Full text of Commercial and Financial Chronicle : August 31, 1944, Vol. 160, No. 4312, Section 3

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Volume 1601 Number 4312

;

In 3 Sections

ESTABLISHED OVER 100 YEARS

Edition

Final

*

New

i

York, N. Y., Thursday, August 31,

Price

1944

Section 3

-

Copy

60 Cents a

Hull And Dewey
Organization ~ANon-Partisan Subject'

Substantial Agreement Between
;;

:

by

•

of

:

\ Now that the end^of the war is "in sight," or believed
many to be, speculation lis" rife regarding many aspects
post-war life. ^ To what extent and how quickly will it

possible to return to our usual; pre-war way of doing
things?.. And shall we "find it possible, or feasible'' to re¬
ctum fairly promptly and in: substantial degree to the preNew/Deal freedoms from Interference^ and Government
intermeddling?
Or shall we find it "necessary" to continue
"controls,'a "rationing,'' managed economy in general, and
be

-

.

competition"Vwiith business

Government'

./

■ on

an

-increased

I scate? 1 Shall we find this "hpnd-outs" to millions in
:
ally pq\^iiul jelementsm- theipopulation; sucby^
as labor and the farmer; agaiji "unavoidable"?r >-::; ;*
•

■

•

.

discussion desirable during the
1 1944 political campaign.
; Associated Press advices from

:

/

owing to say:/'

supplying answers

which if fully accepted would place this country definitely
in the column of "socialist;*republics."'
The danger of some

in the post-war years is
-slight^ and it'» is enhanced, by muddled . tbiiiking (more
often than not induced by the clever propaganda of the,
socialists and fellow travelers and by what over-indulgence
'/ in slogans has done to our mental processes.
We may rest
assured that there is a large and in Washington quite influ¬
ential element in public life which probably quite sincerely
believes that something akin to the Russian system would be
; of great benefit to the American people. They are supported
{ by a good many others who, while they are not particularly
interested in "isms," have somehow become convinced that
not

■

-(Continued; on page 967)

r

the

■

•

?

.

.-half of Gov. Dewey.

•

tional

views

', t

that

'

.

the

described

"Secretary Hull and Mr.

Hon.

Cordell

Hull

substance."
he went on, that
Dewey's views as he pre¬

rather than of

felt sure,

covered only the inter¬ Gov.
organization and
sented them to Mr. Hull will be
expected there would be
plenty of partisan discussion on given due weight in the delibera¬
other aspects of 'foreign affairs,

history

—

as a non-partisan subject
which must be kept-* entirely out

peace

Mr. Dulles on behalf
- stated
that the
this view, on the
understanding, however, that it
did not preclude full public non¬
partisan discussion of the means
of attaining a lasting peace.

of

politics.

of

Gov.

Washington
Ahead i Of/TheNews
human
Pro¬

been in

with Gov. Dewey

greatest mockeries we have ever heard on the
development that has just occurred around the War
duction Board. As we have understood World War II. it was a ques¬
tion of whether American industry would go all out; if it were
level."
:that, there was not the slightest doubt about the outcome
really we are the greatest nation of productivity in the
re- / "We recognize that there can
One of the

\

close
through¬
out the last three days and that
the * Governor
wanted .it made
-lear that the agreement with Mr.
Hull does not preclude discussing
the peace organization on a "high
had

he

said

He

touch

CARLISLE BARGERON

By

"especially in regard to past con¬
duct. of foreign policy."

is the

race

member

•

very

through a year's
agitation against Industry before
Pearl Harbor. Books were writteri
against oue nonsensical economic
system, U entitled
"Business As
Usual," etc. The trouble was that

the

in

well

<£-

-

v

-Pearl

pre

agita¬

Harbor

tion, that Mr.
Harold Laski,
a

-"brilliant"

will

be

omist,

came

abroad,

and talk¬
ing l to " our
t h i ri k e r s in

over,

better

"You

are

talking about
how much ydu
should pro-,
duce. Why

not

just go all out
and
produce
f\
and
see
how
J

much you

this
-

really can

His attitude was

,'

Carlisle Bargeron

the

;
■

produce?"

sort of a Gallup

There is a question about
things, let's have a show of hands.
survey.

vote? Mr. Laski was
about the potentialities
of
various
men
and
various
wealth, and as a matter of some¬
thing he and his colleagues could
subsequently write about in a
book, the subject should be de¬
termined. How could he tell his
pupils in the London School of
Economics just what this country

How do you

npt sure

was

leave

to

charges of bad

"And
a

we

have got to

table.'
"And
it

do

unless

'

"pretty

'

a

manifestation

made?




regard to what
Government demands were or
without any

with¬
orders from the Govern¬
for tanks, they were to quit

would be.

For some reason,

out any

ment

;

-7

Fro n*

Situation

Page

'

'

Ahead

Washington

New*

.....

/v;

.,// V-

cf

the

v;

Moody's Bond Prices and Yields
Ttems About Banks and Trust Cos..

•

General

State

9^1
973

976

972

Trading on New York Exchanges
NYSE Odd-Lot Trading..."....;
v

972

of Trade

Review

Commodity Prices,

matically about it.

(Continued on page 967)

R^e'-ve
dexes

Carloadings

Board's

July

.....

Business

President Roosevelt

spreading that spirit

962
Domestic Index,. 974

975
manufacturing automobiles.
Weekly Engineering Construction,., 971
Well, there came Pearl Harbor
Paperboard Industry Statistics. ;
975
about which history will sometime
Weekly Lumber Movement.....
975
tell us, and thenceforth there was
Fertilizer Association Price Index..; 971
never
any doubt on the part of
Weekly Coal and Coke Output/.
974
any industrialist that, regardless
Weekly Steel Review*..........
971
of his predilections, the thing fo^
Moody's Daily Commodity Index... 973
him to do was now to "go all out."
Weekly Crude Oil Production
973
The automobile industry closed up
Non-Ferrous Metals Market..,
974
on its commercial pursuits almost
Weekly Electric Output
971
overnight, and the Washington
English Gold and Silver Markets... 973
correspondents wrote quite dra¬ Crop Report as of Aug. 1
958
Weekly

7

,"

•.

•/

-.

•

hopeful that
because of the

am very

done,

It is
this close rela¬
tionship between the British Em¬
pire and the United States.. This
great friendship between the Rus¬
sian people and the American peo¬
ple—that is new. Let's hang on
to both friendships, and by
something

961

/■"..*

/ Regular Features

*

be

I

well in the last few years.

Editorial

Financial

can

•;,'
so

spirit that has been shown in the
past in getting together for the
winning of the war.
But that is
the spirit that we have learned so

GENERAL CONTENTS

notwithstanding they had

make, not merely a peace

peace

for

room

(Continued on page 964)

that will last, and a peace in which the
larger nations will work absolutely in unison in pre¬
venting war by force.
But the four of us have to be
friends, conferring all the time—
the basis of getting to know each
other—'putting their feet on the

but

faith/' v-

Dulles said he was

Mr.

communications and better

Washington
thinkersr were ready to sell- the
country down the
river rather
than "go all out." This means the
automobile
people
should quit
selling automobiles overnight and
steel people should quit selling
steel overnight; they should do

h ington,

could

want

don't

information than our

said, in effect:
'.

be

what is
and what is not non-partisan," the
New
Yorker asserted, "and we

honest disagreements over

industrialists who did not
knovr*the import J of happenings

econ¬

a s

Well, we went

question of whether there
complete agreement on

Personalities And Problems

our

British

W

to do
because
world. We

Dewey,

Governor shared

"The

national security

the

maintains

position that the American people
consider
the
subject of - future

that he

From

Secretary

"The

/ Messrs.

He

Dulles
about

expect to continue to confer
developments as they arise.

•

agreement — which he
as unique in American

There

on numerous

subject.'

-

•

and security organ¬
was/agreement of
aspects of this

peace

ization.

Hull and Dulles will
continue their conferences and the
Republican nominee, through Mr. Dulles, his adviser on foreign
jpolicy, will be kept advised of developments in the three-power
world security discussions under<*>
much in agreement with the Sec¬
way'here at Dumbarton Oaks.
retary but there are areas where
Mr. Dulles told reporters later
there are differences of emphasis
E. Dewey

Thomas

problems connected with
establishment of an interna¬

various

/'Mr. Dulles and Secretary Hull
Issued; a statement after three
neetings
in
which Mr. Dulles
Acted:as agent for Gov. Dewey,
he Republican Presidential nom¬
inee; -Mr. Dulles said the agree¬
ment was made — to the extent
that there is agreement — on be-

! such development in this country
•

Gov.

Washington, as given in the New
fork "Sun" Aug. 25 had the fol-

:::False;. J Answers.1.4

"advanced thinkers"

Hull and Mr. Dulles,
Dewey's representative, they
had an exchange of views on the
Secretary

.

.

v

tions there are many

•

]

agreement on views as to the establishment of an«tions at Dumbarton Oaks. He de¬
Organization are reported as a result of three
clined to say whether inclusion of
meetings held between Secretary of State Hull and John Foster Gov. Dewey's views would neces¬
Dulles, who met-with Mr. Hull as the representative of Thomas E. sitate any changes in the Amer¬
Dewey, Governor of New York, and Republican nominee for Presi¬ ican plan before the conference.
dent.
.,.v*'
1
He added that he has the text of
v":7, ■ *V*;V" It was stated, however, on Aug.
'
the American document.
"*5. with respect to the conferences
The following is the joint state¬
*
.hat the views on "a nonpartisan
ment issued by the State Depart¬
subject" failed to reach immediate
ment on Aug. 25:
'
agreement on the extent of public
"In the three meetings between
Substantial

International Security

These; aridfsimilar questions are being quite/sincerely
and anxiously tasked, by ^ thousands?<jf' intelligent ' citizens
throughout the country today, and to these and similar, ques-.

•-%

;

//. •

v,

j

politlC-

On Peace

In¬

...,972

have

a

new,

around the world, we may

grandchildren to
Roosevelt to the delegates

peaceful period for our

grow up in."—President
to the Dumbarton Oaks Conference.

y '
belittle the importance of the
amenities of international life—or to. object, to
friendly personal contacts among officials. , ' *
But let no one suppose that world affairs are as
simple or as easily disposed of as is here suggested.
No

one

There

is likely to

are

real

problems which far

transcend

personalities, and, of course, foreign policies,
which are purely or even chiefly personal in nature,
are
foreign to the American traditions—and to
American safety.:

mere

erage gross crude oil production
established a new high'record the

The State Of Trade
The confusion .over the problem

of reconversion of industry to a

peace-time basis was heightened the past week by the resig¬
Wilson, Vice-Chairman of the WPB. Relations
between Mr. Nelson, head of the Board, and his assistant, Mr. Wilson,
were at times somewhat stormy, but from all accounts the present

*

Approves Bill Amending Soldier Vote Act To
Relax Restrictions On Joviss, Reading Her
On

.

troleum, however, decreased 557,-

nation of Charles E.

'»

FDH

past week with runs to stills for
the industry as a whole also up.
Domestic and foreign crude pe¬

normal

.

Thursday, August 31, 1944

THE COMMERCIAL & FINANCIAL CHRONICLE

962

000 barrels in the week.

dropped

shipments

further

week with new orders

upheaval in the Board does not stem from this cause. As Mr. Wilson
plained, he was moved to such^
drastic
program
and
manpower
action, because of "at¬ tions
tacks"
upon
him "inspired by shortages, sent the Federal Re¬
subordinate officials of the Board." serve Board's industrial produc¬

above

for the
/, ;';Y toY/to

A

period.
Steel

Industry—The

news

last

21, President Roosevelt signed the- soldier-vote-law
relaxing restrictions on the dissemination of political
and opinion among members of the armed services.
The bUl

was approved by the President; it passed
Aug. 15 and the House on Aug. 16.
Under date of
Aug. 21, Associated Press advices from Washington stated:
_■
;

embodying the amendments

only 0.6%

production

Aug.

amendments

Lumber

the

same

'

Senate

on

.

Sponsors said the effect of the^—;

American

—

amendments would be

to.open the announcement, "it is found that
Iron
and
Steel
Institute i an¬
way
for; sale and distribution ■only informal Ydiscusions of the
Thus, from the foregoing it would tion down to 233% of the 1935-39 nounced last Monday that the op¬ through Army post exchanges and pictures have taken place. No ocaverage in July.
In June the in¬ erating r^te of steel companies Navy ships' stores of any news¬ casion has yet arisen for the War
seem to indicate that top-ranking
officials of the Board were un¬ dex stood at 235 and in July, 1943, (including 94% of the industry) papers, magazines and books in
Department to determine whether
will be 97.1 % of capacity for week
it was 240.
able to control and keep within
general circulation among civil¬ these
particular
pictures
arfe
Steel
and
non-ferrous
metal beginning Aug. 28, compared with ians—within the limits of avail¬ available or eligible for showing
proper bounds the actionfof their
94.5% one week ago. This week's able
subordinates, presenting a very production fell to levels 8 and
to troops."
transportation.
<
In the case of radio broadcasts
unhealthy situation in one of the 20% below the high levels of last operating rate is equivalent to
;
We likewise quote the following
most important agencies of our autumn, the Board stated. A small 1,739,300 tons of steel ingots and the only limitation
applied is that (Associated.Press) from Washing¬
decrease in activity in transporta¬ castings, compared with 1,692,800 if political speeches are rebroad- ton, Aug. 22, as given in the New
government.
net tons last week and 1,732,500 cast to
Both Mr. Nelson and Mr. Wil¬ tion equipment industries reflect¬
troops over government- York "Herald Tribune."
;
ed in part the indirect effects of tons one year ago.
The drastic restrictions of the
operated stations, equal time shall
son are well regarded by industry,
and in a sense, it looked to them manpower shortgages in foundries
"Factors, more or less non-opT be allowed to any political party dissemination of books, magazines,
and continued readjustments in erative since America entered the having a Presidential candidate in newspapers, motion pictures and
as spokesmen in government cir¬
the shipbuilding and aircraft in¬ war, have begun to creep into the six or more states.,
other reading and entertainment
cles to espouse the cause of early
1, Motion pictures generally avail¬ material
among
soldiers
were
reconversion of industry on
a dustries. Output of manufactured steel industry market within the
scale compatible with our war ef¬ dairy products and meats, after past few weeks," states the "Iron able to the public may be shown withdrawn by the War Depart¬
without restriction, but shall be ment today in radio instructions
allowance
for
seasonal
change, Age," in its current issue.
fort. Just what effect Mr. Wilson's
Some
reputed temporary absence from was maintained in July, while of these factors are still quite selected in an "impartial and non¬ to all Army commanders through¬
out the world.
the WPB, induced by his mission output of other food products de¬ weak, but others bear all the earr partisan" manner.
If
marks of those items which, dur¬
transportation-space
prob¬
Acting, promptly after President
'
to China, will mean to that effort, clined slightly.
Mid-Income Living Costs—Liv¬ ing normal times, establish dif- lems require a selection of books Roosevelt's approval yesterday of
industry is anxious to know.
It
must be recognized, however, that ing costs of moderate income city inite trends in the iron and steel and other publications, the new Congressional amendments to the
bill directs that the choices shall soldier voting act, the War De—
thf fate of such a tremendous task families rose by 0.6% in the industry. Scrap markets the last
have
and the importance it bears to our month ending July 15, with high¬ week
grown
definitely be made in "some impartial man¬ partment placed soldiers on sub¬
economic well-being cannot, in er prices for food accounting for a weaker throughout the country, ner" prescribed by the Army and stantially the same basis as civil¬
the final analysis, rest solely upon large part of the increase, reports the magazine reports, with this Navy, such as a poll among troops ians where reading and entertain-1
-

,

,

.

,

y

; the

of

shoulders

Nelson's

one

individual.

Acting
Chairman, Mr. J. A. Krug, has
1 been connected with the Board
in an important capacity prior to
Mr.

successor,

,

S. Navy

his entrance into the U.

and it is understood that he is at

heart

business man.

a

would

seem

to

Hence, it

follow

that

he

Secretary of Labor, Frances Per¬
kins.

Explaining the cause of the
rise in food prices by 1.3% over
the level of the previous month,
she attributed the advance large¬
increase in egg prices,
which were up by 15% to an av¬
ly

to

erage

Cost

an

of about 53 cents
of

fresh

fruits

and

a

dozen.

vegeta¬

recommendations
of
expert
by ac¬ or
quotations and sales below committees.
,1 Left
in -the -anti-propaganda
the OPA ceilings or by a complete
lack of activity.
Such factors in section of the act is a ban against
normal times have always por¬ propaganda material paid for by
It applies to
tended the imminence of a down¬ government funds.
ward trend in scrap prices.
The any government-financed printed
anticipated defeat of Germany, matter, film or radio presentation
reflected

is

in

present

which "when considered in its

scrap

would be

sympathetic to any gen¬ bles were also factors in higher market
movements,
and
when
that will lighten indus¬ living costs, but meat prices, ac¬ it becomes an established fact,
try's burdens in its readjustment cording to the Secretary of Labor, the magazine adds, these move¬
to normal post-war production.
declined by 0.4%. It is reasonable ments will probably have a more
But then, the question again to suspect the large egg purchases concrete effect upon scrap quota¬
tions.
Declines in quotations of
arises, whether Mr. Krug will be by the Government were greatly
grades of
scrap
were
dominated and retarded by the instrumental in forcing egg prices various
same
influences
that
Small in¬ noted the past week in districts
brought to such high levels.
such as New York, Philadelphia,
in
about the upheaval in the first creases
prices
of
clothing,
instance.
U such is the case, in¬ house furnishings, fuel, electricity Pittsburgh and Cleveland, arid
uine plan

.

dustry will be hampered in a se¬
way in its reconversion to
civilian production.
As for Mr.
rious

and

miscellaneous

services

all

played their part in increasing the
burden

for

this

group.

In

the

ended July 15, average prices

Krug, he indicated that he would
hesitate to chop heads, even of family essentials
rose
1.8%,
if they were those of the top bus¬ compared with advances of 6%
iness men or others in the organi¬ and 11%, respectively, in the two
zation, if they could not work in preceding
years,
Miss Perkins
harmony both on war production disclosed.
year

not

•

ment matter of general circulation
is
concerned.
Army post ex-?

weakness reflected either

tual

the

absence

of springboard

pay¬

ments, continues the "Iron Age,"
a device for attracting scrap from

changes, hitherto fettered by the
department's close interpretation;
of the

result"

of

Presidential

a

can,

of

of

the

district, is practically

universal.

whole national

econ¬

preted the language of the orig¬
act to prohibit the distribu¬
tion, at government expense or
through Army pest exchanges, of
numerous
books and magazines
and some newspapers containing
political opinion.

inal

by only I % over the reported of areas servicing plants
same week of 1943, and for New
with heavy war contracts for a
York City, a decrease of 8% be¬ multitude of items.
Thus, indica¬
low the corresponding Week of, tions lean toward a certain re¬

dark," he stated.
In
stressing the need for foreign
markets, he did not fail to ex¬
press his opposition to "indiscrim¬ last year.
inate dumping" of surplus, be¬
On the
industrial front steel
cause he explained such measures
production snapped back again to
would soon lead to retaliation and
its former high rate of 97.1% of
to new and more restrictive trade
capacity, according to scheduled
barriers.
output for the week beginning
Instead, he advocated interna¬ Aug. 28.
This compares with
tional commodity agreements de¬ 94.5% in the week starting on
signed to stabilize markets and Aug. 21, last. Electric kilowatt
prices by eliminating cutthroat output also moved ahead over the
competition. He felt that Govern¬ previous week and for a year ago,
ment programs to increase con¬ while
carloadings
of
revenue
sumption of food and clothing freight recorded a decline of 1%
along the lines of the pre-war below the preceding week and
food stamp plan would be needed 0.4% below
loadings for the cor¬
omy,

A

are

in

straint

were

broadcasts

Small

declines

in

output

in

a

the

week,

while

bee-hive

buying,

an

cordance

discloses.

Earnings — Earnings
companies continue' to

flect declines for the third

of
re¬

developments

succes¬

will

Calculations

based

en

the




this

1942 these
-

period

in

1943.

companies earned

(Continued

on page

Aug. 28 that in

an¬

ac¬

with

of
or
re¬

States,

accepted for registration

;

Valuable

important

or

*

papers.
?

(b)

Small

value.

articles

(These

of

-

intrinsic

registered

articles

must be sealed and bear the first-

class rate of postage

and be pre-;

pared

adequately
for
overseas
shipment in parcels weighing not
more than eight
ounces, and the
mailing (not registration) thereof
must be

the

specifically requested by
The registration

addressees.

service

authorized

in

this

para¬

graph is intended to cover the
mailing of such items as watches,
eye glass or fountain pens, espe—,
dally desired
and
not
readily
available

overseas.

(Foodstuffs,

including candy, will not be ac¬
cepted for dispatch to APO's out¬
side the continental United States"

under the provisions of this
para-'

graph.)

Indemnity is payable when apY ■; YY:Y-YY'Yy
YYto'-

the

plicable.

.

During the mailing period for
Christmas packages, Sept. 15 to;
Oct.
15, 1944, inclusive, the re-".
quirement of a request .will be
waived when

accepting for regis- Y

tration parcels addressed to
seas

over¬

APO's containing small arti¬

cles of intrinsic value other than

foodstuffs, including candy,
weighing not more than eight

*

Y

that ""information

be

(a)

banned from distribution to

-■*

on

lowing:

stressed the magazine,
troops were never even consid¬
'"Steel," pointing to the combined
ered, disclosed at. the same time
net earnings of the leading com¬
that its list of forbidden books had
panies for the first six months of
grown to fifteen.
1944.

can

when the matter contained there¬
in is in accordance with the fol¬

year,

reports of the 20 companies turn¬

what it
r

ceiving mail through APO's out¬

lowing from Washington, Aug. 12-:
The Army, admitting tonight that
two motion pictures it had said
were

sive

later

v

side the continental United

Associated Press reported the fol¬

•

Steel
Steel

to

to

arrangements
the War Department, letters
packages addressed to persons

elections.

.As

as

Postmaster Albert Goldman
nounced

r

political
Department,

War

Registered Mail To APO's

drafted

fluence the results of the national

analysis of trade re¬

in

strictly

a

restricted

by Senator Theodore F. Green,
Democrat, of Rhode Island, in col¬

prohibits the distribu¬
tion by the armed forces of books,
magazines or other material con¬
taining matters calculated toY in¬

ports for the "not-distant future,"

coke during

industries, reflecting <totout for the United .States iniminor adjustments in the muniproved .by lOjSod tons. Daily avof

the

is

and cannot t do.

Tonight,
after
high-ranking
ing out 88% of the total ingot ca¬
officers had spent most of the day
pacity during the six months end¬ conferring on a report of what
in
post-war years, even under responding period of 1943;
Production of both bituminous ed June 30 earned a net of $78,- actually. Lad occurred, a cautious¬
conditions of full employment.
ly worded/statement was issued
Industrial Production In July— and anthracite coal declined iin 525,445, compared to $87,181,555

number

of

now

That act

the matter of forward

distribution

Only on material which the Y
Army originates, or on radio renature,

With respect to steel

advanced

for

general;

•

.

our

are now free to pur¬

unappropriated funds

own

laboration with Senator Robert A.

out

sponsored
by<
Taft, Republi¬

circulation among civilians as well.

orders, the
Taft, Republican, of Ohio, and
magazine points out that market Army and Navy representatives.
trends for last week were mixed.
While supporting the amend¬
Current orders are running heavy
ments
Senator
Taft
contended
and reconversion.
with shipments strong and back¬
Weekly Summary—On the milthat; the War Department had
Agriculture's Post-War Needs— itary front last week the world logs undergoing little change. Thip placed "nonsensical" interpreta¬
Full industrial employment, sup¬ learned of Germany's capitulation is particularly true of Pittsburgh tions on the
original act and that
plementary steps to increase con¬ of Paris, the breaking up of Nazi and Cleveland, where the shell this led to widespread misunder¬
affiliations in the Balkans and the steel program dominates produc¬
sumption by low income groups,
standings and criticisms of it.
and expansion of world trade, ac¬ speed of the advance of Allied tion schedules. No evidence of a ;
The move toward amending the
cording to Secretary of Agricul¬ armies in southern France, all let-up in order volume is appar¬ Act followed the action of the
ture Wickard, are the essential tending to hasten the final day of ent in the Pittsburgh area where
Army in banning on Aug. 9 the
conditions for a prosperous post¬ reckoning for the enemy.
Despite demand for heavier products is distribution to troops of the mo¬
war agriculture.
Speaking before the good news stocks declined for predominant, the above authority tion picture "Wilson" dramatizing
a special committee of the House
the week and sales volume tap¬ discloses. Summing up the order the career of the First World War
of Representatives
on
post-war ered off. The same held true for situation, the magazine concludes, President and,the picture "Heav¬
economic policy and planning, the stock .prices
near
the close of by saying that "current reports of enly, Days" starring Fibber - McSecretary stated that agriculture' World War I, when Germany ten¬ restricted buying and heavy can¬ Gee and Molly.
As to this the
is confronted with many difficult dered her first request for terms. cellations are not borne, out in Associated Press said:
\
problems, chief of which would As for business establishments that area. Practically all major
: The War Department said today
be finding markets for what he failures in the United States ad¬ steel
districts report
no
heavy both pictures had been banned by
termed its "tremendous produc¬ vanced from 16 in the previous volume of cancellations."
j
a
board of the morale services
tive capacity."
"If we fall very week to 19 the past week, while
as
Constant scrutiny of inventories division
containing material
short of putting to use all that our department store sales on a coun¬ to
prevent
overbuying
in the which might be cbnstrued as vio¬
farmers are able to turn out, the try-wide basis taken from the event
the
European war end^ lating provisions of the Soldier
prospects for agriculture, and in¬ Federal Reserve Board's • index, within the next few months, is Voting Act. YY/Yto
deed for

their

A.

camps any such material with the
sole proviso that it be of

or

The War Department had inter¬

amendments

of Ohio,

chase from

en¬

Congressional election.
Y,

bill

vote

Senator Robert

tirety, contains political propa¬
ganda obviously designed to affect
the

original restrictions in the

soldier

ounces,

sealed

and

bearing

the-

first-class rate of postage.
The exportation of currency to
most overseas APO's is prohibited;

which reached; and it is not advisable to enclose

In the
press
: was in error."
1: currency in any letters. The use
"Upon investigation by the Bu-: of money order service for remit¬

more

970) V

■

reau

of Public

Relations,'' said the

tances is recommended.

;

.

'

1:1

t

I

''■••Y, Y ■)

;

,Yi to 11

■

•

.to.j.

'

: ■

;

y

Volume

963

& FINANCIAL CHRONICLE

THE COMMERCIAL

Number 4312

160

effort and,

Wilson Resigns

To Congress On Lend-Lease

President Reports

■;iThe resignation of Charles E. Wilson as Executive

Total Since 1041 Is $28,270,000,000

g

of the War Production Board was made known at

the 16th report on LendRoosevelt stated that "lend-lease sup¬
plies and services provided to our Allies in the three months ending
June 30, 1944, amounted to $4,045,000,000 in value.
In all, lend-lease
has been provided in the amount of $28,270,000,000."
In his message, the President pointed out that "we should not
permit any weakening of this sys-<$

and

operations, President

combined war

of

supply to

day or
life of

delay final victory a single
to cost unnecessarily the
one

"

unconditional surren¬

$3,630,-

in

is

fects

war

a

program,

Associated

In

the

continue

should

we

advices

Press

Aug. 23, it was
noted that in addition to the total

of sup¬
consigned to

above, $678,241,000 worth

have

been

American commanding

generals in

subsequent lendlease transfer to Allied forces.
also

ing them. American industry

inspired

me.

best.

Board.

agreed then it would require six

conclusion

officials

of

the

apparent to me," said Mr.

is

will

months'

upon

me

f-;'

service.

Last December,

the Board

with

have

000,000.
The report emphasized,
however, that the ultimate meas¬

this without publicity

done

publicity might

interfere with war

"

the

also

that I

need not tell you

because I believe

to Congress:
To the Congress of the United
States of "America—

to

■%,;

when I had been

for

more

than a

given

have

I
the

For

reasons

my

stated

above, I have reached the definite
that

I

best

can

the country and you by

tender

I

Therefore

serve

resigning..

herewith

my

resignation to take effect today.
President Roosevelt's Reply

:

production."

condition

such

in

Were

that

Aug. 24, 1944.
Dear Charlie:
have

I
your

I

-

letter

your

You

are

tendering

'r;

resignation.
correct in

stating that

originally I requested you to come
to Wahington to solve
some of

could ask to be released. But you

the problems connected with the
prevailed upon me. to remain, in¬ aircraft and shipping programs.
dicating that"'you might consent The wonderful record we have
to my leaving about the end of made in aircraft production and
July. Last Saturday you again shipping construction is evidence
presented the same request. You of the splendid contribution you
asked that I remain until Ger¬ made to the war effort.
many capitulated or the several
It was because of your success
,

In his

reply, the President stated

that, "of course, I have been aware
of some dissention within the War
Production Board. I had hoped it

I am submitting

Puruant to law,

letter

his

proved and set in operation many
steps which have already affected
reconversion to a large degree. I

message

herewith

in

reconversion and have ap¬

favor

possible for these nations to pay
for their purchases."
The following is the President's

$3,000,-

"I

said:

a

it

estimat¬

ed in value at more than

Wilson

Mr.

greatly expanded foreign
market, provided that our inter¬
national economic policies make

have

quote:

Reverse lend-lease was

war pro¬

and shipping programs,
production programs you
then believed to be lagging. We

Wilson, "that instead of being dis¬

of these products by buy¬

many

the Associated Press we

From

*

for

field

the

of

which

particularly

.

from Washington,

plies

the responsibility

me

aircraft

continued these attacks

the commercial post-war

on

yv

appreciate the great honor you

bestowed on me when you gave

and upon members of my staff year, war production had prog¬
foreign trade of the United States.
Lendwill be increased." He added: "A ressed so satisfactorily I felt my
The war has introduced American
Lease program on whatever scale
continuance of the attacks will job was completed and I asked
products to other countries in a
is necessary to make the com¬
impair the efficiency of key men you to permit me to return to my
volume
and variety never
ap¬
You insisted upon my
bined striking power of all the
and will more' than
offset any business.
proached before," it said. • ' contribution that I can make to remaining.
United Nations against our ene¬
"After the war, these countries
Again, in April, I felt that the
mies as overwhelming and as ef¬
the ' improvement of the lagging
will want to continue to obtain
production programs generally
fective as we can. make it"
programs."

both Japan and Germany,

der of

I

opinion, inspired by sub¬

his

"It

"it
likely to have stimulating ef¬
is

Country.

You have supported and

ordinate

declared that while

anything I can do to end the con¬
troversy would be a service to my
-

China, assigned

production,

war

unfair attacks which he said were,

-

The report
lend-lease

American boy.

-"Until the

worth

12.9%,

products,
585,000.

coun¬

duction.

with reluctance • by the
President, Mr. Wilson referred to

cepted

■

tern

Vice-Chairman

the White House on

Lieut.-Com. J. A. Krug has been named to succeed him,
has been designated Acting Chairman to serve while Donald M.

Nelson, Chairman of the WPB, is absent on the trip to
to him by the President.
In'tendering his resignation, ac-31

therefore, to the

try. I am unwilling to be a party
to such a controversy. I feel that

Aug. 24.

submitting to Congress on Aug. 23

In

Lease

From War Production Board

sixteenth report to

Congress on lend-lease operations.
Lend-lease supplies and services

would disappear.

I have accepted

production programs now lagging in these two important programs
had improved. I agreed and I left
that I would not accept your res-,
you with renewed inspiration.
ignation last December and again

when you is¬
statement re¬
garding Mr. Nelson's trip to China
and your request that I assume
direction of the War Production
Since

sued

Saturday,

public

your

in

April persuaded you to remain.
the same reason I requested

For

your judgment in other things,
I
you last week to remain until the
provided to our Allies in the three
must accept accept it in this mat¬
surrender of Germany.
months
ending June 30,
1944,
ter."
The President also in his
to
$4,045,000,000
in
V Of course, I have been aware of •
battles won, enemies killed, and amounted
reply took occasion to express his Board, there has; been renewed some dissension within the War
captured, and hundreds of thou¬ value. In all, lend-lease aid has
"sincere appreciation of the pa¬ circulation in the press and over Production Board.
I had hopedsands of lives saved, rather than been provided in the amount of
triotic service you have rendered the radio of stories to the effect it would disappear.
I have ac¬
in dollar figures.
$28,270,000,000.
at great personal sacrifice to your-' that because of my former posi¬
Three years ago the Axis aggres¬
cepted your judgment in other;,
In explanation of the great pre¬
tion as President of the General
self." The President further said:
sions were well along the road to
things.
I must accept it in this
ponderance of aid given oyer that
"The wonderful record we have Electric Co., from which company
matter.
domination
of
the
world.
The
received, the report said that our
made in aircraft production and I resigned when I joined the War
United States itself was in grave
With reluctance I accept your
geographical position ("the United
shipping construction is evidence Production Board, I am opposed
danger. Today the United Nations
resignation. In doing so I wish to)
States has never been bombed")
of the splendid-contribution you to reconversion.
are moving relentlessly along the
express my sincere appreciation
and material strength have called
made to the war-effort."
These
statements, like many of the
roads which lead to Berlin and
patriotic service you have,
upon us to give most toward win¬
Mr.. Wilson's letter of .resigna¬ similar statements that have ap¬ rendered at great personal sacri¬
Tokio.
W&Ml
ning the war in production and
In the preparation and execu¬ tion to the President as reported peared in recent months, were, in fice to yourself,
in money, while our major Allies
tion of the powerful offensives on from Washington by the Associ¬ my opinion, inspired by subordi¬
At a critical time in our war ef-V
are giving more in lives, destruc¬
nate officials of the Board con¬
which we are now -jointly en-, ated Press follows:
fort, your expert
knowledge of,
tion of their homelands and in
nected with the personal staff of
%
Aug. 23,4944^
gaged with our Allies, lend-lease
mass production methods contrib-.,
suffering of their people. For ex¬
Mr. Nelson.
Many of my imme¬
: ■
has fulfilled its promise.
Every & My Dear Mr. President:
uted to the success of vital pro-'
ample, it said that since June 30,
diate staff and I have presented
day that the men of our Army ■$; Two years ago you requested
grams that today are reflected in1944, robot bombs have destroyed
and our Navy go into battle lend- me to accept an appointment with to Mr. Nelson urgent requests that our
successes
on
many
battle
or
damaged an average of 700
lease is being effectively used in the War Production Board because these individuals be forced to dis¬ fronts.
Those who are charged;
houses every hour of the day and
continue their unfair attacks and
the common cause by. the heroic you thought I might contribute to
with the direction of our armed,
night in England;< Russia has lost
criticisms of members of the or¬
men of the other United Nations;
forces have frequently expressed
5,300,000 soldiers dead, captured
Through lend-lease, the full power surrender of both Japan and Ger¬ ganization. •
to me their appreciation of your
or missing, in addition to millions
Mr.- Nelson has disclaimed any
of American production is being
many,^ we should continue the
intelligent cooperation. I am sure
of civilians killed by Nazis, and
brought to bear against our com¬ lend-lease program on whatever responsibility for these attacks, as¬ I speak for them and for the peo- .
millions of Chinese soldiers and
mon
enemies by the millions of scale is necessary to make the serting that they were made with¬
pie generally when I say you have
civilians have been killed by the
fighting
men
of
our
Allies. combined striking power of all out his knowledge or approval. rendered outstanding service to
Japanese.
Through
lend-lease,
American the United Nations against our He has acknowledged many times your country.
The
casualties
in
the
armed
enemies as overwhelming and as to us that there has never been
weapons and other war supplies
Sincerely yours,
forces of the United Kingdom to¬ are
being used by our Allies to effective as we can make it.
any issue in the War Production

given and received
only in terms of

urement of aid

be found

could

•

-

;

.

'

—

.

■

-

taled 400,000 a year ago,

ing

those

Indian

and

exclud¬

colonial, Dominion

of

with

forces,

many

thousands of British soldiers

more

having been killed since then, the
report added. It said that by June
30 more than 50,000 British civil¬
ians
had
been killed
by Nazi

and

bombs,

had

fobots

lease program
and

a

half

lend-

began nearly three

years

ago

ican boy.

Until the unconditional

ing our power we can

| The White House, Aug. 23, 1944.

also

has

Per Cent

1,284 merchant and auxiliary
of under 1,000 gross tons;
637,600 ordnance

Miscellaneous expenses

621,700,000

96,046,000

0.3

Category—

jeeps and trucks." The
Allies have bought an additional

270,000 trucks,
retaining

and

tanks

1,600

the United States
own

use

-

,

.

,

•

"

:

,

1.500,000 other military

motor ve¬

Of the total aid

furnished since

;ru———

tons up)
tons)

Ships, cargo (1,000 gross
Ships (under 1,000 gross
Reverse lend-lease

but

Number
_

——

—

Ships, naval

36,500 tanks and

hicles.

100

—$28,270,351,000

:

'

Planes

with

1.9
7.8
2.2

GOODS TRANSFERRED

.

•

•

United Kingdom

•.

—

,

30,900
26,900

1,400
; 511
1,284

$3,000,000,000 as of June 30,
available only to April 1. They include:
,f
" - <Value

aid is put at over

preliminary figures are

Country.

——

-

program

—-—




———

as

ROOSEVELT.'

between small and large

problem was
that basis. He
repeatedly acknowledged
the staff and I have been

business and that no
ever

decided

Results Of Treasury

on

has also

that

fully cooperative in

that I favor
reconversion and have approved
and set in operation many steps
which have already affected re¬
conversion to a large degree.
I
have done this without publicity
because I believe publicity might

production. I
have again and again expressed
the view that I am opposed to
any interference with war pro¬
interfere with

duction as its

war

necessities are pre¬

sented to me by the

CommanderJoint Chiefs

of Staff.
It

apparent to me that in¬

is

Sill

reconversion.

I need not tell you

The

Offering

Secretary of the Treasury

announced
tenders of

on
Aug. 28 that the
$1,200,000,000, or there-

-

bills to
Aug. 31 and to mature

abouts, of 92-day Treasury
dated

be

Nov.
on

30, 1944, which were

Aug.

offered
the
Aug. 28.

25, were opened at

Federal Reserve Banks on
The details

of this issue are as

follows:
Total

applied for,

Total accepted,

cludes

$1,831,554,000.

$1,210,125,000 (in¬

$56,965,000

entered

on

a

discontinued these fixed price basis at 99.905 and ac¬
attacks upon me and upon mem¬ cepted in full).
bers of my staff will be increased.
Average price 99.905, equivalent
I cannot answer them unless I
rate
of discount approximately
employ publicity experts.
I am
0.375% per annum.
unwilling to do that. A continu¬
Range of accepted competitive
ance
of the attacks will impair
the effieiencv of kev men and will bids:
stead of being

more

contribution

than offset any

to the imnrovethe lagging programs.
When the minds of men are di¬

that I can make
ment

of

verted from their asks to answer¬
ing criticisms

thev believe to be

unfair the war effort

will suffer.

High, 99.910, equivalent
discount

approximately

rate of
0.356%

per annum.

Low, 99.905,
discount

equivalent rate of

approximately

0.376%

/'•
It is obvious that the unjust at¬
-$1,934.400,000
(62% of the amount bid for at
" 457.623.000 tacks unon me do me great per¬
109,368,000 sonal injury. However, that is irn- the low price was accepted.)
oortant only to me.
The thing
There was a maturity of a simi-'"

started, 87.8% has Australia
been in goods and 12.2% in ser¬ New Zealand
—
vices. Munitions have constituted
53.6% of the goods transferred,
Total
----$2.501,391.000
with a value of $15,162.329 000;
In addition, reverse lend-lease aid in India is put at more than
industrial materials, 21.3%, valued
$100,000,000 as of Jan. 1, 1944.
, '
'
at $6,026,086,000, and agricultural

the

Board

in-Chief and by the

522,853,000
2,210,752,000

———

Total lend-lease aid——

Tanks

for its

12.9

3,630,585,900

Servicing and repair of ships, etc
Rental of ships, ferrying of aircraft, etc.—
Production facilities in United States—-

26.900 tanks and

vehicles,

21.3

SERVICES RENDERED

ships of 1,000 gross tons or more
craft

53.6

_-»___$15,162,329,000
6,026,086,000

'

1,400

and

of Total

Amount

Category—

leased Agricultural products

naval vessels of all types,
the great majority being landing
craft, PT boats and so forth, but
including a few score larger com¬
bat vessels, such as convoy-escort
aircraft
carriers and corvettes.
Other aid has included 511 cargo

Press advices

GOODS TRANSFERRED

includes

Industrial materials

country

beginning on March 11# 1941, to

30, 1944, were enumerated as follows in Associated
appearing in the New York "Times" of Aug. 24:

States retained 175,000.
This

speed the

FRANKLIN D. ROOSEVELT.

June

Munitions

*

by combin¬

'day of certain victory. We knowweakening of this system of com-' also that only by continuing our
bined war supply to delay final
unity can we secure a just and
victory a single day or to cost un¬ durable peace.
necessarily the life of one Amer¬

30,900 planes, 15% of the Ameri¬
can output. Allies bought another
7,000 for cash and the United
■

We know now that

Statistics of lend-lease from its

furnished since the

Aid

'

.

this was before the
done most of their

damage.
..

FRANKLIN D.

destroy, our enemies arid hasten
their defeat.
,.
,
We
should
not ,permit, any

per annum.

*hat

is important is

that the dis¬

the

organization

sension

within

does harm to the war

production

lar issue of

amount of

bills on Aug. 31 in

$1,215,335,000.

the

^

"outmoded"

come

must

alterations,

radical

undergo

has be¬

and

mg.
It appears to be taken
for granted in many quarters
that to ration
is

an

article which

and to fix its

price is
(which has been made before) to solve the difficulty which
of supposing that by striking is troubling us.
Something of
out the very foundations of a case can be made out for
our
system of free enterprise such a supposition in time of
total war.
The situation is,
we may save it.
We suggest certain rather however, certainly vastly dif¬
who

and

make

mistake

the

scarce

self-evident considerations to ferent
the American citizen who is

pondering the future amid all

the

The first is the

this clamor.

the

that

fact

formula¬

mere

tion and

adoption of a "pro¬
gram" alleged to be suited to
the correction of

condition

a

guarantee whatever that
infirmity will be thereby

no

the

removed
The

or even

public

reason

and

is

ameliorated.

within

quite

sense

common

soon

as

as

re¬

peace

Let it be recalled that

turns.

of

root

the

difficulty is
inadequate supply—at bot¬
tom, insufficient production—
of the goods in question.
If
such is the fact, the situation
is not likely to be remedied
until production is increased
to meet demand.
Rationing is
at
best merely a device to
assure more equitable distri¬

in bution of

a

article.

scarce

can

do

the

scarcity.

It

nothing to eliminate

demanding that the reformers
not only make the details of
their programs fully clear and
explicit, but present a con¬
clusive, or at least a very

prices than otherwise would
obtain, far from stimulating

strong, case to prove that they
will have the effect claimed

production, is likely to do pre¬
cisely the opposite—and thus

Stated in this way,

for them.

Price control,

which, of course, means lower

render

bad situation

a

worse.

declared

Club

"We

Corporation.
.
.
Scandinavians;

.

contacts

and

relations

„

Again, rationing becomes a
farce, or worse, when not en¬

practical problem in political
tioning generally into the
forecasting as an aid to busi¬
post-war era would, in our
ness
planning. They are un¬
view, be to risk the rise of
der no delusions about the

efficacy of government

another
unem¬

ployment programs; ; they
merely want to know what
thev
ate

count

can

however,

pear

very

There

on

others' who
.

-

apa

•

definitely to

sup¬

that government pro¬
grams of the sort resorted to
in the prewar days of the New

pose

Deal would be effective—and

that in spite of the fact, which
Governor

Dewey

[ate; tbe f^lic woul? ,ce.r"

tamly be fully warranted in

™akinS searching inquiry into
these matters, and not merely

tnoco

New Deal

onH

moTTorc

nAT

mnY»Axr

accept the current suggestion
that "controls" "must" be
tended into the

and beneficence had been

the war, but we look forward to
establishing them very soon after
the war is won," he said. . ;/'?//;
"But those close relationships

with the United
I hope we will. My first

have

we

States.
visit

not got

the United States was

to

at

the

beginning of the first World
War, 1914, to establish business
with

was

And

States.

United

the

there

connections

very

a

lively business connection between
our
two
countries
during
the

tablished.

and

War

World

first

two

three years

or

troops
that

been such

Iceland had

in

"our

the

for

esteem

war,

has

it

been

unemployment

pro¬

grams, put an end to mass un¬

Two

'Thirties, and

as many appear

at

one

One is,

would be wise not to

when the

war

is

over.

There

are a

rate, would

precisely

be

this

wise

at any
surprise
to

question

ask

the

war

may

many people when
is over—-as it did in

of certain instances after World

those who would launch the
War I.
nation
upon vast
and im¬
as

Of course,

measured

shortages

against the nat¬

mensely expensive unemploy¬ ural desires of all mankind
ment programs when the war
will always exist.
But even
is
over.

in the world to

"Controls"

anv

rate center chieflv around

price regulation and ration-




"I

think

the

of

means on

on

you

Watson

Mr.

brief address

for

the

future

those

that

world

future

to

feel

to

it

the aim of Hitler and

was

armed hordes to

Church,

P.

Briem, Dr.

President

of

Harvey

:

rejoice with the gallant,
French people at the liberation of
their
capital and join in / the,
chorus of congratulations to the.
commanders
and
fighting men,
French ;, and
Allied, who have •
made possible this brilliant pres¬
age of total victory."

Secretary Hull called it "one of
heartening events of the
four years."

the most

past

N. Davis,
Institute;

Stevens

his-

destroy.

"We

Harry W. Baltacci, and Raymond
Muir,
representing " respectively
the U. S. Army,- Navy and State
Department with the Presidential
party; Lieut. Richard S. Barthelmess, Thomas H. Beck, Dr. Helgi

He

added:

"From

the military
importance is
outstanding and it is inspiring to

point

Hon. John W. Davis, Col. Gilbert
T.

Hodges,
Percy H. Johnston,
Henry J. Kaiser, Fred I. Kent,
Admiral Lamar R. Leahy,
Vice Admiral Herbert F. Leary,
Major Gen. Frank Ross McCoy,
Brig. Gen. Troup Miller, Clark H.
Minor, Brig. Gen. Stewart Reimel,

of

view

know that it

the

Rear

Liberation Of Paris

its

made possible by
of French;

was

combined

action

patriots and their Allied comrades
the

if "On

every side Germany weak¬
ens," he said. "Now is the time

Announced Prematurely

for

to muster all our strength
unity for the final blows." ;f

us

and

A

premature report on Aug. 23
of the freeing of Paris by its own
r

Rumanian Minister Says

which

people,

came
both from
Paris,. brought ; the

and

London

Reich's Position In

explanation"

"possible

following

matter, according to United Eastern Europe Untenable f
Press advices from London Aug.'
f Charles A. Davila, former Ru¬
25
published in: the New York manian Minister to the United
"Times":
>/ States and now the
representative/
This
possible explanation of here of Juliu Maniu, a Minister of
what caused the premature an¬
State in the new Bucharest regime,
nouncement of the liberation of
predicted on Aug.. 25 that Ger¬
Paris by the French Forces of the
in the

Interior

was

offered

will be knocked out of the

many

today:

.

"within

war

After four days of street

fight¬
ing, the FFI issued a communique
stating, "nous avons pris la Cite
de Paris," which, when translated,
means "we have taken the City of

because

matter of weeks"

a

the

capitulation

of

Ru¬

mania has made the Reich's

posi¬
Europe untenable,

tion in eastern

.

,

fair

to
up

plans

that

will

be

is

force

they

are

not violated.

The members of

our

armed forces

see

which

scattered

are

have

been

jobs

the

.over

called
any

upon

to

grpup

of

were ever called upon to
I know that all of the people

the

will

home

front

always remember

them and that

everywhere
debt to

our

will measure up

we

to what

they expect of us in mak¬
plans and seeing that they

ing

Dr.

William

President

of

Mather

to

have

'

Lewis,

Lafayette

declared that, "we

are

College,
never going

the rehabilitation of the

world until

we

produce in our na¬

tion and in other nations the
common

man —uncommon

tenacity,

his

in¬

:v'

Thor
to

un¬

in his

vision, and his

itiative."

Thors,

the

United

Icelandic Minister
States, introduced

Vilhjamur Tor, Foreign Minister
of Iceland, and President Bjorns¬
sen.

-

James A, Farely
Rev.

Robert

I.

spoke briefly.

Gannon,

Presi¬

dent of Fordham University, pro¬
nounced the invocation, and Rev.

John B.

As

the

to

comments

in

as

of

the part

of many

our

one

notion

that

duty and
'duty alone to feed every
else, on the globe and to

set them

We

the

it is

are

our- such

ud

our

in business again.

called uppn: to

thing.

-..

/

In

do iio

turn

$600,000,000.

f

the
Free World Association House, 144
a

conference

press

Bleecker

Street,

the

at

statesman

said

hopefully that these condi¬
might be modified if the
Rumanian Army contributed sub¬
stantially to the German defeat.
tions

He

Roosevelt,
Secretary
of
and Secretary of War

estimated

that

200,000 to 250,000

had

Rumania

in uniform.

men

L.
Stimson
commented
The very latest the Germans
formally after the announcement can hold out, he said, will be to
from Gen. Charles de Gaulle, the. October.
///;/ ■: :/>:; f /:\./..-;V/ ^..

Henry

,

French leader, that
freed.

■

■

Paris had been
;

released, press dispatches ar¬
Headquarters
saying that officers there did not
consider the French capital was

were

liberated; that Allied troops
were
having to fight their way
into the city.
-v//—" ;Nevertheless, the general feel¬
ing here was that those Germans
put up any substantial resistance.
President Roosevelt and Secre¬

tary Hull both stressed the sym¬
meaning ■/" of
what
they,

not

held
the

issued

on

the. .basis.
in

Washington at the time, said:
"The
hearts
women

joy " that"- entered
of:

all

civilized

men

the

father,

of

grimly:

Carol,

[

-

in1

keeps

Turning to the question of post-;

War Europe* Mr. Davila said all
the countries on the Continent

adopt
a

modified

socialism

form of State capitalism

and from there would go
to full socialism.

minded and

by stages
-

;

is

already socialist-;
if will do no good to

an.d .try to T.einflate private
ism," he warned; < - -.~r

at the-news of the libera¬

be/

Anton-

~;/-:./'/<■/

his

/ /"Europe

.

the sins

pulling wires to.
mount the-throne again, we'll get
rid of the whole monarchy."
/* *

under

was

if

Mexico,

would

plained

'/•-/::/:

"But

Gov¬

King would
Marshal

Then Mr. Davila added

■

President's .statement,

of all the information available

the

responsible for
"so-called

escu."

war

Mr. Davila said be did

believe

which the White-House later ex¬

The

Rumanian

the nominal head of the

ernment,

yet

still in and about Paris could not

the

people * would support King Mi-,
chael despite the fact that he was

About the time their statements
rived from Supreme

whether

Asked

-J.

'

termed Paris' liberation.

selves

viet reparations of

defeat for the Nazis.
Mr.

Axis,

Bessarabia and northern Bu-;

kovina to Russia and nay the So¬

liberation of
final and full

the

presa^m?

against the

arms

over

from President Roosevelt on down

Copper, Pastor of Christ bolic

somehow

up

incident to the early re¬
Washington
Associated
Press accounts on Aug. 25 had the
following to say: * >
Joyously, if a bit prematurely
in the eyes of military comman¬
ders overseas, American officials
ington

Paris

Under the terms

according to Mr.
Rumania agreed to take

Davila,

Wash¬

ports,

today- hailed

Rumania,

of the armistice,

State Hull

carried out for the future."

are

from

seize the island, on which is situ¬
ated the Cathedral of Notre Dame.

necessary

,

not asked unconditional surrender

The French Interior Forces did

confident

and will be backed

the lack

the market place.
And, finally, let us rid

Business symbol of that civilization which

.

,

come

Perhaps the idea of "con¬ people with which to acquire
trols" in the popular mind at many things Will
again count

-

according
to
the
New
York
will be de¬
"Times" of Aug. 26, which went
veloped to a point where every¬ Paris."
on to say:
/
f \
.
one
will
be living in
Fighting ; French
officials
as
a
better
who in 1937 re-/
world than they have ever lived well as Allied Supreme Headquar¬ f Mr. Davila,
in before, and this will be within ters agreed that there might be a signed from his diplomatic post in
Washington in protest over King
a reasonable time.
I have enough mistake in the translation because
CaroT's Nazification of his coun¬
confidence in the leaders of all the "La Cite, de Paris" could also re¬
try/said that his sources had in¬
countries
who
are
going to sit fer to the island city in the Seine,
formed him that the Allies had,
around the peace table and plan as well as the entire capital.
> ■ ■

on

suggest themselves.
that

that

has possibilities which

do.

great many who seem to
envisage for the post-war
suppose that shortages will be
actually increase unem¬ the normal state of affairs for
ployment, make the lot of the
years to come.
It may well
Unemployed harder in the be doubted. Enormous
sup¬
long run, or, at the very least,
plies of many things lie in
make it more difficuit than
storage either for future mili¬
ever to
get rid of the condi¬
tary use or as military re¬
tion complained of?
It seems serves.
Their volume
that the voter,

said:

time."

any

think

people

to

us

"We

a

Shortages?

years

to

In

considerations

other

employment of the 'Thirties.
accept the notion that sup¬
May it not be at least conceiv¬
plies of virtually everything
able that such unemployment
under the sun will be short
programs as we devised in the

added:

do the hardest

not the

•

people

of the United States is more than

world

How Many

•

in arms.
But wholly apart from
military aspects of this great:
afterward. Then it
victory, the entire civilized world
stopped and by and by we for¬
will rejoice with the French peo¬
got each other.
That must not Emil Schram, Allan Sproul, Juan
ple in the lifting of the tyrant's
happen now and will not happen, T. Trippe, Dr. Harry N. Wright,
I am sure, because the relation¬ President of City College of New yoke from their capital."
ships have been on a much larger York, and Congressman Joseph j
Secretary Stimson coupled with
a recital of the favorable
scale than at any time before."
Clark Baldwin.
military
President
developments a plea for no slack¬
Bjornssen indicated
that
the
conduct
of
American
ening now in the war effort.
v

whole

with whatever

recently

International

•

the world

es¬

of
•

German troops occupied

"Through the rising tide of Al¬
successes that patch of gloom
been
dispelled. For Paris is a precious

Lynbrook, L. L, proScandinavians; we have only nounced the benediction.
Those
been hindered from keeping the >
present included Winconnections we need to have with throp W. Aldrich, Brig. General
V.
H.
other Scandinavian countries by Frederic
Kimble, Capt.

pe¬

post-war

•

with

ex¬

riod—as if their effectiveness

called to the attention of the

public, that the

prohibition situation

of crime and violence. At any

»•

meas¬

remained and has only today

we^

are

had

have

President

Watson,

J.

Thomas

Machines

only be

lied

States, Sveinn K. Bjornsson, President of Iceland,
Aug. 28 at a luncheon given in his honor at the Bankers

on

by

can

the French capital.

United

the

with

Paris

igo when

also to establish permanent connections

dinavian countries but hopes

of

ured by the'gloom whith settled
there one June day four years

Iceland intends to resume her close connections with the Scan¬

He
feel
that you yourselves are human be¬
forceable.
The
difficulties ings and that we in Iceland also
gotten.
are
human beings.. That is the
and the shortcomings of the
gist of what I understand to be the
Unemployment Cures
rationing system of today basis of the very fine relations be¬
One of the most common
when a world war of un¬ tween us. We are going to realize
more
and more, and I hope the
questions of the day concerns
precedented destructiveness is whole world will
the extent of unemployment
realize, that we
aiding the enforcing officials are all human beings, and-that
that the public will "tolerate"
scarcely suggests effective¬ human beings want to develop in
before demanding that gov¬
ness
once
the strife is over freedom and peace. If you give
ernment "step in." Some who
them freedom then you will have
and the rank and file of the
in the future the best thing that
ask such questions are merely
people have "let down."
A we can expect—a community of
concerning themselves with a reckless extension of war ra¬
human beings all over the world."

the truth appears almost trite.
Yet it is daily ignored or for¬

tion

| Permanent Connections With U. S. Hoped For

(Continued from first page)

the American system

Thursday, August 31, 1944

Iceland To Resume Scandinavian Ties;

The Financial Situation

is

FINANCIAL CHRONICLE

THE COMMERCIAL &

964

capital-;

Volume

THE COMMERCIAL &

Number 4312

160

affect three to

Nelsoii $ Hurley To iVisit
President Denies Rumors
man's Assignment. L
Wilson As

China; Qtf FDR Mission

Associated With WPB Chair?!

Acccepts

Resignation Of Charles E.
WPB. v ?
|

Executive Vice-Chairman Of

sand

workers.
feel

surance

is

four,hundred thou¬
;

!•:.

civilian

serve

to defer any haste in

j

.

will

,

,

.

,

In Talk To

production

planned in . every area
and shop where it is not interfer¬
ing
with war production will
being

leaving

Announcement of plans for the .early departure, to China of a war job,' Mr.. Nelson said." V.
Donald M. Nelson, Chairman of the?War Production Board, iand
Also in Associated Press advices
Maj. Gen. Patrick J. Hurley- was imade on Aug. 20 by. President Aug. 24 it was stated that the
Roosevelt, whose statement in the matter said:
> urgency of Mr. Nelson's impend¬
ing- mision- to China was em¬
•
<lMaj. Gen, Patrick J. Hurley and Mr. Donald M.- Nelson
leave shortly for China.
They will go as my personal representatives phasized by disclosure that
to the Generalissimo.
—
—
^ China's.j ppeket-sized armament
;<Rep., Neb.), declared:
r' i
"General Hurley will discuss
program
was
unable to supply
"If ever there was a time, when
.military
and - military
supply we need a man v of Mr. Nelson's even the spare parts for the few
thousand American trucks sent
.problems while Mr; Nelson will
experience, it is right here on the
discuss economic1 problems with
there before- the Japanese; cut the
home front at this time."
..i
!the Generalissimo. > They will be
3ut,£,hairman Mahasco: (Dem.* Burm^ Road. -i.
in China for several months. Their
Spare parts-aind tires for these
Ala.), of the House Committee on
conferences will extend over that
Expenditures, who has been di¬ trucks, which are helping to main¬
^period of time.
•
v.* recting House. consideration of tain supply lines to B-29 Super¬
"Mr. Charles Wilson will act as
surplus property legislation, as¬ fortress and other American air

^ ;

•

I

<•.;

confident ..that the as¬

that

965

FINANCIAL CHRONICLE

Security Conference Delegates

In receiving the delegates to the International Security Confer¬
ence in Washington on Aug. 23, President Roosevelt told them that

<

"we have

got to make not merely a peace

but a peace that will last,

in which the larger nations will work absolutely in uni¬
preventing war by force." "But the four of us," the President
went on to say, "have to be friends, conferring all the time—the basis
of getting to know each other—<S>—
—

and

a

son

in

peace

'putting their feet on the
The

President

table.'" , gerous to the peace of the world,

indicated

it

as

this close rela¬
tionship between the British Em¬
pire and the United States." ' He
"something

new

likewise observed that "this great

long as they have anything
about it. ' ^ •
of 17, 18, 20, that
we
are capturing
now—both on
the French front and Soviet front

just

as

to say

The prisoners

of that
in their nazism than the prisoners of 40 or 45.
both friendships, and by spreading And, therefore, as long as these
young men have anything to say
that spirit around the world we
about it, the peril of nazism will
may have a peaceful period for
always be before us.
■ oP.-'v
our grandchildren to grow up in."
And we have got to make, hot
Chairman of the War Production
As was noted in our Aug. 24
bases in China, comprise part of
serted:
'<
n
* t
merely a peace but a peace that
"Board in the absence of Mr. Nel-*
the small amount of goods now issue (page 809) the conference
"I don't think the shift in Mr.
will last, and a peace in whxh the
•son
on
this important mission."
Nelson's work will have much ef¬ being flown to China, according to opened at Dumbarton Oaks,
With reference to the mission
Georgetown, Washington on Aug. larger nations will work absolute¬
fect, on reconversion because we President Roosevelt's r lend-lease
of Mr. Nelson to China, Washing¬
21, at which time it was addressed ly in unison in preventing war by
have
just about completed ar¬ report yesterday to Congress.
force.
But the four of us have to
ton advices Aug. 21 by Raymond
Associated Press advices from by representatives of the United
rangements for this job." . :
.
*
be friends, conferring all the time
"J. Blair, published in
the New
States, Great Britain and RussiaOn Aug, 21, members of the Washington on Aug. 25 had the
—the basis of getting to know
•York "Herald Tribune," stated:
Secretary of State Hull delivering
Senate
War Investigating Com-, following to say about the matter:
each other—"putting their feet on
"President Roosevelt succeeded
the opening remarks.
Following
mittee
went
ahead with their
An
angry
new
storm broke the discussions of the three fore¬ the- table." '... w
"today, by quick action, in heading
plans, it is learned from the As¬ about Donald: M. Nelson's head
And so I am very hopeful that
off the threatened resignation of
sociated
Press,
which reported tonight, shortly after the War Pro¬ going powers, a meeting is also it can be done, because of the
Donald M. Nelson,' Chairman of
planned between representatives
Senator Ferguson (R.-Mich.)
as duction Board Chairman left for
spirit that has been shown in the
of the United States, Great Britain
the War Production Board, - be¬
saying that he and other Senators
past in getting together for the
and China.
cause
the latter had feared his
China.|
, L: : <were disposed to accept the Presi¬
winning of the war.
But that is
Rubber
Director
Bradley M
The President's "informal re¬
program
for reconversion was dent's statement at its face value,
the spirit that we have learned
about to be shelved in favor of
Dewey accused the WPB head ol marks," on Aug. 23 as reported by
but "we want, to. find out how
so well in the last few years.
It
the more cautious plans of Charles
"typical Washington sniping," in the Associated Press, follow:
strong others at the WPB are for
is something new, this close, rela¬
comment on the rubber program.
E. Wilson, WPB Executice ViceGentlemen, this is an informal
Mr.
Nelson's plans for limited
tionship between the British Em¬
It was,.Dewey declared, the same occasion. I have not prepared any
Chairman. •
■ .-PPp ^
civilian production.-"-. "
' v
"Mr. Roosevelt took the unusual1
sort of "sniping" that led to Wil¬ speech.
This is merely a feeling pire and the United States. ; This
To that end, he said, the Com-t
son's resignation f'and made many on my part that I would like to great friendship between the Rus¬
step of issuing a statement ex-i mittee
plans; to, question Charles
sian
people and - the American
plaining ohe he had issued Satur^ E. Wilson,. Executive Vice-Chair? good Americans unwilling to give shake hands with you. I should
people—that is new.
Let's hang
day, which "had announced that man of the WPB, who will.be in services that otherwise would be like to be able to go out to Dum¬
on
to both friendships, and by
of value to the country in the barton Oaks, to take a part in
Mr.! Nelson " and Major General
charge during Mr. Nelson's" ab¬
spreading that spirit around the
conduct of the war."
Patrick J. Hurley were going to
your discussions.
sence. ;;"v; .,"';.;
A conference of this kind al¬ world, we may have a peaceful
China for 'several months' as his
Dewey referred, to Nelson's tes?
Announcement was made on
period, for our grandchildren to
ways reminds me of an old saying
personal emissaries to study eco-l
Aug. 24 by President Roosevelt of timony to the Senate War Investi¬
of a gentleman called Alfred E. grow up in.
nomic, military and military sup-i the
gating Committee, given last week
resignation of Mr. Wilson as
All I can do is to wish you
ply problems. The second state¬ Executive Vice-Chairman of the but made public only yesterday. Smith, who used to be Governor
of New York.
He was very, very every possible success in this great
ment, which came after a spokes¬
War Production. Board. task that you have undertaken.
While; before the Senate Com¬
successful in settling any problem
man for Mr. Nelson had revealed
On*>the same day (Aug. 24) it mittee, Nelson was asked about
It will not be a final task, but at
between capital and labor, or any¬
that he was considering resigning;
was made known that it had been Dewey's recent announcement that
least
it
gives us something to
thing that had to do with the
made it clear that Mr. Nelson's
disclosed-that Mr. Nelson told the rubber program was com¬
bu.ld on, so that we can accom¬
State government in which there
mission would be 'temporary' and
Senate investigators that Lieut.- pleted
plish the one thing that humanity
anjJ he,would resign Sept. 1. was a controversy.
'
that it /indicated no
change in Gen. Brehon B." Somervell com¬
has been looking forward to for
"It was completed, all but get¬
; He said if you can get the par¬
WPB policy.'
plained of man-power shortages ting the tires," Nelson commented. ties into one room with a big table a great many hundreds of years.
"After the White House state¬
on the eve of a recent cutback in
It is good to see you. Good luck.
Dewey's sharp attack on Nelson and make them take their coats
ment appeared at about 4:30 p.m.
airplane production
which re¬ was made in a statement which, off and put their feet up on the
the WPB announced that Mr. Nel¬
leased thousands of workers for
he
said, would be sent to the table, and give each one of them
son would definitely stick to his
other jobs.
Senate Committee.
Copies were a good cigar, you can always
original intention of making the
The following Associated Press
make them agree.
Well, there
China trip."
advices from Washington, Aug. 24 given to news reporters.
was something in the idea.
Mr. Roosevelt's statement said:
The new row developed at a
are .< from
the
"Wall - Street
You have a great responsibility.
"Any impression that Mr'. Nel-. Journal":
time when some in Washington
Four regional conferences bring¬
In a way, it is a preliminary re¬
son's temporary mission to China
"The
War
Production Board were questioning whether Nelson
ing together groups of State bank¬
sponsibility. But, after all, we ers associations have already been
indicates a change in policy in the
Chairman told the Senate • War would continue as WPB Chairman
learn from experience, and what
War Production Board is entirely
planned by the Post-War Small
Investigating Committee that with after he returned from China.
unfounded.
1
j rare exceptions all military de¬ Asked about that at his forenoon I hope is that in planning for the Business Credit Commission of the
peace that is to come we will ar¬
"Mr. Nelson was selected to go
news conference, President RooseAmerican
Bankers
Association.
mands 'are being met.'
v
rive at the same good cooperation
to China with General Hurley on
These meetings are designed to
"The committee
released Mr. vlt said he did not know.
and unity of action as we have ir
a
most important and
pressing Nelson's story, told at a secret
Dewey said he had never stated the carrying on of the war. It is give the officers and representa¬
mission. ' "
"
j
tives i of
the
State
associations
meeting last week, as the after^ that the job of providing tires was a
very remarkable fact that we
"Mr. Nelson's mission is neces-'
firsthand
information regarding
math of publication of testimony done, "but simply that the syn¬
have carried on this war with
sarily confidential. , I regret that
the Commission's program, pol¬
by Maj. Gen. Lucius .D„ Clay, thetic rubber plants are turning such great unanimity.
more about the work assigned him'
icies and procedure. It is expected
Army material director, stressing out more rubber than was cur¬
I think that often it comes down
cannot be said at this time. When
that the State associations will in
artillery and other deficits he at¬ rently being consumed."
to personalities.
When, back in turn
it is possible to tell the whole'
carry
the local application
tributed primarily to manpower
"The
problems
of providing 1941, at the time of the Atlantic
story, those who charge that he is
of the plan back to their members
shortages."
w //p
manpower
and tire . cords
no Charter, just for example, I dio
being 'kicked in the teeth' will
through series of State and county
"Mr. Nelson declared that:..
:
longer require the broad special not know Mr. Churchill at all well.
realize how wrong
and unjust
friendship

the

between

Russian

people and the American people
—that is new.
Let's hang on to

—these German prisoners
age are even worse

.

'

•

,

7

,

•

•

•

•

•

-

ABA Plans Four

„

„

Regional Conferences

-

'

,

"1.

they have been—what a disservice
they have rendered their country
and

Mr. Nelson

personally.''

\

'

proposed visit to China of
Nelson, at a time when he ao--

The
Mr.

peared to have succeeded in his
efforts
for
the v resumption of
limited civilian production' was
the occasion for conjecture among
Congressmen and others, said As¬
sociated Press

advices from Wash¬

20, which stated:
Speculation
stemmed chiefly
from President Roosevelt's speci¬
fication that it would take Nelson
and Maj. Gen. Patrick J,"Hurley
"several months" to finish up their
assignment of discussing military
ington on Aug.

economic problems with Gen¬
eralissimo Chaing Kai-Shek.
!

and

Gen.

Somervell complained

powers of the Rubber Director," I had met him one or twice very
Director
informally during the first World
Dewey said.
-,- •
:
James F. Byrnes about 'a great
I did not know Mr. Eden.
"They are of no value to the War.
shortage of manpower' just prior
But up there in the North Atlantic
problem of manning the plants
to announcing the recent airplane
or
four days together,
and providing the much needed —three
cutback releasing
thousands • of
tires.
By Presidential directive, with our two ships lying close
workers for other jobs.
v
these were and are the responsi¬ together—we got awfully fond of
"2. War
production 'does not
I got to know him:
bilities of
the War Production each other.
need more than 100,000' of the
In other
Board and of the War Manpower and he got to know me.
700,000 workers already released
words, we met, and you cannot
Commission."'
:
from munitions industries.
hate a man that you know well.
Meanwhile WPB
sources said
"3. The War Production Board
Later
on
Mr. Molotoff came
that 37-year-old J. A. Krug, who
is not kept advised of military re¬
here, and we had a grand time to¬
took oyer as Acting Chairman as
serves at the front and must ac¬
gether.
Then during the follow¬
Nelson departed this morning for
ing year, at Teheran, the Marshal
cept Army and Navy requests at
Chungking, had received a blank
face value.
(Stalin) and I got to know each
check of authority to run the war
other.
We got on beautifully. We
"4. Tremendously increased re¬
agency and get it operating with cracked the ice, if there ever was
quirements for heavy artillery maximum efficiency.
any ice; and since then there has
were due to the Army's delay in
Assigned to the task by Mr. been no ice. And that's the spirit
acknowledgment v that
aircraft
bombing could not take the place Roosevelt when Wilson resigned in which I know you are going
about your work.
of artillery.
to

War

meetings.

Mobilization

.

,

.

Nelson's: associates
yesterday
as
Executive ViceI was just talking with the Sec¬
called that time the critical period
; "Aserting that, the recent air? Chairman,- Krug was reported to
of his reconversion program and
retary of War, Mr. Stimson.
He
plane cutback would solve man¬ have made it clear to top WPB was
saying that one of the tasks
said they were positive that Nel¬
power shortages in the forging in¬
we face is making this conference
officials that he expected an im¬
son,
until the White House -an¬
dustry, Mr. Nelson testified the
of ours—and the successor confer¬
nouncement last night, had be¬
Army had anticipated the cut for mediate end of rumor-mongering
ences—something that will last,
lieved his entire mission to China,
three" months
prior to its an¬ and policy - disputes within the
last a long time.
He said that,
including travel time, would be
nouncement.
-v
vV, :
'k
agency.
He was said to have unfortunately, in Germany the
completed in about three weeks. ;
"In the airplane industry, he
promised to,fire anyone who en- young people, the young Naz.s,
Most
Democrats in . Congress
said, unemployment'will be acute
.
favor an idea which will be danwithheld formal comment on the
and by the first of January will gaged in future internal brawls.
situation,
but Senator •Wherry
Some

of




..

.

,•>.

The dates and States

which are

represented at the first four meet¬
ings are as follows:
September 11 — Hotel Statler,
Boston—Maine, New Hampshire,
Vermont, Rhode Island, Massachu¬
setts and Connecticut.
;
September 18 — Hotel Netherland-Plaza, Cincinnati—Ohio, In¬

and W. Virginia.
Hotel Stevens,

diana, Kentucky
September 28

—

Chicago — Illinois, Wisconsin,
Michigan, Minnesota, and North
and South Dakota.:,

City, Mis¬
announced later)
—Missouri, Kansas, Nebraska and
2—Kansas

October

souri (hotel to be
Iowa.
The

Georgia

Bankers Associa¬

tion will hold its own

State-wide

small business credit
September 4 at the Arsley Hotel,

meeting

Atlanta,

on

and

sentatives
Small

has

invited renrePost-War
Commission to

of the ABA,

Business

take part.
Plans for

other regional meet¬

ings are now under way. It is ex¬

pected that the series, blanketing
the entire country, will be com¬
pleted by the end of October.

THE COMMERCIAL & FINANCIAL CHRONICLE

966

V-Loans For Reconversion Proposed By Eccles Petroleum To East ^
Marriner S. Eccles, Chairman of the Federal Reserve System,
proposed
Aug. 23 legislation to create a Government guarantee Coast By Pipeline

Thursday, August 31, 1944

Distribution As

Important As Manufacturing
Says NAM In Discussing Reconversion

^

on

system for business loans, looking toward expansion of private enter-,

prise

post-war era, it was disclosed in an Associated Press
from Washington on the same day, which also had the

in the

dispatch
following to
Such

•

about the program:

say

for

program would extend^
reconversion period the July, 1943. The aggregate number
"V Loan" system which has been of active spindle hours reported
used in financing war production. for the month was 8,607,616,897,
with 9,712,189,574 for
"The guaranteeing of such loans compared
last month and 9,887,560,880 for

into

The

a

the

High

war

22

Aug,

on

production, according to the Com¬

mittee

Administration

Petroleum

War

There is danger in concentrating the current discussion of
post¬
conversion on the problems of

: /

At New

Distribution of the National Association of Manufacturers.

on

*

/ A special postwar supplement to the current NAM News,, the
weekly organ of the association, distributed on Aug. 21, calls atten¬
tion to the-judgment of the Board of Directors of the National Asso¬

announced

that pipeline movements of petro¬
leum to the East Coast reached

ciation, of
Manufacturers,
ir.<$>——-—
—
—•
5, when deliveries launching the Distribution Com- economy. For example, it is esti
mittee into a field heretofore un¬ mated
that a plant now employ¬
averaged 715,222 barrels per day.
by the Reserve banks," Mr. Eccles
The previous record of 709,075 touched by the manufacturers.
ing 6,000 people in war produc¬
Based on an activity
told the House Banking Commit¬ July, 1943.
barrels daily was set for the week //"Distribution
and production tion could reduce its manufactur¬
of 80 hours per week, the cotton
tee, "would not be competitve
are
equally important parts of ing personnel to 3,000 when it re¬
ended July 15. The record move¬
with the private banking system. A spindles in the United States were
ment consisted of 438,286 barrels
manufacturing," the NAM Board sumes washing machine produc¬
during July, 1944, at
borrower would be expected to operated
of crude oil and 276,936 barrels formally resolved, "and the im¬
tion, yet at the same time provide
115.5% capacity. This percentage
apply for such a loan through his
portance of distribution should be a livelihood for an equal number
of refined products and repre¬
usual
banking connection.
The compares, on the same basis, with sented movements from the South¬ clearly and definitely
of
recognized
people beyond' the shipping
118.5 for June, 119.0 for May, 124.9
bank would in turn make appli¬
west and Middle West, to the East in the future work of the organi¬ platform in the distribution and
cation
to
the
Federal
Reserve for April, 122.0 for March and
zation."
Coast.
servicing of those washing ma¬
120.0 for July, 1943.
The average
Bank of its district for the
all-time high during the week

an

ended

..

Aug.

-

guar¬

antee.

that

contemplated

the

guarantees by the Reserve banks
this

under

would

authority

not

exceed 90%

any

has

enterprise which

reasonable

prospects of suc¬
cessful operation should be able

to

obtain

bank

financing

in which its
of the

at least 10%

assumes

risk under the loan."

Such guarantees, under legisla¬

:

tion proposed by Mr. Eccles, would
be available for any types of loans
made

•

by financing institutions to
business and industry on a short-

Exchange Offering Of
Treasury Ctfs*, Rotes
Secretary of the Treasury Morgenthau on Aug. 24 announced an
offering, through the Federal Re¬
serve
Banks, of % % Treasury
Certificates

of

Indebtedness

of

Series

F-1945, open on an ex¬
change basis, par for par, to hold¬
long-term basis and to ers of
Treasury Certificates of In¬
provide either working capital or debtedness
of Series E-1944, ma¬
facilities. .."■ V>'<./<
turing Sept. 1, 1944. At the same
'
The
Reserve
Bank
Chairman
time, the Secretary offered hold¬
;
told the Committee:
ers
of Treasury Notes of Series
"Numerous enterprises will not
C-1944 and of Treasury Notes of
be able to resume peacetime oper¬
Series D-1944, maturing Sept. 15,
ation without financial assistance,
1944, an opportunity to exchange
in many cases beyond that availsuch notes for Treasury Notes of
'able from private sources upon
Series A-1946. The Treasury an¬
;

term

or

•

•

.

.

Pipeline Program Summarized

per

of the amount of the

credit, since

of active spindle hours
spindle in place for the month
was
370, compared with 417 for
last month and 423 for July, 1943.

The

number

:

:

is

"It

A summary

of the pipeline pro¬

Aug. 1 revealed the
following
accomplishments, ; ac¬
cording to the PAW: -'
: -1 '
gram

of

as

tee

which

will

the

meet

bor¬

rower's requirements. . .
"Some contractors, in order to
'avail themselves of a favorable

nouncement added:

.

opportunity for purchasing Gov¬
ernment-owned

ventory,

facilities

require

may

•amount of credit than
tained

.

and

in¬

larger

a

be ob¬

can

Sept. 1, 1944, and will bear

payable

March

will

1

and

mature

semi-annually on
Sept. 1, 1945.
They
Sept. 1, 1945.
They

customarily will be issued in bearer form
only;
granted by banks.- ~ Such situa¬ with two interest
coupons
at¬
tions may occur before settlement
tached, in denominations of $1,000,
of cancelled contracts as well as
$5,000, $10,000, $100,000 and $1,terms

upon

thereafter."

-

!

Eccles said the Federal Reserve

System

now is in position to guar¬
antee such loans up to $500,000,000
without
any
new
appropriation

The

notes

offered

now

additional

issue

originally issued

of

will

the

the

Marriner
to

the

men

S.

the

Eccles

war.

read

letters

Committee from the three

urging approval of the

meas¬

ure.

be

Secretary, wrote the Committee:
"The Treasury is of the opinion
,

that

the

Federal

on

transactions in notes of this series,
the
additional
denomination
of

$1,000,000 will be available.
Pursuant
the

Daniel W. Bell, Treasury Under-

Reserve

banks,

matter

to

Public

terest

the

Debt

provisions

Act of

of

1941, in¬

the

securities
now
offered shall not have any exemp¬

tions,
Acts

uoon

such, under Federal tax

as

now

or

hereafter

enacted.

of long-range policy,
should not be authorized to make

The

business

official circulars released today.

as

a

loans

loans

made

or guarantee such
by financing institu¬

tions.

full

provisions

taxability

are

Subscriptions

set

relating

forth

will

be

in

to
the

received

at the Federal Reserve Banks and

"However, it is recognized that
many outlets

Branches

and

at

the

Treasury
Washington,
and

there cannot be too

Department,

for credit

should be accompanied by a like
face amount of
maturing secur¬
ities.
Subject to the usual res¬

during the period of re¬
industry to a peace¬

conversion of

time

basis.

Because

of

our

de¬

sire to offer every inducement to

'industry, small

as

well

as

to shorten the reconversion

large,

period,

ervations, all subscriptions will be
allotted in full.

There

are

manufacturing during
has demonstrated

war

its

ca¬

ex¬

nanced

seems

now

-

completed
Aug. 1 amounted to 7,901
miles, including 4,980 miles of
new pipe and 2,921 miles of sec¬
ond-hand pipe.
Of that total, 4,274 miles of pipe is for transport

existing pipelines

but

it'

purchasing

is,, public wanting

power,

power,

by salesmanship and
advertising that has nourished
the tree of

//"From

prosperity.

,

/

the

employment view¬
point, it is evident when the pres¬
sure for war material is released,
that

considerable

a

share

of

our

industrial

swollen

employment
can
be absorbed by distribution
services in the normal peace-time

was

miles

scheduled yet to be reversed.
5. A total of 436 miles of natural

lines has been converted to oil

gas

service.

-3.

outstanding $4 the Series E-1944

now

-

Mileage of all pipeline con-!

struction,

reversals

and

conver¬

sions programed as of Aug. 1 to¬
taled 12,381.
Of this amount, 11,703 miles have been

completed.

WMC Announces

Steps
Insure Manpower

To

For "Must" Production
With

the

confined to certain
in

certain

areas,

critical plants

the

War

Man¬

Commission announced

power

on

Aug. 19, that the following steps
had

been

taken

to

insure

man¬

for "must" production:

power

Beginning this week and pe¬
riodically hereafter, WMC head¬

highly

specific

urgent

in

names

the

firms

of

immediate

war

program
that
are
behind
schedule.
These firms are to be

given priority in all local action5
taken by regional, State and area
directors.
2.

A

WMC
cial

Freight Up Slightly

headquarters with the

volume

on

other

ac¬

It will be the responsibility
of this staff not
only to see that

July,

1943,

it

railroads.

I

In

63,742,367,000

was

The Class I railroads in the first
months

seven

4.6%

more

of

1944

revenue

service than in the

performed
ton-miles of

same

1943, 25%

more

period of

1942, and

period of

than in the

150%

seven

same

higher

months in

1939.

The

following table summarizes

revenue

ton-mile statistics for the

first

seven

1943

(000 omitted):

Period—

1st 5
Mo.

months

of

1944

plants,

but also to insure that
prompt ac¬
tion is secured in

Inc..

mos._

307.018,583

of Jim.

*62,000,000

57,968,242'

7.0

163,750,000

63,742,367

Washington in

July

291.970,400

5.2?c

L_

432,768,583

•'Revised estimate.

4 L3,681,009

4.6 q,

fPreliminary estimate.

field staff will be

frank report

regarding the situ¬
ation in all areas contacted and,
where necessary,

will recommend

additional action required to staff

staff will include Richard
Lyman!
and Eugene

supervise

special plants.

this

:

'

:

Headquarters will also train and

Vinogradoff, of head¬ cruitment crews, which will be
quarters, and four regional men; sent into the field within the next
Scries
C-1944 notes,
and
$635,John Thurston, Cleveland,
064 400 of the Series D-1944 notes.
Ohio,' two weeks to work with the re¬
The terms of these offerings are Region V; Chester Hepler, Chi¬ gional, State and area staffs in

proposed

legisla¬

tion."

Cotton
The

Bureau

of

the

Census

an¬

set forth in

$283,006,000

of

the

Treasury Department

a

group

of special

on




May to Jurie to reach

a

all-

new

time peak of $49.23. The Confer¬
ence Board also said in its
report
of

Aug. 30:
"This

increase, which

hourly

was

ac¬

earnings

hours

and

week, marked an ad¬
$18.62, or 60.8%, over av¬
erage weekly earnings in manu¬
facturing in January, 1941, the
of

base

month

of

formula.

<

"Since

the

'Little

Steel'

i

the

r

cost

of

living

de¬
'real',

clined

slightly
in
June,
weekly earnings, which measure
quantities of goods and serv¬

the

that

than

can
be purchased
weekly income, rose

actual

weekly

with
more

earnings,

or

"Key figures of the Conference
Board's

for

survey

June

are

as

0.6%

to

follows:

"Hourly

earnings

rose

$1,068 in June, highest on record
for

the

This

25

industries

figure marks

averages.

increase of

an

since January,

1941, and

a

gain of 48.3% since August, 1939.
earnings,

"Weekly
1.6%

$49.23,

at

the

above

May

aver¬

60.8% above that for Janu¬
ary, 1941, and 80.4% higher than
that of August, 1939.
*
'Real' weekly

from

32.4%

1941,

earnings, rising

May

higher

June, were
in January,

to

than

45.0%

and

August,

above

111., Region VI;..Henry Le-* accelerating the present clearance
Blanc, Dallas, Texas, Region X, program. '
:•'
cago,

-

.>■

Hours worked per week on the

.

45.9 in June, an in¬
hour, or 0.9% since
marks a gain of 5.7
January, 1941, and

average were
crease

of 0.4

May.

This

hours
one

since

of

1939.

hours

8.0

However,

work

week

since

August,
prevailing

the

longer

was

prior

to

March, 1930.

I

"Employment in
tries

declined

seventh

1.0%

higher

than

1941, and 65.6%
August, 1939.
"Man

indus¬

in June—the

in

January,

that

above

very

June, only 0.1%,

slightly in

46.0%

and

of
>

declined

hours

remained

1941,

25

monthly de¬
Employment
was
still

crease.

27.8%

the

consecutive

re¬

circulars Nos. 748 and 749, dated
and
Frank
Aug. 21, that,, accord¬ Aug. 24, 1944.
Constangy, Atlanta;
WMC field offices have been
ing to preliminary figures, 23,293,Ga., Region VII.
The staff has instructed/ that
The
subscriDtion
books
were
all
recruiting,
014 cotton spinning spindles were
closed at the close of business on been in training session in Wash¬
placement and priority machinery
in place in the United States on
ington this week and will begin must be
Saturday, Aug. 26, but subscrip¬
geared to meet the needs
July 31, 1944, of which 22,289.904 tions addressed to a Federal Re¬ operations in the field on Monday. of critical
plants. All ceiling and
were operated at some time dur¬
serve Bank or branch and
Each member of the special staff other
placed
expanded manpower pro¬
ing the month, compared with in the mail before 12 o'clock mid¬ will be assigned to specific re¬
grams in the areas in which the
22,373,494 for June, 22.387,784 for night Aug. 26 were considered as gions and after consultation with "must"
plants are located are to
May, 22,411,922 for April, 22,5-38,- having been entered before the the regional director will be held be
shaped to meet these plants'
308 for March, and 22,667,376 for * close of the
responsible in conjunction with needs.
subscription books.
nounced

"

Spinning For July

certificates,

sur¬

Industrial
1.6% from

rose

1939.

representatives from the regional
and State office for securing im¬
mediate action in regard to the
special /.plants.
Members of the

jection

the

regularly

veyed by the National

"

121.783,000

to

in the 25 manufac¬

Conference Board

0.0

Mo. of

connection with problems needing
headquarters assistance. With A.
A. Liverwright as

Director,

earners

turing /industries

age,

1943

1944

the Treasury will interpose no ob¬

of

Average weekly earnings of all
wage

and

a

"must"

The Conference Board

40.7%

field

the

and

1.7%.

ton-miles.

responsible for
providing regional directors with

staff

J.

Earnings Of Workers Up
1.6% In June, Says

ices

Class

everything possible is done in the
to

pany

dollar

from

spe¬

tion.

are

Stilwell, Presi¬
Swasey Com¬
of Cleveland.

roads

field

following through

Charles

the Association of American Rail¬

by

assignment of working
regional offices in the ap-r
plication of ceiling programs and
in

The

of freight traffic
by Class I railroads in
July, 1944, measured in revenue
ton-miles, amounted to approxi¬
mately 63,750,000 ton-miles, ac¬
cording to preliminary estimates
based on reports just received by
,

handled

Total

with

Vice-Chairmen

dent, Warner

1.7%

created

The

worked per

v

staff has been

and

vance

quarters will report to its regional
directors

Detroit.

Harry A. Bullis, President, Gen¬
eral Mills, Inc., of
Minneapolis,

age

Ton-Mites Of Revenue

than in the first

1.

Blood, President of Norge Divi¬
sion, Borg-Warner Corporation of

counted for by rises in both aver¬

problems

manpower

The Chairman of NAM's Dis¬
tribution Committee is Howard E,

stimulated

of crude oil and 3,627 miles for
carrying refined products.
!
4. The direction of flow of 3,366 miles of

will

-

rected at public

of

reversed and" 44 additional

the

confronted with the challenge
getting products to consumers
on a larger scale than ever.
v
"Much, attention has been di¬

3. Total construction

as

in

be

1

,

that

distribution

years

it

output,

pre-war

chines."

of

cluding 5,597 miles of new pipe
2,938 miles of second-hand
-

any

self-evident

post-war

and

pipe.

of

cess'

by the Government, $92,500,000 by private industry. ;
2. The total mileage of construc¬
tion authorized is 8,535 miles, in¬

,

business after

vate

position which is stated

a

pacity to produce goods far in

series

Nov/ 1, 1941,
with interest from Sept. 15, 1944.
from Congress.
;
V-./ Exchanges will be made
par for
Associated Press advices from
par as of Sept. 15, 1944. The notes
Washington on Aug. 24 said that bear interest at the
rate of 1%
the
Senate
Banking Committee per
annum, payable semi-annually
was told today that War Secretary
on March 15 and
Sept. 15 in each
Stimson, Contract Termination pi- year. They will mature March
15,
rector
Robert H. Hinckley, and
1946.
They are issued in bearer
Bernard M. Baruch, Administra¬
form only, and in denominations
tion financial advisor, favor legis¬ of
$100,
$500,
$1,000,
$5,000,
lation authorizing Federal Reserve
$10,000 and $100,000. For this ex¬
; banks to guarantee loans to pri¬
change offering, and for future
,

NAM

$259,500,000, of which
$167,000,000 will have been fi¬

000,000.
an

to

"Since

1. The total estimated program
cost is

be

interest from that date at the rate
of seven-eighths of 1% per an¬
num,

the

are

The certificates offered will
dated

which

on

follows:

as

•

terms

work

News publishes its current
report,
has led the Distribution Commit¬

100.8%

above

but

January,

above

August,

1939.

"Payrolls
to June

ployment.

payrolls

rose

0.6%

from May\

despite the decline in

Since

have

since August,

January,

risen

em¬

194i,

105.5%, and

1939, 198.5%."

Volume

of

Substantial Agreement Between
On Pease

Hull And Dewey
Organization—'Non-Partisan Subjectj

Dulles, which

retary Hull and Mr.
were

were

Sec¬

begun at Washington Aug. 23
a development of the state¬
by Gov. Dewey on Aug.

ment

17

his views as to
organization to

in which he set out

international

an

maintain

peace,

appeared

which

reference
in our issue

to

of

Aug. 24, page 811. Following the
presentation
of
Gov.
Dewey's
views, Secretary Hull termed "ut¬

Electric,

was

brought

Ever since then the

duction effort.

Washington

war

told

Wilson

-was

"direction

this

of

boxes of

board

the

be

effort." Indeed, we have been

that

dustrial

America's

whereas

might

was

in¬

not "mighting"

to

-

v

"who

solely in

come

a

non-par¬

spirit and with a will to.

tisan

feasible cooperation en¬
tirely free from personal political
partisanship." The quotation was
permitted several hours after it
offer any

made

was

at

Presidential
the

that

nations

small

rights

and

equality
must

not

of

be sacri¬

"cynical power politics."
text of the [Hull] statement

ficed to
-

The

American, par¬

rid

From Washington

reply to the Republican
nominee's assertion

in

blocked

„

to coerce the rest

of the world is

contemplated or has ever been
contemplated by this Government,

Ahead Bf The News

are

In

record

as

advocating

international

a

of the original Knudsen-

Bill

a

Sidney's contribution was to
no contracts for the uni¬
forms of the armed forces went
man.

see

that

didate,

Senator Truman,

with alarm.

warned, however, not to make

viewed

with

He
we

is

say
now

know,

he is
head,
ever

"general
based

organization,

Perishable

many,

many

Inasmuch

the

principle

of

shown

the

Postmaster Albert Goldman an¬
are

of the
necessity
of giving the matter
some attention so as to assist the

we

'

"Mr. Dulles is

Washington
,,

prepared to come
and be available

regularly for conference




We

remember

quite * vividly,

when in an effort to save

Dohald

and con- Nelson's face, Charles E. Wilson,

handling and any

the

Goldman

of domestic

use

'
'

4
'
*

*

the '

recommends

postal money or- *
gifts of money to

With

as

on

.

labels.

address

The

address should also be
a sheet of paper inside

parcel
event

order

in
the

of the

outer

to

permit

addressee in
wrapper

be¬

torn,
mutilated, or de¬
stroyed in transit. Parcels ad¬
dressed to overseas Army person¬
nel should show in addition to the
name

and

address of the sender,

at many

cash

to

remit-

places where such forces:

stationed there is

are

hibition

a

local pro¬

the importation
of U. S. money and it cannot be
used if received.
However, do- '
mestic

they
in

against

postal

cashed

be

orders

money

can
wherever

APOs

at

*

located, and they are paid

are

local

foreign currency at the
exchange in effect on the
the orders are presented.

rate of
date

Christmas mail for members of
the Merchant

Marine

be mailed between

should

also

Sept. 15, 1944

,

the name,

rank, Army serial num¬ and Oct. 15, 1944, if delivery by
ber, branch of service, organiza¬ Dec. 25, 1944 is desired. Parcels
tion, APO number of the addres¬ for such persons cannot be regis¬
see, and the post office through tered or insured, and there is no
which the parcels are to be routed. money order service available to

Parcels for Navy personnel, in¬

cluding Marine Corps and Coast
Guard should show, in addition to
the
name,; and
address
of the
;

sender, the name, rank, or rating of
the addressee and the Naval unit
which he is

to

assigned with the

Navy number assigned thereto, or
name of the ship and Fleet post
office through which the parcels
are

|

to be routed.

Mail for Coast Guard personnel

should

be addressed the

same

as

personnel except that
the words "U. S. Coast Guard"
should be used in place of "U. S.
Other Naval

Navy" after the man's name.
Postage must be fully
the rate on parcels of
matter

this

branch

of

the

service.

The only way to insure against

disappointment

for

the

fighting

is to buy. at .once and mail

men

early—gifts should be mailed as
as possible after the Sept. 15
starting date.
;
/
■
soon

Death of C. H. Cooke
Of Bank Of Hawaii
t

Clarence H. Cooke, Chairman of

the Board of the Bank of Hawaii
and President of the Cooke Trust

Co., died

prepaid,

fourth-class

(that is, parcels exceeding

eight ounces) being the zone rate
applicable from the post office
where mailed to the post office
in care of which the parcels are
addressed. The third-class rate of
11/2 cents for each two ounces ap¬

plies to packages not exceeding
eight ounces, except in the case
Qf books, on which the rate is
one cent for each two ounces.
The
third-class rate of IV2 cents for
each two ounces or fraction there¬
of is also applicable to unsealed

greeting cards, addressed to other
Army personnel, provided

than

they bear no unpermissible writ¬
ten
additions.
It is suggested,

on

in

nounced

vices

from

said:

Aug. 23, it wras an¬
Associated

Press

ad¬

Honolulu, which also

•

1. ■ He
was
68 years old.
Mr.;
Cooke's father founded the Bank

other members of
founded
Castle
&
Cooke, a leading Hawaiian busi- *
ness concern.
Mr. Cooke, who at¬
of Hawaii, and

the

family

Yale University, also was

tended
a

director

several

or

Vice-President

of

and

plantations

sugar

trust companies.

French invasion

Currency*

Deflating, Not Inflating
Prices, Says
On

Aug.

Morgenthau

24,

Secretary of the

Treasury Henry

Morgenthau, Jr.,

that "invasion curhowever, that they be mailed as
rency" does not threaten France
first-class matter
since in that with
inflation; very much to the
event they will be returned, if
contrary, the nrices in France
undeliverable, provided they bear have been steadily dropping since
a return card.
Parcels containing the invasion.
made

it plain

.

only books conforming to the re¬
United Press Washington ad- *
quirements prescribed therefor are
vices quote the Secretary as say¬
acceptable at the special rate of
ing that "the American troops are
three cents a pound, plus one cent
only spending 10% of their pay in
on each parcel, the limit of weight
occupied France," and he contin¬
being five pounds.
ued by telling the press at his first
I In addition to the name and ad¬
such conference since he returned
dress of the sender, which is re¬
from Normandy that "the French,
quired, inscriptions such as "Mer¬ who were concerned that the ar¬
ry

Christmas,"

"Please

do

not

of

rival

American

troops

might

until Christmas," "Happy cause inflation, are now complain¬
New Year," "With best wishes,"
ing that they are not spending
and the like, may be placed on
enough money."
the covering of the parcel in such
He also added that "de Gaulle
manner as not to interfere with
the address or on a card inclosed money," which "invasion- curren¬
therewith. Books may bear sim¬ cy" in France is now called, is
preferred by most French nation¬

open

stopge it must ple dedicatory inscriptions not of

undergo, it is absolutely necessary
that
all articles be
packed in

reference

tances, patrons are informed- that

in

legible,

be

members of the armed forces out- *

comes

I

'

-

must

identification

—

w

used

be

-

to

or

complete

'

people.

Mr.

typewriting or ink. Copies of sales
slips, of retail stores should not

Armed Forces Overseas

.

be

not

or

Addresses

; t

*

as

will

other

side the continental United States.

kill

*,
'
•
'
* Post
Office in' the
expeditious
have heard a handling of the tremendous vol¬
lot about strikes holding up war ume of parcels expected to be re¬
production and being the cost of ceived
between
Sept.
15
and
American lives, we have a right Oct. 15.
.
to -assume that this inefficiency, f'The Jterm "arfh^d forces over¬
*

man.

matter

as
to weight, size
prescribed conditions,
and mailers are advised to register or insure Christmas gifts of
more
than
ordinary value addressed to personnel of the Navy,
Marine Corps or Coast Guard.

and

compositions which may
injure another, or damage
the mails, are unmailatie.

sons,

"moderate."

arrangements

'

oe

ders to transmit

Christmas Mai! For

that

>

.

Mail for personnel of the Navy,
Marine Corps or Coast Guard may

Intoxicants, inflammable mate¬

i

payroll," of our "direction of the
war production effort," and more
important, ; of the
reconversion
program. Ye Gawds!

nounces

0

from APO's.

rials, including matches of all
kinds and lighter fluids and poi¬

time to remind the public

,

re¬

registration, but letters con¬
taining valuable or important pa¬
pers
may
be registered.
These >
restrictions do not apply to of¬
ficial shipments, shipments to mil¬
itary agencies overseas, or to mail >

gile. articles is to be discouraged,

naval

this "direction of war

4'

.

1

fused

accepted and the sending of fra¬

being made for the acceptance of
Christmas parcels for our armed
forces overseas and desires at this

After

or

other articles of value will be

transit, damaging the contents or
the covering of the parcels.

not, insofar as
having "met a

t

:

a

or

requirements

him, before the draft caught

officer,

Letters
money

containing

etc., the contents should be tightly
packed, in order that the several
articles may not ..be loosened in

Men who have

him and he had to become a

through
APO's
accepted as in¬

mail.

accepted for registration or in¬
surance if it conforms to existing

talked with him and who worked

direction, such as first
Knudsen
and Sidney,, Hill-

have

to

Young Krug is

feuders.

mem¬

including miscellaneous
toilet articles, hard candies, soaps,

sovereign
equality of all peace-loving states
and open - to membership of all
such states, large and small, for
the maintenance of international this agitation against and within seas" includes the personnel
of
peace and security":
this state- the Board which was directing our armed forces who receive
men was embodied in the ConAmerica's great all-out industrial their mail through an APO or
nally resolution
passed in the effort, also cost lives.
Fleet post office in care of the
United States Senate by an over¬ >': Donald Nelson, in the politics of Postmaster at New York, N.: Y.;
whelming bipartisan vote of 85-5. Washington, finally came to take San Francisco, Calif.; New Or¬
In
accepting Secretary Hull's complete charge. We have been leans, La.^ or Seattle, Wash., or
at war for nearly three years now, an APO in care of the Postmaster
proposal for a conference, Gover¬
much longer than we were in the
nor Dewey addressed the follow¬
at Miami, Fla.; Presque Isle, Me.,
first World War.
We have lost or Minneapolis, Minn., or through
ing telegram to Mr. Hull, it was
thousands in the Mediterranean a naval installation or station in
reported from Albany to the New
York "Times" by Warren Moscow; and in the European campaigns, care of the Postmaster at Seattle.
and in the Pacific, the latter of
] The War Department advises
"I am happy to accept your pro¬
which is still apparently outside
that Christmas greeting cards for
posal for consultation made , at of our thinking.
,-v^:
soldiers overseas must be sent in
your press conference yesterday
Our successes, we are told* are
sealed envelopes and prepaid at
and to designate Mr. John Foster
due to the valor and courage of
the first-class rate. >,V .,v'. •,
Dulles as my representative.
our boys, and to America's indus¬
i No requests from the addressees
"Mr. Dulles, who is well known
trial output, the latter being an
are
required in connection with
to you and to President Roosevelt, effort
indeed,
everything —• Christmas
parcels mailed to Army
has given a lifetime of study and brought about under the direction
personnel during this period only.
constructive action in the field of of the greatest of all men, Mr.
Patrons should endorse each gift
foreign affairs. I consider him one Roosevelt.
Indeed, so great has
parcel "Christmas Parcel." Spe¬
of the ablest of American authori¬ been his greatest of all general¬
cial effort will be made to effect
ties on international relations. He ships, that some of our industrial¬
delivery of all Christmas parcels
is fully acquainted with my views ists now think, and so do the par¬
mailed during that period in time
and ,has
my
complete personal ents of some boys, although they
for Christmas.
confidence, which I am happy to realize his nonsense on domestic
In view of the urgent need for
say
is shared by - a number of policies, they should sustain him
members
of the United
States through our crisis — because he shipping space to transport mate¬
Senate of varying political views, knows Stalin and Churchill, and rials directly essential to the war
a
secondary degree* Chiang effort, Christmas parcels shall not
■i. "In view especially of the prog¬ to
exceed the present limits of five
ress of the war in
Europe I am Kai-shek, to whom he had better
pounds in weight or 15 inches in
convinced that every effort to or¬ send some more support if he
length or 36 inches in length and
ganize both temporarily and per¬ really wants to keep up the ac¬
girth combined. '.Not more than
<K-.:
manently for the establishment of quaintance.
one Christmas parcel or package
lit is a tremendous joh to this
lasting
peace
should be accel¬
shall be accepted for mailing in
erated, and I am happy to extend picture to learn that the great war
any one week when sent by or on
re¬
my fulles cooperation to the end production agency which is
behalf of the same person or con¬
that the result should be wholly sponsible for America's production
cern to or for the same addressee,
bipartisan and should have the might, has been in a stew, and
i
Owing to the great distance this
united support of the American really of no good to anybody all
mail must be transported and the
this time.
on

'

Wilson,

Knudsen first went ouL

by any

,

f6ur

one

him too "radical."

(Continued from first page).
But it seems that all of this had

months in
production,":
the vic¬
the Moscow declaration, the tim of Washington politics, and
nations placed themselves on then later out went Sidney Hill-

or, as far as we know,
of the other governments.

and

Nelson

anti-"power trust" and anti a lot.
other 'things capitalistic.
We

to

'

-

both

to

made up,

of

anybody of whom he . did not
which means
nobody
a
■ Governor
Dewey can rest as¬ approve,
with whom his union did not have
sured that the fears which he ex¬
contracts.
The politics of Wash¬
pressed in his statement are ut¬
ington were too much for kindly,
terly and completely unfounded.
efficient Bill Knudsen. In the en¬
; No
arrangement such as de¬
suing agitation against and within
scribed by him, which would in¬
this board of "direction of the
volve a military alliance of the
American war effort," the current
four major nations permanently
New Deal Vice Presidential can¬
follows:

of

Hillman

mally shortly after issuing a state¬
ment

war

and

infor¬

met reporters

/Mr. Hull

,

ticipation, this time were in har¬ and puts in their place, Lt. Com¬
mony.".
Vv--'A:.'';:, mander J. A. Krug, 36 years old,

conference.

news

;

record

off-the-

an

last

often become crushed or

•j When combination packages are

had
perfect confidence in this
there will be 'no whole
directive
effort
of
Mr.
cleavage* over issues of Roosevelt's, to learn that Charlie
terly and completely unfounded" peace and post-war security. Aus¬ and Donald are
fighting, and then
the concern of Mr. Dewey lest tin asserted: Tm strengthened in
to see them blow up completely.
the Big Four Powers dominate the my opinion that the campaign for
The fact is that they have been
world by force.
*
/ President and Vice President will
feuding .ever since Wilson has
>
-In
Associated
Press
advices not cast into the field of discus¬ been in the WPB, and just how
from Washington Aug. 17 it was sion any element of discord based
this has helped America's mighty
stated:
v'v U.
;
on partisan, selfish interests.'
r.;: production effort we fail to see.
:
i 'Later Mr. Hull let it be known
Mr. Austin said Republicans in
But quick action is finally taken
he would "welcome" a conference the
^Senate, where opposition to by the Indispensable Man. He is
with Mr. Dewey and any others the
League of Nations after the quick to perceive. He finally gets

c.o.d.

or

packages

tion of the contents.

predicted

mail
shall be

overseas

sured

addressed

the Army or other persons 1

or

receiving

securing the covering of the par¬
cel so as to permit ready inspec¬

"After the conferences Mr. Aus¬

matter

bers

split, thus allowing the contents to
escape. Furthermore, as each par¬
cel is subject to censorship, delay
in handling may be minimized by

t

party

if available, as experience has

wrapper

22

tin

No

strong

not permissible

are

the outside of parcels.

on

shown that boxes without an outer

quite as it should before Wilson,
with
it was really "mighting" after him,

the Secretary, Mr.

with

reinforced

postage stamps

securely wrapped in heavy pa¬

per,

his talks
Dulles on Aug.
and the plain suggestion was that
sought the advice of two Re¬ without this
mighty directing ef¬
publican members of the Senate fort on the
part of Mr. Roosevelt's
foreign relations committee, Aus¬
arrangement, our industrial -effort
tin of Vermont and Vanderberg
would
not
be as
mighty as it
of Michigan, in morning confer¬
might.
'
'4
ences, said the Associated Press,
You can imagine what a shock
which added:
'V1j. 'T
it is for one such as myself, who
Preliminary

r

metal, wood, solid fiberstrong double-faced fi-

gummed paper tape, or tied with
strong twine or both. It is highly
desirable that all f ibreboard boxes

really
of

or

berboard

have

correspondents

that

assumed
head

these two respective views and \ sultation as soon as I receive your
tVmir rnrrvinc nut. will denend on I renlv. •
^
t - •
their carrying out will depend on reply,
"THOMAS E. DEWEY." 4
future developments." *
The conversations between

General

into this direction of the war pro¬

(Continued from first page)

967

& FINANCIAL CHRONICLE

THE COMMERCIAL

Number 4312

160

a

nature

ence.

of personal correspond¬

Stickers or labels

resembling

als

rather

bills.

than

Bank of France

THE COMMERCIAL & FINANCIAL CHRONICLE

968

Agricultural Dept. Report On Crops As Of Aug. I
United

The

of Agriculture,

Department

States

at Washington,

Aug. 10, issued its general crop report as of Aug. 1, which we give

on

in part

below:

reached drought proportions, was
further intensified by continuous

frost: ..remains a distinct A/threat.
Even in the South the acreage of

had

clear skies and high temperatures

late

corn

is

fields

through the last half of the month.
Precipitation was confined to local
areas except in Illinois and Okla¬
homa where rains were general
July 25-27.
In contrast, condi¬

Inasmuch

as

*
—
~
"
corn, hay, potatoes and some other much of the drought area local
crops declined during July as a snortages and present prices will
tions in the Mountain States were
lesuit of drought or near-drought necessitate some
adjustments in
quite
favorable,
with
warm
conditions in a large east central1 the number of cattle kept on mweather accelerating growth
of
area, growing conditions in most dividual farms. The reported conlate crops. California weather was
other areas were favorable and dition of pastures dropped sharply
too cool for normal development
aggregate crop production in the during July in the drought area
and crops were further delayed.
United States now seems likely to j and in portions of surrounding
exceed production last year by 2 States but continued high quite
Truck Crops for- Commercial
Although national prospects for

3%

or

and

in any

exceed

to

previous
prospects

Ranges

ward.

are
particularly
favorable north and west of a line

Crop

Okla¬

Iowa

north¬

southern

and

homa

except 1942.

year

southern

from

generally

production

condi¬

average

Chicago to El Paso.
As in tion in the Pacific Coast States
3930, the drought area this .year and Arizona, about average in
centers in Kentucky and Tennes¬ Texas and New Mexico, and much
above average in other Western
see, and in parts of those States
conditions on Aug. 1 seemed fully States.
Estimates for food crops include
as serious as at the
same season
in 1930, with early corn and gar¬ near-record
production of rice,
dens ruined, pastures brown and beans, dry peas, fruits, vegetables
serious local shortages of feed and for processing, and truck crops for
forage in prospect.
Dry weather market but only moderate crops
has also reduced
or
threatened of
potatoes
and
sweetpotatoes.
from

late crops

in

much larger area

a

extending into the Eastern Corn
Belt States, Missouri, Arkansas,

the northern

parts of Texas, and

portions of the States from Louisi¬
ana to Georgia.
Prior to the rains
of early August drought was also

affecting

Virginia

from

crops

northward to southern New Eng¬

The present drought,

land.

followed

ever,

weather

period
not materially

a

did

and

reduce the

how¬
of wet

yields of small grains

early hay; and in most sections
cotton, corn, soybeans, and tobacco
or

still

could

make

nearly full

re¬

The

first

season
acre

boll

as

the

of

pointed to a high yield per
the dry weather held the

weevil

-

estimate

cotton

in

check.

Tobacco

improved during July and the
prospective crop of 1,61-3 million
pounds is one-sixth above aver¬
age.;
On Aug. 1, however, late
tobacco

rain

needed

in

several

Fruit crops made good progress

July and the aggregate
tonnage of the eight major decid¬
uous fruits in prospect for 1944 is
now indicated at 3% greater than
on
July 1—21% greater than in
during

covery.

The drought is, therefore,

1943, 4% greater than in 1942 and

causing

heavy loss to many in¬
farmers,
particularly

9%

dividual

than

greater

(1933-42)

the

10-year

production.
some livestock producers, but has
Prospective commercial apple pro¬
not yet materially affected crop duction increased 3%
during July
prospects
in the country as a with prospects showing improve¬
whole. *■'/'

/

Wheat

hurt

was

Nebraska

by

in

rust

and

ment in the major States of Wash¬

New

ington,

by wet weather at
harvest time in Kansas, but July

Peaches

weather

stones

unusually favorable
wheat in Minnesota and

was

for spring

North Dakota and the wheat crop
is

estimated

now

bushels

which

at

1,132,000,000
12%

be

would

above production in any past year.
This year even the former "Dust

Bowl"

counties

wheat

report

of

has

per

acre

exceeded

only once—in
1942.
Corn
prospects
declined
sharply during July in the eastern
Corn

Belt

and

in

Other

is now expected to produce
nearly twice the average yield per

corn

secured

during the 1933-42
period, which includes the drought
Total

years.

production is
at
2,929,000,000

corn

estimated

now

bushels

which

would

be

large
crop although it would be below
production in 1943, 1942, 1932 and
a

few earlier

oats

reduced

were

a

Late-planted

seasons.

somewhat

by

drought in the Eastern Corn Belt
and by rust in Nebraska and Kan¬
sas

but these reductions

were

off¬

set

by favorable weather in Wis¬
consin, Minnesota and North Da¬
kota.
at

The crop is now estimated

1,188,000,000

would

be

duction

close

which

bushels,
to

the usual

excluding

drought

pro¬
sea¬

likely to be about 147.000,-

bushels

tb»rd

croos

which

together

of

would

be

a

than in any past year.

more

Adding

the

expected

oats,

barley
grain sorghums the indicated
corn,

and
pro¬

duction of these feed grains totals
112 million tons, somewhat below

the production of 115 million tons
last vear and far below the record

production of 123 million tons in
3 942

but

once

in

a

total

exceeded

earlier years.

prospects improved in
July and total tonnage is now in¬
dicated to be 8% less than in 1943
record crop but

Conditions

about

are

on

for

lemons,

and

Aug. 1

fruit

from

large

were

tonnage
bloom

than

has

This would be

been

citrus

of
of

1944

as

larger than the record
1943-44
production
(from
the
bloom of 1943).
The total prospective fruit sup¬

ply (citrus and deciduous com¬
bined) for the 1944-45 season is
10 to 15% greater than production
for the 1943-44 season.

The
nage

for

Crops for

Fresh

Market

prospective aggregate ton¬
of commercial truck crops

the

fresh

in

market

1944

re¬

mains at about the level indicated

July 1

on

fifth

—

above

approximately

that of

1943

one-fifth above the

one-

and

1933-42

showed little change from July 1
to
Aug. l, despite unfavorable
v

weather

in

much

of

the

eastern

part of the country which reduced
summer

It

crops.

a

number

now appears

that production of cabbage, celery,

cucumbers, honevdew melons, let'uce, onions and watermelons, for
the

entire

1944

a

available

in

of the last six years and in




the

tomatoes

—

ex¬

aggregate

production

11

of

which estimates
A

the

of

total

vegetables

for

made.

are

production of 3,209,100 tons of

tomatoes
cated

for

by

processing is indi¬
received from

reports

21%.

The Aug.

tons

by

approximately

12%.

/■:/

n

Weather during the last half of
was

generally

unfavorable

for

summer-season

except
In

in

most

areas

east

the

truck

Mountain

commercial
of the

crops

States.

vegetable

Rockies and

in

Washington and Oregon on the
Pacific Coast, the dryness of e»rlv

July, which

in

some

areas

had

Stands

mostly good and
fields have been fairly well culti¬
are

unfavorable

of

serve

in west North
likely to be

seems

subsoil

good re¬

a

moisture.

The

eastern. portion must have good
rains to check further deteriora¬
tion.

Insects,

bugs, wire

including
and

worms,

corn

chinch
borers,

beans

•

less favorable-

were

are

in

uneven

ponsidered
snap

mates.

Aug.

on

j. Corn,

than

they were on July 1 and
258,800 tons: were forecast.;. This
is 6% less tonnage than was ex¬
pected 30 days earlier in the sea¬
son—but it still

Stands

height, but

close to the

comes

record-high -1943 production of
261,900 torts." The laSt indicated
1944

in

:

the

,

-

current' esti-^

-.„ ..-i* **

made

good

progressi

on

with

the

in New York and Western Penn¬

sylvania.

United

bers

where

States

cucum¬

important

crop for
has been un¬
favorable for the growth and de¬
velopment this year.
But green
lima beans for canning and freez¬
ing, beets for canning, and cab¬
bage for kraut escaped serious in¬
jury in July and the Aug. 1 con¬
are

an

pickling

purposes

ditions of these crops were some¬

what better

than

1943

in

the

on

Corn

Despite

slight decline in yield

a

prospects during July, one of the

larger
pect

still in pros¬
Production is in¬

corn crops was

Aug. 1.

on

dicated at 2,929,117,000 bushels,-a
decline of 51 million bushels or

2%

from

the

July

forecast.

If

realized, this crop would be 147
million

bushels

low

large 1943 crop, and 202
or
6% below the record

the

million

about

or

1942 production.

5%

tion of these two years and 1932,
which
is
closely approximated,

this would be the largest corn crop
since 1920.
The average yield of

30.0

bushels

harvested

per

compares with 30.6
1 this year, 32.5 in

In

acre,

indicated July

1943, and the

of 25.8 bushels.

average

droughty

a

area

ley States in

southwesterly di¬
Kentucky,
Ten¬
nessee,
and
Arkansas, parts of
Missouri, Georgia, Alabama, Mis¬
sissippi, and Louisiana into east
Texas,
corn

a

across

serious

deterioration

prospects /occurred
Also in a smaller

July.

from

area

Massachusetts

ginia lower yields

are

of

during
coastal

Vir¬

to

in prospect
In sections

than

month earlier.

a

adjacent to the chief drought
and

of

in

southern

area

Minnesota

and

Iowa, prospects were poor
fair, but improving as the result
favorable weather in late

more

July. In most other sections
pects

were

Planted

pros¬

good to excellent.
under

in
central
east vcoast
In contrast, the Situation
,

In South Central States

there

sharp deterioration,

was

the

present

ception
of

most

level.

poor

in

in

this

is

area

Oklahoma

The

;

'

July.

found

acreage

■

has

with much

of

not

overcome

the

North

and

need

at

season

least

a

start and win

normal

tp reach maturity;

growm<*

an

early

306,692,000 bush¬

1943 and the 1933-42

of 189,524,000 bushels.

age

aver¬

In the

main

spring wheat area compris¬
ing the. Dak otas, Minnesota, Mon¬
tana, and Washington, which will
produce about 95%

of all spring
1944, the weather has
continued favorable, although it
now appears that yields will not
equal those of 1943. The increase
wheat

in

in 1944 production compared with
1943 is due to a; larger planted
acreage.

*

~ w

.

Durum wheat-production is in¬
dicated at 36,690,000 bushels on
(

Aug. 1, compared .with 36,051,000
on July 1 with 36,204,000

Aug.. 1, compared with
a month earlier, 17.0
bushels for the 1943 crop and the
average of 11.2 bushels. Yields of
on

16.3 bushels

fields
water.

has

was

half

the

tain States.
suffered
from

of the

set

by

the

Wheat

in
spring
increase in all

an

million

bushels,
production is

1944

Soft

the

red

10-year

Hard

760

of

million

month

to

cause

delayed

in

Kansas

much

declined,

while

1944 is

in

than the 1943 crop

bushels

.Minnesota winter

south

and

Kentucky

was

from

west

did

not

much

days

and

of

to

which

three

an

was

planted
later

Oklahoma.

offset

Reduced

most of the

Nebraska

to

cause

much

}

in

to

ten

mature

yields

from

neighboring

to

a

area.

lesser

States,

•

area were

spring wheat

and

'

than

by favorable conditions

was

rust

it

and

the rela¬

weeks

opportunity

properly.

wheat

for

Ohio

give

tively late planted 1944 oats crop,

for

too far advanced when stem

developed

more '

10-year (1933-42) aver¬
age production. Hot, dry weather "
during July in an area extending \

July 1 prospects in this

In

of 1,143,—

16%

and

usual,

and

pro-:

estimated'

now

than the

extent in the
of Texas

'

a

increased /

Oats

to

~cCtions

other

change from

some
lodging in western
Kansas and parts of Colorado and
some

million
increase

most

ago.

867,000

damage.

harvesting

271

at

the

gain

bushels.

1,187,809,000 bushels, about 4%

more

Colorado and Wyoming. Harvest¬
ing has been completed in Texas
advanced

spring

shows

duction
at

of wheat,
ample
high temperatures.
Winter wheat prospects were low¬
ered in Nebraska, South Dakota,

Rains

million

Oats

and

and

233

production

Prospects
forT oats
slightly during July.

growth

Oklahoma

at

in

next

classes made little

appeared in the central to
northern Great Plains States, and
spread rapidly, favored by the

of

is

with

year,

winter

red

rust

most

will be¬

last month of any class; hard

over

production based

ing returns is indicated at 786,124,000 bushels, the second highest
of record and nearly 50% above
last year. During July black stem

moisture

winter

red

bushels

Aug. 1 conditions and harvest¬

dense

area

production
by
classes
greatest increase over

last

estimated

1

Winter Wheat
on

late

sections

wheat of which the indicated pro¬
is
486
million bushels.

over

average

the northern

duction

The
35%

above last year's crop of 836,298,000 bushels, and 49% above the
bushels.

early to

some

last year to be in hard red winter

increase

wheat—netting
wheat of 4

damage

too

not

or

spring wheat

shows

than off¬

is

it

infected.

duction

more

in

acreage

come

little

material

but

whether

wheat crop on record. The decline
from July 1 in winter wheat pro¬
a

Spring wheat has not

any

rust,

judge

maintaining this year's
the largest United States

is

of 12.4 bushels.

tant
producing Northern Great
Plains, and Northern Rocky Moun¬

acreage

The indicated production of all
wheat as of Aug. 1 is 1,132,105,000

as

and

left to be harvested in the impor¬

Wheat

crop

ago,

1943

in

Eastern,
Southern, and Central
producing States was mostly com¬
pleted by Aug. 1, but there was
still a considerably large acreage

of the region.

bushels,

month

a>

Harvest of spring wheat in the

in Colorado which

than

more

>

...

and the average

Irrigated
are
amply supplied with
The greatest improvement

in the West

from rust.

compares
with /17.8 bushels on
July 1, with 18.7 bushels for 1943,

'

,

t

handicap of its late

month earlier,

els in

For other spring wheat the Aug. 1
indicated yield- of
18.4 bushels

caused

This late planted

Compared with 334,736,000 bushels
a

the average of 162,112,000 bushels.

in

month ago or last year.

crop has continued to show
progress;

on Aug. 1 was
345,981,000 bushels,

at

298,685,000 bushels
270,488,000 bushels

ex¬

Improvement occurred in most
Western States, though the small
Washington and Oregon acreages
are not as promising
as either a

rust

in

indicated

Other spring;wheat production
on Aug.
1 was indicated at 309,£91,000 bushels, compared with

Texas, where prospects improved

far

the acreage late.

.

;

condition pre¬
vailing through most of July and
more rain will be needed in Aug¬
ust to maintain prospects kven at

the

range

Iowa,

to
in
and

V All Spring wheat

age

ow-

jng to the droughty,

flood, and with vary¬
ing degrees of delay, the 1944 corn
wide

except

year

kota but declined slightly in South
Dakota due mainly to July dam¬

and

changed.

too

a

last

durum
wheat-improved during
July, in Minnesota and North Da¬

Carolinas

of

weather and

above

1931.

in

equal

were

southward

the

and

difficulties

bushels

improved and with it yield pros¬
pects improved or remained un¬

record

extending

from portions of Ohio River Val¬
rection

-

weather,
States.

be¬

With the excep¬

the 19.7 bushels in

States

by

dicated

Sharp deterioration of

in

the

record, having been ex¬

near

exception pf the. dry bushels in 1943 and the average of
£7,413,000 bushels. -An average
New Jersey and eastern PennsyK
yield per: harvested < acre of 16.5
yania. .Yield prospects improved bushels ior durum wheat was in¬

within 2%

--,V
Hot, dry weather in sections of

the

coasjal portions -pf New England,

porn' has* resulted from > hot,. iity

of the 1943 production

and

of

most -oLthe jN0r th Atlantic, region/ bushels

production on green peas for
processing, based on July 15 con¬
ditions, is 402,940 tons. This comes
of 410,670 tons.

a

Nebraska, Colorado,
Minnesota.
;

normal conditions in the next few
weeks the prospect

well

advancement

ceeded only by
1942
and
19.0

in

pro-, for forage to supplement dry pas¬
for process¬ tures. All these factors have been

for

is

because

conditions

up

rains

yield per acre of winter
wheat, indicated at 18.8 bushels,

or

the

held

earlier

The

Yields

Ohio, Indiana, and Illinois. .Pros¬
pects in Wisconsin, Minnesota, and
Missouri showed no change. With

the

general

;
Corn Belt prospects, as a whole,
changed very little during July.
Improvement in Iowa, South Da¬
kota, Nebraska, and Kansas more

deterioration

of

crop.

vated.

1 indicated
corn

ing is 1,221,200 tons.
Productioh prospects

to

million

rains.

because

recent

mostly below average. Small por¬
tions of the acreage have been cut

of

duction of sweet

long lack of rain in July in the
Washington, Oregon, Idaho area,

the

offset

was

Even though there was

a

improvement: with

of

wheat

crop^

the

after

made

products.; This tonnage ex¬
1943 estimated produc¬
2,659,100 tons by : about

mato

tion

until

winter wheat yields

must be reckoned with there also.

ceeds the

Montana

reached

not

harvested.

situa¬

corn

and manufacturers of to¬

canners

prospects

realized, the aggre¬
gate tonnage this year will exceed
the 1942 record of just above 7

the

maintained, for there is

90%

much of

are

States

stituted

will exneed July 1 expectations by ap¬
proximately
the
amount
other
crops were reduced.
If present
season,

various

Central States

almost

usual.

tion varies, but for the most part
the late corn in the South has

production
of these crops in 1943 by 13 %.
Last year, these four crops con¬

also

aver¬

The total indicated tonnage

age.

and

corn,

ceeded

above

grapefruit,
tangerines
in
all

the

total

corresponding date.

or

Truck

sweet

oranges,

aggregate

an

indicated

the

an aver¬

States. Present condition indicates

July

crop but it would provide
smaller supply per unit of live-

any

Pears

average.

15% greater than

age crop.

only

large
stick

the

Grape

,

Hay production is estimated at
97 million tons.

a

both

1930..?

since

crops

oroduction

of

The quantity of sorghums har¬
vested for grain this season now
000

Freestones

and

prospective supplies of

sons.

seems

Virginia.

and

areas

pinched by drought; but in Kan¬
sas, Nebraska, and South Dakota

acre

record

average

18.6 bushels

of

been

York

the third largest crop
with California Cling¬

are

largest

yields averaging nearly 19 bushels
per acre and
the United States
average

average

1

Aug.

tonnage of four important process¬
ing crops—green peas, snap beans,

1

important States.
>

On

than

the

droughty situa¬
developed at different times

tion
in

greater

damage, and its northward spread

than

Processing

in

reported

are

below

somewhat

Thursday, August 31, 1944

in

In

extent-

yields

of

Volume

seriously reduced by
While 1944 yields
of oats for the country as a whole
do not differ significantly from

States

yields obtained in 1943, the acre¬
age is 3% greater."
Larger crops
than harvested last year are in¬

tailed

oats
'

were

was

most

on

severe

the

earlier acreage

from which ship¬
ments usually begin in late July

black stem rust.1

in

or

Yields were cur¬
drastically on Long Island,

August.

.

in local areas of the mid-western

States

the

in

and.

commercial

These
partially offset by in¬
creases in Maine, Idaho, Wyoming,
creases
are
counterbalanced by
Nevada,
California
and
important decreases in the States Utah,
of Iowa, Missouri, Nebraska, and Arizona., The present outlook in
AroostookCounty, Maine, is for
Kansas.
\
^
1;
an above-average
yield per acre.
Barley
The Aroostook crop received ade¬
Based on Aug. 1 conditions the
quate rains in late July and pres¬
indicated 1944 production of bar¬
early

areas

losses

dicated formuch of th£- deficit
feed area of the east.These in¬

of Nebraska.

were

•

ley is 293,703,000 bushels. This is
.9% below the 1943 crop of 322,-

bushels

187,000

15%

but

more

conditions

ent

favorable

are

for

growth. The crop in most of the
18 surplus late States is making

good progress, although some of
of 256,the acreage was planted later than
indicated
usual and will require good grow¬
yield per acre on Aug. 1 is 23.2
ing weather until October to pro¬
bushels per acre, representing a
duce good yields.
drop of 0.6 bushels since July 1 of
In the seven intermediate States
this year.
However, the Aug. 1 the
crop is very light.
Adverse
yield is almost IY2 bushels above
growing conditions have prevailed
last year and 1% bushels above
in this
than the 1933-42 average

The

bushels.

350,000

oral

Romania Breaks With Nazis; Joins With Allies
King Michael of Romania in a broadcast announced on Aug. 23
was switching from the Axis to the Allied side of the

;,

Acceptance of armistice, terms
offered by the Soviet Union, Great
Britain and the United States was

tin

in

proclamation

a

broadcast from Bucharest.

The

Russian
clashes

on

Romanians, ordered by King
Michael to cease hostilities against

quoted

killed," said the communique, "in
clashes

armed

the

between

re¬

detachments

Romanian:

of the crop varied
July with
some
of the important States,
notably. Minnesota and South Da¬ tion for the seven States is how against the Red Army, as well as
kota, showing Aug. 1 yields 5 and indicated jto be only 22,392,000 Romania's state of war with Brit¬
4.57 bushels, 1 respectively,
below bushels, compared with 34,774,000 ain and America, would cease
.those indicated a month ago. Rusts bushels in 1943 and the ten-year "from
this r moment."
Russian
of various kinds* blight, rootrrot average of 31,444,000 bushels. New armies were stabbing into Roma¬
and scab took a heavy toll in most
Jersey,
Virginia and Kentucky nia to within 167 miles of Buch¬
of South Dakoita and parts oflVliri- had the most severe losses during arest and
threatening the Ploesti
liesota. On the other, hand yield
oil fields as the announcement
July.prospects in North Dakota, the
went on the air.
*
;.
7
In the early States, where har¬
leading producing State, improved
The text of the King's procla¬
vesting of the early commercial
about 1 bushels per acre .from July
mation, as recorded by the British
crop is virtually complete, total
to Aug. 1.
Disease; was present
Ministry of Information, follows:
production prospects for the group
iniNorth Dakota but the crop ma¬
during

cabinet

was

and

.

■

.

leader of the Peasant party.

The

Premier issued

new

spected.

:

a proc¬

.

.

.

tured

.

substantial

before

damage

about the same as on

are

difficult

the

In

"Romanians!.

July 1.

Georgia and Tennes¬
about offset by increases

Decreases in

de¬
cided
for
the
fatherland on immediate cessation
of hostilities with the United Na¬
country I have
the salvation
of

of

hour

ered the

43,191,000 bushels.

the United Nations.

prospects declined
The Aug. 1 estimate
crop of 27,565,000 bush¬

Rye ; crop
: during July.
i

indicates a

.

which compares with
the July 1 estimate of 29,362,000
bushels.
The crop in prospect is
about 10% below 1943 production
and
32%
below
the
ten-year

els this year,

(1933-42) production.
practically completed
in all producing States and the
yield per acre is estimated at 11.9
Harvest is

bushels, which compares with 12.6*
bushels indicated on July 1 and
11.7 bushels, the ten-year average.
The decrease from

curred in the North
and

last month oc¬

Central States

mainly due to unfavor¬

^as

weather,
particularly
at
harvest time. Yields in other sec¬

able

country

the

of

tions

showed

about 70%
country's 1944 rye acreage.

tral section, which has

South

Dakota,

which has

of the rye acreage,

showed a

September Petroleum
Output Set At New High
Petroleum Adminsitrator for War, on Aug. 20
Harold L. Ickes,

announced that

17%
drop

yield per acre from 14.0 bushels
on July 1 to 11.5 bushels on Aug. 1.
in

prospective potato crop was
about 14,000,000 bushels

July by hot, dry

weather that

in eastern and middle
leaf hopper
injury in local areas west of the
Mississippi River. Total prospec¬
tive production is now placed at
385,295,000 bushe!s, compared
with 464,656,000 bushels in 1943
and the ten-year (1933-42) aver¬
prevailed

western areas and by

of 362,912,000 bushels.

age

The

yield per acre is 127.9
bushels,
compared with
139.9
bushels in 1943 and the ten-year
indicated

average
-

of 120.1 bushels.

States, yield
somewhat variable

In the 30 late-crop

prospects
but

are

are

above average in all ex¬

New
York, Pennsylvania,
West Virginia, Ohio, Indiana, Illi¬

cept

Production in the
indicated to be
308,724,000 bushels, comnared with
363,543,000 bushels in 1943 a^d the
ten-year average of
238,276,000
bushels.
Prosoe^" iri +Mo crronn
declined about 9,000,000 bushels
during July. .* Damage in the late
nois, and Iowa.
30

l^te

States

Britain

Great
United States.

Union,
:

"From

ities

\ ' '
moment

this

hostil¬

against Soviet armies and the
of

state

war

with

the United

and

and the
4 J'iVv; -

all

Great

Britain

States will cease.

"The United Nations have guar¬

anteed

the

independence

of Ro¬

mania.

September, 1944. This
the first time in the history of

"Any one who opposes the de¬
cision we have taken and who

industry that a pro¬
of
all
petroleum

justice in his own hands is
of our nation. I order
the army and the whole nation to

States for
is

has

the petroleum

duction

rate

liquids in excess of 5,000,000 bar¬
rels daily has been certified. The
September certified figure repre¬
sents a net increase of 105,900 bar¬

the rate certified

rels daily over

August production.

for

Administrator
the
ern

rate

Ickes

said

that

authorized for the East¬

States

has

been

increased

daily
71,300 barrels a day

slightly—from 68,400 barrels
in

August to

September. In the Midwestern
States the September rate calls
for 976,400 barrels daily, a net in¬
crease of 11,600 barrels daily, at¬
tributable to recently discovered
in

and Okla¬

takes
an

enemy

fight with all means and at the
cost of any sacrifice against him.
Romanians

"All

must

rally

around the throne and the govern¬

assist the
government and resists the will of
ment; he who does not

the nation is a traitor to

the coun¬

try.
"The United Nations have rec¬

ognized the injustice of the dictate
of Vienna under which Transyl¬
vania was torn from us.
"At the side of the Allied army
and with their

the
upon

frontiers
us

help we will cross
unjustly
imposed

at Vienna."

is




7:

protest, it will submit its
to

Bowles*

Mr.

will

be

time he receives the final opinion
in the

case.

If any recommenda¬

tion of the board is

rejected, the

opinion will state in full the
reasons for rejection.
7

final

.

OPA Review Board For
Maximum Price & Rent

Except for the fact that a formal
objection may now be considered
by a board of review, the general
procedure for making protests re¬
mains the same as it has been
since the Price Control Act was

1942, pro¬
could be made
as a
means of expressing formal
objection to maximum price and
rent regulations and orders.
January,

vided that protests

7y A person who wishes to secure
judicial review of a regulation or
order in the Emergency Court of
Appeals must ordinarily first file
his protest with OPA. If the pro¬
test is denied in whole or in part,
the

Chester

28 de¬
tails of the creation of boards of
review in the Office of Price Ad¬
ministration
that
will
consider

in

enacted

protestant

may

obtain

then

judicial review of the validity of
the regulation in this court.

Bowles announced on Aug.

'

(Amendment No. 9 to Revised
Regulation No. 1—Pro¬
cedure for the Issuance, Adjust¬

Procedural

protests to maximum price and
rent regulations and orders and
make
recommendations to him

Amendment, Protest and
Interpretation of Maximum Price
concerning the protests.
: :
Regulations — effective
Sept. 1,
Establishment of theser- boards 1944; and "Amendment' No.*-- 9 to
of review is required under the Revised Procedural Regulation No.
Stabilization Extension Act, which 3
Procedure
for
Adjustments,
ment,

—

provides that a person filing a Amendments, Protests and Inter¬
prqtest after Sept. 1, 1944, may pretations under Rent Regula¬
have his objections considered by tions—effective Sept. 1," 1944.)
such a board before denial of the
protest in whole or in part.
In announcing the methods by
which these boards will be set up
operate, Mr. Bowles said:
a protestant requests it,
these new boards will fully con¬
sider
all
information presented
and will also hear oral arguments

War Housing

Over 1

and will

"When

supporting the protest where that
is requested.
I believe that this
will help us in handling protests
and will assure that our final de¬
cisions will be based on thorough
knowledge of all the facts."
Details of the board's appoint¬
ment

and

procedure in handling

protests are "contained in amend¬
ments to Revised Procedural Reg¬
ulations Nos. 1 and 3, which reg¬
ulate the
protest procedure in
price and
tively.

rent

matters,

respec¬

Now Totals

% Million Units,
the Ad¬
National Hous¬

John B. Blandford, Jr.,
ministrator of the

ing Agency, announced on
that

Aug. 12

housing—completed

war

under construction since

the

or-

sum¬

1%
which will house
approximately 5,600,000 members
of war workers' families. He fur-;
mer

1940—now totals over

of

million

ther

units,

said:

"now

of

77^^;.* ;7

completions,"

"Total

amount

to

which 889,625

he

1,627,290

said,
units,

accommodations

private
737,665 completed
by public financing. All but a few
of the privately financed units are
of the family type, while the pub¬
licly
financed
accommodations
comprise 522,490 for families, 160,430
dormitory units and 54,745
stop-gap units, which include both
trailers and portable shelter units.

have

been

done

through

and

financing

Important points covered by the
Romania, with a population of
amendments include these:
approximately 13,000,000, joined
1. The personnel of the boards
The
authorized
rate for the the Axis in November, 1940, and
Germany
into
war will be appointed in individual
Rocky Mountain States remains followed
cases from
the officers and em¬
practically unchanged, but Cali¬ against Russia on June 22, 1941.
"Units under construction with
fornia's
production rate is in¬ Six months later she entered a ployees of OPA and the protestant
will be informed of the member private financing amount to 72,840.
creased to 936,700 barrels a day, state
of
war
with the United
or members to
consider his pro¬ An additional 71,306 were sched¬
*
19,600 barrels daily more than States and Britain.
Her.collaboration with Germany test. Where more than one per¬ uled to get under way as of June
that for August, the greater share
contribution of hun¬ son is appointed on a board, one 30, of which 57,334 are new and
of the increase to come from de¬ —and the
dreds of thousands of troops in the member will ordinarily be a per¬ 13,972 are by conversion of exist¬
veloped reserves.
son who is directly responsible for
ing structures. On the same date,
The
authorized
rate for the fight against Russia — was done
the formulation or administration 54,028 public units of varied types
Southwestern States is 2,931.400 under the hand of a dictator, Mar¬
of the regulation or order being were
under
construction
and
barrels a day, an increase of 71,- shal Ion Antonescu.
15.995 more were to be started, of
His fate is now undisclosed, but protested.
400 barrels daily, of which Texas
2. The scope and complexity of which
6,356 will be new units,
will account for
66,000 barrels
each case will determine the num¬ 3,161 stop-gap shelter accommo¬
daily.
ficient rates of production
for ber of members to compose each dations and 6,478 will be by con¬
Commenting on the increased some fields in those States.
board.
version."
"In view of the fact that mili¬
rates certified for California and
; 3.
Consideration by the board
Mr. Blandford also stated that
Texas, Ralph K. Davies, Deputy tary demands still are higher than
will take place after the protest¬ practically all publicly financed
Petroleum Administrator, said:
had previously been expected and
ant has submitted his full case housing now under construction
domestic
production
has
"The
urgency
of military re¬ that
and after all material in support is for temporary use and will be
reached peak efficient levels, it is
quirements has made it necessary
of the regulation
has been re¬ abandoned and torn down after
imperative that civilian consump¬ ceived.
to
certify, as a matter of war
the war, while most private build¬
tion be maintained at the absolute
necessity, a rate of production for
4. If he chooses, the protestant ing is used for permanent, normal
California and Texas during Sep¬ minimum required to carry on es¬
sential civilian activities at maxi¬ may make oral argument before housing needs, and 90% of this is
tember, which, in the technical
the board on the basis of this ma¬
mum efficiency, for the petroleum
financed by FHA-insured mort¬
opinion of the Petroleum Admin¬
terial.
istration for War, may well result requirements of the armed forces
in

Kentucky

homa.

reduced
in

production rate

5,051,300

reserves

Potatoes
The

a

barrels daily of all
petroleum liquids had been cer¬
tified to the various oil-producing
of

a

slight improvement over the July
1 estimate, but not enough to off¬
set the decrease in the North Cen¬
of the

accepted armis¬
tice terms offered by the Soviet
"Romania

at

days

15

furnished to the protestant at the

to be masters

Administrator

a

at

protest is filed.

recommendations

These

destiny."

Price

later than

recommendations

our

Cjccurred.. Prospects, "also improved see were
during July in Kansas, Colorado",
in North Carolina and Texas. Pro¬
and California.' ; In the: Western
duction in the early States is
States some improvement during
tions, and I call upon the govern¬
placed at 54,179,000 bushels, com¬
July is evident, but in most of the
ment
of the national
union to
pared with 66,339,000 bushels in
other producing
States Aug. 1
fulfill the determined will of the
1943 and the ten-year average of
yield prospects are below July 1.
country, ho conclude peace with
Rye

our

no

the

a

After the board has consid¬

7.

%

of

time

after

from the war

nations

protestant desires that

a

protest

any

prevent certain and true national
catastrophe. From today onward,
Romania considers the United Na¬
we mean

'

connection

be considered by
board, he is required to make
request for board action either
the time he files his protest or

fought at the side of the tripartite
(Axis) powers and the cessation
of hostilities against the Soviet
Union are definitely intended tc

friendly

If

6.

.

tions 7 as
henceforth

this

in

ample time to allow him to pre¬

his

declaring,

7 "Our withdrawal

details

sent his argument.

"The dicta¬
torial regime hitherto, by perma¬
nently violating the will of the
country, has by its policy endan¬
gered Romania's existence. Today
the
dictatorship has been cast
aside.
The people reenter into
their
own
rights.; The
regime
which we shall follow, will be a
democratic one in which public
freedom and the rights of citi¬
zens will be guaranteed and re¬
lamation

one

all

in

given to George
and Juliu Maniu, veteran

Bratianu

as saying that the Germans were
firing
on
the Romanians and
blocking their withdrawal.
"A large number of Romanian
officers and men have thus been

treating

Bucharest

Minister of
Grigore Nicthat cabinet

posts had been

Army, and the Germans.

Romanian prisoners were

new

ulescu-Buzesti

Romanian soil between

the

the Red

the

broadcast
told
of

morning
communique

early

The

Sanatescu.

The

of

subcommittee consist¬

a

member of the board.
protestant is to be notified

ing of

radio said the Foreign

•

most of the season and German frontier detachments
and yield per acre is 27 % below in several places."
.;,.,
A proclamation by 22-yearrold
average. Hot, dry weather caused
a further loss of nearly 5,000,000
King Michael, read over the Buch¬
bushels during July and produc¬ arest
radio, said- all hostilities

The progress

be before

his

.

considerably

one person will ordinarily be
Washington, D. C. Hearings at
some other location will ordinarily

in

government passed into the
hands of a new premier, Konstan-

announced

Hear¬

him.

to

board consisting of more

a

than

unconditional
7,'..,,7';,7:r7'7;V>;7 t, /

24, which also had the following to say regarding the
surrender of Romania.

convenient

ings by

according to, Associated Press dispatches from London on Aug.

war,

hearing either in Washington*
C., or at some other location

D.

more

that Romania

group

average.

969

& FINANCIAL CHRONICLE

THE COMMERCIAL

Number 4312

160

t

in

exceeding

the

maximum .ef-

must and shall be

met."

5.

The protestant may

request

gages.

.

,

'

i

Estimated

The State Of Trade
-

(Continued fi

and more than

millions

89

than

Increased taxes, labor and ma¬

accounted for the de¬

terial costs

am

This

magazine.

cline, according to the

Alloy Steel Output—Pro¬
duction
of
alloy steels during
July

the week ended Aug.

decrease of

a

this year,

a

11% of total steel

chiefly by

out

electric furnaces.

Output—Ferrospiegel in July

Iron

Pig

July

to maintain

a

fic

turned

metal

bee¬

by

shows

increase

an

19, 1944, as
source,

same

of

10,600 tons

compared with the output
for the week ended Aug. 12, last,
when

decrease of 3,894
below the corre¬ but a decline of 30,700 tons for
sponding week of 1943.
Com¬ the corresponding week of 1943.
pared with a similar period in
Coal Shortage—The shortage of
1942, an increase of 18,012 cars,
high-grade
Appalachian
coals,
or 2.1%, is shown.
suitable for making coke and by¬
and
0.4%

or

cars,

854,321 tons, about
Post-War R. R. Passenger Traf¬
production dur¬
fic Prospects—The profitable pas¬
ing that month, the American Iron
and Steel Institute revealed.
In senger traffic now being: enjoyed
June, 865,967 tons of alloy steel by the railroads has caused the
carriers to seek ways and means
were
produced.
In July a year
of holding a fair portion of this
ago output touched 1,066,053 tons.
increased business in the post-war
Open hearth furnaces produced
572,324 tons of alloy steel in July, period, states the "World-Tele¬
The
plans
in
mind
with the remaining 281,997 tons of gram."
totaled

July

the

reported

8,726 cars,
1% below the preceding week
was

of

production

hive coke in the United States for

962)

page

or

150 millions in 1941.

the

Thursday, August 31,-1944

THE COMMERCIAL & FINANCIAL CHRONICLE

970

range

volume

rates

high passenger traf¬
from a cut in
and

trains

faster

to

interest
both
in'
9,136,000 barrels during the .....Consumer
ending Aug. 19, 1944. Stor¬ wholesale and retail trade on aage
supplies at the week-end country-wide basis last week in¬
totaled 81,850,000 barrels of gaso¬ creased,
according L to .'Dun : &
at

.

week

Retail sales in fall
12,816,000 barrels of kero¬ Bradstreet.
40,308,000 barrels of distil¬ ready-to-wear in men's, women's
and
children's departments, re¬
late fuel, and 58,737,000 barrels of
residual fuel oil.
The above fig¬ flected exceptional progress with1
total : volume
ures
registering a sea¬
apply to the country as a
over
the
previous'
whole, and do not reflect condi¬ sonal ' gain
week. Re-orders continued heavytions on the East Coast.

line;

sene;

Oil

Crude

Stocks

domestic

tons of the
from industrial
plants using
it for generating
steam, the Acting Secretary of the
Interior announced last Friday.
Diversions forcing many indus¬
tries to turn to "strip-mined" or
lower quality "deep-mined" coals,

ended Aug. 19,

diverting

1,680,000

fuel to steel plants

to be made at a rate of about

are

ultra¬

420,000 tons a month during the
cars next four months.

—

Stocks

of

foreign crude pe¬
troleum at the close of the week
and

products, has grown so acute that
the SFA will begin immediately

totaled 223,040,000

barrels, the Bureau of Mines re¬

Compared with the total of
barrels for the pre¬

ports.

223,597,000

ceding week, this represents a de¬
crease
of 557,000 barrels,
com¬

prising
rels

decrease of 440,000 bar¬
of domestic crude

a

stocks

in

and a

decrease of 117,000

barrels

crude. Heavy
crude-oil stocks in California, not
in stocks of foreign

in

wholesale

tained

and

markets

volume

the

at

main-1

same

level-

3s the

preceding week. Purchases
in ready-to-wear for school pur¬
poses were responsible in large'
part

for

the

in

increase

retail

trade, the agency said. Aside from
the

foregoing, there were not
changes in the sales leaders'
as
main floor departments held:
their previous popularity.
Consumer response was imme-i
many

diate

in

most

new

merchandise

>

with interest focused on quality
Parlor
merchandise and purchasers un-:
will give way as more and more
"This drastic step must be taken included in the gasoline-bearing
totaled 5,156,814 net tons com¬
daunted by high prices.
; vvv. ^
de luxe day coaches are put in in order to
protect wartime steel stocks, totaled 6,418,000 barrels,
pared with 5,056,627 net tons in
In the school and college line,,
service, supplemented with club production," the Acting Secretary an increase of 4,000 barrels.
June and
5,022,745 net tons in
clothes received the greatest pro¬
and lounging cars now available said. "The coal is
Current reports of the industry
urgently need¬
July, one year ago, the American
only to Pullman travellers. Some ed to build back up to safe levels for the week ended Aug. 19 indi¬ motional backing last week, said*
Iron & Steel Institute disclosed.
the review, with shirts, sweaters,;
roads will emphasize speed as an
depleted
stockpiles of coal at cate an increase in crude-oil pro¬
For the seven months ended with
blouses and dresses enjoying a
inducement, but on others com¬ coke and by-product plants."
duction and a large increase in
July output touched 36,638,434 net fort will not be sacrificed to cut
good reception. Buying was heav- ;
Some
steel
plants now have crude runs. The API places daily
tons compared with 35,366,188 net
ier than the previous week andtravel time.
but a few days' supply of by¬ average. output at 4,675,000 bar¬
tons in the same period of 1943.
expectations promising to exceed ;
One railroad spokesman's ap¬ product
coals in their storage rels, or 8,000 barrels above the
Pig iron alone in July was 5,the like 1943. period.
Coat stocks,
preceding week. Daily average
094,149 net tons, compared with proach to the problem was to "op¬ piles, and the average of 30 plants
were reported in good shape and;
erate trains at full seating capac¬ whose stocks must be increased is : crude runs to stills of 4,694,000
5,007,926 net tons in June and 4,sales heavier in the higher-priced.
barrels were 134,000 barrels above
972,334 net tons in July of last ity by making both rates and approximately 15 days' supply.
brackets bearing out reports of;
appointments attractive, and those The diversions are to build stock¬ the level of the previous week
year.
In the seven months, pro¬
and
600,000 barrels
above the good. demand for quality mer¬
duction
reached
36,239,278
net trains can be operated on a profit¬ piles back up to an average of 30
chandise.
Men's
clothing sales;
able basis." Some fear is expressed days'
supply, which the Solid week ended Aug. 21, 1943.
tons, against 34,972,244 net tons
were about equal to 1943 as shoes v
over
Administration
considers
competition from airlines Fuels
Lumber Production—Estimated
in the same period a year pre¬
of all kinds sold well causing a
which will work toward forcing the minimum level of safety in lumber production in June de¬
vious.

and

manganese

:

_

.

^

Copper—The copper content of
manufactured
products
shipped
during July amounted
tons,

to 118,862

falling off of 30,986 tons
shipments, and the
monthly figure to be re¬

a

June

from
lowest

ported since June, 1942, when the
total was 117,387 tons.
The sharp
decline
was
attributed by the

modern

equipment.

rates

rail

down, but the railroad
referred to felt that
improved service the car¬

spokesman
with
riers

volume

sufficient traffic

create

can

the

offset

to

make

lower rates

and

still

that

part of their business.

a

good profit on

time of

war.

The Solid Fuels Administration

that

production capacity of
the "stripping" mines and of deep
mines in the Appalachian region
held

and

in

Indiana

ducing

;

Freight Car Orders—Expansion

Illinois

and

coals,

steam

ordinary

pro¬

would be sufficient to supply fuel

of freight car orders of leading to the industries deprived of the
builders took place recently with by-product coals.
week general
the placement of Army contracts
Silver—No price change is noted
vacation and inventory-taking pe¬
for approximately 24,660 cars for in the former quotation of 23V2d.
riod last month. This situation, it
overseas delivery in 1945.
Origi¬ per ounce standard for both cash
is understood, was also reflected
nal Army schedules,* it is under¬ and 2 months' delivery. During the
in the tonnage of new copper re¬
second quarter of the year the
ceived by fabricators from pro¬ stood, called for 35,000 units for

to. the

trade

one

during July, which totaled

ducers

tons against 141,166 tons
in June. Working stocks and un¬
filled orders varied little, with
122,143

the

1945

car

the

states

building

"Wall

Street

program,

Journal."

official

No

adds,

figures,
available

the report
on the num¬
allotted to each build¬

were

ber of

cars

London market presented no new

features.
industries

Buying for essential war
continued steadily

throughout
bulk

of

the

the period and the
supplies was again

clined to 3,047,692,000 board feet,
or
a
decrease of 2% from June,

the WPB discloses. The
month's output
was
greater by
4.4% than that of May, 1944, but
states the WPB, the increase re¬
flects
a
lower
May production
rather than an
improvement in
last year,

the lumber situation.

It

er,

the

freight

cars

"

the first
six months of 1944 brass mill pro¬
Brass Mill Output—In

totaled

duction

2,683,806,000

pounds as compared to 2,820,887,000

pounds in the same period of

1943, the WPB reported last week.
Output
of
alloyed
products
amounted to 2,486,921,000 pounds
in the first half of

1944, while un¬
alloyed production accounted for
196,885,000 pounds, both showing
decreases from last year.

Electric
son

Production

—

The Edi¬

Electric Institute reports

that

In

connection

equipment,
American

the

1944

and

railroads

18,774

579

new

new

installed

freight

locomotives.

the output of electricity

increased
4,451,076,000

approximately

the week ended Aug.

kwh. in

19

4,415,368,000 kwh. in the
preceding week.
The latest fig¬
ures represent a gain of 4.4% over
one
year
ago,
when
output
from

reached

4,264,824.000 kwh.

Consolidated Edison, Co. of'New
York

output .of

system

reports

171,000,000 kilowatt-hours in the
ended Aug. 20, 1944, and

week

compares

191,400,000 kilo¬
corresponding

with

watt-hours for the
of

week

1943,

or

a

decrease

Local distribution of electricity

kilowatthours, compared with 189,100,000
kilowatt-hours

for

the

corre¬

sponding week of last year, a de¬
E.

of 15.6%.

R.

Freight

of

loadings
the

week

887.446

cars,

American

Loadings — Car-

revenue

freight

for

ended

Aug. 19 totaled
the Association of

Railroads

announced.




production

noted improvement and

varied, but apparel lines
shipments-

2,381,249,000 board feet, an
increase of 3.4% over the previ¬
ous

month,' but

a

decline of 4.7%

the

week

sale

States

of

silver

under

the

Silver Purchase Act.

(revised figure) tons,
against 372,423,000 tons in the

7.6%.

or

a

as

good.:

textiles, furni¬

1943. Hard¬ the supply problem remained the;
666,443,000 contributing factorr
board feet of June, 1944, produc¬
The above source estimates a
that

from

of

June,

accounted

woods

for

gain of 3% to 7% for the week
in

retail

sales

throughout
the*
same week in
1943.
Regional increases were:;
New England, 1 to 3%; East, 2 to'
country

the

over

4%; Middle West, 3 to 6%; North-'
west, 5 to 7%; South, 8 to 10%; •
Southwest, 9 to 11%, and the Pa-,
cific

Coast, 6 to 9%.
According to Federal Reserve
Bank's
index, department store;
sales in New York City for the-

the

United

production

for

the

same

period, while unfilled order files
amounted to 106.6% of stocks. For

production
and

gross

four

weeks

ended

1944.
For the
Aug. 19 daily

Aug. 19, de-:
the same pe¬
year. - For the four *
weeks ending Aug. 19 sales rose
by 4%, and for the year to Aug.,
19 they improve by 8%. »
period

weekly

to

creased by 8% over
of

last

cooler

The

weather

enjoyed,
week*
gave impetus to retail trade. De-,
partment
stores
generally,
the
New York "Times" reports, had
gains

over a year ago as consumer

interest in fall and
merchandise

school-opening:

increased.

Estimates

placed volume at 5 to 10% above1943.

Selectivity again ruled theinfluenced by

wholesale markets
abroad

events

.'portending
an
European con-fall merchan-'.

early

end

of the

flict.

As

regards

dise, merchants are still confront¬
ed with light delivery situations. ;
Wholesale

Commodity

Index—'

agricultural;
commodity markets, particularly^
fresh fruits, vegetables and live-'
stock, worked to force down by;
pared with two in the preceding 0.4 %, the Bureau of Labor Statis¬
week and three a year ago.
tics' index of commodity prices
A

sharp

reaction in

ended output averaged 4,650,400 barrels.

400,895,000

period,

as

here in New York the past

the

The

19

1943

lines such

at the current rate,
stocks are equivalent
to 34 days' production.
For 1944
to
date
shipments of reporting
identical mills exceeded produc¬

on

by

12,112,000 tons in the correspond¬
ing week of last year, while outfor Jan. 1 to Aug. 19 totaled

same

In

de¬

ture,
appliances and industrial
supplies, markets were spotty as'

restrictions

cars

nut

as

generally described

were

ed for

on

riod

of the Solid Fuels month of August,

for

.

trade, the

reporting softwood mills, unfilled
orders are equivalent to 38 days'

at 11,875,000 net tons,
against 12,200,000 (revised figure)
tons in the preceding week and
Aug.

many

principal objectives of the confer¬
ence, if held, would be to ease the

carriers

report

period in 1943.

of

Administration placed bituminous

amounted to 159,700,000

crease

The

of

10.7%.

same

backlog or orders in,
lines for fall delivery were;

large

less than for the first
half of 1943. Softwoods account¬
1.3%

feet,

.

to

the

over

reports.' Reports

freight traffic handled
The London market for silver
in the first six was
unchanged at 23V2d. The New
months of 1944, the same source
York
official
for foreign silver tion by 4.2% and orders ran 6.5%
reports, was the largest for any continued at 443/4£, with domestic above output.
corresponding period on record, silver at 70%<z>. Compared to the average corre¬
representing an increase of 5.4%
Crude
Oil
Production — Daily sponding week of 1935-39, pro¬
compared with the first half of
duction
of reporting
mills was
average gross crude oil produc¬
1943.
*
uV
•
'
greater; shipments, 16.9%
tion for the week ended Aug. 19, 18.5%
Coal Production—The U. S. Bu¬
as
estimated
by the
American greater, and orders, 26.1% greater.
reau of Mines reports production
Business
Failures — Business
Petroleum Institute, was 4,675,100
of
Pennsylvania
anthracite for
barrels, establishing a new high failures in the United States ad¬
week
ending Aug. 19, 1944, at record.
vanced for the period ended Aug.
This4 was 7,800 barrels
1,169,000
tons, " a
decrease
of a day in excess of the previous 17 to 19 from 16 in the previous
70,000 tons (5.7%) under the pre¬
peak reached for the week ended week and compared with 54 in the
ceding week, and a decrease of
Aug. 12, 1944, and exceeded the corresponding week of 1943, Dun
90,000 tons (7.1%) from the cor¬
Concerns
corresponding week of 1943 by & Bradstreet reports.
responding week of 1943.
The
456,750 barrels a day.
The cur¬ failing with liabilities of $5,000 or
1944 calendar year to date shows
rent figure was also 18,800 barrels more numbered 14, compared to
an
increase of 6.7% when com¬
above the daily average figure 9 in the previous week and 25
pared
with
the
corresponding recommended by the Petroleum one - year ago.
There -were no
period of 1943.
Administration for War for the Canadian failures this week, com¬
the

of;

ahead

above

volume of

by

little

a

>

previous,

in

months

seven

ran

steady and

with

Food volume too, ran about

1943.

A

were

par ;

producers and consumers in the
United States, Mexico and other
interested
nations.
One of the

rail

new

Association
of
Railroads pointed out
the

that in the first

service

with

and

weeks

5%

a

liveries

<

against 132,997 tons for June.

on;

agency

are

250,000.

Furniture sales

about

output totaled 16,354,317,000 board

further understood that

was

sizes.

noted in the wholesale

For the first six months of 1944

tion, being 8.4% above;that of
provided
from
official
stocks. May, last, and 9.2% more than
of various However, from time to time, a that produced in June, 1943.
pared with 635,878 tons for June.
Against such needsr consumers types and unit prices range from little silver became available from
Lumber Shipments — The Na¬
had on order with producers and about $1,300 to almost $3,800. Or¬ production sources.
tional Lumber Manufacturers As¬
ders in the amount of 1,700 new
in stock at their plants a total of
One feature of the week's news sociation
reports
that
lumber
413,235 tons at the end of July, freight cars were also placed by with respect to silver was the shipments of 503 reporting mills
the Baltimore & Ohio Railroad,
indicating an apparent shortage of
proposal by Mexico's Finance Sec¬ were 9.7% below production for
the purchase involving an expen¬
226,603 tons. July's new business
retary Suarez that a silver stabil¬ the week ended Aug. 19, but new
diture
of
approximately
$5,- ization conference be held among
amounted
to
123,479
tons
as
orders of these mills were 0.6%
placed at 639,838 tons at the close of July com¬

the combined total

considerable reduction in popular

gain

Department and Retail Store in primary markets in the week,
The drop offset'
Reports
from
refining
com¬ Sales—Department store sales on ended Aug. 19.
panies indicate that the industry a : country-wide basis, as taken the gain'of the preceding week
as
a
whole ran to stills (on a from the Federal Reserve Board's and had the effect of bringing the
ahead of a year all-commodity index to 103.6% of
Bureau of Mines basis)
approx¬ index were 1%
imately 4,694.000 barrels of crude ago for the week ending Aug. 19. the 1926 average. The extent of
oil daily and produced 13,757,000 For the four weeks ending Aug. the decline in the level of prices
barrels of gasoline. Kerosene out¬
19, 1944, sales increased by 7%. for commodities in primary mar¬

put totaled 1,487,000 barrels with
of .distillate fuel oil placed at 4,819,000

barrels

and

residual

fuel

oil

A

7%

increase

in

department

kets

in

the

past

four

weeks

is

0.3%, and is about 1% above the
v
19, 1944, over 1943 was also noted. same period of last year.

store

sales

for

the

year

to

Aug.

Volume

160

971

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4312

-

Electric Outpnl Forifeel^Eilileil Aup26r1944\'i?4f Civil Engineering Construction
Shows 2.2% Gain Over Same Week Last Year
:' For Week
V

-

The Edison Electric Institute, in its current weekly

,

report, esti¬
of electricity by the electric light and

mated that the production

industry of the United States for the week ended Aug. 26, 1944,
was
approximately 4,418,298,000 kwh., compared with 4,322,195,000
kwh. in the corresponding week a year ago, an increase of 2.2%. The

power

Aug. 19, 1944,

output for the week ended
-similar

period of 1943.

V'!* 'V*;•

V.-'V-'

pips

-

\ •;*

*

•

P-,

4.4% in excess of the

was

p\lsrP.

'Wv

jpj 'PP".P+PPPP::^
:

'j.:

,

last

*4.4

*1.5

3.1

3.2
1.9

r

,

'

*2.6

•4.5

*6.0
•

13.3

11.9

10.5

^

r

„.

•

\

*3.9

♦Decrease

DATA

in

similar week

under

Pppi+Pp. PpPS

2.2

—

'

to

;

r"

•

3.7

3.0

a

and public work, $936,921,000, is down

year ago,

the 57%

drop in Federal work.

1942

1943

8.5

3,365,208

1,436,928

1,698,942

3,969,161

6.8

3,356,921

1,435,731

1,704,426

3,992,250

6.3

3,379,985

1,425,151

1,705,460

State and municipal

4,291,750

3,990,040

7.6

3,322,651

1,381,452

1,615,085

Federal

4,144,490

.

over

+

3,925,893

5.6

3,372,374

1,435,471

4,264,600

4,040,376

5.5

3,463,528

1,441,532

1,699,227

4,287,251

4.098,401-

4.6

3,433,711

1,440,541

Public construction

1,689,925

June 10

.June 17

1,702,501

3

4,325,417

4,120,038

5.0

3,457,024

1,456,961

1,723,428

July

1

4,327,359

4.110,793

5.3

3,424,188

1,341,730

1,592,075

July

8

3.940,854

3,91(1,398

0.5

3,428,916

1,415,704

1,711,625

•July 15

4,377,152

4,184,143

4.6

3,565,367

1,433,903

July 22

4,380,930

4,196,357

4.4

3,625,645

July 29

4,390,762

4,226,705.

3.9

Aug.

4,399,433

4,240,638

+

4,415,368

4.287,827

4,451,076

4,264,824

4,418,298

4,322,195

June 24-

—_

5

*AUg. 12
'Aug. 19
Aug. 26

______

2,870,000
26,703,000

Private construction

1929

1932

1943

3,903,723

4,245,678

.May 27

$40,638,000
11,065,000
29,573,000

Total U. S. construction

1944

May 20

1,727,225

1,440,386

1,732,031

3,649,146

1,426,986

1,724,728

3.7

3,637,070

1,415,122

+

3.0

3.654,795

1,431,910

1,729,667
1,733,110

+

4.4

3,673,717

1,436,440

1,750,056

+

2.2

3,639,961

1,464,700

1,761,594

'

National Fertilizer Association Commodity
Index

week, last

Price

Registers Fractional Advance

Aug. 24,1944

7,540,000
31,995,000

private industrial expansion. The week's new
$1,595,292,000, a total that compares

the 34-week 1943

financing brings 1944
with $2,926,726,000 for

Association

Week

Eaph Group
Total Index

Aug. 19,

1944

1944

Fats and Oils—

—

Cottonseed Oil-

in

cutback

'

1943

1 3 a. J

141.5

13B.6

145.1

145.7

163.1

161.3

163.1

still

Maritime

Commission

for

on

deliveries

involving

practically all steel products and
unfilled order backlogs were un¬

161.0

161.0

161.2

155.6

206.4

203.1

194.0

155.2

157.9

147.9

The

Institute

dergoing little or no
American

change."

Iron

and

Steel

_

155.8

ii

Fuels—

155.4

155.6

151.G

130.1

130.1

130.1

122.8

132.2

Livestock

,'y

Ago

132.2

132.2

131.0

clear, the Associa¬

said, that most of the big in¬
stitutional
investors,
including
commercial and mutual savings

companies and

insurance

societies,

fraternal

have

become

and

character

city

extent

real

of the

the

"In

5,056,627. tons in June.
The July output was below aver¬
age for- longer
months and far
below
the
all-time
record
of
gain

over

5,434,240 tons made , in March.
Output for seven months totaled
36,638,434 tons,
compared with
35,366,188 tons in the same period
last year.

"Distribution

of

1,600 cars by
the.Chicago & Alton ancL-1,700 by
the Baltimore & Ohio indicate in¬

terest

railroads

of

in

adding

to

estate

field,

individuals are showing large,in¬

the

in

they

recording.

One

limited to city mort¬

tabulation,
gages

number of mort¬

are

of less than $20,000, shows

increasing
those
of the same period last year and
now are making about a fourth of
the total of all mortgages. While
these
do
not represent all the

that

individuals

are

their loans about 40% above

mortgages being made over the
country,
they are believed
to
fully, refleci.thq current, trend.....
"Statistics from the farm mort¬
gage

lending field are- consider¬

conclusive and show
investor's
en¬
role," according to the
bon steel by WPB for railroad use
study.
"Farm mortgages of all
in fourth quarter has been reduced lenders recorded in the first quar¬
ter this year were 28% ahead of
to 1,039,100 tons from 1,532,633
tons asked by the industry.
Re¬ those of the same period last year.
point/and despite the many small placement rail request was cut to Number of loans were up 12 %,
but
perhaps significant trends, 360,000 tons from 550,000 tons indicating the faster turnoyer of
orders this week were almost as asked. Need for shell steel, much farm properties."
:
heavy as a week ago, pressure was of which is rolled on rail mills,
But it is in the size of mort¬

203.7

....

Grains__
.

1944

now seems

gages

155.9

Cotton

17.3

July 29,

Year

Aug. 23

145.1

163.1

.

.

Farm Products

23.0

Ago

140.2

:—

Foods

25.3

.

145.1

'

•'

Week

Aug. 26,

Group

Bears to the

*

Month

Latest Preceding

It
tion

creases

^

requirements,
postponement
in
A month ago this index stood at 138.4 and a year some shell steel delivery sched¬
ago at 135.3, based on the 1935-1939 average as 100.
The Association's ules, substitution of lend-lease or¬
ders
for
four-quarter
domestic
report continued as follows:
The farm products group remained unchanged last week.
The tinplate cutbacks, hesitancy on
grains group was up slightly as higher quotations on oats more than off¬ fresh steel orders and inventory
Even though the
set lower quotations on rye. The livestock group advanced only frac¬ house-cleaning.
tionally as higher prices for good cattle and lambs more than offset cutbacks in shell steel production,
lower prices for live fowls.
The foods group moved into higher as mentioned in 'The Iron Age'
last week, will probably be. tem¬
ground reflecting higher* prices for, eggs and oranges. The textiles
group was the only other group index number to change.
This de¬ porary and will have to be made
clined slightly as lower quotations for. raw cotton more than offset up at a later date, this breathing
spell is giving mills a chance to
higher quotations for certain finished goods.
catch
up
on
a
structural, rail,
During the week 6 price series in the index advanced and 3 de¬
heavy bar and semi-finished steel
clined; in the preceding week there were 7 advances and 3 declines;
backlogs.
The shell program had
and in the second preceding week there were 2 advances and 9
pushed deliveries on these items
declines.
back to a considerable extent.
"From a current market stand¬
r Pi
WEEKLY WHOLESALE COMMODITY PRICE INDEX S
1935-1939=100*

its members.

the

period.

138.4 in the week ending Aug. 26 from 138.3 in the

Compiled t>v The National Fertilizer

Association of America among

ers

over last week are in
present trend and its possible ef¬
and earthwork and drain¬
fects, it added.
age.
Increases over the 1943 week are in waterworks, sewerage,
The subject has been scheduled
bridges, industrial buildings, public buildings, earthwork and drain¬
age, and streets and roads.
Subtotals for the week in each class of for review at the Association's
construction are: waterworks, $781,000; sewerage, $596,000; bridges, 31st annual business meeting and
Conference on War and Post-war
$461,000; industrial buildings, $4,512,000; commercial building and
large-scale private housing, $400,000; public buildings, $16,611,000; Mortgage ; Problems in Chicago,
18, 19 and 20. Dr. E. C.
earthwork and drainage, $2,698,000; streets and roads, $3,500,000, and Oct.
Young,
dean
of the graduate
unclassified construction, $7,750,000.
school of Purdue University, will
New capital for construction purposes totals $13,046,000 for the
week. It is made up of $7,716,000 in State and municipal bond sales, be the principal speaker on the
rise in farm land values.
:iipp\
$5,000,000 in corporate security issues, and $330,000 In RFC loans for

gains

In the classified construction groups,

preceding week.

%

particularly in the past
year, may likely prove to be the
principal factor in the so-called
inflationary price movement in
city and farm property, according
to a study by the Mortgage Bank¬
force,

$37,309,000 fully aware of the dangers of in¬
5,157,000 flated valuations for real estate
32,152,000 and, as a consequence, are lend¬
4,511,000 ing cautiously. The small individ¬
< 27,641,000 ual investor has not recognized

The

fractionally to

mortgage

waterworks, bridges, industrial buildings,

volume to

weekly wholesale commodity price index, compiled by The
National Fertilizer Association and made public on Aug. 28, advanced

and

tate

banks,

Aug. 17,1944
$42,335,000
V
2,800,000
39,535,000

Aug. 26,1943

(Thousands of Kilowatt-Hours)

4,238,375

LLlZli

52% ,due

State and municipal volume is

engineering construction volumes for the 1943

Civil

4,233,756

6

June

year ago.

1943.

FOR RECENT WEEKS

Week Ended-

May

May 13

in

week and the current week are:

Vo Change
,

es¬

markets

17% above a year ago.

14.4

'PP. ■'!.

Total United States;

,The private individual investor
who has returned to the real

gains 84% over the preceding week, but is 53%
Public construction reports a 19% decrease from
week, while gaining 9% over last year.
The current week's construction brings 1944 volume to $1,201,a

below

8.1

6.5

7.1

7.1

-.

Rocky Mountain

Realty Inflation

360,000 for the 34 weeks, a decrease of 46% from $2,224,088,000 re¬
ported for the 1943 period. Private construction, $264,439,000 is 7%

*3.1

&'

3.0

5.2

totals

construction

Private work

1.3

2.0

.

'

Southern States

the

Aug. 5

Aug. 12

XT:;:;;5;ivl

:2.3

West Central

Pacific Coast

■&;

1.6

Central Industrial

y

3.5

*5.2

Middle Atlantic

Aug. 19

'v

1.4

•

New

engineering construction volume in continental United
$37,309,000 for the week. This volume, not including
by military engineers abroad, American contracts
outside the country,.. and shipbuilding, is 12% lower than a week
ago, 8% lower than in the corresponding 1943 week, and 1% under
the previous four week moving average as reported to "Engineering
News-Record" and made public on Aug. 24. The report added:

States

below

-Week Ended-

Aug. 26

Major Geographical DivisionsEngland

~

Seen Main Factor In

Civil

,

'?

PREVIOUS YEAR

PERCENTAGE INCREASE OVER

Individual Investor

$37,309,000

that

on

Aug.

28

announced

telegraphic reports which it
received indicated that the

equipment.
The Dela¬
ware & Hudson has placed 21,300
tons of rails.
Allocation of car¬
depleted

is

a

factor in this cut.

were

mobiles, trucks
parts.

Similar cuts

made in allocation for auto¬

'

*

and replacement
\

"Consumption of Lake Superior
ore in July totaled 7,371,733

iron

ably

more

the

individual

hanced

gages

where the most conclusive
can
be found of the

evidence

present trend, it is pointed out.
Average size in the first quarter
was 14% greater than in the same
period

a

year

ago.

Individual's

were
up
36%
in
tons, slightly below the mortgages
had
150.3
152.6
153.1
152.8
average for earlier months. Total amount and 25% in average size.
Textiles
8.2
104.4
104.4
104.4
104.4
operating rate of steel companies consumption to Aug. 1 was a little
Metals
7.1
Comparison
of first quarter
152.5
154.0
154.0
154.0
6.1
Building materials.
having 94% of the steel capacity
126.G
higher than in the comparable 1944 data with those of four years
126.9
126.9
) 26.9
Chemicals and drugs.—
1.3
of the industry will be 97.1% of
117.7
118.3
118.3
118.3
period last year, 51,661,963 tons, ago is-even more impressive and
Fertilizer materials
.3
119.8
119.7
119.7
capacity for the week beginning
119.7
Fertilizers—
}.
.3
against 51,248,423 tons. Stocks at reveals the great upward advance
104.1
104.5
104.5
104.5
Farm machinery.
Aug. 28, compared with 94.5% one furnaces and Lake Erie docks are that has taken place since that
,•3
week ago, 96.9% one month ago
135.3
138.4 £
138.8
138.4
slightly lower than a year ago, time. There has been a gain of
All groups combined
100.0
and 99.4% one year ago. The op¬
32,069,216 tons against 32,388,932 43% in amount of farm mortgages
♦Indexes on 1926-1928 base were: Aug. 26, 1944, 107.8; Aug. 19, 107.7, and Aug. 28
erating rate for the week begin¬ tons."
■/:\ '•
: <'p\P;p'P'pI*'?!'/-"with individuals showing a gain
1943, 105.4.'
ning Aug. 28
is equivalent to
of 85%; and a gain of 47% in av¬
1,739,300 tons of steel ingots and
erage size for all lenders with in¬
castings,
compared to 1,692,800 Dr. Palyi Consultant
dividuals' loans up 80% in size.
tons one week ago, 1,735,800 tons
—
For Laundering Inst.
Individuals have increased the
one month ago, and 1,732,500 tons
The
American
Institute
of total proportion of farm loans
one year ago.
they recorded from more than
Laundering, national trade asso¬
"Steel" of Cleveland, in its sum¬
"Until such time as civilian steel orders begin to reach mills in
29% in the first quarter of 1940
ciation of the laundry industry,
mary of the iron and steel mar¬
tlarge tonnages, it appears that the peak in steel ordering has passed,"
has retained Dr. Melchior Palyi, to more than 37lk% in first quar¬
"The Iron Age" states in its issue of today (Aug. 31), further adding: kets, on Aug. 28 stated in part as
nationally known Chicago econo¬ ter this year^'r^V^r'*
follows:
"While incoming bookings were still heavy this week in most centers,
mist, as a consultant to the Insti¬
One
optimistic factor in the
"Forward delivery on some ma¬
it is recalled that material involved in these orders represents re¬
tute.
■'
jor steel products has been re¬
present
upward movement of
quirements set up some time ago.
In announcing Dr. Palyi's ap¬
lieved by further decline in buying
"Although on the surface steel y
farm land prices which was not
George H. Johnson,
volume of new steel, orders, the and an increasing, though moder¬ pointment,
market trends appeared to be the
the Institute's General Manager, present during the early 'twenties,
ate, rate of cancellations and cut¬
same as
a week ago, tiny cracks production of material already in
revealed
plans for a complete according to H. G. Woodruff, De¬
steel mill schedules and the huge backs.
'
are beginning to materialize which
study of the post-war phase of
Probably the deepest
"Sheared plates now are being
troit,
Association President, is
may be
indicative of a gradual backlogs.
the industry's "Progressive Plan¬
leveling-off or which may pre¬ thinking is being carried on by quoted by some producers for No¬
that
practically all responsible
those steel companies and allied
ning" program. Special attention
cede an upheaval.
vember delivery, against Decem¬
Whether the
will be given in the study to post¬ groups in the country are aware
industries which in the early days
latter condition occurs in the near
ber as the best promise recently.
war problems of the laundry busi¬
of the dangers of an unreasonable
of
the
war
made the greatest
future
depends entirely on the
"Sheet schedules are being con¬ ness which affect its
capital struc¬ advance in farm land prices and
changes in their plants and meth¬
course of the war in Europe.
stantly readjusted but the ten¬
ods to convert to the production
ture, prices, wages and its pros¬
are acting and lending according¬
dency is still forward, especially
;
"No matter what shape near- of war
pective level of employment.
goods.
: ;PpP'Pin hot-rolled and galvanized, the
future events take abroad, steel
ly.
The
largest group which
"Some
of
the
signposts this
Dr. Palyi is now engaged in
producers and their consumers this week in the steel industry which latter being quoted for February
preparatory work in connection seems to have failed to recognize
and March.
week are entertaining more sober tend
,,
to
support the view that
with the research into the indus¬ the potential dangers is the indi"Pig iron production in July to¬
thoughts upon the effect Ger¬ lighter demand may be in the
xririnaT
invpstnrs
hp said.
offing are: a sharp first quarter taled 5,156,814 net tons, a slight try's post-war problems.
many's defeat will have upon the
—

Miscellaneous commodities

10.8

....

_

_.

__

___

_

-

_

;

_

.

__

r

.

Operations Rise To 97.1%
Deliveries
Eased— Lighter Demand May Be In The Offing

Steel

'




,

■

gross

.111

July- Business Indexes
the Federal Reserve System

The Beard of Governors of

issued

26 its monthly indexes of

Aug.

The Securities and Exchange Commission made public on Aug.

1923-25

for

100

the

Trading

average =:

1935-39

100

average

=100 for all other series

.

Without

Adjusted for

July

July

June

July

On the New York Curb

235

240

*235

236

241

ended

260

*233

Total

*249

Durable

——

252

259

*251

*350

—

252

354

360

*351

355

361

169

177

*169

170

178

142

134

*144

146

34

60

*44

41

67

15

36

*15

16

36

50

80

♦68

60

92

-

*140

—-

*39

—-——

Residential———

*14

All other—-

*59

——-—

'

.

*157.6

169.7

*157.8

158.6

229.4

*214.0

216.6

122.6

*113.4

112.8

122.6

t
*

315.6

443.1

143

139

141

147

144

175

171

143

162
150

146

160

of

figures, shown in
by $184,137,000,
Employment Index,

dential

sales.—

17,614

total

sales

17,770

and

Total

-

=

:

June

202

204

196

198

225

230

222

225

Lumber.

181

184

183

181

526

577

491

526

577

443;

440

*441

443

716

.

Total

754

*705

716

Plate

glass—

220

*225

228

220

256

t

264

253

278

*245

252

Cement—

135

A.

of

Account

York

Curb

Exehange

1944

127

128

*130

133

118

118

*123

127

145

148

*144

145

65

45

173

65

45

60

128

3.

Transactions

Round-Lot

for

Account

of

Members:

they are
Total

131

Short sales

132

*125

125

132

tOther sales

*176

179

198

2.97

326

326

119

90

94

*292

297

t

*146

148

+

*146

140

153

139

140

153

Rayon deliveries..——.—

193

196

183

193

196

183

t.

t

146

t

t

146

*105

115

112

*103

114

t

114

111

t

111

105

124

116

t

119

4,895

:

109

.—

Cattle hide leathers

Total

9.23

Finance,
by Robert Cluett, 3rd. Mr.
was
Under-Secretary of

headed

Magill

18,235

Short sales—

1.300

tOther sales

the Treasury
is a partner

29,605.

Total sales

Chairman

purchases

t

85

85

t

87

84

t

84

84

t.

85

83

Short sales

1,700

t

141

169

t

■

139

157

tOther sales

27,345

*100

116

112

•100

-

116

112

Sheep and lamb leathers
Shoes

——

Total sales..

154

146

*161

154

155

Wheat flour

*113

110

103

*112

106

102

*175

173

186

*162

172

170

Total

Other manufactured foods

*152

155

145

*158

146

151

Processed fruits & vegetables.

*124

136

126

*162

105

164

122

121

134

127

126

2.58

29,045

138

*152

Tobacco products.

99

86

89

162

158

175

79

84

78

80

84

t

100

111

*95

100

85

105

75

84

182

1

242

182

252

185

f

252

185

136

109

Coke—;

i

Byproduct

136

109

145

164

145

131

121

t

131

120

130

118

t

123

110

172

162

t

172

162

t

Kerosene

*137

164

t

«,

t

t

Lubricating oil

164

153

164

463

453

*455

463

320

402

*314

317

398

*237

...

237

222

*237

237

222

:•

*411

371

*411

412

371

228

229

*227

228

229

*144

—

412

*227

Industrial chemicals

Rubber..

36,045

Midland Bank Member
firms

146

136

.'*144

146

136

tin

the

t Round-lot
rules

are

Included

.

Aug.

158

155

*151

158

155

Wright

129

*119

128

129

Stanton

Crude

*144

143

128

*144

143

128

nautics.

ident and

t
'

120

128

•

■

—

...

-v**'

t

148

163

t

330

148

146

143

148

194

194

184

188

191

Grain

144

135

143

172

137

Livestock
Forest products—

124

J124

tll2

102

100

156

148

Ore

189

187

150
66

Miscellaneous

—

Merchandise, l.c-l——

•

with

"other

that

reason

the Commission's

178

172

'

97

150

157

154

150

202

302

291

included

143

146

151

147

67

64

66

66

•

147

63

Note—To convert i :oal and miscellaneous Indexes to points in total Index, shown
fa the Federal Reserve Chart Book, multiply coal by .213 and miscellaneous by .548.

It

is- announced

to
as

Roose¬

Theodore

succeed

L.

Administrator of Aero¬

Mr.

a

Wright is Vice-Pres¬
General Manager of the
Corp.,

and

has

major part in directing

According

to

special advices from Washington
to the New York
in part

"Times," which

thus

a

pioneer Federal

civil service employee in the field
of commercial

aviation, told Pres¬

ident Roosevelt in

a

letter of

res¬

carried

into

effect

based upon the view that fi¬

ministrator

civil

the Government's policy of secur^-

The President stated in his let¬

ing a "healthy and well-balanced
agriculture" called for the united
support of the banks, more espe¬
cially having regard to arrange¬

service

to

protect

his

standing.

ter

accepting Mr. Stanton's resig¬
Wright's appoint¬
suggested by Sec¬
retary of Commerce Jesse Jones.
nation that Mr.

ment had been

William

A.

M.

Burden, Assistant

explaining the

a

person¬

change:

inating T. P. Wright

nom¬

Adminis¬

as

of Civil Aeronautics is

step

American

civil

its

post-war

heavy

ties."

ments

measures

embodied

forming part of

in

the

Agricul¬
Provisions)

(Miscellaneous

ture

Bill, now on its way through
Parliament, which will enable the

Corporation
loans

to

purposes

"The President's action in

outstanding1

nancial

,

Secretary of Commerce, said in

trator

also said:

Mr. Stanton,

Mid¬

member

was

nel

program.

the
a

ignation that he wished to return
to his old position of Deputy Ad¬

Paul

Charles

that

land Bank has become

Agricultural Mortgage Cor¬
poration.
The decision, it is in¬

sales."

323

,

Agricultural

Mortgage Corporation

of the

are

statement

146
'

^Revised.




Exchange for the

restriction by

duction

143

Coke
—,

the

from

the nation's wartime aircraft pro¬

(1935-39 average =100)
—

President

Curtiss-Wright

tData not yet available.

FREIGHT CARLOADINGS

Coal—

on

sales."

exempt"

365

played
i'

22,

nominated

128

•

"other

"short

Aeronautics Administrator

*151

♦Preliminary or estimated.

with

volume

sales.
exempted

are

Of

dicated,

*119

Iron ore..—;

round-lot

which

Wright Named By FDR As

Anthracite

Metals.,———

short sales

{Sales marked

Bituminous coal

petroleum..——

total

Exchange volume Includes only

velt

?

;

their

compared with twice the

On
Minerals—
Fuels—

"members"

Includes all regular and associate Exchange members, their
partners, including special partners.
calculating these percentages the total of members' purchases and sales is

and

453

*313

*455

Beehive

Chemicals

45,714

Total sales

153

J.

York

45,714

Total purchases.

•The term

J.

lem," to be discussed by Emil
Schram, President of the New
Stock Exchange, on Oct. 2.

0

91

242

14.00

186,110

.

{Customers' other sales.

104

t

Fuel oil

Total sales

89

Simplification," Robert W. Wales;
"Corporate Taxes," Ellsworth C.
Alvord, and the "Post-War Prob¬

7,895

178,215

C. Odd-Lot Transactions for Account of
Specialists—
Customers' short sales.

143

80

•137

Gasoline

Short sales...

134

156

82

t

Petroleum refining

141

148

91

87

Petroleum and coal products

t

143

80

*101
_—

135

156

t

Printing and publishing
Newsprint consumption.

140

83

_

128,200

tOther sales

99

166

148

Paper and products
Paperboard
Newsprint production.

Rayon

89

151

78

Other tobacco products...

,

v

86

154

Cigars
Cigarettes

purchases.

on

Other dis¬

scheduled for suceeding
Mondays include "Estate Taxes,"
by Weston Vernon, Jr.; "Indivi¬
dual Taxes," Harley L. Lutz; "Tax

4. Total-

Meatpacking—

Manufactured food products-

and

Moore

Committee

cussions

j

'

&

of the

Post-War Tax Policy.

28,835

-

in 1937 and 1938. He
of the law-, firm of

Swaine

Cravath,

2.19

30,905

—

3. Other transactions initiated off the floorTotal

and post-war
being sponsored by

the New York Institute of

the floor-

on

purchases

Calf and kip leathers.

".

present

on

taxes which is

126,160

2. Other transactions initiated

Goat and kid leathers

'1

tures

121,265

_

110

t

c*

Total sales

148

Cotton consumption

.

change, the series of weekly lec¬

81,130

purchases

198

84

Federal

-

of the New York Stock Ex¬

room

registered—

127

i

o'clock in the Board of Governors

Transactions of specialists in stocks in which

1,

176

139

Tanning..

reported with

are

Magill, discussing "The
Tax
System,"
commenced
o:/
Aug. 28 at 3:30

1,122,360

*292

Leather products

lot

1

Roswell

Present

173

168

8,885

1,113,475

—

Total sales

148

168

*166

86

Wool textiles

round

a

And Post-War Taxes

Total for week

Short sales—

tOther sales

*176

Textiles and products.—

■:

than

Series On Present

Stock

and

(Shares)

Members*

Total Round-Lot Sales:

*126

.

for

New

the

on

277

i

60

Clay products..——
Gypsum and plaster products.
Abrasive & asbestos products.

Sales

Transactions

255

*166

—

re¬

Magill Lecture Opens

17.93

922,385

Stock

754

228
264

*124

Ctone, clay and giass products-

Round-Lot

WEEK ENDED AUGUST 5,

*114
—

are

v

440

;

*144

.—.

less

"other sales."

230

183

Total sales.

'

Furniture—

is

Total

191

*246

Lumber and products.——

159,090

exempt"

tSales to offset customers' odd-lot orders,
and sales to liquidate a long position which

3.12

204

191

"

-

marked ."short

-

843,815

July

204

t

Smelting and refining——.

123,050

------123,090

ported with "other sales."

177,485

tOther sales-

July

*225

Automobiles——

•Sales

164,085

July

sales

40

-

—

78,570

198

*705

Transportation equipment....-

Total

13,400
;

sales

Round-Lot Purchases by Dealers:
Number of shares

141,415

—

sales

6.60

330,090

Short sales—

204

*441

>-

Short

tOther

off the floor-

1943

1944

1943

Number of Shares:

313,690

purchases

469,573

$14,432,161

Round-Lot Sales by Dealers—

909,945

June

491

1—

Nonferrous metals and products

sales

purchases-

184

—.

Electric

total

Dollar value

8.21

344,350

—

Total sales..

222

——
—

Machinery-—.—-—-

465,073

4. Total-

196

Open hearth

sales

16,400

100)

202

July

;

Iron and steel....—-

Pig Iron—

purchases

Total sales

Without

1944

Steel

other

414,810

—

3. Other transactions initiated

Seasonal Adjustment

'

i

4,505

Customers'

366,040

tOther sales

PRODUCTION

(1935-39 average

Manufactures—

sales

48,770

tOther sales

Adjusted for
,

short

Short sales

Total

.

Customers'

Short sales

—Seasonal Variation—
•

Customers'

Number of Shares:

2. Other transactions initiated on the floor—

complied

Index

payrolls

156

424,180

;

—

Total sales

Bureau'of Labor Statistics.

...

«

sales..1'

moving averages, centered at

and all other by $226,132,000.
without seasonal adjustment,

INDUSTRIAL

'

short

other

second
Dodge data for 37 Eastern States.
To convert indexes to value
the Federal Reserve Chart Book, multiply total by $410,269,000, resl»

W.

F.

Number of Orders:

Customers

Construction contract indexes based on 3-month

17,367
494,709

$18,366,037

;

Odd-Lot Purchases by Dealers—

for

Short sales

Indexes based on daily
nondurable manufactures, and minerals
Federal Reserve Chart Book, multiply
.379, nondurable by .469, and minerals by .152.

durable by

>

Customers'

for

f Other sales

To convert durable manufactures,
to points In total Index, shown in

indexes

orders..—
shares.——

♦Customers'

and department store sales

carloadlng,

of
of

the Odd-Lot Accounts of Odd-Lot
Specialists:
1. Transactions of specialists In stocks in which
they are registered—
'
Total purchases.

tData not yet available.

♦Preliminary.

Note—Production,
averages.

;

Total

for Week

Account of Members,

Except

144

157

1944

Dealers and

127

163

ODD.

(Customers' sales)

146

194

5,002,390

Transactions

Round-Lot

3.

194.2

196.3

t
—

12,

Number

Dollar value

5,111,310

Total sales

439.7

—

Freight carloadings
—
Department store sales, valueDepartment store stocks, value-

month,

318.3

t

Total—————

Aug.

Number

■-

108,920

—

Ended

(Customers' purchases)

1944

tOther sales

THE

Odd-Lot Sales by Dealers

Total for w?ek

Short sales

229.7

113.3

Factory payrollsDurable goods——.
Nondurable goods—

WEEK ENDED AUGUST 5,

FOR

ACCOUNT OF ODD-LOT DEALERS' i

AND SPECIALISTS ON THE N.
STOCK EXCHANGE

for

Total Round-Lot Sales:

169.3

216.5

*113.4

—

158.8

*213.8

—

Durable goods——
Nondurable goods

STOCK TRANSACTIONS

was

the New York Stock Exchange and Round-Lot Stoek
Account of Members* (Shares)
v
'

on

Transactions

A.

Factory employment—
Total

,

Stock Sales

con¬

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.

Week

Round-Lot

the

on

tinuing

LOT

of 417,925 shares

trading for the account of Curb members
13.57% of total trading of 1,540,000 shares.
Total

Construction contracts, valueTotal—

that exchange of 1,122,360

on

ists who handled odd lots

New York Stock Exchange,

140

*168

Nondurable..*—
Minerals

amounted to 314,310 shares, or 14.00% of the total
shares; during the July 29 week

Aug. 5

volume

/Manufactures-

with member trading during the week ended July 29 of

1,551,140 shares, or 17.01% of the total trading of 4,562,520 shares.
Exchange, member trading during the week

June

*

July

Industrial production—

1943

1944

1943

1944

compares

Seasonal Adjustment

—Seasonal Variation—

Stock Exchange for the account of members

the

on

(except odd-lot dealers) during the week ended August 5 (in roundlot transactions) totaled 1,832,330 shares, which amount was 17.93%
of the total transactions on the Exchange of 5,111,310 shares.
This

employment and payrolls;
for construction contracts;

factory

.

New York Stock Exchange

business indexes
average =

Trading

Securities and Exchange
Commission
made
public on

The

.

figures showing the volume of total round-lot- stock sales on the
and the New York Curb Exchange and Aug, 23 a summary for the week
volume of round-lot stock transactions for the account of all ended Aug. 12 of complete figures
members of these exchanges in the week ended Aug. 5, continuing showing the daily volume of stock
transactions for odd-lot account
a series of current figures being published weekly by the Commission.
of all odd-lot dealers and special¬
Short sales are shown separately from other sales in these figures.
23

follow.
1939

NYSE Odd-Lot

Trading On New York Exchanges

•

-

industrial production, factory
employment and payrolls, etc.' At the same time, the Board made
available its customary summary of business conditions. The indexes
for July, together with a comparison for a month and a year ago,

by

Thursday, August 31,1944

£

Federal Reserve
on

CHRONICLE

THE COMMERCIAL & FINANCIAL

972

in

an

preparing

aviation

to

meet

responsibili¬

to

make

terms

on

more

favorable

than

heretofore.

to

long-term
capita!

for

agriculture

substantially
the

As

a

borrower
result

of

this step the facilities offered by
the

Corporation

be available

Bank

as

will

henceforth

through the Midland

through the other

ber banks.

-

*

-

mem¬
-

.

Volume

THE COMMERCIAL

Number 4312

160

21558

& FINANCIAL CHRONICLE

973

Daily Average Crude Qii Production For Week Moody's Bond Prices And Bond Yield Averages English Sold And
Moody's computed bond prices and bond yield
Ended Aug. 19, 1944 Climbed To A Jew High given in the following table: v :
;
v Silver Markets

month of August, 1944.

rate*

A

Baa

R. R.

P. U.

112.75

118.80

117.40

112.19

103.30

106.74

114.27

117.20

28

119.89

112.75

118.80

117.40

112.19

103.30

106.74

114.27

117.20

26

Aug, 12,

Stock

dustry

whole

as a

21369

117.40

112.19

103.30

106.74

114.27

Gold

The amount of gold held in the
Issue Department of the Bank of

117.20

117.20

112.19

103.30

103,74

114.08

117.40

118.60

117.20

112.37

103.30

106.92

114.27

117.20

112.75

118.60

117.40

112.37

103.30

106.92

114.27

117.20

118.60

117.20

112.56

103.30

106.92

114.27

112.75

112.56

118.60

117.20

112.37

103.30

106.92

114.08

112.56

118.60

117.20

112.37

103.30

106.92

114.08

April,

117.20

•

Exchange Closed.

119.83

112.56

118.60

117.20

112.37

103.30

106.92

114.08

117.20

112.56

118.60

117.20

112.37

103.30

106.92

114.08

117.40

119.92

112.75

118.80

117.20

112.37

103.30

106.92

114.08

117.20

figure the above amount

119.88

112.75

118.80

117.20

112.37

103.30

106.92

114.08

117.20

119.84

112.56

118.60

117.00

112.37

103.30

106.92

114.08

117.20

119.88

112.56

118.60

117.20

112.19

103.30

106.92

114.08

117.00

120.01

8IIIIIII

112.56

118.60

117.00

112.19

103.30

106.74

114.08

117.20

and

112.56

118.60

117.00

112.19

103.30

106.74

114.27

117.00

120.00

112.56

118.80

117.00

112.19

103.30

106.92

114.27

117.20

120.05

112.56

118.80

117.00

112.19

103.30

106.92

114.27

117.00

120.08

112.56

118.80

117.00

112.19

103.30

106.74

114.08

117.20

120.14

112.56

118.80

117.00

112.19

103.30

106.74

114.08

117.20

120.14

112.56

118.80

117.00

112.19

103.30

106.92

114.08

117.20

120.09

112.56

118.80

117.00

112.19

103.30

106.74

114.08

117.20

120.10

115869

120.03

The gold output of the Transvaal
the months of March, April

3—

and 58,737,000 barrels of residual fuel

barrels of distillate fuel,

cal¬

was

for

5IIIIIII

oil, and 9,136,000 barrels of residual fuel oil during the

was

culated.

81,850,000 barrels of gasoline; 12,816,000 barrels of kerosine; 40,308,000

1944,

119.86

10

Aug. 19, 1944; and had in storage at the end of that week

of

months

The Bank of England's buying
price for gold remained unchanged
at 168s/— per fine ounce, at which

4

week ended

the

May

12

gasoline; 1,487,000 barrels of kerosine; 4,819,000 barrels of

distillate fuel

during

and June,
unaltered at £241,718.

117.20

119.83

England

117.20

119.84

1:

14

mately 4,694,000 barrels of crude oil daily and produced 13,757,000
barrels of

118.80
118.60

112.56

Stock

16

to stills on a Bureau of Mines basis approxi¬

ran

112.75

112.56

119.88

;

of July

Exchange Closed.

119.88

:

17—

companies indicate that the in¬

Reports received from refining

Indus.

119.92

21__

reported by the Institute follow:

as

Aa

119.89

;

23

Daily output for

Aaa

119.89

24

19_.

ther details

bullion letter of Samuel Montagu
& Co., London, written under date

Corporate by Groups*

Corporate by Ratings

Bonds

1944, averaged 4,650,400 barrels. Fur¬

the four weeks ended Aug. 19,

Corpo¬

We reprint below the quarterly

Average Yields)

119.87

figure recommended by the Petroleum Admin¬

istration for War for the

on

Avge.

Govt.

Daily

The current figure was also 18,800 barrels per day higher

day.

per

than the daily average

U. S.

Aug. 29—

corresponding week of 1943 by 456,750 barrels

1944, and exceeded the

are

Averages

This was 7,800 barrels per day

of the previous peak reached for the week ended

excess

(Based

1944—

crude oil production for the week ended Aug. 19, 1944, was

4,675,100 barrels, a new high record.
in

1

Institute estimates that the daily aver¬

The American Petroleum
age gross

averages

v

MOODY'S BOND PRICESf

May, 1944, are given below,
together with figures for the cor¬
responding months of 1943 for the
purpose of comparison:
'
,

Fine Ounces

1944—

116.80

112.19

103.13

106.56

114.27

117.00

March

1,038,414

112.56

118.60

117.00

112.19

103.13

106.56

114.27

117.20

120.23

112.56

118.60

117.20

112.19

103.13

106.39

114.08

117.40

120.27

112.56

118.60

117.00

112.37

102.96

106.21

114.08

117.40

April
May

995,915
1,058,875

June 30

120.15

112.37

118.60

116.80

112.00

102.80

106.04

113.89

117.40

120.13

112.19

118.40

116.80

112.00

102.63

106.04

113.89

117.20

120.01

112.19

118.40

116.61

112.00

102.63

105.86

113.70

117.20

119.88

112.19

118.60

116.61

111.81

102.46

105.69

113.89

117.20

April

119.99

112.19

118.60

116.80

111.81

102.46

105.86

113.89

117.00

May

July

the East Coast.

on

(FIGURES IN

PRODUCTION

CRUDE OIL

AVERAGE

DAILY

118.60

120.18

14

7

reflect conditions

112.37

21__

apply to the country as a whole, and do not

The above figures

oil.

*State

Actual Production

Allow-

Week

BARRELS)

*P. A. W.

4 Weeks

Change

Ended

from

dations

begin.

Aug.19,

Previous

August

Aug. 1

1944

Week

ables

Recommen-

Week
Ended

Ended

2IIIIIII

Aug. 21,

Aug. 19,

1944

May

1943

'

119.66

112.19

118.40

116.80

111.81

102.30

105.86

113.89

112.00

118.60

116.80

111.81

102.13

105.86

113.89

March

__

t340,000

+

400

339,550

1285,300

+

8,150

270,550

1,000

—

t550

350

850

308,100
1,900

'98,700

Texas.;

'

Texas

Texas.

'

" :

Coastal

96,300

148,750

"

i
147,650
? '' 371,700

-

98,000

149,450
479,600

'

....

484,950

-

East Central Texas..

East Texas...
Southwest

—

140,400
258,400

147,850

129,950

369,650

371,000
239,050

;

321,650

321,150

.7,535,200

534,250

Texas

Texas

474,450

v

119.48

112.00

118.60

116.80

111.81

101.64

105.52

113.89

111.81

118.40

116.61

111.62

101.47

105.52

113.70

116.41

28

119.35

111.81

118.40

116.61

111.62

101.47

105.34

113.70

116.41

the

119.68

118.20

116.41

111.25

2,099,000 *2,101,382

North Louisiana

2,108,600
73,750

-

Louisiana... *

Total

Arkansas

78,000

>

4pr.

'

Florida

; 215^000>

Illinois

Indiana

High

113.70

116.22

standard

120.21

111.25

118.20

116.41

111.07

100.32

104.31

113.50

116.22

111.07

118.20

116.22

111.07

100.16

104.14

113.31

116 V
.41

104.66

112.75

118.80

117.40

112.56

103.30

106.92

114.27

.40
117.'

110.70

118.20

116.22

110.88

99.04

103.30

113.12

116.02

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

114.46

120.34

*1943-

bow

100.81

120.87

111.25

119.20

116.80

111.62

98.88

103.13

113.89

117.20

107.09

117.00

119.31

108.16

92.06

96.54

111.62

114.08

120.44

1944

3igh

111.44

119.34

1944—,_

Low

1943

v

Michigan

New

l,r

^

24,000

'

:

7,900

...

Mexico

'

•

Total East of Calif.

;

'

.

+

3,650
•*

+
—

300
2,550

29,

117.82

1942_

MOODY'S

(Based

1944—

U. S."

Aug, 29

V-

1.81

4,650,400

7,100

+

7,800

1.81

Indus.

3.02

2.78

3.05

3.55

3.35

2.94

2.79

2.78

3.05

3.55

3.35

2.94

2.79

2.71

2.78

3.05

3.55

3.35

2.94

2.79

2.79

3.05

3.55

3.35

2.95

2.78

2.79

3.04

3.55

3.34

2.94

2.79

2.78

3.04

3.55

3.34

2.94

2.79

2.71
2.71

.

Exchange Closed.
•

3.03

3.55

3.34

2.94

3.04

3.55

3.34

2.95

2.79

2.79

3.04

3.55

3.34

2.95

2.79

Stock Exchange

3.02

1.81
1.81

2.72

3.03
3.03

2.79

3.55

3.04

2.95

3.34

2.79

1.81

3.03

2.72

1.81

3.03

2.72

2.79

3.04

3.55

3.34

2.95

2.78

1.80

3.02

2.71

2.79

3.04

3.55

3.34

2.95

2.79

12—

1.81

3.02

2.71

2.79

3.04

3.55

3.34

2.95

2.79

2.72

2.80

4,656,300

*P.A.W.

recommendations

as shown above, represent the
amounts of condensate and natural

tThis

the

is

shutdowns

as

calculated on

1

of Aug.

were

ordered

dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to
operate leases, a total equivalent to 7 days shutdown time during the calendar
month.
§Recommendation of Conservation Committee of California Oil Producers.
down

7

for

3.55

3.34

2.95

2.80

3.05

3.55

3.35

2.95

2.79

1.79

3.03

2.72

2.80

3.05

3.55

3.35

2.94

1.80

3.03

3.05

3.55

3.34

2.94

2.73

-

TO

PRODUCTION

STILLS;

OF

2.80

1.79

3.03

2.71

2.80

3.05

3.55

3.34

2.94

2.80

3.03

2.71

2.80

3.05

3.55

3.35

2.95

2.79

1.79

3.03

2.71

2.80

3.05

3.55

3.35

2.95

2.79

1.79

'

3.03

2.71

2.80

3.05

3.55

3.34

2.95

2."3

1.79

3.03

2.71

2.80

3.05

3.55

3.35

2.95

2.79

July 28—

1.79

3.04

2.72

2.81

3.05

3.56

3.36

2.94

2,f>0

21

1.79

3.03

2.72

2.80

3.05

3.56

3.36

2.94

2.79

14

1.78

3.03

2.72

2.79

3.05

3.56

3.37

2.95

2.78

7

1.78

3.03

2.72

2.80

3.04

3.57

3.38

2.95

1

AND

of

bulk

the period and the
supplies was again

the

provided from official stocks, al¬
though

little silver from produc¬

a

The

price of silver in Bombay
a new war-time peak on

reached

April 24 with a quotation of Rs.143
per 100 tolas, which is equivalent
about

to

ard.

63V2d. per ounce stand¬
the

In

decline

OIL

Figures
:

,

'*

■,

*

-

and

May 23 the price touched

on

Rs

129

however,

,

"

this

in

Include reported

section

{Gasoline

vvv

'r>!'v

'/v

.

Production

:

immediate recovery

an

about

to

June

15

Rs.133

a

ceived from

that

fect

.V v'V/-"
V

;

V/"';

had announced that the U. S. Gov¬

ernment has agreed
cial lend-lease

ply the Government of India with

2.72

2.81

3.06

3.58

3.39

2.96

2.78

2.81

3.06

3.59

3.39

2.96

2.79

2.82

3.06

3.59

3.40

2.97

2.79

100,000,000 ounces of silver.

1.82

3.05

2.72

2.82

3.07

3.60

3.41

2.96

2.7°

was

2.72

2.81

3.07

3.60

3.40

2.96

2.80

'

3.05

1.81

2

supply of coinage for the

quate

Gulf,

Gulf,

iana

Louis-

North

7

Sigh

and

inland

'

District No.

•

*
1

sidual

bow

-

111.,

Okla.,

47

824

Ky

Kans.,' Mo._^.'

,

Rockv Mountain—
f

iT

District No. 3
District No.

19,

7,002

38,226

21,387

18,106

80.8
119.1

311

2,137

595

328

■

105
.,-56

;V

85.2 A;;.
80.2

799
385

195

1,434

183

170

97.0

2.684

17,718

5,943

1,327

6,652

1,834

1,422

17.0

13

'"11 ' 84.6
96
68.1
.774 ; 94.7

■

54

35

Aug.

12,

2,014

354

637

13,615

10,009

33,690

40,303'

58,737

40,035

57,003

!,817

87.2

4,694

95.6

13,757

t8l,850

87.2

4,560

92.9

13,708

81,203

;

Aug.
the

21,

-

4,094

1943

12,147

71,742

35,782

66,739

request of the

12,816,000 barrels,
11,850,000 barrels a--week earlier and 9,631,000 barrels a year before.

Note—Stocks

gainst-

3.65

3.42

2.96

2.81

1.85

3.07

2.73

2.82

3.08

3.66

3.42

2.97

2.83

forces in the

1.86

3.07

2.73

2.83

dia's

2.82

3.08

3.66

3.43

2.97

1.83

3.09

2.74

2.83

3.10

3.70

3.47

2.97

3.10

2.74

2.83

3.11

3.73

3.49

2.98

2.84

1.87

3.11

2.74

2.84

3.11

3.74

3.50

2.99

2.83

of

large number of United

2.84

1.81

/.

•

Nations'

country and for In¬

expanded

production.

war

The further aim was to keep

prices

The Government of India

stable.

1.87

2.84

3.12

3.81

3.55

3.00

2.85

2.71

2.78

3.03

3.55

3.34

2.94

2l78

has

agreed to return the silver to

3.31

2.81

2.96

3.23

4.25

3.93

3.07

2.93

the

U.

1.79

1943

2.74

3.02

2.08

1943

3.13

1.77

1944

3.09

2.68

2.80

3.07

3.79

3.54

2.94

2.78

.

war

Aug.

28,

1.83

1943-

3.10

2.69

2.81

3.08

2.03

3.33

2.80-

2.99

3.82

'

3.56

2.96

after the

S.

Government

an

on

3.97

3.08

2.95

ounce-for-ounce basis.

prices are computed from average yields on the basis of one "typical" bond
3%% coupon, maturing in 25 years) and do not purport to show either the average
evel or the average
movement of actual price quotations.
They merely serve to
llustrate in a more comprehensive way the relative levels and the relative movement
if

n

yield averages, the latter being the true picture of the bond market.
,4The latest complete list of bonds used in computing these indexes was published
the

issue

of Jan.

1943,

14.

page

202.

Bombay

The

2.79

4.27

3.27

...

1942-

Moody's Daily
Goisimodity Index
Tuesday, Aug. 22,

4,908

Petroleum Administration for War.
tFinished 69,336,000
irrels; unfinished, 12,514,000 barrels.
tStocks at refineries, at bulk terminals, in
•ansit and in pipe lines.§Not including 1,487,000 barrels of kerosine, 4,819,000
arrels of gas oil and distillate fuel oil and 9,136,000
barrels of residual fuel oil
roduced during the week ended Aug. 19, 1944, which compares with 1,428,000 barrels,
976 000
barrels' and
8,264,000. barrels,, respectively,
in the preceding week and
215,000 barrels, 4,131,000 - barrels and 8,494,000 barrels, respectively, in the week
ided Aug. 21, 1943.*4At

3.07

1944—-.——

250.4

kerosine

at Aug.




.

19,

1944 amounted to

as

Wednesday, Aug. 23———

250.0

Thursday, Aug. 24

1944

'. S. Bur. of Mines
basis

2.81

market

reacted

sharply to this announcement,

and

had fallen
(approximately 56%d.

by June 20 the price
to
per

Rs.127
ounce

standard) on repeated

that

rumors

would

the

Government

begin selling shortly.

Dur¬

month, how¬
ever,
delay in announcing the
Government's policy regarding "the

35

3

33.0

1.873

:

58.3
" 89.9

,

otal U. S. B. of M.
basis

2.72

ing the rest of the

-.'»•

1944

3.06

1 Year Ago

4,349

92.1

v!

4,908

.

otalU. S. B. of M.

Aug.

418
^ v'
141

4

California

fbasis

83.9
87.2

VV130

2.80
2.81

1.85

♦These

98.0

2,468

2.96
2.96

Aug. 29,
~

..

.

.

90.3

3.40

3.40

2 Years Ago
.

,

District No, 2
Ind..

•

.

2,518

Texas..

Appalachian—

3.61
3.62

1944

Low

Oil and

■>'/ -V ;

3.07
3.07

28

/an.

and Un-

,'v

2.81
2.81

•

25—

Sigh

r

Louisiana-Arkansas,
•

,

2.73
2.72

Apr. 28

*Combin'd East Coast
Texas

3.05
3.06

1.84

This

in order to maintain an ade¬

<1.84

Mar. 31
*eb.

of Re-

'

spe¬

a

2.73

of Gas

Fuel
Oil

under

agreement to sup¬

2.73

Finished

Daily

Re-

S. Treasury,

3.04

Includ,

Runs to Stills

t
,

Morgenthau,

Henry

Secretary of the U.

3.05

tStocks

% Op- Natural finished Distillate
Rate porting Average erated Blended Gasoline Fuel Oil

District—

''

tStocks tStocks

on

Washington to the ef¬

3.05

fineries

Crude

Capacity
tial

V

but

level,

important news was re¬

1.79

at Re-

Daily Refining
Poten-

totals

There was

100 tolas.

per

1.80

May 26

plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis

"

,

A.

*

a

rumors

1.79

1944

19,

to

ing to sell silver in the market,

5

FUEL

DISTILLATE

owing

23

'

of 42 Gallons Each)

(Figures in Thousands of barrels

.

V

AND

WEEK ENDED AUG.

FUEL OIL,

RESIDUAL

following" month

in

set

12

GAS

GASOLINE,

UNFINISHED

AND
'

•

available

became

sources

June 30

STOCKS OF FINISHED

GASOLINE;

Buying for essential war
continued steadily

2.78

2

days, no definite

RUNS

2.71

3.04

1.79

9

CRUDE

industries

2.80

.VV 3

for

exemptions

3.05

2.80

7

31-day basis and

a

the entire month.
With the exception of
exempted entirely and of certain other fields for which
for .from 1 to 15 days, the entire state was ordered shut

and

which

were

allowance

basic

net

shutdowns
fields

several

2.79

2.72

3.03

5

ended 7:00 a.m. Aug, 17, 1944.

two

2.79

2.72

3.03

1.81

4

tOklahoma, Kansas, Nebraska figures are for week
Includes

2.95

3.03

1.80

8

allowables,

state

and

production of crude oil only, and do not include
gas derivatives to be produced.

3.34

1.81

9

11*_

>
/

3.55

10

Total United States

and

that the Government was arrang¬

Closed.

14

781,300

cash

2.79

2.79

2.72

1.81

19

2.79

2.72

21

16

P. U.

2.72

3.02

17

Corporate by Groups*
R. R.

Baa

A

2.72

3.03

1.81

Aa

both

from time to time.

2.72

3.03

1.80

-

3.02

i.8i

22__—

4,218,350

+

Stock

23

3,437,050

+

861,300

1.81

26

■

for

features.

'
Aaa

v

3.02

28

'

in

ounce

per

delivery, and during the
second quarter of the year the
London market presented no new

tion

AVERAGES

Corporate by Ratings*

rate*

25

75,400
23,300
' 53,100
102,100
21,400
7,050
105,050

YIELD

Individual Closing Prices)

on

Corpo-

Bonds

-

BOND

Avge.

Govt.

Daily

Averages

700' 3,794.950
855,450

3,813,800

-

§866,000

866,000

;

■

—

4,675,100

3,790,300

California

;

!

110,000

110,000

...

Aug.

207,550
13,300

69,850
25,100
51,850
90.850
21,800
8,300
107,900

change

no

23V2d.

of

throughout

1943-

24

51,000
100,000'

■'
„—_

Montana

8,550V
750

28,

2 Years Ago

.v--

L

23,000

...

—

1

208,800
13,000

v

.

71,400

»

650
100

+

Aug.

50,200

200
50

been

months'

119.47

/

"

ij

Ky.)
Kentucky

Colorado

45,850

69,000
24,550
49,400
87,450
21,800
8,450
106,000

1
•<:<.?

(Not Unci. Ill,, Ind.,

Wyoming

8ft,700

300

■

210,500
12,850

>

14,000

Eastern—
•

'

__yV-50

;

—.

350

-(-

200

i

price

25

'an.

76,250

—

45,750

.

Alabama

has

There

28

"eb.

351,850

361,500

100

—

80,650

78,235

'40,000/ *V\

Mississippi...

288,050

»

362,700

394,600

350,000

83,350
268,500

73,450

100

—

288,950

Louisiana

Coastal

1,711,250

2,098,250

....

,

116.80

119.48

1 Year Ago

Total Texas

1,096,195
Silver

5

329,250

269,400

—

Panhandle

West

340,000

274.000

—

Nebraska

North

332,000

—

Kansas

-

116.80

Mar. 31

Oklahoma

1,108,789
1,075,363

—

117.00

119.59

1943—

250.5

Friday, Aug. 25

250.6

Summary Of Redemptions
Of U. S. Savings Bonds
United

States

(Defense^ and
and

G

were

Savings

War)

series

Bonds

E,

first offered on May

251.2

1, 1941. Since that date through
July 31, 1944, total amount issued
(issue price plus accrual of re¬

Tuesday, Aug. 29—.
Two weeks ago, Aug. 15—,—

250.8

demption values) aggregates $36,-

249.8

252.000,000.

Month

250.2

—

Saturday, Aug. 26—

Year

1943

ago,

ago,

High,

_——

July 29

Aug. 28,

—

—,—

Monday, Aug. 28

—

1943———

April 1

250.6

246.8

249.8

Low, Jan. 2—.—
1944

240.2

High, March 17——.

251.5

Low, Jan. 5—

247.0

(including incre¬
through July 31,
1944, total $3,347,000,000, or 9.23%
Redemptions

ment in values)

of total amount issued.

United

States

Savings

sale of

America's silver led to bear

F covering, and by June 30 the quo¬
tation

Rs.130/6.

War) series E total
(issue price plus
accrual of redemption values) agr
(Defense and

amount

issued

gregates $25,677,000,000.
Redemptions (including incre¬
ment in values) through July 31,
1944,
n

Bonds

had improved to

oaoi

total
frttol

$3,045,000,000,
arYiniinf

issued.

or

CHRONICLE

THE COMMERCIAL & FINANCIAL

974

Weekly Goal And Coke Production Statistics
The

Fuels

Solid

U.

Administration,

Department of the In¬

S.

terior, in its latest report, states that the total production of soft coal
in the week ended Aug. 19, 1944, is estimated at 11,875,000 net tons, a
decrease of 325,000 tons, or 2.7%, from the preceding week.
In the
corresponding week of 1943, output amounted to 12,112,000 tons.
Cu¬
mulative production of soft coal from Jan. 1 to Aug. 19, 1944, totaled

Thursday, August 31, 1944

ported in prices for shearlings with the result that the index for the
hides and leather products group dropped 0.3%. The mercury market
became firmer under reports of heavy government purchases and a

The demand-supply re¬
lationship is described by WPB as
"reasonably satisfactory."

annually.

In the building materials group minor in¬
prices for common building brick in certain areas and for
turpentine were offset by lower prices for rosin and the group index
remained unchanged at 116.0% of the 1926 average.
A further in¬
crease occurred in prices for various types of potash as a result of
tight supply situation.
in

creases

•

1,169,000 tons, a decrease of 70,000 tons (5.7%) from the preceding
When compared with the output in the week ended Aug. 21,

,

week.

1943, there was a decrease of 90,000 tons, or 7.1%.
The calendar year
to date shows an increase of 6.7% when compared with the corre¬

sponding period of 1943.

V

(

.

reported that the estimated production
of beehive coke in the United States for the week ended Aug. 19, 1944
The Bureau of Mines also

showd

increase of 10,600 tons when

an

compared with the output for

*

WHOLESALE PRICES

January

Week Ended

and

Aug. 19,

Daily

"Aug. 12,

Aug. 21,

1944

1944

1943

lignite—

Total incl. mine fuel

8-19

Aug. 21,

Aug 21,

1943

Aug. 19,

1937

1944

Commodity Groups—
All commodities.

1,979,000

average

tAug. 19,
Penn. anthracite—

1944

Textile products

COKE

AND

Fuel and lighting

materials
products
Building materials

(In Net Tons)

Metals and metal

Calendar Year to Date

Week Ended

§Aug. 12,

Aug. 21,

1944

1943

V

Aug. 21,
1937 '

Aug. 21,

Aug. 19,
1944

1943

.

•Total incl. coll. fuel

1,169,000

1,239,000

1,259,000

41,533,000

38,924,000

32,927,000

tCommercial produc.

1,?22,000

1,189,000

1,209,000

39,873,000

37,367,000

31,281,000

Beehive coke—

135,400

washery

and

124,800

dredge

coal

tExcludes colliery fuel.

operations.

Chemicals and allied products

Housefurnishing goods

166,100
coal

and

JSubject to

4,886,600

shipped

by

4,934,800

truck

2,297,300

from

authorized

(The current weekly estimates are based
are

subject
or

on

farm

fe.-

373,000

411,000

5,000
87,000

5,000

5,000

3,000

87,000

89,000

58,000

257,000

130,000

152,000

1,000

*

1,462,000

1,457,000

530,000

516,000

■'

35,000 i

"I

52.000

52.000

52.000

Chinese,
•"! V'< V,;''

42,000

44,000

142,000

100,000

970,000

967,000

694,000

352,000

319,000

126,000

40,000

37,000

27,000

2,000

2,000

4,000

83,000

79,000

88,000

30,000

36,000

29,000

1,003,000
348,000

»•

Maryland

36,000

Michigan—

\v

lignite)

New Mexico

North & South Dakota

(lignite)

6,000

36,000

42,000

34,000

19,000

683,000
2,970,000

Ohio

Pennsylvania (bituminous)

-670,000

629,000

416,000

2,920,000

3,002,000

124,000

136,000

2,077,000
87,000

3,000

2,000

Tennessee—
Texas (bituminous &

:f

140,000
3,000

lignite)—

Utah

128,000

Virginia

130,000

112,000

385,000

"

370,000

415,000

Washington

21,000
52,000

■■

269,000

33,000

30,000

33,000

30,000

twest Virginia—Southern—

2,216,000

2,151,000

2,378,000

1,729,000

tWest Virginia—Northern

1,162,000

1,142,000

982,000

156,000

154,000

161,000

83,000

1,000

*

1,000

1,000

12,200,000

12,000,000

12,150,000

7,738,000

1,239,000

1,221,000

1,334,000

634,000

13,439,000

13,221,000

13,484,000

8,372,000

lOther Western States
Total bituminous & lignite—.
Pennsylvania anthracite

—,

tlncludes operations on the N. & W.; C. & O.; Virginian;

K. & M.; B. C. & G.; and
JRest of State, including the

Kanawha, Mason and Clay counties.
and Grant, Mineral and Tucker counties.

^Includes Arizona

and

0

+ 0.1

3.5

100.2

+ 0.1

+ 0.1

5.1

104.2

0

0

1.7

the

thors

112.9

113.8

112.7

93.8

93.8

92.8

0.

+

1.0

—0.9

+

0.1

0

—1.3

+

1.1

0

+

1.1

1.1

which

*98.7

*98.7'

*98.7

*98.7

97.3

0

0

+

1.4

by
au¬

extent

of

the

to

mines

the

war

national security.

to

seems

depend

on

operation

is

the extent to

essential

for

Silver

IN SUBGROUP

12, ^1944

TO

AUG.

Increases

INDEXES FROM

19,
:

1944

Mexico's

' -

'

,

'

,

Grains

0.1

Other building materials

0.9

1.6

/

0.1

markets

for

and

in

consumers

1.4
1.1

poultry—'-:

Cereal; products

—

of

0.2

-

0.1

Non-Ferrous Metals^ Large Tonnage Of Foreign
Lead Again Sought- ^-Copper Buying Orderly
"E. & M. J. Metal and Mineral

stated:
the

"Lead

other

relatively

was

major non-ferrous

Markets," in its issue of Aug. 24
active during the last week than
metals.
With domestic production of

more

refined lead for delivery next month virtually disposed
of, consumers
turned to WPB for foreign metal with which to cover their total

September requirements. Again the Government released more than
30,000
tons
of
imported
lead.<^
Though consumption of copper livery, or more than at this time
and

zinc

at

remains

an

inflated

level, buying interest in both
metals has moderated. Quicksilver
on
spot was in firm hands, but
unchanged at $105 per flask so
war

as

round lots

concerned.

were

Fluorspar restriction was removed
by WPB. Beginning Sept. 1, uran¬
ium

will

come

on

under

allocation

The publication further

to say in part:

ing

into

which

have

the

ceased

market

for

rush¬

copper,

indicates that they do

in the

preceding month. The Gov¬

ernment's

stockpile of lead has
been shrinking in recent months

and stands at between

portations

from

Latin-America.

increased

to

around

155,000 and

160,000 tons.

to

ease

the restrictions

silver

by

on

the sale

United

the

^

.

duced

at

domestic

refineries-to¬

taled

42,966 tons during July,
against 43,485 tons in June, and
42,007 tons in July last year, ac¬

States

,

to

ask

for

substantial

tonnages of foreign lead to round
out their requirements. WPB last

Industrial commodity markets contin¬ week
allotted some 32*000 tons of
ued relatively steady during the week.
A further reduction was re¬
foreign lead for September de¬

Act.

for

/

silver

unchanged at 23 %d. The New
York Official continued at 44%c!
for foreign metal and 70 %c. for
domestic metal.

/

Canada's Nickel Production

v

I

During June, Canada produced
20,373,599
pounds - of K nickel,
against 24,023,396 pounds in May,
according to preliminary figures
by the Dominion Bureau of Sta-*
tistics.

Production of nickel dur¬

ing the first half of 1944
mated

was

esti¬

at

138,773,912
pounds,
against 150,442,741 pounds in the
January-June period of 1943.

increase
6.6%

A

War
and

Metal

Statistics.

July

at

in

Illinois

month last year.
lead statistics

Aug. 12, comparing their part in
the just completed drive with the
previous one. A. R. Gardner, Pres¬

July, in tons, follow:
June

Stock

associations

and Wisconsin in the week ended

tons

refined

for June and

loan

less

5,025

was

same

Production

step-up in their Fifth
participation was re¬
by the savings, building

Loan

cording to the American Bureau
during

Participation

In Fifth War Loan

of

July

37,586

33,847

34,413

beginning

33,434

Production:
Domestic

Secondary and foreign.

5,342

7,037

39,755

40,471

Domestic shipments

43,485

42,966

Stock

33,847

31,344

ident

of

the

Federal Home Loan

Bank of Chicago, to which 350 as¬
sociations have to date reported
both their bond sales to the public
their purchases of Govern¬

and
"

at

end

Zinc
Zinc

sales

increased last

week,
buying against September
requirements was nothing to get

ment bonds for their

own account,
helped the Fifth
War Loan go over the top by a to¬
tal of $42,347,305 of bonds.
Rep¬
resenting a new high for any of

that

said

but the

the

excited

folios

smaller

continue

market

was

ported

about

and

producers be¬

5%. Apples were substantially higher in
lieve this means that consumption,
tons.
except Portland (Oreg.). Average prices for farm prod¬
particularly of High Grade,, will
The fabricator's
ucts have dropped 1.5% since
statistics
for show little
mid-July and are 1.2% lower than for
improvement over Au¬
the corresponding week of last year.
July revealed that consumption of gust.
The industry is prepared
refined copper amounted to 118,- for another increase in
"A decline of 7.4% for fruits and
stocks.
/
vegetables in primary markets, 632
tons, which compares with
Canada produced 19,879 tons of
partly seasonal in character, was largely responsible for a decrease
149,718 tons in June and 132,309 zinc during June, against 22,823
of 1.5% in average prices for foods.
In addition, eggs dropped 4.6%
tons in July last year.
tons in May and 26,633 tons in
and flour was lower in most markets.
Higher prices were reported
June last year, according to the
for the new pack of certain canned
vegetables and for cured pork.
In
Lead
the past four weeks average prices of foods at
:
^ Dominion Bureau of Statistics.
the primary market
level have dropped 1.4%, to a point 1.2% lower
With metal available from cur¬
than this time last
Fluorspar
V
rent/domestic
year.
production
in

pack the

London

Shipments of refined lead pro¬

290,000

supply, owing chiefly to
labor
situation,/, consumers

The

>

Domestic sales for the last week

.

amounted to 2,075 tons.

view the general
as

the

States, Mexico, and other
One objective
the meeting, if held, would be

interested nations^

most markets

of certain canned vexetables and for cured
pork.
In the past four
average prices of foods at the primary market level have
dropped 1.4%, to a point 1.2% lower than this time last year.

ducers

under the Silver Purchase

has

new

Secretary

Suarez has proposed a silver sta-j
bilization conference among pro¬

of

The latter will be stockpiled, if
wheat, cattle, sheep, poultry, citrus fruits, onions, and potatoes
brought average prices for farm products down 2% during the week. necessary. The industry believes
that the Government's stockpile
Light receipts held prices for hogs at ceiling levels. Cotton advanced
were up over

Finance

United

Paint and paint materials.

primary markets has declined 0.3% in the past monthly over the remainder of the
is/about 1% higher than at this time last year," said year, and this is expected to move
into the market stream before im¬
the Department's
announcement, which continued:




in¬

no

the

after

+

commodities in

"Industrial Commodities.

the

continue

0

four weeks and

weeks

that

operation

0

Domestic

Higher prices for the

state

which

should

0

than in the

lower in most markets.

Commission,

0

not

in

a

Tariff

98.4

supply situation
being anything to get excited
bor Statistics' index of commodity
about.
prices in primary markets dropped
Consumption of copper
0.4% in the week ended August 19, said the U. S. Labor
Department during September, from present
in its August 24 report, which went on to
appearances, will show no gr^at
say:
"The decline offset the gain of the
preceding week, caused by variation from the level attained
higher quotations for these same commodities, and brought the all- in August. About 10,000 tons of
commodity index to 103.6% of the 1926 average. The level of prices Canadian copper will be available

declines

or

last-quarter metal.
report on quicksiver

100.0

—

Fabricators

Aug. 19, Labor Dept. Reports

Marked

little

was

in

*99.5

Copper

Led by a sharp reaction in agricultural
commodity markets, par¬
ticularly for fresh fruits, vegetables, and livestock, the Bureau of La¬

Foods.

There

In

,

steady on spot and
quicksilver
quotations
from $105 to $108 per

*99.5

——

Wholesale Prices Down 0.4% For Week

and

terest

112.1

0

*

.,

*99.5

Hides and skins

goes

Products

flask.

0

93.8

tile—0.1

and

control."

"Less than 1,000 tons.

Ended

2.6

114.3

Fruits and vegetables———. 7.4' Livestock and.
Other farm products——2.8
Other, foods

far
Total, all coal

0.6

0

92.4.

V

are

ranging

+ 0.1

—0.1

93.3

523,000

Wyoming

Prices

nearby

0

93.3

' '

Quicksilver

0

93.3

.

44,000

31,000

Kentucky—Western

«-.V

'

52.000

99% tin, continued
pound.

or

at 51.125c. per
•

0

261,000

168,000

170,000

—.

Kentucky—Eastern

was

52.000

23—_

96.9

700,000

3G.OOO

Kansas and Missouri

and flour

52.000

81.7

*

Iowa

1.2% and oats

52.000

103.8

than

AUG.

82,000

1,408,000
549,000

'

Indiana

1.7

Decreases

1,000

Illinois

1.2

—0.3

1937

140,000

"Farm

52.00052.000

52.000
52.000

1.2

—1.4

Fertilizer materials
1943

Georgia and North Carolina

for

19—52.000

22

0.8

than

other

52.000

21—_

*99.5

commodities

Brick

1944

Arkansas and Oklahoma—

Oregon.

1943
+

Aug. 14,

Alaska-

in

1944
—0.3
—1.5

from district and

Aug. 14,

Colorado

District

1944
—0.4
—2.0

*101.1 *101.1 *101.1 "101.1

other

52.000

•Preliminary.

388,000

B, & O.

1943
102.8

93.8

products

Oct.

-

52.000

August

8-21

—0.3

farm products and foods

Week Ended

Aug. 5,

1944

Alabama

the

7-22

—1.5

122.5

124.8

PERCENTAGE CHANGES

Aug. 12,
.

Panhandle

8-12

93.3

railroad carloadings and river shipments

>

■

State—

on

8-21

112.8

commodities

All

BY STATES

to revision on receipt of monthly tonnage reports
of final annual returns from the operators.)

Montana (bitum. &

7-22

118.4

Semimanufactured articles

(In Net Tons)

State sources

8-5

105.8

Raw materials

All

SRevised.

revision.

ESTIMATED WEEKLY PRODUCTION OP COAL,

and

52.000

August

123.8

Miscellaneous commodities

Manufactured products

total

States

'■Includes

I8-i—

52.000

••

August

«

124.1

122.3

Sept.

52.000

August

1944

104.5 y. 106.1
104.6
106.0
116.4
116.8
116.8
116.8
97.5
97.5
97.5
97.4
83.8
83.8
83.8
83.9
-^103.8 *103.8 *103.8 *103.8
116.0
116.0
116.0
115.9
105.3
105.2
105.2
105.2
106.0
106.0
106.0
106.0

products

Rides and leather products

PRODUCTION OP PENNSYLVANIA ANTHRACITE

i

farm

i

Aug.
17—

Percentage change to
Aug. 19,1944 from—

,

1944
1944
1944
1944
?103.6 *104.0 ,*103.6 *103.9

J

Poods

'

J.

United

8-12

follows:

as

August

(1926=100)

1 to Date

12,112,000 400,895,000 372,423,000 279,621,000
2,033,000
2,019,000
2,035,000
1,881,000
1,424,000

was unchanged.
quality tin for shipment,
in cents per pound, was nominally

Straits

11,675,000 12,200,000

"Revised.
ESTIMATED

19,

PRODUCTION OP COAL, IN NET TONS

ESTIMATED UNITED STATES

'

,

The tin market

August

FOR WEEK ENDED AUG.

„

Bituminous coal

erations.

justment and revision as required by later and more complete reports.
The following tables show (1) index numbers for the principal
groups of commodities for the past three weeks, for July 22, 1944
and August 21, 1943, and the percentage changes for a week ago, a
month ago, and a year ago, and (2) percentage changes in subgroup
indexes from August 12, 1944 to August 19, 1944.
.

Aug. 12, 1944; but was 30,700 tons less than for the
corresponding period of 1943.

reflects the usual drop in con4
sumption after peak canning op-,

,

the week ended

pro¬

against 875,000 tons in the third
quarter. The reduction in output

attempt promptly to report changing prices. Indexes marked (*),
however, must be considered as preliminary and subject to such ad¬

.

mill

duction in the last quarter of 1944

ing notation.
During the period of rapid changes caused by price controls,
Materials allocation, and rationing, the Bureau of Labor Statistics will

,

■

750,000 tons of tin
products are scheduled for

the lowering of the usual seasonal discounts."
Included in the report of the Labor Department was the follow¬

400,895,000 tons, as against 372,423,000 tons in the same period in 1943,
a gain of 7.6%.
■'
According to the U. S. Bureau of Mines, production of Pennsyl¬
vania anthracite for the week ended Aug. 19, 1944 was estimated at

'■■■/.Tin

v--

Some

Unrestricted purchase
of

metallurgical fluorspar

nounced by WPB.

and sale
was an¬

This latest

ac¬

tion, effective Aug. 12, frees fluor¬
spar for all purposes. •

Approximately.400,000 tons of
the mineral are being produced

they

drives,

the associations' pur¬

chase of bonds for their
totaled

own

$27,414,408

amounted to 6%

port*
and

of their total

as-,

sets, Mr. Gardner pointed out. The
$14,932,88-3 of bonds which the
associations sold to the public was
principally in the Series E bonds,
of small denominations, - so that

the increase of 5.3% in the amount
sold

during

this

drive-as*

com¬

pared with the Fourth War Loan,'
meant

an

even

wider distribution'

of the bonds among

file

of

to Mr.

the

the rank and

population, according

Gardner, who pointed out

that the associations specialize inthese sales because of their peace¬
time

business

being

connected with small

so

closely'

savers.

'

975

Number 4312

Volume 160

CHRONICLE

COMMERCIAL & FINANCIAL

THE

Total Loads

v,.

Week ivV^^V^lroads
19,1944 Decreased 8,726 Cars ?

Freight Carl Loadings During

Revenue

Southern District—

774

1,129

10,678

11,227

11,435

9,532

10,581

3,710

3,532

5,051

4,845

473

378

392

1,625

1,529

1,784

1,733

1,712

3,079

2,690

335

468

280

203

187

Western Carolina

Charleston &

!

1

Clinchfield

Columbus & Greenville__

102

85

803

823

1,283

870

1,349

1,475

53

32

134

86

2,501

2,910

...'

1,252

1,116

1,264

Georgia
Georgia & Florida
Gulf, Mobile & Ohio

reorganization
under the
direction
of
qualified research
librarians and the establishment
of a research section of the sta¬
tistical department of the Insti¬
tute, it was announced on Aug. 25
by Iiolgar J.. Johnson, President

680

475

500

4,210

4,389

4,228

4,401

29,397

26,680
25,507

17,172

18,810

25,641

28,503
25,181

11,793

12,530

186

170

686

617

178

250

197

; 5i7

553

3,112

3,295

4,336

926

919

959

4,531
1,341

359

367

257

420

435

429

2,162
1,207
8,385

9,366

9,565

9,952

8,603

8,123

24,349

22,369

22,450

24,964

22,912'

i 722

533

137

120

121,485

Louisville & Nashville

Dublin & Savannah—

368

Mississippi Central

3,007

L.__

Nashville, Chattanooga & St.
Norfolk Southern

,•

•

1

Piedmont Northern—

Richmond, Fred. & Potomac
Seaboard Air Line

System—
Central—

Southern
Tennessee

^

...

:

Winston-Salem Southbound

.

of the Institute.

1,142

Miss Caroline

710

977

165

1,136

1,146

117,829

117,031

115,881

116,731

21,537

22,588

14,278

14,422

a decrease of 5,211 cars below
Livestock loading amounted to

and

.

the corresponding week in 1943.
16,436 cars, an increase of 470

Chicago & North Western

2,491 * 21,649

3,382

3,160

11,228

10,966

4,320

4,107

415

321

load-

-

1,056

1,182

613

689

1,051

9,070

8,715

10,871

10,247

10,925

566

89

73

392

480

25,781
25,781

Great Northern—

111

26,581

29,633

6.405

5,973

399

452

1,004

1,092

464

Western

Green Bay &

2,964

1,779

44

34

2,230

Ishpeming

Lake Superior &

above the

2,312

2,633

2,237

7,369

8,901

7,804

12,190

11,726

11.82G

2,343
3,570
6,117
563

510

3,677

3,540

68,295

66,603

Minneapolis & St. Louis
Minn., St. Paul & S. S. M
Northern Pacific—-

142

220

262

2,904

2,749

2,717

141,551
141,551

147,431

151,703

Spokane InternationalSpokane, Portland &

Seattle

Total

;V

duplicate

2,938

ence

make it
thus

'"

Weeks of

8

5

•' '

'

of

—
—
.———r--.--

May—

4

weeks

5

weeks of June

4

weeks

,

...
\

August
5
Week of August 12
Week of August 19—:

y

>

Denver &

corresponding week a year ago.,

the

REVENUE
-

,

-

-

FREIGHT LOADED

AND RECEIVED

7
'

•

1944
245

:

.

Indianapolis &

Louisville—1

Central Vermont—:

Hudson

.

Lackawanna & Western
Detroit & Mackinac
:—
Detroit, Toledo & Ironton
Detroit & Toledo Shore Line—

Delaware,

-

-

Erie—'

Western
Lehigh & Hudson River——

■

Grund Trunk

•

Lehigh & New England
Lehigh Valley—:—

'

"

Maine

Central—_—

Monongahela

•

Montour

•

York

New

———

—'—

=

-

-

14,630

2,146

:2,078

1,533

'

.

43

972

:: 2,235

6,238

12,242

7,501

9,787

77 24

7-

1,146

.'2,443

11,919

17,167

18,426

4,675

7,782

167

191

2,188

2,168

2,530
1,610

8,624

9,020

15,023

2,528

2,276

2,700

8,364
2,572
1,824
13,810
7 .2,292

5,949
2,359

6,176

360

2,227

36

49,210

54,675

9,337

17,111

18,401
.--2,502

7

;

7;-

56,903

10,124 ;

7:

1,345

v:

936-

>

3,167,,

7,425

7,737

7,

7,205

5.237

5,056

>'

5,695

7,745

1,015

•

Wheeling &

402

357

1,218

1,118

1,075

8,178

■:

330

379

6,161

12,175

5,273 77:

5,719

4,408

160,187

223,345

232,627

Lake Erie

District-—

*

»

169,232

738

780

45,249

6,045

6,105

340

268

1.351

1,827-

6.749

:

7,149 -i

,'/•

688

41,755-

6,559
273

1,952

1,398

28,426

1,781
26

7,438

19,963

21,430

608

59

May
May

1,418

1,888

1,128
1.884

2,592

2,955

June

28,768

28,477

June

:

•

,

14,175
21.063

6.939

7.048

4,033

12,299

195,758

185,425

169,523

177,565

(Pittsburgh)

>rn

Pocahontas

District—

14,018

28,170

22,126

31,377

8,750

*'




5,896

5,327

5,307

_

19,231

17,931

17,388

19,402

19,455

86

61

315

297

8,909

9,580

8,56.9

9,924

2,824

2,726

"6,576

7,183

11,527

5,338

5,872

spring

4,689

6,993

5,914
41

year.

94

■

416

4,305

..53,652

24,997

9

52

36

meeting on some restricted basis
was
considered, but it was de¬
cided

70,235

68,821

that

such

any

meetings

would be unsatisfactory.

Society

The

25

69,618

ordinarily

holds

each
meet¬
cancelled but the fall

and fall meetings
Last year the spring

ing was
meeting held.

Some months ago
contemplated that this
same arrangement would
be re¬
peated in 1944 and the 1944 spring
meeting
was
accordingly can¬
celled.
The
decision just
an¬
nounced means that there will be
no Society meeting in 1944.
it

Paperboard industry

that they represent

PRODUCTION, MILL
Unfilled

was

Tons

the total

ACTIVITY

reporting mills
of stocks. For
reporting softwood mills, unfilled
orders are equivalent to 38 days'
production at the current rate, and
order

95

95

files of the

amounted to 106.6%

Current Cumulative
98

95

186,666

'

150,435

620,728

602,062

95

157,370

97

140,287

582,090

95

155,105

96

138,501

152,461
157,794

599,322
584,083

93

95"

170,421

96

95
95

154,137

95

147,689

577,721

130,510

549,830

95

156,338

96

155,170

544,454

95

95

586,379

94

98,235

60

145,317

586,103

94

ceeded

147,478

91

145,775

152,402

590,263

94

94

157,041
139,743

96

94

160,568

604,299

96

94

195,161

158,849

585,316

96

94

140,338

155,516

562,744

95

94

136,936

i

1

:

:

■

1

.

'

.

.

'

.

or

1

' ' i

- t ■

* ■

•

-

production, dc
for delinquent
made necessary adjust-

plus orders received, less
the close. Compensation

filled from stock, and other items
■"*.

i

•*

Notes—Unfilled orders of the prior week,
necessarily equal the unfilled orders at

reports, ordeis made for
ojents of unfilled orders.

t

by 6.5%.

157,720

570,626

144,384

;

August 19

22,460

158,534

628,495

144,921

-

Association,

of 503 mills re¬

porting to the National Lumber
Trad^Barometer were 9.7% below
production for the week ended
Aug. 19, 1944. In the same week
new
orders of these mills were
0.6% above production.
Unfilled

Remaining
Tons

Manufacturers

ber

lumber shipments

Percent of Activity

Orders

Production

Tons

August 12

not

55,269

-

97

REPORTS—ORDERS,

15

.2,382

4,562

4,968

134

Received

8

July

6,798

2,229

55,715

'

353

5,734

v

-

June 24

13,280

28,581

21.158

Virginian
Total

400

advanced to equal 100%, so

22
July 29
.August 5__

30,192
4,365

205

by us from the National
Chicago, 111., in relation to activity in the Lumber Movement—Week
Ended Aug. 19, 1844
this Association represent 83% of the total
According to the National Lum¬

July

he:

Chesapeake & Ohio
Norfolk & Western

522

latest figures received

of

20—
27

July

Maryland-

Total

1,566

697

45

12,674

4,173

4,174

192,887

i

15,576
20,^94

.

1,692

287

figures revised.

17

18.809

2,672

380

829

the orders and

10

83,484

68,762

June

88,743

63,620

14.085

2,G86

3,382

4,044

i

75

3

2,174

—

1,135

2,981

5,650

13—1—IIIIIIII—II

May

37

Valley—-———--

—

928

2,995

3,727

152,954

38

4,228

14
43

ing Co

3,796

312

4,912

13,330

60

3,555

88.882

2,894

345

5,582

3,413

1944—Weel; Ended

f

,

133

Seashore Lines.
sylvania System

2,649

343

82

Period

3

252

-Reading

3,223

5,246

Orders

269

.

405

2,573

10,020

STATISTICAL

.134

1,878

scheduled to be held
remaining months of
are not definitely and
urgently war-connected be can¬
celled in view of the transporta¬
tion requirements of military and
essential war - connected traffic.
The
possibility of holding the

6,223

3

153

—-—

733

4,415

3,160

2,487

.

2,161

5-' •>."

this

cancel

to

meetings

includes a statement each week from each
production, and also a figure which indi¬
activity of the mill based on the time operated. These

cates the

208

Island

246

425

1.263

28,411

628

511

101,543

5,837

members

member of

—

lerland &

104,116

industry, and its program

Pennsylvania—

Vail

ier

v

47,547
'

131,001

Pacific

industry.

Canton & Youngstown_
more & Ohio—
mer & T ake Erie
do Creek & Gauley
—
iria & Indiana———
■al R. R. of New Jersey—

4

132,347

*v\

meeting was made by the Council
of
the
Society in compliancce
with request of the Office of De¬
fense
Transportation
that
all

4,420

Francisco

figures are

a,

6

4,472

_

give herewith

The

5,627

5,812

.

Total

egheny

65G

2,235

decision

The

has

City

York

during the
1944 which

paperboard industry.

12,549

153,689

573

2,307

'

483

New

in

27

and

been announced.

Paperboard Association,

: 2,517
1,112

5,729

;—

16,103

18,961

73,474

We

'321

233

.2,670
1,151

5,768

—.

1,950

17,569

Weekly Statistics Of

36

363

——

Wabash——

14,897

2,032

17,549

—

8,113
:

60

715

:. 950

302

Rutland

14,795

340

16,423

;

—

Note—Previous year's

2,273

Pittsburgh &

Pittsburgh & West

32,598

334

Total

461

2,470
8,894

North—;—_—•--Virginia—-4-

33,790

"

34,184

Southwestern
Texas & New Orleans
_
Texas & Pacific
Weatherford M. W. & N. W.__
Wichita Falls & Southern

.15,488

377

Pittsburg & ShawmuU--—
Pittsburg, Shawmut &

34,184

St. Louis

15,730

Pere
*

0

219

3,692

N. Y.,

,

13

58,388

343 -77

13,728

520

'

859

24

0

Off
annual

the

of

meeting of the Actuarial Society
of America scheduled for Oct. 26

157

St. Louis-San

2,471

7,543

Susquehanna & Western
—
Lake Erie
----Marquette—
•
——

1,223

Cancellation

150

1,305

889

District—

Quanah Acme &

:

:

6,561

'

»

550

119

2,191

12,864

312

164

77388

New

762

2,015

279

—:

-

11,676
,

1,442

;,

8,046

;New

1,390

1,903

,

Missouri-Kansas-Texas Lines
Missouri Pacific^
.

107
1,301

411

1,927

1,256

1,156

Missouri & Arkansas

2,250

•

'

1,917

Midland Valley

47

996

7'", 189 :X.l

2,563
50,837
8,898

'

13,450

7,693

—■——

——
—
Central I,ines_——-——

529

6,602

2,317.

N.'H. &

916

5,953

..

'

>'35

•

..,

75,640
7,584
244
7 1,904
349
13.046
3,59.8
144
1,9^4
8.211

Hartford——'—,—
York1, Ontario & Western;—.—
York, Chicago & St. Louis—.—.—-

N. Y.,

6,637
71,337

6.302
1,384
24
1"°?®

.

Central Indiana—
Delaware &

1>145

• •

Aroostook..-

2,070

1,239
3

International-Great Northern
Kansas, Oklahoma & Gulf
Kansas City SouthernLouisiana & Arkansas—
Litchfield & Madison.
______

1943

,1,512
I,- 246

.

1,225

2,006

Burlington-Rock Island

321

901

1,266
1,908

1,687

—

Actuaries Meeting

12

1,962

1,343

Gulf Coast Lines

1,430

237

32

1,088

Total

Received from
Connections

1943

688

Western Pacific

Southwestern

1944

1942

4,077

720

140,213

Utah

Total Loads

Freight Loaded

Maine—

Boston &

Chicago,

\

'k

Arbor

Bangor &

:

•, ;

District—

Eastern

Ann
i

f :.;y

V/V:/

6,242

5,178

2,006

City

Pacific1
Peoria & Pekin Union
Southern Pacific (Pacific)
Toledo, Peoria & Western
Union Pacific System

FROM CONNECTIONS

Total Revenue

'

Railroads

X;
v

2,265

6,502

6,314

*

-

-

WEEK ENDED AUG. 19

(NUMBER OF CARS)

-

.

---

2,407

958

■

4,437

North Western

carloadings for
the separate railroads and systems for the week ended Aug. 19, 1944.
During the period 56 roads showed increases when compared with

12,637
5,766

913

'

812

undertake

12,502

2,469

2,845

Nevada Northern

of the freight

is a summary

following table

2,379

957

12,814

3,0.99
12,470

2,829

13,517

Missouri-Illinois

—

The

2,766

13,517

Illinois Terminal

868,845
869,434

27,837,036

84

12,138

841

:

2,308

850,221

27,058,515,.,, :..

;

125

20,294 ;

835

Fort Worth & Denver

Thompson will

expand the statistical research,
both for Institute use and for the
use of writers and others seeking
source material on insurance.

to

12,971

62.9

393

20,667

Salt Lake

887,164

28,086,782

3,862

4,354

206

Rio Grande Western

872,133
891,340

12,209

4,253

19,884

Colorado & Southern—
Denver &

14,070

3,522

19,884

Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois

3,174,781
4,209,907
3,311,637
4,139,395
3,431.395

23,087

3,520

—

Chicago, Burlington &

-

1942

21,483

27,643
27,643

System

Bingham & Garfield

887,446;

-

•
-

Alton

3,858,479
3,122,942

3,531,811
3,055,725
3,073,445
3,924,981
3,363,195
4,003,393
3,455,328

—————"•
3,463,512
—-v 830,458
...
' . 896,172

of

'

1943

v

4,343,193

——--L--

of July-.:

Total

: 1944

3,796,477
3,159,492
3,135,155
4,068,625

'

February—
—
March
—._—
of April———
——

weeks

: :

January

weeks of

Week

'

'

'

-

of

weeks

4
4

■■■

■

be

Miss

District—

Central Western

Atch., Top. & Santa Fc

Allegheny { and Northwestern
with 1942 except the

-

concentrate on
all material to
readily available. It will
a fact-file on life insur¬

ance.

;

irig week in 1943, except the Eastern,
and all districts reported increases compared
Eastern and Northwestern.
• 4
'

overlap the collec¬
libraries or refer¬

units, but will

careful indexing of

-

-

or

of other

tions

5,611

'

'

but

public in general and writers
in particular. The plan is not pri¬
marily to add to the list of books
owned so much as to make it the
center of information for the busi¬
ness
and the public.
It will not
the

2.902-

—

—

•

preceding week and an increase of 2,034 cars above
the corresponding week in 1943.
s - - • - < - v
,
Ore loading amounted to 79,695 cars, a decrease of 742 cars below
the preceding week and a decrease of -9,089 cars below the corre¬
sponding week in 1943.
•
' 1
1 "
Coke loading amounted to 14,214 cars, an increase of 30 cars
above the preceding week, but a decrease of 307 cars below the corresponding week in 1943.
All districts reported increases compared with the cocrrespond-

"

cars

27^440

31,213

.

to serve the Institute

not only

4,292

'

27,440

The purpose is

widely expanded.

30,427

3,526

& Omaha
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic—
Elgin, Joliet & Eastern
Ft. Dodge, Des Moines & South
-

of

ities

4,037

Chicago, St. Paul, Minn.

210

.

3,046
22,026

22,669

Chicago, MilW., St. P. & Pac

in¬

.

2,683
22,669

Chicago Great Western

preceding week, and an increase of 122 cars above
the corresponding week in 1943.
In the Western Districts alone
ing of live stock for the week of Aug. 19 totaled 12,261 cars an
crease of 622 cars above the preceding week, but a decrease of
cars below the corresponding week in 1943.
V • • •
Forest products loading totaled 50,208 cars, *an increase of
above the

cars

i.

sta¬

reorganized library facil¬
the Institute have been

The

.

20,738

joined the statistical de¬

has

partment to develop the new
tistical research work.

.

Northwestern District—

has

Ferguson

appointed librarian, with
DApice as assistant
librarian.
Miss Virginia Thomp¬

been

son

Total.

Elizabeth

Miss

9,444

532
•

the

of the Institute Library

499

714

with

effected

4,643

*

:

Illinois Central System

less than;carload lot freight totaled
'106,378 cars, a decrease of 62 cars below the preceding week, but an
increase of 5,264 cars above the corresponding week in 1943.
^ .
Coal loading amounted to 174,025 cars, a decrease of 6,249 cars
below the preceding week, and a decrease of 2,465 cars below the
corresponding week in 1943.
r-iij
Grain and grain products loading totaled 49,913 cars, a decrease
of 1,271 cars below the preceding week and a decrease of 6,203 cars
below the corresponding week in 1943.
In the Western Districts
alone, grain and grain products loading for the week of Aug. 19,
totaled 35,159 cars, a decrease of 760 cars below the preceding week

tute

57

Gainesville Midland

of merchandise

Expansion of the research and
activities of the Insti¬
of Life Insurance has been

statistical

895

Florida East Coast—

Macon,

Statistical Activities

110

Durham & Southern

2.1%. ,
Loading of revenue freight for the week of Aug. 19, decreased
-8,726 cars, or 1% below the preceding week.
Miscellaneous freight loading totaled 396,577 cars, a decrease of
«1,013 cars below the preceding week, but an increase of 6,750 cars
above the corresponding week in 1943.
Loading

3,073

1,152

Central of Georgia

of 18,012 cars or

week in 1942

same

311

2,920

980

Atlantic Coast Line—

J19/.1944
totaled 887,446 cars, the Association of American Railroads an¬
nounced on Aug. 24. • This was a decrease below the correspond¬
ing week of 1943 of 3,894 cars, or 0.4%, but an increase above the

337

650
746

278

,

766

& Coast

Atlanta, Birmingham

freight for the week ended Aug.

Expands Research And

315

600

'413

Northern
of Ala

Atl.'& W. P.—W. R. R.

Loading of revenue

1943

1944

1942

1943

3,683

-Alabama, Tennessee &

Ended lug.

Connections

f

Freight Loaded
1944

Inst. Of Life Insurance

Received from

Total Revenue

I " ■' 1 i " •" '

' '

.

gross stocks are equivalent
days' production.
For the year

of

to date,

to 34

shipments

identical mills ex¬
production by 4.2%; orders

reporting

Compared to the average cor¬

responding week of 1935-39, pro¬
duction of reporting mills was
18.5%
greater; shipments were
16.9% greater, and orders were
26.1% greater.

THE COMMERCIAL & FINANCIAL CHRONICLE

576

Thursday, August 31, 1944,
•

nounced

Aug. 28 the election

on

of Sedgwick Snedeker of the law
firm of Snedeker & Snedeker as a
of

trustee

It

H.
Speck, President of the new State
Bank of Toledo, in Toledo, Ohio,
that will open Sept. 1, and take
the business of the Financial

over

that bank.

announced by Mr. C.

was

Securities

The

Reserve

Federal

New York announced
that
N.

Madrid

the

Y.,

has

member

sets of

ander, Jr., is. Vice-President and
Treasurer, and George D. Leh-

*

a

as

Reserve

Alliance

&

Bank

Lincoln-

the

of

Co.

Trust

President

mann,

of

Welles-

the

Bowen Co., Toledo realtors,

as-

$600,000,;

Stockholders

Mr. W. L. Alex¬

Madrid,

System.
In June this bank had total
:

Erie St.

at 331

admitted

Federal

the

of

Corp., that previously
occupied the site of the new bank

Aug. 26

on

Bank,

been

of

Bank

of

Rochester,
N. *Y.,
will receive
rights worth between $1.50 and
52 a share
under a plan
pro¬

is Sec¬
The three officers and
Kenton D. Keilholtz, President,
E. L. Southworth and Co.; Ray
Peirce, Peirce Construction Co.,
and John G. Lownsbury, of Lownsbury Motor Sales Co., comprise
•.

This is learned from the Louis¬
ville "Courier Journal," in an ac¬

its

*

posed by the bank to sell 31.333
shares of common stock to add to

count

capitalization, according to the

-Rochester "Times Union" of Aug.

Donald McWain, its fi¬

by

*

Consolidation

of

Citizens

the

:

21, from which we also quote:
"The stock, which will be of¬

Union

fered

on

Fidelity & Columbia Trust Com¬

share

;

for

the

basis

of

one

new

five held, is

every

ex¬

National

into

pany

known

Bank

institution

one

be

to

Citizens Fidelity

as

the

and

Bank

pected to be priced between $40
a share, although nothing

&

definite

formal ratification of stockholders

and $42

*

determined

be

can

now

because of fluctuating market val¬

Current

ues.

bid

for

price

the

Trust

Company

the

boards

SI to $50 on news of the

President

"Stockholders will be asked to

the new issue at a meet¬
ing Aug. 31, and warrants are ex¬
pected to be issued shortly after
Labor Day. Valid date is expected
approve

to be about 14 days.

Boston

of

Chief under¬

the stock

Three

Corp.

be First

will

firms

local

also will figure in the deal: Little
&

Hopkins, Inc., George D. B.
Bonbright & Co., and Meyer and
Ewell, Inc,

be held on
Sept. 23; from the account we also

25

"Herald"

Boston

announced

Aug.
Henry
H.

that

on

Pierce,, President of the Merchants
Cooperative Bank, Boston, Mass.,
had reported the election of Gard¬
T.

ner
•

directors.

as

These

promotions

to fill the vacancies

needed

were

Parker Webb

Bolster and

resources

bank

will

in

excess

of

$190,000,000, based on the latest
published statements of two insti¬
tutions.

•

.

.

;•"

*

"The capital funds account will
total

$9,250,000,

consisting

of

Fidelity

of

member

will

Federal

the

be

a

Reserve

System and of the Federal De¬
posit Insurance Corporation, thus
'subjecting both its banking and
trust
departments to the rigid
Federal examinations, as well as
to

the

State

tificate

examinations,'

holders

were

told.

cer¬

Citi¬

zens

"The

years,

Security
been

Com¬

with

the

bank for the past 35 years.

the

share to raise the
needed money for these increases.
per

"Times" in ad¬

New York

The

vices from Mobile,

Ala.,

on

Aug.

22, said:
"Shareholders may subscribe to
one

share for each four held

new

on

Bank, Ltd., of London,

Lloyds

England, showed in its statesment
of condition as of June 30, 1944,
total assets of £789,067,922. In the
liabilities group, current

deposits

and other accounts were

this

273.

£740,381,provision for

included

contingencies, endorsements, guar¬
antees, and other obligaticr.s were
£22,798,972, while authorized and
subscribed capital were £74,000,000, and £73,302,076, respectively.
In the assets group cash in hand
in the Bank of England was

and

£77,100,795, while Treasury deposit
were £227,500,000.
Total
investments stood at £214,235,417.

receipts

The

Midland

trustees

'Citizens

Trust

Ltd.,

Bank,

of

London, Eng., showed total liabili¬
ties as of June 30, 1944, to be
£930,874,818 against £800,232,447 a

Capital paid up amount¬
ed to £15,158,621, unchanged from
a
year ago.
The Reserve Fund
totaled £13,410.609 compared with
year ago.

June 30, 1943.

on

Cur¬

were

deposits and other accounts
£890,236,185 while last year

they

were

of

assets

the

with

bank

were

invest¬

total

Bank of England were £49,914,803

£92,774,888,... respectively,
£52,233,957 and £84,816,-

and

against

and

directors

in

Fidelity

Bank &
will be a Ken¬
corporation instead of a

McNutf, Nelson Issue

Company

tucky

Aug. 27 the Federal Reserve
Bank of Philadelphia announced
that

the

Farmers

Trust

Co.

of

Lebanon, Pa., had been admitted
as

a

member

of

the

Federal

System.

serve

The

Philadelphia

from

which

learned,

Re-,

■

this

"Inquirer,"

information

is

goes on to say:

"Officers of bank

are:

Simon K.

Behm, President; John F. Brubaker, Vice-President; R. B. Carmany, Executive
and
A. R. Culp,

Treasurer.
"Bank

has

Vice-President,

Secretary
v-;v.

total

and

resources

undivided

profits

and

reserves,

;V.'

$197,200."

State laws afford better facilities
for

handling

yet

are

Statement On

Robert

E.

Towey,

officer

of the

previously

Old National

Bank of

Evansville, Ind., has been
elected to a similar office#by the

Tradesmens
Trust Co. of

National

Bank

Philadelphia, Pa., the

states:

companies

was

trust

For example, the

similarly

are

New

York State corporations.'

officer

"The Citizens Bank
ized in 1863.

Bank
two

was organ¬
The Union National

consolidated

were

in

1919.

Fidelity

Trust

Company

obtained its charter in 1882.
Columbia

Trust

business in

companies

The

Company began

1890. These two trust
were

merged in 1912."

On Aug. 22 shareholders of the
First National Bank of Memphis,

Tenn., approved unanimously the
to

increase

its

capital
stock from $1,500,000 to $1,800,000

changing

par

value from $100

at present to $20.

Rochester, remained with merged
bank until

that

Bank

January, 1941, when he

became trust officer of Old
tional Bank of Evansville."
The

of

Tradesmens Bank also

an¬

nounced the appointment of A. G.
B. Steel, who has been in

charge

of

the

trust department, to beChairman of the Trust Com¬
mittee.
rome

Both

men

positions

on

will

assume

Sept. 1,




their

new

Chairman

of

Commission,
Nelson, Chairman,
Board, on Aug.
issued the following joint state¬

and Donald M.

War
15

Production

the
Civilian
Conservation that the country had a very real
Corps, which Congress has liqui¬ post-war problem in the question
dated.

From these press accounts

quote:

we

The

President

told

reporters

he did not have

"In

order

that there may

be

of

with

the

WPB

and

respect

"We
"L

to

the

WMC

That

war

claim

first

reconversion

to

of

posal of it

He

"There are, Mr. Roosevelt said,
possibly three uses for the housing,I
which are:,
" ..;
1

military and civilian training.
wished, he said, that the peo¬
ple would study the question be¬
of

cause

the

tremendous

amount

on

surplus military housing

will exist after the

war.

that

These facilities, the President
said, could be used to take care of
sick
and
wounded
veterans, to
provide vocational training, and to
provide training of other types,
including military.
"It

like universal

sounds

mili¬

tary training to me," commented
Representative Harness, Republi¬

Indiana,

can,

member

a

the

of

House Military Committee.
Chairman Woodrum, Democrat,

of

committee

planning

the

special

House

postwar military
he did not think

on

said

"there is any need of a CCC."
Chaiman
May,
Democrat,

Kentucky, of the House Military
Committee

declined

to

comment

but is known to favor compulsory
peacetime military training of one
year for the nation's youths.
"I

afraid

was

President

the

would get a social angle into

production has the
the, nation's man¬

it,"

there

is

much

educational

of

value, but the objective should be
milita?*y."
In suggesting public study of a
one-year
Government
training
progiam for youths in the post¬
war period, not necessarily mili¬
tary, the President proposed that
the plan be considered for youths,
roughly speaking, between 17 and
22 years old, and that it should
be of a type to teach them discip¬
line and how to live in harmony
with other persons.
Advices to
this

effect

contained

were

Washington

Aug.

account,

in

18

a

to

the New York "Times" by Charles
Hurd from which the following is
'

■

•

"The President pointed out

that

the wartime development of ser¬
vice housing for possibly 5,000,000

had created the facilities

persons

for the

training program.

plan in general
carefully skirted the

terms and
direct

more

official

already

having

as¬

ian

production

"2.

less

That

there

essential

should

be

the

resumption of civilian
production consistent with war

production needs;
"3.

That,
and

which

therefore,

materials
not

are

wherever
available

are

be

"4.

made

ward

and

with

service.

the

eo

for¬

utmost

diligence
that, as em¬
ployment in war production ends,
The
St.
Augustine
National jobs in civilian production can be
Bank of St.
;
T
Augustine, Florida, readily found;
celebrated its 25th anniversary on
"5. That there is and must be,
Aug. 15.
When the bank first at all levels, the closest coopera¬
opened in 1919 its total resources tion between the representatives
were
$208,306 with canital and of the WPB and the WMC to ac¬
tives."

"His
that

talk

recalled

to

reporters

youth-training

numerous

proposals have recently been put
forward, and that Secretary of
War Stimson in a letter dated July
24 to Warren H. Atherton, Nation¬

intelligence

complish

military

direct

to

al

thorough character should

these

so

common

objec¬

V

of

veterans,
cases
in

walking

contradistinction to
persons, because
not fireproof.-

care

helpless
housing' is

more

the

"Second, some of the housing
could be used for vocational train-1
ing of veterans.;.;;;, v";

\

"Third, it. could be - used
training young men. v; 1

\
for
,

"Mr. Roosevelt emphasized that
there - was a; great deal of talk
about how good it had been for

the average youth to get the train¬

the

ing

armed

services

provide.

The average person among
us, he

said, is not in good physical shape,
and we could not' get
along or
even keep clean if we had to
live
in

a

other

camp among many

per¬

Americans generally are

sons.

disciplined, he added.

un¬

~

.

"."On the other hand, the Presi¬
said, the. training does teach
youth how to be law-abiding

dent

Commander

of

He

an

recalled

orderly

that

the

manner.

CCC

im¬

proved many boys physically and

taught them many things. Future
training, he added, need not be
completely military in character;
it could

for

be used

to

teach

instance,

raphers

to be good
craftsmen.

or.

youths,
stenog¬

"The point of his
thinking, Mr.
Roosevelt reiterated, is that since
facilities exist to give such train¬

ing

the

to

1,000,000 or 1,250,000
reaching- manhood
each
year, -public
opinion should be
formed by the country itself as to
the best thing to do about the

youths,;

question."

July Alloy Steel Ontn!st
Production of alloy steels dur¬
July totaled
854,321
tons,
about 11% of total steel produc¬
;

ing

tion during that month,
according
to the' American Iron and Steel

Institute.

865,967

: This

tons
in

of

June

with

compares

alloy
this

steeL pro¬
and

year

1,-

066,053 tons in July, 1943.

Open hearth furnaces produced
572,324 tons of alloy steel in July,
1944.
of

The

alloy

remaining 281,997 tons
steel

production

came

chiefly from electric furnaces.

Conservation

Civilian

than

needed

That planning for reconver¬
of the
soundest and
most

sion

old

available

in, or can¬
for, war
production they should be em¬
ployed in civilian production;
not

sented to such action by the bank's

surplus of $50,000 and $15,000, re¬
spectively. Now its resources to¬

the

Corps

maximum

labor

number

so-called

duced

he has in mind is closer to that of

to

large

a

the

and to live in

production and essential civil¬

production;

He

awful problem.

as an

worth,

author

proposal that all youths be drafted
to serve for one year in the armed
forces, he indicated that the idea

no

but far afield.

the

the

and that there must be

civilian

States

"First, it could be used to
for

.

diversion of manpower needed for

power

United

^

of

"While Mr. Roosevelt discussed

agreed:

are

high qual- j
ity housing, construction of which:
necessary for the training of
the armed forces. The housing, he
added, is located not only in the
was

emphasized that it is very good
housing and characterized the dis¬

a

understanding of the posi¬

tion

of what to do with the

compulsory mili¬
training in mind since the
1,000,000 to 1,250,000 youths who
might be available for such train¬
ing would be given a combination
tary

also taken:

clear

directors.

Na¬

of

war

founded in 1889. These

was

banks

Only definite
approval of the Comptroller of the
Treasury at Washington is needed,

Alliance

Washington on;Aug; 19, that the President had
mind, when he outlined his yiews at his news conference on
Aug. 18, a renewal in some form^
in

following statement:

provided
Louisville
and
vicinity with financial facilities.

as

Lincoln

McNutt,

Manpower

have

and

with

V.

War

civilian production, we make the

of First National Bank of Roches¬

of that bank

Paul

the

corporate titles of the separate
institutions which for generations

ter, and

upon merger

Civilian Reconversion

ment:

"Mr. Wirgman said the name of
Citizens Fidelity has been chosen
to
retain
in
part the previous

proposal

Towey

and

&

Philadelphia "Inquirer" reported
on Aug. 28.
The "Inquirer" further
"Mr.

business,

great majority of the larger New
York combined banks and trust

"The
trust

trust

not detrimental to bank¬

ing operations.

of

$4,130,900, and capital accounts as
follows: Capital, $250,000; surplus,

Press accounts from

Republican,
New
York,
of
pending
compulsory
"I
ments being £232,993,073 as com¬ military training legislation.
think the training should be solely
pared with £229,401,386 a year
always
remembering
ago. ; Total bills discounted
and military,
that in modern military training
coin bank notes and balances with
Total

£930,874,818

National bank. This is because the
On

one

House members

commented Representative Wads-

£757,051,027.

484, respectively, for June, 1943.

the message to certificate holders

the

has

in

President Roosevelt's proposal, on Aug. :18. "for nation-wide study;
year's Government training of youths, prompted discussion by!
as to just what might be involved in the President's
objectives. There was a general feeling in the House, said Associated
,,

of

•

said:

of

$60

at

rent

Chairman

who

increase

an

£12.910,609

and
J. Arthur Sparrow, Director and
mittee,

to

$1,000,000.

bank.

30

past

pro¬

$1,250,000 and

also
surplus from
$1,500,000 to $2,000,000. The bank
will sell 12,500 additional shares
$1,000,000

capital stock, $3,250,000; surplus,
$5,000,000, and undivided profits,

President, who has been with the
the

the

posed increase in the capital from

of the consoli¬

be

Fidelity will be a Kentucky
corporation instead of a national

for

Ala.,

Virginia,

"Total

made by,the retirement of Charles
W. Sherman, Director and Vice-

bank

Mobile,

of

quote:
dated

"Citizens
The

the Merchants

of

Bank

have voted and approved

both

of

Menefee Wirgman,
both banks, stated

that the meeting will

^

writer of

only

Aug. 21 by

on

of>■ directors

corporations.

proposed

awaits

following approval

stock in the local market advanced

■; issue,

Stockholders

;

National

(

nancial editor:

Training Of Youth By Government ^
^
Suggested By President Roosevelt

.

Aug. 21. Stock rights will ex¬
jpr pire on Sept. 15." J,; :

Av

Year's

$127,781, respectively, the latter
including undivided profits.

retary.

the board of directors.

and

capital

surplus shown to be $200,000 and

*

The Brooklyn Savings Bank an¬

with

$6,419,082

tal

Items About Banks, Trust Companies

i

the

American

Legion, urged universal
time military training.

peace¬

"Among the training proposals
is one suggesting the drafting of
youths as they reach the age of
18 to replace veterans of the war
who
otherwise
might
be held
abroad
indefinitely .on policing
duties; and another urges that

youth in the future be required to
give a year of service to the Gov¬
ernment, but with the option of
splitting up the year, possibly
serving for three months in each

Display Of Military
And Occupation Currency
By Guaranty Trust Co.
.

Guaranty

Trust

Company

New York has assembled
exhibit

of various

nominations

cupational
placed

on

of

a

of
framed

types and de¬

military and

currency,

display

on

which

oc¬

was

Aug. 24 in

the lobby of the bank's main of¬

fice,

140 Broadway.

The exhibit

comprises 32 different notes, in¬
cluding

the ; special

series

of

United States-"yellow seal" notes
and
of

those

Hawaii,

used
as

in

well

the
as

Territory

Allied mili¬

tary lire and francs, British mili¬
tary

currency

and

British

mili¬

,

of four consecutive years.
"Mr.

Roosevelt

told

reporters

tary

lire,

guilders
currency.

and

Netherlands

Japanese

Indies

invasion