
beer.
prisoners in jails and
camps
and deceive; millions of
others
by censorship and false
propaganda is a country in which
political
in
(issued
It is just temporary, Mr.
Roosevelt said* to meet the min¬
rewritten.
country
on
words
France).
whose rulers have
had to keep at least half a million
A
■;;///;
which has been
given Allied troops now in France
was
printed in this country and
arrangement,
the President said, but it will be
master race.
reason
currency
regular government
established
its
basis
saw
why de Gaulle's committee should
bears
French
point of dispute
a
Roosevelt
he
ever,
States
presumably Britain.
"The draft agreement negotiated
in London
by Britain and the
currency,
ernment, has not yet been settled,
the President said.
signed by de Gaulle, the United
and
of
between the French and this gov¬
is
*
"The President said the under¬
memorandum
—r-
question
which has been
quote
we
follows:
as
:
"The
said
longer
by the might of mutually suspi¬
cious
victors without
poisoning
generation
a
similar
world.
How many of these
proposals will actually be included
league pledged to a peace of ven¬ in the peace imposed on a Ger¬
geance and of imperial
power. many crushed into unconditional
Our chance of peace
and the surrender is fortunately not yet
world's will be better or, if you certain.
There is still a chance
to
for
...
ers
accounts from Washington, in reporting this,
of Franco-American relations during the fighting
"the main problem
at
der
an
Associated Press
said
been
permanent
ganization of the postwar world slavery of Russian political pris¬
which will permit us to begin this oners has already cost millions of
cooperation of peoples freed from lives. That system cannot be per¬
every foreign yoke. But if we are petrated without prejudizing the
compelled to choose among evils interest of free labor throughout
I shall choose steadfast
was made by President Roosevelt on July 11 that
understanding with Gen. Charles de Gaulle under
which the French leader's committee at Algiers would be the work¬
ing authority for civil administration of metropolitan France. "Thus,"
he had reached
able, and, if true, is a sentence of
death
to
European
civilization.
For there is no way whatever un¬
.
I want
Authority To Rest With Eisenhower
Announcement
peaceful Europe is wildly improb¬
,
erty.
Algiers To Receive
Working Authority In Liberated Areas
straight.
Our unfortunate experiences in4
trying to police and reeducate the
(1) Complete and
than Geriqgny's. Of course, a dis¬
disarmament of Ger¬
armed Germany must restore loot
many 'wKile other nations indefi¬
wherever t possible
and
recom¬
nitely
maintain
their ; armed
pense refugees. She should assent
strength and police their former
to an arrangement under which
(2) Stripping Germany of
rally far sounder than it, is I foe.
the
European
industrial
order
should oppose it unless and until most of their industries, a virtual
which she has built up can be
its powerful sponsors give us as¬ sentence of death to millions of
operated for the benefit of all
surance that the peace this League people in a country too crowded
Europe. Beyond this there can be
is meant to enforce does not mean to
live on
a
peasant economy.
no punitive peace that will
be a
in"the Far East the reestablish- (3) The forcible division of Ger¬
lasting peace.
ment and
maintenance by
our many into three separate States.
Our preachers of hate forget
strength ; of the French, Putch Nothing is more likely to promote
that there was not a responsible
#nd British Empires with or with¬ German discontent and intrigues
historian before this war who held
out .America as partner; and in than this: One or another of the
the theory of the sole guilt of
Europe, sphere-of-influence poli¬ victors themselves will be tempted
tics under which proud and an¬ to play with that discontent to Germany for the First World War.
The guilt of Germany's rulers of
cient natives will be treated as serve
their
own
rivalries
for
this war is greater, but its truth¬
the great powers have treated the power in a Balkanized Europe.
ful historians will not let us for¬
Balkan States. Against this sort (4) Whether or not Germany is
get that behind this tragic calam¬
ol League to enforce this sort of thus
divided, Stalin apparently
ity was the Peace of Versailles,
peace I pledge myself to lift my intends to. give large sections of
and at various times aid b'ame to
voice even if I speak alone.
German
territory
to
a
puppet
Hitler from capitalists of/Europe
I am not an isolationist.
My Poland in compensation for the
and America, from the British and
ultimate hope for the world is for former Polish territory which he
French ruling classes and1 finally
an
inclusive federation of free, will annex.
No scheme could be
from Stalin himself.
Nazism was
cooperative
communities with better devised to curse Poland as
only the worst symptom of the
equality of right and obligation well as Germany and to prevent
sickness of our whole social, eco¬
between all races, a federation healthy development of a Europ¬
nomic and political order.
The
which will make it possible for ean
economy
able
to
support
cure lies id a fresh start by peo¬
men in fellowship to harness their
adequately millions of men of
ples, all of whom have something
mighty machinery no longer for various nationalities. (5) Probab¬
to forgive and of which to be for¬
the destruction of one another but ly Stalin will demand the forced
only for the destruction of pov¬ labor of 10 million German work¬ given. This is the price of peace.
following:
de Gaule's Committee At
think
to
government trolled from the outside
if
our
this theory is which must be ended
for us to pledge ourselves to re¬ grandchildren can hope for peace.
The disarmament of Japan, as
store
and
maintain the British
Empire which Churchill will not of Germany, is essential. It should
dissolve and to assure Stalin not be followed at the earliest pos¬
only of supplies now but of sup¬ sible moment by the general and
road
heads
our
'
Thursday, August 3, 1944
to
$30,000
a year and another ten¬
$12,000 to $20,000, with
five-year leases demanded in each
ant
from
case.
Another
case
with
members
is
one
store
a
of
in
our
Fall
River, Mass., where the building
was
sold, the present lease can¬
celled and the tenant notified that
he would have to
sign a new lease
at a 75% increase or get out."
"Possibly the final solution will
be a law which prohibits a land¬
lord
from
increasing his
rent
more
mum
than 10% or 12% or
of
15%
1943 level.
are
above
the
a
maxi¬
March
Many of the landlords
men and it is
small business
not our desire to harm them.
are
entitled
their
to
investment
a
fair
but
They
return
should
on
not
reports
six to eight months will
thousands of leases will
expire and come up for renewal
elapse,
and thousands of tenants
will be
faced with the possibility of
going
out of business.
In addition, we
seriously
tective
question
State
whether
legislation
pro¬
will
be
upheld by the courts. A powerful
lobby has been organized by the
real estate interests and
you may
be sure that in their home State
they
will exert every influence
against State regulation in the fu¬
as they have in the
past."
ture
The
Small
ABC
asks that the
Business
Senate
Committee
give
serious consideration to the
prob¬
lem and that
"immediately upon
Ccfngress being called into its
session
the
your
necessary
fight with all
committee
next
initiate
proceedings
your
strength
and
for
quick rent relief for the harassed
small business man."
r-*"-.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4304
160
521
Dewey Meets 25 Republican Governors This Wk. N. Y. Stock Exchange Suspends Paul W. Havener Lord Keynes Discusses
Exchange
July 21, suspended for
period of six months Paul W. Havener,
A1 St. Louis For Program Conferences
Breitcn Woods Results
Exchange,
Mr. Havener, after
trial by ihe
The Board
of
Governors
of
the
New
York
Stock
on
a
allied
Republican candidate for President, met
Governors from other States in St. Louis this
week, Aug. 2 and 3, for conferences on matters not dealt with in
the Republican platform. On July 10 Gov. Dewey had the following
to say at Albany regarding the conference:
::■ yv.
Gov. Thomas E. Dewey,
with
25
Republican
;
office
took
continuing debate
the area of re-;**
has been
"There
over
sponsibility as between the States
the Federal Government
and
re¬
employment services,
the aids to agriculture, particu¬
larly centering around the use of
land
grant colleges; relief, the
effort three years ago to federal¬
ize unemployment insurance en¬
tirely, and, of course, the very
large field of taxation in general.
"The purpose of the conference
ferring
■
to
since the New Deal
ever
a
become
"a
issue
major
of
the
campaign," he said the decision
of" the
Governors'
would have
important bearing
Republican Party's stand
the Presidency.
the
on
Conference
an
of the
member
a
Board of Governors, at
which he
present,'was found guilty "of
(1) having on a number of occasions entered a single order to buy
a
certain security for an account in which he had an interest and
for
account
an
which
he
or
had
accounts
over<s>
discretionary
interest and the
an
"A
au¬
thority, and having'received ex¬
ecutions
at
varying prices, he
allocated the most advantageous
price or prices to the account in
which he had
was
of
Endorsement
Gov.
Dewey's
President
for
nomination
was
registered on 'June 28 by 18 Re¬
publican Governors attending the
less
or prices
such alloca¬
tions having operated to the dis¬
advantage of the customers over
advantageous price
to the other accounts,
whose
had
he
accounts
discre¬
tionary authority, and (2) of hav¬
ing violated the constitution and
rules pf the Exchange in that he
allied
or
member
adjudged guilty, by
the affirmative vote of a majority
of the Governors then in
office, of
violation of the Constitution of
a
the
Exchange
an
in its drive for
member
who shall be
rule
a
or
adopted
Constitution
of a violation of
pursuant to the
of
or
violation
a
of
resolution of the Board of Gov¬
a
ernors
regulating the conduct
business
of
members
members
of
or
or
allied
or
conduct
or
pro¬
ceeding inconsistent with just and
party convention at Chicago.
equitable principles of trade may
is to consider the areas of re¬
Leaving New York City y last had, in consideration of obtaining be suspended or expelled as the
sponsibility and obligations and Sunday night, July 30, the Gover¬ the: business of a customer, paid Board may determine."
y how these obligations to the peo¬ nor
stopped in Pittsburgh July 31. to the friend of that customer
According to the / New York
ple can best be performed. The for conferences with Gov. Edward
monthly compensation based upon "Times," this is the first time that
conclusions reached will not only
the commissions earned in the ac-1 the Exchange has ever disciplined
Martin, the State's Republican
'
in
basis for united
as a
serve
opinion
the
Republican Party on an
split the Democratic
Party wide open but, even more
"
issue
which
the
important, to eliminate
con¬
stant and serious friction, after
the
takes
Administration
Republican
office next January."
y
Prior to this week's conference,
a meeting was held at Albany on
July 26, between Gov. Dewey and
John
*
W.
BrickeV'-of Ohio, Republican nominee for Vice-Presi¬
dent; in advance of the meeting it
| was stated by the Associated Press
(Albany advices July 25) that the
afford
f visit of Gov. Bricker would
Gov. Dewey the first
opportunity
to confer with the Vice-Presiden¬
tial
since
candidate
they
were
nominated
at
vention in
Chicago last month.
27 Gov. Dewey an¬
15-point program of
On
July
nounced
■I action
a
for
the
the
G.
O.
P.
con¬
Gov¬
Republican
ernors' Conference this week
y
at the
same
time told
and
a press con-
ference that he and Gov. Bricker
;
in
were
full accord
issues
the
on
leaders.
The
Springfield for similar talks with
Gov. Dwight H. Green and Illi¬
nois
members
of Congress.
He
'f
2.
Public
3.
Administration of unemploy¬
health.
9
ment insurance.
Administration
4.
ment
rendered
national
by
of
"which
services
these
employ¬
were
States
Government
sur¬
the
to
the
in
war
did not
son
report for duty at the
der
ren¬
or
;',
the first charge,
evidence was presented by Mr.
Havener indicating that he had
an understanding with customers
services to it."
any
.,.
With respect to
whose
dis¬
he had
allied
an
member without at the
time
same
punishing
the
floor
member of the firm involved. This
was
the
made possible by a change in
that became ef¬
constitution
fective
Jan.
on
1, 1939. Until then,
when all allied members
quired
to
sign
were
re¬
constitution,
the
of Abraham Lincoln in the Illinois
cretionary authority that the stock
allied members could not be pun¬
ished and floor members
^ full
capital city.
first
members of the Exchange
also
is expected to visit the tomb
over
accounts
purchased
should
allo¬
be
cated to his wife's account.
Mr.
Industry Group To
Study Labor Problem
Havener
was
a
to
general
partner of the firm of Pyne, Ken¬
dall
&
&
Hollister—Reynolds, Fish
later known as Mallory,
Co.,
Hollister &
Co., during the period
covered in the charges.
Mr. Ha¬
Under date of July 23, Asso¬
vener has been a general partner
ciated Press advices from Washing¬
since Feb.
1, 1944, of Mallory,
ton in the New York "Journal of
Commerce," stated that Chairman
Adee & Co.
:Jc vy
Paul V. McNutt of the War Man¬
%
be
punished
had
acts
of
their
partners, even though they
might be ignorant of them.
; '
Commission
regular
member, took action similar to the
New York Stock Exchange.
As
Mr. Havener had agreed with the
be
known
against him
of Governors of
Board
before
the WMC
in¬
dustry associations comrrfittfed, the
group represents 750 industries,
divided into 12 groups.
function
of
commit¬
the
At Lowest Point In More Than Decade
The operating
remained
coveries, ideas and methods that
war as
under date of
fairly constant
over
a
10-year period,
which
of State and national influence.
Public
7.
works—the
extent
of
direction
said the Institute
July 26. Last year's^
have resulted in a reduction of
ratio of operating expenses,, in¬ ers and beneficiaries have been
manpower requirements." y
cluding all sales and management increased notably in connection
It also will be responsible, he
costs, to income for all U. S. com¬ with the payment of policy pro¬
said, for "discovering and en¬ panies was approximately 13%, ceeds on an income basis. This
couraging adoption of good man¬ which compares with 13.9% in development of the business which
power
utilization practices and 1942 and 14% in 1941, the Insti¬ has largely occurred in the past
will aid in removing obstacles in tute
reports.
In its further in¬ 10 years involves literally mil¬
the way of fuller utilization of formation it
lions of transactions a year in the
says:
'
by national government
by national governby States and locally.
workers."
•
ment,
"The
Members
finance
and
of the committee and
industries they will represent:
■
8.
,
Highways,
continental
including
roads
trans¬
national
and
defense
projects.
Regulation of all kinds of in-
9.
;
surance.
10.
of na¬
tional land. Mr. Dewey said there
States
and
where
Government
use
Federal
the
the
of
80%
owns
land, posing a question of taxation.
(Gov. Bricker named Wy¬
oming, Colorado, Utah, Nevada
Arizona
and
States
as
most
seri-
ously affected.)
-
II.
Water and flood control and
conservation of natural resources.
12. National
;
•,
including
Guard,
the question of its continuance as
a
the regular
to
reserve
the
possibility
of
its
army
or
permanent
Federal
and
State
tax
co¬
ordination,
including the special
attention to overlapoing and the
conflict
rates
of
collections
tax
between
local
and
and
Federal
government.
14.
Axle Co.
ley, Washington, D. C., President,
and E. H. Bunnell, Washington,
D.
CM Vice President, Association
of American
conservation
controls
should
tionally
programs
and
regulated.
15.
say
and
locally or na¬
Veterans' affairs.
While
have
be
Gov.
told
Dewey
-'
is
said
to
reporters he could
not
that the conflict between local
Federal
governments
I
Railroads.
3^-'
Electrical and Miscellaneous In¬
dustries—Ralph J. Cordiner, New
York, assistant to the President,
General Electric Co.
Industries
Service
McKowne,
—
Frank
A.
New York, President,
Corporation.
Statler Hotel
Lumber,
Ben
R.
Printing and
Ellis,
Jacksonville,
Secretary-Manager,
Cypress
Fla.,
Southern
Manufacturing
Associa¬
tion.
Mining
liam
A.
and
Petroleum
—
Wil¬
would
of
the
companies
by ^efforts to increase operating
efficiency. The significance of the
dered
the
expense
accomplishment is emphasized by
the
there
that
fact
has
been
a
during the
period in the services to policy¬
steady
holders
life
expansion
and
beneficiaries.
insurance
in
Total
force .by
the
companies is 16% greater than at
the
outbreak
of war and 46%
greater than 10 years ago. In ad¬
dition, the services to policyhold¬
President
of
American
Zinc, Lead & Smelting Co.
Finance, Insurance, Real Estate
together an
additional
that formerly ren¬
when the cash payment of
service beyond
policy terminated the relation¬
ship."
The records show that in con¬
■
experience in this war,
operating expense ratio rose
trast to the
each year of the
last war, the
rise continuing to a
peak in 1920.
The
expense
the
have suffered will turn
we
is
What
in
embodied
ac¬
course
able
of 44 nations
work
to
task
structive
Final
this
We have shown that
Act,
are
a
con¬
actually
together at a
in amity and
con¬
un¬
Few believed it
broken concord.
possible. If we can continue in a
larger task as, we have begun in
this limited task, there is hope for
the world.
At any rate we shall
now disperse to our several homes
with new friendships sealed and
intimacies formed.
new
We have
learning to work together. If
can
so
continue, this night¬
been
we
t
in which most of us here.'
present have spent too much of
our
lives, will be over.
The
brotherhood of man will have be¬
mare,
"Mr.
than
a
President,
phrase.
I move to
ac¬
cept the Final Act."
Results Of Treasury
Bill
Offerings
Secretary of the Treasury
announced on Aug. 1
that the
The
there¬
tenders for $1,200,000,000, or
of 91-day Treasury bills
Aug. 3 and to mature
abouts,
to be dated
1944, which were offered
28, were' opened < at the
Federal Reserve Banks on July 31.
Nov.
2,
July
on
The details of this issue are as
applied for, $2,010,374,000.
accepted, $1,214,112,000 (in¬
$57,549,000 entered on a
fixed price basis at 99.905 and
Total
Total
cludes
accepted in full.)
ratio today is sub¬
•
0.375% per annum.
of accepted competitive
,\r
Range
bids:'
•
High, 99.910, equivalent rate of
discount
approximately
0.356%
A
per annum.
Low, 99.905, equivalent rate of
discount
approximately
0.376% >
per annum.
of the amount bid for at
price was accepted.)
(52%
the
low
There
was a
maturity of
lar issue of bills on
With
a
simi¬
Aug. 3 in the
$1,017,106,000.
amount of
the previous
$1,200,000,000
or thereabouts of 91-day Treasury
bills to be dated July 27 and to
week's
respect
offering
mature
Oct. 26, 1944, which were
offered
on
stantially below the ratio of that
at
period.
to
of
July 21, were opened
July 24..
" ■■'
.
Average price 99.905, equivalent
rate
of
discount
approximately
a
in
hopeful
and
complished here in Bretton Woods
something more significant than
senting
the
critics
the Federal Reserve Banks on
'fvf';'
The details of this issue are as
Norman Thomas Accuses President Roosevelt Of
follows:.
:
.v
.
$2,177,348,000.
Total accepted, $1,214,292,000 (in¬
cludes $56,082,000 entered on a
fixed price basis at 99.905 and
accepted in full.) ? /,
Total applied for,
Pushing No Progressive Legislation Since 1937
In
man
an
open
Chair¬
letter dated July 25 to Prof. Reinhold Niebuhr.
of the Union for Democratic Action. Norman Thomas,
Candidate for President,
Socialist
stated that the Republican and Democratic
platforms are "virtually interchangeable," and that President Roose¬
velt "has pushed no progressive legislation since 1937."
"Before the war," Mr. Thomas stated, President Roosevelt "had
not
IlUt
k/ u* u
conquered unemployment but^it and subsidized the. and
LvlivjUvl vW.
it
stabilized
Off, Huntington, W. Va.,
handling of principal sums and
payment of income, repre¬
the
hold
Paper—
the
including
extent to which Government aids,
soil
Communication
and Public Utilities—John J. Pel-
former
Agriculture,
F.
Rockwell, Pittsburgh, Pa., Chair¬
man of the board, Timken-Detroit
federalization.
13.
W.
Col.
—
Transportation,
Ownership
were
Manufacturing
ability
ratio rela¬
tively constant during this period
is an index of the success achieved
to
the
its out¬
things in our favor.
"Finally, we have perhaps
•
4.J::
nf,
5. Relationship
of
unemployi ment and unemployment services.
6. Labor, including the sphere
emergency.
-
am
sceptics look more closely, the
plans will turn out to be so much
better than they
expected, that
the very criticism and scepticism
.
ratio of the life insurance business has
it did in World War I, and is today
at the lowest point in more than a decade, according to the Institute
of Life Insurance.
In spite of the increases in costs and wage levels
that have occurred since the bottom of the depression, the ratio has
this
when
see
follows:
expense
not increased during
tee," McNutt said, "will be to en¬
courage
specific industries and
industrial groups to co-operate in
the exchange of applied new dis¬
that
to
But I
clearly.
the
Operating Expense Rates Of Life Ins. Business
work
own
our
the Stock
over
as
to
lines
Curb to let the record of the pro¬
Section 6 of Article XIV of the
How much better
projects should begin in
disillusion than they should end
in it!
We perhaps are too near
our
come more
a
.
To
outside world.
that
The New York Curb Exchange,
of which Mr. Havener is
ceedings
*
the
for
~
Exchange govern its own deci¬
the week¬
Constitution
of
the
New
York
end announced formationof a
sion, it was unnecessary for the
Stock Exchange, the violation of
committee of nine industry rep¬
which was charged against Mr. Curb to hold hearings or conduct
resentatives to study ways of con¬
Havener, reads as follows:
| a formal trial in his case. V
serving and fully utilizing labor
forces to meet critical shortages.
power
"The
Public expenditures.
scheduled to arrive in
was
count, even though the said per¬
office of the member firm
.
following day (Aug. 1) Gov.
Dewey
Governors:
I.
labor, agricultural and other
ness,
the
of
campaign.
According to
j..the Associated Press, Gov. Dewey
said the following subjects would
be considered by the Republican
■;
congressional delegation and busi¬
(Continued from first page)
and
welcomed
in
the
watched
unemployed
at
a
level of about
23% of the workers. He advocated
total
in
conscription of human beings
and gives signs of sup¬
war
*
1
S
• 1
j
•
1
London is an invitation to
new wars.
Mr. Thomas insisted that it was
not necessary
away
votes
Democratic
for citizens to throw
by supporting either
Repupblican can¬
or
Average price 99.905, equivalent
of
rate
discount
approximately
0.375% per annum.
Range
of accepted competitive
bids:
High, 99.910, equivalent rate of
approximately
0.356%
discount
per
annum.
Low, 99.905, equivalent rate of
discount
approximately
0.376%
porting permanent military con¬
didates, and called 011 Prof. Nie¬
scription of our youth in peace.
per annum.
ident, Illinois Association of Real He has no program adequate to buhr and his associates to rally to
(48% of the amount bid for atn
the banner of the Socialist Party
Estate Boards.
the conquest of poverty and his
\.
the low price was accepted.)
to assure "pressure for a decent
Textile and Leather—Frank L. underwriting of white supremacy
There was a maturity of a simi¬
peace and for freedom and plenty
Walton, New York, Vice Presi¬ in the Far East and the Balkaniza¬ with which the cause of peace is lar issue of bills on Julv 27 in Uie
amount of $1,015,902,000.
tion of Europe between Moscow bound up." - . ;
j
.
dent, Catlin Farish Co., Inc. ? t
—Morgan L. Fitch, Chicago, Pres¬
industries
The tobacco and lumber
House Committee Finds 24%
Owned By
Of Land In U. S.
Government; Propose Early Resale
also
and
larger working forces
higher payrolls in June.
v
/."The index of factory employ¬
based
on
the average of
ment
that 24% of all land in 1935-1939 as 100 was 147.4, which
the continental United States was under Federal ownership.
The represents a decrease of 7.6%
Associated Press advices from Washington in the matter stated: /
from June a year ago. The payroll
The report, prepared by a Public Lands subcommittee, headed index was 282.4, a drop of 1.9%
by Representative Peterson, Democrat, of Florida,
return to private ownership of lands and properties
proposed speedy
no longer needed
public benefit.
•
who will cultivate the land them¬
The report was drawn up after
selves, W. L.
Clayton, Surplus
more than a year of hearings and
War Property Administrator, an¬
will be considered by the full
nounced.
These
advices
from
committee
when
Congress
re¬
Washington gjdded.'
convenes.
"The statement replied in part
Legislation already passed by to criticism of the surplus farm
the House provides that steps be
land disposal program by James
taken to determine which lands
G. Patton, President of the Na¬
are suitable for homestead entry,
tional Farmers Union.
and that existing laws be amended
Mr. Patton in a statement two
for the
grant the same homestead pref¬
erence
rights to veterans of the
to
present war as extended to
erans
of other wars.
The report
123
vet¬
acres,
or
Government.
Alaska, Hawaii, Puerto
Rico and the Virgin Islands, the
acres
in
aggregate is
820,700,035, or 36%
of all United
States possessions.
.
Reference
made
was
in
gram
by the National Association
and further
of Real Estate Boards
control
of agriculture
by big in¬
terests.
since last June.
Average weekly
,W. L. Clayton, Surplus War Property Administrator, on July 26
outlined the first-comprehensive program for disposal of the thou¬
sands of airplanes and parts which will become surplus at the end
of the war, warning that dumping of the surplus aircraft, regardless
price, "is not to be considered."
The program was outlined in a report of the SWPA's Surplus
Advisory Subcommittee,^
■
*
■
■
which was appointed by Mr. Clay-1 ly
as
possible.
A "reasonable
of
Aircraft
earnings were $47.92 in June com¬
pared with $47.19 in May, and
$44.72 in June a year ago.
The
foregoing statements are based on
preliminary
tabulations by the
Division of Statistics and Informa¬
tion under the direction of Dr. E.
B. Patton and cover
reports from
.
.
(number"
March 9, 1944. /
ton on
The subcommittee, after a
of
Engines, propellers and ( other
transport companies, larger and more complex items
labor and
others, recommended should be consigned to the orig¬
that surplus aircraft. which have inal manufacturers" for inspection
the aircraft manufacturing in¬
of
air
dustry,
after
May and June. Producers
equipment also lost
and
disposed of three years
end of the war should
been
not
2,700 factories in New York State.
"Large
numbers
of workers
were
dropped from the payrolls
of aircraft and shipbuilding plants
electrical
of
workers and reduced pay¬
while plants making com¬
munication equipment had fewer
many
rolls,
mills
Steel
higher
and
smelters of
non-
larger
reported
metals
ferrous
payrolls.
but
employees
the
classified
be
as
unabsorbed
sur¬
when
acquired
hostilities end.
"Mr.
in
Clayton,
an
training
encouraged.
for
decline of 2.8%.
should be
purposes
of planes should be
Unabsorbed surpluses should be
"in an orderly and used for ground and shop train¬
at reasonable ing, exhibition, experiments and
prices, utilizing normal trade memorials, or scrapped within six
channels."
months if there can be found no
The
subcommittee
also
con¬
permissible .uses for any aircraft
All
types
of
disposed
controlled
manner,
cluded that:
equipment.
and
payrolls with fewer workers.
outline of
blind-flying
of
Sale
be
will
that
basis
a
on
technical development.
equipment
encourage
plus to be utilized only for nonflight purposes, salvage and scrap¬
should
Prices
disposal.
established
ping,
between
in college-
use
type training programs.
with representatives
meetings
future
be
should
trainers
of
for
stored
series
The only important market for
The
employment drop for the metals tactical aircraft will be Govern¬
large acreages of land for war and machinery group as a whole ments of friendly foreign nations,
purposes which it will not need was 3% accompanied by a payroll
although there may be small spec¬
"The Government has
our
indicated that, un¬
small
number of aircraft is likely to be¬
come
surplus.
The number of
aircraft to be
declared surplud
Mr. Clayton
the
til
ialized commercial or private use
is won, only a
war
employment and for observation, photo-reconnais¬ after the war will depend largely
payroll increases of 5 and 5.5% sance, and a few other types of on the size of our permanent
respectively were recorded for the planes.
armed forces, he said.
Surplus War Property Admin¬ industrial property, set forth
food
Transport
aircraft - should be
industry.
The canning in¬
istration that all surplus owned these additional objectives:
The Reconstruction Finance
dustry increased its working force sold "as is," leaving purchasers to
real estate, except industrial real
"To sell as promptly as possible
Air¬ Corporation has started the job of
by one-third between May and convert and overhaul them.
estate, Maritime Commission at current values without undue
June and payrolls advanced ac¬ craft
manufacturers should
be selling about $60,168,000 worth of
property, and property controlled disruption of the market;
surplus army and navy aircraft,
cordingly. Sugar refineries, candy permitted to act as Government
"To sell outright, reserving the
by the National Housing Agency
including trainers, cargo carriers,
factories, breweries, and manu¬ sales agents "for a reasonable fee."
and Federal Works Agency had right
of Government recapture facturers of soft drinks and ice Prices should be uniform to do¬ transports, bombers and gliders,
been assigned to the Reconstruc¬ only if national defense requires;
according to a United Press dis¬
cream
reported
moderate
in¬ mestic and foreign purchasers.
tion Finance Corporation for dis¬
"To give former owners an op¬
creases
in employment and pay¬
Personal
aircraft ' for
which patch from Washington, D. C., on
posal.
portunity to repurchase their land rolls. A 10%
July 27, which added that there
wage rate increase there is an active demand should
at current market values;
are 5,129 planes available.
The Associated Press reported
was
granted by one ice cream be sold "as is" for cash as prompt"And to avoid sales to specula¬
on
July 23, that the Government
plant.
Meat packers had fewer
will follow a policy of selling its tors or persons planning to com¬
employees
and
lower payrolls,
surplus real estate in family-size bined small tracts into large ones while grain mills and bakeries
for speculative purposes.
parcels and to farm purchasers
had fewer employees with higher
War expenditures by the United States Government hit a new
payrolls.
monthly high in June of $7,957,000,000, an increase of $39,000,000
"In the apparel industry a small
or
0.5% over May expenditures, according to figures compiled by
gain in employment of 0.6% was
the it S. Treasury and announced on July 15 by the War Production
*'
accompanied by .an advance of
.
.
«nn
3.1% in payrolls.
Women's suit, Board, which also reported:
Average daily war expenditures in June amounted to $306,000,00(1,
coat and skirt factories accounted
New records for individual thrift by a large group of the Amer¬
an increase of 4.3% over the daily^
for a large part of these increases,
From
July
1,
1940, through
ican people are indicated in figures for the first six months of the
rate in May of $293,300,000. This
expanding their forces for the
June 30, 1944, expenditures by the
year just reported by the National Association of Mutual Savings
is the second time that the daily
coming season.
Men's tailoring
United
States
Government for
Banks.
"These record figures show that the American people will¬
rate has
the
July 20 issue, page 313, to an an¬
nouncement on July 11, by the
.
Corp.,
predicting
of " the disposal pro¬
Finance
tion
domination
shows that 455,171,24% of continental
States, are owned by the
Adding 365,528,912
United
weeks ago opposed assignment of
the sales job to the Reconstruc¬
Dumping Of Surplus Aircraft Barred !
had
subcommittee recently reported
A House
Thursday, August 3, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
522
"Fairly
general policies to be followed by
the RFC on real estate other than
large
High
te War Costs At New
Assets And
■Oeposifors Reach New Records
Mutual Savings Bank Deposits,
ingly and wholeheartedly are cooperating in the war
Sarhe time providing themselves with capital for the
effort, at the
future," said
Isaac W. Roberts. President of +be *
Association and President of The
Philadelphia Saving Fund Society.
"It is inspiring to see the national
mission
advancing
with■*.- such
strong support by
izens."
individual cit¬
of record
saving, deposits increased $721,€60,516 in the half year for all
mutual institutions, operating in
17
states,
the Association an¬
nounced on July 31.
"This in¬
crease
brought the total of de¬
posits, including special purpose
accounts, to $12,428,085,564," said
In
this
new
period
"The
continued
gain
in
assets
almost
$100,000,000
above
the
gain in deposits—this total gain
amounting to $816,122,108, placing
the combined assets account at
to
rate of dividends
indicate
being
securities dur¬
000 of Government
ing the Fifth War Loan. The asso¬
ciation had set as a goal the figure
such pur¬
and, accordingly, subscrip¬
$1,000,000,000
of
chases
146%
were
of
for
made to the extent of
the
by mutual savings
banks to the public. Sales during
and
Stamps
June alone reached
that
bank ac¬
counts
exceeded the
16,000,000
mark. Of this number, 13,101,2*35
time that mutual savings
represented 'regular accounts,' the
remainder being devoted to spe¬
cial
among
purposes,
Christmas
Clubs
were
which
the
most
it is
overtime.
$49,006,016, so
anticipated by the time
July figures are compiled the goal
may have been almost doubled."
ing
Jobs
payrolls at some
women's
dresses,
lingerie,
neckwear, hats and ac¬
out¬
standing development, in the labor
market in June, Industrial Com¬
missioner Edward Corsl announce
gained in the half year, rising by
$57,274,994, this account standing
at
$1,383,903,557.
The increase
on
to
his report
concluded
Corsi
Commissioner
by saying:
"Practically every branch of the
industry
except
woolen
textile
mills
One
firm
hat
to say:
higher
and finishing mills had
payrolls despite employ¬
Cancellations of war
ment losses.
rose
This
STATES
WAR
include checks,
and pay¬
able from war appropriations and
net outlays of the Reconstruction
Finance Corporation and its sub¬
sidiaries.
expenditures and the aver¬
War
age
first
daily rate between, the
June, 1944, in¬
given in the following
quarter of 1941 and
clusive, are
■
/
1941—-June,
1944
RATE
DAILY
AND
,
(In Millions of Dollars)
Number of
Monthly
Daily
Days
Rate
Expenditures Checks Were Cleared
1941—
quarter
.
25
'
897
monthly average;
34.5
48.2
26
1,253
1.797
.
25
310
169.1
V
85,135
total!
1943—12-month
312
272.9
71.9
•
:
1944—
fewer
workers
Paper mills had
on
-
slightly lower
'
25
'299.7
27
-
293.3
7,957
26
306.0
.
.
'
Newspaper publishers re¬
ported
a
In
slight
the
in employ¬
gain
leather
manufacturers
,
industry,
had
fewer
New
glove and handbag firms report¬
payrolls.
In
employment
the
chemical
manufacturers of rayon and
program
Redemption Plan
tion
For War Bonds Soon
larger payrolls while
ed decreases in both
group
294.4
'
7.918
employees but increased payrolls
and
312.3
27
7,416
7,493
payrolls while printing firms lost
little.
285 2
25
7,948
.
J
26
7,808
niture factories.
>
52,406
...
1942—12-month
'
$27.4
26
$684
quarter monthly average
2nd
figures
These
EXPENDITURES—MONTHLY
January,
.
^
contracts caused decreases in fur¬
by $26.71 to
glass, cement, tile and brick in¬
"Additional workers were hired
figure
reflected
dustry but these gains were wiped
for
the manufacture
of certain
every type of account, the aver¬
out by larger decreases in pottery,
age for 'regular accounts' having articles/ of food and clothing in
•accordance with seasonal demand. gypsum and abrasives."
the higher rating of $942.33.
'mutual states'
$771.80.
UNITED
1st.
amounted to $199,-
cleared by the Treasury
.
operations
following
labor
troubles in April and May. Cotton,
purposes
table:
resumed
other synthetic fibers hired addi¬
employ¬
workers but employment
ment dropped 1.3% between May tional
and June; payrolls declined 0.7%. fell off in all the other branches
signified
a
substantial surplus Many other industries also had of the industry such as drugs, cos¬
ratio exceeding 11 cents additional fewer employees in June, includ¬
metics, paints and fertilizers. In
textiles,
furniture,
paper,
protection for each dollar held ing
printing, chemicals, rubber and the stone, clay and glass group,
upon deposit.
said the Commissioner, employment
increased
in
the
"The average account in the 17 leather,
on
war
900,000,000.
20%.
plants
making J hat
reported losses in employ¬
ment.
July 18. Total factory
who went
passed
$300,000,000
Expenditures per day had
previously reached $312,300,000 in
February of this year.
The daily rate is based on the
26 days in June, the 27 days in
May and the 25 days'in February
upon which checks were cleared
by the Treasury.
For the fiscal yearfc1944, United
States war expenditures amounted
to
$89,900,000,000
compared to
$75,100,000,000 expended in fiscal
1943, or an increase of almost
mark.
and
bodies
workers but
popular, numbering 1,412,945, with
deposits of $56,991,137.
"Total surplus account likewise
continued
busy season."
a
shoe
employment and
of the war plants
in New York State were the
Furriers
cessories.
have
ment.
Drop 1.3%; Payrolls
Decline 0.7% In June
Drastic cuts in
clothing
blouses,
a
N. Y. State Factory
Shirt factories and chil¬
firms had fewer
workers with larger payrolls. De¬
creases
in employment and pay¬
rolls were reported by firms mak¬
dren's
knitting
quota.
goal of $50,000,000 was set
for the sales of War Savings Bonds
"A
depositors
were
increasing in number as well, the
gain in accounts during the first
six months being 390,524, bringing
the total to 16,102,735, the first
17
1.78%,
computed
upon an individual deposit basis.
"In this same period of record
savings, preliminary figures com¬
piled by the association indicate
that these institutions purchased
for their own account $1,462,246,-
states
$13,858,953,776.
"Meanwhile,
investment
difficulties, the figure for the
tions
the Association, which added:
reached
"The average
with some
firms also had increases
A
new
war
bond
redemption
plan will be put into-effect within
the next 60 days so that bond¬
holders may
receive cash immedi¬
ately instead of having to wait a
matter
of
days or weeks, - Henry
Morgenthau, Jr., Secretary of the
Treasury, revealed on July 27.
United Press advices from
Washy
ington, reporting this, also said:
"He told a press Conference that
under the new plan bonds will be
redeemed
at
anyr commercial
*
simply upon ^presentation
proof of identity; at their full
purchase price plus 'whatever in¬
terest may be due. -v.* •.
.
"It was understood from other
bank,
and
sources
that
officials
hoped
the
would cut the redempT
rate
for
war
bonds,
on
the
psychological
theory
that
re¬
demptions would be reduced by
making the process simpler and
quicker."
:
A'1'
•
C
It
was
explained by the Asso¬
ciated Press that
as
an
accommov
dation to special customers, many
banks
handle
already
redemp¬
tions, but there is a lag in pay¬
ment, since the banks send them
to
Federal
banks ! and
Reserve
the seller must wait for payment.
At
present
the
rate
of
re¬
demptions of savings bonds
is
about
$7,500,000 a day, it was
advices
stated
in
Street
Journal"
to
from
the
"Wall
its
Wash¬
ington bureau, which added that
Treasury
officials,
say
this
is
$1,000,000 to $1,500,000 less
the recent daily average.
than
A
Volume
Number 4304
160
THE COMMERCIAL & FINANCIAL CHRONICLE
May Building Permit Valuations 21% Over
April, Labor Department Reports D
^
Steel
'■). ,Building construction started in urban areas of the United States
during May was valued at $109,000,000, exceeding the April total by
21%, according to the report of Francis Perkins, Secretary of Labor,
"In
which stated that "this
the first month in 1944 to show
was
a
gain
the
corresponding period of the previous year"; she also said:
"Both Federal and non-Federal building construction increased
in May—31 and 16% respectively.
The value of new residential
construction started during this month rose by 18% over the previous
over
•
month, new non-residential by 28%, and additions, alterations, and
repairs by 15%.
The Secretary of Labor's report went on to say:
1
greater
-than in May a year ago, with a decline in Federal construction of 6%
which was more than offset by an increase of 10% in non-Federal
Both
non-residential
new
-alterations, and repairs increased by
period, whereas
residential building
new
building
and
additions,
than half during this
more
was
same
almost two-fifths less,
with sharp declines in both Federal and non-Federal work.
SUMMARY
•
OP
'
1
BUILDING
1943
MAY
-
CONSTRUCTION
APRIL
—^—Number of
AND
IN
MAY
ALL
URBAN
AREAS,
1944
>
1
Class of Construction—
All
building
-Vs iluation
1944
1944
+ 26.6
•
+
of dollars)
May
1944
1943
8.1
108,728
+ 21.0
—48.6
34,621
+17.5
1.6
46,986
+ 27.6
+50.4
+ 38.0
27,121
+ 15.2
+51.5
+
+ 11.6
8,189
New nonresidential
change from—
(In thousands April
1943
9,159v
15.5
—
+
4.1
—37.4
Additions, alterations,
and
14%
more
than the number started in April and 21% less
than in May, 1943.
"Data from building
bor
Statistics
optimistic
war
delivery situation
Age" states in its
issue of today (Aug. 3), further adding: "Although steel ingot output
rose slightly this week, this was more than offset by a heavy volume
of steel business which has been increasing in the past few weeks.
Practically no steel producer this<?> ■
'."'."A-'
'
„
week
able to show
was
a
decline
in total backlogs.
t
coming
more
State
collected by the Bureau of La¬
building officials in every State
are
local
projects, for which building permits
are
are
not
sent in directly by the agency awarding the
contract.
buildihg construction shown in this report cover the
entire urban area of the United States, which, by Census definition,
includes all incorporated places with a population of 2,500 or more
in 1940 and, by special rule, a small number of unincorporated civil
divisions. Valuation figures, the basis for statements concerning vol¬
ume,
are derived
from estimates of construction costs made by
prospective private builders when applying for permits to build and
"Figures
the
value
on
of
contracts
No land costs
are
awarded
by Federal
or
State
Governments.
Unless otherwise indicated, only building
included.
construction within the corporate limits of cities in urban areas is
'included in the tabulations.
/
.
.
which
Those
have
ap¬
recently have been more
than offset by new orders.
("r'
"The placement of orders for
and the production of shell steel
was still the center of attention in
the steel industry
programs
this week. Pro¬
involving rails
directly from notifications of construction
•contracts awarded as furnished by Federal agencies.
"All figures for the current month are preliminary.
Major up¬
ward revisions in Federally financed non-residential construction
compiled
be expected as a result of late notifications of contracts awarded.
building construction started in urban
areas of the United States thus far in 1944 was $453,610,000 or 16%
may
"The cumulative value of
less than the $542,304,000
for the first five months of 1943.
During
building construction declined over one-half,
increased by a third. The volume of new
residential building was 37% less than last year and new non-resi<Jential construction 15%.
Additions, alterations, and repairs in>Federal
while non-Federal building
creased
51%»
-Federal-
-Total-
1944
1943
(In thousands
542,304
—16.4
Percentage
of dollars!
change
453,610
construction
1943
(In thousands
Percentage
of dollars)
Class of construction-—
change
149,627
313,149
—52.2
New
residential
162.371
257,740
—37.0
24,831
126,825
—80.4
New
nonresidential
176,635
208,680
—15.4
119,219
177,629
—32.9
114,884
75,884
+51.0
5,577
8,695
—35.9
Additions, alterations
and
repairs
"Four-fifths of the dwelling units started in
of
1944
were
the first five months
privately financed as compared with over two-fifths
during the same period of 1943. While there was virtually no change
in the number of privately financed units, the 1944 valuation of
$136,930,000 was 5% greater than in 1943.
"One-family units have shown an increase of 10% in number
thus far in 1944, while 2-family and multifamily dwellings have de¬
creased 19 and 25% respectively.
;.s;
this year
"Tin
production
plate
hood of
inum
semi-finished
of
ma¬
far
"As
steel
as
deliveries
are
certain types of plates
concerned
is
little likeli¬
seems
Use of alum¬
increase.
an
for
cans
is
containers
urged by
aluminum producers on the ground
that
while
the.
is
cost
slightly
higher other factors are favorable
and price to the consumer would
be little
higher than for tin plate."
not obtainable until February,
are
signments
Structural
December.
steels
are
tions
sheets
cold rolled
and
promised
ary
next
being
far ahead as Febru¬
while hot rolled
as
year,
deliveries
sheet
are
being prom¬
are
A
"The Pacific and East North Central States ranked highest in
of all urban building construction started in May.
To¬
with
sent
was
to
to
*
receipt of additional
war
or¬
"Tinplate
demand this week
stronger than ever with most
booked well through to the
end
of the
latter's
the
troops and their attend¬
ants, to board passenger trains.
Col. J. Monroe
Johnson, Direc¬
ODT, in a letter to J. J.
Pelley, President of the Associa¬
Iron
and
Steel
announced
telegraphic reports which it
received indicated that the
that
had
July
on
31
"I
send
of
am
you
Railroads, said
enabling certifi¬
give the rail¬
roads full legal support in carry¬
ing;; out their plans and enable
them to act without fear of un^"
thinking opposition.
The joint plans set up by the
very
with
"Thank
the
East South Central, West South Central, Mountain,
whereas the three other regions showed declines
when compared for the same periods. ^
;
"Non-Federal construction begun during May was 16% more
from increases in 8 of the 9 regions, ranging
from 61%. in the Mountain States to 4% in the Pacific States.
Only
the West North Central States showed a decrease.
:
v "Five
geographic divisions contributed to the 4% increase in
valuations of all building construction started during May, 1944, as
than in April, resulting
compared to May, 1943. The volume of privately financed construc¬
tions started during May exceeded that of a year ago in the six
increase. Federally financed construc¬
but the South Atlantic and Pacific
regions, but showed only a decrease of 6% over May, 1943, because
of the large increases in these two regions.
,r
reply stated:
until
Under
to
message
he
sent while
was
iV.:
22 United
Coast.
Pacific
r
of
July
Washington
stated that the Federal Communi¬
cations Commission officials indi¬
Press
date
from
advices
on
that day that the trans¬
mission of the congratulatory
a
tel¬
President Roosevelt
Senator Truman probably was
from
egram
violation of the Government ban
on
such messages.
These
advices
added:
Fly
and
"These
missed
officials,
the
matter
however, dis¬
as
being 'the
by
written
Col. John¬
ser¬
give the railroads ad¬
notice
of
movements
possible.
Necessary contacts be¬
serving hospitals
and
the
greatest
extent
railroads
port
have been
areas
estab¬
lished, he said, and machinery for
trahsmitting information and se¬
curing action has been set up.
■
■
"In any
the
event," Mr. Pelley said,
railroads
will
it
to
see
that
sleeping car space
is available, regardless of any in¬
necessary
terference
with
other
which might result."
ODT Certificate of
and
traffic
Preference
Priority No. 3 and ICC Order
213, announced today and ef¬
fective
of 12:01
as
a.
June 27,
m.,
state in part that:
V "Every common carrier by rail¬
road and every sleeping car com¬
shall afford preference and
priority in transportation over all
pany
traffic
other
men
to
a
to
invalid
service
whether transported pursuant
medical certificate or not, and
their
attendants,
from
a
point
route to or
hospitalization
en
of
,
and, whenever and to the extent
and
ence
.
L.
of felicitations.
kets, on July 31 stated in part as
will
to
necessary
James
letter
a
to
No.
was
in
the
outlined
Mr. Pelley said the arrange¬
"the
President's
The
afford
such
prefer¬
priority, shall:
"(1)
Divert
equipment
transportation facilities and
and
sup¬
plies from use in freight or pas¬
senger service;
"(2) Cancel or discontinue pas¬
train service: and
Refuse permission to pas¬
sengers, other than invalid
ser¬
vicemen and their attendants, to
board passenger trains."
senger
"(3)
The
order
and
certificate
fur¬
of
the
Western ther state that whenever disabled
of responsibility
early termination of the European Union, and particularly of the in¬ servicemen are to be transported
dividuals who accepted the tele¬ pursuant to a medical certificate,
phase of the war munitions orders
optimistic
"Despite
continue
heavy,
hopes
fourth
quarter
requirements now in the hands of
the War Production Board show¬
considerable
increase
over
mission.'
"They
word
is
mentarily
on
and
being expected mo¬
distribution of about
35,000 freight cars, mainly for the
Army, for export. A substantial
number of locomotives is being
placed
the
by
armed
forces
for
"J.
"While
pressure
shipment,
booked
are
tives
are
not
so
heavy for
orders already
urgent that direc¬
as numerous
or
large
of no
New
the
L.
was
York
"Times"
of
stated:
"Cancel
and
to
Egan, Vice President of
Union Telegraph Com¬
said yesterday that his com¬
had transmitted President
message of congratu¬
lations to Senator Harry S. Tru¬
pany
man,
his
running
mate,
because
'presumably it constituted an ex¬
ception' to the general ban on
congratulatory messages.
Tf the President bad
modify, alter
Egan said."
or
reservations and
the
au¬
rescind it,' Mr.
space
tickets therefor;
and require passengers
cause
or
vacate, prior to departure of a
train
from point of origin or at
time of the day or night
thereafter, the soace and accom¬
modations occupied "by them."
any
Ticket
ductors
ductors
as
agents,
'and
are
what
car
con¬
con¬
appointed in the order
Commission
tickets
cancelled,
are
passenger
sleeping
agents of the Interstate Com¬
merce
thority to authorize the issuance
of the ban he has the authority
to
carrier shall also, if neces¬
assignments,
Roosevelt's
"
is
know
they
pany,
shipment abroad.
nearby
said
July 25 it
Western
every
sary:
penalties for violations."
In
"Principal emphasis, as for some
time past, is on merchant and
naval
ships
and
heavy
shells.
Needs are expanding for combat
tanks, landing mats and trucks
authorized their trans¬
grams and
third quarter.
South Atlantic,
very
you
soon."
Chicago
Pelley
and
of
planned,
know
me
see
operating rate for the week begin¬
ning July 31
is equivalent to Commissioner E. K. Jett, members
1,735,800 tons of steei ingots and'of the Board of War Communicacastings,
compared to
1,717,800 tions, which issued the ban late
tons one week ago, 1,689,200 tons in
1942, did not comment, but
other officials said the order ap¬
one month ago, and 1,702,200 tons
peared to make no exceptions to
one
year ago.
"Steel" of Cleveland, in its sum¬ any message conveying sentiments
gether they accounted for more than half of the total valuation. In¬
creases over the preceding month occurred in the Middle Atlantic,
and Pacific States,
Let
Aug. 1, our primary day. I am at
your command and want to see
you
services
vance
con¬
in Missouri
be
medical
ment provides that the armed
for
Mr. President.
I
be your running
to
will
the
were
vices
in which the
.
you,
happy
am
and
-
branches
son.*"
victory.
I
happy to have
me.
the
earlier in the week to
heartiest
I shall
1
mate. I
to
follows:
of
armed
your
Mr. Truman in his
capacity for the week beginning
July 31, compared with 95.9% one
week ago, 94.3% one month ago
and
97.7% one year ago. •
The
as
American
cate and order "will
transportation
nomination
my
on
plans.
cated
of the iron and steel mar¬
of
issuance
tween
you
course
run
your
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 96.9% of
mary
of
tion
said:
gratulations
on
year."
American
The
Institute
passenger
service, and to refuse per¬
mission to passengers, other than
congratulatory
by President
S. Truman,
the Vice Presidency,
was
mills
discontinue
or
train
Harry
soon."
ing
telegraphic
message
Roosevelt
ing craft and other war materials.
Delivery promises among various
producers are not necessarily uni¬
but this situation is often
balanced by weekly changes due
>
action requires
railroads, when necessary, to
transportation facilities or
cancel
Congratulations
year.
is
ture
provide
to
necessary
divert
Mr.
February of
The alloy steel pic¬
apparently staging a tem¬
porary comeback in view of the
tank program as well as replace¬
ment parts needed for guns, land¬
next
space as¬
for casualties.
addition the
In
FDR Wires Truman
President
ised for January and
reservations,
\
or
when
space
railroads
Strip steels, carbon bars,
program.
V
can¬
tickets and permits
the railroad to require passengers
to vacate space and accommoda¬
tor
pushed back on order books
to expedite the production
of shell steel which is taking vast
.valuation
regions and resulted in a 10%
tion dropped sharply in all
Transportation and the
Today's action provides for
production of general line
so
quantities
under
an¬
invalid
released there
terial.
was
order
The announcement added:
present limitations
is at about
60% of capacity for dipped plate
and 40% for electrolytic and until
and structural steels have already
as
output
31,481,620 tons, compared with
30,343,443 tons in the comparable
period last year.
"Chairman
first 5 Months-
First 5 Months1944
All
months
plans
casualties,
and
Interstate Commerce Commission.
the
ders.
period
of Defense
six
totaled
military
June 23 by the Office
on
cellation of
ings and dwelling units and valuation of private urban building con¬
struction. The same data for Federally financed urban building con¬
this
nounced
per¬
their
in
certification
a
shortage of labor.
;
•
.
+. •;
"Pig iron production in June
5,056,627 net tons, com¬
pared with 5,342,866 tons in May,
which was a near-record month,
but well above the 4,836,283 tons
made in June, 1943. For the first
form,
are
doing
record volume of business, lim¬
handling
in
marine
provided to assist the
railroads
Sample orders are not ma¬
terializing, and inquiries traceable
to probable post-war activity have
not
appeared.
Coincident with
this is the extreme low point in
heretofore, has affected the
industry to a minimum so
steel
far.
1944, from
cities containing between 80 and 85% of the urban population of the
country and provide the basis for estimating total number of build¬
"Reports of building permits were received in May,
struction
a
warehouse
in
distributors
some
nation's
for
merchant
are
ited only by tonnage in stock and
although this situation might not
continue owing to the shell steel
and
reflected
pres¬
and
sonnel
time
lina, and Pennsylvania, where State' departments of labor collect and
.forward the data to the Bureau.
iNotifications of contracts awarded
Federal
is
activity,
This
Transportation preference and
priorities for disabled military,
naval
discussion than it has been at any
except Illinois, Massachusetts, New Jersey, New York, North Caro¬
.ordinarily required,
might be expected.
as
sure
planning, while be¬
of a general topic of
"Post-war
being promised by some makers
for December delivery and later
.for
fronts the
various
Transport
Preference On Trains
1945, while others may be had in
permits
from
directly
By New Orders
from
news
been
units for which permits
were
issued or Federal contracts awarded during May was 16%
above the April figure, but less than half of that for May, 1943.
Thirteen percent of the May, 1944 total, or 1,402 units, was in Fed¬
eral war housing projects.
A year ago Federally financed units ac¬
counted for 40% of the total.
The 9,743 privately financed dwelling
were
of
midst
steel industry this week found itself in a tighter
than at any time since the war began," the "Iron
duction
+ 31.9
50,295
repairs
Miss Perkins' report continued:
"The .total of 11,145 family dwelling
units
the
peared
Percentage
May 1944
May
-
67,643
construction--
residential
New
from-
April
May
Order Cancellations Offset
lations.
-i—
buildings
Percentage change
Wounded Got
Output IncreasetL-War Needs Rise-
the number of steel order cancel¬
"The volume of work started during this month was 4%
construction.
523
to
be
or
and
which
refused
board trains.
to
space
designate
are
to
be
passengers"*
permission
to
evenly balanced with 9
it has risen 1%, stated
*1
%
Total Index
the U. S.
Livestock
17.3
Fuels
10.8
Miscellaneous
The following
ment's report:
•
notation was also
7.1
Metals
Building materials
.3
.3
1926-1928
Indexes on
Electric Output
PRICES FOR
7-24
6-24
1943
1944
"103.9 *103.9 *103.9 *103.7
1944"
All commodities
1944
1944
124.2
105.6
124.1
products
124.1
farm
than
farm products
+ 0.4
+ 1.0
118.4
0
—0.8
96.9
+ 0.1
+ 0.1
81.8
+
0.1
+ 0.1
110.6
+ 0.1
+
1.4
0.3
•3.5
2.7
3.3
0.0
JULY
9.7
9.2
IN SUBGROUP
'■
and
Woolen
vegetables
worsted
goods
15.0
3.9
4.4
4.6
Other
products.
...
Brick
4,408,703
3,916,794
t
a
:+o
5
declined;
in
the preceding
i-
I
price
>
-t.
V
U-Jl
series
1,709,331
3.273,190
1,454,505
+ 12.1
3,304,602
1,429,032
52.000
52.000
52.000 >'52.000
52.000
52.000
52.000
52.000
52.000
July 26—
52.000
52.000
52.000
1,688,434
52.000
•
52.000
continued
Cinese, or 99% tin,
at 51.125c. per pound.
.
/
•
1,436,928
1,698,942
3,356,921
1,435,731
1,704,426
Prices at which quicksilver sold
4,245,678
during the last week ranged from
$102 to $106 per flask, New York,
depending on the quantity: in¬
3,992,250
+
6.3
3,379,985
1,425,151
1,705,460
4,291,750
3,990,040
+7.6
3,322,651
1,381,452
1,615,085
4,144,490
——.
3
June
3,925,893
+
5.6
3,372,374
1,435,471
1,689,925
1,441,532
1,699,227
June 10
4,040,376
4,264,600
5.5
+
3,463,528
June 17
4,287,251
4,098,401
+
4.6
3,433,711
1,440,541
1,702,501
volved.
4,325,417
4,120,038
'+
5.0
3,457,024
1,456,961
1,723,428
+
5.3
3,424,188
1,341,730
1,592,075
higher market referred to in the
previous issue was fairly well
+
0.5
3,428,916
1,415,704
1,711,625
+
4.6
1,433,903
1,727,225
1,440,386
1,732,031
1,426,986
1,724,728
4,327,359
4,110,793
3,919,398
4,184,143
1.4
July 22
4,380,930
4,196,357
+
4.4
3,565,367
3,625,645
+
0.5
July 29
4,390,762
4,226,705
+
3.9
3,649,146
+
2.6
—
+
+
;
0
+
J.2
0
+ 0.1
+
—
—
—
Markets," in its issue of July 27
requirements of consumers of major
non-ferrous metals have been taken care of and industry estimates
"Most of next month's
Copper producers be¬
around
140,000 tons, or close to the monthly average for the year to date.
During the last week, con$umers<^>point to another month of large deliveries.
1.6
0.3
0.1
0.1
0.1
August shipments to fabricating plants will total
that
a
substantial ton¬
foreign lead for August
delivery,
supplement supplies
to
round
to
next month's
out
needs, points to another active pe¬
riod in consumption of lead. Con¬
sources. sumers may absorb in excess of
Quicksil¬ 65,000 tons of lead in August, the
ver
sold
in good volume in a industry believes.
Sales by do¬
steady market. The supply situa¬ mestic producers for the last week
tion in iridium is somewhat dropped to 2,576 tons, a normal
easier."
The publication further development for this period of the
from
Zinc
fairly active.
was
month.
in part:
tistics for June disclosed that pro¬
Washington,
tended
its
Commercial
States
United
The
Co.,
C., has ex¬
D.
contract
with Granby
operating in Can¬
the purchase of copper
declined
duction
sharply,
and
to
consumers
rely to
in
than
The
concentrate.
volves
about
centrate for
There
transaction
15,000 tons of
in¬
Consumers
imported metal to take care of
total domestic requirements. The
May and June statistics of the do¬
mestic
industry, according to the
American Bureau of Metal Statis¬
tics, in tons, follow:
ing the last two weeks, following
receipt of news to the effect that
production has been sharply cur¬
tailed
and
most
of the ; unsold
metal is
now
index advanced and
plus
Domestic
ore
—
Foreign and secondary
7
more
of
consumers
in strong hands.
its
sessions
at
+ ■>
■
f
•
v
Bretton
Woods, N. H., last week, but took
action
no
on
silver.
A resolution
approved
to
give
further
study to the proposal that the
was
metal be used in the stabilization
fund.
The
and
London market was quiet
unchanged at 23V2d. The New
Official
York
for
foreign
silver
continued at 443/4C.
U. S. British Pacts With
The State Department at Wash¬
ington
on
July 27 announced that
the United
Kingdom
States and the United
have
made
identical
agreements with the Luxembourg
Government for civil administra¬
tion
of
when
same
Luxembourg
it
is
3,240
5,342
45,903
Stock
at
end——
—
39,755
43.485
37,586
33,847
liberated
gium,
territory
and
the
on
ing
were
of
shipment dur¬
last week, but supplies
ample to cover the demands
the
similar agreements
the Netherlands andLNor--
f
way. ;.
:
is learned
advices
from Washing¬
July 27 to the New
"Times"
York
which
"The
have
de
ii
•
re¬
v
Allied
commander
will
factor
authority during
the military phase, but after that
Luxembourg Government will
into full constitutional
trol with respect to
for
con¬
responsibility
"**
civil administration.
"The
Soviet
Government
was
said to have expressed agreement
with the arrangement."
consumers.
also
ported:
come
good tonnage
as
previously entered into with Bel¬
the
Zinc
a
model
■
•
+
monetary conference con¬
June
34.413
48,142
Shipments
of zinc for August
for
than 30,000 tons Of foreign
JI
demands
The
cluded
ton
May
42,663
Production:
Producers sold
far for August,
pur¬
chased the metal in quantity dur¬
This
•
con¬
Lead
the
on
15, 1944.
so
have
greater extent
January-May period
delivery prior to Nov.
Sales booked
would
an even
the
Consolidated,
ada, for
con¬
firming earlier reports that output
would drop over the summer pe¬
riod
that
Luxembourg Government
+
■.
United States lead refinery sta¬
Copper
only small changes.
week there were 5 advances and
metal
domestic
available
0.2
and poultry.
maintained.
indicates
Silver.
"E. & M. J. Metal and Mineral
asked WPB for
—
Metals—August Copper Shipments
This
To Fabricators Estimated At 140,000 Tons
13
0
Non-Ferrous
1.2
0
+
Quicksilver
June 24
4,377,152
0.1
ft"!
52.000
.
1,699,822
3.940.854
+ 0.1
•;■++,)
52.000
3,365,208
lieve
•A
Sept.
52.000
•
6.8
INDEXES FROM
in the
August
52.000
8.5
grades of wheat, oats and rye caused
8
nom¬
+
change in the textiles group index number.
week
for Grade
was
+
small upward trend in cotton prices but not sufficient to reflect
the
1,696,543
1,469,810
1
+ 0.1
higher prices were registered for bread, oranges and eggs.
During
Forward metal
3,969,161
small
^declines in the grains group.
Certain grades of wheat increased
slightly. The livestock group continued its upward trend as higher
prices for hogs and lambs were more than sufficient to offset lower
quotations on cattle. The foods group reached a new all-time high
was a
at
3,903,723
,
as
output
1,633,291
1,480,738
3,307,700
.
Though output at some fabri¬
cating plants has suffered because
The weekly wholesale commodity price index, compiled by The of the manpower shortage, activ¬
National Fertilizer Association, and made public July 31, continued ity, taking the industry as a whole,
Deliveries of cop¬
to advance fractionally to 138.4 in the week ending July 29 from remains high.
consumers
averaged
138.2 in the preceding week.
A month ago this index registered per to
137.7 and a year ago 134.6, based on the 1935-1939 average as 100. slightly more than 140,000 tons a
month over the first half of the
The index is now 2.8% above the corresponding period of last year.
year, and this rate continued dur¬
The Association's report went on to say:
.
ing July and promises to be main¬
The all-commodity index continued to advance slightly because
tained in August, trade author¬
of higher quotations in the farm products and foods groups.
Grain ities hold.
some
reduced
The price here continued on the
4,238,375
Price
Continues To Advance Fractionally
prices for
which
of the smaller properties.
some
4,233,756
stated:
prices moved within a narrow range, registering
14,475 tons,
with 15,424 tons
in
the
January-May period of
1943.
The decline in exports is
attributed
to
higher production
compares
6
National Fertilizer Association Commodity
Lower
months of 1944 totaled
which
3,925,175
went on to say
Index
during May amounted to
3,127 metric tons (tin content),
against 2,656 tons in April.
The
exports
during
the
first
five
3,866,721
nage, of
Livestock
1,465,076
3,320,858
8
92.7
X.+.
*
4,336,247
Decreases
1.1
3,348,608
July 15
+
coal
'
+13.3
+12,3
0
metals...
Grains
1929
+ +10.0
j
i[
July
+ 0.5
tile..:
'
-
Exports of tin concentrates from
4,344,188
0 4
Bituminous
re¬
troy
July 25
+ 10.7
3,882,467
4.307,498
;
3.889,858
4.361,094
1.3
Nonferrous
was
per
easier supply
an
Tin
July 21_______
0.5
1932
1942
' over 1943
1943
1944
0.9
1.5
0.3
reflecting
July
(Thousands of Kilowatt-Hours)
% Change
o.r,
5.1
0.3
price of iridium
recently to $120
July 22„
—
99.8
foods
The
July 20
1943.
1
1944
and
In
—
+
___
farm
similar week
1.0
0
—
Lumber
Other
2.1
0.4
.
porcelain dental restorations.
duced
♦8.0
17.6
Increases
—_
of
employment
May
0
97.1
the
permitting
binary platinum-iridium alloy in
April 22
April 29
92.1
*98.7
regulations still limit consump¬
tion to permitted uses.
An addi¬
tional use is listed in the order,
inally as follows:
4.8
*98.7
an
The
Order M-49.
to
5.2
•4.6
18.5
April 8
April 15
+
*98.6
'.
1944 TO JULY 22,
2.0
....
*3.2
April
+
*99.5
;
July 24_—
+
*99.5
15,
4.5
.
9.0
DATA FO* RECENT WEEKS
0
*99.5
PERCENTAGE CHANGES
1.2
16.9
•Decrease under
—0.1
98.3
'
,
Yi
*5.3
11
and
Central
Total United States
0
—0.1
in;
allocation
direct
amendment
A tin.
•1.7
Pacific Coast
0
113.3
from
basis of 52c. per pound
*5.4
.
Rocky Mountain—.
100.1
*99.5
and foods
♦12.0
*2.5
2.7
....
July 8
.*0.7
*3.7
West
104.4
>
—
+
0
0
than
other
•Preliminary.
Fruits
July 29
July
0.9
—0.1
*98.7
products
commodities
All
+ 0.2
107.0
103.8
''■ '"7:"
. ■
Central Industrial
Week Ended—
124.8
123.0
104.9
-
May 13
May 20
May 27
——
other
commodities
All
0
Iridium
Iridium has been freed by WPB
costs,
PREVIOUS YEAR
Week Ended
July 15
July 22
'v'■
i
Major Geographical DivisionsEngland.—..
—
July 22,1944 from—
7-15
6-24
7-24
1944
1944
1943
102.9
106.0
106.0
Hides and leather products.
116.8 v 116.8 116.8
117.7
Textile products
—' 97.4
97.3
97.3
97.3
Fuel and lighting materials
83.9
83.8
83.8
83.8
Metals and metal products..
*103.8 *103.8 *103.8 *103.8
Building materials
—
115.9
115.8 115.8 115.9
Chemicals and allied products.— 105.2
105.2 105.4
105.3
Housefurnishing goods
...
106.0 +106.0
106.0 106.0
Miscellaneous commodities
93,3,+ 93.3 ,'93.3
93.3
Raw materials
113.8 ,113.9
113.8
113.2
Semimanufactured articles
93.8
93.7
93.7
93.7
Manufactured products
—.
101.1 • 101.0
101.1
101.1
Fobds
-
July 22, 1944, was 4.4% in excess of the
New
Percentage change to
7-8
7-15
7-22
Commodity Groups—
Farm
of electricity by the electric light and
PERCENTAGE INCREASE OVER
■
1944
WEEK ENDED JULY 22,
•-V:. V?
v.v
Institute, in its current weekly report, esti¬
the production
that
output for the week ended
similar period of 1943.
for the principal
(1926=100)
;v
an
offset cost factors.
Bolivia
industry of the United States for the week ended July 29, 1944,
was
approximately 4,390,762,000 kwh., compared with 4,226,705,000
kwh. in the corresponding week a year ago, an increase of 3.9%. The
24, 1944
j.»
134.6
107.7, and July
power
of commodities for the past three weeks, for June
and July 24, 1943, and the percentage changes from a week ago, a
month ago, and a year ago, and (2) percentage changes in subgroup
indexes from July 15 to 22, 1944.
WHOLESALE
104.1
.
For Week Ended July 29,1944
The Edison Electric
mated
.
(1) index number
126.S'
117.7
119.8
137.7
107.8; July 22,
1944,
July 29,
base were:
Southern States.———
following tables show
122.8
130.1
150.9
104.4
152.6
Shows 3.9% Gain Over Same Week Last Year
rapid changes caused by
groups
130.1
132.2
153.1
104.4
,153.4
127.7
117.7
119.7
104.5
hardware,
improvement in the
supply of the metal, v
Smelters
handling
Tri-State
concentrates are being paid a pre¬
mium for treating this material to
owing to
situation.
.
y
of zinc will be
for
153.1
104.9.
31, 1943,
included in the Labor Depart¬
reports.
147.8
138.2
145.1
officials that
WPB
by
available
made
198.1
144.0
149.3
130.1
132.2
152.6 :
104.4
154.0
126.9 ,
118.3
119.7
104.5
the Hardware.In¬
Members of
informed
ounce,
*
Middle Atlantic
•
,
combined—138.4
All groups
100.0
price con¬
trols, materials allocation, and rationing, the Bureau of Labor Statis¬
tics will attempt promptly to report changing prices. Indexes marked
(*) however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete
.The
a
-
207.1
162.0
145.1
Chemicals and drugs
126.9
Fertilizer materials
———
.-r
118.3
Fertilizers
—
119.7
Farm machinery
,——104.5
.3
*
Note—During the period of
'«,
;
' 159.0
202.8
158.9
154.6
6.1
together with higher
for build¬
^
commodities
Textiles
145.1
163.1
158.6
160.7
1.3
and rosin, brought average prices
.
-
8.2
Year
Ago
July 31,
1943
137.7
July 1,
1944
140.0
; 163.1
203.1
157.9
155.6
130.1
132.2
152.6
104.4
154.0
Grains
5%; but the increase, was not sufficient to affect
for the metals and metal products group. Slightly higher
building brick in some areas,
145.1
163.1
161.2
Cotton.
silver prices rose
0.1%."
,
Farm Products
23.0
commodities — Industrial commodity markets re¬
mained relatively steady. Minor increases during the week in prices
for worsted yarn and for bituminous coal brought the indexes for
textile products and fuel and lighting materials up 0.1%.
Quick¬
prices for spruce lumber
-
Cottonseed Oil
'
"Industrial
ing materials up
-
Fats and Oils
ing week of last year.
prices for common
■
.
July 29, July 22,
1944
1944
141.5
140.8
Foods
25.3
which added:
"Farm products and foods—Led by declines of more than 1%
for grains and 2% for cotton, average prices for farm products in
primary markets dropped 0.1% during the week. Quotations for rye
were down nearly 5%
and wheat and oats about 1.5%.
Livestock
and poultry declined 0.2% with lower prices reported for hogs, sheep,
and live poultrv in the Chicago market. Prices were higher for cattle
and for live poultry at New York. The movement in prices for fruits
and vegetables was mixed.
White potatoes at Boston and oranges
were substantially higher,
while white potatoes at New York and
apples and potatoes at Chicago declined.
In the past four weeks
average prices for farm products have risen 0.9%; they are, how¬
ever, 0.6% lower than at this time last year. <
*
"Influenced largely by an increase of 2% for fruits and vege¬
tables and slightly higher prices for eggs, market prices for foods
advanced 0.4%. Quotations were lower for rye flour and cured pork.
At 106.0% of the 1926 level, the foods group index is 1.0% higher
than at this time last month but 0.9% lower than for the correspond¬
the index
Latest Preceding Month
Week
Week
Ago
•
*
Group
Sach Group
Bears to the
Department of Labor,
•
'
1935-1939=100*
primary market level fluctuated within
a very narrow range during the week ended July 22," said the U. S.
Department of Labor on July 27, which also said that
seasonally
higher prices for certain fruits and vegetables were offset by weak¬
ening prices for grains, cotton, hogs and sheep. The Bureau of Labor
Statistics' index remained unchanged at 103.9% of the 1926 average.
The all-commodity index is 0.2% higher than for the corresponding
in the past year
Compiled by The National
"
.
dustry Advisory Committee were
additional supplies
INDEX
Fertilizer Association
WHOLESALE COMMODITY PRICE
--WEEKLY
-
Commodity prices at the
week of June and
second preceding week .price changes were
advances and 9 declines.-' ' > '
* ;
- '•+
the
in
and
declines,
Unchanged For
Week Ended July 22, Labor Department Reports
Wholesale Prices Practically
Thursday, August 3, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
524
!.•»-
i-t>
Volume 160
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4304
525
and
drainage, $1,086,000; streets and roads, $3,766,000; and unclassified
construction; $7,157,000;
■ ■■ - - - ; -* : \
Weekly Goal And Coke Production Statistics
j
7
The Solid Fuels Administration for War, U. S. Department of
the Interior, in
tons,
a
In the
tons.
its latest report, states that the total production of soft
11,985,000 net
week ended July 22, 1944 is estimated at
in the
coal
decrease of 275,000 tons, or 2.2%, from the preceding week.
corresponding week of last year, output amounted to 12,090,000
Cumulative production df soft coal from Jan. 1 to July 22
353,030,000 net tons, as against 324,165,000 tons in the same
totaled
period in 1943, or a gain of 8.9%.
'
According to the U. S. Bureau of Mines, output of Pennsylvania
anthracite for the week ended July 22, 1944 was estimated at 1,222,.
tons, a decrease of 44,000 tons (3.5%) from the preceding week.
compared with the production in the corresponding week of
000
When
1943, there was a decrease of 111,000 tons, or 8.3%. The calendar year
to date shows an increase of 9.1% when compared with the cor¬
the week totals $788,440,000, and is made up of $416,000 in state and municipal bond sales,
$30,000 in RFC loans for private industrial expansion, and $787,994,000 in federal appropriations for War and Navy Department con¬
215
the
Moody's Bond Prices And Bond Yield Averages
ATA from
with the out¬
15; and was 10,300 tons less than for
week of 1943.
put for the week ended July
the corresponding
■■■'
•
•..
....
•
.
-
a-
i
•.
*v,
,
t
••
.
January
Week Ended
'
and lignite—
/
July 15,
1944
average
1944
1263
July 24,
1943
1937
36,708,000
33,638,000
32,292,000
30,614,000
29,083,000
1,333,000
1.266,000
1,222,000
35,241,000
1,280,000
1,215,000
1,173,000
i •Includes wasliery and dredge coal and coal shipped by truck from
tExcludes colliery fuel.
^Subject to revision.
§Revised.
4,341,000
160,200
143,500
149,900
'
July
l5;r77,; 7! Jul; 8,
15,
'67,000
26,000
100,000
1,000
1,045,000
1,447,000
449,000
533,000
236,000
42,000
28,000
*
'
'■
40,000
36.000
,144.000
jlowa
—
7 -7, '
112.19
103.13
106.56
114.27
112.19
103.13
106.56
114.27
117.20
117.00
112.19
103.13
106.56
114.27
117.20
112.56
118.80
117.00
112.37
103.13
106.56
114.27
117.40
112.19
*
NX ci r y 1 a n d—..—
Michigan
■
117.00
102.96
106.39
114.08
117.40
freight.
117.00
112.19
102.96
106.39
114.08
117.40
gory
118.60
117.00
112.37
102.96
106.39
114.08
117.40
11234
120.19
11-2.56
118.60
117.20
112.19
102.96
106.39
114.08
117.40
and 1.4%
120.23
112.56
118.60
117.20
112.19
103.13
106.39
114.08
117.40
120.27
112.37
118.80
117.00
112.00
102.96
106.39
114.08
117.40
120.30
112.37
118.60
117.00
112.00
103.13
106.39
114.08
120.33
*112.56
118.80
117.00
112.19
102.96
106.39
114.08
117.40
120.34
112.37
118.60
117.00
112.19
102.96
106.39
114.08
;*• 117.40
120.33
112.37
118.60
117.00
112.19
102.96
106.21
114.08
117.40
May but
80,000
975,000
701,000
fan.
289,000
114,000
High
1,000
5,000
42,000
-;
7
2,000
68.000
74,000
Montana (bitum. & lignite)
39,000
7
77
23,000
77
Low
LOW
39,000
42,000
31,000
687,000
& South Dakota
532,000
612,000
406,000
2,980,000
2,140,000
2,758.000
2,006.000
147,000
85,000
142,000
98,000
(lignite)
Pennsylvania (bituminous)
•
Tennessee—
'
Texas (bituminous &
<
lignite)—
.
*
2,000
2,000
-
13,000
ly,uui<
3,000
128,000
Virginia
t,Washington
tWest Virginia—Southern
tWest Virginia—Northern
Wyoming..-
90,000
112,000
249,000
411,000
29,000
32,000
28,000
2,192,000
1,398,000
1,157,000
7
821,000
77
167,000
Aug.
12,260,000
1,564,000
7C
114.08
117.40
106.21
114.08
117.40
102.96
106.21
113.89
117.40
1,266,000
882,000
60,000
7,250,000
HOLIDAY
112.37
118.60
117.00
112.19
102.96
106.21
113.89
117.40
112.37
118.60
116.80
112.19
102.96
106.04
113.89
117.40
120.15
112.37
118.60
116.80
112.00
102.80
106.04
113.89
117.40
120.13
flncludes operations on the N. & W.; C. & O.;
112.00
102.63
106.04
113.89
117.20
116.61
112.00
102.63
105.86
113.70
117.23
119.88
112.19
118.60
116.61
111.81
102.46
105.69
113.89
112.19
118.60
116.80
111.81
102.46
105.86
113.89
117.00
112.19
118.40
116.80
111.81
102.30
105.86
113.89
117.00
H9-59
H2.00
118.60
116.80
111.81
102.13
105.86
113.89
116.80
119.48
112.00
118.60
116.80
111.81
101.64
105.52
113.89
116.80
119.48
111.81
118.40
116.61
111.62
101.47
105.52
113.70
116.41
119.35
111.81
116.61
105.34
113.70
116.41
116.41
111.62
101.31
105.17
113.70
116.41
111.62
118.20-116.61
111.44
101.14
105.17
113.70
116.41
119.81
111.44
118.20
116.61
111.44
100.98
104.83
113.89
116.22
119.68
111.44
118.20
116.41
111.25
100.81
104.66
113.70
116.22
120.21
111.25
118.20
116.41
111.07
100.32
104.31
113.50
119.47
111.07
118.20
116.22
111.07
100.16
104.14
113.31
116.41
120.44
112.56
118.80
117.20
112.37
103.30
106.74
114.27
117.40
119.34
110.70
118.20
116.22
110.88
99.04
103.30
113.12
116.02
1944:
120.87
111.44
119.41
117.00
111.81
99.36
103.47
114.27
117.40
116.85
107.44
116.80
113.89
108.88
92.35
97.16
111.81
119.41
117.00
103.30
114.08
117.20
v
120.18
1943-
*v.;,v•*
*•
•-7—v-.■■t ■.
106.92
99.04
.i
.
113.31
116.61
111.62
108.16
on
Avge;'"-
% Kv
Corpo¬
ported for the period in 1943. Private construction, $239,774,000, is
6% below last year, and public construction, $810,617,000, is down
rate*,.
Aaa
A
Aa
In
in
the
—
3,034,000
31,913,000
July 27, '44
$41,066,000
3.55
3.35
2.95
2.70
The
2.81
3.05
3.55
3.36
2.95
2.79
number
2.72
2.81
3.05
3.56
3.36
2.95
2.80
which
2.72
2.81
3.05
3.56
3.36
2.94
2.80
2.73
2.81
3.05
3.56
3.37
2.95
2.80
3.03
3.C3
2.72
1.79
3.04
1.79
3.04
1.79
3.04
2.71
2.80
of
to
invited
a
organizations
in
active
are
planning
has
other
the
field
of
send
representatives
Conference.
Acceptances,
1.79
3.04
2.72
2.81
3.05
3.56
3.37
2.94
2.80
to
the
1.79
3.03
2.72
2.80
3.04
3.56
3.36
2.94
2.80
it
is
1.80
3.03
2.72
2.80
3.05
3.56
3.36
2.94
2.79
ceived from the National
1.79
3.03
2.72
2.80
3.05
3.56
3.36
2.94
2.79
announced,
have
been
re¬
Planning
Association, Committee for Eco¬
nomic Development, United States
Chamber of Commerce, National
3.36
2.94
2.79
3.56
3.36
2.94
2.78
-jnA8——--
3.57
3.37
2.95
2.78
1.78
3.03
2.71
2.80
3.05
3.57
3.37
2.95
2.78
1.79
3.03
2.72
2.80
3.04
3.57
3.37
2.95
2.78
1.78
3.03
2.72
2.79
3.05
3.57
3.37
2.95
2.78
1.78
3.03
2.72
2.79
3.05
3.56
3.37
2.95
2.78
of
1.78
3.04
2.71
2.80
3.06
3.57
3.37
2.95
2.78
five
1.77
organizations will send
delegates to the Conference
and
these
H
."15
■
14
•'
Association of Manufacturers and
American Retail Federation.
3.04
2.72
2.80
3.06
3.56
3.37
2.95
2.79
1.77
3.03
2.71
2.80
3.05
3.57
3.37
2.95
2.78
1.77
3.04
2.72
2.80
3.05
3.57
3.37
2.95
2.78
the NRDGA's Post-War
8
1.77
3.04
2.72
2.80
3.05
3.57
3.38
2.95
2.78
7—
1.78
3.03
2.72
2.80
3.04
3.57
3.38
2.95
2.78
3.04
2.72
2.80
3.05
3.57
3.38
2.95
2.7^
tee will make up a group
50 men.
1.78
1.79
3.04
2.72
2.81
3.05
3.57
3.38
2.96
2.78
2.96
2.78
5
—
III—I
4
HOLIDAY
3
1.79
3.04
2.72
2.80
3.05
1.79
3.04
2.72
2.81
',3.05
3.57
1.79
3.04
2.72
2.81
3.06
3.58
1.79
16__
3.38
3.57
1
Each
these
10
12
with
the
members
of
Commit¬
of about
^
v.
The first two days of the Con¬
ference will be devoted to joint
3.05
2.73
2.81
"3.06
3.59
3.39
2.96
2.79
discussions pf such practical sub¬
jects as the outlook for produc¬
tion, employment and distribution,
1.80
3.05
2.73
2.82
3.06
3.59
3.40
2.97
2.79
in
9
1.82
3.05
2.72
2.82
3.07
3.60
3.41
2.96
2.79
1.81
3.05
2.72
2.81
3.07
3.60
3.40
2.96
2.80
1.84
are
public buildings, $11,985,000; earthwork
2.78
2.96
2.80
3.05
2.73
2.81
3.61
3.40
3.06
2.72
2.81
3.07
3.62
3.40
2.96
2.81
which may be necessary to insure
2.72
2.81
3.07
3.65
3.42
2.96
2.81
business
3.07
2.73
2.82
3.08
3.66
3.42
2.97
2.83
3.07
2.73
2.82
3.08
3.66
3.43
2.97
2.83
3.07
-
1.83
3.08
2.73
2.83
3.08
3.67
3.44
2.97
3.08
2.74
2.82
3.09
3.68
3.44
2.97
2.83
2.84
3.09
3.69
3.46
2.96
2.83
3.10
3.70
3.47
2.97
2.84
2.74
2.83
3.11
3.73
3.49
2.98
2.84
3.11
2.74
2.84
3.11
3.74
3.50
2.99
2.83
1.87
3.13
2.74
2.84
3.12
3.81
3.55
3.00
2.85
1.77
3.03
2.71
2.79
3.04
3.-55
3.35
2.94
2.78
Tuesday, July 25,
2.08
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
Wednesday, July 26.^.
Thursday, July 27
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
1.84
3.09
2.68
2.80
3.08
3.81
3.55
2.95
2.79
3.09
2.74
1.83
3.09
2.74
25
1.81
3.10
28
1.87
2.82
.
•
1943
1943
1 Year Ago
31,
1943-
2 Years
1,
Ago
1942
2.01
3.34
2.82
2.99
coupon^jnaturing in 25 years)
and do
3.27
yields
on
4.29
4.00
3.09
2.94
the basis of one "typical" bond
not purport to show either the average
price quotations.
They merely serve to
Uustrate in a more comprehensive way the relative levels and the relative movement
if yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in
computing these indexes was published
In
or
the
avcra86
the issue of Jan.
movement
14,
of
1944
250.2
*
Two
Aug.
weeks
Month
ago,
ago,
Year
ago,
1943
High,
250 0
250.0
Friday, July 28
Saturday, July 29
Monday, July 31
Tuesday,
•These prices are computed from average
3%%
evel
Moody's Daily
HI
1944
1944
Aug.
activity and high levels
of employment and prosperity at
the end of the war.
2.83
1.82
1.83
July
the effort to develop common
understandings among the vari¬
organizations of the steps
ous
3.06
6
Low
2.96
1.86
21
High
2.78
3.39
1.85
—
Apr. 28
High
i
2.96
3.38
1.85
19
Jan.
V
1.84
May 26
5,191,000
20,322,000
$10,608,000; commercial building and large-scale
Association
3.56
8,037,000
16,100,000
waterworks, sewerage, bridges, industrial buildings, and earthwork
and drainage.
Subtotals for the week in each class of construction
are:
waterworks, $670,000; sewerage, $1,187,000; bridges, $668,000;
private housing, $3,939,000;
Seaview
3.05
24,137,000
bridges, industrial, commercial and public buildings,
earthwork and drainage.
Increases over the 1943 week are in
industrial buildings,
Planning to be held
Country Club,
Absecon, N. J., Aug. 8, 9 and 10.
the
3.04
Low
sewerage,
and
Indus.
3.05
15,553,000
25,513,000
classified construction groups, gains over last week
R. R.
Baa
P. U.
at
2.80
Feb.
—
Post-War
on
Corporate by Groups*
3.05
1.79
Mar. 31
*
State and Municipal
Post¬
under
the chairmanship of Saul Cohn,
President, City Stores Co.,-will
sponsor an important conference
2.80
engineering construction volumes for the 1943 week, last
Federal
through
its
war Planning Committee,
2.80
result of the 60% drop in federal work.
week, and the current week are:
;
114.27
Goods
Association,
2.72
decrease of 49% from the $2,062,540,000 re¬
34,947,000
Planning
2
construction brings 1944 volume to $1,050,391,-
Public Construction
To Confer On
2.71
higher than a week ago, but is 27% lower than a year ago.r '
:~
v
^
•
Corporate by Ratings*
1.79
—
111.44
•
Individual Closing Prices)
(Based
U. S.
Bonds
,/..•
BOND YIELD AVERAGES
Govt.
,„;'
96.07
91.77
MOODY'S
23
Construction.^^
Dry Goods Ass'n
The National Retail Dry
r''i
J
•.■■■. v. 7
118.10
1942-
June 30-——
Private Construction
?
2.71
Private work gains 30% over last week and is 150% above the
corresponding 1943 week. Public construction is 6%
Total U. S.
:
3.03
The report
follows:
July 20, '44
$36,063,000
11,926,000
Retail
10.1%
,
114.46
111.44
above May but declined by
under June of 1943.
3.03
the 1943 week's total by 0.2% according to reports to
July 29,'43
$41,154,000
6.207,000
Ton¬
in this class increased 1.4%
nage
3.03
volume for the
Civil
miscella¬
1.79
country, and shipbuilding, tops the preceding week's total by
14% and is 4% above the previous four-week moving average, but
as a
of
commodities, including to¬
bacco,
milk,
textile
products,
coke, bricks, building materials,
neous
1.78
the
55%
of the total tonnage
consisted
1.78
$41,066,000 for the week. This volume, not including the con¬
struction by military engineers abroad, American contracts outside
a
About 4%
reported
20—V—'
*1
engineering construction volume in continental U. S. to¬
The current week's
June,
116.22
—
■"(md
tals
;
above
22—
Engineering Construction $41,866,080
Week Tops Preceding Week By 14%
000 for the 30 weeks,
7.3%
was
V
24
■*
*
1943.
26
■■■
;v
month but
25—
" V
under
2.4% above June of
was
cement and household goods.
101.47
111.62
118.40
118.40
111.62
119.75
119.86
—
27—--
§Includes Arizona and
"Engineering News-Record," and made public on July 27.
decrease of 5.4%
a
tonnage. Their traffic Volume was
2.7% under that of the previous
117.20
119.99
29
7,832,000
Virginian; K. & M.; B. C. & G.; and
tRest of State, Including the
"Less than 1,000 tons.
116.80
118.40
July 31—
Kanawha, Mason and Clay counties.
^Panhandle District and Grant, Mineral and Tucker counties.
118.40
112.19
-119.66
28
Total, all coal
112.19
120.01
1—J-
582,000'
13,057,000
0.3%
under
:,
-.,
\,
.
.
Carriers of iron and steel prod¬
ucts hauled about 3% of the total
120.15
Averages
Aug.
1.345,000
9,537,000
.
120.15
Daily
'
fails to equal
106.21
102.96
112.19
1,
,1,000
11,712,000
8,655,000
13,526,000
in
102.96
112.19
116.80
1944—
479,000
1,000
*
Total bituminous & lignite
Pennsylvania anthracite
112.37
117.00
118.60
2 Years Aisro
32,000
2,289,000 7 '
888,000
V
::7
105,000
147,000
117.00
118.60
112.37
31,
242,000
JOther Western States
.118.60
112.37
1 Yes,r AjSfO
July
43,000
383,000
i
112.56
120.23
120.15
The volume in this cate¬
decreased
showed
1943
Sigh
30,000
20,000
38,000
*
«Ohio—
117.20
1943-
41,000
94,000.
33,000
JNcw Mexico..
•
120.27
—
1944—,...
5,000
month
last year.
—
28
149,000
673,000
276,000
24,000
the
under May
June, 1943.
Transportation
of
petroleum
products,
accounting for about
12% of the total tonnage reported,
25-^
*eb.
iri
hauled by carriers of general
was
118.80
6
130,000
—
as
transported
nage
118.80
Mar. 31
998,000
,L
2
Kentucky—Western
•continued
Approximately 81% of all ton¬
117.20
117.00
118.60
112.56
14
*
420,000
Kansas and Missouri
'Kentucky—Eastern
Civil
117.00
118.60
112.56
21
668,000
563,000
?- For
118.60
112.56
112.56
Apr. 28.
■
140,000
1,000
Indiana
Civil
112.56
112.56
com¬
178.36 in June; the May index
174.71
;
was
was
5
76,000
89,000
1,416,000
Illinois
Oregon.
117.00
114.27 !:. 117.00
19
2,000
4,000
'
O.
114.27
120.24
9
257,000
412,000
,
4,000
88,000
-
&
106.39
106.56
120.18
May 26—
-.7.'
1937
1943
284,000:
142,000
£*
Georgia and North Carolina—
B.
117.00
103.13
103.13
figure,
carriers for the three-year period
of 1938-1940 as representing 100,
120.19
_
2
77 July 17,
'
.
,
.'Arkansasand Oklahoma—
the
114.08
112.19
112.37
4
district and
July 17, '
1944
397,000
4,000
Alabama
-"Alaska
on
106.39
116.80
117.00
118.40
6
railroad carloadings and river shipments
1944
State—
1
103.13
118.60
118.60
120.23
—
June 30
revision on receipt of monthly tonnage reports from
of final annual returns from the operators.)
77•' July
,
112.19
116.80
112.37
5
STATES
subject to
/Utah-
117.00
120.15
10
Week Ended
'North
117.00
114.27
1-
(In Net Tons)
(The current weekly estimates are based on
,>
117.20
114.08
106.56
3
"
,
114.08
106.56
103.13
8———
July 24,
1944
ESTIMATED WEEKLY PRODUCTION OP COAL, BY
<
106.56
103.13
112.19
12_.—
July 22,
1943
2,054,500
Colorado
103.30
112.19
index
the basis of the average
monthly tonnage of the reporting
on
13
•
July 24,
1944
operations.
*■"'
112.19
116.80
ATA
puted
14
Calendar Year to Date
§July 15,
total
or
,
112.56
120.01
19
authorized
sources
117.20
17_
: 77777
4,277,200
'.►State
Indus.
114.08
120.18
20
Beehive coke—
are
P. U.
106.74
Baa
120.11
7
21-—
PENNSYLVANIA ANTHRACITE AND COKE
OF
Week Ended
I Commercial produc.
;®nd
The
R. R.
103.30
120.08
25
'V-:, 24—1—
1944
*Tctal incl. coll. fuel
r
June of 1943.
Corporate by Groups
112.19
118.60
carriers
aggregate of 2,482,June,
as
against
an
in
tons
carriers in
these
2,506,275 in May, and 2,508,000 in
116.80
118.60
112.37
motor
showed
transported
',
116.80
118.60
112.37
120.11*112.37
26
}July 22,
-
States
112.56
A*
312
States
7
'
Penn. anthracite—,
United
PRICES)
Aa
118.80
120.10
27—
(In Net Tons)
-
43
are
117.00
Aaa
rate*
112.56
120.10
18
:
yield averages
Corporate by Ratings*
120.10
:—
28
~
Corpo-
Bonds
29
1,443,000
ESTIMATED PRODUCTION
t
bond
428
120.09
July 31
-
1,863,000
2,041,000
2,015,000
2,043,000
and
Avge.
Govt.
1—
248,853,000
^Subject to current adjustment.
'7
..7.19437
,
prices
(Based on Average Yields)
Werages
Aug.
to Date
July 24,
J.f; 1937., ;.
bond
MOODY'S BOND
U. S.
Daily.
'
12,260,000 12,090,000 353,030,000 324,165,000
1,998,000
-.
1943
1
July 24,
Muly 22,
;
Total incl. mine fuel 11,985,000
Daily
July 24,
1944
July 22,
Eituminous coal
computed
1944—
*
.
amount
under
June,
according to statistics re¬
leased on July 30 by American
Trucking Associations, Inc.
Comparable reports received by
same
1943,
given in the following table:
i, ■
v.-
PRODUCTION OP COAL, IN NET TONS
ESTIMATED UNITED STATES
'/
'•
new
weeks of 1944,
30
Moody's
that the estimated production
of beehive coke in the United States for the week ended July 22,
increase of 6,400 tons when compared
The volume of freight trans¬
ported by motor carriers in June
decreased 1% under May and by
financing brings 1944 volume to $1,554,291,000
a total 47% below the $2,921,188,000 re¬
ported for the corresponding period in 1943.
The Bureau of Mines also reported
an
week's
The
for the
■
Mined I % In June
struction.
responding period in 1943.
1944 showed
Truckloadiitg Volume
New capital for construction purposes for
250.2
250.2
250 0
1
249.9
July
18
248£^
July 1
July 31,
248.9
1943
243.3
actual
1943, page 202.
Low,
1944
April 1——
Jan.
2__
High, March 17
Jan. 5
Low,
249 8
,
—'
240.2
251.5
247.0
The Securities and Exchange
July 8 amounted to 621,960 shares, or 14.13%- of the total
volume on that exchange of 2,201,410 shares; during the July 1 week
ended
,
PRODUCTION (FIGURES IN
Week
Nebraska
1944
1943
West
332,000
89,150
230,000
530,700
Louisiana—
350,000
>•
Florida
,,-V
_
_
Indiana
■
.^"1 Y._?f
50
11.300
205,600
215,400
12,900
14,050
200
(Not inch 111., Ind.,
94,000
87,750
24,400
Wyoming
■
Montana
Colorado
:
+
500
108,100
12,600
3,743,700
•P.A.W.
and
recommendations
state
production of crude oil only, and do
gas
855,300
derivatives to be produced.
+
500
4,615,450
I:
4,606,100
+
13,100
allowables,
as
4,595,900
Total sales-
$This
is
shutdowns
for
7
and
days,
exempted
for
from
1
14,900
month.
equivalent
to
RUNS
AND
TO
STILLS;
UNFINISHED
Total
2.35
the floor—
1
J——..
>—
RESIDUAL FUEL
OIL,
—...
in
this
include
section
purchases-
Crude
Capacity
Runs to Stills
Poten¬
tial
District—
% Re-
Daily
Rate porting
Finished
Includ.
and Un-
% Op- Natural finished
Total sales
Total
14.13
Texas
Gulf,
Gulf,
•The
firms
totals
rules
***
*
66,926
ff——«*»
2,439
90.3
2,518
96.9
7,289
36,274
of Re-
Oil and
Distillate
Fuel
Oil
16,323
275
563
320
102
78.5
47
87.2
56
119.1
197
1,565
187
177
824
85.2
797
96.7
2.739
18,756
5,288
3,966
Okla., Kans., Mo
Rocky Mountain—
418
80.2
374
89.5
1,346
6,860
1,606
1,596
13
17.0
13
100.0
35
62
3
36
130
District No. 3
83.9
2,300
141
58.3
102
72.3
328
2,272
340
604
817
District No. 4
California
89.9
801
98.0
2,034
14,061
8,767
32,293
their
and
partners,
are
included
includes
including
all regular
and associate Exchange
members, their
special partners.
with
"other sales."
"short
exempt"
are
included with
"other sales."
1944_
87.2
4,908
4,684
95.4
14,243
f82,150
37,513
55,315
87.2
4,575
93.2
14,083
82,252
37,171
54,332
4,908
1944,
/
11,367
74,356
33,863
67,161
U. S. Bur. of Mines
basis July 24,
"■At
barrels;
transit
barrels
the
1943^
request of the Petroleum
unfinished,
and
of
3,954
12,361,000
pipe
in
gas
oil
lines.
and
Administration
for
War.
"(Finished
barrels.
tStocks at refineries, at bulk terminals' in
including 1,464,000 barrels of kerosine
5 073 000
fuel oil and 8,947,000 barrels of Residual fuel' oil
§Not
distillate
produced during the week ended July 22, 1944, which compares with 1,550,000 barrels
4,842,000 barrels and 8,587,000 barrels, respectively, in the preceding week and 1 376 000
barrels, 3,695,000 barrels and 8,332,000 barrels, respectively, in the week ended Julv ">4
'
1943.
Note—Stocks
Organizations In Allied And Neutral Countries Invited
To Send Representatives To Discuss Economic Problems
An International Business Conference was
New
York
July
on
1
to
formally launched in
bring to the United
of
kerosine
at
July
22,
1944
amounted
to
on
of special
11,085,000
barrels
their
to
visit
to
make
the
contacts
and to
investigations or studies
importance to them.
will
meet
18
from
Nov.
the
at
10
Claridge
City, N. J. Con¬
Headquarters has been es¬
ference
Plaza, New York.
Securities
July 26
a
as
Trailing
and
Exchange1
public on^
for the week
made
summary
New York Stock
Exchange, con-*
tinuing a 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.
LOT
TRANSACTIONS
ACCOUNT OF
FOR
THE
ODD-
ODD-LOT DEALERS
AND SPECIALISTS
..
ON THE N
Y
'
>
Total
countries
discuss
-
war
have
been
foughtr
conference
the j
extended
by the four
dent
of
the
National
in the United States under whose
held.
The
invitations
bore
the
of
shares
758,472
(Customers' sales)
i^
Customers'
"The task of
Customers'
total
25,£
sales
other
sales__^
Customers'
total
Dollar
4
-
-
sales
value
697,'
702
$23
.
361*
Round-Lot Sales by Dealers—
Number of Shares:
securing the well-
Short sales
being and prosperity of more than
people, now and after
joint signatures of Eliot Wadsworth, Chairman, American Sec¬ the war is over, offers a renewed
to
business
leaders
tion, International Chamber of challenge
Commerce;
Eric
A.
Johnston, everywhere. In a world in which
President of the Chamber of Com¬ the problems and the welfare of
merce of the United States; Rob¬
every country will be linked more
ert Gaylord, President of the Na¬ closely than ever with those of
tional Association of Manufactur¬
every other country, understand¬
short
♦Sustomers'
Foreign
i
25,767
sales
Number of Shares;
The invitation
*
1571
short sales—
"Customers* other sales
and Eugene P. TMmas, Presi¬
reads in part:
conference is being
26,360
Customers'
ers,
Trade Council.
the
orders
Number of Orders:
is being
to
for Week
of
Number
economic problems which have current importance and which will
likewise have much-to dojwith the maintenance of the peace for
which this
'
•"
rv^1?01*1^ vaiue—-r Dealers— $27,733,093 ~\
Odd-Lot Purchases by
major
the
July 15, 1944
Number
allied and neutral
representatives of business^ in the
of the world.
The conference will
Week Ended
•
.
Odd-Lot Sales by Dealers
(Customers' purchases)
States in November
outstanding
auspices
G9 789 000
against 10,577,000 barrels a week earlier and 8,931,000 barrels a year before.
of
States
STOCK EXCHANGE
During November
leading organizations of business
Total U. S. B. of M.
basis July 15,
International Business Conference Scheduled
Invitations
Total U. S. B. of M.
basis July 22,
states
for odd-lot account
of all odd-lot dealers and special¬
ists who handled odd lots on the;
58,479
"members"
term
To Take Place In This Country
Ind., HI., Ky
District No. 2
announcement
expected that many of
foreign delegates will take
sidual
Appalachian—
District No. 1
The
is
STOCK
of Gas
20,759
or
transactions
66,926
purchases.
§Sales marked
Louis¬
North
inland Texas-
advisers
many
July 15 of complete figures
showing the daily volume of stock
calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
tftound-lot short sales which are exempted from restriction by the Commission's
Louisiana-Arkansas,
and
as
ended
0
:i'Ai
tStocks {Stocks
Average erated Blended Gasoline Fuel Oil
addition, each country
have
Commission
342,230
-
JCustomers' other sales
•Combin'd: East Coast
iana
In
States.
The
319,730
>
fineries
Daily Refining
coun¬
maxi¬
a
of six delegates—a limitation
applying equally to the total re¬
presentation
from
the
United
22,500
tin
;
tStocks
Policy;
Supplies of Materials and Cartels.
NYSE Odd-Lot
279,730
§Gasoline
at Re-
Investments; Industrial¬
New Areas; Shipping
Aviation Policy;
World
in
3.15
83,580
Customers' short sales
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis
Production
Maintenance of Private Enter¬
prise; Commercial Policy of Na¬
tions; Currency Relations among
Nations; Encouragement and Pro¬
efeller
4,500
C. Odd-Lot Transactions for Account of Specialists-
AND
reported
already
-
79,080
Short sales—
(Figure.s in Thousands of barrels of 42 Gallons Each)
Figures
their
tablished in Room 716 at 10 Rock¬
54,840
—
<.
purchases
Total sales..
FINISHED
GASOLINE; STOCKS OF
AND DISTILLATE FUEL
WEEK ENDED JULY 22, 1944
of
\
through Nov.
4. Total—
July 20, 1944.
OF
declara¬
common
business life
'
ference
49,510
i ' tOther sales—™-—-—
above, represent the
condensate and natural
OIL
the
to
3,100
46,410.
Short sales
4,118,700
7
GAS
or
The International Business Conr
54,085
of
PRODUCTION
GASOLINE,
which
agencies in special fields,
'
—-----
Total sales
CRUDE
itself
interchange of views and-
full, discussions of subjects
carry
8.63
209,140
—
,
3. Other transactions initiated off
770,800
days shutdown time during the calendar
SRecommendation of Conservation Committee of California Oil Producers.
total
a
trade.
with individuals and Government
shut
leases,
operate
devote
conference
free
a
better basis for
Hotel in Atlantic
July 1 calculated on a 31-day basis and
for the entire month.
With the exception of
entirely and of certain other fields for which
to 15 days, the entire state was ordered shut
as
will
to
the
194,240
Total sales
definite dates during the month being specified; operators only
down as best suits their operating schedules or labor needed
no
to
allowable
world
The
gates.
170,805
—
J.
tOther sales
Total
exemptions
were
ordered
were
being required
to
basic
net
which
fields
several
down
the
shutdowns
and
advantage
tOther sales
Includes
a
world relations
United
I
Short sales--
•
fOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m.
aim to establish
that it
2,201,410
;.—
:
Total purchases
shown
not include amounts of
countries, nation¬
technical experts as it sends dele¬
Total for week
35,360
2,166,050
Transactions for Account of: Members;
3,347,900
852,200'
of their
terests
ally and internationally, and thus
Other transactions initiated on the floor—
7,300
+
§853,500
853,500
.
Total United States
8,300
450
108,500
'
California
20,850
3,760,150
3,752,600
—-——
■■
104,050
113,000
113,000
_
——i—.
.
they are:
Total purchases
Short sales—.—-—
tOther sales
£
—V-
96,500
+
8,900
7,400
Mexico
87,400
+
discussion of economic probr
a
lems which affect the business in¬
may
55,800
22,100
_
Total East of Calif.
50,800
Stock
Account
1. Transactions of
23,150
—
Michigan
and
15.55
specialists in stocks in which
registered—;C y V
;■
V
76,400
23,500
22,100
49,600
65,400
700
—
51,000
5,250
—
23,150
/
on
for
Total sales
3. Round-Lot
,
450
61,400
;
__
1,419,252
T~
,
the New York Curb Exchange
of Members* (Shares)
WEEK ENDED JULY 8, 1944
Sales
Short sales^—.^-——
1,200
71,200
22,000
Ky.)
C.
Stock
tOther sales
./,■
'
for
mum
1,298,982
A. Total Round-Lot Sales;
50
+
leading business organizations
try is to be restricted to
120,270
Transactions
>
.
Kentucky
1,268,920
Total sales
200
12,650
'■•••
'■•■'if.
.*•
Eastern—
44,300
+
.208,250
14,600
__
900
+
2.89
301,722
$ Other sales
54,150
representatives
Representation from each
77,300
50
215,000
Illinois
80,400
together
bring
basis
J
from allied and neutral countries
ization
274,592
1
Short sales.
Total Round-Lot
200
Alabama
27,130
349,050
50
of
4. Total—
85,050
358,300
100
—
world
a
on
-
Business
tection of
197,580
tOther sales
264,000
100
—
44,950
41,000
Mississippi
72,100
286,200
80,500
77,991
78,000
_
purchases
Total purchases
357,450
389,000
.
Initiated off the floor-
Short sales—
1,615,600
2,059,500
—
5.10
452,720
i
Total sales
Total sales—
285,400
Louisiana!
437,820
412,900
72,050
North Louisiana
__
318,100
will
Conference
<
14,900
\
3. Other transactions
Total
2,067,300
2,064,000 *2,064,698
Total Texas
371,000
319,750
—
'
,
International
"The
The
general subjects
proposed include:
7.56
429,670
——.—
Short sales
128,000
362,800
national peace.
country.
664,810
i
:
}Other sales
137,700
147,500
and to the development and
an enduring inter¬
ress,
maintenance of
ance
transactions initiated on the floor—
Total purchases
-
245,600
531,400
j--r:
,
Texas
151,000
459,500
148,350
*V";
78,240
586,570
2. Other
>
363,550
Coastal Texas
Arkansas
90,400
151,550
East Central Texas-
Total
89,900
463,550
fj'
•'<
which
641,670
Total sales
2,200
to'
prog¬
policy."
,,'.V ; . ,
Organizations invited to partici¬
pate have been requested to for¬
ward topics for discussion which
are of special interest or import¬
.
Total purchases
306,150
900
1,000
East Texas—:
Coastal
276,300
international
and
participating
organizations
will suggest,-1 without
necessarily endeavoring to arrive
329,950
f900
Texas
Southwest
239,700
6,500
+
+285,300
Texas
..
of specialists in stocks in
,
essential steps
tions of
Short sales
50
—
national
are-
themselves
173,480
8,471,230
tOther sales
Panhandle Texas
North
»
.
represent,
the
they are registered—
Week
269,400
—
and Specialists;- "
July 24,
+341,200
...»
.
of Odd-Lot
Odd-Lot Accounts
the
for
Ended
July 22,
1944-
;
^;
8,644,710
1. Transactions
from
332,000
—
:—
Except
Previous
274,000
Oklahoma
Kansas
-
Total for week1%
:
Dealers
Ended
—
leaders, and between the business
and
the
nations
they
interests
at resolutions
Week
*
Ended
July 1
July
1944
i
.
Bound-Lot Stock
Transactions lor Account of< Members,
Round-Lot
BARRELS)
4 Weeks
Change
July 22,
ables
begin.
dations
Sales:
tOther sales
Actual Production
Recommen-
WEEK ENDED JULY 8,
..."
•
A. Total Round-Lot
Short sales
Total sales
Allow-
*P. A. W.
Stock Sales on the New York Stock Exchange and
Transactions for Account of Members* (Shares)*
Total Bound-Lot
8.
♦State
of 626,525 shares was
trading for the account of Curb members
12.95% of total trading of 2,418,670 shares. ', /
,
CRUDE OIL
with member trading during the week ended July 1 of
3,794,430 shares, or 17.28% of the total trading of 10,975,880 shares.
On the New York Curb Exchange, member trading during the week
from refining companies indicate that the in¬
to stills on a Bureau of Mines basis approxi¬
mately 4,684,000 barrels of crude oil daily and produced 14,243,000
barrels of gasoline; 1,464,000 barrels of kerosine; 5,073,000 barrels of
distillate fuel oil, and 8,947,000 barrels of residual fuel oil during the
week ended July 22, 1944; and had in storage at the end of that week
82 150 000 barrels of gasoline; 11,085,000 barrels of kerosine; 37,514,000
barrels of distillate fuel, and 55,315,000 barrels of residual fuel oil.
The above figures apply to the country as a whole, and do not reflect
DAILY AVERAGE
stock transactions for the
of round-lot
of these exchanges in the week
compares
Reports received
the East Coast.
July 22
Stock Exchange and the New York Curb Exchange and
volume
members
dustry as a whole ran
on
on
account of all
ended July 8, continuing
a series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures.
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended July 8 (in roundlot transactions) totaled 2,688,172 shares, which amount was 15.55%
of the total transactions on the Exchange of 8,644,710 shares.
This
the
crude oil production for the week ended July 22, 1944 was
4,615,450 barrels, which established a new high in the industry's
history for the second successive week.
This was an increase of
13,100 barrels per day over the preceding week and exceeded the
corresponding week in 1943 by 496,750 barrels per day. The current
figure was also 9,350 barrels higher than the daily average figure
recommended by the Petroleum Administration for War for the
month of July, 1944.
Daily production for the four weeks ended
July 22, 1944, averaged 4,595,900 barrels. Further details as reported
by the Institute follow:
age gross
conditions
Commission made public
cooperation among such
ing and
the volume of total round-lot stock sales on the
figures showing
New York
daily aver¬
Institute estimates that the
The American Petroleum
Thursday, August 3, 1944
,
Trading On New York Exchanges
Daily Average Crude Oil Production For Week
Ended July 22, Exceeds Previous High
New
FINANCIAL CHRONICLE
THE COMMERCIAL &
526
tOther
sales
Total
two billion
sales
152
;
152 21
Round-Lot Purchases by Dealers:
Number
•Sales
,
of
shares.
marked
207,3f
"short
exempt"
are
r<
ported with "other sales."
tSales to offset customers' odd-lot order
and sales to
is
less
than
liquidate
a
"other sales."
round
a
long position whic
lot
are
reported wil
<
'
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4304
160
527
Total Loads
Revenue
Freight < Gar Loadings During Week
Ended July 22, 1944; Decreased 1,770 Gars
Loading of revenue freight for the
Railroads
Southern District—
1,770
0.2% below the preceding week.
freight loading totaled 400,688
cars, or
266
305
468
771
2,435
2,569
826
1,131
1,245
1,234
11,305
9,992
9,702
9,481
3,888
3,694
4,206
5,879
3,969
683
507
379
1,687
1,573
1,778
1,691
1,561
3,030
2,744
189
Central of Georgia
Clinchfield
Life Policy Holders
In Firsi Half Of 1944
371
556
302
405
312
138
Charleston & Western Carolina
Columbus & Greenville
Durham & Southern
124
Florida East Coast
937
Gainesville Midland
increase of
cars, an
1943
9,766
.
110
156
656
1,271
1,658
36
100
101
1,338
2,515
3,025
1
44
1,247
1,123
Dividends to policyholders paid
by American life insurance com¬
519
565
•1,152'
49
Georgia
Miscellaneous
1944
443
Atlantic Coast Line
903,034 cars, the Association of American "Railroads announced
This was an increase above the corresponding week of
1943 of 19,196 cars, or 2.2%, and an increase above the same week
in 1942 of 47,519 cars or 5.6%.
^
Loading of revenue freight for the week of July 22 decreased
1942
1943
903
Atlanta, Birmingham & Coast
July 27.
Connections
1,102
Alabama,-Tennessee & Northern
week ended July. 22, 1944
Dividends Paid To
Received from
1944
Atl. & W. P.—W. R. R. of Ala—
totaled
on
Total Revenue
Freight Loaded
373
289
438
819
3,567
4,195
4,707
Illinois Central System
29,162
28,337
28,990
16,653
17,862
Louisville & Nashville
25,753
11,600
12,055
above the preceding week, and an increase of 14,851 cars
above the corresponding week in 1943.
Gulf, Mobile & Ohio
26,674
25,635
than carload lot freight totaled
102,481 cars, an increase of 1,179 cars above the preceding week, and
an increase of 5,165 cars above the corresponding week in 1943.
Macon, Dublin & Savannah
293
281
209
793
640
Mississippi Central
364
269
228
555
429
Nashville, Chattanooga & St. L.
3,404
3,142
3,021
5,169
5,131
Norfolk Southern
1,276
1,892
1,503
1,903
1,187
4,537
cars
of merchandise
Loading
less
Piedmont Northern
370
286
1,230
1,014
458
451
11,555
10,078
9,866
8,447
8,133
24,857
22,333
23,212
24,641
23,289
777
530
582
860
948
128
96
84
1,032
855
123,662
,,.118,539
119,663
119,264
113,658
Winston-Salem Southbound
below the preceding week but an increase of 884 cars
the corresponding week in. 1943. fin the Western Districts
above
.•Total
Northwestern District—
corresponding week in 1943.
the
•
-
preceding week and a
the
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic
corresponding week in 1943.
of 420 cars
of 559 cars above the
<"
..
Elgin, Joliet & Eastern
Ft.
Green
1944
1
April
of
of
weeks
4
—
3,159,492
3135155
4,068,625
-
0? Marr
weeks
weeks
""
May
\ 11TS 0°
of
juiy
Week
of
July
Week
---
I-
3,581
11,410
9,605
^
^
'
•
-
<
.
f
District-
Ann Arbor
1,000
57
38
2,086
2,614
2 366
Minn., St. Paul & S. S. M
8,083
7,555
7,675
3,056
2,871
12,045
13,835
11,644
6,229
5,973
Spokane International
24,384,960
23,522,353
173
153
215
572
586
3,037
2,680
2,687
3,271
3,138
140,192
Spokane, Portland & Seattle
144,832
143,339
66,437
65,828
Indianapolis
22,343
23,924
12,892
3,610
3,603
4,359
493
617
670
97
-115
Chicago, Burlington & Quincy
Chicago & Illinois Midland
20,194
21,981
17,705
11,693
11,795
3,156
3,184
2,445
881
8,827
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
14,935
13,550
12,780
13,341
11,747
2,856
2,580
2,213
7,364
5,641
30,223
'
-
Colorado & Southern
683
887
3,760
3,760
772
City
697
1,049
1,821
1,558
2,163
1,933
1,340
601
503
Nevada Northern
1,670
2,058
2,060
106
94
North Western Pacific
1,092
943
1,169
791
882
2
24
24
0
0
31,221
14,055
14,438
34,636
1306
& Western—.—
-263
Detroit, Toledo & Ironton
Detroit & Toledo Shore Line--
1,848
^
Western
tISilhlKlSd
Ih Valley
MaineCentrlf
8,863
-2,498
6,300
"2,649
53,437
Monongahela
Montorfr
-
Cen^al
New York
Lines
YorkCentra~
-
9>208
Yorkf Ontario & western—
New York, Chicago
Marquette-
•
_
5'Thnih"
1.349 - 1,025
7.336
T
383
7,532
S'
'6,601
gfe'LrtTwCZIl:,
*
:
5,726
.
166,840
-
1,329
18;?18
4,905
,
422
1,152
:
,
5,193
;
262
262
3
4
2,057
2,255
3,985
4,138
142,810
133,288
124,295
101,538
96,935
9,5 0
8,428
0
3.^0
2,909
5,528
12,195
"■ 13,684
5,377- e,.;5,224
4,811
5,136
166,468
-
156,253
230,116
;
.
terest
237,450
collection
and
432
537
292
178
5,665
4,392
2,613
3,137
2,876
2,566
2,546
:•!
3,756
3,129
229
327
338
955
1,128
5,926
5,346
4,626
2,878
2,791
3,663
3,501
4,360
2,477
3,271
301
City Southern—
Allegheny District—
Akron, Canton &
not apt
hre
to be recurrent, they
to reserve funds and
contributed
enabled
a
line
dividends
on
general holding of the
ers."
373
290
1,281
1,478
In
the
full
817
47,663
tnn
Baltimore & Ohio——
Erie—
Gauley
•Bessemer & Lake
Buffalo Creek &
—
320
1-640
7,415
■
Cambria & Indiana
Central R. R. of New
Jersey——-— >
Cornwall
Cumberland &
Pennsylvania—
,
Ligonier Valley
Long Island
:-°69
Penn-Reading Seashore
1,701
Lines
Pennsylvania System—
.Reading Co
—
Union (Pittsburgh)
Western
■
—
\
39,011
—
690
4,352
•
31,143
mid-year total for
this
6,686
2,290
299
6
level, said the Insti¬
"During the year, $80,000,000 of
the dividends paid to policyhold¬
258
168
357
397
so
5,183
5 860
17,058
16,558
18,848
19,763
64
81
391
249
731
; ?
9,703
683
9,116 s
425
ers
was
left
deposit.
on
used from
dividends.
the
ment
7,783
5,794
5,418
4,922
4,995
4,903
8,197
6,873
95
85
.127
49
40
being
21
21
69
22
26
Anotner
75,955
72,585
69,415
70,094
70,971
■
Wichita Falls & Southern
1
v
of
used
purchase paid-up
annuities, $-347,000
was
The
members
policy
STATISTICAL
'
this
Association
197,373
Total
21,663
21,951
57
62
April
ian
'
REPOBTS—ORDERS. PRODUCTION, MILL ACTIVITY
•'
.
13
April
15
58
29
April
According to the National Lum¬
Manufacturers
Association,
ber
lumber shipments of
porting
22
3,766
April
29—
—
2,658
2,806
May
6
—_
86,237
'84,268
67,256
69,460
May
13
20,870
27,259
May
20
May
27
7,474
8,509
12,202
185,981
29,454
21,848
22,537
4,468
4,915
56,202
56,906
28,828
14,021
14,036
23,139
9,328
7,897
4,602
2,285
56,569
25,634
24,048
•-"
•■»—
607,537
93
94
94
94
amounted
92
94
610,555
94
filled orders
158.871
-
95
95
days'
150,435
620,728
95
95
rate, and gross stocks are equiva¬
157,370
602,062
97
95
lent to 32
582,090
96
95
599,322
93
95
584,083
96
577,721
95
95
156,338
549,830
96
95
152,954
155,170
544,454
95
95
145,317
98,235
586,379
60
94
147,478
586,103
91
94
152,402
590,263
94
94
-
15—
—
u„
157,041
Notes—Unfilled orders of the prior week,
„
production
at
the
current
days' production.
shipments
of reporting identical mills ex¬
ceeded production by 5.4%; orders
by 7.9%.
Compared to the average corre¬
sponding week of 1935-39, proHuction
of
reporting mills wa^
36.4%
greater; shipments were
30.5% greater; and orders were
For the year-to-date,
95
154,137
22
stocks.
98
155,105
July
of
softwood mills, un¬
are equivalent to 40
98
152,461
157,794
July
118.2%
to
601,880
-
,
plus orders received, less production,
do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
ments of unfilled orders.
were
628,495
130,510
—i
mills
156,041
138,501
147,689
—
these
158,534
,
144,384
:
re¬
9.1% below
For reporting
98
145,775
2,115
-
of
635,727
140,287
1
8
orders
636,176
170,421
__
17
24
new
141,959
144,921
_
were
20.7% below production/ Unfilled
order files of the reporting mills
143,883
147,768
10
June
June
191,220
Current Cumulative
144,422
186,666
__
3
June
181,719—178,657
June
Remaining
Tons
138,712
3,328
13,548
•
Percent of Activity
138,724
921
3,969
Tons
Orders
501 mills
the National Lumber
to
145,936
1,659
21,385
premium
or
Ended July 22, 1944
179,056
__
1,788
,14,341
Production
Tons
1
April
1,463
„
used to pay
or
loans
production for the week ended
July 22, 1944. In the same week
Unfilled
•
Received
not
Total.
•
8
9
29,886
jl
v
Period
276
District—
Ik & Western-.,
„
1944—Week Ended
July
July
peake & Ohio_——
'::
Orders
643
4,308
was
Lumber Movement—Week
of
represent 83% of the total
industry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
industry.
\
253
16,073
.
notes."
paperboard industry.
2,019
20,201
*>w'
the
way
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, III., in relation to activity in the
6,925
147
this
in
additions and
applied to
endowment or premium
periods and
$72,000,000
taken in cash
off
premiums,
47% of the year's total.*
$59,000,000 was used to
paying
Weekly Statistics Of Paperboard Industry
renewal
$192,000,000
shorten
Note—Previous year's figures revised.
667
V:,
rela¬
7,488
8,703
2,805
12,680
Weatherford M. W. & N. W
1,801
=
same
9,437
8,820
2,796
3,451
12,391 '
Texas & Pacific
7,182
■
previous year's
About the
tive share of the year's dividends
as in 1942 was applied to the pay¬
13,964
St. Louis Southwestern
7
126
i
tute, which further said:
5,432
St. Louis-San Francisco
Total
■
up
70
Texas & New Orleans
4
4
be
may
225
Quanah Acme & Pacific
1,771
'
1944 indicates
year's total
18,365
Missouri Pacific
-■
291
■
5,320
761
Missouri-Kansas-Texas Lines
29,864
6,465
•;
1943, the ag¬
gregate paid in dividends to poli¬
cyholders was $404,000,000. This
compares
with
$434,716,000
in
1942 and $432,204,000 in 1941. The
year,
128
Midland Valley
Missouri & Arkansas
957
41,753
—-7
Maryland
ahontas
jj;*
^
724
43,641
policyhold¬
6,678
Litchfield & Madison
,
—
to
'
with the companies
This represented an
increase of 10% over the amount
Louisiana & Arkansas
:
:
Youngstown
in¬
securities and real estate.
Trade Barometer
'
of overdue
larger gains from the
to the 1941-42
699
270
,^1,092
5.699
.;
5,676
18,941
-*•
1,65C
17,280
606
1,992
Total
lm
.8,232
'
oil
211
•-*-
2,043
567
,
14,090
16,817
15,905
473
Western Pacific
16,046
2,304
: 399
.
183
57,472
8,976
354
271
.
17,133
^
ii.
2*984
3,199,
2,644
16 220 ...16,035
2,172
2,652
7,856
^
'
18,181
9,744
9<664
7,235
523
?.■
—-
lto
16,232
2,426
397
20.,..
55,780
2,435 ~;r2,338
54,567 ; £40,643
5,485
734
356
1,337
———
North,
& West Virginia-
Pittsburg. Shawmut &
-*"/
1:111
* 8,569 ^ : '8,889
2,258-7 2,250
6,403 7 6,286
v
7,973
Susquehanna & Western
.Pittsburgh & Lake Erie
Pittsburg &Shawmut
'*
1.341
6,973
440
& St. Louis
2,587
12,243
1,335
*2S '■•**! £7*58
ZZZ'ZZZl
Leh
2,104
^ ^
3'i§' 'W2 512
371
3'?j£
13,610
2,162
12.434
**'526
131
34,218
■
creased
While receipts from these sources
1,607
Southern Pacific (Pacific)—
earnings was largely offset by
special circumstances, such as in¬
sale of
1,009
v
with only slight halts, for 20 years.
Last year, however, the decline in
12
1,049
Kansas, Oklahoma & Gulf
2,111
6,638 ^ 6,490
7,704 ;
7,697
163
247
2,099 ^ ,.1,461
6.009
7,842
Detroit & Mackinac-—:
Grand'Trank
1,438
*
investments,
on
1,769
1,977
Kansas
rates
6,458
1,199
Union Pacific System
earning
53
*
1,136
—
;
Missouri-Illinois
Utah
expenses
2,405
661
2,384
Illinois Terminal
operating
nor
have shown any material change.
The major change has been in the
6,068
759
3,850
Denver & Rio Grande Western:
4,164
International-Great Northern
13.6284
l0f0
<
11,927
Gulf Coast Lines
1943
1,584
1944
1,500
1,456
1
3,625
Bingham & Garfield
mortality
which have continued downward,
Central Western District—
-
premium
or
direct reflection of
a
major factors of mortality, invest¬
ment earnings and operating ex¬
penses. For several years, neither
that
Connections
-
^ 1942
416
1943
222
1,462
Mai are at Hudson.""::.
Delaware, Lackawanna
Total Revenue
Loaded
£532
£ouisville—--
&
Central Vermont
Total
?
Southwestern District—
Total Loads
Received from
Freight
329
,
_
Pittsburgh
.
are
the actual experience in the three
1,016
855,515
,
1944
:
Pere
"Policy dividends
470
1,801
in
At
few
a
increases
during
the
which accounted for a
year
refunds
109
5,505
Burlington-Rock Island
'
,
,
•
N. Y..
10,967
86
7,076
2,036
883,838
;
24,502,173
Railroads
New
10,813
575
27,448
were
part of the gain."
The Institute on July 27 added:
404
LOADED AND RECETVED FROM CONNECTIONS
(NUMBER OF CARS) WEEK ENDED JULY 22
,
'
.
/'
Chicago,
9,389
8,627
\
time, there
the
gain
year.
small
3,239
Fort Worth & Denver
'
Eastern
539
461
REVENUE FREIGHT
-
439
562
3,810
2,169
Ishpeming
corresponding week a year ago.
"
3,718
222
428
Bay & Western—t
3,311,637
4,139,395
855,158
857,146
i
freight carloadings for
the separate railroads and systems for the week ended July 22, 1944.
During the period 81 roads showed increases when compared with
the
3,721
1,167
26,246
Denver & Salt Lake
following table is a summary of the
The
3,060
31,731
796
416
Toledo, Peoria & Western—
*
3,716.
29,729
•
the
as
payments this
same
past
in roughly
year
proportion
dividend
2,734
10,266
Minneapolis & St. Louis
Lake Superior &
sos.eso
877,335
—.
903,034
'
-1
Total
•
' 14 435
13,295
2,253
19,539
Peoria & Pekin Union
.
21,364
2,769
25,283
4,209,907
3,924,981
3,363,195
4,003,393
745,141
904,804
Of July 22
ifcZZZIZlH
3.073,445..-:. 3,*74,791
-
—3.446,252
4,343,193
-
-
June
week
3,531,811 £ ^858.479
3,055,725
3,122,942
3,796,477
—
January
of
February
1942
1943
••
-
of
weeks
?
22,294
20,560
Dodge, Des Moines & South—
last
up
•
22,300
685
Alton
'
4
^
3,081
Atch., Top. & Santa Fe System
—
reported increases compared with the corresponding
week in 1943 and 1942, except the Pocahontas and Northwestern.
All districts
.\
'/
>
27,500
uJ-
Total
preceding week, and an increase
the
Weeks
•
loading amounted to 14,669 cars, an increase
Coke
5
,
Great Northern
corresponding week in 1943.
above
was
2,434
—
Chicago, Milw., St. P. & Pac.—2
Chicago, St. Paul, Minn. & Omaha
Northern Pacific
9
decrease of 2,261 cars
decrease of 4,099 cars below the
loading amounted to 84,468 cars, a
Ore
below
increased insurance in force which
dividend
19,110
Chicago Great Western
products loading totaled 50,737 cars, -an increase of 2,214
above the preceding week and an increase of 3,049 cars above
-
"
■
Chicago & North Western
loading
Forest
cars
said.
"The
increase," it
said, "is due in large part to the
the
corresponding week in 1943. In the Western Districts alone loading
of live stock for the week of July 22, totaled 9,503 cars, a decrease
of 223 cars below the preceding week, but an increase of 50 cars
above the corresponding week in 1943.
,
stitute
same
amounted. to 13,970 cars, a decrease of 606
below the preceding week, but an increase of 204 cars above the
Livestock
.
in several
increase at mid-year," the In¬
an
cars
alone, grain and grain products loading for the week of July 22, to¬
taled 40,577 cars, a decrease of 1,407 cars below the preceding week
and a decrease of 3,048 cars below the corresponding week in 1943.
cars
___
first time
the
year.
that the aggregate of divi¬
dends to policyholders has shown
Southern
products loading totaled 59,723 cars, a decrease
Grain and grain
"This is the
9,785
System
of
the policy¬
years
386
Tennessee Central--
of 2,813
349
increase
an
over
dividends
paid
in
corresponding period of last
10,143
1
Richmond, Fred. & Potomac
approximately
the Institute of
holder
Seaboard Air Line,.
V;.: Coal loading amounted to 176,298 cars, a decrease of 4,440 cars
below the preceding week, and a decrease of 1,417 cars below the
corresponding week in 1943.
.
year
at
$220,000,000 by
Insurance,
about $14,000,000
4,329
Georgia & Florida
reported
Life
406
4,346
panies in the first half of this
are
10.6% greater.
H.
corporations, including
Corporation, the City
,
of New York Insurance Co., the
In
suggesting a "plan-a-pur- Omnibus Corporation, Standard
Harry E. Ward, Chairman of
chase account" at the Union Dime Brands, Inc., and the Commercial
the Board of Irving Trust Com¬
Savings Bank, the institution lo¬ National Safe Deposit Co. He was
pany of New York, announced on
cated at 6th Avenue and 40th a trustee of the Grant Monument
July .27 * the
appointment of
Street, this city, points out in a Association and of the Franklin
George A. Borger and Charles E,
letter to depositors that "after the Savings Bank.
Rogers as Assistant Secretaries of
Alfred C. Howell, Vice-Presi¬
the company.
Mr. Borger, a na¬ war, when all energies are not
dent of the Guaranty Trust Co.,
tive New Yorker, has served in being directed to the production
of war materials and equipment is a brother of the late Mr. Howell.
most of the operating departments
for
the
armed formes, civilian
of the institution, is a graduate of
the American Institute of Banking goods will again be plentiful, and
Thomas M. Steele, Chairman of
both
better
and
and of the Graduate School of undoubtedly
the Board, and former President
than they are now." of the First National Bank &
Banking at Rutgers University. cheaper
it adds, "your post¬ Trust Co. of New Haven, Conn.,
In the Institute he was Chairman "Perhaps,"
war plans include buying a home
of the Commercial Banking Round
died on July 29.
—or repairs,
or new furnishings
Table, a discussion group on the
From the New Haven "Evening
and appliances for your present
subject of bank operations. Mr.
Register" of July 30, we take the
home—or
a
new
car.
Money
Rogers has had broad experience
following:
in the company's foreign division saved now will make those things
Mr. Steele has been Chairman
and is widely known in foreign possible. * * * There is another of the Board of the First National
important reason for saving to¬ since Jan. 1 of this
trade
circles, especially , among
year, when he
day. In the transition from war
importers of coffee. *<
relinquished the Presidency of the
to peace there will be a period of
institution after having served in
The West Side Office of Manu¬ adjustment—and perhaps of un¬ that
capacity for 20 years. Under
facturers Trust Company, Eighth employment—and money that we Mr.
Steele's administration the
Avenue
and
34th Street, New will need then will be gone if we bank grew to be one of the larg¬
York, observed its 75th anniver¬ spend unnecessarily now. Every¬ est in the State.
one needs
a reserve — a savings
sary on Aug. 2. The history of this
Mr. Steele came to New Haven
account and money invested in
office goes back to the West Side
in 1906 to join the legal depart¬
War Bonds."
Bank, which opened its doors
ment of the New Haven Railroad.
The
Union Dime Bank itself,
there to the public on Aug. 2,
Later, as a member of the law
according to its July 1 statement,
1869. During the next 30 or 40
firm
of
Watrous,
Day, Hewitt,
has $96,000,000 invested in gov¬
years the bank changed its quar¬
Steele and Sheldon, he left that
ernment bonds, and a total of $2,ters several times, but always re¬
connection to become President of
mained in the immediate vicinity 765,098 invested in other bonds, the First National.
including, municipal, railroad and
of its original location.
In 1910,
He was long active in civic and
the West Side Bank moved into a public utility.
community affairs. In two world
It reports deposits of $158,378,new and imposing bank building
wars he played a vital role in fund
604. William L. De Bost is Presi¬
on the northwest corner of Eighth
raising and relief administration.
dent.
J. Wilbur Lewis is ViceAvenue
and 34th Street, which
During World
War I he was
President and Treasurer.
was then one of the finest bank¬
Chairman
of
the
New
Haven
The
numerous
Items About Banks Ufust
Companies
Thursday, August 3, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
528
the Lehman
.
announced
Trust Company
Maryland
of
Baltimore, Md., paid off on
July 17 $250,000 of Reconstruction
Finance Corp. notes, reducing the
further said:
"The
outstanding amount to $500,000,
Hey ward E. Boyce, President of
the trust company, announced. At
vided
the
count.
time, said the Baltimore
same
"Sun," from which we quote, the
bank added $250,000 to its surplus
account, making its total surplus
$2,000,000. The "Sun" added:
The company expects to retire
the
next
The
said.
the
of
balance
within
RFC
original
at
President of
the New York Trust, announced
by the Hotel New Yorker. In 1918
on
Aug. 1 the appointment of
the bank was merged with Manu¬
facturers
Trust
Company.
The Martin K. Schnurr as Comptroller
Charge, has been associated with
the West Side Office for the last
Educated at Colum¬
bia University, New York Uni¬
versity and Pace Institute, Mr.
Schnurr has had wide experience
as
an
auditor
and comptroller
19
with financial and industrial cor¬
in its
West Side Office has been
present location since 1930. Louis
C.
Adelson,
Vice-President
in
years.
V-v-
of company.
For the past 12 years
porations.
of New he
Colonial Trust Company
York
has
it
that
known
makes
has
associated
been
Rustless Iron &
months earlier.
ijV;
Steel Co. of Bal¬
Kleeman, President, announced on
July 31 that a special printing of
Herbert
Parkinson
Howell,
the June 30 Statement of Condi¬ Chairman of the Board of Direc¬
of
the
had
bank
been
pre¬
tors
of
the
Commercial
born at Coultersville, Pa., was 71
Division is ded- years of age. He had been Presi¬
the
principle that dent of the Commercial National
"Our Foreign
;
icated
to
broader
■
in
markets
United
the
&
Bank
Trust
until
1928
from
States be developed in the post¬
1939, when he became Chairman
period for the products of of the Board. In the New York
war
Latin
American countries."
{
well
as
"Herald Tribune" of Aug. 1 it was
In
discussing this reprint, a de¬ stated:
from the bank's usual
Beginning his career as a night
statement
form,
Mr.
Kleeman clerk in a Carnegie Steel Co.
of
"The
the
directors
Colonial
convinced
are
and
Trust
States must be
a
better
of Latin America if
officers
plant, Mr. Howell became one of
most prominent bankers in
Company the
the
that
United
customer
New
York.
He
the New York
was
President of
Clearing House As¬
expect to sociation. He was formerly Presi¬
sell our goods and products to our dent
of
the
Bankers
Club
of
Southern neighbors.
If we buy America and at the time of his
from Latin America, Latin Ameri¬ death was Chairman of the Exec¬
will
cans
we
from
buy
us,
but
we
.must help them to develop their
dollar
Committee
utive
and
mqmber of
the Board of Governors.
;
V'-
by the
The Commercial National Bank
greatest cooperation in the ex¬ & Trust Co. was formed in 1928
pansion of United States markets by a group of bankers, capitalists
for their commodities and goods.
and corporation
executives, and
purchasing
This bank's
power
determination
to
use
Its utmost efforts to facilitate such
a
program
epitomized by Mr.
is
Diez' statement referred to above."
with its formation Mr. Howell be¬
its President.
came
in
that
Walter
He continued
capacity until 1939 when
G. Kimball, then senior
Vice-President, became President
Arthur
S.
Kleeman, President, and Mr. Howell took over the
of New Chairmanship of the Board.
Prior
to
York, announces July 31 the open-,
assuming the Presi¬
ing of the additional space recent¬ dency of Commercial, Mr. Howell
Colonial Trust Company
ly
acquired
at
Center office.
ing
rooms,
ities
for
the
Rockefeller
The enlarged bank¬
which double the facil¬
handling customers at
tellers' windows and also the
re¬
ception space for the public, oc¬
had been
President, since 1922, of
the firm of Peierls, Buhler & Co.,
Inc., and before that, from
had
served
the National
Before
Howell
as
1912,
Vice-President
Bank
of
gained consid¬
prominence around 1905
Mr. Steele
erable
famous
He
of
the
United
pany
States
Rubber
building.
Com¬
Commerce.
Committee.
a
Legislative
years he
nine
For
District
on
the Federal Ad¬
visory Council and was President
of the Connecticut Bankers' Asso¬
to
■ ..
effective Aug.
of
Mr. Cardner,
a
graduate of Colgate University, is
resigning his present position as
Bank
He
the
of
State
of
Delaware.
formerly with the Chase
was
Securities
Corp.
and
Chase
the
Trust
National Bank of New York,
The plans, proposed by the di¬
rectors of the First National Bank
Philadelphia, to reduce the par
of capital stock from $100
$10, were approved by the
stockholders on July 28. The Pres¬
value
to
K.
San
President
Company
Lockhead,
Trust
Francisco,
the
announces
appointment of William M. Hale,
Executive Vice-President.
as
preferred stock of a par
of $25 a share, aggregating
-
shares of
value
In addition to the "call
$100,000.
price"
$26.50
of
the
preferred
stockholders will receive 50 cents
a
for the six months
share payable
ending Oct. 1.
"Sun,"
Baltimore
Th^
•
from
which this is learned, also says:
As
convenience, however, the
payment
a
bank announces that full
will be
receipt of
presentation of
dividend
the
including
made at any time after
the call notice on
the certificates.
The Calvert Bank also
reported
that it has retired during the past
week $62,000
bank's
been
to
$100,000.
was
surplus
Payments To Life Policy
Holders, Beneficiaries
Total
payments
to
American
policyholders and beneficiaries by
the life insurance companies for
and this has since
increased to $600,000 by the
partial retirement of the deben¬
tures.
When the preferred stock
is redeemed the surplus account
will
be
further
increased
to
$700,000.
crease
been named Assistant
Trust Officer of the Central Trust
Company of Cincinnati, O., it was
announced
by the company on
18.
Mr. Bechtel was for¬
merly Senior Trust Administrator
Co.
sylvania, and the American Insti¬
tute of Banking. For a number of
years
he was associated with the
Bank."
Chase National
The Ottoville Bank Company
of
Ottoville, Putnam County, O., has
been admitted to membership in
the
Federal
Reserve
System,
according to the In¬
Life Insurance, which
of last year,
of
stitute
that increases
27 stated
July
on
shown in death benefits, in
were
payments
matured
on
endow¬
ments, under annuities and in div¬
policy holders. Surren¬
and payments
account of disability declined.
idends to
der value payments
on
advices the Institute also
In its
said:
<
„
-
^
>v
'
-
policyholders "or
the cash value of their policies has
"The
been
a
of
call
much smaller scale than
on a
continuing'the down¬
year ago,
ward trend that has held over
two
years
■
primarily be¬
financial position
of
has improved
the
cause
the
more.This
and
resulted
has
trend
Halsey G. Bechtel, Jr., of New
of $45,185,000 over the pay¬
ments in the corresponding period
last
York, has
months of the year
the first five
amounted to $1,066,063,000, an in¬
$538,000
amount
30,
June
on
Reconstruction
Corporation, reducing the
Finance
outstanding
The
of its capital deben¬
held by the
tures
families
American
in the war
It also reflects
period.
value attached to se¬
during wartime, and the
consequently greater determina¬
the greater
curity
tion by
policyholders to maintain
their insurance in force.
"The
value
aggregate
payments
month period was
this
it
level
is
surrender
the
five
$98,479,000. At
of
for
that
believed
a
substantial part of the pay¬
ments
represent
surrenders of
very
policies because the need for in¬
has been fulfilled and the
surance
desires
policyholder
to
use
the
provide for retire¬
income, for educational or
cash value
ment
to
other constructive
purpose."
Death benefit payments in the
announced five month period were $518,275,on
July 20 by President M. J.
000, an increase of $50,455,000 as:
Fleming of the Federal Reserve
compared with a year ago. The
Bank of Cleveland, bringing the
increase in the number of death
Fourth District,
of
-
American
the
of
investment officer of the Farmers
number
district
it
was
the
Ottoville
of member banks in
to
710.
The
claims
was
approximately 54,000.
May payments were above
those
Bank, located 22 miles northwest a year ago, marking a continua¬
of Lima, O., and serving an agri¬
tion of the gradual upward trend.
ident of the bank, Harry C. Carr,
cultural community with an esti¬
told the stockholders at the meet¬
mated
population of 2,500, was
ing that 10 new shares of stock
Year Book Of III. Bankers
will be issued for one of the old incorporated in 1903 with a paidThe Year Book of the Illinois
in capital of $25,000.
It has de¬
shares, according to the Philadel¬
Officers Bankers Association for the cur¬
phia Evening "Bulletin," which posits of about $850,000.
of the
bank are: A. J. Miller, rent year 1944-45 has just been
quoted Mr. Carr as saying:
distributed to the member banks.
"It is the present thought of the President; J. T. Remlinger, VicePresident; Miss Catherine Miller, It presents information concern¬
Board; of Directors to continue
ing the setup of the Association
the payment of the same total Cashier, and Miss Margaret Miller,
Assistant Cashier.
The directors and contains a complete list of the
amount of dividends, that is to
committee appointments, person¬
are A. J. Miller, W. T. Remlinger,
say, $1.60 annually per share on
Miss
Catherine
Miller,
Edward nel of the Council of Administra¬
the new stock, as against $16 per
Miller and Joseph Otte.
tion, the officers of the ten groups
share
annually on the present
and the Trust Division, the Dec¬
stock."
The stockholders of the Winters
previous item regarding the
National Bank of Dayton, Ohio,
in the par value of the
bank's stock appeared in our July approved on July 25, the proposed
changes in the capitalization pro¬
20 issue, page 320.
viding for an increase in common
stock from $1,500,000 to $3,000,000
William K. Gamble, Vice-Presi¬ and to reduce the par value from
A
change
Director
Trust
Co.
of
the
Potter
with
the
Trust Co. in 1907.
Potter
Title
&
of Policy adopted at the
stitution
and
and
By-Laws, the rules
governing
the
regulations
National
increased
surplus from $7,000,000 to $10,-
historical data of the conventions,
$100 to $20 per share.
The
First
Wisconsin
Bank of Milwaukee has
its
laration
54th Annual Convention, the Con¬
the rules governing crime
prevention activities, and the re¬
ward
offer for the
capture of
bank robbers, a map of the state
shov/ing the divisions of the ten
groups, and a complete member¬
ship list by groups.
It also has
of Pittsburgh,
Pa., died at his home on July 27
after a long illness.
He was 73
years of age.
He became asso¬
ciated
director
1.
share.
a
of
President
sistant Vice-President of the Bank
$20
James
the direc¬
of Balti¬
by
of of New York, said the Cincinnati
the First National Bank of Jersey "Enquirer,"
which
added that
City, N. J., announces the appoint¬ "Mr. Bechtel received his educa¬
ment of Roland C. Cardner as As¬ tion at the University of Penn¬
Graham,
stock¬
Commerce
V
of the Chemical Bank & Trust
Kelley
the
of
the
that
reported
Co. of Kansas
July
ciation in 1940.
&
a
also
represented the First Federal Re¬
serve
and
was
and
member of its Federal
dent
Howell
American
the
of
Association
Bankers'
Title
1901.
Mr.
Hughes in the
member of the Execu¬
Council
for many years asso¬
the entire street floor on the
48th Street side and, on the Sixth ciated with the Carnegie Steel Co.
Avenue front, from 48th Street in Pittsburgh, having been made
north to the principal entrance of head of its credit department in
cupy
assistant
was
insurance investigation.
was a
tive
he
Evans
Charles
to
also
when
I90o
and
coming to New York, Mr.
was
as
Insur¬
Risk
<
'
.
,
holders
redemption next Oct. 1 the en¬
tire
outstanding issue of 4,000
ance.
.
parture
said:
War
on
is
It
for
the New Haven Advisory
Committee
the
with
keeping
in
policy
erations.
Md., that they have called
more,
Work
Committee
Loan
Liberty
is
was
V
—
announced
is
It
National
pared for its Latin American cor¬ Bank and Trust Co. of New York,
respondents and customers.
On died suddenly in a drugstore in
the first page appeared the fol¬ the Hotel Ambassador on
July 31,
lowing statement, signed by the not far from his home at 375 Park
head
of
the
Foreign Division, Avenue.
Mr. Howell, who
was
Mario Diez:
Educational
on
meeting of the board of di¬
that the
a
of maintaining a
strong position for wartime serv¬
ice and building for post-war op¬
tors of the Calvert Bank
for drafted men and a member of
the
with the
employed an original and unusual timore, Md., and he relinquished
his connection as Secretary-Treas¬
way of declaring its interest in
the development of two-way trade urer of that company to accept
the new position.
with Latin America. ' Arthur S.
tion
Committee
ac¬
City, Mo., will vote
compared with $83,482,502 on Dec. Aug. 26 on a proposal to split the
bank's stock five for one, reducing
31.
Deposits amounted to $79,091,470, as against $78,863,907 six the par value from $100 a share
.
John E. Bierwirth,
effected by
The action was authorized
bank's
$2,000,000, maturing in 1954.
As of June 30, Maryland Trust
showed total assets of $84,756,651,
f
ing structures on the West Side,
located on the site now occupied
,
was
to the surplus
profits
move
notes
amount
;
r
increase
rectors. Mr. Kasten stated
Mr. Boyce
year,
from
transferring $3,000,000 from undi¬
^
the
learned
is
"Journal," which
Milwaukee
the
Kasten,
Walter
by
This
President.
000,000, making that account now
equal to the bank's
capital—it is
groups,
past
urers.
presidents
and
past
treas¬
@FedFRASER