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In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
Final
7k e
OMME
d
an
HRONICLL
Reg. U. S. Pat. Office
By ALF M. LANDON*
behavior of homo sapiens.
The
of special interest to him.
In
France he would see patriots — apparently with the ap¬
proval of the other enemies of Germany—placing the life
of their fellow citizens in jeopardy on charges of having
"collaborated" with a foreign conqueror.
At the same
moment across the Rhine he could look down upon these
other enemies of Germany 4—: with the almost certain ap¬
proval if not participation of France — busily engaged in
seeking out and using German citizens who are willing or
top on Mars, to the
scene
would be
current
to
many,
thought than was that of Germany
if not to most/observers in this
in France.
Sees Possibility of a "Third Party"
In This Country With British Left Wing Program Which May Throw Republican
Votes to Truman if He Opposes It.
Points Out That if Labor Party Pushes Its Plans
It May Be the Straw That Will Break Up British Empire.
Says "Our American Sys¬
in France.
Indeed, we suspect
manner
the
major
league
as'an
inept
of
that merely to set these facts
the
and
and
intrinsically meritorious and so per¬
fectly suited to the needs of mankind the world over, which
States so
in many particulars, that it is the plain priv¬
obligation, of the conquerors in the present
they are not
nay
petition
are
(Continued on page 652)
No
1.'Some see
a
danger
threat
and
it
world and the
Alf M. Landon
except
see
—
arena
is
as
vastly different
in the reconstruction
of
home
the
land,
Eng¬
policies.
from Russia as the
particularly
leaders
But, it has never been
place with religious free¬
and political liberty.
found in
the
from
has discovered the
a
time itself.
Britain has committed
now
never
to
dom
So
a
even
limited
the
communal
ownership in a land whose proud
boast for centuries has been that
every
man's home is his castle, is
*An address by
The
leaders—
needed
will
of dignity of the
vastly different
country in religious
freedom
and
political
liberty.
Communal ownership is as old as
racy.
3ritish Empire
valuable
Russia
power
completely Government-owned
We
the
priving
com¬
a
than Russia*
arena
bleachers—how the principles of
socialism will work in a democ¬
de¬
as
recover
individual—is
itself to in the last election.
Others
2.
to
ages a new sense
of all industries.
however,
country,
program as
to
democracy.
see
world
com¬
a
Puritan anct Cava¬
of the old
from the dark
lier—the first country
Russia, has embarked on as nearly
in the result a
of
towards
munal ownership
land
and Milton—of
privately-owned
.
mother of parlia¬
of Shakespeare
the
—
ments—the
France has had a Gov¬
headed
is
and
ejtf.
great
Charta
ernment-owned telephone system
in-
campaign
with
,
railroads.
calling
Mr. Churchill's
forth
railroad operated in
nental
same
papers
will prove shocking to many
which they were in many particulars, and
old regime in France, the Totalitarianism in Russia,
what still passes of the democracies of Great Britain
ilege,
paign have been in use in part in
many
countries.
Canada has a
Government-owned
trans-conti¬
cam¬
tnose
light vein.$-
this last cam¬
party advocated in
Some
paign.
a
writers refer to
<S>
now
inhuman,
the United
;
first year
in
Americans
whose patriotism is as unquestionable as we know ours to
be.
To such, Nazism and all its ways were so hateful and
this
in
am
was
my
-in
tempted to start with a personal notesomewhat distressed to have good editorial
I
I
Western Hemisphere."
Is Now Practically Isolated to
tem
<
-
Can Be Reconciled With
Test of Whether Socialism
a
Britain Will
Complete Program of Govern¬
a
Individual Freedom and Technological Progress.
country—
and so far as can be ascertained, those in foreign countries
—collaboration seems as natural and as commendable in
Germany as it was thought to be unnatural and damnable
Yet
Ownership, It Will Be
ment
persuaded to "collaborate" with the conquerors of
in the establishment of a regime harsher on
whole and certainly far more foreign to German his¬
tory, custom or
Embarks Upon
Be the First Democratic Nation That
their country
the
That Since the Labor Victory Means
Former Presidential Candidate Holds
be
can
Election
Looks at ; the British
interesting at times to speculate about the probable
some outside observer, seated, say, upon a moun¬
reaction of
tain
Copy;
Am American Politician
The Financial Situation
It is
Price 60 Cents a
,
Y., Thursday, August 9, 1945
New York, N.
Number 4410
Volume 162
Kiwanis
the
fore
Mr. Landon be¬
Club, Topeka,
Kans., Aug. 6, 1945.
(Continued on page 654).
Magna
pe¬
ahead of us.
3. Others view the result with
riod immediately
Washington.
From
By CARLISLE
It seems
a
will
Mr. Truman
gress
not the
was
of
purpose
American and
British
among
seen
to
men,
de¬
,
it h e
stroy
of
Carlisle Bargeron
course,
but
some
one
of
those brave kid pilots will have
world,
dropped
carelessly
of
one
bombs.
As
the
.
of
this
writing,
it is not
destruction the
Japan—just what
But the announce¬
what
known just
bomb caused in
was
its effect.
ment
tions
Washington
and the indica¬
didn't give the
certainly scared
almost
death,
to
are
that it
country any
appetite,
apprehension
part, we are assured. The
young pilots are not to be per¬
mitted to bring any of the bombs
home.
Their sale at Macy's is to
be prohibited.
In the hands of
another President, it is true that
There is
on
needless
our
these
infernal things
just as Mr.
dangerous,
a
might be
Roosevelt
Great.
-
■.
question is large in the
minds of many as to whether the
traditional foreign policy of the
4.
The
or
Empire will be. carried
\
*
not.
As for number one, we
for
first time
the
an
out
The Big
Including the Merchant Marine and
will see
Removal of Industrial Equipment
by Way of Reparations. Poland and Russia to Divide East Prussia.
U. S. and Great Britain to Determine Disposal of Captured Gold.
;
2, one day after the adjournment of the Three Power
Germany, the text of the Agreement arrived
In this text.<^York "Herald Tribune"
which contained no reference to the New
follows:
the settlement of the war with
On August
Conference at Potsdam,
and
attempt to
Powers Lay Down Provisions for Curbing Germany's Industrial
War. Will Deprive Germany of Her Main Industries,
Power to Wage
released.
was
there is Charlie Ross, a
ton
Financial
can
be
trusted
to
use
the
sparingly, so we can thank
our
stars that we have this sort
of man in the White House.
Even
if he were to slip from
grace,
seldom
is
as
to
bombs
in
such
collaborati 9 n
ing
the
ifiThe Potsdam Agreement
is
Russia
of socialism Japan, there was outlined the
treatment of Germany particular¬ Report on the Tripartite Confer¬
great de¬
ence of Berlin
ly with reference to de-industriali¬
mocracy.
zation and reparations, as well as
On July 17, 1945, the President
The domestic policies the Labor a tentative reconstruction of the
of the United States of America,
former Reich's
boundaries. The
Harry S. Truman; the Chairman
Agreement established a Council of the Council of People's Com¬
GENERAL CONTENTS
Df Foreign Ministers, which will
missars of the Union of Soviet
include representatives of China
Socialist Republics, Generalissimo
Editorial
and
France,
as
well
as
of
the
"Big
Page
J. V. Stalin, and the Prime Min¬
He
work¬
genius
to set up a commission
this discovery.
He is
typical American/ a Middle West¬
erner, springing from the people,
so there is no reason to believe he
will permit it to be used against
Republicans or Republican States.
Chronicle."
It
plans to ask Con¬
control
the
— just as
abandoning the pure
communism of Lenin and Trotsky
and is following the line of Peter
leftist movement
wide
British
dangerous.
be
nothing of the
world left, in¬
"
he
hands would be
that such power as
said
once
had, in another's
doubtedly
cluding
the
British genius have
date to be writing about
combined American and
un¬
now
BARGERON
little silly at this late
bomb which
devised, be¬
cause
there
atomic
world¬
apprehension as inciting a
Ahead of the Mews
Washing¬
at his side.
Charlie, it is pointed out, always
newspaperman,
has his feet on the
Inasmuch
as
it
ground.
to take the
is
apply the.principles
—in
a
limited way—to a
Situation.
..
From
our
the
..............................
Trading on New York
with
of
Ahead
Washington
News
pointed out that oil can be used
to
kill off mosquitoes, and our
Bond Prices and
Items About Banks
and Trust Cos..
of
664
Exchanges... 661
NYSE Odd-Lot Trading
State
649
Yields... 660
661
Trade
women's
stockings.
So there should be no General Review
great change in our economy, ex¬ Commodity Prices, Domestic Index.
cept you wonder what will be Weekly Carloadings......,..........
done
with
water
power.
Its Weekly Engineering Construction...
elimination would kill off one of Paperboard Industry Statistics.....
our
greatest political controver¬ Weekly Lumber Movement.........
sies and a lot of politicians.
The Fertilizer Association. Price Index...
feeling is that for this, reason it Weekly Coal and Coke Output......
will be preserved in some form.
Weekly Steei Review...........;..
bonbons
and
650
661
663
661
663
663
660
662
659
that Moody's Daily Commodity Index... 660
Weekly Crude Oil Production....... 662
was dropped over Japan and the
660
announcement
of
it
here was Non-Ferrous Metals Market
Weekly Electric Output
662
(Continued on page 659)
In the meantime the bomb
continue the necessary
settlement. The
poltical as well as the economic
principles to be followed with
Regular Features
Moody's
chocolate
Three" to
work for a peace
place of oil, coal and water power
as
our energy of tomorrow, it is
scientists have gone so far
coal
that
it
can
furnish
649
reference
tained
in
to
Germany
the
are
con¬
Agreement.
The
principles evidently aim at
curbing Germany's future eco¬
nomic power by depriving her of
her main industries, by removing
her industrial equipment, by dis¬
posing of her merchant marine,
and by appropriating parts of her
territory, such as industrial Si¬
lesia, East Prussia and parts of
Pomerania.
It is provided that
the German gold captured by the
Allies shall be at the disposal of
Great
Britain
and
the
United
States,
Russia
relinquishing
all
claims thereto.
text, of the Pots¬
Declaration, as reported by
Associated Press dispatch in
The complete
dam
an
ister of Great Britain,
Winston S.
Churchill, together with Mr.
Clement R. Attlee, met in the tri¬
partite conference of Berlin. They
were accompanied by the Foreign
Secretaries of the three govern¬
ments, Mr. James F. Byrnes,
M.
V.
Molotov and Mr.
Mr.
Anthony
and other
j
There were nine meetings be¬
tween July 17 and July 25. The
conference was then interrupted
Eden; the chiefs of staff
advisers.
for two
the
days while the
British
election
results of
being
were
declared.
On July
28 Mr. Attlee
returned
Prime Min¬
ister, accompanied by the new
Secretary of State for Foreign
Affairs, Mr. Ernest Bevin. Four
days of further discussion took
(Continued on page 656)
to
the conference as
THE COMMERCIAL & FINANCIAL CHRONICLE
650
with
Why Mot lust Go To Work?
"Now that
Bridges,
The
ternal peace
were
Government
new
bers
of Winston
Party
stalwarts
nucleus of his Cabinet
by
the
British
constituting
a new
With
arrive
the
Premier
new
lie
in
ahead
Mr.
Other
Leader
Vanden-
Are
not
we
growing
lectivist action?
a
British Elections
—
.
With
Attlee, Labor Party Leader,
advocating a Socialist program for
overwhelmingly defeated Prime Minister
Churchill's Conservative regime on July 26, and King GeOrge
Great Britain's Labor Party,
Winston
reconstruction,
VI that night
commissioned Labor Leader Clement R. Attlee to form
government.
A short time earlier Mr. Churchill had pre¬
sented to the king the resignation of his defeated "caretaker" ad¬
new
ministration.
Stating
that the Labor Party's
WinConservatives was
lead in Commons seats over
ston Churchill's
nearly 2 to 1, in compilations at
- afternoon
the
Associated
Press London advices July 26 said:
Mr. Churchill himself and For¬
mid
eign
Secretary
Anthony
Eden
escaped the tidal wave and were
returned to their seats in Com¬
but a dozen of their most
prominent colleagues were de¬
mons,
The returns were from the July
5
election, the nation's first gen¬
eral poll in 10 years.
The Labor Party
campaigned
platform calling for national¬
ization of basic industries.
From
on a
the
•
Associated
quote:
With
640
Press
we
also
votes
in
constituencies
Britain's
of
627
counted,
the
"for me to express to the British
people -for whom I have acted in
these perilous years my profound
gratitude for the uhflinching, un¬
swerving support which they have
given me during my task, and for
the many expressions of kindness
which they have shown towards
their
servants."
|
-
Laski, chairman of
the Labor Party's executive com¬
mittee, declared the Labor Party
victory would make possible "full
friendship with the Soviet Union,"
At
the
a
mass
results
meeting
of
the
following
election
Mr.
Attlee stated that "the first thing
have to do is to finish the
war
the Conservatives and their allies.
Prime
Labor
government until after the defeat
of Germany, returned to Potsdaih
candidates
had
won
390
who
Minister
same
a
in
was
the
Deputy
Churchill
building
ma¬
continue
longer
-
under
the
power.
The
ernment
control is
tinue for.
same
of
gov¬
con¬
timfe in the export
some
field," the
kind
likely to
magazine observes.
With;onlylimited supplies of
;
May 23, he formally dissolved the
sold
by him in 19.40,i and on May 2$ he
announced the Senior members' of
be driven—in the .form of
tial
the
tic;
Cabinet
which
he
had
been
in
Associated
Press
counts, July 5, that a
London
new
the
where
best
bargain
can
essen¬
j;ay; material to meet domes¬
heeds,; or at particularly ad¬
vantageous
requested by King George VI to
organize to serve until the -elec¬
tion on July 5. While it was stated
prices, or to
boost
long-term foreign trade
Britain's
controls,
currency
remove
lower
tariffs
to
to
reconversion
Churchill,
made
latter's
be
known
request
Britain's
that
proclamation
on
by
June 15>
avowed \ intention
tionalize
at
key
fects
Royal
Wage Policy
Tele Debated
The
meeting with resist¬
the part of both labor and
industry, according to Associated
Press Washington advic.es of Aug.
Details
and
are
can
past
lee's.-
\
up
was
as
as
of
is Att¬
Labor, f however, y may
the process.
nationalization
the
-
Ex¬
The
nationalization
ailing coal industry
speed
article
of
trans¬
reasonable
the
test
.
of
Labor's
its
out
Economic
come
H.
broad
this
along
when
the
;
iron
;
into
The
than
they
large,
in
and
the
steel
lime¬
,
hnd
his
new
and
It
was
held up on Capitol Hill
"(3) Despite the labor land(j
*
thatlhavenot
k^11 j forthright Foreign Secretary, more than a month as Southerners ' slide/the Attlee government will
permitted
to
nmsh
the
work i Ernest Bevin, were scheduled to. | fought to. withhold funds
from the remain in office only so Jong as it
against Japan.
For this, however,1 leave shortly for Potsdam along FEPC."
carries out'to the satisfaction of
.
j
ago. J
heavy,;,
business
»
Iron
Age";
of the ; J
summary
»
past week has seen many
reluctant civilian steel consumers, tired of standing on the order
••
1
>
i
sideline, stepping
up the volume
their orders without
any idea
when, deliveries will- be/ made,
I
i
of
Among such
consumers
A
f
the
are
,
automobile
I
group and home appliance makers. \ They are
operating on the basis that those who"
place their orders first have the
greatest chance to'
benefit, the
magazine points .but.
;
M
J;;.j j:'' jj
as
steel users with nonbusiness have awakened to.
the; fact
that-heavy and severe
J
rated
cancellations
have
so
steel
would
greatly
up so-called
ules
that
|;
*
them-'
y
set
precautionary sched¬
be quickly
put
could
into
operation should
terminate
suddenly.
standing
this,
there
the
the chances
have
for early
non-rated
business
*
war
Notwith-'
been;
sudden spurts in demand for
steel which have both
;
war
•
displaced
delivery of
j
and
;
forced 1
changes in schedules for
carrying CMP ratings..
-
orders5
M..;
,
Mills
y
f
market''picture '
steel,< producers
selves, and they in turn have
,
are
continually sorting
/
analyzing all non-rated or-tv
and
ders
to
what
see
type of opera- '
be
can
•
•
I
can-i
I
made
and as war demands be-1
less, according to the trade
publication. •
!
come
sudden
of
of
j,
'4
a
impact
possible
:
I
■
the Japanese
short time parasteel finishing mills because
the
The
end
would for
lyze
last
•
.
Attlee
still
such
The
A
•
Mr.
better J*
no
month
are
steel trade.
war
.
.
are
a
"The
current
'
of cancellations.
shutdowns
would
a
,
only
so long as alternate steel
schedules could be put into
effect.
That ingot output would
mill
be
severely
visioned
raw
slashed
is
not
en¬
because of the need for
when schedules have
steel
become reorganized.
Once finish¬
ing mills are started again, the;
magazine continues, it is expected
that most mills will have
enough
business
in
their
backlogs to
keep them running for from four;
to
six months
The
steel
around
to
feet
of
a
ties
would
-
times.
states
so
its
.
darker
users
were
Rated steel orders
and
backlogs on
to
.
>
r
expect,
civilian steel
platform
line " will
ability
a
Japan end sooner ;
the steel millsV*
would be in a good
position to
take full
advantage of such an
\
event.
At present, deliveries
to ; I
we
celled
profit to stockholders.
>
were
London transport system has long
industry swings
light. si
;
preliminary to decision
by President Truman, but an¬
nouncement of. specific points of
the plan will not- be made until
rolling at
There
&
the
with
war
than
' continues
,
in
speed.
as war contracts are
,
II
delivery
start
quickly
real
as a
wheels
pattern
carry
it
manufat- 1
early
would
tional
a
k]
in. the
unified" industry, Britishers take
comfort from the fact that the
at
pre¬
William
Stock
to
promises
Stabilizer
rela¬
week.
government
pare
Davis
is
na¬
operated under such control-^-and
to be withheld until
management
to
"means simply the creation of a
public corporation to manage the
ance on
1.
London
the
committed
"If
plan of the National War
is
industries
Churchill
port,"
Labor Board's public members to
relax controls on voluntary wage
increases
the
on
change
the
WLB
leaders
>.new
tively less alarming to Americans
despite the obvious adverse ef¬
Parliament
dissolved
shrewd,
indications, however, that should
from
would
civilian
which
not be known until
the
a
innovations
expect
items
war
Labor's
the
encourage
turers
change-the
private hands
only at a price
be .bought,
,.
face
Industry—Signs
will
"Admittedly
obsolete
though
contests, Conservatives only 195.
basic, ■ to a successful domestic
to
take
Results of the remaining 13 con¬
up the Big Three (Tru¬
development"
or
strong
export
tests twill
not
be made
known man, Churchill and Stalin) de¬
program/ the industry is strongly
the
other
members'
liberations
views
are
which
were
until learly in August.
interrupt¬
;'?T;.
entrenched and probably will put
-Addressing a cheering, tumul¬ ed on July 25 to allow Churchill ready for release simultaneously. pp the keenest opposition to gov¬
tuous mass meeting of his follow¬ and his colleagues to return to
ernment
interference — particu¬
receive
election
returns.
Mr.
ers, Mr. Attlee said "we are em¬
larly since it, has already
an¬
barked on a great adventure of Churchill on July 27 left No. 10 Appropriation Bill for --;L. nounced
the beginning of a bold
democracy, freedom and social Downing Street, London, the offi¬ War
modernization
program.
Agencies Approved ii
cial residence of Prime Ministers.
justice."
"Keys to an undertaking of the
President Truman on July 17
Under date of July
28, London
Simultaneously
the
outgoing
Associated Press accounts said: ?
sighed a $769,364,850 appropria¬ British shift to the left are these
Mr. Churchill, in a farewell state¬
three factors:
Prime
Minister
Clement. R. tion bill financing •operations of 17
ment to the nation as premier, de¬
Attlee .and the six senior mem¬ home front agencies for. the cur¬
"(1) While Britain is obviously,
clared
that victory
over
Japan bers 'of
his new Labor Cabinet rent fiscal year,, said Associated giving
socialization
a
tryout,
may come "much quicker than we
took the oath of office
Press advices from Washington on change will-come slowly, in line
today from
have
hitherto
been
entitled
to
that
with-1 the ; country's
King George VI at Buckingham
day, which added:
>■'
traditional
expect."
Palace and then hurried across
"Containing $35,000,000 for the caution.
"The
decision
of
the
British London
to
Beaver Hall, where Office of War Information and
"(2) Though industries will be
people has been recorded in the members of the new Labor ma¬
$250,000 for the Fair Employment nationalized, there is at least no
votes counted today," he said.
"I jority in the House of Commons Practice
Committee, the bill was threat to expropriate individual
have
therefore
laid - down
the held their first
organization meet¬ the last of the big supply meas¬ owners or stockholders without
charge which was placed upon me ing.
'
ures .of
the present. Congress.
'reasonable'compensation.
.
Steel
will
steel market the past week failed
and return trade to
July 26, after
Labor
:.Vy
ment had been chosen that day it
added that the results would
was
the
Just
"Washington's plans to
Govern¬
that
y
position.
ac¬
dissenting reports," The pro¬
posal of the public members is
being drafted for presentation "to
Attlee,
basic
government
than if the
Churchill Conservatives were ir
Churchill ;. on
we
Mr.
all
wartime coalition cabinet formed
Winston
labor
get all the support they need."
of
be
assure
Labor
resignation of Prime
with
Japan" and he declared "that
must see that our fighting men
supplies
to
to
on
-
,
and allied parties had
captured 417 seats, against 210 for
Laborites
.
.
we
\
to '
and
Prof. Harold
feated.
-
plans
order
supplies is not bright
"Thus, bulk buying of imported
supplies — along lines pursued
during the war—can be expected
the absentee soldier vote had been
preparations have
been made.
'
* '■ * counted. -The King in announc¬
"It only remains," he concluded, ing the resignation, of Mr1.
all
have
may
in
goods available for export, labor
probably will see to it they are
Minister
Replaces Churchill as Prime Minister
national
the
food
the whole range of
parliament
on
July 29 from
Aug.
15".
King
postponed
hinting that the distri¬
terials and
Chancellor.
„
/
.
of ' Com¬
Labor-dominated
was
little delirious about col-
<
House
foreign trade
minimum of 10 years, the
outlook for unrestricted trade ir
Aug.
8
until
George VI it wias stated will out¬
line the government's policies in
a speech from the throne. *
if he would expect more than words.
that is,
the
proposes.":
quire
The state opening of Britain's
new
suggests—
now
in
Parliament
most
on
is eased.
Since building authori¬
ties ha vdihtihiatfed this will re¬
Greenwood, Lord
Privy Seal; Sir Stafford Cripps,
President of the Board of Trade,
and
Sir
William
Allen
Jowitt,
_
he
were:
,
indicates
mons
it will take
reasoning can be
applred to the housing situation
until the present acute
shortage
Arthur
mons;
too.optimistic
about what was accomplished at San Francisco.
We are certain that he is too hopeful about the
as
selections
"Britain's
tem still functions and Churchill's >
re-election to the House of Com-
living, the Labor government has
already given a clue to the stand
"The
Dalton, Chancellor of the
Exchequer;
HerbertMorrison,
We fear that the Senator is much
conference
Cabinet
article states
democratic
sys¬
experienced and determined op¬
position
before
it
can
sell
to
minimum
Treasury, which
by Churchill.
that
the
government
Pledged above all
improve the standard of
to
foods.
Hugh
Lord
a
the
Lord President of the Council and
berg to the Secretary of Labor.
results of such
took
->
Concluding,
government.
nationalized
himself
also held
were
a
for all America?"—Senator
Attlee
promised."
else
issues by
bution of
of Minister of Defense and
posts
conference could
escape from entrenched rivalries long enough to
deal fundamentally with the equities which are
prerequisite to the healthy pursuit of better times
for all—and
national
operate smoothly
absence.
The rest of
First Lord of the
post-war world.
possible that such
that
should
during his
otherwise
an
determined
was
business
points
1
>
agreement—will
get
billing by the new Attlee
second
his place as a
Three, his announcement of initial
major appointments indicated that
under your
article
lend-lease
to
today to take
member of the Big
the Cabinet will be named later.
"Is it not
.
due
the
"Liberalized f o r e ig n tradealong lines outlined in the master
deal ih British
Potsdam
at
belief,
a
out that:
Government.
by the knowledge, whether admitted or not, that
can
be
no
prosperity for one without
common
prosperity for - all—and frankly face the4 need for a better, a surer and a wiser code *
for their mutual advancement in the desperately
that
such
as
he
chaotic
-
press
means,
—
-hailed
was
Labor
t>{
according to "Business Week," in a current weekly /
analysis of "The War and Business Abroad," that Washington must
importantly alter its plans for the implemation of its post-war commprrinl
nnlirv "
i
merciai
<$>■
policy.'
In setting. forth its reasons for
the
public the program it has
the
as
chairmanship, in which all these interests ipay
assemble—bound together, as they inevitably are,
times
Churchill,
Mr. Attlee's selection of the six
Labor
there
a
Gov.
ernment saw the King and relin¬
quished their seals of office.
able
uncertain
Viewed from the standpoint of its possible effects on American'
trade, the recent overwhelming victory, of the Labor Government in
England over that of the Conservative Party headed by Winston
mem¬
Churchill's
I
•i
•
leaders
in after several
sworn
.
our own
MeState of Trade
Hastings Ismay, chief of staff to
the Ministry of Defense. / '"'V-v.,
have laid the
Industrial Peace Conference of
secre¬
tary to the Cabinet, and Gen. Sir
groundwork for ex-;
with justice, there remains the neces¬
sity to find the basis for peace with justice on the1
home front. We must create a. mutual equitable re¬
lationship between capital and management, on the
one hand, and
organized labor on the other hand—
protecting the legitimate rights of each, and always
consulting the general welfare—to the end that
needless strife shall not impair reconversion and
permanently jeopardize the country and all its
citizenship..'
"Therefore, I am moved to inquire whether you
would not believe it possible to assemble a United
we
Edward
Sir
Thursday, August 9,1945j
at
capacity.
industry
coming
•
belief that the ef--.
sudden end to
hostili-i
not
dislocation
in
which
at
was
create
steel
upon
volume
in
took
ward drive in .the
the
past
week,
of
a
<
!
sharp
j
|
I
looked for,
the further ex¬
pansion
which
the
v
operations
first
Contingent
orders
is
the
non-rated
terrific
up¬
Chicago district
and
providing
duplication
changeover from
there is not too much
of orders, the
war steel
output to complete ci¬
vilian output wjll not be too great
(Continued on page 658)
i
the 99-year lease bases is in accord with the original agreements
Abroad §33
Mi Billion, Crowley
Leod-Lease
1, 1940 through March 31, 1945,
tablished in the Foreign Economic
by Leo T. Crowley, Foreign Economic Administrator, show that Administration at the request of
through March 31, the United States furnished $39,000,000,000 worth President Roosevelt pursuant to
of lend-lease aid.. In addition, it is announced, $373,000,000 of re¬ suggestions irom members of Con¬
lief supplies were shipped through March for use abroad, mainly gress that some agency be made
responsible for providing consoli¬
through U. S. Army. It is esti-^
mated, says Mr. Crowley, that by Navy Department and the War dated, over-all data on U. S. Gov¬
Board.
Relief
supply ernment transactions abroad. The
March 31 reverse lend-lease had Refugee
Reached $5,600,000,000. During the shipments have been heavy since Clearing Office, was set up as a
March 31, Mr. Crowley said, and service
organization for Govern¬
4% years, Mr. Crowley indicates
June 30 figures may be double ment
that according to reasonably com¬
agencies and for Congress.
those for March 31.
These sup¬ Detailed
figures,
classified
by
plete reports,. Government agen¬
plies, it was emphasized, are in country and by type of trans¬
cies spent $11,437,000,000 abroad
addition
to
eivilan-type
goods
and
received
action, are now being compiled
$3,257,000,000, ex¬
cluding
purchases and sales of furnished under lend-lease and in regularly for the use of Congress
addition to privately
financed
and the executive branch of the
gold. It is added that "these Gove r n m e n
have
disbursements
t
about 40%
amounted to
to about 60% of
payments abroad since July
vate
payments
total
1, 1940." A summary of the trans¬
actions in the 4% years, also has
the
:
1
following to
relief.
and pri¬
Crowley
ing
made
March 31. On that date the
on
estimated
the United States of about
built
stallations
cost to
at
an
$1,800,000,000, mainly for Army
and Navy air 'bases, transport fa¬
cilities, port facilities and troop
housing accomodations.
It was
emphasized that these loans and
installations figures are to a, large
extent
included in the $11,400,-
total
€00,000
disburse¬
reported
ments.
>
Abroad
Disbursements
Over half of the
abroad
disbursed
\
$11,400,000,000
spent
was
dated.
on
the Gov¬
back by
reselling
the goods to private
buyers
in
the: United
States.
Nearly two-thirds of all supplies
and
materials
procured abroad
cases, Mr. Crowley said,
ernment gets its money
come
from Canada and Latin
Copper, sugar, rubber,
tin and aluminum, all vital scarce
America.
items, have been foremost
in the
procurement program.
'
Pay to the U. S. armed forces
abroad
has been the other big
:
expenditure.
Preliminary data .indicate that
over
$4,000,000,000 has been put
in the pockets of U. S. personnel
overseas. This figure does not in¬
clude the large amount of pay and
foreign
war-period
allowances
.
allotted
directly
to
for
United
families, for War Bonds, and
other
purposes
in
the
Payments to troops over¬
been heaviest in , the
States.
have
seas
Kingdom, Australia,
France
and
Italy.
Remittances
home
since mid-1944, however,
Mr.. Crowley said,-have totaled
about two-thirds of all - current
United
-
to troops overseas, greatly re
ducing the impact of U. S. troop
pay
spending on prices abroad,
? In
most cases, it was pointed out, U
S.. troops abroad are
currencies, and the
paid in local
figures
ported represent the dollar
of these
currencies.
Relief
l
;
re¬
costs
.
Supplies Furnished
Through March 31 this Gov
furnished abroad as re¬
eminent
lief supplies
fpllowing
'>
'
*
.
*
;
$250,000,000 of food¬
commitments.
commitments,
British
commonwealth,
$302,000,000;
China, $50,000,000;
Russia, $25,000,000.
addition
by March 31, $260,-
and advances,
000,000 had been paid to China
against a $500,000,000 financial
aid commitment passed by Con¬
.
ment
the
after
settled
be
to
are
war.
Installations
preliminary figures
Only very
are
available
however,
3,400 installations were reported,
mainly by the War Department.
A large number of these instal¬
lations were received under re¬
lend-lease at no cost to the
verse
especially in the
United Kingdom^ Australia, India
United
States,
March 31
of U.
cost
The
France.
and
reported
was
S.-
held
installations
constructed
as
on
$1,776,-
000,000, of which $828,000,000 was
reported for airbases. The sum of
$284,000,000 was reported as the
cost
of transportation
facilities,
of seaports,
$239,000,000
and
facilities cost about
non-military
$60,000,000,
which
and
was
Reported
docks.
and
wharves
about two-thirds of
spent on metal mining
processing facilities in Latin
America..
In
'
U. S.
cost
of
the
to
United
this
less than half the. $185,-
was
000,000
of
States
installations in Europe during
war
spent
was
•
in
the
War.
last
in¬
because most of the
stallations
of the present war in
England, France, Belgium and the
Netherlands
were
-
furnished
-
to
$373,000,000' total the United States under reverse
lend-lease.
U.
S,
expenditures
furnished. The great bulk of these
during this war were largest for
supplies went to Europe, mainly
installations
in ' Canada,. China,
to Italy and France.
Over $300,000,000 of the total was civilian Iran, Cuba, and on the 99-year
lease Atlantic bases received from
supplies furnished by the War
Britain in 1940 in exchange for
Department, for which bills will
the 50 over-age destroyers.. Can¬
be rendered to the foreign gov¬
ada pays cash for U. S. goods, and
ernments concerned.! Other U. S.
Crowley recalled,
Government
financed supplies services, Mr.
the
-
through
the
Re¬
Administration, the
furnished
abroad
American
Red .Cross,
United
Nations Relief and
the
habilitation
and in turn does not
,
verse
States.
lend-lease
It
000,000,
Netherlands
the
$141,-
was
to
provide
the
re¬
United
also recalled
that
U. S. construction of facilities on.
received
U. S. Commerce Chamber
Opposes Higher Payments
For Unemployed
U.
S.
Chamber
of
of
Commerce
to
proposals for pay¬
liberal unemploy¬
Administration
ment
the
by
voiced
is
Opposition
relationships
with
measure
in ac¬
policies in which
of uniformity was
more
benefits
to
y
from
move,
policy clarifica¬
tion, will be the meeting of the
of
Council
the
International
Commerce
in
Lon¬
While
that
which opens Aug. 14. It is
expected that this meeting will
don,
be
followed
by
inter-Goven
an
mental conference
on
The
rec¬
ommendations of the International
therefore, may
of major consequence.
Chamber,
prove
well
declarations,
public
peated
re¬
our
committed to
Government stands
President
Truman
has
asked
ployment payments up to a maxi¬
mum of $25 weekly for 26 weeks
during the reconversion period
request is scheduled for early
Congressional consideration after
His
summer
recess,
-jj.
The Chamber declared
,
,
\
that an
with
permit."
This
however, he said
revocation
the
of
an
order, or the "open-ending" of'
any wartime controls, the Amer- ;ican
public
can
expect to see store '
immediately.
Mr. Krug observed
that "victory in Europe—V-E Day
—meant
many
things to many
import
transactions,
actual
Government
well as
purchasing
and distribution operations, have
modified
been
now
as
to
some
tent. The United States,
will'.benefit
most
ex¬
however,
from its
fully
post-war foreign trade if a maxi¬
mum
of
freedom
is
permitted
those
who
that
conduct
trade.
■
will
war
does not mean,
enterprise in foreign trade. War¬
time restrictions on
export and
people.'
the
It
meant
things
two
Production
War
Board:
direction of all effort toward
full
to;
(1)
the
and quick
prosecution of the
against Japan; (2) the begin- •'
ning of reconverting America's in- ;
dustrial might to production for
our peacetime economy."
He con¬
war
Restrictive
regulations, indispen¬
sable in the earlier stages of the
tinued:
should now be lifted with
increasing speed so fhat effective
business adjustments can be made.
all of its public announcements of
war,
-
"The meeting of the Council of
International
the
Chamber,
its
first since the outbreak of the war
six years ago,
brings together del¬
20 countries.
It i
opportune as its agreement on
recommendations may presage the
restoration
of
peacetime world
egates
from
trade, and underscore the neces¬
sity for more rapid progress in
the
relaxation
controls
of
imposed
-
Government
countries and others
eign trade."
all
by
on
these
their for¬
American section
tional
Chamber,
of the Interna¬
which
headed by Philip D. Reed,
man
of the
U.
General
is now
Chair¬
Electric
Co.
S.
delegates includr
William Black of Peat, Marwick
Other
Mitchell & Co.-,
Gaylord,
New York; Robert
board Chairman of
the National
Association of Man¬
M.
1
"The War Production Board, in
order
and President, Ingersoll Milling Machine Co., Rockford,
ufacturers,
cancellations, has been most
to
emphasize that other
careful
orders, other controls, as well as
limited supplies of materials, may
well be restricting factors toward
the procurement of materials and
.
components for production of any
civilian end item.
.
"It must be borne in mind that
reconversion involves many
tem¬
and localized problems of
production.
WPB is doing every- '
thing possible to facilitate quick
solution
of
these problems.
It
porary
,
will get
of
'
national Chamber of Commerce to
Congress to authorize use of Fed¬
eral funds to bring State unem¬
one-front
shelves stocked with civilian items
provide supplementary un¬
employment benefits to meet the be; called since before the out¬
needs of the reconversion period break of the war, which will con¬
13.
The
is not borne out by the record." vene in London Aug.
United States will be represented
Reporting this," Associated Press
advices from Washington Aug. 4 by eight delegates from United
StatesAssociates,
the
former
said:
-
on July 27 that "the Board
relaxing and canceling its wartime controls as speedily as the
policy of freedom of individual
a
-
:
always
War Production Board's
is
that
"Traditionally, and through
"remembering
stated
world trade
problems early in 1946.
the
first job is the war against Japan",
J.
A.
Krug,
Board
Chairman,
discharged war
"must
fol¬
Czechoslovakia, Denmark,
France, Great Britain,
Greece, Italy, Mexico, Norway,
Portugal, Spain, Sweden, Switzer¬
land,
The
Netherlands,
United
States, and Yugoslavia.
Approximately 20 countries will
be represented at the first meet¬
workers, saying that the assertion
that
the
Federal
Government ing of the Council of the Inter¬
ment
the
the vast scale of
military operations, the dol¬
spite
This
were
$27,483,000,000,
furnished
installations held
on
As of March 31,
abroad.
$20,000,000
worth of coal and
petroleum products. Agricultural,
transportation and industrial
equipment comprised most of the
of
no reverse;
British common¬
the
received
$4,645,000,000 reverse; furnished
China $309,000,000, received $4,000,000 reverse; furnished France
$486,000,000, received $291,000,000;
wealth
$2,000,000, and
Russia
$9,132,000,000,
gress in 1942. The purpose of this furnished
aid is to help stabilize the Chinese received $2,000,000.
economy and prosecute the war
against Japan.
Terms of repay¬
lar
rest
received
$38,972,000,
furnished
loans
regular
to
lend-lease, the United States
American
republics
In
furnished
500,000,000.
In
$585,-
republics,
00,000;
$3,T
to
authority
$248,000,000;
$2,005.-
commonwealth,
American
were:
used
lending
republics,
leading
moves
are as
Australia, Belgium, Canada,
China,
were:
000,000; the Netherlands, $59,000,000;-Russia, $12,000,000. •' *
Loans and advances outstanding
transactions since
up the bank's
$700,000,000 lending authority. Re¬
cent legislation has expanded the
bank's
receipts
000,000;
China,
$137,000,000;
France, * $446,000,000; Italy, $8,-
with
had
March,
fats
and
oils.
It also
furnished nearly $50,000,000 worth
of clothing and footwear, $25,000,000 worth Of medical supplies, arid
stuffs,
loan
and
large
Chamber* of
republics, $3,003,000,000; Brit¬
ish commonwealth, $5,666,000,000;
China, $837,000,000; France, $500,000,000;
Italy, $124,000,000; the
Netherlands, $234,000,000; Russia,
$147,000,000.
British
loans
.
ican
Government
was
sought.
Amer¬
disbursements were:
ment
Finance
together
commercial
By geographical areas, govern¬
.
$281,000,000
disbursed
>
way
to the resumption of international
during
the 43/4 years:
American
These
cleared for decisive
Government
relative
disbursements and receipts
March
31, the Reconstruc¬
Corporation
held
still outstanding of
$390,000,000 loaned to the United
Kingdom before Pearl Harbor to
finance needed war supplies. The
Export-Import Bank on the same
date had $204,000,000 of loans out¬
standing and $318,000,000 of,un¬
supplies and materials, largely for
war production and civilian uses
in the
United States.
In many
have
since
disbursed
$888,000,000. AIL except $74,000000 of $239,000,000 disbursed as
advance
payments against ; pro¬
curement abroad has been liqui¬
tion
Finland,
"the
"Herald* Tribune" from'its f' "The next
major
Washington bureau we take the the viewpoint of
ule, with $511,000,000 now out¬
standing against disbursements of
On
Thomas
.York
Import Bank) has been very good,
Crowley stated. Loan repay¬
ments have been made on sched¬
United States also held abroad in¬
lows:
Advances Outstanding
Mr.
1940 were outstand¬
since
abroad
advances
and
loans
ment
also
"Last year, at the International
Business Conference in Rye," Mr.
declared,
,
International
the
of
Chamber of Commerce
cordance
'
Council
international
on
trade.
a
(since 1934 for the Export-
1940
ernment controls
Gvernment; data will be released
advances
and
say:
Eugene P. Thomas, President of the National Foreign Trade
Council, on August 6, just prior to his departure for London to take
part in the meeting of the Coun- '«>-—
—
cil of the International Chamber Commerce, will preside over the
of Commerce, issued a statement London meetings.'
in which he urged a more rapid
The countries to be represented
London meeting of
the
progress in the relaxation of Gov¬ at" the
publicly as security permits.
! From special advices to the New
Repayment
of
Enterprise Principle in New International Chamber of
Commerce Council Meeting in London.
\
experience m the
$1,100,000,000 of Government loans
announced
that $585,000,000 of U. S. Govern¬
Mr.
';-vy;
Loans and
Urge
National Foreign Trade Council to Press Freedom
figures have been gathered
by the Clearing Office for For¬
eign Transactions and Reports es¬
U. S. Government abroad
made public on July 31
Figures covering transactions of the
To
made in 1940.
These
from July
651
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4410
[Volume 162
completely out of the way;
business
controls
in
the
removing
possible,
consistent
fastest
all
with
time
wartime
the
-
suc¬
cessful progress of our war against
Japan. The War Production Board
is
doing everything possible to
help break bottlenecks and to aid,
business, small and large, to re¬
convert quickly.
"All of this takes time.
Our,
nation
is
still
engaged
in
the
~
toughest war in its history. Many,
materials—textiles,
tin,
lumber,;
certain
chemicals—so
essential to.
production of peacetime end prod->
ucts, are in tight supply and the
military has first call on them.
"Perhaps
the
return
of
many; •
civilian end products will not be
rapid as many have wishfully
thought. In general, however, the
picture is bright
The War Pro¬
as
duction Board feels confident that
analysis of State unemployment
111.; W. L. Hemingway, President American
industry
and
labor,
compensation laws disclosed that
of the Mercantile-Commerce Bank
"all States have liberalized their
working as a team within our re-?
& Trust Co., St. Louis; Paul G
silient economy, can achieve the.
laws since the adoption
of the
Hoffman, Chairman of the Com¬ same
Social Security system."
production goals in recon¬
mittee
for
Economic
Develop- version as were achieved in con¬
The changes were said to in¬
opment
and
President of
thp
verting to meet a war-production
clude expanded coverage, larger
Studebaker
Corp.,
South Bend,
program
of tremendous propor¬
benefits, lengthened duration of Ind.;
Amory
Houghton,
Board tions.
With
each
passing ;day,.
payments and* reduced
waiting Chairman of Corning Glass
materials will flow into civilian
periods.
yy?:;;v.
Works, Corning, N. Y.; William K. production in an ever-growing
The Chamber also issued a re¬ Jackson,
Vice-President, United stream..
'
y
port suggesting that public works Fruit
Co.,
Boston; Eugene
P.
"V-E Day was the start of that
provided an inadequate balance Thomas, President of the National
stream.
Already that stream is
wheel for stabilizing the national Foreign Trade Council, New York.
getting larger. It will continue to,
economy, but asserting that public John P. Gregg is Secretary of the
grow and grow as we draw nqarer
works could not carry the entire delegation, and Executive Direc¬
to
our
primary
objective-r-the
burden of stabilizing the construc¬ tor of United States Associates.
v heart
of Tokyo.
Meanwhile,
tion industry.
Private construc¬
Winthrop W. Aldnch, Chairman j America's consuming public must
tion" must be encouraged.^ it was
of the Chase National Bank, and be patient, for we must remember
stated, to; maintain a steadier flow
war
against Japan comes
of
investment
funds into new recently elected President of the | the
structures and
improvements.
revived international
Chamber of first."
•
>
**
»
-v
p>
<* •'t.#
652
THE COMMERCIAL & FINANCIAL CHRONICLE
solid ground for going to
against Germany or any
else,
Apparently, in a
any
The Financial Situation
war
one
(Continued from first page)
iustance
to "extirpate" the
"ideology" of Nazi Germany,
and perfectly natural for sen¬
sible Germans to wish
a
hand in the process
applauded for it.
Out of Touch With
"modern"
war
country,
with but
every
the
post-Versailles years are great and
small,
regarded as the failure very few
special exceptions,
to march into Germany and
must quickly "pick the win¬
to have decapitate both Hitler and his
ner" and "join up", or later
followers
when
they first take the
and be
consequences, which
raised their heads.
This sort
are not
likely to be pleasant.
of doctrine appears to have
This seems to be the lesson
now
ruled the minds of the "Big
for neutrals out of the Pots¬
there is a large, Three" at Potsdam. Certainly
dam
meeting.
So far as
if not dominating, element of the
determination
to
look
known not even the Nazis,
the wholly unrealistic in all after territorial and other "in¬
the Fascists, or the Japanese
such thinking. It simply does terests" was no less in evi¬
ever reached this extreme of
not correspond to the plain dence than
it was at Ver¬
world domination
although
facts of the situation. Neither sailles. Indeed the process of
of course they
might have
could the courses of action
looking after them was much taken a similar course had
—
being taken on strength of more vigorously and much
they won the war.
it be successfully defended more
boldly pursued—and, so
far
as
by appeal to reason or to his¬
The Real Question
known, without any¬
tory. But if this were all that thing akin to the Wilsonian
But the real question is
is
involved,
perhaps
the protests. Equally evident is this: Do such
policies as these
whole matter could without it
that
the
determination and the
programs to which
a
great deal of harm be ig¬ simply to "put Germany out
they necessarily give rise en¬
nored' as somewhat academic of the
way" for good and all courage peace and progress in
and removed from the prac¬ is much more
controlling to¬ the world? Unless one is pre¬
tical day-to-day affairs of the
day than it was in 1918.
pared, as we are afraid all
peoples of the earth. Unfor¬
The simple truth of the too
many are, to accept the
tunately, however, this is not matter is that were it not for Pax Romana idea of world
all that is involved—not by
the examples set by Russian peace, it is difficult for us to
any means. While we are pat¬ and German totalitarianism
understand how anyone could
ting ourselves on our backs (for which read man's in¬
possibly answer a question in
upon the "avoidance of the
humanity to man) in the in¬ the affirmative.
errors of
1918", it is impos¬
terim, it would be impossible
,
the
for
and
detached
impassionate
observer
to
escape the fear, not to say the
conviction, that we are laying
th£ basis for future
future chaos
Indeed,
to
appears
that the basic
sailles
wars
or
both.
or
it
errors
us
of Ver¬
for most
some
men
when
senses
of
reached
to credit their
determinations
the
The
Potsdam.
at
of
read
they
grand manner in which ter¬
ritory is taken away from
people owning it for centur¬
ies and handed to others who
being repeated never had possession of it—
upon
an
immensely vaster and, indeed, had so far as
scale.' After World War I the known " in
; some
instances
treatment meted out to Ger¬ made no claim
upon it—has
many made possible the suc¬ no parallel in modern times.
cess of
Adolph Hitler and his Upon the scale it is indulged
cohorts in attracting Germans in
now, there is certainly no
to his banner, and, for that
precedent in human history.
matter, in gaining a not un¬ The mass shipment of peoples
substantial sympathy outside about
Europe as if they were
of Germany. A rather general cattle is
quite beyond any¬
feeling that matters were not thing heretofore known, and
very
well handled at the plans for the massing of Ger¬
peace conference and in sub¬ man peoples in what is left
are
well of Germany, crippled as it is
part from the war and the bomb¬
responsible for the "supine" ing, and as further crippled
course
of France and Great as it is to be
by exactions in
Britain
during the earlier the name of reparations—to
days of Hitler's hectic and say nothing of the arbitrary
reckless
career.
For
of
the
long over-all limitation
years the "blunders" of Ver¬ "standard of living" of the
sailles, in the minds of Amer- German people in the years
sequent years may very
have been in substantial
.
leans
at
least,
Scramble
of
lay
the
powers to care
and
comitant
callous
in
the
in
victorious
for their
interests,
the
own
con¬
come—all
to
welfare
German
or
this
must,' of
necessity, raise incredulous
questioning in the minds of
Not the Whole
the future of the
people.
>
Nor is this the whole story.
If
apparently
are
to
be
■
the embittered hatred of
of
most
the
remaining
peoples of the universe, that
the
' "errors
have
then
'
tion
and
come
of
Versailles"
to be the
failure
to condemn German
to
the
virtual
German
permanent
na¬
extirpation,
In
such
appears
third
at
matters
some
these
it
that the interests of
early date take
part
in
against the Axis
nored
as
parties which did not
active
almost
as
the
are
an
fight
to be ig¬
completely
people
impotence
Secretary of the Treasury Vin¬
son
made public op July 30 the
following memorandum, addressed
Jointly to Joseph J. O'Connell, Jr.,
General Counsel of the Treasury
Department, and, to Joseph D.
Nunan, Jr., Commissioner of In¬
ternal Revenue:
;V"As one of
as
Secretary
The
"blunders"
address
Trade,
of
Congressman
Emanuel * Celler
on
the
American foreign trade imposed by the British Sterling
on
Pool
(see the "Chronicle" of Aug. 2, page 514), passed a resolution
July 27, authorizing the organization to make a complete investi-/
gation into the operations of the pool, with particular reference to
its effect in hampering United States exports.
This was in line with *
on
Congressman Celler's recommendation.
Mr. Celler pointed out the
handicaps imposed by the British sterling pool on our trade with
■
India, South Africa and other members of the Sterling Area.
whether
such
countries
had
tion
when
after
its
Congress
summer
machines.
other
reconvenes
A
recess.
committee of the
sub¬
Senate Banking
and Currency Committee held two
days of hearings, prior to the Sen¬
ate's
adjournment,
bi-partisan
provide
Federally financed work when
private investment and expendi¬
fall
tures
on a
aims
which
measure
to
the
below
level
neces¬
furnish jobs for enough
people, the Associated Press re¬
ported from Washington, July 30
to
sary
and 31.
"V
The
'
•
calculate
available
many
the
to
Con¬
"national
a
how
nation
jobs
and
pro¬
are
how
many wage earners there are for
the jobs.
The "job budget" would
sent
to
Congress which
then
work
out with private in¬
dustry how best to avoid deep
slumps in employment.
Federal
projects would be the next resort.
The
Associated
Press reported:
committee chairman, Sen¬
The
ator Robert F.
following day Senator El¬
D.
Thomas, Democrat, of
Utah, stated to the committee, ac¬
cording to the Associated Press:
"In the adoption of the selective
service act the
Congress accepted
the theory of guaranteeing a man
called
under
the draft his job
when he returned to civilian life."
The
principle of full employment
further
was
sanctioned
the
of
passage
in
surplus
into
that
the
property
disposal act, he added.
Full
employment was
written
bill's
objectives to be
guidepost in the disposal of sur¬
plus. war property,
Senator
a
behalf
of
"
:
'
Testifying in
legislation, he as¬
the
serted:
\/;r
.
"We are talking about useful
employment, not just made work.
We are talking about
opportun¬
ities for all who
and who are
Mr.,
Patman
noted
up
said:
and Wayne
public services.
British
the
election
,
sufficiently resolute in its de¬
was
bill's
unemployment slack when pri¬
enterprise is unable, but he
vate
Morse, Republican, of
the issue of post-war
as the primary factor
the
proviso that the Federal Govern¬
ment "has an obligation" to take
Wagner, Democrat,
saw
able to work
are
willing to work."
of New York, and Senators James
E. Murray, Democrat, of Montana,
in
"This can mean useful
pub¬
lic works
necessary and desirable
rect
or
It
can
guaranteed
mean,di¬
loans
to
vet¬
.
erans, home owners, State or local;
governments.
But
the
major
point is that there is to be
WPA."
"
no
new
:/\';/;//:////'
The
hearings before the Bank¬
ing Committee were recessed un¬
til Congress
returns, Oct. 8.
termination
'We
not
fighting this war
to
make "millionaires,
and cer¬
tainly we are not going to allow
are
the black market operators or any
other
racketeers
to
in
be
a
fav¬
ored
class, when the ,men *n the
armed
forces, and our citizens
generally, are sacrificing so heav¬
ily,' ; "•
//;;■///;
"I should like to have you pre¬
for me at once a joint report
indicating what progress has been
made to date on this important
Treasury
task,
and, specifying
pare
what
further
action
mended to make
our
is
recom¬
efforts fully
successful.
am
going to back this drive
"Copies
should
,
have "turned toward Socialism"
this
made
memorandum
available
to
all
and
to
other
interested
of job opportunity for
all, he added, there'll be "nothing
a
program
but
conflict
for
the
Mail
Restrictions
nounced July 30 that
been
received
an¬
information
from
the
Post
Office Department at
Washington
that
effective
at
once,
articles
weighing up to 1 pound may be
accepted for dispatch by air to the
destinations listed below:
Algeria, Azores, Belgium, Cors¬
ica, Denmark, Faroe Islands,
France, Gibraltar, Great Britain
and
Northern
Ireland.
Iceland,
Ireland, Luxembourg, Madeira
Islands,
Morocco,- Netherlands,
Norway, Portugal, Rio de Oro,
Spain, Sweden, Switzerland, Tu¬
nisia, Union of Soviet Socialist
Republics.
,
.
.
■
\
restrictions
limiting the
of air mail articles for said
fied accordingly.
ounces are
modi¬
United
States
capitalistic system.
Senator Morse commented:
was
recognized
men
of
with
that
the
Britain
Great
fronted
"It
young
were
con¬
the
danger of no
economic opportunity when they
return
with
wars."
from the
Oregonian,
the
a
National
:
"
labor expert
War
came
Labor
to the Sen¬
ate, declared "Democracy rests on
capitalism and capitalism rests on
democracy.
If we don't make
.
them
work
.
.
together,
we'll
lose
both."
N. Y. State Banks Amass
Half Billion for Post-War
Credit
,
The
are
Morse
Charles
spoke
also
for
W.
to
the
of the
consideration.
sponsors
right to
measure
be counder
Senator Joseoh C. O'Mahoney,
Democrat, of Wyoming, explained
in detail, by chart, the economic
history of the nation, which he
said,
replete with the "boom
or bust"
cycle of depression and
great prosperity.
was
Unless,
government plans now
private enter¬
how best to utilize
prise, "we'll lose our freedom," he
Where private enterprise is
unable to take up the slack, the
government must be prepared to
step in, he said.
said.
Senator O'Mahoney said the re¬
lief
spending of the '30s was "in¬
against
unemployment,
the
Association
Bankers
nounced
on;
certain
Aug,
that
New
4.
To
the
even
York
an-#
make
smallest
bank
will be able to meet the
credit needs of its
community, the
New York City banks have
created
a
$100,000,000 credit
will
group
which
participate in loans that ex¬
lending limits of smaller
ceed the
institutions,/-,
The
has
Association reports that it
conducted
a
survey
to de¬
termine the impact of the war
on
the State's 700 commercial
banks
to
.
future.
help them planfor the
It disclosed that the
banks
a
total of
$503,025,651
and
next fall with amendments
State
half billion dol¬
a
lars in the post-war battle
Vermont, requesting permission to
to.seek
New York
State
available
and
of
than
more
Tobey, Re¬
publican, of New Hampshire, and
George p. Aiken, Republican, of
appear
Small Business
banks
prepared to lend small busi¬
ness
and
Senators
Air
recrimination"
and
traditional
Senator
Postmaster Albert Goldman
as
possible solution to post-war se¬
curity.
Unless America provides
a
Board before he
of
be
to achieve post-war
employment." <
Senator Murray said the British
full
The
all the way.
has
The
bert
unwilling to work.
to
year
to
fied that the government in power
"I
WPA."
require
submit
to
most.
"
of
an¬
in the President's executive offices
each
gress
the
"As President Truman has said:
be¬
use,
avoid
duction and employment budget."
A new division would be set up
President
employment
termination that the Treasury
the
must
Representative Patman, Demo¬
crat, of Texas, said, the bill had
nothing to do with "made" work'
nor was it intended to
help those
the
De¬
partment drive against tax evad¬
ers shall be prosecuted to the ut¬
want
unproductive
avoided
"We
Thomas asserted.
would
measure
and
WPA
cause
Legislation designed to aid in
establishing full post-war employ¬
ment is due for early considera¬
first official acts
Treasury, I
to make clear my firm de¬
to as are those of Germany itself
The
and —and this quite regardless of weight
of
efficient
Hearing on Foil
Employment Bill
upheaval
which ousted the Churchill gov-'
ernment.
•" '
v: :/;/;/,;/
"The war-weary British " said
Senator Wagner, "were not satis¬
of
countries to two
penury.
the
restrictions
Oregon,
.
my
Treasury personnel."
Story
reliable ac¬
trusted, a
Errors of Versailles
good deal is yet to be done—•
N6w, so thoroughly has a good deal which could not
Germany proved undeserving be accomplished at Potsdam,
and so fully Lave the Nazi
partly at least because of con¬
policies alienated the sym¬ flict of the imperial interests
pathies of the world, indeed of Russia and Great Britain.
won
following
would
Against Tax Evaders
Revenue
disregard,
counts
the
Sterling Pool
on
Th£ Executive Committee of the New York Board of
be
Progress in Drive
officials of the Bureau of Internal
any sane man.
to say contempt, for the
not
H,Y. Board of Trade Acts
Reality
Of course,
sible
Thursday, August 9, 1945
will
have
for
loans
to
retailers,'
wholesalers, small manufacturers
other businessmen.
sociation further says: -
The As¬
'■■'.'V'!'.
"Fifty per cent of the banks said
they had organized a department
for making loans to
small busi¬
and 85% stated that
they had
publicized
the
fact
that
such
ness
credit would
be available.
"To meet the specialized
needs of the reconversion
banks
and
are
forms
perfecting
for
term
"
credit
period
techniques
loans
to
be
paid off in installments over a
period
of
several
years,
field
warehouse loans, loans
against
ac¬
counts
receivable, trust receipt
and other
types of credit
especially designed to help the
loans
businessman
and
a
who
is
trustworthy
competent but who has
only
moderate amount of capital."
"Volume i 62
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4410
Head GonniRee Urges Single
The
Mead
Investigating
War
fourth annual-report,
War Ossfpyf Head
in its
Committee of the Senate
urged that a one-man control
J^-nrm®kilization an^ production, and recommended that 'he
?Xfr
a'supm'vi"TimeT1 tZ hwashTnTton^onV^0'31 advices to the New York
at
The revised set-up was
necessary, the Committee stated,
if
widespread post-war unem¬
July 29.
ployment was to be averted with
its
serious
economic repercus¬
the opinion
achieved in
tween
and
larger
cut
Characterizing
the
reconversion
smooth
work
to
of templated.
It
peace¬
following reasons
the
gave
-
should
time
belief
the
Army
Committee
tion
and
on
w1\
Committee's re¬
port was the blunt assertion that
the Administration had failed so
badly to
prepare
the. country
adequately for the transition from
war
to
peace,
the New York
"Times" continued, that "should
the war with Japan end at an
early date, we will find ourselves
in
economically."
the "Times" ad¬
state
sorry
a
Pacific
bases
European theater
redeployment.
"When
tnese
for
"It
would
also
Secretary of
"to
mobilization." Instead, it
Treasury,
run war
as
not trying
asserted, the office
with the role
was
content
had been
of "con¬
be
if the
aided
is made of materials
criticized the
Office of War Mobilization, once
headed by James F. Byrnes, now
Secretary of State, and later by
the
■;"
been fully
have
production.
new
greatest
Fred M. Vinson, now
available
./■
inventoried, the War Department
will probably be able further to
revise downward its requirements
lend-leased to
Committee
and
for
vices stated
■The
Vast
this time.
at
quantities of equipment are in the
balance of
in part:
The
utilized or promptly
discharged,
stored and secured in the advance
use
our
Allies who
no
longer have need for them.
"It
also
other
and
itself
Pacific
Committee
was
the
over
It must plan
orders and not confine
to
umpiring disputes.
At
of the war program, it
particularly the reconversion
is
functions of this office which
re¬
quire such attention.
The office
should be empowered, or¬
ganized, and staffed so that it can
also
active
take
steps
aid
to
recon¬
including action cutting
inter-agency lines in the
furthering of individual recon¬
version
projects.
There is little
work of more importance today.
It can be accomplished only by an
version,
across
State.
The
the
be
operating
this stage
with the highest author¬
agency
appears
in
agencies.
war
tories above actual needs:"
war
ac¬
should
supervisory
issue
ity.
the
Reconversion
a
oasis with direct control
likely that as
develops,
the War
Department will find
that
its
present
procurement
schedules will build large inven¬
:
'
•
The
"2.
various
civilian
agen¬
cies dealing
with foreign govern¬
peoples
should
be
integrated under the Secretary of
ments
especially
and
We
"3.
must
utilize
now
and
critical of the dual failure to deal
divert
into
peacetime channels
"umpire."
X
adequately with surplus disposal our productive capacity that is
"It must plan and issue orders
and speeding up of industrial re¬ not needed for our military pro¬
and not confine itself to umpiring
conversion.
duction,
Our first responsibility
disputes," the report said. "At this
"We are short almost every¬ is the winning of the war as soon
stage of the war program, 5 it is
particularly ; the
reconversion thing," the Committee declared. and completely as possible. For
"Prices have continued to rise. that reason there should be no
functions cf this office which re¬
Each day adds to the possibilities diversion of production capacity
quire such attention.
The office
of the development of an infla¬ of manpower that would conflict
also should be empowered, or¬
with this program.
tionary wave."
On the other
ganized and staffed so that it can
In conclusion, the
Committee hand, the war production and
take active steps to aid recon¬
stated it is making a study of military manpower needs should
version, including action cutting
across inter-agency lines in
the means for "setting up a peacetime be reviewed with the.utmost care
organization designed to keep us from the point of view of the
furthering of individual recon¬
from again becoming unprepared earliest possible relief of bottle¬
version projects. : -.'Ai'l.•• A;:
to defend ourselves."
necks in the reconversion of in¬
'"We must get a move on or we
In setting out its conclusions dustry
to
peacetime
purposes.
will get into real" trouble, espe¬
ciliator" and
-
•
cially if the war against Japan
should come suddenly to an end,"
the
"Although
report said.
that hapoens,
and we
"If
all
will
hope and pray that it will, we
be largely unprepared
to cope
effectively with the many home
problems.
economy
Reconversion
progressed far
enough to absorb the 'manpower
that will
suddenly be released.
Government work programs, de¬
signed to cushion the shock, will
not have been established.
We
not
will
have
experience wider
spread unemployment. '■)1
"The job ahead
is not easy.
And much is at stake.
We must
accomplish our
objectives be¬
probably
will
-
cause
as
failure can prove as
military
costly
defeat."
Beyond its recommendation for
revitalizing, of the Office of War
Mobilization the Committee made
specific recommendations that ci¬
vilian agencies dealing with for¬
governments and peoples be
integrated under the Secretary of
State.
i1-:'-. •
■■'■■■ '
eign
up of reconversion
expediting of war program
giving ample advance
information on these plans to in¬
V
Speeding
and
cut-backs,
dustry, were called for.
Attention must be given
to the
country's re¬
sources, the Committee asserted,
to the accumulation of stock piles
of strategic materials, and tech¬
nological research.
■ ■ '•
The report had much to say
conservation of the
'
'
the handling of the
about manpower.
Deploring
war
surplus problem to
date, the
•Committee said:
"Surpluses must be
moved more
•expeditiously, with less
confusion
much more definitely
coordinated policy as to the ob¬
and with a
jectives to be sought in their
position.
Both at home
abroad the surplus disposal
.
ture has
As to
the Committee had the following
to say, in part:
disand
pic¬
unsatisfactory "
cut-backs, the Committee
been
progress
is
being
made, reconversion has not
pro¬
ceeded ' as
swiftly as it should
following the cessation of
hostilities in Europe.
Retarding
"actors include delay in planning,
delay in announcing and making
cut-backs, lack of both raw and
semifinished materials and fools,
have
insufficient information available
There should be the most careful
consideration
coordinated
given
to,
and
efforts
of
all
the
war
agencies concentrated on, the re¬
lease now from the armed forces
of a limited numbr of men whose
services
are
essential to early re¬
of. industry.
conversion
„
from
released
•or
will
duction.
Among the principal in¬
dustries
needing workers in this
be
war
pro¬
sufficient
category are lumbering, transpor¬
help from the Government to in¬
dustries and business desiring to
reconvert.
This lack is particu¬
larly noticeable in connection
with problems which cut across
the jurisdictional lines of existing
agencies.
These require the ac¬
tive intervention of a top agency
with power to get results."
The
tation, coal mining, cotton tex¬
tiles, and, to a limited but im¬
portant extent, steel.. War pro¬
Office
available and to
-
has hot
"There
of
War
been
Mobilization
and
Reconversion, acting too often
i
conciliator
rather
than
an
as
ex¬
ecutive, fails to fill this need.
"The progress which has been
achieved
the
is
WPB
due
in large
part to
which
promptly re¬
voked a large number of orders
arid regulations and 'open-ended'
the controlled-materials plan.
;
"The slow pace of reconversion
and the failure to release large
surpluss by this time, taken to¬
gether with the continued high
income of the public and the re¬
turn of large numbers of soldiers,
creates an <• increasing danger of
inflation due to the large amounts
of money in circulation and the
relatively small amount of purchaseable goods.
"Widespread unemployment has
not developed up to this point
mainly because of the number of
workers and veterans taking va¬
cations,
the backlog of
labor
needed by civilian industry and
the slowness with which war pro-
auction is -oemg cui Dack
because it is "ruinous rather than regulatory." .The brief asserts
that,v unless modified, the regulation "will destroy the gains pade
by American fashion during the <8*————Lwar," according to an account in
New York
"Herald
6PA
Tribune"
duction
should be cut
possible, with
Reconversion in
"Prepared
back
as
more
advance
soon
as composed
firms—one-third, of the
producers in New
278
of
to
In
order
York—and
doing
the places
80%
de¬
sired 'in essence to improve the
order by making it more work¬
able' and that the 'hardships for
where jobs will be
provide the types
where indus¬
be
gathered and
to
workers
and
throughout the coun¬
the attainment of M. A. P.'s aims
accepted as inevitable,' the
were
brief asserted that the association
wished 'only to eliminate certain
oppressive features which are not
only unnecessary but actually are
inimical to those purposes.'
"5.
and
Surpluses must be declared
more
expeditiously
with a more definitely co¬
moved
ordinated
policy
objectives
to
concerning
the
be attained in
this
disposition,
"6. Attention must
the
.
V-> j'-• •
be given to
conservation of the country's
resources,
to the accumulation of
stock piles of strategic materials,
and to technological research."
Redeem Panama Bonds
Holders of 26-year 31/2% exter¬
nal
refunding
bonds
due March 15, 1967, of
secured
series B,
the
Reconversion in the upholstered
furniture
"Among the subjects covered in
the
nine
specific recommenda¬
tions for relief are an allowance
of
10%
costs, this
increased
for
being described as covering only
a fraction of the actual increase;
a tolerance of 10%; the exclusion
of
inventories
on
hand
when
M. A. P. went into effect from
application of the order; an
optional broadening of categories;
the exclusion of mark-down and
close-out sales in the base period
from the M. A. P. computation;
the
liberalizing of the surcharge
provisions, this to include, among
others, the extending of the initia1
make-up period from 30 to 60
days; . allowances , for
general
changes in conditions since 1943;
simplification of record-keeping
provisions and the granting of
recognition for the specific prob¬
lems of the couturiers to avert
the
highly destructive repercussions
the American fashion field
upon
and the industry as a
whole."
Republic of Panama
are
be¬
ing notified that $112,000 princi¬
pal amount of these bonds have
been drawn by lot for redemption
oa
my2%,
vifcpt. - it),
JL»4o^ at
industry,
Mr.
Kass
pointed out, is largely a question
of shifting the same or an ad¬
ditional number of
chines
Vt., took his oath
July 25 as a member
Federal" Communications
of Bennington,
of office on
the
of
succeed Norman
appointed by
President Truman on June 13, and
to
Commission,
He
Case.
S.
was
was
by the Senate on
confirmed
July 12.
The
Vj/j:,.
Commissioner served
new
two
terms
Governor
as
Oct. 26, 1882, of Ver¬
who returned to
Vermont-with him when he was
on
parents
He was edu¬
public schools of
Vermont and has honorary LL.D.
still
small
a
cated
boy.
the
in
ket,
Declaring that the industry will
it impossible to reconvert,
expand its payrolls and risk capi¬
find
tal for what he termed "nominal
returns,"
he
controlling inflation
depression instead."
Citing
has
beer
Agency. Inc., Benning¬
He is
of
County
director
political
elected
to
member
National
career
the
of
when he
1929-3
the
term
Vermont
House of Representatives.
a
former
Commissioner Wills began
Bank.
his
the
a
was
as
program,
concedes
now
pro
He
was
1937.
tern
from
State
He
was
1935
to
elected Lieutenant-
Governor in 1937 and Governor in
1941,
was
re-elected in 1943.
was
The National
fiscal agent,
City Bank of New
York, 55 Wall Street.
■
y.**..
bit
a
prema¬
mand with
a consequent lowering
price, thqs doing away with the
necessity of controls and ceilings."
of
asserted
that
"we
had
that
V-E Day, when the
manufacturers were trying to sell
merchandise below their ceilings,
due to a lowered demand."
-
Skeleton
Meeting of
Wholesale Druggists
Because of
the wartime travel
emergency, the; National Whole¬
sale Druggists' Association has de¬
cided
to
substitute
a
skeleton
meeting of its officers for the
usual annual meeting of the mem¬
bership in September, according-to
an
announcement
by E. Allep.
Newcomb, Secretary.
tive
Committee
all
essential
the
of
for
information
the
proxy
committees,
on
all
forms
on
nate
one
bers
of
along
are
asked to
Board of
skeleton
mem¬
or
f
,
meeting
on
ac¬
desig¬
Control
for them.
The
with
which the 2f5
of the officers
the
offices
problems
being sept
are
membership,
tive members
act
proxies,' Mr.
various
requiring decisions
to
an¬
transacted
He explained that
special
nominations
and
of
the
of
be
can
use
N.W.D.^.
plan by which
a
Newcomb said.
reports
The Execu¬
the
business
meeting
through
of
held in New York
through operation of the sinking
fund.
Redemption will be made
at head office of the
cause a
ture," Mr. Kass urged that "profit¬
able competition be invited to the
point where supply overtakes de¬
r
State Senator from 1931 to 1935
President
may
unsuccessful MAP
which even the OPA
President of the William H. Wills
since 1928.
"the
"the
nual
ton,
that
asserted
economic situation in general may
reach a. point where the OP A. in
College.
He was in
business from 190C
to 1915 when he entered the rea1
Insurance
mar¬
mass
largely discontinued in
favor of quality production.
Middlebury
He
to
now
has worked out
business.
ma¬
men
furniture field for the
degrees from Norwich University
the University of Vermont, and
•^tat*
and
Government
right after
-
William H. Wills,
\ Ex-Governor
from
civilian work, and extending op¬
erations
into
the
lower-priced
He
FCC
on
the dry.goods
try.and
"holding
reconversion
back
a
tight fist, anything that
they may state for the record not¬
withstanding."
In thus making
known the exception which Mr.
Kass takes to the policy of the
OP A,
the New York
"Herald
Tribune" of Aug. 2 added:
with
mont
must
employers
is
workers
available
formation
tion, who declared that the OP A
Affiliated
that
and the indus¬
ensue
Furniture Manufacturers Associa¬
;
of the dollar volume.
"Declaring
duction will
try's transition to normal peace¬
time output will be retarded was
made on Aug. 1
by Irving R.
Kass, counsel to the Upholstered
direct
try is short of labor, accurate in¬
made
pricing has set the "profit factor"
for the upholstered furniture in¬
dustry so low that a lull in pro¬
annual vol¬
$200,000,000, one-third of
this city's total output. Price lines
covered by the membership range
from $22.75 and up to $5.75 down.
According to the brief, New York
City accounts for 85 to 90% of the
nation's unit output of dresses and
industry
needed
of workers
an
of
ume
Chicago
to
The assertion that the Office of
Price Administration reconversion
number of dress
to
as
notice
than in the past.
"4.
Uphclstored Furniture
Manufacturers, Inc.,
of Ver¬
mont—from 1941 to 1943 and from
1943 to
1945.
He was born in
programs
Pricing Retards
of July 31, which went on to say:
numbers of,men
released no.w for
this purpose, will make possible
sooner the employment of much
larger numbers of workers who
Regulatory"
July 30 with the Office of
on
Price Administration, the Affiliated Dress Manufacturers, Inc., urged
modifications of the OPA's maximum average price order, contending
that the order as constituted at present will defeat its own purpose
.Small
enough in
industry to make plans far
advance, and lack of
manpower in some key places.
In a brief filed in Washington
;
by
Louis
Nizer,
count follow:
j'y
counsel to the organization, the
"1. The Office of War Mobiliza- { brief
describes Affiliated Dress
put
Included in the
recommenda¬
given in the "Times"
as
quantities of supplies
are
now
being
produced
and
shipped, and made ready for ship¬
ment
than can be immediately
thority.
Demons Rather Than
well,
The
reservoir of
the
The
tions
for this conclusion:
"Larger
Ml
is
in the form of releases from the
most
activity as ot fore¬
the Committee
went on to say that this work
could be
accomplished only by
an
agency with the highest au¬
all
great
a
Dress iauufatiurers Declare DPA Price Order
into
us
which it is very slow
in releasing.' Industry requires a
relatively insignificant portion of
this manpower to aid in speeding
up reconversion, but up to this
point has received very little help
time industrial
importance,
that
has
mislead
not
manpower
early next year
than the 35 to 40% below the the
now
level of last March which is con¬
;v
sions.
of
that "even a
can,
and will, be
war production " be¬
was
"Thb fact that we have escaped
unemployment up to this
serious
653
r
^to
>
V
will he
Sept. 27 and
all special papers prepared
for the
meeting will be made available to
the
entire
he said.
membership
as
usual,
654
THE COMMERCIAL & FINANCIAL CHRONICLE
Revised Federal
Acting
Harold
Badge! Entails $05 Billions
As far
the January estimate
as
'
of
there
has
earlier
•
ended
$70,000,000,000,
European
war
time,
Mr.
that
since
stated
Smith
if
that
should be
war
change in the
no
of
the
though
even
has
been
figure
concerned;
is
spending
war
over
Pacific
the
before the end
1946, the "outlook would
altered."
of fiscal
would be
jibe with expenditures for a
given period, since funds author¬
ized for one year may not be
spent
in
that year.
"rue
,
•
relief in Europe.
The
the
1946 budget
Associated
contains,
now
Press
:
..
>'
.
|
This
$1,800,000,000
an
expenditure be¬
Fund established in
International
construction
<
1934.
for
Bank
$317,000,000.
States
the
3. About $1,000,000,000 for capi¬
tal
stock
of
the
Export-Import
Bank.
Congress authorized further
expansions of this institution—by
•<
,
•
increasing its borrowing authority
to $2,500,000,000—but this won't
appear as a Federal expenditure.
Thus, international finance adds
nearly $2,300,000,000 to
'budget.
■
Receipts for the fiscal
are.
estimated
at
the
1946
j'
1
year, now
$39,000,000,000,
compared with the record-break¬
ing collections of $46,500,000,000
in the year just ended.
(Reduced Federal,, spending is
expected
with
.
to
cut
national
income,
resulting drop in tax pay-
a
ments.)
;l
The
$39,000,000,000 esti¬
$2,200,000,000
in January.
-
<
The main
is
.
the
for this revision
reason
business-aid
new
tax
permitting
certain
of
law
corporations to take
refunds currently instead
war.
will
be
less
this
year
—
dropping from $54,000,000,000 to
$46,000,000,000 —but
Mr.
Smith
said this fact "should
not
suggest
that We need to be less concerned
about economic stabilization."
>
In
:...
j this connection, he told
porters that "the faster
reconversion
ficulty
we
re¬
we can get
moving, the less dif¬
will
have
with prob¬
lems^ of economic stabilization."
'
I He indicated
that
powerful
a
weapon in preventing inflation is
fast production of civilian goods.
Mr. Smith said the Federal debt
will exceed
end
30,
$295,000,000,000 by the
of the fiscal year, next June
if
the
assumption that the war
continue throughout the fis¬
year.
If the war should end
vastly
Pacific
war
continues
until-then.
An1 increase of
$36,500,000,000 in
the debt is forecast
during the 12
months.
different
than
total
ownership in the land
the Cossacks and the Czars.
from
the
The conception of
ever
again threatening that
dominance, was made. on Aug. 6
by M. Herbert Eisenhart, Presid
of the Commintern
and the British Labor Party comes
will
rather
be
from
somewhat
a
background-rather than
in Rochester advices
piecework and the labor scale in
connection,
appearing in
"World-Telegram,"
the New York
As
A vast
Britain
reporting this further quotes Mr.
and
America
level.
common
based
"Modern
Britain
follows:
as
socialism
optical wars,"
he
declared, "and optical glass
ranks equally with gasoline, rub¬
list
and
wars are
problem of rapid
This would inevi¬
mean
extent
more
unemployment.
depend on the
would
early date.
an
"Under the assumptions
Budget,
policy
the
main
stated
in
lines
the
of this
of
fiscal
essential
metals
the
on
1946
are
as
were
last
January. As long
are
valid
engaged in
today
of
successes
major
a
as we
war,
what
prove
justified.
to
to
speak
must
speak
cease
and
see
Saxon democracy.
citizen has always
The observant
been
State
ciled
industry surmounted
difficult problem in optical glass
in World War I, he explained, but
when the
was
war
of in theory/
companies using optical glass re4
sumed purchase of it from the
;However,
Germans, who were able to pro4
duce it more cheaply. * "\
;T
His
in
-
•-
one
practice instead
\
fundamental dif¬
must be
labor-
kept in mind.
was
American
always willing to
cept the introduction of
be
and volume of
output.
in
war came
it
was
be
were
should
oe
These
instruments
technical devices
erous
able in warfare/'
-
properly with war
orderly reconversion.
meantime, it is of utmost
importance that all agencies pre¬
and
pare their
tinuing
plans not only for
and
peace
but
war
Federal
also
for
demobilization.
con¬
early
These
policies, especially if they
reinforced
by similar action
local governments,
will contribute
substantially both
to
wartime stabilization and to
the speed and
effectiveness of re¬
State
and
conversion."
quated
addressed
message
According
to
Announcement
Truman
sion
has
tax
that
President
approved
reconver¬
legislation
encourage big and
in
returning
duction
House
to
peace-time
made
was
intended
to
little business
at
the
pro¬
White
Aug. 4.
on
Press Washington ad¬
that date noted that
the
will raise the excess
vices
bill
on
tax exemption
profits
on
corporate
earn¬
ings from $10,000 to
$25,000, be¬
ginning next Jan. 1, and will ad¬
vance
The
payment date for $5,-,
tax refunds.
540,000,000 in
The measure made
business tax rates
tax rates
It
is
or
no
or
change in
in
personal
exemptions.
understood
that
the
be
bill
deprived
new
Associated
Truman,
Generalr
issimo Stalin and Prime
sion of the Berlin
sire
to
send
be
a
Minister
ses¬
conference, de¬
of greet¬
message
New
a
ably
means
a
has been formed. The Amer¬
ican New Dealers are
feeling their
oats.
j
Either
Mr.
them
Truman
the
or
will
Left-Wing
a
third party.
I
don't think after this
election that the
mean
nothing to them.
In politics,
it is easy to confuse
personalities
policies. There are too many
high-ranking New Deal
already to make them
conclusion.
the
out
war
cause
he
served
ing
peace.
our
ccfm-
The
whole
world
knows the greatness of his work,
and it will never be forgotten."
;
same
advices
and
stated
that
We
so
much
which
to
has
contributed
victory,
unity
and
peace."
As
duplication
a
on
of
the other
that
campaign/ the Re¬
changed a good many
votes the last few weeks
by say¬
ing the LaFollette-Wheeler ticket
might cause a deadlock in the
for
meetings
In
Electoral College.
a
Therefore vote
Coolidge.V In 1948—if there
third-party
P.
A.
Democrats
C.
ticket
—
we
make
backed
may
the
see
ported
page
action
in
434.
on
our
the bill
issue
of
was
re¬
July 26,
is
by
the
plea
for Republican votes for
Truman,'
and getting them.
/'■
same
was
noted
in
our
Aug. 2 (page 547) the
issue
new
of
British
Minister, Clement R. Att¬
The
Influence
But it's
on
number
Foreign Policy
four—the
for¬
eign policies of the British Labor
Government—that holds the big¬
lee,
with
his
newly-appointed
Foreign Secretary, Ernest Bevin,' gest potentialities
for
all
the
flew to Potsdam
' '
following the world. •
British elections to take the
Their domestic platform raises
places
of Messrs. Churchill and
a
Eden at
big barrier to the American,
the Big Three conference.
program
.
of removing obstacles to
■
!
plans, it will be thestraw that breaks
the lion's back;
If
the
Labor
']
Government drastically pushes its
communal
Government1 is >
Empire pol-*<
icy, what of
Greece, Italy, Yugo- t
slavia Turkey,
Iran, Iraq, Pales- 1
willing to
tine,
pursue the
India,
friendly
ments
and
Spain — where
pro-British Govern- 1
vital to her life
line* /
and
are
where/Britain .'and
Russia
are 1
carrying on their traditional uri- I
dercover conflict. Russia
is look- :
down
ing
India
on
from
Kyber "
now
trying to estab- 'J
dominant position in the:!
Mediterranean.
lish
a
Will Russia
and
now
join Mr. Attlee
I
'
recognize "in the
era of the
the ancient British
all of the Near
East
position
in
accept their spheres of influOr will her
policies be the
same in relation
to the Labor Gov¬
!
-
ence?
ernment
as
they
were
with
the
Conservative .Government?
If she doesn't
join "in the era of
the common
man," Mr. Attlee's
Government
must
be prepared to»
surrender
without
Russia,
give up their domestic
or
a
struggle
He cannot
titanic movement
at the same
time,
on
carry
two
to
on
a
fronts
■
Americanism Isolated to
Western
Hemisphere
v
It
not
s
a
question of the
ulti¬
mate soundness
or
the Labor
unsoundness of
program.
It's
question that Mr.
Attlee
party's
simply
like
is
in
a
a
general
on
the battlefield
tries to reverse
his position
the face of the
enemy.
Mr. Laski
says the Labor Gov-
-
aSair*st all
monarchies#
but the
Kings of Greece, of Yugo¬
slavia, of Saudi Arabia—to
tmn
a
men^
few of the
key spots vital
British Empire—are
British!
friends and allies. If
Britain loses
to the
her
1
position
and
prestige with
countries, Mr. Attlee may be
like Little Red
the British will
Riding Hood,
grandma's teeth
and
find out how
big;
are.
Or will the
two sympathetic
Governments of
Russia and Britain
work together
m
foreign affairs? If they
it
do, .will
mean
one
more
takmg
'
Government
Us orders from
Moscow and
thus the liquidation
of the
British
Empire.
Will the
common
tvL
i!ri^d at the
the 1pai-?British
Empire?
+Jl«t\und
Bear realJy
—
bond •••!
exPense of
Or will the
together in a truly
"hands
policy for all countries?
down
off"
Or does
R,?«Tn
FUan-Ce °f the British and'
Russian Empires
mean a
conflict
that
the
'
•
sional
the
mean
Republican ticket.
see
1924—with the shoe
foot.
the
international
may
publicans
Anthony Ederi, noting "the last¬
ing value of his work at earlier
and
necessarily
election of the
the Big Three also sent a message;
to
former
Foreign'
Secretary
conferences
not
I
Labor
these
the third party financed
smartly handled by the P. A. C.
does
through¬
of victory and "endur¬
mon
happy
Now
"They remember with gratitude
the untiring efforts and the un¬
conquerable spirit with which at
and
casualties
very
with Mr. Truman.
[
*/;
unquestionably ^
Empire is i
The British
who
British
Left-Wing New
Dealers will stand for any middleground position.
Political parties
work in the first part of the Ber¬
conferences
yield
New
Govern- I
on the
verge of breaking up»
as did the
Roman Empire and
the Spanish
Empire. If the
area
to
Labor
right
program.
high-pressure
new
lin
earlier
«
a
and
conference,
which
helped
greatly to lay the foundations of
their
a$u
Party
ings to Mr. Winston Churchill,
They wish to thank him for all his
successful
valuable
will be just
world-wide leftist movement?
The British election
unquestion¬
Press
Attlee, assembled at the final
of
men
Dealers will form
"President
Prime
was signed
by the President on
July 31. Completion of Congres¬
to number two: Will the
as
As to number three: Will there
to
read:
message
The
United
coal mining, for instance.
able
administrators
predecessors.
London, Aug, 2, the
re¬
their anti¬
as
Winston
advices from
of
manager
Sees
a
profits
As you know, the
English record
of production
per man-hour is far
below the American record.
world
In
weakened.
and
Now
Big Three Passage to
increased
|
enough to !
traditional foreign ^
*
strong
the
record
as
>.
j
is
so,
common man"
leaders? The
its
Truman Signs Tax Bill
»
!
house
willing?
technological progress. It will be
very
interesting to watch their
''*
'
1
indispens¬
If
Pass and is
from the new machines
But British labor
always resisted
included
giant, as well as small, range
finders;
gun
sights
for tanks*
planes
and
ships;
binoculars,
searchlight reflectors, microscopes,
photographic apparatus and num¬
integrated
the
of
the German supplies
cut off.
knows the greatness of his work,
and it will never be forgotten."
needs
In
a
encour¬
works
maf
chinery, increasing the efficiency
when the second
actual construction should
deferred until such work can
public
new
acf
material, Mr. Eisenhart said, and
Churchill, on Aug. 2, by
the Big Three, incident to their
Potsdam
(Berlin)
Conference,
they stated that the "whole world
aged,
recon¬
ference /between American labor
unions and British labor unions
company,
however,; con!
to turn out the valuable
tinued
be
can
with the fundamental prin¬
It will now be
demonstrated
the many
over
socialism
ciples of freedom.
a
3.
its
the
just
bothered
products."
in
before
Britain has been
valuable opportunity
how it works in an
Angloa
by the question of how the author¬
ity and control necessary to the
America's
Britain
on
-
ment
Englishmen.
America leads the world in design
and
manufacture of
all optical
ex¬
penditures for purposes other than
war
should be limited to essen¬
tials. While forward
planning of
both\
:
.,
1. Is
A Labor Govern¬
now
alone
We have
:
question
!s:
policies?
are
Government
policy of
The
ancient system of
an
must
labor
for all
have known—that
we
on
to
the individual.
re¬
ductions in wartime tax rates
not
U
■
known, the conflict I
a
cairy
for
Navy and Army
our
year
they
as
well
turbing the fundamental rights of
ment
military materials;,
"Records show that our optical
glass has matched and surpassed;
in quality and quantity, the best
that Germany has to offer.
The
President's
Budget Message for the fiscal
f
goes
Russia |
countries.
decided
sulting
demobilization.
s
will
///'■•'//
is
without
individual enterprise without dis¬
critical
of
has
ments when
would then be
graft
Russia
.
Eisenhart
earlier the outlook would be dras¬
the
a
to
But
war
that went on be- !
tween the Lion and the
Bear for
over a
century, is almost a cardinal '
point in the foreign
-
tically altered. We
with
on
friendly
friendly to the Labor Govern- \
ment? *
direct
a
; .J,
Government \
Labor
without saying.
similar
social guU exists betweer
the labor scale in Russia based on
be
bilateral trade
,■">/ ■/;■'
;;;
the
That
policies
definitely increases
trend towards
treaties.
>
of BauscfT & Lomb Optical
Co.,
to
the
United
Press
at
Rochester, N. Y.
Elmer C.-WaU
zer, United Press Financial Writer',
dent
the
of
/
likeness of
a
,
world trade. It
com¬
munal
It only asked for an
share of the increased
.
receipts will drop less
expenditures, the Federal
deficit
be
not
(Continued from first page)
War
given the United States
supremacy in production of optical
glass and it must exert eternal
vigilance
to
prevent
Germany
.
waiting until after the
than
must
|
statement that World
has
position to supply at once the
glass needed for military instru-i
Since
v
ex¬
the
are
new
mate for receipts is
less than estimated
are
policies must deal."
full load at
total
quota in
items
scarce
with which reconversion and sta¬
bilization
The
II
civilian
pected to increase only gradually.
situation
creates
problems
and
United
meanwhile,
This
Re-
international bank.
very
degree to which our reconversion
machinery is geared to take its
Development,
This is 10% of the
v
and,
supplies of
poses,
Its
2. Payments for capital stock of
the
are soil
high now coincide with an in¬
creasing demand on the economy
by business for reconversion pur¬
tably
it will be simply transferred
the Exchange Stabilization
cause
from
Government expenditures
borrowing which
faced
national fund but which is not to
as
zation.
cal
which will also go into the inter¬
be counted
need to be less
we
concerned about economic stabili¬
will
monetary fund, $950,000,000.
include
Director
^mith warns; "should not
suggest,
on
•
1. Payments to the international
.'doesn't
Budget
forgotten," he
adds, "that the 1946 Budget and
the foregoing appraisal of its eco¬
nomic
impact have been based
reported,
three new items of expenditure
for international finance, as fol¬
lows:
decreasing,"
"It
'
.
is
Looks At the British Election
ber
that the annual deficit
lacx
ana
'
Europe.
not
is sinking to a
war
production will be "enor¬
mous"—enough to assure United
States troops "overwhelming superiority in weapons
and fire
power."
y;
v
In addition, the $70,000,000,000
will pay for redeployment, plus
requirements for occupation and
later months,
Congressional authorizations do
however, that
•
war
reduced
was
because of the victory in
spending in the fiscal year
just
ended was $90,000,000,000.
Thus a $20,000,000,000 drop is con¬
templated.
Mr. Smith said war production
one-front level. He
declared that even on this level,
for
required for fiscal 1946.
This total, however,
to $66,000,000,000 in
be drastically
War
authorizations
sional
the field of international finance.
An American Politician
German Domination of
D.
Smith, on August 1, issued a revised Federal biidget of
$85,000,000,000, on the assumption that the war with Japan would
last until next summer or longer. The fiscal year 1946, which began
July 1, anticipates Government spending of $85,000,000,000, compared
with the $100,000,000,000 in fiscal 1945,
'-'J
In reporting the issuance of the*
revised
The cash balance of the Treas-t
budget,
the
Associated
Press in its Washington dispatch ury, around $25,000,000,000 at the
of August 1, pointed out that the start of the fiscal year, is expected
new estimate is slightly above the
to be $10,000,000,000 less when the
'
$83,000,000,000 estimate sent to year ends. -. ;:'i:.
In January, it was
estimated
Congress last January,^ primarily
because of our new obligations in that $73,000,000,000
of Congres¬
•
Urge Prevention of
■
instructions from President Truman, Budget Director
on
194|
Thursday, August 9,
is
irrepressible, regardless
Government in power in
am.-:
-
•
■
of
Brit-
■
The pattern of.
world peace de¬
on
the answer
to
these
questions;
se
pends
In
any event, as it
stands today
—despite our great
military vic¬
tories—our American
system
government is
practically
to the
Western
of
isolated
Hemisphere.
1
,
OaSIs For
:
Murray, Green Approve
Vandenberg Proposal
George Predicts
Lafear-ianageitten! Farley
Sponsored Early Tax Gifts
Senator Walter F. George (D.Conference to Conclude an Agreement on Post-War
Ga.), Chairman of
the Senate
Labor Relationships. Secretary of Labor Schwellenbach Finance Committee and of the
Vandenberg Proposes a Government
Senator
and President Green
1
Senator
San
the
to
of AFL Approve.
•
- • •
Arthur A. Vanderberg (R. Mich.) who was a
Francisco United^ Nations Conference,. which
a
plan for an International Eco-*—*
;
rnomic and Social Council, ;adSecretary
dressed a letter to Secretary of plying
to Senator
Labor
Lewis B. - Schwellenbach agreed' to the
delegate
drew up
: .the v call,
under
sponsorship, of an
industry-labor conf erenee to
thrash out the problems facing
:recommending
Government
will be
reconversion from a
readjustments which
the
required for
ator
Day in order to aid business
>
welfare—to the end
general
"
that
shall not impair re¬
and permanently
needless strife
conversion
jeopardize the country and all its
citizenship."
"When the delegations of fifty
United Nations met at San Francisco,"
continues
the Vanden;foerg letter, "their ideas were miles
an
'
put into momentum.
He. urged that Congress have a
ment-sponsored.
or
ment"
important," Senator
George said, "because all taxpay¬
possible
must know as soon as
ers
such
1
»
which each frankly faced
other, we came
finally to a unanimous agreement,
problem of the
the
tax
July 21.
income by
$18,000,-
between
It is
$46,000,000,000, the United
stated, and
continued to
000,000 and $27,000,000,000.
now'
Press
tee
report:
s
despite repeated
crises which were
insurmountable.
^supposed to be
It
was
triumph
of the
.
council
backed the proposal.
Industrial Organizations,
of
at
formula
vital
these
sug¬
this gested that Senator Vandenberg's
home in respect to proposal for calling a labor-indus¬
industrial relation¬ try-Government conference head¬
Responsible management
knows that free collective bar¬
gaining is here to stay.
Respon¬
sible labor leadership knows that
irresponsible strikes and subver¬
sive attacks upon essential pro¬
duction are the gravest threats to
ships'?
the
According to special
impossible to apply
it
permanent success
the Secretary of Labor, be
enlarged
to
include
Secretary
Wallace
of the
Department of
ed by
of labor's
In
letter to
a
that, while giving his endorsement
}f the conference, the proposal
"necessarily
leads
to
measures
such as the
are
futile except as they largely
from mutual wisdom and
mutual consent.t
concrete
obnoxious
Ball-Burton-Hatch bill," and he
stem
argued
post-war taxes,
told
recently: "There is an
important benefit to early adop¬
tion of a post-war tax program.
The sooner uncertainties in post¬
war tax structure are removed the
sooner
business
will make
commitments
and the faster
men can
be put to work."
.
that
Georgewarned
Senator
directive
income—must
serve
stability of the
Z
got to get away from
spending," he said.
"We
ai;e taking a great risk in con¬
tinuing it, for it might raise a
question in the people's mind as
to
soundness of our money—
the
in our dollar,
of G.I. Loans which were
reconversion of the
by
and
face the
moved to in¬
need for a better, a surer
for their mutual
"advancement in the desperately
uncertain times that lie ahead in
an
otherwise
chaotic post-war
and
wiser code
a
it
that such a
could escape from en¬
not possible
conference
long enough to
fundamentally with the equi¬
trenched rivalries
deal
prerequisite to the
healthy pursuit of better times for
all—and for all America?"
ties which are
1
Vandenberg then referred
his
letter
to
the informal
/Mr.
in
much sounder
issues that
the attention of
conference," he further added,
"The
"charter"
for" future labor-man¬
agement relationship agreed upon
by
President
Green
of - the
A: F. of L., President. Murray of
the CIO and Eric Johnston of the
U. S. Chamber of Commerce, and
concluded his letter by saying:
most pressing
should command
the
"are:
-
"(a)
world.
"Is
a
An adequate wage
policy
high level of
purchasing power for the masses
of the people to sustain an ex¬
which shall assure a
full produc¬
panding economy of
tion
and
full employment;
"(b) The enactment of the Pep¬
per-Hook bill establishing a 65cent
minimum wage and
thereby
substandard
condi¬
eliminating
■■■/.'
tions;
;
"(c) The enactment of the Murray-Patman full employment bill
which would extend a mandate to
full em¬
.A
"(d) The enactment of the Fair
Employment Practices Bill which
V "in peace abroad is not enough.
We must have peace at home.
It will eliminate the despicable pracgovernment to assure
ployment in our nation;
v
justice. I
doubt whether it can be dictated
by summary legislation (except
must
peace
with
I decline to be¬
lieve that it cannot be written
into law by the common recom¬
mendation of all concerned if they
can meet
together,
vvijvviivi
under
vl A.,1 Vi w 1,
proper
vy
auspices, to face a challenge which
as
.
be
a
last resort).
^iilVvV
cannot long go
4 ■
unanswered."
tices in industry
on
grounds of
color
a
from
Mr.
Snyder,
sippi,
ac¬
Federal
in our
to
turmoil;
wage
estimates on
that
prediction
the
will
budget
oost-war
be
Margin Accounts of
NYSE Member Firms
Investigating Committee.
Under date of Aug,
the
is
the
putting
horse
to
fix
a
cart before
budget
first
and then draw up a tax program.
We first must find out
what the
stand and
budget accordingly."
taxpayer
can
fix the
effectively establish freedom from
fear and freedom from want;
Enactment of appropriate
and
extend through collec-
otherwise
_
■» ■
earners
which would
afford
through
to
appropriate
taxes
small
and
business,
thereby encouraging swift recon¬
version
and full
employment."
504
an
its
In
issue of Aug.
to
the
Veterans
of the
Bankers
Association
War
provisions of
amendment to the Act
recently
2 the New
stated:
.
sharp
Among
three increases in
;
Feb. 5 the Federal
them'are
margin re¬
1940.
since
.
contrib¬
diminution Jn
have
factors
"Several
uted
reported 256,-
margin accounts."
quirements
comprehensive appraisal of
recent
legislative
developments
affecting the
Servicemen's Re¬
adjustment Act, a bulletin issued
Aug. 3 by the Committee on Serv¬
a
for
open,
these accounts.
Developments
ice
available is Nov. 30, 1938,
York "Times"
the
In
are
ures
when member firms
Legislative
summarizes the loan
assistance
a •
m
budget should be
based mainly on the taxpayers'
ability to pay, rather than on
need, he said.
■
,
The post-war
business
••
ABA
American
;/"It
1 the New-
Hugh Potter of Houston,
000,000.
religion or legislative measures to protect
result in freedom of enterprise for small
tive bargaining an annual wage
for
tax
minimum
around
$16,000,000,000. Actually, he said,
it may run as high as $25,000,000,000.
For fiscal 1946, it is $83,000,a
of ways and
#
4
his
based
"(f)
race,
"(e) Consideration
means
gram—individual
and
business
taxes; social security and unem¬
ployment compensation.
He
House
Texas, York Stock Exchange announced:
"Members of firms of the New
has been appointed construction
coordinator to head the newly York Stock Exchange have re¬
organized Federal Inter-Agency ported, in response to the Ex¬
Committee, which will be com¬ change's questionnaire distributed
posed of representatives of the at the suggestion of the Federal
OWMR, the Office of Economic Reserve Board, that, as of June
Stabilization, the WLB, the Office 30, 1945, they were carrying 137,752 open margin accounts for cus¬
of Price Administration, the Na¬
The most recent previous
tional Housing Agency, the Na¬ tomers.
tional War Labor Board, the Fed¬ date for which comparable fig¬
the whole tax pro¬
on
and loan asso¬
omitted
in H.R.
Representatives."
of
period, carrying out in part
recommendation of the Senate
War
were
3749, the bill passed by the
This would make of the WPB
ready-to-use operating arm of
OWMR during the reconver¬
the
savings
ciations
the
necessarily
that
strife and
of discrimination
late October
introduced
bills
Congressman
The only real way
base."
to avoid this risk is to stop deficit
"is the fulfillment of our national
quire whether you would not be¬
objective of an expanding econ¬ spending."
lieve it possible to assemble a
He said the joint Congressional
United Industrial Peace Confer¬ omy with full production and full
tax committee hopes to complete
employment."
ence of our own under your able
"The
conference," wrote Mr. its study of post-war revenue dur¬ eral Works Agency, the War
chairmanship, in which all these
interests may assemble—bound to¬ Murray, "since it will be composed ing the summer recess and report
Manpower Commission, the De¬
to
the tax-making House Ways
gether, as they inevitably are, by of representatives of organized
partments of Commerce and La¬
and Means Committee and to the
the knowledge, whether admitted
labor and industry, should be con¬
bor, and the Smaller War Plants
Senate Finance Committee when
or not, that there can be no pros¬
vened by yourself, as Secretary
Corporation.
*
perity for one without common of Labor, and*Henry A. Wallace, Congress reconvenes. The finance
committee will begin hearings in
orosperity for all—and frankly as Secretary of Commerce.
"Therefore, I am
proposed
earlier
Senator Johnson of Colorado
in
sion
dollar..\
"We've
rest on weaken faith
That basis gold reserve.
Director of the
Mobilization and
thought.
deficit
disputes must
the hear¬
At
Mr. Davis endorsed changes
proposed in the Act which had
been approved by the ABA.
He
commented favorably on the pro¬
visions to facilitate bank handling
ing,
two officials familiar
with the trend of Administration
to pre¬
stop
ment
Legislation.
erans'
to
cording
spending—government -.ex¬
greater than . govern¬
deficit
speed
.
.
.
.
.
elimination of
that "the
industrial
Vinson,
part in de¬
Congress
stated
Rights. - American Gov¬
ernment knows that social statutes
of
Bill
who will have a large
Secretary of Labor
Schwellenbach, Mr. Murray
spoke for the ABA during a
public hearing before the House1
Committee on World
War Vet¬
Rankin of Missis¬
Chairman of the House
Committee on World War Vet¬
extension of the War Production
erans' Legislation, the objectives
Board's operations to cover the
of which had been approved by
field of reconversion. In report¬
the
ABA
Committee,
At
the
ing the announcement made at
same
time,
Mr. Davis opposed
Washington Aug. 2, the Associated
those provisions of another set of
Press pointed out that the pro¬
bills which provided for expand¬
posal would enable the WPB to
ing the authority of Federal sav¬
employ its broad war-time prior¬
ings and loan associations in con¬
ity powers to break bottlenecks
nection with loans both to vet¬
which might obstruct a rapid re¬
erans and to others;
"It is signifi-turn to high-level peacetime in¬
the
bulletin
comments,
dustrial activity. The WPB would cant,"
"that the sections relating to the
work under policies laid down by
penditures
*
Commerce.
Treasury Fred M.
of the
to
when
Veterans,
War
for
Service
he
Aug. 2 that he would shortly rec¬
ommend to President Truman the
termining
.
dispatch to
the New York
"Times," Philip
Murray, president of the Congress
table.
"Is
the National Asso¬
Manufacturers ; also
of
War
recom-!
revisions
proposed
among
by
Chester R. Davis,1
Chairman of the Committee on
construction industry, indicated on
in any
industrial
of
ciation
conference."
of
i
.
were
rhended
Reconversion, announcing the cre¬
ation of an Inter-Agency Commit¬
always,
President
the
-John W. Snyder,
'
tion, in
a
Office
Although firmly opposed to any
movement to
peace, while general reduction before V-J Day,
the Administration
favors early
Eric A. Johnston, speaking for the
revision of tax structure for use
U. S. Chamber of Commerce, also
apart in many instances.
After endorsed
Secretary
the proposal. Ira Mosher, when the time comes.
intimate
and friendly consulta¬
-
establish
States
Control for WPB
.
as
United
the
permit its wider ap¬
extensions
These
To Ask Reconversion
the Treasury's
which will reduce
President of the
expressed the desire
organization to co-operate,
of his
Johnston,
Eric
flexible and
burden is
what their post-war tax
bill however does not
new
of plication."
Govern¬
!"It is highly
of L.
F.
A.
is
cated his group's endorsement of
hostilities cease.
as
soon
it
if
Chamber of Commerce, has indi-,
program
as
of
President
"either enacted
ready: to lay down for enact¬
tax
Lewis
support
the
have
will
L.
John
I-
William Green,
,
intimated that the pro¬
posal
new
,
"The
(R.-Mich.), the
Vandenberg
It is also
going to be so that they can plan
that their lives and their businesses
considerable thought •properly." He forecast a com¬
proposition and that his plete revision of Federal tax laws
Superior, Wise, on
to
be main¬
tained and post-war production be
iso that employment may
regarding it were expressed
address which he made in
views
in
in
given
the
be
guaranty of loans, and per¬
national banks to make,
real estate loans to veterans on
the same basis as other lending
institutions.
The bulletin adds:
matic
provide for the enlargement of
Press
reported
on the
purpose for which loans can.
Aug; 3 from Washington, adding be made, such as for the purchase;
that a day earlier William Green, of
inventories,
seed, feed
and
President of the American Fed¬
fertilizer, stock in corporations or
eration of Labor, had expressed shares in
partnerships, and similar
the willingness of his organization extensions believed by the ABA'
to cooperate in such a movement. Committee to make the Act more
Schwellenbach added
Mr.
he had
to
in¬
taxes, stating that corporation re¬
ductions must be considered first
in
"Now that
we have
laid the their
approach. When representa¬
groundwork for external peace tives of industry and labor meet at
:with justice, there remains the the bargaining table they cannot
necessity to find the basis for have that mutual confidence un¬
peace with justice on the home
less both believe that an agreement
front,Senator Vandenburg can be reached which is fair and
slates in his letter.
"We must
just.
That is why justice is re¬
create a mutual equitable rela¬
quired in the solution of our in¬
tionship between capital and man¬ dustrial
problems."
agement, on the one hand, and
organized labor on the other hand
—protecting the legitimate rights
of each, and always consulting the
Senator
Washington.
-
George offered little hope to
dividuals Of early
reduction
of mutual confidence
measure
from
ed
the
Associated
in its
peacetime
Activity, the United Press report¬
task of reconverting to
.
to a peace economy
war
glad to send repre¬
an industrial peace
conference which might be called
on the basis of a proposal by Sen¬
it would
ja complete revision of the tax pro¬
gram immediately following V-J
■
of
mitting
sentatives
Vandenberg
proposal: "It; was
demonstrated at San Francisco. ^
Mr. Schwellenbach stated
that
men can agree event though they
speak different languages.; They
cannot agree unless there is some
common /denominator in their
thinking.
There must be some
apply for a loan, use
honorable discharge as a
veteran may
its President, Phillip Murray, that
enue
Schwellenbach, m re¬
;
extension of time within which a
certificate of eligibility, the auto¬
.
taxation, told a press .con¬
ference on July 27 that he favored
portant changes in the Act recom¬
mended by the ABA, notably, the
Industrial Or¬
ganizations has indicated through
The Congress of
joint committee; on internal rev¬
:
655
CHRONICLE.
COMMERCIAL & FINANCIAL
THE
Number 44.10
.Volume 162
,
On last
Reserve Board
requirements for the pur¬
securities from 40%; to
was followed by an¬
other rise on July 5 to 75%.
raised
chase
of
50%.
This
"Both
Stock Exchange and
the
the Curb Exchange
contributed to
discouragement of margin trading
when
they
put into effect
in
the House of Repre¬ March, 1943, a rule which prohib¬
ited any, such accounts in stock
sentatives, reviews legislative pro¬
posals which preceded House en¬ selling at $5 a share or less. This
dorsement of the bill, and reiter¬ was followed on March 3, 1945, by
applying the rule to all stock sell¬
ates the Association policy with
j ' '
regard to bank loans to veterans ing at less than $10 a share,
under the G.I. Bill.
"Significantly, the comparatively
few margin accounts today refute
Second in a series of Committee
the impression expressed in some
publications entitled "Banks and
the War Veteran," the
bulletin financial quarters that th^re has
been widespread speculation dur¬
also sets forth for the nation's 15,000 banks the-highlights of the ing the past five or six years.
"In addition to the, control fac¬
ABA Committee's action in the
passed
by
sphere of veteran relations and
the parallel activity among State
Associations and community
bank¬
According to the
cited, many
both
New
quire that
a
bhsis
on
ing groups.
bulletin. Title
House-passed bill con¬
tains the substance of several im¬
III of the
tors
there
are
York
cash accounts be kept
as high as 90% and
brokerage houses
some
which carry
on
member firms of
Exchanges re¬
no
their books."
margin accounts
v
656
THE COMMERCIAL St FINANCIAL CHRONICLE
tions
from their respective gov¬
ernments, by the commanders in
The Potsdam Agreement
United
(Continued from first page)
place.
During the
of the
conference
there
were
regular
meetings of the heads of the three
governments accompanied by the
Foreign Secretaries, and also of
the
Foreign
Secretaries
alone.
Committees appointed by the For¬
eign Secretaries for preliminary
consideration of questions before
the conference also met daily,
The meetings of the conference
course
held at the Cecilienhof, near
Fotsdam. The conference ended
were
Aug. 2, 1945.
Important decisions and agree¬
on
ments were reached.
•'
Views were
state not
a
study of that question.
(II) The council may adapt its
procedure to the particular prob¬
lem
under consideration.
it
hold its own preiminary discussions prior to the
participation of other interested
cases
may
In other
states.
cases,
the coun¬
formal confer¬
chiefly interested
in seeking a solution of the par¬
ticular problem.
cil may
ence
convoke
a
In accordance with the
decision
Minister
The establishment of the Coun¬
Stalin
and
Prime
ties between
governments and ex¬
tended the scope of their collabo¬
ration
and
understanding, with
has strengthened the
the
three
renewed
confidence
their
that
governments and peoples, together
with the other United Nations,
will
insure; the creation of
a
just
and enduring peace,
of the conference,
ernments
of
ments
have
the three gov¬
each
addressd
and
China
adopt this text and to
establishing the council.
of
a
Council
of
Foreign Ministers
The
conference
agreement
of
a
for
reached
an
the establishment
Council of Foreign Ministers
the five principal
powers to continue the necessary
preparatory work for the peace
settlements and to take up other
representing
.
matters which from time to time
be referred to the council by
agreement of the governments
participating in the council.
The text of the agreement for
may
the establishment
of Foreign
of the Council
Ministers is as follows:
1. There shall be established a
join
to
in
cil of Foreign Ministers for the
specified purposes named in the
text will be without prejudice to
the agreement of
the Crimea Con¬
that there should be pe¬
ference
riodic consultation among
the for¬
eign secretaries of the United
States, the Union of Soviet So¬
cialist Republics and the United
Kingdom.
The conference also
Establishment
France
an
considered
the position of the European
Ad¬
visory Commission in the light of
che
agreement to establish the
Council of Foreign Ministers. It
satisfaction
with
was
noted
the
commission
had
ably
that
dis¬
charged its principal tasks by the
recommendations that it had fur¬
Germany's
for the
zones of occupation in Germany
and Austria, and for the interAllied control machinery in those
nished for the terms of
unconditional
countries.
work
of
a
It
surrender,
was
felt that further
detailed character for
the co-ordination of Allied policy
for
the
control
of
Germany and
Austria would in future fall with¬
armed
States
8. The judicial system will be
reorganized in accordance. with
the principles of democracy, of
justice under law, and of equal
forces of the
of America* the
United Kingdom, the Union of
Soviet Socialist Republics and the
French Republic, each in his own
zone of occupation, and also
joint¬
ly, in matters affecting Germany
as a whole,
in their capacity as
,
but only to the extent necessary;
militarization, of reparations, and
Of approved exports and imports.
(B) To assure the production
tinction of race, nationality or re-
of goods and
required to meet the
needs of the occupying forces and
displaced persons in Germany and
essential to maintain .in Germany
maintenance
and
9. The administration of affairs
in
Germany
should
services
directed
be
To carry out programs of
disarmament and de¬
(A)
industrial
rights for all citizens without dis¬
toward the decentralization of the
members of the control council.
2. So far as is practicable, there
population through¬
out Germany.' 1
3. The purposes of the occupa¬
tion of Germany by Which the
political structure and the devel¬
opment of local responsibility. To
t>■A '■ ■:;:„ ■
(I) Local self-government shall
be restored throughout Germany
on
democratic principles and in
particular through elective coun¬
control
average living standards not ex¬
ceeding the average of the stand¬
ards of living of European coun¬
tries.
(European countries means
all European countries excluding
the United Kingdom and the Union
cils
of Soviet, Socialist
shall be uniformity of treatment of
the
this end:
German
of the states
identical invitation to the govern¬
^ttlee leave this conference, which
.
In some
exchanged on a number of other
questions, and consideration of
these matters will be continued
by the Council of Foreign Minsiters established by the conferchce. /'•
■ :■' /V'
President Truman,
Generalis¬
simo
„
represented
thereon, such state should be in¬
vited to send representatives to
participate in the discussion and
interest to
the
chief of
Thursday, August 9,1945
council
shall
be
guided
'
are:
with
and
demilitarization of Germany
elimination or.control of
and the
all German
industry that could be
military production. To
used for
these ends:
.;v,-
shall
be
V;;V:
ammunition and
spe¬
ments will act under the direction
completely
and
manner
finally
as
per¬
manently to
prevent the revival
reorganization of German mili¬
tarism and Nazism.
(B) All arms,
implements of war and all
facilities
duction shall
for
be held
their
pro¬
at the dis¬
of all aircraft
munition
and
and
all
arms,
am¬
implements of
war
(II)
To convince the German
that they have suffered
military defeat and that
they cannot escape responsibility
for what they have brought upon
themselves, since their own ruth¬
balanced economy throughout
Germany and reduce the need for
imports.
■5
(D) To control German indus¬
try and all economic and financial
international transactions, includ¬
ing exports and imports, with the
aim of preventing German from
developing a war potential and of
achieving the other objectives
named herein,
(E)
lic
shall be
B.
11.
To control all German pub¬
private scientific bodies, re¬
and experimental institu¬
tions, laboratories, etc., connected
with
economic activities.
16.
In the
controls
es¬
tablished by the Control Council,
German administrative machinery
shall
be created and the German
authorities
shall
the
extent
be
required to
practicable to
proclaim and assume administfa?^
fullest
tion
of
should
such
be
controls.
brought
home
Thus
it
the
to
German people that the responsi¬
bility
for
the
administration
of
such controls and any breakdown
in these controls will rest with
permitted.
themselves.
trols
order to eliminate
imposition and main¬
tenance of economic
Economic Principles.
In
or
search
the formation of free trade unions
total
between
to produce
zones so as
a.
Subject to the necessity for
maintaining m i.l it a r y security,
freedom of speech, press and re?
ligion shall be permitted, and re¬
ligious institutions shall be re¬
spected. Subject likewise to the
maintenance of military security;
people
commodities
the several
10.
shall be prevented.
a
essential
of the Control Council.
posal of the Allies or destroyed.
The maintenance and production
Republics.)
insure in the manner
determined by the Control Coun¬
cil the equitable distribution of
(C) To
established.
Notwithstanding this,
however, certain essential central
German
administrative
depart¬
ments, headed by state secretaries,
shall be established, particularly
in the fields of finance, trans¬
port, communications, foreign
trade and industry. Such depart¬
abolished in such
cialized
consistent
(IV) For the time being no cen¬
tral German government shall be
to
keep alive
the military tradition in Germany,
or
is
Germany;
(III) Representatives and elec¬
tive principles shall be introduced
into regional, provincial and state
(land) administration as rapidly
as may be justified
by the suc¬
cessful application of these prin¬
ciples in local self-government;
quasi-military organizations, to¬
gether with all clubs and associa¬
serve
as
out
zations and all other military and
which
rapidly
military
and of public discussions shall be
allowed and encouraged through¬
(A) All German land, naval and
air forces, the S.S., S.A., S.D. and
Gestapo, with all their organiza¬
tions, staffs and institutions, in¬
cluding the general staff, the Offi¬
cers' Corps, Reserve Corps, mili¬
tary schools, war veterans' organi¬
tions
as
security and the
the purposes of military, occupa¬
tion;,;-,
(II)
All
democratic political
parties with rights of assembly
(I) The complete disarmament
Ger¬
which
Any
may
the objectives of
be prohibited.
-
con¬
counter
to
occupation will
war potential, the produc¬
tion of arms, ammunition and
17. Measures shall be promptly
implements
of war as well as all
the Union of Soviet Socialist Re¬
taken: •
; ■;r
:
Allied commission at Vienna. Ac¬
types
of
aircraft
and
;
seagoing
and suffering inevitable.
publics, China, France and the
(A) To effect essential repair
cordingly, it was agreed to recom¬
ships
shall
be
prohibited
and
pre¬
United States.
'
'.
of transport;
(III) To destroy the National vented.
mend that the European Advisory
Production
of
metals,
2.
(I) The council shall nor¬ Commission be dissolved.
(B) To enlarge coal, produc¬
Socialist party and its affiliated
chemicals, machinery and other
mally meet in London, which
and supervised organizations, to
tion; :■
items that are directly necessary
Shall be the permanent seat of
ni
(C) To
maximize
dissolve all Nazi institutions, to
agriculture
to a war economy shall be rigidly
the joint secretariat which the
Germany
' insure that they are not revived
controlled and restricted to Ger¬ output, and
council will form.
Each of the
in any form, and to prevent all
(D) To effect emergency repair
The Allied armies are in occu¬
many's approved post-war peace¬
of housing and essential utilities.'
foreign ministers will be accom¬
pation of the whole of Germany Nazi militarist activity or propa¬ time needs to meet the objectives
panied by a high-ranking deputy, and the German people have be¬ ganda.
18.
stated in Paragraph 15. Productive
Appropriate steps shall be
duly authorized to carry on the
(IV) To prepare for the even¬ capacity not needed for permitted taken by the Control Council to
gun
to
atone for the terrible
work of the council in the absence
tual
reconstruction
of
German
exercise control and the power Of
crimes committed under the lead¬
po¬
production shall be removed in
of his foreign minister, and by a
ership of those whom, in the hour litical life on a democratic basis accordance with the reparations disposition over German-owned
: small staff of technical advisers,
and
for
eventual. peaceful
external assets not already under
co¬
of their success, they openly ap¬
plan recommended by the Allied
(II) The first meeting of the
operation in international life by commission on reparations and the control of United Nations
proved and blindly obeyed.
council shall be held in London
which have taken part in the war
<■ q'•v-;:v'. <?';.-}<?: 1 ;V:;"
Agreement has been reached at Germany.
improved by the governments con¬
not later than Sept. 1,1945. Meet¬
4. All Nazi laws which provide
i.his
conference on the political
cerned or if not removed shall be against Germany.
;
;
;r
ings may be held by common and economic
principles of a co¬ the basis of the Hitler regime or destroyed.
19. Payment
of
reparations
agreement in other capitals as ordinated Allied
established ; discrimination
on
policy toward
12. At the earliest practicable should leave enough resources to
m ay be agreed from time to time.
defeated Germany during the pe¬
grounds of race, creed or political date, the German economy shall enable the German
people to sub¬
3. (I) As its immediate impor¬ riod of Allied control.
opinion shall be abolished. No be decentralized for the purpose sist without external assistance.
tant task, the
such
council shall be
The purpose of this agreement
discriminations, whet h e r of eliminating the present exces¬ In working out the economic bal¬
authorized to draw up, with a is to carry out the Crimea Decla¬ legal, administrative or otherwise,
sive
concentration
of economic ance of Germany the necessary
view to their submission to the
ration on Germany. German mili¬
shall be tolerated.
power as exemplified in particu¬ means must be provided to pay
United Nations, treaties of peace tarism and Nazism will be extir¬
5. War criminals and those who lar by cartels, syndicates, trusts for imports approved
by the Con¬
with
Italy, Rumania, Bulgaria, pated and the Allies will take in have participated in planning or and other
monopolistic arrange¬ trol Council in Germany.
The
Hungary and Finland, and to pro- agreement together, now and in carrying out Nazi enterprises in¬ ments.
f
..';v v
\'v
proceeds of exports from current
)X)se : settlements
of
territorial the future, the other measures volving or resulting in atrocities
13. In organizing the German production and stocks shall be
questions outstanding on the ter¬ necessary to assure that Ger¬ or war crimes shall be arrested economy, primary emphasis shall available in the first
place for
mination of the war in Europe.
and brought to judgment.
many never again will threaten
Nazi be given to the development of payment for such imports.
The council shall be utilized for her
neighbors or the peace of the leaders/influential Nazi support¬ agriculture and peaceful domestic
The above clause will not apply
the preparation of a peace settle¬ world.
,-rV'Va/;\ Tv.1ers and high officials of Nazi or¬
industries.
.-Vto the equipment and products re¬
ment for Germany to be accepted
It is not the intention of the
14. During the period of occu¬ ferred to in
ganizations and institutions and
paragraphs 4 (A) and
sby the government Of Germany Allies to destroy or enslave the any other persons dangerous to pation, Germany shall be treated
4 (B) of the reparations agree¬
when a government adequate for
German people. It is the intention the occupation or its objectives as a single economic unit. To this
ment.
the purpose is established.
of the Allies that the: German shall be arrested and interned.
end
common
policies shall be
v;
;C'
/
(II) For the discharge of each people will be given the oppor¬
6. All members of the Nazi established in regard to:
of these tasks the council will be tunity to
Reparations from Germany
prepare for the eventual
party who have been more than
(a) Mining and industrial pro¬
composed of the members repre¬ reconstruction of their life on a nominal
In accordance with the Crimea
participants in its activi¬ duction and allocations;
senting those states which were democratic and peaceful basis. If ties and all other
decision that Germany be com¬
(b) Agriculture, forestry and
persons hostile
signatory to the terms of sur- their own efforts are steadily di¬ to Allied
pelled to compensate to the great¬
purposes shall be re¬ fishing;
render imposed upon the enemy rected to this
end, it will be pos¬ moved from public and semi(c). Wages, prices and rationing; est possible; extent for the loss
state concerned. For the purpose sible for them in due course to
and suffering that she has caused
public office,- and from positions,
(d) Import and export program
of the peace settlement for Italy,
take their place among the free
to the United Nations and for
of responsibility in important pri¬ for Germany as a whole;
France shall be regarded as a sig¬ and peaceful peoples of the world.
which the German peoole cannot
vate undertakings.
Such persons
(e) Currency and banking, cen¬
The text of the agreement is as shall
natory to the terms of surrender
escape responsibility, the followr
be replaced by persons who, tral taxation and customs;
for Italy. Other members will be
follows:
by their political and moral quali¬
(f) Reparation and removal of ing agreement on reparations was
invited to participate when mat¬
The political and economic prin¬
reached:
ties, are deemed capable of assist¬ industrial war potential;
ters directly concerning them are
ciples to govern the treatment of ing in developing genuine demo¬
1. Reparation
claims
of
(g) Transportation and com¬
the
under discussion..
Germany in the initial control pe¬ cratic institutions in Germany. U. S. S. R. shall be met
munications,
by re¬
(Ill) Other matters may from riod. ;■
7. German education shall be so
In applying these policies ac¬ movals from
the zone of Ger¬
time to time be referred ^ the
A. Political principles.
controlled as completely to elimh^ count shall be taken, where ap¬ many occupied by the U, S.
S. R.
council
1. In accordance with the agree¬ nate Nazi and militarist
by agreement between
doctrines propriate, of varying local condi¬ and from appropriate German ex¬
the member governments.
ment
on
control machinery
in "»nd. to make possible the success¬ tions.
ternal assets.
4. m w i
'
Germany, supreme authority in ful development of democratic
2. The U. S. S. R. undertakes
15. Allied controls shall be im¬
considering a question of direct j Germany is exercised on instruc¬ ideas. ;
posed upon the1 German economy to settle the reparation claims of
council composed of the Foreign
Ministers of the United Kingdom
in
competence of the Allied
the
Control Council* at Berlin and the
less
warfare
and
the
many's
German
run
fanatical
Na?i resistance have destroyed
German economy and made chaos
.
.
,
■
„
,
'
..
,
,
.
,
.
-
.
iVolume 162
Poland
Number 4410
'from
its
THE COMMERCIAL & FINANCIAL CHRONICLE
share
own
of
reparations.
:
;
V'
v
;
3. The reparation claims of the
United
multaneously by the three
ernments in due course.
States, the United King¬
western
and from
zones
Adjacent Area
ap¬
propriate German external assets.
and the
The conference examined
a
tion of territorial questions at the
peace
own
of occupation,
zone
the U. S. S. R. shall receive addi¬
tionally from the western zones:
(A) 15% of such usable and
complete industrial capital equip¬
ment, in the first place from the
metallurgical, chemical and ma¬
chine-manufacturing industries, as
is unnecessary for the German
peace economy and should be re¬
moved from the western zones ot
exchange for - an
of food, coal,
potash, zinc, timber,.; clay prod¬
ucts, petroleum products and such
other
value
commodities
agreed upon.
for
as,
be
may
'
.
.
which
Sea
ing
zones,
Soviet
the
to_ be
trans^rr^
on
Government
reparations account
ment or exchange of any kind in.
„wlth0VL?ia?n
return.
Lithuania,
and
'•»'A-"*
'*•
j.
The
equipment to
5. The amount of
on
be
must
western
the
from
removed
of
determined
account
r^Paratmns
j thm six
months from now at the latest.
-
industrial cap-
Removals.of
Soviet
the
to
begin
as
soon
as
shall
possible ancl
by 4 (A) above
-b^areeddnstalments
within
agreed instaime
in
of
the
of
Ccmncu"under
policies
Hxed^by
The
three
taken
note
which
have
total
eries
such
of the
fixing
amount of
e^PJ^n delivtoh,ruTeVmkde
to respect of
shall be maa
deter-
equipment
^16 ^ delivery
^'accordance
fet
forth
procedure
the last sentence of
Tn
with the
freedom
:*
have
governments
of
the
been
discussions
French
view
to
the
with
representatives
reaching
methods
agreement
of
trial
of
a
on
those
crimes
under
of
Moscow
decla¬
October, 1943, have
particular
tion.
the
whose
geographical
no
localiza¬
The three governments re¬
their
intention
to
bring
affirm
criminals to swift and
sure
They hope that the ne¬
gotiations in London will result
speedy agreement being reached
matter of great importance
as a
that the trial of those major crim¬
inals should begin at the earliest
possible
date.
The
first
list
defendants will be published
fore
In
Sept. 1.
;
;
/
,
.
9. The
United
'the United
Kingdom^n^the^
Armerif!
States of
reT)arations to
f
I3™3 ^r^erman
of
uel™
shares
.
which are
oecupatio
well as to
zone
as
eastern
tue
Germany,
of
£oreign
bermj
assets in
gary,
tria*
enterprises
d
by
of
the
Soviet Government
the
authority
provisional gov¬
Austrian
ernment to all of Austria.
The
that
three
they
governments agreed
prepared to ex¬
amine
this
question
after
the
entry of the British and American
forces into the city of Vienna.
were
relating to the Polish
visional
government
and
western
Rumania and eastern
mu
c
n
\t
pro¬
the
boundary of Poland.
\ 91
Government
the
Polish
of
sional
A.—We
have
and
provisional gov¬
unity they
•
:;'
the
taken
note
the
accordance
with
reached
the
at
of
ence,
a
which
the
has
in
decisions
Crimea
Confer¬
Polish provisional gov¬
of national unity recog¬
by the three powers.
The
establishment by the British and
nized
United
Governments
States
Polish
which
The
TuwnTrra'ngeSs
&r the
use and disposal of the surrendered German fleet.and WC
•
f
^
three* governments would appoint
CXiedtSDlta0nsVtokgi°vUet effect
l»reeed
to the
principles. A further ioint
statement will* be published si-
Government
no
of
Governments
ures
the
to
in
London,
longer exists.
British
and
United
have
taken
protect
Polish
the
States
meas¬
interest
provisional
ment
as
the
recognized
ment
of
the
Polish
of
govern¬
in
the
and
ever
located
under
the
in
their
their
form
of
territories
control,
this
what¬
together
of armistice
Italy for membership
Polish Provisional Government of
National;
Unity
:
have
been
re¬
ceived at the conference and have
fully presented their views.
three
heads
affirm their
of
The
government
re¬
opinion that the final
delimitation of the western fron¬
tier
Poland
of
should
the
await
peace settlement.
The three heads of government
that, pending the final de¬
agree
of
Poland's
western
from
of
east
line
a
running
the Baltic Sea immediately
west
of Swinemunde, and then
along the Oder River to the con¬
fluence
the
of
River
and
Neisse
to
Neisse
western
along,
the
western
the Czechoslovak fron¬
tier, including that portion of East
Prussia not placed under the ad¬
ministration
soviet
of
accordance
Union rj of
the
Socialist
Republics
with
the
in
understand¬
reached at this conference and
mcludingg the
Free
City of
the
under
of the former
area
Danzig,
shall
administration
: be
the
of
Polish state and for such purposes
should not be considered as part
Soviet
zone
three
basis
governments
Ministers
with
the
The
treaties
conclusion
with
task
of
recognized
to
United
ernments
? ;
;
x
The
to
agree
three
gov¬
examine
each
world
and Finland.
As
tions Organization
the
tions
into
states
following
statement
of
common
L possible,
iCy -uiT f,stablishing>
as soon
the conditions of last¬
as
ing
peace
after
victory
in
V
rope:
Eu¬
■■
The three governments consider
desirable
that
the 'present
anomalous position of Italy, Bul¬
it
Finland, Hungary and. Ru¬
garia,
mania
the
*
^
should
be
conclusion
of
terminated
peace
by
treaties
^us|' tha* /the. other inter-
j
-Allied
Governments
admission
the United
"1.
and
which
The
the
treaty for Italy as
among the immediate
peace
first
important tasks to be
new
Ministers.
the
Axis
Council
Italy
was
powers
to
sary
property has
a
now
material
xr*
Conference and
organization.;''vy' v..TV"
territories
decided
oreparation of
Italy
and
Italian
was
one
connection
in
to
with
be
the
treaty for
question of
would be con¬
peace
a
the
that
territory
sidered by the September Council
of Ministers of Foreign Affairs.
Revised
Allied
sion
;-'7
XII
Control
Procedure
in
Commis¬
Rumania
Bulgaria and Hungary
The
tives
on
the
Allied
control
com¬
mission in Rumania, Bulgaria
break
communicated to
United
proposals for
improving the work of the control
joined with the Allies in
Hungary
have
their United Kingdom and
States
colleagues
•
Council to report to their govern- *
tent
soon
as
to
possible the
as
which
such
persons
ex¬
have
already : entered Germany from
Poland, Czechoslovakia and Hun¬
•
gary, and to submit an estimate >
of the time and rate at which fur¬
ther
transfers
could
carriedr
be
out, having regard to the preseht
situation in
Germany.
*
Government,
The Czechoslovak
the Polish Provisional Government
and the Control Council in Hun-
at the
are
gary
informed
of
,
time being
same
the
above
and
are
being
requested: meanwhile
to
suspend further expulsions pend¬
ing the
examination by the Gov¬
ernments concerned of the
report
from their representatives on the
Control Council.
i- -v, ^
-f-
:v-iMilitary Talks'v':v!.:v
•
•
During
the conference there
meetings between the chiefs
were
of staff of the three governments
on
military matters of common
interest,...:>.;
•;
"
Approved:
,
J. V. STALIN
■
HARRY
••
TRUMAN
S.
C. R. ATTLEE
LIST OF DELEGATIONS
For the United States
and
.
;>•
:
.
Pauley, Special Ambassa¬
dor.,.
v.,'-*/
'•
Ambassador
r
■:
Robert
*
D.
Murphy*
political
adviser to the Com¬
mander in Chief, United States
zone in Germany.
W. Aver ell Harriman, Ambassa¬
dor to the U. S. R. R,
General
of
the
^
George C.
Army
t
Marshall, Chief of Staff, United
States Army.
Fleet
Admiral
U. S. N.,
.
Ernest
J.
King,
Chief of Naval Opera-.
in Chief,
tions and Commander
United States Fleet.
of the Army II.
General
H. Af-'
United States Army
nold,
three
of
contribution, and
of occupation.
They are accord¬
ingly instructing their respective
representatives on
the
Control
sador.
•
the first of
with
Germans among the several zones 1
Edwin
an
undertaken
Foreign
regard to the question of the
equitable
distribution
of
these
President.
exchange of views on
this question it was decided that
the
disposition of any former
Italian
Ger-
Joseph E. Davies, Special Ambas¬
in
the charter of the United Nations
After,
in
Fleet Admiral William D. Leahy,
II- S. N., chief of staff to the
a
defined in the decision
as
Council
Byrnes.
examined
proposal by the Soviet Govern¬
ment concerning trusteeship ter¬
if the Crimea
Control
The President, Harry S. Truman..
The Secretary of State, James F.
•"v.O
conference
Ger¬
XIV
qualifications neces¬
to justify such membership.
'
into
many^ should in the first instance
;
the
possess
Germans
'
large
a
'
,
governments
feel
bound, however, to make it clear
that they for their part would not
favor any application for mem¬
bership put forward by the pres¬
ent Spanish Government which,
having been founded with the
support of the Axis powers, does
lot, in view of its origins, its na¬
ture, its record, its close associa¬
tion
with
the
aggressor
states,
governments took
note that the Soviet representa¬
Germany, to whose defeat she ha*
made
*
,
three
•'
prepara¬
a
the
fulfill
tions set out above.
of
of
examine the problem with special
.
share their views.
tion of
Allied
charter
the war
qualifica¬
',
influx
already resting on the occupying
authorities, they consider that the
the
during
agree
would increase the burden
ments
neutral
They
manner.
the
number
many
in the United
from those states which have re¬
Poland,
Czecho¬
Hungary, will have
undertaken.
Since
of
and, in the judgment of
organization, are able and
willing to carry out these obli¬
gations;
"2. The admission of any such
state, to membership in the United
Nations will be effected by a de¬
cision of the General
Assembly
upon the recommendation of the
Security Council.'% va j;
v?
The three governments, so far
as they are concerned, will sup¬
port applications for membership
in
and
and humane
;
Membership
mained
be
that any transfers that take place
be effected in an orderly
Charter of the United Nations de¬
clares that:
all its
should
Na¬
will
For their part the three
govern¬
ments have included the
to
organization, Article 4 of the
ritories
The conference agreed upon the
remaining
slovakia
:';v
regards
other
three governments, having
aspects, recognize that the trans¬
fer to Germany of German
popu¬
lations,
or
elements
thereof
developments
Bulgaria, Hungary
.
Territorial Trusteeships
Admission to the United Na¬
The
upon
Rumania,
the removal
on
Poland, Czecho¬
Hungary:
considered the question in
representatives of the Allied press
enjoy full freedom to report
The
of Peace Treaties and
slovakia and
Bulgaria and Hungary
to the extent possible
prior to the
conclusion of peace treaties with
those countries.;
r■v.yi.vT • r
The three governments have no
doubt that in view of the changed
conditions
resulting
from
the
termination of the war in Europe,
the
v.?
of Germans from
Rumania,
\
;'
lowing agreement
demo¬
prevailing, the establishment of
diplomatic relations with Finland,
in
agreed proposals.
Populations
separately in the near future, in
the light of the conditions then
to
the
as a
The conference reached the fol¬
peace
applications
membership of the
Nations.
the respec¬
Orderly Transfers of German
support
from them for
to
XIII
of
cratic governments in these states
will also enable the three
govern¬
ments
the
presented
have
preparing peace treaties for Bul¬
garia, Finland, Hungary and Ru¬
mania.
into
countries, and accepting
charged the Council of For¬
of occupation
Germany.
m
tive
of the United Nations.
loving states who accept the obli¬
gations contained in the present
govern¬
state
property belonging to the Polish
state
of *' National
the
with
formation,
which
terms
President
ofand
the members
National Council
of Poland
of
fol¬
V their recognition from the former
Disposal of the German Navy
and Merchant Marine
Government
Conclusion
abroad
possible
the
at
fulfill
appli¬
Nations is open to all other peace-
representative Poles from
Poland
made
agree¬
reached
to
an
will
/
,
taking
governments
The
proce¬
a.eeount the interests and responSibihties of the three government*
desire to support
The
pleasure of the agreement reached
among
,
which Poland should receive
has resulted in the withdrawal of
V'-1''"
world
Unity m regard to the accession
of territory in the north and west
national
defined their attitude in
diplomatic
relations
with
the
Polish
provisional
government
y
the
Crimea
conference
the
three
heads of government have sought
the opinion of the Polish Provi¬
of the
ernment
eastern Aus-
to
the western fron¬
on
Poland
on
ritories
lowing statement:
the
shall enjoy full
report
frontier, the former German ter¬
the extension of the
On
specified in
those
Paragraph 9 below,
rePresentatives of
press
to
termination
The conference examined a pro¬
ernment
S ^except
candi-
conformity with the
ment
of
be¬
The conference considered ques¬
tion
put forward
of Poland:
tier
>
criminals
war
tions
enterprises^which a
to
reached
was
proceeding, in
Poland
to shares
and
SAi?.n(^
Allied
the
ing
reparations
the basis of universal suf¬
on
developments in Poland be¬
during the elections.
B.—The
following
agreement
British, United States, Soviet and
commander in
the
provisional government in
upon
Criminals
recent weeks in London between
posal
to
basis
same
fore and
on
Prior
the
on
all Polish citizens.
part
VII
War
VIII
7
expect
secret ballot in which
all democratic and anti-Nazi par¬
ties shall have the right to take
con¬
Austria
provaf of "h^ zone
They
pos¬
United
three
cation from
eign
marine
the
of i the Allied control coinmissions in these countries would
now
be undertaken,
a peace
treaty with a recog¬
nized and democratic Italian
gov¬
ernment will make it possible for
^lsh
to go, including members of
the Polish armed forces and the
sible
ference at the forthcoming peace
settlement.
those
«PaControl
abroad
decisions of
the Crimea Conference has
agreed
0f free and un¬
fettered elections as soon as
.y••
President
support the proposal of the
it
for
Poles
+lwh£;uthree
governments agreed
that the revision
of
dures
such
prac¬
accordance with the
fron¬
for this purpose, and they regard
available
all
as
making good prog¬
the re-establishment
democratic government and
institutions.
The
conclusion
of
toward
their
that hostilities in
now
Europe have ceased.
a
also
Polish
ister have declared that they will
in
fore
facilitating ' the
The three powers note that the
concerning
five justice.
The
in
provisional
commission
regime and is
who
as
States and the British Prime Min¬
ration
S covered
Polish
Italy
has Treed herself from the Fascist
the
anxious
are
that those Poles who return home
shall
be
accorded personal and
Republic
actual
re-
frage and
determination
specked m Pa^
of
merchant
adjacent to it as de¬
above subject to expert
.•
The
major
possible
ticable
has agreed in
proposal of the
the
the
return to Poland as soon
area
of
the
property rights
Government
scribed
assist
government
the ultimate transfer to the Soviet
Union of the city of Koenigsberg
stall
kfgu? as so£"
and shall , be com
pleted within two years from the
ital equipment
to
Baltic
frontiers
Polish
conference
principle
(A) and (B) above shall
be made simultaneously.
..s>
as
the
equipment as pro¬
Removals of
zones
the
for
Pr°Perty
belonging
state
which may
three powers
^
East Prussia.
vided in
6
of
point
govern¬
b^n wrongfully alienated.
to
the
east,
north
of
Braunsberg-Goldap, to the meet¬
tier.
to
the
remedies
Polish
I he
of
Danzig
the
western
be
adjacent to
examination
peace .economy
section
should pass from a point on
eastern shore of the Bay of
the
and should be removed from the
k
is
equipment as is unnecessary
German
the
the western frontier of the Union
of
Soviet
Socialist
Republics
and the
.
10% of such industrial cap¬
(B)
ital
^
settlement
provisional
legal
^Vfuy
to the
that pending the final determina¬
Germany, 'in
equivalent
of
nary
pro¬
posal by the Soviet Government
from
its
ress
Polish
657
struggle against Japan.
the
ment for the exercise of the ordi¬
4. In addition to the reparations
to be taken by the U. S. S. R,
the
to prevent alienation to
parties of such property. All
proper facilities will be given to
measures
;
VI
'•■■v'
City of Koenigsberg
reparations shall be met from
the
They have further taken
third
dom and other countries entitled
to
be.
may
gov¬
,
Air
Forces.
General
Brehon
B.
Somervell,
Commanding
General,
Service Forces.
Army
Vice-Admiral
War
Emory
S. Land,
Shipping Administrator.
(Continued on page 658)
»
the week ended July
1.0%
The Potsdam Agreement
Clayton,
Assistant
Secretary of State.
James C. Dunn, Assistant Secre¬
tary of State.
Ben Cohen, Special Assistant to
the Secretary of State.
H. Freeman Matthews, Director of
William:
People's
•
Department
Affairs,
European
.■
of State.
'
■
■
assistant to the
Secretary
(together with po¬
litical,
miliary and technical
Charles E. Bohlen,
Stalin.
■
Council of
V.
Commissars,
J.
riV/-/
■'A•'>?).
United Kingdom
S.
Winston
Mr. C. R.
M.P.;
Churchill,
Attlee, M.P.
The
Eden,
M.P.; Mr. Ernest Bevin, M.P.
Lord Leathers, Minister of War
Transport.
Perma¬
State
Cadogan,
Alexander
Sir
nent Under
Secretary of
for Foreign
Affairs.
Clark Kerr, H. M.
Ambassador at Moscow. V V
head of the
tinited Kingdom delegation to
Commis77//:
Reparations
77
■; 7;
Moscow
/
sion.
Strang, political ad¬
Commander
in
William
Sir
viser
the
to
Chief, British zone in Germany.
Sid'Edward Bridges, Secretary of
Cabinet.
the
.
Brooke,
Chief of the Imperial General
Marshal
Field
•.<
Sir
Naval
People's Commissar, the
Fleet of the U. S. S. R.
of Staff of
Antonov„ Chief
I.
Vyshinski, Deputy People's
Commissar for Foreign Affairs.
S. I. Kavtaradze, Assistant Peo¬
Maisky, Assistant People's
Commissor for Foreign Affairs.
Chief of
Fleet.
F. T. Gusev, Ambassador of the
Soviet Union in Great Britain.
A. A. Gromyko, Ambassador, of
the Soviet Union in the Unifed
Admiral S. G. Kucherov,
Staff of the Naval
member of the
Collegium of the Commissariat
for Foreign Affairs, Director of
the Second European Division.
S. K. Tsarapkin, member of the
Collegium of the Commissariat
for Foreign Affairs, Director of
Hastings Ismay, Chief of
Staff to the Minister of Defense.
Sir
Harold
Alex¬
Supreme
Allied
Com¬
Marshal
ander,
Novikov,
Sir
Henry Main¬
land Wilson, head of the British
to
166,900,000
kwh.,
with 158,800,000 kwh,
corresponding week of
an increase of 5.1%.
the
last year,
Paper Production—The ratio of
United States paper production to
mill capacity for the
week ending
July 28, 1945, as reported by the
American Paper & Pulp Associa¬
compared with
89.8%
for preceding
week and 91.3% for corresponding
week
a
year
ago.
Paperboard
93.4%,
(revised)
tion,
was
production was at 95 % for the
same
week, compared with 96%
for preceding week and 96% for
corresponding week a year ago.
Failures
Business
After
upswing last week, com¬
an
and
fell off
Decline-
industrial
failures
end¬
little in the week
a
ing Aug. 2, reports Dun & Brad-
Inc.
However, this was
the second consecutive week that
street,
in
those
have outnumbered
failures
the
comparable week of 1944.
concerns failed
in the
the United States Division.
■
>
just ended, as compared
with
22
in
the
previous
week
and
S. P. Kozyrev, director of the
15 a year ago.
first European division of the
•
1 '
Commissariat for Foreign Af¬
There
were
twice
as
many
fairs.
Eighteen
of
countries,
Balkan
Commissariat
for
Ar-
Foreign
fairs.
A. A. Sobolev, chief
cal section of the
tary
of the politi¬
Soviet
administration
mili¬
in
Ger-
many..
I.
Z.
.
there were small,
both, size groups failures
large failures
Lavrishchev, director of the
A. A.
assistant
Saburov,
the
to
in
but
than
in
Only
a
the
same
of
1944.
Concerns fail¬
liabilities under $5,000
with
five
week
negligible change occurred
small failures.
in
numbered
Affairs, and also political, mili4*tary and technical assistants.
last
week.
Large
concerns
failing with liabilities
of $5,000 dropped from 17 a week
ago to 12 this week—one more
ing
Golunsky, expert consultant
Foreign
in
number
comparable
year's
ministration in Germany.
of the Commissariat for
as
the
exceeded
chief of the Soviet military ad¬
A. A.
mander, Mediterranean theater.
Marshal
for
week
Cunningham, First Sea Lord.
Field
V.
K.
division
Gen. Sir
six
the
in
compared
as
with
week
previous
and
four last year.
-
.
appeared
ago.
from
decreases
Small
in
week
a
manufacturing,
retailing and commercial service,
but failure in all trade and in¬
Tlie State of Tirade
dustry groups either equalled or
the number in the cor¬
exceeded
(Continued from page 650)
a
The
hurdle.
WPB,
of )
abondoning
the
Controlled
Materials Plan before the end of
the
despite pressure
companies to do so.
year
steel
from
The
latter
believe, the magazine con¬
cludes, that if CMP was thrown
overboard
stili
there
would
be
enough capacity to take care of
orders and a more general
leeway to properly schedule ci¬
war
vilian business.
But such
an
peal at the moment has fallen
deaf<
ap¬
on
ears.
The
American
Iron
and
Steel
Institute announced last Tuesday
that
the operating rate of steel
companies (including 94% of the
industry) will be 87.9% of capac¬
ity for. the week beginning Au¬
,
gust 6, compared with 90.8% one
week ago.
rate
r_
2.9%
This week's operating
represents
from
last
is equivalent to
Railroad Income in June—Class
however,
believe that there is little chance
a
decrease
of
week's rate and
1,610,000 net tons
I
of the
railroads
U.
S.
in
June,
had an estimated net in¬
come, after interest and rentals,
of :V $66,100,000,
compared
with
$61,337,052 in June, 1944, accord¬
ing to the Association of Amer¬
1945,
Railroads.
ican
In
the
first
six
months of 1945,
estimated net in¬
to
$325,000,000
compared
with $322,533,400
in
the corresponding period one year
amounted
come
ago.
In
June, 1945, net railway oper¬
ating income, before interest and
rentals, totaled $96,114,902 com¬
pared with $99,517,169 in May,
1944.
For the half-year net rail¬
operating income was $535,786,815 compared with $552,425,same period of 1944.
way
259 in the
In
the
12
ended
months
June
30, -1945, the rate of return on
property
investment
averaged
3.91% compared with a rate of
return
of
4.34%
the
for
similar
of,steel ingots and castings, com¬
pared to 1,663,100 net tons last
period a year ago.
Operating revenues for June to¬
week and
taled
•:
ago.
A
1,737,500 tons
one year
^V
series
stoppages
of unauthorized
work
in
key operations of
the steel industry, the Association
adps,
steel
will cause production of
ingots and castings for the
.
current week to be the lowest for
^any week
since the beginning of
July 15, 1940.
of
freight for
July 28, 1945,
totaled 886,271 cars, the Associa¬
tion
week
of
nounced.
revenue
ended
American
This
was
Railroads
an
an¬
increase of
8,948 cars, or 0.4%, above the pre¬
ceding week this year and 23,219
cars,
or
2.6%,
$820,389,757 compared with
$799,475,442 in June, 1944, while
operating expenses totaled $541,707,405 compared with $518,466,530 in the
same
month of 1944.
Total operating revenues in the
six months of 1945 totaled
first
$4,699,870,508
compared
with
$4,636,071,620 in the same period
1944, or an increase of 1.4%.
Operating expenses in the first
of
Railroad Freight Loading—Car-
loadings
the
below
the
corre¬
sponding week of 1944.
Com¬
pared with a similar period of
1943, an increase of 746 cars, or
0.1%, is shown.
still
hampered
'
was
insufficient
by
'777/..-.
■.■■■*"■'7 7-.
manpower.
The
tanneries
and
little
a
noted
activity
more
six
months
of
1945
amounted
to
$3,195,745,900 compared with $3,-
077,777,848 in the
period of 1944, or
corresponding
increase of
an
3.8%.
Electric
son
responding week of 1944.
No Canadian failures were re¬
ported, nor were there any in the
corresponding week of last year.
A
week
ago
there were three
failures reported in
in
Production—The
Edi¬
the output of electricity increased
to
approximately
4,434.841,000
kwh. in the week ended July 28,
.
a
Corps for additional deliv¬
of serges and flannel cloth
for shirting.
There was good de¬
mand for Australian fine wools,
both spot
;
.
and to arrive.
Wholesale
Price
Food
Declines—Continuing to
.Index
in
wholesale
price index, compiled by
Dun & Bradstreet, Inc., dropped
a
move
range,': the
narrow
food
back
cent
one
oh
stand
to
at,
$4.10
July 31.
Compared with last
year's $4.03, this represented a
rise of
1.7%.
Advances during
,
the
week
wheat,
registered
were
in
and
potatoes,
while declines occurred in flour,
oats, barley, sheep and lambs.
7' The .index represents the sum
total of the price per pound of 31
foods in general use.
eggs
rye,
Retail
Wholesale
and
Trade—
Althought
the
volume, of
trade
the
country
retail
large
continue above the figure for last
year, it decreased from the pre¬
vious week, according to Dun &
Bradstreet, Inc. Food volume was
for
at
lower than the week before.
received
tailers
of
small
a
Re¬
quantity
previously unavailable house¬
hold
goods which were quickly
bought by consumers.
Women's
summer
sportswear
children's
and
to
be
ume,
ago-
the
as a rule main¬
undertone during
Wheat prices aver¬
markets
a
firm
week.
aged higher despite bumper crop
prospects and a peak movement
of new winter wheat to market.
Heavy government buying of cash
wheat was a factor, as was good
buying of futures by mills.
7:
Although it is still late, the corn
crop,
aided by hot weather, made
Trading in
corn was
very light due to lack
of offerings and small receipts.
excellent
progress.
7: Flour purchases by large chain
and independent bakers reached
substantial proportion? in antici¬
basis over last
than in the preced¬
week. 7; Wholesale
apparel
percentage
a
ing
received
markets
some
•
encour¬
agement from reports that gov¬
ernmental order M-388 would be
i-
dropped, a development which, it
was
believed, according to the,
New York "Times," would lead
supplies for the last,
of the year.
Continued
shortages brought about a decline
in wholesale food volume, while 7
to
larger
quarter
,
remained
volume
retail
the:■
for
part unchanged.
most
/;
.
to the" Federal Reserve
Bank's index, .department
store sales in New York City for
V, According
the
period
weekly
to/July
,
28,
1945, increased by 30% above the.
period of last year.
This
compared with a gain of 11% in*
same
the preceding week. For the four:
weeks ended July 28, 1945, sales;
by 19% and for the year to
14%.
.7
rose
date by
War Loan Purchases
by Savs. & Lean Ass'ns
Final tabulation of the Seventh.
War
Loan
purchases of the Sav-.
ings and Loan Associations and
co-operative banks show $811,895,000 poured from these home
financing
institutions
into the
Treasury, the United States Sav¬
ings
A.
E.
League reports.
Akron, O., Na¬
of the League's
and Loan
Albright,
Chairman
tional
Purchases,'
Bond
the combined institu¬
tions, besides more than doubling
any previous war loan perform-;
promo¬
on
fall
started
activities
Fall millinery sales
all price brackets were
sales were over the
Fur
large.
corre¬
sponding week of 1944,
Men's
continued steady with last
wear
Swiss
silk
on
that
says
bought 232% of their self-:
ance,
imposed quota for this drive. Ad¬
vices from the League on Aug. 4
added:
•
and
"Figures from some 45*5 associa¬
English cotton nets at high prices tions from which1 more detailed in¬
were
in demand;
woolen piece formation was available show that
goods sold in unseasonably large before the drive started they had:
volume as consumers planned-fall 25.3% of all assets invested In:
wardrobes early.
Government Bonds, and the pur¬
Sales
of
canning
equipment, chases during the Seventh will'
year.
which
last
week
of
because
low
have
last
above
crepe
reported
were
rationing,
sugar
increased
since
to
Some
year.
a
level
pre-war
household
utensils, such as elec¬
irons, clocks, and can open¬
The meat situa¬
from last week.
tion
Grain
tained
on
Committee
merchandise.
tric
the corresponding date a year
week •
volume 7
emphasized in apparel vol¬
ers, began to appear in slightly
Slightly—Reflecting
firmer greater quantities.
Some small
grain prices, the Dun & Brad- staple hardware items and a few
street daily wholesale commodity steel
products were received by
price index held quite
steady hardware stores.
There was an
during the past week, closing at increased demand for better fur¬
176.28 on July 31, comparing with
niture.
175.97 on July 24 and with 171.76
7 Food volume decreased slightly
on
retail
trade here in New York last
although successful
tional
in
continued
clothes
Up
decreased
and
Frozen
values.
food
Fresh
sales for the
Retail
estimated at 8 to 13%
in
fairly
were
above 1944.
New England,
to
14; Middle
West, 9 to 13;
Northwest, 8 to 12; South, 6 to
10; Southwest, 13 to 17, and Pa¬
cific Coast, 9 to 14.
trade
Wholesale
into
new:
"It
•1
three years ago,
he pointed out, that the United
States League started marshalling
was
just
the
resources
for
helping
of
the
associations
the
war.
self-im-;
posed quota
of $100,000,000 of
bond purchases for the last half
Their first
of
finance
effort
was
a
1942, and their purchases since
time, including the Seventh
that
War
amount to more than.
Loan,
$2,500,000,000.
Albania Pact for
Supplies
;
from Rome,"
Italy on August 2 to the New
York "Times" had the following
A wireless message
to
'
say:
"An
U. S.
percentage
increases
6 to 10; East,
Regional
10
re¬
a
reaching the market
large quantities.
were:
point
stores
steady flow of business.
fruit
and
vegetables are
ceived
percentage
high territory, Mr. Albright said.;
increased
with
eased
was
supplies
this
take
also
was
up
compared to 1944, but about even
with recent weeks.
Orders for
agreement between Enver
Hoxha, Premier of Albania, and
Col. D. R. Oakley Hill, chief of:
the United Nations Relief and Re¬
habilitation
mission in Albania,,
whereby the UNRRA will furnish
Albania with food, textiles, engi¬
neering equipment and medical,
and agricultural supplies was,
signed yesterday, it was announced
here. today.
7
777
v-V; 7.
i
"Roy Cochran, former Governor,
of of Nebraska, who is UNRRA liai¬
reorders.
*4;
son
chief at Allied Force* Head¬
Transactions in the textile mar¬
quarters,
witnessed
the
signa¬
kets ' were
lower.
Wholesalers
tures.
'■ ;77.777777'7-77/77
were'
able
to
deliver
larger
I.- "The agreement provides that
Automo¬
There was a feeling of caution amounts of hardware.
UNRRA supplies shall be madein
leading cotton markets last bile parts and accessories were in
available for distribution "without
week as the old crop season drew
great demand and in some sec¬
discrimination" by Albanian au¬
to a close.
Trading volume was tions -were somewhat' easier to
pation of a reduction in the sub¬
sidy rates for August.
Trading
in
hog markets was again re¬
stricted by small receipts which
cleared easily at ceiling prices.
and
moderate
a
ing values
from
a
price
narrow
movements
range
with clos¬
showing little change
week earlier.
In leather markets, the
demand
quality
leathers, with less interest shown
in the
lower
grades.
Demand
appeared
to
be
for high
1945, from 4,384,547,000 kwh. in
preceding week.
Output for from makers of civilian shoes
the
of
result
eries
Commodity Average
Wholesale
held in
Electric Institute reports that
Canada,
master
as. a,
;//7-;'
in
continued
Activity
;
year smaller
wool market at Boston
raw
Remained dull although there was
distribution of electricity
Local
mercial
States of America.
.staff.
Field
-v:
M.
I.
Marshal of the Royal Air Force
Sir Charles Portal, Chief of the
Air Staff.
Foreign
for
Commissar
Affairs.
Alan
Admiral of the Fleet Sir Andrew
with the increase in sales
factories
request for bids by the Quarter¬
Sir Archibald
Sir Walter Monckton,
increase of 0.4%.
19%,
by
to date by 13%.
year
four
1945, sales
and for the
July 28,
shoe
domestic. wools
of State for For¬
eign Affairs, Mr. Anthony
system
weeks 'ended
increased
week
compared
ple's
Secretary
output of
168,300,000
kwh.
in the
week
ended July 29, 1945, comparing
with 167,600,000 kwh. for the cor¬
responding week of 1944, or an
reports
the
week. / For
preceding
on
the new permits
expire August 11.
Cattle
slaughter for July was somewhat
off; from the June kill.
Output of
this
amounted
A. Y.
The Prime Minister, Mr.
be active
Commissar for Foreign
the Red Army.
For the
in
Trading
slacken.,
expected to
was
which
Consolidated Edison Co. of New
York
peared.. to
hides
Affairs, V. M. Molotov.
Fleet Admiral N. G. Kuznesov,
People's
A.
advisers).
Soviet Union
For the
Chairman of the
The
28, 1945, was
the corre¬
for
■;/
ago.
joint staff mission at Washing¬
ton, and other advisers.
L.
that
above
sponding weekly period one year
(Continued from page 657)
.
Thursday, August 9, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
658
ap¬
fall
took
apparel
of
most
obtain.
the
the
place
summer
Increased
demands
pushed grocery volume above
the
1944 level.
Department store sales on a
country-wide basis, as taken from
Board's in¬
the week ended July 28,
the
Federal
dex
for
Reserve
1945, increased by
pared with a gain
15% and com¬
of 14% in the
thorities.
to
will
to be
Those
who
can
-afford
with any such sums,
applied to further relief and
pay,
rehabilitation within the country.,
Military liaison brought into Al¬
bania
9,500
tons of supplies and
334 vehicles between
June 30."
7
April 11 and
THE CO®/IMERCIAL & FINANCIAL
CHRONICLE
659!
io
Steel Production Off
3.2%—Ordering For
Ahead Of The Revs
v
-
"Indications
mounting that the military appetite
are
for
steel
9), which further adds in part: "Consumption after that period will
be determined by immediate
requirements, always subject to revi¬
sion, but long-range needs will be definitely reduced.
nearly every
there is any
"In
fact, continuing i pressure
from business and political quar¬
ters may compel military to dis¬
tained in much better degree than
them. They are the reconversion
problem about which you hear so
expected and while the small
much.
tonnage which has clogged
munition program is off decidedly
mill schedules. Until this prospect
becomes reality, however, civilian
requirements
of
a; number
of
larger projectiles,
rockets
and
some
types of bombs are still
heavy. As long as shell needs are
reasonably sustained steel produc¬
tion is not likely to meet a sharp
dip.
:
•
."V.,.
\
"Considerable activity contin¬
ues in other war work, involving
not only bars and shell forgings
but sheets, strip, shapes, tubing
and in better degree than expect¬
ed even in plates, in spite of the
decline in shipbuilding.
«
producers must still live
alone.
The
tions that
for
the
first
tangible
of
for
most
sheet
from last
came
indica¬
home had been found
a
bulk
quirements
ucts
hope
on
'must'
steel
re¬
prod¬
week's noti¬
fication to the mills by WPB that
third quarter sheet schedules had
been unfrozen. If no rated orders
are
hand, mills
on
insert
may
un¬
rated civilian orders to
plug what¬
appear in sched¬
holes may
ever
ules.
.
Prior to the freeze early in
July such spot openings had af¬
forded minor tonnages for the
automotive industry and others.
Current prospects are that spot
openings before the end of Sep¬
tember will be few and
tonnages
Keep¬
thus made available small.
ing a close check on the mill diet,
WPB still requires that openings
must be
reported to it before new
orders are scheduled for produc¬
tion.
!
"Reduced
ordering for military
needs last week widened the
gap
by which rated order volume now
trails civilian ordering..
-.
;
am¬
"Unrated tonnage is accumulat¬
ing, though less rapidly than in
early summer, because of better
appreciation of difficulty in get¬
ting
definite
delivery promise.
Even
in
plates
unrated
tonnage
has not been easy to place as had
been expected. One eastern piatemaker
estimates
plate bookings
not
be
that
this
quarter
than
more
unrated
20%
will
of: the
total, if it reaches that level,
' correct
"To
caused
V
v
inequality
by the recent advance of
$2 per ton
hot-rolled carbon
equivalent- in¬
on.
without
bars
" the
an
,
"Bad
,
for
news
civilians
lies
in
comparison of delivery dates curcurently quoted; by mills with
those
prevailing a nionth ago.
Plate orders have
kept pace with
making October the
production
earliest
available
date
compared
with
September quoted last month
the larger producers.
Navy
by
orders
have
fallen
heaviest
on
Western mills whose backlog has
been severely depleted. The Navy
orders also have
deliveries
ber
far back
as
from
pushed structural
made last month.
liveries
as
September
still
quoted
for
February.
." eries continue
on
Strip delivfour
a
is accompanied by elimination of
certain extras which were
charged
previously.
This is the first
com¬
pensatory price'action taken by
OPA on steel products since gov¬
ernment price control was effect¬
ed.
OPA also has permitted ware¬
houses to pass along this increase
cold-finished
on
bars
to
their
to
five
month
basis, with some independ¬
producers having earlier open¬
ings. The barrier facing would-be
ent
terializes,
is
indicated
by
ma¬
sheet
extending into March,
Cold rolled sheets, chief
pf the automotive indushave become only slightly
concern
*
try,
easier,
•
'
still
holding the first openings. ■//
The'American
v
>
,.
with December schedules
Institute
on ?
Iron
Aug.
6
and
Steel
Under
,■
had
received
indicated
that
the
operating rate of steel companies
1 having 90% of the steel
capacity
of the industry will be 87.9% of
bill passed by the Sen¬
a
rates for disabled
have been liberalized,
raising the payments substantially
the level approved by the
over
House. United Press advices from
Washington Aug. 2 reporting this
further said:
"The
measure
when
on
to
goes
the House
with
ence
'
Congress
to
be
acted
in
reconvenes
October.
"Under the Senate version, pen¬
sions would be increased to these
figures:
t-
"For the
level
action
vices,
$235
loss of two
limbs at
preventing normal knee
elbow
with prosthetic
blindness in both
or
month.
a
,
.
week
one
ago, 89.0 %
ago and 96.6%
one
one year
month
The
ago.
.; operating rate for the week beginning Aug. 6 is equivalent to
; 1,610,000 tons of steel ingots and
; castings,
compared
to
1,663,100
"For loss
the
a
or
de¬
eyes—
\
of two
;
shoulders
limbs
hips
or
so
that
near
pros¬
thetic devices cannot be used, or
the "anatomical loss" of both eyes
■—$265
a
doubt
panic
more
there
soldiers
workers
easily into
and
the
unions
and
transition,
largely
and
where
month.
conversion
rather
seemingly
version
the
who
is
recon¬
legislation,
lot
just
were
resting
up
subsequently reappeared
claim
their
unemployment
compensation,- to rest up some
never
been
went
got
back
They
homes, they
elsewhere, they
their
just disappeared.
exist
from
it
The CIO can't
these
can't
disappearing
people.
have
reconversion
this
connection
it
has
developed
Ford
the
has
entire
reason
„
,
v
,
tons one week ago,
month ago, and
one
1,630,200 tons
1,737,500 tons
one year ago.
*
"Steel,"
summary
*
❖
feet,
5/200
and
operating rates have reached
; midsummer without having*
'more
than
gone
trifle below 90% of
a
'
capacity, with prospects promising
; for continued active demand for
■
months ahead.
"Cancellations
.
;
ceived
is
-
more
much
being
reT
freely but there also
new
considering
dated
are
work
tonnage, especially
the volume of un¬
awaiting scheduling.
"Shell demand has been main¬
both
less,
bedridden
—
one-
eyes
in
or
state
a
foot,
for
Ford
worked
ever
on
an
equal basis with
a
The fact
dustries
deed,
is
are
that all
now
of
Nevada,
was
United States
with
still
4-F.
he
of
our
in¬
up;
in¬
Senator
rest
before debate
in
sworn
resumed
was
as
a
on
He
wants
veteran
his
Press
He
reported from
succeeds
the
Washington',
late
Sen.
James
G.
Scrugham.
Mr. Carville, who
arrived in Washington on July 26,
flew from
Nevada in
order
to
cast
his
which
vote
he
unanimous
said
for
"has
our
Scrugham
issue of July
charter,
the
endorsement
people of Nevada."
Senator
the
almost
of
the
The death of
was
noted
12, page 213.
in
'
by
worked
You've got
be
can
not
legislation.
for
entrance
■
a
?.
pitch its appeal
better
talent
on
wonder
a
.
mighty
lems/that it
re¬
working
recommendations
on
for
a
to
It is for them.
call
wage
standards—sub¬
discussed by the New
conference
to
reconversion
was
the
"It
seems
to
generous
me
we
have been
with business," he
The
following
Barkley told the
fel¬
deal
prob¬
CIO's
con-
other
7they,
re¬
"pressing
!,
1.
Legislation
authorizing
the(
President to reorganize the agen¬
cies and departments of the exec¬
utive branch of government.
y
2.
Widening
of
unemployment
compensation
coverage, with
benefits during the
creased
conversion
mentary
create
a
period
and
in¬
res
supple¬
Federal
payments
to
national minimum stands
ard.
%.Y;^
3.
Comprehensive housing legis¬
lation.
:;;'v
4. Creation
!:YVj.
■;
of
single surplus
property administrator, instead of
a
board.
a
5. Full
}
employment legislation.
6. Reduction
as
of
taxes
practicable.
7.
as
soon
\
.
>
Broadening of the social
curity law,
8.
ses
y/' 0
Elimination
monopolies.
of
cartels
\
and
;///': •
9. Financial aid
■
day
Senator
Senate,
as
it
They sold it to Secretary
Schwellenbach and he asked Sen¬
t
j
I
ator
Vandenberg to ask him to do
it.
A
mean
of
conference
legislation of
which
the
emerge on top.
CIO
is
bound
some
sort out
will
leaders
;
to
to business.
10. Water power
development'
!
As for taxes, Barkley observed
that the Federal Government col¬
lected
$43,000,000,000
in
income
taxes on individuals and
corpora¬
tions last year, an amount he said
he did not think necessary after
the defeat of Japan.
He esti¬
mated
to
that
from I
$22,000,000,000
$20,000,000,000
would be
a year
necessary to carry on government
after the war,
y
v1
* :
..
,
/■: Senator Taft of
Ohio, Chairman
of the Republican Steering Com¬
expressed
dissatisfaction
with the agenda presented by Ma¬
amount
and
duration
of
unem¬
ployment
compensation.
The
Senator indicated that a Repub¬
lican legislative program wpuld.
also
await
the
Senate
members returned to
wheh
its
Washington
in the Fall.
■■v.
L
I-
)
E-R
Mortgage of East I
River Savings Bank
The E-R (Economv
gage
of
the
Rate) Mort¬
River...Savings
East
Bank of New York is
being pub¬
licized through a series
tion pieces,
A folder
of promo¬
describing
the mortgage service emphasizes
secured
at
each
of
the
may
5
be
offices
of the bank and describes the five
features
of
The
Economy
Rate
Mortgage
Loan:
1. Individual
Plans; 2. Easy to Repay; 3. Lim¬
ited
Fees;
4. Economy
Rates
of
Interest; o. Long-Range Service.
.
<
by Government
the fact that information
coction.
labor-
a
from
problems" which face the country,
besides its primary task of defeat¬
ing Japan:
mittee,
recess.
"Now we should do some¬
thing about the human side of the
(reconversion) problem."
CIO
Vandenberg know, when
called upon Labor
Secretary
with
was
said. ;
that the
these
—
very
are getting places
agitation.
Little did
management
meeting
over."
::
high patri¬
resourceful
are
Schwellenbach
he
to
during the recess and on
which I hope Congress will act
promptly when the' vacation is
/v-?
■■
to
cess
sider
Senator
he
the
the
on
Pepper said his plan was
"bring into focus a progressive
program for the nation to con¬
they
their
on
went
Mr.
leaders consider that tomorrow is
with
report
to
Unquestionably,
is
fraught with peril?
lows and
today."
us
declined,
wing at its luncheon meet¬
among the discharged
than what industry has
they
among
Barkley
that
own
he
ing.
fashion
had to depend on since Pearl Har¬
The motor industry plans to
But
if
Deal
there
you
believe that
and down in¬
up
bor.
Can
be
objectives/but he told
minimum
good way to break up
otic plane.
President
also
union.
though,
by
jects
wholesale
report
1,
that
Aug.
jority Leader Barkley.
"Senator
Barkley laid misleading emphasis
tions by President Truman and on several things," he declared,
the late President Roosevelt on 'according to the Associated Press,
which Congress has not yet acted. Aug. 2.
For instance, Mr. Taft
He mentioned
additional recon¬ told a reporter, Republicans are
more
interested
in
version
seeing >that
legislation,
unemploy¬
ment compensation, expansion of real jobs are available after con¬
social security and nn increase in version! than
they are in" the
Bringing in the vet¬
a
Press
11.
problem here that
argued
in
would be
the
a
suc¬
give consideration during the
ques¬
Barkley said he had been
working for several weeks on a
list
of
legislative recommenda¬
applying veteran's
notwithstanding
the
never
embraced
by; his
Barkley suggested to
Senators, according to the
Washington,
the
Mr.
an
has
him, to begin with his
into the armed service. •
the
United Nations charter, the United
did
him
party program after the
feels likewise, that he would like
to
avail himself of
the young
talent coming back from the wars.
soldiers
July 26
on
■
member of the Senate
a
comment
porters
Ford says frankly, and the
of the automobile industry
seniority,
its
I
Press
to
say,
or
people who are unionized and
have established seniority against
everyone who happens never to
have worked in that industry be¬
fore.
were
would
United
industries,
They are the
incompetents.
available
Senator
said
disa¬
"Young Turk" inten¬
Truman.
so are our service
per¬
Carville, former Governor
Senators
they
recommended
was
per¬
loaded
reservation
Associated
not
was
Pepperhowever,
any
Roosevelt's
was
■
mitted to be employed in its plant
terminably.
Carville U. S. Senator
as
President
which
Highway improvement and
meeting
was
>
prompted by any fear that construction.
the
Truman
12. Study
administration
is
of
Mr.
Roosevelt's
taking a too conservative trend.
proposed "economic" bill of rights.
known
should be
not,
or
erans
necessi¬
that
October,
-
Kentucky,
embarrass
in
Senator
the
tions and denied that the
motor
whether he has
eran
• ■
cessor.
W.
industry
audacity
yet to announce.
It brings up a
"On the contrary," he
said, "it
very interesting question.
Ford should be
emphasized that some
is taking the attitude .that a vet¬
of the legislation discussed here
with
mrt
E. P.
as
quirements still burden mill books
in
or
tions
vowed
wants but hasn't had the
both
tating regular aid and attendance
—$200 monthly."
of Cleveland, in its
of the iron and steel
on Aug. 6, stated in part,
follows: "While overall pr.essure for steel is
easier, heavy re¬
hand and
one
vision
manent
markets,
"
of
or
blindness
or
or
to
Senator
'
"For loss of both hands
of
was
want
and
Alben
program of progessive
/
made
Washington,
Leader
to whether he had com¬
mitted the Democratic
Party to a
can
out
•/':•
returned
from
without
Lucas, Illinois.
invited to the meeting.
and
Pepper
Kilgore
pretty
a
Magnuson,
Barkley,
"or¬
an
so
ren
Johnson, Colorado; War¬
Democratic
making
"around $100 a week, the
great
majority of them realizing that
the jig would be
up some. day.
ganized"
C.
To
been
The CIO has got to have
win
Scott W.
just have workers
this way, men and
who
women
Mississippi; Abe Mur¬
doch, Utah; Olin D. Johnston, So.
Carolina; Glenn Taylor, Idaho;
George Radcliffe, Maryland; Ed¬
heard/from.
to
employment
collect
dore Bilbo.
than 10,000 have
more
it
overs
measures.
Thomas, Utah; James M. Mead,
New York; Theodore F.
Green,
Rhode Island; Elmer
Thomas, Ok¬
lahoma; Brien McMahon, Connec¬
ticut; Hugh Mitchell, Washington;
Tow
Stewart, ' Tennessee; Theo¬
to
But
legislation,
Besides Messrs. Pepper and Kil¬
and have
more,
veterans'
employment bill, health,
gore, the meeting was attended by
Democratic
Senators
Elbert
D.
we
At first the
overwhelming
maj ority of them seemed to dis¬
appear in thin air.
It developed
a
(D.-
education, agriculture and public
works
out.
that
Pepper
and
additional
the full
understand it,
30,000 workers were thrown
some
This might
being direct requests from
President Truman, others carry¬
program
Claude
unemployment."
For three hours
they and 15 party
colleagues discussed the need for
Exactly
what
they
are
up
against may be gleaned from the
experience of Willow Run when
As
some
continued:
conversion
the like.
And they have in¬
duced a lot of editors and colum¬
nists to shout their alarms.
closed.
when
recess
further legislation is
necessary to
meet the growing
problems of re¬
and
it
social
and Harley M. Kilgore (D.W.Va.) called the meeting to "ex¬
amine the situation and see what
They are
demanding that
employment"
the
Fia.)
Congress return and increase un¬
employment benefits and pass
"full
and
as
Senators
lies.
are
soon
which
tremendous
insoluble
problem
ones
there
minority leaders.
or
war
legislation
ends, ac¬
cording to the United Press, in a
Washington
dispatch, July
31,
as
member¬
and
our
the legislators could be summoned back to
-
ship falling out from under them
in
should the
p.m. August 1, and
July 21, it is scheduled
s
our
mushroom
until October 8,
Formulating
9:09
commenced
The day before the Senate ad-$
:
journment some of the Senate prepared to embark on: its vaca¬
New Dealers met and discussed
tion, that it faced numerous ur¬
strategy for forcing action on re¬ gent domestic
legislative 'tasks
economy, but not
leaders.
They see their
CIO
last
began at
i
with Japan end suddenly, possibly
necessitating
emergency reconversion legislation or immediate action to reduce
taxes..'.:
/
present
fit
recess
recess
to
among
the
would
summer
occur
among
is
Senate
although, like the House
Washington by either the majority
if
,
confer¬
.
capacity for the week beginning
Aug. - 6,
compared
with
90.8%
turning
war
what
pension
veterans
announced
in, that telegraphic reports which it
that,
the
We
The
There is growing evidence
left to themselves, the re¬
Detroit.
Veterans Liberalized
ate,
day.
than
enemy
pickle
Pensions for Disabled
deliveries
; 1946.
the
In
'
civilian buyers, unless relief
;
collect dues in the process,
customers."
De¬
by most mills, although
quality grades now are not avajiluntil
cold-finished, Office of
Decem¬
cember
able
on
offerings
Carbon bar de¬
are
crease
Price Administration has allowed
the ceiling on cold-finished to be
raised $2 per ton. However, this
Senate Post-Recess Plans
/
(Continued from first page)
nothing
like
what
is
being
dropped over the CIO leaders
gorge
"
;
for prosecution of the Japanese War may be
nearly satiated within
the next 60 days," states "The Iron Age" in its issue of
today (Aug.
.
U. iV
Adjournment of Congress Until October 8;
-lore Gethacks lade From Washington
Thursday, August 9,1945
& FINANCIAL CHRONICLE
THE COMMERCIAL
660
Illinois Bankers Name
Moody's Bond Prices And Bond Yield Averages Non-Ferrous ietals ^ Gisrrenl Gse of Gejiper Y
Estimated at Around I j 0,000 Tons a tails Personnel Committee
\
Moody's computed bond prices and bond yield averages are
-
'^iven :1ri the following table.
/'.''.-I.
(Based
■
U.S.
Avge.
Govt.
Bonds
Corporate*
1945—
\
Dallyf?:
Averages
Aug."
•:'
^
.,
—
-
122.25
7-
6-_
122.33
Stock
•
120.84
119.00,
116.02
120.84
119.20
116.02-. 108.34
■
119.20
'116.02
108.16,
112.93
115.82
119.00
122.30
116.02
120.84
103.16
112.93 115.82
112.93 >V 11.5.82
112.93 115.63
112.93 115.63
113.31 115.63
119.20
119.00
119.41
112.93
115.63
119.61
115.43
115.43
119.41
119.20
119.41
122.39
115:82
120.84
3
122.80
116.02
121.04
119.41
13———
122.89
116.22
121.04
119.61
122.92
116.02
121.04
119.41
116.02
122.93
116.02
22—i
122.97
115.82
121.04
120.84
119.20
119.20
116.02.
115.82
107.80
112.93
112.75
15—4
122.97
115.82
120.84
119.20
115.82
107.80
112.75
115.43
122.81
115.63
120.84
122.23
115.43
120.63
119.00
119.00
115.63
115.43
107.62
107.44
112.37
112.37
115.24
114.85
119.41
119.20
122.29
115.43
120.63
118.80
115.43
107.44
112.19
114.85
18' 4
122.31
115.43
120.63
lL.^
41 ' —1
122.26
115.24
120.84
107.27
107.09
112.19
112.19
122.38
115.24
115.43
115.43
115.24
114.66
114.46
119.20
June 29——
8
120.84
115.82
122.23
6_„
'
1 -
25
—_
:
108.16
108.16
108.34
108.34
108.16
108.16
119.20
119.61
119.41
119.41
119.41
120.84
118.80
118.40
113.40
107.03
112.00
114.27
Apr.
27
122.38
115.24
120.84
113.40
115.04
107.09
112.19
114.27
M«r.
31a
122.01
114.85
121.04
FeD.
23—
121.92
114.66
120.02
26
120.89
113.89
119.41
118.40
118.60
118.00
114.85
114.46
113.70
106.04
106.04
105.17
111.25
110.52
109.24
114.27
114.08
113.89
119.20
119.41
118.60
123.05
116.22
121.04
119.61
116.22
108.34
113.31
115.82
119.61
120.55
113.50
118.80
117.80
113.31
104.48
108.52
113.70
Jan
il
—
High '1*945 Y
'1945
Low
3
YCjiP Ago
Aug.
120.00
Years Ago
l
119.20
r,;
'
2——_
(1::
'
■
—
*
27
20.,
—
13^:
J%i__
-
June'29—
—
2&„.
<
15—
:
'
1_——
May* 25 j,18-
-
—
L
11—
1*4 «...
-
Apr.i 21-u
a
•
Marm3Ut.
Feb.
23_
Jan:
26i._.
2.61
2.69
2.85
3.26
2.61
2.69
2.85
3.27
3.01
2.86
2.70
2.85
2.61
2.68
2.85
3.27
3.01
2.86
2.69
2.86
2.61
2.68
2.86
3.27
3.01?
2.86
2.69
2.86
1.64
2.86
2.61
2.69
2.86
3.27
3.01
2.87
2.70
1.60
2.85
2.85
2.84
3.26
3.26
3.01
2.99
2.68
2.34
2.68
2.67
2.87
1.60
2.60
2.60
2.87
2.67
1.60
2.85
2.60
2.63
2.85
3.27
3.01
2.87
2.67
1.60
2.85
2.60
2.69
2.85
3.27
3.01
2.86
2.86
2.61
2.61
2.69
2.69
2.86
2.86
3.29
3.29
3.02
3.02
2.88
'■ 2.88
2.88
2.68
1.59
1.59
3.30
3.31
3.04
3.04
2.89
2.91
V 2.68
2.69
2.87 .7
2.61
2.70
2.87
1.64
2.88
2.62
2.70
2.88
1.64
1.64
2.88
2.62
2.62
2.71
2.71
2.88
2.88
2.73
2.73 i
2.88
2.89
1-64
2.88
2.89
1.63
2.89
2.61
2.61
1.63
1.66
2.89
2.91
2.61
2.60-
1.69
1.77'
2.92
2.96
2.65
2.68
1.80
2.98
2.71
2.84
2.60
' .'v /
2.91
2.69
2.68
2.68
3.33
2.92
2.93
2.94
2.73
2.90
2.91
3.33
3.39
3.05
3.10
2.94
2.94
2.69
2.69
2.72
2.75
2.93
2.97
3.39
3.44
3.14
3.21
2.95
2.96
2.68
2.72
2.76
2.99
3.48
3.25
2.97
2.74
2.67
2.84
3.26
2.99
2.86
2.67
:
3.31
3.32
3.33
•YyYYY
3.03
2.71;;
1.84
3.10
2.69
-"Y""Y':Y
.
2.80
.
-'Y;;Y
Y.YY
3.34
3.55
3.05
2.80
':•;••• '(
2.68
2.94
2.79
2.95
2.78
■a.'''—
3.81 ;
3.08
3.56
.
the basis of one "typical" bond
maturing'in 25 years) and do not purport to show either the average
movement of actual price quotations.
They merely serve to
more comprehensive way the relative levels and the relative movement
coupon,
the
or
illustrate
In
average
a
the latter being the true picture of the bond market.
yield averages,
tThe latest
complete list of bonds used in
the issue of Jan.
In
3.05
3.05
Y'.'"-:VY
1.80
a.
2.69
2.68
3.05
3.06
: 2.73
.
.
"These prices are computed from average yields on
,
(3% %
level
of
■
1943 T -'
14, 1943, page 202.
■'
Y'
1
Price Index Advances to Previous Peak
weekly wholesale commodity price index, compiled by The
National Fertilizer Association and made public on Aug. 6, advanced
The
slightly to its previous all-time peak of 141.7 for the week ended
August 4, 1945, from 141.5 for the preceding week.
A month ago
the index stood at 141.5, and a year ago at 138.8, all based on the
1935-1939 average as 100.
The Association's report went on to say:
reached a new high point with its
sharing in the advance.
The rise in each
of these subgroups was small.
The grains index advanced because
of higher prices for wheat at Kansas City for rye.
The livestock
index reached a new high point with higher prices for lambs and
The
farm
products
group
three component groups
than offsetting lower prices for sheep.
Timothy hay at
New'York advanced during the week.
The foods index advanced
more
eggs
quotations for potatoes and eggs advancing
slightly. The textiles index also advanced slightly.
All other groups
in tbe.index remained unchanged.
fractionally,
consumption this
Canada has eased its
been lifted.
on
nickel. Quick¬
silver remains unsettled and lower
prices
were
named last week,
establishing spot metal at $135 per
flask.
The
publication
further
went on to say in part as follows:
Copper
Consumers
dif¬
With
imports in good volume, a fairly
large tonnage will be added to the
stockpile during August.
There
was some improvement in export
experienced
no
ficulty in obtaining copper.
Liberated countries are
looking for copper, but the credit
situation hampers business so far
transactions
private
Lead
Lead
was
are
con¬
removed from the list
with the
„,:During the week 8 price series in the index advanced and only
1 deblined; in the preceding week there were 6 advances and 5 de¬
clines; in the second preceding week there were 4 advances and
6 declines.
r-V
-v
and placed
list of
products still under
"surveillance," according to an
announcement by WPB last week.
With stocks increasing, producers
hope for a
gradual easing of
least
of
some
the
controls.
at
Re¬
ceipts of lead in ore and scrap by
States smelters amounted
United
to
in
tons
48,638
against
June,
43,510 tons in May. The gain re¬
sulted from larger imports.
Sales .of
week to¬
lead for the
taled 5,090 tons,
against 4,997 tons
in the week previous.
-
automotive
of
Shipments
re¬
i
f>
-
WEEKLY
Compiled by The National Fertilizer Association
-'
1935-1939=100*
Aug. 4,
Group
1945
Total Index
Food_.
25.3
144.0
■
■
'
1
s
7.1
,6.1
1.3
.3
Products
—
—
July 30 that all
on
the
distribution
in the platinum group,
have been
removed by revocation of Order
During the last week,
again listed tin among the
few
metals
that
remain
and
issued
list
Forward
in
lead
Mexico amounted to 22,024 tons
in
May, which compares with 16,081
tons in April, the American Bu¬
reau
of Metal Statistics reports.
Production in the first five months
86,455 tons,
amounted to
of
1945
an
average
of 17,291 tons a month.
Output for all of 1944 totaled 193,464 tons, an average of 16,122 tons
a
mohth.
.
.
quotations on Straits
quality tin, in cents per pound,
were nominally as follows:
July 26
July 27
July 28
July 30-___
July 31Aug.
——
1—
Quicksilver
placed during the last week,
a natural development in view of
the fact that certificates for pre¬
ferred orders were released quite
recently by WPB. Demand was
chiefly for Special High Grade
and
Prime
Western.
However,
present indications, requests
August
zinc,
covering
all
grades, are not expected to absorb
the
Dissatis¬
month's production.
faction
the present arrange¬
over
ment for taking care
of preferred
ordinary business
and
continues.
Consumption of slab zinc dur¬
167.7
167.2
162.9
213.0
213.9
201.5
164.0
163.5
165.0
157.8
163.0
162.3
160.8
158.7
133.3
133.3
133.9
133.7
132.2
156.8
157.0
152.4
108.9
108.9
108.9
104.4
Materials.
Fertilizers
Farm Machinery
combined
—
—.
—
130.1
153.8
153.8
153.8
154.0
125.8
125.8
125.9
126.9
118.3
118.3
118.3
118.3
119.9
119.9
119.9
119.7
104.8
104.8
104.8
104.5
141.7
84,678
totaled
tons,
Con¬
reports.
Mines
1141.5
,
141.5
138.8
Regular
In¬
Special,
High Grade, 23,030;
termediate,
Brass
5,202;
5,683; Selected, 678; Prime West29,295; Remelt, 602.
3rn,
Production
during
of
primary
May
in
April.
town, announces the appointment
of George L. Luthy, President of
the Commercial National Bank of
Peoria,
President of the First
National Bank in Carbondale, as
Vice-Chairman of this Commit¬
tee.; The
alumi¬
to
Production
of
sec¬
ondary aluminum in May amount¬
to
66,000,000
lb.
against
advices
Committee, the
state, will make a comprehensive
study of all factors affecting bank
employees — such as pay sched¬
ules, working conditions and
hours; profit-sharing and pension
plans and various types of insur¬
ance, ; including
hospitalization,
health
and
accident
life.
and
membership of the Com¬
mittee, consisting of 10 members
from every section of the State,
is
follows:
as
D. E.
tional Bank,
The Committee will hold its
or¬
ganization meeting at the Palmer
House, Chicago, the week of Sep¬
tember 10th.
$2,500 Pay Increase Tax
V
Free for House Members
On
July 23 Associated Press ad¬
vices
from
that
Washington
members
of
the
reported
income taxes on their ex¬
allowance of $2,500 a year
pense
if
their
returns
state
money
was
"fully
the
performance
that
the
expended in
of
official
The advices as given in
duties."
..
.
the New York "Times" added:
A
Treasury ruling to this effect
disclosed today in a letter
was
from
the Commissioner of Inter¬
Joseph D. Nunan Jr.
porters
of
Spanish quicksilver
said they were in no position to
Internal Revenue agent
examining
his return, a Representative
"qudte" the market at less than
$140. Domestic metal on spot was
offered at $135 per flask in several
directions, though
some
sellers
like
held
to
and
$140
around
even
done
was
Pacific
prompt shipment from the
Coast at $132 per
was
from
Consumers, with
exceptions,
turns
The
have
been
inventories,
re¬
with
factor.
London silver market was
quiet last week and the price con¬
tinued at 251/2d.
Official
for
the
Congres¬
the
ways
in which they
the $2,500.
(Ordinarily a
taxpayer* claiming deductions for
spend
business
itemize
must
expenses
these expenses.)
However,
if
requested
by
the
"will,
his
other taxpayer who
any
ceives.
an
expense
re¬
allowance from
v.:
employer, be required to sub¬
I
stantiate
; the
claimed ' deduction
by showing that the entire $2,500
used for expenses which
properly
deductible" under
Internal Revenue Code.
i
are'
the
Moody's Daily
Gommodily Mx
Tuesday,
their
ducing
in
flask, New York.
available at less than
$130 per flask.
few
in
printed
Record.
Members of the House will not
have to itemize in their tax re¬
was
Business
higher.
r
will
House
not pay
The New York
foreign
silver
was
July 31,
unchanged at 44 %<t, with
63,-. tic metal at 7O%0.
-
domes¬
I
1945_____
Wednesday, Aug.
Thursday, Aug. 2
254 9
~ "
1
255 4
Saturday, Aug. 4
Monday, Aug.; 6
Tuesday, Aug. 7
Two
weeks
Month
Year
ago,
1944
High,
1945
ago,
ago,
High,
Low,
.
.
~
•"
——II
July 24
—_
June
Jan,
256 4
249^2
31
1_
254*8
254*4
—
Aug. 7, 1944
Dec.
oc='c>
25?'2
July 7—1
Nov.
2549
25S 9
Friday, Aug. 3-
Low,
ed
Chairman and James E.
as
Mitchell,
tucky,
Silver
amounted
President of
and
the First National Bank of Beards-
sional
Japanese developments a
104,000,000 lb., against 103,200,000
lb.
Condit, President of
M.
Association
important
Aluminum
num
July 28.
on
Floyd
the
market for quick¬
silver during the last week re¬
mained unsettled and prices at all
times more or less nominal. Large
consumers who
were approached
in reference to placing forward
business in Spanish metal replied
that they were "not interested."
Under
these
circumstances, im¬
In the absence of any
business, -the
Forward metal for shipment
157.0
-—4
of
Bureau
known
to Representative O'Neal of Ken¬
Mexico
133.3
-
May
ap¬
pointment of a Special Committee
on Bank Personnel, it was made
nal Revenue
good volume of zinc business
for
Oct.
52.000
52.000
52.000
52.000
52.000
52.000
y
.
was
from
Sept.-
52.000
52.000
52.000
52.000
52.000
52.000
Chinese, or 99% tin, continued
at 51.1250 per pound.
Zinc
A
Auer.
52.000
52.000
52.000
52.000
52.000
52.000
sumption in May, by grades, was:
168.4
the
on
another
engaged in planning for civilian
production.
refined
the
authorized
Association
changed.
industry total for Canada was 81,batteries for June, 76,600 for
of
in¬
.
Bradstreet indicate. The estimated
May, and 65,800 for June, 1944.
personnel,
bank
to
both staff members' and
officers, the Council of Admini¬
stration of the Illinois Bankers
Chamberlin, Drovers Na¬
Chicago; J. DeForest
Richards, Nat'l Boulevard Bank
of Chicago; George C. Williams,
M-49.
Iridium was used exten¬
State Bank
&
Trust Company,
sively in the manufacture of elec¬
Evanston; Fred A. Gerding, First
trical
contact
points, and as a National
Bank, Ottawa; Philip L„
hardening agent in platinum. With
Speidel, First National Bank, Lake
controls still operative in plati¬
Forest; B. H. Ryan, State Bank of
num, the removal of restrictions
East Moline, East Moline; F. R.
on
iridium are not expected to
Rantz, Elliott State Bank, Jack¬
open up the market for the metal
sonville; M. C. Norton, First Na¬
in the manufacture of non-essen¬
tional
Bank, Champaign; J. W.
tial products.
'
^
Haegen, First National Bank, Sul¬
livan and E. J. Karsch,
Tin
Sparta
State Bank, Sparta.
The tin situation remains un¬
of iridium, one of the metals
uses
Special High Grade, 20,188 tons;
214.4
an¬
con¬
warning to consumers to conserve
on supplies.
The warning was di¬
rected chiefly at manufacturers
900
banking more desirable and at¬
tractive
cluding
and end
1944
133.9
.3
groups
War Production Board
on
141.6
;—
—
Building Materials
Chemicals and Drugs—
All
trols
greater in¬
the career
The
Iridium
"
■
143.1
1143.6
Commodities——_
Fuels
.3
100.0
■
Aug. 5,
163.1
Fertilizer
nickel was
month, with
larger
quantities
allowed
only
under permit.
Reports on stocks
and consumption had to be filed
monthly.
primary
1945
145.1
Metois
of
limited to 500 lb. per
July 7,
145.2
Miscellaneous
.
Purchase
permit.
1945
163.1
Textiles
8.2
of these amounts
excess
could be made only under
July 28,
145.Q
Livestock
17.3
chases in
Ago
162.4
Grains
/10.8
regulations limited
nickel anodes for
plating to 110 lb. per month, and
allowed dealers to carry not more
than a three-months' supply. Pur¬
of
Ago
145.0
Farm
.
of nickel anodes
use
The
purchases
critical
Year
162.4
Cotton
:
<
Oils
and
t
23.0
i
Month
Ot¬
Howe,
primary nickel have been re¬
scinded.
against 1,326,000 units in May and
1,368,000 units in June last year,
preliminary figures by Dun &
YY'Y' against 84,488 tons in April, the
Cottonseed Oil
Fats
f-
and
WPB
ing
Latest Preceding
Week
Week
the
the sale and
WHOLESALE COMMODITY PRICE INDEX
>
Each Group
Bears to
Minister
tawa, announced on July 26 that
Canadian
restrictions
governing
placement batteries during June
amounted to 1,325,000 units,
•
•.{
Munitions
nounced
•
of "critical materials"
the
of
make
and to
centives
of iridium have
use
Production
National Fertilizer Association Gommodily
:v
on
limitation order
;
computing these indexes was published
Y' •-
7-:-'-v-;Y.Y-,-:X'K-0y
■■■
Controls
on
1.64
1.59
.
2.70
2.86
3.00
1.64
*
month will total
Fabricators, in most instances, are reducing their
inventories. There was a fairly active demand for Prime Western
zinc for galvanizing.
Antimony <£metal has moved into a stronger 200,000 lb. in April, the Aluminum
position than antimony oxide, in¬ and Magnesium Division, WPB,
dicating that the call for the latter reports.
for
flameproofing has dropped.
A--/
■
Nick el y:;y,
estimate that copper
The
2.85
of
evident that the volume
to provide
In order
Markets," in its issue of August 2,
became
cerned.
Corporate by Groups*
R. R.
P U*
Indus
3.01
2.86 f 2.70
Corporate by Ratings*
Aaa
Aa
A
Baa
1.64
Aug:,-7,^1944—
7,
,
it
business for the month will hold at about the same rate as in July.
as
3.26
■'
2YearsAe'o
<
_
-vX".
S 2.85
-
1 Year' Aeo
Aug.
YIELD AVERAGES
August opened
around 110,000 tons.
business.
2.70
1945—
Low
a
117.40
2.61
1945_
High
114.08
.2.86
1.60
—
i
103.13
1.65
1.64
^
•;
99.04
'','
Stock Exchange Closed
4aai
'■
117.20
Individual Closing Prices)
Avge.
''
114.27
BOND
Corporate*
n6
i
111.62
118.20
■"v 1
106.92
(Based on
U.S.
Aug. -.7—
July
117.00
119.20
103.30
MOODY'S
Govt.
Bonds
,
Averages
'
112.19
V,!
Daily
:■
111.25
117.00
'U
\
V-
118.80
■
/
1945—
112.56
,
120.19
1943—
7,
'
"•
-
■
1944—
7,
Aug.
•
„
120.84
ll
May
119.00
113.12.:, 115.82
,,'Y.
;-Y Y'
115.82
27
■
108.34
116:02
116.02
Exchange Closed
As
Producers
116.02
115.82
115.82
116.02
116.22
20
t
-
u
Corporate by Groups
R. R.
P. U,
Indus
112.93 115.82 119.00
119.41
119.41
119.20
.
'
/
Corporate by Ratings* ; ,
Aaa
Aa
A
Baa
"E. & M. J. Metal and Mineral
states:
122.36
'2^-.li,-.'
JulV
'iy !*V;'"VY'vYY^'YiYUIV'^
Average Yields)
on
r
1
'
•
MOODY'S BOND PRICES! ::
254 4
-—-_:il_I
12—
245.7
258 0
•
252 X
4-
'...J.ll *"1 ■'.»'J.'
[Volume 162
.
Number 4410
Trading
THE COMMERCIAL & FINANCIAL CHRONICLE
lower,, corn quotations declined,
Average prices for farm products
lew York Exchanges
on
and
661
prices
rye
fractionally.
rose
weeks
New York Stock Exchange and the New York Curb Exchange and
volume of round-lot stock transactions for the account of all
vegetables-raised the index, for foods by 0.8%^
Prices for oatmeal
dropped with seasonally lower demand.
Average food prices were
0.1% above the end of June and 2.0% above a year ago.
the
members of these
exchanges in the week ended July 14, continuing
series of current figures being published weekly by the Commis¬
a
sion,
Short sales are shown separately, from other sales in these
figures.
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended July 14 (in roundlot transactions) totaled 1,594,109 shares, which amount was 14.90%
of the total transactions on the Exchange of 5,348,950 shares.
This
"Other Commodities—No
important price movements occurred
for other commodities
during the week.
Mercury quotations de¬
clined, continuing the decrease which began several months ago.
Turpentine prices also were lower.
During the month of July,
average prices for building materials and chemicals and allied prod¬
ucts
declined
fractionally while
unchanged, but the decreases
other
industrial
compares
On the New York Curb
1.1% above the end of July, 1944."
ended
14 amounted
July
volume
439,365 shares or 14.34% of the total
shares.
During the week ended
to
that exchange of 1,531,485
on
July 7 trading for the account of Curb members of 353,110 shares
was 13.01% of the total trading of 1,357,371 shares.
Yotal Bound-Lot
Stock
the!
Sales on
Transactions
for
New
York
Total Round-Lot Sales:
A.
■'
'
1945
JULY 14,
;
.
Tot^l
—
for
Except
mm mm m mi
■»****->
^
'/
/.
_.f
.
Department included the
following tables show (1) indexes for the past three weeks,
30, 1945 and July 29, 1944 and (2) percentage changes in
-subgroup indexes from July 21, 1945 to July 28, 1945.
,
(i
.
'
WHOLESALE PRICES FOR WEEK ENDED JULY 28,
f
(1926 — 100)
fiV'iiif:,!/'i'"\Commodity GroupsAll commodities
7.92
404,860
——.
farm
:
JOther sales
19^5
1944
1945
1945
1944
105.8
105.6
105.6
105.9
103.9
+ 0.2
—0.1
+ 1.8
128.5
128.2
130.1
124.1
+ 0.9
106.2
107.3
105,3
+ 0.8
118.5
118.5
118.5
116.8
o
f-r 0
+ 1.5
99.i
.t 99.1
143,860
fuel and
27,130
283,029
2.59
97.4
0
0
+ 1.7
84.8
84.8
84.8
83.9
0
0
+ 1.1
104.8
104.8
104.8
103.8
0
0
3uilding materials..
117.3
117.3
117.3
117.4
115.9
0
—0.1
+ 1.2
95.2
95.2
95.2
95.4
95.4
o
—0.2
—0.2
106.2
106.2
106.2
106.2
106.0
0
Miscellaneous commodities
310,159
4.39
94.6
118.5
95.2
Manufactured products
All commodities other
726,530
that-the
$1,300,000,000 or there¬
abouts of 91-day Treasury bills
to be dated Aug. 9 and to mature
Nov. 8, 1945, which were offered
on' Aug 3, were opened at the
Federal Reserve Bank
The
J.—.
Transactions
for
New
PERCENTAGE
14.90
of
Account
York Curb Exohamyt
Members*
(Shares)
WEEK ENDED JULY
14,
and
0
-
+ 0.2
0
+ 1.4
+0.7
—0.2
+ 4.1
0
—0.1
+ 1.5
—0.1
+ 0.8
101.9
101.9
102.0
101.1
0
100 6
100.6
100.6
99.5
0
0
+ 1.1
Fruits and
Other
99.8
CHANGES
21,
IN
99.8
99.8
SUBGROUP
TO JULY
1945,
vegetables..;
farm
products—.—af
98.7
0
INDEXES
28,
0
+ 1.1
FROM
1945
4.3
Other
1.7
Livestock
foods
0.5
and poultry..
0.4
1,510,180
—
0.5.' Grains
...
;.lln.ii';i,.:;v:ii::i.
;ji
-
Total
applied for, $2,007,689,000.
accepted,
$1,317,735,000
(includes $52,114,000 entered on a
fixed price basis at 99.905 and ac¬
cepted in full).
Average price, 99.905, eqinva^
lent
Round-Lot
Vthey
registered—
purchases
are
Total
,
-
vr:
per
annum.
Low
117,670
Since
123,015
Initiated
purchases
NYSE Odd-Lot
The
Securities
Commission
Aug. 1
a
JOther sales
54,720
''
3.14
59,520
yTotal sales
Other transactions initiated off the floor-
8.
Total purchases
3,200
to say:
58,840
Both
Short sales;—
•
i
JOther sales
—
transactions
62,040
Total purchases
■
-
Short sales-
15,955
„
JOther sales
trial
236,575
Total sales
O.
New
York
{Customers' other sales
and
14.34
The report issued
—
a
is
198%
above last
47 and 96%
year ago.
Total sales
"The term
2
went
fin
the
Exchange
volume
JRound-lot
rules
are
short
included
includes only
sales
with
which
"other
of
members'
the
on
exempted from
sion
purchases
and
Exchange for the
restriction
sales
reason
Is
by
the
Commission's
climbed
"other sales."
■
,
Civil
increase since early June occurred in the Bureau of
Statistics' index of commodity prices in
primary markets
during the week ended July 28, when the general average advanced
0.2%, according to the United States Department of Labor, which
on
Aug. 2 said that "higher quotations for agricultural products
responsible for the rise."
average was 0.1% below
above the corresponding
the
week
-
The index, at 105.8% of the 1926
at the end of June, and 1.8%
of last year," said the Department
level
,
'•
if' if
f f'; f
and
Foods—Average market prices for farm
products rose 0.9% during the week as the result of higher quota¬
tions for fruits and vegetables and eggs.
Apple prices were sub¬
stantially higher in Eastern markets following a further increase
in
disaster allowances by OPA.
Lemons and oranges advanced
seasonally and white potatoes in eastern markets .were higher re¬
flecting shorter supplies.
Onion quotations continued to decline
following OPA's removal of. the disaster ceiling. Prices for eggs
than 2% as seasonal adjustments were made in
ceiling
Cotton quotations were fractionally lower.
Quotations for
steers rose nearly 2% as a result of the severe
shortage of animals
on the market.
Among the grains/oats and wheat were seasonally
rose
a
last
year.
more
prices.
and
f:
\
TRANSACTIONS FOR
SPECIALISTS
STOCK
ON
THE* ODD-
DEALERS
THE
EXCHANGE
Ended
N.
Number
of
Number
of
Y.
ff
July 21, 1945
tTotal
For Week
.'• 24,592.
orders__
"!'711,867
$271348,148
Shares
Dollar value
(Customers'sales)
Number of
;
'
:
Orders:
w
•••>
Customers'
short
sales—™
"Customers'
other
sales.™.
'-v
96
21,307
;
.
'■'•} £"■
i
.>
,<»■
'»
Customers' total sales
-i'..'..
21,403
Number of Shares:
Customers'
short
"Customers
&
other
sales—3,619
sales.—.
530,491
Dollar value
except
year
in the
over
State and
vol¬
opening week
above
due
to
of
municipal volume, $186,-
the 1944 period.
engineering construction
for the
current
week,
*
—
Total
sales
^;.12p,010
'.1120,180
——
Round-Lot Purchases by Dealers—
•
s"i u
Number of shares
.,270,170
"Sales
marked
exempt"are'
"short
Public
construction
State
and
municipal
fL
,
classified construction groups,
all classes of construction
the preceding week. All classes
respective 1944-week totals.
Subtotals for
except bridges report increases
of
work
July 26,1945
Aug. 3,1944
$41,090,000
$31,818,000
10,500,000
8,864,000
30,590,000 f
22,954,000
•
15,021,000
■
7,673,000
v 15,569,000
15,281,000
are
above their
over
the week in each class of construction
are:
water works, $3,804,000;
$891,000; bridges, $810,000; industrial buildings, $12,634,000;
commercial building and private mass housing,
$10,043,000; public
buildings, $21,669,000; earthwork and drainage, $3,624,000; streets
and roads, $9,666,000; and unclassified
construction, $13,210,000.
New capital for construction purposes for the week totals
$19,133,000.
It is made up of $9,046,000 in State and municipal bond
sales, $1,000,000 in corporate security issues, and $9,087,000 in Federal
sewerage,
funds for construction in the District of Columbia.
financing
the
brings
1945
volume to
$1,504,833,000,
a
The week's
total
3%
tSaleS to offset customers' odd-lot orders
and sales to liquidate a long position Which
less than
round
a
lot
are
reported, with
"other sales."
f
—amm
$1,559,680,000 for the 31-week period in 1944,
Post-War
Construction
Planning Volume $21.9 Billions
Identified and recorded
engineering projects proposed for con¬
struction in the post-war years total $21,872,635,000 according to
reports tor "Engineering News-Record" in the period from Jan. 1,
1943 through July 26, 1945,
Plans are under way or completed on
post-war projects valued at $9,716,978,000, 44% of the total volume
proposed, and on $1,629,579,000 worth of projects all financing
arrangements have been completed.
,
King
f
T"1"; '
Truman Felicitates
Norway
Return to People
President Truman, in a birthday
on
message to
way
King Haakon of Nor¬
Aug. 3 expressed Amer¬
on
ican satisfaction that the
year
again
was
people.
New
President
"The
jesty
birth
advices
"Times"
as
King this
his own
to
the
quotes
the
saying:
knowledge that Your Ma¬
is
people
among
Special
York
again
on
is
among
your
own
this anniversary of your
deeply
American
new
below
re¬
ported with "other sales."
*
Aug. 2,1945
$76,351,000
31,321,000
45,030,000
12,538,000
32,492,000
construction
?'•S"''3
rbrt.+t* 170
•tOtner sales
is
volumes
'
Number of Shares:
last
the
534,110
$20,705,860
Short siles
This is the first time 1945 cumulative
last
Customers' total sales..—~
Round-Lot Sales by Dealers—
week ago
last week, and the 1944 week are:
In the
The first
Products
above
Total U. S. construction.
if IgS July 28 Labor Dept. Report?
"Farm
higher, respectively, than
12% decline in Federal volume.
Federal
-
dealers
Odd-Lot Purchases by Dealers—
'
156,000, gains 30%
that
Wholesale Prices Rose 0.2%in Week Ended
which also reported:
over
Private construction, $329,970,000, is 33%
but public construction, $793,520,000, is down 5%
Private
were
odd-lot
sales."
SSales marked "short exempt" are included with
Labor
253%
year.
year,
sales.
are
has
the
regular and associate Exchange members, their
including special partners.
these percentages the total
twice the total round-lot volume
and
ume
all
calculating
compared with
con¬
tinuing a series of current figures
being published by the Commis¬
sion.
The figures are based
upon
reports filed with the Commis¬
on
81,447
-50,355
"members" includes
week
.
responding 1944 period.
firms and their partners,
the
on
Exchange;,
r
Aug.
on
81,447
0
Total purchases
Stock
(Customers' sales)
The current week's volume brings 1945 construction to
$1,123,490,000 for the 31 weeks, 3% above the $1,082,209,000 for the cor¬
——
.
building, is
Public work
252,530
Odd-Lot Transactions for Account of SpecialistsCustomers' short sales
account
special¬
and
186,835
_
odd-lot
Odd-Lot Sales by Dealers—
private and public work are the highest reported in 1945,
work tops all weekly totals
reported since Nov. 11, 1943,
public construction is the highest since Oct. 12, 1944.
Private
work, as a result of the increased volume of commercial and indus¬
3.08
Total—
I.
for
of all odd-lot dealers and
Private
Total sales
summary
Exchange
public
on
for the week
July 21 of complete figures
showing the daily volume of stock
Week
lid-July 1843
country, and shipbuilding.
32,410
i
„
made
ended
■
Record"
4,800
;ij
Trading
and
0.5
engineering construction volume reached $76,351,000 for
the week, the highest
weekly volume reported to "Engineering Newssince July 15, 1943.
It is 86% higher than the total for
the preceding week, and up 140%
compared with the corresponding
1944 week.
The volume is for continental U. S.
only, and does not
include military construction
abroad, American contracts outside the
8.12
36,755
of
ra**
r
Civil
the floor—
on
:
equivalent
approximately
0.376%
per annum.; v-./ii;-f fV f ffff
(62% of the amount bid for at
the low price was accepted.)
There was a maturity of a sim¬
ilar issue of bills on Aug. 9 imthe
amount of $1,307,423,000.
v
Engineering Consfrectien Yetee Highest
*
130,970
Total
vy,. 7
.
99.905,
LOT ACCOUNT OF ODD-LOT
7,955
2. Other transactions
;
'
High 99.908, equivalent rate
approximately + 0.364%
AND
JOther sales—
approxi¬
discount
for Account of Members:
Transactions of specialists in stocks in which
1.
discount
,
bids:
1,531,485
—
Transactions
of
rate
mately 0.375% per annum.
Range of accepted competitive
STOCK
Total sales—
B.
as
Total
by the
specialists.
Decreases
21,305
Cereal
are
follows:
ists who handled odd lots
Increases
1945
JOther sales
93.8
101.9
Stock
Total Round-Lot Sales:
Short sales.
93.3
113.8
95.3
99.8
JULY
the
on
94.6
118.7
95.2
100.6
products and foods
867,579
Sales
94.6
117.6
95.2
0
All commodities other than farm
757,109
Stock
94.6
117.7
.
Aug. 6.
on
details of this issue
+ 1.0
than farm
products
110,470
+ 2.0
84.8
Raw materials
99.1
+ 4.5
+ 0.1
104.8
lighting materials
Housefurnishing goods
„'
99.1
—0.3
vietals and metal products
Semimanufactured articles
Total sales.
7-29
1945
106.5
Short sales
JOther sales
6-30
1945
129.7
JOther sales
Total sales
7-21
1945
107.4
Chemicals and allied products
Total purchases
Short sales
7-29
118.5
159,050
4. Total—
6-30
foods
off the floor-
purchases—
7-14
Hides and leather products
Textile products
152,560
Initiated
products—
7-21
124,540
8,700
Initiated on the floor—
Short sales
1945
July 28, 1945, from—,
7-28
Treasury
discount
Percentage change to
;
442,940
330,220
Round-Lot
in its
.
for June
»
JOther sales
3. Other transactions
notation
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
will attempt promptly to report changing
prices.
The in¬
dexes must be considered as preliminary and
subject to such adjust¬
ment and revision as required by later and more
complete reports.
-
74,640
2. Other transactions
Total purchases
Total
following
„
tistics
>
Short sales
Total
Labor
.
level
a
Secretary of the
on
Aug. 6
tenders of
The
•
5,348,950
,
they are registered—
Total purchases
;
.
The
specialists In stocks in which
1. Transactions of
:
-
Odd-Lot
Accounts of
Odd-Lot
the
trt fi —■ TTf — ——
m mn — rf—-
.
products and foods which
during the month, at
report:
The
announced
for Account of Members,
Dealers and Specialists:
<
<
5,220,260
Transactions
Round-Lot
.
•
^l^Vcso^^
JOther sales
B.
(Shares)
jAccount of Members*
WEEK ENDED
<
Exchange and Bound-Lot Stock
Stock
Treasury
Bill Offering
remained
groups
not sufficient to affect the group
were
index for all commodities other than farm
remained unchanged for each week
with member trading during the week ended July 7, of
1,312,335 shares, or 14.08% of the total trading of 4,662,080 shares.
Exchange, member trading during the week
Results 6f
were 0.3% below the level of four
earlier and 4.5% above the end of July, 1944.
"The increase of more than 4% in
quotations for fruits and
Commission made public on July
25 figures showing the volume of total round-lot stock sales on the
The Securities and Exchange
v
gratifying to the
people
with greatest
who
followed
sympathy the hard¬
ship and suffering through1 Which
Norway
years
of
passed during
Nazi
the
long
occupation.
The
people of the United States there¬
fore
join with
today
and
best
year."
me
heartiest
wishes
in sending
you
congratulations
for
the
coming
THE COMMERCIAL & FINANCIAL CHRONICLE
$562
Daily Average Crude Oil Production for Week
Ended July 28,1845, Decreased 14,250 Barrels
estimates that the daily aver¬
The American Petroleum Institute
ended July 28, 1945 was
crude oil production for the week
age gross
the high record
reached in the preceding week. Jt was, however, 321,550 barrels per
day in excess of the output for the corresponding week in 1944, and
exceeded the daily average fighre recommended by the Petroleum
'Administration for War for the month of July, 1945, by 40,100 barrels.
14,930,000 barrels,
a
decrease of 14,250 barrels from
ended July 28, 1945 averaged
Daily production for the four weeks
Further details as reported by the Institute follow:
.4,926,100 barrels.
companies indicate that the
of Mines basis approxi¬
mately 4,996,000 barrels of crude oil daily and produced 16,106,000
barrels of gasoline; 1,438,000 barrels of kerosene; 4,598,000 barrels of
distillate fuel, and 9,586,000 barrels of residual fuel oil during the
refining
from
received
Reports
industry as a whole ran to stills on a Bureau
42,283,000 barrels of residual fuel oil.
barrels of distillate fuel, and
^
*
*P- A. W.
■
.
■
f
Recommen'
:r
.
•State
Actual Production
Allow-
Week
Wilahoma
274 000
ables
Ended
from
July 28
Previous
1945
Week
380,000
1390,400
269,400
t278,450
i'nnn
1,000
Nebraska
Ended
Ended
July 28
July 29
3,900
50
—
270,200
279,250
900
950
—
89,150
87,500
152,300
152,300
151,550
521,400
521,400
463,550
139,000
148,350
East
379,500
363,550
EouthWest Texas
360,750
360,750
319,750
Coastal
568,950
568,950
531,400
—
Texas
Louisiana —
Louisiana —
Total
Louisiana
400.800
360,000
—
2,209,400
2,209,400
2,180,000 t2,184,285
n
2,067,300
70,400
70,300
72,350
296,900
296,900
284,400
367,300
367,200
357,750
——:
Mississippi
79,550
51,650
—
500
1,000
Alabama
Florida
78,786
53,000
80,000
—
150
—
—
200"000
Illinois
Easterns-
45,050
950
200
200
50
>
50
207,600
204,200
6,100
—
50
13,300
13,400
12,650
Kentucky
——
Michigan
Wyoming:
Montana
California
29,950
350
30,000
24,950
47,700
2,400
49,000
50,850
105,000
of Calif
3,937,900
113,800
—
—
946,500
8,600
103,500
3,979,050
9,050
5,200
21,900
11,400
103,250
350
+
12,150
§952,000
93,450
20,800
20,800
103,250
105,000
952,000
——
250
114,650
12,000
——>
East
53,150
63,400
47,000
22,000
■-—
—
—,—
New Mexico
550
28,000
118,200
—-—-—-
;
63,250
:
3,752,950
855,500
947,050
recommendations
•PAW
and
allowables,
State
4,926,100
—14,250
4,930,000
4,889,900
shown
as
4,608,450
represent
above,
the
allowable
{Recommendation of Conservation
STILLS;
UNFINISHED
AND
I
TO
,;' •••
•
.
...
RUNS
CRUDE
f
of
as
July
1945.
..
Total, including mine fuel__
Daily average
GASOLINE;
OIL AND
GASOLINE,* GAS
OF FINISHED
FUEL AND
DISTILLATE
>
;—Bureau
of
Mines
basis
{Gasoline
Refining
Dlstrlct—
Pro¬
to Stills
fStocks
tStocks JGasollne Stocks
duction
Of
at Ref.
Gas Oil
Capac- Daily
lty Re- Aver-
of Re-
Mili-
% Op-
Inc. Nat.
& Dist.
sidual
tary and
vilian
porting
age
erated
Blended
Fuel Oil
Fuel oil
Other
Grade
99.5
808
102.1
6,389
5,770
Coast
Appalachian—
District No. 1—
1,934
9,083
Ci¬
7,622
76.8
96
65.8
346
537
266
1,562
1,271
81,2
53
106.0
114
114
120
225
1,073
87.2
821
95,8
2,952
5,083
2,701
5,976
13,228
Okla., Kan., Mo—78.3
389
82,9
59.8
248
75.2
1,013
552
89.3
1,209
97,7
4,115
5,625
District No. 2—
Ind., 111., Ky
.
Texas—
Texas'Gulf Coast
1,478
:
2,263
1,395 "
.
1,746
6,549
969
1,103
1,677
5,526
10,561
5,588
Louisiana Gulf Coast-
96.8
264
101.5
974
1,683
1,091
2,171
& Arkansas—
55.9
85
67.5
255
960
206
137
1,677
13
100.0
44
21
38
10
87
608
625
1,535
2,312
OF
PRODUCTION
y""• V.:-J July 28,
District
No.
3
17.1
District
No.
4—
72.1
113
71.1
372
340
87.3
897
90.0
2,509
9,810
California
22,974
9,845
COKE
-Calendar Year to Date
July 28,
July 29,
July 29,
July 31,
1944
1945
1944
1,189,000
1,176,000
1,129,000
1,223,000
1,174,000
31,257,000
37,466,000
31,225,000
1,141,000
30,008,000
35,967,000
29,664,000
103,400
108,300
.139,400
3,474,600
4,433,000
2,115,500
1945
1945
produc.
total
iwut.
States
QtUbtb
..
...
iAww,
washery and dredge coal, and coal shipped by truck
tExcludes colliery fuel.
^Subject to reyisipn.
{Revised.
•Includes
operations.
BITUMINOUS
OF
PRODUCTION
ESTIMATED WEEKLY
1937
COAL
from
AND
authorized
LIGNITE,
IN NET TONS
(The current weekly estimates are based on railroad carloadings and river ship¬
are subject to revision on receipt of monthly tonnage reports from district
or of final annual returns from the operators.)
ments and
ind State sources
State—
——
Week Ended
July 21,
July 14,
355,000
———
6,000
6,000
7,000
—
93,000
87,000
Colorado
124,000
88,000
125,000
1,000
1,000
1,190,000
1,369,000
1,409,000
574,000
593,000
42,000
47,000
Georgia and North Carolina
Illinois—
.—_.——
Iowa———————r——
Kentucky—Eastern
Kentucky—Western—
Maryland
Michigan
*
___
-
Montana (bltum. &
New Mexico-
——
——
.
Pennsylvania (bituminous)
Tennessee
936,000
975,000
402,000
405,000
40,000
40,000
2,000
83,000
2,000
112,000
'• y 31.000
29,000
41,000
44,000
768,000
i". 770,000
652,000
2,752,000
2,885,000
2,946,000
138,000
—
Texas (bituminous &
*
lignite)——
:
—.—,
Virginia
Washington
.
—
4,996
91.9
•
16,106
36,071
42,283
*39 731
4,927
85.8
1945-
90.7
-
39,677
46 253
131,000
155.000
2.000
131.000
338,000
365,000
376,000
14,123
37,805
56$G67
36,988
44,308
C.
157,000
1,000
12,010,000
&
11,973,000
O.;
July 28
*2.1
1.6
.*2.4
July 14
*1.0
*2.6
2.8
3.0
*1.4
*1.3
*2.8
5.8
2.9
2.6
6.5
4.1
2.4
•
*0.9
,
Total United States
•Decrease under similar week in
-
*1.8
*2.2
*4.1
0.7
1.0
"
/;
*1.6 ":
*1.9
*5.0
*6.8
0.1
*1.9
WEEKS
1945
1944
4,397,330
over
1944
1932
3.9
3,903,723
1,436,928
1929
3,969,161
1,435,731
3,992,250
3,990,040
1,425,151
1,705,460
1,381,452
1,615,085
June
2
4,203,502
4,144,490
1.4
1,435,471
June
9
1,689,925
1,699,227
compared with 11,727,000 barrels a year ago.
These figures do
gasoline on which title has already passed^ or which the military
forces may actually have
in custody in their own or leased storage.
tStocks at
refineries, at bulk terminals, in transit and in pipe lines.
§Not including 1,438,000
barrels of kerosene, 4,598,000 barrels of gas oil and distillate fuel oil and 9,586,000
barrels of residual fuel oil produced during the week ended July 28, 1945, which
June 16_.
gasoline
not
this
include
week,
any
with 1,442,000 barrels, 5,090,000 barrels and 9,071,000 barrels, respectively,
preceding week and 1,321,000 barrels, 4,801,000 barrels and 8,732,000 barrels,
respectively, in the week ended July 29, 1944.
compares
in
the
Note—Stocks
of
kerosene
against 10,894,000 barrels
as
at
July
28,
1945,
amounted
to
week earlier and 11,490,000 barrels
11,081,000
a
year
barrels,
before.
as
May 19
——.
+
0.9
——
4,327,028
4,264,600
—
4.348,413
4,287,251
1.4
3,925,893
4,040,376
4,098,401
1,440,541
1,702,501
4,358,277
0.8
4,120,038
1,456,961
1,723,428
0.6
4,110,793
1,341,730
1.0
3,919,398
1,415,704
1,711,625
1.9
4,184,143
1.433,903
1,727,225
0.1
June 23—
June 30——
4,353,351
July
3,978,426
4,325,417.
4,327,359
3,940,854
July 14
4,295,254
4,377,152
7———■—
1.5
1,441,532
1,592,075
July 21—
4,384,547
4,380,930
July 28———
4,434,841
4,390,762
1.0
4,196,357
4,226,705
1,426,986
1,724,728
Aug.
4———
Aug. 11
4,432,304
4,399,433
0.7
4,240,638
1,415,122
4,415,368
4,287,827
1,431,910
1,729,667
1,733,110
Aug. 18
4,451,076
4,264,824
1,436,440
1,750,056
Aug. 25——
4,418,298
4,322,195
1,464,700
1,761,594
4,414,735
4,350,511
1,423,977
1,674,588
Sep.
1
„
dated
July 18
Declaration signed by the Vis¬
count du Pare on
July 17, stating
that the signature affixed
by him
on behalf of
Belgium to the tran¬
sit
agreement
constitutes
an
ac¬
ceptance of that agreement by the
Goyernment of Belgium
obligation binding
upon
and
it.
J
an
"The Minister of
Iraq informed
the
Acting Secretary of State
June
on
14 that the Council of Min¬
isters
agreed to the accession of
Iraq to the transit agreement.
r
"The
Minister
of
Luxembourg
July
on
9.
The
note
a
Minister
dated
and re¬
that day, that his signa¬
ture constitutes an
acceptance of
the
interim
agreement
the
by
Government
"The
of
Luxembourg.
Charge d'Affaires
of
of
Sweden
in-1
ad
Sweden
ment
to
informed
the
the interim agree¬
constitutes
an
acceptance
given
on June 29 of the
agree¬
ment by the Swedish
Government I
and an obligation
binding upon it.
"The
Minister of Switzerland
signed the convention and transit
on July 6.
In a note-
agreement
dated
and received on that
day
the Minister stated that the
signatures
affixed on behalf of the
1 440,386
1,732,031
-
Government of Switzerland to the
and
transit agreements
interim
constitute an acceptance of those
agreements by the Government of*
Switzerland and a binding obliga¬
tion upon it.
I
"Mr. Noureddeen
of
the
Kahale, ChairSyrian Delegation to'
Conference, signed the
and
transport
tran-
agreements
on
July 6 with the following reser-'
vation
the trannort agreement:
In accordance with
Art.
on
IV,
tion
1
of
sec¬
this
agreement, Syria
accepts only the first four priv¬
ileges in Art., section 1.'
,,"TJe
Minister of Syria informed
the
Secretary of State by a note
July 6 that the
in¬
1943
1,5
May 12
note
a
signature affixed on behalf of the'
Government of Syria to the
(Thousands of Kilowatt-Hours*
3.1
5
with
dated and received
previous year.
% Change
May
State
that
*0.4
Ui
6.9
-
on„
a
sit
July 21
*1.5
5.4
Southern States—
Australia,
agreement
"The Belgian Ambassador trans¬
mitted to the Acting
Secretary of'
man
•'
Aqg. 4
——
of
transit
Secretary of State by a note dated
July 6, and received July 9, that t
the signature affixed on
behalf
—
West Central
Minister
terim
4,245,678
4,291,750
4,629
and
"The
signed the
July 4.
28,000
4,302,381
basis
aviation
Dec. 7,
1944, are Australia,
Belgium,
Iraq,
Luxembourg,
Sweden, Switzerland, and Syria.
This action, not previously an¬
nounced, is as follows:
1,047,000
-
Central Industrial
have;
2,177,000
& W.;
Middle Atlantic
which
18,000
t
;
countries
1,180,000
195,000
_
England
Department added:
2,030,000
]>, 11,500,000
Major Geographical Divisions-
State
"Other
27,000
4,377,221
4,329,605
M
1944
the
4
The advices from
1,095,000
May 26
of
B.
•Includes
upon it.
acceptance
of
those V
agreements
by the Paraguayan.
Government
and
an
obligation'
on
military grades, finished and unfinished, title to which
Still remains in the name of the producing company; solvents, naphthas, blending
stocks currently indeterminate as to ultimate use, and 11,314,000 barrels unfinished
S.
binding
'
con-*
ceived
Week Ended
New
agreements
an
in
esti¬
and
power industry of the United States for the week ended Aug. 4, 1945,
was approximately 4,432,304,000 kwh., which compares with $4,399,433,000 kwh. in the corresponding week a year ago and 4,434,841,000
kwh. in the week ended July 28, 1945.
The output of the week
ended Aug. 4, 1945, was 0.7% in excess of that for the same week
last year.
transport
stitute
stated
1,698,942
1,704,426
July 29,
Acting
note dated '
ment
1,000
•.
on
a
that day that the
on
37,000
4,233,756
4,238,375
17.
the
31.000
The Edison Electric Institute, in its current weekly report,
mated that the production of electricity by the electric light
Week Ended—
42,480
informed
83,000
131,000
46 277
35,458
bassador
signed the interim agreement, the
convention, and the transit agree-'
2,000
1,000
190,000
the N.
41,000
.
Output for Week Ended Aug. 4, 1845
Exceeds That for Same Week Last Year by 0.7%
3,658
15,430
Agreement, and the
Air
Transport
Agreement on July 27.
The Am¬
2,010,0000
—
operations
150.000
-
124,000
.
;
49,000
:
113,000
North & South Dakota (lignite)
Ohio.
553,000
99,000
«-'
lignite)-.
V
945,000
■
;
117,000
.408,000
——
"
Transit
International
1944
398,000
Arkansas and Oklahoma
Indiana
July 22,
?!
379.000
—
——
1945
1945
y:. y-; y
v-
DATA FOR RECENT
85.8
ices
Beehive coke—
CU
United
Total U. S. B. of M.
28, 1945-
tion, the International Air Serv-
action recently on the civil
aviation
documents
concluded
tCommercial
Penn, anthracite—
,
International Civil Avia¬
on
taken
PENNSYLVANIA ANTHRACITE AND
§ July 21,
Pacific Coast—.f—
Total U. 8. B. of M.
basis July 21,
12,385,000 340,591,000 364.969,000
2,064,000
l;921,000 v 2,039,000
•Total incl. coll. fuel
Rocky Mountain
Rocky Mountain—
basis July
July 29,
1944
'
PERCENTAGE INCREASE OVER PREVIOUS YEAR
,
No. La.
t July 28,
1945
Electric
STOCKS
.f
% Dally Crude Runs
.
,
Virginian; K. & M.; B. C. & G.;
ind on the B. & O. In Kanawha, Mason, and Clay counties.
tResVof State, including
the Panhandle District and Grant, Mineral, and Tucker counties.
{Includes Arizona
and Oregon.
•Less than 1,000 tons.
this section include reported totals plus an
estimate of unreported amounts and are therefore on a
':
'
<
.
.-;.v:* »*:•.-
OF
....
}. ■:
-
Jan. 1 to Date
July 29,
1944
1945
11,500,000
1,917,000
11,930,000
1,988,000
'
,
AND
Committee of California Oil Producers.
*.
PRODUCTION
j' ' i; {'<■'.-i.
Inland
v
'
COAL
fSubject to current adjustment.
:
tlncludes
Figures In
East
1945
V
Total bituminous & lignite—
(Figures in thousands of barrels of 42 gallons each)
>
,
*
* July 21,
July 28,
Bituminous coal & lignite—
SOther Western States
1
yRESIDUAL FUEL OIL, WEEK ENDED JULY 28, 1945
;
'
i
Week Ended-;
IWest Virginia—Northern
calculated on a 31-day basis and
Includes shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 2 to 15 days, the entire State was ordered shut down
for 5 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 5 days' shutdown time during the calendar month.
basic
the net
is
BITUMINOUS
OF
LIGNITE IN NET TONS
Wyoming—
tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. July 19,
tThis
PRODUCTION
STATES
►West Virginia—Southern
production of cruder oil only, and do not include amounts of condensate and natural
gas derivatives to be produced.
tion
and
UNITED
ESTIMATED
Utah
Total United States
Paraguay signed the
Interim Agreement on
Interna¬
tional Civil Aviation, the Conven-
signatures affixed on behalf of his
Government to the interim, transit
with the output for the week
36,000 tons less than for the correspond¬
Kansas and Missouri
64,200
———
Total
80,500
51,950
•
(Not incl. 111., Ind.,
Ky.)
Colorado)
79,850
—
199,700
13,000
Indiana
200
650
the Am¬
that
of
ended July 21, 1945; and was
ing week of 1944.
.Alaska
Arkansas
bassador
and received
Alabama
—
stated
nouncement
decrease of 4,500 tons when compared
BY STATES,
Texas
The State Department at Wash¬
ington made known on July 31
the signing of aviation agreements
by various countries.
The an- '
Secretary of State by
Week Ended-
339,500
>
that the estimated production of beehive
(In Net Tons)
139,000
Coastal
The Bureau also reports
Signing
Aviallcn Agreements
coke in the United States for the week ended July 28, 1945, showed a
'
379,500
North
of 1944.
ESTIMATED
Past Central Texas-
Total
was
July 28, 1945, is estimated at 340,591,000 net tons, a decrease of 6.7%
when compared with the 364,969,000 tons preduced during the period
from, Jan. 1 to Jan. 29, 1944. '
'
Production of Pennsylvania anthracite for the week ended July
28, 1945, as estimated by the Bureau of Mines, was 1,189,000 tons, an
increase of 13,000 tons (1.1%) over the preceding week.
When com¬
pared with the output in the corresponding week of 1944 there was a
decrease of 34,000 tons, or 2.8%. The calendar year to date shows a
decrease of 16.6% when compared with the corresponding period
1944
389,900
87,500
Texas
Texas
over
at
—_
" 1945
350
—
t850
Panhandle Texas
West Texas
July 28, 1945, is estimated by the United States Bureau
11,930,000 net tons, an increase of 430,000 tons, or 3.7%,
the preceding week.
Output in the corresponding week of 1944
12,385,000 tons.
The total production of soft coal from Jan. 1 to
of Mines
Week
4 Weekc
Change
July 1
July
Kansas
week ended
•Revised.
Begin.
.
dations
•
f
North
(FIGURES IN BARRELS)
AVERAGE CRUDE OIL PRODUCTION
DAILY
i
production of bituminous coal and lignite during the
11,081,000 barrels of kerosine; 36,071,000
other gasoline;
tary and
The total
gasoline; 39,731,000 barrels of mili¬
'46,277,000 barrels of civilian grade
CouRlries
Weekly Coal and Coke Production Statistics
and had in storage at the end of that week:
;week ended July 28, 1945;
Thursday, August 9,1945
terim
agreement
constitutes
an'
acceptance by the Syrian Govern¬
ment
of
that
agreement
and
an
obligation binding upon it
"In
accordance
with
the third
paragraph of Article XVII
the
interim agreement came
into force
June 6, 1945.
The agreement
ther provides that
'Thereafter it
will become
binding as to each
fur!
ance
to
United
the
indicating its accept-
States
Government
on
of
the
the date of the
Government^"aCCeptanCe by that
^
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4410
162
663
Total Loads
Freight Gar Loadings for the Week
Ended July 23,1945 Increased 3,948 Gars
Revenue
This
Aug, 2.
on
.
of 23,219
1944
or
cars
or
in 1943 of 746
;
.
above the
above
cars,
decrease
a
In the Western Districts
1944.
corresponding, week in
"
alone, grain and grain products loading for the week of July 28
totaled 43,658 cars, a decrease of 1,704 cars below the preceding week
but an increase of 3,933 cars above the corresponding week in 1944.
'
14,353 cars, an increase of 673
cars above the preceding week but a decrease of 525 cars below the
! corresponding week in 1944.
In the Western Districts alone loading
of livestock for the week of July 28 totaled 10,522 cars, an increase
of 788 cars above the preceding week, and an increase of 326 cars
I above corresponding week in 1944.
!
■
Livestock loading amounted to
.
totaled 46,213 cars, an increase of
above the preceding week but a decrease of 6,899 cars
Forest
>v
*
2,199 cars
*
below the
loading
products
corresponding week in 1944.
amounted to 76,258 cars, a decrease of 454 cars below
preceding week and a decrease of 8,915 cars below the corresponding week in 1944.
"
~
_
Coke loading amounted to 14,316 cars a decrease of 570 cars
below the preceding week, and a decrease of 514 cars below the cor¬
responding week in. 1944.
/'
?•
the
-
'
.
-r
9,090
3,784
3,915
3,784
4,300
372
2,094
1,661
1,793
3,333
3,095
reported decreases compared with the corresponding
compared with 1943,
the Southern* Centralwestern and Southwestern..
r;}
All districts
v
All districts reported decreases
week in 1944.
except
'
•
of*
Weeks "of February—r_—
Weeks of March—.-.,—Weeks "of April
Weeks of May—
weeks of June„_—_—
4 Weeks"
.
4
5
4
4
5
<-
*
of July
7—
Week
of July
14__
of
Week
of July
:
197
-.77;;
-,7
882,323 "
y
4,003,393
7 608,630
v>
902,092
909,4.90 7.
886,271
--Jp---------
399
491
4,558
3,846
11,804
715
7 721
525
870
Mississippi Central—
413
315
Nashville, Chattanooga & St. L
3,267
3,155
3,284
4,316
4,741
Norfolk Southern—
1,023
1,626
1,591
1,275
1,651
1,179
10,816
Piedmont Northern:
350
1,275
521
440
434
8,564
8,879
9,701
Seaboard Air Line.
382
9,629
7,815
8,736
26,372
26,212
22,076
25,067
25,441
429
.
Richmond, Fred. & Potomac————
—
Southern System
7-
REVENUE FREIGHT
I
520
908
770
100
1,035
1,005
122,471
124,154
119,325
113,811
118,451
19,782
19,829
22,313
15,200
13,627
Chicago Great Western
I
-
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic
Elgin, Joilet & Eastern—
—
2,262
2,574
2,849
22,856
22,258
21,171
3,511
3,193
4,191
26,225
30,502
705
548
9,559
20,771
Western
Lake Superior &
1
.
Bangor &
Chicago,
Aroostook—pP-;
—;
Alton—
Fort Worth 6c Denver
6,794
7,106
3,351
12,207
11,647
6,880
340
178
204
607
627
2,927
3,256
2,881
4,747
3,431
131,315
141,705
141,843
73,754
67,578
29,045
21,339
16,083
13,469
3,624
3,367
3,705
4,411
321
462
88
78
21,813
20,885
22,308
13,529
12,958
3,037
13,177
3,256
3,000
839
810
14,887
13,064
14.755
13,742
3,082
2,850
2,520
4,672
6,621
765
899
3,346
2,450
3,990
7,323
5,913
755
709
76
15
2,293
2,053
1,856
2,267
2,240
1,193
1,207
720
591
1,658
1,962
120
113
963
1,124
959
1,080
967
10
1
11
0
•0
Southern Pacific (Pacific)—
34,004
34,320
14,489
15,111
Toledo, Peoria & Western
Union Pacific System
r 370
19,390
304
269
2,062
2,001
18,618
16,306
21.756
17,990
—>-•449
602
6
7
;
Western Pacific———
Missouri & Arkansas
1,265
:
46
2,383
5,232
6,717
11,383
12,956
Quanah Acme & Pacific
11,583
10,860
tSt. Louis-San Francisco
7,909
198
140
144
1,325
Texas & New Orleans
2,666
Texas & Pacific
2,304
290
4,027
3,743
149
161
158
2,155
2,038
2,090
-
11,085
16.03d
2,688
333
2,736
■7'7 349
2,865 77
2.634
19
1"
51,889
52,749
56,789
49,826
55,722
~10,08I
9,216
9,903
16,579
1,296
77. 1,280
3,245
7
7
6,686
7: 402
Total__.._
2,196
3,049
5,212
5,755
7,223
7,984
865
5,017
7-906
366
426
236
269
1,394
998
2,724
3,103
883
f.
77V 378
'
-
-
■
6.181
6,554
6,170
164.421
165,610
-
77: -iV
••;7'
399
6,625 7'-v.
164421
Total——------—---—
350 .'
5,404
/
Youngstown-
.
Ohio— ——r~
>
Bessemer &
•
,
7
:
805
-
:
7
•
48,190
48,423
6,312
7,251
The
'71*'
6,615
452
4,536
169,806
210,349
232,021
Total—;
1,020
7 43,718
■
;7 27,092
6,066
'77 '289
••
'
-
:'7:'
7
478
2,632
150
2,611
2,294
t
7v(t
9
8
18,219
.20,953
:v
1,651
1,603
•'
7
,
133
1,857
63
46
686 :?
16
227
7.
7'
■
72
4,337
-
V
12
irginian————
Total—-——
4,515
18,366
5,260
19,180
122
65
63
463
42R
10,778
10,077
•
9,224
8,513
8,764
3,870
3,234
2,703
6,253
7,516
9,767
12,288
11,762
5,476
5,800
6,100
5,440
5,321
7,225
8,053
100
20
107
145
35
39
43
18
2
48
73,681
76,865
68r378
66,865
70,289
;
1,720
'2,288.:
Received
v
Period
1945—Week Ended
April
:
7—
•
—-
April 14
April 21—__
April 28
62,978
67,793
27,307
30,055
7,389
7,711
4,038
4,708
4,344
7 12,603
13,145
197,214
200,279
197,436
165,497
182,538
28.981
29,849
29,015
14,845
13,800
21,206
22,253
22,885
7,578
8,656
4,752
5,016
54,777
56,859
represent
56,916
2,151
24,574
2,218
24,674
83%
—
—_
June
9
——
June 16—_____—
June 30
•
—
i-1
7—
:
July 14
July 21—
July 28
—
—
—
¥
:!'r "'••
were
3.1% be¬
production for the week of
July 28, 1945.
In the same week
new
orders of these mills were
13.3% less than production. Un¬
filled order files of the reporting
mills amounted to 112% of stocks.
low
reporting softwood mills, un¬
equivalent to 37
production
of
the
the
at
current
rate, and gross stocks are equiv¬
alent to 32 days' production.
For
the year-to-date, shipments of re¬
porting identical mills exceeded
production by 5.2%"; orders ; by
9.1%.
Compared to the average
corresponding week of 1935-1939,
production of reporting mills "was
total
•J; Production
Trade Barometer were
MILL ACTIVITY
Unfilled Orders
Tons
604,720
158,938
604,214
Activity
Current Cumulative
94
orders
97
94
less
95
95
125,708
162,040
564,631
142,387
158,854
546.311
99
161,764
605,892
97
i
153,111
602,717
94
;
158,532
565,867
97
157,794
532,25 7
97
168,204
153,359
546,211
93
95
189,674
.159,228
575,167
97
95
129,618
159,230
537,182
96
115,768
157,932
491,287
96
95
166,083
156,447
499,505
96
95
180,155
99,960
575,918
62
94
575,134
90
94
537,639
96
94
507,758
95
94
95
145,797
156,619
127,772
156,519
-
Notes—Unfilled orders of the prior week, plus orders received, less
not necessarily equal the unfilled orders at the close.
Compensation
>
;
unfilled orders.
;■
5.7%
95
:V'
adjust¬
mills, unfilled
equivalent to 38 days'
production at the
and gross stocks are
current rate,
equivalent to
production.
For, .the
year-to-date, shipments of report¬
ing identical mills exceeded pro-,
duction by 0.7%; orders by 0.8%.
Compared to the average corre¬
sponding week of 1935-1939, pro¬
33
production, do
for delinquent
reports, orders made for or filled from stock, and other items made necessary
ments of
orders are
95
95
mills \yere
than
reporting softwood
95
•
y
of these
production.
Unfilled
order files of the reporting mills
amounted to 109% of stocks. ^For
*
223,162
121,864
21, 1945.
92
98
151,085
10.9% be¬
for the week July
In the same week new
low production
Percent of
Remaining
Tons
146,832
129,327
May 26——;
'¥•
■
Tons
126,285
16,356
Lumber
the National
to
Barometer
Trade
filled orders are
203,891
159,733
May 19——
22,072
-
'
May 12—
90,013
Association,
shipments of 460 mills re¬
porting
For
Association
2,847
14,257
.
Manufacturers
lumber
RR.
4,862
19,563
4,590
this
•
According to the National Lum¬
ber
revised.
152,208
19,174
91,420
Ohio
.53
15,029
90,391
&
Orders
31.458
2,121
r
7,325 7
7,152
214
,
of
members
•'.. 1,284
July
ytiNpahontas District—1
5,415
17,325
effort."
each
indi¬ 3.0% more; shipments were 2.8%
cates the activity of the mill based on the time operated.
These more; orders were 10.3% less.
figures are advanced to equal 100%, so that they represent the total
Lumber shipments of 470 mills
industry.
reporting to the National Lumber
:
-
1,832
?
—
hesapeake & Ohio--—
orfolk & Western—
434
•
6,751
of 80,000 manthis phase of
Movement
1,249
18,469
—.
Baltimore
June 23————
'
344
;
■
■
(Pittsburgh)———Western Maryland,—-——
536
STATISTICAL REPORTS—ORDERS. PRODUCTION,
798'
'
136
Long Island——
—
■
Penh-Reading Seashore Lines,.
Cnion
549
207
program includes a statement each week from
member of the orders and production, and also a figure which
;
171
Ligonier Valley———
Reading Co.————r~-
709
167
industry, and its
12,455
4,274
—
Pennsylvania—
Pennsylvania System——
¥■¥ 737
213
figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
1,140
1,170
-10,907
"
-7: 741
-
t' 77"
t
1,708
1.618
Buffalo Creek &
Cumberland &
761
war
to
Report of Lumber
Weekly Statistics of ' Paperbdard Industry
/'<
Allegheny District-
Cornwall—
1,306
We give herewith latest
23
34
5.293
..
in
monthly
days'
'
Lake Erie-_~
Gauley—
Cambria & Ind'ana
;—.—
Central R. R. of New Jersey-
349
^
Note—Previous year's figures
16,169
9,701
228
Erie———
>'
2,087
,'968 77'y
————————r-——
Baltimore &
319
6,790
—
—
(•Included
3,246
7,686
r
—
Pittsburg, Shawmut
14,947 7.
7,561
460
'
-
8,112
'
Marquette——,—
Akron, Canton &
357
the
18,22r
;
7,192
404
Susquehanna & Western———.
Pittsburgh & Lake Erie—:
-
Wheeling & Lake
77
2,284
77v 6,388
7. 2,245
9,052
Louis-Southwestern
Weatherford M. W. & N. W
1,782
.■
6,477
8,871
:
Wabash
1,032
2,356
:.-7
"More than 3,397 of the state's
56,000 bank employees are regu¬
larly
required
to
keep ration
banking operating smoothly in
New York State/These employees
2,623
3,440
;
2,658
19,897
Wichita Falls & Southern
7,834
,
6,436
& Hartford
——
895 v,;7
York, Ontario &-Western„i.—• —<-■ K'
7,396
York, Chicago & St, Louis-.,—.,,-.
& North.----,—
Virginia-—•
7,977
2,783
'
>
Pittsburgh & West
i
St.
18,033
15,694
■v;
2,881
2,666
•
'
Missouri Pacific
1,425
14,448
981
3,368
3,206
Missouri-Kansas-Texas Lines
190
<;V
-325
68
2,112
•
V
1,069
4,876
3,859
/
:
2,093
1,758
325
5,907
369
1
Litchfiel-d & Madison—v
29
.
318
3,517
3,278
City Southern
1,078
7:7\v
422
—
Louisiana & Arkansas—
29
13,403
8,832
Kansas
1,156
8,059
■
■
;
Kansas, Oklahoma & Gulf—
Midland Valley___—
.
banks, and after a three-months
tryout period went into operation
throughout the nation.
'
—r__——
Pittsburgh & Shawmut
3,698
2,130
N. Y.,
Pere
312
'2,644
3,198
14,014
7,
N. Y„ N. H.
New
805
2,520
1,840
1,935
Monongahela—.———J.——
New
386
4,504
2,758
12,517
3,691 7
Central Lines_„——
777
5,549
2,729
1,432
■
New York
4,327
105,887
4,591
6,394
'13,268
Montour,
4,692
113,901
Gulf Coast Lines
1,065
.
2,604
131,821
International-Great Northern
6,670
England——
2,066
144,018
by
hours
Burlington-Rock Island
1,344
Vailey___--_---r----------"-p
2,340
'pay' for goods sup¬
The ration
sors.
Southwestern District—
7 6,699
.
Maine Central
33,399
banks, and
the re¬
the
devote ah average
.
530
4.897
Lehigh & New
■
142,392
f
;
Total—.
■/
in
producers and ; proces¬
banking system,
evolved in March, 1943, was first
introduced in New York State
plied
1,394
,
<
:
credits received from
tail trade to
4,161
—
accounts
tion
use
621
City
consumer.
"Wholesalers also maintain ra¬
753
•
of the wholesaler
favor
in
part, of the system in replenish¬
the
1,126
325
38
¥
rationed
of
ing his supply of goods to sell to
2,610
939
1,141
ers
3,475
:
:
1944
-.
distributors and retail¬
goods.
The re¬
tailer opens an account with the
bank, using ration stamps, cou¬
pons, and certificates instead of
money.
He deposits these items
and draws checks against his ac¬
processors,
6,405
320
little
handled—is
items
to the
public but it is an
important cog in the machinery
established by the OPA. The bank
is liaison between producers,
860
2,028
1,255
Missouri-Illinois
1,419
.7
known
3,225
29,253
3,629
for maintaining accounts
for
and
988
1945
7/7*
Hudson,———,—.—7,659
Delaware, Lackawanna & Western: V
269
Detroit & Mackinac—
•■7
1,775
Detroit, Toledo & Ironton————397 !«.
Detroit & Toledo Shore Line—
Lehigh
)
allowed
as
Illinois Terminal—
j
Connections
'
Lehigh fe Hudson River—'-u.—
1,036
11,674
Colorado & Southern—
1,377
Grand Trunk Western——————
901
48
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island 6c Pacific
Chicago 8c Eastern Illinois
235
Erie__
422
2,678
—j.
1943
Delaware &
84
7,200
475
68
Bingham & Garfield
885,525
Received from
77' 1,030
Central Vermont—
10,899
119
9,776
2,767
:Atch., Top. & Santa Fe System—
North Western Pacific
Total Revenue
•
Indianapolis & Louisville—
9,335
-v
and tokens.
government compensates the
banks—a small service charge is
count
285
Central Indiana.
8,610
448
:
sending out statements, ex¬
as though they were dealing
with dollars and cents instead of
Central Western District—
1944
288
.
Maine—-——-:
Boston &
1,024
425
2,027
Spokane, Portland & Seattle
Nevada Northern
Freight Loaded
1945
>
307
545
2,879
Spokane International
23,786,705
"
Ann Arbor-
346
WEEK ENDED JULY 28
'
District---
Eastern
27,336
26,935
2,241
—
3,874
2,562
2,114
Northern Pacific
,
3,219
10,493
4,048
2,168
7,769
Ishpeming
Minn., St. Paul & S. S. M
■>.- Total—,
3,615
24,201
386
<___
^
,
state:
average
"Ration banking, one of the few
wartime services for which the
426
387
Great Northern
Green Bay &
A.
8,340
Ft. Dodge, Des Moines & South
v
an
.
11,449
\
advices
banks handle
ration coupons
Northwestern District—
Total Loads
Railroads
and
127
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
banks, according
made public on Aug.
York State Bankers
survey
actly
662
Chicago & North Western
New
in
of 2,966,800 ration transactions a
month, receiving deposits, clear¬
ing checks, maintaining records,
132
—
and tokens, are
York State's
coupons
commercial
a
"The
604
Total
of
Association.' The
Winston-Salem Southbound
;
of
3 by the New
Tennessee Central
883,838
AND/RECEIVED FROM CONNECTIONS
LOADED
NUMBER OF CARS)
to
16,722
267
table is a summary of the freight carloadings for
the separate railroads and systems for the week ended, July 28,,1945,
During the period 61 roads showed .increases when compared with
the corresponding week a year ago.
<
.
M
;
-
690
4,655
16,657
12,608
7
700
do business by
handling mil¬
to
instead
maintained
2,280
562
5,045
258
The following
■
2,841
.
28,498
25,885
Peoria & Pekin Union
24,745,031
24,640,211 %
-
1,074
600
206
' 877,335
-
1,391
77-, 77' 107
114
48
28,165
Denver & Rio Grande Western
:r.
V
1,324
lions
1,038
113
1,483 i
7V7;.
gasoline
check
541
26,915
Denver & Salt Lake
i
48
285
3,363,195
4,338,886
744,347
832
47
and
281
654
27,183
3,152,879
'-7903,901
.
760
]
More than 153,000 "ration bank¬
ing". accounts, which enable sell¬
ers and distributors of food, shoes,
223
:;77'-
27,025
*
683,268
87
127
311
4,854
Macon, Dublin & Savannah
3,275,846
~
—1——,
.Total
252
Banking"
Accounts in KY State
5,428
Illinois Central System
3,055,725
,726,404
4,364,662
———
.
Louisville & Nashville
v'
" V
3,845,547
712
1,942
1,401
,
271
,7
798
865
—
3,154,116
3,916,037
3,441,616
3,452,977
—
"
F.y
•'
1943
»
,7 2,910,638
;y 3,158,700
3,374,438
2l———----
July
Week
---
'
1944
-
3,049,6974,018,627
'
'
Week
1945
3.001,544
^
_
428
7"
•
1,963
.
Georgia & Florida
Gulf, Mobile & Ohio
,
,
Georgia———
Minneapolis & St. Louis
Ore loading
:
11,368
Georgia
4,192 cars
decrease of 6,464 cars below the cor¬
preceding week, but a
the
10,086
—
Gainesville Midland-.
responding week in 1944.
Grain and grain products loading totaled 67,849 cars a decrease
of 703 cars below the preceding week but an increase of 10,441 cars
'
9,459
2,228
1,312
9,829
Florida East Coast
amounted to 173,075 cars, an increase of
Coal loading
497
1,118
Durham & Southern
below the preceding week, and a decrease of 10,005 cars
below the corresponding week in 1944.
'
/
Loading of merchandise less than carload lot freight totaled 103,507 cars, a decrease of 177.cars below the preceding week and a de¬
crease of 338 cars below the corresponding week in 1944.
;
302
2,336
848
Clinchfield
of 1,212 cars
1
631
882
554
Charleston & Western Carolina—
increased 3,-
Loading of revenue freight for the week of July 28
;
796
916
Columbus 6c Greenville
948 cars, or 0.4% above the preceding week.
Miscellaneous freight, loading totaled 390,700
>
"Gallon
1944
1945
1943
1944
Atlanta, Birmingham & Coast—
Central of
0.1%.
Connections
Atl. & W. P.—W. R. R. of Ala
Atlantic Coast Line—
decrease below the corresponding week of
2.6%, but an increase above the same week
Received from
1945
Alabama, Tennessee.& Northern
a
was
cars,
Total Revenue
Freight Loaded
yV;:•!
Southern District—
Loading of revenue freight for the week ended July 28, 1945,
totaled 886,271 cars, the Association of American Railroads announced
.
: Railroads
'/i;
days'
mills
was
8.4% more; shipments .were
1.7%
duction
more:
of
reporting
orders were 4.5%
greater.
cents
Items About Banks, Trust
Companies
the Chemical Bank & Trust Com¬
of New York, announces the
appointment of Pierce Onthank as
Assistant Vice-President, Mr,
Onthank is a graduate of Williams
College and the Harvard School
of Business, and began his bank¬
tion
pany
discussions
step, it is stated.
The advices also state:
and the
be rendered to the commu¬
may
City having a much larger capital
structure.
Both institutions have
s h o w n
continued
substantial
growth in number of depositors as
well as in deposits, and their com¬
bined total assets would make one
the
of
banks in Hudson
• ::>>'■ y"'
v
largest
County.
that
the
present office of the Harrison
'.
Na¬
contemplated
is
•"It
trust
tional Bank will be known as
meeting of the board of
directors
of
Sterling
National
Bank & Trust Co. of New York,
a
Manning, at present Viceof the Harrison Na¬
tio W.
President
Aug. 2, Henry W. Drath was
an
Assistant Vice-Presi¬
Bank, will be Vice-Presi¬
tional
dent Of the consolidation institu¬
the foreign
in
tion
of the bank's main
Broadway
and
39th
Mr. Drath was formerly
department
office
City. Hora¬
tional Bank of Jersey
elected
He will be in
the
of the First Na¬
Harrison Office
dent.
Jersey
of
Bank
Street.
in the
Chase National Bank at the main
before the
and
war
Cleveland
on July 25
profit for six
months ended June 30,1945, after
transfers to reserves was $304,984.
trav¬
extensively
in
European
on the bank's behalf.
;
eled
reported
that the: bank's
countries
net
This is
Alvin
the
G.
Chairman
Brush,
elected to th§
Manufac¬
of
directors
of
board
of
Home
American
of
board
Products Corp., was
equal to $8.64 a share, on
the 35,300 outstanding shares of
capital stock. In the correspond¬
ing period last year net profit
was $214,896, or $6.09 a share. Net
earnings from current operations
turers Trust Co. at a
meeting held
on
Aug. 6.
Mr. Brush is also a
director of Buck Hill Falls Co.,
H. D. Roosen Co., and Stevens
Nelson Paper Co.
He has been
in
970,
Home
Products
Corp.
since
trustee of
Mr.
Brush
is
also
a
Long Island College of
Medicine.
David
■
M.
Williams, Executive
Vice-President of the Washington
Irving Trust Co. of Port Chester
and Tarrytown, N. Y., died on
July 30. He was 57 years of age.
In the New York "Sun" of Aug. 1
it was;
stated:
"He
First
Chester
bank
the
of
Vice-
when
it
the deposit liabilities of
National Bank of Port
assumed
the
Executive
became
President
1941.
in
He
had
been
Assistant to the President of the
latter institution.
Active in civic
work, Mr. Williams
of
izer
former
Club,
the
President
and
was an organ¬
community
an
of
officer
chest, a
the Rotary
or
member
of other groups."
State Street Trust Co. of Boston
stockholders
to
$20, each old share to be ex¬
changed for five new shares and
the total capital stock to be in¬
creased
from
40,000 to 200,000
shares.
From the
count we
"They
transfer,
of
same
news
ac¬
quote:
It
1944.
Com¬
that Union Bank of
merce
has
value
in
an
alsc
is
asset of substantia?
capital stock of Unior
Properties, Inc.
Nothing is in¬
cluded in the foregoing earnings
figures relating to. this asset.
from
undivided
profits to the present surplus of
$5,000,000. After this transfer the
bank will have capital of $4,000,000, surplus of $6,000,000 and, on
the basis of the July 1, 1945, fig¬
ures,
undivided
profits
of
June
30, 1945.
latter
"The
with
The
Cleveland
Trust
Co.
of
Cleveland, O., announced on Jul*
29 the promotion of Harold A
figure
combined
compares
net
operating
earnings of $2,413,492, equal to 85
cents per share, for the first half
■of.;■l944,'^■-■;■■ r-;:After
of active busi¬
ness life, Theodore Albrecht, VicePresident of Northwest Bancorporation of Minneapolis', announced
on Aug. 1 his retirement, effective
at once.
Mr. Albrecht, Says the
Minneapolis
"Journal,"
became
Vice-President of Banco in 1929,
when that organization acquired
control
years
of
the
Union
Investment
of which he was President.
From the paper indicated we also
quote:
Co.,
He
helped organize
banks
in
North
at
time
one
director in 26 banks.
elected
was
number
a
being
In
Secretary
Union Investment
and
Dakota
a
1911 he
of
the
of Minne¬
Co.
apolis, which was formed in 1903
and is the oldest group banking
organization in the United States
He
assumed
the Presidency of
that firm
in 1921.
ooration
control' of
acquired
it,
Union Investment Co. included 32
in
oanks
Minnesota,
North
In his duties
as
and
investment
of
newly
tional
w a s
with
stock
that
organized
Bank,
of
the
been
all
of
subscribed,
maximum
100,
This
Na¬
Kenosha, Wis.,
simultaneously
that
report
had
the
Kenosha
announced
the
for
is
and
number
had
the
of
beer
learned
from
special advices from Kenosha to
the
Minneapolis "Journal" which
also said:
"The
directors are Judge Ed¬
Ruetz, Aid. John T. Steinmetz, Hans Guttormsen and H. Q.
Hyslop, businessmen; Chris A
The First National Bank of At¬
Vice-President of the
following his release as a
as
in
ieutenant-colonel
States Army.
the
United
ty.v-:
Mills B. Lane, Chairman of the
Bank
National
and
President
of
founder
and
the
Georgia
Bankers
Association,
died
on
Aug. 6. Associated Press advices
from Savannah, in reporting his
death, said:
His father established the pri¬
banking house of R. Y. Lane
Company in Valdosta,
Ga.,
after the Civil War, and Mr. Lane
vate
&
went to work there in
two
1881
after
at Vanderbilt Univer¬
years
sity. In 1888, with his father, he
organized the Merchants Bank of
He
Valdosta.
1891
Bank
of
oredecessor
Southern
Lane
was
to
Savannah
Vice-President of the
as
Citizens
came
of
the
National
Savannah,
Citizens
Bank*
&
Mr.
President from 1901 to
1928, when he. became Chairman,
charge of the business of
"The
$200,000.
bank
is
The
new
capitalized
at
bank will
oc¬
He
was
rector
y■■■.yV'yy y;>
.
Vice-President and di¬
of
the
Savannah
Sugar
Refinery
and
director of
the
Ocean Steamship Company, the
Savannah
&
Atlantic Railway,
other corporations.
includes four sons,
viz.: Mills B, Lane, Jr., First Vicer
cupy
quarters
of
the
former
United States National Bank and
is expected to open for business
and
several
His
family
about
President of the Citizens & South¬
Sept. 1."
of
First' Bank
Stock
National
Bank; Hugh Comer
Lane, President of the Citizens &
ern
Directors
"
'The
...
y".•
at
mutual institutions are serving the
number of the people in
of operation, safe¬
guarding the greatest sum of small
capital ever held by one group of
banks, according to the announce*
ment issued Aug. 3,
largest
their 129 years
Commenting
was
of
business
in
and
anticipation of the expansion and
new installations in the South by
national and state coricerns which
the
view
of this
post-war
area
potentialities
with great favor.'"
a Vice-Pres¬
Security-First Na¬
tional Bank of Los Angeles and
W. W. Gibbs, Jr.,
ident
the
of
the founder and first President of
chapter of the
of Banking,
died on July 25 from a heart at¬
tack while on his way home from
the bank, according to the Los
Angeles
"Times."
He was 72
years of age.
the
Angeles
Los
American
Institute
Williams-Taylor,
Sir Frederick
director of the Bank of Montreal
Canada's
of
one
Philadelphia Saving Fund Society,
said:
a
of age.
"As
Pacific
the
war
pro¬
gresses and draws to a close, more
and active consideration will be
to the task i of conversion
given
orderly change from war to peace.
The too early and too rapid re¬
moval of price control, accom¬
panied by the unleashing of pentup purchasing power and before
a
reasonable balance between sup¬
ply and demand has been estab¬
lished, easily might produce dis¬
Deposits in the first six months
increased by $1,046,602,570,
largest increase ever regis¬
tered for mutual deposits in a
six-month period, the present top
mark being $14,378,413,200.
In- *
crease of assets balanced the gain
in
deposits—this asset gain
amounting to $1,140,682,415, a total
of $15,953,333,612.
;
were
the
From the advices of the Asso¬
ciation
also quote:
we
"According
to
,v
mutual
savings
bank officials the number of de¬
the
record
authorizing expenditure
$2,738,000 for harbor improve¬
ments
at
Savannah, Ga.,
and
$1,867,000 at Two Harbors, Minn.,
vetoed by President Truman
on
July 31, according to special
advices to the New York "Times"
was
from
The
Washington, on that date.
President, in his veto mes¬
expressed objection to the
bill on the ground that, as passed
by the House, it omits a provision
deferring construction of the proj¬
ect until after the war unless
needed in the prosecution of the
wa
"It
seems
to me that piecemeal
16,725,733.
usually
of at
As
represents
least
two
per¬
sons,
the figures indicate that at
least
a
fourth
of
the
American
people have
a first line of defense
in their mutual savings accounts,
surplus of mutual
rose by $85,135,960
to the high point of $1,539,874,268,
which established
of
10.7%,
tial
one of
afforded
a surplus ratio
the most substan¬
any
large
sum
of
small capital.
to
"Although deposits were brought
an
imposing total, the average
passbook balances for 16 millions
was
$859.66, which in¬
cluded all types of special purpose
accounts, such
Christmas Clubs
legislation of this nature is in¬
and school savings.
Regular ac¬
appropriate," the "Times" report¬
counts—far in the maj ority—aver¬
ed the President
to have said,
"since
count
does not take into ac¬
well-considered and well-
it
a
rounded
plan for
projects to be
undertaken in a definite order
preference
and
aged $1,052.06. The average divi¬
dend rate paid upon
deposits was
1.70%.
every
day
"Approval of the bill under con¬
sideration would permit, upon the
availability of funds therefor, the
immediate undertaking of -these
projects and thus place them
preferential to the large
number of projects that have been
authorized
by Congress
during
the war period which are not
two
in
a
;/,/;/ AAAV:;'
■
.
"While
of
desira-
as
assisting the public in
war."
prosecution of the
::,y;.'.:yA;y.y"V
The "Times" further
said:
message to the clerk of the House
posed a parliamentary problem for
which there was no precedent.
the
House
now
stood
Corp. of Minneapolis, it is learned
from the Minneapolis "Journal"
of July 20, have declared a semi¬
stockholders of record at close of
Kelley
First National
the
sey
Graham,
President
of
Bank of Jer¬
City, N. J., and Louis R. Buck-
bee,
President
of
the
Harrison
business
Aug.
17.
The
advices
also stated:
"Total
to
$1,132,475.20.
be
paid amounts to
A dividend of 35
Southern National Bank of South
crease
in the capital and surplus
ad¬
journed the bill would be consid¬
ered dead since there would-be no
,
mutual
ings Bonds and has helped the
public to buy $2 billions of these
securities."
V
New Argentine Bond Issue
The
Federal
Reserve
Bank
of
New York
announced on Aug. 4
the receipt from the Banco Cen¬
tral de la Republica
Argentina, at
Aires, of the following
cablegram dated Aug. 2:
"Argentine Government will of¬
subscription during
period between 6th and 9th Au¬
gust 100,000,000 pesos new bonds
fer for public
to
be
called
Interno 3%
Credito
Argentine
1945-55 with cumula¬
later
reconvened.
parliamentary question
Dallas, Tex., was ratified at a cannot be decided until the Rep¬
resentatives
meet in the fall, the
special meeting of the sharehold¬
ers
recently,
In reporting this House Parliament said."
of the Republic National Bank of
"This
!'
i
Buenos
"Delivery of the President's veto
"If
■
savings bank is a
distributing agency of War Sav¬
every
status
essential to the
..
possible way with its day to
banking in limited sums,
opportunity for a taking of tive sinking fund 2% per annum
first
five
Carolina; Romer Young Lane and a vote to override the veto. But during
years
and
"A meeting of stockholders to
Edward Lane.
Mr. Lane was 84 since the House is in recess until 16.612%
during remaining five
pass upon the recommendations annual dividend of 40 cents
Oct. 8, the question arises whether years.
Sinking fund will operate
per years of age.
will be called for Monday, Sep¬ share on
it will have an opportunity to vote quarterly, both cases.
Net plac¬
capital stock of the cor¬
tember 10."
on
a
motion
ing
price
94.50%. Amount to be
to override after it is
poration, payable Sept.
10, to
The
recently
authorized
in¬
$1,21-3,907.
%■
"Combined
savings banks
of accounts
n-yA'AV.^^
of
account
the welfare
A bill
v-.
astrous inflation."
each
of
K
and the economy necessary to an
leading
prominent figure
in international finance, died at
Montreal on Aug. 2.
He was 82
and
bankers
and President of The
Association
and
volume
capital,
President Isaac W. Roberts of the
voted by the di¬
stockholders,'
said
Fred F. Florence, President of the
bank, 'because of the increase in
the
u:
signifi¬
the
upon
of this accumulated
cance
■
$5,000,000 increase in our
structure
national
of the board.
in
$40 per share.
obtained
sage,
torneys,
be
stock
these
record levels. Today
new
to
Juliani and Leo E.
Vaudreuil, at¬
and Daniel H. Cooney
formerly of Sheboygan, who will
of
Union
lanta, Ga., announces that Frank
P.
Davis
resumed
his position
oank
totals to
Mutual.
of
bringing
Banks,
Savings
of
Mortgage Co., also a Banco sub¬
sidiary.
.yy''yty:;';^:y > :yy
'ii
ward J.
share
Association
National
'rights' will be required for each
new
Northwest
first
directors
July 24, 1945, subject to payment
not later than Aug. 14.
Three
i
deposits, num¬
ber of depositors and assets dur¬
ing the first six months of the
year have been announced by the
Further gains in
continued
the
of
'rights'
to the shareholders of record as of
Vice-President
Of Banco, Mr. Albrecht
to
serve
as
President
board of the Citizens & Southern
Election
at
with !• preemptive
share,
pro¬
125,000
$40
per
Assets at Mew Peak
positors is a tested guide of sav¬
ings
trends.
The
increase
of
mutual depositors in the first half
year was 404,504, raising the total
department to Assistant
Treasurer and the appointment of
Wilbur G. Wheeler as manager of
to the Cleveland "Plain Dealer."
shares
additional
years
Da¬
resolution
issuance of
the
for
vides
kota and Wisconsin.
credit
department, according
stockholders'
the
and
At the, time Northwest Bancor-
Wood from manager of the bank'?
credit
a
500,000 to $10,000,000 and the sur¬
plus from $7,500,000 to $10,000,000.
"At present there are 375,000
shares of stock outstanding and
rectors
60
Aug: 1
the bank.
also
have
voted
the
effective
immediately,
$1,000,000
of
the
reduction of the present par value
of the bank's shares from $100 to
portion thereof applicable
to
the
parent corporation,
to¬
gether with results of the opera¬
tions o fthe corporation and other
active affiliates, produced com¬
bined net operating earnings of
$2,786,659 or the equivalent of 98
cents per share on the 2,831,188
shares of
stock outstanding
oh
were
a
half
first
reached.
recommend
reserves
stockholders,
directors, according to the "Bos¬
ton News Bureau," have voted to
before
1945
$442,share, comparing
$335,255, or $9.50 a share, ir
stated
In addition to his business
1935,
affiliations
1
the
of
half
to
$12.55
or
with
Chairman of the board of Amer¬
ican
first
the
transfers
"Times-
Dallas
the
stock will be increased from $7,-
"The
Minnesota,
Thompson of
the Union Bank of Commerce of
President John K.
foreign department of The
office,
March 12.
on
in
Herald" July 24 said:
"The
stockholders
adopted
906,537.
of
-
advices
amounting to
paid to stock¬
resolution, voted by the directors
Bank Stock Corp. had combined July 10, authorizing an increase
in the capital and surplus of the
net
operating earnings for the
The capital
first half of 1945 aggregating $?,- bank to $20,000,000.
Harrison
the
of
charge
Office."
at
was
"The 72 bank affiliates of First
consolidation, the
nity by such a
First
National
New York City business and Mr.
At
of
of service which
the greater scope
the company's out of town
business, Mr. MacDonald with its
"
Bank is aware;
National
rison
with
..
county
management of the Har¬
ties in this section of the
promotion of George W. Dietz,
Morgan S. MacDonald, and John
F, Mcllwain from the rank of As¬
sistant Secretary to Assistant VicePresident, ; Mr, Dietz is associated
its personal
Jersey City institution is
of extending its activi¬
"The
Irving Trust Company of New
York announced on Aug. 2 the
,
',
desirous
was
duty with the Chemical on Sept. 4.
business.'
proposed
siderable interest in the
Conn., becoming President of that
bank in 1941.
He will report for
Mcllwain with
respective
Preliminary
have .disclosed con¬
directors.
of
boards
elected VicePresident of the New London City
National Bank of New Londoh,
1940 he
of
consideration by their
ing career in 1927 with the First
National Bank of Boston, Mass.
In June,
holders
N. J.,
consolida¬
the two banks is under
have announced that a
share,
per
$990,915.80,
National Bank of Harrison,
Houston, President of
Frank K,
on
Thursday, August 9,1945
THE COMMERCIAL & FINANCIAL CHRONICLE
664
offered
may be increased within
total authorized amount
300,000,000 pesos after reserve of
up to
20% has been set aside for mar¬
ket regulation purposes."
i
@FedFRASER