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Final
ESTABLISHED OVER 100 YEARS
Edition
2 Sections-Section 2
In
®
I
ommezcial an
Keg. U.
Volume
Number
160
New York, N. Y.,
4346
^
^
i
y
•••;Useful to -New ■ Deal
vy.
;
national Relations.
attempts world conquest, this nation
shall
hard.
(Continued
on
a
that
nations
other
the
take
first
arm.
The
;
is
h
s
t h
world that
have
From
Washington
,
newspapermen
the
general
in
are
goal
give
him
describe
as
accosted
when
lowed
This is not an
accurate
ture.
pic¬
W hat
„
laughter came
from him was
reluc¬
most
He
tant.
in¬
the
of
ferent
worth
,
ing
up
is
made
,
the
goats.
>"
irritable, of course, over develop¬
ments on the Western Front.. But
tude
gandists, in
her column, in
the
country,
Carlisle
Bargeroa
his state of mind;
Only
referred
to
a
few days
the
Wash¬
ington "Star," which reported that
he was against the rearrangement
Poland's
in
newspaper,
borders, as a decent
while the Washington
"Herald,"
published
caused
is
which
his
are
that his atti¬
more
by .the way
ju&t
a
the
,
is
.
by
great monument of
no-
*
,
way
,
of
as
,
knowing
he really feels in his mind
about what is going on.
The fact
what
is, .however, that he acquiesced at
Teheran many months ago, in the
rearrangement, He also acquiesced
in
the
Stalin
-
general
was
to,
.-r,.
Regular Features Er.;.
I
Prom
Washington .Ahead of. the
News
.
v
2;..1
.2833
.....
Moody's -Bond Piices'and Yields.;. ,2845
Moody's Common Stock, Yields.,2844
Items About,Banks and Trust Cos..2848
Trading on New York Exchanges.. .2846
Odd-Lot Trading.2846
NYSE Bond Jssue Values at Nov. 30.2842
NYSE Short Interest at .Nov.; 3(L.... .2837
proposition
that
prevail in Eastern
con¬
we
of
than
kinds of
geographical position
longer be considered a
tection,' says Secretary of
no
Stimson."
pro¬
War
V
Slate
General Review
,
Trade
of
.j.',....... .2834
,
Commodity Prices. Domestic Index.2841
Weekly "CarioadingsV.-.i.2847
Weekly Engineering Construction .. .2845
;
November
Totals.
.2842
...............
Paperboard Industry'Statistics.
..
.
Weekly Lumber Movement.,..
.
.
.2847
.2846
the maintenance of peace.
deed.
One
of the silliest looking
of them is Senator
Joe Ball, who
is dubbed hereabouts as
who
thinks
he
ham Lincoln/'
It
looks
V
like
Abra¬
?
if no one
page 2839)
■
begins to look as
(Continued on
the,"man
shown
us
If his¬
beyond
peradven-
that if human nature is
ture
lowed
to
run
its
peace
normal
cannot and will
maintained.
be
must
Preparedness
and
be,
al¬
course
there
curbs
must be, if world peace and secur¬
Through¬
ity
are
out
history, mankind has tried to
to be ensured.
set up effective peace machinery.
(Continued
quotation is from
on page
2838)
CLINTON DAVIDSON*
Inc., Jersey City
of Management Planning,
Because Wages and Salaries Constitute About
National Income, Mr. Davidson Says the Goal
Three-Fourths of Our
Should Be More Jobs
and Better Wages.
Asserts That the Large Corporation Enlarges the
Workers Output by Providing Managerial Services and Plant Investment
and Urges That Tax Rates on Risk Capital Be Drastically Reduced or
New Investment Will Be Blocked, Wages Substantially Cut and 20
Million Workers Idle.
The
column
income.
thirds
It
V
J
column
beled
represents
<♦>
is
la¬
is
income
From
ontributes
only
why
per
the
on e-
Markets..,,. .2842
Weekly .Electric Output... :,
Federal
Debt Limit
at
Cottohseed. Receipts." to
Faivchild's Retail Price
,
,....
Nov. 30...
..
*
.2843
Nov, 30..;.. ,2843.
Index
twelfth,
only
profit
teenth.
Bankers' .Dollar
.
Nov.
Acceptances
.2843
at
...2845
30
Latest Summary of Copper
! Statistics
AM
2841
District
for
November....,..........2841
Ginned
Prior to
from '1944
Dec. 1.:.;
November War
Crop
Expenditures.
Selected Income and
Balance
Items Class I Railways
2844
Sheet
(Sept.)... .2814
available this week/ " '
-
y
output
the
machinery
which
output.
The same thing is
of today's employees in dif¬
ferent trades. The textile worker
horsepower, produces $1,-
5
uses
400 per
of
year—and
$710 per
year.
in¬
$930
That is
why
every
rise
or
-fryeai. The
average
factory
1%
*Excerpts from
fall in
and
salaries
earns
The
average
carpenter,
supplying his own tools, earns
entire
our^
-national
Clinton
an
address made
by Mr. Davidson before the Amer¬
ican Statistical Association, at the
Davidson
af^
fects
the
more
Bank Debits for November......... ...2846
*Not
the
his
less
wages
.2842
;
1942
true
together
come.
....i.....v..............
Department Store Sales in New York
Cotton
of
power
than one-fifth
for
,...
,
to
worker increased 9 times, and
yearly wage
likewise in¬
9 times.
As the horse¬
'
November
■>'■■■}
1849
the worker used increased, so did
incorr$e
totals
goal should be more
better wages—both to¬
creased
and
one-six¬
other
our
jobs and
gether. •
"Wages
Farm
American industry is our national
two-
the buying power of the nation—and
Salaries."
and
c
which supports
the
of
put
.,
it on the lecture
platform and in their political
campaigns looking very silly, in¬
preparedness—prepared¬
NYSE
Non-Ferrous Metals
on
in two
Post-War Taxation
League of Nations. But we do see
men who a short while ago were
in
more
now
■
The foregoing
business
cashing
it
believe
tory has taught us nothing else, it
has
not
can
I
But
for war and preparedness for
ness
there
'Our
in
believe
ever.
uncurbed,
did not
y;,yyv/r•!"y--;yy■
•
President
Page
-iV,... .2833
other
I
effect.
.
Cissie
rearrangement,
"paper,",
.There
('•-.-n' 'EEFlnahcial'Situatloii...
of
by lightnings
"
CONTENTS
Editorial..
■
bombs
launched
from
even
existed.
know
international collaboration is shap-- Pertilizer-Associatioh Price .index,.
*
ing up. In Congress there is de¬ Weekly Coal and Coke Output..... .2844
Weekly Steel Review.'v ......... .2841
veloping a thorough disillusion¬
! Shipments by U.- S. "Steel Subs, in
ment. We see no signs yet of any
November; /... .2843
Moody's Daily Commodity Index... .2845
sizable group aspiring to wreck it
Weekly Crude Oil Production
i:.. .2846
as was done to Woodrow Wilson's
using "international collaboration'-;
Patterson and which reported he as their main talking point and
favored
GUN Ell A L
.
and Mr. Roosevelt's attitude shows
he
indications
the
robot
be
accuracy,
By
r
land
could
the blue
sponsored by the Chi¬
Council of Foreign Relations
the Chicago Association of
Roosevelt has had reason to be
of
one
fective propa-
of
j
ef¬
most
bbfore
industrialists should
keep in mind when the reaction
and they are sought to be
because
she
for the war, a matter which
which
In the
improved
We may be struck out
Commerce, Chicago, 111., Dec. 13,
1944. :v- vT'
\ \'..V'ys
Lib¬
comes
the fact is that
and
are
tinents.
luncheon
elements who were so vocif¬
this country's
bring-
the
so-called
erous
is
tier
emergencies'E'i'IiK
-'Vt.;...
f *An address by Mr. Grew at a
cago
will
—perhaps
always
other
time. 'T'.
has
erals of this, and his country,, the
she only writes
a' diary.
The
m a
writer
same
that
in
and
Laborites
the
dif¬
was
which -this
episode
joining in the general laughter which fol¬
with the fact that his wife is a columnist.
♦>~
~~
~~
Europe and Britain in the West.
This
is
what is
getting under
Churchill's skin now that he is
being subjected to an avalanche
df criticism, and it is interesting
tb note that it comes mostly from
sisted that his
wife
have
we
agreement
reports
newspaper
seen
in
needed
attend Mr. Roosevelt's press confer¬
that he is becoming increasingly
who
anyone
what
us
seize
from
planes, from carriers, from islands
crush, us before
else; and not
be to
must
bridges.
future
craft
greater
given time to mobilize
future aggressor's first
attacks
he
Recently he described the columnists as excrescences, and
irritable.
There
Joseph C. Grew
o n
a
to
men
preparedness.
troops and supplies on our coasts.
power
So-
it.
.
By CARLISLE BARGERON
ences
invasion
we.
earth when
Ahead of the Mews
The
foreseeable
than any other
nation
land
and
sissippi River
e
greater
war
Asia
military and naval
I have always be¬
lieved in it, and have fully and
frequently gone on record to that
of
portance
Pittsburgh steel mills of the Mis¬
■
twice
own
preparedness in the years ahead.
I believe implicitly in the im¬
or
reason
plain. V We
have
it contains proposals for America's
dropping more
powerful bombs, Planes dragging
gliders laden with airborne troops
will be able to fly from Europe
c an
we
by planes with
much longer range,
off
the enemy un^
ti 1
a
We
will be superseded
shock
hold
and
2836)
page
can
gain
expect
reasonable expectation of
no
or
We
the
blow has become pos¬ Thomas M. Johnson who has been
are
no
longer out of' a close student of military affairs
since
the last war.
I think it
reach, ' Today's
airplanes
cross
oceans on routine operations.
To¬ deserves the most thoughtful at¬
tention of our people. The article
morrow the B-29—which can drop
is entitled "The Military Essen¬
a big bomb load
on targets 1,000
miles distant and come home— tials for our Postwar Safety" and
"Such
j
sible.
and
never?
the December issue
"Reader's
Digest"
by
article in
of
-
by
surprise,
will
Y.'^Yy; y/;"'
hit
be
suddenly,
things of the past and who live on some planet which
be a strange cross between Utopia and Alice in
Wonderland.
It obviouslyrelieves them of the neces¬
sity of dealing with this world as it is or with human
beings; as they actually are—and hence of virtually all
restraints upon their active and fertile imaginations.-The
identical general doctrine as applied to the past has long
served the New Deal well in this country, tor say nothing
of corresponding "movements'V in various other lands.
It
has thus been possible, in the minds of m/ny at any rate,
^to give an attractive and plausible appearance not only to
little
that if any aggressor again«>
will be attacked first of all. We an
"Army and Navy leaders are agreed
appears to
which had
Capable of Development and Growth. V
national Relations Fully
as these are, of
course,- exceedingly useful
post-war planners and all Those: self-appointed
rearranges of our post-war lives who are dissatisfied with
schemes
Organization to Resort Only to Peaceful Means in the Settlement of Inter¬
Calls the Proposals a Flexible Machinery of Organized Inter¬
of the
all
■^i
Proposals and Explains Their Aims and Operation, and Though Admitting
Which Places a Solemn Obligation on Members
Oaks
all those
to
Under Secretary of State
Possible Faults Stresses the Aspect
Such ideas
V.
.
by hon. josepii c. grew*
-
,
Newly Designated State Department Executive Traces Previous Efforts for World
Though Urging Military Preparedness Points to the Need of More Effective
International Accord to Prevent Future War and Aggression.
Analyzes Dumbarton
'-2%/-'yjy:
i
•
Copy
a
Peace and
f..
.
Cents
60
^-The;' Dusttbarton Oaks Proposals
everywhere it is said "again and again and
again," particularly by those who take pride in being
"abreast of the times," that the post-war world will be
radically different from anything known prior to 1940 or
even
prior to this year of our Lord, 1944. Many are ap¬
parently quite sure that the post-war world will bear little
or no resemblance to the
past and are fired by a sort of
missionary zeal to make their "revelation" available to all
mankind. Any observation, to say nothing of any plan or
program, concerned with post-war matters which in any
observable (or often even imaginary) way- rests upon ex¬
perience is all too often brushed aside as unworthy of
serious consideration.:
I
.
Price
Thursday, December 28, 1944
:-v.;-v-;;
Almost
.
Office
Pat.
.
The Financial Situation
•
.
S.
any
level
than
a
of
our
similar
prosperity
change
other kind of income.
in
That
Hotel
Nov
Sheraton; New York, City,
28. 1944.
(Continued on page 2837)
THE COMMERCIAL &
£334
FINANCIAL CHRONICLE
paragraph
3.
signed today the Federal-Aid Highway
of 1944 (S2105), which makes several impor¬
Act
returns
the
tant changes in the national policy regarding the
development of our highway transportation system.
■
taxation
ate
and
the
he
from
income
>r
Thus
other
income
the
f small
from
taxpayers in
corporations
can
taxpayers
taxes
-on
and
,
to
value
in
come
v
nual
of
excess
tax
{y
advance.
also
in
The
the
an¬
.{little
imposed for
corporate
filing consolidated
income
the
gross
income
Abolish
dends
other
from
corporations.
Y
■
Abolish
v.
later
not
excess
than
if
our revenue
it.
warrant
simple.
sider
I-
Ill I
—■
1.
standard
(franchise)
rate of from 15% to 23%,
Enact
single
a
normal
corporate
tax
-
depending
our
upon
revenue
equirements, but not in excess
of the first bracket combined
i
individual rates.
Repeal the present complicated
ormal corporate tax rate sched-
1.3e of:
.
"A" V
..
{.i5%
on
the first $5,000,
17%
on
the next $15,000,
19%
on
the next $5,000,
31%
on
the next $25,000,-
34%
on
a
of
(This
specific corporate ex¬
exemption
the
use
is provided to
of
the
present
complicated rate brackets on cor¬
porate net income of less than
*50.000.)
a
franchise tax.
It repre¬
q^sessment on the "cor¬
porate 'form' of doing business to
< qualizb
the release from indi¬
vidual responsibility allowed by
ine corporate method of conductsag business and to prevent other
sents
an
There
would be
revenue
to the
individual
bracket
tax
f
exemption.
Thq
the
of
a m
now
i 1
The plan
2.
corporations
y-controlled
withholding dividends.*
:
places the income
from dividends of small taxpayers
first
^5,000 corporate -income from this on a pay-as-you-go basis since
ax
is designed to encourage the the corporation withholds the tax
2stablishment
of
small
business in their behalf. Larger taxpayers
arms.
Application of the with¬ would be current in their taxes
arises,
however,
Other
plans
including the most recent post¬
proposal of the Committee
lor Economic Development which
war
enter-
escaping
on
dividends to the extent of their
first bracket rate the same as
withholding
:.{.'v.
present
and wages.
;
corporate
single
surtax rate (withholding tax) to
:
.
number
that
fields
of
wc
controls
remove
ir
even
';
As to the po'icy of absorption
;
■
for
increases
with
the
first
bracket
and
refunds
taxpayers who are not
the individual first bracket
10%
on
?2%
on
a
$25,000,
income
in
excess
of
$50,000.
can
corporate withholding tax
same
as
withholding arrangement
ancL
on
the present
on
sala¬
No specific ex¬
emption is provided; however, the
surtax
net
income is computed
after
wages.
deduction
of
the
standard
rate
on
salaries
and
wages. ■ '
4.
Small
treated
be considered in effect
dividends the
ries.
holding
the next $25,000,
on
This
as
the first
with¬
.more
taxpayers would be
equitably under the
They would receive exactly
the same credit that the taxpayer
plan.
in the highest
dividends
5.
income bracket on
The
plan would preserve the
present partially tax-exempt fea+,iT*e
0f tt, "S.
Other
Government bonds:
plans to -^.combine
normal
above
the
of
review
a
connection,
disclosed
Administrator
mental
•
that
the
the:
possible.
sonably
language
the
Administrator,
forth
or
ir
the
Regulation 127 governing
ceiling prices of converters of
textiles.
surtax rates result
Other
improvements
which have contributed to the de¬
of
The
6.:
■
of
holders
would
;
place
mal and surtax rate structure.; As
example, corporate income ir
$25,000 to $50.00f
's taxed 53% at.present, and dropr
down to 40%
'•
above $50,OnO,
would abolish all
nuisance corporate taxes produc¬
8.
The
plan
;
.9.
.
rate
for
:
revenue.
•
readily
to
deter¬
mine
corporate earnings and tax
liabilities without resorting to ex¬
perts
tions.
10.
a
make
to
t
{T
,
Such
these
a
determina¬
.T-..;
production as the needs
production
war
program
on
the
threshold
of
a
the prospects of early
reconversion, lifting of price con¬
trols and a multiplicity of other
barriers standing in the way of
normal
peace-time
production
and living, seem at the moment
new
year
indeed
remote
the American
but
people have the necessary forti¬
tude to bear up well under these
trying days until peace once more
is restored to the world.
Steel Industry—"With
industry
The plan provides a simnle
structure making it possible
executives
the
Poised
pressure on management whatso¬
ever to distribute earnings in divdends to effect any tax savings.
-7. It would remove present in¬
consistences in the present nor¬
he bracket from
lower-
permit.
nc
m
of
sumer
sucl
V:
plan
volume
the
in
of
with
being
ere
sought by the OPA with respect
to regulations governing the pric¬
ing of clothing at the manufactur¬
ing level with the purpose of
greatly diminishing the over-stylm9 and other forms of trading-up
lower-priced models of the con¬
durable goods which will
in loss o'
.
Administra¬
a much larger produc¬
finishes appropri¬
lower-priced clothing.
return to
contract
the
tion of cheaper
exemption on holdings of Govern¬
bonds, constituting a breach
ment
securities.
was
priced clothing. A study of pric¬
ing policies and techniques is now
under way'designed to help as¬
sure
satisfactory proportions of
OPA's authority
md
It
belief that the revision will
cline
the source of
said, "The Emer¬
gency Court of Appeals has exsetting
Maximum
of
revision
Price
ate for
if that is rea-.
In
emphatic
the steel
winding up the
highest
production year in* its his¬
tory—estimated to be at 88,500,steel
tons—activity
urgent
000
net
war
requirements is increasing by
This situation,
leaps and bounds.
because
of
on
abroad,
events
is
as¬
such
large proportions
eventually show up as
secondary war peak in steel
suming
,•
tax law would form
stable foundation on which new
ihat it may
a
.
old, large corpora¬ output," states "The Iron Age," in
tions and small, could build con¬ its review of the steel industry for
the past week.
fidently for the future.
Signs were apparent the previ¬
% Dis- rIr Undis¬
Net Income of All
ous
week: that the steel industry
tributed. tribufed
Corporations,
was
well on its way to experi¬
in Dlvlor
Reporting'
businesses and
'
Year-— ;
-
Net Income
IPCgR. $4:041,000,000
dends
Retained
78
22
35
1039—
received.
per¬
encourage
Control Acl
consumers
for the government,
salaries ing but nominal
minimum
adjustments to
includes
This
tor's
Ijklr; Bowles " stated that it war-
clear from the Price
{.,■• Cv {/,>
There would be a
3.
of
on
.
the
subject to
personal income taxes or whose
withholding rate ^present rate
personal exemptions are not offset
20%) on salaries and wages of
by other income.
This would be
individuals.
accomplished by hooking up the
Repeal the following corporate
corporate < withholding rate with
surtax rates:
Some form of tax
3.nust be levied on corporations
in order that the corporate form
of doing business will riot be used
important.
•
a
small
from
;
Enact
2.
porated firms..
individual income taxes.
of
income
taxation.
of
over
(see paragraph two)
holding tax
prevents
16%
This ' is
Congress should corn,
waiting for th:
loss of
held
he
after V-E day.Y,
Price
would
never
pricing policies and exist¬
ing price regulations and a review
jointly with the WPB to improve
the programs dealing with this
matter in both agencies.
after
tax,
uinimum
unincor¬
undue .advantages
in escape
no
safelv
Because ol
fronts
soon¬
virtually eliminate Government by enacting the pro¬
taxes and would, of gram now because any: reduction
eeessity, be replaced sooner or In
revenue
to
the
Treasury
ater with an undistributed profits through the proposed tax credit
ax
or
something far worse, in to shareholders would be more
^der to prevent tax avoidance. than offset by increased revenues
To shareholder should
seriously resulting from more liberal divi¬
bject to corporation earnings be- dends disbursed by large corpora¬
ng subject to a
normal (fran- tions. and an avalanche of dis¬
hise) tax rate no greater than the tributions by small individual anc
holding
agree
This standard normal tax is con¬
sidered
or
all
on
factors,
:1arye
a
tc
ir.
•
emption of $5,000 before comput¬
ing the normal tax net income.
*,pviate
little
felt
continue to be
of
extremes
OPA
In
factors,
corporate
{
of $50,000.
Provide
with¬
a
as
•ate, in order to prevent corporate
income from escaping taxation.
in excess
income
normal tax
the
.reals
over
jar not"
without
it
of the war.
end
relevant
(hat the OPA is under a duty to
prevent such price increases ar
requirements
prove
to be required at early
y: stages of production or distribu¬
tion from being translated through
or
Enactment of the plan
1.
be
other
these
profits
year
two
the
mitting ' distributors to increase
their {prices- when manufacturers'
prices go up and always permit¬
ting them to do so.
"
v, In
answer to .the suggestion ex¬
pressed by the "Committee" with
regard to popular priced mer¬
chandise, Mr. Bowles stated that
he was greatly concerned about
the disappearance of lower-priced
merchandise;and that the OPA at
present is making an intensive
examination of this whole prob¬
serious threat in many
is
Summary of Advantages
j
issue of "The Exchange", a publication of the New
outlined briefly in the "Chronicle' , issue
a
war
{. The wise course, he contended,
OPA, after an extensive study of
and per¬ the highly complex problems in¬
haps, in most field until the, war. volved, has just issued a funda¬
T%:J{{
the
'
the manpower situation
incomes ; and savings
that inflation may
a
in¬
duplication
termination of the
York Stock Exchange and
j
another
■■
price control is concerned is in
and
;
This proposal is made in the
of
si nullification
an d
that
in
■
diture,
do¬
{
inflation
cost increases.
neutralize
consumer,
include
15%
received
mestic
of
estimates of essential war expen¬
in
of the divi¬
Chicago
Plan
administra¬
of
in
sight,, the Administrator, basing
his appraisal on the best available
•
requirement
corporations
6.
give herewith full text of the plan proposed by George E.
Barnes of Wayne, Hummer & Co., Chicago, which was first presented
The
as
penalty
that
danger
any
produces revenue
million and only
complicates the present income
.ax
structure for corporations.
.
M
limits
field.
returns.
tax
the "Committee"
comparable obligation to help
any
.
A Lending credence to the belief
that no immediate relief .insofar, lem.
of less than $100
-
11,111. II
the
discretion
applying legis¬
lation of this nature, he believed
Y.VY
;
We
L
any
tive
repeal is suggestea
of. simplifi¬
..
sure
that •obviously lies somewhere between
was
danger of inflation,
the broad policy; of.the matter be¬
ing .the
concern
of
Coner-ess
Abolish the 2% penalty tax
5.
er,
I
ionger.
interest
cation.
.
tax
■■I■
suggestion
.
declara¬
very
Com¬
the
price controls > should be discon¬
tinued as.: soon as; there is no
-
in-
of
to be generally accept¬
He felt
,
for some time to
us
mittee's first
corporation must be estimated in
of Wayne, Hummer & Co.,
i
7
would not advocate a policy of
Price Administrator Ches¬
•
ter Bowles' -reaction to
■'
produces
with
be
revenue,, requires a number of ad¬
justments in:tax return, and is a. the: OPA should remove control
source
of irritation, to corporate
from
a
commodity or
produc
taxpayers since the income of the field as soon as there is no longer
I
I -
will
come.
Within
10%
;
{This
taxes.-
.11!
Y Y Yy-;{,.;
{I {■
*
seems
ed.
-
a
the extent
capital stock tax
tions.
.
i
II
-
posa.l our misfortunes on
discrimination in favor of distribitary front in Europe indicate at utors' which would exempt them,
this moment that price" control^regardless of circumstances, from
in * theii
profits tax oil
excess
popular and
more
prothe mil-
larger
Repeal the present declared
-;14—mate
.
Act.";*
...| With respect to the first
Amer-
terest:
^
».
declared this to be one
duly, and Congress has reaffirmed
it.- renewing
the Price Control
their
encouraging
<
dividends
our
current
are
dividends
on
4.
systematic planning for these things. Un¬
avoidably it will cost money—much of it.
If only we could limit these programs to our
actual transportation needs, there would be much
'
con¬
as
; v
'
,
pressly
ance d merchandise.
sources:
is placed
basis,
pay-as-you-go
said for
Nov. 2, .page 1917:
to
th:.
credit regardless of
same
amount of. the dividends received
This
cs
rapidly
present pi ice controls as
and**
—y:
existing prices {'■; Commenting y further ' On
the
jonal return. Under this proposal
products where increases policy requiring reasonable ab¬
are granted to manufacturers.
.he small taxpayer is {treated exsorption of cost increases by man¬
3. Review by OPA at this time ufacturers he hrld to the opinion
uctly the same as the taxpayer irr
of-the pricing policy with a view that the policy is well-established
he highest bracket. Eo.lt receive
get the program ready for construction
ends."—President Roosevelt.
in the September
exit¬
Yy:';
such
on
Transportation is essential, and much road repair
and road construction will doubtless be impera¬
tive when the war is over.
There is much to be
':
maintain
interpietacxve of
aie
effort
whereby distributors are' required
shafenolder
.akes credit for the .tax "in .his per-, to
war
The Plan of George E. Barnes
of
In effect,
of their first bracket rate,
belong to America's way of living.
legislation makes possible the advance
planning of the needed facilities on a sound basis.
{Now it becomes a challenge to the States, counties
and cities which must originate the specific proj-
\
V
I. Discontinuance
sistent With the war
certain recommenda¬
Commerce made
of
control.;. The Committee's pioposals which
approved by the Board of Directors
ing Chamber policies and are as follows:
dou¬
•
price
were
standard
(franchise) tax.
shareholder
"This
.
all
Chamber
.
jn
.services which
this.
eliminates
except the
National
tions, concerning
para-,
the public interest.
{
2.
Discontinuance of the OPA
corporation, wumimaa Uiw.Van.
income
distributed
to
the policy with respect to absorption,
normal
panding, prosperous economy that will insure jobs.
They will be essential also to the national defense,
as well as to the safe and efficient transportation
less distrust of such measures as
under
ThvNo'vbihbeP the ' Domestic Distribution Department Committee
of the
by
paid
dividend distri¬
' Y/
on
credit
This
by the heavy burden of wartime traffic.'
"Adequate facilities for highway communication
will be essential in the future as a part of an ex¬
and
(2),
{
b
personal
surtax
corporation
ble
replacing or rebuilding the main roads on
Federal-aid system which are being worn out
ects
their
in
the
butions.
task of
after the
one.
credit to individual
a
for
graph
"Among other things, it authorizes the joint des¬
ignation by the States and Federal Government of
•an
interregional highway network, as recommended
in the report of the National Committee on Inter¬
regional Highways, which I transmitted to the Con¬
gress on Jan.. 12, 1944. ■
;N.-'
"It gives practical recognition to the transpor¬
tation problems of our cities by extending Federal
aid to projects in^urban areas-which will reduce
traffic congestion and accidents.
A;;;:'.:A;;- ^
"The Act provides substantial authorization for
the improvements of farm-to-market roads, serv¬
ing the day-by-day economic and social needs of ourrural population.--;; ■;; ■■■V?' *.7'.t-.{v;j
"Finally, it authorizes funds on a matching basis
with the States for at least a beginning of the huge
our
Allow
stockholders
"I have
Thursday, December 28, 1944
(franchise)Vtav,
corporate normal
unuer
{
■5.815.000,000
65
1940—
6,802,000,000
59
41
8,853,000,000
49
51
69,289,000,000
41
57:
44
56
19411'-'
W42
,•
19*1^ ' 118,850*.000 000,...
*
Treasury" estimates."
.
encing
a reappearance
tion difficulties.
Conditions
of the
of produc¬
•
:~
market sug¬
gested that no matter what plans
may, he . madp
for , first, ouarter
...^(Continued on page 2840)
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4346
160
Volume
2835
Bill Freezing Social Security lax
Internal Revenue Commissioner Notice of
Christens'
s
At® A; Relacfanlty Sighed by President
1
v
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, called
attention on Dec. 26 of employers and empldyees to the fact that.
31, 1945, are important dates in connection witn wnn-
Jan. 1 and Jan.
"Jan.
the new rates of withholding
is the-effective date for
1
A A"/
The advices state:
holding of income tax from wages.
prescribed by the Individual Income Tax Act of 1944. By terms of
Act, the new rates apply tu-y..■■■'———~"A'
air wages paid on and af ter Jan. distribute
copies to their em¬
1, regardless of when the wages ployees,:':,';:':".' /V/'\ AA>a."A •
that
,
signing "reluctantly" the bill passed by Congress freezing
the Social Security payroll tax at 1%, President Roosevelt stated that
he still feels that the scheduled rate increase (to 2%) "which hat
been
into
repeatedly postponed by Congress should be permitted to go
effect."
In
his
statement
new
rates
curity number are vital for iden¬
WT-Rev. 1944,
of which may
foe obtained at any collector's of¬
fice.
'■/
/'/ /'/
AY' ■
tions
in
Circular
additional
"Jan.
which
is
31
the
deadline
the
law
"An
by
each
Withholding Receipt on Form W-2
(Rev.), showing how much wages
were paid him and how much in¬
withheld from his
come
tax
wages
during the calendar year
These receipts have a spe¬
1944.
cial
was
of
the
authorizes
law
new
most
and
,
use
statement
a
dis¬
the
shown
terly
Withholding Receipt
Income Tax Return," and
employers have been asked to
returns
amounts
an
as
and
wage
tax
by the quar¬
the
with
shown
as
W-3
Form
on
reconciling
to Use Your
as
his
in
Revenue
amounts
official leaflet, entitled "How
; an
Internal
is
on
holding Receipts."
similar
the With¬
■
social security system."'
/-/■■The
President's
statement
to
increase, which/has
been
re¬
peatedly postponed by Congress,
should be permitted to go into
effect, • The long-run financial re¬
quirements of the Social Security
System justified adherence to the
scheduled
increase,
was
crease
I
feel
£nd
Stye Acreage Sewn for 1945 Crop At
Crop Reporting Board of the United States Department of
Agriculture made public on December 20, its report showing th£
acreage and condition of winter wheat and rye for the crop of 1945
follows:
as
The estimated acreage of winter
increase of
7% from the 46,349,000 acres seed¬
49,589,000
in
acres—an
fall
the
above
of
This is
1943.
10-year average,
the
and is the largest acreage
since that
sown
Winter
that
the
less
seeded
in the fall of 1937.
wheat
bed
preparation was carried on
difficulty.
A considerable
acreage was seeded early in dry
ground and seeding operations
were somewhat delayed. This was
that
The Congress should
this bill deferring a
toward
existing
security
social
merely defers until next
necessary
fiscal
year
the
to
pay
receipts
Hie A benefits.
seem
to me
Also, it does not
wholly sound to enact
Following
'The
record.
Kye
The acreage
of rye sown for all
in the fall of 1944 is esti¬
mated to be 4,726,000 acres, about
the same acreage as sown last fall
but 14% less than in the fall of
purposes
for
spring seeding
spring rye.
in
The distribution of rye acreage
of wheat
has
been
undergoing
important
Plains
of the years
1932-41, the Sates of North Da¬
kota, South Dakota, Nebraska and
Minnesota, in the order named,
were the leading rye States, and
seeded an acreagt which was 50%
high in the Great
Mountain States and
throughout
■Central and Eastern States.
the
Con¬
tinuation of dry conditions in the
Pacific Northwest, however, pro¬
seeding
and
operations
wheat
into
there
is
going into the winter in a rela¬
tively lower condition than in
-other areas.
On the basis of De¬
conditions and weather
through November, yield
prospects per seeded acre on De¬
cember
1
were
slightly lower
than seeded yields in 1"944, except
in the northern Plains States, hard
hit by rust in 1944, and in the area
extending southwestward through
■Colorado, New Mexico, and Ari¬
zona.
Winter wheat is entering
the winter with prospects of above
average seeded yields in practic¬
ally all States.
The percentage
of the seeded acreage which may
not be harvested for grain is rela¬
Tactors
abandonment
10-year
of 19.5%
average
contains
several years of extreme drought.
On the basis of the
relationship
the
Armed
the
work'
/./ (■
■
grateful natioby
a
and
men
Forces
Armed
of
women
everywhere
and confident good -wishes
this fourth Christmas of war, " Oit
warm
upon
"It
pride
that
•stand
in
the
review
incumbent
be
methods of financing
t;y-
.them.
:;
is
therefore
I
with
salute
the
solemn
those
forefront
who
the
of
mit to the
struggle, to-bring back to a suf¬
fering world
the
way
o<; life
svmbolized by the spirit of Christ¬
sive
mas.
At
early date I plan to sub¬
Congress a comprehen¬
an
for
broadening
and
the
Social
Security
System. At that time, I hope that
a clear understanding of the Gov¬
ernment's financial responsibili¬
plan
improving
ties
social
for
security
will
and
that a long-term
plan for allocating the costs of
social security will be developed.
emerge,
Associated
In
from
Had
was
Roosevelt
Mr,
advices
Press
Washington it
stated:
his
ridden
is the fourth
It
veto.
Congress has enacted legis¬
time
lation to maintain the 1%
.
b
"Commander- in-Chief."
y
A
by
addressed
also
Was
message
the.. President-
tc
ill
and
wounded fighters, as follows:
"With a deep personal sense of
obligation I welcome the privilege
of sending to
Day
this Christmas.
admiration and
you
message of
a
affection.
blood
You have given
health
and
to
of
youn
to
restore
Christmas; its
meaning and to
make the spirit of Christmas gen¬
uinely
prevail throughout
the
world.
the measure, Congress al¬
certainly would have over¬
sign
most
,
to
refused
A
"FRANKLIN D. ROOSEVELT,
rate.
"It takes courage to
battle
front
and it
to fight from
fight
on
hospital bed.
a
a
takes courage
We
would not cheapen your hours of
heroism by wishing you a 'Merry-
Christmas,'
but
spirit,
wish you to
with you h*
comradeship
and in
that
in
faith.
we
are
we
A
„■/
-
.
...
..
Associated
Press
also
re--®*
John
other
and
the
Vice
Admiral
its
commandant, Maj. Gen.
Marston,
he saw among
things a group of 64 ma¬
rine war dogs parade with their
trainers while TNT blasts went
Based
on
the average
of the United
States total.
more
than 75 bills and vetoed
a
few, kept informed of the Euro¬
pean political developments and
reorganized the whole top level
of
the
State Department.
All
Executive
actions, however, were
announced at the White House in
Washington.
.
A/'
Accompanying
the
President
Leighton McCarthy, retiring
Ambassador
to
Wash-
How¬
in the fall of 1944 the seed¬
ed acreage in these States is only
29% of the National total.
The
ever,
seeded this fall in North
Dakota is only 15% of the aver¬
acreage
grain producing areas are recent
low yields and competition with
crops more urgently needed, the
unfavorable
income
position of
rye m relation to other crops, and
age,
of
the
seeded
usually is
and
ington
a
trustee
American
Ross
of
Cross;
McIntire,
last year
Press
Associated.
noted in
advices
from
Washington
Dec. 20 that military leaders, in¬
cluding Secretary of War Henry
L. Stimson, Navy Secretary JameA
V. Forrestal,
General George C.
Chief
Army
Chester
Admiral
and
of Stafi'k
Nimitz,
W.
Pacific Commander in Chief, also
sent Christmas messages to servicer
personnel throughout the world.
physician
and
Navy
general, and Mr. Hassett,
Presidential
Secretary.
Some
members of the party did not re¬
Senate Confirms
surgeon
The U. S. Senate confirmed
main for the whole stay.
since
Not
the
had
Mr. Roosevelt made such a long
visit to the Warm Springs Foun¬
dation. A
began
war
At the end of his
stay his physi¬
cian, Vice Admiral Ross T. Mc¬
Intire, pronounced himself pleased
with the Chief Executive's condi¬
tion.
'
16 the
Dec.
ert
A.
Hurley and
ward Heller
;v'-;' Aw'-'.'', a: 'A.
■
Like most of his war-time
that to Warm
turned
to
Springs
Mr.
until
the
was
trips,
off the
Roosevelt
re¬
capital. He made
the Founda¬
two informal talks at
where after-effects of in¬
fantile paralysis are treated.
One
talk was to patients at a turkey
dinner Nov. 28, the night he ar¬
rived.,.,A/A
He spoke for a few moments
from the rear of his train, just be¬
fore it left Sunday afternoori.
tion,
or*
nominations of Rob¬
Lt.-Col.
the first two
as
;
Ed¬
nom¬
inees
for
Board
provided for under the bill
the
Surplus
Property
passed by Congress in September'
the
for
ment
of
disposal
Govern¬
The signing?'
property.
war
of the bill by
than.
more
of surplus
$100,000,000
the President 'wast
referred to in our issue of Oct.
Oct.
and
1504,
page
12,
we gave
the President
taking exception ia
the
of thd provisions of
some
1612,
page
on
the statement
bi'liL
.
Harrison
Quits Treasury
Secretary of the Treasury Mor-
genthau announced on Dec. 20 the
resignation, effective Dec. 31, of
Carter H. Harrison, Collector of
Internal Revenue for the First
District,
Illinois
The
Treasury
Department announcement issued
The
"In
accepting the resignation,
expressed apprecia¬
the
outstanding manner
in which Mr. Harrison has admin¬
for
to be
three members.
of Messrs.
composed oi
The nominations
Hurley and Heller
wem
approved by the Senate Commit¬
tee
on
Military Affairs on Dec. 13V
Lt.-Col.
being
Heller
by a vote of
confirmed
12 to five and MA
Hurley by a vote of 10 to six.
proximately
were
5,000,000
re|urnA
filed iir that district during
the last fiscal year.
"Mr. Harrison,
the Secretary
tion
is
board
Dec. 20 said:
in nearly all States, and istered the collector's office at
due primarily to favorable weath¬
Chicago, which handles more tax
The principal reasons for acre- er at seeding time* and to good returns than any other collector's
office in the United States, Atfage decreases in,the important rye. growing conditions,'
acreage
harvested for grain.
also
was
Red
T.
personal
record
were
Canadian
"Commander-in-Chief."'*'
It
Marshall,
——
—
Warm
Springs Foundation; Basil O'Con¬
nor,
Chairman of the National
Infantile
Paralysis
Foundation
ported from Washington:
On the drive through the camp
with
"FRANKLIN D. ROOSEVELT,
a
in South Dakto 49% of the the. shifting of labor, to higher
and
more
profitable
average, in Nebraska 1% more yielding
than average, and in Minnesota crops. In the less important grain
32% of average.
The States with producing areas, particularly in
the largest
seeded acreage this the eastern States, the acreage
fall, in.the order named are, Ne¬ increase this- fall over last fall is
braska, South Dakota, Oklahoma, the result of an effort to provide
and Indiana, with the acreage in late fall and early spring pasture
Oklahoma being about 2.%; times and to provide a winter cover
the average and in Indiana, .22%
crop.
more
than average.
The major
The reported condition of rye
portion of this shift occurred dur¬ on December 1 is 83% of normal,
ing the last three years.
The 12 points above the condition a
tively low — indicated at 7.8%. States showing the greatest de¬ year ago and 13 points above the
This compares with 12.2% for the, crease in acreage this fall,
are
10-year average.
The relatively
those in which a high proportion
1944 crop, 10.1% in 1943, and 6.9%
high current condition is above
The
■
■
"On behalf of
our
of
women
throughout
;■
Congress: thoroughly to
next
River, at Jacksonville, N. C,, where on Dec, 18 he made a two-hour
inspection tour of the marine combat reservation.
This was his only
side trip outside of Georgia during his absence from Washington.
changes during the past few years.
1942.
will
it
But
the
This is close
A/,/'•, <',./> A
good
special
and not de¬ Christmas Day, more than on. any
Already some other day, we remember you with
other nations have, a larger degree
pride and with, humility, with
of social security than we,
This anguish and with joy.
We shall
bill in no way modifies the bene¬ keep on remembering you all the
fits provided by the present law.' days of our lives.
764,073,000 bushels pro¬
in 1944, which was the
second largest wirfter wheat crop
the
duced
is outstandingly
and
in
increase
761,591,000 bushels.
to
States growing
-;
Roosevelt
its benefits.
production is
allowance
in
un¬
wheat
winter
1945
maining acreage. This rainfall en¬
cember 1
will
and
three we,eks vacation at Warm Springs, Ga., Presi¬
dent Roosevelt returned to Washington Dec. 19.
According to the
Associated Press he came from Georgia via Camp LeJeune, on New
abled wheat seeded in the dust to
The reported condition
Forces
said::.
know
1942, 27% less than in the fall of off in simulation of combat ex¬
1941,-and 24% less than the aver¬
plosions.
•
■Great Plains and in the Pacific age
acreage
seeded during the
The Chief Execute transacted
Northwest, and to some extent in 10-year 1932-41 period. The seed¬
official business during his trip
the
Com Belt.
However, early ed acreage includes that intended
•October rains came in
time to for hay and pasture, soil improve¬ much as though he had been at
his desk in Washington.
speed up seeding operations and ment purposes, as well as rye to
During his absence he signed
permit rapid seeding of the re¬ be harvested for grain, and an
December
doubtedly
crease
statutory increase in contributions
particularly in the Southern
longed
Security
Signed Harty Bills During Sojourn
opera¬
with
unusually
a
yields in past years, the indicated
on
seeding
began this fall, in general,
with the ground so dry that seeck
germinate.
as
public will understand that
nation, we are.committeed to
Social/
and
men
I send to the
The
ported
condition
and
weather
through November with seeded
tions
true
after year.
year
disturbed, in view of the
expressed commitments of both
The executive branch of the Gov¬
major political parties for com¬
ernment will always stand ready
prehensive coverage under old- then to assist the
Congress in
age and survivors - insurance, by
working out a satisfactory solu¬
the present situation.
AY'tt- tion. a1 A- :tA
'..a-:
aV.\
ct
Two matters should be clearly
am
President
Christmas greetings on Dec. .20 to
of such factors as December 1 re¬
wheat seeded in the fall of 1944 is
ed
in¬
war¬
Forces Personnel
tax law and then defer the taxes
a
President Returns From Vacation:
<$>-
4.5%
an
'
Winter Wheat
,/*
with
Congress
does not intend to jeopardize in
any way the benefit rights which
have already been built up in the
sure
understood.
:, The
the
and
consistent
time fiscal requirements.
realize
IgriCisllsES'al Beparlmenl Report cn Winter Wheal
"at
that
early date I plan to submit to the Congress a comprehensive plan
broadening and improving the~
-1?,■'■■■' —'
-A ■■
regular
(Form past and which will continue to
W-l) for the last quarter of 1944. grow in the future. However, I
their Receipts
as simplified income tax returns.
This new feature is explained in
to
employer
trict, together with the
withholding
tax
return
importance this year, because
employees
purposes.
required to
make three copies of each With¬
holding Receipt.
He must give
two copies to
the employee, so
that the employee will have one
copy to use for his return and
another copy to keep.
Also by
Jan. 31, the employer must send
the third copy to the Collector
requires employ¬
employee a
furnish
ers-"to
tification
copies
said
for
also
Nunan
"Commissioner
are
President also
the
Congress follows:.
\
'
have reluctantly approved
intended
to
urged employers to be especially A I
adjust
each
em¬
when
preparing each HR-5564, "An Act to fix the tax
ployee's withholding more closely- careful,
under the Federal Insurance Con-.
to his actual income tax. The hew Withholding Receipt, to show the
tributions Act, on employer and
rates average about the same as employee's home address and so¬
the old rates, but vary in indivi¬ cial security number, as well as employes for calendar year 1945."
I have felt in the past and I
dual
cases.
Employers already all other required information.
have
received
detailed
instruc¬ The home address and social se¬ still feel that the scheduled rate
The
earned.
were-
Co ftrmed
In
years
who will be 8i>
old next April, is a
native
Chicago, and was Mayor o,£
the
city for 12 years. He has been
the
of
Collector
of
Internal
there since Aug. 21,
Revenue
1933,"
2836
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, December 28, 1944
—
The Financial Situation
success
outside of
likewise to
some
the past year or two, and will
have during the next year or
Utopia but
of the gross¬
largest,
est,
SMfMB** '"smatite InsfilBle Eirdleavors Is Bring
t
(Continued from Jirstpage)!
and most, inde¬ two, will inevitably have
"pork barrels'! some effect upon their scales
of value and upon their no¬
history.
;
our
erated" when this
tions
The fact that programs or
of the
world
at
large..
is
war
—at least not in this
,
fensible of all
in
When it is said, as it often is,
thai poverty will not be "tol¬
Life
country
begin to * wonder /'what
implied in such statements.
Some program which will
•«
urged to
business, and find the
—we
is
insurance is
closely study the semantics of the
story in lay language in
the'fourth annual study on "The Annual Report to
Policyholders,"
recently released by the Institute, of Life Insurance. >
"
viAS It is pointed out byThe Institute that this year's-study-gives its
over
of telling its
means
-
■
major attention to this subject and cites plumber of specific instances
of phraseology of the business in*-
insure at all times for every
common
though -subject
to
the
opportunity of< projecting:;its
The development of the auto¬
could : notr be de¬
individual in the land necesr wide misinterpretation. In mak¬ story so completely—for. making
fended in the light of expe¬ mobile and The extension of
ing the report, the Institute made so definite its acceptance.of social
saries of life (and comforts if
rience was converted from our hard-surfaced road sys¬ tWp arp neppqqarv tri aLnlicH a bnef survey of public opinion responsibility—for presenting the
these are necessary to abolisn
tems in the years that .fol¬
concerning the extent of under¬ facts on which the public judges
an
argument against to one
poverty) ?; That each individ standing concerning these terms. its performance—as in the annual
of the most effective pleas for lowed World War I revolu¬ ual is to be
assured of such The announcement says:
report.",'; '
.' ■' '/•/,. ';.T //;/■' vfy//
schemes which outraged com¬ tionized living in this; coun¬
blessings whether or not he : " 'Ordinary life' was one of the
mon
sense.
All those who try in a degree not even yet bestirs himself to earn them? terms mentioned as without any
clear descriptive' value, such as
undertook to make use of ex¬ fully realized in many quar¬ If no one need feel
any doubt the more modern policy plans
ters.
What technological de¬
perience as a test of any sug¬
of being so bountifully pro¬ carry, rather giving a belittling
gestion were brushed, aside or velopments may do " in the vided for,., then what incen¬ connotation, and,contributing add¬
next two or three decades is
ed. uncertainty through its dual
Smith Named to Buffalo;
laughed to scorn as apostles
tive will drive the indolent
use to describe a
policy form and
of the horse-and-buggy age, beyond our present range of and the
:
Branch
naturally shiftless to a. type of coverage.
vision,- but we may rest as¬
as unfortunates who had not
'• "
'Admitted assets' is also men¬
daily-endeavor ? If drones are
The board of directors/of the
been able to "keep up with suredThaththey iwill not'.-be
to'be.fed out of public bounty, tioned as an unfortunate phrase, Federal Reserve Bank of New
now
largely dropped; from re¬
the: times," or, perhaps, as without wide effect,, But such
how.willadequate pfbduc- ports to policyholders, but still York has appointed, Reginald B.
men
and women who -har¬ changes as thesh hre appar¬ tioh be assured?
Similarly used in some cases and where Wiltse, presently managing direc¬
tor of the BuffaloJaranch of the
bored some vested interest', ently not what most of the With the
alleged determina¬ used raising a question in the bank, as Vice -President of the
apparent
or / concealed,
in soothsayers of the day have tion not to tolerate extensive public mind ' as to who admits
use,
proposals
.
,
„
,
■■
..
,
maintaining
which quite
the
in
not
a
of
interest
"common man"
Nor do
they seem-to refer
to certain
changes which have
already begun to make them¬
selves felt and which,
right
or
wrong, appear to be defi¬
nitely in store for the post¬
war years.
At least they cer¬
tainly do not confine them¬
selves to such things.
"For
example, under impetus pro¬
vided by a paternalistic! gov¬
ernment (particularly in this
country) and perhaps helped
somewhat by other circurm
the
judged by
"enlightened" standards
the
of
in mind. ;;T.•
status quo
evidently was
as
"new
age'^stripped of the
folly and the muddle-heada
edness of other
days.
; /
Many Misled
Many
*
should
who
known better
have
unfortu¬
were
nately drawn into this mael¬
strom of crafty confusion, and
now obviously there is great
danger that 'the same- type," of stances, the so-called "labor
argument will be used, in¬ movement" has gone forward,
deed is now being used, on a by leaps and bounds during'
much
"broader
with at least
nation
;
schemes
front",
and
equal determi-1 may
behalf
in
which
of
such
many •
would
not
have been countenanced for
moment two
the .past
as
a
not
have
continueto
of
Even
at
even
extremes,
disturbing is the
fact that the great rank and
file appear to be in the process
of
being "taken into
camp" by the relentless and
never-ceasing pressure. Dozens
unionization
of
new
"TVAs" scattered
;
of labor
in this
lightened"
a
"new and
en¬
measure
even
another
economic
power
—
as
it
may
the country, and even of the
repeated world. " These things, too, we
appear,
often
enough, begins to make shall have to face largely as
impression upon a great faits accomplis in the postmany who one would suppose war years.
an
would beTmmune to it.
But
Change Inevitable
But
when
.
.
.
altered
other hurdle, the report says,
pect
two periods tions predicted for the post¬
jhuman history are apt to war <y ears involve, or imply
be ^precisely alike, not even major changes in human na¬
tw6 successive decades free ture, or in the so-called natu¬
Of course,
no
of such
disruptive influences
world war. Of course, in
to
ing
the raison d'etre of all work;
.
can
must rest
cialism,
and
that
shall
easy,"
the
upon
communism
we
as
■
be made to work
squarely
of
tenets
indication
phrases cited in the report."
"Discovering adequate and sat¬
isfactory substitutes might not be
Any arguments that such
schemes
no
giv¬
to what these
the post-war reserves
actually are. :/'
is possible to pro¬
'Mortality ratio,' 'dividends to
but not assurance policyholders,' 'reserves for due
will provide the and unpaid claims,' 'supplemen¬
tary agreements/ 'renewal pre¬
services which are miums'.' are some of the other
or
"but
so¬
undertake
Institute report
effort
while.
should
be
says,
well
Pending study and
revision of life insurance
clature, " however,
to
make them work is the equiv¬
the
the
worth
assertion
any
would, do .well
nomen¬
examinations and bank relations
functions of the bank and will be
located at the head office in New
York
will
Oct.
the
story
In
this
31,
to
capacity he
Gidney, who
Vice-President
as
on
his duties
assume
as
President of the Federal Reserve
Bank of
Cleveland, to which office
Mr* Gidney was appointed in Sep¬
tember.
Under Mr. Wilfse's gen¬
eral supervision, the operations of
the
Bank
Examinations
Depart¬
ment will continue To be
directly
charge of William F. Sheehah,
in
Chief Examiner.
The
companies
to Tell
City.
succeed Ray M.
resigned
Reserve
//■/.;../
:
its
,
in
Bank
nouncement Dec.
/./f';v
an¬
also said:
18
*
"Insley
saying That
determined
commu¬
socialistic society
t or;; a
for the
have
we
upon* a
post-war
era.
A ceremony.in honor of
theTate
Justice
Sutherland, who died'oil
July 18, 1942, was held .in .the
Supreme Court Chamber on Dec:
18, at which time Chief Justice
avoiding, so
far
as
possible,
the ?; technical
language which is beyond the un¬
derstanding of " the average pol¬
icyholder—not only in their an¬
nual reports but in other commu¬
nications with "'policyholders.
It's
clearly recognized that most of the
technical Terms are required in
B.
Smith,.. presently
manager of the Government Check
the statements to the various state
alent of
foundly convinced that illrconsidexperimentation
ered
in
ment
fashions
ral laws which govern human
or
collective action, or rest
life in 1950 will upon what may be termed
greatly different from that economic perpetual motion
pf 1930 or even 1940. Such notions or conceptions—when
experiences as millions of our such things as these are im¬
young men have had during plicit in post-war prognosti-
in
in
Bill
simply
and
clearly,
,
Department
hasf)beteh appointed
Managing Director,of the Buffalo
branch,
effective
Jan.
1.
Mjr.
the bank's staff in
Smith joined
1922
and in the period up to 1926
worked
in a number of depart¬
including the
Discount,
Safekeeping, Depart¬
ments,
and V
departments—but in the reports ments. In 1926 he was transferred
public an attempt should to the Bank Relations Depart¬
be made to bring these terms' ment, and was appointed an offi¬
within the general understanding cer in Jan.. 1938. with the title of
of the public." ■
•./ Manager, Bank Relations Departto The
.
...
pursuit
of
legislation
passing
the
and
governmental
control
Administrative officers would
the end
prove
of
mies
true
to be the real
democracy,
danger
grave
government."
of
in
ene¬
and
a
constitutional
to
The
Associated
Press further said:
"Among
share
who
those
fully his views
of
added, "few would be
to
did
not
consti¬
functions." Justice Stone
tutional
so
bold as
.
eulogy, Attorney-General
Biddle
cited
various
opinions
written
by
Justice
Sutherland
during his 16 years on the high
tribunal, among them one setting
aside a State tax imposed on the
a
of newsnapers.
that this tax
sion held
lation
to
the
of
the
The deci¬
....
pression
be
publicity afforded by
not
be
only
oress
stands
a
regarded
as
the
sup¬
of
the
free press
otherwise
concern.
one
ment Check
Department. As Man¬
Director of the
Buffalo
aging
branch, Mr. Smith will have gen¬
eral charge of the operations of
the
branch."
From the announcement we also
"Mr.
Wiltse
joined
pub¬
Analyzing
the
made
advances
annual
in recent years, the In¬
stitute comments that "one of the
reports
effective tools for
building public
esteem has
annual report,
and
understanding
the
in
February,
of
Manager
the
1928,
Assistant
as
branch.
Buffalo
the
be the
and executed in terms
interest. There is
single
medium
which management has
public
perhaps
through
no
-
Fed¬
of New York
For
a
was
transferred to the head office
period in
and acted
1938 and 1939 he
temporarily
as manager
of the Cash and Collection
in life insurance company
of
Reserve Bank
eral
depart¬
1942, he
ments, and in January,
was
appointed Managing Director
of
the
.Buffalo
branch,
Mr.
Wiltse's service with the Federal
Reserve
System
back to
extends
1919; for the period from January,
1919, to August, 1920, he
was
with
the Omaha branch of the Federal
Reserve Bank of Kansas City, act¬
ing in the capacity of Manager of
abridgement
grave
companies
lication.
ment and the
to
of
A free
the
great
interpreters between the Govern-
be
people.
is
fettered
to
To allow it
fetter
the Credit and
and also
W. Pepper, of Phila¬
former Senator, pre¬
sented to the court resolutions on
j
^
Justice Sutherland adopted at p
"George
delphia,
a
_
,,
i
Discount Division
our¬
selves."
_
than with
out of four
one
,
mis-government,
or
operating figures and com¬
ment on their significance is an
essential
part
of the
report."
Analysis of 1943 company reports
shows that although the use of
income statements is increasing,
conceived
guaranteeing
"Since informed public opinion
^an
statements,
of the
proved to
is the most potent of all restraints
upon
;
income
of
especially revenue statements, is
encouraged in the Institute re¬
port. "If the annual report is to
do the public relations job that
it is capable of doing," it is stated,
"an understandable presentation
vio¬
a
was
freedom of press.
In the decision,
Mr. Biddle recalled, Justice Suth¬
erland said:
//
use
Amendment
First
Constitution
The
used this feature in its 1943
deny these dangers."
In
holders;
govern¬
loose
many ways
ex¬
enter
period. It
vide jobs,
that they
goods and
owners
condi¬
in
as:
with which the reformers
age
such nonsense,
Some
not
an¬
graphically simplified for policy¬
of
which will among the various groups or
supersede the stupidities and elements which together go
errors of the past—and as into make up the population of
credible
that
assets
bank/effective Jan. 1. Mr. Wiltse
will have supervision of the bank
In June, 1943, Mr. Smith
In another extensive section of ment.
country would ever be re- Stone recalled that
Justice George the Institute report, discussing the was
appointed Manager of 'the
duced to anything like the Sutherland as a jurist saw danger
newly formed Government Check
use of charts and pictures in tell¬
status it had 10 years ago. It in "ill-considered experimentar ing the "story, seven sample pic- Depart,merrt. and in Jan., 1944, re¬
/ p tograph ; charts
is, morever, plain enough that tion in government." :y;v.-",,
are
presented, linquished his office as Manager
According
to
the
Associated showing how various phases of of the Bank Relations Depart¬
along with a greater degree
Press, Justice Stone said That life insurance operations can be ment in order to devote his entire
of unionization a much larger Justice Sutherland "was pro¬
time to the work of the Govern¬
aggressiveness is
throughout the country, enor- now characteristic of labor
mous
public woi;ks programs, leadership. This, too, may be
millions of "make-work" jobs,' expected to
carry over into
staggering subsidies to vari-j the post-war years. Thus a
ous
elements fn the public, shift has occurred in the dis¬
and many other schemes are tribution of effective political
being brought forward as power—and in one degree or
suitable for
have
are
pears
more
should
companies
admitted. : Legal reserves' is
ap-
to be that it will—but
he would be unrealistic indeed who supposed that in
the heyday our lifetime the extent of the
Deal
New
the
with
governmental support
has enjoyed since 1934—
ago, and probably a number
which could not have passed
muster
unemployment, .and
the
why
or
most of the: other -resolutions
decade..:. |t mayior. nistic
qlthough the likelihood
three decades
or
it
.
them
*
meeting today of members of the
bar of the court."
and
for
1920,
on
to
the
as
a
the
field representative,
period
^otember,
February,
1928,
he
was
examining
staff
of
the
' Board of Governois of the Fedeial
Reserve System."
Volume
him
95%
<
$6,000
tive
tinue at the
The way Workers earn more
produce
v
3.
more..
Increased
'
calls
/
workers
enables
power
• r
'
.'
•
to
,
production power
increased capital
for
...
That is why American
remove
workers
the leg of the corporate .employer
corporations to secure capital
use
have
which in¬
creases their production and their
earnings. In-1939 the average in¬
corporated manufacturing plant
employed 70 men, provided $6,000
investment per worker, .and sold
$7,500 worth of. goods per worker!
One automobile corporation which
employed 156,000 m'eh,\ provided
an investment of $6,900 per work¬
to
provide machinery
er—15 %
/ /
•
ket
plan-drastically-.reduc¬
ing the/ tax burden;{ on income
from risk-taking /investment, be
adopted before the war ends.
done, new in¬
blocked; wages
will be drastically cut; 20,000,000
wofkers may be idle, and farm
prices may hit all-time lows.
I
do not mean to say that proper
revision of our tax laws is all
mar¬
research, market analysis, na¬
advertising, personnel man¬
corporation,
for; $330 more than
the average factory worker, and
output
in danger of
them.
is
worker
The
possible {in providing
plant
expansion,
hoping to repay this out of earn¬
ings.
Renegotiation
took /The
earnings which they had expected
to
tax
himself.
capital
successful
small,
V
build
to
/ "
.
Will
capital be
vided after this war? Not at
'Picture
instructions
run
a
ble
pres¬
chain are
a
matter
what/incentives
are
of waiting
ball
tax
and
chain
and
G, and of Series C Savings Notes,
will, of course,, continue. . .: .
| "Subscriptions for the. four is¬
sues
of- marketable,securities
which are placed in, the mail up
to-midnight of < Dep.: 16 will be
treated as timely, subscriptions.
Treasury
Houses
and; .practically all
after
vert
the
our
war
No
on
taxes.
if *hev
will
are
take
phase comes to a close?
Amortization.
provides
is
that
have
more
which
months or
if
36
amortized, the
the cost of a,war
of
be
can
pe^re.
;It is
Subscriptions and Allotments for Treasury Bosids
And Notes Offered in Exchange for Dec; IS Bonds
The Secretary of the
■
Treasury on Dec. 20 announced final sub¬
amortized
at
the
the
owner.,
Treasury Notes of Series C-1947, which
post-war ; refund is usable
only after the official cessation
of hostilities, which may be years
after
not
reconverted—they
prosperity out of
'
generally hoped that
offered in exchange for
were
Treasury Bonds of 1944-54 called for redemption on Dec,1 15, 1944.
Subscriptions; and allotments of the new securities, were divided
•
-
the several Federal Reserve Districts and the Treasury as fol¬
lows:/''-' " }.'■
;
7 :
; / '<.7 •
among
•:
New'
Allotted
of 1952-54
$35,268,000
9,976,500
■/; ""
Total
Series C-1947
of 1966-71
$2,048,000
.District—-,.
•
Treasury Bonds'
Treasury Bonds Treasury Bonds
Fed-era I Reserve -; -
«
the
negotiation
m
j
the.1
shooting
stops.
officials
have
Many
ex-
war
a desire that the post-.
refund bonds, be acceptable
for
payment
pressed
of
renegotiation..
This would be paying a govern-.
of Poland decide that it would be
interests 1 of
the
in
the
Polish
transfer national groups,
state to
the United States Government, in
cooperation with other Govern¬
ments, will assist Poland, in so far
as practicable, in such transfers.
continues
Government
States
United
The
adhere, to its tradi¬
to
through which the United
537,277,500
Ybrk
$361,000
:
•
" $37,677,000
•
655,095,000
107,841,000
'
1>10,500
16,954,000
584,000
19,043,500
.4,347,000
25,210,500
2,340,000
31,897,500
1,463,000
674,000
6,863,500
2,279,000
10,605,500
Philadelphia
Cleveland. yi-U
Richmond
Atlanta
y.
Chicago
;
;
92,000
4,877,000
81,2.92,000
2,688,000
.
■
550,000
Minneapolis
J
15,280,000
.100,916,000
.'5,291,000
4,111,000
11,824,000
'
353,000
4,993,000
1,518,000
V-
.•
8,040.500
'••j
2,842,000
:\
8,267,000
923,000
:
2,649,500
185,000 "
•'T,503,500
/ 1,177,500
f-l.-ii
Francisco
for
sibility
3. It
aim of
Government,
announced
the
is
States
United
the
in repairing the deva¬
the enemy
of war and thus to bring
station
people the opportunity to
to their
join as full partners in the task
of building a more prosperous and
secure life for all men and wo¬
applies to Poland
men..This
Treasury
.
as
the other United Nations.
as
policy of the United States
Government
regarding ,i Poland
outlined above has as its objeor
tive the attainment
of the an¬
nounced basic principles of United
States foreign policy.
//
The
4,266,000
270,000
-
.
Tptat^/4—$33,216,500 ;/$736,710,500
well
11,339,000
1,780,500
1,154,000
,
Dallas
San
,
j 3,845,000
! 4,090.000
-4,344,000
.St;/ .Louis..
Kansas
Would assume respon¬
the preservation of
V
.
general security.
ber states;
1
Boston
10,693,500
4,012,000
,
$137,317,000
$907,244,000
"W;,
NYSE Short Interest
Higher
Nov. 30
on
The New York Stock Exchange
announced on Dec. .15 that the
,
Stetfinius Indicates II. S. Will
Pact
.
on
Accept
Poland If Mutually Agreed Upon
by Secretary of State Stettinius on Dec.
the United States "stands unequivocally for a strong, free and
The - statement was made
18 that
of the Polish
In his state¬
y/y:
•
ment
prosecution of
an
against
the
common
Reporting that the state¬
ment was handed out by the Sec¬
an
retary
at his news
conference,
Associated
Press
advices
from
aim
the
war
enemy."
Washington Dec. 18, as given
Ihe New York "Sun" stated:
in
apply to
Or' it
here
on
special mission, ,/,
/■ '•/...
The three points: / //-/./
stands
un ¬
equivocally for a strong, free and
independent Polish State with the
untrammeled right of the Polish
people to order their internal ex¬
istence as they see fit."
2. Despite
consistent
United
States policy that boundary ques¬
country
-
left
be
until
meat
debt
debt,
This /should be done.
law should
the
shall
with
the
also
or
pose
The
provide that the
become
President
-government
a
usable when
the
Director
Demobilization proclaims the
sation
last
mons
had
an¬
Friday that Great Brit¬
that the eastern
agreed
third of Poland should
be turned
full
the
statement
as
regards Poland has
steadfastly guided by full
understanding and sympathy for
fhe interests of the Polish people
This position has been communi¬
cated on previous occasions to the
interested Governments, including
Government
1.
of hostilities
for
the
of
ces¬
pur¬
of this Act..
of
Poland.
be summarized
The
ment
firms,
compared
was
with
United
It
follows:
as
States
1,436,271
1,373,540
cluding short positions carried in
the odd-lot accounts of all odd-lot
As of the Nov. 30 settle¬
dealers.
ment date,
was
the total short interest
dealers'
odd-lot
all
in
accounts
37,079 shares, compared with
39,836 shares on Oct. 31.
The
Exchange's
Of
the
a
on
individual
Govern¬
stock
the Exchange
on
30, there were 69 issues in
which
more
/.•■//
1.248
issues listed
Nov.
announcement
/"■'■ / //
added:
short interest of 5,000 or
a
shares existed, or in which
change in the short position of
2,000
or
more
occurred
shares
.
/;;
,>
:
The number of issues in which
a
position
may
member
shares'on Oct. 31, both totals ex¬
Sec¬
by
been
the
and
shares,
during the month.,
to Russia.
The United States Government's
of
interest
short
Nov.
dealer's
30,
_
was
reported
as
exclusive of odd-lot
short
positions,
was
(
733
compared with 664 on Oct. 31.
In
the
tabulation
following
is
shown the short interest existing
at
the
close
of the
last business
day for the last 12 months:,
1943—
761,827
729,291
Sept. 30_„,
Oct.
29
stands unequivocally for a
strong, free and independent Po¬
Nov. 30..___.
lish
untrammeled
Dec.
right of the Polish people to order
internal existence as they
Jan,
31_
Feb.
31--__.
960,617
Mar. 31___..
1,028,480
States
Apr. 29
relat¬
May 31_'___
1,090,581
1,181,293
.
state
with
the
their
fit.
see
2.
bonds
Churchill's
retary Stettinius follows:
of State
should
countries
nouncement to the House of Com¬
ain
of the close of
30 settlement
.
declaration followed
Minister
Prime
In
Richard K. Law,
"This
liberated
as.
Nov.
on
date/ as compiled from informa¬
tion obtained by the New York
Stock Exchange from its members
the
The policy
over
British
1.
the
devastation of war
"applies to Poland as well as the
repair
Mr. Stettinius's three-point
a
to
interest
short
business.
American
announced
assist
to
might
/lint recognition.
Minister
The
regime win-
a successor-
contribution
other United Nations."
/'United Nations di¬
rectly concerned" Was not defined,
but .presumably would apply pri¬
marily to the - Polish Government
in Exile, the only Polish regime
recognized by either this country
Britain.
essential
3.
The phrase
Great
^'which could make
agreement
prosecution of the war."
ent
Today's
agree¬
2V2% subject to legislative authority, to
llk% assist the countries liberated from
scription and allotment figures with respect to the offering of
Treasury Bonds of 1966-71; 2%Treasury Bonds of 1952-54 and
recon¬
corporate earn¬
of
option
Congress
.
Allan
,
Sproul, President of the Federal
Reserve Bank of New York, ad¬
vised banking institutions in. the
District that "every effort should
an
States, together with other mem¬
of Halifax; .and
Congressman
been
plant
stay unchanged—
the
calling
attention
announcement,
result of such
as a
zation
the British Ambassador, the Earl
Disney has presented a bill
to
allowed
,,///
to
the
.
If,
ment, the Government and people
.
the Jap¬
3.
ings were planned to "take the
profits out/of war." If these taxes
arc
v
the
against
war
be made, within the time now re¬ tional; policy of-declining to give
previously announced, sub¬ maining, to promote the sale, of guarantees; for any specific fron¬
scriptions for savings bonds and ,the securities cfffered in the Sixth tiers. The United States Govern¬
sayings notes processed by • the Wary Loan, particularly to indi¬ ment is working for the establishr
■
<•
' ■ ment of a world security organi¬
Federal
Reserve
Banks - or The viduals."
pol¬
icy declaration. was given out
after he conferred separately with
anese
of¬
govern¬
unless, we
wartime
double, rates
of
In
to
the
of
common enemy.
As.
This pro¬
vides quicker action, less uncer¬
business as¬
tainty and enables the plant to
sociations,, have
been
talking
get ready for peace production
about reconverting. But we can¬
sooner.,
/,."../,/•,.: '••./'
not have high level employment
tions
4. Post-War Refund. The pres¬
ment/both
credited
be
will
the Drive."
or
until the "cease firing!"
remainder
of
-
Instead
Profits Tax.
and the other half when
removed.
Various " branches
31
Dec.
ness
bf savings bonds, Series E, F
repeal this tax, why not pro¬
vide
now
for a 50%
reduction
when the war ends in Europe,
.
the
unused credit.-
to
fered; and how efficient the plans
may
-be.
business cannot, .run
ahead, and make better jobs un¬
less
or
Excess
2.
exactly
business.
upon
corporate taxpayer an¬
mated loss
he cannot
unless the
removed. The
have
a
\'"-
: /,
Make is possi¬
postpone outstanding tax liabili¬
ties to the extent of such esti¬
race
laws
present tax
that
effect
for
5%
.;
of
ticipating a net operating loss or
an unused excess profits credit, to
be,
may
Carry-back.
lack
from
die
would
1.
advice and
the
competitive,
ball and
will
working capital:
a
how; expert
following four, modifica¬
keep
thousands of
The
wise
100-pound
ball
chained to his leg.
No matter
how much incentive is pi-ovided,
nor
previous year's
invested in inventory,
for
businesses alive during the
transition
period, which /.other¬
pro¬
entering
runner
a
with
three issues
contribution to the
for
paying
reserves
tions
ent tax rates!
race
re¬
small
risk
Sales of the
V"In the case of the future frontiers of Poland, if a mutual agree¬
is. reached by the Unitec^
Nations- directly concerned,
this war's end, in the case of Poland
Government would -have no ob¬ this Government would have no
provided
the
United
jections to such an agreement objection
which could
make
an
essential Nations directly concerned reach
i
services
of new employment. ;,
this
H-1945.
jobs will be destroyed.
capital
source
.
meet
must be
to launch new
inventions and ideas—a large
Risk
2.
to
a
this Government would
no
objection to such, an
agreement which could make an
ecution
the 2%
the 2i/3% Treasury Bonds of 1966-71,
are
an-
.
equipment, etc.1 This situation
corrected, otherwise hun¬
dreds
of thousands of potential
up
/ corporations.
-
,
Treasury Bonds of 1952-54, the 1% % Treasury Notes of Series C-1947
and
the.;,%% Treasury Certifi"
cates
of Indebtedness of Series Treasury up to the close of busi¬
on
Every/subcontrac¬
up
been
taxes were
available only through large
y
The
day.
same
.
independent Polish State with the untrammeled right
people to order-their internal existence as they see fit."
ment Mr. Stettinius also said:
/ /
/
v
as
corpora-
with
.
cash advances of the current year,
into larger corporations, so that they can pro¬
workers
<•
taxation.' ^hev
the previous
year's taxes out of earnings and
lions
vide
/■
of•
"These issues
-
been living
available
set
serves
post-war increase in factory
More
cash
have
jobs at high-level wages requires
two things:
;///•''/'
•!•'/'.;
1.
These
purpose.
have
reserves.
:
no
capital investment is required to
supply the horsepower and the
necessary services.
/
A
•.
tor's statement I have seen shows
he produces, the more
have for his own.
But
will
this
for
use
if
essential contribution to the pros¬
and
companies
Poland,
is reached by
the United Nations directly con¬
agreement
for the .four issues of marketable securities the
ooiinfpynpnt
-
more
he
money
own
wherever
facilities
words,The
for
working
their
used
rations
The customer
workers work
wage-earrter;
a
for workers./ In other
being closed due to
capital. Small corpo-.
lack of cash
are also the < con¬
buys the products
of a factory that turns out mil¬
lions of shirts per year? / There
are
not
enough managers and
stockholders to wear them. Other
workers buy
[1
heed of tax modification;, and are
Who
is
?:
The small factories are in great
.
They
sumers.
a
as
say,
unless this action is taken.;
in¬
...Workers are'not only the pro¬
ducers;
necessary
emphatically' as possi¬
ble, that we will not—and can¬
not—have
prosperity- and high
level employment at proper wages
to
serv-r
his pay was $530 greater—an
crease of
45;%".'
level of national prosperity
the war.;. But I would like
after
icesj the automobile worker sold
his
is
high
horsepower in helping the
worker increase his output. As a
these
provide
to
that
as
of
is
frontiers -of
f
mutual
have
vestment will: be
agement, industrial research, etc.
Such services are just as impor¬
result
that
Unless
future
cerned,
.
The important thing is
adopted.
tional
tant
Savings Bonds Continues Until Dec. 31
friendly'Conference and
agreement." / In the case of the
The Treasury Department announced on Dec. 12 the closing of
the Sixth War Loan Drive on Dec. 16 and the subscription books
!
that some
provided
afford—including
matter, .so much
tion..; It; doesn't
which of these; excellent plans is
its workers with managerial serv¬
ices
which
the
small
business
could hot
,
by the Business .Committee
of the National Planning, Associa¬
2nd
'
The large corporation
published by the Re¬
Committee of the CED,
been
search
the/ average
than
.more
corporation.'
Post-war tax plans which wilt
the ball and chain from
!
:■/. /<V/!/"
investment. " ;.':, ;
...
'. "
horse-
industrial
Increased
2.
•;
,
long as the regular corpo¬
income tax remains at 40%
personal surtax rates con¬
currently-high rates.
After paying a 40% corporation
tax and a 41%. surtax, the/ in¬
vestor whose shares represent a
profit
of
$1,000
before f taxes
would be left only $350 for his
share.;/
■ //:,;
/•/•'//:.:/ :r;
i.
.
1.
so
and
'
,,'v 7 is by producing more.
step
ration
Drive for
ends.
war
alone,- however, will
not restore the investment incen¬
That
investment
per
worker and the horsepower it af¬
fords, he earns $1,160 per year.
Any way we check them, the
following rules hold true:,
•
:
the
as soon as
be
will
tax
meantime ...be
the
in
settled by
<
profits
excess
repealed
by the factory, 'but because
the
Dec.-;I6""
larkefai® Securities Books Closed Same Cay
(Continued from first page)
worker has his tools furnished for
should. not
Sixth-War Loati Sriva Olcsod
U.J
of
2837
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4346
160
held
;'/
.
has
It
been
the
consistently
policy of the United
Government that questions
760,166
31!
737,042
1944—
ing to
June 30_____.
in
847,335
July 31_
of
boundaries should be left
abeyance until the termination
hostilities.
st»W
1944,
in -his
"this
certain
As
Secretary Hul1
address
does
questions
not
of"pril 9
mean,
that
not
and
may
—
Aug. 31_____
Sept. 29_,__^i__
Oct.
31
Nov. 30_
;
1.287,970
1,327,641
1.283,555
1,275,709
1,373,540
1,436,271
THE COMMERCIAL & FINANCIAL CHRONICLE
2838
of responsibility as that dis¬
sense
The Dumbarton
Oaks
played at Dumbarton Oaks.
This is all by way of preamble.
Now I shall get down to brass
Proposals
(Continued fr om first page)
China tried it
five hundred
some
gradually,
hope,
we
perfected
with matured experience and the
wisdom of enlightened statesman¬
ship,
we
of
once
again to retire into
Europe
in
which
all
States
"would submit their differences to
world court of
a
would
crush
and
and
promptly /act
together to
aggressor. Yet all failed,
an
finally
League
the
arbitration
the
even
creation
Nations
of
of
and
be
cannot afford,, as in 1920,
refuse
chance
fair
the
They failed because these peace
plans were superficial. They were
am
very
like poultices prescribed for can¬
cer.
This time we cannot afford
strument
Keilogg-Briand Pact failed to prevent
war.
Why did they fail?
.
-
to
V
fail:
Now
erecting
future
our
peace structure, we must have in
unhid two fundamental considera¬
tions:
First,
the
the
•overcome
must
structure
flaws
and
of the ineffective
nesses
weak¬
machin¬
ery of the past; second, we cannot
hope to erect effective machinery
unless we, as a nation, are willing
to make what in the
considered
mean
past has been
sacrifices.
sacrifice
a
I
do
not
of
We must give it
Unless
succeed.
to
major
play their
full part it will be obvious that
the plan cannot succeed.
But I
the
and
powers
hopeful that the merits
of whatever in¬
eventually emerges will
power
the
itself to
commend
jority of
in
shell
cooperate just be¬
might consider to
instrument has not
been produced.
a
our
we
perfect
a
all
the
and
to
what
cause
great
ma¬
people whose think¬
our
ing has undergone
vast trans¬
a
formation since 1920.
Before
discussing the Dumbar¬
Proposals, let
Oaks
ton
certain
sider
velopment.
in
us
con¬
aspects of their de¬
You will recall that
Four
the
Nation
Declaration
signed at the Moscow Conference
in 1943, the United States, Great
Britain, the Soviet Union and the
•Republic of China pledged them¬
selves to take the leadership in
the creation of a permanent inter¬
national
organization
for
the
sovereignty,
fashioning any
3'hid of super-State is to us wholly
repugnant, and no such thought maintenance of peace and secur¬
or plan has entered or can enter
ity.
It was understood at that
The
thought
of
counsels.
our
But
prepared to pool
of
part
a
the
future
nation
sacrifice—not
a
good but for
common
security
and
our
and
forces—if
armed
our
that be considered
only for the
efforts
our
be
must
we
of
our
own
Is
people.
own
that too great a sacrifice to avoid
the horrors of another war,
waged
With
the
terrific
imagined
and
certainly be used if
and
us
other
to
war
un-
will
comes
to
nations
^devastation
destruction
3,lower
yet
that
again in
generation, with its cer¬
Another
tain
as
instruments
of
the
and
once
certain
again
the
of
time
well
as
.
Oaks, that
would
of
be
the
Dumbarton
at
as
such organization
any
based
to
determine
signatories
far
that
the
four
Declaration
prepared to go—what obli¬
were
gations
s on
percentage of our
population from which rearecoils?
These awful visions
nound fantastic.
But they are not
fantastic. With the constantly ac¬
celerating developments in
science, especially military science
ci <d electric science, these are
pre¬
cisely the, things that could and
probably would occur in a world
that
f.;ort of cataclysm?
<: /
We must have one further
con¬
-
j
best
cannot
we
blue
a
the
and
world,
great to
print for
nachinery
will
hope to
in
the
prepare
future peace
will be wholly
our
that
satisfying, to everybody.
Human
nature
and international nature
1 Xing what they are, the best we
can do is to aim for the maximum
what
<'t
is
desirable
of what is
scope
within
the
attainable, and
hope, universal, acce.pt-
We and other nations should
prepared to accept the net re-
uyce.
i
e
of
ii.;ut
if
only
combined
our
that
result
lair promise to be
maintenance
peace and
debate
tne
net
crnd
result
debate
long
so
constructive.
purpose
of
and
to
be
and
more
the
to
as
general
understanding
responsibilities
peace-loving
be
which
assumed by
nations
in
all
the
in¬
they had to agree
themselves, and it should
be, for
possibly
criticism
welcomed
among
because
of
their
size
strength, can make or break
system of general security.
any
On
the
bas:s
preparations
of-
for
this
the
"
thought,
Dumbarton
Oaks meeting were undertaken by
each
of
the
four
governments.
of proposals which
Government placed
before
this
the
a, set
other
three
this preparation, full account
taken
of
the
In
governments.
experiences
was
of
the
past, particularly that of the interwar
period. More than that, we
undertook
yze
to
assemble
and
anal¬
all ideas and suggestions, both
official and private, at home and
ideas
which
emerged
ual
United
offers
workable
a
itig out
Nations
a
conference
machine hold--
reasonable hope for the
prevent'on of future wars,
chine
that
can
be
a
ma¬
improved and
the
to
maintenance
of
Secondly, the Organization
would
facilitate
posals place great emphasis on the
and procedures to be em¬
ployed
be
Council.
ble.
said,
that
"so
much
could
have
been accomplished on so
difficult
a subject in <=*0 short a
time."
But
in
spite
of
all
deavor
based
ing.
that
to
reach
labored
in their
an
pa¬
en¬
agreement
on
a
genuine understand¬
I wish to say, for my part,
in
the
many
international
conferences in which I have
par¬
in
of
powers
the ..Security
This Council wohld be
small body of 11
would
These
in
be
a
members which
continuous
session,
China,and
result
France,
would
in
breach
a
of
Finally, if peaceful
and
the
means
peace.
failed;
threat to
or
occurred,
a
peace
the Organization
breach
of
the
would take such forceful action
might be required to maintain
restore
peace.
For
the'
vides
as
or
-
accomplishment
of
for ; a
General Assembly,
Economic - and
Social
with
States,
Great
Council under its authority, a' Se¬
curity
Council,
international
an
justice and a-secretariat.
versed
the
in
structure
League
of Nations, this
enumeration may sound familiar.
Undoubtedly, there
tures
which
would
in
have
former
are some fea¬
United Nations
the
Britan,
have
the
Soviet
eventually
permanent
,
It is clear that the economic
seats.
Strength and military potential of
these
countries
place them
in a
position of special
responsibility
in any matter relating to peace
ind security. Realistic recognition
is given this fact in according
them
permanent
seats
the
on
Security Council.
General
terms.
Assembly
for
two-year
And I would like to point
put here that whatever voting pro¬
cedure may be agreed to, decisions
in the
Security Council would
tainly require the assent of
of these members,
more
cer¬
one
or
tVAs I have said before, one of the
of
the
Organization
purposes
the
adjustment and settlement of dis¬
with
a^e two fundamental differences
the League. In
over
the
of
action
measures not
of
use
the
as
armed
in¬
force,
of
severance
maintenance
the
of
and
peace
proposed structure:
/ XV::;
1. The Security Council can in¬
vestigate any dispute or any situa¬
tion which may lead to interna¬
This
putes.
function
the
on
would
'
It
;2.
in
act
give
or
rise
VlVVVV,/;.Vy;
to
a
^/V'yV;
call upon the parties to
can
dispute to seek a solution by
negotiation, mediation, concilia¬
tion, arbitration or judicial settle¬
a
ment,
by
or
other peaceful
choice, or it
any
their
of
means
own
recommend appropriate pro¬
can
cedures
methods of adjustment.
or
Up to this point, it will be
seen
that the successive steps open to
the Council are of a judicial na¬
ture.
Only if these several steps
have
in
failed
the
settle
to
with
accordance
the
dispute
purposes
and
principles of the Organization
and only if the dispute is found
to
constitute
a
to
the
is
peace
continuing threat
the Council em¬
proceed
to*
further
to
steps of a political nature.
3. If the means already described
fail, and if the Security Council
determines that, as
result, there
a
threat to the peace, it can
decide whether it should take ac¬
exists
a
tion.
1
4. If the Council decides in
the
it
to be taken to main¬
measures
tain
restore pegce
or
the
then determine
can
5. The Council
matic; economic
take diplo¬
other
or
measures
de¬
short
of
these
envisaging pos¬
complete, or partial, inter¬
accordance
the
and security.
can
Council,
Security
would
friction
tional
dispute.
'/VjXlrV affirmative,
However, there
League.
volving the
such
would be to facilitate the peaceful
common
the principles
Initially
such
might consist of
powered
: The other six members of the
Council would be elected by the
an
of
use
armed
force,
measures
sible
the
first place,
the Dumbarton with a series of procedures* out¬
Oaks. Proposals assign to each of lined in the Proposals. Nations di¬
the
the
economic relations.
principal
■
ganization
ities,
of the Or¬
responsibil¬
organs
clear
;
cut
thereby
eliminating
any
jurisdiction. In the
second place, each organ is en¬
dowed with appropriate powers
for the discharge of its functions.
confusion
to
as
These
observations
cially
to
relate
espe¬
the
proposed General
Assembly and the Security Coun¬
cil. V;-V-V X-V.':;
The General
the
Assembly, is to be
organ of the Organi¬
central
zation in which all member
states,
large and small, would be repre¬
on
an
equal footing, and
would
enjoy equal responsibil¬
ities. In this body, the truly dem¬
sented
character
ocratic
would
ture
General
of
the
struc¬
reflected.
be
Assembly would
The
be
the
center for international discussion
and
action
with
respect
to
be expected
relations
to review the
among
nations
recommendations •; to
governments for the promotion
their cooperative
be
efforts. It would
responsible for promoting the
observance
of
consider
and
recom¬
the
Jhe General
the
be
arm
of
promote
which would
its long range objectives
for
advancement
Organization
the
freedom
not be
and
in
of
sense
a
human
It wmild
progress.
any
legislative
ticipated during the past 40 years,
body
I b»ve never experienced such
seriousness of purpose, nor such
a
state,, but rather
a
ity to facilitate agreement among
or
any" agency
an
bear
of
a
super¬
instrumental¬
ruption
initial resoonsi-
the
disputes
any
bility and obligation for adjusting
or
settling
fully. by,
Choice.
such
disputes, peace¬
of their
own
means
Such means
might include
direct negotiation,
mediation,
arbitration, or adjudication by the
court
of
international
justiee.
However, the Council would be
of
communications
of
severance
6.
and
diplomatic
and
Finally, but only in the last
analysis, if all previous steps have
found
been
inadequate, is the*
empowered to take such
action by air, naval or land forces
as may
be necessary to maintain
.
Council
restore international peace
or
and
,-
empowered
dispute
to
\
or
give rise to
or
dispute in
a
order to determine whether
international
peace
by
settle
to
such
their
or
not
endan¬
was
gered, If the parties to
failed
any
situation which
international fric¬
might lead" to
tion
investigate
any.
dispute
a
differences
they
would be
obligated to refer it to the Secur¬
means,
ity Council.
The Security Council
then
determine
whether
the dispute was likely to endanger
and if so, to recommend
procedufes-or methods of adjust¬
peace,
ment.
X;.
I
Therk
is
thus
dual
a
...
bility inHhese proposed measures.
On the one hand, the parties to
Security/Council
alert to determine when
constitute
may
peace.;.
But
■
if
be
must
a
threat
a
ever
dispute
to
the
"" '
all
the*e
procedures
should fail, and the Council should
find
that
the peace was threat¬
it would 'be empowered to
ened,
take
security.
■
.
Clearly,
plan,
to
.
the
under
proposed
possible effort is to be
every
made
■■
,
settle,.international dis¬
putes without recourse to the use
of
force, but force. is to be avail¬
able if only thus can international
and security be maintained
peace
restored.
or
V,
Now, for this last purpose, and
under
special
agreements
con¬
cluded in keeping with their con¬
stitutional
States
be
of
case
processes,
gents
the member
United
the
of
would
Nations
obligated to supply, in
need, specified
contin¬
of armed forces and other
facilities to be used for the main¬
responsi¬
It would
make
In short,
would
would
tions, and,on the other hand, the
regarding the general
principles of cooperation in the
maintenance of peace and secur¬
ity, including those governing dis¬
armament and the regulation of
Assembly
in
the dispute must observe their ob¬
ligations to find peaceful solu¬
mendations
armaments.
involved
and
human rights
fundamental freedoms.
also
rectly
would
co¬
operation
of
governments, it was possi¬
as
President Roosevelt has
maintenance
Union,
make
three
the
peaceful means
adjustment or settlement of
disputes between nations, which,
if permitted to
continue, might
of
and
the
for
alert and ready for any .emergency
Of the 11 members, the United
state
liminary talks at Dumbarton Oaks men who met there
in
anticipation of a United Na¬ tiently and hopefully
print that eme^es from the event¬
conducive
peace.
thought.
constructive
But if the blue
prevailed.
Oaks Pro¬
vested
well-being in the -interna¬
community which will be
tional
numerous
had it not been for the
construc¬
tive and cooperative
spirit which
animated
the
discussions.
The
pre¬
insecurity
Hence the Dumbarton
would
and
stability
would
leaders
of
national
Thus prepared, as were
representatives of the other
of
ditions
security.
of
with
Charter.
activity such as
that entrusted to the Assembly security, because these steps are of
fundamental' importance in the
would be greatly impaired if con¬
peace and
conditions
discussed with many members of
Congress and with
V: VVV
/.
But constructive
of
both Houses of
accomplished at Dumbarton Oaks
published the results of the
cies.;-: h ; V'; yX i
powers
those
breach of the peace,
or
diplo¬
cover the whole range
matic and economic relations, and
political, economic and social the
interruption of rail, sea, air,
problems of interest to the inter¬
postal, radio, and other means of
national
community.
Moreover, communication. If
necessary, how¬
the General Assembly would be
ever, the Council could take ac¬
able to approach these construc¬
tion by air, naval, and land forces
tive-tasks without being encum¬
to restore peace.
bered by responsibilities for the
Let
me
here recapitulate
in
solution of specific conflicts or the
somewhat greater detail the sev¬
specific implementation of pol¬
eral successive steps that under
icies which can better be achieved
the
Dumbarton
Oaks
plan are
by specialized bodies and agen¬
open to the Security Council for
long range purpose and ob¬
jective is to assist in the creation
in political, economic;
and social questions generally.
It
very
have
tions conference.
the
then
were
subjects
ance
of
countries,
and
the
threat to
a
its action must be taken in accord¬
tivities will
volve
the,
we
The
all this that
of
scope
'
be concerned indicates that its ac¬
which
helpfully
inviting
envisaged in
the Dumbarton
Oaks Proposals
may be conceived as having three
principal purposes, each of which
is
related to: the single aim of
maintaining peace and security.
:'
evident from
wide
great advance
are
cntmism and debate that
Organization
advancement., of
aims.
with which the General Assembly
of the proposed Organization will
which in my opinion constitute a
for
is
The
It is
the
the
common
be borne in mind that these four
this, prepa¬
ration, very little could have been
they
It
world
to
cannot
are
as
a
Criticism and
bound
everybody,
please
just
future
security.
is
out
effective in the
of
there
endeavors
holds
idealistic
our
realities _qf the
WoiTd in which we'live today.
the
wider
a
completed,
we
combines
of
dertaking to bring about
be prepared to accept the nearest abroad, which threw
light on the
hp proa eh to that maximum that" oroblems involved.
When
this
will permit general and eventu¬
initial work was
al •/,
pro¬
with- the
aims
those
un¬
emerged
Can
sac-
too
which
To
Before
assume/
efforts
future.
any
be
print
Dumbarton, we merely erect¬
something to shoot at, the plan
that was produced, nevertheless,
represents the best results of the
combined thinking of our British,
Russian, and Chinese. friends, as
well as our own. It is a plan
court of
to
sideration in mind. With the best
the
avoid
dice
blue
Dumbarton
at
prepared
Under the leadership of Secretary
Hull, who unsparingly devoted his
time and his energy to the direc¬
tion
of. our
own
preparations
for
these*; conversations,
there
of
war
3
at
they would undertake—
what ^responsibilities
they were
terests of peace
civil
provisional
ed
the principle
equality of all
how
of
cities and
a
discuss with you
these purposes, different types of
peace-loving nations^ and open to; organs
exercising different types
membership by all such nations. of
functions, would be required.
The next, step after Moscow was,
The Dumbarton Oaks Plan pro¬
would need to
of
shall
Oaks, and
the considerations underlying the
rriore important provisions in the
plan. Please remember that while
on
sovereign
manhood, probably
including the blotting out of our
our
the
and
duced
before Christ; Greece tried
it; Home tried it; William Penh
proposed in effect a United States
years
tacks
for
states
their
.
Thursday, December 28, 1944
of
tenance
peace.
agreements" for
These soecial
the
supply
of
forces would be concluded among
member States and would be sub¬
ject to
by- the Security
approval
Council.
It is obvious that in the
forces
armed
by
the
use
of
Security
Council, it would require the most
highly qualified exnert assistance
For this reason,
for this purpose.
the
proposals nrovide for the-crea¬
tion of a
tee
Military Staff Commit¬
which
would
consist
of
the
for
Chiefs of Staffs of the permanent
The provisions for enforcement
representatives and of other mera-
any
measures
necessary
the maintenance of peace. ~'
members of the Council
by the Security Council are
sufficiently elastic for effective
circumstances.
action,
would
action
whenever
required.
tion
is
such
action
Although wide
the Council
gwen
is
dele¬
by the
determination of the existence of
of the
not
onlv
of their
Organization in special
serve
measures,
<->r
in
This
Committee,
the Security Council
military
but a^so in pdv <?in<?, the
Council upon a general system
for
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4346
160
the effective regulation: of arma- such coordination would be placed tunate, by an all-night conference
L:.' tltv highest" r c^retdht/tiVd'" b bdy/ faltcrhgtcly'witb Mr; Vcnizclos and
«merit's.''■'V' 77' "*
'■
General Israel Pasha, now Presi¬
Tins, in brief, is the pattern pro¬ of the world—the General Assem¬
dent- of the Turkish Republic, in
posed; lor
the maintenance
of bly; but it would tali to me tco-.
peace, i
There is, however, one nomic and Social Council, under securing the reciprocal concessions
authoiity, to work out the wu,;cn nelped to stave off war be¬
further aspect which I wish to its
tween Turkey and Greece which
emphasize. I refer to the solemn practical problems involved in
V":': were then on the very threshhold
obligations which must be as¬ such a program.
of renewed hostilities owing to a
ine Jico..umic and Social Comi¬
sumed by all members of the or¬
ganization. First, they must pledge cal would be assisted by a series of long series of mutual irritations.
And /then, in Tokyo during the
themselves to resort to none but expert commissions for economic
ten
years
from 1932 to 1941 1
peaceful means in the settlement problems, for social problems, and
for
of any disputes
which: may arise
among them.
As a fundamental
corollary to this obligation, they
must also pledge themselves to
refrain from the use
force
of
or
the threat of force in any manner
inconsistent with the
breach
a
bers
the
of
of
purposes
In the event of
the Organization.
"all mem¬
themselves to
peace,
must "Obligate
assist the Organization in any ac¬
taken
tion
maintain
it to
by
or
I trust that you will
that these obliga¬
considerably farther than
those assumed by the parties to
the Kellogg Pact and by the mem¬
bers of the League of Nations.
restore peace.
with
agree
me
tions go
These
with
together
obligations,
field.
example; served
would
command
;
ity Council to decide upon meas¬
ures to be taken in the event of a
give
a
of
the
a
in
our
of preventing
discussing the
means
in
therefore
peace,
great step forward
ceaseless efforts to find
of
role
the
General Assembly, I passed lightly
the
over;
of
provisions
the
of bur international ills
surely
real impetus to effec¬
which
der
-
semble
internMiopal
posed at Dumbarton Oaks.
problems/ These provisions, in my
opinion, merit your attention.- As
I have said, before, the General
least three
Assembly would have resnonsibility for the formulation of broad
would be to negotiate
its Charter
which"■ would set forth the obliga¬
policies in these fields in the form
tions
nomic
Social
and
the authority
Eco¬
Council, under
of the General As¬
of
ment
developing international coopera¬
tive activity in the economic and
the
social fields. >• This Council would
use
18
of
States
member
General Assembly
of three years. Unlike
for
term
a
provision
5s made for permanent members.
It may be anticipaetd, however,
that in selecting the members of
the Fconprnic and -Social Council,
the Security Council, no
the General Assembly would take
into consideration their ability to
contribute to its work.
In
I
;•
considering the: functions of
fcjdndral'/Assembly'/aftd;"./thie'
the
Council,
and: Social
Economic
I
invite your attention to the exten¬
sive development
of
number of
social
a
economic
sreciahzed
and
agencies/ Some of these, such as
the International Labor Office,
established
wre
the
last
the
at
Others
war.
clo^e
of
developed
during the inter-war period. How¬
ever
within the past IB months,
four
organizations have been
new
projected as
national
a
result of the inter¬
held
conferences
vrot
at
Springs, Bretton Woods and Chi¬
cago.
These
rewly
projected
bodies include the United Nadons
Agriculture OrgrmizaInternational Monetary
Fund, the International Bank for
Reconstruction and Development,
and the International CivU Avia¬
Food
and
tion,
the
Organization/ Still other or¬
ganizations may be established to
deal with specialized
economic,
tion
social
cultural
and
questions,
as
for example
the proposed United
Organisation for Educa¬
Nations
.
C'dtnral
tional .and
list
.
Reconstruc¬
I sho-hld add-to the above
tion.
United
the
P';Uer
NMinnV
and Rehabilitation Admipp^Mmn,
popularly referred to
which is in
a
as
UNRRA,
special position be¬
of if-? temporary- nature, /
The Dumbarton Oak* Proposals
came
contemplate tbM specialised
cies, such
would
be
as
nop-p-
those just described,
brought into r^ationorganization
sh.ip.with the general
so
that., fboir pobr'es. and activi¬
ties mieht be coordinated
lated
in
the overall nic.tu^o.
COPfdiep + ion
sarv
to
pnd
present
confusion.
The
re¬
This
nofpo.
overlan^i^g
a^d
responsibility for
be
would
ment
elected by the
RoosevelW*
wreck
to
that
will
it
just dk>
if an
National Association of Commod¬
ity Exchanges and Allied Trades,
organization of some kind is seV
up, little attention will be paid to
Mandeville,
Maurice
Inc.,
ident
the
of
Exchange,
unanimously
debunked
re¬
not
/
/
serve
"Other
,
for
elected
officers
ber
of
Board
Coffee
York
of
&
of
of the
Directors
of
Board
of
Trade
the
row
a
There
has
been
r
a/tremen¬
how
few
a
willful
men
ever
enjoyed such
did
he
as
But,
alas,
him
We
It
was
willful
a
No
an
and
Paris
in
World War I.
cut
.
Wilson, and thereby rendere l
disservice to mankind.
has
n
m
acclaim
Rome
in
tasty tonin»
homy
at
men
short.
think
it
is
undenial/n
an
J/ fact, attested to by many of M;
of New Deal lieutenants who ,haver
never
liked his internationalism/
Board",
that Roosevelt became bored wVR
city of Chicago,
and also Vice-President of
as
thwarted the ambitions of Wood,
Exchange,
Sugar
Inc.; Secretary-Treasurer, S.
Meyers, of Chicago, member
thorough'
so
events that it will
that great monumer,V
by
propaganda, in this country
about
New
Managers,
even
which Roosevelt envisaged at r'L
This is a personal tragedy fc ;
commodity association re¬
port of December 8 said:
feet; that
own
it.. It will have been
Mercantile
Chicago
was
elected President.
The
Pres¬
world must go one step fur¬
ther :than/the physician/: It must
provision
It is
stated:
also
.
/
;
Association
"The
of irritation and
spots
/1
;/
1
plans
-
President
for
long before the disease itself ma--
taken
second; step terializesv;;////;/^
The
an
::
nutshell;
"To put the
'agree¬
the peace
matter in a
machinery of the world
must be far
far
radical, far
more
prescient,
member States
by
George Hintz, member of Board uttered at the tomb of LafayeP v:
of
Managers, .New York . Cocoa "Lafayette, we are here." Roose»
Exchange, Inc.: J. O. McClintock; velt is believed to have in mix/1
member of Board of Directors,' something like "Woodrow Wilsot*,.:
Board of Trade of the city of I have completed the job for '.youW
With the signs increasing tbz.v
Chicago; Mr. Meyers and
Mr:
Mandeville.
All directors were there won't be the
appropriate re /
re-elected."
■/
:/v-;./
easion for anything like.that, tb.n
more,
concerned
tion
The
by leaders of the Associa¬
the
of
shaping
has
to
reason
becom- >
increasingly irritated.
greatly expanded work, during the
coming year.
A grave view was
negotiate
to
Farms
diagnose the future potentialities
of disease and attempt treatment
by
series of agreements for
or a
the
sense
Arcady
machinery of
Stales and the basic
sembly, would assist that body in
consist
its
on
member
assumed
the organization.
machinery of
the
The first
be
to
'
necessary.
"The future peace
.
establish¬
the structure."
.-
disease
before
long
comes
But at
he seeks fto
by treat¬
operation be¬
appear,
the
eradicate
ment
steps need to be
effective
the
for
the
symptoms
the international organization pro¬
taken
the irritation in advance,
momentthe
obvious
sense
but
This then/'s the general plan of
more
the; ravages
to
disputes
would be less likely to arise.
pro¬
An
closely re¬
of cancer.
i
domestic politics, and thought. In
Milling Co.
//////'P. could succeed where Wilson failech
tive solution of difficult and com¬ They generally;begin on a small "The following were re-elected; Some of his closest associates sa y
plicated, but immensely impor¬ scale as a result of long irritation on the Executive Committee: E. E. that he has in mind, at the proper
tant, economic and^social prob¬ on a given spot. - Even' the most Klecan, of Kansas City, President, time, some such expression nm
lems.
Its
fundamental
purpose -skillful physician may not be able Board of Trade of Kansas City; Pershing is'credited with havinji
very
This- would
posals concerning the solution of
recommendations.
It is like
poultice prescribed for cancer by
the surgeon long after the career
lias been allowed to develop. Most
staff
economic, social and humanitarian
of
have
aspiration;
dous
because it is superficial.
attention
wide
will
the
him.
a
would be to create conditions, un¬
v:
war.
a,
meeting of
the
magnificient in theory, is ineffec¬
tive in practice.
It is ineffective
by the Economic and Social Coun¬
cil on the basis of informed and
preparation by such
Mangesannual
the
At
"
the General Assembly; or
$
(Continued from first page) ..'
brought about the in¬
soon
Washington
Ahead of The Mews
vasion of North China in 1937 and
.
careful
From
ensuing year are as follows: First
Vice-President, Ody H. Lamborn,
ultimately the attack on Pearl
New York, President of the New
Harbor in 1941.
dm' York Coffee &
Sugar Exchange,
With such a background is it
Inc.; Second Vice-President, Wal¬
surprising
that
the - following ter H.
Mills, of Minneapolis, Vicethoughts found expression in my,
President,
General
Mills,
Inc.;
diary in 1933:
Executive
^
Vice-President, J. A.
"Qui; peace machinery, while Higgons, Jr., of New York, mem¬
that
.
made by
militarism that had led to the
invasion of Manchuria in 1931 and
by a highly
develop into a
sort
of
international economic
general staff in connection with
the world organization. /
/,■/;■
Let me remind you that in this
area, the Organization would act
through recommendations both to
governments and to the special'zed
agencies.
It seems likely,
however,
that recommendations
for
respect.
mark
s.ve
trained staff, might
and
would
ment of the arrogant and aggres-
might be required in this
An economic commission,,
which
the extensive power of the Secur¬
breach
watched, impotently, the develop¬
other group of problems
any
28&J
following
story
is
in
past but we pass it on because
it
of
develop-, is a typical example of what gu vj
ments relative to the production- on°in
Washington, and something
and
marketing of many, of the we think people should know/
basic commodities traded in uponthe
nation's
futures
great
ex¬
about:-
When the Senate recent/r
sent back to its
Foreign Relation,!
changes, particularly for the post-, Committee the new State Depart¬
war
period when the threats of ment
third step would be. to. negotiate stances than with theories than it
appointments/ it refieceH
hugs surpluses loom.
r
•'
the general ■ restlessness "of that
agreements for the regulation of is today if if is ever to "succeed in
;/ "In this connection it was also, body. Then a Leftist group of
/YV'/;/''/*
armaments, looking toward a re¬ abolishing war.
recognized
tha c the trends all
duction of the heavy burden of
agitators launched a crusade
"Someday in the distant future
point to further departure from
armaments; Each of these instru¬
against all of the group excep's
we shall have, perhaps, a sort of
the
traditional
free
marketing Archibald
MacLeish
on
XUi,
be subject to ap¬
ments would
Faculty of International Political
system."
"It is these dangers,", i
proval by each of the nations in¬ Health who will study interna¬
grounds of their wealth. The Sen declared
Mr.
Mandeville, "that
ate, generally, was more afiev
volved, in accordance with its tional relationships from
every
the National Association of Com¬
MacLeish.
Interestingly enough,
constitutional processes. Upon the point of view, much as the family
modity
Exchanges
and
Allied the Leftists as a whole did nci
:omp!et.on of these negotiations physician studies, or should study,
Trades, Inc.,
is
determined to.
take up the fight.
Apparently
.here
would
emerge
a
flexible the mental, physical, and moral combat.
The objectives of the
machinery of organized interna- condition of his individual charges. Association are
was
confined to the newspaper
designed to bene¬
When sources of potential danger
.ional relations fully capable of
fit
equally all groups
in the "PM," to Dave Stern's Philadai*
development and growth. No ma¬ to international health are per¬ commodity trades, producer, dis¬
phia "Record" and Drew Pearson,
chinery made by man will in it¬ ceived, the Faculty will prescribe, tributor and consumer.
We be¬
the columnist. They got Senator.*
self provide security.
But if the long before the actual illness oc¬ lieve that this end can be ob-;
peace-loving nations of the world curs, in order to eliminate the tained best through the medium Joe Guffey and Claude Pepper t>
are
firmly resolved to establish causes of potential friction, the of free markets in the traditional act in the Senate for them, ami
of armed forces and facilities for
more
with facts, conditions and circum¬
by the Security Council. " The
.
....
,
if they have
will to use and to
such machinery and
the
sustained
of
sources
The
infection.
cura¬
tive-measures must be taken long,
support it, the proposed organiza¬
tion would doubtless, we believe,
long before the disease has been
given an opportunity to grow. In
affairs,
once
the
tremendous advance international
in our modem world. //'/;//.■• '//v fever of animosity has appeared,
Now before closing* I venture, avoidance of the disease is uncer¬
represent
a
Purely by way of illustration, to
indulge in one or two personal
reminiscence s which may indicate
why I
been
have
with
associated
be
may
remember,
break
of
as
be
table in a definite case
by the sober judgment of a few
wife."'
a
the
green
war
our
,
sinking of the "Maine"
caused the long smoldering
the
was
that
resentment of
our
people to blaze
hito war, but our differences
with
of long duration and
of cumulative intensity.
Did not
Spain
before
were
opinion has had
a
chance to
future; (and
let me label it a;spurely.a fantasy of my own mind)
sit constantly, conducting
ences
endanger the maintenanceof international"oeace long, long research as in any laboratory, pre¬
the
those
of
continuance
differ¬
—must
before
not
those
dealt
tional
occurred,
war
differences
with
by
body
as
such
we
and
would
cisely
now
interna¬
■
:•
.
••
must develoo
like
and
conducting
their
I ask you,
.
*
.
ladies and gentlemen,
consider whether the oropos°d:
i-o
General
-
It will grow to
experience.
full maturity.
are
can
gradually, profiting
its lessons
infant from
any
Assembly., the Economic-
md.- Social,
•
.
Council; the Security.
Justice
the
Ponal
Staff Committee, do
from Vienna the gradual de¬
"We bavq corne a Ions? wpv since
saw
I
orophylactic measures
to be
sort
effpcBve.
Hague Peace Conference
velopment of t^e irritation that the
resulted in the Balkan wars, and of 1899; we sb'U have a long way
un+il
from
t*>e*>
from
Berlin,
j-.vr
T- watched,
to
t^e steadily monnt-
fyf j-'"p
At Lausanne,
1914
V'orl'l
in 1923, I was for¬
Immediately after the breakfas';.
Pepper and Guffey telephoned
President
and
asked
Heaven's sake to get
spot they were on.
ing; Roosevelt
took
him
thn
toy
them off tiu>
At their ui g»
"strong ami
.
l>e
I
morning be¬
forceful action," sufficient,enpugh
Their:: finding;?., Council, which is to sit constantly;
their warnings, their recommen¬ fortified by the Court of Interna— to let Pepper and Guffey revei sn
tod a v.,;
eer
dations muct be made in time for.
1907,
of death" is that the
Association of Com¬
modity
re¬
other similar bodies
search for the elim 1 nation of
visualizethe
"/./•' '
Mandeville also stated that
Mr.
watched from Ft;
Petersburg the gathering elm ids
of eventual war.- In 1910 and 1911,
In
The amusing thing about thor
house-'
/:-.//■'-'/• "gallant crew" and the "baitaLui
or
:
the National
the Rockefell er Founda-.
constantly
in order to aUQv that threat in
interests of all?
as-
tion and
have 'beenan
merchant
farmer,
Exchanges
and
Allied fore the afternoon vote confirm »
become inflamed and them own
Trades, Inc., is planning to set up ing all the appointees, Pearson
saner? judgment warped
by the personnel in behalf of the Asso¬ and Stern had breakfast wuh
ciation; of a statute effectively to:
course of events and by the heat
Pepper and Guffey, at which
of international animosity.
carry out this objective."
was
agreed they were to figuv
"This Faculty of International
Political Health—a vision of the of Zeus; full-grown from birth: it- to the last ditch to save America.
nublic
youth, the out¬
with Spain.
It
a
which has, these two men were advertised
Amer¬
a
"gallant crew," a "battalion u*
ican progress.
This is the com¬
It so happens that
mon fight.
We are all interested.. death," etc.
If we are to surrender to Gov¬ Guffey and Pepper are anything
ernment
agencies the right to but that to their colleagues, an< I
trade freely the basic commodi¬
to
the
Washington
newspapn;ties, it will affect the democracy
of our every-day life whether we corps. The Senate lost interest.
been the basis of our great
in time. Much- can be done around
work at Dumbarton Oaks. In 1893., far-sighted Statesmen long
I
The
late.
too
nronhylactic steps must be taker
profoundly haopy to
am so
it
tain;
free enterprise system,
go.
aged?
.
of
and
Faculty
Political.
Military- their positions and drop
not provide a
International
of
Economic
and
Social
Health that will be notent to ar¬
rest
international
disease
in
it«
be discour¬
incipiency and thus work toward
This movement toward in-
time thn pwf'i catastrophe of an¬
Put need
f/>v>r>qtiorio|
we
rrwraArpt.ion
did
spring, like Athena from'the brow1 other World War.
the fighL
aroumt
the group
general explanation
Washington as to why,
started the fight was to see
influence they
the pe-ql of averting for pll future
not
The
ident, having
for
a
seems
fourth
wha v
had with the Pres
-
whooped it for him
term.
to be, none.
The
answac ■
J
THE COMMERCIAL & FINANCIAL CHRONICLE
2840
(Continued from page 2834)
_
distribution,
1
...'•A, ll
•
/
/
.
0
6
,
output of war goods was at its
peak.
".."V
■ ■■
of 17.9%.
crease
Local distribution of electricity
Order volume
of many steel
companies for December show a
October
substantial increase over
Practically
and November.
every
186,300,000 kwh.,
with 223,600,000 kwh.
corresponding week of
a decrease of 16.7%.
amounted
compared
for
the
last year,
to
steel item except plates-last week
Railroad Operating Revenues-
was tighter than a few weeks ago
including alloy steel, which has
completely reversed its recent
Operating revenues of the Class
I railroads of the U. S
in Nov.,
New ordnance
downward trend.
1944,
estimated by the Associa¬
as
of American
tion
Railroads were
for old items in¬ nine-tenths of 1% more than in
cluding shell, shell containers and the same month of 1943. This es¬
gun, barrel forgings are steadily timate, it was pointed out, covers
expanding
with
deliveries
of only operating revenues and does
rockets and heavy trucks espe¬ not touch upon the trends in op¬
cially urgent. Forge shops are at erating expenses, taxes, or final
peak operations consistent with income results. Estimated freight
programs, some
available
1
manpower.
in
revenues
1944,
Nov.,
,
were
plate situation has eased
considerably and by the first of
the year some steel sources be¬
greater than in Nov., 1943, by
1.8%, while estimated passenger
revenues decreased 2.4 %.
continuous
Railroad Freight Loading—Car-
The
lieve
wide
most
that
sheet mills which have been roll¬
loadings
ing plates will be able to devote
the
of
most
sheets.
their time
rolled
hot
to
:
Any sudden demand for
plates by the Maritime Commis¬
sion, however, would change this
position. ^
;,[[//•;.•
Last week steel bars showed the
revenue
ended Dec.
cars, the
American
Railroads
749,883
This
decrease of 43,671 cars.
was a
5.5 %
announced.
the
preceding week
this year, and a decrease of 8,998
cars, or
1.2% below the corres¬
below
barrels:
v
the- preceding,
"
average figure
terfields
the
recommended, by
Petroleum Administration for
coats, soft suits in vivid shades
War for the month of
1944.
and
December,
When, compared with the
barrels.
<
-
was
untrirnmed
fitted
dresses strong;
Southern mar¬
crepe
from
moderate.
v[
.;
Men's [clothes
were" ordered
freely, with demand heavy, for
the usual seasonal gift items, such
as glove and
muffler sets, hand¬
kerchiefs, pajamas and shirts, al¬
though
spottiness
characterized
;
>■_.
from
refining
com¬
panies indicate that the industry
whole
print
kets
Reports
as
and;
Reordering
corresponding week
last
year,
crude oil production was 331,650
barrels per day- higher.
For the
four weeks ended Dec. 16, 1944,
daily output averaged 4,712,200
deliveries.
•
w vr
y;/''''/:
•'v
to stills
ran
(on a Bu¬
House furnishing and ' textile
reau of Mines basis) approximate¬
markets were quiet during the
ly 4.537,000 barrels of crude oil week and trading, in food markets
daily
and
produced14;145,000 much the same.
Florida
fresh
barrels of gasoline. Kerosene out¬
vegetables, however, enjoyed acput totaled 1,420,000 barrels, with .tive
trading.. ////v'./'/y/';
distillate fuel oil placed at 4,353,Department store sales [on a
000 barrels and; residual fuel oil
country-wide basis, as taken from
at
8,727,000 barrels during the
the tFederal Reserve Board's in¬
week ended Dec. 16, 1944. Storage
dex, were 17 % ahead of a year
supplies at the week-end -totaled
ago for the week' ended Dec. 16.
82,747,000
barrels; of
gasoline, This
compared with 23% in the
12,400,000
barrels
pf, kerosene,
preceding Week.
For the four
42,413,000
barrels
of
distillate
weeks ended Dec, [16, 1944, sales
fuel, and 59,280,000 - barrels of
increased by 18%; A 10% increase
residual fuel oil,:
in department store sales for the
Silver—The London market for
year to Dec.
16, 1944, over 1943,
silver
the -past week
was
un¬ was also noted.
;
;
changed at; 23% do The New: York
The
Christmas --.holiday
trade
Official for foreign silver contin¬
ued at 44% cents with domestic here in New York ended last week
with record high sales well sus¬
silver. at'70% cents. >'\
tained. According to the New York
Business Failures-4- Failures in
•Times,", department stores had
the U. S. for the week ended Dec.
gains of 35% or more for the week
14 jumped to 33; the highest num¬
and from 18 to 20% for the period
ber in any Week since June, re¬
from Dec. 1 to Dec. 24. inventories
ports DUn & Bradstreet, Inez They
dropped well below last year. The
were over -three times the previ¬
usual in-between holiday lull in
ous
week's 10 • and amounted to
a
.
...
freight for
16, totaled
Association of four-fifths of
of
week
8,850
per day
j coats and suits continued strong.
week,' ;and I Ordering ofsprmgwear was mod¬
26,500 barrels lower than the daily erately active, demand for Ches¬
-under
they are sub-the1 output of electricity increased
ject to changes depending on the to
approximately
4,563,079,000
progress of the war.
Little hope kwh. in the week ended Dec; 16
is apparent in the near future for from
4,538,012,000 kwh. in the
The latest fig¬
any relief over and above what is preceding week.
ures.
approximate a decline of
already being given for essential
1.1% from the level of one
civilian
needs
and
practically
none
for
ordinary civilian re¬ ago, when output reached 4
'•
•
1
■
quirements,' the magazine reports. 194,000 kwh.
Until such time as Germany is
Consolidated Edison Co. of New
defeated, it is apparent that the York reports system output of
steel industry and its customers 190,800,000
kwh,
in the week
must return to that phase of steel ended Dec.
17, 1944, [comparing
With 232,400,000 kwh. for the cor¬
deliveries and output which was
prevalent some time ago when responding week of 1943, or a de¬
steel
of
crease.
The State ol Trade
•Thursday, December 28, 1944
the 42
in the
the wholesale markets may de¬
velop this week. Buyers represent¬
ing stores all over the country are
com¬
*
parable week of 1943./ Sharp in¬
creases occurred among large and
failures.' "Concerns [ failing
with liabilities of $5,000 or more
expected to put in their appear¬
ance
here after the turn of the
small,
but what amount
year,
of
mer¬
rose
from 8 a week ' ago to 23,
chandise will be available because
the ponding week of 1943. Compared equaling their number in" the cor¬
of
the. demands
of the Armed
amount varying from company to with a similar period fn 1942, an responding week of last year.
On
company.
As the shell steel pro¬ increase of 6,822 cars, or 0.9%, is the other "hand," small failures Forces remains to be determined.
were five times their number in
gram unfolds on a greater tonnage shown.
According to the Federal Re¬
basis, it is expected that carry¬
Coal Production—The U. S. Bu¬ the previous week biit still far serve-Bank's index, department
short of those a year ago—about- store sales in New- York City for
overs will be heavier.
;
reau of Mines reports production
.
heaviest
item,
carryover
.
Structural
orders
the
meet
to
sudden
requirements
of
the
Armed Forces continued heavy
the past week with
demand espe¬
cially active from the Navy. Pos¬
sible
reinstatement of at least
a
the cutback landing
shaving down of a
projected increase in tin plate and
an expansion
in rail production,
are being considered in the plan¬
ning of first quarter steel direc¬
portion
of
mat program,
tives.
Efforts to
rail produc¬
tion will run into the problem of
controlled
cooling capacity, al¬
ready filled close to the brim.
Rail output will also be closely
gaged to shell steel output A cut
in tin plate would alleviate some
'of the manpower shortage, the
greatest single factor which is now
complicating the production of
light gage and highly finished
items, states the trade weekly.
step
up
The
expected petition for price
the steel industry has
been made to the OPA covering
requests for price relief on in¬
relief
by
of Pennsylvania anthracite for the
ended Dec.
week
16, 1944, at !,169,000 tons, an increase of 29,000 tons (2.5%) above the preced¬
ing week, and 34,000 tons, or 3%
above the corresponding Week of
1943.
The 1944 calendar year to
date shows an increase of 6.3%
Dec.
16, at 10,000,000 net tons, a
decrease of 1,930,000 tons below
the output in the week preceding.
Production in the corresponding
week of last year amounted to
12,702,0,00 net tons, while output
for J an. 1 to Dec.
598.6S5.000
net
the
to
retroactive
recent wage
feature
of
the
posite
week
The "Iron Age'' steel: com¬
price is
at $19.17 a
The
unchanged
gross ton.
American
Iron
Institute
announced
that
operating
the
and
last
rate
this
Steel
Monday
of
steel
16, 1944, totaled
an increase
tons last week
f ne
and
1,504,200 tons
years ago.
I^ectric Production
son
Jlectric
Food
whole¬
Price Iiidex«-The
sale food
Declines
lambs;
wheat,
corn, rye,
occurred
in
oats, and steers.
The index represents the sum
total of the price per pound of 31
foods in general use.
Retail
and
Wholesale
Trade-
Sales volume of retail and whole¬
showed
decrease
1943 period.
:
a
of
correspond¬
ing week of 1943.
Lumber Shipments
—
The Na¬
The
retail
field
was :
featured
by a willingness ort the customers'
part to accept higher priced goods
in holiday items!1 Women's wear¬
ing apparel and numerous' first-
tional Lumber Manufacturers As¬
floor
high volume. Luxury items such
as
jewelry, cosmetics and small
leather wear were in heavy de¬
mand with lingerie departments
reporting
tremendous
sales. A
general depletion of stocks as a
result of heavy week-end buying
reports
that
lumber
shipments of 439 reporting mills
were
1.0% below production for
fhe week ended Dec. 16, while
new
orders
6.8%
less
of
these
than
mills
were
production.
Un¬
filled order files amounted to 87 %
of stocks.
•
For
1944 to
date, shipments of
reporting identical mills, exceed¬
ed production by 2.7% and orders
ran 3.6% above
output.
The Edi-
Institute reports that
cor¬
pro¬
was
23.5%
greater,
shipments
32%
greater, and orders 0.7% greater.
Crude
average
Oil Production
gross
—
Daily
crude oil produc¬
tion for the week ended Dec. 16,
estimated by the Amerm°r> pa-
troleum
Institute,
barrels.
This
was
4,695,600
represented
a
de-
has
contributed
port a
to
Retailers ; of
resulted.
dren's
:
articles
the
chil¬
apparel, continued to -re¬
good increase over 1943.
Christmas tree decorations
were
said to be adeouate but not of pre¬
war
quality.
mand
Florists reported de¬
for Christmas
flowers
and
plants well above supply/ Stocks
of trees/however, were said to be
ample. Toy sales ran about 10%
above
last
year
with
liauor
and
candy purchases also high.
In the
found'
many
wholesale trade, buyers
difficulty
lines
Hio^
liveries.
and
+o
in f replenishing
had
to
contend,
de¬
Delano,
the
Examiners designed to further fa¬
cilitate
national
bank
participa¬
tion in the making of home loans
to
veterans
the
under
G. I. Act:
so-called
\:.v,y:[.y;;T-Vyy*
"In enacting the Servicemen's
Readjustment Act of 1944, Con¬
gress adopted a policy designed to
veterans
assure
Federal
tion.
of
assistance
this
in
of
war
rehabilita¬
A part of Title III of that
Act relates to home loans and pro¬
vides
for p a rtia 1 -guaranties
thereof. :'-[■ ■■"■:.[- ■'v-y * y
"In
order
to
Congressional
tent
we
office
■
•;"[;■y*,■/[
effectuate
this
policy, (to the ex¬
able: to do so[* this
are
has
adopted the position
to home loans made
national banks secured
by
with regard
by
first mortgages upon the real es¬
tate and covered by partial guar¬
anties
of the
tratibn,
Veterans'
that
Adminis-.
the" limitations
of
Section 24 of the Federal Reserve
Act with respect to .the amount
of the loans
compared to the
praised
value
will
applied only to the
be
of
the
real
ap¬
estate
por¬
tions of the loans not covered by
the guaranties.
-In all other re¬
spects the loans in their entirety
must
conform with the
limita¬
tions and restrictions of Section 24
of the Federal Reserve Act."
>
Airmail for War Prisoners
Postmaster Albert Goldman
nounced
an¬
Dec. 16 that informa¬
on
tion had been received from the
Post, Office Department at Wash¬
ington
-that
addressed
airmail
letter-cards
American
to
other
or
Allied prisoners of war in enemy
territory no logger require post¬
age.
The arrangements also apply
to American
tary
other. Allied mili¬
or
internees
in neutral
tries and to American and
coun¬
other
Allied civilians interned in enemy
For the. four weeks ended Dec. 16
territory.
sales
year
by 16%, and for the
foDec. 16 they improved
rose
by 10%.
The
;v
Post-office
advices
con¬
tinued:
"The
airmail
1 etter-cards
de¬
signed
for speedy clearance by
United Nations and enemy censor
are provided by the War
Depart¬
ment and distributed free through
November Rayon
Shipments Increase
'
Shipments
yarns to
of rayon filament
the domestic market ag¬
gregated 47,800,000 pounds in No¬
vember according to satistics com¬
piled by the Rayon Organon, pub¬
lished by the Textile Economics
Bureau, Inc.
The total, said the1
bureau, in its report of Dec. 8,
represents an increase of 800.000
pounds as compared with October
production of 47,000,000 poun
and
4,900.000 pounds or Tf%
1943. shipments
is
above November,
Hitherto the postage
applicable to such cards has
post offices.
rate
been six cents.
.
"Airmail letters for
prisoners of
the postage rate for which is
a half-ounce, are not
war,
six cents for
affected by the foregoing arrange.ents.
' /' • y:y
;y [:;• y;v
('Service is continued in force
prisoners of war letters by
surface means
which
on
post-
no
tage is required."
of 42.900,000 pounds. The Textile
Bureau advices further state:
■■
"Eleven
vey
Preston
troller of the Currency,, issued on
December
11
the following in¬
structions to all National Bank
riod of last year,- This compared
with 22% in the preceding week.
;■[[
the 569,855,000 tons
over
mined in the samq.
as
—
responding week of. 1943.
sale trade for the country as a
whole, declined from the levels of
the previous week: dollar volume,
Estimated production of
bee¬ however, remained high with sales
hive coke in the United States for in the retail division
topping last
the Week ended Dec. 16, 1944, as
year's level, Dun & Bradstreet,
reported
by the
same
source, Inc., reports in their
weekly sur-
of 5.1%
companies (including 94% of the
industry), will ,be 92.1% of capa¬
bly for the week beginning Dec,
Compared to the average
25, compared with 96.3%
one
responding week of 1935-39,
week ago, the drop of 4.4% re¬ duction of
reporting mills
flecting observance of the Christ¬
mas holiday.
This week's opera¬
ting rate is equivalent to 1.656.900
net tons of steel ingots and cast¬
ings, compared with 1,732,400 net
the weekly period to Dec. 16 in¬
creased by 18 % over the same pe¬
,
sociation
adjustment.
Scrap continues tight with prime
grades in good demand; Practic¬
ally all of the latter are at ceiling
levels.
re¬
tons,
tons less than for the
wage award becomes
effective and increased costs due
were
as'; compared
with 4 last week and 2 in the cor¬
report of the Solid Fuels the corresponding 1943 level of
Administration placed bituminous $4.00. Advances during the week
production for the week ended included eggs, potatoes, sheep, and
est wage
when
failures
Canada
The
creased costs exclusive of the lat¬
and
No
in
ported
price index, compiled by
Dun & Bradstreet, Inc., for Dec.
19 held at the year's high point of
when compared with correspond¬ $4.09 recorded a week earlier.
ing period of 1943.
This marked a rise of 2.3%v above
12,100 tons
when compared With the output
for the Week before and 72,800
award, increased costs if
one-half.
Loans to Veterans
months'
shipments of
filament yarn appi'oximate 488.700,000 pouhds against 451,000,000
pounds in the corresoonding pe¬
riod last year and indicate a total
1944
production
of
536,500,000
pounds.
U
_.[.-;[
.HI.
.
....
Living
costs
for
the
.....
.
..
average
family of wage earners and lowersalaried
clerical
United
States
workers
in
advanced
"For
November
staple
fiber
production aggregated 13,800,000
pounds
which
compares
with
from
14.500,000 pounds shipped in Oc¬
tober 1944 and 13,900.000 pounds
shipped in November 1943. Eleven
months'
shipments' approximate
The board's announcement,
cently released, continued:
151,800,000 pounds as against 147,-.
500.000
pounds; shipped in the
corresponding months last year.
The estimated annual total staple
fiber
shipments
is
165,500,000
pounds.
'U. :;-[,.
"Stocks' of rayon filament. yarn
held bv producers
on
Nov30, to¬
taled
8
riock
position
1943.
Staple stocks show a slight
400,000- pounds according
to the Organon. This is the same
at the end, of
October but compares with stocks
of 7,200.000 pounds on Nov, 30.
increase from
as
2.700,000 pounds on
Oct: 30 to 2,800,000
Reordering of women's November."
at the end of
,
;
October
to
the
0.1%
November,
ac¬
cording to the National Industrial
Conference Board.
re¬
"This slight increase brought the
board's index to 105.2
(1923—100)','
the highest level since February.
1926. and 22.3% above that of
January, 1941, base month of the
Little Steel formula.
There
were
•
1
;
/
increases of 0.3% in'
the cost of clothing, 0.1% In fuel
and
light and
There
was
of food and
no
0.4 %' in sundries.
change in the cost]
housing.
Living costs in November were
1.4% higher than a year ago,
Purchasing power of the dollar,
in terms
of
1923 goods, was
cents in November.
was
96.4 cents.
■
93.1
A year ago it
Volume !160
Number 4346
THE COMMERCIAL & FINANCIAL
CHRONICLE
2841
Deparimeni Store Sales In Hew York Federal
Week Ended Dec. 16, labr Dept. Repcrts
Reserve District in Hov. 13% Above Year
Ago
"During the week ended Dec. 16, the Bureau of Labor Statistics'
comprehensive index of commodity prices in primary markets ad¬
vanced to the highest level since the war
began," it was announced
by the U. S..Department of Labor on Dec. 21. The Department added
that
"the
increase
of
0.2%
for
the
week
caused
was
by seasonally
and 1.5%
ago
if schedules
Now, 1944,
the
last year.
apparel stores in the New York Reserve District
reported
a 16%
gain in the net sales in November,
Their stocks on hand at
the close of the month were 5%
higher'than the same month in 1943.
v The
following is the bank's tabulation:
' ; ^
a aya, v/
higher
were
same as
for
%
•
"Farm Products and Foods—Led by an advance of 2%
for live¬
DEPARTMENT
stock, particularly steers and hogs, average prices for farm products
in primary markets rose 1%
during the week.
In addition to ad¬
of 4%
vances
for steers and 2.6%
for hogs, prices for corn and eggs
+•
approximately 1% and quotations were slightly higher for wheat
leaf tobacco, and for white potatoes in Boston and
Chicago
Apples advanced in most markets and onions were nearly
4% higher than in the previous week.
Quotations for oats dropped
A
+ 12
Schenectady
Binghamton
,_A
adjustment and revision
reports.
by
later
and
"
.
,
(average
Sales
(average
groups
Dec. 18, 1943, and the percentage
*
changes from
week ago, a month
a
from Dec. 9,1944 to Dec.
p.-
:
.
.
'
•
.
OF
•
•
1
A
j
./■
a'A
A';"-'
.
;
-
wholesale
prices
for
'Aaa^aaaaAYa,-A:
ended
(1926=100)
dec.
i6.
1944
.
..
in
Dec. 16, 1944 from—
the
in
12-16
12-9
12-2
11-18
12-18
12-9
11-18
12-18
Commodity Groups-
1944
1944
1944
1944
1943
1944
1944
All commodities.^.
*104.4
"104.2
*104.2
*104.1
102.9
+0.2
+0.3
+ 1.0
+
+ 0.3
+ 0.8
Nov.-
163
A;
132
1935-39
114
"Compared with bars, the flat-
100
Sept.
improvement
in plates showing
signs of decrease. Belief that plate
"A
200
A',
158
A'
191
A
A.
211
230
192
156
155
•A
shrinkage in needs for ship¬
building, mainly in Maritime
Commission
on
260,
188
214
tonnage will be much less is based
?:■
:
253
215
173
■
*178
—
■A
"
198
230
'■
'
177
138
A
Nov.'
Oct.
152
*236
■
A
'■
172-
197+ '
176 A
A;," *'•.
1
' V' ''A";
AA:.'-A'A
total .monthly sales ;. no adjustments made for differences
shopping days from month to month or for usual seasonal variation
■
■.
125 6
124.4
124.6
124.5
121.8
/105.7
105.4
105.1
104.9
105.7
116.7
116.7
116.7
116.7
117.9
Textile products——A 98.9
Fuel and lighting materials——_
83.7
98.9
98.9
98.9
97.2
Hides and leather products
■
0.9
0
0
V
0
—
1.0
0
.,
0
+
1.7
+
83.7
83.7
83.6
0 A
+0.1
*103.9 *103.9
Metals and metal products
3.1
+
>103.9
*103.8
103.9
0
+0.1:
116.4
116.4
113.4
a 0
a-oaa
0 :
Building nmteriala—116.4
116.4
82.6
1.3
+2.6
0.
';(r\
any
"Far from
getting
a
breathing spell
104.8
104.8
100.3
103.1
106.1
104.4
93.9
93.7
93.4
93.0
115.1
114.3
114.4
114.3.
112.1
94.7
94.7
94.7
94.7
93.1
*101.3
*101.3
>101.3
*101.2
100.4
0 a:
+ 0.1 ' +?"■ 0.9
*99.8
*99.8
*99.7
98.9
6
+ 0.1
+
0.9
munition
*99.0
*99.0
*93.9
97.8
0
+ 0.1
+
1.2
place extreme pressure upon the
output of those items on the home
many
front.
some
Raw materials
Bemlmanufactured articles——
Manufactured products
commodities
All
h
o t
than
e r
commodities
*99,0
PERCENTAGE
;'aa
a;
CHANGES
and
Fruits
poultry
and.vegetables
Other
farm
y
IN
SUBGROUP
+0.7
+
2.7
0
0
+
1.7
Increases
.■
2.0
__
yv
Brick
0.6
a' '-AAA,
a
and
tanks,
in
will
hectic
0.3
tile
0.2
0.1
—
,
of
news
am¬
will
weeks
probably
only
be
before the
a
same
period which
on
Dec. 12 released the following statistics
pertaining to production, deliveries and stocks of duty-free
SUMMARY
OF
COPPER
V'/
.
.7-
.
:
?'<
"7% :'
STATISTICS
BY
-" INSTITUTE
X
-
REPORTED
,
THE
7 77 7.-' '
OF
fRefined
Free Copper
■
836,074
or
Blister
t Domestic
Refined
J
End of
Export
.
Period
Decreases (—)
Refined
818,289
814,407
992,293
1,033,710
1,001,886
134,152
48,537
142,772
+17,785
—41,4,17
—
1,065,667
1,545,541
307
75,564
—48,671
—
"1,135,708
1,635,236
1943-v 1,194,699
1.206.871
1.643,677
:
1940—y
Year
1941-^;
Year
1942%
.
11 Mos. 1944
978,994
Jan.,
1944-
Feb.,
1.944-
Mai'.
194'4-i,
Apr.,
1944%
1944-
May,
"Crude
Stocks
1.016,996
1,152,344
Year
Year
7-;,
:7777;V' ""-;':7-J f'%
Stock Increase (+)
Deliveries
1939-
COPPER
7777^.+'/ 7.;-'"
to Customers
Production
June,
101,247
99,118
95.280
94,534
July
1944:
Aug.,
1944-
-'Oct.,
1944-
*MihS'
or
tAt
'+• 2,129
38.382
—
770
2,750
1,123
—
-37,074
165,887
9,311
—
—
4,888
5,393
—
48,050-
—
.1.426
5,583
8,278
2,941
5,608
'"421
6,415
2,054
93,650
121,898
91,047
***139,515
88,384
118,054
—
51,412
—
89.068
126,590
49,358
—
—
76,079
87,145
127,517
smelter
production
March,
1941,
refineries,
stocks
on
at
Note—Statistics
includes
the
and
or
month
—11,066
deliveries
of
in
exchange
duty
foreign
paid
copper
warehouses,
but
not
for
including
September,
the
materials
Japan
better
drawn
from
stant
1944 have been revised.
'
by
WPB
officials
time ago is undergoing, con¬
revision.
that: cutback
Guesses
now
estimates
on
are
V-E
"Steel
making
operations
in
districts this week were
kept to as high level as possible
many
consistent
with
normal
holiday
losses induced by absenteeism or
custom.
Many companies main¬
tained
steel
raw
output
over
steel
ton
operations.
Heavy bookings
required the production of every
of
steel
the full
utilization of labor, which was the
main
weight of the Army and
be brought against her,
every month the lapsing before
V-E
Day make the- task more
formidable.
"An
point
V
,
reason
for
many
plants
eliminating the holiday; shutdown.
Incidentally and fortunately for
the
;;
apparent premature view¬
in estimating the date of
war
situation,
Christmas
activity
contrast to
a
this
was
year's
in
strong
when opera¬
V-E Day by the Armed Forces tions were marred
by strife and
themselves
will
probably make predictions were ripe of approach¬
those in command of the supply ing cutbacks and idle
capacity.
situation
more
"As the year draws to a close
super-cautious
than usual.
needs
for
Instead of estimating
future
Japanese
the
year ago
sights
ulti¬
mate requirements for the defeat
of
Japan.-
drawn
%
+
only 'conclusion
from
on
these
two
to
factors
be
is
time.
some
Emphasis
still, particularly on guns and
ammunition, with growing pres¬
sure
for
and
medium
guns,
as
rockets,
well
mortars,
light
ammunition
and
heavy shells ahd
artillery. Increased steel needs for
larger shells will be limited by
lighter
as
ish is indicated with
new
business
December running to 15% or
more
ahead of November.
Fur¬
thermore there
are more
across
the
extended
board
than
the
"Broadening
fect
bars
shapes,
are
af¬
and
and
facilities
pipe
as
requirements
particular
well
rails,
steel,
as
also
are
be¬
ing further diverted to shell work.
Meanwhile total supply of steel is
regarded
all war
fully adequate to meet
as
and essential
quirements
can
fast
as
civilian
as
re¬
processors
handle it."
;
FDR Sure China Will
Share in Final Victory
President
eralissimo
was
ago
opportunities
afforded
to
secure
in
Gen¬
China
the
Roosevelt's statement
an
exchange of
third
he
"will
approach¬
was
on
Mr.
includ¬
messages
anniversary
Harbor, published
on
of
Pe&H
Dee.
16 by
the State Department. The Chinese
leader, said the Associated Press,
assured
President
Roosevelt
that
China will "soon be able to inflict
despite
weeks
that
worthily share
told
Kai-shek
ing phase of final victory."
a
few
Roosevelt
Chiang
confident
which
scattered
in
for which,
beginning of the month.
Openings .due to
cancellations
a
but for
facilities
on ability to ob¬
tain labor lost when cutbacks were
made several months
ago.
the
at
under way,
ammunition
ready, contingent
ed in
new bookings
period will be about 10%
larger than in 1943.
A flash fin¬
deliveries
the
heavy, with Utile
this trend
are
expected for
for the
for
raise
muni¬
is
it is evident that net
campaign along past lines,' the
margin of safety in all fields of
equipment will probably be much
greater.
This may be a progres¬
sive factor and any reverses will
to
com¬
critical
possible and the full
Navy
can
reverses
steel
in continuity of
Christmas, but curtailed finished
empire and allows her to
perfect her island defenses. Even
new
"The
warehouses.
of
her
Europe makes
permits her to
front
against
tions needs
break
military
now
made
tend
8,693scrap.
■'
consignment
plants
—
58,051
.
their
for
50,991
shipments, and custom intake including
or
1,308
.
42,467
82,653
...
4,046
_%-7
141,139
consumption.
consumers'
6,321
82,776
tBeg'inning
domestic
31,215
82,769..
1944:
Nov.,
—
—
8,584
+
86,224
1944
10,255
13188
—
—
—37,145
37,259
——
156,233
,
stronger,
utilize
67,208
.+ '2,619
36,489
93,958
.
16,636 '
—12.172
52.121
I+'f-
'156,083
98,580
89,070
+
—130,270
16,713
45,800
124,800
1944
Sept.,
65,309
——
7
101.779
87,1?8
92.530
;
;
.
58,051
92,781
95,712
,
159,485
1,016,139
95,400
,
in
verses
by
German
of forging and finishing
though she will be defeated when
MEMBERS
7 i'(In Tons of 2,000 Pounds)
.
U. S. Duty
Year
copper:
the
progress
the defeat of Ger¬
25% and may be lower, depending
on future battlefront events.
production drive
is already in the making, some
factors may have been overlooked.;
"Passage of time as well as re¬
The Copper Institute
"Spurred
facilities
on
Day have slipped to about 15% to
war
in
the
that the original estimate of 40%
ex¬
secondary
and
to aid
'r A
in cutbacks
isted many months ago will again
make its appearance.
While many
observers
are
in accord that a
pressure
confirmation
soon.
mitments
close,
from abroad makes it fairly certain that the
artillery and
recent
matter of weeks
a+A A;aaa AAa!
Chemicals
loss
"It
Other foods
0.9
'products.---—li.
y
A-A V .7 Grains.
:
further adds: "War
FROM
INDEXES
DEC. 9, 1944 TO DEC. 16, 1944,
aaaaaay-a-'v:,
A
+ 0.7
AAA'A'++'■ 7■'-A
v;. i • Preliminary.
■
1.0
than
other
fann products and foods
Livestock
1.6
+
A
A: farm products-—*99.8
All
4.5
+
comes to a
Rt%
Navy require¬
■
heading for higher opera¬
tions, much more extended deliveries, impacts of sudden and varied
military demands and certainly an intensification of war plans already
made," states "The Iron Age," in its issue of today (Dec. 28), which
104.8
+
the year
as
106.1
0
1
the steel industry it appears this week was
Housefurnishing goods—10G.1
+ 0.5
A;'
Steel Prodaction Affected by HolidayPlate Decline Expected—Bar Heeds Heavier
Miscellaneous commodities^—93.8
a,;
.'A.
A;",;V
in
is not likely
case
situation
'
Chemicals and allied products--—') 04.8
0
A
\
g
increase
lacks
on
0
0
;Yi:->A:AA'/'"
requirements,
mored
ments
202
are, based'on
A
sharply reduced out¬
a
rolled products, plates and sheets,
are
in less demand, the current
1944
'
,
as
"Opinion at authoritative
put early next year.
SALESf
==
mar¬
Dec. 25 stated in part
cline and
131
120
.
.124
.
188
'
sales volume.
of the iron and steel
on-
range outlook is for continued de¬
A.
+1.5
Farm products
;
Oct.
1943
.
year ago.
is that in spite of current
increase in plate demand the long-
206
170
(V
number of
ingots and
1,732,400
ago, 1,732,400 tons
months ago, and 1,504,200 tons
to
"Steel" of Cleveland, in its sum¬
100)
129
steel
sources
152
A
of
compared
week
one
kets,
173
;
tlndexes
Percentage change to
5
one
—1944
*174
.,^Revised.
:
; V ;
•
149
;• Nov.
A\/; AJ
Buffalo
,
+
•:A
..V.-V v :
.
;V
District--
4
one
t
/ ;
.
,
.
Second
+
fj
STOCKS
Sept.
*114
New York 'City
Total
5
8
158
=
-
Rochester
.
+
+
;•
144
average
Syracuse"
week
AND
1943
Newark;
16, 1844:
tons
•
• /•
.
tons
castings,
*182
DEPARTMENT STORE
v— •;
•
656,900
A':
a"'"
follows:
132 Ay
,
A-
100)
=
Bridgeport;;
a;
6
+ 16
A
—
1
District
average
v
+
+ 11
SALES
Average monthly sales,
AAA Aa
•'
"A
and (2) percentage changes in subgroup indexes
a year ago
■
+11
3
1943
of commodities for the past three weeks, for Nov. 18, 1944 and
and
+A
A
+ 10
Nov.
.
.-.A--A
•
+
•
following tables show (1) index numbers for the principal
'
."•+
STORE
daily), seasonally adjusted—
•Revised.
1
26, compared with 96.3% one
ago, 96.3% one month ago
The op¬
erating rate for the week begin¬
ning Dec. 26 is equivalent to 1,-
•A.Al
7
+
-
Reserve
Federal
unadjusted
Stocks, unadjusted
Stocks, seasonally adjusted
;
ago,
A/y';.;
INDEXES
•
+
,
the
week
+ 11 V.
6
that
Dec.
13A+
+
indicated
and 86.3% one year
ago.
mary
DEPARTMENT
,
daily),
,
The
OF
(1923-25
complete
more
v-
7
•A" A -vf 11
+ 10
+
4
4
+ 12
Sales
preliminary and subject to such
required
as
:
+
+10v
+ 11
'
(1935-39
.v
•AAA
'
22
+
A
its
NOTE—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Statis¬
tics will attempt promptly to report changing prices.
Indexes marked
as
+ 21
—
■,
"5
A
+ 13
+ 16
i
+
+
i
+ 38
—
;
,
Second
;
6
10
——.
—;
,,
%
v:-i
3
+
1
+10
5
+
Apparel stores (chiefly New York City)—L_u_„„
.
9'
+
Rochester—
r;
.(*),- however, must be considered
+
—
+
INDEXES
W>.
•
__
Western New York State
.
,.+
.
"
_1_—:
Elmira
'
„
•'
r
5..
—
received
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 92.1% of
capacity for the week beginning
A A .A +15'
1
Steel
had
—14
V
+
and
26, announced
telegraphic reports which it
;
3''
A
+2
i
Iron
Dec.
on
that
.
'
+ 16
American
Institute
i
A
•:
+ 14
+ 10
Niagara Falls
'
A
IV
,
+ 12
—i
Buffalo——;
"
<■"-
'•>
••
'
+ 11
-
Northern New York State—-—.
i
L:
Southern New York State————___1
trading was at ceiling
OPA upward adjustment in prices of common brick: in cer¬
tain areas resulted in an average rise of 1%.
Minor upward adjust¬
ments to compensate for increased costs caused certain farm machin¬
ery items to advance slightly."
0
*
report:-
3
+ 17
_
Mohawk River Valley
Utica—
.
in
i
■
,
+ 16
Syracuse
,',A
following notation
4
■•/a ;■■;•+
4"
;
Central New York State_r_
demand and for the first time in several weeks
the
+
8
.
;
Albany——:
prices.
included
6
12
"r
1
—
•
Commodities—Price changes in industrial commod¬
ity markets were few.f Scrap steel continued to rise under active
Department
+
+
y
VaJley_—
Poughkeepsie—
Upper Hudson River Valley-^..
"Industrial
Labor
■'
.V
■
+
A
Lower Hudson River
together with higher flour" prices largely accounted for the increase
of 0.3% in average prices for foods
during the week. Quotations for
oatmeal dropped more than 3%.
Since the middle of November
prices for foods have advanced 0.8% and are at the same level as for
The
%. + 12
at Pittsburgh,
Philadelphia
Chicago." % ''./-'A.
The
Nov. 30, 1944
+ 10
'
•
+ 15
Counties.,
and
hand
on
1944
+ 13
steel
year
Stocks
Jan.-Nov..
1944
City
Bridgeport—
"The sharp advance in prices for eggs and fruits and vegetables
'
:
•
Nov.
Mm/
'
re¬
$19.17 1' a
ton, which reflected ceiling
levels " for No. 1 heavy
melting
NOVEMBER, 1944
•
The Iron Age
gross
Percentage change from preceding
-
Newark
1943.
.
District
Northern New Jersey_„-_-^-_____—2—
0.9% above four weeks ago and were more than 3% higher than mid-
,
LOCALITIES
Reserve
1
Westchester and Fairfield
•
' '
A A''
New York
3% and sheep averaged 1.5% lower.
Prices for Australian wools were
down 2%.
The level of farm product prices during the week was
,
MAJOR
:AAA: A: A 'A-'
../V.
77:'.; •.y
Department stores—- A,.''.+A y;.'1/; AA.-vA AA'A.v
Second District—;
A. r\„-: AL+y,A'
I','1.'a;
and
a year ago.
BY
Federal
-Net sales-
markets.
the third week of. December
TRADE
Second
-
h
rose
December
STORE
-,1
-•
,
while at least.
a
scrap
composite price
mained
unchanged at
.
.
full,
are
steel
'
a
rapid acceptance
"The scrap market showed ex¬
treme strength this week with the
immediate outlook indicating a
retention of ceiling price levels
The
«
for
rejection of preferred orders
that they may shop elsewhere
or
so
depart¬
ment stores at the end of
anxious
are
V The Federal Reserve Bank of New York announced on
Dec. 19
that November sales of
department stores in the Second (New York)
Federal Reserve District increased 13% over a
year ago.
The com¬
bined sales for
January to Nov., 1944, were up 10% from the same
period the previous year.
Stocks of merchandise on hand in
higher prices for eggs and apples and upward adjustments in prices
for wheat and hogs.
The Bureau's index, at 104.4% of the 1926 aver¬
age, was 0.3% above the level of four weeks
than at this.time last year.
The Labor Department advices continued:
favorable deliveries on some items
have been virtually
eliminated.
Sales offices report that customers
crushing
defeat
his
on
present
the
enemy
desperate
struggle on the Asiatic mainland."
THE COMMERCIAL & FINANCIAL CHRONICLE
2842
iarket Value of Bonds
Sales of. lead for the week in¬
New York Stock Exch. Cotton Ginned from
on
Thursday, December 28, 1944
Crop of
volved
10,290 tons; which "com- ;
The census report issued on Dec. 8, compiled from4be individual pares with 8,058 tons in the week
Dec. 12 that as of
1: yy;
returns of the ginners show as follows the number of';bMes of cotton previous.;', ;y': ■ t;■ ■.,' •' - i ;■ ■.')... A
the close of business Nov, 30, there were 1,057 bond issues, aggregat¬
Stocks of lead at United States
ing $100,449,974,298 par value listed on the New York Stock Ex¬ ginned from the growth of 1944 prior to Dee. 1, 1944,* akd compara¬
smelters and refineries, in tons,
tive statistics to the corresponding date in 1943 and 4:942:
change with a total market value of $101,377,604,946. This compares
according to the American Bu¬
with 1,058 bond issues, aggregating $101,088,301,686 par value; total
RUNNING BALES
•:
')
' '■
reau of Metal statistics:
A
■
T A
A'A':
:
y;.\y (Counting round as half bales and excluding linkers!::::
market value, $101,801,493,498; average price, 100.71, on Oct. 31.
V'AAA A'A 'A"v;;.\;/;-'
1942
state—
Oct. 1
1944
: '
1943
yy
Nov. 1
In the following table listed bonds are classified by govern¬
United States
In
11,534,702
*10,274,385
10,56(3,109"""
ore,
matte,
and In
82,287
mental and industrial groups with the aggregate .market value and Alabama
process - at smelters-.;--i <83,956
885 162
92
952,299
2U54T-In base bullion:
.A'-1;;.
Arizona
i-1;'" 6!
80,072
39,'338'^-r
57,813
average price for each;
/A A-'AJAA a^Aa,Smelters and refineries.
6,774
6,851
•
The New York Stock
Exchange announced
on
-
,
■
.
.
—
Arkansas—T!
Nov.
.
30,1944—
Florida
Georgia ■' —-A-A—-A----.-.
'
A
Group—
:
Market Value
'A A-
$
U.
;1
S.
Btate,
V.
■
(incl.
Government
S.
Cities,
N.
etc.)—
•
7,378.125
98.38
7,387.500
5,945,000
102.50
5,945,000
12,936,355
15,186,046
12,942,400
107.37
104.49
20,400,000
102.00
office equipment-
—A
equipment
Financial;'
—-AAA—.
and
40,071,503
35,000,561
95,237,573
104.17
—_A—«a
639,377,913
104:07
640,388,809
104.17
—2———,u—_—■
7,966,876,644
Steel, iron and coke
Utilities:y-:
and electric
Gas and electric
•-
companies
Miscellaneous
Total
S.
U.
103.82
36,575,000
104.50
104.38
104.43
"
2,598,515,110
oper.
107.59
-2,856,367,462
108.89
60,850,360
1,137,917,473
1,143,834,029
112.12
96,610,738
70.27
94,373,985
68.64
153,055,201
87.13
151,118,025
85.98
-
abroad—
businesses—.
i-
103.75
8,818,750
companies
13,860,826,921
Foreign government
Foreign companies
.
1,386,013,505
658,294,678
—
All listed bonds—
30,814,670
'/
1,396,101,458
92.01
649,596,217
90.80
100.92
101,377,604,946
101,801,493,498
100.71
of the total market value and the total average
us,
gives a two-year compari¬
price of bonds
V
1942—
A:-,,"'-;
Average
-
y
Market Value
Price
64,543,971,299
',3.1—-i—70,583,644,622
96.70
-
-"a'/
■'
30
.A;
■AA-
;
$
1943—
rAAyA Market'Value
prme
AA^A'A-''AAAA
$ A-."'AAAA $
Dec.
31
90,274,071,634
1944—
■.
.■
i
•
: 99.38
Jan.
31——
90,544,387,232
A 99.78
71,038,674.932
97.47
Feb.
29
96,837,573,171
100.21
Feb. 27—71,346,452,852
Mar, 31—
71,575,183,604
90,713,260,544
luO.32
98.24
Apr.
71.857.596.488
98.69
81,048,543,830
80,704,321,646
80,352,221,151
80,109,269,964
80,149,558,292
90,501,768,934
90,076,888,558
99.47
Jan.
30—
30—
;
May 29
June 30—_—fc—
July 31
Aug.
—,
31—
Sept. 30—
Oct. i 30——
Nov.. 30—
—
97.79
.ttai'.
3i.
Apr.
29
95,305,318,075
100.31
May
>
31
93,849,254,814
100.62
96,235,324,054
100.53
102,284,657,208
100.71
_
June 30——
99.64
9y.3o
:
July 31—
-
99.23
Aug. 31
102.328,885,992
of
1943-44,
1942.
^
Sep.
30——
102,017,012,414 ■!
Oct.
31———
101,801,493,4„8
Nov.
30
101,377,604,946
—
1942—
volume
100.92
each
are
weeks
of
the
month.
The November
was
to
shortly, and the
in
moderate
far
so
and is 49% below the average for the four weeks of
The report issued on Dec. 13 added in part:.
November, 1944,
on
the weekly average
last
month
and
average
last
year.
by 73%.
V
■■;
Civil
engineering construction volumes
October, 1944, and November, 1944, are; ;
for
8,000" Tons
November,
:
steel
Total U. S.
Oct., 1944
$203,632,000
Private construction A^-AA:,';
73,195.000
Public construction
130,437,000
State and municipal7,373,000
Federal
123,064,000
—
$127,195,000
22,582,000
104,613,000
23,277,000
81,336,000
—
$129,740,000
34,372,000
95,368,000
15,978,000
79,390,000
Federal work.
State
•
1943 period.
in
are
14% below the 1943 period, and Federal appropriations for
•
nine
operators in zinc believe
production and consumption
current - month will be in
that
an
British
of
been
has
Secondary copper "recovered in
in September amounted
pounds^ which com303.258.,,. pounds in
August, and 322,595 pounds in
September last y'eafr'
yy-: ; :;:
to
256,386
with
agree¬
A
tons:
525,648
-
538,509
41,345
-
39,944
__
March
39,132
April
46,851
May
r
48,840
June
July
_L.
44,241
—
48,147
—
'
48,271
August
.
September
Total
44,35.4
_
——-———■
401,125
A
shortage of manpower in
plantsfabricating
aluminum
create a tight situa¬
threatens to
in sheet and
tion
rupted in any way^, but civilian
consumption is expected to* be cut
to
about
fixed by;
;
extruded
some
Rods, bars, rivets, tub¬
ing, forgings, castings, and alurhinum
powder remain in ample
supply. Output of primary alum¬
products.
has
inum
from
reduced
been
a
600,000 pounds in January to 94,-
900,000 pounds in September. The
curtailment in production of the
metal that has taken place this
year has been ordered by WPB.
Surplus stocks of pTimary alumi¬
-A
remain *
num
Tin
There
were
no
devel¬
market
last
though the govern¬
finally pays a higher price
week.
during
tin
in
opments
the
Even
ment
Bolivian
concentrates,
the
selling basis for tin ia this country
is not expected to change.
for
.
Production
of
in the
tin-plate
United States during the first 10
months of 1944 amounted to 2,-
185,383
of which 1,648,315
hot-dipped and 537,068
tons electrolytic.
Straits quality tin for shipment,
in cents per pound, was as fol- :y
tons
tons,
was
lOWS:
Jan.
Feb.
March
December lLy
52.000
52.0C0
£2.000
December
15—
52. G00
52.000
52.000
December 16_»
52.000
52.000
52.000
December 18
52.000
52.000
52.000
52.000
52.000.
52.000
52.000
52.000
52.000
December
19—
Chinese,
•
60%
of
a*""base
period
WPB.:-A'-::^yA;
-v,;""-
vMeinbers of The iead, itrdustry
with WPB. officials Dec. 20,
and it is believedTthat the Subject
met
of
allocating, foreign" metal for
month was\discussed. in the
90%
or
tin,
un¬
was
changed last week at 51.125c, per
Quicksilver '
Holding
to
the
view that the
government's demands for oxide
other
and
will be
quicksilver
products
larger than first estimated,
offerings of the metal in the
market
named
ered
wide
extremely
range,
Some
$127 to $135 per flask.
their
open,
prices
and
during the last week cov¬
an
from
light
were
continued to
sellers
Lead
Govern¬
copper bars in
reported as fol¬
;
pound.
nares
regular
prevailing
largely to
take
care
customers
strained
maintain
market in the metal.*
•
of
under
.conditions,
orderly
an
Most of the
bullishness reflects' strong. views
entertained by producers operat¬
ing
on
the
Tuesday it
metal
sold
Pacific
was
in
Coast.
,
pn
reported here that
Sah
Francisca for
January shipment on the basis of
$127 per flask, f.o.b. Coast.
-
\/
next
light of the limitations that will
be imposed to conserve supplies.
Consumers asked for about 33,000
tons of foreign nietht for January-
shipment, but it appears doubtful
whether the lead section will re- i
lease
more
;
the
December 20—*
Canada
A'Ay: A VA
January
000, is 86% higher than last year, but Federal funds for non-Federal
work
to
1944:
Private investment, $276,129,-
military and departmental construction are 55% lower.
the-r first
a
on
February
New construction financing for the 48 weeks of 1944 totals, $1,684,869,000, a volume of 46% below the $3,065,104,000 reported for
reached
the
Statistics.
of refined" copper in
Canada for September amounted
to 37.255,526 poundV,against 38,^
002,046 pounds in ^August this
year,
and 40,32^,10^ pounds in
September last yfcaiC^
copper-zinc
1943——
A
development
this
but
y
Output
lows, according to the American
Bureau of Metal Statistics, figures
381,000, an increase of 44% over the weekly average, volume for
The current month's new financing is made up of
$25,631,000 in State and municipal brmd sales, .$9,750,000 in corporate
security issues, and $4,000,000 in RFC loans for industrial construc¬
the 11-month (47-week)
ditions
would not embarrass the industry.
of -1943, 'y,
Canadian copper pro¬
Production
November, 1943.
.
asked
been
■
with
Chile
'
New capital for construction purposes for the month totals
tion,"'
in
of
plan for the .orderly
An order regulating end use of
marketing of copper reserves and lead has beeri virtually completed
war scrap, it was learned in Lon¬
|and will be releasedishortly. Con¬
don, Dec. 15, the Associated Press sumption of lead on-war work and
reports.
y
Ayy ;;y':;;:.y- essential uses will, jaot be inter¬
ment
and
A ■ New Capital
have
have
ducers
municipal construction,
$230,405,000, is 22% higher than in the 1943 period.
,y
riod, owing chiefly to labor con¬
417,706,264
pounds, against 431,083,755 pounds
in the January-September period
The
ment
Bureau
months of 1944 .totaled
rolling the
Leading
1944 volume
$1,636,496,000 for the 11-month period (48 weeks), a total of 44%
Under the $2,885,384,000 reported for the lLmonth
period in 1943
(47 weeks). Private construction, $348,221,000, is 24% lower than last
year, and public construction, $1,288,275,000 is down 48% due to the
in
Dominion
Production
SO.
to
decrease
an(02,54p,896 pounds in Septem¬
ber lasUyear, according to the
copper was
The November engineering construction total
brings
54%
ada in September -^amounted to
43,345,982 pounds^agmnst 44,992,550„ pounds " in August this year
market situation in
unchanged last week.
The stockpile is expected to drop
moderately in the next month or
(5 Weeks)
construction.—.
it
10
more
Copper
in
alloy.
Nov., 1944
(4 Weeks)
Dec.
conditions at fabricat¬
mills
assist
(4 Weeks)
on
stated in market circles that some
1943,
Nov.,1943
A A A-\v
Late
said that metal sold for
year^f copper in
per
"during the last three years.
F'rMucfion ,of copper in Can¬
Schedules at brass
mills have been raised, and it is
;
v
of bar
ore
producers.
Ay^-AAAA--
—
production
thai country an average of about
plants improve, the call for
copper might easily exceed 140,000 tons a month, according to
is 48%
''—
;
ing
Federal construction declines 22% from
below November, 1943. State and municipal
volume is 45 % under last month, but tops the 1943 month
October, and
concerned.
Dec. - 2Q to review
/ead fori.rnext month.
eoppbr .in Chile, -smelters in the
The quicksilver: market -United. States have.,received from
If labor
basis, is 22% higher than a month ago, but 62% lower than a year
ago.
Public construction is 27 and 41% lower, respectively, than
uses^: are-
on
the
$135 per flask. Quicksilver
quotations last week were largely
nominal." The publication further
went on to say in part as follows:
November, 1943.
re¬
industry looks ior the business
non-essential
as
than
volume, not including the construction by military engi¬
neers
abroad, American contracts outside the country, and ship¬
building, is 18% below the average for the four weeks of October,
obtaining de¬
its issue of Dec. 21,
"The limitation order designed to. regulate consumption of
metal.
free
average
Private construction for
decrease over the winter pe¬
may
peak for the current year of 169,-
Markets,^ in
and Mineral
to boil, and producers
agents raised prices al¬
most hourly in what is generally
regarded as a tight market in
weekly
Production of zinc
of, the metal.
Ayy
being omitted from this
in Washington
the situation and discuss allocation of flpreign
Consumption of copper and zinc^
"""
engineering construction volume in continental United
$129,740,000 for November, an average of $25,948,000
of the five
■y;;
indications con¬
sumption of zinc early in 1945
will increase, both in the produc¬
tion of brass and in galvanizing.
However, with the supply situa¬
tion
rather
easy,
the industry
would welcome an upturn in use
present
Aluminum
351
Statistics
Members of the industry were
totals
5,240
129,497
Zinc
From
States^
United
Metals—Gons^itipfion of Copper
lo iRcrease-Qutfiks^er Higher
lead will be available
lUU.vl
99.02
5,937
135,933
balance.
Because of War conditions and the difficulties in
stated:
100.61
9.9.45
World
and their
for
23,503
this
Consumption and Stocks
;
program.
continued
Civil
2,671,649
i.7'?;'
ing chiefly to the enlarged brass
s
681,229
574.448
;
a
ginned prior to; At!gy-i which was
cuhipared witn--14)^53' anu 48,62o
will increase during January, ow¬
States
'•
•
79,224
673,291
623,998
4G2,218n-.
2,582,230
9,490,384 bales.
"E & M J Metal
100.74
99.37
•
1944
of
crop
season
"
677,662^!-
:
The revised total of cotton ginned this4 season prior
tton-Ferroas
■
-A:".'
'■>
1943—
-■
and
in
the
pendable world statistics such data
port for the time being.
Average
96.11
v
i
Nov.
Dec.
,
the
;
in
3
the Exchange:
-
V
''
-v
,
.
^
Cotton consumed during the month of October,;: 1914 amounted
795,379 bales. Cotton on hand in consuming establishments on
Oct. 31, was 1,976,720 bales, and in public storage and at compresses
11,991,770 bales. The number of active consuming cotton spindles
for the month was 22,228,138.
j
"x: .
•
In the interest of national.security, the Department .of Commerce
has discontinued until further notice th^ublication .of statistics con¬
cerning imports and exports.,
f
-- - -
70.78
The following table, compiled by
;■
570,478
.
to
92.93
70.39
/
on
lead
Totals
Some
i
105.10
14,132,681,372
£4.62':
-
son
listed
Antimonial
mitted by mail.
108.82
112.15
18,671
107,46
60,890,360
foperating)(hqlding)
of
tor
1943
of
13,176
18,658
The statistics for 1944 in this report are subject to revision when
checked against the individual returns"of the ginners -being trans¬
104.03 ;
157,290,600
crops
to Nov. 14 is
Communications;
utilities
S.
94.11
97.87
yy.A
Miscellaneous
U.
104.51 ;•
35,789,144
150,963,474
u--i—,AA
bales
statistics
a
report include 4,673 bales bf- AmericanEgyptian for* 1944, 40,511 for 1943, and 39,423 for 1942; also included
are 11 bales of Sea-island for 1944, 269 for 1943, and~712 for 1942.
The ginning of round bales has been discontinued sinceB1941.
;;
104.65
95.63
the
of
The
85.27
.13,121,639
69,578,273
*
339,612,951
.
Textiles -A-——
Tobacco
7,917,664,665
369,484,753
"
105.75
20,351,380
Shipping1 services
:
98.65
69,643,778
A——'.—
20,027,873
87.21
13,225,673
merchandising
.585,658
351,337^*"
22,444
bales
74.50
32,076,089
,
'
Virginia
supply
;
78,831;;:A
620,599
467,456
48,182
14,821
381,089
768,020
the
3,272
refineries-—
lead-i^,y-A^;;
1,867,606
484,814
in
'■
696,444,
2 71,74:1-
•
2,080,928
♦Includes
at
2,787
to refineries
Process
14,271
1,735,688v:
69,611
Carolina———
counted
Transit
Refined pig
-
Texas:
102.86
35,385,618
77.19
104.29
-
—
571,159
Tennessee
74.22
;V''"' V- 3,749
105.43
102.70
Rubber
Gas
249,698,011
.
98,678,817
—
; Railroad.'
Retail
40,088,142
77.20
840,460
10^456. V-
356,276
South'1 Carolina
102.84
32,111,566
;
(excluding Iron)
and publishing—
Petroleum.
■
102.00
Ay. 12,397,350
106.03
12,690,900
metals
107.37
14,437
.
827,623-^'
■:V
1,710,785
—
Oklahoma—^——
103.85
20,400,000
l,35u,o94
199,942
213I,252*_.
i4,ii'i-'yXT
2,896
10,232
—
New Mexico————
North
.
246,147,959
Paper
15,186,046
44,447,500
t"v.;
103.13
Land and realty
Mining
102.92
•
:C;.
768,774
-
yy.
Mississippi ;_L—^2,—»y_,
102.85
42,631,500
Louisiana '
102.50
102.80
85,623,114,451
i
i
—
•
Kentucky
98.50
Electrical;
Machinery
Illinois
$
102.95
—
.Chemical
■■
■
Missouri——
—
Business and
Price.
$ A-'W'AAy
■
.-A—
Building
"
Market Value
.Av-A;
$
85,472,469,842
:A
companies:
Automobile
•''
A;/"-
Y.
Amusement—:
•
;
Price
1,041,2/^.
1,188,527
131,682
10,070
California—
i
Oct. 31, 1944-—
A-V AA',: <
Average
Average
than 15,000 tons.
■_/
;
The
was
".a Silver
:.A
London market
for silver
quiet and unchanged at
23^d.
The, New York Official for foreign
silver" continued at 44 %c, with doAiAc+ir-
mpfal
at.
1fi5/si<£.
160"
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4346
iFairchild Retail Price Index Stable in November
30,9 @44
3
monthly
Treasury Department made public on Dec. 5 its
The
report showing the face, amount .of public debt obligations issued
Second Liberty Bond Act (as amended), outstandings on
under the
30, 1944, totaled $222,951,548,222, thus leaving the face amount
of obligations which may be issued, subject to the $260,000,000,000
Nov.
In another table in the
report, the Treasury indicates that from the total face amount of
statutory debt limitation at $37,048,451,778.
During November the Fairchild Retail Price Index remained un¬
.
changed. At 113.4, the index has shown no change since the begin¬
ning of the year. Only
1939-40
$9,045,523,154 (the unearned discount on savings bonds), re¬
ducing the total to $213,906,025,068, but to this figure should be added
$1,093,676,528 (the other public debt obligations outstanding but not
subject to the statutory limitation). Thus, the total gross debt out¬
standing as of Nov. 30, 1944, was $215,004,701,096:
The following is the Treasury's report for Noy. 30:
ducted
Publications
child
on
Over the
prices show a 27.6% advance, said the Fair-
pre-war low,
Dec. 15, which further
said:
.
only is the composite unchanged but all of the major group¬
"Not
month.
ings also are at the same level that they were the previous
however, show gains in comparison with a
A number of the groups,
ago.
year
This is particularly true in women's apparel where ad¬
in
hosiery, furs, and underwear have been quite apparent.
vances
-
Actf.as^amended, provides
that the face amount of obligations issued under authority of that Act
"shall not'exceed in the aggregate $260,000,000,000 outstanding at
Section 21 of the Second Liberty Bond
>
time."
•
^
The following table shows the face amount of obligations out¬
any one
issued under this
,
Outstanding
1944:
of Nov. 30,
as
•Interest-bearing:
:
•
•
.
Depositary
—_
___
''
•
.
Value)—
(maturity
* "L f.,
•-
$260,000,000,000
Adjusted service
of
Bearing
'
•"
ment will still
•>•..:•
they had maintained from May
-
THE
*
of
' ~
:
-
JAN.
of
Deduct,-
amount
unearned
current
on
Savings Bonds (difference
and maturity value)—
discount
redemption value
9,645,523,154
*
not subject to the statutory limitation:
Interest-bearing, (Postal Savings, etc.)™j—
;
Matured
obligations
Bearing
interest
no
;
'
1944
of Nov. 30,
1944
1944'
105.3
113.7
113.7
understood
Infants'; Wear—
76.4
108.1
108.2
108.2
108.2
108.2
cision
70.2
115.5
115.6
115.6
115.6
115.6
57.4
84.7
84.7
84.7
84.7
84.7
69.2
108.0
108.1
108.1
108.1
108.1
68.6
143.8
143.8
143.8
143.8
143.8
65.0
126.8
126.8
126.8
126.8
126.8
72.9
135.0
134.9
134.9
134.9
Domestics
134.9
CRUSHED,
RECEIVED,
I.™.
•
,
1944-45
1943-44
United State.s__*_
3,317,492 >' 1,591,991
3.325,852
1,885,885
1.943-44
1944-45..
1,852,117
1943-44
1944-45
yv-
•
,
'
1,520,383
90.0
140.5
140.5
"Some American correspondents
111.2
111.2
111.2
143.0
145.1
144.9
144.5
144.5
102.7
102.9
102.9
102.9
have quoted Laird Archer, head of
UNRRA's mission at Athens, as
?
102.9
92.4-
92.4
92.4
92.4
*
92.4
Arizona *LL
132,347
'•141,459
113,849
82,011
-17,121
9,657
12,295
-164,275
249.032
108.1
108.1
108.1
108.1
114.8
114.8
114.8
114.8
114.8
69.6
74.3
•Xri
99.1
99.3
99.3
99.3
99.3
69.7
:L" .94.3
94.3
94.3
94.3
94.3
Clothing inch Overalls
70.1
106.0
105.9
105.9
105.9
105.9
76.3
109.6
109.6
109.6
109.6
29,413
11,691
390,629
328,052
151,357
Georgia-.™-™
287,735
286.909 ■/.'
Louisiana
136.361
l^s.oso
i
83,766
597,890
640,066
'
r
Arkansas..
*
"
,
......
70,680
California-
__
Mississippi
North Carolina—™_
_
185,284
210,758
'
"
>*1*86,851
133,324
102,296
105,207
54,570
256,465
294,790
363,491
Socks.l
V; 74.0
Underwear
114.6
.
114.9
114.9
114.9
114.9
103.7
103.7
103.7
103.7
103.7
80.9
106.0
106.0
106.0
106.0
129.2
129.4
129.4
129.4
.""*104,798
122,848
81,551
•'
72,850 163.060
>
Oklahoma
145.634
91,312 1
169,922
156,791 ;
102,249
106,650
236,107
245.384
118,350
.1.33,999
694.166
798,277 V
345,725
503,624
1/3.935
88,089
23,122
37,696
_
.
—-L__.I-
Texa s
All other states
"Includes
tively. -b"t
and
tons
no
not
and: 28,217. tons reshipped
COTTONSEED
»
tons
1,560
90,336
and
118,256
•{
'
'
■
■
-
destroyed
tons
79.9
146.9
146.9
146.9
146.9
146.9
50.6
66.8
66.8
66.8
66.8
66.8
60.1
94.7
94.9
94.9
94.9
94.9
.93.5
93.5
93.5
110.6
110.6
110.6
74.3
Li.
Furniture..
L
at
.
)
(thousand pounds).(
(tons).
HAND
•
;•..:
-
beginning
Produced
*29,759
'■
Nov. 30
'>425,432
484,804
l°43-44
23,283
576,386
*239,934
S347.403
Linters
207,409
1944-45
28.050
1943-44
18,542
1944-45
14.793
366,919
19d3-44
1944-45
11,964
439,103
61,920
**461,833
|
726,135 VL\:
11220,122
219,207
'680.511
'L
866,241 '
c
-137,728
-
:V
434,546-
f'ber
;•:•
135,927
bales)™1( 19*3-44
M944-45
(running
Hull
'
~
73,674
'J819,283
.65,500
.
j
50,151
412,41.1
38,656
407,430
.
Grabbnts.
J'500-lh
•
motes,
1/43-44
&c.)
1944-45
(
1943-44
bnW).
"Includes
8,636,^00
establishments,
•
(
bales)
.
tlnciudes
and
Ihs.
'
•*436,426
260,389
'
9,798
10,025
10.515
8,991 '
,
•
•
.
1,288
at
1,594
:■
13,440
,T. 18,725
20,454
18 480,000 lbs.
•
index
is
a
weighted
aggregate.
Major group
Indexes
are
Iln^ludes
lbs.
,
held elsewhere,
? Produced
,
235,924,000
from
and
lbs.
2.073,000 lbs.
372,910,000
HUmludes
lbs.
at refining
218,016,000
held-elsewhere, and
lbs.
at
lbs.
of
and
15.835
air'fefining and manufacturing
11. S,
Shipments by Subsidiaries of
Steel Gerp. Set Record for November
Shipments of finished steel products by subsidiaries of the United
States Steel Corp. in November were the
of
crease
tons, but
highest for that month
shipments for November
were
year
were
on
refining, and
1,986,000
lbs.
in
oil.
•:
bales
first cut,
establishments,
1,937,000
;',>./■•' '■■■
>■[;
h
.
1,743,753 net tons,
a
de¬
120,000
.>• ,/
The following tabulation gives shipments by subsidiaries of
_
United States Steel
ures
Corp. monthly since the beginning of 1939 (fig¬
in net tons):
1944
January
1,730,787
1,755,772
February
had
believe that the organization
have done
been
able
a
to
better job if it
act
its
on
own
initiative."
Pan American Union
The Pan American Union Gov¬
erning Board
today unanimously
elected Secretary of State Edward
R. Stettinius,
Jr.,
as
"Argentine case."
United
advices
Press
8,684 bales mill run.
"Secretary Stettinius, succeed¬
ing Cordell Hull, took office im¬
mediately and asked
represented
to
J
them¬
3943
1939
principles of mutual
respect and regard for law.
"The Argentine request
vocation of
of foreign
a
for
con¬
consultative meeting
ministers of the Amer¬
ican
republics to study the 'mis¬
understandings' between it and
other countries, was formally pre¬
1941
1940
1.738.893
1,682,454
1,145,592
870,866
1,691,592
1,616,587
1,548,451
1,009,256
747,427
sented to the beard at its Novem¬
1942
1,874.7.95
1,772,397
1,780,938-
-1,720,366
931,905
845,108
ber meeting.
1,630,828
1.758.894
1,687,674
907,904
771,752
cision
1,776,934
1,834,127
1,745,295
1,084,057
795,689
1,737,769
1,706,543
1.552,663
1.774,068
1,668,637
1.209.684
607,562
1.754,525
1,660.762
1,765.749
1,666,667
1,296,887
745,364
governments
1,743,485
1,704,289
1,788.630
1,753,665
1,455,604
885,636
tions and comments.
1,733.602
1,664,577
1.703,570
1,664,227
1,392,838
1,086,683
Vlav
July
:
•
\ugust
*
1,774,969
November
1,743,753
1,787,501
1,851,279
1,572.408
1,665,545
1,624,186
1,846,036
1.425,352
1,406,205
1,849.635
1,544,623
1,443,969
1,794,968
Total
Nearly
bv
'
1
for
21,064,157
20,458,937
14,976,110
*97,214
*449,020
"42,333
37,639
*44,865
20,615,137
20,416,604
15,013,749
11,"07,251
[ect
to
adjustment reflecting
in the
that only four
replied—Honduras,
Haiti
Panama,
and
Ecuador.
Pending receipt of other replies,
was
decided
to let the matter
.
Note—The monthlv shipments as currently
uended
observa¬
"The Pan Union secretariat an¬
nounced however,
it
♦Decrease.
con¬
their
11,752,116
20,244.830
20 ,147,616
:
mos.
adjust™
the
request, which was relayed to the
1,345,8*55
1,660,594
1,719,624
By unanimous de¬
it then agreed to study
countries have
In the interest of national security the Department of Commerce
'.^0
the nations
rededicate
1.756,797
Total
publication of statistics
from
added:
.1,685,993
29,843 bales mill run.
65,279 bales second cutr^hd
its Chairman
but postponed consideration of the
April1
December
cut,~anj
hOs discontinued until further notice the
"UNRRA supporters here, how¬
ever,
could
selves to the
Shipments of the corporation for the first 11 months of this year
totaled 19,383,188 net tons, compared with 18.525.206 net tons in the
corresponding period of 1943, an increase of 857,982 net tons.
October
,
Imports and Exports of Cottonseed Products
cerning imports and exports.
under¬
Washington Dec. 6, reporting this,
1,624,186 net tons.
September
'
manufacturing .establishments,
transit,:
""Includes 89,662 bales first cut,-342,328 bales second
ft Includes 42,360
is
the authenticity of the statement
attributed to him.
the
31,216 net tons from the October shipments of 1,774,969 net
an increase of 83,159 net tons over the 1,660,594 net tons
Tune
manufacturing
in. transit.
crude
It
arith-
Finished Steel
12,845
.
refining and manufacturing
establishments, and 19,567,000 lbs. in transit.
.
Scobie.
that Mr, Archer has idenied
March
oil miUs, 37,908,000 lbs.,
at
9,477
t
transit.
in
2,643,000 lbs.
•""
16,260
4
44.108
oil mills,
at
68,008,000 lbs.
556
■
.
General
of subgroups.
'
(500-lb.
to
Stettinius Chairman of
ft 116,323
•
™
'
-.>331.561
..
560,888
•
476
.
.
averages
delivered in November of last year. In November, 1942, they amount¬
ed to 1.665,545 net tons and in the same month of 1941 they were
+125,483
7-xcLL---—
1/43-44
;••
522,550
1944-45
1\
Note—Composite
metic
'
record, and deliveries for the first 11 months of this
largest in the history of the corporation.
v
On hand
Shipped out
Aug. 1-Nov. 30 A.ug. 1-Nov. 30
1f
:.,:I
(tons)
110.6
The total
'
Hulls
110.6
'•
Aug. 1
l
meal
81.5
...
•——
(
_
33,886
nor
ON
'
)
<t.hon«jiriri nonnds)
China
1.943-44,- respee1943,
j!
Rgfined oil
93.5
52,796
.'944-45
Cru^e oil
93.5
339,322
75,374
AND
J*
.
.of Season
Cake and
380.087
•
Season
'Product.—
72.5
114.651
and
OtT.
On hand
*•
Electrical Household Appliances*.
52,734
.
177,534
and-'-1943- 44.
SHIPPED
PRODUCED,
73.345
•
l,r;1944 anfl
Aug.
30,044
74.846
-
1944-4$
during
hand
on
during the seasons 1944-45
PRODUCTS
■'
;
possible for UNRRA to feed the
people while it was subordinated
129.4
Radios.
from
military
106.0
69.4
it
British
356,816
95.299
the
authorities there, declaring it im¬
stood
71,286
South Carolina.Tennessee.
51,221
24,162 \
26,355
18,467
174.263.'
dissociating
with
109.6
173,360
21,221
_™..
formally
liaison
.108.1
Underwear—
Shoes
National
or
Front, which opposes
the British-supported Papandreou
111.2
64.9
Luggage
221,285 '
239,059
Alabama
of the Earn
arm
Liberation
140.5
Hats & Caps.
,
30
.
tary
111.2
Shirts & Neckwear
I
Nov
.
General Scobie is directing opera¬
tions against the Elas forces, mili¬
140.5
Floor Coverings
' ' '
;
►
sus¬
country.
1140.5
69.2
Hosiery
On hand at mills
> Aug. 1 -Nov. 30*
Aug. 1- Nov. 30
should
the
90.0
76.5
Shoes
Crushed-4
"Received at mills
State—
in
83.6
....
enoes...
(TONS)'
UNRRA
work
90.0
Infants' Wear
ON~HAND
AND
that
its
pend
Scobie,
Greece, is
in
to have made the de¬
Government of Greece.
<5
Men's Apparel
*
commander
90.0
75.5
1
Corsets & Brassieres
products manufactured, shipped out, on hand,- and exported for the
British
-
Ronald M.
89.2
—
Aprons & House Dresses—___—
following statement
"Lieut.-Gen.
66.8
Hosiery
■
be
trustee of all the united
as
105.3
—
du¬
will
and associated nations.
113.7
showing cottonseed received, crushed, and oh'Tiarid, and cottonseed
COTTONSEED
lation,
105.3
:y%.r> .1.
59.2
been
their
of
Administration
113.7
'
;,<r
the
105.3
;
already
course
sincerely trust that, as soon
present disturbances cease, the
113.2
Blankets & Comfortables
was
"I
as
105.3
accord¬
evacuate
ties.
70.7'
November 30
/'
had
in
Apparel—
Women's Apparel—
Underwear
month ended Nov. 30, 1944 and 1943.
staff
Men's
Furs.*.
On Dec. 14 the Bureau of Census issued the
the
wounded
112.2
Women's Apparel
vaj^ej
to
tion, which made it impossible for
the mission to carry out its ob¬
jectives. This decision was taken
only when several members of
113.4
Cotton Wash Goods..
com¬
authority in the
relfef supplies in
of
dicision
112.2
'
now
by the military authorities
light of the present situa¬
in the
113.4
$2.15.00VL1,596
—
"Approximate maturity value, principal amount -icurrcpt redemption
ing to preliminary public debt statement $38,308,218,896..,,> ;
-
.
"The
taken
112.2
Si'is
f
Collonseed Receipts !o
relief
113.4
Fu-.iishings
quote:
that country," said Mr. Lehman.
112.2
Sheets
as
military
113.4
:
also
we
pelled temporary evacuation of a
substantial part of the UNRRA
mission, which has been cooperat¬
ing
with
the
Anglo-American
113.1
1*098,676.5^
Total gross debt outstanding
from which,
1112.2
71.8
a
deeply regret that the tragic
69.4
y
895,701,223
-
"I
65.1
./'Woolens
7,057,765
,
Dec. 1,
1,
1944
PiecePOods
.>%
.
Nov.
Oct. 1,
Sep. 1,
This is
wireless message
from London Dec. 19 to the New
York "Times" by John MacCor-
Composite Index
$195,917,540
which interest has'ceased
on
from
Home
between
outstanding but
debt obligations
public
fighting in Greece.
learned
Piece Goods-
$222,951,548,222
$213,906,025,068
other
Add
of the
able to fulfill its task of providing
relief for the entire Greek popu¬
1944
,1943
1933
>■,/■/.>•■/*■
outstanding
Dec. 1,
May 1,
,
public ;debt obligations - issued
under authoritv of the Second Liberty Bond Act
I
—rr—ii
face
Total
-
NOVEMBER 30, 1944
:
Nations
Dec,
on
under
a
decision taken by the
military authorities there because
that
INDEX
Copyright 1944 Fairchild News Service
•
':>>>-::J;
,.y
PRICE
3, 1931=100
—
UNITEP STATES TREASURY
DAILY STATEMENT OP THE
WITH
RECONCILEMENT
RETAIL
PUBLICATIONS
FAIRCHILD
$37,048,451,778
authority™——.—
under above
obligations issuable
•'■■■
■
announced
mission will return to Greece and
«
'••222,951,548,222
amount
Pace
Director-
United
20
that most of the UNRRA mission
in Greece had been withdrawn
attempt to hold the line in retail prices, and keep the
expected."
be
can
610.681,665
•
,
.
living down. Consequently, only small changes in retail prices
cost of
;?•.
;
While part of-this decrease in the price
promotional sales, it is nevertheless true
to
manufac¬
>
,';Lv
spite of the prospect that OPA will have to revise textile
when textile workers receive wage increases, the govern¬
ceilings
■
•
.
istration,
For the third consecutive month furs have
large degree of the price decrease may be hidden in the better
a
"In
■)
//
„
;
attributable
Lehman,
the
Relief and Rehabilitation Admin¬
distribution
;
item in the index which has reflected a change over
ture of these garments.
171,004,950
180,586,652
430,095,013
.
prof, tax refund bonds
;v
/:
quality of materials and workmanship now going into the
•*.
s
Stamps™——
Savings
■
.
interest—'
no
S.
Excess
one
is
furs
that
92,504,724,150
interest has ceased
'
~
Matured obligations'on which
■
•
N.
■•:''>Li/'-'/U/AA'''$222,169,801,607
-*'
U.
of
>
•
and
33.2%; floor cover¬
housedresses, 34.3%; silk and rayon piece goods,
"The
H.
of
situation in Greece has
been
goods, 39.3%; sheets, 39.2%; furniture, 37.4%; women's aprons
through July of this year.
-
16,404,513,000
-2,545,967,500
;
•;'
from the pre-war level have
declined slightly from the level that
,■>>,'•>
.
•'•"■**•4
36,549,110,000
Prepayments
items
The greatest were recorded in furs, 60.7%; cotton piece
sharp.
very
in women's wear.
the last month is furs.
37,014.133,650
Treasury bills (maturity value)
>
as
for individual
"Gains
v
'
V.
$129,665,137,457
LiL-L~——
indebtedness..:/
notes
Certificates
also risen above last year's
ings, 32.6%j and blankets, 31.6%.
-.v-.^
'
Treasury
vV.
pronounced
■■'"••
■
Herbert
General
mac,
;
$81,101,610,350
47,353,742,050
494,334,250
715,450,807
Treasury
"Savings
•'
:
^
v-V'""-*
>.■■■•>
■
Bonds—
'
^
.
be outstanding at any one time_v—_—
that may
amount
face
and house furnishings have
wear
Greece WiHawn
mark, but in each of these categories the increase has not been as
,
standing and the face amount which can stilL.be
limitation:
'
J
Total
Infants'
URU Mission in
fractional gain over a year ago is indicated
a
by the quotations of the staple items included in the index.
($222,951,548,222) should be de¬
outstanding public debt obligations
2843
annual
tonnage
cumulative yearly shipments
as
until
reported during the year 1942, are sub-
go
reconciliations.
These will be
stated in the annual renort.
held
compre-
a
before
special meeting to be
Christmas."
THE COMMERCIAL & FINANCIAL CHRONICLE
2842
Thursday, December 28, 1944
Sales of lead for the week
.
Market Vahse of Ponds
*
Hew York Stock Excln Gotten Ginned from Crop of 1944 Prior to Dec.
on
The
The New York Stock
Exchange announced on Dec. 12 that as of
there were 1,057 bond issues, aggregat¬
ing $100,449,974,298 par value listed on the New York Stock Ex¬
change with a total market value of $101,377,604,946, This compares
with 1,058 bond issues, aggregating $101,088,301,686 par value; total
market value, $101,801,493,498; average price, 100.71, on Oct. 31.
the
In
following
average
listed bonds
table
show as follows the number of'Mles of cotton
ginned from the growth of 1944s prior to Dec. 1, 1944,* and compara¬
tive statistics to the corresponding date in 1943 and J942:
are
classified by
price, for each;
—Nov. 30,
1944—
Market Value
s
S.
State,
,
(incl.
Government
■
etc.)
Cities,
Oct.
.
Price J.
;'
102.95
7,378,125
98.38
5,945,000
102.50
85,623,114,451
Louisiana '
102.92
7,387,500
5,945,000
:
'
9.8.50
■'.'Automobile
:
Building /—
Business
12,936,355
and
office equipment.
™/—'
equipment
Chemical
'
Electrical
—i
U
.
102.80
15,186,046
102.00
::
107.37
South
44,447,500
103.85
Financial
40,071,503
Land and realty
102.00
Texas
Oklahoma
467,456
Carolina----'—;,--:-—
Recail
74.22
102.86
74.50
77.19
95,237,573
32,111,566
104.29
32,076,089
104.07
640,388,809
7,966,876,644 '■
™—......
7,917,664,665
13,225,673
r\- Shipping services
98.65
13,121,639
105.75
69,578,273
20,027,873
94.11
369,484,753
103.82
36,575,000
104.50
157,290,600
104.09
2,856,367,462
339,612,951
104.51
35,789,144
104.38
150,963,474
104.43
(operating).
Gas and electric (holding)
2,598,515,110
107.59
60,890,360
108.89
60,850,360
Communications
1,137,917,473
96,610,738
112.15
1,143,834,029
94,373,985
.68.64
153,055,201
87.13
151.118,025
85.98
103.75
30,814,670
105.10
£/4.o'2
14,132,681,372
92.93
70.39
1,396,101,458
70.78
—
Tobacco
Utilities:'
electric
Miscellaneous
■
:
utilities.—...
XT, S.
companies oper. abroad..
Miscellaneous businesses.
U.- S.
Total
'
'
and
Gas
8,818,750
companies—;.
13.860,826,921
government—../,——™
Foreign companies/——-——,—
1,386,013,505
658,294,678
92.01
649,596,217
of
crop
season
of
Tx*e
100.92
101,801,493,498
Consumption and Stocks
on
Average
Market Value
1942—
In the interest of
:
Nov.. 30™^
.
Dec.: '.-31™/™
-
-
-
' 64,543,971,299
70,583,644,622
1943—
Dec.
97,47
71,346,452,852
97.79
71,575183,604
98.24
Apr. '30——
71.857:596.488
98.69
May 29
81,048,543,830
80,704,321,646 ^
June 30
July 31-™-—:
Sept; 30
80,149,558,292
Oct. 30™„™ : 90,501,768,934
Nov., 50-—'—^/. 90,076,888,558
31
90,274,071,634
....
99.38
Feb.
31
99.78
90,544,387,232
.™
,
29™-.
96,837,573,171
100.21
9a,713,286,544
1U0.32
95,305,318,075
100.31. j,:.
-™
93,849,254,814
100.62
June 30™-.™/
96,235,324,054
100.53
100.71
99.37
31__— -/ 102,284,657,208
Aug. 31
102.328,885,992
Sep. 30
102,017,012,414
100.61
99.45
Oct.
31
101,801.493,4-8
lUO./i
99.02
Nov.
30—.
101,377,604,946
100.92
99.47
99.64
,
9y.3o
99.23
Apr.
29
.™
May 31
July
100.74
—,
.™
i
Civil engineering construction volume in continental United
States totals $129,740,000 for November^ an average of $25,948,000
.
for each of
the five weeks of the month.
The November weekly
volume, not including the construction by military engi¬
neers
abroad, American contracts outside the country, and ship¬
building, is 18% below the average for the four weeks of October,
average,
and is 49% below the average for the four weeks of
The report issued on Dec.
November, 1943.
13 added in part:
Private construction for
November, 1944,
the weekly average
month ago, but 62% lower than a year
on
basis, is 22% higher than a
ago.
Public construction is 27 and 41% lower, respectively, than
last mohth and last year. Federal construction declines 22% from
October, and is 48% below November, 1943. State and municipal
average volume is 45% under last month, but tops the 1943 month
by 73%.;
•
■ ///':/
.X.;// -■ V', ■
,/
'■
.
Civil
>
engineering
construction
October, 1944, and November, 1944,
'
,
Tota 1
U. S.
construction.
Private construction
//
Public construction
State and
municipal—
Federal
—
volumes
for
November,
1943,
are:
Oct.* 1944
(4 Weeks)
'
23,277,000
Nov., 1944
(5 Weeks)
$129,740,000
34,372,000
95,368,000
15,978,000
81,336,000
79,390,000
.
$127,195,000
22,582,000
104,613,000
123,054,000
The November
engineering construction total brings 1944 volume
$1,638,496,000 for the 11-month period (48 weeks), a total of 44%
linder the $2,885,384,000 reported for the 11-month
period in 1943
(47 weeks). Private construction, $348,221,000, is 24% lower than last
year, and public construction, $1,288,275,000 is down 48% due to the
to
54%
decrease
in
Federal 'work.
State
and
municipal construction,
$230,405,000, is 22% higher than in the 1943 period.
New Capital
■
1942—3
.
financing for the 48 weeks of 1944 totals, $!,684,869,000, a volume of 46% below the $3,065,104,000 reported for
(47-week) 1943 period.
Private investment, $276,129,-
000, is 86% higher than last year, but Federal funds for nprKggderal
14% below the 1943 period, and Federal hpprt^iationkior
military and departmental construction are 55% lower.
2,787
3,272
refineries—
14,821
13,176
18,671
Refined
—
United States
lead-.—l
jQf statistics
con¬
in
obtaining de¬
being omitted from this re¬
are
v
1
Production of zinc
metal.
the
decrease over the winter pe¬
may
riod, owing chiefly to labor con¬
ditions,
but
this
development
would not embarrass the industry.
Somd
that
in
zinc
in
operators
believe
[production and consumption
be in
current* month-will
tlxe
A
■
of manpower in
fabricatingaluminum
shortage
plants
threatens to create a tight situa¬
tion in sheet and some extruded
from,
reduced
has1 been
a
peak for the current year of 169,600,000 pounds in January to 94,900,000 pounds in September. The
curtailment in production of the
•metal that has taken place' this
has been ordered by WPB.
Surplus stocks of primary alumi¬
num remain *
Tin
opments
"The limitation order
moderate
in
far
non-essential
concerned.
market
no
tin during the' last
though the govern¬
in
Even
week.
ment
were
higher price
Bolivian
Members of the industry were in Washington on Dec. JQ to review for
concentrates,
the
the situation and discuss allocation
of:J^ejgrv lead |or;fnext month. selling basis for tin in this country
is not expected to change.
Consumption of copper and zinc^
■'
:-;v.''7:.'7
the production of bar
yvill increase during January, ow¬
Production of tin-plate in the
coppgr in Chile, smelters in the United States during the first JO
ing chiefly to the enlarged brass
program. The quicksilver market -United.. States "have^received from
months of 1944 amounted to 2,~
continued to boil, and producers that'cpuntry an average of about
185,383 tons, of which 1,648,315
and their agents raised prices al¬ 8,000/fans per y.ear-jof copper in
tons was hot-dipped and 537,068
most hourly in what is generally
tons electrolytic.
•pte/ffiiriu^ihe. lasj^iyhree .-years:.
Production of copper in Can¬
regarded as a tight market in
Straits quality tin for shipment,
free metal.
Late on Dec. 10 it ada in September ^amounted to in cents
per pound, was as fol¬
was said that metal sold for more
43,345,982 pounds/against 44,992,- lows:
than $135 per flask. Quicksilver 550/ pounds in August this year
Jan.
Feb.
March.
52.000
52.0,70
quotations last week were largely andJ42,540,896 pounds in Septem¬ December 14— 52.000
December 15—
52.000
52.000
52.000
nominal." The publication further ber .lastlyear, according to the
52,000
December 16_„
52.000
52.000
Went on to say in part as follows: Dominion
Bureau
of Statistics.
52.000
December 18—
52.000
V 52.000
volume to
so
as
^
'
'the- first
in
Production
Copper
uses are,
nine
months of 1944 totaled
ing plants
417,706,264
pounds, against 431,083,755 pounds
in the January-September period
copper
of 1943.
stated in market circles that some
of refined" copper in
Can^df for September amounted
to 37.255,526 pounds/ against 38,002,046 pounds in ..August this
year,
and 40,326,108/ pounds in
September last ybaf/
conditions at fabricat¬
If labor
improve, the call for
might easily exceed 140,000 tons a month, according to
producers.
Schedules
at brass
mills have been raised, and it is
.
have
mills
asked
been
to
copper-zinc
alloy. The market situation in
copper was unchanged last week.
The stockpile is expected to drop
moderately in the next ihonth or
in
rolling the
so.
..
Canadian
Leading
copper
pro¬
with
a
on
Associated Press
don, Dec. 15, the
reports. : ; /
v >
■
^
of
Production
bars
copper
to
in
as folthe American
tatistics, figures
tons:
1944:
525,648
—--
—
538,509
—
pounds#., which
256,386
Da res
with
corn-
303.258^ pounds
in
August, and 322,595 pounds
September last year/":
in
Lead
39,944
_
—
-
-
-.
June
-
—
——_:
-
August.. —J
September
Total
.
;
——
——
'
,
—-
-——
401,125
—
52.000
Quicksilver
Holding
the
to
,
view that the
government's demands for oxide
and
other
will be
quicksilver
products
larger than first estimated,
offerings of the metal in the open
market
named
ered
light
were
and
prices
during the last week
an
sellers
will_pot be inter¬
extremely
$135
per
continued to
wide
cov¬
range,
flask. Some
take
their
customers
regular
care
of
prevailing
largely to
strained
maintain
market in the metal.
•
under
.conditions,
orderly
an
Most of the
bullishness -reflects' strong, views
rupted in any way^but civilian
entertained by producers operat¬
consumption is expected tcr be cut
to about 60%
of a^hase period ing on the Pacific Coast.. On
fixed by WPB.
•i'»^•; v""-". ■ '' Tuesday it was reported here that
Members of the "lead industry metal sold in San Francisco for
met
WPB officials Dec. 120,
January shipment on the basis of
believed"thaj/the Subject $127 per flask, f.o.b. Coast. •
*
allocating, foreign metal. for
with
and it is
of
next
month
was#
discussed in the
light of the limita;tions that will
46,851 be
imposed to conserve supplies:
48,840
Consumers asked for about 33,000
44,241
48,147 tons of foreign nleM for January
48,271
44,354
-
52.000
90%
or
from $127 to
regulating end use of
lead has been virtually completed
and will be released ■portly. Con¬
sumption of lead oir war work and
uses
;
52.000
52.000
52.000
52.000
.
tin, was un¬
changed last week at 51.125c. per
pountL
Chinese,
'
Silver
39,132
—
April
July
41,345
—-
—
February
December 19/
December 20—
shipment, but it appears doubtful
whether the lead section will
lease
more
than 15,000 tons.
re- i
The
was
■Z :-l
l
pays a
.
An order
;
March
May
Secondary copper Recovered in
in September amounted
to
essential-
'
be^n reported
has
Bureau of Metal
in
■
Canada
reached an agree¬
the British Govern¬
plan for the. orderly
marketing of copper reserves and
war scrap, it was learned in Lornment
-
•
finally
Output
have
ment
/ 'if
ing, forgings, castings, and alum¬
inum
powder remain in ample
supply. Output of primary alum¬
designee! to regulate? consumption of
will be available shortly, and the industry looks lor the business
ducers
':
Rods, bars, rivets, tub¬
products.
There
steel
fy'P'
balance.
Markets/' in its issue of Dec. 21,
stated:
.
/ '
ihdications con¬
sumption of zinc early in 1945
will increase, both in the produc¬
tion of brass and in galvanizing.
However, with the supply situa¬
tion
rather
easy,
the industry
would welcome an upturn in use
present
year
"E & M J Metal and Mineral
lead
5,240
123,497
Zinc
From
inum
^
and the * difficulties
5,937
135,933
Totals
-
1
Statistics-
18,658
pig le'ad_i—
Antimonial
Aluminum
Metals—Gonsumpfion ef'Goppsr
And Zinc to fncreasPQuicksiiwer Higher
January
.
New construction
work ar^
World
lows, according
^
the 11-month
;
%
Because of War conditions
Chile
.
New capital for construction purposes for the month totals
$39,381,000, an increase of 44% over the weekly average volume for
November, 1943. The current month's new financing is made up of
$25,631,000 in State and municipal bond sales, $9,750,000 in corporate
security issues, and $4,000,000 in RFC loans for industrial construc¬
tion.-'
was
48,62o
national.security, the Department, of Commerce
pendable world statistics such data
port for the time being.
assist
Nov., 1943
(4 Weeks)
$203,632,000
73,195.000
130,437,000
7,373,000
which
anil
Hen-Ferrous
3A
80,352,221,151
80,109,269,964
Aug. 31—
jence
1944
Jan.
71,038.874.932
27^//,
Market'Value '
'
$
96.11
Mar,' 31™
-
Average
1943—
96.70
—
jan;":30^—
Feb.
price of bonds
"
Price
23,503
"
prior to Aug/"!
witii*-lD»t0'53
has discontinued until further notice the publication
the Exchange:
'
l7',35'9
•
795,379 bales.
Cotton on
Oct. 31, was 1,976,720 bales, and in piUblic storage and ah compresses
11,991,770 bales. The number of active consuming^ cdtton spindles
for the month was 22,228,138.
^■ •
gives a tWo-year compari¬
of the total market value and the total average
listed
.
us,
681,229
574.448
2,671,649
the month of October,*-1944, amounted
hand in consuming establishments on
to
100.71
following table, compiled by
1"'
'v':/
cerning imports and exports.,
son
:
refineries™
79,224
673,291
623,998
462.218
compared
to
381.089
•
•
2,582,230-.v
ginned
1944
1943-44,
1942.
Cotton consumed during
90.80
101,377,604,946
All listed bonds——
of
crops
108.82 ;
'
Foreign
the
6,851
6.774
1,867,606
The statistics for 1944 in this report are subject to revision when
checked against the individual returns'"of the ginners-rbemg trans¬
mitted by mail.
The revised total of cotton ginned this-Reason prior
to Nov. 14 is 9,490,384 bales.
112.12
70.27
Textiles '
of
lor the
1943 and
82,287
83,956
>:
Process at
Transit
107.46
95.63
'
the
22,444
bales
supply
in
and
at smelters——
Smelters and refineries-
,
Oct. 1
bullion:
base
of
104.65
20,351,380
'™^—///
Steel, iron and coke™,
■
677,662-av 1
-li
,
matte,
ore,
f
.
"
1
The statistics in this report include 4,673 bales of-r AmericanEgyptian for* 1944, 40,511 for 1943, and 39,423 for 1942; also included
are 11 bales of Sea-island for 1944, 269 for 1943, and-712 for 1942.
The ginning of round bales has been discontinued since;1941.
97.87
69,643,778
48,182
the
in
bales of
85.27
merchandising:
*Ineftides
..
104.17
87.21
'Rubber
570,478
■
351,3371'/
768,020
Virginia--—.
counted
104.17
639,377,913
Petroleum
Railroad
102.84
102.70
:
,
.
484.814
2,030,928
■
>■;#
78,83^-1
585,658-
;
14,271
1,736,688:
""'271,743,211''
;;
840,460
3,749
.
.
;
696,444,
.
14,437
■
rh
3),8G9vtl...
.
refineries, in tons,
the American Bu¬
to
of Metal statistics:
process
In
l,35o,o9t
199,942
,
105.43
12,397,350
35,385,618
98,678,817
metals—.
Mining (excluding iron)™
Paper and publishing...——
•'
77.20
35,000,'561
,
and
Machinery
40,088,142
106.03
12,690,900
249,698,011
103.13
246,147,959
.Food
14.H1:
827,-623"^''
10456,;
620,599
—
Tennessee.—
20,400,000
104.49
20,400,000
102.85
Carolina
12,942,400
15,186,046
,
107.37
42,631,500
North
■
356,276
69,611
■
.
:V-.'.v:"V:, '■
1,710,785
;
In
885; 162
21^2524-^.. i:;
571,159
New Mexico
102.50
11,534,702
i,04i,274-iU/.
10,232
viissouri—;
V
.
10,070''
.
and
smelters
Nov. 1
80,072
768,774
,■
Kentucky-
"
.
;'..i;-//4/,.-,//.,//———/"-v--
,
Stocks of lead at United States
1942
921,354//..
.
131,682.
Georgia
■
with 8,058 tons in the week
previous.
•':;
■ i',,
reau
'
1,188,527
-
„—
Mississippi
S. companies:
■Amusement-^i.-.^^—
w
—
„
■.
57,813
•
2,896
85,472,469,842
...
.
Average
.
Market Value
;//;/-,$
Y.
N.
•
Price
Florida
/852,239v /V'
,
California-
31, 1944
X7.
■■
:
—
in¬
which' 'com-'
tons,
pares
,
lO,560,.10p~
Alabama
10,290
according
bales
(Counting round as half bales and excluding linkersin...;
i
1944
■'
' i":
1943; "..y!:.-.;.,.
™—*10,274,385
States
United
running
.-J,-
Arkansas__—
Group—
U.
:
- -
Arizona
Average
'
govern¬
-
.
■
State
"
.
.
with the aggregate market value and
groups
report issued on Dec. 8, compiled from <thn individual,
census
returns of the ginners
the close of business Nov. 30,
mental and industrial
volved
London
•../ :
market for silver
quiet and unchanged at 23V2d.
The New York Official for foreign
silver continued at 443/4C, with do¬
mestic metal at
70%^.
Vj'i:
'•'
:
V
'
-
j
'
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4346" /
160'
2843
Faircfiild Retail Price Index Stable in November UNRRA Mission iu
Slaliitory Dell Limitation as of Nov.39, f S44
Dec. 5 its monthly
During November the Fairchild Retail Price Index remained un¬
report showing the face amount of public debt obligations issued
under the Second Liberty Bond Act (as amended), outstanding on
changed. At 113.4, the index has shown no change since the begin¬
Treasury Department made public on
The
Only
ning of the year.
Nov.'30, 1944, totaled $222,951,548,222, thus leaving the face amount
of obligations which may be issued, subject to the $260,000,000,000
statutory debt limitation at $37,048,451,778. In another table in the
fractional gain over a year ago is indicated
a
by the quotations of the staple, items included in the index. Over the
1939-40
report, the Treasury indicates that from the total face amount of
outstanding' public debt obligations ($222,951,548,222) should be de¬
ings also
year
major
group¬
however, show gains in comparison with a
This,is particularly true in women's apparel where ad¬
ago.
in hosiery,
vances
,
,
the previous month.
at the same level that they were
are
A number of the groups,
$1,098,676,528 (the other public debt obligations outstanding but not
subject to the statutory limitation). Thus, the total gross debt out¬
standing as of Nov. 30, 1944, was $215,004,701,593.
,
The following is the Treasury's report for Nov. 30:
further said:
Dec. 15, which
on
"Not only is the composite unchanged but all of the
:;
$9,045,523,154 (the unearned discount on pavings bonds), re¬
ducing the total to $213,906,025,068, but to this figure should be added
ducted
advance, said the Fair-
low, prices show a 27.6%
pre-war
Publications
child
furs, and underwear have been quite apparent.
-
Infants'
Act,.as,amended, provides
Section 21 of the Second Liberty Bond
above last year's
and house furnishings have also risen
wear
Greece Withdrawn .:■/
Herbert
General
obligations issued under authority of that Act
"shall not exceed in the aggregate $260,000,000,000 outstanding at
any one time."
■■
<
A J*
The following table shows the face amount of obligations out¬
standing: and the face amount which can still be issued under this
limitation:
*
r.1
that the face amount of
pronounced
in women's wear.
as
"Gains for individual
from the pre-war level have been
items
Lehman, Director-
the United
Nations
Relief and Rehabilitation Admin¬
istration,
announced on Dec. 20
that most of the UNRRA mission
in Greece had been withdrawn
under
a
decision taken by the
military authorities there because
of the fighting in Greece.
This is
learned
from a wireless message
from London Dec. 19 to the New
York "Times" by John MacCor-.
from which
mac,
mark, but in each of these categories the increase has not been as
H.
of
also
we
quote:
"I deeply regret that the
tragic
situation in Greece has now com¬
pelled temporary evacuation of
a
1
of Nov.
as
■Interest-bearing:'
'.A: Bonds—'/
■■
'.V;-,:.
•
A,-
iy:
Treasury
715,450,807
A Ay ■
•
I
notesAAAAAAA-37,014.333,650
indebtedness--
Treasury bills (maturity value)
.
$129,665,137,457
16,404,513,000
2,545.967,500
A-A Prepayments
;yAAA'A'
'
*
•
-
y-i. -:t A;AA y'
92,504,724,150
declined slightly
Bearing
U.
y
interest—
no
prof,
bonds
A/ A-
tax refund
'.AAA
V
■
• >?„•
—
'
'
-A
A'-/ A ASv*
222,951,548,222
v.610,681,665
'
A
Ay::AAV,,
A
spite of the prospect that OPA will have to revise textile
living down. Consequently, only small changes in retail
cost of
AAAA A ;Ay
;
expected."
be
can
of
obligations issuable
■
'
■
A'y NOVEMBER. 30,
'
:■.■■•
i
•
V*
.A*-..'.,
'
■
amount
face
—■
RETAIL
PRICE
'
$222,951,548,222
"The
Dec. 1,
Sep. 1,
1943
1944
113.1
113.4
69.4
Dec. 1,
Nov. 1,
1944
Composite Index_.
taken
dicision
unearned
current
discount
Savings
on
wounded
in
"I
Add other public debt obligations
yA
not subject to the statutory limitation:
Interest-bearing (Postal Savings, etc.)
J_
Matured
obligations
Bearing
on
sincerely trust that,
the
Total
/
.
>.v;.*'*
AA
" A A'-
••
debt outstanding
gross
AU ...J
1944
1944
113.4
113.4
).
112.2
112.2
"Lieut.-Gen.
105.3
105.3
113.7
113.7
113.7
understood
76.4
108.1
108.2
108.2
108.2
108.2
cision
70.2
1115.5
115.6
115.6
115.6
115.6
Furnishings
V
84.7
84.7
84.7
84.7
84.7
69.2
108.0
108.1
108.1
108.1
108.1
68.6
143.8
143.8
143.8
143.8
143.8
Sheets
65.0
126.8
126.8
126.8
126.8
126.8
Blankets & Comfortables
72.9
135.0
134.9
134.9
134.9
134.9
Silks——
57.4*.
i
Goods—*
Cotton Wash
Domestics
1,098,676,528
:"vv;':
""
''V''"-'*
J
105.3
113.7
Woolens————^—
,
•
-4
Jn-t'
a*
105.3
Piece Goods
'
' ""*'
1 J
K — li;.
Women's Apparel
—-
""Approximate maturity value, principal amount-(currcpt. redemption value)
ing to preliminary public debt statement $38,308,218,896..,..'^ ^
;-/..i
accord¬
'
Aprons & House Dresses
Receipts to November 30
AND
90.0
140.5
140.5
British
its
111.2
111.2
111.2
145.1
144.9
144.5
144.5
102.9
1_—
69.2
102.7
102.9
'102.9
102.9
76.5
it 92.4
92.4
92.4
92.4
92.4
64.9
M. Scobie,
in
Greece, is
have made the de¬
to
UNRRA
work
in
General Scobie is
should
the
sus¬
country.
directing opera¬
forces, mili¬
tions against the Elas
tary arm of the Earn
National
or
Liberation
Front, which opposes
the British-supported Papandreou
108.1
108.1
108.1
108.1
108.1
114.8
114.8
114.8
"Some American
Clothing incl. Overalls
70.1
—
Shoes—
114.8
99.3
99.3
99.3
99.3
94.3
94.3
94.3
94.3
105.9
105.9
105.9
105.9
109.6
109.6
formally
-
.
dissociating
with
the
it
British
from
military
authorities there, declaring it im¬
109.6
.
.
76.3
—
114.8
99.1
106.0
74.3
69.7
94.3
69.6
Shirts & Neckwear——
correspondents
have quoted Laird Archer, head of
UNRRA's mission at Athens, as
liaison
!
^
Underwear—
109.6
109.6
possible for UNRRA to feed the
people while it was subordinated
General
to
Scobie.
It
is
under¬
that Mr. Archer has denied
stood
74.0
114.6
114.9
the authenticity
74.3
103.7
103.7
103.7
103.7
103.7
attributed to him.
80.9
106.0
106.0
106.0
106.0
106.0
Furniture
69.4
129.2
129.4
129.4
129.4
129.4
Floor Coverings
(TONS)'
•
Ronald
commander
that
pend
140.5
111.2
Infants' Wear
ON^HAND
be
90.0
140.5
143.0
Hats & Caps—
"'
CRUSHED,
RECEIVED,
90.0
668
A-
Hosiery
products manufactured, shipped out, on hand, and exported for the
COTTONSEED
90.0
111.2
Shoes^__
showing cottonseed received, crushed, and orThand, and cottonseed
month ended Nov. 30, 1944 and 1943.
,89.2
1 40.5
Men's Apparel
On Dec. 14 the Bureau of Census issued the following statement
.
■
83.6
Corsets & Brassieres
Underwear—A—
Coltcnseed
will
Government of Greece.
59.2
/ 175.5
Hosiery—.
Furs_
soon
trustee of all the united
as
.
895,701,223
•
,•
-f •
A
AAA/
A ,A. A A
>
du¬
providing
and associated nations.
113.4
112.2
lation,
Home
/
'
1944--—ri_-—*215.004,701,596.
of Nov. 30,
as
'
A"'7,057,765
AA
\A
:
.
'■
<
"
A $195,917,540
•
—
has ceased
which interest
1
•
as
Administration
Infants'Wear_——
$213,906,025,068
U
—
interest—
no
!
\
„/!.
-
their
present disturbances cease, the
as
105.3
113.2
;
of
course
ties.
112.2
65.1
>
Apparel—
was
tion, which made it impossible for
mission to carry out its ob¬
70.7
71.8
Men's
9,045,523,154
,
evacuate
the
112.2
Piece Goods.
between
value)
1
outstanding but
'
,
(difference
Bonds
value and maturity
redemption
to
by the military authorities
the light of the present situa¬
in
Women's Apparel
Deduct,-
relief
relief for the entire Greek popu¬
Oct. 1,
May 1,
■
authority
of
able to fulfill its task of
Copyright 1944 Fairchild News Service
•v.
relief
in the
supplies in
country," said Mr, Lehman.
that
INDEX
1931=100
—
of
outstanding public > debt obligations -psued
under authoritv of the Second Liberty Bond Act
Total
i
A\A,AA..
.
that
mission will return to Greece and
1933
'■A'A;" A
1944
JAN. 3,
UNITED STATES TREASURY
RECONCILEMENT WITH DAILY STATEMENT OF THE
PUBLICATIONS
$37,048,451,778
above authority^—
under
•
prices
«
FAIRCHILD
THE
amount
Face
military
hidden in the better jectives. This decision was taken
going into the manufac¬ only when several members of
•
V
-./»
the
staff
had
already been
ceilings when textile workers receive wage increases, the govern¬
ment will still attempt to hold the line in retail prices, and keep the
.
,
.
promotional sales, it is nevertheless true
quality of materials and workmanship now
garments.
£
180,586,652
430,095,013
•
to
large degree of the price decrease may be
a
"In
--171,004,950
-
.
Stamps
Savings
S.
Excess
that they had maintained from May
While part of this decrease in the price
ture of these
■■■■
$222;169,801.607
obligations-on which interest has ceased
Matured
attributable
is
furs
of the UNRRA
mission, which has been cooperat¬
ing
with
the
Anglo-American
For the third consecutive month furs have
from thetlevel
through July of this year.
that
'A..
■
item in the index which has reflected a change over
one
the last month is furs.
of
„•
36,549,110,000
of
Certificates
V
.
"The
.
substantial (part
distribution
ings, 32.6%, and blankets, 31.6%.
y-
Adjusted service-
!
:
women's aprons and
housedresses, 34.3%; silk and rayon piece goods, 33.2%; floor cover¬
$260,000,000,000
time-*
30, 1944:
.
;'-v yy ///'A'-. y'V, A A: A A Ah'/'y
" :;Ay. AAA/AaAA:;Vy ''AAA:; AAX A /A A- ' yA Ay"
AA AAA Ay- A'AAv : ,A<
Treasury
$81,101,610,350
AAA'A
"Savings (maturity, value)
47,353,742,050
r
^
.
Depositary
•
:
A; 494,334,250 ■: AA A
Outstanding
•
goods, 39.3%; sheets, 39.2%; furniture, 37.4%;
•
,
face amount that may be outstanding at any one
Total
The greatest were recorded in furs, 60.7%; cotton piece
sharp.
very
79.9
146.9
148.9
146.9
146.9
14G.9
50,6
66.8
66.8
66.8
66.8
66.8
Socks—
114.9
114.9
114.9
of the statement
'
"Received at mills
*
State—
Aug. 1-Nov. 30
1944-45
1943-14
1944-45-
1,885,885
1.852,117
f
132,347
141,459
11,691
151,387
^7.121
"164.275
18,467
26,355
239,059
—
ii
Arkansas A
Louisiana—
175.950
185,284
91,312
145.634
133,324
'-186,851
83,766 ;r 105.207
256,465 .—£94,730
95.299r ,*104,798
640,066!
—-
1943-44
1,520,383
h
102,296
54,570
;
72,850 '. «• 63,060
156,791
102,249
245.384
118,350
106,650
i 133,999
Texas
694.16Q
798,277
345.725
503,624
380,087
U3.935
88,089
23,122
37.696
75,374
;
Major
group
Note—Composite index
,-netic
"Includes
b"t
118,256
COTTONSEED
?
X'K
■
r
and
tons reshipped
/
tons
1,560
and
tons
no.
not
''A:-V';-:
On hand
.
Produced
of Season
Season
Aug. 1
Aug. 1-Nov. 30-Aug. 1-Nov. 30
.'944-45
*
(thousand pounds)_(
|
1943-44
1944-45
"29,759
23,283
t239,834
(thpucrtud nounds)-1
l°43-44
207,409
1 )
1944-45
28.050
{
1943-44
18.542
I
1944-45
14.793
f
)
1943-44
1944-45
Refined
oil
rind meal
Cake
(tons).
Fulls
;■■,■•:■.
•
•
•
(tons)
Llnters
1
.
-(running
Hull
f'ber
..
/ V 1944-45
motes,
-
Ac.]
1*43-44
'
.
,
(500-lb. bales)——(
Gfabbnts.
.
.
1944-45 i
,(5fl0-th" hales)( 1943-44
-1Includes
68,008,0^0
and
lbs.
•
44,106
/;/.
at oil
50.151
tlncludes
,
412,41.1
407,430
20,454..
^435,426
.
y~~
•*
.
,
8,991'
.
7
-
at"refining
"///A/;,'
'
from
372,910,000
218,016,000
held-elsewhere,
and
refining
of
crude
1,937,000
•">'
120,000
cut,-®-11^
29,843 bales mill run.
Imports and Exports of Cottonseed Products
gives shipments by subsidiaries of
Corp. monthly since the beginning of 1939 (fig¬
tons):
A
February—
■
1943 '
1.730,787
"A
,
The Pan
own
American Union Gov¬
erning Board
today unanimously
elected Secretary of State Edward
R. Stettinius, Jr., as its Chairman
but
postponed consideration of the
"Argentine case."
United
advices
Press
from
Washington Dec. 6, reporting this,
added:
"Secretary
Stettinius,
succeed¬
ing Cordell Hull, took office im¬
the nations
rededicate them¬
selves to the principles of mutual
respect and regard for law.
mediately
and
represented
asked
to
1942
1,685,993
1,738,893
1941
1940
1,682,454
1,145,592
1939
870,866
"The Argentine request for con¬
vocation of
a
consultative meeting
of
foreign ministers of the Amer¬
ican republics to study the 'rpisunderstandings' between it and
other countries, was formally pre¬
sented to the board at its Novem¬
1,755,772
1,691,592
1,874,7.95
1,772,397
1,780,938
1,548,451
1,720,366
1,009,256
—AA>-
931,905
845,108
ber meeting.
—J——
1.756.797
1,630,828
1,758,894
1,687,674
907,904
771,752
1,776.934
cision
1,894.127
1,745,295
795,689
607,562
745,364
governments
tions and comments.
Mav
1,616,587
747.427
1,737,769
1,706,543
1,552,663
1,774,068
1,668,637
1,084,057
1.209,684
July
1.754,525
1,660,762
1,765,749
1,666,667
1,296,887
1,743,485
1,704,289
1,788.650
1,753,665
1,455.604
885,636
1,733.602
1,664,577
1.703,570
1,664,227
By unanimous de¬
it then agreed to
study the
1,086,683
—
September
October
-v—^
—
.
November
—
——;■
1.774,96.9
1,743,753
,
1,851,279
1,392,838
1,572.408
1,660,594
1,665,545
1,624,186
1,425.352
1,406,205
1,719,624
1.849,635
1,846,036
1,544,623
1,443,969
1,794,968
1,787,501
request, which was relayed to the
for
their
observa¬
"The Pan Union secretariat an¬
1,345.875
nounced
however, that only four
countries have replied—Honduras,
Total
bv
mos.
20,244,830
21,064,157
20,458,937
Nearly, adjust—
*97,214
*449,020
"42,333
20,615,137
20,416,604
—
20,-147,616
,
♦Decrease.
(ect
to
hended
adjustment reflecting
in
14,976,110
11,752,116
37,639
*44,865
15,013,749
11,''07,253
*
,
annual
reported during the year 1942, are sub-
tonnage reconciliations.
the cumulative yearly shipments
as
These
will be
stated in the annual renort.
compre¬
Haiti
Panama,
and
Ecuador.
Pending receipt of other replies,
it
.■
Note—The monthlv shipments as currently
con¬
.
its
on
Pan American Union
April1
Total
publication of statistics
;
year
tabulation
1944
In the interest of national security the Department of Commerce
cerning imports and exports.
in net
ures
January
December
'■
65,279 bales second cut,-and 8,684 bales mill run.
h&s. discontinued until further notice the
-A
Shipments of the corporation for the first 11 months of this
August
A.
manufacturlngAstablishments,
lbs., at: refining, and
1,986,000 lbs, in transit.
it Includes 42,360 bales first cut,
v
oil.
""Includes 89,662 bales first cut, 342,328 bales second
A':'%\AAvT;;
Tune
and
act
March
■'/.•;
A'-'.
in transit.
lbs.
-
and manufacturing
v
SA A./..
v
United States Steel
12,845
15,835 /
•
tons, but an increase of 83,159 net tons over the 1,660,594 net tons
delivered in. November of last year. In November, 1942, they amount¬
ed to 1.665,545 net tons and in the same month of 1941 they were
The. following
1,594
9.477
' 13,440 V
^.18,725 •
to
arith-
are
19,383,188 net tons, compared with 18.525.206 net tons in the
corresponding period of 1943, an increase of 857,982 net tons.
260,389 '
'v
1,283
.
.
able
totaled
38,656
ft 116.323
■.
been
initiative."
v-.,;. /,
v-■
The total shipments for November were 1,743,753 net tons, a de¬
of 31,216 net tons from the October shipments of 1,774,969 net
A
' / ,65.500
manufacturing- establishments,
held elsewhere, and '2,073,000 lbs; in transit.
A- X ;<■. /;.,;'/./
■/fProdticed
lbs.
.!■ 73,674
^ ' ' *819.283
■
had
crease
1,624,186 net tons.
219,207
.
37,908,000 lbs,/af'fefining and manufacturing
mills,
19,567,000 lbs.
fiimludes 235,924,000 lbs. at
lbs.
11220,122
..
306.919 'V v'>331.561
866/241
»/"Includes 8,636,000 lbs. at oil mills, 18.480,000 lbs.
establishments, and 2,643,000 lbs. in transit.
establishments,
522,550
§347,403
v
1943-44- '
bales)
tl25.483 "
-137,728
r-:.... 434,546.
i
726,135680,511
11,964
,
439,103
61,920 :i
""461,833
135,927 !
560,883
476 -rXX.-( 9,798
556
'
' 10.515 ^
.10.025
'
>■ 1'6,260
'.
1
-
Nov. 30
^25;432"
484,804
576,386
Yr
indexes
here, how¬
believe that the organization
a better job if it
could have done
...
)
'Product.—
Cru^e oil
,
1 ■; \;
/:V;;
*'/■,--.'Nv
-zp.Shipped out
On hand
'
at beginning
'
/
aggregate.
States Steel
33,886
OtJTr AND ON HAND
SHIPPED
PRODUCED,
weighted
93.5
110.G
Shipments of finished steel products by subsidiaries of the United
Corp. in November were the highest for that month on
record, and deliveries for the first 11 months of this year were the
largest in the. history of the corporation.
respec¬
during the seasons
TRODUCTS
a
94.9
93.5
.
Shipments by Subsidiaries of
U. S, Steel Gorp. Set Record for November
114.651
during 1944-4^ and 1943-44,
hand Aug. 1,?';1944( and 1943, nor
1944-45 and-*1943-44.
on
is
subgroups.
94.9
110.6
93.5
110.6
Finished Steel
52,734
.
destroyed
tons
90,336
of
averages
52,796
and' 28,217
94.9
93.5
110.6
339,322
All Other Stater,
tively.
94.9
93.5
110.6
"UNRRA supporters
ever,
Stettinius Chairman of
81,551
30.044
169,922
-
94.7
72.5
81.5
356,816
235,107
—.
60.1
silectrical Household Appliances
China
71,286
^ 363,491 ,/
122,848
74.848
73,345
177,534
Tennessee——-
South Carolina..
*y
-
Radios
113,849
82.011
9,657
12,295
249.032
173,360
24.16251.221
174.263'
136.361
—
—210,758
Forth Carolina—
-70.680 L.
286.909
597,890
—
Mississippi——..
Shoes—
Luggage—_—
328.052
287,735
-
,
29,413
a«4"5
California——
Oklahoma
221,285
3^0,629
Georgia———
Aug. 1-Nov.-30*
.
1,591,991
21,221
Ainbama—-
Arizona—.--
;
1943-44
3,325,852
Underwear—
On hand at mills
Nov. 30
/
3.317,492 ;
1944-45
L.
United states
Crushed'6"
;
go
was
decided^ to let the matter
until
held
a
before
special meeting to be
Christmas."
j,
THE COMMERCIAL & FINANCIAL CHRONICLE
2844
(NWVtrti*., „
!*«*>
Thursday, December 28, 1944
vK;
The Solid Fuels Administration,p- S. Department of the Interior,
the total production of soft coal in the
16, 1944 declined sharply because of heavy snow¬
storms, and was estimated at approximately 10,000,000 net tons/ as
compared with 11,930,000 tons in the preceding week and 12,702,000
in; its latest, report, states that
The Bureau of
■
.week ended Dec.
Statistics of the Interstate CommerceCommissioh
has issued a statement, showing the aggregate totals of selected income
Glass I steam railways in the ^ United
balance sheet items for
and
States for the month of
months ending with
tons in the
September, 1944 and 1943.
-'Af, AAA;
,
'
year
r
These figures are subject to revision -and were compiled from
reports representing 135 steam railways.
V
follows: yy.":
report is as
:'y
A",
The
Va
y
Net
income—-™—-
Total
from
103,801,542
'' deductions
Miscellaneoue
,
14,675.081
income
Income
•
fixed
available
•
.
charges
A
;
leasetf
for
and
was
14,588,697
43,016,232
...
Amortization
projects
U /
131,044,449
'323,683,438
J
71.904,620
527,674,827
2,351,222
24,743,859
502,930,968
69,553,398
:
Dec. 9,
Januarv 1
1^44-
i,944
-
27,197,600
26,470,446
-
.
240,204,841
,
V
ESTIMATED
(In
Federal income taxes—--—
Dividend appropriations:
127,846,736
1,016,235,424
stock——
common
95,067,535
96,363,386
697,908
21,003,474
2.44
2.24
4,650,062
62,533,000
58,819,000
60,032,000
56,466,000
1,122,000
preferred stock
1,073,187
Dec. 16,
1944
Dec. 18,
f
to fixed
fRatio, of income
•:
charges
United
-
Ay.A
——
2.35
AaA-A ';.vt&6.d
..
1Q"J7
.....
Balance
Balance at end of September
Selected Asset Items—
1944
„
in
bonds,
those
affiliated
of
panies
at end of September
1944
{943
-.'V
1943
.
.v; -yyyM
stocks,
etc.,- other than
'AMy
i
: 'M
com-
f.
;
$585,673,262
$564,518,921
1,046,327,293
..900,894,201
$589,193,681
-
Cash
1,138,289,669
Temporary
cash
invest¬
ments
1,752,029,182
Special deposits—-,-*-—..
170,866,594
$560,331,046
.
A
824,711,675
4Iabama_——
Loans and bills
■
receivable-
T raff ic
•
1,346,475,761
;
126,730,577
1,262,975,065
7,653,900
■3,115,700
authorized
327,679
balancee^Dt.)—i--—42,683,670
Net ''
balance AA' receivable A, AvAAA
from
.
.
agents
and
326,186*
246,611
3:
35,920,462.
yAyy 243,765
27,930,677
Materials s and supplies——
634,627,438
483,783,856
515,492,591
dividends
529,310,830
496,807,742
439,210,195
23,139,684
23,867,650
602,231,350
X •„
re*
ceivable
A y
140,910,263
28,143,667
;
receivable
v™——
-"A
Other current -assets—
3
2,305,390
€4,490,261
,
Total
assets
current
4,574,945,426
4,286,655,594
'
••
.fit
'
;
81,151,595
250,200,869
12,188,386
14,492,602
8,350,000
152,428,113
171,740,621
383,918,419
355,939,501
113,837,356
94,202,616
1,000,000
A
payable
wages,
1
15,057,936
55,950,042
15,154,565
54,188,320
unpaid
14,777,919
Unmatured interest accrued
65,180,932
65,026,143
60,543,158
59,513,118
Dividends
unpaia—
matured
Unmatured
-rp 589,000;
•
50,000
1,000
1,525,000
; 532,000
58,000
190,000
dividends
59,974,307
Dakota (lignite).
A 323,000
A,
37,000
.
-
A
329,000
36,000
7,475,602
!
A;:,
Unmatured rents accrued24,584,625
tax liability™
1,793,277,658
liabilities—A
100,091,641
23,778,272
21,894,601
72,000
Federal Home Loan Bank of Chi¬
33,000
cago,
682,000
707,000
;
2,690,000
127,000
.3,259,000
174,000
3,000
152,000
;
5,000
A:
143,000
:
:y 375,000
115,000
380,000
22,000
:
■
A
•
31,000
v
2,053,000
■
.
2,089,000
-136,000
18,000
-'..
414,000
28,000
2,078,000
631,000
2,504,000
•A 1,251,000
933,000
976,000
210,000
208,000 y c
-
295,000
37,000
;
y
1,719,000
723,000
7 148,000
204,000
,
93,000
y;'
11,930,000
11,835,000
1,193,000
13,540,000
1,221,000
10,346,000
1,140,000
13,070,000
13,028,000
14,761,000
11,476,000
f
■"..AMI
1,000
1,130,000
{Includes operations on tbe N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
the. B. & O. in Kanawha, Mason and Clay counties.
{Rest of State, including the
District and Grant, Mineral and Tucker couftties,
Slncludes Arizona and
Oregon.
•Less than 1,000 tons.
l,531,650j914
1,401,830,850
74,312,869
64,951,229
53,821,292
2,521,150,421
2,385,649,769
.
20,117,557
1,614,776,438
Accrued
2,134,483,420
Other current
the "455 stockholding savings,
building
and
loan associations
notified December 20. Pay¬
were
ment, which will be made January
12, will be in the estimated total
A. R. Gard¬
amount of $104 393,
ner,'President, said. It will bring
the regional bank's distribution of
earnings for 1944 up to a total of
$256,949.
Of the current divi¬
dend, the RFC, it is announced
by the bank, will receive $70,869.50, since it holds the stock
originally s u b s c r i b e d by the
Treasury to establish the regional
Analysis
of
liabilities- 2,852,186,326
accrued
U. S.
member institutions holding stock
than
eminent
1
U.
S.
taxes
United States war expenditures during November amounted to
$7,095,000,000, a decrease of $352,000,000 compared to October ex¬
penditures, or 4.7% according to figures compiled by the Department
1,633,048,271
1,453,422,089
1,398,810,362
1,268,530,159
160.229.387
161,354,349
132,840,552
133,300,691
Gov-
——
any
or
"The rate of
months ended September.
long-term
debt
1943, $561,680,460.. {Includes payments of principal of
long-term debt in default) which will become due within
(other than
after ciose of month of report,
6o —SP
shh?-the ratio was
follows:
as
HFor railways in receivership and trustee*
September,. 1344,
.
war
expenditures
per
day averaged $272,900,000 in
November compared to $286,400,000 in October.
The daily rate is
based on the number of days in each month upon which checks were
cleared by
1.62;
September, 1943, 2.43; nine
mcntps,: 1944, 1.81; nine months, 1943, 2.61,
Slncludes, obligations which mature not
jnore_than.one year after date, of issue. ••Figures include returns of the Minneapolis
and Mr .Louis which emerged from
receivership on Dec, X, 1943; Chicago &' North
Western._ June 1, 1944; Missouri-Illinois, June 1, 1944,. Minneapolis, St. Paul & Sault
Ste. Mane om Sept. 1, 1944 and the
Akron, Canton & Youngstown which emerged from
trusteeship on Feb. 1, 1944. ■' -r,-■-^,•
:
;
"The
the Treasury.
Government
- v.
-
has
vA;.
y—....
expended $236,700,000,000 for
war
pur¬
during the period July 1,1940 through November 30,-1944. Ex¬
penditures during the period Jan. 1, 1941 through Nov. 30, 1944,
totaled $234,800,000,000.
,
; A .A7V.7/-//AA
poses
"These
figures include checks cleared by the Treasury and pay¬
able from war appropriations, and net outlays of the Reconstruction
Finance Corporation and its subsidiaries."
.
imm.
1941
lly 1942, page 2213.
issue, and for 1943,
Yields for 1942
on page
1941, through November, 1944, are shown in the following table:
published in the "Chronicle" of June
are
.
■■
are on page 202, Jan. 14, 1943,
1130, March 16, 1944 issue.
quarter monthly
average—--—
2nd quarter monthly average™—.-,'- '
quarter monthly, average-™—.
4th
MOQDY'S WEIGHTED AVERAGE YIELD OF 200 COMMON STOCKS
quarter monthly average-———
Average
Railroads.
(125)
1944«^_.
Jhnuarv,
4.6%
insurance
1942—12
Yield
y
5.5%
(15)
(10)
(200)
3.8%
3.9%
4.8%
May,11,944^;
.
Qef,ob"»r.
1944—
1944_l_„
.
4.0
4.8
5.5
3.8
3.7
4.8
February
5.6
3.8
3.8
4.9
5.4
3.6
3.7
4.8
5.2
3.5
3.7
4.6
4;7
4.5';
J-,
''
;
6.7
'■
.
6.6
.
6.(T
-
4.5
4.5
1944.™
1^44
November,
total
7.0
5.5.
3.7
•
4.5
4.6
6.7
5.3
"
•"
.
6.7
:yy;:
M
.
5.2
3;6
5.3
•
■
3.7 V
.
3.5
3.7
4.7
.
3.5
7.9
5.3
3.5
6.8
5.3
•3.3
•
3.7
.
May
:
——
——-
—;
A
■
26
•
•
October
y
'
169,100,000
312
272,900,000
26
235,200,000
,312,300,000
7,948,000,000
7.493,000,000
7,918,000,000
-
26
*
.
27
A
'
•
.
299,700,000
27
293,300,000
26
1
.
y
306,000,000
289.900 000^
26
—
7,798,000,000
.27
26
7.447,000.000
—
volume
by
.
approximately 59,400,000,000 tonmiles, according to a preliminary
estimate based on reports just re¬
ceived from the railroads
of
roads.
decrease
The
vember, 1943,
by the
Rail¬
American
Association
was
under
No¬
0.8%.
The Class I railroads in the first
11
months of 1944
more revenue
performed 2%
ton-miles of service
period of 1943.
The 1944 total was 17% greater
than 1942 and 2^4 times the tonmiles
same
of
volume
the
11
first
months in 1939.
The following table summarizes
revenue
ton-mile statistics for the
first 11 months of 1944 and 1943
(000 omitted):
294,400.000
:
25
•
7,104.000,000
—
—
November
48,200,000
71,900,000
310
7,416,000,000 A
7,808,000,000
7.355,000,009
—
September—
•
$27,400,000
34,500,000
'
:
-25
•
,
•
1
August
'
.
26
7,957,000,000
—
—
July
4.7
4.8
_™A—-l.——
-
June
-
4.7
3.6
—
Daily Rate
25
-■
'
.
4.7
3 «
,
y
„^.-—
March
April
Checks Were Cleared
52,406,000,000
85,135,000,000
total—
month
"
'
September,'*.
month
1943—12
6.9
".
6.7
y
.
4.4
—
__
August.. 1944—'—
'
4.6
—
1944
7.0%
.
Banks
,
4.6
February, 1944—
March, I944__i,__-April, *944™--™ _„v
Julvr
(25)
.
January
' 4,6
™
June, 1944Ll-J.—
Utilities
,
(25)
$684,000,000
897,000,000
1,253,000,000
1,797,000,000
of freight traffic
Class I railroads in
November,
1.944,
measured
in
revenue
ton-miles, amounted to
The
handled
than in the
NumberofDays
Monthly
Expenditures
1941—
1st
3rd
Industrials
an
Ay^y
;;
Freight Ton-
.
Monthly expenditures and the average daily rate from January,
Annual average yields for the years 1929 to
1941, inclusive, and
monthly yields for
share
by the War Production Board on Dec.
November expenditures for war purposes were the lowest for
month this year, says the Board, which further reports:
14.
accruals, including the amount in default.
fFor railways not in
trusteeship the net income was as followst Septeihber; 1944,^"$47,536,971;
Septomber, 1943, $55,646,274; for the nine months ended
September, 1944, $430,736,791;
nine
will
of the Treasury and announced
Represents
receivership
31
December:
estimated $33,523.
tax
Government taxes.
Other
c
The
distric t.
nois-Wisconsin
liability:
;
bank for thrift and home
reserve
financing institutions in the Illi¬
on
Total;, current
the
has been
declared by the directors of the
annum
per
A A 75,000
■
?A
4,000
—
1%
83,000
■V
62,000
138,000
-
A 19,000
dividend!at
A semi-annual
rate of
39,000
99,000
in
7,475,602
7,410,890
77
—
2,762,000
lignite)
y,
2,000
32,000'"
"anhandle
7,410,890
Corp., Cleveland. 7
Chicago Home Loan Bk.
898,000
115,000
j
63,000
672,000
Total, all coal—
de-
cxared
nance
105,000
207,000
1,048,000
A
190,000
994,000
1
Total bituminous & lignite
Pennsylvania anthracite
88,851,580
'50,878,748
14,874,548
Interest- matured
204,000
•
iOther Western States
113,209,326
accounts
:
payable's——
of
3,000
and
.;
■
Miscellaneous
i
,
3,000
—
„„-
"
98,000
33,000
—
,
accounts
the
109,000
211,000
.,
31,000
Virginia
Washington^
tWest Virginia—Southern
tWest Virginia—Northern
Wyoming___,
322,910,799
128,586,948
balances, (Cr)
309,000
-
;;
1,674,000
380,000
Pennsylvania (bituminous!—
Tennessee.,.
'
Audited
of
director
eye
97,000
■AAA'y.. 1,000.A
588,000
28,000
North & South
62,387,158
267,469,901
216,160,495
■
+
1,478,000
:
188,000
Michigan—
3,409,410,919
; 429,672,508
..."
■
420,000
:
1,000
A
.
590,000
Montana (bitum. & lignite)—
NewMexico——
(Selected, Liability Items-—
ILoans' and bills payableTraffic y and
car-service-
163,000
;
i
362,000
Texas (bituminous &
Utah
:
{Funded
; debt
maturing
within six months.
f
t>
-
1,050,000
40,400,175
3,588,303,372
'
■
'
••
"
7,000
90,000 ■'•■•"
Kentucky-—Western—_l_—.
Maryland—-i—
1,252,407
60,676,730
AyyM A-.y.:
'
21,673,023
1,739,204
1,632,066
54,116,373
-
■
T,000
,
?
Kentucky—Eastern—-^.-——
•
Rents
.
.
.
1,500,000
[ndiana--.—^^---^--;-—
re¬
—-
Interest j and
119,056,728
.628,405,038
Miscellaneous accounts
ceivable-
.'"•
-
-
48.000
171,068,789
•
;
165,000
.s—
Kansas and Missouri—
145,172,926
363,000
,
7,000
80,000 "
Geprgia and North Carolina™.
con
fluctors
6,860,400
and
1
Illinois-
.A
27,944,737
:
168.000
359,000
;
Colorado—i.—
car-service
and
Secretary-
and
Okla.,
Tulsa,
and coal shipped by truck from
{Subject to revision.
§Revised. y
-
coal
Arkansas and Oklahoma______.
134,611,083.
c,
of
Crystal Dairy Products Co. and the
Crystal Ice Co., both of Marietta.
He is also a director of a number
107,900
dredge
colliery fuel.
—
Alaska™
1,622,943,405
167,322,643.
Akin Gasoline Co.
the
of
and the Ohio Tank Car Co., both
'
,
———
institution, Which office he held
in 1935, when he became Presi¬
City National Bank.
Treasurer
.ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
,
Investments
and
His' appointment
1945, Mr.
McCoy, a native of Marietta, O.,
began his banking career in that
city in 1903 at the age of 16 with
the Peoples Banking & Trust Co.
He rose to the Presidency of this
is fol the cklendaf ye^r
49,901,000
47,406,000
1,090,000
1,094,000
95,800
..
washery
tExcludes
the Council for the
on
years!
last' five
companies, including the Buck¬
Steel Castings Co. and Capital
Products
Co.,. > Columbus;
AaAAvA ; V' AAA-A A ';a''y';yA
(in Net Tons) ''.AAAA. 'yy'yi A;-AAA;A-.A;A< A'A'AAA,. City
(The current weekly estimates are based oh railroad carloadings and river shipments
Pure Oil Co., Chicago, and Foltnd are subject to revision on receipt of monthly tonnage reports from district'and
lansbee Steel Corp., Pittsburgh.
Rate sources or of final annual returns from-.the operators.)
y ;A
He is a trustee of Marietta College
Ay::;
;■ \A: ■;
'A'A 'yf ■ ■■ :—week Ended
——and a member of the advisory
:
Dec. 9i
Dec. 11,
Dec, 11",
; Dec, 2,
1
board of the. Reconstruction Fi¬
State—1944
1944
1937
v y
v;;;A. A;' A.,AA;;
; 1943 Afy:
••Class I Railways Not in
Receivership or Trusteeship
All Class I Railways
total
States
♦Includes
.
operations.
resentative
rector
Dec. 18,
1943
Beehive coke
20,407,175
•.
tional Bank of Columbus and rep¬
Trust Co. He is President and di¬
•
On"
Bank : of
Cleveland. Mr.
McCoy succeeds B. G. Huntington,
serve
dent of-the
-Calendar Year to Date (
tCommercial produc.
1,066,306,883
9,348,745
1937
V
.
On
i
Dec. 18,
•MrAM. {Dec. 16,A §Dec, 9,..Dec. 18,
Penn. anthracite—
1944
A'A; 1944
A.
1943
5*Total incl. coll. fuel
1,169,000
1,140,000
1,135,000
100,736,406
137,587,372
11,760,704
16,617,578
120,590,609
;;
Date-——
Tons)
Net
Week Ended
defense
™™—™—
' 1^43
1
to
Dec. 18,
,
PRODUCTION OF PENNSYLVANIA ANTHRACITE AND COKE
A 236,942,468
,
^Dec. 16,
1944
Dec. 18,
Total, incl. mine fuel 10,000,000 11,930,000 12,702,000 598,695,000 569,855,000 432,950,000
Daily average,—
1,667,000 1,988,000 2,117,000
2,013,000
1,903,000
1,465,000
455,840,980"
729,681,639
21,425,741
708,255,898
424,690,344
Dec. 16,
iwift
i,'il3,'693
1,162,411
49,827,177
-
58,266,512
equip.)
of
0 ESTIMATE# UNITED STATES PRODUCTION OF COAL.. IN NET TONS.
Bituminous coal
aha
(way
and
structures
■
-
130,126
Contingent charges L—2,721,683
•{Net income
'
55,544,824 •"A
Depreciation
120,532,041
35,291,972
122,903'
charges™
fixed charges
after
1,185,522,619
302,995,892
14,405,079
28,304,692
———
Total fixed
Inc.
959,365,171
72,800 tons less than for the corresponding week of 1943; ';'; *
was
Federal Advisory
announced on Dec. 6,
the
President of the Huntington Na~
The estimated production of beehive coke in the United States
'
,
22,363,757
;
3.0%. The calendar year
when compared with the same
increase of 6.3%
1—:—Week Ended-
equipment
deductions
<
121,731,797
'
29,774,073
Reserve
by George; C. Brainard, Chairman
of the Board of the Federal Re¬
.roads
•Interest deductions
•Other
2,745,790
Federal
Council
for the week ended Dec. IS, 1944, showed a decrease of 12,100 tons
when compared, with the output for the week ended Dec. 9, 1944; and
IA
.:
.—
Fixed charges:,
Rent
:'
•
2,518,738
for■;" " AAA-.., •,■
101,282,804
Ay.yy.yA;
ftiGOiae
13-4,254,720
982,139,244
Fourth
Cd.. oi
Trust
representative
as
on
period of 1943.
$1,082,556,134
125,330,242
1,207,886,376
$847,884,524
.
'AA
1943
1944-
$110,258,970
14,218,617
124,477,587
$89,126,461
income™
opeiafc.
ry»
Other
1943
1944
Income Items—
O.,
District
to date; shows an
For the nine Months of
September
the
of
&
Bank
Columbus,
Acccording to the U. S. Bureau of Mines, output of Pennsylvania
1943 there Was an increase of 34.000 tons, or
All Class I Railways
Fbc the month of
National
000 tons, an increase of 29,000 tons (2.5%) over the preceding week.
When compared with the production in the corresponding week of
The present statement
excludes returns for Class A switching and terminal companies.
Appointment of John H. McCoy,
President arid director of the City
anthracite for the week ended Dec. 16, 1944, was estimated at 1,169,-
r
131
During the calendar
corresponding week of last year.,
through Dec. 16, 1944, production amounted to 598,695,000 tons,
a gain of 5.1% over the output of
569,855,000 tons in the correspond¬
ing period of last year,
y^-Ay/A'A/AA
:'r.''■•'>
September; "1944 and 1943, and* for the nine
26
296.400.000
7,035,000,000
23
272,000,000
.
.
1944.
Period—
,
% CM,.
1.943
556,91.4.742 541,316,492 +2.9
*83.500.000
65.225,870 —2.6
J.ft 9 mos
Mo. of Oct.
-
Mo. of Nov.__
(53,400,000
59,860,574 —0.8
288,800,000
273.200,000
679,814,742 666,402,936
Total
•Revised
mate.
-
estimate,
+2.0
esti¬
tPreliminary
'
"
'
'
Volume
:
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4346
160
2845
•
-
r*~.
..-
,
•
•
••
.
■
Anal^ond Yield Averages
Moody's Bend Prices
yield
bond
and
bond prices
given in the; following table. •
x:i x'x
Moody's - computed
Bankers' Dollar Acceptances
are
averages
ilov. 39 Increase to
:
■'
U.S.
Avge.
Govt.
Corpo
Bonds
rate*:,
Dec.'
120.58
113.50-
26——_—
Stock
25
,
Corporate by Groups*
Corporate by Ratings*
''k Daily
Averages
V-',*
'
■
104.48
113.31
117.80
P. U.
Indus.
108.70
113.70
118.20.
f'- •-'.I'.! ".'-J
/"•.,■
■:
R. R.
Baa
104.43
113.31
117.80
Exchange Closed
'■
A
Aa
Aaa
119.00
113.89
108.70
.
'118.20
120.55
113.50
119.00
22
120.55
113.50
119.00. il7.80
113.31
104.48
108.70
113.89
-118.00
21»rfV»V--:
20,....
120.44
113..50
119.00
117.80
113.31
104.48
108.70
113.89
118.00
120.30
113.50 :118.80
117.80
113.50
104,48
•108.70
113.70
118.00
^
i-.f'-
;
;
.
118.20
120;30! 113.50
.118.80
104.48
108.70
113.89
18JU---I-/ 120.30
113.50
i 19.00
118.00
113.50
104.48'
108-70'
113.89
118.20
120.23
;
113.50
119.00
117.80
113.50
104.48
108.70
113.89
118.00
120.17 .113.50
119.00
117.80
113.50
104.48
108.70
113.89
118.00
118.20
19_1_/L__-
118,00 : 113.70
'
"XX 15
120.12
113.50
119.00
117*8 0
113.50
104.48
108.70
113.89
120.12
113.31
119.00
117.80
113.31
104.31
108.52
113.70
118.20
120.12
113.50
119.20
117.80
113.50
104.31
108.52
113.89
118.20
120.12
14—
'
113.31
108.^2
'
•
I
13
:
__
12
•;r
—.
(
117.80
113.50
104.14
113.70
118.20
120.09
113.31
119.00
117.80
113.31
104.14
108.34
113.70
113.31
119.00
117.80
113.31
104.14
108.34
113.70
113.70
.
118^20
the
BANKERS
BY FEDERAL RESERVE DISTRICTS.
!;VX''*! •''
/;
5-,——
■
118.80
118.00
113.31
104.14
113.31
118.80
118.00
113.31
104.14
108.34
113.89
118.00
2
New
104.i4
108.34
113.89
118.00
3
Philadelphia___^_________>——
117.80'
113.31
104.14.
108.16
104.14
108.16
118.00
4
Cleveland...
113.89
118.00
5
Richmond^-/;/--,—
XX
6
Atlanta
7
Chicago
119.97 ' 113.31
118.80
117.80
119.95
113.31
118.80
117.80
113.50
104.14
108.34
113.89
118.20
119.93
112.93
118.60
117.20
113.12
103.80
107.98
113.50
117.80
17
119.97
112.93
118.60
117.20
113.12
103.64
107.80
113.50
117.60
119.77
112.75
118.40
117.00
112.93
103.30
107.62
113.31
117.40
118.40
116.80
High
11623——
Low
1943
i——'
j
10
...
■/.*;
•
—-
112.75
119.55
";3—
113.31
107.62
103.47
112.93
6,311,000
1,342,000/ X
536,000
65,458,000
74,483,000
*
4,682,000
1,813,000
*
■,
$19,835,000
$17,852,000
,u
8,042,000
Nov; 30, '43
Oct. 31, '44
•
73,420,000 X
:
113.89
'
113.50
-2-_Ll_vi
..
York
.••X.v
24___
-V~*
Nov.
...
117.80
113.31'' 118.80
'120.00
4—-I.—
113.31
113.31/^118.80
30, '44
$18,565,000
113.31
120.03
;
Nov.
/ '
/!>./
X, X
'
Federal Reserve District—
! l Boston
■120.09
'
OUTSTANDING—UNITED STATES
ACCEPTANCES
DOLLAR
-.1,681,000
■v
740,000
•
2,026,000
•
'*
117.20
Oct.'
27—-—
119.33
112.56
118.40
116 61
112.93
103.47
107.62
113.50
117.20
X :-X
20.-i.--L
119.55
112.75
118.60
116.80
112.93
103.64
107.44
113.50
113.60
117.00
112.93
103.47
,107.27
114.08
117.20
112.75
118.60
117.00
112.75
103.30
106.92
114.08
St. Louis
9
2,476,000
634,000
Minneapolis
10
Kansas
11
Dallas
12
San
117.20
.
•
City.,
' 7*
'
''
—
.
4,620,000
i
548,000
54,000
.50,000
25,000
.; ••
2,578,000
2,859,000
461,000
•,
.
■
l_l,x 119,61
13
6
■
119.52
;
Francisco
481,000
220,000
214,000
Increase, for
month_U2£
118.60
116.80
112.56
103.13
>106.74
114.08
119.22
112.56
118.60
117.20
112.37
103.13
106.74
-114.08
117.20
119.42
112.56
118.80
117.20
112.19
103.13
106.74
114.27
:
119.48
112.56
118.80
117.20
112.00
103.13
119.81
112.56
118.80
117.20
112.00
103.13
106.74
114.27
117.20
103.30
106.74
114.27
117.20
Domestic shipments
114.27
117.00
Domestic warehouse credits
113.89
117.40
Dollar exchange
8
'
i—,—
Aug. 25
-
28
,
112.19
117.40
118.80
120.10/ 112.37
■
114.27
106.74
118.60
116.80
112.19
103.13
106.56
112.37
118.60
116.80
112.00
102.80
106.04
120.15
—
117.00
$111,289,000
:•
$4,047,000
119.66
Apr. 28
accorAng
TO
'
Imports
'
_j__
'
Exports......
12,653,000
12,251,000
11,706,000
:
82,000
__
8,414,000
22,656,000
126,000
48,000
112.19
118.40
116.80
111.81
102.30
105.86
113.89
117.00
111.81
118.40
116.61
111.62
101.47
105.34
113.70
116.41
111.25
113.70
Based
goods stored in or shipped
on
116.22
119.68
111.44
118.20
116.41
100.81
104.66
Feb.. 25
120.21
111.25
118.20
116.41
111.07
100.32
104.31
113.50
28———
119.47
111.07
118.20
116.22
111.07
100.16
104.14
113.31
116.41
1944.—_
120.58
113.50
119.20
118.00
113.70
104.48
108.70
114.27
118.20
1944—
119.20
110.70
118.20
116.22
110.88
99.04
103.30
113.12
116.02
1943—-
120.87
111.44
119.41
117.00
111.81'
99.36 ''103.47
114.27
117.40
116.85
107.44
116.80
113.89
108.88
92.35
Mar. 31
High
Low
High
—
1943-
Low
XX '
■
X
7
.1 Year" Ago-
.
Dec.
.'
,
;
119.55
1943.
24,
■
■■
•
''LX-./.;/'•■;
118.20
110.70
:
I
;'-.V '. :,X,X ';■
•.
XX-.'
"!
,■
X.v\.?XX.:X
113.12
U. S.
Govt.
/Bonds
Average^"it
116.61
107.27
Avge.
Corporate*
113.89
go
Stock
^
90
111.81
96.85
92.20
18U
■
Aaa
Baa
A
Aa
P. XL '/•' Indus.
R. R.
2.70
2.97 1 /
3.24
3.48
2.99
2.76
2.74
Nov.
29_.
Dec;
31,,
2.98
2.70
2.76
2.99
3.48
3.24
2.96
2.74
Jan.
2.98
2.70
2.76
2 99
3.48
3.24
2.96
2.75
Feb.
3.43
2.96
2.75
Mar.
31.,
30__
2.98
2.70
2.76
20——
1.81
2.98
2.71
2.76
2.98
3.48
3.24
2.97
2.75
Apr.
1.81
2.93
2.71
2.75
2.97
3.48
3.24
2.96
2.74
1.81
2.98
2.70
2.75
2.98
3.48
3.24
2.96
2.74
2.98
2.70
2.76
2.98
3.48
3.24
2.96
2.75
July.
1.82
2.98
2.70
2.76
2.98
3.48
3.24
2.96
2.75
Aug,
1.83
2.98
2.70
2.76
2.98
3.48
3.24
2.96
2.74
Sept.
1.83
2.99
Oct.
2.76
2.99
3.49
3.25
2.97
2.74
'2.98
2.69
2.76
2.98
3.49
3.25
2.96
2.70
2.76
2.98
3.50
3.25
2.97
1.83
2.99
2.70
2.76
2.99
3.50
3.26
2.97
2.99
2.70
2.76
2.99
3.50
3.26
2.97
1.83
2.99
2.71
2.75
2.99
3.50
3.26
2.97
2.99
2.71
2.75
2.99
3.50
3.26
2.96
2.99
2.71
2.76
2.99
3.50
3.26
2.96
2.99
2.71
2.76
2.99
3.50
3.27
1.84
2.99
2.71
2.76
2.98
3.50
3.27
2.96
2.99
2.71
2.76
2.98
3.50
3.26
2.96
2.74
1.84
3.01
2.72
2.79
3.00
3.52
3.28
2.98
2.76
1.84
—
,
2.98
2.77
1.84
3.01
2.72
2.79
3.00
3.53
3.29
1.86
3.02
2.73
2.80
3.01
3.55
3.30
2.99
2.78
•1.87
—
3—
3.02
2.73
2.81
3.01
3.54
3.30
2.99
2.79
•
1.89
;;
3.03
2.73
2.82
3.01
3.54
3.30
2.98
2.79
i.86
3.02
2.72
2.81
3.01
3.53
3.31
2.98
2.78
1.85
27_—
20———
3.02
2.72
2.80
3.01
3.54
3.32
2.95
2.79
2.72
2.80
3.02
3.55
3.34
2.95
2.79
3.02
1.85
1.84
3.03
2.72
2.81
3.03
3.56
3.35
2.95
2.80
2.9
22—
1.86
3.03
2.72
2.79
3.04
3.56
3.35
2.95
1.83
3.03
2.79
3.05
3.56
3.35
2.94
2.79
1.84
3.03
2.71
2.79
3.06
3.56
3.35
2.94
2.80
1.81
3.03
2.71
2.79
3.06
3.56
3.35
1.81
3.02
2.71
2.78
3.05
3.55
3.35
2.94
1.79
3.04
2.72
2.81
3.05
3.56
3.36
2.94
2.80
3.39
2.96
2.78
15—
8
1
-
Aug. 25
—
28—
3.04
2.72
3.58
3.06
2.81
2.94
2.79
2.79
June 30
1.79
May 26
1.84
3.05
2.73
2.81
3.07
3,61
3.40
2.96
2.80
Apr. 28—
1.86
3.07
2.73
2.82
3.08
3.66
3.43
2.97
2.83
2.84
3.47
2.97
25
1.81
3.10
2.74
2.83
3.11
3.73
3.49
2.98
2.84
28
1.87
3.11
2.74
2.84
3.11
3.74
3.50
2.99
'2.83
3.09
1.83
Mar. 31
'—
2.74
3.70
3.10
2.83
1.87
2.74
2.84
3.12
3.81
3.55
3.00
2.85
2.98
2.69
2.75
2.97
3.48
3.24
2.94
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
1.86
3.13
2.74
2.85
3.12
3.81
3.56
3.00
2.84
3.32
2.08
1942-
26,
2.82
3.95
4.26
3.23
2.96
3.07
2.94
computed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not, purport to show either the average
movement of actual price, i quotations.
They merely serve to
more comprehensive way the relative levels and the relative movement
♦These prices are
(3%%
level
coupon,
the
or
Illustrate
of
in
average
a
yield averages, *he latter being the true
picture of the bond market.
computing these indexes was published
fThe latest complete list of bonds used in
In the issue of Jan.
14,
1943, page 202.
Saturday, Dec. 23——__
-
.
116,067,000
118,039,000
loody's Baity
/
Commodity Index
Tuesday, Dee. 19.
1944
Wednesday, Dec. 20——:
Thursday,
Friday,
Dec.
21—
Dec. 22
—
—
252.5
252.5
2^^ 3
252.8
*
Monday, Dec. 25
Tuesday,
Two
Year
1943
Dec.
weeks
Month
ago,
254.0
26
12-
252.5
Nov. 25—
249.1
1943-
Dec.
Dec. 27,
High, April 1_
Jan.
Low,
1944 High, Dec.
Low,
Nov.
♦Holiday.
249.8
2
240.2
21
254.3
1—
245,
receive
will
worker
a
day to exchange for
few tokens a
OPA
The
to
glad
find
a
use
promised1
with as
needed—and the
1,000,000 are en route _gyer-/
supply
UNRRA
the
were
as
'■/>:
Britain, Canada In
on
Copper
to Associated Press
advices from London Dec. 15, rep¬
resentatives o&the leading/popper
producers in Canada have
.
Government
116,814,000
marketing of copper reserves and
war scrap
copper, it was learned
x
'/-v
120,497,000
134,772,800
129,818,000
30—j.
128,350,000
Apr.
29——— 125,566,000
29-,—L
135,815,000
May
31———
June
30
139,846,000
June 30
July
31——
110,250,000
July
31—
138.692,000
cluded
130.244,000
Aug.
31
123.494,000
31^
:_
Sept. 30j_—
117,016,000
Sept. 30
109,632,000
111,101,000
of
118,581,000
Oct.
114,883,000
Oct.
31—
114,953,000
30——
115,336,000
162,849.000
156,302.000
._
139,304,000
Aug..
-
-
30_
orderly?
plan for
111.289 000
1944—
—
May
reached,;
the Jlritish'
Dec., 31—
31
177,293,000
with
agreement
Nov.; 30—
-
_
129,358,000
113,139,000
111,675,000
that day.
on
•
on a
The advices added:
delegationpspeak-
"A four-man
ing for the most powerful copper
interests in the Dominion,' con¬
.Ministryofficials after/; several
conferences with Cabinet''minis¬
talks today with
Supply
Treasury officials and
ters,
other
An official"
source said
details of the agree¬
ment could not be disclosed but
both sides were 'completely satis-!
Oivil
Engineering SonsirncHon
mmm for Week
fied.'"
engineering construction volume in continental United
States totals $20,225,000 for the week.
This volume, not including
the construction by military engineers abroad.
American contracts
outside the country, and shipbuilding, is 36% lower than in the pre¬
ceding week, down 42% compared with the total reported to "Engi¬
neering News-Record" for the corresponding 1943 week, and 24%
below the previous four-week moving average.
The report made
public on Dec. 21, continued as follows:
Private contruction for the week tops last week by
56%, and is
in Britain
when
a
Public construction, on the other hand, is 49%
week ago and 54% under a year ago due to the decline in
federal work.
State and municipal volume is 300 and 237%
respectively, than
a
week ago and
higher,
a year ago.
Total U.
S.
Dec. 23,1943
Construction
$34,655,000
4,397,000
Public Construction
30,258,000
State and MunicipaL—2,185,000
Federal
28,073,000.
_______________
1943
Dec. 21.1944
Dec. 14.1944
$31,757,000
3,954,000
27,803,000
1,841,000
25,962,000
week, last
,
$20,225,000
6,177,000
14,048,000
7,377,000
6,671,000
gains over last week are in
waterworks, bridges, commercial buildings, and streets and roads.
Increases over the 1943 week are in waterworks, bridges, industrial
buildings, and streets and roads. Subtotals for the week in each class
of construction are: waterworks, $627,000; sewerage, $617,000; bridges,
$1,187,000; industrial buildings, $2,699,000; commercial building and
large-scale private housing, $3,118,000; public buildings, $4,378,000;
earthwork and drainage, $341,000; streets and roads, $5,189,000; and
unclassified construction, $2,069,000.
New_ capital for construction purposes for the week totals $5,329,000,
It is made up of $2,130,000 in state and municipal bond sales,
$3,199,j$0 in corporate security issues.
talk?
1939-
in Canada ancl
of the Empire agreed
increase their profit de¬
producers
not
to
mand in sale of copper to
Britain
during wartime."
Extend Mail to Switzerland
Postmaster. Albert Goldman an¬
nounced
has
tion
on
Dec. 16 that informa¬
been
received from
the
Wash¬
ington that effective Dec. 15, the
service with Switzer¬
limited mail
land, which permitted the sending
of letters not exceeding one ounce
and
postcards, will be extended so
allow the acceptance for
to
as
mailing
of
and
letters
packages
prepaid" at" the letter rate of post¬
age
up to a weight limit of
4
pounds 6 ounces.
The announce¬
ment
also states:
;
"Provision is likewise made
the
resumption of registered
special
delivery
for
and
service at the
rate applicable
usual international
In the classified construction groups,
and
in October,
Post Office Department at
The current week's construction brings 1944 volume to $1,706,603,000 for the 51 weeks, a decrease of 44% from the $3,033,664,000
reported for the period in 1943.
Private work, $359,878,000, is 26%
below last year, and public construction, $1,346,725,000, is down 47%
as a result of the 53% drop in federal volume.
State and municipal
construction exceeds last year by 25%.
Civil engineering construction volumes for the
week, and the current week, are:
were
other parts
40% above last year.
under
'.^..xV'' :
■!•:;/.
"The last full-scale copper
Civil
246.8
ago,
ago,
253.3
"
discarded blue tokens,
the
each
and
29—
-
27—j.
Private Construction
2 Years Ago
cial
Mar. 31
x\
1943-
24,
•
,
however^
a distribution plan was
administer-r-and an offi¬
here conceived the idea of
Feb.
Mar. 31
"
1 Year Ago
pay.;,
found,
to
using
an
X
2.74
2.08
1943
3.13
1.77
1944
1944——
their
as
UNRRA
Government agencies.
2.79
2.71
day
a
Jan.
Feb.
2.75
1.84
—
bacco
127,062,000
Jan. ,30_
2.75
2.96
stance, get a quarter-ounce of to¬
119,682,000
197,278,000
2.75
17—
Dec.
x:...o
;
1943—
$
Apr.
-
2.75
1.83
10
Dec.
30—1 J.
33,__J_
L
2.74
1.83
1.83
—
Nov. 24——
Low
"-x:
record of the
close of each
2.74
6—
a
Agreement
2.74
2
High
— X
2.74
4.
Jan.
XX" '
va
A
2.74
2.99
5—-—-
Feb.
Dec.
„
31.
2.70
1.83
1.83
—
7-
July
.x;^ ■■■■.:•:
.
.
■
i,
173,906,000
31.
31.
30.
8——
Sep.
Nov.
"
182,675,000
June 30—
1.82
9——
Oct.
193,590,0Q0
190,010,000
-
May. 29—
ii—„—
of Liberation receive no
barter system has been iri
effect.
Brick
workers, for in¬
Army
Nov.
1.80
13
;■
v; .:
30, 1941: ■:/■'•^x.V-
—'•194,220,000
28__
3.24
2.99
16
xx
„
31_.
1.80
>14—
:
1943—;
18
■
.
'
.
%
-•
1942—
Exchange Closed
15———
,
.
'5
■••1942—
19..-
X X
'
—
/■■ /,x-x-x
;./x
-j
,v'sl
>8
%
1941—
1.80
>2i—l——
v3
%
a
,
.
month since Nov.
■
:
>,
Waived any
form of payment "for ther work
because members of the Yugoslav
According
22——
xx
-
;
volume
Corporate by Groups*
Corporate by Ratings*
•
the refugees
seas;
„
'
Since
first
1944
Dealers'Selling Rates
The following table, compiled by us, furnishes a
of bankers' acceptances1 outstanding at the
'
V
in
in southern Italy
camps
back to their homes.
many
114.27
23--—:
/•
' • ■'/-/,'■.
—
„_r—
150
,
' /
used
be
,78
120
;V; X
.'"xv.
x.
will
East, where Yugo-*
operating through
self-governing
committees,
are
maintaining the camps,:manufac¬
turing their own clothing ancl
agricultural implements to, take
to
ACCEPTANCES DEC. 14,
Dealers'Buying Rates
tokens
refugees,
.$83,538,000
:
to
and the Middle
;xxxx. '-
Total.
———$1,362,000
month——..
30
x v
108.88
for
RATES ON PRIME BANKERS
Days
•
'
2.98
1.79
.LlLL
25
CURRENT MARKET
■
116.22
(Based on Individual Closing Prices)
1944—
26^
...
/x
MOODY'S BOND YIELD AVERAGES
Daily-1
Dec.
■
X
103.13
The
UNRRA
for the discarded tokens,
$39,543,000
Bills of others
—$43,995,000
Decrease
X'. '
116.78
1942.
26,
x
S9.04
110.88
2 Years Ago
Dec.
//-•;'
XXX/X,
;
116.02
Own bills
according
the articles he needs.
•
BILLS HELD BY ACCEPTING BANKS
111.81
114.46
-x ;XX/X .,.;X.
97.16
which also stated:
9,448,000
2,113,000
3,684,000
116.22
Jan.
■
between foreign countries
23,
that such
1
11,150,000
; X
9,289,000
11,366,000
_
■
$59,495,000
$79,144,000
14,194,000
•
;
serve as.
United Press advices from Russia,
The
Nov. 30, '43
:
is
UNRRA spokesman
Nov.
on
hard
Oct. 31, '44
$73,759,000
-X.
.'..ft,
4
CREDIT
OF
NATURE
Nov. 30, '44
Relief and
Administration
ated areas, an
said
-•
'
119.35
26—'——
May
$114,953,000,
,9,326,000
1
112.75
119.89
—
June 30
112.56
119.50
29—
July
-14
7,515,000
Increase for: year
-$383,000
117.20
/
.
117.00
22
•S
1
$115,336,000
Grand Total.
/;
isl..—
Bep.
6,817,000
...
Nations
a" "medium of exchange" in liber¬
pay,
-
117.40
112.75
8
2,906,000
3,008,000
-x—
•
;
United
shipping blue ration tokens, no
longer used by the Office of Price
Slav
? !
120.12
....
The
Rehabilitation
Administration, abroad to
/
\
rhontJMo-month comparison',v dollar exchange, exports,
domestic shipments,;and those;, based on goods stored in or shipped
between foreign countries were higher, and imports and domestic
warehouse credits were lower, "while in the yearly analysis all the
items except domestic warehouse credits, dollar-exchange, and those
based on goods stored or shipped between foreign countries for No^
vember, 1944, are higher than a year ago,
\
The Reserve Bank's report follows:
V ;Tn
118.20
108.34
119.00
:J
the Nov.-30 total represents a gain of $4,047,000.
ago,
118.20
120.09
11—
$115,336,000, an increase of $383,000 from the Oct. 31
total, according to the monthly acceptance survey issued Dec. 14 by
the Federal Reserve Bank of New York.
As compared with a year
v
XXX 23
,•
Nov, 30
on
amounted to
(Based on Average Yields)
•
1944—^
outstanding
The volume of bankers' dollar acceptances
MOODY'S BOND PRICESf
.
,
Outstanding on
$115,338,609
,'x
The week's new.financing
brings IS^'^volume to $1,679,103,000, a total that is 45% below the
$3,072,882,000 reported for the 51-week period in 1943.
thereto.
.
;
emphasized that no mer-'
chandise of any kind may be in¬
cluded in such letters or letter"It is
packages. The extension 1$ granted
to provide for bulky written com¬
munications and related papers.
"Money order, air
mail apd par¬
post services are not available,
at this time.
The limited mail
service
to
Switzerland, is
ap¬
cel
plicable also to the
Liechtenstein."
Principality of
2846
THE COMMERCIAL & FINANCIAL CHRONICLE
^Thursday, December
!.
Daily Average Crude Oil Production for Week
Trading
daily
Exchange Commission made public on Dec. 20
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange1 and the New York Curb Exchange and
aver¬
crude oil production for the week ended Dec. 16, 1944 was
age gross
4,695,600 barrels,
decline of 8,850 barrels
a
ing week, and 26,500 barrels less than the daily
figure
average
round-lot
of
of these
members
day below the preced¬
per
volume
the
stock
transactions
for
the
of
account
exchanges in the week ended Dec. .2, continuing
series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other Sales in these
recom¬
figures.Trading
'•
the
■"
fuel, and 8,727,000 barrels of residual fuel oil during the week ended
Dec.
Total
December, 1944.
The current figure, however, was 331,650 barrels
day in excess of the output for the week ended Dec,
per
18, 1943.
Daily production for the four weeks ended Dec. 16, 1944 averaged
4,712,200 barrels.
Further details
reported by the Institute follow:
as
Reports received from refining companies indicate that the indus¬
try
whole
as a
to stills
ran
Bureau of Mines basis approximately
on a
4,537,000 barrels of crude oil daily and produced 14,145,000 barrels of
gasoline; 1,420,000 barrels of kerosine; 4,353,000 barrels of distillate
16, 1944; and had in storage at the end of that week 82,747,000
barrels of gasoline; 12,400,000 barrels of
of distillate fuel, and 59,280,000 barrels
w
DAILY
CRUDE
AVERAGE
kerosine; 42,413,000 barrels
of residual fuel oil.
PRODUCTION
OIL
the
on
for
Account
•State
Week
Change
Recommen¬
ables
Ended
from
dations
begin.
December
Kansas
•
Week
4 Weeks
209,400
50
268,500
for
the
91,450
and
East
Coastal
-
471,350
141,450
Texas.
354,400
Total
Account
of
Odd-Lot
of
Accounts
Total
Other
2.
purchases
520,500
Louisiana-
Coastal
Total
Louisiana—
395,000
350,000
transactions initiated
;
Arkansas
78,000
—
Mississippi
...
80,900
79,975
...
1,894,700
3.
Other
50,500
13,000
on
;
69,400
59,600
30,000
29,350
47,000
52,650
100,000
95,950
23,000
21,300
Michigan
201,050
210,700
12,900
Wyoming
"
_
Montana
.
Colorado
New
initiated off the
53,100
96,100
239,190
21,350
/
8,800
104,450
3,832,450
recommendations
of crude oil only,
production
4,695,600
4,722,100
s
•P.A.W.
879,750
and
8,850
4,712,200
Sales
4,363,950
iThis
is
the
net
shutdowns
shutdowns
for
days,
allowable
from
of
as
Dec.
the
for
exempted
for
no
entirely
2
to
15
calculated
1
entire
and
on
RUNS
Transaction
TO
STILLS;
PRODUCTION
GASOLINE.
RESIDUAL
Members*
DEC.
2,
of certain other fields for which
the entire state was ordered shut
days,
FUEL
OF
OIL
GAS
STOCKS
GASOLINE;
DISTILLATE
AND
OIL, WEEK ENDED
16.28
and sales to
Exchange ind Stock
(Shares)*.-*
1944
S. '
v
for
Account
Cotton
\ft
7 /
*•—:
;
8.13
57,010
5,200
:
•
50,150
3.21 "
;
1,200
tOther sales
-
,
purchases
•
2.49
Short sales
Figures
this
in
therefore
section
on
.
of
Total sales
C.
basis
Mines
236,105
13.83
Customers' short sales
0
63,113
Production
Dally Refining
Poten¬
tial
District-
Daily
tStocks
IStocks JStocks
Finished
Includ.
Runs to Stills
% Re-
and Un-
% Op- Natural finished
of Gas
Oll and
sidual
Distillate
;
729
100.0
695
Fuel
OVi
95.3
1,684
12,536
11,556
8,196
Appalachian—
District No. 1
Total
130
83.9
100
76.9
295
2,577
512
361
47
1 87.2
48
102.1
107
1,687
220
63,113
Total sales—
•The term
824
85.2
762
92.5
2,783
17,110
6,682
3,358
418
80.2
370
88.5
1,335
8,059
2,419
66.9
222
79.9
862
2,808
388
Coast—.
1,165
90.5
1,111
3,451
14,519
6,814
242
95.5
258
10G.6
880
4,507
1,933
No. La.
,
Includes all regular and
"members"
42,594
associate Exchange members,
...
tRound-lot
1,115
Texas
Gulf
&
95.4'
104
68.0
67
64.4
195
2,436
642
13
17.0
12
92.3
38
68
19
short
141
58.3
107
75.9
347
1,611
338
508
817
89.9
785
96.1
2,108
14,829
10,890
34,041
4,908
87.2
4,908
87.2
are
included
SSales marked
sales
which
are
——
with
"other
"short
sales."
exempt"
are
*
included with
of Governors of the
The Board
Dec.
on
11
"other
give below;
v
Dec.
9,
Dec.
4,537
92.4
14,145
•82,747
42,413
59,280
4,552
automotive
gasoline
week
at
and
1943:
bulk
92.7
14,611
80,880
44,436
CO,458
4,165
13,157,000
27,551,000
stocks
barrels
oil
1,454,000
12,256
unfinished,
(In millions
of
in
transit and
barrels,
pipe
lines.
of gas" oil
produced
in
and
distillate
during
4,056,000
the
in the
week ended Dec.
week
barrels
18,
SNot
ended
and
and
ultimate
57,709
civilian-grade
naphthas,
use.
and
Comparable
tStocks
at
refineries,
including 1,420,000 barrels
fuel
oil
Dec.
8,923,000
43,304
barrels
solvents
to
as
Nov.
Federal
Reserves
Nov.
•..Nov.
1944
District—•
and
16,
8,727,000
barrels
1944,- which
barrels,
1943
1944
->■
Nov.
1943
against
of
kerosine
12,983,000 barrels
a
at
of
of
in
the
4,379,000 barrels and 8,347,000 barrels, respec¬
16,
1944,
amounted
to
12,400,000
week earlier and 10,202,000 barrels
a
10,679
2
year
barrels,
before.
as
3,356
"TO, 240
25,585
92,455
82,098
3,973
—
2,923
10,180
9,397
14,105
5,136
4,328
"14,689
2,890
2,549
2,566
2,340
-78,339
7,542
8,149
Atlanta
Chicago
11,887
10,295
134,583
33,071
2,249
2,036
6,397
6,440
_
Richmond
Louis
■
—
.L—■:
Minneapolis
,
1,517
_
'
.1,387
4,468
7,211
4,474
2,51.1
San Francisco
Total, 334 centers
—
City
—
193 other centers
•Included in the national series covering
1,919
6,310
sl9,473
18,473
65,025
221,960
207,050
23,327
40,312
35,215 ~
National
Associa¬
1.0%
Trade
Barometer
were
below
production for the
week Dec. 16, 1944.
In the same
new
6.8%
orders
less
of
than
these
mills
production.
Unfilled order files of the report¬
ing
mills
stocks.
amounted
For
to
reporting
87%'
of
softwood
mills, unfilled orders
are equiv¬
days' production at the
rate, and Iross stocks are
equivalent to 36 days' production.
alent to 34
current
For the
year-to-date, shipments
reporting identical mills ex¬
production by 2.7%; or¬
ders by 3.6%.
of
ceeded
5,978
6,084
77,706
30,016
...
2,224"
2,124
6,679
Kansas City..—
Dallas_
•New York
1843.
Dec.
•
32,439
York
Cleveland
St.
compares
respectively,
New
Philadelphia
*140 other centers
Note—Stocks
United
shipments of 439
reporting to the National
were
dollars)
the
to
Manufacturers'
week
.
3,734
71,689
42,039,000
military,
indeterminate
preceding week and 1,441,000 barrels,
tively,
of
aviation,
currently
4,353,000 barrels
fuel
barrels
9,709,000; 39,620,000 and 22,360,000 respectively.
terminals,
kerosine,
with
of
blending
of
residual
1943
18,
•Composed
an
lumber
mills
U. S. Bur. of Mines
basis
the
on
week,
Lumber Movement—Week
Lumber
^3 Months Ended—
1944.
in
per
Ended December 16, 1944
tion,
,
Total U. S. B. of M.
basis
Based
hours
spindles
According
Federal Reserve
SUMMARY BY FEDERAL RESERVE DISTRICTS
Dec.' 16, 1944
80
an
spindle in plade
basis, with 117.4 for October,
September, 116.3 for Au¬
gust, 115.4 for July and 125.3 for
November, 1943.
sales,"*
System issued
monthly summary of "bank debits," which we
its usual
Total U. S. B. of M.
basis
10,179,441,061,
per
.....
exempted from restriction by~*the Commission's
Bank Debits for ilciilb of November
Rocky Mountain—
California
of
Lumber
31
District No. 4—.
rules
245
District No. 3——
Arkansas-
and
their
8,995
Louisiana Gulf Coast.
and
643
Mo—
Inland Texas
420
compared
tin
1,602
278
Ind., Til., Ky
Okla., Kans.,
place,
122.3 for
their
partners, including special partners.
calculating these percentages the total of members' purchases and sales Is
compared with twice the total round-lot volume on the Exchange Tor'the reason that
She Exchange volume includes only sales.
firms
185
District No. 2—
purchases
of Re-
Rate porting Average erated Blended Gasoline Fuel Oil
East Coast
in
was
of
average
same
at Re-
fineries
Crude
Capacity
spindle
were operated
during No¬
vember, 1944, at 120,6% capacity.
This percentage compares, on the
*y-
{Customers' other sales
active
States
Odd-Lot Transactions for Account of Specialists-
{Gasoline
-•
an
of 436
activity
v
cotton
totals
reported
include
Bureau
a
of
for November, 1943.
_
plus an estimate of unreported amounts and are
an¬
an average of
spindle in place, for last
month,
17,750
218,355
Census
9,486,971.017,
per
average
226,110
1 Other sales
(Figures in Thousands of barrels of 42 Gallons Each)
spindle
with
45,080
Total—
Total
number
per
,
46,280
.
the
19
hours reported for the month
410
4.
Dec
on
9,706,627,504,
'
36,890
.
Short sales
AND
Spinning for Nov.
Bureau of
.
44,950
Total purchases
long position which
a
roupd lot are reported wifb
some time during the
month, compared with 22,228,138
for October, 22,279,574 for Sep¬
tember,
22,240.676
for
August,
22,291,072 for July and 22,615,732
for November, 1943.
The aggre¬
Other transactions initiated off the floor-
3.
a
operated at
the follor•
liquidate
that, according
preliminary figures, 23,127,334
cotton- spinning spindles were in
place in the United States on Nov.
30, 1944, of which 22,257,040 were
128,325
_
re.
"other sales."
to
139,675
on
are
,
.
11,350 '
—
„
232,830
exempt"
sales."
The
132,210
.
Total sales
FINISHED
OF
FUEL
than
gate
1944
16,
DEC.
less
"other
Members:
of
"short
•,
1,670,955
tOther sales
definite dates
UNFINISHED
Curb
^
Total sales
AND
York
'224,890
(Sales to offset customers' odd-lot
orders,
1,650,115
Total purchases
Short sales
31-day basis and
the exception of
a
-With
month.
50
224,840
——
marked
with
ported
20,840
Other transactions initiated
SRecommendation of Conservation Committee of California Oil Producers.
CRUDE
of
Account
tOther sales
during the month being specified; operators only
.-■'being required to shut uown as best suits their operating schedules or labor needed
to operate leases, a total equivalent to 7
days shutdown time during the calendar
.)
month.
clown
New
Total sales
exemptions
were
ordered
were
7
basic
and
which
fields
several
765,590
$26,024,886
——
Total for week
Total purchases
Short sales
2.
sales—
sales
•Sales
they are registered—
allowables, as shown above, represent the
not include, amounts of condensate and natural
9.951
755,739
—
sales
Total
Transactions of specialists in stocks in which
1.
tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. Dec. 14, 1944.
includes
for
the
on
Total sales
derivatives to be produced.
gas
value
nounced
Round-Lot
:
Round-Lot Purchases by Dealers;
Number of shares
921,961
Stock
Round-Lot
state
and do
total
99,410
tOther sales™,
797,200
—
sales—
sales
4.39
822.551
Short sales—
3,566,750
5,100
+
short
Short sales
948,670
WEEK ENDED
112,900
-885,300
§885,000
885,000
-
28,306
tOther
275,251
Total Round-Lot Sales:
A.
B.
California
sales
241,851
6,550
1,650
—13.950
3,810,300
3,837,100
.
total
Is
20,850
50
::
289
other
33,400
_
Total sales.
89,050
1,000
—
'
sales,——
Round-Lot Sales by Dealers—
Number of Shares:
floor-
21,000
50,250
.—
$31,796,819
s'ales)
short
Customers'
4.24
223,560
purchases
67,500
30,100
250
•
103,200
106,000
106,000
-
63,600
600
—
8,850
9,500
Mex
3,200
—
756,710
,*
•
•Customers'
11,850
—
25,297
shares.,——
Number of Shares:
'
""
7,150
_
of
Customers'
212,460
Transactions
1
Total.
for Week
Customers'
tOther sales
Total
Ky.)
1944
28,017
7.65
263,490
Total purchases
Short sales
-
Eastern—
Kentucky
9,
sales——
'
2,200
—
Dec.
Dealers
by
other
the floor—.
Total sales
47,600
'
•
50
11,550
ODD-
Y.
N.
•Customers'
Total—
78,200
250
195,600
Indiana
Number
368,240
,1
transactions
354,050
80,500
—
THE
THE
EXCHANGE
Ended
Sales
Dollar
362,200
100
200
50
_
Illinois
FOR
ON
(Customers'purchases)
455.990
.
Short sales
250
Florida
SPECIALISTS
Number of Orders:
tOther sales-
+
52,100
53,000
_
TRANSACTIONS
ACCOUNT OF ODD-LOT DEALERS
LOT
Customers'
{Other sales—
4.
Alabama
and
11,100
275,500
4,050
■'
STOCK
Odd-Lot
423,150
78.550
+•
360,850
Commis¬
dealers
Odd-Lot Purchases by Dealers—
i
290,450
289,600
-
odd-lot
54,910
71,750
100
+
by the
specialists.
~T'
Odd-Lot
Short sales
Total
71,250
based upon
are
Dollar value
——_—
Total purchases
364,300
2,121,900
2,111,550
2,153,000 t2,134,978
Texas
sion
con¬
by the Commis¬
with the
filed
reports
the
on
Exchange,
series of current figures
a
(Customers'
Total sales
North Louisiana
account
special¬
odd lots
Stock
The figures
sion.
Members,
Total sales
290,800
553,150
;
552,950
Texas—
odd-lot
being published
of
tOther sales
v
.
126,900
143,050
369,450
346,250
371,000
345,450
Texas
for
143,400
472,650
•
_j
Central
Southwest
York
tinuing
specialists in stock in which,
registered—■
they are
94,400
145,900
88,750
East Texas
complete figures
who handled
New
Week
Specialists:
1,600
140,600
West' Texas
ists
5,746,980
Transactions
Transactions
1.
271.800
i-'
Texas
ori
for the week
:
:
Short sales
North
transactions
AND
159,320
Dealers
-V
,325,800
11,050
1,200
9 of
Exchange
public
-
5,587,660
;
Except-fpr
1943
358,950
—
f267,300
Nebraska
>
1944
2,150
1,050
274,000
.
made
summary
ended Dec.
Total for week
Total sales
Round-Lot
Dec. 18,
Dec. 16,
—
356.000,
a
Trading
and
showing the daily volume of stock
Round-Lot Stock
and
(Shares)
2,. 1944
Ended
Ended
Week
1944
1358,200
20
Dec.
"
Number of orders—
Previous
Dec.TG,
Dec. 1
350,000
__i
DEC.
ENDED
Short sales
B.
Oklahoma
Exchange
Members*
Actual Production
Allow¬
of
Stock
Commission
STOCK
WEEK
tOther sales
♦P. A. W.
York
New
Total Round-Lot Sales:
BARRELS)
IN
(FIGURES
Sales
Stock
Transactions
A.
'
Round-Lot
Securities
28, 1944
'■
of all odd-lot dealers and
Stock
Exchange for the accouidr of members
(except odd-lot dealers) during the week ended Dec. 2 (in roundlot transactions) totaled 1,870,631 shares, which amouht "was 16.28%
of the total transactions on the Exchange of 5,746,980" shares.
This
compares with member trading during the week ended Nov. 25 of
1,150,588 shares, or 16.20% of the total trading of 3,552,200 shares.
On the New York Curb Exchange, member trading during the week
ended Dec. 2 amounted to 462,215 shares, or 13.83of the total
volume on that exchange of 1,670,955 shares; during the Nov. 25 week
trading for the account of Curb members of 365,820.., shares was
15% of total trading of 1,218,655 shares.
on
The
all
a
mended by the Petroleum Administration for War for the month of
1
NYSE Odd-Lot
v ■
The Securities and
Ended Dec. 16,1944 m$ 8,610 Barrels Lower
The American Petroleum Institute estimates that the
New York Exchanges
on
1
7,378
6,483
•'
'7,283
6,974
'85,434
75,230
115,386
21,138
111,281
20,539
141 centers, available beginning in 1919.
Compared to the average cor¬
responding week of 1936-39, pro¬
duction
of reporting
mills was
23.5%
greater; shipments were
32.0% greater; and orders were
,0.7% .greater.
@FedFRASER