Full text of Commercial and Financial Chronicle : December 21, 1944, Vol. 160, No. 4344, Section 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Final

New

Number 4344

Volume 160

as

was

criticism of

a

conquered European peoples. Within a few days the
situation in "liberated" Greece took a turn which is said to

Washington—arid certainly has caused
considerable stir among the rank and file of this country
and apparently also in Great Britain.'- Then last week fol¬
lowed the Churchill revelation of the. Russian and British
attitude toward Poland—that bedeviled country on whose
account ostensibly at any rate Britain went to war in 1939.
Again many "naive:minds in this ;country are fearfully
"shocked" at the picture thus set* before their eyes.

have shocked official

vi.'^ 7

ing Until We Know the Nature of the Peace.
Points Out That Universal Training Is
Not Essential to Preparedness and That It is Equally Important to Have Adequate In¬

Regimentation is Made
Compulsory It Will Have Grave Effects Upon Our System of Private Enterprise.
Stresses the Value of Scientific and Engineering Research as a Means of Defense and
Deprecates the Use of Military Training for Health and Educational Purposes.

dustrial and Technical Training

many

that there are still too many unpredictables—too*drafting of young men as long as
deuces-wild in the deck—to permit a reasoned decision at this may be necessary for the purpose.
t i

the Commons
just about: what was needed to set recent events in the
Baltic states, Poland and Greece out in a light to arouse
many elements in the British and the American populations.
At any rate, what he had to say coming on top of the events
to which they in part relate obviously placed President
Roosevelt in a politically embarrassing position—whatever
it may have done to relieve the political pressure under
which Mr. Churchill has been laboring.
Strangely enough,
some observers both in this country and across the Atlantic
who have not been more than mildly concerned about the
fate of Finland or of Poland now hold up their hands in holy
horror at what seems to them to be happening to the Greeks.
There seem to be a good many, who are unable to under¬
stand how it came to pass that Mr. Stalin in some sections

Selective

quire it.
Throughout, let us remember
that the proposal is for universal

of

1940,

be¬

cause we

were

the economists who,
forecast a bleak and depressing future for our country and for the
world.
They may be right, but I don't think so.
Seme of them just
do not seem to understand how fast we work.
Our enemies grossly underestimated our ability to convert our
plants from peace-time products to war materials.
And I believe
these

pessi-*^——

mists

are

underestimat¬

ing the speed
with
which
we

will

convert

thermore.
I Believe they

underes¬

timating
rapidity

the
with

which Ameri¬

earth.

By and

of life, the same way of
life
that
has attracted - to our
shores
millions of people from
can

on com¬

probability we shall re¬
considerable military force
for a number of years, merely to
dispose of the aftermath of the
present war. In that case I should
approve
a
continuance of the

believe

I

after/the war.
popular

In all

quire

favor

therefore

a

accept

new

products

7

24,1944.;"

leave the task of
providing
jobs
to
government.
They advocate changing the eco¬
nomic system of the United States
to. a combination of fascist and
willing

to

the

;

BABSON PARK,

Government Debt be

GENERAL CONTENTS

the
/v.'

'

Editorial'

and

can

prosperity

will be

employment,

of

level

alone

assure

after

stability

Page

"v.

Situation..;

because business,

operat¬

in

practices in an effort
vide this employment.
A big job
to avert what they regard as in¬
to ,do.
Let's^do it and let's start
evitable catstrophe.
But let me
now!—Harvey S. Firestone, Jr.,
remind you and them that gov¬
ernment alone did not give this President, The Firestone Tire and
country the highest standard of Rubber
Company
before
the
living the world has ever known. Economic Club! of New York, Dec.,
Government alone .did not make
5-1944,' i
V.W '7 e
communist

,

.

the United

States-the greatest in-




.

difficult phycho-

required to make us influ¬

force

ential in the cynical world'

of in-

(Continued on page 2741)

MASS;—How can the huge post-war U.S.
serviced? When the total annual expenses of
President Coolidge (including Army, Navy,

etc.) were only three billions, _how
provide the money to pay interest alone of six billions?
Increasing *

now

Regular Feature*

'

'

.2750

.

...

Weekly Coal and Coke Output....

Moody's Daily Commodity

Ootober Building
Dec. 1 Cotton

*A;

eared

2749

Permits...........2747

Report.......'...

Gross and Net RR.

page

v..

2747

Weekly Electric Output.

2749

Earnings (July) *2698

in our issue of Dec. 18 on

icated.

u.

v

"»*•»-

*•

about

sixty

billions.

Our

bankers

that

Wash ington

provide

will
the

necessary

to pay
interest on the

money

$ 300,000,000,debt
by

000

doubling

this
in¬

national

By in-

come,

may our

Roger

W.

prices,

Babson

land

values, etc.,
this
am

perhaps be done; but I
not too sure. Certainly, infla¬
can

would

tion
out.

be

dangerous way

a

7

'/

'

•••

•

.

\

Statisticians believe that all na¬
tions

ments

must

in

the War.

make

their

some

after
reason why

no

the United States—if we want our
<^b

*

r.

•

,

*

<

-

Ownership

banks, together
with the railroads, public utilities
and
certain large corporations,
may

day

the

be taken over by the Govern¬
This, however, will not

ment,

happen until the next business
depression.
One step, however,
we
may expect any
time. This
will be to nationalize the twelve
Federal Reserve Banks and thus
the Government the

save
on

bonds

interest

held by these Reserve

Banks.

could
pol¬
the Government

The Federal Government
also institute a

100%

icy and thus save
the interest on all

reserve

Government

the banks. This is
now
being
advocated by the
"London
Economist."
In
fact,
Bonds held by

Geoffrey Crowther recently urged
such

a

chester

debts

huge

They see

readjust¬

debt be readjusted?

Government
Some

creasing

Index....2747

Non-Ferrous Metals Market.....

was

state

..2749

Production.......2750

Weekly Crude Oil

na¬

income

tional

About Banks and Trust Cos..2752

Trading on New York Exchanges..

thing. If so, how

not do the same

Income
Prewar

Moody's Bond Prices and Yields... .2747

can we

*
trade—should

foreign

of

share

National

items

Other Things Also

Government under

2737

victory, it WeeklyjSteel Review..;......;>.....2748

a favorable atmosphere,
takes the necessary steps to pro¬

ing

a

logical balance between a readi¬
ness
to maintain the degree of

Pensions, Debt Interest,
0v:

Financial

.

high

of

necessity

Babson Advises Investing in

the

which

nately this will Involve force. As*
a nation we face, therefore, the

.

<

too

••

President
Annual Conven¬

Middle States Associa¬
tion of Colleges and Secondary
Schools in New York City, Nov.

No,

in

be

the

in

secure

and

to

*An address made by
Dodds before the

the grass is NOT greener NYSE Odd-Lot Trading.,.. 1..
.2750
other fellow's field.
.'
The problems of the future will
and new ideas.
;* :
' State of'Trade
,
/
In
other challenge all of the ingenuity of
i>,,.,...2738
American
industry.' But
since General Review... I «Y:„.
words,'. I feel
that many of when have we been afraid of a Commodity Prices, Domestic Index.2748
challenge? Are we, going to pass Weekly Carloadings..,...'.....,.... .2751
our
econo¬
mists
do not the buck by dumping our troubles
H. S. Firestone, Jr.
Weekly Engineering Construction.. .2749
into
the lap of government or
realize the
shall we recognize and anticipate Paper board Industry Statistics.... ..2751
mass enthusiasm of the American
the dangers ahead and plan now Weekly Lumber Movement
,.2751
people and the foresight and skill
to. meet them? If we are to have Fertilizer Association Price Index.;.2748
of American industry. They are
cans

even reasonably
predictable future
if our influence is to count
collective
security and the

is

tion. of the

way

unless there is a

clear that if the United

seems

,

water, and that others need much
deeper /exploration than they have

want to change

of life?
Certainly not
better one. And
if there is a better one, I have
not heard about it.
that

step toward the realization of a
planned society.
:V

be on

which will

way

other lands. Do we

the

that

will

certain

call the Ameri¬

That is what we

re¬
our

facilities. Fur-

are

dustrial nation on

large, private enterprise did these
things and will continue to do
them if it is free to carry on.
\

a

;

for the next.
too early to begin to
prepare

reign of law, we must be willing
the most extensive, all- and able to fight. If we are to
have an influence for international
pulsory uni¬ embracing compulsory s e r v i c e
law and order, as I tkink we can
versal service legislation that would have any
chance of adoption
When all the and should, we must maintain
as a peacetime
those conditions which will make
policy, in or¬ implications are considered, such
our
influence
count.
Unfortu¬
a measure would represent a long

of realities

I

It

approve

made

received.

none

cision

arguments
universal service will not hold

yet

is

for

either

were

universal

think about the next war.

postpone a de¬

I
to

now

can

that

It

but to

communist or a
national socialist, I should heartily

am

what

doing

exist

war

States

time, elements that

un¬

derstood. I

for

disciples of gloom among

training.
Each oi
adjectives, and particularly
the adjective "compulsory," intro¬
duces new elements into public
service in a democracy in peace-

will have wide
and
unpredictable repercussions
on our democratic attitudes.
If I

then

try

basis

the proposal for

But

training is not being put forward
to complete the business of this

these

than the coun¬

the

Force and Law

compulsory

to war

nearer

der

Way of Free Enterprise

and

Between

The Difficult Balance

conditions may re¬

that post-war

Training Act

when

however,

I readily admit,'

to

Service

Dr. Harold W. Dodds

American

—

delay.

could

I

promote the
passage of the

decision

Road to Jobs Is Via, the

did <S>

I

m e.

what

(Continued on page 2740)

some

for the Purpose, and If This

My position is

Political Shock 7

Apparently Mr. Churchill's address to

are

\-'

University

Adopting Peacetime Compulsory Military Train¬

Leading Educator Cautions Against

was

There

.'-v v;;-

HAROLD W. DODDS*
President of Princeton

.

•■■:77''

Copy

TraiiiiMt

statement which was

or

*

60 Cents a

Price

1944

Compulsory Universal Military

widely interpreted
the British policy towards certain liberated

to make

Office

of Secretary of State Stet-

One of the first official acts

tinius

Pat.

York, N. Y., Thursday, December 21,

The Fiiii^ial!^

I

S.

U.

Reg.

2 Sections-Section 2

In

YEARSO

ESTABLISHED

Edition

ciety.
;

before thb Man¬
(England) Statistical So¬

program

This

could

be

done,

(Continued on page 2740)

he

THE COMMERCIAL

FINANCIAL

A

CHRONICLE

Thursday, December 21, 1944

.

The State ®! Tirade
■-.3

•.

of

approaches, hope

Christmas

another

of

dawn

TristteofJewYerk

early

an

rotation of the European conflict fades.
In its place is left uncer¬
tainty and arrested plans for early reconversion to the ways of
fence.
This abrupt change has been dictated by the stern necessities
<
.war.
For the moment, the problem of finding jobs for returning
i
icemen and war workers has been placed in the background,

■

1,226,300,000 fine

of

.

,

i
?

l

?turn, Selective Service
ounced that
it would
idO.ction

of

ments

resume

in the

brackets. Thus, men falling
this age category and not en¬

.'■fgo
3

v

gaged in essential work will be

eligible

for military service.
! Jfiff resistance met in the in¬
vasion of Germany has shattered
i
wave of undue optimism reI y
3

i

number

Administration officials here at
as to the early termination

follows

it

of

available

Business Activity

re¬

activity

in

f the

This cock-

in Europe.

war

rendered

has

spirit

dis-

a

price American troops
ire now paying, in
part due to
fie lack of necessary equipment,
In their efforts to drive the enemy
the

beyond his own frontiers is

1

the blood of unf aid numbers of American youth.
I emg written in

offensive

of

business

on

cashed

checks

19.5%

was

higher

month

same

debits

in

to

earned

whether it will turn

like three months

ut

or

roring

final

its effect

i ill. As to

market

Bureau

must

propitious moment.
The action taken by the WPB
i:\
freezing
civilian output
at
Wait

a more

levels will hardly work
greater abundance of

present
inward

a

Present esti-

peace-time goods.
lates

.saw

for

military

that

indicate

quirements will

re¬

continue to run
months to come,

some

'

A perusal

of the

review

the

of

industry below will afford
the reader some indication of the

prosoects

all

of

industry

i

!• ore

3

ending the defeat of Germany.
,

With the year 1944 almost at an
it is natural that we turn

cur

i

n

to the future in an

eyes

ef-

t to for see what the New Year

3 olds in store for each

one

of

us.

3 Iseusisng
3

1945 business prosects in his annual address before

1

le

Chamber of Com-

Cleveland

3 I'erce,
Brig. Gen. Leonard P,
/ yres, predicted that next year
A wjld bring more unemployment
* iid. labor disputes as the war ap-

reaches its climax, and recon¬
version to peace-time production
Increases. General Ayres also felt
1

f hat. national income payments to

individuals next

imitely

i.iis

than

lower

will be de-

year

made,

those

year.

This year and next will be the

of transition from a warto a peacetime eco1 omy, and a continued decline in
volume of industrial production
v hi occur with
the average for
3 145 being less than 90% as great
.tf J V at this year,
according to
♦General Ayres. Other predictions
3ears

i

me economy

.A:'.:.;,

V.xwv:

D nfinued

increase

#"ratvht-time
i yry-

wage

in hourly
rates of fac-

workers. Number of business

i pleres will be definitely greater
*

<>si continued tight regulation of

i merest

rates,

resulting

in

very

I uie difference in rates,

.-.Taking

up

the job situation, he

tfavl,'..in the transition period at
3 :vvc 20, million Americans must
3 rave
their present occupations
i
</ a md other types of work. The
1 :<) probable controlling factors,
3 * said, that will determine the
t

>aliability

of

new

jobs in

1945

Thb attitude of the adminis-

4

i

ution

i

;rer

toward private enterprise

the European war ends and

reaction of business when it
;aiizes the magnitude of the re-

i '\<-t
3
i

Tjustment it faces.
in

stressing the pomt that the

Try's most important single
j-re/iem. in the post-war period
\oe jobs for returning sfervicefvee and workers turned out by
t




winch

usual

apply,

was

and

restr'ctiors

disposed

leasing
by

did

Bonds,

States

Financing

tion

silver

Louis P. Christen-

Vice-President m Charge of

sonr

silver

II. S.

was

transactions'

Main Office, presided at the con¬
/

ference.

A //''./.

v.

kimyof Occupation Abroad Need

||;/'Z/Kcl Be Feared, Says Secretary SSkson
/ /

fear

According to Secretary of War Stimson, "no country need ever,
a
United States Army of occupation—our boys want to get.

home."'::

/A/'-"/."V;

;;/n/;x;-;/:;;/:/:/'

A.--. "The American
most

• ;

soldier

: ./;..;y;..//;:v:
'
:';.. ,;//;
afraid of anything, but

•

is

not

/
.■ he's the
lands," the,

indicated

coinage

to /various

foreign

and other war
243,700,000 fine ounces.
purposes

"Sold
stock

to

industrial

certified

users

Board,

"Sold in accordance with WPB

Ex¬

of

July 12, 1943, commonly known
the 'Green Bill/ 41,000,000 fine

as

ounces.

"Used

basis

as

developed

of

of the

the Bureau

by

alloy

new

Mint for coinage of war-time's 1-

33,-300,000

nickels,'

ver

week of December.

Associated

an

he's

interview

an

at

in

war

foreign

Miami Beach, Dec. 9, it
1——,

at

Press«>

which

New

the

in

further

York

"Tin es;

his

re¬

"I remember that I shared

that

marks

reported

was
......

feeling in the last
to

was

ideal

ze

the

was

The effect

war.

place where the

sun

is not made

en¬

up

fine

\

The

discharged serviceman and
His return to civdian life without
bitterness

primary

the

among

disappointment were

or

told

of

concerns

has

he

talks

intimate

of

who

are#

being

stat'ons.

'

/

■

/':l.v//l;Z/-/

■

He asserted that
to blame

was

re-pro-

redistribution,

cessed at the Army

shortage

Returning
soldiers
must
be
made to realize, he declared, that
country

he

had with soldiers back from bat¬

home—Amer¬

our

shone all the time."

this

the War Department, he said, and

tlefields

follows:.

as

///,; tirely of strikers and exploiters

/ / ■'-'/.

;•

lished

ica

priorities under terms of the Act

for minor fluctuations in
prices for agricultural products
and higher prices for cigars, there
was very little movement in com¬
modity
prices
at
the
primary
market
level
during
the
first

in

dispatch from Miami Beach pub-

ordinary',

'silver

from

by
War
Production
5,000,000 fine ounces.

cept

in-

when

creature

added

,

"Supplied

Statistics index

homesick

Secretary

fine

903,000,00.0

governments under lend-lease for
uses,

the J

the the banking department at

Time-Payment

G.;I. B.il of Rights

Loans,

legislation.

new

the guests, and

Government

Sales, Personal Loans, Moderniza¬

further

of;

of

United

no1

ounces.

of 1943.

ing the week ended Dec. 9.

no

one

person

for the

ammuntiopt
by
General

reported

Eisenhower.

"Throughout the war," he stated,
ammunition

"the

requirements
Sometimes

have fluctuated wildly.
we

have had

At others

nition.
up

fast

as

surplus of ammu¬

a

have used it

we

could get it."

we

as

ounces.

eel

i

was

1926 average dur¬

the

ficers of Manufacturers Trust Co.
on;

arrangements,

unchanged at the high¬
est level since the war began at
of

and the

"Provided for non-consumptive
uses
in war • plants under lease

remained

104.2%

V
a
d

xrepcsuj
x-epLSiti

found

or

of Labor

csi-War

.

prices
at
the primary
level, according to the

post-war

on

'

lease

under

lows:

Commodity Price Index—Com¬

modity

alone'will
on

necessity

of

they

plans,

time

1918,

of

counterpart
of
effort in the

the

be

to

3 udendorf's

total

Statistics, Board of Governors of the Federal Reserve

System, who spoke

accomplished so far under the
Treasury policy were summed up
by Secretary Morgenthau as fol¬

7% above the
reported for the

$221,960,000,000
$207,050,000,000

present

the

months

of Research and

the ..tasks

of

been

"War-time

the

Total
accounts -of

$77,706,000,000
in
November,
compared with $65,025,000,000 in
November, 1943.
For the previ¬
three

Most

have

sale

banks in 334 centers amounted to

ous

7.

."Trend of<*>—
*—\
uuv- in
ih
Special Checking Service/ Comarrangements,
the
rest
under ment Financing," J. E,;Drew, Dep- ' modify Loans and Field Ware¬
lend-lease and outright .sale, Mr. Zity
Manager:; of L.e / American housing, Accounts Receivable
Morgenthau stated. He added: O;, Jankers Association, who spoke Loans, M o r t g a g e Management
"The Treasury early in
1942 m "Advertising and Publicity for Service • and Foreign Depai tment
launched a policy of directing all Banks," ancl George E. Sokolsky. Activ ties.
'
available silver into urgent - wax writer, who delivered an informal / Henry C. Von Elm/ Vice-Chair¬
uses.
Its legal staff, with the con¬ address during the luncheon. In man of the Board of Manufac¬
currence of the Attorney General
addit on, there were talks by of¬ turers Trust Company, welcomed
metal

month

in

Dec.

assigned to this large quantity of

facilitated

year.

deposit

the Germans will be

the

Whether

the

.

than

last

I lunched by

3

in November

—The Federal Reserve Board

the-Treasury Morgenthau said

on

approval of the President
authority for releasing 'free
silver' holdings to war plants un¬
der lease contracts; a considerable
amount
of
'silver
ordinary,' to

hospitable or inhospitable toward
business enterprise."

November revealed that the value

iree

3

the

always

porting

i we

i

that

jobs

nme

^"nct disservice to our war effort,

<

risks

these

assume

largely depends on whether the
political climate that is created
by the national administration is

in high army circles and

i ected

which

hope of making profits.

"Hence,

the higher-

in

men

has an-

has been

ounces

Trust

Company, New York, was host on Dec, 7
to about 200 bankers, representing its correspondents in the Second
Federal Reserve District, for a one-day conference on current bank¬
ing problems; that; was held in the Grand- Ballroom of the Hotel New
Yorker. i The guest speakers were Dr. E. A. Goldenweiser, Director

put to work in a variety of war
jobs since Pearl Harbor, secretary

living in its stead the tasK ox letting former war workers back munitions factories, he further
•/'
Z
i yTheir lathes and benches. There stated: //
izev are sorely needed to assist ./."Self-sustaining jobs flow from
i a the rising tempo of our ex¬ successful combination of enter¬
prise and capital.
They involve
panding war production.
the taking, of risks by manage¬
M oider to expedite their early
.

Manufacturers

Treasury silver to the amount of

ures

in

Decline

Failures

Business

Commercial

week

the

—

i

fail¬

industrial

and

ending Dec.

the substitution of silver

and

less than half their
number in the previous week and
to only one-fourth their number a
year ago.
Dun & Bradstreet, Inc.
reports 20 failures, the second low¬
est number on record, as com¬
dropped

"For-many of these uses, cop¬
previously had been require^,

per

7

to

leased

sharp

was

ably

among

"Curtailment
chases

qnder

construction; failures fell from 4

WPB

industry

groups

reported failures

at

their

half

about

week

number

and

in

the

in 11943.

3

and

Steel Industry

—

a

i.

was

electrical

to

Plant
been

.

/

:

•

.

to

already
the

war

has

Treasury

discharge'

w.tn flights main-'*
contract with air¬ to meet in the clearing city at the

airplanes,
under

lines,

the transportation med¬

as

the-goai of clearing

ium to attain

"foreign"; checks within one day.
plan called for the use of

areas

have bene¬

to

foreign
governments.
example, received an
allotment x of
100,000,000
fine
ver

India,

for

The

Netherlands,

Government
among

of

others,

the

'

All the lend-lease contracts

age.

■

•••••'•••

.-Admitting that his plan would
be more expensive than the pres¬
ent method. Mr. Uhl

planes, equipped similar to pres¬
ent day railroad mail cars, thus

his

a

force of men or women

items

to -sort

en

He also

route.

the

using

suggested

12

Federal

idea

contended that

fol¬
(1) It

the

produce

offsetting savings:

lowing
would

would

result

uniform

in

"float""

with consequent saving of analy-^
sis

time;

and

personnel

(2)

it

banks, their 25 branches

would eliminate "wire fate" items:

as a nucleus fpr
national clearing
house. Because of its central loca¬

and, (3) it would be of great value

recommended
Kansas
clearing city. The
flights would be so scheduled as

that "such

Reserve
and

one

agency

"establishing

a

tion, /he

City

the

as

the

to
a

of the nation as:

economy

whole. Answering the argument

in

plan is not

a

the

of

view

necessary

concentration

of

clearing volume in the East," Uht
pointed out that in recent years,,

with foreign governments require
return of the silver to the Treas¬
ury

oh

ah

ounce-for-ounce basis

after the war:

the Act of July

z•'//'

;

/

"Sale of

a

ounce.

/•//

;

stock of 'silver orrH-

made in the fall of 1942
in urgent
need of the metal for immediate
nary'

was

to industries which were

production uses.

'Silver ordi¬

nary' represents minor accumula¬
from

tions

chases

for

such

sources

coinage

Silver Purchase

prior

as

to

pur¬

the

Act, recoveries of

bullion lost in melting and*coining

and

processes,

in

balances of silver

of amounts estimated to

excess

be contained in mutilated

•

.

■

war,

the

during

particularly

there has been

a

present
tendency oi*

the part of business to expand
to

the

South and

far West.

in¬

"The

;

industries under

ar¬

ranged with the Treasury for sup¬
plies of silver to be used in coin¬

time.

same

His

duties.

Eastern

fited from the lend-leasing of sil¬

to

2745)' "

of

famed

war

"Far

14.

on page

•

A small part of the
Defense

'honorable

an

from its

cause

appears

(Continued

Treasury.

Corporation

with

the magazine, it
that t-he output of
shell steel covering all sizes has
According

Comptrollers by Edwin G. 'Uhl, Comptroller of the Land Title Bank,
and Trust Company, of Philadelphia.
Mr. Uhl suggested utilization!

/
The
/• "Silver made available to war

it is put are

returned

ounces.

now

intalla-

hours as a means of elimin¬

ating "float," one of the major problems of the banking system, has
been recommended to the National Association of Bank Auditors and!

silver turned over to the

of the steel market in

summary

Clearing House Association to effect

the termination of the war.;

Corporation.

the

tightness in steel demand until
is definitely defeated,
states "The Iron Age" in its

the issue of Dec.

for

Title to this silver
the

National

a

fabricated .into

been

in

of

Formation

nation-wide clearing of checks within 24

be returned

after

Germany
so

24-HoKr Check
Clearing Recommended !o Bank Auditors;

1.2, 1943, is used for the production
to the Treasury of
engine bearings, brazing alloys
?nd
solders,
by
WPB
orders.
This leasing arrangement was in¬
Sales of silver made under the
augurated in April, 1942, in co¬
authority of tins Act are at the
operation with the Defense Plant fixed
price of 71.11 cents per fine
will

programs.

as

war

'nonconsumptive,' and all of the metal

a lessening
sheet demand is
stronger, bar deliveries more ex¬
tended and tentative programs for

a

to

lease

conductors

to which

uses

plate output,

shell steel needs such

the

silver

Treasury

under

work.

war

remains

The relatively

past week that despite
in

newlvby

plants and other factories engaged
in

indication

silver

lion in aluminum and magnesium

-

material

further

the

of

has

plants

corres¬

hopes were high of an early
ending of the European war has
been completely erased with the
surge of orders, directives and in¬
quiries involving rehabilitated or
war

"Most

distributed

when

new

of

acquisitions

.

domestic

Treasury having been reduced to
purely nominal quantities.;:

balanced steel supply and demand
which existed a few months ago

There

quantities' under

control to non-essential in¬

mined

ponding week of last year. They
numbered 4 against 1 in the prior
week

Practically

liai'S Clearing Norse Assn, for

priorities. ADomes-i enabling

WPB

dustries,

Canadian failures, on
the
other
hand, increased this
week exceeding those in the pre¬
week

tasks.

war

in. limited

able

ago.

vious

the" employment of ..the

tically mined silver is made avail/

serv¬

Other trade and

pur¬

has/con¬

into essential manufactures

All
industry groups
and all
geographic regions showed a de¬
crease
in concerns failing.
In

1.

Treasury
also

foreign silver received in this
country since Pearl Harbor has
gone

in commercial

of

silver

all

i

and

in

metal

week a<*o to 8 in the week just

none

of

tributed to

from 7 to 2.

to

the

of

and nickel for coinage.'/://;//

per

failures with liabilities of
$5,000 or more. They fell from 19

ice from 4 to

requirements

the

Bureau of the Mint for both cop¬

among

ended while

cop¬

alloy of silver lessened consider¬

both large and small failures but
it
was
somewhat
less
marked

a

of

tons

war-time 'silver nickels' using an

pared with 26 in the prior week
same week of 1943.
decline

of

other vital war produc¬
tion needs.
Development of the
for

per

and 40 in the
The

thousands

re¬

coin."

extension
into

of

business

enterprise

geographical areas;
naturally result in greater
greater

will

volume of clearings over a

great¬

nation," he saidbanking profession should
prepared to meet this expan¬

part

er

the

of

"The
be

sion."
Mr.

Uhl

contended

have tended
as

a

that

to

thaat

banks;

look upon "float""

"necessary evil," something
banks

the

and

nation

must;

tolerate. Some banks, he said, are

endeavoring to reduce their anal¬
ysis costs by establishing average
"float" in order to eliminate the
necessity for examining individual
items.

with

Some

other

have

experimented

for reducing
analysis time and costs. "The fact
remains," he added, "that all these
plans

nkins approach

the problem from

the standpoint of avoidance rather
than correction."

"'WBBM

Volume

THE COMMERCIAL &

Number 4344

160

V¥ar Mobiliiafion Director
or

Draft Boards to Cancel Deferments of
37 Who Quit Essential War Work

have

on

Men 18 to

Incident to the new manpower

Congress
UNRRA—$I,3S(WMSS Pledged bp II. S. j

Second War Power let

Fight"

voted

to

According to a report to Congress by

Senate

and

rationing
vital

and

materials

the

.

allocation

of

another year.

for

President Roosevelt fh/a
their own

liberated peoples of Europe will be able to supply 90% of
basic needs this winter.
This statement was made by the

the admin¬

renew

istration's broad war powers over

Di¬

directive of James F. Byrnes,,

House

the1

Both

Hershey Calls

Roosevelt Makes Initial Report to

Ccngress Extends

Byrnes Issues

273$

FINANCIAL CHRONICLE

Presidv.il

submitting his first report on American participation in the United
Nations Relief and Rehabilitation Administration, in which he net/' 'I
in

that supply operations "have not yet begun in the field." The AssocU
local draft boards were The House on Nov, 30 passed a
bill extending through 1945, the a ted Press advices from Washingnotified on Dec. 11 by Draft uirector Major-Gen. Lewis B. Hershey
acquired and the personnel re¬
life of the Second War. Powers ton, Dec., 5, in reporting this, also
to cancel occupational deferments of men from. 18 to 37 years who
' V cruited to assure efficient, drvl
Act—legislative
basis
for
the said, in part:
left essential work without Board permission. Stating that Gen.
"Covering
the three months equitable administration of relici
War
Production
Board, ration¬
Hershey acted less than 48 hours after Mr. Byrnes: issued bis new
ing .War Food Administration ahd ended Sept. 3, the report showed supplies and relief services. 'As
work-or-fight mandate, the Asso- ♦>
many,- other
wartime
agencies, an actual cash outlay of $4,253,423 rapidly as active military opera¬
ciated Press, Washington advices, be released for war production
while the Senate passed the bill and
allocations
totaling
$353,- tion permit, UNRRA is undertak¬
purposes.:
; b/Tb zA;, A/ Tz
Dec. 11, said:
operations
in
the
fid 1.
on Dec, 8.
•
• •.
000,000 out of the $800,000,000 thus ing
Gen. Hershey has also been re¬
j
Though the order applies to all
UNRRA representatives are al¬
far ; appropriated
in /.American
men
18 through 37, it is aimed quested, in consultation with the ;V Reporting the House action on
ready in or on the way to liber¬
War
Manpowers. Commission, to •Nov. ? 30 Associated Press advices funds. The allocations have been
primarily at the 26-37 age group
for
food,
clothing, ated areas of Europe and are profrom Washington as given in the earmarked
whose > deferments
have
been give immediate consideration to
the amendment of Selective Serv¬
New' .York
"Journal
of
Com¬ medical supplies and other types paring to go to the Pacific ar:d
granted more liberally in the past..
V Far East. The colossal task of .re¬
ice regulations to provide for the
merce" said the House approved of necessary equipment.
Determent standards already are
"Noting that 'emergency needs lieving the suffering of the vic¬
reclassification of men in this age an amendment empowering Fed¬
V Being applied very strictly to men
tims of war is under way.
Z.
group
now having
occupational eral courts to review and enjoin in liberated areas ajre still being
in the 18-25 age bracket.
"The conditions which prevail
ueferment who leave essential in¬ WPB orders suspending indivi¬ met only from military relief sup¬
In effect, Gen. Hershey has di¬
in many liberated territories baYa
dual allocations of critical ma¬ plies,' Mr. Roosevelt told the law¬
rected.: the
nation's. 6,443 local dustry during this critical period,
makers that field supply opera¬ proven unfortunately to be full/
terials.
: '
~
A
//
■
A
'/'//Zd/
when
full
war production is re¬
draft boards to review all de¬
as
desperate as earlier rep/rii
The original bill provided for tions 'are likely to begin shortly
ferred cases and to apply .a more quired to maintain the relentless
have indicated.
The enemy has
in some' areas.'.s
no court review of any rulings by
pressure now. being .brought: .to
rigid deferment yardstick hence¬
been
ruthless beyond
measure
z "American participation in the
Persons dis¬
bear upon the enemy, by our sol¬ the war agencies.
forth "in, the. light of the imme¬
satisfied/with
War
Production 44-nation U. N.Z R. R. A. was The Nazis instituted a deliberate
diers
and
sailors
on every front.,;;
diate urgencies for men in .the
policy of starvation, persecution,
Following the Byrnes order, Board action had but one re¬ authorized last March and effectu¬
armed threes and,the civlian war'
and plunder which has strip pe l
State- officers were advised
in course, an appeal to the Office of ated, by Executive Order in July,
effort."
•
War Mobilization.
An aggregate of $1,350,000,000 was millions of people of everything
j
telegrams addressed to them. by
Those who persist in remaining
which could be destroyed or taken
Major-Gen. Hershey that :draft
Although -backers
of / today's pledged as this country's total
in non-essential jobs or who quit
/b/'z: '■<■■■ ;■ vA/A///VTbT/z away.
regulations are being amended to amendment said it is not distaste¬ share;/%%:// /T
"The liberated peoples will 'be
war work will be reclassified im-;
provide that when occupation- ful to the administration, Rep. : / "In his report, the Chief Execu¬
mediately and made subject to the
helped by UNRRA so that the/
(Dem.,;,Mo.) told the tive said that the liberating Al¬
ally deferred registrants leave es¬ Cochran
draft.
Those so inducted will be
armies,
in some sections, can help themselves; they will ba
sential jobs they will be "reclassi¬ House it could snarl the war pro¬ lied
assigned as combat replacements fied into a
class
immediately gram.. at the very time when found conditions to be 'worse helped to gain the strength to re¬
overseas or to release soldiers in
pair the destruction and devasta¬
available for service, vvVb'/Z/VTZb fighting front generals are plead¬ than we had anticipated, and in
this country for service abroad.;
other sections they are not as bad tion of the war and to meet lbs
The
rector of vvar

Mobilization and Reconversion,

t

v

.

„

'•

•

.

was
:

the manpower situation
made known in a White
on

announcement • issued as
follows on Dec. 9, it was indicated
in Associated Press accounts:

House

Mobilization

War

of

Director

-Reconversion
Byrnes
an¬
nounced today that, after consul¬

and

representatives of the
Army,
Navy,
War
Manpower
Commission and Selective Service,
he had requested the Director of
Selective Service to amend "Selec¬
tive Service regulations to provide

will

men from
23 years of age
through 37 "is in the best inter¬
est of the war effort."

by

of additional men

for the calling

into the

As

the

pointed out that in
addition to the veterans returning
to civilian jobs, at his insistence
the Army and Navy had already
released several thousand men to

part, the existing man¬
power
shortage in ; critical war
plants, and that the demands for
such releases are increasing. The
in

of American divi¬
engaged in
continuing pres¬
sure against the enemy, has not
only increased the requirement
for physically fit soldiers, but has
also greatly expanded the require¬
ments for military supplies of all
kinds. ■
//:
ivy A- ■
A' • ••
Justice Byrnes stated: "Essen¬
tial war industries must be pro¬
larger number

actually

now

combat, and the

■

requisite

the

vided

with

power

to meet military
if full pressure

ments
enemy

of

importance
lease of men

on

the

The
production

continued.

is to be

schedules has

man¬

require¬

war

necessitated the re¬
already in the serv¬

In order that these men may

ice.

replaced, it is deemed neces¬

be

the number pf
Service for men
between 26 and 37 who are not
now doing their part to contribute
to the war effort.
bVY/

to increase
calls by Selective
sary

than

"More
30

2,000,000 men over

of age are now serving
the armed serv¬

years

their country in

ices, and, hence, it is not too

much

expect that all other men in
this age group not in the armed
service are prepared to contribute
to the war effort."
to

Gen.

Hershey

has

been

re¬

quested to amend his regulations
immediately to provide for the in¬
duction of men in this age group
who are not now contributing to
the

war

for

men

who

effort,
in the

have

been

as

replacements
services

armed
or




may

have to

Gen.

of

follows:

Hershey's tele¬

.

Office of

Director of the

and

Reconver¬

the urgent manpower
;

"There

situation.
continuing urgent

is

for combat'

need

European
of

and

war

tivities.

replacements in

and
a

Pacific
most

thea¬

critical

workers in war ac¬
It is increasingly neces¬
of

privilege—A

persons, and par¬
registrants 18 through
37, participate to the full extent
of their abilities:1 either
in the
armed forces or the civilian war

sary

that all

war

"The

action

will

any

regulations
being
amended to provide that when
an occupationally deferred regis¬
trant leaves the employment for
which he has been deferred, he
shall be classified into a class im¬
mediately available for service
before

unless

ployment he requests a

such

determin¬

/

through 37 car{y
nation's w£r

their full share of the

occupa¬
tionally deferred,
local Boards
will apply present occupational
deferment instructions in the light
effort in order to remain

of

immediate
the

vilian

that may

issued by any person,

accepted the bill as

with

the
'

.

em¬

(:V:r''1.

in

suspension,

The Senate

accomplish the purpose that

18

such

it-passed the House
above amendment.

determination is made
local board/that it is in
the best interest of the war effort
for him to leave such employ¬

registrants

enjoin or

acting or pur¬
porting to act hereunder, or under
any other law or authority."
/

by the

"To

are

officer, or agency,

ation and a

ment.

of the
hereby given

District /Courts

States

have been

are

leaving

amendment reads;

aside, in whole or in part, any
order suspending any priority or
allocation, or denying a stay of

Service

memoranda

tie up the

set

the

."Selective

and

gasoline

card

exclusive jurisdiction to

be

Selective Service
System and this action will be
carried out by the local Boards.
by

"B"

of the

Unittd

"Immediate

as

agency's program.

Part

■

taken

h,

any

ration for example—to

ticularly

effort.

want

urgencies for men crued interest to th# redemption
and the ci-. date.
The bonds drawn for re¬

effort.

j

•

demption will be paid at the of¬
agents, J. P. Mor¬

"Publicity will be released from
national f headquarters
Monday
afternoon, Dec. 11, 1944.
Local

fice of the fiscal

Boards should be informed imme¬

date interest on

diately thereafter."

will -cease.

;

i

Manpower officials, according to
the Associated Press advices, Dec.

New
Expressed confidence

11, from Washington in the
York "Sun,"

gan
after

&

Co.,

Jan.

Incorporated, on or
1945, after which

15,

On

the drawn bonds
Dec.

11,

1944,

$446,300 principal amount of these
bonds previously drawn for re¬
demption had not been presented
for payment.
■

tighter draft regulations
a -long
way" toward be to cut down appreciably the
bolstering the war labor force.. huge labor turnover that has been
The most important result of Mr. a No. 1 problem in fighting lag¬
Byrnes's directive, they said, will ging war production.

that the

will

"go

tremendous

Generally,

feared.

had

men,

been

women

driven

or

and

children

of reconstruc¬
ahead.
world owes a debt* 19
task

tion which lies

had

had fled from theif

their return
will mean 'the greatest migration
of modern times.' V-%//:z.T
"Thus far UNRRA has asked the
United
States,
especially
for
foods costing $72,345,290, clothing
textiles and footwear worth $37,646,489, food production supplies
totaling $18,298,487, and trans¬
portation, medical and. miscellane¬
ous
suoplies and equipment to
homes, and said that

&"All the
the heroic

peoples who fought tha

Nazis from the

them

even

beginning—fought
homeland!

after their

occupied and against over¬
who are con¬
tinuing the fight once again £3
free peoples to assist in the %s''<

were

whelming odds—and

of

crushing completely

Japanese tvranny and
"FRANKLIN D.

Nazi

aggression.

ROOSEVELT.

"The White House,

Dec, 5,19M»

San Francisco Ghamte

Of Oonerce Eiesk
Henry F.

Dr.

Grady, President

American President Lines,
on Dec. 5
elected President

of the
was

of

the

San

Francisco Chamber
will take of: A 3
who was iba

of Commerce and
Jan.

1.

Mr. Grady,

Vice-President
Falk, who wvj
the 1944 President. Brayton VLB*
bur, President, Wilbur-Ellis Coeh- pany,
was
elected First VicePresident of the Chamber; He-"
land Tognazzini, President, Un.'.c/i •
Sugar Co., was elected Secbsl
Vice-President; W. Lansing Rcbhbring the total to $129,490,380." j z schild, President, Yellow Cab Cn,»
The President's message to Con¬ was elected Third Vice-Preside;.A;
gress, in transmitting the report, Louis B. Lunborg, General Man¬
follows: .■/';/*'
ager of the Chamber, was re¬
"To the Congress of the .United elected Fourth Vice-President
Prentiss A. Rowe, President,-A,
States of America:
,/ •
/
"I am transmitting herewith the I. Hall & Son, Inc., was elecAJ
first quarterly report on UNRRA Treasurer of the Chamber and
expenditures and operations in ac¬ Elmer G. Johnson, recent Presi¬
cordance with the Act of March dent of the San Francisco Jul .or
28,
1944,
authorizing - United Chamber of Commerce, Assistant
States participation in the work of. Treasurer, and M. A. Hogan,
'v-o
the United Nations Relief and Re¬ tary.

Redeem Cuban Bonds
through Rob¬
erto Hernandez, Consul General
of Cuba in New York City, is
notifying holders of its external
loan 30-year sinking fund 5Vz%
gold bonds issued under Loan
habilitation Administration.
Contract dated-Jan. 26, 1923, that
"The enemy has been driven out
$833,300 principal amount of the
bonds have been drawn by lot for of all or virtually .all of the Soviet
redemption on Jan. 15, 1945, out Union, France, Greece, Belgium;
Luxemburg. ' Ports of the
of moneys in the sinking fund, at and
100% of their par value and ac¬ Netherlands, Yugoslavia, Poland,
Republic of Cuba,

armed forces
war

we

.

requested the- Director
of Selective Service tp, take, af¬
firmative action with respect to
has

sion

shortage

The Director

in

Mobilization

War

ters

critical war programs.

sions

text

"The

leased

fill,

given

gram

the

man

.

Associated Press
advices from Washington, Dec. 11,-

armed services to

replace men re-,
by the Army and Navy to

.

.

don't

hanmstring
amendments on our war powers," however, there has been a wide
extent of suffering and privation,
he said. "Let us forget our fears
and the job ahead is great.'.
for. the rights of individuals until
"Furthermore, the report pro¬
we've won this war." |
- !
vided a glimpse of the tremendous
Chairman
.Summers -i (Dem.,
job ahead. . Already, in Europe
Tex.)' of the Judiciary Commit¬
alone, it said, • 100,000,000 people
tee said the amendment was I a
have been freed after three to
protection, against "abusive and
five years of 'Nazi looting, perse¬
tyrannical" actions.
/ / //Z// j
cution and brutality.'
// :'
Sponsors
of ■* the
amendment
"It spoke of acute food short¬
said it actually applied to a lim¬
ages in many lands, particularly
ited part of the war programin cities. It said exposure, due to
giving courts the right / to pass lack of clothing, had killed nearly
only
on
those war production as
many people as had starvation,
orders which withdraw a previ¬
It mentioned 'seriously
lowered
ously granted allocation of vital
resistance'
to
disease
and the
materials, but Mr. Cochran condeath of hundreds of thousands of
fended it is broad enough to let
children from malnutrition.
any person who loses a rationing
"It
estimated
that
20,000,000
"I

boards rule that

tation with

in the higher age groups

in

be

ing for more ammunition.

exception,- he. said,
cases
where local
a change of jobs

only

Byrnes state¬

of the

text

The
ment

Chamber's -/First

succeeds Adrian J.

Money
The

Circulation

m

Treasury

Department /ia

has issued its ctstomary monthly statement shoe¬
ing the amount of money in circu¬
Czechoslovakia,; and Norway, as lation after deducting the mono/
well
as
the
Philippines, New held in the U. S. Treasury and
Washington

Burma by Federal Reserve Banks and
the armed agents. The figures this time a./3
forces
of
the
United Nations. those of Oct. 31, 1944, and sliG/7
Those forces—more powerful each that the money in circulation m\
month than the month before— that date (including of course tuul
are now striking additional blows
held in bank vaults of member
to complete the task of liberation banks of the Federal Reserve Sys¬
and to achieve final victory over tem)
was
$24,425,292,971
3
Guinea, New Britain; and

have been liberated by

Germany and Japan.
"UNRRA

was

-

...

established by thj

United Nations to help meet-those
essential

heeds' of the people

of

the/liberated areas which they
cannot
provide for themselves.
Necessary relief stocks are being

against $23,794,299,623 on $ept.
1944, and $19,250,318,310 on OA1

31, 1943, and compares with $Dy698,214,612 on Oct. 31, 19^0. JuM
before the outbreak of the find
World War, that is, on June SJ,

1914, total was

$3,459,434,174.

I'Mil!" ' ,iVvT^/^'HiIWi \Q

P4^KI«HW<^<M*I Witmw«itojf*litoiMS|ff-MWrWl u,Tt

"1/ A"'"i

:y;l .r;>i.-i;':

i.

'.■

'"w*
„>
.

'4'4

THE COMMERCIAL & FINANCIAL
CHRONICLE'

2740

The Financial Situation
(Continued from first page.

;

■;

-

/ /*

they thought this country was fighting to
Of course both are looking

-

live iii peace.

end."""'"/>""/,/

•

'Jk

fy ,fP

(Continued from first page)
a way not to hurt the
banksj although I am not too 'sure
of ..this,'
;;'j:t /

•;V

.

,

■

that

thoroughgoing in his tech¬
nique than the British Prime

Minister^: who.

m ay -

.

shall

we

fundamental

"collaborate"

claim that

with other nations in the in¬
terest of future
peace
such policies on their

have

% My

/'/

■

is

present, guess

own

that

the "E," ''F'Vand VG's" become

as

d,ue

an. entire .new system of re¬
funding will be instituted which

will

both

the I Government

save

r

-

•

/

■///',Probable Refunding'

■

stand", in

-

1944

claims, in

.

(i

course,

"(' .-i'-Vll

Government Bonds?

take a
stone* of our culture and our
-civilisation." All that
<protest—and, ac¬
own country or
;
we cherish must rest, on the
Empire in the
dignity and inviolabiltraditional prewar way. " It cording • to some observers, y y. ity of the
person, of his sacred right to live and tor (
;
would be silly to condemn the make post-war collaboration y
develop under God, in whose image he was created.
of the sort on which
many in
general purpose of one and
"With this creed as our
foundation, we declare:
;'
this country have set their
praise or even excuse the ob¬
That an International Bill of Human Rights
hearts quite impossible—but ;"/"/" "1.
jective of the other.; It may
must be
.promulgated to guarantee for every man,
W
be that one or the other is such a course on our part
woman and
child, of every race and creed and in
•
would in all probability not
proceeding with more finesse
every country, the fundamental rights of life,,
or
eptitude than the* other. change the policies of Russia
liberty and the pursuit of happiness.
Great .Britain
in any
On the whole, Mr. Stalin ap¬ and
/ •'"./ '""2.. ' No plea of sovereignty 'shall*'ever' again be ; '
great
degree.
The
simple
pears to have been more fore¬
allowed to permit any nation to
deprive those with¬
truth probably; is, however,
handed, more ruthless and
in its borders of these,
out for the interests of their

..f
<

What Aboaal ^

;

"This new world must be based on therebogni- -11 •'
::tion that the individual human being is the corner.-'

/,
;

nlj,\

Thursday, December 21,

«,v

"With the

:

of

■

inevitable end of Hitler, the
struggle
begins, not of tank and plane, but of heart and soul
and brain, to
forge a world in which humanity, may "

■■

Europe and Mr. Churchill in others are proceeding persist¬
ently and without anything in the way of effective opposi¬
tion from us to practice power politics in precisely the way

"v.
V

*

,V ' *i

,

»VL

Vague But Mischievous

of

'

t

,/'3. i

despite
part, or

these;

rights

the"/.;

on,

matters

of internal, concern./
Hitlerism has demonstrated that
bigotry and"
are

to

up

not

necessarily hurt
For instance, maturities

anyone.

limited

a

$5,000—will

amount—say
paid
in .cash.

be

Larger holders can be given the
option:
(1) of accepting 2V2%
Registered Fifty Year Bonds—two

cent'being retired by lot at

per

par each year, it being understood
that the Government shall not buy
any
or

in the open market under par;
(2) of accepting 1% Coupon

Ten'

persecution by a barbarous nation throws upqn the: "
peace-loving nations the burden of relief and re- / "
dress. ,; Therefore it is a ..matter of international
"
concern to
stamp out infractions of basic human/; s
rights."—Vice-President Wallace, Governor Dewey
/

and

money

Year

have

a

Bond4

which i-

would;

free market and have some

tax

advantage:
horse in
not at all.
We shall have to
Along with such refunding, leg¬
possibly the
islation will be passed by Con¬
wrong groom or jockey.
At reconcile ourselves to pre¬
gress
whereby insurance com¬
any rate, revolutionary ideas cisely such course of action on
panies (and this will.now; be pos¬
their part either at the
pres-;
sible
under the recent Supreme
appear to be rampant in that
and others.
exit time or at some later date.
Court decision) will be allowed
part of the world as they have
Such terms as "rights of life,
liberty
and
the
pur\l
to
value such 2^%-. bonds at par;
What has been done or is
been many times in the past,
v % suit of
happiness" can, of course, be interpreted to""" and; banks will be allowed to
and the influence of Russian being done in Europe really
mean almost
value
the
1%
bonds
at
anything or nothing. It may be that
par—
;
thinking—whether or not de¬ can not directly affect us in
whatever
either
issue
considerations such as this, led some of the distinmay, be
/
selling for. in the open market.
liberately or consciously ex¬ any substantial way. We may
guished gentlemen signatory to the "Declaration"
jy This program could result in cut¬
erted—appears to have posed think that all this is sowing
/above
quoted
to
permit
their
names to be attached. "y": ting the Federal interest' costs
some
problems for Mr. the seeds of another European
about in half and ultimately in
/
But be that as it may, we wish there were much
It may be.
Churchill.
But be all this as war.
But why
retiring the bonds.
f
// less tendency on almost all sides in this country to • '
it may, the British Empire is, should we think we know
All of the above means that the
"/ meddle with the affairs of other peoples.
"
and must be, interested in more about solving the probFederal Debt could be divided
into two parts—like the depart¬
safeguarding its life line lems of Europe than those
ments of every bank—viz: a! Sith¬
through the Mediterranean countries which "must1 live
ings Department and a Commer¬
precisely as Russia is bent next door to the sore spots of
The Interstate Commerce Commission in an order: dated Dec. 13 cial
Department. Those who want
If we are to declined to require^ the railroads to cancel the
upon protecting itself against that continent?
income
will get 2y2%, but they
passenger fare in¬
must
creases,
but
susnended
until
Jan,
be willing to forego
1,
1946.
the
authority to increase
any future uprising of: - the permit ourselves to be drawn
liquidity
freight rates. This decision was reached Dec. 12, by a vote of 7 to 2, until their bonds are called
into all major
Germans,
by lot
European wars, chairman
":

picked
Gr

the

wrong

e e c e—or

.

,

:

J

»

.

,

•

.

>

..

Freight Rale Increases Again Suspended

it must be admitted that

Why: Surprise?

have

an

Now, where does''.all this what
leave

the

States

United

America?

of

Well, first of all,

war

may
from

but

it

interest
in doing
be done to prevent
coming to Europe,

would

be

foolish

Patterson and Commissioners
Aitchison, Porter, Lee, Mahaffie, Splawn and Rogers constiiuxing'"tbe majority; with Commis¬
sioner
Alldredge concurring in»>
The; Commission, in its report,
part
and
Commissioner Miller
further stated: -;''
dissenting in part.
Commission
r
•;
-•>/

we

in¬

there

.

Johnson and Barnard

did not

//>■"';

.participate.....,

;/:■

their

follow

the

United
sade

"interests"

President

States

(as

it

on

and

of

some

manage our

the

affairs in such

a

way that we can keep out of
European entanglements.' ■; r

cru¬

must

certainly
to
the m)

/". •; • -Two Dangers
appeared
against windmills.
Rather V There are two dangers in
the situation as it now devel¬
meaningless assents to such
One of them is that it
vague
declarations as the ops.
Atlantic Charter at a time will be permitted to reach
when all anti-Axis countries lengths which will interfere
have

-

suspended until Jan. 1,
should be permitted again
be established, and (2) whether

1945,
to

the

10%-

standard

interstate

in

increase

of the
railroads in effect since Feb. 10,
fares

passenger

1942, should be canceled.

.

with the conduct of the

independent of

any

concert of

least

about

European

tions.

It

there

are

their

interests

war.

ques¬

ness

ued

interest,
they will always be able to
their bonds.
This should be

but
sell

different

no

to

us

war

not

is deferred.

forget that

millions

of

our

Let

we

have

young

men

upon

flict and

increase

substantially

in

this year will reach an

enues

time

high.

Because

increase

in

National

Association

railroad

traffic,
of

the

Railroad

Utilities Commissioners filed

and

petition requesting that

a

all-

of the great

in¬

no

in

freight rates be permit¬
ted to become effective on Jan.
1,
1945, but that authority to do so
creases

should

be

canceled.

are

The

Price

from

the

the
deposi¬
above-mentioned
way

treating

now

tors in their two

us

departments.
Conclusion
We all should buy; Our share of
War Bonds Series
"E," "F'" and
"G." During the years ahead

they

may

or

may not

vestment.

Only

tell; but this
If

will

we

one

also

bur

be

the

best in¬

future

can

thing is certain:

buy

carefully-

a

selected list of good
stocks, then
we will have two
barrels to our

If

gun.

the

bonds

go down in
the Director of,
the stocks should
Economic Stabilization, the Secgo up;
retary of Agriculture and the War
lf the stocks go down, we
will
have
a
safe back-log in. the
Food
Administrator
made
the',M,r,

Administrator,

,

...

,

request.
of

these

In

addition,

parties called

cer¬

the Commission to cancel the in¬
creases

in passenger fares.

the

sponse,

ing

back

1945,

or

In re¬
asked that

railroads

rio action be

increases in

taken to prevent the

freight rates from

into

effect

on

to cancel the

fare increases.

view

of

the

go¬

Jan.

/

uncertainties

facing railroads,,and shippers in
the coming year, the proceeding
is held open upon the Commis¬
sion's
may

docket

that

so

any party
request further action if con¬

ditions

substantially

.;y/C

steam, two electric and 403 Diesel
locomotives. Total on order Dec.
1, 1943, was 1,004, which included
387

steam, three electric

Diesel

1,

passenger

'
,

;;bin

bonds.

upon

locomotives

The
972

in

Class

new

the

I

11

cars

and

in

put

35,-

service

months, this

compared with 26,43-3 in the

period last

year.

614

year -ago.

railroads

freight

first

one

year
same,

Of the total in¬

stalled so.far this
year, 5,140 were

installed in November.

Those in¬

stalled in the first 11 months in¬

change."

cluded

when the terms of

14,698 hopper, 3,735

gon¬

dola, 1,315 flat, 2,863 automobile

28,910 Freight Cars and

is

banks

the last two years. Operating rev¬

same

of the

and

passenger busi¬
of the railroads has contin¬

tain

the battle fields of Eu¬
dependent almost for
their
very
life upon the There is no reason why this rope. We must finish up that
United States was to be ex¬ should be permitted to take business and get them home
as soon as possible,
pected and was certainly not place, but it is a possibility,
The second danger has to
to be construed in other than and a possibility which we
a Pickwickian sense.
Just as especially should be on guard do with our< own position
de Gaulle
It appears reason¬ after the/war is over.
We
has-entered an against.
agreement with Russia for ably clear that Russia and must not continue to charge
muthal protection a g a i n s t Great Britain have come to a windmills and to act as a Don
-Germany in the future—quite working understanding, at Quixote throughout this con¬
were

/"Freight

Those who want liquidity

must be content with' 1%

'

ers

is no reason for sur¬ deed to
suppose that we—
The reopened proceeding/which
prise, and certainly no pos¬ thousands of miles from the resulted from a further hearing
sible
excuse ./ for
"shock." scene-r-can ever hope to di¬ held in the latter part of Octo
Only the most naive could rect the conduct of European ber, 1944, dealt with the ques
tions
(1) whether increases in
possibly have imagined that countries. Our interests dic¬ freight rates, averaging about
such veterans of world poli¬ tate that we do whatever we
4.7%, which by authority of the
tics as Russia and the British
reasonably can to help keep Commission were in effect from
March
18, 1942, to May 14, 1943,
Empire were likely to fore¬ the peace in Europe, and to
but were
swear

at par.

not very
likely peace ar§ being written. We
powers which may later be
box, 12,768 plain box, 143 stock,
that they will
get sufficiently have no imperialistic ambi¬ 495 Locomotives on Order 449 refrigerator freight cars arid
established—so it should have
The Class I railroads on Dec. 1, one other
been taken for granted that at cross
purposes—even
if tions and interests, but we do
car.

Russia
would

and

do

to them to

future

Great

what

protect their

when

it

JM

own

seemed

to them to do it.
'jf-jy,-*

Britain

seemed best

best

*

|"

1

«

/ Our second observation
that

r

which

made
power

the

developments

reference
are

has

quite beyond

to correct.

•

is

our

We could,




areas*

where- have

a

continent to defend in

a

world which is not

given to

must have bases and the like

its

to make

prosecution.

We

ently have been faced
,

accompli—and

appar¬

with

we,

a

with the war, or
a

way

we

can

consideration for others.

able.

.

our

Let

We

shores unreach¬

us

not

lose

sight

of that fact while Russia and
can

make the most of it and
get on

in,such

1944, had 28,910
on

clash-

may

while the present conflict is
in progress to interfere with

to fait

been

other

act

that the end

Great

Britain

order,

American
This

cars,

ters.

this

:.

200

flat, 12,218 plain
1,345".automobile box

2,213 refrigerator, and 357
stock freight cars. On Dec. 1, last
year,
they1 had 36,253 cars on
order.

..

of

cars,

putting
their hard, practical heads
iogeth.er about post-war mat-^
are

cars

announced.

included 9,523 hopper, 3,054

gondolas,
box

freight
Association

new

the

Railroads

•

The roads also had .495 new lo¬

year,

on

:

order:

which

on

in

service

in

new

the

locomo¬
first

months of 1944, of which 305

steam,

one

electric and 540 Diesel.

New ldcomotives installed in

first

11

11

were

months

656, of which 380

of

1943

were

the

totaled

steam, 15

electric and 261 Diesel. New loco¬

-

,

comotives

They also put 846
tives

Dec.

.included

1,
90

motives

installed

this year totaled
were

-

in ' November

63, of which

steam and 45 were Diesel.

18

'

Volume -160

-

THE COMMERCIAL & FINANCIAL

Number 4344 *%

2741

CHRONICLE

seryice who..will seductive to some who dislike to
tneir ' experience face the realities of military train¬
with military discipline without ing, even if it becomes clearly in¬
developed corresponding dicated that we need it in the
refer to the so-called educational having
advantages / of' universal military self-discipline'for a peacetime way post-war world.
Let me say at once that I am a
irairiihg. When investigated, these of life. How we can get sucn
believer
in
the
value
of
collateral arguments, which seem studentjs back into the stream of firm
civilian responsibility will be a work-on-the-job as an educational
o soften military training in the
force.
The
large proportion of our
raw, are seen to be unsubstantial. problem.
While in many cases such re¬ youth who are missing this ex¬
Here it is necessary to clarify our
thoughts, or we shall be found to jection does not prove that the perience in their late adolescence is
be trying to play both ends against individual cannot look forward to appalling. Work experience should
;he middle., To use an equally a long and healthy life, there can be a part of the life of all young
vulgar phrase, you can't work both be no doubt that the health of our people; but it is best performed
sides of the street. for military youth is a matter of grave na¬ under conditions of free men and
However,
the not under those of conscripts, And
training./ ■,;./, ; '/•/: //:'.; ,/-;:■ ■ tional /concern.
My thesis as to educational ad¬ pertinent question is: will a year this goes for national work camps
military
training materially under any guise that rests upon
vantages; is perfectly : simple. .If Of
the Army is to make up for the improve the health of the nation? compulsion by the State. It smacks
1
Of course most young men who too much of Naziism to suit me.
shortcomings of the home, the
church and the school, it will not qualify for military training enjoy If events prove that we must go
be. able to
give us the trained good health while in. training. over to compulsory military train¬
man-power it says, we need.
It Nourishing food, regular exercise ing in peacetime, let us not try
can't do all these, things and train and regular, sleep and living con¬ to mitigate the great social and
will
improve
anyone's econohiic costs by self-deception.
for combat too. And it is naive to ditions

{ which

educators have

-

special

a

from

military

react

against

right and duty to speak as their
minds and experience dictate.
I

.

(Continued from first page)
relations

ternational

on

the

one

on the other a persist¬
ent zeal for the expanding reign
of' law among nations to replace

hand, and

If

that self-same force.

plump
doomed.

we

be

worse

•

for us,

which

in

era

techniques

oi

rapidly, per¬

will change so

war

we-enter an

as

the

to the degree of altering
them fundamentally, than to as¬

haps

sume that .universal service, is a
equally substitute/for national will." Cer¬
doomed,. * It is easy to go all out tainly, to j be a prepared nation,
for 'force; -it is likewise easy to we must be alert to the impor¬
tance of science and technology;
go" all out for disarmament.: The
not j ust" a nation whose young
grave danger is that we shall, £ts
individuals, fall into one or the men have' all' had basic military

force

for

If

alone

are

we

ignore force we are

we

I
in our think¬ training.-, -'/V///'
We are always, prone to view
ing about military training. " / //
The fact that we must be will¬ the next war in the pattern of the
other of these traps

ing and able to fight by no means
establishes the 'case for universal

last;

Spectacular mobilization of

not signify as much
and engik expect that it will.' In Chapter I. health. But, like habits of disci¬
All
this holds also for those
Peering
research may replace Volume I of. "Platoon Training,'' pline, pealth habits, enforced from proposals which link the inculca¬
gree to which we should arm our¬
selves is related to what other them as our chief line of. defense. a
textbook
for
officers,'- occur above, will not carry over in any tion of zeal for participation in
comparable
with
what public affairs with compulsory
^nations do. To adopt it now be¬
There is another, phase of na7 these words, "Success in battle is degree
fore the terms of the peace are tional
preparedness that is often the ultimate object of all military cheaper medical care and an ex¬ military service. My fear is that
/ known
would pr e j u d g e • that overldoked; -/namely, ways and training." No truer word was ever panded : health program in the a year of compelled service is
peace.
It would" tend {to force means of/keeping aggressor na¬ said on the subject; When the ob¬ schools and health centers would more apt to make a boy think that
other; peace-loving nations to mil¬ tions weak* and thus reducing the. jective departs from this principle accomplish at. less cost. President he has sufficiently performed his
itary preparedness on the .same relative need for large forces on it becomes neither military train¬ Roosevelt has referred to those obligation to the State than to
scale, and would be in fact a pub¬ the part of peace-ioving nations. ing to meet our requirements of boys in the army who didn't know fill him with a sense of duty to¬
This wards public service. It is this
lic avowal to the world that we For
several
generations the militarypower* (whatever they how to brush their teeth.
expect nothing truly constructive studied, deliberate philosophy: of may be) nor education for civilian condition, is indeed regrettable, fear that suggests that special in¬
to come out of the
but its causes run deeply Into our ducements will be required to im¬
national aggression has been re¬ responsibilities.
/
// ';/ ;
:.
social life;
Not brushing one's
stricted to two parts of the world.
pel young men of the right sort
Important Questions Yet
Military Discipline and Civilian
teeth is but a superficial symptom to continue voluntarily their prep¬
Victory will 'give us an opportun-.
/-.v ;::/ Unanswered ' /;■//v/
/ Discipline Are Two Different ;
of ignorance and underprivileged arations to be
officers, after the
ity to remove these points as mili¬
We
do
not yet have enough
Things. / •
and the causes require more at¬
^
tary threats; Obviously it will re¬
year of compulsory service.
facts on which to base a judgment.
tention
than
the
Army can give,
Take the question of discipline
quire wisdom to devise the best
Although I am as yet far from
General
Marshall states that a
plan and persistent determination first. Every old man knows that
j Two things heed to be remem¬ certain that universal military
large professional army is out of to enforce it. At this stage, to talk the younger generation are poorly bered if we are to be sensible
training is in the national interest,
place in a democracy. How large about peace-loving nations adopt¬ disciplined.
It has always been about health. One is that, if the of one thing I am sure. If America
a
standing army does he mean?
ing peacetime conscription only so. ; I confess myself to enough Army is to remain concentrated decides that it is necessary, the
What is being planned as a stand¬
on national defense
muddies our thinking as to how gray hairs to, think that many
(which is the colleges and universities will find
ing army for the post-war period? to demilitarize Germany and Ja¬ yound people need d i s c i p 1 i n e Only reason for having an army),
ways and means to make the ap¬
Is it to be an" army of 500,000
which they are not getting, but it
cannot
accommodate
those propriate adaptations, and will
pan; and keep them so.
In my
mentor a million men or 1,800,000 opinion a/soft peace, or one that which in earlier days they re¬ young men whose physical defects
lend themselves loyally to it. They
men?
There appear to be mili¬
bar them from being good sol¬
fails to restrain, the Axis nations ceived automatically when family
will faithfully and effectively con¬
tary opinions favoring each of the as
It cannot use those who
military potentials may.: well conditions and economic condi¬ diers.
tribute whatever is asked, accept¬
two extremes. If the Army heads
compel us to go over to total mili¬ tions rested on a more domestic are most in need of/remedial ing, as Americans should, the ver¬
consider
a
large -standing /army
tary preparedness/. This is one economy.,/ While formal educa¬ health services. > Bad teeth can dict of the: people as to what is;
necessary, is the disruption of the
tion is no substitute; for home in¬
be rectified and hernias corrected,
reason why I regret the rise of any
required of them. /
lives of millions of young men by
issue now that may divert us from fluences, modern pedagogy must but by and' large the Army can¬
supplementary training justifiable attention to the nature of the accept its share of blame for any not turn itself into a health cen¬
in
peace
time, in view of the
lack
of civilian discipline in a ter, even if the year at its com¬
1944 Sugar Manual Issued
peace, /;//'.'. ■,'//.; / '/;■ • ////
speed with which the' techniques
generation .which, by the way, mand were sufficient to work
Farr &
Co., 120 Wall Street
We
Should
Know
Nature
of
the
of war seem to change these days?
seems
to be.doing
all right as basic Improvements for young New York City, members of the
Peace Before We Decide ///,
Since' it is preparation for total
■soldiers; ;;;://;'men under par.
■
'
•
//;/ y/. New York Stock Exchange, has
peacetime.

in

training

The de¬

armies may
as

Scientific

before.

.,

,

.

•

?

-

.

,

.

'

war

that alone would

universal

pulsory

justify com¬

training, may
such a situ¬
standing army

not the best answer to

be

ation

a

large

industrial organiza¬
tion behind it?
Too many advo¬
cates of compulsory training for¬
get that if world conditions call
for universal service, that service
with

a

proper

But the

most cogent reason for

delaying
decision
on
universal
compulsory military , training is
the one I made at the beginning
of

remarks

my

like

would

again;

controls combined in one person-

return

be

question cannot

the

decided

until

the

the

terms;of

known.. To adopt uni¬
versal training today would copfirm '7. the
dangerous , spirit
of
peace

makes

rightfully

and to which I

to

namely,

The/ Army

slight claim to developing, the in¬
tellect
of
the
common
soldier,
whereas true self-discipline calls
for both mental and emotional

are

must be backed up by industrial
regimentation and industrial read¬
iness for
war
This will have cynicism towards all proposals to
grave effects upon our system of expand
the scope of collective
private enterprise, which I for one security and reign of law. It would
cherish greatly.
Think, for ex¬ carry America to the peace con¬
ample, of the radical changes that ference with notice to the rest of
must take place in the geograph¬
the world that for us the Atlantic
ical distribution of many indus¬
Charter is not to be taken too
tries and the consequent economic
seriously. Secretary Stimson says
disruption, if we must prepare for that we need universal service to
a war featured by rocket bombs,
impress other nations that we can
robot planes, and the still unde¬
fight; But, I repeat, would not the
veloped atomic bomb of dreadful real effect at this time be to im¬
promise, as they can be contrived press other nations that we place
in: the next ten years alone.; If no hope in the possibility of inter¬
this war brings no agencies of national
institutions
to
make
international collaboration in world wars unnecessary? I think
can

we

place

Therefore

pline
ties

for
and

I

insist

-

that

disci¬

peacetime responsibili¬
discipline for military

responsibilities are two different
things. Success in battle calls for
its- own peculiar form of disci¬
pline
It comprises the physical,
mental and emotional equipment
of a soldier.
I am willing to ac¬
cept the word of the Army that
It takes one year to accomplish

this, that it cannot be done prop¬
erly in three summer sessions
And
even
a
year
leaves little
time for frills. It would, of course,
embrace
as

but

some

might
at

a

technical

be useful
high cost

money' compared to

training

to a soldier,
of time and

much more

that could be done under civilian
•

hope of security, the

need univer¬
sal conscription because the vol¬
unteer system has always failed
to'give us even the small peace¬
time armies authorized by Con¬
It is said that we

were.

Now

that

it

is clear

that

will escape invasion
probably even bombs —

America

■—

'

the

control

vidual.

that

many

which render a

physically unfit occur before
lad is of military age.
His
,

ailments

may

to earlier ill¬

run

malnutrition, insanitary en¬

ness,

the best

failure

or

remedial

defects

tion.,, Some

receive

to

medical atten¬
are

non-cor¬

rectable by most complete medical
service. Poor eyes, punctured ear

and certain heart conditions

c rums
are

Asthma

examples.
cannot

fever

the

and

hay

be cured by a year

insta¬
bility, about which we hear so
much, requires different and more
prolonged
treatment
than
the
Army
can
provide.
I suggest,
in

Emotional

army.

therefore, that universal military
(which would in fact be
universal only for those already
in good physique) will contribute
little to national health." Again, I

training

broader and

much

repeat,

fundamental

results

can

more
be at¬

tained in other ways

at less cost.

Proposal for
Service to

of National
Military

■

the

conduct 'of

Civilian

be self7discipline

the

indi¬

discipline must
functioning from

in within. We all know young men
this war, and because we are not
who seem to have been helped
yet fully conscious of the casualty and matured
by military training
gress.
My question is, has the lists yet to come. I sense on the
during the past three or four
volunteer system ever been really,
part of the American , public a
years.
What" we' do not yet know,
tried?' Has the Government ever
and

man

is

fact

conditions

vironment
;

substantial it would. Certainly it would con¬
auspices.,
///'•■ /; "■'■/./,
regimenta¬ firm the sense of defeatism in re¬
Military discipline is/imposed
tion of young men for war will
spect to what we are fighting for. from above. It
very properly con¬
be but one phase of national regi¬
which
Mr.
Churchill expressed
mentation at all levels.
In that when he stated that the ideolog¬ sists in willingness to obey orders
with the threat of punishment for
case,
will not the totalitarians ical aspects of the war are not
disobediencfe always
present to
really have won the war? ;//-/■"' so
significant now as they once
which

second

The
of the

a

Year

Include

Training as One Element

;

argument which 1
consider erroneous, is the proposal
The.

for

a

final

year

tional

of as yet undefined na¬
for all youth, in

service

which military
but

one

training would be
It is advocated

element.

just issued the 22nd edition of its
Manual of Sugar Companies. With
a

exceptions, features of pre¬

few

manuals' have

vious

this

tinued

been

con¬

Included

year.

are

descriptions and synopses of vari¬
ous

also informa¬
discontinued
reorganization, merger,

sugar concerns;

tion

companies

on

through
liquidation, etc.

•

.

/

the special subjects
treated in the new 1944 edition
Among

the U. S. Sugar

are

outline

Control, with

of the Sugar Act of 1937

and Amended

Acts; Sugar Quotas
from 1934 to 1943; Ceiling Prices
and Rationing, Etc., and historical
and
descriptive sketches of the
beet and cane sugar industries.
The

tables

statistical

pro¬

cover

duction, yields, prices, consump¬
tion, etc. //:

/■■////:/

'■■/;.

The Manual also contains com¬

factories in
Re¬
public and British West Indies,

plete

lists

of

sugar

Cuba, Puerto Rico, Dominican
with

ownership, production, etc.
possibility of the

view of the

In

Philippines being again available
as a source of supply, there have
been included a short description
and pre-war

dustry. ';

v

'

statistics of that in¬
■. /' .; /
<,, I■:. /'■ / ,

Copies of the 1944 Manual may
obtained from Farr St Go. at

be

be extended to $1.00 per copy, postpaid, plus 1%
sales tax for deliveries in Greater
and no one would
1 ;
be exempt. It would1 be presum¬ New York City.
ably a year devoted to training
most unfortunate complacency to¬
is how much of this develooment for good citizenship and the in¬ Zellers Heads Trade Section
sought to make a volunteer tour wards the - next war. I ; suggest
will be carried' over" into civilian culcation of ideals of public serv¬ '<■ John A.
of :army duty attractive, either in
Zellers, Vice-President
that this is not shared this eve¬
life' afterwards.
The history of ice in all youth. Secretary Knox of
Remington
Rand, has been
pay or in experience which a man
declared
that
ning by /miilions ;of,homeless,
"responsibility of
past wars' suggests that the bru¬
could" capitalize afterwards? -The
been elected Chairman of the In¬
Harassed and suffering people of
talizing experience of war does citizenship under a popular form ternational • trade Section,; New
answer, I think, must be no.
of government- could be < taught"
Europe.
.. ,///- /,!■/•'//',,j.'■.,/ ■.
fiot carry ;qver£; Returned soldiers
York Board of Trade, to succeed
Furthermore,
on
the strictly
Are Collateral Educational Values ate not killers/ ' Nor' does' histqry through military service; but he
John B. Glenn, who has.held that
military, side we need to know
Others, feeling
indicate that the comrrtbri soldiers didn't say how.
//
./ / Really Valid?
post for. the past two years. Fred
mpVe of the experience in other
have" -been helped by- their; mili¬ sbme'skepIicisminrespectTothe
Up to this * point I • have- beeni
countries/ For example, did uni¬
benefits of mere military training, J.. Emmerich, Vice-President, and
tary training fori civilian - life af¬
versal training strengthen -France urging as a citizen those consid¬
would- add various other features General Manager of Block Inter¬
erations' that call for; delay in dev terwards ; in any - sigmficantproor weaken her; by cbntributing 'to"
oh1 a; universal; compulsory basis. national Corp., was elected Viceriding- the /question; of universal portibn/ One of'the great worries
<a
false --sense ofv security, which
Chairman. and' Albert J.-Barnaud
In a Wav. this is the most danger¬
/ of college -authorities is :how they1
has come to be called the Maginot training. :
ous position of all,
because it is was reelected Secretary-Treasurer.
1 now come; to the/issues/on -will -treat- the students returning
Line'

psychology?

plan

young women

.

Nothing could

J

fH
;•

that- this

r:'




z I >

1

.

£

i

n:</u

I );li-

:

).

i

1

C./ZLvk;

E7C2

THE COMMERCIAL & FINANCIAL CHRONICLE

Capitalism Declared fey Barach As
Best Economic System in War
Declaring that capitalism

t

rvr';em

the

in

Dec.

12

"in

world

Principle of Annual
Jerms§of French-Russian Treaty of Hatual Aid
treaty of alliance
or Peace Wage Endorsed by i?
'
had proved itself the best economic
Spviet Russia
signed at Mos¬
peoples
best assured,
and in war," Bernard M. Baruch Labor Legislation
signing
Body cow
of
A

urged the support

undertook

who

The

v fIf

and

want to retain the sys-

we

"

by

beguiling."

National

an ' annual

■

Dec.

on

Conference

on

interests

With the

by Mr. Baruch

ity

United Nations, have resolved to

treaty

embodies

Russianto

Russia

signed in 1941 after Germany
the Soviet Union,
and
a gap in Russia's future de¬

fenses

; i'7

signed

was

Kremlin > at

4:40

-y;.

believe

it

rests

I

that

ments

the
named,

learned

ele¬

upon

have

breakfast

other

that

1.

a

forum

WOR

station

radio

over

I regress. ./ /. ' ;
./: >■'/v/"Z
"These levels cannot be attained

explaining the phases of the Fed¬
eration's work, were Samuel S.
Schneierson, city-wide chairman
of
the
1944 ;Z Federation
drive;

without

Judge Jonah J. Goldstein, Presi¬

economic

promise

which

levels,

realizing

fully

that

the

dent

enterprise system carries personal
Cb'Hgations and that one of them
—charity—is greatest at this

and

"The

i

has

Jew

mo¬

always tried

Fraternal

of

Benevolent

Organizations of
the
Federation,
and
Benjamin
Lazarus, associate chairman of the

ment:":;
,

Council

the

of

campaign.

fund-raising

to

'

continue, at the other's

li.: side

and

that

this

the

French

will

were

1^1,000,000, of which the corporate total

$13,446,000,000 and the
82.8% of the quota, According
was

f'-'iies to individuals $4,140,000,000, or
t :/the New York "Times" of Dec. 17 these figures, it was explained,
considerable

include

not

clitional sales

ad- *1

which Mr. Mor-

on.

"

•

freedom

our

the battlefronts of

on

£?T'hau based his statement that
iota! sales would exceed the $19,-

the world."

<

yesterday's report, had an over-all
sales record of $4,965,675,231, or

<

will

ures

Jan.

announced

be

Vlie "Times," in part, added:
The

nation-wide

7 ohds

stood

sale

2.

or

said

that

first

New

bond sales in the

SERIES

tan

Kings

the# first
than

quota

was

met

week ago.

a

Mr. Gehle also reported that the

N.

;

f

Lfe,"(Mr. Gehle said.

spiring
Ills

to

review
loan,

war

voluntarily,
e

irioed

in

the

such

i.N&iey in
c jf

Y:

nation.

ful- news, I

the

which,

wholly
has sub-

public

vast

amounts

of

$77,550,934

71.6

7,640,208

56.6

1,192,657

24,219,691

489,779

9,854.811

55.7

74,325

1,294,391

59.9

war

securities

of

This will be wonder¬
sure,

who

are

to those New
,

fighting for1




TO

Ill

INDIVIDUALS

66.4

Counties:

:

.

Manhat-

1

% 0f
Drive

979,499

..

20,066,744

91.2

3,662,851

61,728,403

84.6

Queens

2,821,587

27,036,414

81.9

93.225

2,095,871

59.9

Richmond.../
Y,

$33,046,592 $647,945,017 IO8.4

___

TO

ALL

INVESTORS

3

%

lative

Friday

tan

_—$290,535,459 $4,380,941,713
9.143,056

Kings

___

Bue^ns
Richmond.
Y.

In

a

tional

statement

on

Dec.

13, the

Peace

for

opposed

Interna¬

universal

compulsory

military

training

in

133.8

25.105,999

74,339,759
373,369,347

25.745,880

120.639,308

150.6

3,308,225

16,385,104

160.6

—$353 838,619

154.9

146.4

$4,965,675,231

135.4

opening of the Sixth War
Drive

ferred to in
2275.

conflict with

by the
during the war.

nate

/Commissars

of

way

j "These
with

talks

the/sum

of

total

i

"These

problems

disclosed

the

point of view between both

Both ,f.
firmed

their

decision

inimical

and

the

to

of

success

A

Dec.

on

13

the

New

which

we

to

or

from

reported the statement

as

in

its
5.

power.

The

undertake

not

ances

enter,;, into

or

aimed

be

against

a

of evils which

produce,"
is

the

the

case

statement
with

v';

from

new

moral

Eu¬

said.

facilitate

to

as

on

our

Nov.

20

was

fe-

issue of Nov. 23,

new

as

made

to

the

tive/countries

a

public

there,

New

does

and

'/-

Russia)

Nations,
in

general

legitimate

defense of the country.

■

-

ory,

and

and

of history

to

of

nhilosophy of

the

power

as

;

all, the

and

the
will

Paris

at

The

do

treaty

as

Z

drawn

soon

instru¬
be

ex¬

it

as

is

so.

will

enter

into

ef¬

fect immediatelv when the instru¬
ments

of

ratification

are

ex¬

changed

to

If

set

up

and

thp

war

piiicling
France

an

and

year

to

effect

upon

In pledge of the a^ove, the fol¬
lowing
plemootcntiaries
ha Me

*ivned and

oresmt,
'o

put their seals to the

treaty, which

was issued
duplicate in Moscow, Dec. 10,

1944.
BIDAULT

Minister

of

Fovmnrn

MOLOTOV,

rn^_

all'^nce
b^fwo^n
the U. S; S. R. the

that

year's notice.

one

ac-.

pofQin<3f Germany,

and in the knowledge that bv
*

one

declaration

United

on

be» valid, for

the treaty

least

collaborat"
a system of
safeguarding

will

is not denounced
previous to the
lapse of this period by either of
the two contracting parties, it will
remain
valid
indefinitely, with
either of the contracting parties
retaining the ri^ht to end it by
at

*

to

peace

and

20 years.

(France

an
exchange of letters
Sept. 9. 1941, regarding ioipt

wa^-minded

has produced two world wars."

the

prere¬

from

part

politics that

/

Russian,:

and

and

ratification

feasible to

pursue

resolved

order

Tn

parcel

French

ratified

of

changed

reciprocal

conscription has been by the
testimony

to

/ 'i

treaty,

present
in

be

ments

'/■ / i

Republic

both

up

will

"Herald-

harmonious development between
the nations, anxious to confirm

f

,

up

contribute

and

iv/ZZ;.. :/;i:/-ll,,

The

8.

according

York

lasting basis require

tary

the

war

speed

•

Franco-Russian treaty of
and
mutual
assistance

French

force its citizens to undergo mili¬

for

and

the prosperity of the world.

quisites the existence of close col¬

V'

deny the right of the State to

training

/'/://:///,:/

the reconstruction of their respec¬

together
to the end of the war against
Germany,
convinced
that
once
victory has been achieved the reestablishment of peace on a stable
basis and maintaining of peace on

conscrip¬

teaching

/':

7. The present treaty does not :
and/mutual assistance, the text of
affect in any way any previous
which
will
be
published
sep-"
engagement contracted by any of
arately." ;iV/:///;,iv- "•,/_..//://.;the two parties with third na¬
: i From Paris Dec.
17 Associated tions
by virtue of extracts pub¬
Press advices reported the text of
lished. ;
H;:

laboration between them

"Catholic
not

/•

high contracting parties
'to exchange all possible

.

coun¬

■.

one or

The

agree

/"In the spirit of these decisions

Determined

terbalance the good it is expected

"This

alli¬

coalitions
the other of

economic assistance after the

safeguard
aggression.

6.

(Parliament) of the Union of So¬
viet Socialist Republics:
■/,/;-;

practice be identified with

multitude

conclude

to

them..::: ■/i/Z/V'-VC-:

Presidium of the Supreme Soviet

legitimate in theory yet in

actual

.

.

high contracting parties

so

the

"It is possible for an institution
to

article
3,
immediately

in

bring it all the aid and assistance

ex¬

The Provisional Government of

quote,
saying:

result of circum¬

as

mentioned

sary/measures

Tribune":

York

parties

implicated in hos¬
Germany either as a
aggression committed by

the other party will

gov¬

to

.

the

or

military operations until complete
victory over Germany, and their
will to take jointly all the neces¬

alliance

a

one

itself

stances

con¬
conduct

to

of

event

high Z contracting

Germany

again

governments

the

result of

wide concord of the

a

ren¬

tilities with

'/ /• i/i.::•?•'/;''/

talks

istence of

In

finding

and the organization of peace,
and in particular to the German

/

the

bar

to

,

war

l; u-

and

to any kind of initiative

4.

appertaining to the conduct of the

problem/

emanating

threat

Germany,

other

concerned

were

.

Germany to elimi¬

new

dering possible a new German at¬
tempt at aggression.

the

Affairs V. M. Molotov.
-

any

from

R., J. V. Stalin, and the
People's Commissar for Foreign

the

peacetime, contending it was con¬
trary to our general peace" aims

candid

page

and

on Dec. 10 this year both govern¬
ments signed a treaty of alliance

Training

Catholic Association

City

The

necessary
measures
in common
accord at the end of the present

and

S.

S.

rope

"But however legitimate in the¬
N.

Union

or

treaty either with the Hit¬

in Germany with the aim of
prolonging or supporting a policy
of German aggression/ •:
/ >/
3. The high contracting parties
will undertake to adopt all the

of

strengthened

was

People's
U.

.

of

Drive

Quota

Manhat¬
Bronx

Soviet

mu¬

armistice

and

government or with any
other government or authority set

"Conversations took place With
the Chairman of the Council of

/;Z'iZi;Z/Z

Post-War World Committee of the

tion..

Cumu¬
Counties

people of France
the

Gar-

up

^

disapproved?'by

was

Peacetime

to

City

total

of

which

the

Grosp
Cpposss Enforced

Quota
'<■

Kings

N.

Government

trials experienced

Catholic

$25,489,430 $5?7,017.585 115.2

_

the

those

Adoption of the "equal-rights",

r

amendment

the conference.

"Times,"

■

>••:.••• ;-■■■ .
v'/
■
CumuFriday
lative

v.-

tan

in

Gaulle, Chairman of

Provisional

unites

special dispatch from Washington

SALES

:

:

de

into

enter

with

lerite

State and Federal Labor Depart¬ ernments as well as the most sin¬
ments." ;/ /...Z/MM'Z'K v-'Vi'k'is ky-i; cere desire for close collaboration.

'

Loan
am

61.3

$5,761,394 $120,460,035

total

the

„

men

of

Quota

196,275

SALES

"It is in¬
record

Drive

lative

l

City

\

"Nevdr have the people turned
k'T: in such numbers to register
Taeir belief in our American way

% of

$3,808,358
4.——.

total

[<.30,000, which also surpassed the
ic/aota for these issues,

in

to

conclude Without

nor

•.

,

Bronx

hen

established

be

not

agreement

peace

pact said: V
Moscow
of

new

sojourn

many

Republic,
and
M.
Bidault, Minister of Foreign Af¬
fairs, was marked by numerous
manifestations of sympathy which

the.

general security organization.

local campaign authorities

j-fTaie had individual sales of $802,-

<

Friday

Richmond....

fjtate had over-all sales of $5,-324,-

v

SALES

v

3".

Queens

vill be counted through Dec. 31.
Hi disclosed
that New York

.anore

•

Cumu¬
Counties:

Manhat-

1 olid drive probably would exceed
aid E bond quota with sales that

€ 1)0,000 additional in bonds prom-

BOND

E

.-b-'p'-

Bronx

i led by

boroughs of New
.,// ::; - - :•/

York City:

any

3 '10,bOO,
exceeding
its
original
tfuota by $1,398,100,000, and easily
x.ecomplishing the sales of $1,000,-

E bonds repre-

Following is the breakdown of

York

in

time

the

basis, to include job coun¬
seling as well as placement.:....:>Z
| The scattering of labor matters
among a variety of Federal agen¬
cies was criticized by the confer¬
ence, which adopted a resolution
recommending
"that i / all V labor
functions

undertake

tual

announcing

the./. French

na¬

a

* "The

.

General

quota, and cumulative

of

Quota.

.

the

to

sented $120,460,035, or 66.4% of

vim Id place E bond quotas over
the top in many communities.
Frederick
W.
Gehle,
State
Chairman of the War Finance

for

according

City,

108.4% of quota.

i'ie War Finance Committee, said
i
encouraging last days' sales

fitate

York

individual sales of $647,945,017, or

E

<illy 67.3% of the quota, but Ted
K., Gamble, national Chairman of

Committee,

New

135.4%

'"■■■•
of

$1,683,000,000,

at

/

The final fig¬

00,000,000 mark.

on

communique

conclusion of the

tional

released by the Treasury Department on Dec. 16,
1 More the radio broadcast of Secretary Morgenthau, showing that
i«ales in the Sixth War Loan drive tabulated to date aggregated $17,-

'Figures

Text of Communique

F The

Security Act to improve
and liberalize old-age and survi¬
vors'
insurance and to provide
prepaid sickness and hospitaliza¬
tion benefits; amendment by the
States of existing State Unem¬
ployment Compensation laws to

services

Na¬

Russians

and

separate: negotiations

Social

employment

the United

of

tions, to fight until'final victory
over Germany.
Each of the con-/
tracting,: parties
undertakes
to

missions in Moscow.

protection for all em¬
ployes and continuance of public

Tabulate Sales in 6th War Loan Drive

;y
■

of

i

give to the other help and assist¬
ance in this fight with the means
joined by British and United at their disposal.
\
States /Idiplomatic
and
2. The high contracting parties
military
where

provide

!

i

amendment

were

/'///'/'

:

Each of the contracting par¬

were

! Among the specific steps pro¬
posed in connection with the res¬

olution

,i

having exchanged
they agreed on the

will

morning
after an all-night meeting which
began:(with a formal banquet

conform to accepted minimum na¬
tional standards."
' :
*

speakers, who also participated in

and

th&t the protection of these essen¬
leads to certain social and

tials

Re¬

ties

the

at

French

duly

credentials,
following:

the West, where she
building a ring around
Germany with her Czechoslovak

treaty

//

After

in

The

the

of

Affairs.

started

alliance.-.- ■-,T

For the Provisional

are:

•

that

invaded
fills

the

public, Georges M, Bidault, Min¬
ister of Foreign Affairs; for the
Presidium' of the Supreme Coun¬
cil (Parliament) of the U. S. S. R.
M.
(Viacheslav
M.)
Molotov/
People's Commissar for Foreign

.

was

by

to

These

■;{ It parallels the 20-year alliance
and

envisaged

have

Government

:

Britain

aims

this effect a treaty
appointed their pleni¬
potentiaries; ,;///.;./i;i,/y' /ly/;//-'■/•;
and

It pledged partnership in. the war

between

with

conclude

remove

of German aggression.

menace

'

I

re¬

construction in complete conform¬

Washington to the New
"Times," on Dec. 14, which

...

as
and the

war

cow advices Dec. 10 reported that
the

,

the

needs of peace and economic

against Germany "until complete
victory" and joint measures to
York
safeguard Europe from new ag¬
added:
after the war.
These
1 The resolution stated that the ression
Z/ZZZ.
;
experience of progressive man¬ press advices added:

from

of

are

the necessities of

are

pact General Charles de
concluded a 16-day visit

sentiments

and

two

French determination

personal initiative, we are taken, as follows, from the
must support private charity; the New York "World Telegram":
agements over a period of years
two go hand in hand. Abolish pri¬
"There
are
private liberties," had shown "the value of a guar¬
vate charity and the State takes
anteed annual wage in maintain¬
said Mr. Baruch, "to which this
ever in a grim, organized, statiscountry is consecrated. Those lib¬ ing the stability of employment
tl&vi way." .■ "/, '
and
erties have to do with the basic
purchasing power- for .the
Mr. Baruch expressed his opporights of all peoples. After these products of industry."
r'tion to "classes or groups" that
liberties come certain privileges.
j "Such a wage will be of even
'csme together for special pres¬ I want to
give my life—I hope I greater value after the war -in
ume purposes, as opposed to the
can say continue to give my life—
achieving the higher living stand¬
federal good," and said he pre¬ to the protection of freedom of ards for which we are fighting to¬
ferred
the
"preservation of a
speech, of worship and of assem¬ day," the resolution added.M/M /
I road
front,
without cleavages
bly." I The conference recommended
lito special interests."
>
•
extension and coordination of ex¬
After'the meeting, it was stated
Charity, he added, was not spe¬
isting
social-security legislation
in the "Times," Mr. Baruch was
cial, "because it is for another,we
into a national program "which
asked if he was opposed to a Gov¬
I lye, not for ourselves, except for
will provide protection for;mil¬
ernment social security program,
the joy in giving."
lions of workers and the self-em¬
and he replied: "My position on
f'The system of individual efsocial
security has been made ployed not now covered by any
Ikrt," he continued, "which we
social-security law, including cov¬
cull the capitalistic system is the clear. I'm going to make it even
erage
of all Federal employes
clearer on the medical phase." He
li'est in the world. It has proved
With
respect to ". unemployment
Ikaif so in peace and in war.
I declined, however, to elaborate on
compensation, provide income to
this statement.
t ajieve in trying to better that
help make up for loss of income
From
the
same
paper
it is
Cittern, instead of tearing it down;
due to sickness, and which will

.

and

t6 Moscow. Associated Press Mos¬

the

its experiences of those com¬
panies which have set' up -such
systems, said a special dispatch

of

tora

the

Gaulle

14,

vey

.

Further remarks

the

of

endorsed

was

of

Labor Legislation and the
depart¬
ment of Labor was
urged to sur¬

'

days when paternalism is so soft

V

Ckated Mr, Baruch as saying:

r

—"

principles

wage

take care of his own. That characteristic has always been a proud
badge of the members of this faith,
and is even a prouder one these

$1;0Q0,000 before nightfall. Fedc.ntion spokesmen said they beJvj-ed this
objective would be
j chieved,
according to the New
York "Times," which further in^
,

Dec. 10.

on

raised

to

between 1 France"

was

peace

.

raisers

and mutua <£-

assistance

private charity as the best means
cf-preserving the capitalist system.
He spoke at a "Million Dollar Breakfast" at the Hotel Astor
by the Federation of Jewish Philantropies for volunteer fund¬
cz\

Thursday, December 21,1944

•

Peo^1"''

^-^mmissar

Affairs.

of Fore gn

^

'Volume

! Number

160

>7)

Savings Bank Deposits

.Supreme Gourt ISolds Sails Under 8EG

MY

Aiseitdneal fa tatoto Saks Flats

J

FINANCIAL CHRONICLE

THE COMMERCIAL &

4344

Increase in Movemk;

to Jurisdiction of Federal Gourts
tepo/Trepasatl'jjy Oansda to tosrsass Powers / /Subject
that the Federal Courts, have exclusive jurisdiction

gain in deposits of $80,4053C T
mutual savings banks Ci
New
York
State
in Novemb v
A

Holding

An amendment to the Dumbarton Oaks Security Plan which is
designed to .'increase the authority of middle powers, like Canada
and tie Netherlands, without reducing, the effectiveness ,of the- pro¬
■

;

for

Securities Exchange Act, Supreme
in New York, dismissed on Dec. 12
five suits brought against five officers and directors of the American
posed League or destroying the special authority of .the big powers
Distilling Co.
It was noted in the New York "World Telegram" of
has been submitted to Washington and London by the Canadian
Dec.'12, from which the foregoing is taken, that the ruling was the
'Government, according to special Washington advices Dec; 11 to the
first in
pver; suits brought under the
Court Justice Ferdinand Pecora

was

New

by James B.

"Times11

York

Resion, which went on
.

to say:;,/.

qualification has been of¬
of removing the

This

fered in the hope

possibility that the strong

middle

would be directed to sever

powers

diplomatic or economic relations
with or supply. armed forces to
fight against some future aggres^.
sor without having the opportune
ity to vote on these

vital decisions.

/ While Article 1, Chapter 2 of
the
Dumbarton Oaks
proposals
states that the new. security or¬
ganization., should /be based on

sovereign equalstates// it

"the principle, of

,
'

ity of all peace-loving
,adds in Chapter 6 the

in. order

that,

effective

and

suggestion

to ensure prompt
action against fu¬

aggressors, ; all members oi
organization should "confe
the Security Council primary

ture
.

the
on

responsibility for the maintenance
vof international peace and secur¬
•

rr.d should agree th^t. i'\
carrying out these duties under
ity,

responsibility it (the Secur¬

this

ity Council of eleven members)
should act on their behalf."
'■ /

country or supply
men, money and war material to
the Security Council, but would

•nd

f the
ire

"middle nations" anc
the smaller nations is not whollj
■acceptable to the former. The
Dumbarton Oaks plan sought te
establish the principle that na¬
between the

b

in proportion t<
; their
obligation to provide th
men,
money and materials
fo
dealing with, future "aggressors
/givens authority,

the principle

this

invoked to explain

was

tha'

the pro¬

posal
that the United . States
Britain,-Russia, France and China
should be made "permanent mem¬
the Security
the right to . veto
of

bers"
with

,

Council
plans tf

force1 against future aggres¬
sors.^;//-' '';' - v.
//;7;/// . ///
use

The

Canadians

are

power

to

place a high

and Thomas
There

the disposal
SeciirUy Council and which

evidentl}

council.

/;/,/./

agreement with
Sweden, airlines: of the United
States
receive rights of transit
and

pick

in-Swedish
as well as the right to
and discharge interna¬

non-traffic stops

territory,

.

up
tional traffic in

the

978,478,850.

Departments of

1

Security

The

Council/ could

•firry out its own majority dec^
ons
without any action by the
'eneral Assembly of all the na1
,

Association

y a

ut

passengers,; cargo

senting the deposits in 105,338 re¬

Ex¬
in a general

"Sections of the Securities

1

confirmation by a fre
Danish Government.. when suet
nitely upon

government shall have been
"blished following the
of

Denmark."

es

-liberation

/'//'- ///';'"'•%///

iagreemen£/p^

/-

grants rights for

establishing, thr

mail 'at.
,,

un¬

in number of accoar. -j
78,217 net loss, indicatlu'f
exclusive of unclaimed de¬

change
shows
that

a

posits there was a gain of 27,1/1
active new savings accounts.
"War Bond sales to the public/
in November—almost all 'E' bon- - »
■were $18,993,935, a figure
vmi/r
unquestionably will be topped, /i

when

December

Loan results
"As

a

131 mutual
York

are

result

of

flow

dented

complete
in.
the

of

new

W;;e

unprece¬

savings t" >

savings banks of Nev>

State,

business

up

to

Dec.-

on

the close i t
had sub -

9th,

scribed^ for their own accounts "A >
over $899,900,000 of bonds offeri d
in the Sixth War Loan Drive. T&ii
.

obtain Treas¬

communicate with their
$1,000,000,000." /u:/■//..■<///>//
Banks, brok¬
erage houses and other financial
institutions may advise their cus¬ British Member of
4 f
tomers and depositors in France
Combined Raw Materiicu
1
of the status of their accounts
Bank statements, financial records Board to Retire
and commercial reports may be
The Combined Raw Materlt/?
furnished. Wills, legal' notices anc
Board announced on Dec. 11 t-v*
birth, death and marriage certifi
Retirement, effective Dec. 3 5,
cates^ may be transmitted. Proxies Sir Charles Hambro as Britfe.'v
may' be solicited and signature Member of the board. His pla* •>
cards may be obtained.
/
/ will be taken by Sir Henry

itors may

debtors

in France.

-

"Other than

instructions relate-

attorney,

executed proxies, pay¬

instructions and other com¬
munications which are transac¬

ment

who will also continue as

Unite;

f

of

governmental praete/ >
Mr. Batl

British

but of British industry.
also said:

"His connection with the

tional in nature.

Minis¬

try of Economic Warfare throu/R
service witl
the critical years of the war*perk>!
that"consistency of enforcement liberated f France had been , re
had given to him an ex tens! v >
"ill more likely be achieved jl stricted to non-illustrated post¬
the Federal courts retain' exclute cards on personal, or family mat-" background of experience in te>ter-governmental dealings/as wc.l
give jurisdiction." •
> ;
Z ters." " ' ' :'•••! ■/
as
in the field of materials,
/ i
of

rules

and

regulations,

"Until

now

,

.

mail

•

Chairman

/:
It

Mail for France

was

made known on Dec.

2

Albert Goldman
that according to information re-;
geived from the Post Office De¬
partment at Washington, arrange¬
ments .under which letters and
packages prepaid at the letter rate
of postage may be accepted up
to a weight limit of 4 pounds 6
ounces, when addressed for de¬
livery in the liberated areas of
by

Justice Jackson to

Continental France, to which lim¬
ited mail service

is in effect, were

primarily for the transmission of
written communications and re¬
lated papers which may be of a
bulky nature.
It is emphasized
that

no

merchandise, foodstuffs or

printed matter of any kind may
be -included in such, letters or

packages/and it is added:.

..

;

Speak at MY
Associate
Jackson: of

^eetisi %

Justice
Robert
H
U. S. Suprerru

the

of

the

Great

Weste/, i

Railway he had the fullest accep¬
tance of British industry.
I*

phase of the Combine 1
for patience e.n I
understanding he has been a mo: i
;

Postmaster

"In every

work

calling

helpful colleague, and the Amer¬
ican members have been deep//

speaker appreciative of the point of vie s
mid-wmte: which he brought to their prob¬
lems.
He always presented
.
meeting of the New York Stay
British position with firmness ar..|
Bankers Association on Monday
conviction,, but was quick to gr;
•Jan. 35, C. George Niebank, tiff
the difficulties on the America >.
Association's President and Pres
side and invariably made gre:
ident of the Bank of Jamestowp
announced on Dec. 18.
Justice efforts to find suitable accpmm.; He has utin
Tackson, who was U. S. Attorney dation of the two.
General prior,to his nominatior much to contribute- toward to
broadening of the. board's wav
:o the Supreme Court, will speak
internationally.
To the staff te
at the Association's annual dinne
the American side he became
at the Waldorf-Astoria Hotel. His
friend / and
valued collaborate
subject will be announced later.
Advance
registration, it is an-' and it is with the keenest oi it;
aounced, indicates that attendance gret that they see him leave." j
It was announced that Gec/g
at the mid-winter meeting
will,
Archer will act as hend of toequal, and possibly surpass, the
1943 session at which 1,020 bank/ British Raw Materials Mission «£

Court will be af principal
at

the

17th

annual

op/
Stockholm, on the
f//With the exception of instruc¬
tion of
the /respective govern¬ tions relating to personal support
following route;/ New York or
ments," w^ich will ...designate the remittances/communications of a
Chicago, via intermediate points;
financial
or -business
characterto Stockholm and return.,
' :/ .operating airlines. / It is under/
will, for the present,, be restricted ers, representing 600 of the Asso¬
•Air! ines
of
Sweden
receive stood, however, that the commer¬ to those ascertaining facts and ciation's 720 member banks were"
cial rights should be exercised "at
exchanging information, and en/" present. At a daytime session ttte"
rights of transit and non-traffic
the earliest practicable date."
/
closures' of c u r r e n c y/checks * '/ankers will hear talks on bank¬
stop in .the territory of the United
ing's program for advancing ade¬
drafts or securities are prohibited.'
-Items• Rearing
om/the
agree¬
States, as well as the right to pick
Regarding mail service to liber-_ quate post-war credit to small

and

Contemplated services ate the

been

have

claimed for 15 years or more.

Yng'to support remittances, how¬ Kingdom Deputy on the Combine I
Production and Resources Boat, k
ever, business communications be^
Commenting on the retirement/ ?
tween the United and France fo,
the time being are restricted, tc Sir Charles, who has completer!
Mortgage Company, a Massachu¬
the tour of duty he
originate/
setts
corporation, owning three the ascertainment of facts and the
exchange of information.
Thus undertook, William L. Bait, Amer¬
shares of stock."
be ican Deputy of the Board, said'J**
S After tracing the history of the Treasury licenses will not
had brought ,to the work of th*
legislationsaid the New York granted for the present for the,
board a broad knowledge not on! /
Times" of Dec. 13, the court sending to France of powers ol

tions

Sweden

which

counts

ury

the

Concluded Eelwesn

The advices ftom
', I

also state:

gain also takes into :> >
count the $1,456,178 turned over
to the State Comptroller, repre¬
"This

is already a larger purchase thu:i
the banks made in any of t:v>
licenses to exchange financial
previous drives and it is expectc 1
and commercial information anc.
that their final Sixth War Lo:
establish business contacts. Cred¬
subscription figure will be ovu?

liberated France to

but if the assembly voted
two-thirds majority to carrj
recommendations of the ruled because of the provisions
ecurity Council, then this vote M- Section 27, which in substance
muld be binding on all the na- ■/rants to the Federal Court "ex¬
'a^s in/the General Assembly..// clusive jurisdiction" over viola¬

'ons,

in the United States anc

concerns

misman¬

,

16—The conclusion on Dec. 16 of agree/
merits for commercial air transport services between the United
States and .Denmark and Sweden through an exchange of notes
at Washington was reported in special Washington advices to the
New York "Times" Dec. 16, which also had the following , to say: /
The agreements resulted from
via intermediate, pO"'ntsv to .Ney
discussions at the recent Interna¬
York or Chicago and return. /';■//
tional Civil Aviation Conference,
The agreement with Denmark
in Chicago. They incorporate the
similar
to
that
with Sweden
standard .'clauses adopted' at th"
grants rights to the United State ;
conference Tor use in bilateral airlines in Denmark and Green¬
agreements relating to scheduled land.
It will
become effective
air services on a reciprocal basis
Most-Favored-nation treatment., is provisionally on Jan." "and defi¬

operations.

of

charge

change Act provide

WASHINGTON, Dec.

the

S. Brown, Secretary,

way that no officers or directors
five/permanent members
of a corporation may use -'inside
would be given the right of veto
knowledge" to profit from deals
in all cases in which they- were
in a company's stock.
It is pro¬
pot a party to. the dispute; arid the vided that
any profits accruing to
six non-permanent seats would be
an
officer or director within six
allocated to the middle powers
months of the purchase of such
on
a
rotating regional basis,'not
stock must be turned over to the
-yet defined, f/'//
company."
' 7
/The majority decision of the
•/ "The rules set forth also thai
'ecurity Council would be/bindiiipon demand of a stockholder,
ig, in the first instance,-only oi
the company must sue for recov¬
he
members > of
the Security
ery of such profits and in case of
Council, but any nation which the
company's failure to do so,
vished to associate itself with th'
any stockholder could start suit.
najority decision of the: Opuncif rn this case the demand was made
ould do So if it liked.
/
by the Craftsman Finance and

United Stales, Denmark and

Under

no

The

Gotemercia! Air Agrcsmcnls

provided for

-is

agement/or official misconduct
against the defendants.

prepared to be bound by a

majority decision of that

of a vote
matters
than any small nation which had
little or no force to put at the dis¬
posal of the Council.
-////:::,;■/■
This apparent lack of distinctior

was

the

linimum of force at

Council on these

and

and

courts; or whether

Security

'.ecurity' Council be allocated t-c
hose nations that have the will

;.have no more assurance

League should

the

Belfort

itors

"

for example, might be
obligated to break off trade rela¬

tions in the hew

405,577 for the eleven months •*• >
date and the amount due depc;^
to an all-time high of 5:'.-^

Continental France with
exception of the territory of

whole of

,.

tions Willi some

the

ing the total deposit gain to $81).,-

under the in¬ Doubs, Meurth-et-Moselle, Meuse,
Moselle,
Bas-Rhin,
Haut-Rhm;
Council but kalso their;v right of terpretation of < the statute suits
Haute-Saone
and/Vosges.
The
veto, at least in all eases in which might be brought in either the
the Big Five themselves, -are no/ State courts or the United States postage rate is 5 cents.
"The Treasury Department
is
district .courts. /Kg //://.;/-•'/'•/y
involyed/lv//^
to the. New York making arrangements whereby
But the Canadians argue—and ./ According
"Herald Tribune" of Dec., 13, the personal support remittances tw
their point of view is noteworthy,
the limit of $500 per month maj
pr esent proceeding is looked upon
because it has considerable sup¬
as a test case, and
it was added be sent to individuals in France
port among the i other:/"middle
that; it
is understood -that the through banking channels undei
powers"—that if the principle Oi
Pecora: ruling is to be carried to
General License Nos. 32 and 33,
authority in relation to power is
the highest court in the State. as soon as banks in this country
o
be applied by giving the big
From the "Herald Tribune" we are able to make the necessary
powers superior authority in the
arrangements with French banks
ecurity Council over the middle also quote::/:/:;■•;////' /
"The acdon was brought by the
Information regarding the trans¬
powers, so, they suggest, should
mission of such remittances may
distilling
company,
with
the
che
middle
countries be • given
Craftsman Finance and Mortgage be secured by interested person:
reater authority than the smallst. nations who contribute very Company, a minority stockholder, from their local banking institu
as intervener, to recover $296,812
tions or the Federal Reserve Bank
it tie power to the new league../
Carrying, out
this principle, from Russell R. Brown, company of their district. Currency, money
director; George orders, checks or drafts cannot b:
herel'ore, the Canadian amend¬ President and
Registra¬
ment' is,* understood to .propose. W. Mitchell/Vice-President and used for this purpose.
.hatf//>//://://^
/■ ./■ 'Director; Samuel Rothberg, Vice- tion, air mail and parcel-post
President; Henry C. Cole, Vice- services are not yet available.
The non-permanent seats on the
President, Treasurer and director,
"It is no longer necessary fo~

permanent p(ace on the

Canada,

on

Su- *>■

•
•' -• —
prepared to accept this principle/ preme Court on the question of
and therefore, to sustain not only; Whether jurisdiction in such suits
the right : of the Big Five, topi ;• was vested solely in the Federal

proposal, if accepted,

Under this

New" York State

12 by //-*

reported on Dec.

Savings Banks Association, brin/-

,

any

tne

.

•

member '.o.
Raw
Mate:
Board for Sir Henry Self.
Si
Henry
Self has served on to'-:
.
,
Combineds^ Production • and
sources
Board since June, le/l
ments reached at the International
business men and making loans Prior .-to. this appointment he tea.
up
and /discharge /international
ated France, an earlier announce¬
served as oermarppt secretary i
Civil Aviate'on Conference at Chi¬ ment (Nov. 6) by the Post Offic/
o World War II veterans under
traffic in passengers, cargo and
Servicemens
Readjustment the British Ministry of Prootec
:
y
* * / he
cago appeared in our Dec. 4 issue, Department s'aidr. r- T
mail, at New. York, or Chicago on
tion.
1
"Mail will be accepted for the Art r»f 1944.
^ ; -/
the following roule:
Stockholm, page 2628, 2629 and 2631.




-

the

depn+v

will

be

the.

Combined

2744

THE COMMERCIAL &

Canadian
At

the

The Secretary of the Treasury
of shareholders of The Bank of
6, J. A, McLeod, President, said annouced on Dec. 18 that the
that apparently the only policy by which it will be possible for tenders of $1,200,000,000, or there¬
Canada to pass through the post-war transition period to an open abouts, of 91-day Treasury bills
and expanding system of international trade, is to provide special to be dated Dec. 21 and to mature
Mar. 22, 1945, which were offered
means of financing .part of the British export deficit and to give
on
Dec. 15, were opened at the
British goods, every feasible en-/#*—
—
~~
~
~
"
on

couragement in the Canadian

the

form

of

aid

mutual

followed by

war,

ket. ."Such special assistance in
financing," he continued, "might
take

lion, and because of this he: said
he believes the Government s in¬

the price ceiling principle so long
period. To some I as the inflationary pressures are
extent it might take the form of j powerful "should receive the supcredits
under
the
new
export port of/the business community
credit legislation.
It might also and the public generally."
H. D. Burns, General Manager
involve long-term loans at un¬
low

of the

interest.

of

rates

bank, said that when

requirements

priate, some special means of fi¬
nancing is essential. The alterna¬
tive is restriction of trade, de¬

tax reductions should be

pressed

p

cited .this

He

indicative

as

with

wider

much

the

the

of

economies

Europe and
further said:

'"Until

McLeod

Mr.

Asia.

p

be

is

com¬

final

World will be incapable of paying

Mr.

for the goods which it wants from
North- America and which this

security,

is able

provide.
Canada

With

World

to

what

the

Of

rest

all

the

order
the

in

mean

and

a

of

use

her

of

causes

friction." P:':

real danger of

a

short-lived

ary

boom

let

--PP-P

after

a

us

developing

.

disposed of,

so

far

as

Lawrence

In

Press
on

advices

Dec.

placed

were

all I

from

President

These

sea¬

Roosevelt

Rivers

and

give

the right to

State

governments

ects,

give

Tver

navigation

%q Senator Aiken (Rep.-Vt.) who
read it to the Senate just before
the vote.
■
/>. .;pp:: .'/■/ k"

States, and authorize disposition
of surplus electricity at Govern¬

The message, answering

an

§aid::

ppp'P'p.'VP/

"Of

I want action

course

possible

as

the

on

St.

as soon

Lawrence

Seaway.

It is logical and inevi¬
The quicker the better."

table.

With the St. Lawrence amend¬

ment

beaten,

the

Senate

passed

By voice vote the bill authorizing
navigation,
electric

The
the

reclamation,

power

measure

and

hydro¬

other

works.

already has passed

House, but because of differ¬

ences

partment.'.

it goes now to a joint Sen¬

■

irrigation

dams

ment

in¬

a

ilar to those in
control

bill

a

post-war flood

passed

a

week




ago

Associated Press

we

pP'PpPP P,P!

No mention

was

made of

White

said

by

preference

works

the

in

announce¬

Slattery sub¬

his

made effective at

Mr. Roose¬

once.

velt's acceptance was dated Dec. 8.
"Mr.

He

in

served

the Interior Department during a

portion of the Wilson Administra¬
tion

and

later

inquiries

assisted

the

into

in

Senate

Teapot

Dome

and Elk Hills oil reserves.

For

time

he

taken

to

national air

of

;

in

The

the

account

to

over-all

an

as

and

South

"counsel

the $58,000,000 Snake River,
Washington and Idaho

ma;

urogram; the

Ooosa
bama

$60,000,000 Alabama-

navigation
and

program,

Ala¬

Georgia, and the $25,-

Canal, Illinois.

ect,
come

it

is
up

stated,
in

the

is

expected

new

Congress in January.

to

session o|

State and

liberal education of
Yale disagreed, he

added,

with

■

the

"We

unitilitarian

propose

eral course of

picture of

produce

study calculated to

humane

characteristics,"

Meeting of Executive Council §.if
AIB Jan. 21-23 In Jacksonville, Fla.

Of

The annual mid-winter meeting of the

>>y

Executive Council of the
American Institute of
Banking will be held at Jacksonville,
Fla.,^
Jam 21-23, inclusive,it was announced on Dec. 4
by William C. Way,"
President of the Institute, who is also Trust
Officer of the' Central
National Bank of
Cleveland, O. Principal among topics to be discussed during the three days will be extension of
the study group
courses
which are now

Washington

rep¬

He returned to

Department in

1933.

Trust

Co.

of World War II

i

^

.

beginning with the Japanese at¬
Manchuria

on

and

on

Sept.

concluding

18,

with

the

great United States Naval Victory
over

the

Japanese

Philippine Sea
folder

also

on

Oct.

in

24,

the

1944.

comprises tables

foreign exchange quotations,

well

as

the last available

tions in New York
of

fleet

occupied

enemy

countries.

on

>

-. ,•

*

-

quota¬

currencies
or

•.

as

-

-

enemy
-

'P
'
U

.

-

AIB

making^

training

available

to

bank

—

w
"
Everett

the

Job

chapter territory

Relations

vional

which has been initiated
through
the country by the Institute.
In

addition the Council will dis¬

plans

members
who

for
of

were

aiding

the

The
is

Executive

Council

bank

Institute

in

to

the

the

represent

groups of
various sections

Memphis,
• " '
/■ p:i;-*P:p/-'^'

Irwin, National

Members
AIB

of

the

the

Banking Association, and Floyd
Larson, National Secretary, as
well
as
Leroy Lewis, Assistant

300

Educational

the

C.

of

are:

President, William C, Way,

Trust

Officer,

Central

Director, and Robert %

Rutherford.

the

Assistant

to

the

Vice-President,

the

Boat¬

Louis,

Mo.'

are:

:

,

Council,

20.

These

Budget,

.

.

in Jacksonville.

.

...

p

:
<

N"i

:

Commodity Credit Corp.P
; War Food Administrator Mar¬
vin Jones announced pn Dec.?. ,15

Edward C.

National' Bank of Com¬
merce in New Orleans, La.; How¬
ard
R.
Chamberlain, Rochester
Trust & Safe Deposit Col, Roches¬
ter, N. Y.; W: Howard Martie,
Farmers Deposit National Bank,
Pittsburgh, Pa.; Herbert E. Widenhofer, Fort: Wayne National
Bank, Fort Wayne, Ind.; Floyd L.
Geyer, California Bank, Los An¬
geles, Cal.; George J. Greenwood,
Jr., the Bank of California Na¬
tional Association, Portland, Ore.;
Herman W. Kilman," Federal Re¬
serve Bank of Dallas, Texas; S. J.
Kryzsko, the Winona National &
Savings Bank,
Winona, Minn.;
Walton L.
Sanderson, Hamilton
National Bank, Washington, D. C.;

seven

Jan.

Hancock President of

'0'vp;::; pp;

Other members

^

meeting will be the Roosevelt.

Hotel

President, David L. Colby, Assist¬
men's .NationalBank,St.

/

-

:.:T

Chapter, Administration, Education, Advisory, Nominating, and
Transportation. Headquarters for

National

Bank, Cleveland, O.; Vice-Presi¬
dent, David T. Scott, Assistant
Cashier, the First National Bank
of Boston, Mass.; immediate past
ant

p..'

Secretary, will also attend the
>;
three-day meeting. The Executive M.pl

Council.

Council

i.

W.

The Institute's Pres¬

of

j
•

•I

:

Educational Director of the AIB,
was also
recently appointed
as
economist
of
the
American

to three-

chapters and study

,v,.•

who

composed of 15 members,

terms

year

of

-

Trust

Dr. William A.

from

12 of whom are elected

&

Bank
of
Commerce,
Tenn,';/•:

returning

armed

drawn

:

~
Stevenson, First,Na-

Co., Free- pPPP
port, N. Y.; Albert O. Werner, In- P P
.'
dustrial National
Bank, Detroit,
Mich., and T. S. Wiggins, National
''ppp'p

program

out

cuss

"
C.

Bank

include:

1931,

'

'

subjects, ptnP
to maintain.a.gen-PhP;

committees

tack

•

p

stressing

on

;

PP'P/

those who demanded that the urtL
•; >•:*'
versity
be
revolutionized / by

committees

Interior

".PP'--

students."

our

three members

was

!

Our first

ciation

and

ny

,

na¬

Council sessions will be preceded

Distributing Chronology

Oregon,

halls,
closely with

more

by meetings of the

Manufacturers

Caro-

work

diate past President are the other

was

Two big projectsv were elim¬
Manufacturers Trust Company.
inated, the $66,000,000 TennesseeTom-Bigbee Waterway and the; New York, is distributing a folder
$38,500,000 Beaver-Mahoning Ca- with the Heading • " A - Chronology
aal in Pennsylvania and Ohio.
«
of World War II," which lists
by
Among larger authorizations in dates the
important events leading
the bill are the
$25,000,000 Santee-Cor.garee River Development, up to. and during World War II,
Carolina

to

4'gencies of the

ident, Vice-President, and imme¬

a

P

.

obligation is to scholarship and to

Hartford "Courant" likewise said:

"Giving,

-.•V

community and to institu- r '
PP";'

from the outside world.

same advices as contained

New Haven

a

..

however, against
the tendency "to turn the
univer¬
sity into a general service station
ready to answer any hurry calls

es¬

>•;

'/h

tions outside the
university

navigation, tariff bar¬
:

nr;.v.

1 "•

on the part of the uni¬
versity to extend aid to the needs

security
organization
and to study
monetary problems.
It is just as important to
prepare
plans for settling conflicting trade
issues, shipping problems, inter¬

the country.

;

North

'■

to

the

..

following

'?

the National Boulder Dam Asso¬

De¬

v./1.-j

the

obligation

a

AIB

1939.

take

we

tional Governments and
industry.
He
warned,

tablish

1

pv.P'.PvPPP-:
"Sun'-' of ■''V;

welfare

the

the

in

York

problems

staffs, to readjust themselves in
the»banking business.

REA

6

New

the

touch

'

:

'

Looking into the future, Dr.
Seymour said that there was an

the

Slattery, who is 57 years
old, moved up from Under Secre¬
tary of the Interior to be head of

arid

Interior

1

Mr.

the

so

and

House

that

many students."

general

that

-v

as a

have

the three greatest powers
may be
in accord as they face the

staffs outside of

v.

ity of New York.

The St. Lawrence Seaway proj¬

Broad technical provisions sim¬

with

conditions

(Associated Press):

Government, in order that

forbids

order

resignation by letter
early last week, asking that it be

of

form.

relations

empty shell

war

saying:'

as

successor.

diana Harbor

final

the

letters.

Which

its

economic

Soviet

re¬

"The White House, in announc¬
ing the Slattery resignation, did
exchange of

The

out

also

not release the usual

000,000 Illinois Waterway and In¬

work

Press

likewise quote:

ate-House Conference Committee
will

had the effect of

resentative of the Power Author¬

review Federal proj¬

failed to turn back the opposition.
It came in the form of a telegram

quiry from the Vermont Senator,

''coordi¬

;

From

<§)

the

in

Harbors bill.

last-minute boost for the

way

a

indicated

with

President's

"The

—,

it

12

on

Mr.

resigned in order to carry
fight to the public. This is
have to say at this time."

this

conflicting."

Seaway

stated:

was

A

Associated

Wickard

Associated

"The

have

complementary,

and Power Project was
the present session of Congress is concerned,

Washington

Dec.

Press,

said:

and

so

From

the

according
further
P;-'Pv;
P.--?

Associated

Federal officials to engage in pub¬
lic
controversies.
Therefore, J

pitfall
private

12, when the Senate in approving the bill providing for a
$500,000,000 program of post-war improvements to rivers and harbors
rejected bv a vote of 56 to 25 an amendment to authorize the St.
Lawrence Seaway.
/PPPPPP^;-'.;'
from

with

administrator by Secretary of Ag¬

-

planning and

Dec.

on

he

ported Mr. Slattery

so¬

St. Lawrence Seaway Project Rejected
St.

outstanding issues
British, Dr. Seymour,
the

for

■

respon¬

Senate Passes Bill Proposing
Rivet and Harbor Improvements
the

of

to

of

the settlement

.

not

:'

responsible

security of Amer¬

was

the smaller powers."

mitted

on

of the

riers, the international position of

ment

Action

as

ican interests"

that the appointment of a deputy

The

not stumble into the

tivities should be

the

well

as

"Steps have been

displacing him. Ppp P~"'PPP ?"■*"v

end in itself and

an

!1 '

found
their
prophecies
belied.
Never in her
history has Yale, in
whole or in part, been

durable peace

a

of all the people of the world.

announced

which

nate" authority

enterprise in two opposed camps
Government and private ac¬
.

$1,215,529,000.

was

in

riculture

vital role

of setting Government and

inflation¬

an

employment and
It is clear

ber that Government

According to Mr. McLeod there
IS

statement

of

goal

in

21

Slattery is said to have issued

encourage

the

Dec.

on

Dec. 11 by the White House.

spheres, private enterprise
could not function efficiently and
high employment would be out of
the question.
But let us remem¬

international

v\/P\P:'

its

control is not

bills

ministrator

cial

capa¬

of

sim¬

a

resignation of Harry Slat¬
tery as Rural Electrification Ad¬

"Social

sibilities in the economic and

For the world, it would
lower standard of living

new

achieve

post-war

recognize

maturity of

a

The

play both in the transition from
to peace and more perma¬
nently.
If Government failed to

world

great

issue

war

twhich she qould make

best

bilities.

a

to

result

p PP ./PPP"

"first condition of

Electrification Admin.

to

policies of bi¬
lateralism and of regional and na¬
tional self-sufficiency.
v'lpP^P
"For this continent, that would
mean problems
of surplus capa¬
city and unemployment; it would
hopes for

designed

0.376%

liberal edu^

no

Expressing the belief that the

;

|

Slattery Quits Rural

of

already

public

that Government has

in

doom Canada's

hands

is

declared

useful

to

was

the amount of

better living standards.

reasonably meet, then
be sure that the countries

solutions

Burns

help

high

of Europe and Asia will seek their
own

ilar

enterprise and competition, should

can

we may

the

\

competitive

approximately

There

highly progressive rates."

measures

not

prepared to deal
financing problem on

of

in

recipients

!/

an

be

can

,i!:pr
per annum,
-;p V.pP -y
"Only thus, can we proceed to
-'"-.V p'P
(53% of the amount bid for at the further necessity of jointly
the low price was accepted.) :
meeting and settling our political

tax

matter of

a

annum.

of accepted

discount

works,
carefully timed decontrol, external
trade
policies, and Government

If the United States and
are

this

terms

anxious

and

income

that

the

as

per

be replied that cor¬
impersonal entities

are

and

taxed at

pleted, much of the rest of the

continent

heavily
can

porations

PP.-;'PP: 1

reconstruction

taxed

'

7

unprepared-' <n

cation,"

approximately

; 'P'P'P .p.* ' v 1
•
Low, 99.905, equivalent rate of

one
which
admittedly has
discouraging effects on busi¬
ness
expansion.
To those who
argue that 'excess profits' should

justice, it

Dec.

on

.

per annum.

very

war-torn

expressed

has

which there

P- •oPpP'P': P.PP;V:; •
High, 99.910, equivalent rate of
discount
approximately^ 0.356%

ex¬

emergency

*

bids:

expected.

and

problem to be solved if interna¬
tional; trade is to expand and
thrive, and said that North Amer¬
ican economy is far out of balance
with

an

was

brought - so greai<t>—
——-———-—j,
:
peril to us in the past and espe
Yale for the academic
year 1943,
cially in this war."- He added:
44, which Dr. Seymour says was ,/pp
"The university, whatever the marked
"by the most complete ' %
consequences, will have to adjust transformation of
undergraduate ' ■
itself to its effects upon the train¬
Yale into a
military and naval P I
ing of youth.
At all: costs, the training
school," the report adds:
v
nation must possess the power to
"Those who foresaw that Yale
protect
our
freedom,
without would become

P VP.p:

-/'P

'

discount

Range

view to its eventual elim¬

ination.,' It is

trading problem

of

a

'■/•

■/:

of

0.375%

war

profits tax should be reduced

cess

which

ness

for, .$2,040,847,000.
$1,215,695,000 (in¬
cludes $63,020,000 entered on a
fixed price basis at 99.905 and ac¬
cepted in full).
Average price 99.905, equivalent
rate

some

ation, it is quite clear that the

;.,.v

■

■

"In the sphere of corporation tax¬

unemploy¬

and

income,

ment."

curtailed,

are

Marshall

system of required military
men" as suggested recently by

young

by Charles Seymour ' :
President of Yale University in his annual
report to the Yale alumni'
"In my opinion," said Dr.
Seymour, "Congress should enact such a' '
system, in order that the United States may escape the

Total applied
Total accepted,

in the transition

Whatever methods may be appro¬

1944 vV,

'

follows:

tention of continuing to hold to

for

General

Federal Reserve Banks oh Dec. 18.
The details of this issue are as

sharp defla-

a

particular reconstruction purposes

usually

training for all able-bodied

Dec,

mar-

The conviction of the

\

annual meeting

Nova Scotia held in Halifax

Thursday, December^!,

j'* i

Military Training Favored by
i
i
%
President Seymour of Yale
University
necessity of "a

Results Of Treasury

Financing of Part of British
^ ^
Export Deficit Advocated by McLeod

113th

j,.,'-'
FINANCIAL ,CHp0^rCLE:.

Boyer,

the

designation,

of

Frank

.

cock, former North Carolina

Han¬
rep¬

resentative,/ as President of the
Commodity
Credit Corporation.
Reporting this Associated Press
advices from Washington said:
"Mr.

Hancock, a native of Ox¬
ford, N. C., succeeds J. B. Hutson,
who last week
ant to

was

named assist¬

War Mobilization Director

James F. Byrnes to

plan agricul¬

ture's

to

reconversion

peacetime

conditions.
'

Hancock has been Farm Secur¬

ity Administrator during the past
year.
He will continue to hold
this post as well as the Presi¬
dency of the CCC.
.

.

.

...

'V

,

•*>}.

y olume .160

Ntaiber'4344

THE COMMERCIAL &

loadings

September and is scheduled to be

the

further

793,554

levels

the

to

200,000 tons

present

over

of

tune

than

more

month by March,
Germany still re¬
main to be defeated by that time,
1945.

a

Should

additional tonnages

greater

even

The brunt of the shell steel bur¬

will

den

fall

upon,

whose

mills

plate schedules have been sharply
cut back.
Other flat rolled prod¬

was:

or

magazine

discloses.

Carryovers

mounting

are

a

as

{

;

Reports

from

of Mines reports

reau

week of
similar

of Mines
basis)
approxi¬
mately 4,552,000 barrels of crude

production

distillate fuel oil placed at 4,056,000 barrels and residual fuel oil

anthracite for
Dec. 9, 1944, at 1,-

ended

at

140,000 tons, a decrease of 53,000
tons (4.4%)
from the preceding
week,

and

decrease

a

sponding week of 1943.

6.6%

or

calendar

below

8,923,000

barrels

of

81,000

the

corre¬

12,983,000

barrels

of

The 1944

44,436,000

barrels

of

fuel„

60,458,000

residual fuel oil.

with

s;-.

cure

1943.

Direc¬

necessary to se¬
scheduling of structurals for
many important projects and cur¬

there

rently

situation

is

sign that the

no

will

improve.; Galvan¬
ized sheet delivery schedules, now
greatly over-extended, are being

year

The

of the

report

the

.

scheduled Tor

4,800.

1945 will be cut to

The Army, it is reported,

has

several

-finished

thousand

in this country which will go

cars

in

of

week

week preceding,
11,835,000 net tons.

in

the

last

13,540,000
for

that

above the

the

Production

as

amounted

activity

disclosed.

during the week ended
11, last year, was 88.9% of

Dec.

Capacity.

As for paperboard, pro¬
duction for the same period was
reported at 95% of capacity/a rise

to

highest

(the

tons

mill

The rate

corresponding

year

net

of

year), while output for
1944, totaled 588,-

of

point

one

from

the

Eight Principles in International Trade
Sef Forth hp N. Y. Board of Trade Group
At

meeting

a

Section of the New

and

report

York Board of Trade, received
special committee, setting forth eight
principles to promote American International Trade. The principles

adopted

a

precious

having

national trade.

trade if continued with return of

In the declaration of

"The

tion

International

Of

the

New

duct of

with other

commerce

cordance

wishes

with

and

based

Estimated, production7 of bee¬

and

war

hive coke iri the United States for

poses

the

the House

week

Dec.

ended

by

the.-

9,

1944,

same

as

(Green Act)

passed by

was

Dec. 8.

on

pur¬

The

meas¬

has been sent to the President.

ure

source,

of

decrease

civilian

essential

2,600 tons
when compared with- the ioutput
for the week ended Dec. 2, last,

The London market for silver the

and

for/

a

past

week

unchanged

was

at

our

na¬

best

and

method,

as

of

result

a

would

believes

amiss

be

will

the

have
of

course

and

ours

little

natural

in

we

turn

7/{/{/; y-r''-

"Toward attainment of interna-

tional

stabilization

monetary

actions

of

by
individually, a

nations

perspective
quired of money as

will

be resound measto evaluate various commod*

proper

ure

ities

that

a

world trade and
measuring, no better
device
than gold
has yet been
found, especially if payment for
goods with goods is given full
sway, as occurs with, normal ex¬
changes of commodities among
enter

that for this

it

inter¬

in

in

theirs, and

own

that

fail

to

currencies

with

mutually lowered

barriers,

as

events to bring about a rigid ex¬
change value of their currencies

within reach of the
largest number of people every¬
where to create a true prosperity
in
terms
of
desirable
products
throughout the world." :
The declaration goes, on to say:
"The Committee, while recog¬
nizing the benefits of reciprocal
trade
agreements
in
normally,
stimulating the flow of goods be¬
our

to

trouble

desired goods

and

ef¬

an

best made in

be

can

bring into balance as
possible
our
national
budget and definitely according
to the dollar itself a specific value
in a fixed quantity of gold on the
assumption that other nations fol¬
lowing a similar procedure with
regard to their national budgets

official edicts, to bring these

not

stabiliza-,

country first by endeav¬

own

soon

individual

their
the

as

monetary

individually and that

oring

competitve abilities and

on

tariff

Treasury-owned silver for

use

tions

fective start

tions, affirms its emphatic confi¬
dence in private enterprise as the
most effective system for produc¬
tion of the greatest quantities of
goOds determined by free decision
of : people
and not government
agencies, as needed, and in ac¬

to

period/-

international

/ *

also feels that

tion is the result of action by na-

of

Trade, Inc., after weighing claims
for planned economy in the con¬

mined in the

,

Board

•'../{ /.

•/ /;'

"The Committee

Sec¬

Trade

York

and

peace,

/'':///'' 'y/\

that:

tween other nations

"v

*

Principles

in International Trade it is stated

Silver—Legislation
extending
until Dec, 31, 1945, the authority

1943

a

jurisdiction

695,000 net tons, an increase of
5.7% over the 557,143,000 tons
same

of

States, to
Congress, and to the administrative heads of agencies
over
inter-^
■■■,
: ;
—
—w

members of

week./'

7yy^.y/V//yr':

Dec. 8, the Executive Committee of the Inter¬

on

national Trade

Jan. 1 to Dec. 9,

showed

domestic

of/ capacity,

dex

reported

the

93.6%

at

was

bituminous

of 95,000 tons

placed or before any out¬
standing orders are authorized. •
On

of

//////■''

increase

into service before any new orders
are

distillate

against 92.2% : of capacity in the
preceding
week,
the American
Paper and Pulp Association's in¬

output

marked

kerosene,
barrels

for the week ended
Dec. 9 at 11,930,000 net tons, an

which totaled

Activity

and

Paper Production —- Paper pro¬
duction for the week ended Dec. 9

production

ments for corrugated culvert

freight building market the past
Week, despite the expected can¬
cellation by the Army of practi¬
cally all of its 1945 railroad car
building program.
Army freight
orders
for
about-' 26,000
units,

of

Fuels

Solid

Administration placed

stressed further by Army require¬

pipe.
railroad

period

corresponding

Storage

supplies at the week-end totaled
80,880,000
barrels
of
gasoline,

tives have been

acute.

the

during

week ended Dec. 9, 1944.

to date shows an
increase of 6.4% when compared

as

com¬

reau

Pennsylvania

especially

ing the situation

refining

panies indicate that the industry
as a whole ran to stills
(on a Bu¬

a

2745

enunciated have been sent to the President of the United

'

put totaled 1,454,000 barrels, with

cars,

tons,

regular and quality
steel bars, with producers view¬

4,723,050

averaged

Coal Production—The U. S. Bu¬

49,371

result of the shell steel program,
on

output

barrels.

Dec.

ended

327,750
For the
9, 1944,

oil daily and produced 14,611,000
barrels of gasoline. Kerosene outr

week

the drop in plate
continuous mills, the

14,706

day higher.

weeks

daily

and a de¬
or 3.6% be-1

corresponding
Compared with
in

four

last .year,
was

1942, an increase of
or 6.6%, is shown.

available

by

of

the

period

barrels per

of

below the preced¬

this1 year,
of 29,757 cars,

1943.

of

on

.decrease

a

1.8%

corresponding
week
crude oil production

for

totaled

announced.

week

crease

9

Association

Railroads

cars,

ucts, particularly hot rolled sheets,
are
competing for space made
tonnage

Dec.

the

cars,

This

ing

freight

revenue

ended

American

low

expected to be bought.

are

of

week

for

War for the month of December,
1944.
When compared with the

»{';{/{ {(ContinuedIrom:page 2738)'4*•! /
jumped nearly 90,000 tons since

Petroleum Administration"

the

i

Thd State of Trade

increased

*p

MAW T -J- iXXi'siVipryc:1...
FINANCIAL .CHRONICLE

,:!X

pretation of present controls inci¬
dent to priority, import, export*
and exchange permits as well as
quotas as more destructive than
even
high tariffs to our World

nations. /'•

///., /•/'/"■

"Therefore:

'•/;

./,/

//y/y;/{/.,■/.,'■{/,

.

"1. The International Trade Sec-

tion, New - York Board of
Trade, Inc., believes in a pri9% in the
Dec. 1 approximate 40,000 units, corresponding week of 1943./, 44% cents,
to 10% in the '/>%/ vate>and free enterprise systern
as
and
since Dec, 1
necessary
for the
an
additional
Cotton Consumption in Novem¬ at 70% cents.
/'{./'' / /{•/.//; Northwest, 14% to 17% in the
successful development and
10,000 cars have been placed, but. ber—According to a report of the
October Hardware Sales Higher South, 13% to 17% in the South¬
expansion
of
international
must await approval by the WPB
to 14% on the
Census Bureau, last week, cotton —October, 1944, sales of indepen¬ west, and .10%
Transportation Equipment Branch consumed in/ November totaled dent retail hardware stores and Pacific Coast.//,/',/;//{/{ //;{/ trade. /:/■';/{/;y A/'/,y" ',{//

market,
-total orders placed from Oct, T to
car

23y%d.

57,700 tons' less than for the.

New

The

foreign

York

Official

silver continued' at
with domestic silver

in

East, 6%
Middle West, 8%
the

to

:

before

The

-construction, will

heavy

toll

war

equipment: has
builders

caused

look

to

for

market somewhere

in

the

demand for

longer

a

a

neigh¬

year

;;{{{;/■''y{.• {; //••[

Coincident
of

post-war

for
the magazine

least five years,

at

car

some

a

borhood of 100,000 cars
states.

begin.

railroad

on

the

with

war

increased

steel, the promise

rise in the steel ingot rate, scrap

prices are hitting the ceiling in
practically
every
district
this
week. "The Iron Age" steel scrap

composite price is up 50 cents a
gross ton this week to $19.17 a
gross ton.
- •{ { {'■ /{'/.; 7/. y/,;::y•'; ,v;
The

Iron

American

Institute announced
the

that

and

last

operating

Steel

Monday
of

rate

steel

companies (including 94% of the
industry) will be 96.3% of capac¬

the
week
beginning
compared with 96.9%

for
18,

ity
Dec.

week ago and

one

same

93.0% for the

week last year.

This week's

operating 'rate is equivalent to
1,732,400 tons of steel ingots and
castings, compared with 1,743,200
net

last week

tons

and

1,620,900

tons one year ago. /-,
Electric Production
son

—

bales

The EdiL

Electric Institute reports,

lint

of

of Pinters. :

with

759,379

and

122,304

to

kwh.

in

the

week

858,877

and

bales
bales

of

lint

«

Nov.

months

the

four

30

consumption

and

linters

of

from

4,524,257^300

kwh.

un;

9

the

preceding week.
The latest figr
ures
approximate a decline of
0.6%

from

level

the

of

one

year

when output reached 4,566,-

ago,

905.000 kwh.

a

;

.

v

Consolidated Edison Co. of New
York

reports

188,100,000
ended

Dec.

system

kwh.
in
10, 1944,

output of
the
week

comparing

"with 223,900,000 kwh. for the cor¬

responding week of 1943,
crease

or a

de¬

of 16.0%.

compared
for

the

with

220,600,000

.corresponding

last year, a decrease of
Railroad Freight

kwh.

week

of

17.4%/{

Loading^-Car-




distributors

reported
week

on

in

Wednesday

its

Thursday market

of

every-other-

summary.

Based

reports from 1,180 independent
totaled" retail hardware stores, in all parts

2,389,227 and 438,102 a
Total bales in public

against
year

against

ago.

and at compresses were
13,185,606 bales of lint and 24,415

storage
bales

of linters, compared with
12,950,983 and 62,433 a year ago. {
Cotton

active during
22,257,040,
compared with 22,615,732 in No¬
spindles

November

numbered

of

the

October,
1944, averaged a 12%
increase
over
the
same
period in 1943.
October sales averaged 4% over
the.September volume this year.
country, sales in

Wholesale

ors'

sales

in

hardware

aged 7%

more

month in

1943.

for

first

the

distribut¬

October, 1944,

aver¬

than for the
10

same

Cumulative sales

months

of

this

according to reports from a
majority of the hardware whole¬

year,

salers

in

this

country, were 2%
over
those for the,,same months
vember one year ago. "
{ ' last year.
Inventories showed a
Lumber Shipments — The Na¬ 6% increase.
Wholesale hardware
tional Lumber Manufacturers. As¬ house accounts receivables were
sociation
reports
that
lumber, 4%. higher than for October, 1943.
receivable
collection
shipments of 484 reporting mills Accounts
were
0.5% below production for percentages showed a good gain
the
week ended
Dec.
9, while over the same month last year;
•

.orders ol^these pnills were
Un-

n

Retail

and

Wholesale

Trade—

Christmas

buying the past week,
to as in
previous weeks, lifted the
86% of stocks. ■'..{;'/■;>y/; {/{{y/ y retail
sales
volume
to
higher
For 1944 to date, shipments of levels and,
according to Dun &
reporting identical mills exceed-, Bradstreet, Inc., store purchases
ed production by 2.7% and orders throughout the
country were 10%
ran 4.0% above output.
to 14% ahead of last year.
/

average^
responding week of .1935-39,
Compared to the

duction

29.9%

cor¬

pro¬

of reporting mills
was
greater, shipments 40.0%

greater, and orders 22.5% greater.
Oil

Crude
average

Production-—Daily
crude oil

gross

produc¬

tion for the week ended Dec. 9, as

by

the

troleum

Institute,

barrels.

This

crease

of

under

the

American
was

Pe¬
4,704,450

represented a de¬
8,450 barrels per day

preceding week and
17,650 barrels lower than the daily
average

figure

recommended

All

Supplies in general showed evi¬
dence

of

holding

up

well, but in

such items as lingerie and toys a
shortage is developing and stocks
in these categories growing rapidjy less.
Despite heavy snows
and

other

adverse

weather

con¬

"2. It believes in and urges

gift merchandise was in de¬

the
removal, at the earliest posand pointed especially to activity
/>> sible moment, of all export
in accessories, apparel for men, ..:."/•/ and import controls and obwomen
and
children, toys, sta¬ {'•/•/• stacles, restrictions and bar¬
riers to the normal develop- '
tionery,
books,
cosmetics
and
ment of international trade.
furnishings for the home. /

//

mand, Dun & Bradstreet reported,

/

Food

on

3,421,212
bales of lint and 445,916 bales of
linters in Novei^Der, 1943.
Cotton on hand in consuming
establishments on Nov. 30, last, Cumulative sales for the first 10
amounted to 2,209,694 bales of lint months of 1944 averaged 9%; more
and
232,113
bales
of
linters, than for the same months in 1943.

estimated

Local distribution of electricity
amounted
to
182.100,000
kwh.,

hardware

parts of the United States

Age"
this

ending"

3,266,496 bales of lint and 494,519
bales

all

showed good gains over the same
month last year, the "Hardware

lC-3,679 bales of linters in Novem¬
ber, 1943.
/:/://

that; jjew

Dec.

ended

in

compared
of lint and

of elqctriciy increased: 0.9% more than production
filled orders
files
amounted
approximately
4,538,012,000

the output

wholesale

This

125,722 bales of linters in October

For

in Europe and the

war

836,541
bales

volume

level of

a

the

above

was

ago,

year

"3. It believes that the Foreign
>7//; Economic Administration,

with canned

"

while some dairy
short.
activity
remained

high,

goods

products were
Wholesale

subsidiary, the
Corpora¬
tion, should cease buying and
selling after the war, and
through

U.

steady, approximating that of re¬

further

cent weeks, with levels well above

those of 1943.

.

store

Department

country-wide basis,
the

dex,

22%

were

sales

as

on

for

a

taken from
in¬

ahead

the week

of

a

effort.

year

"4. It

in

ended

Dec.

to

year

1944,

9,

also noted.

over

1943,
.

early

about

at

of

r

the

like

22%

or

week

of

in

various

abolishinept
\

*

"5,it urges that representattiohs
/ / be made to the Congress of

more

the United States for the ex-

1943/
•

In specialty and chain stores
sales totals

were

wholesale

c

also the rule.

Unsettled conditions
ized

;

character¬
the

markets

tension, in its present fbnp*
i {/"of ■ the
Reciprocal ' Trade
Agreements Program beyond
-.
June, 1945. ';;•■:• /■
■ ■ •;
/ "

large

past"

,

"6. It

week,
with > spring
deliveries
growing increasingly more uncer-'
tain, the New York "Times" re¬
.

As

ports.

a

to

make

bad

to

maintain

an

efficient Commercial Attache
Service.

complications
a

necessary

funds

ent

result of the worsted

freeze order further

developed

^

Congress to approand sufficj-

urges

V'^ / priate

"7. It

con¬

\

■...;;

advocates

close

/{

cooperg-

'

"

dition

worse.

v

tion

■
•

to the Federal Re¬
Bank's index, department

According
serve

•

'/:%••/,:./

in

all

the

international
back

store sales in New York

of the
being well

by 9%.

with

gaged

parts

by centages gained were 12% to 16%

nations

international

to

trade promotion.

City for
the weekly period to Dec. 9 in¬
country, sales were
creased by 21%
over
the same
maintained.
"-J
period of last year.
This com¬
For the different regions of the pared with 9% in the preceding
country gains were all substantial, week. For the four weeks ended
running from 10% to 15% in the Dec. 9 sales rose by 13%, and for
New England district. Other per- the year to, Dec. 9 -they improved *
ditions

urges

other

complete

barriers

•of

heavy
Department store sales,

volume

promotion

of

ernments

expecta-,

according to estimates, placed the
ahead

as

interna¬

towards the curtailment and

/./•■■

tions good for a continued

volume.

trade

controls
to

of

of State

and
that
the State Department make
representations to the gov-

.

with

efforts

development, and

proportions were reached
here in New York. last week in
trade,

detrimental

tional

Peak

Christmas

the

such

remove

are

;/• /:■.;'

;

re-

/■;'//{//•'::/;;::■ /•'{

.

commends

to

department store sales for the

was

agency

whatsoever

the U. S. Department

16%, A 10% increase

increased by

the

control

foreign trade for one
day longer than is necessary
in the prosecution of the war

Dec. 9.
This compared with 13% in the
preceding week.
For the four
weeks ended Dec, 9,. 1944. sales
ago

that

no

over

Board's

Reserve

Federal

',/■/-{tain

■

,

its

Commercial

S.

that

agencies enpromotion of
trade

trade

to

to

bring

private

interests at the earliest pos.

sible moment.

v-

"8. It favors
a

a

stable dollar with

fixed quantity

needed

of gold

instrument

and

as M

aid

'

'

in
>

.

measuring and stimulating ;

our

commerce

world."

withfc

the
•'

Dumbarton Saks Peace

Proposal Approved in

Principle by Federal Ooisncil of Obnrcbes

v

for lasting peace were approved

The Dumbarton Oaks proposals

f

prinicple on Nov. 28 at Pittsburgh by the Federal Council of the
Churches of Christ in America, the Council, however, pointed to cer¬
tain shortcomings of the proposed world security organization which

necessitate modifications. This is learned from Associated
Pittsburgh, published in the New York "Herald
"Tribune," which went on to say: ♦
into regional spheres of influence
The Council, meeting in biennial session here, adopted a resor dominated by one or another of
;
>'
1
lution in which it commended the the great powers."
3. "Reliance is placed primarily
plan to its communicants "with
might

Press advices from

lim¬

full recognition of its present

determination to

itations and with

them."

overcome

Signed by representatives of 25
denominations, the reso¬
lution was adopted following an
Council

:

address

of

mission
peace,

Com¬

Council's

the

durable

and

just

a

on

Dulles,

Foster

John

by

Chairman

who served as foreign af¬

E.

of New York, during

Dewey,

the Presidential campaign.
"We

encouraged," Mr.

feel

can

"The

said.

Dulles

Dumbarton

Oaks

proposals contain great pos¬
The Economic and So¬
cial Council and related agencies
can
do much to develop fellow¬

sibilities.

ship among the nations." /'. .
The resolution recognized "that
transition from international an¬
archy to a complete constitutional
world order cannot occur at a sin¬

Defects

gle step."
resolution

cited

the

by

nations

"With

great power and of selected
powers
under conditions
which will subject what is done to
„he moral judgment of mankind."
Any plan which would deprive
Germany and Japan of the right
to
a
normal existence must be
the

lesser

opposed by the Church, a 25,000word
report
presented to the
Council said.
The report was

were:

powers."

was

provisions seem to
division of the world

2., "Certain
a

Commends Planning

two

drawn up by a

commission
established
years ago to study the rela¬

special

"The

envisage

however, have the

do,

great merit of providing for a con¬
tinuing
and
virtually constant
consultation of representatives of

organization proposed
has many of the characteristics of
a military alliance of a few great
.

together in fellowship.
all of these defects, the

proposals

"

1.

to any explic¬

agreed upon principles of
justice." r >: ■■ /.■ 1 /;■/ '/
"Further," the resolution stated,
"the proposed organization should
be adequately endowed with curaive functions needed to deal with
he causes of war and with crea¬
tive functions needed to draw the
itly

fairs adviser to Governor Thomas

>>■

force unrelated

on

tion of the church to

the war.

It

presented by Professor Rob¬
ert L. Calhoun, of Yale University,
Chairman,;;.
// //;//;/

by Govh, industry,

[The belief that for the first time in history there had been "for¬
ward-looking thinking and planning on the part of the Government,

transition period and
prpject a high level of industrial activity and employment at good
wages for the post-war years*" was expressed on Dec.?8 by Edward
Hopkinson Jr., senior member of Drexel & Co., investment bankers
industry arid labor to shorten and cushion the

a

trial examiner of the Securities

This
reported in special advices to

not

now

reorganization
likely even for

cases

was

the first post-war year.

appraisal
post-war prospects of the na¬

of

Hopkinson went

tion, Mr.

on

to

sa^ that annual earnings of $6,000,000

on

was

the common stock of

a re¬

Buffalo/. Niagara
&
Eastern Power Corp. would just¬

The Census Bureau at
ton

on

15

Dec.

issued

cotton

consumed

836,541

bales

for the company in the reorgani¬
zation plans filed for it by its par¬
ent, Niagara Hudson Power Co.
He said a much higher estimate
could be justified.

According to the same advices
Mr. Hopkinson took issue with
Dr. Norman R. Gibson, Vice Presi¬

chief engineer of Buf¬

&

who

Eastern,

estimated

prospective
post-war
earnings of $5,000,000 for the com¬

after

pany

an

omnibus

contin¬

gency reserve.

The

"Times"

advices

went

to say: -;■;■■■

Repeal

:/

of

the

excess

on^

tax and some modification of the

corporate normal income tax will
be the first post-war tax

change,
Mr. Hopkinson predicted. This is
clearly indicated, he added/ not
only from tax planning by un¬
official

but

important

research

but is the declared policy
comprehensive governmental

groups,

of

a

report issued by a snecial commit¬
tee of the House of Reprsentatives.

"Except to check

a

post-war in-

^flationap^ boom,

a corporation tax
rMenpsmging down from 35% rep¬
resents the best thinking today,"
Mr. Hopkinson said. "And I want
to emphasize 'down' because I am

its report

on

Dec. 14 the following

changes in the executive staff, ef¬
on
Jan,
1 next.
These

fective

approved by, the
Board of Governors at its'meet*
changes

were

this afternoon.■ ]>.
Edward C. Gray, promoted from
Assistant Vice-President to Vicemg

President.

Mr. Gray will continue

Director of the Department of

as

.%'/:/V,/.

Member Firms.
H,

Arthur
from

the Exchange

Treasurer of

the

of

Vice-President

First

to

promoted

Franklin,

Clearing Corporation. - Mr,
Franklin succeeds John Dassau,
Stock

has

who

resigned

President

the

of

as

First ViceClear nig

Stock

amounted

to

of lint and 122,304
as compared with

bales of linters

795,379

bales of lint and 125,722
linters in October, this

of

bales

and 858,877 bales of lint and
109,679 bales of linters in No¬
vember, last year,

year,

In the four months

•

ending Nov.

30, cotton consumption was 3.266,496 bales of lint and 445,916 bales

compared with 3,421,212
bales of lint and 445,916 bales of
'inters in the corresponding period
of linters,

a

year ago.

it

were

compresses
were

Nov.

on

30,.1944,

13.185,606 bales of lint

ond 24,515 bales of
compares

linters, which
with 11.991,770 bales of

hot and 27.932 bales of linters

on

Oct. 31 and 12,950.983 bales of lint

"•^d 53.336 bales of linters

on

Nov.

approved on Dec. 12 by both

the conference report was

ference;

sending the bill to the
House./Ai^mg other things^
bi nfiauthoriapQ the develop* Business Failures in
S//
Sgpate, the latter thereupon

and

the House

White
the

Missouri .River basin
October Lower
,
integrated program pre+Business
failures in October
pared by the Reclamation Bureau
"gineers.
This were lower in number and amount
and the
of liabilities involved than in Sep¬
program, calling t,or a first au000,000, it was tember. When compared with Oc¬
thorization of $2T
tober a year ago, the number *of
Press advices
noted in Associa
smaller- but the
by President failures is
was
recommend
amount
of liabilities involved Jis
Roosevelt, who ggo suggested es¬
tablishment of a-Missouri Valley larger.; Business insolvencies, ac¬
Authority as thfi'administrative cording to Dun &'Bradstreet, Inc:'»
totaled 74 and involved $3,819,000
agency.
The latthr proposal wa^

merit Of the
under ah

-liabilities

d^tion by the new

sidetracked for

compared with 75 in

as

Associated September involving $4,065,000
Washingtonaccount Dec. ^ liabilities and 169 involving $3,Frony the

Congress.

■

fiink Credit

Assistant Group

becoming

subsequently

Chief Assistant
the Controller and, in 1938, As¬

Chief Accountant,
to

associated

"Mr. Dassau has been

1928, first
as Con¬
and,
First Vice-President

Accountant,

an

as

NamelSCommittee

then

cago, St. Louis and San Francisco
Reserve districts had more fail-

Jjie $10,000.00G
Gr^rp of Philadel¬

of

Members

Bank Credit

phia, which was

sistant' Treasurer.;

later

as

Treasurer

at

cerns,

'meef|pg

a

J.

elected

on

con¬
Dec;/ 14

Exchange in 1922.
From
1932 to 1938 he -was Assistant Di¬

ber.
t

Department of Pub¬
lic Relations.
Following the re¬

organization "of the Exchange, he
was

appointed

Assistant

Secre¬

In the early part of 1941 Mr,
Schram detached him from his

tary.

Secretary's office to
work as a member of the Presi¬
dent's staff on financial and budg¬

duties in the

from his duties as a

President of The

than

The

percentages

the

re¬

that

it :is
Atlanta, Chicago,

is considered,

the

Kansas

in

City

;

districts

Reserve

involved

in

and

had less
October

September, while all of
districts had more

except the Richmond Reserve dis¬
trict, which again is distinguished

Vice-

by not

jgtnladelphia Na¬
-

having

failures:

any

-

Export Freight Movement
Cars of export

freight, exclud¬

and
grain,
handled
through United States ports to¬
taled 156,665 in tbe month of No¬

$pd which wil7
pass
upon
the applications for
etary problems. He was made an
loans/; has appofg&d a sub-com¬
Assistant Vice-President in 1943."
mittee of five members to see that
these applications^ are in proper
form for presentation to the credit
committee.
The^sub-committec
consists of Messrs Hardt: Felix
J. J. Caprano, \gee-President of
the Corn Exchange-National Bank
Employees of Class I railroads & Trust Company; Charles
S

over

and

he remaining

ing

member, bank,

Krumrine,

involved

Dallas

Secretary. /
credit committee, which is
up
of officers from eacb

The

any

When the amount of liabil-

"iabili ies

tional Bank, is
made

report

Minneapolis/'

Chairmanrand^X). Howard Wolfe
who for the prift^hree years has.
been in the serv|ger of the United
States Government on leave ol
absence

es

found

Anilities,/is Vice-

Granting

not

maining districts had fewer fail¬
ures in
October than in Septem¬

Chairman of theJ^redit Commit¬
as Treasurer
companies of the tee. Anthony G. fjplix, Vice-Pres¬
Exchange.
. ';■'/<
J/ < .r;; j: J/; ident of the Pennsylvania Com¬
"Mr. Klem entered-the employ pany for Insurants on Lives and
the

Septem¬

the

nond and Dallas Reserve districts
lid

William. Hardt,

of the subsidiary

of

than in

Boston Reserve district
had the same number/, the Richber,

served

has also

He

October

in

ires

Recently formed
small

for,the; purpose oOinancing
and medium siz^ business

VicePresident of The„P|rilaaeiphia Na¬
since 1940, as
of the Stock Clearing Corporation. tional Bank of Philadelphia, Pa., as
troller,

coal

with 133,537
1943, or an in¬
17%, the Association Of

compared

vember,
cars

in November,

crease

of

Railroads

American

Dec.

14.

-

compares

announced

The current figure also

with 167,299 cars in Oc¬
/
1

tober of this year.

Export

Present of the L:b

grain unloaded at the
3.386, comoared with

yrts totaled

and "Trust

Corrnany 1.772 in November, 1943, or a de¬
and J. Wilson S$e|nmetz, Presi¬
crease of 29%.
/
dent of the Nin%. Bank & Trusl
The raTroads handled 376 caTCompany, J;/v ■;>*•=. /•
;. ■ %; 'oads of coastal freight-in Novem¬
In commenting:?pn the plans for
ber, 1944 compared with 781 in the
the operation of^he credit com¬ same month in
1943, or a decrease
mittee, Mr. Hardt* stated that the of 52%.
/ /
group is now ready to accept ap¬ /
The total of 160,427 cars of ex¬
plications on
of small or; port and coastal freight, excluding
ofincrease medium sized businesses irj need coal, handled ; through the ports

November, 1943, are;

erty

Title

.

-

of credit during the

;, -

present recon¬

officials, and staff

assistants, 2.89;

professional, cleri¬

cal, and general, 3.17; maintenance

structures, 8.84; maii^

made

only

through

«

b°rik.

bank
whi<fcin turn, will

ferably the applicant's own
of

deposit.

..

.

represented

period a$d, pointed out
that these applications are to b
version

Executives,

of way and

30, 1943.

legislation,

.

and

there

the

•

2,209,694 bales of of the United States/as of the mid¬
232,113 bales of linters, dle of November, 1944, amounted
on
hand in consuming establish- i
to 1,409,231, an increase of 3.53%
ments
on
Nov. 30,
1944, which!
compared with the corresponding
compares with 1,976,720 bales of
month of 1943, but a decrease of
Unt and 211,930 bales of linters
0.03%
under October, 1944, ac¬
on Oct. 31, 1944, and with 2,389,cording to a, report just issued by
227 bales of lint and 438.102 bales
the
Bureau
of Transport Eco¬
of linters on Nov. 30, 1943.
nomics and Statistics of the In¬
On hand in public storage and
terstate Commerce Commission.

lint

for flood control, at a cost of $1,000,000,000,
Deviously adopted by the House/ was sent to con¬

fivers and h#bors

on

Corporation
effective
Dec. 31** Press
785,000 in October a year ago. / >
1944, to become a partner in the we also quote:,
The manufacturing group was
Stock Exchange member firm of
"The measure.Authorizes a $30,Ungerleider & Company,
000,000 Connecticut River pro -the only group that had more fail¬
ures
and liabilities involved in
Charles Klem,. Assistant Vice^ram; $36.000,OOtrTor the Roanoke
President, also appointed Treas¬ River basin; $35j00,000 for the October than in September. •; :»
Manufacturing h failures
last
urer of the Exchange, succeeding
Savannah River /pasin; $200,000,month numbered 30, involving $3,r
Mr. Franklin.
v
•' 000
for
the
IcHver Mississippi
521,000 liabilities, compared with
Regarding the affiliation of the River basin; $35^000,000 for th'
/4 in September with $3,288,000
above with the Exchange, the an¬ Arkansas River basin; $70,000,00C
'labilities. Wholesale failures numnouncement says:
for the Ohio River basin.
oered 4 against 5 in September
"Mr. Gray was first employed
"A section stipulating that proj¬
and liabilities decreased to $19,000
by the Exchange in 1918 after ects should be handled by 'exist¬
from $188,000 in September.
In
having been graduated from New ing Federal agencies' was elimin¬
the retail trade
section insolv¬
York University. Prior to thereated on the theory that it might
encies decreased from 26 to 25 arid
organization of the Exchange in impede development of regiona.
iabilities fiom $161,000 to, $156,1938 he was for three years Sec¬
authorities.
/,
100.
Construction failures num¬
"But
the Corfmiittee
retained
retary to the former Committee
bered 11 in October against 12 in
of Business Conduct.
From tnai provisions allowing State review
September and liabilities $80,000
position he advanced, in 1940, of Federal works, giving irriga¬
p October
compared with $273,
to the position of Director of the
tion preference"*~over navigation
000
in
September.
Commercial
Department of Member Firms. He in arid sections, and permitting Service fanuies were down to 4
jn
the Secretary qkthe Interior U
was made an Assistant Vice-Pres¬
October with liabilities of $43,OpO
ident : last' year.
/'y >//.>•/■/■> dispose of surpras^power at hy-14 from 8 in
September with liabil¬
"Mr. Franklin has been Treas¬ droelectric proimds."
ities of $155,000.
urer of the Exchange since
1940.
When the
country is divided
He entered the employ of the Ex¬
into Federal Reserve districts it is
Philadelphia
change in 1928 as an Accountant,
ound tnat the Philadelphia, Chi¬

rector of the

In the month of November, 1944,

There

;;•

profits

Washing¬

cotton consumed in the
United
States, cotton on hand
and active cotton spindles.in the

ify the stock allocation proposed

Niagara

...

showing

month of November.

falo,

.

Cotton Consumption

Nov.

organized

dent and

/

from Phil¬

adelphia Dec. 8, which noted that
in his highly optimistic

■

of earlier

number

and'Exchange Commission.
the New York "Times",

Exchange, an¬

Stock

York

New

nounced

of the bill

the

with the Exchange since

testifying before

of^Philadelphia,

Schram, President of

Emil

tffCjadoption by the Senate on Dec. 1 by a voice vote
authorizing post-war construction of certain public works

Following

Gray, Franklin Promoted

in

♦

Thursday, December 21, 1944

FINANCIAL CHRONICLE

THE COMMERCIAL &

2746

.,

an

.

MaiTv up¬
This is the

average

loading of 5 348 cars.

ninth consecutive month; that the

;

average
/-pioHCrJ

daily unloading has ex

5 000

,

»

application

to: the
bank Delaware, although the pronn 'is
Philadelohia prepared to consider appbeatiohs
from originating banks outside of
justment period be delayed, a
1944, which compares with 22,- train,
engine, and ykrd), 2.65; grnun will ^erve^be entire Third that territory
(Philadelpbia)
Federal Reserve
stimulus to production and em¬
228,138
cotton
spindles
active transportation (yardmasters,
Previous items regarding the
District,• which ipel"'7es Philadel¬
ployment will be supplied by Con¬
new Credit Grono aonearp^ in oi?r
during October, 1944, and with switchtenders, and hostlers), 3.84,
phia;
the
portion^!'
Pennsylvania
gress in the form of a lower busi¬
reasonably

ness

tax."

sure

that if the read¬

He added that the 40%

tax rate assumed by the SEC in a




There

were

22,257,040

cotton

ipindles active during November,

°2.615.732

active

cotton

during November, 1943.

spindles

tenance of equipment/

and stores,

2.90;

transportation, (other

than

and

transportation

(train

and

engine service), 0.41.

)

present
Credit

credit

the

committee* of: the

group. -

0pgf of .Tr>r»r»c+r>5ii/ri;

P'l

south of Trenton, and

issues of Oct. 19. page 1691, and
jAr-gon
the State of' Nov*- 23, page 2271.

Volume

Electric

Morgenthaa Announces
Declined 1.1 % Below the Same Week in 1943 Department Changes

Moody'sBondPricesAntl Boiul^yi^M Averages

f Moody's computed bond prices and bond yield averages are

given in the following table.
MOODY'S BOND

(Based
1944—

Daily

"

Averages
Dec.
.

U.S.

Avge.

Govt.

Corpo¬

PRICESf

'£■

Aaa

.

A-

Aa

19

120.30

113.50

118.80

118.00

113.70

104.48

18

120.30.

113.50

119.00

118.00

113.50

104.48

16—

120.23

113.50

119.00

117.80

113.50

104.48

I

15

•

I
■

Indus.

.108.70

113.89

118.20

^108.70
^8.70

113.89

11820

113.89

118.00

120.17

113.50

119.00

117.80

113.50

104.48 0108.70

113.89

118.00

14—120.12

113.50

119.00

117.80

113.50

104.48

#08.70

113.89

118.20

120.12

113.31

119.00

117.80

113.31

104.311308.52

113.70

118.20

104.31

13—^—

.

P. U.

^R.

12_—

120.12

113.50

119.20

117.80

113.50

'118.20

113.31

119.00

117.80

113.50

*08.52
104.14-i®08.52

113.89

120.12

113.70

118.20

9—

120.09

113.31

119.00

117.80

113.31

104.14^08.34

113.70

118.20

120.09

113.31

119.00

117.80

113.31

104.14

118.20

113.31

118.80

118.00

113.31

..#>8.34
104.14^108.34
104.14%fb8.34
104.14:^08.34

113.70

120.12

113.70

118.20

8——
—w

113.89

118.00

113.89

118.00

104.14^08.16

113.89

118.00

1108.16

113.89

118.00

113.89

118.20

f.

6—1—

120.09

113.31

118.80

118.00

113.31

.*•<

5—.

120.03

113.31

118.80

117.80

113.31

'120.00

113.31

118.80

117.80

113.31

119.97

113.31

118.80

117.80

113.50

104.14

113.50

104.14^08.34

PERCENTAGE INCREASE OVER PREVIOUS YEAR

4——

t

2—,

—

7 Vr 1—
NOV.

119.95

^

119.93

112.93

118.60

117.20

113.12

103.80

17

119.97

112.93

118.60

117.20

113.12

103.64

Vliddle Atlantic

Central Industrial

"^07

113.50

."35107.80

113.60

117.60

117.40

98

*4.6

2.3

2.9

Rocky Mountain—.
Pacific Coast
*

'

■

•;

1—

V

Total United States.

*10.4

*8.0

*10.9

♦10.5

*4.6

*2.9

*4.0

) *2.5

*1.1

»

*0.8

*0.8

'Decrease

112.75

118.40

il7.00

112.93

103.30?&'i07.62

112.75

118.40

116.80

112.93

103.47^07.62

il3.31

117.20

112.56

118.40

116 61

112.93

103.47'

107.62

113.50

117.20

20——119.55

112.75

118.60

116.80

112.93

103.64 "JL07.44

113.50

117.40

Sept.

2

13_i.—

119,61

112.73

113.60

117.00

112.93

103.4T%07.27

114.08

117.20

Sept.

9

6—

similar week

under

In

'**

:

1 '•

•

.

/

;

Week Ended—

,

■

__A
...

_

4,414,735

4,350,511

4.227,900

4,229,262

112.75

118.60

117.00

112.75

103.30.;S8t'06.92

114.08

117.20

Sept. 16

4,394,839

4,358,512

112.56

118.60

116.80

112.56

103.13.32406.74

114.08

117.00

Sept.

4,377,339

4,359,610

-22—

119.22

112.56

118.60

117.20

112.37

103.13

114.08

117.20

Sept. 30

4,365,907

4,359,003

119.42

.

15

———————

8———

112.56

118.80

117.20

112.19

119.48

112.56

118.80

117.20

112.00

118.80

117.20

112.00

103.13^*106.74

23

114.27

117,20

Oct.

114.27

117.00

Oct. 14

114.27

117.20

Oct. 21

7

;

4,375,079

4,341,754

4,354,575

4,382,260

4,345,352

4,415,405

4,358,293

4,452,592

1119.81

Aug. 25—

119.89

112.75

118.80

117.40

112.19

103.30.^06.74

114.27

117.20

4,354,939

4,413,863

1-

120.10

112.37

118.60

116.80

112.19

103.13^106.56

114.27

117.00

Nov. 11

4,396,595

4,482,665

—

120.15

112.37

118.60

116.80

112.00

102.8Q.3id06.04

113.89

117.40

Nov. 18

4,450,047

4,513,299

119.66119.35
119.68

112.1.9

118.40

116.80

111.81

113.89

117.C0

Nov. 25

4,368,519

4,403,342

111.81

118.40

116.61

111.62

113.70

116.41

Dec.. -2 —

4,524,257

4,560,158

111.44

118.20

116.41

111.25

102.30^5.86
101.47 -^T05.34
100.81 %04.66
100.32^104.31

113.70

116.22

Dec.

4,538,012

4,566,905

t-

July

28-—

June 30-

May

26

—.

i-

Apr. 28^
Mar. 31.;

—

Oct. 28

4

Nov.

120.21

111.25

118.20

116.41

111.07

113.50

116.22

DCC. 16

119.47

111.07

118.20

116.22

111.07

100.16^04.14

113.31

116.41

Dec. 23

1944——

120.44

113.50

119.20

118.00

113.70

104 48

^08.70

114.27

118.20

Dec. 30

1944——

119.20

110.70

118.20

116.22

110.88

99.04^)3.30

113.12

116.02

1943—

120.87

111.44

119.41

117.00

111.81

99.36-^|03.47

114.27

117.40

Low; 1943—116.85

107.44

116.80

113.89

108.88

92.35

^£$7.16

111.81

114.46

119.55

4J0.52

118.20

115.82

110.70

98.8ft; ^3.13

113.12

115.82

116.78

107.27

116.80

113.89

108.88;

92.06^6.85

111.81

114.27

25.

High
Low

High

1 Year Ago

Dec.

—

.

—i—

4,563,079

-

'

.j

;

vv

19,

1,674,588

1,476,442

1,806,259

Counsel."

Avge.

+

0.8

3,756,922

1,490,863

1,792,131

0.4

3,720,254

1,499,459

1,777,854

+

0.2

3,682,794

1,505,219

1,819,276

+
—

—

—

—

;v-

—

—

—

—

0.8

3; 702,299

1,507,503

1,806,403

0.6

3,717,360

1,528,145

1,798,633

1.6

1,533,028

1,824,160

2.1

3,752,571
3,774,891

1.3

3,761,961

1,520,730

1,798,164

announced
the appointment of Roy Blough as
Assistant to the Secretary.
Mr.
Blough will advise the Secretary
of the Treasury on tax policy mat¬

1.9

3,775,878

1,531,584

1,793,584

ters

1.4

3,795,361

1,475,268

1,818,169

with

0.8

3,766,381

1,510,337

1,718,002

concerned

0.8

3.883,534

1,518,922

1,806.225

0.6

3,937,524

1,563,384

1,840,863

1.1

3,975,873

Dally

Govt.

Corpo-

Bonds

rate*

19

'

1,525,410

1,815,749

1,554.473

1,860.021

4,295,100

3,655,926

1,414,710

1,637,683

4,337,387

3,779,993

1,619,265

1,542,000

—

—

14—

13—

12—i-l-

I.'

' -

X-

•

i

Corporate by Ratings
2.71

2.75

2.97

3.4»i:;3.24

2.96

2.74

2.70

2.75

2.98

3 43

3,24

2.96

2.74

2.70

2.76

2.98

3.48.-?d£

3.24

2.96

2.75

2.98

2.70

2.76

2.98

3.48..gn 3.24

2.98

2.70

2.76

2.98

1.81

2.93

1.81

2.98

1.82

2.98

1.82
1.83

;

...

2.96

2.75

3.48^»

3.24

2.96

2.74

3.25

2.97

2.74

3.25

2.96

2.74

1.83

2.99

2.70

2.76

2.99

3.49"-fc"

1.83

2.98

2.69

2.76

2.98

3.49 *

1.83

2.99

1.83

2.99

,

2.70

2.76

2.70

2.76

•'Y V-

2.98

3.50

3.25

2.97

2.74

2.99

3.50 ''/

3.26

2.97

2.74

3.50

3.26

2.97

2.74

1.83

2.99

2.70^

2.76

2.99

1.83

2.99

2.71

2.75

2.99

3.50

26

2.97

2.74

3.50

26

2.96

2.75

'

Building construction started in urban

r.

Nov. 25.

of the United States

areas

by 12%, Secretary of Labor Frances Perkins reported
1

,

1

•

2.71"

"'Both

a

Federal

and

non-Federal

October,"

she

said.

reflecting

the

installation of

while

"Federal

non-Federal building

building
large

increase in

The total value of

new

during this month, both Federal

September

over

36%

by

rose

in

important naval facilities,

increased 4%.

residential building

new

increased

values

construction

and

non-residential construction started
and non-Federal, rose 29%

building

compared with

as

a

2%

and additions, alterations, and

2.99

2.75

2.99

2.71

2.76

2.99

3.50-M 3.26

2.96

2.75

2.^9

2.71

2.76

2.99

3.50

3.27

2.96

2.75

1.84

2.99

2.71

2.76

2.98

3.50^3.27

2.96

2.75

1.84

2.99

2.71

2.76

2.98

3.50-^3.26

2.96

2.74

construction..

1.84

3.01

2.72

2.79

3.00

3.52v-^r

3.28

2.98

2.76

however,

17—

1.84

3.01

2.72

2.79

3.00

3.53'^ 3.29

2.98

2.77

•; ■'

1.86

3.02

2.73 '

2.80 r

3.01

3.55

^

3.30

2.99

2.78

alteration, and repair values this October

io—

3.01

2.79

1943.

Oct.

27—.

.w
J-.,

<

'

3

*

1.87

3.02

1.89

3.03

1.86

:

3.51 ~

3.30

2.99

2.82

3.01

3.54

3.30

2.98

2.79

2.81

3.01

3.53^ 3.31

2.98

2.78

2.72

2.80

3.01

3.54:0 3.32

2.95

2.79

2.72"

2.60

3.02

3.55^/ 3.34

2.95

2.79

3,02

1.85

3.02

1.85

3.02

2.81

2.73

'

~

■

'

«*.

1.84

3.03

L86

3.03

2.72

2.79

1.83

3.03

;

2.71

2.79

3.03

-

2.71

2.79

3.03

■>'

■m

3.35

2.95

2.80

2.79

3.04

3.56

—

3.35

2.95

3.05

3.56

^

3.35

2.94

2.79

3.35

2.94

2.80

3.06

v

2.79

2.71

3

3.03*

2.81

2.72

-

1.84

1.81 ;

3.56-3.35

3.06

^

1.81

3.02

2.71

2.78

3.05

3.35

2.94

2.79

July

1.79

3.04

2.72

2.81

3.05

3.563.36

2.94

2.80

3.04

2.72

2.81

3.06

3.58^- 3.39

2.96

2.78

1.79

June 30——

26:

Apr; 28—,
Mar. 31.;—Feb.;

25—

28

>«•

Low

1944—

High

1943—

19431'—

1.84

3.05

2.73

2.81

3.07

3.61S&V 3.40

2.96

2.80

1.86

3.07

2.73

2.82

3.08

3.66-v~i& 3.43

2.97

2.83

1.83

3.09

2.74

2.83

3.10

3.70

3.47

2.97

2.84

1.81

3.10

2.74

2.83

3.11

3.73"^ 3.49

2.98

2.84

1.87

3.11

2.74

2.84

3.11

3.74"St 3.50

2.99

2.83

1.87

1944—

High

Low

•

•-#

'

2.74

3.13

1.77

2.98

2.69

2.08

3.31

2.81

1.79

-

.3.55

v.

-

3.55

*

18.

2 Years

1943

3.48

3.24

2.94

2.96

3.23

4.25

15-' 3.93

3.07

2.93

3.79'j££ 3.54

2.94

2.71

19.

1.86

3.14

2.86

2.74

1942

tThe
In

the

2.08

3.32

2.96

2.81

4.27

3.23

2.94

3.07

If'* 3.95

prices are computed from average

list of bonds used in computing
of Jan. 14, 1943, page 202.

latest complete

Issue

n;———-————•—:—■—

tudy

was

less than in

in

residential building,

new

as

in addition,

24%

residential

New

nonresidential

and

1.7

+

—

officers

and

veek's
tion

pc-embers

bank
bank

may(«^e

use

upon

through

secured for one
written applica¬

Jhe

library at 22 Easf 40th Street, New
York 16, New York.
In all, 351

Banking of the American Bankers
Association have been added to

by students of

especially selected theses written
tfie graduate school

in fulfilment of^Ohe of the school's
permanent collection of G.S.B. graduation reqiiitements are now
theses in the library of the Asso¬ available through the ABA library.
ciation, it is announced by Dr.
"To be placed in the library's
Harold Stonier, Executive Man¬
collection, a thesis must be passed
ager of the Association, who is Di¬
upon and recommended for that
rector of the school. The advices
purpose by a faculty board of the
t'-p ARA Dec. 5. added;

the

theses

are

available for




Graduate

Refugee Board.
Continuing, the Treasury De¬
partment's advices said:
"Mr. Blough was appointed Di¬

or

Federal

in the fields of taxation and fiscal

taught taxation
at
the University
of Wisconsin
and the University of Cincinnati,
and served for several years also
statistician

tion

by 45%.

building

was

pared with
an

a

The

residential

New

nonresidential

Additions,
and

Schoo^-of Banking."

__

—

83.4

isters of Finance of the American

+

28.7

2.5

+ 39.2

—

19.2

+ 24.1

+18.6

+30.0

.

—

Conference

Republics in
+123.7

October 1944

He

+ 136.1

dwelling units,

6,878,

or

were

housing projects.

war

has been

were

1940."

new

value

Houston Bks. Form Credit

privately

In October

a

three-tenths of

building

of

new

was

residential

than in 1943

as

com¬

non-residential building and

Federal First 10 Months
1944

1943

Percentage

of dollars)

change

V

Group for Small Business
W. Neal

over

Non-Federal

year

Greer, President of the
Clearing House Associa¬

Houston

Houston,

recently

banks to form
000

Houston

pool of $25,000,-

a

business

for

during

sion and the post-war

loans

to

reconver¬

period. The

Dallas "Times Herald"

in report¬

Mr. Greer was

ing this also said:

meeting of the

empowered

at

a

Association

to

appoint

(In thousands

Percentage

of dollars)

cha'nge

—14.7

273,226

498,327

—45.2

297,825

490,255

—39.3

41,461

172,844

—176.0

360,333

390,826

—

7.8

219,787

310,833

—23.3

259,756

194,919

+ 33.3

11,978

14,650

-18.2

mittees necessary

the

com¬

to carry out the

A similar action has al¬

program.

ready been taken by Dallas banks.
-

figures

on

building construction

cover

the entire urban

area

which, by Census definition, includes all incor¬

—

Hock's Baity
'
Goswcdity Index

porated places with a 1940 population of 2,500 or more and by special

Tuesday, Dec.

rule, a small number of unincorporated civil divisions.

Thursday, Dec. 14

privately financed

The volume

construction is estimated from the building

Wednesday,
Friday,

12,

Dec.

Dec.

estimates

are

combined

with

contracts awarded as furnished by

data

on

building construction

Federal and State agencies.

All

Monday, Dec.

16-,—^.——--.——.,-,252.1

figures for the current month are preliminary.

Upward revisions in
may

1943

ago,

asco,

High,

Nov.

Dec.

253.1
—252.5

——
—

Dec.

aeo,

249.4
248.7

5-

18

!8

;

April 1

Low, Jan. 2

be expected due
1944

to late notifications of contracts awarded.

weeks

Month
Year

Federally financed non-residential construction

13

Tuesday, Dec. 19_
Two

.252.5
252.2
-—251.3
—252.6

1944
13

15

Saturday, Dec.

permit data received from a large majority of all urban places and
these

the

of

available

be

to

small

announced

Texas,

plans

1943

1.076,000

of the United States,

of

Guatemala in 1939.
Foreign Funds
its organization in

13%

was

building construction started thus far

cumulative

Min¬

with

since

Control

of

alterations

repairs

The

,the

at

—47.9

(In thousands

917.914

member

a

—56.8

third for additions, alterations, and repairs."

construction

and

mission

54.8

10-month

Class of construction—

New

1937-38

Treasury

+

—Total First 10 Months-

All

special

1.8

period of 1943.

1944

was

—

drop of only 8% for
a

He

International

nearly two-fifths less this

increase of

•

to I the

came

34.2

nearly 918 million dollars, 15% less than the $1.1 billion
same

Wisconsin

—

"The cumulative value of

the

in

the

of

Federal

tion,

for

the

Schmidt

"Mr.

Brazil

Other than

Federally financed units accounted for

was

for

Tax Commission.

—12.9

in Federal

were

Govern¬

his

to

he

representative of the Treasury in

ibove the September figure but 56% below that for October, 1943.
financed; 695

Prior

service

Federal

—

new

1938

in

having served several Gov¬
ernment agencies in assignments

Total

Federal

contracts awarded during

Over nine-tenths of the

Research

Tax

after

—20.8

:.;7v
3.0

2.1

+

of

rector

36.0

+29.2

——

——

Executive Director of the

as

War

+

<

"The total of 7,573 family dwelling units for which permits

i

issued

Association's

Twenty-nine theses prepared by
members of the graduating class
of 1944 of the Graduate School of

1944, when John W. Pehle
given leave of absence, to

4.1

alterations

repairs

has

Feb¬

since

+

+12.1

New

V Additions,

Federal

Schmidt

Mr.

Director

Treasury in 1936.
Oct. 1943 to Oct. 1944—

Other than

Total

published

by
of

D.

ruary,

compared with October,

*

•;

,

examination

and

taffs and

BiDking Tfcesss

thesp^jndexes

——————-—■——

*

Erafefe Scfic®S cf

"These

21%

12% higher, however, while Federal building had decreased in valua¬

yields on the basi£jj>! one "typical" bond
(33/4^ coupon, maturing in 25 years) and do not purport to-sh&w either the average
level or
the average movement of actual price quotations. :->phey merely serve to
illustrate in a more comprehensive way the relative levels and.jhe relative movement
of yield averages, the latter being the true picture of the bond ,|n£rket.
•These

was

increase of

an

'

2.86

3.00

3.56

partially offset by

construction

valuation

3.823

3.13

The sharp drop 01^57%

was

Class of construction—
All

in 1944

Agoi
i

Dec:

;

this month

Percentage change from-

the total.

2.97

Harry

announced; and

Control.

acting

ment

with declines in both Federal and non-Federal

Sept. 1944 to Oct. 1944—•—1

2.85

1 Year Ago

Dec.

of work started

ago

year

'

'

3.00

2.75

3.07

a

.

year ago

2.74

2.80

2.68

3.09

,3.81..#

3.12

2.84

"The volume

October

2.79

2.94

Aug. 25-

'

28

been

as

2.72

2.73
-

to

was

economics.

repairs," according to Miss Perkins, who also reported:

1.84

«

Counsel

appointed Director of Foreign

Funds

serve

1.83

Jan.

Transfer of Foreign Funds Con¬
from the supervision of the

was

I,"

1.83

May

rect the Division of Tax Research.

search, also

valued at 91 million dollars, exceeding the Sep¬

was

2.99

"

of

preparation

at the same time Orvis A. Schmidt

Indus.

P. U

_R. R

the

in

committees

He will continue to di¬

bills.

tax

work

to

continue

September, Labor Department Reports

^Corporate by Groups
Baa

A

Aa

will

Congressional

General

"

.

and

White, Assistant to the Secretary
and
Director
of
Monetary Re¬

on

Aaa

>

.

Mr. Morgenthau also

October Building Permit Valuations 12% Over

tember total

'

Average,
Dec.

1929

1932

BOND YIELD AVERAGES

(Based on Individual Closing Prices)
U. S.

1944—

be

will

trol

during October
MOODY'S

Counsel

1,423,977

1942

was

1942.

General

3,583,408

2 Years Ago

Dec.

recently resigned to return
private practice of law.

3,672,921

+

—

4,612,994
r

—

un¬

0.0

!

;

18/ 1943^

'

.

9

Jan,' 28——

reb.

+
—

'

112.56

of

Bureau

brought

1.5

of Kilowatt-Hours/

1943

over

-

119.50

the
are

der
the
general supervision of
Joseph J. O'Connell, Jr., General

"The

% Change
1943

of

"Operations

legislative representative for
the Treasury Department in all
matters, including tax matters.
The Tax Legislative Counsel will
be
responsible to
the
General

i(Thousands

1944

■

funds

announce¬

said:

ment

the

.

,

of internal

foreign
His

matters.

who

1943.

data for recent weeks
•

control

and

tax,

revenue,

to

'0.6

affecting

administration

ment's

"The Bureau has been operat¬
ing under the supervision of As¬
sistant Secretary John L. Sullivan,

'

i

■

:
,•

changes

on Dec. 1
organizational
the
Depart¬

several

Counsel.

2.4

2.0

119.52

'

*4.6
1.6

Southern States

119.33

^

*3.7

7.1

7.5

119.55

i»(lp6.74
103.13
106.74
103.13 w106.74

1.7

5.1

2.3

.

29__

Bep.

1.8

2.5

1.6
9.4

119.77

3

*4.0

West Central

V

117.80

0.8

Nov.25

Dec. 2

Dec. 9

1.3

—

'

113.31

27_,„——_

'

117.80

24

10-'——.

/
•

Oct.

118.80

113.31

Dec. 16

Major Geographical Divisions—

Secretary Morgenthau
announced

Internal Revenue

Week Ended

4ew England—

'

:•

the

that

.-

11—j

•

in its current weekly report, esti¬

production of electricity by the electric light and
power industry of the United States for the week ended Dec. 16, 1944
was
approximately 4,563,079,000 kwh., compared with 4,612,994,000
kwh. in the corresponding week a year ago, a falling off of 1.1%. The
output of the week ended Dec. 9, 1944, was 0.6% below, that in the
similar period in 1943.
:r
:"-

^Corporate by Groups*

Baa

Output for Week Ended Dec. 16,1944

The Edison Electric Institute,

..:v/

mated

''

,r.

■'

Average Yields)

on

Corporate by Ratings'

rate*

Bonds

2747

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4344

160

High, Dec. 18Low, Jan. 5—,—

^—
—

247.2

549.8
240.2
.253.1

".24^.0

.9
fluctuations in prices for agricultural products

"Except for minor

higher prices for'cigars, there was very little movement in
commodity prices at the primary market level during the first week
of December," said the U. S. Department of Labor announcement
on Dec.
14.
Its advices also said:
:
"The Bureau of-Labor Statistics' all-commodity index remained
and

and

.containers

.shell

barrel

gun

i'orgings, are steadily expanding.
Rockets
and
heavy trucks are
at

peak operations consistent

with available manpower.

expected petition for price
by the steel industry has

"The

relief

made

been

four

the

to

five

or

OPA.

About

will

weeks

be

re¬

quired for the industry to gather
data

cost

its

for

the

OPA.

The

Committee has re¬
""Farm Products and Foods—Led by a decline of a little more quested the OPA to give as early
a decision as possible.
The resolu¬
than 2% for livestock, particularly steers and hogs, average prices
tions presented to the OPA cover
for farm products in primary markets dropped 0.2% during the week.
requests ■ for price relief on in¬
In addition to decreases of nearly 5% for .steers and ,2.6% for hogs,
Steel Advisory

,

slight^ and substantially lower prices
were reported for onions and for apples at New York and Chicago*
Grains rose nearly 1% with rye up almost 3% and corn and wheat
up over 1%.
Quotations were higher for sheep and wool, for eggs
and potatoes, and for apples at Portland (Oregon).
Average prices
for farm products were 2% higher than for the corresponding week
barley declined

and

cotton

National Fertilizer Association Commodity

especially urgent and forge shops
are

*

unchanged at the highest level since the war began, 104.2% of the
1926 average.
In the past four - weeks the index has risen C.1%
arid it is 1.3% higher than at this tipie last year." ,.
v
The Bureau's announcement continued:

Thursday, December 21, 1944

CHRONICLE

THE COMMERCIAL & FINANCIAL

exclusive

costs

creased

latest wage

of

the

award, increased costs

if and when wage award becomes

and increased costs due

effective

retroactive

to -the

of

feature

the

recent wage

adjustment." :
continues
tight

'"Scrap

with

The weekly wholesale commodity price index compiled by The
National Fertilizer Association and made public on Dec. 18 declined
slightly to 139.5 in the week ending Dec. 16, from 139.6 in the pre¬
ceding weekv A month ago the index stood at 139.5 and a year ago
at 135,4, based on the 1935-1939 average as 100.
The Association's
report added: s y
' \ ' ^%;!Y;"YY :'Cy- %■'''>:■
"■
r •'
The foods group, advanced fractionally because of higher prices
for potatoes arid laird oil. The farm prodricfs group showed a slight
decline. Higher cotton prices were more than offset by lower prices
for grains and livestock. An increase in one grade of wheat was
offset by declining prices in another grade, while lower prices were
registered for oats and rye. Higher quotations for hogs, lambs and
sheep were not enough to offset lower5 prices for cattle. There was an
increase in the quotations of one grade of hay. The textile group
increased slightly because of higher quotations for raw spot cotton.
,The trend of metals it still upward because of higher prices for scrap
steel.
Building materials declined fractionally due to lower prices
for linseed oil.. The remaining groups in the index remained at the
same
level.;;' Y •y;■ ;■ ./ ■ ■;.; %■,v' 7 >;•"::'t r-1\

_

T.y\. ■'
During the week six price series in the. index declined and ten
prime grades in good demand.
Sharp advance in prices for potatoes largely ■ accounted for
Practically all of the latter are at advanced; in the preceding week there were seven declines and eight
an
increase of 0.3% in average pfices for foods during the first
ceiling levels.
"The Iron Age" advances; and in the second preceding week there were seven de¬
week of December.
Rye flour advanced 2.5% and eggs rose 0.2%. steel
clines and seven advances.
&'■
composite price is unchanged
Sirice the early part of November wholesale prices tor foods ad¬ this week at
WEEKLY WHOLESALE COMMODITY PRICE INDEX'-V $19.17 a gross ton."
vanced 0.5% but they were 0.5% lower than for the corresponding »■' The American Iron and Steel
Compiled by The National Fertilizer Association

of last

year.

•

■

'

"A

.

:

"Industrial

r.ml
occurred in

v":'"

week of December a year ago.

Commodities—'Very few price changes

continued

industrial commodity markets. Scrap steel and mercury
to rise under active buying.
Maple flooring rose about

2% when

Turpentine

higher ceilings were allowed by OPA in some regions;
advanced slightly.
Prices of cigars moved: upward,. reflecting OPA
action in raising ceiling prices on some brands in order to stop the
disappearance of

low-priced goods,"

included the following notation in; its
report:
>
' " '
1 '
■
:
Note—During the period of rapid changes caused by price con¬
trols, materials allocation and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report changing prices.
Indexes
marked •('*), however, must be considered as preliminary and subject
to.'such adjustments and revision as required by later and more

:;{

The Labor Department

,

'y;'\t::r
The following tables show: (1) index numbers for the principal
groups of commodities for the past three weeks, for Nov. 11, 1944
arid Dec. 11, 1943, and the percentage changes from a week ago, a
month ago and a year ago, and (2) percentage changes in subgroup
indexes from Dec. 2, 1944 to Dec. 9, 1944.
complete reports.

_

WHOLESALE PRICES FOR

;

V.

-V
«

'V

jY'"'- :'.Y

Y '-..YY'-Y'

■'
12-2f

11-25

11-11

12-11

1944

1944

1944

1943

*104.2 *104.2 *104.1

r

12-9

1944

All commodities

products——i.——,-;r.

Foods—.—_—

Hides and leather products-'—
Textile products--.—
Fuel and lighting

Metals

*104.1

102.9

124.4

124.6

124.1

124.4

122.0

105.4

105.1

105.0

104.9

105.9

116.7

116.7

116.7

116.7

117.5

98.9

98.9

98.9

98.9

97.2

83.7

83.7

83.6

83.5

*

—.

materials—.

pnd metal products—.* 103.9

116.4

Building materials.

*103.9
*103.9
*103.8
116.4
116.4
116.4
104.8

104.8

104.7

100.3

106.1

106.1

106.1

104.2

93.9

93.7

93.5

93.4

93.0

114.1

114.3

112.1

94.7

94.7

+: 4.5

+ 0.1

o

0

+

+ 0.5

+

o

1-6

+2.6
1.8

1.0
2.0

0

*101.3 *101.3 *101.2 *101.1

100.4

0

+ 0.2

+

0.9

*99.7

98.8

+ 0.1

+

1.0

9-4.7-

*99.8

*99.8

*99.7

*93.0

*99.0

*98.9

*98.8

DEC.

':

1.7

+ 0.2

0

97.8

2,

1944

1.2

had

received

operating rate of steel companies
having 94% of the steel capacity
of the industry will be 96.3% of
capacity for the week beginning

2.2

Other miscellaneous

—

0.9

Other foods

Grains,—.'

farm products

0.7

—-

0.1

——.

•

Decreases

Livestock

and

poultry

2.1

—

Return to
''"With the steel
year

High Level—Scrap

industry winding up the highest steel production

in its history—estimated to be at 88,500,000 net tons—activity on

urgent war requirements is increasing by leaps and bonds,"
"The Iron Age" in its issue of today (Dec. 21), which further

states
adds:
"This situation, because of events abroad, is assuming such large
prdportions that it may eventually show up as a secondary war peak
in' steel output.
*
:
armed

sudden

forces, which is subject to
changes, forecasts a re¬

of production difficul¬
ties, last minute schedule changes
appearance
and

an

alteration in the product-

Signs were apparent

mix

picture.

this

week-that the steel industry

was

well

on

its way to experienc¬

ing these variables.
"Market conditions

°

this

,

"...
week

suggested that no matter what
plahs may be made for first quar¬
ter; steel
distribution, they are

in the steel situ¬
night
if Germany was definitely put out
of the war. Until such time, how¬
ever, it is apparent that the steel
"This tightness

ation could melt away over

industry and

customers must
phase of steel de¬
liveries
and
output which
was
prevalent, some time ago when
output of war'goods was at its

return

to

its

that

'

,

'

•

-

•
"Many steel companies were re¬
porting December order volume at

a

substantial increase

over

Octo¬

Practically
subject "to changes depending on ber and November.
the;progress of the war. Likewise every steel -item except7 plates*- is
there ;.§eems to be little hoDe in this week tighter, than -a • few
the near future for any relief over weeks ago, including alloy steel,
and ajboye. what is already being which has completely reversed, its

given " for essential, civilian needs

anjci' practically
for

Ordinary

encouragement
civilian
require-

no

metis# V.'..




recent
some-

trendy

While

steel deliveries .fall further

ordnance programs,
for old items including shell,

behind,
some

.downward

new

163.1

159.6
153.1

163.6

164.1

203,5

203.2

159.0

159.7

157.4

168.8.

160.3

144.0

130.4'

130.4

130.4

123.7

133.2

133.2

133.2

155.1 '

155.0

150.1,

105.7

105.5

104.4

154.1

154.1

152.4

,

155.2

—————

..+

105.8

187.9
•i

164.5

131.4

'

and

Chemicals

Fertilizer

.3

Fertilizers—
Farm

:

*Indexes

—

Machinery.'. —

groups

combined—-—-

1926-1928 base

on

;

125.1

Drugs

Materials

.3

All

154.0

—

.

118.3

118.3

117.7

119.9;

119.9

119.9

119.8

104.7'

104.7

V 104.7

104.2

139.5+

139.6

139.5

*

135,4
Dc<L

108.7: Dec. 9, 108.7; and

Dec. 16, 1944,

were:

127.7;

126.1

125.1

118.3

Hi

1943,,!,105.5.

of

the

steel

industry as to

!'we

;

Dec.

also

11:

.

for

some

mills for'the first time in

several weeks.
ago

Less than

fort¬

a

producers

some

scheduling

were

tonnage at about

new

substantially less than that

declined;
balanced

a

more

The

demand.

week there were

now

WHOLESALE

The National Fertilizer
; 1935-1939=100*

by

Compiled

L'ach Group
3ears to the

"":7-"

GvrouP
Foods

Farm Products

23.0

-'

—.

——-———

Grains—_—

Miscellaneous

8.2

Textiles-

7.1

Metals——

commodities—.—
——-—

—

Building materials-

1.3

Chemicals

and

Fertilizer materials

.3

Fertilizers—

.3

Farm machinery————.

All groups

——

——.—-

<,

Postmaster Albert Goldman an¬
on Dec. 12
information

nounced

Hickey Heads Bankers

has

Club of Brooklyn

been

of the Greater New York Savings
re¬

Brooklyn..
at. the

Officers

Other

meeting;

Club

were:

elected

nedy,- .Vice-President;-: Christian

Mende, - Secretary,- and Everett M.

Clark,

-

^Treasurer.

succeeds-

C.

A".'

,

Mr.,

Allen

County Trust Co.

• -,

o£
.

.v

:

.

143.7

140.1

145.1

145.1

145.6

163.1

163,1

163.6-

163.0

203.5

159.6

164.6

151.4

204.1

204.1

185.6

159.7

158.6

157.3

158.8

7157.9

161.0

130.4

130.4

130.4

123.7

133.2

133.2

133.2

131.4

155.1

155.2

155.1

149.7

-

162.5
•

142.3

105.7

105.6

104.0

104.4

154.1

154.1

154.1

152.4

125.1

126.1

126.1

127.7

118.3

118.3

118.3

117.7

1X9.8

119.9

119.9

119.8

104.7

104.7

104.7

104.2

139.6

139.4

139.5

135.0

2, 108.6, and Dec.

108.7; Dec.

11,

,

Rieti,

Calabria,

Province, Salerno, Sardinia,

Taranto,

Sicily,
"The

.

Post

Terni,

Teramo,

Viterbo.

-

•

:

Office .Department

foregoing infor¬

mation embraces

only letters and

state:
-

Reggio

tenza,
Rome

packages prepaid at the letter rate
of postage. No merchandise may

be accepted for

mailing

>

..

•

'

"The order affects the

Italian

following

provinces: Aquila, Ascoli,

Riceno, Avellino, Bari, Benevento,"

Brindisi, Campobasso,* Catanzaro,

Hickey Chieti, Co'senza; Foggia, Fposinone,
Kings

144.4

stresses that fhe

to a weight limit of 2 pounds
and 3 ounces. ' The advices also

of

G. P. Ken¬

144.3
145.1

163.1

istry service with Italy and Vati¬
can City State is resumed and let¬
up

the. Bankers

1943

Qffice Department, Washington,
D. C., that effective Dec. 12, reg¬

ters will

cently been elected to the Presi¬
of

1944,

received from the Post

,

John J.; Hickey, Vice-President

dency

1944

combined—.

1926-1928 base were: Dec. !

Extend Mail to Italy

'

has

1944

1943, 105.2.

ac¬

ing definite has pome out."

Y.,

Ago
Dec. 11,

1944

——-

drugs:—

.3

•Indexes on

Year

Ago
Nov. 11,

—

6.1

100.0

tivity. There is talk of increased
Navy work early in 1945 but noth¬

N.

Dec. 2.

17.3
10.8

spite of the present strong
industry observers
believe the long-term plate out¬
look is for decreasing demand, in

Brooklyn,

Dec. 9,

Livestock

"In

Bank,

:
Month

—

Cottonseed Oil—:

situation many

r

Association
Week

Fats and Oils—

pontoon

shipbuilding

"

:

Week

Total Index
25.3

.

PRICE INDEX

COMMODITY

Latest Preceding

in March.

view of lessened

'

.

declines.

7 advances and 3

WEEKLY
'"7

is
scheduled
to
run
through April, with some direc¬
tives already issued in the effort
to get work started promptly.
A
good
rate
of
plate
production
through first quarter seems as¬
sured, > some capacity being avail¬
able in February, with most prom¬
ises

1 :

advanced and 7
in the preceding week the price changes were evenly
with 7 advances and 7 declines; and in the second preceding

new

than 50,000 tons, and
an increase in
some Navy speci¬
fications, with gains in miscel¬
quire

;

prices series in the index

During the week 8

A factor in the pres¬

plate improvement is

-v- '

the chemicals and drugs group.

pontoon program, estimated to re¬

.

peak.

Building Materials

146,1

-

give the report for the week ended Dec. 9, issued on
77-v-:%r"'-7%-:7V,.'future war requirements, the sen¬
The weekly wholesale commodity price index, - compiled; by
sitive scrap market barometer has The National Fertilizer Association, advanced fractionally to 139.6
moved upward and the average in the week ending Dec. 9 from 139.4 in the preceding week.
A
comppsite price of steelmaking month ago the index stood at 139.5 and a year ago at 135.0, based
grades has reached the ceiling of on the 1935-1939 average as 100.
'v
The farm products group again advanced.
$19.17 at which it had stood from
Higher prices for
April, 1941, until last September two grades of wheat more than offset lower prices for rye, causing
when optimism as to the end of a rise in the
grains group.
Higher quotations on cattle and ewes
the European war caused a break. more than offset lower quotations on hogs and lambs;,This caused
Some less important scrap grades a
slight upturn in the livestock group. Although there was a slight
still are below ceilings but the
increase in steer quotations, lower prices for potatoes were sufficient
trend is upward and strength is
to cause a fractional decline in the foods group.. The textiles group
apparent. Y: y'Y
:v;■' "'■. Y.-.y
trends downward as lower prices are noted for raw spot cotton.
"Recent increase in plate de¬
The metals group reaches a new high as quotations on scrap steel
mand has brought a balance be¬
are again increasing.
Lower prices for denatured alcohol more than
tween
bookings and production offset
higher prices for ethyl alcohol, in turn causing a recession in
ment

senti¬

the

follows:" "Indicative of

laneous

Gelling Reflects Strong Sentiment

"The nature of demand from the

7.1

6.1

145.1

J.63.4

Commodities.-——

Metals—-—

.3

program

Steel Oiitiint Continues at

Fuels^„«w__i_;_—,
Miscellaneous

—_—

—

.

Livestock

Textiles--

143.7

145.1,

204.4

158.3

17.3

100 0

■

:

8.2

139.7"

144.3

r

10.8

1.3

of the iron and steel mar¬
kets, on Dec. 18 stated in part as

.

0.6

■'

■

1943

•,1944

.

163.1

163.1

Products_^,_^u.^_-_1L--.^-.

Cotton--i*^-—

mary

percentage.

——

Farm

Grains

..

Increases

•;

145.3

Cottonseed biUL+j.-.-

+;

23.0

1,732,400 tons of steel ingots and
castings, compared to
1,743,200
tons one week ago, 1,710,200 tons
one month ago, and 1,620,900 tons
one year ago.
i>
r. "Steel" of Cleveland, in its sum¬

1944

-

.144.4.

Oils

and

Fats

operating rate for the week be¬
ginning Dec. 18 is equivalent to

ent
•

vegetables

1944 '

25.3

Dec. 18,

'

'

Total Index

Ago

Ago

Dec. 9, • Nov. -1'8,

Dec: 16,

Group

Bears to the

Year;,

Month

Latest Preceding
Week

Week'

Each Group

compared with 96.9% one
week ago, 95.4% one month ago
and
93.0%
one
year
ago. y The

cases

INDEXES FROM

the

that

indicated

60% to 65% of output and in some

1944

DEC. 9,

TO

+

\

PERCENTAGE CHANGES IN SUBGROUP

telegraphic reports which it

night

*

•Preliminary.

Other

n

0.2

1.7

0

0

farpi products and foods

and

+

0.1

than

other

commodities

Fruits

+

than

other

..commodities

;

.+9.2

0.5
0.7

'

94.7

farin products

<

+

93.1

114.4

114.3

Manufactured products

;

0

2.0

0

Semimanufactured articles

-

0

o*

+

+
—

—

—0.1

Raw materials

All

0

n

106.1

0
+ 0.5

0 V

113,4

104.8

4-0.1 + 1.3

0
—0.2.
.+ 0.3

0

1943

1944

1944

82.4

Housefurnishing goods;—„;
Miscellaneous commodities—

All

Dec. 9, 1944 from—
12-2
11-1/1 12-11

103.9

Chemicals and allied products—
...

..

Percentage change to

V-

7;

V

..

Commodity Groups—

Farm

WEEK ENDED DEC. 9, 1944'

(i926=ioo)

•

/+',

1935-1939-^=100*

announced

18

Dec.

on

that

Dec, 18,

:

,

Institute

Macerata, Matera, Naples, Pezcarar PoGrosseto,. Lecce, -LittoFia{

be sent.

The letters are restricted

personal or business communications
not > of
a
transactional
character^ Limited parcel - post
service now in effect for gift par¬
cels addressed for delivery in the

to

City of-Rome, City of Naples, City
of Palermo, and Vatican City State,
is not.

in

extended to other localities

Italy

new

under .the terms

regulation."

-J,,

of- the.

.

;
*

Number 4344 v*' < -. f l

,Volume 160.

THE COMMERCIAL & FINANCIAL CHRONICLE

=

2749

,$575,000; ppblic buildings, $16,0p9,000; earthwork and drainage, $791,000'; streets and roads,. ..$819,000; and unclassified construction,
$9,578,000.
'.VA
'vv':
the Interior,
New capital for construction purposes for the week totals $5,soft coal in
412,000, and is made up entirely of State and municipal bond sales.
net tons, an The week's new
financing brings 1944 volume to $1,091,774,000,a total
week ended that "is 45% lower than the $3,068,468,000 reported for the 50-week

Dec.

Weekly Coal and Coke Production Statistics
'

The Solid Fuels Administration, U. S. Department of
its latest report,

in

states that the total production of
'the week ended Dec. 9, 1944, is estimated at 11,930,000
increase M 95,000 tons over the preceding week. In the
Dec. 11, 1943, output of soft coal.^mounted t$ 13,540,060 tons, (the
'highest for that year)., During the calendar year thrqugh Dec. 9, 1944,

1943

period.

United States Department of Agri¬

culture,

X

:

as-

of

j'productipn ftptaled 588,695,000 tons,; a gain of 15.7%. over, the cor¬
responding period in 1943.

-.x.;.X-:

j-1 -i ^

"

NoD-Ferroas ietals—Lead Order

:;.V;1

I-,.Y According to the U. S.f Bureau of .Mines, output lof Pennsylvania
[anthracite for the week ended Dec. 9,1944, was estimated at 1,140,000
tonsj a decrease > of: 53,000 tons

(4.4%) from- the preceding week.
in the corresponding week

("When [Compared with the production
of 194:3 there was a decrease of 81*000
year
same

tons, or 6.6 %., The calender
increase of 6.4% when compared with the
X, uV:Y;' ■. ■ ^■ V i':xv. V•['

to date shows an
period of 1943.

' ' The* estimated production of beehive coke in the - United States
for the United States for the week ended Dec, 9, 1944, showed a

■

j

decrease of 2,600 tons when compared With the output for the week
'ended Dec. 2, 1944; and was 57,700 tons less than'foi the correspond¬
ing ' week of 1943.V v •yX-;x
' -y;; • ,y .:x/;--v:X;■ *'[::[y"I*;1:
TONS

ESTIMATED UNITED STATES PRODUCTION OP. COAL, IN NET
^

'•

'''■

'.,.,..1,..—.'....^-Weels

Bituminous coal

Dec: 9,

Ended

Dec. 11,'

Dec. 2/

\*Dec. 9,
1944

Dec. 11,
1943

'•

WPB regulation -will govern
in final settlement of the contract.

Dec. 11,
1937

favor of

fairly, ■ active,

plan-involving end

a

J"'1'

Demand for. copper and zipc. was

inventories,.

pointing

to
in¬
in January.

i."['Nickelxv/:;*;.'
The

supply situation in nickel

1,462,000

supplies in the open market and

whether the restrictions

average_—988,000 t2,006,000

^Subjefyio*cur^nt

adjustment.

1,890,000

2,020,000

2,257,000

tAverage based on 5.9 working days.', i '

ESTIMATED PRODUCTION, OP PENNSYLVANIA ANTHRACITE
'

(In

1-■,yx.

Net

-Week Ended

*-»

Tons)
———

.

.Calendar Year to Date

..

.

§Dec. 2,
1944

Dec. II,
1943

Dec. 9,

1,140,000

1,193,000
1,145,000

1,221,000
1,172,000

61,364,000

(•Commercial produc. 1,094,000

58,910,000

110,500

165,600

6,764,600

■1,

rX

>X

V-\

tDec. 9,.

'

Penn. anthracite-—-

*■"

1944

«Total incl. coll. fuel

'■.* Beehive coke—
United States total
'Includes

operations,
:

Dec. 11,

.

'•

1944

-

Dec. 11,

,

1943

1937

57,684.000

55,377,000

48,685,000
46,251,000

7,485,300

3.083,600

yx--v
'107,900

washery

and

dredge

and coal shipped by truck from authorized
^Subject to revision. iRevised.
; i''
v

coal

4Excludes colliery fuel.

ESTIMATED WEEKLY PRODUCTION OP COAL, BY STATES

v'YxY!■-

'

(In Net Tons)

(The current weekly estimates are based on railroad carloadings and river shipments
and are subject to revision on receipt of monthly tonnage reports from district and
State, sources or of final annual returns from the operators.)
/

•Week Ended

Alabama-^---------.

D6C. 2,

Nov. 25,

363,000

365,000

7,000

7,000

Arkansas and Oklahoma

XX

90,000

Dec. 4,

Dec. 4,
'

403,000

-

'

Alaska-.^-_„___—

"

8.000

2,000

^

104.000

91,000

'271,000

X

:

83,000

'

163,000

X

'Georgia and North Carolina,.-*.
HI mo is*.'

1,000

■.' ptodiapa-x^;

:

.Jx—

X

143,000

X"1'""

1,478,000

.

;

586,000

198,000
i

1,000

KehtuckywEastern_-r.---_--i.-

Kentucky—Western^
Maryland

*

.

—_—.——

Michigan,u'_„i.iL;^-;t.L--^

s'y

'

^Montana (bitiim. As lignite)—..
New Mexico.---.-*..--*...-..*

190,000

162,000

994,000
380,000

1,008,000

63,000

31,000
2,000

28,000

682,000

•Pennsylvania (bituminous)——

2,690,000

Texas

(bituminous & lignite)

Virginia-—

"

30,000

597,000
2,695,000
3,000

5,000

138,000

124,000

380,000

373,000

28,000

35,000

2,052,000
932,000
194,000

Wyoming——.—*—-*—*-——.

208,000
1,000

-

X. .-"'Xy

22,000
'

70,000
524,000

1,638,000

155,000

.

411,000

X

31,000

2,463,000

,121,000.

..

18,000

X

73,000

X

■

277,000

,

46,000

;XX

1,445,000

491,000

1,122,000
199,000

X

72,000

31,000

3,134,000

3,000
143,000 X, X

976,000

;V

110,000

128,000 "

2.053.000

29,000

-4,000

127,000

tWest Virginia—Northern—

690,000
205,000

39,000
88,000
'672,000

.60,000

Wnshington-^---——i
tWest Virginia—Southern

SOther Western States

'4r

•

—

178,000

\ :■

321,000
37,000

2,000
89,000

115,000
32,000
62,000

X-"

North & South Dakota ilignitef
Oh id.--xX--*
I*—*x:xw.Tennessee***—

rX X

,430,000
".XX.-." 94,000

r

193,000
978,000

308,000

>*

1,209,000

'

616,000
'

Kansas and Missouri

165,000
'."-'•■XT'".

."

'

45,000

50,000

•;

,1,654,000

1,317,000 X
497,000

X i

135.000

*;■

1,000

11,835,000
1,193,000

13,132,000

11,300,000
1,135,000

' [

8,320,000
'

1,237,000

849,000

1943—

further went

on

follows:

•/.

Total, all coai~—-**X«

13,028,000

12,435,000

9,169,000

14,369,000

TIncludes operations on the N. & W.; C. & Q.; Virginian) K. & M.; B. C. & G.; and
the B. & O. in Kanawha, Mason and Clay counties.
tRest of State, including the
Panhandle District and Grant, Mineral and Tucker counties.
§ includes Arizona and

on

Oregon.,.- *Less than 1,000 tons.".:

;VX-

XX "■'•.v.: ,'y

—

XyX;

,

Engineering testation $3!,757,010 for

ing the last Week contained a pro¬
vision that would release the sel¬

has occurred in the scrap section
of the market.
x.w:x, ^.Vx.. f. v..

ler in the event

x:v,;xx .vx;-;;/.

Civil

engineering construction volume in continental United
$31,757,000 for the week.
This volume, not including
the construction by military engineers abroad, American contracts
outside the country, and shipbuilding, tops last week by 75%, gains
19% over the total reported to "Engineering News-Record" for the
corresponding 1943 week, and is 16% above the previous four-week
moving average. The report issued on Dec. 14, went on to say:
■

States totals

Public construction for the week is 68 and 31%

higher,

respec¬

tively, than a week ago and a year ago. Private construction is
159% compared with last week, but is 29% below the 1943 week.

up

The current week's constructioh brings 1944 volume to $1,686,378,000 for the 50 weeks, a decrease of 44% from the $2,999,009,000
reported for the period in 1943. Private constructioh, $353,701,000,
is 26% below a year ago, and public construction, $1,332,677,000, is
down 47% as a result of the 53% drop in Federal volume.
State
and municipal construction, $236,394,000, is 22% above the 1943

period.

.' A

,12-16-43

Total U. S. construction-.
Private construction

Public construction
.

,

State and municipal-*—

Federal

—————

$26,792,000
5,580,000
21,212,000
2,188,000
19,024,000

12-7-44

12-14-44

$18,125,000
1,526,000
16,599,000
4,148,000
12,451,000

$31,757,000
3,954,000
27,803,000
1,841,000
25,962,000

In the classified construction groups,
sewerage,

gains over last week are in
industrial; commercial and public buildings, earthwork and

drainage, and unclassified construction.
are

Gains

the

'

■

that the limita¬

the

waterworks,

$2,984,000; commercial building




and

large-scale

private

con¬

for

press

a

advance from

some

f.a.s.

South

American

ports basis is likely to be granted,

increase

an

from

indicated

.

The acreage of cotton in culti¬
on J
ply 1,4 944,, i$ now esti¬

vation

acres.

V Aban¬

1.3 %' of
planted acreage, leaving 2Q,098,000

estimated

at

acres

fpr harvest.
The present
Harvest is
approximately' '.3 of 1 % acreage

estimate of acreage for

estimated

during

the

growing

and is the smallest acreage
of cotton1 harvested since 1895.;f

season

The present estimate of cotton

production for the United States
is approximately 1,300,000 bales
above the relatively good "crop
expected on Aug. 1, when th6 first
forecast
of
production for I the
season

made.
The croprjgot
comparatively poor start

was

off to

a

in some areas due to excessive
rainfall at planting time, ,bui cli¬
matic conditions were generally

Though demand for zinc, par¬
ticularly Special, High Grade, has
shown improvement, the market

supplies. A price of 63V2c has been

favorable throughout the growing
season, with the result thai; losses
from insects were held to aXmini-

mentioned.

mum

situation

in

according to

'

increase next

comfortable

remains

all directions.

Production

a higher settling
lead
to
increased

particularly if
would

basis

Demand

for new tin,
observers, may
year in spite of the

some

limitation orders

zinc during

of slab

in effect.

now

but shipments decreased and .the
result was another gain in stocks

The
domestic
selling
basis,
however;
is
not
expected
to
change, even should costs rise.
Straits quality tin fof shipment

to

in

November held at about the same

level

in the preceding month,

as

high of 246,172 tons, ac¬
cording to the American Zinc
Institute. The daily rate of pro¬
duction for November was 2,248
tons, which compares with 2,219
tons in October and a high of
a new.

shipments,

Production,

slab zinc from

stocks of

the

-'v

1939

538,198

1942——

762,780

17,582

857,471

24,066

—

929,770,

885,568

68,268

971,873

887,638

173,510

California.

52.000

52.000

little

December

9__

52.000

52.000

52.000

December 11

52.000 X

52.000

52.000

December 12__

52.000

V 52.000

52.000

December

52.000

52.000

52.000

Business

V

86,037

flask.

April
May

80,405

75,213

217,999

that

80,497

80,825

June

73,067
72,947
71,281

63,193
64,295

September

66,891

65,150

243,434

October

68,781

67,871

244,344

.67,432

65,604

246,172

—

_

November

194,024

'

was

market

were

and

[234,707

241,693

$125

Some

ex¬

to

prices
$127 per

observers

believe

they

see

time to come,
a bearish

nothing of

the

in

the

some

a

move

on

government

the

part
release

to

stockpiled metal at $2 per flask
above the weekly E.&M.J. quo¬
tation.
Others contend that as
war
demands are met through
,

of

look

for

to

copper

consump¬

increase

the turn

of the year, but ample
supplies will be available to meet

the situation,
either from new
production (including imports) or
the
stockpile,
The
downward
.

trend in domestic production that
has occurred
this, year, owing

chiefly to the manpower prob¬
lem, should not be embarrassing.
Contracts

for

the

purchase

of

10,000 tons of Canadian cop¬
the first quar¬
expected to be

monthly

over

of

1945

are

closed

soon.

V

'

Lead

With

metal

after

A,

obtained

the

from

have

an

in

the problem, including the Army

document

will

take.

try believes that

a

The

indu-

flat percentage

housing, deduction has been abandoned in

River, and considerable losses: in
production couid still result ;ifrom
weather

during X the
Ginningsi <-frdm
the 1944 crop prior to Dec^T* are
reported by the Bureau of the
Census at 10,274.385 bales, com¬
pared with 10,560,109 bales in
1943 and 11,534,702 bales in 4942.
winter

months.

Cottonseed production from the
1944 crop

is estimated at 4,941,000
tons, compared with 4,688,000 tons
in 1943.

On the basis of informa¬

tion received from cotton ginners,
it is estimated that for the 1944
crop

there

were

cottonseed
of

lint.

crop

was

for

The

62.5

each

ratio

63.1

pounds of

37.5

for

founds

the

pounds of

1943

cotton¬

seed for each 36.9 pounds of

lint.

—"WSESBas

.

war

interest

some¬

.

and

essential

civilian

pur¬

order

taken

is

crop

Reserve
the
Atcheson Resigns ^
ordinary
market,
catering to civilian needs, should
The. Off ice of Surplus Property,
find that current production plus
U. S. Treasury Department, -has
imports can' take care of itself
annouueed
the
resismatiqn r of
nicely,
-'x.Xx'
Frederick B°berts Atcheson as
Ad vices'from San Francisco in¬
Deputy in charge of. Operations,
dicate that producers continue to
effective Dec. 15.
Mr. Atcheson
take a bullish view of the situa¬
directed the warehousing, inven¬
tion, some asking $127 per flask, tory,
classification, pricing, kc*
Coast.
X\..:0
;X'"''-X;:x V'J
counting and inspection end* of
Silver
Treasury's sale of surplus con¬
Legislation
extending
until sumer goods, which included more
Dec. 31, 1945,. the authority to than 100 major categories ranging
use
Treasury-owned silver for from bolts, huts, screws, mosquito

■

ment

Harvesting of the

what delayed, particularly jn the
States west
of
the
Mississippi

Metals

limiting pur¬ poses (Green Act) was passed by
chases of lead hanging over the the House on Dec. 8. The. meas¬
market, business was conducted ure has been sent to the Presi¬
X-.
/
during the last week in an at¬ dent..;.-.'.
Secretary
Morgenthau • stated
mosphere of general uncertainty.
Various branches of the govern¬ last week that the: Treasury has
supplied 1,226,300,000 oz. of silver
an

month, ago

a

is indicated.

at

demands will continue at

nature
of

reported

from

high rate for

224,953
•

Copper

Producers

-

ranging

217,671

65,785

quicksilver
for
nearby delivery in

the New York

In other States" very

change from

unfavorable

of

and

tremely light last week, and the
price
situation
remained
firm,
with quotations largely nominal.

211,201
212,807

per

99% tin, continued
pound.
;

or

Offerings

63,552

some

13—

prompt

62,716
84,431

July

Feb.

52.000

52.000

79,893

-

prospects are ~ up ^40f,000
These increases are partly
by reductions, of. 30,000 bales
in Mississippi and 25,000 bales, in
bales.

8—

84,066:

_

where

December

X

;

production occurred in Mis¬

souri, where the present estimate
is up 50,000 bales, and in' Tetas,

52.000

Quicksilver

65,995

706,100

tive

offset

.--.jy-y,'"!y. ■

X ' Jan;

Compared with a month ago,
the greatest increases in prospec¬

52.000

_

tion

Dec.

.

at 51.125c per

Stocks

Shipments
598,972

nomin¬

was

plants fruited unusually
"x

;;

7—

Chinese,

to

863,955

—

January
February

v

current year

Production

1944:

as

years,

for

1940—

pound,
follows:
:

and

we'll.

December

and

1939

per

"

and monthly fig¬
to the
end of November, in tons:
I •
1943, by

ures

cents

ally '

2,775 tons last March. ,rA--::-'-';

and Navy, and little is known in

are:

60c

to

In tin circles here

it is felt that

Zinc

regard to the final form that the

$27&$00; sewerage, $670,000; bridges, $59,000; industrial buildings,

continue

in the* week previous.

in industrial and public buildings, and unclassified construction.

Subtotals for the week in each class of construction

centrate

producers of tin

higher price.

1943 week

over

Tin'

Bolivian

for the week involved 8.058 tons,
which compares with 6,871 tons

ter

Civil engineering construction volumes for the
1943-week, last
Week; and the current week are:

»

tion order makes it impossible to
live up to the agreement.
Sales

August

Week—Volume Tops Las! Week and J

in
govern¬ to be eased. The easier situation
The publication, has; been reflected in increased
to say in part as offerings of secondary material;
Monel also is available in larger
tonnages, and price unsettlement

March

Civil

likely

are

Most sales contracts made dur¬

-

1941

*

wondering

involvement

mental red tape.

-X:

""

Total bituminous & lignitePennsylvania anthracite—

prices continued, largely because

avoid

>'Y

AND COKE

.

donment is

most' buyers preferred, to look for

..

39,000; hales

mated at 20,359,000

The- upward trend in quicksilver

information

upon

This is

on NovJ 1, and is only
slightly below average production
of 12,455,000 bales for the 10-year
period (1933-42). The, lint yield
per
; acre, • computed
at, 295.3
pounds, is 22.9 pounds above the
previous,, all-time record yield ,of
272.4 pounds [per acre
produced
in 1942.
Average yield for the
10-year period (1933-42) is ^26.9
pounds.
:'-X\-

use,.

r:;, ■.;.vr

^

and lignite—
1944
1944
1943
Total, inci; mine fuel' 11,930,000 11,835,000 13,540,000 588,695,000 557,143,000 423,811.000

•

■

the

has improved in the current year
and
consumers
are

Daily

.

in Washington for limiting purchases of the metal and thereby .pre¬
venting stocks from falling below a comfortable margin of safety.
Business booked during the week was accepted on condition that

creased consumption

———January 1 to Date

•

"E. & M. J. Metal and Mineral. Markets," in its issue of Dec. 14,
stated; "Consumers and. producers of lead were hampered somewhat
in doing business last week because of delay in drawing up a plan

based

of Dec. 1.

production

Limiting
Purchases Studied—QuicksiEver Price Up

^

Cotton Report

1

United States cotton crop fort
1944 of 12,359,000 bales of 500
pounds gross weight is estimated
by the Crop Reporting Board of the
I A

for the

war

.

program since Pearl

The

London market for

quiet

and
week at 23 ^d.

was

Official

for

silver

unchanged

last

The New York

foreign silver con¬
443/4c., with domestic
metal at 70 %c.

tinued

son's office also controlled all ad¬

ministrative

and

of the Off ice of

fiscal

at

functions

Surplus Property;

Mr. Atcheson has been associated

with

Marshall Field

tinuously for 21

&

years

in

management and control

Harbor.
.

bars, life rafts to trucks ofciall
types and descriptions. Mr. Atche-

Co:

con¬

b<ptn the

fi^n,c|;ipns

and will return to his poal with

that company.
been

Comptroller

of

Marshall '

Fields' retail stores in the Chicago
area.

*

Since 1936 he1'has

Thursday, December 21,1944

CHRONICLE

THE COMMERCIAL & FINANCIAL

2750

The American Petroleum Institute estimates that the daily aver¬

production for the week ended Dec. 9, 1944 was

age gross crude 011

when compared
preceding week, and 17,650 barrels less than the daily
figure recommended by the Petroleum Administration for

4,704,450 barrels, a decrease of 8,450 barrels per day
the

with

average

War for the month of

The current figure, however,

December, 1944.

the week end¬

327,750 barrels per day higher than the output in

was

ed Dec.

Daily production for the four weeks ended Dec. 9,

11, 1943.

Further details as reported by the

averaged 4,723,050 barrels.

1944

Institute follow:

companies indicate that the in¬

Reports received from refining

of Mines basis approxi¬

dustry as a whole ran to stills on a Bureau

daily and produced 14,611,000

mately 4,552,000 barrels of crude oil

4,056,000 barrels
oil during the
1944; and had in storage at the end of that week

gasoline; 1,454,000 barrels of kerosine;

of

barrels

fuel, and 8,923,000 barrels of residual fuel

of distillate

week ended Dec.

9,

barrels of kerosine; 44,436,fuel, and 60,458,000 barrels of residual fuel oil.

80,880,000 barrels of gasoline; 12,983,000
000 barrels of distillate

AVERAGE CRUDE

DAILY

1

•State

Actual Production

Allow¬

Week

•P. A. W.

'

■

,

begin, •».

dations

Oklahoma

—

-

a

published weekly^fey the Commis¬
from oth£K> sales in these

of current figures being

series

sales

Short

sion.

figures.
Trading

separately

show#

are

with member trading during the week e&ded Nov. 18 of

compares

of the total trading of4,103,190 shares.
On the New York Curb Exchange, member trading during the week
ended Nov. 25 amounted to 365,820 shares, or 3J>%
of the total
volume on that exchange of 1,219,655 shares; during the Nov. 18 week
trading for the account of Curb members of 392*790 shares was
*t.
14.65% of total trading of 1,371,237 shares.
1,553,712 shares,

Total

Round-Lot

15.22%

or

Stock

Sales

Account

for

3,552,200 W

Total sales

11,

356,000

t360,350

+

400

358.900

325,150

269,400

1267,350

+

2,100

272,400

273,500

Account of Members*

of

Accounts

v

Odd-Lot

registered—
Total purchases——
Short sales—

L-

I'

307,250je£,

43,790^

———

Panhandle

140,600

Texas__

471,350
:'v'-

Central Texas-

East

94.400

—10.600

143,400

2,600

473,300

354,400

141,450

3,150

143,800

115,100

Short sales-.

3,100

368,650

364,300

tOther sales-

1,650

346.700

290.800

450

553,300

520,500

—

East Texas

371,000

+

Southwest

345.450

—

Coastal

Texas-

Texas

x-

"j'\

v'

.

'•

—

552,950

,V;-S ':

Other transactions initiated on the
Total

purchases

2,111,550

2,153,000 \2 ,134,078

A

—20,750

71,150

North Louisiana-

Louisiana—

'r.

Louisiana—

350,000

—

1,882,900

2,127,100

289,600

—

1,700

290,900

2,850

362,900

*

275,500

—

Mississippi

53,000

;

Alabama

80,700

+

48,050

—

——

Florida

200,000
13,000

-

Indiana

80,400

79,850

800

50,600

47,250

250

250

50

50

—

-

Illinois

,

——I
*

|

583.925

i'

69,400
30,000
47,000
100,000

—

Wyoming
Montana

-

„

8,400

199,750

225,350

13,750

700

13,150

14,200

Stock

Round-Lot

Total

Sales

Transactions

106,000

106,000

New, Mexico
Total East of Calif.
California

5,400

65,400

72,950

—

1,750

30,350

26,450

Short sales

+

5,200

49,550

52,900

tOther sales

96,950

+

2,450

95,500
21,350

96,450

750

9,000

7,600

104,850

112,900

3,842,500
880,550

3,594,100

4,723,050

4,376,700

—10,950

3,824,250

~

880,200

§885,000

885,000

-

—

52,900

104,850

3,837,100

Total Round-Lot Sales:

62,800
29,950

8,900

+

2,500

recommendations

♦P.A.W.

4.704,450

4,722,100

state

and

production of crude oil only, and do not
gas

allowables,

as

—

8,450

shown

above,

A.

Total

782,600

net

the

•

_>

RUNS

AND

STILLS;

TO

UNFINISHED

PRODUCTION

GASOLINE,

GAS

OF GASOLINE; STOCKS OF
OIL AND DISTILLATE FUEL

i

RESIDUAL FUEL

.

WEEK ENDED DEC.

OIL,

Figures

9,

In

this

section

Crude

Capacity
tial

Runs to Stills

% Re-

in

Total

9.17

NYSE Odd-Lot Trading
Securities

The

Commission

and

made

34,910

i

T.T:

.

43,021"

-

Includ.

and Un-

tStocks tStocks
of Gas
of Re-

15.00

Oil and

Rate porting Average erated Blended

sidual

Fuel
Oil

•The terra

firms

their

and

tin

"members" Includes

all regular and

these

percentages

the

total

the Commis¬

with

filed

reports
sion

31,406^"
associate Exciiange

of

con¬

series of current figures

sion. The figures are based upon

..

by the odd-lot dealers

^nd

specialists.
members, their

TRANSACTIONS FOR THE

STOCK

ODD-'

LOT ACCOUNT OF ODD-LOT DEALER3

partners, including special partners.

calculating

a

being published by the Commis¬

-

43,02iasr

Total sales—,

Stock Exchange,

New York

A'.*"''

tl—,1;

special-;

ists who handled odd lots on the

163,255^

Total sales

Customers' short sales

account

of all odd-lot dealers and

12,295-,.150,96O;*?"

SCustomers' other sales

figures

odd-lot

for

transactions
3.58

202,565#7-:

purchases—1

Odd-Lot Transactions for Account of Specialists-

C.

on

for the week

summary

showing the daily volume of stock

35,610-^V;

Total purchases—.

tStocks
Finished

a

ended Dec. 2 of complete
700tg>?'

■€£> ::

at Refineries

13

tinuing

% Op- Natural finished Distillate
Gasoline Fuel Oil

Daily

Dec.

2,25

Exchange

public

51,700SXv.

—

tOther sales

reported totals

V\

&%.;l

29,055^'

u

Short sales

AND

of

message

my

Sincerely yours,-

Total—

4.

FINISHED

Valley

FRANKLIN D. ROOSEVELT.-

25,35

(

tOther sales

Production

Dally Refining

rec¬

engi¬

administered by a Missouri

25,815-—' 3,7003®?'.'.,

Short sales

1944

include

the

basic

a

as

recommended

98,590

;

§Gasoline

Poten-

authorized

V!'

-

Total purchases

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

P

with

accordance

Authority, such as I have already

.

Other transactions initiated off the floor-

3.

(Figures in Thousands of barrels of 42 Gallons Each)

District-

191, 78th Congress, as modi¬
in

M95-, '
90,69 fit-#/'

±

Total sales

'

.

-

Congress, and Senate Docu¬

as

^Recommendation of Conservation Committee of California Oil Producers.

CRUDE

'

plans of the two bureaus, pub-'
in House Document 475,

125.050;&».

1

purchases

tOther sales-

-

stocks in which

Total sales
,

mech¬
adjustment of the

the

Sept. 21.

Short sales

for week ended 7:00 a. m. Dec. 7, 1944.

tft
:,'.y

1,219,655

-

—

Other transactions initialed on the follor—
Total purchases

days, no definite

7

for

neering plan to be developed and

Account of Members

for

.....

2.

be

.

14.600

Total sales——

represent the

dates during the month being specified; operators only
being required to shut aown as best suns their operating schedules or labor needed
to operate leases, a total equivalent to
7 days shutdown time during the calendar
for

down

region

entire

ommendations of this joint report,

and Stock

1,205,055®®'"

,

allowable

basic

the

over-

arn

fied

16.20

Total for week

Short sales—.

of Dec. 1 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
is

-

—

1. Transactions of specialists in
they are registered—

V;

1944

25,

,

__

Transaction

Round-Lot

B.

include amounts of condensate and natural

Oklahoma, Kansas, Nebraska figures are

the Tennessee Valley Au¬

as

ment

York Curb Exchnife
of Members* (Shares)

Account

for

Total sales

20,850

derivatives to be produced.

;/,,tThis

This joint plan represents a be¬
ginning in the solution of the:
problems of the Missouri Valley."
But it is only a beginning, for
other important matters not with-'
in the scope, of this joint report
bear
very
materially upon the
entire region. As a practical mat¬
ter, most of these cannot be dealt
with by conference and agreement
among the 10 States directly involved working with separate Fed¬
eral
agencies, for the delay in
getting action would be too great
to bring about the objectives im¬
portant to the economy of the en¬
tire region. A single Authority,

lished

the New

on

tOther sales
Total United States

and

development

the

control of the waters of the Mis¬
souri River.

w*'

202,750

21,300

23,000
9,500

-

Colorado

plan, for

78th

566,663^'

WEEK ENDED NOV.

-Ky.)

the two reports constitutes a basic

the

£

483,053-ST"

Total sales.

(Not incl. 111., Ind.,

Kentucky

3.62

83,610^-

.

—

tOther sales

and

reports

transmitting herewith a
copy of that report of reconcilia¬
tion together with accompanying
papers.
I now recommend that

135,743

|

two

differ¬

have prepared a joint recommen¬
dation which in conjunction with

I

29,920,*%..

Eastern—

Michigan

ST'

Total purchases

technical

these

in

have

bureaus

two

the

planning and development of the

105,823

Total sales—

354,100

600

reconciled

entire valley.

4.13

—.—

Short sales

79,975

78,000

Arkansas

The

interests of the States and for the

121,775 -gjgv

——

in conflict in many

were

details.

anism

138,160^-

sajjes

Total—

4.

360,750

395,000

River,

.

9,900*^
128,260^-

—

Short sales

78,600

72,000

1.150

154,900

Other transactions initiated off the floor—

tOther

Total

•

—

Total purchases

Coastal

:

—

—

•

Total Texas—

senting comprehensive plans for
the development of the Missouri

would provide an adequate

floor-

Total sales

3.

8.45

292,760.J8Si

Total sales

92,800
148,550

—

the other by the Bureau of
Reclamation, which, wnue pre¬

such

-c-

the

neers,

thority,

57400

—-

Texas

North

West

88,750

Texas

248,970

1,700

1,000

11,050

1,200

:—_—

m.;

are

tOther sales
Nebraska

':

Vi';;

which

Transactions of specialists in stock in

1.

afcP-

y-;
•

they

274,000

for

Odd-Lot
Dealers and Specialists:
the

for

t*

Total for week
119.260%;3,432,940

i

tOther sales

Except

«*■

1944

25,

Total Round-Lot Sales:
Short sales

(Shared)

Members*

of

NOV.

ENDED

WEEK
A.

Round-Lot Stock

Stock Exchange

York

the New

on

Transactions

Round-Lot Transactions

350.000

of members

the account

Exchange for

Stock

by

Congress two reports: the one
presented by the Corps of Engi¬

ences

the

on

(except odd-lot dealers) during the week ended Nq& 25 (in roundlot transactions) totaled 1,150,588 shares, which amount was 16.20%
of the total transactions on the Exchange of 3,552,200 shares.
This

1943

1944

Week

1944

Dec. 1

December

ended Nqxv.,25, continuing

members of these exchanges in the week

-

Dec.

Dec. 9,

Exchange Commission made ppblic on Dec. 13

The Securities and

Ended

Ended

from

Previous

Dec. 9,

New York Exchanges mm

on

figures showing the volume of total round-lot shock sales on the
New York Stock Exchange and the New York Cui&v Exchange and
the volume of round~lot„stock transactions for tb&:3ccount of all

Week

4 Weeks

Change

s

Ended

ables

Recommen¬

Kansas

(FIGURES IN BARRELS)

OIL PRODUCTION

Trading

consideration

under

was

Daily Average Crude Oil Production for Week
Ended Deo. S, 1044 Fell Off 8,450 Barrels

members' pus:hases and sales Is

SPECIALISTS

AND

ON

THE

N.

Y.

'

East Coast

729

—

100.0

Appalachian—

702

96.3

1,767

12,447

12,785

8,915

101

77.7

327

2,463

497

353

56

119.1

193

1,726

201

147

130

83.9

47

87.2

Ind., 111., Ky

824

85.2

759

92.1

2,879

16,340

6,774

3,402

Okla.,

418

80.2

371

88.8

1,397

7,589

2,474

1,648

883

2,793

420

623

District No: 1

—

District No. 2

Kans.,

Mo

Inland Texas

—

278

66.9

79.1

220

1,165

90.5

1,103

94.7

3,540

14,440

7,138

8,590

Louisiana Gulf Coast-

242

95.5

244

100.8

876

4,348

2,023

1,081

No. La. & Arkansas-

104

68.0

78

75.0

220

2,436

556

277

Texas Gulf Coast

Rocky Mountain—
13

17.0

12

92.3

37

66

19

32

District No. 4

141

58.3

99

70.2

376

1,656

356

541

817

98.8

807

89.9

2,116

14,576

11,193

34,849

1944—

4,908

87.2

4,552

92.7

14,611

♦80,880

44,436

60,458

4,908

87.2

4,693

95.6

14,853

80,426

45,832

61,727

12,552

70,855

44,652

59,154

Total U. S. B. of M.
basis Dec. 2,

U, S. Bur. of Mines
basis Dec. 11,

4,162

1943-

"■Composed of 12,969,000 barrels of unfinished,

41,170,000 barrels of civilian-grade
automotive (41,179,000 at Dec. 2 and 40,835,000 at Nov. 25) and 26,741,000 barrels
of aviation, military, solvents and naphthas, and gasoline blending stocks currently
indeterminable as to ultimate use (26,115,000 barrels at Dec. 2 and 25,773,000 t^irrels
at Nov. 25).
fStocks at refineries, at bulk terminals, in transit and in pipe 'lines.
§ Not ( including 1,454,000 barrels of kerosene, 4,056,000 barrels of gas oil and dis¬
tillate-fuel oil and 8,923,000 barrels of residual fuel oil produced during the week
ended'-' Dec,! 9, 1944, which compares with 1,633.000 barrels, 4,082,000 barrels and
8,981,000 barrels, respectively, in the preceding week and 1,341,000 barrels, 4,613,000
barrels and 8,224,000 barrels, respectively, in the week ended Dec. 11, 1943.
Note—Stocks

of

kerosene

at

Dec.

9,




amounted to 12,983,000 barrels, as
10,332,000 barrels a year before.

1944,

against 13,745,000 barrels a week earlier and

exempt"

are

Number,

of

orders

Number

of

shares

Value

'

-

Total
for Week
19,413
563,774

$24,453,061"
Dealers—

(Customers' sales)
Number of Orders:.: ,.-r

Customers'

short

•Customers'4 other

and control of t;BST
waters of
W'"

previous

of the President

recommendation^
to Congress ad-'

sales

230

sales--—

19,391

the

Vocating the development of the
Missouri River basin along lines
to

that

of

the Tennessee

On Sept. 34,

message

to the

1944, I sent a

Congress

♦Customers'

other

sales-

Customers'

total

sales

be charged

with fhe duty of pre¬

carrying out

President's

the subject, as
on

latest message

addressed to the

Nov. 27 follows:

coordinated planner
ment of the

single

present and future,
the great<M .benefit to the

Washington, Nov. 27, 1944.

and for

United States.

At that time there

:

'

19,621

,

7,179
■

t

515,989

,

523,168

———-$18,814,430

Short

sales

•tOther

sales

Total

sales

,

50

-

149,780

...

U,

,149,830

Round-Lot Purchases by Dealers:

the develop¬

both

izens,

.

dumber of Shares:

Number

Missouri River basin

greatest .benefit of its cit¬

for the

The White House,

The President of the Senate:

a

value

.' •

Round-Lot Sales by Dealers—
•

paring and

1379.

:

.

sales

recom¬

issue of Sept. 28, page

'

short

mending the creation of a Mis¬
souri Valley Authority that would

Valley Authority was noted in our

sales

Customers'

Dollar

Sir:

total

Customers'

Number of Shares :

Missouri River."

Senate

1944

a

plan for the development

The

2,

—

Odd-Lot Purchases by

indicating his approval of a plan'developed jointly to Army engi¬
neers
and the Reclamation Bureau which he saidv "constitutes a

on

Dec.

(Customers' purchases)

special message to Congress on Nov. 27, President Roose¬
velt renewed his recommendation for a Missouri Valley Authority,

similar

EXCHANGE

Ended

Odd-Lot Sales by Dealers

included with "other sal<$,"

President Again Requests Action by Congress
On Grealicn of Missouri Valley Authority

The

1944—

"short

STOCK

Week

Dollar

basic

Total U. S. B. of M.

;basis Dec. 9,

SSales marked

In

District No. 3

California

sompared with twice the total round-lot volume on the Exchang^for the reason that
the Exchange volume includes only sales.
;
tRound-lot short sales which are exempted from restrictlon?®By the Commission's
rules are included with "other sales."
•
ffle;..'.

♦Sales

of

207,670

shares—

marked

"short

exempt", are

ported with "other sales."
tSales to offset customers' odd-lot
and sales to
is

less

xe*
,

.

order^

liquidate a long position which
than a round lot are reported witlj

"other sales."

Volume

2751

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4344

160

7

vJ-.V J.:;;

§

Railroads

/:

Southern District—-

iiec.9,9 044ies!irff%7SI® -Cars
of

Loading

revenue

totaled 793,554
nounced

cars,

the

14.

This

Dec.

on

endeti Dec. 9, 1944
of American Railroads an¬

freight for the week

Association

beloM>||ie corresponding

decrease

a

was

week of 1943 of

29,757 cars, or 3.6%, but an increase above the same
w.eek in 1942 of 49,371 cars or 6.6%.
77 7>">7 7 7\
7;-7>l>7

oQgec. 9, decreased
^ '

Loading of revenue freight for the week
14,706 cars, or 1.8% below the preceding week.
v

freight loading totaled 387,305 ea^rs, a decrease ,of

Miscellaneous

•

below the preceding week, but an increase of 7,373 cars
corresponding week in 1943.
.:7^x >
> 7>;>

9,067

cars
below the

Aia

merchandise

Loading- of

106,812

lip" freight totaled
preceding week, and

than carload

less

increase of 907 cars above the

cars, an

the corresponding week in 1943.

increase of 2,816 cars above

Coal loading amounted to 169,705 cars, a decease of 247 cars
and a decrease of 19,Ml cars below the

;

corresponding week in 1943.

/ •>•

7>77!7J'7;

44,2®i.cars,

decrease
decease of 9,141 cars

of 3,444 cars below the preceding week and a
below the corresponding week in 1943.
In

cars, a

a

the^estern Districts
weekiof Dec. 9, totaled

alone, grain and grain products loading for the

29,697

X '•

-v■

loading totaled

Grain and grain products

i

decrease of 2,496 cars below the preceding week
below the corresponding week in 1943.

and a

decrease of 6,399 cars

^ "Livestock loading amounted to 20,107 cars, a decrease of 2,522
cars below the preceding week but an increase o# 1,578 cars above
the corresponding week in 1943.
In the Western Districts alone load¬
ing of live stock for the week of Dec, 9 totaled 15,4'|9 cars, a decrease
of 2,042 cars below the preceding week, but an increase of 1,429 cars
corresponding week in 1943.

above the

;

»

•

j •

Forest products loading totaled 39,830 cars,

cars

preceding week but a decrease
corresponding week in 1943.
'
*

the

the

aodve

oJJ5,334 cars below

,

,

amounted to 12,184 cars, a decrease of 1,405 cars
below the preceding week and a decrease of 5,2^ cars below the
corresponding week in 1943.
*
Ore .loading

amounted to 13,361. cars, a decease of 20 cars
below the preceding week, a decrease of 2,353 cai^r below the cor¬
responding week in 1943.
*
(
loading

Coke

>7

*

districts reported

All

witgfhe correspond¬

decreases compared

alf^districts reported

ing week in 1943, except the Centralwestern but
increases compared with 1942.
6

Weeks

January—_

of

4

weeks^ of

A

weeks

«

>77

weeks

of

5

weeks of

4

weeks

A

weeks of

May———————
June—-,—!——. —

—i

July,

of

August

4

weeks of September
Weeks of October

4

Weeks of

J5

Week

Oi

"

-

4.428,427
3,598,979

—

3,365,925

November

9__^**!!_*_-,™^_***

December

f

14,262

13,537

12,675

3,970

3,628

5.694

428

362

1.725

Cliuchtieldx—

Florida East Coast,

Gainesville Midland***_'_*.

Georgia
Georgia' &, Florida—.

;

94

78

752

684

1,526

1,299

1,432

60

38

107

86

1,081

1,277

1,077

2,493

2,826

400

493

339

661

703

,

*.

**********

Gulf. Mobile & Ohio

*-.

4,392

*****

25,768

*

.

170

the separate railroads

Piedmont Northern

Central

147

491

510

4.374

4.930

2,059

2 003

484

360

1,425

1,488

461

422

356

11,590

10,111
20,235

655

REVENUE
-

'

;

Total*!'!

-

'

,

1

2,708

2,385

22,279-

JU,977*~

3,672

4,126

19.2Q7,
3,956

Chicago, Milw.y St. P. & Pac.___—

Omaha,*,—

Chicago, St. Paul, Minn. &

>

Duluth, Missabe As Iron Range**—***

<Slgin, Joliet & Eastern
Des Moir.es & South

Ft. Dodge,

Eastern

District—

Superior & Ishpeming*!*——!*—
Mmneapolis,& St. Louis,,***—*-—

273

321

Ahn Arbor.*—

Bangor & Aroostook——
Bpston & Maine_—*———*--.—.—
Chicago, Indianapolis & Louisville***-,

..

!

379

460

436

86

115

13,495

13,462

11,791

6,222

5.042

478

77 493

533

973

201

305

237

76

60

2,062

2,618

.2,651

4,484

.2,752

3.043

10,505

6,268

5,238

r

1,472

Indiana**.—*_*—!
!,
32 •:
42
Vermont———————1,110
1.110
Delaware & Hudson*^-—!-——.
4,910
6.098
Delaware, Lackawanna <fk Western
•
7,800
.
-. 7,673
Detroit A: Mackinac!—!——***«***.
247
!, 203
CBetroit. Toledo & Ironton
1.621
2,081
Detroit & Toledo Shore Lir>e___,—! 381
.
300
Erie.**,
**—•'. 12.279 •.
12,221,
Grand Trunk Western—
3,829
3,621 ..
Central

.

——.

10,881

528

683

3,922

3,477

23,191

22,699

3,693

3,159

377

461

iingham & Garfield

21,096

13,966

11,647

3,120

4,059

4,277

369

93

63

'

21,021

18,226

13,316

2,939

/ 2,986

2,436

946

1,037

31,662

29,251

'T

-.7'

17 087

Behigh & Hudson River
—-—Lehigh At New England
——
'
lihigh Valley,-;
Maine Central,-—^„_*^,—*****----.*.

155

176

1,900
8,205

1,829
8.543

v

2,394
Monongahela....*.—*.**!*__!*—_*-..";" . 5,-267 !

,

;»

2 781

1.438 -

2.239
6.294

9,270

13,776

12,362

3,686

3,997

283 7

!

305

1,988

2,057

17,552

16,591

17,604

77692

2

*2,15*

,,2,333

4,738

121,938

102,307

17

55,263

59,802:

18.469

20 744

2.987

3,022

Pete

Marquette

5,239
734

—

Pittsburg Ar Shawmut———
Pittsburg. Shnwmut

251
873

Ar North_*i

Pittsburgh Ai West Virginia
Rutland

*

Wabash....——!

Wheeling Ai-Lake Erie.—

—

Total*—*——.

-

*

16,299 7

1,254

.

337
5,872

374
5,928

5,196

4,811

153,939

159,634

*758
41,557

776

5.3#'*

_4.siy_
144^;-

:

16,996

1,905

2,926

*7,170

7.924

8,361

8,637

18

18

236

264

2,548

2,768

991

i.ooi

12,006

Bessemer At Lake Erie..**
Buffalo Creek At

-

—

12,356

4,188

4,705

227,308

243,073

176

2,610

2,948

3,856

377

1,030

1,258

7:

5,301
3,241

2,951

2,644

2,510

3,094

7

301

1,155

1,256

2,204 >

"

257

V

-5,049

.

3,456

3,504

7

343

360

508

845

677

140

187

144

6,058

5,491 >

17,472

„

.

—

Cornwall*.*—i—.—*.
—_—
Cumberland At Pennsylvania.*—*
Ligonier Valley....***.*
Long Island—,—*
Penn^Reading Seashore Lines—*_—
Pennsylvania System**—
Union

—

(Pittsburgh)_**_*_—*__

Western Maryland—

418

15,373
1377

.

7 484

:

5,168

6,086

18,236

20,665

62

68

295

221

9,338

8,510

8,679

8,276

8,864

3,626

2,873

2,540

7,006

7,418

11.939

14,266

13,221

5,872

4,905

5,517

6,556

4,961

7,149

7,843

.

*

71

104

15

16

75,240

69,546

77" 7

:

72,470

-7

55
•:

7-7

15

119

>7;.

28

.

71,753

66,943

figures revised.

The

members

this

of

77:'-"';7j7'.7'>!v

.

the

cates

Association

represent

83%

of the total

figures

each

production, and also a figure which indi¬

These
that they represent the total

activity of the mill based on the time operated.

are

advanced to equal 100 %, so

■■V'j'A- 7.>7;>7: 7VV7'7V7

v-7;>;;;7'

ACTIVITY

PRODUCTION, MILL

,

■

District—

hesapenke At Ohio
orfolk At Western

irglnian
Total




.

.

,

■•'7'

Tons

Received

>

77'

177

247
166

94
1,393

_

September

2*_____*___.

September

9__**______.

.*

September

16****-***.

September

23—.

September

30__——.

__

_*

*1-

Percent of Activity

Orders

Remaining
Current Cumulative

Tons

Tons

388

498

1,952
78,151
14,565
19,353
3,699

'7''

Production

Orders

Period '7~:,

1.836

The Convention

on

International

Civil

Aviation, an agreement to
Set up a permanent organization
air

the

administer

to

35.
a

in

country, 28.

a

The

transport,

or

airline to

an

free¬

other signatory

any

to

traffic in any
and

traffic between interme¬

carry

diate States,

17.

777 77 >7 / .77:7'.'

freedoms"

"five

The

up

signers

Afghanistan, China, Domin-,

were

Republic,
Ecuador, Haiti,
Mexico, Nicaragua,

ican

Honduras,

Sweden, Turkey, United
Uruguay and Venezuela.
Turkey reserved on the "fifth"
Peru,

States,

freedom, relating to intermediate
traffic. / 77> 7
77 77>v<\;7.v
7:
freedoms"

"two

The

the

were

above

signers
and

countries

Chile, Egypt, France, Greece,' In¬

dia, Iraq, Iran, Lebanon, Nether¬
lands, New Zealand, Sweden, Tur¬
key
and the United Kingdom'
(except Newfoundland).
A summary of the agreement o*l
International Civil Aviation

adopted on Dec. 5 at Chicago ap¬
peared in our Dec. 14 issue, page
2628 and on page 2629, the reach¬

noted.

was

"two

The

155,820

549,114

97 •"'

94

131,988

123,758

554,352

80

•94

129.481

158,178

525,730

97

94

125,258

161,114

486,818

96

94

160,952

159,114

482,896

95

94

173,065

158,946

217,096

541,424

I

96

:7

Week Ended Dec. 9, 1944
According to the National Lum¬
Manufacturers
Association,

ber

of 484 mills re¬
the National Lumber

lumber shipments

porting

to

Barometer

Trade

were

orders

new

of

For

reporting softwood mills, un¬
equivalent to 33

days'

production

at

alent to 36 days'
For the

94

523,876

96

94

79,652

499,929

94

94

14.743

October

28—

146,003

157,806

486,882

95

94

ceeded production by

21.235

November

4**

207,817

157,644

535,745

96

94

November

141,154

158,266

515,738

96

94

by 4.0'%.

4.310

94

November

25_*__*

December

2

December

9

.

—

*

.*

135,644

156,667

494,062

110,144

149,062

450,898

91

94

154,682

484,811

94

94

154,822

501,946

95

94

189,731
173,669

(

plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, ordeis made for or filled from stock, and other Items made necessary adjust¬
Notes—Unfilled

orders

ments of unfilled orders.

of the prior week,

equiv¬

year-to-date, shipmep|s

154,719
156,269

of

current

production.

139,347

18*_*_*;

the

rate, and gross stocks are

133,028

November

were

filled orders are

21_*

96

mills

these

more

October

11*

be¬

than production. Un¬
filled order files of the reporting
mills amounted to 86% of stocks.
0.9%

14

■.

0.5%

production for the week of
9, 1944. In the same week

low
Dec.

October

**7*.

!

Lumber Movement—

October

177,692

"five

mutual two the right to carry
traffic from the home country of

1,344

161,514

freedoms,"

The transit, or "two

exchange of the right to fly across
and make non-commercial stops

1,699

181,752

navigation

Signing is preliminary, as this
treaty and must be ratified.

transport

industry, apd its program includes a statement each week from
member of the orders and

1944—Week Ended

7,224

which

agreement,

provisional international
civil
aviation
organization,
37.
Only 26 signatures were needed.
sets up a

ing of an agreement on a world
agency to govern commercial air

tlncluded in Baltimore & Ohio RR.

herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
\
^

■

4,565

464

172,468"

Total**

Pocahontas

226

462
7

-7" We give

industry.

43.103

2,561
Z
t
1.'569
6,141

—,*

Gauley..

Reading Co...**

■7,„.

526

86

..

;v

2,584

16,916

*

I

3,235

7-'

X ■:

7..

;

Unfilled

Cambria Ar Tndiaha*—L
Central R. R. of New Jersey

4,651

101,267

179

STATISTICAL REPORTS—ORDERS,

Allegheny District—,
Akron, Canton At Youngstown.*—
Baltimore At Ohio.—

5

7

Weekly Statistics of Paperboard Industry

27

2,694
;

year's

interim

The

ferred to on page 2631.

360

49,694
9,731
1,238
6,389
615
7,625
4:781
985
322

J

freedoms" air agreement was re¬

"

2,593

.

New York Central l

..Note—Previous

2.662

14.117

15,122

29,401

5,289

*!>!■•:.,7 28

week's figure",

Previous

;•'/ v>.vo

•A 1.570

ines***-————
46,719
N. Y.. N. H. Aa Hartford
*
9,780
Nfew York, Ontario A: Western—l
869
New York, Chicago Ai St. Louis——*6,611
N. Y., Susquehanna & Western—*!—
373
Pittsburgh Aj Lake Eric.7.385

Montour*—_._.**_*!**_I—*——*!*. R

*

r

8.644

0

30

128,189

6,192
-

*

729

463

->

—.

7 TdtgL*.**.^—

Only Liberia has not signed.

53.

other State and carry it home,

928

7,097

4,974

>

St. Louis Southwestern***

Wichita Falls At Southern—**.

t agreements and
recommendations,

o r

certain

State, to pick

7

...

Weatherford M. W. At N. W

r a ns p

lis

7

2,442
258
!.

t

makes

521

316

Midland Valley

122

.7:

6.281

>7

:***

*-***—«!.

>

77".'<

■>77> <

(*!******—_

494
90

936

■

1,899

2,062

-f

129,080

...

Quanah Acme At Pacific
—
St. Louis-San Francisco**—_

22

1,469

2,065

704

2,205.

——

19

1,393

77"

973

18,311 7

530

-

—!,

'

1,547

327

360

18,464

——

12.835

*

standard form for international

a

air

a

Southern Pacific (Pacific)*—!-

Texas At Pacific

summarizes the
Conference, provides

6,679

8

10,675
1,697

Final act, which

6,440

-7'

-

29

—

quote:

stand:

4,281
4,240
> 905 7 ■77. 790
;->7:
840
766

7

City Southern**——.

also

we

now

doms,".; agreement, which grants

Peoria At Pekin Union.****——.

118

3,771

The totals

2,221

1,800

Texas & New Orleans**.

advices

Press

2,106

714

1,864*

.x

the

they have been at the State
Department. From the Associated

1,069

7T

1,179

Burlington-Rock Island*

during

6,751

,!V; 817

Gulf Coast Lines*!!—*

them

5,234

1,151

SouthwesternTDistrlct—-"

meeting

12 signatures have

to

2,350

737

_J—

added

been

2,717

2,282

12,979 '

20 225

disclosed, that

2,908

—

11.252

1,355

which emerged from that

12,720

—*.

Total***

documents

five

11,527

1,633

Z

the

12,108

*******

System

Press

Associated

to

on

11,424

City—,.

Missouri Pacific.^

'2,950

check

-12,783

.

lis

12,617

19,279

Chicago At Illinois MidlandChicago, Rock Island At Pacific!.

Missouri-Kansas-Texas Lines-

3.079

2.386

,

Jhlcago, Burlington At Quincy—

1.517

60

According
a

Central Western District—

itch., Top. & Santa Fe System*.

North Western Pacific

on

accounts from Washington Dec. 16,.

is

1943

!!■'

65,358

'68,924

81,921

90,906

89,475

^

Chicago, was

Washington

The total number of. sig¬

16.

Dec.

at

^t

rules and the technical standards;

Total—*.,-*--,—--—

Litchfield At Madison**—*:

2,221

,

122

Missouri At Arkansas—*—.

...2,000
l! 38

>.

1,861

Louisiana At Arkansas—

247

!

•5,770
142

Kansas

15.213

6,902" "

'2 382

5,303

2,376

Western Pacific.

392

Central

2.015

852

164

Illinois Terminal

known

natures, it is stated, is 28.

11,146

2,687

744,183

14.194

536

v.-

.

11,056

Utah—-

,

2 265
6,753

2,476
6,826
! 1,354,

253

.

623

Spokane International———
Spokane, Portland As Seattle———*

759.73

-

y

12,814-

Northern Pacii'ic_LlL~——

4.410,669

1.491

3,332

180

592

•

•

vlinn., St, Paul As S. S. M

4,037

7,595

77

Lake

3,446
10,423

! 1,419

,-•

'728 V

:

14,636

3,116
10,423

8,516

As Western

Denver & Rio

Conference

tion

made

127,973

8,641
.

GreatNoithern,,———

Nevada Northern

1944

1943

1944

^

.

1,187

914

iS m"

Atlantic—x!--,

Duluth, South Shore As

Agreement (the "two
document),
resulting

from the Interhational Civil Avia¬

*

14,231

14,736

15,393

.2,575

4,139,395
3,431,395
3,487,905

Connections

1,003

123,661

113,404.

15,020

Missouri-Illinois**—

Received from

919

A

*

Chicago & North Western———_*—

International-Great Northern*

>

1,044

Chicago Great Western,,,*—,*—.

Toledo, Peoria & Western-

Freight Loaded

734

101

ices Transit

freedoms"

week

26,880

25,451

478

y'777,

Union Pacific

Total Revenue

..

9 727

Civil Aviation

Git

signing by Chile, India and
Iran of the International Air Serv¬
The

work of the

7>,

Northwestern District—

128^034

122,425

4,209,907
3,311,637

^Vi
Total Loads

11,834

8,862

.

,!

3,604,323

!'

!'/.■

■•■'•'> v!"'.':

Railroads

160 '

687

CONNECTIONS

•

11.222

Fact

.

3,236,584

FREIGHT LOADED AND RECEIVED FROM
(NUMBER OF CARS) WEEK ENDED DEC*!'.;!

•

573

.

180

Kansas, Oklahoma At Gulf

:

23,839

23,553

i

*——

640

.

7'

10,541

4,211

increases wh^compared with

1,030

963

Grande Western**

and systems for the week eigjed Dec. 9, 1944.

During the period 48 roads showed
the corresponding week a year ago.

993

2,851

Fort Worth At Denver

for

186

351

Denver At Salt Lake

•.

214

•

1,054

3,174,781

41,491,931

12 700

.!

3,367

Winston-Salem Southbound.—*—*.

3,304,830

..

4 426

17.393

11,747

460 ;-

Line____„r..——*——.

System—

3,873

IT,314

23,751

230

Richmond, Fred. & Potomac

Tennessee

3.604
26 067

3,078

.

Southern

4,342

28,064

7 869

Nashville, Chattanooga & St. L
...

»..

26,376
:

■

3,122,942

table is a summary of the freigl^ carloadings

The following

»

Savannah*—!**—
Mississippi Central,*..-,,!—*
*.

Macon, Dublin Aj

Seaboard Air

■"

27,403

Illinois Central System
Louisville & Nashville

256

277

292

43

142

2,577 '

;

1,995

2,815

.v

Durham & Southern.

5,151
3,530

3,384

1,623

315

307

Columbus & Green villein——

.

1,626

1,563

——.

3^07,851.

41%lt763

41,987,651

Total

1,412
11,694

364

77 673

•

2 877

1,486

3,448

Colorado & Southern**.*—**—.

,

384

3,070

671

13,009

1942
3,858,479

*^62.733
5^123.311 -! !

808,260
793,554

December 2**-*-!*!-----*l---**

of

Week

———

,

31924,981 '.V!3#63,l05
£003.393
1455,328
,
£$54,694 "
-4^56,466

4,068,625
3,446,252 ,7
4.343.193
3,463,512
3,5/9.800

Of April

weeks

4

>

—

February—
March

of

i 7> 369

641

726

_„**

Chicago & Eastern Illinois.*
^*1943
77>7 ««*1943
3,796,477- 3^31,811
3^31,811
3,^5,725 7
3.159,492
: 3JTf55,725
3*073,445
3,135,155
3^073,445
1944

'382

794

Charleston & Western Carolina*—.

Atlantic Coast Line*******—

Green Bay

aif^increase of 1.092

x355 ;

•.

.

Central of Georgia—*——**—

Norfolk Southern——***_*—!_—*.

below the preceding week,

r

756

Sign "Air Freedoms"

1943

1944

1942

1943

631

Atlanta, Birmingham & Coast—***.

■

an

Freight Loaded

Connections

>272-

Alabama, Tennessee & Northern!
All. & W. P.—W. R. R. of

Received from

1944

! '.

.

Total Loads

Total Revenue

reporting

identical

mills

ex¬

2.7%; orders

Compared to the average corre¬
sponding week of 1935-39, produc¬
tion of

reporting mills was 29.9%

40.0%

greater;

shipments

greater;

and orders were 22.5%

greater.

were

%r'

,

2752

Sixth War Loan Drive Closes;

Items About Bank, Trust Companies
Co.

New York

of

the

the

announces

of

board

Savings

Secretaries

Newark,

N.

John

to

following appointments: Assistant
— Seymour
J ohnson,
R. Osborne and Henry L.

Treasurers—Ed¬

Assistant

Ware;

the

of

of

directors

the

National Newark &

Essex Bank¬

G.

Cowan, Na¬

Robert

Co.,

ing

Bremnef, Philip J. Eng-

Institution of
J., has been elected

board

lert, Philip Livingston, Archibald
A.
Macdonald Jr., and* Herman

tional

Streller.

states

Newark

•

President,
an¬
Newark
"News"

The

nounced.

Mr.

that

Ward

also

is

a

closing of the Sixth War Loan ojrDec".

With the

16, Secretary
of the Treasury Morgenthau announced that not only ,had the $14,000,-

Pitney,
director of

P.

to

Outstanding

entire'

its'

retiring

preferred stock of $160,000 held
by
the Reconstruction Finance
Corporation.. The recommenda¬
tion of the directors will be voted

increasing the total

to its surplus,

and

increase, of. cpmmon stock

an

Kennedy, President
National Bank of
Brooklyn in New York, has an¬
nounced that the bank, following
its usual custom, will add $50,000
George

of the Lafayette

Jan. 9 annual

at the

$400,000.

meeting, said

"News," from which
we also quote:
:
-*
At the December meeting of the
"The plan provides increase of
board of directors of the Union
$540,000 common' stock by $60,000
National Bank, Troy, N. Y., the
to be raised through issuance of
Newark

the

submit

to

voted

the

to

6,000 additional shares of $10 par
value.
; The
shares
would
be
offered at $14 to common stock¬
holders as of next Jan. 9 in ratio

proposal for the
issuance of -3,000 additional shares
of common stock with a par value
shareholders

a

of $16.66%.

of

"Times," in re¬

The New York

porting this, said:
the

"If

is accepted,
18,000 com¬
receive 30-day

proposal
will

shares

warrants

to

purchase at par one

new

resulting from sale

"To $84,000

6,000 shares would be added

of the

Jan. 9, 1945.

on

funds through moderate
common stock.

necessary

sale of

share of new stock for each three
shares owned

State Banking. Department

;

permission has been obtained con¬
ditioned upon raising a portion of

hblders of the present
mon

share for every nine

new

one

held.

the second half of
th£ $16d,000
in
preferred stock. Common stock
rants, holders of the bank's B pre¬
ferred stock will have a right to dividends aggregated 50 cents per
subscribe, to any of the proposed share in. 1944 and 40 cents last
new issue of common not taken by
year.- Common stock had a book
the
present common stockhold¬ value of $23 per share, the bank's
•

$76,000

from

1944 income to retire

"At the expiration of the war¬

last statement showed. /

ers."

Myron

Short

S.

President

will

Fiske

P.

'Consummation of the plan

said:

elected

was

the Buffalo Savings

of

i;

Frederic

"President

and

anced

bank

the

give

well

a

structure to meet expanding

ceeds Charles L.

ness

at

Gurney, who be¬

Short,

President

of

bank,

John

of

Banks Association of the State of

election

Vice-President

eral

member of the Fed¬

;

■

busi¬
*'

Insurance

Dupuis

D.

broadcast from
tive

Washington
more
important

even

on

raise

is

authorized

who
to

deduct

of

their

of

millions

because

their

workers

employers

out
not

for bonds
envelopes will

money

pay

complete their payments until the
last pay day in December and be¬
cause
it takes, time'to inscribe
and report to the Treasury the
bonds purchased in the thousands
sales outlets in rural commu¬

of

which said:

Jo;■'
was

William S.

April, 1938, having served previ¬

formerly Vice-President,
Executive
Vice-President;

ously with the Benjamin D. Bartlett Co., Cincinnati, members of
the New York
Stock Exchange

tions in the bank

were

"Rogers,
tp

Dupuis

Carlton

P.

Cooke,

Officer,

to

Vice-President,

Real

Estate
and

and

Vf. Franklin Maischoss, Controller,

that

before

Trust Co.,

Irving

the

with

Consolidation

City,

effective

nounced

by

President

of

Bank.
will

of

..

The

be

18,

Kelley
First

The

former

known

National

Bank

of

The

stockholders

The

of the Harris

Trust & Savings Bank of

the

at

City.

a

Chicago

meeting on Dec,-13 approved
33%% dividend in stock, pay¬
a

18.

The

announcement

able

office will not

stockholders also approved a new

only increase the facilities of The
First
National
Bank
but
will

pension plan for employees and a
new
group
insurance program.

states that the

new

holders of

to

Dec.

Directors

of

the bank declared

tion of its offices in the northern

dividend

of

$3

part of Hudson County.
Estab¬
lished in 1864, The First National
isf one of the oldest banks in Hud¬

Jan.

round out

son

the

the geographical loca¬

West

Dec.

New

York

office

The

the

Exchange

its

main

office

at

on

taled$6,845,(582.




Sept. 30 to-

The

only

Chicago

the

share,

armed

forces

over¬

in uniform
During the
past 12 months they have bought
just about $1,000,000,000 worth of
war bonds.
k'%
Yes,

seas.

men

our

bond* buyers, too.

are

•

"These

will

uniform

in

men

something

know

to

want

about

the spirit in which this bond drive
at home was carried through to

conclusion by the
and women in the mines and

successful

its

men

and mills and offices and
farmhouses of America. They are
entitled to know how well the
shops

transfer of $2,000,000

covered by a

cash

a

Com¬

of

the cost

the group

mated
r

'

estimated

insurance was esti¬
at $10,000 annually.
The

dividend in
bank's

stock

will boost the

capital to $8,000,000 from
'$6,000,000. The increase will be

sold

to

of

faithfully and generously.

men

tired

are

now

that

feel

or

them

If

you
you

at their

women

bonds

regularly

month
Loan

of

month .in

and

Drives

bonds.

extra

were

last physical

worked together

as

reach, and exceed, the quotas in
their particular establishments.
"It wasn't altogether easy for
the

civilian

high

goal

War

Loan.

public
set

we

As

I

reach

to

the
Sixth
already

this

in

have

had

share

to

in order- to

gram

the

in

test

$5,-

icans

at

offer

home, could

which

they 'are

theirs.

as

the

to

drive

will

these

men

Sixth
the

be

the

about

needs

current

in

every

directly

comes

v

ized

our

any

It

Generaf

He has author¬

to report

me

of
on

strategy.

from

Marshall himself.

selling War Bonds was performed
almost entirely by a great army
workers

to

vindication

armed forces is not based

"It is testimony also to a mag¬
nificent unity and cooperation at
home.
The tremendous
job of

volunteer

re¬

Loan

of their faith in us."

amateur or armchair

of

Our

War

,

spirit
with
backing up ;the

the battle fronts.

on

and

address, Secretary Mor*
genthau. also had the following to
say in part:
/
:
' % *•
"What I am going to tell you

devotion "and

men

1th

In his

to

as

w e a

our,

This is bur endurance

well

as

sponse

O00,000,000 worth of individual
subscriptions. The record, I think,
is the best testimony that Amer¬
the

of

secration

strength.

pro¬

the

raise

their

"One indispensable
source
of
spirit to these men is the knowl¬
edge that we at home are backing
them up with all we have—with
nothing less than the fullest con¬

noted, this was the third special
appeal this year. And it came, of
course, on top of the regular bond
buying done in accordance with
pay roll deduction and monthly
purchase plans. Virtually every
person with income in the United
States

of

pulled taut to the breaking point
by the incessant whine of bullets
and the shattering road of unseei>
high-explosive shells. ; And think
of their response when they are
asked to go into the firing line
again—to f-kyd- inside themselves
new
sources
of courage and of
strength and of endurance.

team to

a

drained

resources,1 cold

and
grimed and hungry, their nerves

or¬

ganized in more.than 150,000 sep¬
arate plants.
And all over the
country labor JunjonS and-employers

foxholes

the

of

out joined the Sixth War
campaign for the purchase

it to you.
?
a fundamental

"There has been
f

change in the nature of the, war,

They made

country.

%

'k/';

"I think it is a fact worth not¬

promotion

to

ing

that

National Bank of Atlanta, Atlanta,

the

Federal

ery

thousand dollars raised in the
bond program amounts to 18

Ga.,

Dec. 12, it

on

announced

voted regular and

the board had

dividends

extra

was

stockholders

to

Advices from the Atlanta "Con¬
on

regular dividend totals
$270,000, half of which is payable
Dec. 20, 1944, to shareholders of
record Dec. 15.,

of

ried

ments

shareholders

20 to

These

Dec., 15.

pay-,

bring total dividends of the

the sales

:

effort

connection

car¬

with

the

program

agencies, by newspapers
stations,* by theatres,

radio

of

chambers

unions,
and

commerce,

the various civic associations

all
that

the vast mosaic of bond
They have given more
money to this drive.
They
given imagination and en¬
and devotion.

make up
than

have

activity.

ergy

■

Stockholders of the South Texas

Bank, Hous¬

on
a proposal
to "declare a
Vs% stock dividend. The Dallas

vote

33

"Times Herald" of Dec. 10, report¬

ing this, said:
"The

plan

to

is

increase

the

capital stock from $1,500,000 to
$2,000,000 and issue a $500,000
dividend.

stock

The

stock

is

was

at

$300

and

per

not

share."

actively

whole

"The

has

drive

been

a

magnificent y demonstration
of
home-front solidarity—of real de^
termination on the part of Amer¬
ican civilians to carry out in full
measure
their responsibilities in
the

effort.

war

It

should

carry

ringing dec¬
of unlimited confidence

to the men overseas a

laration
and

unstinted support."

At the

Astoria

dinner

on

Nov.

at

v

.;

,

;

the Waldorf-

20, opening the

Sixth War Loan, Secretary of the

%

Treasury Henry Morgenthau, Jr.,
It

announced by J. C. TeniPresident of the Dallas Na¬
tional
Bank,
Dallas,
Tex.,
on
was

pointed out that the Loan "offers
to every

American an opportunity

dividend of 2% in addition to the

in the great of¬
fensives .!now being launched
against the enemy." He recited
the needs of the men on the firing

regular, quarterly dividend of the

lines,

Dec. 13 that the board of directors
had

same

voted

payment

amount,

of

payable

an

extra

Dec.

29.

concentration of materials and

of

immeasurably

effort

than any we

The

bear.

greater

have yet brought tq>
drive

we

nearer

to¬

ward the

enemy's heart, the cost¬
lier the war becomes. It requires,
its present phase,
guns and
tanks, trucks and bridges andf
pipelines and railroads in quan¬
tities far beyond anything called
in

in

for

The last

past offensives.

was

stores, banks, clubs, labor

ing stock."

ton, Tex., will meet on Dec. 22 to

a

contributed
barrage, that fearful tornado of
freely by advertisers and adver¬

bond

bank, paid in 1944, to $1.50 a share
on its 540,000 shares of outstand¬
'

promotion
in

on

tising

'

"The $135,000 extra dividend is

Dec.

because

is

composed almost entirely
volunteers and because the tre¬

and

record

This

cents.

mendous

Dec. 13 said:

"The

.

Government for ev¬

force is

totaling $405,000.
stitution"

war

the

cost

First

the board of directors of the

son,

first year, while

an

buy—are

You have /met all

war.

places of em¬ have done your utmost, then
think;
ployment. In these places more for a moment of the men in battle.
than 23,000,000 workers who buy
Think of the men who come out

regular meeting of

held

of

"Journal

long years that we have been at

;•

Following

It is said that the last sale

is

de¬

many

.

closely

stock.

been

of you in the three

made

.

traded.

old

.

i both in Europe and in the Pacific,
IA year or two ago we were atit their business to talk person¬
I tacking the enemy on the periph¬
ally with nearly every citizen,
The board of directors of the
ery of his farthermost advance.
either at his home or at his place
Chicago Title & Trust Co. of
Each time we attacked, we had a
of work.
They collected funds,
Chicago, 111., on Dec. 13 declared
single, limited objective.
Today,
issued bonds and did the hard
a dividend of $2 a share, plus $1
in the east and in the west,. we
work of accounting.
That work
per share extra dividend out of
are
closing in on the enemy's
is still going on and will have to
the earnings of the company for
homeland.
There is no limited
be continued faithfully through¬
the year 1944.
The dividends are
objective now. ■ The objective i$
out this month in order to get all
payable Jan, 2, 1945, to stockhold¬
total victory.
the
reports of bond purchases
ers of record at the close of busi¬
"In Europe, we have embarked
filed
with
the
Treasury
by
ness Dec. 19, 1944.
upon the final push.
It demands
Dec..31.

record

dividend

on'the

the limit of his

to

have

"There
mands

./"More than 50% of all E bonds

part of the

profits,"

from undivided

payable

of

cost
$160,000

bank

for the

Place,

West New York

18.

a

stockholders

"The pension program will

One

Jersey
City.
Total
resources
on
Sept.
30
amounted
to
$96,308,966.
Re¬
sources of the National Bank of

to

a

merce" also stated:

b&nk will have four offices in ad¬
dition to

2

payable

With the opening of

County.

great

the bases and battle

Commercial National

organization

Jersey

our

Chairman of the board,
and Scott Nesbit, President.
>

National

as

lines

sold in

were

Victor,

is -an¬
Graham,

hereafter

Graham's

of

directors

burg, Va., announces the election
of the following officers:
John

West New York office of The First
Mr.

of

board

Peoples National Bank of Lynch¬

the

Dec.

are

of

National
B&nk of West New York with The
First National/ Bank of Jersey
„

numbers

payable

New York City."

to Vice-President and Controller,

The

bonds

of

places

the ' distant

"Among

here at home to meet them

thau continued:

—the bond which most individual

and

us

h simple knowledge
The way for each

•

individual ability."- Mr. Morgen¬

sponsibilities

investors

of

:,

as

formerly
Executive
Committee
of
the Assistant Vice-President in charge
American
Bankers
Association's of the credit
department, and in
Savings Division. He is a trustee his new position will continue to
of the University of Buffalo and have general supervision of credit
Syracuse University. Other elec¬ activities. He joined the bank in
"Mr.

nities and distant places.
where

.v

the facts.

of War Bonds

-

Dec. 16, that "we had another objec¬

than<S>;

of

through unceasing devotion to
his job and through the purchase

drive—to | home front is living up to its re¬

the overall total of the

We

bank.

the

of

Cincinnati "Enquirer,"

quote the

Corpora¬
tion's Advisory Council on Mutual
Savings Bank Matters and on the
Deposit

■

the

New York,

a

;

President of
People's-Pittsburgh Trust Co.,
Pittsburgh,
Pa.,
announces
the

is

Savings

the

requirements.' "

J. O. Miller, Acting

Executive

the

of

more

board.

the

previously

Vice-President
also

of

Chairman

comes

Mr.

a

bal¬

capital

flexible

meeting of the board
of trustees on Dec. 11.
He suc¬

Bank

■

.

,

directors

appeal to meet these

is

000,000 goal been met, but that he believed when the tallies are
all in they will exceed $19,000,000,000.
2It was further noted by Mr. Morgenthau, in a radio address

$5,000,000,000 through the
Hardin & Ward and a
purchase of bonds by individuals,"
; Walter G. Kimball, President of
Electrical
Instrument "I am thrilled to be able to report
The Commercial National Bank & Weston
American Colortype Co., to you this evening," said Mr.
Trust Co. of New York, announced Corp.,
and Taylor-Wharton Iron & Steel Morgenthau, "that on the basis of
on Dec. 13 that the board of direc¬
returns
already
in,
it
seems
tors
had voted the transfer on Co. He is President of the Silver
clear that this objective also will
Dec. 31
of $1,000,000 from un¬ Hill Foundation of New Canaan,
be. fully achieved,"
In part, Sec¬
:,~V
divided profits to surplus, thereby Conn.
retary Morgenthau also stated: ;
increasing the surplus account to
"The final tally on the Sixth
The
Montclair
Trust
Co." of
$10,000,000. The bank's capital is
War Loan cannot be completed
Montclair,
N. J.,
proposed
on
$7,000,000.
until the end of this month, This
Dec. 15 to common stockholders
member of the law firm of

no

needs beyond

of. the'

managers

Howard

ward E.

icans need

Waldron M. Ward, Chairman -of

Central Hanover Bank & Trust

,

quickly can victory be achieved.'*
"I know," he added; "that Amer¬

Expect Results

to play his part

come

said, "the nearer we
victory, the greater these
the more

and
to

will'be. ; And

The dividends will be paid to the

needs

stockholders of record Dec. 23.

quickly

we

high explosives which will knock,
first Germany, and then Japan,
out of the war, will make our

previous expenditure of ammuni¬
tion

seem

for

trivial.

/

into

position
through a
sharp blows. The

thrusts

final

our

/

moved

have

"We

series of short,
last drive in

Tunisia, for example,
only 18 days.
Tarawa was
captured in 10 days, Kwajalain in
eight, Guam in three weeks, the
Island of Sicily in a little over a
took

month.

down

to

attack.

V',

V/

•

the

"But

a

has

war

settled
continuous

now

sustained,

And sustained, continuous

attack is costly in supplies.
we

must

of

heavily

now

For

blast the enemy out

fortified positions to
with the tenaciousness of despair.
which

he

clings

Pullman Traffic Up
Pullman

cars

in

passengers

months

of

carried

the

this year,

143%*

26,976,908

first
an

nine

increase

of 143% over the 11,087,565 trans¬

ported

in

1940,

the record of

and

15.8%

over

23,305,265 carried in

1943, E. P. Burke, Passenger Traf«
fic

Manager, Pullman

meet them, the more recently announced.; i

Gompanyk
" J