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Final
Edition
ESTABLISHED OVER 100
YEARS
In 2 Sections-Section 2
Reg. U. S. Pat. Office
Volume
162
Number 4444
New
York, N. Y. Thursday, December 6, 1945
Trairan Asks
Observations
President
rather
shrewdly (politically speaking)
labor-management conference
with a sweeping statement that "reconversion" is "ahead of
schedule." It is most earnestly to be hoped that the rank and
file of the American people are
thinking rather more fealistically about the course of current affairs than all this fol-de•rol would appear to give them credit for.
Of course, there
.never was any reason at all to expect the labor-management
conference to succeed in doing what its originators ap¬
parently would have had the public believe it could do. Not
only that, but in some essential respects we may count our¬
selves fortunate that conditions prerequisite to that success
"offsets" the "failure" of the
did pot and do not exist in this country.
For
our
of business and labor leaders can lawfully and
effectively decide what jvage rates, prices, production and
the rest are to be in this country.
It may be that not quite
so
much was expected of this conference which has now
come to a fruitless end, but what was demanded of it went
much too far in this direction to be consonant with Ameri¬
free
have known
hoping for
that those
It
^those not there.
was
obvious, too, from the first that
even
those
employers who were there could as a rule reach no
very basic agreement on such matters as were before the con¬
ference for the simple reason that they were competitors
subject to the anti-trust laws. All this is as it should be.
Labor Leaders and the Rank and File
V*
send
own
it
For
all
labor leaders, and it is
upon
probably true that had they been able to agree among them¬
they could have theoretically at least come very much
(Continued
on
peace,"
constitutes
.)
of
BARGERON
would
taining
ment
capable
the subordinates.
polThe sub¬
giving Chiang Kai-shek the money
to
pay
for
them.
All
during
ap¬
this
period, however, a running
was kept up by persons in¬
side the State
Department and
outside, that we were backing the
wrong horse. This agitation, from
within and without, kept up af¬
ter we had openly gone to war
with Japan.
It has now become
as
fight
eretion.
There is not
slightest
(he
doubt
that
Hurley
was
carrying
P
the
dent's
in
l
out
e
intensified
si-
mies
orders
have
service
is again highlighted
departure to private ac¬
tivities of Under-Secretary of the
tim
bil¬
lions
of
rent
Pearl
Carlisle Bargeron
Apropos of the cur¬
Harbor investigation,
-
example, it would not be amiss
to point out that we were long at
war with Japan before she struck
at Pearl Harbor.
We were fur¬
nishing China with planes
and
for
pilots
(the
to
to
as
Flying
Tigers)
and.
in
into the
tion
elicits
of
this
China
was
undermined
time,
the question of
whether we are backing the right
or wrong horse, should not be in
question. It is. a pretty late .date
to be changing. The main point is
that support of Chiang Kai-shek
has long been the Government's
;
f
(Continued
the
why
inclusive
'
..
States:
'
-
■
labor-management confer¬
called in Washington.
was
ence
..
Instead
mes-
of the wartime powers
that the recent na¬
some
tional
President Truman
....
eral
of
retaining in- the Fed¬
and labor agreementsand
relations,
industrial
the
who think- seriously about
problem of reconversion—-of
changing our economy from war
the
top
and
labor
to
mend
peace—realize that the transi¬
tion is a difficult and dangerous
the power over
Government
wages
A *•'
All
of
possible
purpose
as
controls
and
A
A.
the,Congress of the United
To
ques¬
build
cannot
we
guild
from
follows:
sage
to a judgeship, continues
strongly compelling motive.
This
La¬
The text of the* President's
or
a
It was the expressed
getting away as soon
enacted
19X6.
with
concerned
those
to
it.
bor Act which
was
as
ao,
when the
nation was at
of our
during the period of world
business
all
Railroad
job as a spring¬
place in private indus¬
the
British
is
global
which
a
had made necessary,
leaders of management
war
a
invited to
were
(Continued
recom¬
under which la-
program
page
on
2800)
a
of
civil
One
service.
found
in our political
Another factor is
system.
Ends Without Decision
injury- to the morale of "mid¬
the
After Four Weeks of
discouraging
about
the
public
motives
Discussion, Conference Failed to Reach Agreement
on
Means of Preventing Strikes or Assuring Industrial Peace.
Stum¬
bling Blocks Found in Questions Relating to Wage Rise Policy, Scope
cyni¬
of
those
of Collective
government employ, in contrast
to the
high esteem in which a
government
Britain.
on
page
career is
An
2802),
of
pro¬
self-respect and prestige,
even
though accompanied by an
inadequately competing salary
<>.
(Continued
on
Open for
GENERAL CONTENTS
i >
.
X
>
Financial.
/.
/
' r"'A,,
,
the
..,.......
.2795
Regular Features
From
Washington Ahead
News
v................
of
the
V.A.... 2795
Observations
.2793
Moody's )3ond Prices and Yields. A.280-1
Items About Banks and Trust Cos.. .2808
Trading on New York Exchanges.. .2805
Odd-Lot
Trading..... .2805
State
General
of
meet
.
.v.
Carloadings......
Weekly
Engineering
2807
Construction. .2805
Paperboard Industry Statistics..
2807
Weekly Lumber Movement..........2807
Fertilizer
Association Price
Index.. .280"
Weekly Coal, and Coke Output
.,-..280G
Moody's Dally Commodity Index
Weekly
Crude
Oil
Production
Metals
to draw
up
management's
and (3) on rep¬
(2)
gaining,
on
right to manage,
resentation
and
questions.
'
The
voted down
ence
Activity Down in Oct
1
*
—
as
About
crease.
the
only
agree¬
by the delegates
the proposals for facilitating
improving machinery for con¬
arbitration
and
in
labor
2793
be
s
Demand For Labor
Responsibility
In
a
separate
members
group,
of
report
the
must establish and
regulations as may
parties
enforce
such
within their respec¬
jurisdictions to insure abso¬
unqualified adherence to the
necessary
contract
commitments made.
It is of fundamental importance
that
be
contract
commitments
qualification
by employers, employees and la¬
bor organizations.
Both parties
to the' agreement must impress
upon their associates and mem¬
and
letter
officers
observance
and
the
need
for
of
both
the
the spirit of collectives
bargaming agreements.
made
by
management
the broad principles of coi-
made
observed without
careful
Management
.2803
..2804
The
bers
disputes.
In
engag'ng in contract violation.
or
lute
were
ciliation
this
tive
ments arrived at
and
contract provi¬
respect, the man¬
agement delegates report:
Management and unions must
require that their respective of¬
ficials refrain from encouraging
of
sions.
the CIO
resolu¬
the
forcement
jurisdictional
general confer¬
put. the Conference on record
favoring a general wage in¬
2801
.....
Markets
Weekly Electric Output.,...........2803
Industrial
were
280S
Weekly Steel Review..;..,.,
Non-Ferrous
out
which
mittees,
and preventing
of six com¬
peace
Three
:
regulations acceptable both to la¬
bor
and
management, failed to
reach agreement.
These commit¬
tees were: (1) cn collective bar¬
to
J A. .2791
Commodity Prices, Domestic Index.2803
Weekly
Nov. 5, adjourned finally S>—
on
tion, sponsored by Phil'p Murray,
Trade
.A
Review^
general session that lasted several hours,
called by President Truman to
Labor-Management Conference
industrial
....
Page
-.
Situation..'....
Renewal of Discussions.
On Nov. 30, after a final
strikes.
I-;.'A, 'X ,-vEditorial
a
'
^fter failure to reach unanimous lective bargaining were agreed to,
agreement
upon
issues
which.| but a demand was made for guarantees in the fulfillment and en¬
would set a formula for assuring
2799)
page
Bargaining and Labor's Responsibilities and Labor's Rights
Management.
Some Results Said to Be Achieved and Way Left
in
held in Great
atmosphere
fessional
war
by State Department subordinates.
At
a
es¬
p e c
the
to
That, however, is not the pol¬
icy of the Government. The pol¬
icy is to remove wartime con¬
trols as rapidly as possible, and
to return the free management of
law
in
what
conflict.
ts to
existing
r e s
government
NYSE
the
work
dol¬
lars in him.
came
us
China
agitation and there is
slightest doubt that he is
telling the truth when he says his
American
and
for
leave
of this
not
of
lives
agitate
Japan had thrown up the
sponge. Hurley-has been the vic¬
several thous¬
and
similar
Robert Nathan of
Cox of FEA, Sam¬
uel Rosenman, and Lauchlin Currie.
Although the present whole¬
sale- exodus 'from Washington is
no
doubt accentuated by the de¬
mise of Mr. Roosevelt and by V-J
Day, the traditional utilization of
■;he
in
would
who
necesary
life
stake
indus¬
a
—
some
citizens
often
so
very
of
tries
are
Government, during
our
was
the
sential
govern¬
the
after
an:
investment
the domestic Com¬
and
Russia, which
Kai-
shek in China.
We
as
openly
withdraw
supporting
Chiang
in
men
ing
outlaw
strikes
re¬
the
cne
reconversion period, continue tell¬
which
law
a
There
have
recom¬
mending
■'
■
task.
could
enactment
business
in
It is'that since
little or no dis¬
Their chiefs may issue orders and
®
suits their dis-.
.
the
count."
.' Our permanent difficulty in
is
points up one of the. most serious situations ever to exist in
It is doubtful if anything just like it has ever been
them
has
<$>-
.
to
an
prevented,
and
rapid turnover of their immediate
top-ranking superiors. Then there
by Pat Hurley's resignation as ambassador
formulate
ply
be
he
3 sent a special message to
of the National Labor-
failure
the
which
strikes
finding that "it is
that only in the new
to
of
agreement
"threat of. starva¬
Russia
told
gement
n a
under
business
his
ceased
man
that
which he
dle-level" officials entailed in the
permitted to long exist iri any other Government.
shortly after the New Deal came in there has been
icy.
the
significant
world
and
the economic society;
to
reported
the
head jV
the
CARLISLE
in
professional,
nigh-gradepublic servants, similar
Government.
ordinates
economy mean war;
and
planned economy
socialism
mean
cism
cipline among
iVln
Labor Party finished pro¬
permanent
2796)
page
Washington
A
to China
President Harry S. Truman on Dec.
Congress
the
of
reach
spoils
our
Chairman
Conference
to
The sensation caused
should
Union.
market
answer
-
the
we
the
board to
y :
selves
By
any money
Soviet
the
nouncing that "free enterprise and
try
No such restrictions rest
Front
to
after
British
Monday, really is
lending
country,
Congress to Enact
Recommending Enactment of a Waiting Period for Fact
Finding and Arbitration, Similar to the Railroad Adjustment Act. Says
Labor ;Strife and Failure of Labor-Management Conference to Agree
on
Settlement Procedure is Hampering Reconversion.
Asks General
Motors Workers to Return to Work Pending Efforts to Adjust Tneir
Wage Demands.
; ; ' *
course, those
much of the conference "must Treasury Bell,
attendance could not speak for OWMR, Oscar
so
in
his
to
by
enterprise and individual initiative. Of
who had been
audience
tion"
part, we hope the day will never come when a
small group
can
York
Copy
Sends Message
The
logical conclusion to the
"interpretations" verbally deliv¬
ered by that British "quasi-offi¬
cial," Professor Laski, to a New
that in lieu of
a
Strike Curb Measure
—By A. WILFRED MAY—
The
Price 60 Cents
ers,
not nrovoke
*
Employ¬
employees and unions should
one
(Continued
another into any
on
page
2800)
THE COMMERCIAL & FINANCIAL CHRONICLE
2794
Not
"What
went
we
House
Doing Well
to
war
liberation of the
(to prevent Germany and
tragic
of
one
the
from
them
The
peo¬
"The
only
reason
*
*
has had
a
free hand to
liquidate all poten¬
tial opposition, both among or¬
ganized patriotic resistance
groups and among the disorgan¬
ized, helplessly miserable masses,
is because we have been willing
not
.
Burton
Wheeler
K.
only to shield her and keep
from the American people, but also be¬
the
on
Nov.
$1,131,452,312 deficiency sunply bill, the Associated Press re¬
ported from Washington on that
date.'In approving tne bib- wh ch
is designed to meet deiiq:encies. in
funds previously appropriated for
several score Federal Agencies for
the fiscal year ending next June
30, the Committee, which estimat¬
ed at $2,400,000 the cost of con¬
ducting strike elections during the
next
seven
months, urged that
further funds for this purpose be
withheld and that funds- granted
why, to this
Russia
*
26
*
a
tiirned-back to
heretofore
be
Treasury.
facts
From
the
Associated
'/
the
by our abject appeasement for the sake of
specious "unity,' we have deliberately played her
game for her."—Senator Burton K. Wheeler.
* * *
We have always been a prey to the nations
Press
that
putes act. Separate legislation re¬
cause,
the strike-vote require¬
ment and imposing stiff curbs on
labor unions is pending in the
House
the
Instead of putting our
weight behind the Charter of the :
At the
have' been
time
same
considerable section of
of'the
our
Patrick
nomically from
\
every
on
is
Appropriations Committee
have the Government,
by the bill was a reduction of
$576,142,136
from
budget, esti¬
mates,
representing one of the
biggest percentage slashes ever
proposed by the committee,
ri
:
However, more than half of the
in
eco-
part of the
-
peacetime
to
,
pursuits
as
was
so
ofteh
necessary during the war,
That,- he- stated, is not the policy
of the Government since the Gov¬
desires
ernment
time
controls,
to
remove
rapidly
as
war¬
pos¬
as
sible and to return the free
man¬
agement of business to those con¬
cerned- with it.
X. "-''j;/V:
.
To make
the
such
policy effective,
labor
recent
conference
a
ington with
management
-
called
was
in
Wash¬
leaders of
top
man¬
agement and labor invited to for¬
mulate
a
program
under
which
"without
relations
would
be
turned
.
ing our, reconversion program in
Some'of the major industries, and
for the strikes-which
are
threat¬
over
the world to defeat American
policies arid interests."—Patrick J. Hurley..
:
It is most earnestly to be hoped that these two
heated, if not wholly consistent, indictments of our
foreign policies, or want of them, will arouse the
American people to a situation which neither of
them fully disclose.
;
-
The truth of the matter is that
role
is
not
bent upon
semi-Quixptic:
our
going well in a world among nations
their own advancement.
'
i
-
deaths of
to act
duty of the Gov¬
oh its
initia¬
own
tive, v.V- XXX,;..XXX,X-/,-X '•
Emphasizing the need at this
ime for Government intervention
o
adjust such labor disputes, the
president
had
the
following
to
say, ''Industrial strife in some key
industries means not only loss of
£
great amount of wages and pur-
Chasing
country
but it
power;
Ramifications
may
have
throughout
affecting
conversion process.
the
the whole re¬
In such indus¬
At the close of the four-day
American
convention in Chicago held by the
adopted, according to Associated Press advices of Nov. 21, with
Legion reaffirming approval of the United Nations Organiza¬
tion and urging that the American people take a greater interest in
foreign affairs and that a definite foreign policy be established by
was
Government.
for
called
The
maintenance
report
of
the
highest
standards
of American
justice in the trial of war crim¬
inals.
It
"discouraged"'
unfair
foreign trade practices by United
States
that
citizens
the
and
recommended
itself establish
legion
a
competent, independent personnel
to keep the legion informed on
foreign affairs.
The convention, the Associated
Press also reported, adopted a na¬
tional
employment program in¬
cluding a recommendation that
the Veterans Employment Service
be
transferred
from
the
United
States Employment Service to the
Veterans
11
Administration.
resolution
also
asserted that
The
the
carried
the
on
Legion
debate
before
the
proposed
Navy merger when in a
on
tion address he called it
lutionary scheme,
the
Armyconven¬
"a
revo¬
untried and
one
employment
program
in¬
cluded also recommendations that
veterans
in re-employ¬
employment; pref¬
erential consideration of veterans
this
list
exclusive,,
nor
to
(include "* 1 o c a 1 inconsequential
(strikes within these industries.
The objective, he said, "should be
to cover by. legislation only such
t
I
i
Roland S. Morris Dies
-The
death
was
announced
on
Nov.
23
of
Roland Sletor
Professor of International
the
University
and trustee
Law
at
Pennsylvania
of the Carnegie En¬
of
retary of Labor
dowment for International Peace.
arbitration,
A Democrat of
recommepd
long standing, Mr.
has been
unsuc¬
cessfulpin inducing the parties to
voluntarily submit the dispute to
the ^President
the
X
following
would
pro¬
his candidacy for the Presidency.
He died at his residence in Phila¬
retary of Labor to the effect that
mission
create
to
a
civilian
consider
question; and
1948.
the
report
by
com¬
entire
July
1,
Lieut-Gen.
unity
of
but said
He
delphia.
'•>/:;
,
X
'
James
command
H.
in
without .unity
of
William Green, President of the
Doolittle
the
field,
"you can't have it in the
field
ity; preferential' consideration for
make
President
at home."
commun¬
j utilities and communications. It
(is; pot the President's intention to
without precedent." He reiterated
the
Navy suggestion
that
the
be established in
disabled
'''/ '•/-//' • '/ri yC'/V/V'-/
command
A.merican
told
the
hope that
be
no
made
veterans
Federation
convention:
to
Labor,
my
further attempts wili
align labor and
the
against each other."
He
asserted that
supported
organized labor "has
and
give its full
recommended*
of
"It .-is
will
continue
to
backing" to legisla¬
Upon
XXXy.:
certification
/X
■
by the Sec¬
dispute continues despite his ef-,
forts, and that a stoppage of work
in
the
affected
industry would
vitally affect the public interest,
the President, or his duly author¬
a
ized
agent, should be empowered
appoint, within five days there¬
after, a fact-finding board similar
to the emergency board provided
to
for under the
A
further
r
..
v.
i:
-
i
to; es¬
with
general .public
the i
all
facts and the result in most cases,
the President believes, would be
X
-
that both parties would accept theXX ■
recommendations, as has been the
case in most
railway disputes.
y.;
The President to speed the set,R :
tlement of the most important ex- 1
isting strikes such as the one
against the General, Motors Cor¬
poration and the threatened strike
involving the United States Steel i
Corporation and the United Steel i
Workers, stated that he was appointing such
y
fact-finding board*:
expressed the hope, that the
Congress would approve the steps;
a
and
he
was
taking.
Concluding
,
his-
message, he stated, "This is an im- mediate program whichris fair to'
I
hope that the Con-
rnent to agree upon a
the
prevention
of
A
week
trends
tries
of
of
resume
last
against
measures
side.".
h:;'//; //:/......;)■. :ri ;;;■'"}>.
activity V
reported
facturing
volume
the
by
against
were
gradual
"
diverse
indus¬
some
background"
a
expansion
for.
manu-
generally. : New
voluminous
was
/ /' >
or
either
industrial
reveals
•
^
dis-.'L;
putes, will not adept repressive
coercive
•
solution for
industrial
:
*
order
•.
de¬
as
recommendation
the President, after the
of Labor executed the
stances
improved, but
they continued slow.
Steel
sumed
and
generally
Industry—The steel
controversy /the
for 'a
reveal
but
trends for
course
some
which
of
of
Secretary
certificate,
would make it unlawful to call-a
praqtijCgs.in, effect pijior_:
v/
as- v.
cautious
bid^-by
pattern
the
wage!
week
past
lesiurely
a
cold-blooded
sides
few in¬
a
both
would
steel
XX/
labor
time to come, says
"The
Iron Age," national metal:
working paper in its current re¬
view of the steel trade, xr':-.'
While the probability of an in—ri
dustrywide steel strike was even V[
stronger than ever in view of the
surprise and right-about move of
!"
;
.
the OPA in denying the steel in¬
dustry a past due and promised
price adjustment, it was apparent
the past week that steel mill shut- ;
downs would not
New
Year,
dicted.
thority adds, is
December
mean
magazine
as
as
of
this
year
taxwise,
more
shutdowns
than
occurred
view of the recent
tax
aware
pre¬
au-
v
man-;
,
that any losses incurred,
agement
in
before the
occur
the
The union, this trade
law.
.:..
in
would
if the
1946- in
changes in the
'
.
;'/r/.;'/./';;
■
'worker strike vote
will involve close to 800 steel and
steel
processing plants, with ai
The
number
of
Dee.
With
6.
elections
labor
slated
"no
illegal
^expected
to
high,
Murray,'
strikes"
preclude
of
wildcat stoppages.
this trade authority
aware
losses
which
any
curred
is
series
adds,
is
as
as
managemeent that any
incurred in December of
in 1946 in view of the
re¬
changes in the tax law.
procedure indicates that
union, policy committee will
meet
after the
strike votes are
the
counted
to
course."
This
ably
to
>:
take
decide
a
"future
meeting Will prob¬
place around Dec. 10
15.
The .bombshell tossed into steel
j.(Continued,on
-
The union,
this year would mean more taxwise than if the shutdowns oc¬
cent
•••/••'
for././:: /
stakes
the
policy
of
Philip
USWA head, in directing the steel
union, during the current situation,
is
■
steel
Past
railway labor act.
a- single
de-;
strike or lockout, or to make any
tion for better employment, edu¬
partment of national defense, with
cnange in rates of pay, hours, or
the Army, Navy and Air Forces
cation and business
opportunitiesiworklngcdndirionVor' in The" esco-equal and autonomous.
for veterans.
tablished
•i-:}••{
•;
•
would acquaint'
mand for most materials remained"v
cedure:'1
veterans' employment committees
ment and new
-:y•.>,
surance.
procedure
a
unlimited.; Shipments in
Morris in 1940 split with the party
to support Wendell L. Willkie in
service was not accom¬ of the Army Air
Forces, carried
plishing tlje desired results under the oratorical ball right back for
United States Employment Serv¬
the Army,
however, when he told
ice because of "hamstringing" by; the Legionnaires that World War
other Government agencies.
II
demonstrated
necessity
of
every
InX
Such
the
fact-finding board. '
pannot, compose their differences,
the public through the Federal
Morris, stoppages of work as the Secre¬
tary of Labor would certify to the
one-time
ambassador
to
Japan
President as vitally affecting the
who was credited during his per¬
in private employment with full
iod of service, 1*917 to 1921, with national public interest."
credit extended for military serv¬
Where collective
bargaining has
having lessened friction and fos¬
ice and extension and improve¬
failed in disputes in such indus¬
ment of unemployment coverage- tered good-will. A prominent law¬
tries and the Federal conciliation
and benefits.
yer, interested in international af¬
fairs, Mr. Morris held many posts service has been unable to effect
g Gen. Alexander A. Vandegrift,
of importance, including that of an agreement, and where the Sec¬
commandant of the Marine Corps,
veterans
The
the
of their foreign relations committee
Legion>t the report
the
the
carried
national "service
reduced-rate
of the
tries, when labor and management
of
members
the armed forces who
American Legion Policies Adopted
:
.
dations
both sides.
ernment
reduction
has been used all
posal the parties concerned would Xp
legally bound to accept the ? .•
findings or follow the recommen•'
gress,
naturally disappointed at
the failure of labor and
manage
the
becomes
prejudice" to reconsideration later,
{Government has a duty to speak
i
Among the "without-prejudice'' and act." /.v
P/X/p XX'.X X/'X-X
cuts were $24,500,000 for tempo¬
The,:*: President
recommended
rary housing for veterans, $158,- that the
principled underlying the
320,000 for hospital and domicili¬ railroad labor acLbe
adopted for
ary
facilities for veterans,
and
( he settlement of industrial dis¬
$128,475,000 for river and harbor
putes in important; nation-wide
and flood control projects.
[industries. • Continuing, he added
;
Of
money
actually- approved, that, the
general pattern of that
$928,000,000 was for national serv¬
;act is not applicable to small inice life insurance handled by the
jiustries or small local disputes in
Veterans Administration. The new
j arge industries, but would be ef¬
money,
augmenting
$900,000,000
fective as well as fair, in such
previously .approved by Congress, (widespread industries as
steel,
is necessary, the committee said,
automobile, aviation, mining, oil,
because of
made
•
.
r
not be
it
world controlled
was
who would
some
■
ened/President Truman said that
munist
by colonial imperialism and Com¬
imperialism. America's economic strength
are
duringrihis^
11
" —
period,-continue to lay down the to the time the dispute ;arose." In
rules for the nation's changeover
connection with the above pro-
has requested repeal of the strike--
yote requirement,' is being held up
by the'elections.
\ .V
The $1,131,452,312 recommended
for the various agencies supplied
international
own
America has been excluded
j. Hurley
<
confusion
acted
bill approved by
passed. It added that, the reg¬
ular work of the NLRB, which
Department is endeavoring to
support Communism generally as
well as specifically in China.. ; "Because
be
not
has
a
State
our
will
disposed of,: ; Noting that the strike-vote pro¬
vision was a 'war-time proposal,
the committee said the need for it
definitely supporting the imperi¬
alistic bloc.
but
Until the supply
democratic
we
to accomplish it, the President stated, that there
pack; idto the hands of those in¬
volved.
;'/•
V.; •: •; / n,:- "r' -. /x ■
ji. Since the conference which has
just recently ended failed to agree
on- machinery
that would solve
Existing strikes which are retard¬
of
Smith-Connally war-labor dis¬
pealing
ideals.
Nations
up the urgent matter of labor
problems.'
■'
■'
: ;
Discussing-the task of reconversion and the steps to be taken
.message
labor
the
port., The war. that is now in the
making is not even intended to
United
.
to Congress took
a
lations Board under provisions
order to obtain our material sup¬
establish
against work
Monday of this week when President
came on
Truman in
ducted by the National Labor Re¬
give lip service to our ideals and principles in
or
-
"Strike elections have been con¬
t
«
defend
quote:
we
toward governmental action
move
stoppages in industry
was-
it sent to the House floor
y
The first direct
:
for
funds
of
recommended by the House
Appropriations Committee
Ww en
hands
bloody and tyrannical
hands of another.
moment
cancellation
the holding of strike votes by the
National Labor
Relations Bca d
cruel and inhuman dicta¬
tor into the
Group Would
Strike Elections
ples of Europe and Asia we have
delivered
»
Cancel Funds for
Japan from achieving, we are now permitting to
become a Russian triumph.
By
our
Thursday, December 6, 1945
page
28Q2L,!,-
-F
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4444
162
to
mation
Hurley Resigns as Ambassador to China;
Marshall Appointed to Post
judge
the
State
their
which"
,
to
Navy's Arms Unification Plan
Department
and adminis¬
correctly interprets
ters the
extent
2795
foreign policies of the
Secretary of the Navy James V. Forrestal disclosed on Nov. 28
a plan for
unifying the armed services to which the Navy Department
could give approval.
Pointing out the differences between this plan,
na¬
tion.
against United
''During the war we had to main¬ and the
merger plans proposed by the Army and in legislative meas¬
States State Department and diplomatic officials, Major<*en.< Patrick; tain secrecy to prevent giving aid
ures now under
consideration, Mr, Forrestal gave it as -his opinion
J. Hurley resigned as Ambassador to China, on J4oy. 27, according
to the enemy. I grant that some¬
that the Army plan would be tantamount to "a derogation of sea
to Associated Press Washington
advices. Declaring . that American times .during the war- we had to be
power," in a measure, "absorption^
policy in Asia, as cpnveyed by these officials, was tepding to under-! ( expedient.
Now we should en¬
of the Navy by the Army."
Un¬ eign and military policies and in
mine democracy and -bolster Imperialism and Communism
in the deavor to be right. I raise this is¬
der the plan which the Navy pro¬ time of war will advise the Pres¬
Far East, General Hurley, how- $
- ■
—r——. sue because I am firmly convinced
poses, he said that all elements ident
as
Commander in
Chief.
ever, added that he had always
bassy in
Chungking and the that at this particular juncture
si
In
containing numerous allegations
statement
.
_
.
support from the Presi¬
Secretary of State in
his endeavors for the establish¬
ment of democracy and free en¬
terprise.
1' - "■
■yV: ;•
Accepting General Hurley's
resignation, President Truman ap¬
pointed retiring Army Chief of
Staff, General George C. Marshall,
to replace the former as the Presi¬
dent's special envoy to China with
the
rank of
Ambassador.
Ob¬
servers
in Washington feel that
the selection of General Marshall
received
dent
and
for the post indicates plainly the
importance
which Mr. Truman
attaches to the Chinese situation,
In his statement announcing his
:
reported by the
Press,
Gen.7 Hurley
said in part:
'
1
7
t
'
"I
am
grateful to
both the
President and the Secretary of
resgination,
as
Associated
f
State
the
for
they have
given me and for their kind offer
in
requesting me to return to
China
1
"In
ambassador.
as
been
/.
j
or
the
on
>,
another I
perimeter of
capacity
one
have
support
America's influence since the be-*
ginning of the war.
* |
"During the war I have served
in Java, Australia, New Zealand,
and generally in the
Southwest
:i
in Egypt, Palestine, the
Lebanon,
Syria,
Trans-Jordan,
Iraq, Saudi Arabia, Iran, Russia',
Afghanistan, India, Ceylon, Burma
Pacific,
China.
and
"Of all of the
the
was
assignments, China
intricate
most
difficult.', It
most
is
a
the
and
of
source
gratification to me that r in all
my missions I had the support of
President
Roosevelt,
Secretary
Hull, Secretary Stettinius, Presb
.
Truman
dent
Byrnes.
and
Secretary
of our
policy-making officials American
objectives were nearly always
defined.
feature
of
The astonishing
foreign policy is
the wide discrepancy between our
announced policies and our com
For
our
relations.
international
of
duct
instance,
"It will
the war
began
we
without the accom¬
of the secondary ob¬
complished
plishment
jective as
a condition precedent.
Both of these objectives were ac¬
these objec¬
had the support of the Pres¬
and the Secretary of State
complished.
tives
■
While
mentation to
jectives.
1
"With
our
Mr. Forrestal, who, on Nov. 19,
objr
according to the Associated Press;
;7//;
international
7;\7(7
-
special
reference
have
I
served
in
the
last
it
is
ice
sided
men
Communist
Chinese
the
with
armed
party and the
imperialists bloc of nations whose
policy it was to keep China di¬
vided against herself.
Our pro¬
fessional. diplomats continuously
advised
efforts
in
the
of
not
the
Communists
States.
fessionals
policy
These
of
same.
the
pro¬
advised
openly
Communist
did
Government
the
represent
cline
my
preventing the collapse
National
United
that
armed
the
de¬
to
party
unification
of the Chinese
Communist Army with the Npv
tional Army unless the Chinese
with
the
"Our
true
misunderstood
this
official
were
given control.
"Despite these handicaps we did
make progress toward unification
of the armed forces of China. We
did prevent civil war between the
rival factions, at least until after
I had left China,
the
of
We did bring the
rival
parties to¬
gether for peaceful discussions.
Throughout this period the chief
opposition to the accomplishment
the
to
principles
finished
We
service
of
democracy.
in the Far
lend-lease sup-r
the war
East \ furnishing
plies and using all our reputation
to undermine democracy and bol¬
ster Imperialism and
7,
"Inasmuch
with
as
I
am
Communism.
in agreement
President and
the
the
of
mission
our
American
from
came
the
diplomats in the
embassy at Chungking and in the
career
Chinese and Far Eastern Divisions
of the
State Department.
requested the relief
of the
opposing
the Chinese
theatre of war., These professional
diplomats were returned to Wash¬
ington and placed in the Chinese
career
who
men
were
the American policy in
Far
and
State
men
divisions
Eastern
Department
visors.
I think I owe it to them as
as
to the country to point
-out the reasons for the failure of
the American foreign policy in
reaching the objectives for which
we said we were fighting the war.
:
"I will confine my remarks in
this statement to Asia, although I
wish to assure both the President
whom
an
not
with
be allied
any
predatory
ideology. • ■ .777 77;7/ 7
"
"America should support
Francisco United Nations Charter
have
been
to
it
make
or
revision of the San
armed
party
of one
and
of the
reasons
why American foreign policy an¬
the highest authority
is rendered ineffective by another
section of diplomatic officals. 7.7
"The weakness of American for¬
eign
policy
has
backed
us
into
We had
wars.
no
shaping the
conditions
brought about these two
There is
making.
a
third world
war
77
democratic.
"Our strength should be used to
uphold the decisions of the United
Nations rather than to
support
On
power
Dec.
the
3
or
blocs."
Senate
open
7
Foreign
Relations Committee voted
mousely to
war;r ;
its doors td the
public at the hearings scheduled
to begin on Dec.
5 when Gen.
Hurley will disclose his action in
resigning.
Gen. Hurley had de¬
clined
to
testify
at
a
closed
hearing. :7>^/77>7 7\V
part
that
wars.
in the
In
U. S. Ask Swiss
to Cat Watch
Govt.f
Imports
tional Government of the Repub¬
democracy should be given all the
lic of China and the
facts to enable them to form
assigned to
was
China at
a
time when statesmen were
disintegration
"I
was
directed
by
President
Roosevelt to prevent the collapse
<of
Government
the
courage.
rect
of the Chinese Army.
and
to
keep
Chinese Army in the war.
From both a strategical and dip¬
the
opinions.
the
as
anounced
discrepancy
The
between American
in
cor¬
foreign policy
the
Charter and the Iran
Atlantic
Declaration
lomatic
viewpoint
our
the
chief
foregoing
objective.
'The next in importance was the
directive to harmonize the rela¬
tions
between
the
Chinese
and
American military establishments
and
between
the American
Em-
"Times" reported.
State
"The
had sent
a
;
,
Department
said it
note to the Swiss Gov¬
ernment asking its cooperation in
reducing the shipment of watches
and in the President's recent
which "during recent months have
Day address and
been
as
Navy
carried into
effect
constituted
by
the
v
of the
;
Asso¬
7
Navy posi¬
the
of
Staff
.
The
subordinate
agencies of the
joint Chiefs of Staff should be
strengthened and established on a
follow¬
permanent, full-time basis.
>.
(3) The National Security Coun¬
cil should be assisted by (A) a
central research agency, and (B)
a central intelligence
agency, both
to serve
all departments of the
Government.
.7.7
(4) A permanent National Re»Board
sources
There
5.
may be attributed in large
measure to the secrecy whieh has
shrouded the actions of the State
Department.
All too frequently
information concerning
its con¬
duct leaks out to the public in dis^
torted, garbled, or partial f^rm.
The result is that the American
people have too little
:
(6) The Navy must be contin¬
7' -77 '"77 7 ued as an integrated service not
only with its own air forces (in¬
duplications in
7
.
were
procurement both between the
ground forces and the air forces
inside
the.-War Department
as
well as inside the Navy Depart¬
ment and between the Army and
the
Navy.
Many
duplications
however, been eliminated
progress is still being made.
have,
and
6. No
permanent
organization
had been evolved to plan for the
mobilization of our material re¬
productive
sources,
skills
technical
the
and
event
of
.
The coordination of the mili¬
tary and other war budgets in the
Bureau of the Budget was not as
been.
have
•
as
7\:;.''•
,
For the future,
it might
••'••"7
and particularly
of discoveries in the field
in view
atomic energy, the Navy be¬
lieves that an over-all, rather than
of
national
piecemeal,
a
security
plan should be evolved to remedy
not only the past deficiencies', but
also to provide for the foreseeable
future,
on:
.
■
with particular' emphasis
,:7"'7;7;
\
'7 ..7.
\
The integration of all ele-
(a)
mepts of national security.
;
(b) A central research and de¬
velopment agency.
(c) A central intelligence serv¬
ice:
an
average
considerably
annual
above the
rate
pre-war
volume of domestic sales of both
imported and comparable domes¬
tically-produced
movements."
.•Ue
SH'i-"!
nrompt reply.
watches
and
■
were
'
•
>-
■
7-7
Consequently, the Navy Depart¬
broad
foundation for national security
be established, as follows:
ment advocates that a really
(1) A permanent National Se¬
curity Council with a permanent
secretariat should be established
as
an
integral part of our Gov¬
ernment.
It should consist of the
military
chairman
asked
for
a
anti-submarine
sources
Council
departments,
and
the
of
the
National
Re¬
Board.
The
Security
will
coordinate
warfare), but also
with its Marine Corps and related
amphibious components.
This requires that the Navy De¬
partment continue to be repre¬
sented in the Cabinet by a civilian
secretary with direct access to the
President.
This
basic
deals
program
elements
with
the
national
of
se¬
the in¬
tegrity of each of the armed serv¬
ice .and provides for the—
(A) Unified strategical
direc¬
It also
preserves
tion of the
services, both in Wash¬
ington and in the field.
(B) Effective
coordination
of
procurement, and
(C) For integration of budgets
for national security.
Mail
Shipments
to
Guam
Postmaster Albert Goldman
nounced
tion
has
on
an¬
Nov. 27 that informa¬
been
received
from
the
Post Office Department at Wash¬
ington that all restrictions regard¬
ing overseas shipments by mail
are
removed, in
for
mails
Guam.
so
far
civilian
as concerns
addresses
in
The advices also state:
Articles of mail matt.er,
_
at
cluding such shore-based elements
as are required for design, train¬
ing, reconnaissance at sea
and
curity.
war.
7.
in
capacity
thorough and detailed
openly
predicting the collapse of the Na¬
"I
Chief
put
war.77.7-.:-";7v. *7;7'^:
„
international relations.
-our
the
particularly inside the miliary de¬
unan-
diplomacy today we
are
permitting ourselves to
be
sucked into a power bloc on the 7> Steps have been taken by the
United States Government to re¬
side
of
colonial
imperialism
duce the imports of Swiss watches
against Communist imperialism. J
and watch movements during the
"I am opposed to both.
I still present period when the watch in¬
favor democracy and free enters
dustry in this country is still re¬
prise.
y-'.;i ■ converting from war production.
"A democracy must live on its
In
advices
to
this
effect
from
intelligence and its integrity and
Washington Dec. 3 the New York
its
To
people of the
t
plan
recognized
7; partments.
the
....
amendment
nounced by
two world
shall be at their service in dis¬
cussing frankly other phases of
y
the
Our
1.
career
in
Secretary of State that I
has
of the
super¬
relieved
I
outline
well
and the
that
deficiencies in the national
security organization as of the end
my
as
advisers to the Sm
Commander in Asia.
777;
icy.
.
of
the
President, the Chief of
Staff of the Army, the command¬
ing general
of
the Army
Air
ing
same
as
Some of these
the
of
at
times
with the Imperialist bloc
against American policy. This is
Sec¬
retary of State on our foreign pol¬
to
:
making
at
war
consist
to
„
Communists
conflicting,' ideologies
the
S
should be estab¬
foreign policy and mili¬
lished tp make policy decisions
tary policy has not been closely
own international policy America
with respect to the mobilization
has been excluded
economically integrated, although progress was of material
resources, productive
being made through the Statefrom every part of the world cont
capacity and manpower.
!
trolled
by colonial imperialism War-Navy coordinating commit¬
A permanent military munitions
'7 "7,"
'7
and
Communist imperialism. tee;
board (a joint agency), reporting
2: Our
strategic planning and
America's economic strength has
to the National Resources Board,
been used all over the world to decisions were excellent, although
will be responsible for the elimi¬
caused in
defeat American policies and in¬ delays were at times
nation of duplication? in procure¬
terests.
This is chargeable to a the joint Chiefs of Staff by logis¬
ment and supply.
7
'
v
weak American foreign service. tic and other complications, espe¬
(5) The Army Ah Forces, with
"I wish to absolve from this cially where Allied cooperation
was
involved.
particular reference to their stra¬
general indictment some of our
3. Although
unified command tegic functions, should be autonbcareer
men.
Some of them are
in
the
field was usually estab¬ mous.
Whether that can be ac¬
very admirable and well equipped
public servants who have fought lished, the Pacific command was complished only by splitting the
in the State Department and in split, particularly inside the Army, War
Department and establish¬
other
countries
by separation of the Strategic Air ing a separate department is a
against
overr
whelming odds to advance Amer¬ Forces not only from the other matter for Congress to decide. '
A> single
ican ideals and interests.
piilitary department
Army air forces but also from the
should not
be forced
theatre commands.
"America's economic and diplo¬
upon
the
matic policies should be coordin¬
4. There were gaps in the plan¬ country to establish autonomy for
the Army Air Forces.
ated.
America's strength should
ning of material
requirements,
Communist
in
•
(2) There should be provided a
permanent joint Chiefs of Staff
on
ment
in¬
"Because of the confu'sion in our
"In such positions most of them
have continued to side with the
associates
gress.
outpouring
of
national
power.
Nonetheless,
the Navy Depart¬
policy
can
succeed
without ' loyal
and 7 intelligent
implementation. ' \ '
goal:
"Our
the security program
budget for submission to Con¬
and
national security:
We were victorious in this war,
thanks to this democracy's great
ternational
assigned
that time gave eloquent lip
question of national secur¬
Nov. 28 told a news con¬
statement
A
tion
This situa -
No
M.
also review and
determine
program.
within
levels.
Bernard
as reported
Press:
'7-
ciated
the need for a com¬
plete reorganization of our policy¬
making machinery, beginning at
lower
on
ment,
tion suggests
the
Presidential'
a
under
This council will
Forces, and two officers of the
forth' Navy, one to be a naval aviator.1
by his Department embraced "a
Such joint Chiefs of Staff will,
really broad foundation for na¬ establish
unified
commands
in
tional security."
The following is
peace and war and will originate
the text of Mr. Forjrestal's state¬
the
strategic military
of
because
policy
Government.
own
our
of
preme
"•
ity,
v7 7
abroad
confusion
urged that
ference
American
.-7 v.
position in China is
;7.7
Detroit,
entire
promulgated
•
o7
talk to the Economic Club
a
Baruch be appointed to study the
years,
policy.
in
commission
four
American
secret that the
no
with the principles of the Atlan>-
-
to-
China and the other nations where
tic Charter and democracy as our
>
of national security would, in ef¬
fect, be under a "War and Peace
Cabinet."
^-7
in our history an informed public
opinion would do much to give
intelligent direction and imple¬
y the
blessings; ^ of * factual
publicity would be manifold. Now
that the war is over I am willing
policy in China did not have the that all my reports be made pub¬
support of all the career men in lic,
together
with
the
reports
the State Department.
7" made by those officials in the for¬
"The professional foreign serv-!
eign service who have differed
ident
"I
'v-'
"In the higher echelon
;
■clearly
readily appear that the
former objective could not be ac-t
'
leaders
>
,
Chinese Government.
all
for¬
includ¬
ing parcel post, for transmission
by surface means to Guam will,
therefore, be accepted for mailing
up to a weight limit of 70 pounds,
100
inches
in length
and girth
combined
without
to the number of
restrictions
as
packages mailed
in any one week by or on behalf
of the same person or concern to
or
for the
same
addressee.
Air mail for Guam
ject
to
ounces.
a
7
is still sub¬
weight limit
of
,
two
THE COMMERCIAL
2796
■"
:
Penalty in Strikes
(Continued from firfet page)
nearly speaking: for I speedy end. But how? And
those whom they represented with what consequences? Pos¬
than could management. The sibly he could let it be known
fact is, however, that not only what rates of wages he wishes
could they not agree among paid—as if it were any of his
themselves, but they have business.' If both sides were
again and again shown them¬ willing to proceed on such a
selves unable to make their basis, they doubtless would
theoretical power- effective. agree to do so. -But if there
Local leaders are continually is such a common
ground,
defying those above them, why do the disputants not
and in many, many instances proceed
without the assist¬
men
If
of the President?
ance
one
defy local leaders.
Viewed or the other of the parties to
superficially this is a regret¬ the dispute are not willing to
table situation, and in some of accept
the President's sug¬
its aspects it really is deeply gestion,
what then? To be
to be regretted.
It is particu¬ sure, no one ( supposes that
larly so when the unions are we should be wise to con¬
unable to persuade or oblige tinue the plant seizure tech¬
rank
and
file
membership nique now that the war^ is
to
observe
contracts
which over. /
V
"T ; T-TxAiT
have
been
their
name
proval.
entered
with
At
the
the fact that
that
matter
in
no
large,
can
group
make de¬
herd them like
sheep into
the fold is really not an un¬
mitigated evil by any means.
Imagine what this country
like
be
would
earners
if the wage
ruled by a tri¬
Petrillo's!
;
were
of
umvirate
failure
The
But the President would be
time, under other handicaps. Dur¬
small, or for ing the war any employer
cisions for the rank and file
or
Other Handicaps
ap¬
same
no
of labor leaders
into
their
of
the
la¬
who
selling-predomi¬
was
nantly
could
the
to
count
government
upon
the Treas¬
to pay the costs of extra
ury
labor
exists
ident
today .Should the Pres¬
undertake now to oblige
the
where
it
situation
was
much
when the
con¬
Automobile
day for each
ture
and it is the Federal Govern¬
The
of
Associated
and
drew
to
man,
group to group, in
ness
world or they
be
or
the busi¬
will not
added:
settled
at all—or at the
preciably increase the cost of
least will not be settled production, and without ques¬
wisely. It is, of course, deep¬ tion necessitate a price for the
ly to be regretted that union¬ products of labor higher than
ism has been
permitted—nay, otherwise would be neces¬
encouraged — to develop into sary.
Is the President ready
groups so large and so power¬ to
accept responsibility for
ful that competition has been such an increase?
completely eliminated and
It is considerations such as
.
even
the law of the land ef¬
this,
or
■
.
at least akin to this,
to
decline
in
a
further
curtailment
board's
index
it
would,
law of the land—and it
goes
without saying, first, that it
should do so, and second, that
such
a
would
course
do
its
on
than
more
part
all
its
only a part
story., Retail trade is
doing well, indicating that de¬
the
index
company
provisions" of its contract with the
union. -:v yT ; '.i. y.y
o.s
A
Ford
spokesman £aid, "the
company's
position
is. that
the
union can~control its membership
in
the.
matter
of
.
unauthorized
stoppages, slowdowns and control¬
led
do
production, but has failed to
no
du^ng the life of the present
contract."
.v.-
Mtge. Loans During Oct. j
Zebulon
tive
V.
;Woodard,
Vice-President
York State
such basic industries as
coke, petroleum, iron and
coal,
steel
and
23
that
the
of
Execu¬
the
New
announced
243
loan
associations
State
set
savings and
From
reports
that
Mr.
is
political
mand
combined. But
we
be
can
sure
make
that this de¬
it has attended to this
tive?
The
in
strike
>
-
:»r
to
i* i
a
represents
to
the
estimated
increase
an
of
$4,800,700,
over October,
increase of 21%, or
an
$2,206,586,"
September,
over
1945.
This brings total loans granted by
the associations for the first 10
months of 1945
Purchase
i
;
most
of
these
lines
the
sharp
production
war
had
been
in
terminated
Activity at automobile* factories
substantially in, October and
there
were
also
important
in?
or
constituted
80%.
$10,256,200, of the
$12,873,640
during October,
remaining 20%.irepre¬
construction,
refinance,
recorded
.
the
senting
repair arid other loans. It. is added
.
that savings increased during Oc¬
tober b,v a net figure of
$7,712,480,
equivalent to
in
creases
in
ucts
,
output of civilian prod¬
other
tories.
reconverted
fac¬
"'Ao wT/.V'S"'.
result of
as a
curtailment
in
temporary
supplies, but
coal
rise of 1.3%. .New
share investments totaled $21,508,a
000 while withdrawals
a
Coast
sulted
in
lumber
region
reduction
a
total lumber output
of
re¬
18%
in
in October.
Output of non-durable goods as
group was maintained in Oc¬
a
tober.
Further reductions in out¬
that
Oct.
on
31
the
the
of all New York
and loan associations
amount
of
is
total
now
from
had reached
$698,554,910.
war
purposes
offset
were
by
.AA-'
Output of coal and
jt-qleum decreased
crude
of
as
industrial disputes.
last
of
week
these,
pet+
sharply in the
early part of October
of ;
result
a
Since the
October
minerals
production
has
increased
considerably; in the early part of
November
duction
bituminous
the
at
was
coal
pro¬
highest
rate
since the spring oi 1944.
Employment
declined
legally
"»
'
j
up
'
»
i ;!
:
en¬
at
automobile, factories
gained
about 10% in October and there
were
important increases in
some
other
manufacturing lines, in con¬
struction, and in the trade and
service
industries. ' Employment
at coal mines dropped temporarily
as a result of work stoppages.
the
previous
ad¬
>
peak levels
Prices of cot¬
other
-
June
levels, while prices of fresh fruits
and
vegetables
earlier
level
to
rose
below
were
seasonal
prices
peaks.
the
new
the
Butter
maximum
alter
tinucd in
the subsidy was disOctober; the subsidy on
flour
increased for the month
was
November.
>
yy.y
.
Maximum
prices
for
cotton
goods, building materials and va¬
rious
other
were
raised
while
in
industrial
products
somewhat
further,
certain other cases, like
nylon hosiery, reduction in maxi¬
mum
prices were announced.
prices announced for new
senger
cars
levels,
close
were
which
were
above 1939 prices.
The
pas¬
to
1942
substantially
/'
-
; y-
;
,
Bank Credit
-Since the end of hostilities the
of monetary
expansion has
rate
slackened, reflecting Teduced
Government
ernment
expendtiures.
loan
war
banks
in
Distribution
Distribution
of
and
the
Sales
<" t
commodities
continued
October
a
half
retail
at
ago.
sales
stores
non¬
15%
At de¬
advanced
according to the board's
ally adjusted index and.
of
of
September to October,
from
basis
to
increase
to
first
year
stores
partment
the
rate
of
season¬
sales
the first half of November,
the
during
on
a
new
peak is-indicated this month.
at
leading
cities
reduced $5.1 billion between
Aug. 15 and Nov. 14, compared
with
the
decline
a
of $7.8 billion in
period last year.; Ad¬
demand deposits at these
same
justed
banks
less
only slightly
period a
Currency in circulation
than
in
year ago.,
was
the
same
has also grown at
a much slower
rate; during the past three months
the
increase
that of the
less
was
than,; half
same
period last'year.
expansion '■ in
member
bank
required reserves
and
in
currency, Reserve Bank
With
credit
reduced
has
than
in
riods.
.
increased
previous
more
shipments of revenue
freight, have increased since the
early part of October, although
they usually decline during this
season and in the middle of No¬
vember they were almost as large
as
in the
same
period
a
year
slowly
interdrive
advances
Member
have
serves
and at $1.2 billion
usual
at
drives.
to
bank
this
are
stage
member
excess
increased
of
Commercial
loans
at
v;
reporting
banks, both those -in New York
City and outside, have increased
somewhat
seasonal
than
more
amount.
the
Since
usual
the
Government
securities,
contracting
as
tween
though
loan
well
war
above
levels.
By
usual in periods be¬
drives, continued
previous
interdrive
mid-November
such
loans, both to brokers and dealers
and
to
.
other
customers,-
were
already starting to expand in
nection
con¬
with the current drive.
Wachsman Heads Smith
Memorial Fund Div. Unit
Alvin
L.
Wachsman,
cotton
broker, has been appointed Chair¬
of the Cotton
sion
of the Alfred E. Smith Me¬
morial fund
nounced
on
will be'a
tion
to
Exchange Divi¬
campaign, it
was an¬
Nov. 29. The memorial
$3,000,000, 16-story addi¬
St.
Vincent's
Hospital
ago.
by public contributions.
/
be¬
ginning of September these loans
have
grown
$650,000,000
com¬
pared wiht $340,000,000 during the
same
period of 1944.
Loans for
purchasing and carrying U. S.
ings has reflected a sharp rise in
1
loan
war
vjA-yCA.'•!
v.
bearing Gov. Smith's
I
re¬
somewhat
larger than
The increased number of carloadc
pe¬
A part of the increase has
in
man
Railroad
"
Gov¬
accounts
*
8%
to mischief.
O
agen¬
October,
establishments
selling
both durable ^nd
durable goods were about
impinge
profit. That
"j
war
in
in¬
gaged in civilian activities em¬
ployment increased. Employment
November.
prices which leave
population
to
ton,
grains,; and
various
products were above the
been
munitions
in
further
most
consumers
answer
the
reached
banks.
dustries and in Federal
while in
in
that this demand
the latter without
continue
prevailing in June.
v;
.'Employment
the manufacturer only higher than
in terms of
the
in,time deposits
•
even
day to day is found
can
foods
from the middle of October
middile of November and
vance
to
for
increases in output of many peace¬
time products.
cies
savings
making itself evident
in the fact
V
(
increased $2.1
billion ' in
the three
months, compared with
$4,5 billion last year.. The growth
amounted
$13,795,320.
On the basis of
theke figures, Mr. Woodard esti¬
mated
;■/'
/
•.
of explosives and aviation
gasoline and other products used
put
to
resources
and
•;V.
Steel production was reduced in
October
■
■
well
ship¬
civilian
Wholesale prices of farm prod¬
ucts
of
reductions in recent months when
to $98,357.15L
up
loans
itself effec¬
"purchasing power" for the
:
the
to
miners
as
in
were
$12,873,640 loans
during
October,
granted
which
'•./•■■■
member
rently. said that only Presi¬ point.
The question is not down, and most of all to quit
dent Truman can
bring the whether there is sufficient putting unruly elements in
Motors
contrast
expansion
•
West
—
General
(
Activity in the machinery and
transportation equipment indus¬
tries showed only small declines in
October
the
work
ments of merchandise for
operations have increased consid¬
erably. Wage-rate disputes in the
kind of demand is not likely
usually of¬
chore
which
it
has
been fered
to. be effective.
The whole
by those who glibly fol¬
most
sedulously neglecting low the "line" prepared in question of postwar wage
for
years
past — the less Washington is to point to the rates and
prices remains with
it injects itself
directly into "liquid assets" now in the us—and will do so until the
Tabor disputes the better for hands of
both individuals and
Government is willing to step
all concerned. It is
being cur¬ business. But that is not the
when
above
was
:
back to
steady
high record
submitted
of
a
since the end of October steel mill
New
Woodard
total
a
were
as
York
in
all-time
an
on
in mortgage lending activities for
the month of October. C
v
upon
can
automobiles
October level.
the
League of Savings and
Associations,
often
general pub¬
types of goods
strong and insistent.
But
same
rose
lic
many
the
at
was
aver¬
put, in
by the
for the union under the check-off
mand from the
for
October
company suggested that it level as in the middle of
1941.
empowered by
the UAW to* In the first half of November out¬
collect the
penalties from "any
of the
"conferences" and other semimoves
in
in
164% of the 1935-39
difficulty which
government, if lines if not so marked
could enforce the others, but that is
course,
4%
adjusted
be
v
i. Of
seasonally
decreased
and at
age
fectively flouted, but that-is which make a
mockery of the
the situation by which we are
President's optimistic recon¬
purposes ) in hand,
or
even
today confronted. Legislation, version
report to the nation. whether the rank and file are
carefully designed legislation, It
may or may not be a fact willing
to
exercise
that
is needed to undo this mis¬
that good progress has been
power.
chief, but it is not likely to made in
converting plants.
help us much in the present Such
Wages and Prices
progress without doubt
impasse.
has been excellent in some
A serious
,
October,
in munitions activity and reduced
'T':
amount collected
shipments • since
Commodity Prices
mines
and
reflecting
Leon¬
guarantee an end of unau¬
thorized strikes.": The Associated
1945,
very
factories
at
continued
not
legos
.
Output
i
The
Press
coal
have gone
use.
continued,
Richard T.
general business and financial
Industrial Production
proposal is unrealistic and would
Reuther would very-ap¬
Mr.
October and early No¬
reflecting in part small
increases
in
prices,"
said
the
board, which further reported: ^
production as a result of indus¬
trial disputes in some industries.
of the order of mag¬
nitude of. those demanded by
creases
Press
from
and
man
in
ard, director of the UAW's Ford
division, the comment, ""such a
1944.
settled
summary of
vember,
of
the
or
be
ably
De¬
responsibility by
the union, evoked widespread in¬
terest in the automotive industry,
59%,.
suggest strongly that these la¬ more or ( less committed to
bor
disputes, and for that prevent those prices from ris¬
matter, questions which have ing. - It is, of course, inevit¬
to do with pricing, either will able that
grants of wage in¬
from
reported
assumption
tals of that situation. It should
employers of labor—and is
Asso¬
proposal, in support
the company's demands for the
began, and it re¬
quires that the country prices at which the public will
squarely face the fundamen¬ be asked to buy the products
of
stop¬
the
Ford
League,
ferences
work
plants,
Reports
conditions in the United States, based upon statistics for October
and
the first half of November, made available on Nov. 26
by the Board
of Governors of the Federal Reserve System.
"Value of retail salescontinued
to. advance consider-^-
.
ment in
Washington which is
undertaking to determine the
Press
increased," according to the
per
troit.
Nov.
labor
in its
Ford
at
ciated
$5
involved in fu¬
man
unauthorized
pages
stantial
increase
(CIO)
on
union reimburse
the company at the rate of
6, 1945
"Industrial output declined somewhat further in
October, but in
the early part of November production in
important basic industries
Workers
oo
Nov. 28 that the
Loan
cost
Federal Reserve Board
;
.
General Motors to incur sub¬
burdens, the question of
bor-management conference price must inevitably arise—
leaves
a
expense imposed upon
But no such situation
him.
Thursday, December
in
The Ford Motor Company made
formal proposal to the United
more
the rank and file of the
CHRONICLE
Fsrd Demands Union 1
The Financial Situation
'
& FINANCIAL
,
i
•
j
I
ft
.
i
t '
t--
built
name,
>
'
■
'
Volume,,162
To
THE COMMERCIAL & FINANCIAL CHRONICLE
Number-4444
Lt. llnMill Named
thing
yet
/
French Government of
Council
and
tion. Mr. Birnie is President of the
urged" early establishment of
cen¬
bill, USNR, as Executive Director
do
about tne future.
Morris
.
credit
and
credit outstanding.
shall
it
what
tell
to
do. Informed
can
that
us
a1 chance
have
now
"are
we
■
in¬
present date," Mr. flated 36% in this country in cost
French said,, "almost. 8,000 ques- of' commodities. - Those oL us who
tionhaires :;'iiave
been
returned, pay our bills can confirm the,
and preliminary results indicate,
xindings of the learned gentlemen.
"that more than 90% of all banks Regulation W advocates answer
•will engage in some phase ox con¬
this by saying that if it were not
sumer
instalment credit. Almost for this regulation and other con-:
6,000 banks have expressed their ; trols we would be iriflated more.
willingness to engage in tne na¬ This is not; a very satisfactory
tion-wide consumer credit collec¬ answer but probably true. The As¬
.
sociation is
Asso-
plans to issue ra consumer
credit
directory
which, among
other 'important features, will proVide ba.nks with the, following in¬
as,
ma¬
cording
ports:
Calvin
Vane
C.
Lt.
as
Treasurer
was
announced
Underhill. Mr. Vane
returned from,
overseas
to
"There
of
the
Associated *Press
was
deadlock
provided
for
Agreement as
treatment )of
by
gle
recently
a staff
which
by:
for
as a
the
sin¬
' French
au¬
October
maintained
in the Army, and has .their opposition to this principle.
just been released from Only in November were there in¬
entering the dications of progress,
v
"On a number of other impor¬
Army in 1942, Mr. Vane was As¬
likewise
the service. Prior to
..
tant
matters,
progress
month.
A
.
.
have led to
anead
rest¬
some
Many
Nazis attempted to get
the,, law by turning their
around
relatives
and
Of ab¬
sence, or cutting their pay to pose
as
manual laborers, he said, but
military government officers are
"taking steps to control such ac¬
tivities." ' ' '
' Vt
to.
over
temporary leaves
taking
German
The
General
people,
Cdmmunists
crats
Social
and
Demo¬
"supplying^ the main drive;"
"Wide sections of /the pppulation," he said, "consider that the
parties and leaders which present
themselves
today are, to
a
large
extent,
the same as those which
unable to solve the problems
were
Republic
of the V/eimar
or to pre¬
little
during the
vent the coming of Hitler and that
these leaders now seem to be able
law
to. put
moreover,
made
was
thorize
and
proposed
to
au¬
encourage a federa¬
tion of German trade unions on a
.
ter
lessness."
cally apathetic" in the face of ap¬
proaching
elections,
with * / the
machinery
sergeant
as
pessimism about current condi¬
tions and future prospects, and
the, knowledge of prospective dif¬
ficulties and hardships in the win¬
central.Ger¬
the / Potsdam
unit.
among
population
Eisenhower said, still are "poUtir
Germany
a
in
the
of
parts
prevents
necessary
economic
thorities
as
re¬
"Irritation
said.
certain
because of fraternization, general
similar solution
no
establishment of the
man
administrative
of
hower
businesses
matters for the sake of humanity,
General Eisenhower declared; ac¬
W
<
soon
administrative
p.
While praising the British dele¬
gation for going along in council
Vice-President
the Association
record as believing
on
Regulation
abandoned
hampering
of
Assistant
should
be. sistant Treasurer of the Associa¬
the supply tion, with which he has been con¬
of durable goods somewhere near¬ nected for the past 7y2 years. Lt.
Underhill takes over the duties
ly equals the demand.
j
j^linquished by Richard H. Stout,
"3. The extent to which money
who resigned recently as Presi¬
now in circulation—$28 billionsdent of the Association to become
will be used for the purchase of
Vice President of the Industrial
consumer
goods or services will
Bank
&
Trust
Company of St.
discourage the use, of loans. :/
Louis
in
charge
of
consumer
"4. The extent to which savings
credit activities.
pp'// p.p;^;
accounts at over $40 billions and
Lt. Underhill first entered Mor¬
individual government bond hold¬
ris Plan banking circles in 1928
ings of $84 billions will be con¬ as
secretary to Thomas C. Bousthat
ciation
German
chinery-
sistant ; Secretary,
the
tion systems''
He added:
•;
"The American Bankers
Allied/ Control
tral
Georgia.
Washingtoii at the Navy Department, in the Office of the As¬
Material Divi¬
sion, for the past year and a half,
and has just been released from
active duty.
At the same time, election Of
see
people
alreaay
of' the
in'
As
anti-inflationary instrument we
an
Staff
of
The Morris Plan Bank of Virginia
&t Richmond. He has been on duty
little influence on the contraction
consumer
of
Reserve, Lt Underbill i
Naval
the
was,
Regulation W has had very
now
of
Bank
Plan
the
Prior to his being commissioned in
controls
will have some* influence. Up to
"2. Price
Chief
United States Army, accused the
Asso
purchases.
on
not as a rule spend
money or commit themselves to
debt unless they feel fairly sure
I'
■'
of}
c i a t i o n's h e a d q U a r te r s iq
Washington, D» C., by Joseph E.
Birnie; Presideht of that Organiza¬
a
influence
an
People
'
"As
become
have
what
basis,
ciation has been announced at the
■T.
tionnaire to member banks, asking
phases of consumer
credit their bank would engage in
and whether or not their bank
would be interested in participat¬
ing in' a nation-wide collection ar¬
rangement ; on
a
reciprocal fee
of the Morris Plan Bankers Asso¬
delay production. They., will also
developed,- according to
Frenen, Dep uty Man¬
Election of Lt. Gary M. Under¬
1
bearing on the
availability of this type of loan:
lieve will have
ager
of the American Bankers
Association, in charge of its Con¬
sumer credit Department,, Speak¬
ing on i\ ovi 26 beiore nie Virginia
Bankers Association, Mr. French
,?aid the Consumer Credit Depart¬
ment had recently sent a ques¬
them
Strikes andiabor unrest will
•Here are some factors that A be¬
credit field superior to any¬
Wai terB,
In a report released at Frank¬
furt, Germany, Nov. 29, General
Dwight D. Eisenhower, summariz¬
ing the situation in Germany in
Ociober, before he left there to
quantity,'' Mr. French said,
able in
a
sumer
French Hamper Allied ConfreL Eisenhower Says'
by Morris Flan Bankers
Slisdy Oditsuisier Grstfil Collection System
j Banks of the nation, will provide
collection "service, in
tne con¬
.
2797
looks
forward vefy little.that
or constructive."
■+
new
.
■
.
...
formation :vl. The
tion
bank
each
of
and loca¬
name
making
con¬
sumer' instalment
of
consumer
loans; 2. Types
loans handled
by
teach bank; 3. The extent to whicn
will
Cach "bank
accept items for
Specific data which
collection; 4.
should
included
be
verted
into
durable
consumer
goods will have
effect
an
referred
are
bank."
*
••••'-; /A/'
Mr. French said
instalment
States
is
loans
iMr.
v.";- \
-
the
as
does riot
^
the
that
many
country will en¬
consumer
intention
no
active
steps
of
to
'
include industrial batiks
Which will add: another $180,000,000. "I think it will be some time,
in
New .York
which
Chicago,
or*
States
"taking any,
Germany
raise
above the economic level required
by humanitarianism," the Associ¬
ated Press continued, General Ei¬
hall, President of The Morris Plan senhower declared that German
Bank of Virginia. He subsequently
industry must be. raised above the
attended the University of Rich¬ 5 to 7 % of. capacity at which it
mond; then the University of Vir¬ is now operating, and that food
ginia, from which he was grad¬ must be imported without
thought
uated in 1932, and returned to of
payment/
\ •
/. ;
the bank as statistical and /re¬
Displaced persons remaining in
search! assistant to the President.
Germany are becoming restless
He later was elected ,an Assistant
lalso, the report said, and terrorist
Cashier1, then ;Assistant Vice-Pres- gangs have "caused - considerable
ident in charge of public relations.
(aifBculty iri /certain''areas,"
:
Prior to entering, the Navy, Lt.
[
The Associated Press added: '!
Underhill was active in national,
General Eisenhower said that
state and local banking;, and / civic the United States
still/ was' pro¬
■
paper
Two
This
-$625,000,000.
said
'
is available.
groups of banks have been
iormed
to - handle
this type of
paper,, v one on . the West Coast,
which will- cover 11 states;- and
another with headquarters either
on
commercial banks aggregating ap¬
proximately
over
'
gage in a plan of financing as soon
United
the uptrend, current outstandings from
definitely
French
banks
volume of
the
in
credit volume."
sumer
another
to
had
that the United
.
.
on con¬
;
claims
~; .■v v;.
.;
Stating
-
ting a claim froift one bank to an::other, and 5. Statement of policy
-ior
understanding
under which
:
tion."
.
transmit¬
in
national basis could ndi be adopt¬
ed on achount of French opposi¬
,
'
■
•
.
maybe
sumer
a year or more, before con¬
credit paper becomes avail¬
(Will attempt to
the country.
cover the rest, of
-
"
:
-
,/ "
affairs.
He
national
houis in September was a decline
of one hour or 2.3 %
below the
Employment at New f"
Low in September
Employment in 25 manufactur¬
ing
industries
surveyed
each
month by the National Industrial
Conference Board slumped 12.1 %
.
August
September, the greatest decline
recorded since such statistics
ever,
have been
collected, The Confer¬
ence Board reported on November
30. The Board's index of employ¬
dropped to the lowest level
since .September,
1940, and was
31.8 % below the peak of OctoberNovember, 1943. v;
v'vv'•';.
V'-:
ment
number
recent
declines,
the
of employed production
workers
in the 25 industries
•
Despite
as
a
whole the close of September still
showed an increase of 22/9% over
the
August, 1939 figure, The Con¬
ference Board said, but seven in¬
dividual industries reported em¬
ployment in September as lower
January
the peak month, the av¬
this year,
'
.
work week/has recorded a
or 8.2%. The
erage
..
in
average. / Since
decline of 3.8 hours
September" figure
since
was
the lowest
February,
1942, but was
11.9% longer than in August, 1939.
,
"Total
man
hours worked dur¬
ing September in the 25 manufac¬
turing industries according to Tne
Conference
Board,
lower
were
.tjian the 1923
average for the first
since April, 1941. The Sep¬
time
tember index was
August
level
14% below the
and
30.4%
lower
mittee
cline of 1,3 % from August and 2%
below the peak level established
in June/this year. The September
' however,
average,
above
last
the
year
held
0.8%
month
higher
1939,. the month
Corresponding
and was 51.3%
than in the month before the start
than
of the
of the
Com¬
American
viding
.
and wool. Declines below
August,
1939
level ranged
in. furniture to 31.5%
rayon,
the
•
The
announcement
continued;
"September payrolls in the 25
industries dropped 15.3% below
the August figure and were 30.3%
less than in September last year.
,
The
decline between August and
September this year was the larg¬
est decrease recorded since the
early part of 1921, and sent The
Conference Board index of pay¬
rolls to-the lowest level since De-(
cember, 1941. The index, however,
was still l07.1%, higher than that
of August, 1939.
.
"The average
,
_
.
work week of 42.4
for
,
Banking, nominating committee sian demands that they be turned
Advertisers Asso¬ ..'over' as Soviet citizens. Another
ciation, 'Banking' • Education 1 and headache are Ukranians of doubt¬
Publib Relations
Virginia' B'
a h
Ppi^imittee of th^.
k
ful
Association,
e r s
public' city
merce,
the
Richmond
committee
citizens and therefore not subject
to
of
repatriation under the United
States
Chamber, of Com¬
made
is
Government and Nazi-owned
valued! at $114,900,000
have been seized. V:' --'.''v
Under Law No. 8, barring all
properties
on
Ramspeck
(D.Ga.) to be executive vice pres¬
ident o£»' the Air Transport Asso¬
Ramspeck,
•
former members of the Nazi party
from
employment
other
than
of the election of Repre¬
sentative Robert
ciation of America. Mr.
agreements,"
he
■",
"r•
proceeding
vigorously, the General reported.
In the American zone 5,042 Ger¬
man
was
Soviet
Denazification
Ramspeck Leaving Cong,
for Air Transport Post
Announcement
-
said.
and the board of directors
of the Richmond chapter of the
American Red Cross.
'
r
:
V
merce,
Nov. 26
The 'individuals
citizenship.
themselves claim not to be Soviet
board of directors of the Virginia
State Junior Chamber of Com¬
manual
labor,
General
Eisensaid, 80 % of the denazi/; fication of all industrial plants iii
;
hower
the United States zone had
.
been
'
who
is
is
resigning from
expected to take
Congress,
over
his
new
I
'
post Jan. 1, at a salary reported
'
,
to be
about $25,000 a year> accord¬
completed by the end of October.
"It is important to note that the
revival of German agriculture, in-
dustry and trade Nwhich is being
encouraged by the Military Gov¬
ernment and the organization of
.
^
since
May, 1943. Only fiv6 indus¬
tries
hosiery and knit goods.
Germany
war in
ing to a special dispatch from
Europe.
iv.;■'//p
Washington to the New York German administrative machinery
"Weekly
.to take responsibility for the pror
earnings,
averaging
;"Times." The "Times'■ states that
$45.99 in September, were 3.5 %
gram," he said, "are necessary to
less than in • August and smaller the association is a trade group avoid
expense
to the American
than the average for any month representing a large part of the
Treasury."
showed .higher earnings
from- 1.6%
in
August,
in
of the .Financial
before the outbreak of the
European War. Those" indus¬
boot and shoe, furni¬
ture,
hosiery
and
knit goods,
leathers tanning
and
finishing,
lumber
and
millwork, Silk and
tries were:
in
refuge
than 80,000' Estonians, Lith¬
uanians and Latvians despite Rus¬
more
Institute
of
than in
September, 1944.
'
* ■ *
"Average hourly earnings of
production and related workers
were $1,089 in
September,^ a de¬
a
member
Relations
was
Public
of. the
in
United States airline industry.
Mr.
of the
ber
Presidential
paper
millwork, meat packing,
and pulp, and the two print¬
ing industries.
e a
of
average
rning
amount of
s
in
weekly
'real-
September
—
the
goods and services that
could be purchased with
the. dol¬
lar earnings—dropped 3.3% below
the August level.
however,.
than in
were
Committee, is
'Real' earnings,
still 33.3%
August, 1939."
higher
troduced
or
inspired
of' benefit
lation
to
more
re¬
the
em¬
history,
new
Randolph
(D.-W.Va.),
according to the "Times."
\
of
the American
zone
-
to
ment, was submitted to Congress
on Dec.
2 by
Representative Jo¬
seph W; Martin, Jr., House Re¬
publican 'leader.* His request, it is
from
learned
counts from
tained in
a
J.
drew
United
been
ac¬
letter to Chairman An¬
May,
House Military
which for
Press
Washington^ was con¬
(D.-Ky.), of the
Affairs Committee,
than
more
considering
an
a
month has
Administra¬
year's train¬
tion bill to require a
ing for youths of 18 to 20.. ..
The United Press advices from
Washington Dec. 2 as given in the
New York "Herald-Tribune" wept
to say:
on
.
' ,'•'
"Congressional
sources,
mean¬
while, voice. belief that the War
Department has abandoned hope
of getting the bill passed. They
expect the committee to approve
instead a measure calling for a
shorter training period, as pro¬
posed by the American Legion and
the Veterans of Foreign Wars.
"Representative Martin's reso¬
lution provides that before any
the
program
is adopted
States should 'work
for
immediate
an
United.
unceasingly
international
agreement whereby compulsory
service shall be wholly
eliminated from the policies and
military
practices of all nations.'
May that
Britain and
about 'this re¬
form' through the existing. ma¬
chinery of the United Nations.
"I:'firmly
believe this effort
"He
Chairman
wrote
United
the
States,
Russia could bring
be made before
should
we
fasten
compulsory military service in
kpeace time upon the young men
of the United States," he added.
would be a stim-.
and ,at the
same time lift from the backs of
our people some of the
heavy bur¬
"This agreement
ulant for world peace
dens of taxes.
"Certainly
would
which
agreement
are
would
There
available
more
the great rewards
result
from
the
to
money
worth the effort.
be
build
more
money
better
homes;
to increase the living
to make
comfortable for
the undernourished and unfortur
standard;
life
more
little
a
nate people
money
more
of our land."
"He said that such an agreement
also would "eliminate the need for
the
to
■
.
,,
"The former complete docility
J
of the German people
committee is to be Representative
Jennings
He
; A proposed
plan to scrap the
teen-age military training bill and
to act instead upon his
resolution
to
outlaw
compulsory military
training by international agree¬
and disease."
during his
head of this
small."
very
Scrap Teen Age
Military Bill
20,000,000 and "carries
with it potential .dangers of unrest
close
Chairmanship of the Civil Service
Committee. The
aggregate^
ulation
•
in
indication of any
warned, however, that the influx
refugees and returning priso¬
ners of war was boosting the pop¬
ployes than any other member of
Congress
said
of
legis¬
Federal
no
Eisenhower
organized resistance and the num¬
ber of crimes of violence»is, irl
campaign,, chairman
of the Speakers'
General
that "there is
House, and during the last
ported by the "Times" to have in¬
"The Conference Board's calcu¬
lations
ticed,
Ramspeck, Democratic whip
September than in August: lum¬
and
While restlessness has been no¬
Would
1
is being re-
placed by conditions more normal
I to
an
occupied
country,"
Eisen¬
regimentation of the youth of
dnd that the control of
America
young
men
during an important
of character development
would remain in the family rather
period
than
the
state."
THE COMMERCIAL & FINANCIAL CHRONICLE
Pearl Harbor
4. He revealed that most of the
information this Government re¬
ceived
indicated
the - Japanese
Testimony of Hull, Grew and Richardson
presented a new proposal "which
on its face was extreme."
'/
c
would
Inquiry In Congress
this formula offered nothing helpfuh
The Same day,- the witness
insula
5.
Japanese
Would make
Admiral
"mistake"
a
and the United States
would enter
the war.
At that time
Was to
Richardson, the
Associated Press
pointed
its
out
in
Washington,
.report
from
Commander in
was
Chief of the fleet.
Testimony by former Secretary
-
Stark
that
exercise
fluence
Admiral
the
lands
figured in the hearings. -V
The transcript of Admiral Rich¬
ardson's testimony on the con¬
versation
Said
President Roose¬
on
the occasion
mentioned,
Oct. 8, 1940, as reported in the As¬
sociated
Press
account ' from
ducted
Washington Nov.
sailormen
velt
I
t
took
19 follows:
the
up
turning to the
and
if
into
their
adequate
services
necessary."
Admiral
Richardson
re
Hawaiian
Cordell
cise
a
in
area
order
to
restraining influence
exer¬
on
State,
the
actions Of Japan.
I stated that in
my opinion the
presence of the fleet in
Hawaii
:•
might influence
a
civilian political
Government, but
a
that Jjfpan had
Government
which
military-
knew# that the fleet
manned, unprepared for
had
train
no
of
and
war
auxiliary
ships
Without which it could not under¬
take active
operations, therefore
on
Admiral
restraining
Japanese action.
I
were
if
a
Washington "With the distinct im
pression that there Was an opin¬
ing in Washington that;-Japan'
Despite what
that
the
you
presence
the Hawaiian
area
in
re¬
effect,
fleet
not
be
*
massed
;
And
on
late
in
fleet
I still do
disadvantageously dis¬
posed for preparing for or initi-:
ating war operations."
; The President
said, "I can be
convinced of the
desirability of
returning the battleships to the
""'West Coast if I can be
given a
good statement which will con¬
vince the American
people and
•
the
the
not
stepping
.
the
President if
were
going to entet the war.
He replied that if the
Japanese at¬
tacked Thailand, or the
Kra Pen¬
insula, or the Dutch East Indies
We would not enter the
war; that
if they even attacked
the Philip¬
pines he doubted
whether
we
would enter the
war, but that they
could
not
always
avoid
making
velt
we
When Admiral Richardson
took
the stand, Nov.
19, an exchange of
correspondence between him and
Admiral Stark during
1940, when
Admiral Stark was chief of naval
had
"hurt
on
Nov.
on,
Mr.
British
further
Govern-1
in the
th*t
before
From
the
the
Pearl
Harbor
Associated
Nov. 23
we
also
to
read
the
a
give
Hull
Army and
;•
for
a
warning
peal
but
recommended
armed
any
intervention
.
against
in
China
dence.
The
was
entered
general
in
tenor
of
evi¬
the
correspondence, according to the
Associated Press, was that Admiral
Richardson did not like
keeping
the fleet based at Pearl
Harbor. It
gone there in April
during
had
annual maneuvers with the
expec¬
tation of returning to the Pacific
Coast early in May. Instead it was
ordered
to
remain
there.
Admiral Richardson asked
When
an
ex¬
have
"I
butywanted
delivered
concurred
view that
pre¬
to avoid
and to
enue
//•/'
between
the
Japan."
The
every
averting
or
possible av
delaying war
United
States
'
and
.V
former'Secretary said that
early
as
the
Nov. 7,<
as
Cabinet
that
1941, he fold
"relations
extremely critical and
be
the
on
vented, with the prospect that it
would
lookout for
We
should
military
anywhere by Japan at any
a
time."
come
after
Japan
consolidated the gains she would
have made without
fighting."
3.
He asserted that the
corner¬
stone of his and
President Roose¬
velt s efforts were to
"avoid
a
showdown" with
Japan while this
country strengthened its
defenses,
adding that he "concurred com¬
pletely in the view that
matum
Japan."
should
be
no
ulti¬
delivered
to
were
'
added
that Ambassador Jo¬
Grew
cabled warnings
Nov. 3 and 17 "of the possibility
of sudden Japanese attacks which
went into the
ing "peace, peace, peace."
of the report he had
received, Mr. Hull said he "felt
like
taking liberties in talking
,
with
.
He
anese
ment
with
Saburo
KUrusu,
Jap¬
"peace"
ambassador, sug¬
temporary agree¬
might be reached, but that
gested
on
war
States.",
said
that
Nov.
20
a
the
<
Nov.
that
language the
interpretations made by the Army
Board, said the Associated Press,
Which went on to say in part:
that,
infamous
when
months
Saburo
of
The
every
minded
in
.
Kurusu
lit¬
a
ordinary,
)
knew
vail
and
Kichisa-;
'. y; y
y j.
Secretary
said
it;
that
envoys
-'/;//••"
:
former
his
was
belief
both
during the negotiations thatj
were here primarily to pre-/
on
to
us
abandon
doc¬
our
trines and policies and yield entire
control
of
the
Pacific
west
of
Hawaii, including India
trade routes, to Japan."
:
Hull
Mr*
whether
knew
bor
said
and the
'
y y
didn't know-;
he
Nomura
definitely
and
Kurusu
that
Pearl Har-)
to be attacked. He added,/
was
howevef,
that intercepted mes->
showed the Japanese en-/
voys were instructed by Tokyo as
sages
early
.as
tinue
as
Govern-f
'vy:':-;'';
v.:
buro Nomura.
at
26,
their
have been
undiplomatic
•.
"they
vigorous
under
about
Representative
Cooper
(D.-i
Tenn.) asked Hull for his estimate;
the
"an infamous
on
them
ment that w6uld
tle
the
/-Mr/Hull in his testimony
for
they
Nov.
27,
talking with
1941,'to "con¬
us
though
as
in earnest, though they
Were, not.", "[ l-- ■
;
were
Mr. Hull
audience
applauded by the
was
as
he
left
the
stand and made his way
the door.
Mr.
Grew,
•
witness
slowly to
1
resuming
testi¬
his
Japanese
envoy
person knew
Japanese were attempt¬
ing at that time to get complete
control of the Pacific," he de¬
Ferguson (R.-Mich.) about
had with the late President Roose¬
that
the
little
and
"Somebody
about
who
didn't
concessions
war?'
who
What 'was
cares
the
less,
United
and
Any
;
meeting to find that
clared.
might make inevitable
the United
as
1941,
touched ' the button
started the Pacific War.
y
sat
;;
the Japanese delegates were talk-:
tele¬
testifying before the
Investigating Com¬
Nov/27, former Secre¬
reasonable
immediately.
should leave open the one chance
ten that the
reported attack
had not taken place.
Hull said he
times."
President's
"peace" ambassadors '
charge
;
in
destroyers
charge'/; the / implication in an
Army inquiry board's report that
the
note ' he
handed
Japanese
•L"I
He
seph
meeting
/
question arose, Mr. Hull
said, whether he should receive
the Japanese at all or whether he
Peninsula.
tary Hull branded
in
last
The
further
sailed
his
able to confirm it
Senate-Holise
on
of
that day with report that
Japanese had attacked Pearl/
Harbor, but his informant was not
Indo-China
Harbor,'.' he concluded
mittee
war
noon
this point
In
another
the Japanese peace
envoys
Dec. 7, 1941, Mr. Hull said that
the White House called him about
"On Dec. 7, the Japanese struck
/ '
completely in the
showdown with Japan
a
-
Pearl
ultimatum should be
no
explore
for
attack
have
20
from
the
noted
Ja¬
to
delivered to Japan," Mr. Hull said
"I had been striving for months
no hope
of
negotiations
been
and
:i
ultimatum
pan."/// '."/ y/y. / y :'/!
"anywhere, anytime," since
attack
Telling
was
graphic appeal that day to
Emperor of Japan to avert
."tragic possibilities."
"no
repeated
warnings before December 7, 1941,
that Japan could be
expected to
Harbor
f/ He
to
with
confirmation that the
was
statement
y Because
material aid to China
Mr
yielding "funda¬
mental principles" could
the Pearl
"This
war
on
Government received reports that
Japanese fleet of 35 transports,
,
/yy
a
the
beyond the "Flying Tigers" vol¬
They urged additional
.
States's
the
6, Hull said the
Kra
that'
council meeting, stressing the ele¬
ment^ of possible surprise.
in
Dec.
toward the
7
Japan, "at
meeting that the Japan¬
ese Were
"already poised for at¬
tack" and the safety of the coun- y
try rested with the Army and
Navy;':;. •''Vy/,;! !;*:)' /''./yy •;
3. That on Nov. 28 he reiterated y
back from Warm
moving
Nov.
on
v
a
.was
(£>.-Ga.)/also
any time," was threatened,
2. That on Nov. 25 he told
telephoned Roosevelt
'eight cruisers
re-"'/
council
the
come
on
in
approached. " / J
attack anywhere by
an
:
iy
unteers.
In a
day-by-day account of dip
lomatic negotiations that
preceded
this country's
United
Then
7
George
Cabinet members
Springs
'
Generalissimo
and
Hull
Mr.
testified,
re¬
Jap¬
'
strategic points in the Kra Isth¬
mus.";'' yyy
y- v./;y1 y-y ?y
■'
Nov. 30 to
some
drew from Hull affirmation o£ r:
these statements:
:
)
L That Mr. Hull told fellow!
and that this attack would include
a
Seaborne
expedition to seize
to
also
Dec.
as
Senator
/long threatened Japanese moveAt
Mr. Hull's suggestion, the jimeiit of expansion by force to the
Army and Navy studied this ap¬ south was under ~way," he said,
Gessell,
Hull said that
only by the
and
had
,
re¬
troops
Hull
crisis
-important indications
that
Japan was about to attack Siam
could
realities of
our
said
airNunits
can
Secretary's
Hull, himself, Was
excused from the
morning's ses¬
sion after
putting in an early ap¬
pearance.
/
.■
appeared to be
successful diplomatic
1
\
/"Oil Ndv. 30," he said, "I
''
against Japan.
ac¬
former
war,
Dec.
on
have
Navy Departments advised of the?
informed by the British Ambassa¬
that the BYitish Government
the
would
Mr.
memorandum.
entry into
Mr.
meeting of the
Mr. Hull saidhe
additional
States
keep
knows
going on
says
'Why
us
reasonable
make
out
of
person
'
sponse to questioning; that he did
his
best to keep the War and
southern Indo-China
peace,,; it
the
Chiang Kai-shek reported early in
November that the Japanese ap¬
peared to be preparing to attack
Kunming. He asked for Ameri¬
com¬
Hull made these points:
>1. He gave the Cabinet
desired
with
tions
quote:
permitted
counsel, Gerhard
landing1; of
must
influence on the
and, the Germans.
anese
28
Kra Peninsula
peaceful
straining
naval
y Mr/ Hull recounted various
not
were
not guilty, and
two-ocean
no
Harbor
had
were
Navy time to prepare."
.Because of Mr. Hull's ill health,
committee
Nov.
a
conquest
were
questioning by Senator
Lucas, Hull said the presence-of
the;United;States fleet at Pearl
received of Japanese mil¬
itary activities, including a re¬
ported plan for them to attack the
Japanese in the
hope that, at least, "the conversa¬
time
of
and
so
Undef
ports
the
gave
Accordingly, they continued
attack.
Press
chief
the
He said he had
,
ahead
dor
talk
far
Secretary said in >'
question by Sena-1
he had not been
Government/
Navy, forced
Tojo - and
Hitler;
that
bunch
of saboteurs, '/into*
war."'-'"/
/■ ;/;:"y.;yy;
v/y/•'- *
council,
pointed out that there was "prac¬
tically no possibility of an agree¬
ment being achieved with
Japan."
He reiterated, he
declared," that it
was up to the
Army and Navy to
safeguard national security- -
and
Japanese
brush • away
the situation."
declared, according
Associated Press,
and
war
se¬
•
operations,
At
Government
■; •.
Roosevelt
;•
not
at
the
peace-minded
temporary
Staff
world
on
With
:
stood.:: This, .he went on, was what
Japanese propagandists later call¬
ed his "ultimatum."^.
-! ;
the
"unreli¬
the
23
played desperately for
mistakes and that as the war
con-,
tinued and the area of
operations
expanded sooner or later
they attack
Would make a mistake and
ere
would enter the war.
went
He and the President knew
ernment
having handed Japan an ul¬
timatum, he and President Roose¬
mittee
Later I asked
we
he
country's safety and
the
yy
Nov.: 26 the principles of peaceful
co-operatiOn and non-aggression
on which he said the United States
treacherous," Mr. Hull
said, adding that while "our Gov¬
from
counts
backwards."
Committee
which time he
to
the
are
he
a
that
•
that- this
,,
steps of ag¬
able
Secretary of State Hull
testified before the Joint Investi¬
gating
Japanese Government that in
bringing the battleships to the
we
that
was
West
Coast
of
de¬
our
should
tions.
Former
our
is
of
that,
President
son
believe it and I know that
also
Rooevelt / a n d
agreed
that
take
ler
war • council, V
consisting a of the
President, Secretaries of State,
War and Navy, the Army Chief
Japanese Ambassador this warn¬
ing oh Aug. 17 but agreed at the
same /time
to
continue negotia¬
Secretary of the Navy Knox
Richardson^ the rea¬
challenged
documents.
doing
•
should take parallel action
that
to the teeth
they would attack
; Wherever
they
agreement..,
■
-s
y
1. \
On Nov. 25, he said he told the
for resist*1
possible Japanese
true
was
its
the world.
he ^nevertheless .went
effort to draft a
with
the Far East
on
curity."/.-;'
feelings" of President Roosevelt
by his difference of opinion.
a restraining influ¬
the actions of
Japan."
\ said, "Mr. President,
not
said
prepare
a
and
;
oow having,
•
to
had
sure
told Admiral
has had, and is
like
beem
'Regarding the situation as "crit¬
ical ;and.;virtually •hopeless" •'he
country and nationals and to in¬
March 24, 1941, af
down
•
the
in
stood
we
over
were armed
knew
we
pleased."
in¬
informing Japan
event
the'Japanese
Pearl
at
;
/
to
Lucas
tor
some
itary were already poised for at¬
tack."-y yyy;/v.;
The temporary agreement never
was presented to the Japanese. In¬
stead,: Hull restated to them on
American
on
the
relations ; between
the
United States and Japan. He felt:
that we should take a
Very
laid
has
former
response
operations that "the Japanese mil¬
against
ments
ence on
,
and
and all
that
in
ter he had been succeeded
by Ad¬
miral
Husband E. t Kimmel, the
believe, I know
of the
time
had
Roosevelt
They
.
.
Government1 needed
"President
very
is¬
Indies,
wheneveri: and
Japanese,
Churchill
Churchill
He added, "Mr.
completely and com
prehensively presented his views
Press.
said
"Mr.
British
could be bluffed."
Harbor.
"
President
the
be¬
it
no
"Furthermore,"
It was after this that Admiral
Coast, the com-=
plements filled, the ships
docked, Richardson was relieved as Com¬
and fully
supplied with ammuni- mander of the fleet, he told the
tion, provisions, stores and fuel: investigating committee on Nov.
and then
stripped for war opera¬ 21, according to the Associated
-_The
that
.
Racific
the
fense preparations," Mr, Hull said:
turned to Pacific
tions;
the
changed
situation
President
"This
declared
Grew
Mr.
conquest or whether we
yield ; the ; fundamental
principles:for which
move
was
country.::
that after these conferences he left
should
train
assembled, and the fleet
so
Would
Mr. Hull noted that at the At¬
lantic Conference of the President
and Prime Minister Churchill in
attack
further stated we were
rhore Richardson pointed out that he
likely to make the Japanese feel, himself had urged that the fleet
that we meant business
statement
gression
against
neighboring
strong countries, each of them would be
position, and that retention of the' compelled to take all necessary
fleet in Hawaii was a reflection' measures to safeguard the
legiti¬
of that strong attitude."
Admiral mate rights and interests of its
the presence of the fleet in
Hawaii
could not exercise a
influence
The
:
•,
his
dent Roosevelt to freeze
assets in this
Hull
under¬
was
France.
had
we
The
he
longer of this
country's avoiding the risk of War
but of making ."a
definite';and
clear move in self-defense."--'« v '
That act, he
.said, brought about
the July 26, 1941, order of Presi¬
more
President, including
Hull, then Secretary of
shortly after the fall of
that
question
a
ance
the
■
further
original Japanese
Eastern
came
the
counted for the Committee a series
of conferences he held with others
of
in
said
act"
formed
also
the fleet except the
Hawaiian de¬
tachment.
The President stated
that the fleet was retained
in the
besides
the
August,
V
came
question of re¬
Pacific coast all of
be¬
the
have
"gratuitously brought inta
report, apparently on the the¬
ory that Tojo and the military ele¬
ment moving absolutely with Hit¬
Far
flqet in midsummer,
"Admiral,
"The
made
heart of
not
interpretation.
Palao,
"The
informing Japan
eVent
Hull
"overt
the
he felt, as he expressed it to
me,
that men in mechanical trade in
civilian life could be
quickly in¬
With
the
Japanese were
knows that
stopped them
attack and
ment of
the
into Southern Indo-China
dent
1949.
to
%*j
cowards."
Japanese
a
near
J
called to testify before the
ArmyBoard, but had furnished it with
that
took the
stand and, according to the Asso¬
ciated Press, asserted that Presi¬
president was rather loath to in¬
crease the number of men because
in
take -"par¬
that
arrived
J.
whole issue
presented,"
said,
"was
whether
Japan
Would.yield in her avowed move¬
in
Mr.
Roosevelt had been "rather
loath" to increase the man
power
also
action"
to
Dutch
had
unless
the
•
\j,
mpve defensively.
Richardson again
of the Pacific
Churchill
the
that
on
could
we
received
was
nearest point in the mandated
c
bent
i/cwciuuci
ag-.
gression they would be forced to
purpose
of State Cordell Hull and
former
word
,
force
on
Ambassador Joseph C. Grew have
continued,
from
allel
by
"deterrent" in¬
a
East Indies.
iiuiauciy,
knows
Kurusu
told
Minister
Japanese actions.
following day, Nov. 20, Ad¬
The
miral
He
t i
a n
that
informed
Dutch
and the
he
disclosed that at the At-
1
by the late President Roosevelt
was
the
on
said
Hull
Conference,.':" President
Roosevelt had agreed with Prime
no one who may have
any light to shed on one of the most
crucial moments in the nation's
history. On Nov. 19 Admiral James
O. Richardson, special assistant to the
Secretary of the Navy, told the
Committee of a remark made to him
spares
he
concentrate attacks
Mr.
Rra Peninsula, Siam, Malay Pen¬
Hearings before the joint House-Senate Committee investigating
the Pearl Harbor disaster continue
daily with a persistence which
14 months before
Pearl Harbor
to'f'
the effect that sooner or later
the planation,
j.
mony, was questioned by Senator
corre¬
spondence the former Ambassador
velt
in
December, 1940.
Senator
Ferguson recalled that Mr. Grew
wrote
Mr.
Roosevelt
that
question "is not whether
we
the
call
..
1
4VoIume 162
halt
a
'
,
to
the
ished the
Japanese program,
'but when.''
:
"'YY '•
'I
Mr. Grew read from his records
that ,Roosevelt replied that he was
■
the
a
not be
v
.
Y Mr.
'
laid
Ferguson
*Mr."Grew's
'
.
letter
meant
bombing of the Panay.;
There were people who
that
he
"one
•
.
former
lY;/!- don't
,
from
earlier
Also
read
'that
■Y Y
YY;
Japan
formerv naval
that
on
-
,
,
Y
the
American
JUA
United States Ambassador
the; message said:
It
nothing of the kind.. :
'
Y(Y. Furthermore, he denied that he
had ever said, as an army inquiry
YY ; board quoted him, that the Nov.
26
"touched the
note
trolled
.
consumption—if
•••
.•;YY
Grew
Both
they
:Yy Y;1.
«
-
~
*
unused
two
with
the
had
drifted
croachment
fore
Hull
and
in
fleet
t—v
was a
.
in
f**
her
;
into
be tragic, if
war
without
by
having
en¬
be¬
.
the
fairly and squarely
I beg you to consider
whether,-; at the moment ;which
sive
deterrent to
V.Japanese aggression elsewhere in
step.
you
Pearl
*
x
'
Washington,.
are
groups
of
associated
the
Chamber's
respect to existing
agencies of the govern¬
trends with
credit
which
of
Department,
as
the
by
appraised
be
will
ment
thatYhey
John J. O'Connor is manager.
would
judge
right, which,
very near, you
be
that
may.
should not say
committee.
Banking and monetary leg¬
"2.
subjects of major impor¬
Three
tance are scheduled for considera¬
islation.
tion and action by the Committee
created
"1. Amendments to tax laws for
to
Congressional
in
connection
presentation
committees
the general
nal
in
revenue
proposals for inclu¬
sion in the emergency tax-reduc¬
tion measure which is to be made
effective
on
January 1, 1946.
its
in
cludes
has dealt with
The
action.
tive
already
Committee
new
committee in¬
membership a con¬
siderable number of bankers who
are
well equipped to deal with
these subjects.
1
"3. Revision of Securities Laws.
The committee proposes to devote
attention to changes in the varioifs
with
revision of the inter¬
code in prospect early
The
1946.
developments have
War
conditions affecting
the banking system and monetary
laws, which will call for study
with a view to possible legisla¬
Federal Finance. These are:
on
were
"2.
Policies to govern the man¬
and retirement of
debt. The committee
agement
,-
current
the
Bond
,
'
Drive
are
nance
dire character of a further aggres¬
-
Harbor in 1941
of
Alvord
work
Finance
sitting without power,
also is active with various
The
committees
two
submitted
enthusiasm to
questions which have a bearing on referendum proposals to the Board
the
full, the public's apathy is fiscal
policies, including the term¬ of Directors and the membership
increasing markedly. Despite even
of the Chamber' during the past
ination of war contracts and the
such amazing feats as the auction¬
year and expect to offer further
(renegotiation of war contracts.
ing of the Brooklyn Bridge by The Finance
Department is pre¬ policy, declarations for a'etion dur¬
Mayor LaGuardia last Sunday, the
paring to explore a number of ing coming months.
distribution of E Bonds is lagging
far
behind the previous, drives,
and
the
number
of ; individual
their
maintaining
constitutional dif¬
ficulties but it would
Japan
7 "/Y
they
r
\
in
war
I realize your
YY
the
-
-W
*■.
'
The
.
Messrs
Keeping
*'
*rv
Winant,
1
that one impor¬
remains
gravest consequences.
; Y gave it as their opinions that:
V
..
declaration, secret or public as
may
be. thought best, that.:any
further act of aggression by Japan
will
lead
immediately
to... the
,Y cepted 4he American position, Mr.
; Grew declared, and turned it into
Yy a "great diplomatic victory" for
Y Y wanted
peace.
-
between Japan, and
two countries, namely a plain
our
button that
y
home
me
method
averting
press and easily molded
opinion, * could have qcr.
Y public
:
to
seems
tant
•/:,Ystarted the war." •• .YY-' .'•••'• YY
(Y('Y Japan's leaders, with their conV
C.
•
person"
ly, been First Lord of. the British
Admiralty), and transmitted- by
proposals ' of
UJl
Nov. 26, 1941, which the Japanese
later called an "ultimatum." were
^
from
("former
naval-person" was identity cdncealing
name
chosen
for Mr,
Churchill because he had former¬
:
■
Labeled "Personal
and secret for the President
was
"hell-bent"
was
conquest.
on
Ells-
of which
Finance,
laws, which are administered by
the the Securities and Exchange Com¬
public
has mission, in the light of the experi¬
ence of the past decade.
Consid¬
been engaged in a study of this
problem through a subcommittee eration of this matter by Congres¬
sional committees was interrupt¬
any constructive conclusions would
for the past year and the formula¬
have
been; of
great service in tion of a specific program is^near- ed upon our entrance into the
;
Y
"•/. ;
Y
moulding public opinion. Y'7 y'YY• ing completion. The Finance De¬ war.
"4. International Finance.
The
partment recently issued a factual
committee will keep abreast of
analysis of the public debt probA hot tip on the identity of our
developments in connection with
lemY?.' y Y' YY./y YV ■:
next President: a prominent leftworld currencies and credits to
"3. Possible reductions in fed¬
wing labor leader, whose vote has
eral expenditures with a view to other nations. In 1944-and 1945 the
hitherto never strayed from the
maixmum
economy
and
attain¬ corhmittee issued factual studies
Democratic ticket, tells this col¬
and recommendations during, the
ment of a balanced budget. The
umnist that he would be delighted
formulation of and action upon
committee is pressing a program
to bolt to Eisenhower in 1948,
the'Bretton Woods proposals for
for control of expenditures which
' '
Y
\
an
International ' Monetary Fund
was
set forth in a pamphlet is¬
;
It is understood that although
and an International Bank for Re¬
sued in 1944.
War Finance Committee workers
construction and Development."
The Committee on Federal Fi¬
Press, was a message from
Churchill to President
Roosevelt a ween before the Pearl
' Mr. Grew took a stand along./; side Mr. Hull, too, in contending
;
com¬
legislation to broaden the .scope of
governmental credit agencies, par¬
D. C. is Chairman, and the Fi- j ticularly with a view to assist¬
nance Department Committee, of
ance to small business, are pend¬
which Robert M.- Hanes of Wining in Congress. The desirability
ston-Salem, N. C., is Chairman. of action in this direction as well
\/orth
without- contact
with a "constituency," and that
there should'be no split decisions;
nevertheless impartial backing of
that
Winston
Harbor attack.
ground
been
have
ated
re-
the
on
into the. records of
Congressional Committee,' on
Nov. 24, according to the Associ¬
i
Sec-
YY; up by saying "the trouble"
^official view as holding that
barring of public representatives
the
retary of State Hull who summed
Y
problems, was wholly
This served to represent
v:-'Y:^3;y ; Y san instead of bi-partisan.
Al¬
must give us all though labor leaders justify the
"They said you
thp oil we need now or we may
have trouble in attacking you,"
YY: Y
view the
former
The two
Committee
the
are
Federal
the
';Y;
*
ceived
the
-
time, he said, would
no
;
unwilling to lis-
Pearl Harbor Committee had
,
illogical.
possibility for peace in the
declared:: 'Y
^'government which had prepared
militarily ' and " psychologically
same
long-term
explored
by
'.y the" present .wage-price fight was
they too hot to elicit any agreement.
even talk of Japan's dropping its
The Conference also might have
alliance with GermanyWhich was been greatly, helped by including
"aimed primarily at us." Then in delegates representing the public,
their Nov., 20 demands, Mr. Hull making the proceedings tri-partiAt
Y it
■;;; ;(■/Y.ter* to reason. Y :■
!' It was much the
he
as.
situation
current
acute
Pacific.
•
was
Ambassadors
apartment "35 or 40" times
every
say
and
asked,
peace
conversations
for
'
war
for the
reasons
abortive.results of the President's
National Labor-Management Con¬
ference was its failure to deal in
.
you
Japanese
to his
everything they
/> i were fighting for but everything
V
'they ostensibly were fighting for,."
Y; he emphasized. In part the Asso
v. Y caited Press also stated:
'• (;Y Y.
YY Mr. Grew depicted Japan of late
Y1941 as under control of a military
Y-YYifor
the United States.
tp-
subjects within its jurisdiction and
on
which legislation or admini¬
strative action is possible during
the coming year. These include:
"1., Additional credit facilities
for business. Several proposals, for
•
the
Ambassa-
tain
peace
in 1941, offered the
'Japanese "everything they osten¬
sibly were fighting for."YYY■-'%
..
chief
country.
'■}:(•' dor Joseph C. Grew told Congres; Y ; ■ sional investigators that the State
Department, in its efforts to main■
the
any 1 manner
with the present
wage-price controversy.
As was
His slogan was 'get the pointed out in this column before
Hell out of China.Y'vYv.-: 'Y Y: :VY the Conference's opening, the ex¬
He
related
that-.;he had • had clusion from the agenda of the
Y pan.":,(Yy
Y7'
,'Y; The witness replied that he was
;YY(-abihg all he could to prevent war.
YYln testifying on Nov. 26 before
'the Committee,
generally realized that
into war?" he
us
•
,
are
now
of
one
trying to do, get
said, adding that
of them lectured all over the
"what
a war bethe United States and Ja-
JIt is
Study Finance Problems
Urgent financial problems of the
postwar
period are to receive
early attention by two committees
of the Chamber of (Commerce: o/
mittees
-
the
and
China
in
Americans
£ayf "in the.near future
f
Y'tween
.
to
injury
and
killing
Japanese
whether
asked
•'' Yy,
the loss of able men.
.
State
Y
down.
vj
(Continued from first page) scale, would go far in preventing
he was
that ob¬
them
for
had been raised ■ when
Department protested
jections
whole
global one for
(■which "hard and fast plans" could
was
recalled
of
asked.
at the, time
events about which
He
U. S. Chamber to
Committee, members to
situation in; the world
and in this country
in" "decided agreement with your
! problem
the
recall
r.
^'v1--'conclusions,".'but that the
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4444
has
declined even
more.
to be
found in the cessation of the pub¬
buyers
The
main
trouble
lic's wartime
seems
psychology. Slogans
of "Bring the
following the line
Oct. Gas Safes Lower
Appropriation Med
October sales
For Flood Control
While the House
Committee
on
of the gas
industry ' amounted
Appropriations
Nov. 26 disregarded
mately 1,869,856,000
utility|
approxi¬
to
therms,
ac¬
cording to the American Gas As¬
sociation. This was a decrease ol|
or"Finish the President: Truman's reauest for 2.4% when compared with sales
inclined to fall flat on a $128,475,000 to put flood control
totaling
1,915,755,000 therms in
public that is convinced that those and navigation work back on a October 1944. The Association's
him that the fleet be removed to
the gravest issues before Congress
worthy ends will be fiscally taken peacetime basis in omitting the new index number of utility gas
cyy the Atlantic.
;Y. yy Yy(
:;Y or words to that effect.
] care of in any event.
Y;VYY v sum from a deficiency appropria¬ sales was 163.5 for October (19352» If a modus vivendi—a tem¬
We would, of course, make a
tion
bill for expenditures from
This post-war apathy has seri¬
39=100.0).
v-Y-; •
porary
sort of agreement —had similar declaration or share in a
ous
long-term implications be¬ now until June 30, the House on
In the 12 months period ende<
been presented to Japan in an efjoint declaration, and in any case cause of the Treasury's plans for Nov. 30 overrulled its Appropria¬
Oct. 31, 1945 sales totaled approxi¬
y
fort to keep peace conversations arrangements are being-made to
continuing
the
payroll - savings tions Committee to add $122,275,- mately 25,283,803,500 therms, art
Y going .it likely would have had
synchronize our action with yours. campaign permanently.
A new 000 for navigation and flood con¬ inbrease of 2.2% over the sam(j
!no actual effect on the develop¬
Forgive me, my dear friend, for motivation and sales theme; will trol to the bill. The action coin¬
ments. /- Yv\Y.' V' Y,y,Y^:y;' ;.,/( presuming to press such a course have to be developed to maintain cided with President Truman's re¬ period ended October 1944.
Y Manufactured
and mixed go;
\y Mr. Gj?ew related that Japanese upon you, but I am convinced that and increase this anti-inflationary
quest for the money- to put war- sales in October were estimated a
officials' held up for 10 hours the it
might make all the difference bond distribution.
halted water programs back on a
217,305,700 therms, or a decrease
\ Y. delivery
to
him
of President and prevent a melancholy exten¬
peacetime basis, as suggested by of 0.6% from- sales in " Octobei
Hoosevelt's last-minute peace ap¬ sion of the war.
..A showdown is sure to occur the Army engineers.
1944. The corresponding Octobei
peal to Emperor Hirohito. He did
betweezi
thd • newly - constituted
By a standing vote of 137 to^ 83, index number of manufacture!
not know, he said, whether the
the
Associated Press, the and mixed gas sales was 130.2'
Ontario securities commission and said
'Emperor ever actually saw it.
the SEC. The new Canadian Com¬ House approved the fund, provid¬
of the 1935-39 average.
'
yY He also declared that the Amerof •>' the
manufacture*
missioner,:^ C. .P.
McTague,; is ing for scores of projects through¬ ( Sales
:; 5can note which Nipponese lead¬
complaining bitterly that despite out the country. :; The Associated branch of the industry increasee
ers
later described as an "ulti93
the SEC's pleas for reciprocity, it Press advices also stated:
3.4% in the 12-month period end,
/
i \(. matum
was kept secret from the
want it entirely, a one-way affair.
.The
Committee,
led
by
its ing Oct. 31, 1945, rising from ap
Japanese people. Y YY;Yv; "O •" ;
As-we do not accept the Canadian
Chairman, Representative Cannon proximately 2,855,915,000 therm
Part of the testimony of Dwight
■7Y: In an hour in the witness chair;
qualifications, - they will pay no (D.-Mo.),: wanted the appropria¬ in the period ending a year ago
'the aged and ailing Hull upheld Dy Eisenhower,
General of the
attention to our cease-and-desist
Yin pungent language the course ArmyY dealing - with " the Armytion/shelved until the engineers 2,953,412,500 therms in the curi
rent year.
'
.
•„]
'.and
actions
he
and
President Navy- merger proposal, .'was de¬ orders—particularly as we make submitted their estimates for the
Natural gas sales were estimat!
no.
differentiation between their new fiscal
year beginning next
.Roosevelt
took
in
the
critical
scribed as "pure fantasy" on Nov.
ed to have decreased 2.6% in Oc|
months before the sneak raid Dec, 29 by Assistant Secretary of; the mining and, industrial issues.
July.
But the fund was added to
tober 1945, falling from 1,697,177,
a deficiency bill carrying $1,131,;7, 1941, plunged this country into Navy'H; Struve Hensel, it was
000 therms last year to 1,652,550,
"To support, Gen. Eisenhower's 452,312 in appropriations. The bill
Y'V'war.:(.( Y v;'Y7 YY: :! 'reported by the United Press in
000 therms. The Association's ne\
advices from Washington/ which flash guess,would have required was passed by the House on Nov.
Y ■ Wi|;h irritation in his voice/ he
natural gas
sales index numbe|
declared that this 10-point note as given in the New York "World- proof of savings of some $66,000,- 30? following which it was sent to
.the
Grew
Pacific.
officials
T
3
had
.-/-I-
said
Japanese
suggested to
that any-further
*.*•••••
even
sion
would
Japanese aggres¬
compel you to place
Boys Back Home,"
Job/'
are
*
Eisenhower's Merger
'
.
Testimony Termed
■
.
•
..
.
.
•
.
t
Y of; Nov.
v
26,
presenting
Telegram" went
counter-
proposals to Japan's demands, was
that
any-.peaceful nation would
not.have been delighted to ac¬
Mr. Hensel said:
cept," he declared.
"Gen.
t'The
only trouble was that the
Japanese were bent—if I did not
-see ladies present, Mr. Chairman,
I would say hell bent—on their
..military policy. They had their
drawn."
Frequently,
y...
Mr.
Y-:-
;
,
Hull
admon•
'1
the Senate.
Y
"To have saved
billions of dol¬
an,d particularly some $66,tee.; He attacked - merger - testi¬ 000,000,000 above the savings ef¬
fected (through excess profits tax
mony of Gen. Eisenhower and for¬
renegotiation of contracts)
mer
Assistant SecretaryYof War and
Is to enter the realm of pure fan¬
John J. McCloy.
•
Y
?
not an "ultimatum" and .had been
'^subjected to "misrepresentation"
.land "ignorant interpretation." -.
"1 "There was nothing in there
.guns
to say: Y/Yy-' 006,000.
•
;
.
on
appeared before the
Senate Military Affairs Commit¬
Mr. Hensel
-
Eisenhower
•
ventured
; !
tasy/'
a
Mr.
could be mili¬
tarily stronger with an expendi¬
ture of only 75% of the money if
we had one department instead of
three
departments—which to a
large extent we had during the
flash guess that we
war.
l.
lars,
'
Hensen
said
he
did
not
imply that there is no
room
for improvement in pro-:
curement—I merely wish to turn
the discussion from the astronom¬
"mean
ical
to
realms
in
which
pitched and return it to
reality."
it
was
earth and
,
.
Y
stood at 168.6 for October.
•
It
.The Committee*
action on Nov.
according to Washington As¬
sociated
Pressadvices, slashed
26,
reclamation,
budget estimates for
the
President's
request for $80,-
cut to $63,200,000.
Ruling against use of the fund for
600,000
being
transmission lines to" serve pros¬
sales
therms
would
be
the Commit¬
reclamation fund
ample
for
projects in the West.
important
in
that- natun
were
22,330,391,01
the 12 months
endinj
Oct. 31, 1945 as compared witf
21,875,846,000 therms in the saml
period ending 1944, correspondin]
to
a
2.1% increase.
of measure
supply which take
[ A therm is a unit
ment
of
gas
variations in heatiin
One
therm
is
rough!)
into account
value.
pective purchasers,
tee said that the
estimated
was
gas
equivalent on the average to 1'
cubic feet of manufactured ai
mixed gas or
to 100 cubic feet
natural gas.]
'•
.YY:
2800
THE COMMERCIAL & FINANCIAL CHRONICLE
Truman Asks Congress to Enact
Strike Curb Measure
(Continued from first page)
bor
relations
back
into
would
the
hands
be
of
turned
those
sinKes
controversies
Government
decided
was
sponsibility
ment
be
left
of
for
such
on
labor
with
that
the
re-
program
without
observers
the
and
worked
were
themselves.
In
opening
said:
the
this
is
agement-labor,
not
great
and
been
and
time
has
management
affairs
own
American,
hope that I
for
come
in
the
can
give
ment
key in¬
only loss of a
not
the
and pur¬
to
public
and
to
The
re¬
such
in¬
manage¬
dif¬
through
Government
speak
the
their
compose
the
have
whole
In
process.
cannot
has
a
In
the
the
act.
duty
last
labor, management and
interest.
same
reconversion
effort
is
now
going well.. The people have a
right to
it
to
succeed.
expect
Specific obstacles that stand in
as
.that management and iits
way must not be allowed to
labor can again have the full and
defeat that expectation.
undivided responsibility for proGood labor relations are "just as
viding the production that we
must
ship
I
safeguard
in
that it
industrial
ation
and
broken
No
for
>
col-
,
and
Qf
down.
some
.
j
three
is
on
a
for \
itself
few gen-
strengthening
Governmental
| ation services,
.
and
.
^
are
strikes
Strikes
possibly
tries,
Threatens
which
threat¬
are
already in
cripple our
effect
recon¬
Negotiations
program.
and
stoppages
tnreat-
are
They have waited long in
hope that those leaders in
labor
and
business
management
whose
to
handle
this
it
problem
was
would
in agreement.
all
ernment
to
be
make
any
able
The
do
to
so
Federal
Gov-
time and
declined
again
suggestion
to
the
the all-important ques¬
tions of how to avoid work stop¬
conference
pages
did wa^ to point out the
objective
which the American
people ex¬
on
phen
have
(that,
these
failed,
rived
at
the
chinery.
expedients
conference
accord.
no
ar¬
Failing
the_ conference
in
pected
I
Peril to
,
,
.
.
industrial
-
.
strife
schedule
of schedule
on
many
that event,
;face
low
or
—
we
that
are
to act
fore,
,
fronts,
attain.
V
■
.
Must
gress
on
I
the
our
grasp.
| The history of labor relations
pas proved that nearly all labor
Act
conference
without
any
has
recom-
on the subject, it beduty of the Government
its
now
that
own
initiative. There-
suggest
well
-
j provide
tling
adequate
industrial
to
the
reasoned
'
means
for
disputes
instead of the . avoiding industrial
within
ma¬
Conand
workable legislation be passed at
the earliest possible
moment to
shall
Sent PSSCSSrketsgnandmPe1ond
=
iwages
comes the
,
now
a period of low
production,
consumption, and widespread
^unemployment
to
that
mendation
even
make
Nor do I think
inconsequential strikes
within
even
to
these
industries
Thursday, December 6, 1945
Corporation and
tomobile
the
United
Au¬
of
While
this
ommendations.
Workers.
statutory
hope the Congress
authorize, I am sure that
powers which I
should be included. The objective
will
should be to cover by legislation
orily such stoppages of work as
the Secretary of Labor would cer¬
tify to the President as vitally af¬
the American
people will expect
employer and the employes to
cooperate with the board
industrial
gaining
where
disputes in such
where collective bar¬
has
the
broken
down
conciliation
the
I
am
return
I
parties to
the Secre¬
induce
the
parties
the
voluntarily
controversy
to
their fellow-citizens who
tration, I recommend the follow¬
responsible
ing procedure:
stacle
,
.
Upon certification by the Secre¬
tary
Labor
of
dispute
to
the
effect
for
holding
that
In
connection
are
now
ob¬
our
reconver¬
:
with
the
threat¬
with
board
main
(
under
Maintain Status Quo
:•
involving the United
Steel Corporation and the
United
Steel
the
Workers
board
am
making
the
emergency
board
provided
for
Railway Labor Act.
strike
States
United
it
.b^
unlawful
lockout
or
to
to
or
(
call
make
time
The
the
board
dispute
should
be
ap¬
appeal
to
Steel
same
Workers
to
re¬
pending the report
action
in
violation
agreement,,
In
order
measures
arose.
and
composed
outstanding citi¬
should be
directed to
and
zens
make
a
to
of
the
.*
■
to
provide
carry
the
to
power
In its
should have full
supoena
individuals
controversy.
it
records
and
and
should
be
ment
for
agency
assistance.
It
within
information
or
rha-ke its
should
.
complete
re¬
20
the
out
letter
contract provide for
guarantees
and
insure
compli-*
strikes, lockouts
boycotts.
or
to
effective
ment prohibiting
For years,
in the public interest,
tivities
and
defined
the
sibilities of employers^
be
include
a
The report should
finding of the facts and
recommendations
board
deems
While the
appropriate.
thereafter
it should
lawful^ to
call
out,
to
the
as
respon¬
a
make
made
be
strike
or
ditions
or
in
un¬
and
their
parties to a labor agreement
equally answerable as entities
judicial proceedings for con¬
in
duct
lock¬
violation
of
contracts
or
legal requirements.
any
established
controlled
response
bilities appropriately defined
to
assure
equality of status before
the
law, ' Equity
requires
that
be
changes in
rates of pay, hours, working con¬
or
Likewise
the public interest, the activi¬
ties of labor organizations should
both
fact-finding board is
and for
five
days
deliberating
labor
and
free
a
private enterprise
are
American
essential to
free democratic system. Legis¬
which
would,, stifle
full
lation
freedom
on
of
either
ward
collective
side
would
which
step
bargaining
be
the
back¬
a
American
people would not tolerate.
I am sure that the Congress will
give its calm and careful consid¬
eration to this matter
to the progress
An item of
the
practices,
contention, in which
management* group differed
with
labor
was
that
or
essential
so
of American life.
closed shop, union shop
means
maintenance
Union
choose
to
or
resentatives
of
"union
not
for
to
choose
collective
rep¬
bar¬
gaining • purposes.
Union secur¬
ity in any lasting-sense cannot be
induced
by managerial acquies¬
cence
in
which
,
legislation and governmental reg¬
ulations have controlled the, ac¬
the President.
such
ican
of membership.
security accomplished by
enforced membership is contrary
to the principle of full freedom
effective
in
,
disputes, will not adopt
or
coercive measures
against either side. A free Amer¬
repressive
ity
with provisions of the agree¬
a nee
au¬
thorized to call upon any Govern¬
or
appropriate
(
in
set-
may
freedom
restrictive
measures
deprive individuals of
choice.
of
Union
ity,
as well as security
ind ividual or group in a
racy,
be
must
flow from
a
earned.
secur¬
for any
"democ¬
It
must
ready willingness of
individuals to limit their freedom
of choice by acceptance of the in¬
terest of tire group.
; :
\
'
Union security
anteed
ment
cannot be guar¬
by imposition by manage¬
requirements upon indi¬
of
viduals.
In
fact, enforced mem¬
labor unions or en¬
forced measures of any character
are liable to generate resentments
which in turn may lead to insta¬
bility and unrest.
Sound leader¬
ship coupled with enduring serv¬
bership-in
ice, which regards the interest of
individuals
as
interwoven
with
ship of employees. Regarding this, the interest of the
enterprise of
;
:
The parties would not be legally, the management report states:
which they are a part, is a for¬
Management 'attempted
earn-' mula for
bound to accept the findings or
continuity and security.
estly to secure labor's endorse¬
follow
the
recommendations
of
Union security, security of busi¬
ment of the principle,
tpat just as ness
the, fact-finding board, but the
enterprises, security of the
selection
of
representatives
for
general public would know all the
family group and security of the
bargaining is based on free choice
facts.
The
result, I
amsure,
American way of life must result,
protected by law, so, too, must
would be that in most cases, both
if it is; to be real and lasting
the
bargaining process be con¬
sides
would
accept the recom¬
security, from the free, unham¬
ducted
in
an
atmosphere
free
mendations, as they have in most
pered choice of individuals within
from compulsion
or
foyce.
No
of the railway labor disputes.
the 'limitations of sound and just
agreement could be reached, how¬
I
believe
that
the
procedure
law designed to preserve, protect
ever, on the statement that col¬
should
be
used
sparingly,
and
and
further the interests of all
lective bargaining in the interest
only when the national public in¬
people.
\
of
management,
labor and the
terest requires it.
public must be practiced with full /
Jurisdictional Controversies
The legislation should pay par¬
regard for protection of individ¬
In the matter of representatives
ticular attention to the needs of
uals and property against unlaw¬
in collective bargaining and juris¬
seasonal industries, so that the ful acts.
dictional
disputes, separate re¬
so-called "cooling-off periods"can
Copsistently present in each
ports were made by the manage¬
be arranged in those industries in
draft submitted by labor was a
ment and labor groups.
The man¬
a manner which
will not subject
declaration that "union security,
agement members' report on this
labor to an undue disadvantage.
protected by the collective bar¬
question i^ in part as follows:
There are other subjects which
gaining
agreement,
strengthens
Management members of the
were on the
agenda of the labor- i the process of collective bargain¬
committee on representation and
management conference, on which ing."
'
jurisdictional questions submit the
no
A reasonable measure of secur¬
agreement was reached.
The
most
immediate, the most press¬ ity is a condition legitimately following principles and proce¬
dures
to
minimize interruptions
ing, however, is this on& of ma¬ sought by all individuals and or¬
in production and service caused
chinery.
I hope that the Con¬ ganizations.
It is a fundamental
by representation and jurisdic¬
gress will act upon this matter as
principle in a democracy.
But
tional disputes.
quickly as possible—and certainly "union security" protected by a la¬
before its Christmas recess.
These
recommendations
are
bor agreement means one thing
only — inclusion in labor agree¬ based on the fundamental prin¬
y:
.
security"
Let Public
or
enforced
member¬
Judge
.
and
strife.
1 recommendlthat for
the settle-
of industrial disputes in im-
portant
there
nation
-
wide
industries
be
adopted the principles
underlying the Railway Labor Act.
disputes can and should be settled .The general
pattern of that act is
py sincere and honest collective (not applicable to
small industries
bargaining. The vast majority of ior to small local
disputes in
.
The
General
Motors
Strike
ciple that where adequate machin¬
ery exists for the peaceful settle¬
ment of such disputes there can
Jjusted by
be little,'if any, justification for
fere settled
any freedom to relinquish mempointing such a fact-finding board | bership if for good and sufficient the continued use of economic
Conciliation. For example, during' steel, automobile, aviation, min- for the present stoppage in the .reason
they conclude that such is force or coercion in their solu¬
® month of October, last, 354 ing, oil, utilities and communica- 1
dispute between General Motors the proper course.
Union secur¬ tion.
large
industries. But it would be
effeccollective bargaining jtive, as well as fair, in such widethrough Government; spread
industries, for example as
(those disputes which
are
not
i
ad-
a
prevention of in¬
:"*■.
the spirit of the labor agree-
agreement
thorough investigation of
investigation
management to agree upon
dustrial
labor
>.
ment, it is recommended that each
all the facts which it deems rele¬
vant
Congress, naturally dis¬
at the failure of labor
Ends Without Decision
more
or
the
(Continued from first page)
'
of three
that
a
any
change in rates of pay, hours or
working conditions or in the es¬
effect prior
the
This is an immediate program
which is fair to both sides. I hope
Labor-Management Parley
V
tablished practices in
to
am
I
Labor has made the above certifi¬
cate
Congress
the
I recommend that during these
five days after the Secretary of
strike
I
by both sides.
the
at work
by
that the Congress will
approve
the- steps which I am
now taking. They are being taken
in the interest of accelerating our
production, promoting our recon¬
version program and pushing, for¬
ward to a higher standard of liv¬
ing.
our
agent should be em¬
powered to appoint within five
days
thereafter
a
fact-finding
the
rec¬
hope
and
authorized
ened
Action
Urges
I
solution for the
pointing
a
similar
board.
The
public will expect full cooperation
to
and
'
"
pro¬
despite his
efforts
and
that
a
stoppage of
work
in
the
affected
industry
would vitally affect the public in¬
terest, the President or his duly
similar
findings
pro¬
major
.this
up
sion program.-v
continues
board's
immediately and appointed
am
duction. I make this appeal on be¬
half of the American people
to
arbi¬
to
to; work
asking the employers to
ceed energetically with full
tary of Labor has been unable to
submit
I am asking
dispute to dis¬
same kind of patriotism
they displayed during the war.
asking all, the workers to
as
unable
bring the
agreement and where
had
play the
of
the Federal Government has been
to
meantime
both parties to the
and
service
fully
appropriate legislation
already been passed.
In
In
as
if
as
est.
1
soon
the
fecting the national public inter¬
industries,
the
board will not have the
;
Now
•
jbeen planned, and which is
on
it
adjourned
continues,
;nhe quick reconversion which has
proceeding
'"proper
All that the Government
Government
Reconversion
.
T-
If
to
as
unable
was
jto attain the objective most necpssary to successful reconversion.
local
except by agreement,
patient.
the
intend
days unless the
date is extended by agreement of
the parties with the approval of
,
The American
people have been
valuable.
But
Strife
'
ened.
and
concili-
these
°n'
the
that
port
machinery that would provide
for existing strikes in
some of the
major industries and
version
concerning
^
-
-.
,
stockholders
industry, loss
have broken down in other indus¬
recognition of the
disputes
....
the
family, loss
solution
may
I nation in employment, agreement
| on settling by voluntary arbitra\ tion grievances under labor con-
| tracts
of
on
ened.
necessity of eliminating discrijri-
,
the
of
owners
More
for
were also reached.
| For example, agreement on the
■»
principles of collective bargain¬
ing and recommendations On the
| detailed procedure to be m used,
I enlarging
strength
regret that labor and management have not been able to agree
a
| eral principles
on
be
I
progress.
I agreement
respective
dividends'to
and
.
„
together
weeks
Some agreements
the
' of goods to the public.
A
worked
than
more
should
to the worker and his
concili-
Accord
,
met
u
hZ
chnnid
They
the parties results in loss to
every.one;
it causes the loss of wages
The conference is now closed.
The very fact that the
top leaders
of labor and
management have
,
thpv
.
on
upon
insur-
where
peace
bargaining
haVe
the
wouldcome
War<
justice, and not on tests
of strength.
Any industrial dis¬
pute which depends for settlement
hope
people that out
conference
the
Jng
kased
affairs."
was
th
^
Ipadpr-'
leader
our
recommendation
iective
do-
- our
our
international
sure
American
this
some
mg
and
and
economy
am
of
to
eronnmv
the
of
so
have
mestir
not
,
labor! analysis,
soon
some
wages
affecting
Federal
I
the Presi¬
up
way.
do
I
this list exclusive.
a
this
of
amount
ferences,
way.
dent's wartime powers as
possible
settled
conversion
traditional
democratic
:
.
however, that there
some
disputes that
handle their | the public have the
to
..
dustries, when labor and
by Government in that selection.
"The
them
means
country
interference
no
be
dis¬
chasing power, but it may
ramifications
throughout
conference.
by me
or
by any Government official.
You
have been selected by the
leading labor and industrial or¬
ganizations in the United States.
has
know,
always
dustries
You have not been chosen
There
of
Industrial strife in
■
that
—•
indus¬
little notice
by press or
;
cannot
man¬
conference
Government
a
man-
industrial
,
settled,
We
I
';
clear
when
were
taken
are
conference—a
your
But
was
<
it
make
to
critical
in
were
radio.
leaders
•
want
dios.
putes
The
conference
•
"I
vote.
the
where
stoppages would
have gained great prominence in
the newspapers and over our ra¬
entire, program
out'by
V- -
occurred.
commend
tries where work
up
agenda
these
of
representatives
Ac¬
management.
the. • conference
was
of leaders of labor and
management
only.
Government
representatives participated only
as
be¬
agree-! agement and labor have settled
would their problems peacefully. Many
cordingly,
made
adjusted
were
instances
many
Con-
1,282 labor
fore any work stoppages
The American people
;
full
reaching
a
the
and
Observer
an
by the
in-, ciliation Service, and
volved.
It
settled
were
tions.
In
order
to
avoid
any
ments
delay in
the settlement of the most impor¬
tant ©pasting
strikes, I am ap¬
of
provisions
which
re¬
quire employees"to join the union
of
once
having joined, to forego
(
Volume
•
162
Number 4444
THE
COMMERCIAL & FINANCIAL
CHRONICLE
2801
A.
Determination
of
Collective
Bargaining Representatives
1.
Whenever
to
as
tive
which,
has
question
a
under
an
for
pur-'
tative
or
and
the
that interruptions
to reach
a
voluntary non-collusive
determination
of
the
question,
consistent with the principles es¬
by
the
National
Relations Act.
2.
In
such
the
'f
event
voluntary determination
at
Federal agen¬
or
whether
in
choose
to
represented
by
representative
has
been
be
can
arising
of
out
putes,
whether
arising
affiliated
with
between
same
expedite
determinations by such
by agreeing to consent
agencies
elections
and
by
representation
such agencies
4.
\
Pending
accepting
.
will proceed
the
final.
by
employees
ganizations,
and
labor
or
practiced,
by law, by employers.
determination by
of
3.
State
of
such
with its
ance
dures.
5.
■
•••
in
agency
'
Labor
Relations
Board
determination
questions,
main
as
of
the
an
Board
proce¬
A
determination
tional
and
dispute
of
made
with
a
in
these
con¬
for
impartial
In
y
event
in
the
ac¬
procedures
the settlement of
disputes without
tional
3
above
jurisdic¬
interfer¬
with operations are found
to, be inadequate to attain'this ob¬
ence
re¬
independent agency
provided with ade¬
and should be
these
absolutely
summate
labor
appropriations.
\
6.
If, at; the time for
giving no¬
tice of revision or
renewal prior
to the expiration
date of a labor
agreement,, there
doubt that a
is
substantial
a
majority of the
ployees
em¬
covered
by
the
labor
agreement desire that the
existing
bargaining
tinue
to
representative
represent
ployer should
them, the
tative and to the State
agency authorized to
a
or
represen¬
or
Federal
determine
disputes.
If the
Federal agency finds that
substantial
doubt
exist, it should,
does
upen
in
fact
request
of
either party, proceed
promptly to
a
redetermination of the question
of
representation
through
a
con¬
sent
election, provided that the
existing
bargaining representa-
ive
"
of
work, to the end of avoiding
conditions which might lead to
such
desires to continue
here two or more
as
such.
contending
abor
organizations are
involved,
he
State
or
Federal
agency
hould conduct an election
Explanation
To
he request of either labor
organiation or the
employer.
A
State
or
Federal
laving jurisdiction should
ablish
as
appropriate
init exceeding a
ment
(such
as
a
a
or
Labor
regarding
offered
representation
The
with
the
*
•
'
•
•.
more
boK, unions
drastically weaken laand possibly accom¬
/To
the
contrary,
labor?s
pro¬
posals
are designed to establish a
basis for cooperation between
la¬
bor and
management, which is of
the essence in
any bona fide at¬
tempt to minimize
dustrial strife.
tional
acts
the
to
machinery of the Na¬
Relations Act and
Labor
existing State labor relations
any
for prompt determination
of
questions consistent with the
principles established by the Na¬
tional Labor Relations Board.
The
tices
answer
by
is clear.
labor
and
Such prac¬
management
will
representatives is
towards this objective.
On the
of
directed
representatives
"would
extend
industrial
strife
rather than minimize it.
Para¬
graph 4 of management's report
clear proposal
to
amend
at the point
actually engaged '
in production.
Since the foreman
exercises managerial authority, he
must be
solely and exclusively
responsible to higher management.
Furthermore, under collective
bargaining agreements, the fore¬
man
usually
makes, the
first
management
disposition
of
all
on
with
them.' or > their ac¬
representatives possible
solutions
for
lems.)
resulting
prob¬
'
■
The
determination
out and
the
tne
of
the
equipment to be
lay¬
used
in
business; the processes, tech¬
health and safety
ceive
measures
the
dangerous materials are
utilized) and the size and char¬
to
the
and
ness
owners
financial
to
of
the
Government
the
mean
foremen
;
act
grievances
on
since
unions
had
lor
would
it
taken
over
bargaining table.'
requiring that employers bar¬
gain with foremen's unions whose
policies; general accounting pro¬
cedures—particularly the internal
accounting necessary to make re¬
ports
and
management,
In
of
With union
both sides of the
acter of inventories.
determination
are
having supervision of union work¬
men, the foremen could not re¬
where
The
they
grievances.
niques, methods and means of
manufacture and distribution; the
materials to be used (subject to
proper
workmen
the
where
employees involved, and dis¬
cuss
credited
members
tatives
the direct represen¬
are
and
integral part of
either the National
an
management,
busi¬
Labor
bodies
Relations
Board
is
misin¬
terpreting the Wagner Act or the'
is inconsistent and con¬
requiring financial reports; prices
ducing or distributing unit;
the election of
employees for
■act itself
the
duties
required
the
ing
set down the follow¬
conditions
functions
It
should
the
part
which
of
be
constitute
obligation
of -unions
to
on
recognize,
not encroach upon, the func¬
tions and responsibilities of man¬
Failure
to
accept
obligation has increased labor
putes.
Even
today,
on
and
efforts
this
dis¬
are
the part of certain
functions
which
clearly the responsibility of
The functions of
progressive
more
the
and
efficient,
are
man¬
man¬
good jobs and further raise
standard
of
living.
must
always
exer¬
cise its functions with due
regard
of its social responsibility.
In order to
clarify this problem,
the committee has discussed many
of
the
important functions
of
management involved in operat¬
ing
business.
The management
members have classified some of
them for the purpose* of
a
the
National Labor Relations Act.
Under that law it is
specifically
stated that
nothing therein shall
misunderstandings and
ing industrial disputes.
which
tions
and
agement
collective
are
clearly
We have
the
func¬
responsibility of
man¬
and
are
not
subject
to
bargaining;'
second comprises matters
in respect to which it is the funcThe
of
ence
unwise
hand
one
many
manage¬
and
the
The experi¬
shows
years
that
responsibilities
of
one of the parties today may well
become the joint responsibility of
both parties tomorrow.
:
sharply dearea designated
as man¬
agement prerogatives and another
equally sharply defined area of
size^of the work force; the
assignment of
work
workers; determination of pol¬
icies
affecting the selection of
employees; establishment of qual¬
ity/standards and judgment of
required; and the
discipline
and
of
use
of the plant prop¬
erty, the'Scheduling of operations
and the number of shifts.
The
determination
health
safety,
property protection
where legal responsi¬
bility of the employer is involved.
The
second
classification
corn-
nrises matters in respect to which
is the function and r, responsi¬
it
bility
of management to
prompt initial decisions in
make
order
toMhfure
of
the
the effective operation
enterprise, but where the
of
consequences
decisions
such
the
standing
.
We cannot have
actions
or
are
union
prerogatives without either
constantly attempting to in¬
vade the forbidden territory, thus
Discharge
the
cause;
of
employees
for
application of senior¬
ity provisions
alties imposed
of
as
contracts; pen¬
the result of dis¬
ciplinary action, and
matters
upon.
as
may
such
:
„
nificance
and
management
In
American
our
tablished
Unionization of Foremen
that
ous
and
crafts,
such
have established
the
as
printing trades,
building
others,
among
practices
over
a
long period of
years which permit
inclusion of luicuicn in collective
ui
foremen
huviujiuu
bargaining
with
union
units
in
accordance
constitutions, and the
es-
<
Government-oper¬
In
consent
the
of-the
gov¬
Americaji
same
both labor and manage¬
come to
a
realization
must
both
fectively
can
when
function
eaph
most
enjoys
ef¬
the
confidence and has the consent of
the other.
The labor members of the.
mittee believe that
our
com¬
acceptance
organizations
economic society progresses
the role
so
management members of
the committee recognize that vari¬
that
and
erned.
de¬
when it enjoys the con¬
ates best
fidence
political
the tradition is well
mocracy
in
;
The
;
importance of the
function in modern
industry.
In the main this wdl
follow, rather than precede, the
development of sound industrial
relationships.
of
'
and
thorough understanding of the sig-
other
be mutually agreed
strife.
widespread realization
more
ment
:
unnecessary
The labor members of thp com¬
mittee believe there is need for a
tradition
are:
;
side
properly subject to
by grievance procedures
mutually agreed to as being ap¬
propriate for-each specific item.
Among items' illustrative of this
review
one
limited
creating much
of
and
measures,'
minimiz¬
placed them in two classifications:
The first comprises those mat¬
ters
the
on
unions ori>the other.
classification
create
general
Management
per¬
of any given job and
wages); the determination
control and
and
v
in/ the
ment
of
with the growth of mutual under-
to
maintenance
management:
an
responsibilities
.
.
extremely
workmanship
controversy regarding
managerial rights, the manage¬
the
and
be
fence Ground the rights
a
formance
of the
Managerial Rights
ment group
.
would
to build
not
allocation and
On
It
supervisory and other
managerial positions.
< :
V
The determination of
job con¬
tent
(this refers to establishing
.
pressed in the following:
and
pro¬
to
avoiding
contrary, the proposals
management's
a
moves
responsibility of direct¬
ing
to
and reduce in¬
agement
must
be
preserved
if
American business is to continue
workers
ultimate
management
impact of such
motion
'
be
utilize the
To the foreman is delegated the
operations
;
agement.
and
units.
.
plish their ultimate destruction.
ters
com¬
one, namely,
industrial disputes, can
minimized by the willingness
management
plants,
matter, super¬
for
collective
purposes
the
objectives of the union or
carrying out the policies of man- >
agement.
The supervisors cannot
properly function in a position oxdual obligation.
re¬
necessary to
close an old
or
of
would
of
necessity be faced with the prob¬
lem of whether a particular de¬
cision or action would be serving
products
old
be
part
any
managament's of goods sold or services rendered
tradictory.
/
,' '
*
they seek, 'first,1 to customers; and customer rela¬
;
cripple existing legislation en¬ tions."
Labor's Position on Management
* •'.
•
;
acted to protect
The determination of the man¬
The labor group's propositions
labor, and to ob¬
tain further legislation which
will agement organization of each pro¬ c>f limits of management is' ex¬
whether
of
visors
is, that
unions to extend the
scope of col¬
lective bargaining to include mat¬
The issue presented to this
mittee is a simple
unit
practical
organized
a
bargaining
of
essence
follows:
bor's
employers.
-Vv.
con¬
continuing
jurisdictional disputes the la¬
bor
representatives reported as
not es-
store)
agreement
to
As
give careful consideration
the
the
of
transfer major
or
should
to
closing
becomes
a
there
that
of
management.
not
units and the
new
fundamental
unionization
no
to
agement.
Group
agency
mless mutually
agreed to by the
employer or employers and the
abor organization
or
organizaions involved, or unless other¬
wise established
by the prior colective bargaining practice of
such
mployer
of
definitely minimize industrial
disputes.
The expression of la¬
collective
or
disputes.
propositions
authority
and
single establish¬
plant
the
above
upon
7.
jurisdictional
em¬
representation
State
r
to give
thereof to
existing bargaining
by
legislation to accom¬
plish this objective.
"
5. Employers, in
assigning work,
should give due consideration to
established
jurisdictional
prac¬
tices with respect to given
types
be entitled
prompt written notice
the
con¬
an
proposal
procedures incorporating
standards should be estab¬
lished
no
union.
jective,
quate
a
labor union,,-to
bargain on a
plant basis where, admittedly, the
plant management would have
even
standards
Paragraph
minimize
industrial disputes. Management's
proposal, in effect, would compel
fore
bargaining
of
of¬
managementproperly function and dis¬
charge its responsibilities without
adequate assistance.
It is there¬
-
;
administrative
Executive
.
organizations involved.
the
forth
set
to
This
•
supervisory
personnel
to top ranking
and
cannot
first
are
manage¬
.
jurisdic
full
power
labor.
which
term
defined
be
of
confined
not
ficials.
handled
the
and
the
must
levels
all
.
be
labor
4.
may
be
its func¬
should
unduly increase the cost
accepted and effectu¬
ated by the
employer, employees
representation
,
necessary
direct the working forces1 and
duct a successful business.
should
To the end that the
National
enabled best to perform
tions in the prompt and
are
bargaining
management and
approach does tend
nor
cordance
••
-
: than *
or performance of
impair or restrict the
responsibility of management to
accord¬
established
ize the economic
production
services
practice, tor be dealt
by
not
rules of the Na¬
tional Labor Relations Board. "Tr".
This is normally done to
equal¬
of
That in, the determination of
will
outstanding
agree¬
properly to perform the opera¬
tion, and that the determination
,
unit
either to
accomplish drastic revision of the
Wagner Act or a drastic revision
of
a
it
between
called-
was
•
or
(When
relocate
Further, it should be recognized
that this proposal is a violent re¬
vision of outstanding rules of
the
•''
"■ ;/ \,
■
operation
or
agency,
both
the
em¬
ployer and the, certified collective
bargaining representative should
be protected
by such agency, in
the negotiation and
orderly ad¬
ministration ,,of a ., labor agree¬
ment, against interference
by any
other person or
organization.* Such
interference should be made an
with
de¬
as
* jurisdictional
dispute,
the
employer will, not be required to
employ more employees on any
-Federal
unfair labor
com¬
any
or
Following
a
been
existing valid labor
an
ment.-
defined
as
such
not
jurisdictional dispute will not re¬
quire the violation of the terms
or¬
lockouts
no
unfair labor
had
and
in
determination
location
agreement
conference
work
termined by the employer.
D. That the determination of
strikes, boycotts,
interference with opera¬
other
or
on
practices.
be
collective
-■<
lishment of
to be obtained.
were
rial
and
by the
enterprise; and the location of
business, including the estab¬
it could be denied
recognition by
employer until a new certifi¬
cation by the national board or
State board
should
include
executive
the
the
a
to
.
.
The
employers who still yearn to
destroy labor unions.
No labor
organization could be safe if upon
its
"management"
to
agreed-
or
functions,
agement
are
to bp manufactured or services to
be rendered to customers
National Labor Relations Board.
Labor does not consider that this
menced, it will be started
vided in connection with
deter¬
mination by such
agencies, there
should
be
no
subject
It should be clear and self-evi¬
dent that any such
proposal could
of
matters
are:
major¬
ity of the employees involved.
termination
decisions
or
conditions,
classification
the
the
•
the determination of
representation
questions,
either
by voluntary agreement of- the
parties or by the procedures
pro¬
tions
basis
same
of
actions
believe ^belong
we
ap¬
which it" was-being performed at
1he time the dispute
arose, or if
determinations of
as
the
on
to
La¬
agency to obtain
its certification as
of
representative
following
recommendations
are
designed to alter such long¬
standing practices:
However, in any report on man¬
not
promptly under grievance proce¬
mutually agreed to as be¬
ing appropriate for each specific
item. .Illustrative of
items which
State
renewal
the
non-affiliated unions, be deter¬
mined under such procedures.
C. That pending settlement of a
jurisdictional dispute, the work
involved, employ¬
organizations should
are
and labor
National
Board or an
man¬
dures
contract, and
the
such
Such
by
dis¬
the
a
of
upon management-labor
be subjected to abominable
abuse
•
questions, organization, or between unions
relating to the representation is¬ affiliated wi£h different organi¬
sue
or
the agencies' determina¬ zations, dfc* between affiliated and
ers
before
Relations
the
jurisdic¬
a
tional dispute will occur.
B. That all jurisdictional
so
bor
it has
responsibility
working
be
with which
assure:
no
strike, boycott or
interference
with
opera¬
of
given the right upon
termination of any collective
the
finally resolved.
substantial
tion thereof
tP
and
properly subject to review when
they involve issues of
alleged dis¬
crimination, affect wages, hours,
bargaining agreement to question
the majority status of the union
dis¬
That
unions
Unless
it
a
tions
a
selectee!.
3.
that provision.
sought by man¬
impose industrial
slavery pn American'workers.
Management further proposes
that
National Labor Re¬
the
procedures should
A.
bargaining
represen¬
and
(b)
which, if any,
tative,
such
be
is
agement
propriate
other
\
or
pro¬
thereupon compel such union
a
collective
action
proceed
with
Such
(a)
majority of employees
appropriate bargaining unit
an
thus
tion
agement to make prompt initial
decisions in order to insure the
effective operation of the enter¬
prise, but where the consequences
or
repeal
disputes
unsuccessful, prompt resort should
be made to State
strike
Management
result
The
im¬
outstand-j
to
concqrted
aid.
to
way
with
labor
to
lations Board definite procedures
under which such
jurisdictional
are
cies empowered to determine
other
poses
to the produc¬
jurisdictional
of
file
1
;
efforts
of
out
any
putes should be eliminated.
3. To this end, labor organiza¬
tions should develop, publish and
Labor
"
that
arising
in
interfere
or
rights
mutual
which labor
to
tion of goods and performance of
services by strikes, boycotts, or
other interference with operations
represen¬
representatives involved
tablished
organizations
take
ing
,
collective
bargaining,
effort should be made' by
every
the employers
pede
or
as
construed
disputes here*
are
disputes
organization should perform given
types of work.
;
2. The public interest requires
appro¬
of
poses
labor
questions
over
be
consideration
between
any, representa¬
selected by a ma¬
been
Disputes
1. Jurisdictional
arises
if
jority of employees in
priate bargaining unit
Jurisdictional
B.
will
as
of labor
come
both clearer
under-
-
standing
and recognition of the
importance of the management
function together with a greater
appreciation on the part of union
members,
investors-owners
and
the
whole managerial and super¬
visory organizations of the large
responsibilities that go along with
it.
-
)
'■'
,
'
ation. In traveling about the coun¬
try
such
and
such
how
asked
frequently
been
have
we
swer
gossip columnists
makers, the chiefs of
kept contin¬
uously in hot water. When they
make a decision they do so in
dread of seeing a full display of
The policy
the departments, are
to
discussions thatv
in a gossip
few-days. They
preliminary
led
thd
decision
column within a
are
afraid to think out loud.
It
is
doubtful,
whether at
:
result,
his¬
a
as
in
time
any
our
tory the lower rung of Govern¬
ment employes have ever had so
much influence over the destinies
of
people. Early in the New Deal,
will
be
recalled, sensational
charges about what was going on
in the Government were made by
it
1
a Gary, Ind., school
superintend,ent. He told of a dinner he had
attended where the "plotting" was
openly going on. He was hooted
out
of
court
.-that it
,
.
•
■)
when
it
developed
a
through
11-month
Certificate of Indebted¬
Banks,
serve
Treasury
of
an
J-1946, in exchange
maturing series of Treas.
of Series
ness
for three
breakdown
character
those
of
that
of
has
come
the
in
executives
our
and
this has spread out over
try's
the coun¬
Employers gen¬
morality.
erally are afraid to tell their em¬
ployees what to do. Employers in
the Government are just as fraid
to exact any
when
"pure
democracy"
is
re
If this is true it is go¬
ferred to.
.
discipline from their
It may be what is meant
workers.
ing to be found that this so-called
"pure democracy" or more appro¬
priate, mobcracy, simply will not
in the case of the
and
maturing notes,
bonds. Cash
subscriptions will not be received.
There are now outstanding $4,395,400,000 of the Series H-1945 cer¬
tificates, $530,837,200 of the Series
B-1945 notes and $540,843,550 of
the Treasury Bonds of 1945. The
of the maturing
announcement also said:
>
offered
be dated Dec. 1, 1945, and
bear interest from that date
certificates
now
will
the most crucial
years of the war, and events lead¬
ing up to it, it was notorious that
Throughout
tl
b
P
will
difficulty in getting Welles out of
fs
in
the Department. You would
he
could
have
dismissed
Xi
000,
think
him
forthwith.
U
-
w
Jimmy Byrnes
now says
that he
had promised Hurley to get rid of
those who were undermining him.
H
Why didn't he do it?
w
think
he
would
have
You would
been
more
indignant than Hurley.
Instead,
the men complained of, are still at
work
in
influential
positions.
lis
denominations
$10,000,
of
is
Because
steel
"The Iron Age."
current
states
have been received
automobile industry to
expansion that has; oc¬
failed to meet the rise
in demand for various grades. The
call for fine, book, and magazine
stop delivery of steel previously
ordered. Automotive steel is pre¬
being
sently
houses
be
to
shipped
producing
near
As
ware¬
centers
stofck
result of OPA's
as yet
consid¬
erable amount of substitution will
continue to be necessary in the
weeks ahead.
.
* Athose upon which the company
'Paper and Paperboard Produc¬
claims money is being lost.
Items tion v- Paper production in *; the
such as structural steels, reinforc¬
United States for the week endof triill
ing bars, rails and railroad track J r~ ;24
waq 91 4%
in
the
accessories may find themselves
? % ' aeainst 96 4%
in the
2% in the
eat^ory where production
like 1944 week, according to the
has been forcibly curtailed.
The American Iron and Steel American Paper & Pulp Associa¬
Paperboard output for the
Institute announced on Monday of tion.
current week was 91 %y compared
this week the operating rate of
for
necessary
paper shows little recovery
from wartime lows-, and a
prices
steel
adjust
-
000,000.
many
r
case
the
were
with 95%
the steel
and 91% in
companies having 94% of
capacity of the industry
will be 82.8% of capacity for the
week
beginning Dec.
3, com¬
announced that the
man
sale
Albert Gold¬
first day
the stamp broke all rec¬
27 Postmaster
Nov.
of
ords. He stated:
E. Smith
were
Commemoration Stamps
main office and
sold at the
stations, covering the Boroughs
Manhattan and the Bronx.-«
of
.
highest previous recorded
Sale was also held at
York, N. Y., when the com¬
"The
First
ingots
steel
ago.
year
casting's,
and
and
New
only in amounts or mul¬
tiples of $1,000 in the aggregate,
since this is the lowest denomina¬
tion in which the new certificates
will be available.
of the~World's
took place and 4,964,-
743 stamps were
sold. In
addition
breaking sale of the
Alfred
E.
Smith Stamp, -there
were processed 424,950 First Day
to the record
Covers."
first
At
-
day's
ceremonies the
Office band ren¬
dered musical selections and Miss
New York Post
Metropolitan Op¬
era House star, sang the National
They are busily plying the Wash¬
Anthem. Postmaster Goldman
ington newspapermen with smears
The
subscription books were presided. PostmaT^er General
on
Hurley;
They are
planting
Robert E. Hannegan, Archbishop
closed at the close of business on
stories which have been repeated
Spellman of New York, land Rob¬
by Leftists radio commentators, Nov. 21, except for the receipt ert
Moses, Commissioner qf Parks,
that Hurley was in the employ of of subscriptions from holders of
were the principal speake
oil
companies, that his wife re¬ $100,000 or less of the maturing
di
bj
b&
tb
Nadine Connor,
,
3i4
an
•o
h.
ceived
Chinese
-
money
expensive
officials.
could
gifts
from
We doubt
the
that
influence the Hur-
eligible for exchange.
books closed for
receipt of subscriptions of the
securities
The subscription
the
Increase—-Ri
ending Nov. 29, commer¬
latter
ness
class
at the close
Saturday, Nov. 24.
of
with liabilities
of]
three times
/
failures, with 11 concerns failing1
this week against only three a
Railroad Freight
Loading—Car-
of revenue freight for
the week ended Nov. 24,
1945,
total 716.494 cars, the Association
of
Large failures
$5,000 or more were
announced.
American Railroads
stamp
memorative
the First Day Sale
of the bonds, exchanges may
week:!
one
one
and 1,727,000 tons one
loadings
Day
Fair Stamp
be made
week
preceding
the like 1944
Failures
Business
the week
compares with 1,529,400 tons
week
ago,
1,410,400 tons
month ago
3-cent Alfred
"5,180,959 of the
$1.-
,
in the
steel
pared with 83.5% one week ago, cial and industrial failures dou¬
New York, at 77.0% one month ago and 96.0% bled the number in the previous
This represents a week, reports Dun & Bradstreet,
11:30 a.m., Nov. 26, in connection one year ago.
of 0.7
point or 0.8% Inc. Fifteen concerns failed durrwith the First Day Sale of the 3c decrease
commemorative
postage
stamp from that of the previous week. -4 ing the week as compared with
This week's operating rate is seven last week and 26 in the corr¬
honoring Alfred E. Smith, former
Governor of New York State. On equivalent
to 1,516,600 tons of esponding weejc of 1944.
$5,-
'
maturing
andtff
J preceding
_
;
Avenue,
and
notes
and bonds are outstanding in de¬
nominations as low as $100 in the
case of the notes and $50 in the
Although
increased sharply, and
has
large printing concerns have
bought mills for their exclusive
use.
Output of some grades of
some
on
a
more,
curred has
hand when the automo¬
tive wage issue is settled.
';:y
to
Sale in N. Y. of
$1,000,
$100,000
.
bottlenecks
still hampet restoration of nor¬
mal balances between supply and
demand.
As in other industries,
prices and labor supply constitute
the most important retarding 4nr
fluences both at paper mills and
in pulp and import divisions.
Re¬
ceipts of foreign pulp - are: not
matching, earlier expectations be¬
cause
ceilipg prices are below
buying prices in outside markejs.
This was a decrease of 83,867 cars,
or
10.5%
below «the preceding
honoring the
week
this
year,
due
to the
at the rate of % of 1 % per annum, United States Coast Guard was
Thanksgivnig holiday, but 51,844
payable on a semiannual basis on placed on .sale Nov. 10, 1945, on
cars, or 6.7%, below the
corre¬
Cordell Hull and his undersec¬
May 1 and Nov. 1, 1946.
They which date, 1,991,858 stamps were
retary, Sumner Welles, were at will mature Nov. 1, 1946. They sold. The highest sale previous to sponding week of 1944. Compared
with the similar period of 1943, a
odds.
Yet Hull had all sorts of
will be issued in bearer form only, that was on April 30, 1939, when
work.
.
serious
the
the
8th
and at par with an adjustment of
interest as of Dec. 15, 1945, in the
The
::'
levels.
However,
orders
Main .Lobby of the
General Post Office, 33rd Street
in
ventories
year-ago
from
Alfred E. Smith Stamp
ment of interest as
case
*
••
held
tained above
Few
walkout,
semi-annual installments,
due six months
advance, at
First Day
at par with an adjust¬
of Dec. 1, 1945,
tificates,
,.V«
Broke All Records
Appropriate ceremonies
of Series B-1945
Treasury
under
ever
,
have been main¬
1944 rates. Pulp inare about
10% above
pulp
of. wood
the beginning of a
days from
the date of the
4%.
There are some encouraging dervelopments in the paper picture.
Output in recent weeks has been
running at the highest levels since
1941, and production and imports
of
these difficulties,
output is making small
headway
in cutting down' the
backlog of unfilled orders. What
to
have
$5,000,000 credit is payable
in approximate¬
ly equal
from
it is expected, would
shut down two or. three
ufacturers,
the first to become
the Federal Re¬
units.
without exception
steel users have been receiving
supplies for their immediate needs
and are without inventory to al¬
low them to continue manufactur¬
ing in case of a strike. Most .man¬
Practically
within five years
Secretary of the Treasury Vin¬
son announced on Nov, 18 the of¬
fering,
power
The
Issues
changes will be made par for par
in the case of the maturing cer¬
all
nothing is
pass
with the larger
of 1.6% yi
Tight Paper
failure to
it wilL be
steel com¬
panies to step up production on
items
for
which the return is
to the new iron and greater and reduce output on
'steel plant.',"".;, 'y
done
That
mills, steel consumers,
15, 1949. They will bear in¬
terest at the rate of 4 per cent on
Offering
Treasury Ctf.
administrator in town
trust
can
him.
the larger
would by¬
them and place their orders
prices ; than
higher
June
about ft, even Mr. Roosevelt used
to permit it, attests to the general"
who
cqunter to steel selling practices.
If the smaller mills were to have
the first of which
Notes
and 2V2% Treasury Bonds of 1945,
both maturing Dec. 15, 1945. Ex¬
an
steel
semi-annual
installments,
will be due on
forty
are subordinates.
% securities, %% Treas. Certificates
With the possible exception of of Indebtedness of Series H-1945,
Harold Ickes,
it is 1 doubtful if maturing Dec. 1, 1945, and %%
there is
stated
with 170,400,000 kwh.
corresponding week of
Situation Seen Un¬
til Spring—Little important eas¬
ing of the current tight paper sup¬
ply situation is in prospect, beforte
next
spring, says the "United
Business Service" in a special sur¬
vey of the industry made public
on Monday of the current week.
in the
it runs
carries no weight
industry because
mills
is
credit
tric
For Maturing
reviewed
after
He has
analyst the unpaid principal balance.
and citizen, Bob Hannegan, who
"The Fomento Corporation has
probably picked it up from Toots undertaken to raise from Chilean
Sharrythat he can't win in 1948, sources the funds needed for all
without the labor vote.
So he
expenditures in Chile in connec¬
keeps making little silly gestures
tion with the construction and op¬
which please neither labor nor
eration of the plant and for any
business. They are just irritating,:
expenditure in the United States
as, for example, is his proposition
in excess of the $28,000,000 pro¬
that Industry open its books to
vided by the Export-Import Bank
fact-finders. Congress won't pass for the new metals plant. It is
any such legislation, because the
estimated that the Chilean invest¬
point of it is profit-sharing. Tru¬ ment in the project will be about
man
knows Congress won't.
But
$25,000,000. The plant will pro¬
he thinks he has made his gesture.
duce pig iron, heavy and light
Truman is not the type of man
structurals, steel rail, galvanized
that can pull in any bloc vote as
sheets, wire, pipe and other iron
did Roosevelt. He hasn't the per¬
and steel products.
sonality. He ought to realize this
"Of the second line of credit,
and just try being a good Presi¬
$2,000,000 will be used to finance
dent and depend upon the
Re¬ the acquisition of such facilities as
publicans to be silly, a good bet. may be necessary to furnish elec¬
gathering of subor¬
dinates. The facts are, of course,
that all of the plotting which he
heard came to pass, and we have
long since gotten over the habit
of laughing at the wild plans of
subordinates simply because they
was
do
wishy washiness.
been told by that great
the blabbing to col¬
umnists, have even, extended to
the Cabinet.
' ■
would be
steel earnings
guaranteed by the
Republic of Chile. The $28,000,000
is to be available until Dec. 31,
1948. Advances are repayable in
the
own
The leaks, or
the
Dec., 1944.
The Associated Press also
are
malcontents
vehicles for
be
to
:
accounts the
fourth-quarter reports have
been completed, only confuses the
cepcion, Chile, by a corporation to issue more, since, such reports
be .known as the Compania
de will probably not be in final
Acero del Pacifico. The second shape until mid-February 1946.
line of credit, $5,000,000, is an ex¬
The offer of OPA to do some¬
tension of an $8,000,000 loan in thing for the small nonintegrated
Undoubtedly, these appointees
influenced by Mr. Truman's
have come
no
has claimed to be
price adjustments vcovering past
wage
and material
costs. The statement by OPA that
$28,000,000 to finance
for
is
to
lasf year, an increase
necessary
purchase of United States equip¬
ment, materials and services for
an iron and steel plant near Con-
not know how to
reported.
The an¬
is simple. To a large extent
he
low-down
high appointees obviously
deal with it.
his
all of the
umnist managed to get
the
col¬
a
first
Byrnes' policy. They are helpless
against the termites.
The late
Roosevelt has left a mob on the
hands of the American
people,
and his' successor in office
and
gossip col¬
The
sought.
the Associated Press
electricity
173,200,000 kwh.
distribution of
the '
for
industry
the
to
Nov. 27. According
ington on
,
compared
further wage nego¬
tiations 'until APA granted what
would be
Corporation
(Production Development Corpo¬
ration) was made known at Wash¬
Fomento
ernment's
....
umnists have thrived on the situ¬
Steel
Chilfean Gov¬
$33,000,000 with the
2794)
Local
amounted
part of;the whole problem.
industry leaders have gone on
record to the effect that there
port Bank at Washington of two
loan
agreements for a 1 total of
„
by the
definite
price-wage controversy
OPA has now become a
Export-Im¬
signing by the
The
page)
policy and it has never been able leys, certainly not expensive gifts.
to get the loyalty of subordinate He has been a multimillionaire for
long time.
But the fact that
employes. That would seem to be
even as this is written, State De¬
an utterly intolerable situation at
partment employes are passing
any time, anywhere, in any sort of
out this sort of stuff to
news¬
organization.
'
in .point.
Hurley
This disloyalty, however, is not papermen,
confined to this department. It is was either carrying out the policy
of our Government or he was not.
rampant throughout the Govern¬
Byrnes said he was. .He and Tru¬
ment. Discipline broke down with
the advent of the New Deal. With¬ man wanted him to /go back. The
in a few months, subordinates felt American people, it would seem,
are entitled to a housecleaning of
free to go out and spill confident
tial matters to gossip columnists the ideologists, the underminers
whenever
a
particular
action in their Government. ' They can
vote for or against on Truman's or
taken was not the action the sub¬
ordinate
(Continued from page
Loans to Chile Group
News
*
'
December 6, 1945
Trade
The State oi
Export-Import Bank
From Washington
Ahead of the
(Continued from first
CHRONICLE
FINANCIAL
THE COMMERCIAL &
2802
"
'
1
Thursday,
as
numerous as
week
26
occurred in the
rise
sharp
small failures, A
However, there
ago.
failures
'largej
' were!
of
involving liabilities
or more last
small concerns failed
$5,000
ities of less
number, as-
year. Four
with liabil¬
than $5,000, the same
in the previous week
failures were about
divided between manual
The week's
evenly
wholesaling, and re-jj
two failures oc¬
curred in commercial service anc
none
at
all ' in
construction
decrease of 103,338 cars, or 12.6%
Wholesale trade showed the largj
is shown.
"
Electric Production — The Edi¬ est increase from a week ago, risl
ing from only one failure to fouJ
son Electric Institute reports that
this week.
In fact, wholesalini
the output of electricity decreased
approximately
to
kwh. in the
1945,
the
the
from
3,841,350,000 ^
week ended Nov. 24,
3,984,608,000 kwh. in
preceding week.
Output for
week ended Nov: 24, 1945,
was 12.1% below that
corresponding weekly pe¬
■. y
however,
for the
riod one year ago.
Consolidated Edison Co. of New
reports system output of
facturing,
Only
tailing.
was
only trade
the
or
industry
groui) in which concerns failing
this week outnumbered" those ill
the same week of 1944." ■* / : ;■ Jj
Canadian
failures
numbered
three, against two last week am
one in the corresponding week
"•
year ago.
Wholesale
•
Commodity Price In
wholesale com
compiled bDun & Bradstreet, Inc.,'remains
with 175,600,000 kwh. for the corquite steady last week, the inde]
jgs j responding week of 1944, or a
closing at 181.88 on Nov, 27. Th:
^^decrease of 1.0%.
York
173,800,000
ended
Nov.
kwh.
25,
in
the
week
1945, comparing
dex
—
The
modity
daily-
price index,
yolume 162
THE COMMERCIAL 8c FINANCIAL CHRONICLE
Number 4444
compared, with 181.62 in Nov. 20,
fend ; with 172:^4 on the corre¬
sponding date fe year ago.
{ Grain markets on the Whole
that yolume was
maintained
ferings wer'e reported to be more
plentiful;
iterhS
holiday
food
moved in good volumer
,\
Men's
Clothes
continued
ih
.
unfavorably
,
firm
a
tone
;
dency toward buying
priced items continued.
although
trading feetiVity
declined, partly
due
to holiday
influences and
partly to lessened speculative demandv Cash Wheat held strongly
jat ceilings, reflecting shortage of
box cars to move the grain ftom
country " points.
Increased new
prop corn receipts failed to satisiy the dernand for that cereal and
•
not perceptibly
affected.
of Govt. Abroad in Past Five Years
Food of¬
Secretary of Commerce Henry A. Wallace released On Nov. 26
a 'summary of the latest available figures on the foreign finance and
supply transactions Of the United States Government from July 1,
1940 through June 30> 1945. From the summary we quote:
Cash Transactions Abroad—U. S. Government, agencies spent $13,-
,
pressing demand, though the sup¬
ply of some furnishings remained
very limited.
Cold weather fos¬
tered
increased
coats, fur
'Domestic demand for flour
come.
...
iinued
week
last
expand with total marketings- comparing ^favorably with
those of last year. Active demand
field prices steady at ceilings; Out¬
to*
?
and mixed
harrow
:,'
were
trading dropped beloW that of re¬
This in part reflected
holiday influences and to some
'
cent weeks.
.
!
1944
remained
offering
in
^
anticipated—759,806
.■;/;
:
■
,
.
^
^andt. skin, markets were
quiet last, week as trading on the
new permits did not become ef¬
fective
until
Nov. 26.
Cattle
Slaughter during October" set an
all-time high monthly record Of
1,583,697 head. The shortage in all
types of leather remained acute
with no/immediate improvement
in sight.
/ ■■'
Wholesale
.
Business' ih
domestic
volume
previous week;
from
at
last
6
to
it
above
a
hard
and
goods.
Department store sales oh a
country-Wide basis, as taken from
9%
in the preceding week.
pics * were
the
four
mill
areas.
Wholesale
Reaches
New
Price
Index
Peak
25-Year
—-
Continuing, its gradual uptrend af
ended
obtained
for the
year
an
increase of 11%.
with the pace for
country and notwith¬
standing a spell of bad weather,
retail trade here in New York the
keeping
most of the
past week moved 'sharply upward
past few months, the whole¬
with the Close approach of Christ¬
sale food price index, compiled by
mas.
In the wholesale field no
t)Uh & Bfadstreet, Inc., rose one
dent to stfend at $4.16 on Nov. 27. change of consequence was noted
in the existing poor supply situa¬
This represented a new high level
tion of textiles, Wearing apparel
since Oct. 14r1920 when it stood
and accessories.
A slowdown took
at $4 J 7, and marked a/ gain of
2.2% OVer* the 1944 comparative of place for the week in wholesale
$4.07.
Chafiges
for the ; week f.oOd volume following the holiday
bt'bught advances for oats/, pota¬ demand, but sales nevertheless
toes, shcqp and lambs. Rye showed
were above the figure for a year
the only decline.' The index; rep¬
resents1 the sum- total of the price ago. As regards retail food vol¬
the
From
;
pound of 31 foods in general
-'
Use,
,
..
(
./;
_
■
further
ume,
shown.
" increases
were
1. Over the five .years,
i
./Wholesale
Cold
snaps
and
and
Retail
Trade-
the approaching
Christmas holiday helped to main¬
tain
this
the
volume
of
retail
week moderately
trade
serve
Bank's
store sales
index,
in New York
the
increased 15% above the
preceding week with volume
ex-
riod of last year.
with
corresponding week of 1944, states
preceding
Bun. &
weeks ended Nov.
Bradstreet,
Inc.,
Weekly review of trade.
areas
in
its
In strike
incomplete reports indicated
City for
the Weekly period to Nov. 24,
deeding the very high level of the
rose
an
increase
week,
Re¬
department
above
,
spent
abroad
the Gov¬
$13,045,-
1945,
same pe¬
This compared
of
13%
For
in the
the
four
was
vitally needed food
purchase
materials
and
and
similar
a
amount to pay U. S. troops over¬
by 13% and for the year to
financial
special
be
to
for
Detailed reports are availonly ,on the $5,600,000,000 re¬
ported through March 31, 1945.
These figures mirror the wide
diversity of the Government's war
period foreign transactions.
Ef¬
fective prosecution of the war
depended not only on strictly mili¬
tary operations but also on a great
variety of supply and financial
transactions.
The United States
contributed to the combiVied allied
able
On
060,000,000, comprising mainly
home
mittances
arid
by U.
payments for
Outstanding
credits
further
totalled
$494,000,000 On June 30.
3,000 installations ac¬
quired at a cost of $2,413,000,000,
were
reported held abroad by
Over
4.
Government agencies on June 30,
military strength by lend-leasing
1945. Military installations (main¬
and
under
terials
were
Credits
were
not included in the
facilitate
5. On June
supplies
reported costs.
30, 1945, inventories
and materials held
assist
totalled
agencies
nonrailitary
by
$167,000,000.
Scarce met¬
the bulk of these
shipping
available,
becomes
S.
re¬
troops
goods sold to
of the $4,400,-
000,000 of food and materials pro¬
Tjy S. Supplies Shipped Abroad
6. Lend-lease
In view of the
and
Over
$29,000^00,000 of the
was
total
went
to
U.
S.
S.
Data
R.
on
for
or
through mid-1945 have previously
would involve major inconsisten¬
cies
releasee) by FEA.
In addition, civilian
7.
Ended Dec. I, 1945
10.6% Below That for Same Week Last Year
The .Edison Electric Institute, in
its current weekly report, esti¬
that the production of electricity by the
power
industry of the United States for the week
was
in 1944.
*
^
• PERCENTAGE;
'
1
»
DECREASE UNDER SAME WEEK LAST
:
4.0
Pacific Coast__
,
4.4
15.7
12.1
4.432,304
Aug.
4
Aug, 11
Aug. 18
,
—
25T-.*_*.„_—-
% Change
over 1944
+
4,399,433
4,395,337
I 4.415,368
3,939,195
4,116,049
4,451,076
4,418,298
—
the U.
S.
are
,
.
,
I.
1,423,977
1,476,442
1,490,863
1,499,459
1,674,588
4,264,824
8.2
4,359,610
75
4,359,003
1,505.216
1,819,276
.7.9
4,341,754
1,507,503
1,528,145
1,533,028
1,525,410
1,806,403
1,798,164
1,793,584
1,818,169
1,718,002
—
4,365,907
—
—
4,345,352
—
4,358,293
—
—
9.6
4.382,268
9.9
4,4*5,405
9.7
4.452,592
'
—
Dec.
4,354,939
—10.5
4,413,863
—10.2
4.482,665
—10.5
4,513,299i
—12.1
4,403,342
1,510,337
4,524,257
—10.6
4.560.158
1,518,922
1,563,384
4,538,012
8
Dec.
4;616,975
22
Dec.
29
4,566.905
4,612,994
4,295,010
1,554,473
1,414,710
4,225,814
4,337,287,
1,619,265
4.563,079
Dec.
-
1,798,633
1,824,160
1,815,749
1,475,268
4,368,519
1,777,854
1,531,584
4,450,047
1,806,259.
1,792,131
1,520,730'
4,396,595
3,984,608
3,841,350
4,042,915
*
—
3,899,293
3,948,024
3
10
17
Nov, 24
Pec,
the supplies so obtained
considered reyerse lend.-
1,733,110
1,750,056
1,761,594
6.6
4,375,079
4,354,575
.
1,729,66T
1,431,910
1,436,440
1,464,700
4,322,195
4,018,913
4,038,542
—-
1932
1,415,122
4,229,262
4,358,512
—
.
1929
1943
4,240,638
4,287,827
7.5
4,394,839
4,377,339
4,028,286
3,934,394
10.2
4,350,511
—
—
11.2
10.5
6.8
4,227,900
—
12.3
f
6.3
4,414,735
3,937,420
abroad, and
1.6 1
14.2
0.8
0.5
—
3,909,408
4,106,187
...
;
—
4,137,313
1__:
0.7
0.5
—11.5
.
Sept. 8__—
Sept. 15_^.
27
comprised nearly half of all re¬
12.3
(Thousands of Kilowatt-Hours/
1944
1945
Oct.
ported procurement
4.8
1.8
14.8
15.0
10.6
DATA FOR RECENT WEEKS
Nov.
v
5.8
13.0
—-—
_______—
16.5
0.8
——
Week Ended—;
Nov.
4.9
12.3
■-
Total United States____——
Nov.
12.9
3.7
.
3,914,738
Cuba
Nov; 10
6.4
.
4.4
1.4 •
Rocky'Mountain—
6
7.1
5.7
12.8
Central Industrial-——
Sept.
- -
Nov. 17
NOV. 24.
'
Middle Atlantic-,^—_________—i
West Central
YEAR
Week Ended
——
Dec. 1
Major Geographical DivisionsNew England-^---------—
13
(especially
ended Dec. 1,'
approximately 4,042,915,000 kwh., which compares, with
4,524,257,000 kwh. in the corresponding week a year ago, and 3,841,the
350,000 kwh. in the week ended Nov. 24, 1945.
The output for
week
Week ended Dec. 1, 1945 wfes 10.6% below that of the same
1945,
20
Chile).. Metals and minerals
electric light and
mated
Oct.
by
ih logic fend serious double
counting.
relief
Electric Output for Week
Oct.
lease.
country^
combined,
countries
been
from Canada and the Amer¬
cases,
all
it
o| +
obtain one over-all
figure for each
summary
lend-lease
reported,
emphasized that addition
the figures to
Common-
British
Wealth, and $10,000,000,000 to the
widely differing
asset-holdings
$42,021,000,000 on June 30,
1945.
talled
nonmilitary Government agencies
most
inven-j
character of the transactions
basic
aid furnished to¬
Sept. 29
1 In.
installations and
tories of supplies.
Oct.
Republics
acquired abroad
this Government
numerous
cure^ abroad since July 1, 1940 by
ican
liberated or occu^
military operations. Furthermore,
Sept. 22
2. Over two-thirds
and
to
supplied
to
or
soid abroad.
Aug.
Other countries,
came
Civilian
avoid disease and
Which Would have impeded
areas
unrest
stockpiles, which
and
procurement
allies.
our
pied
being brought to the U. S. as
are
-abroad.
procured
extended abroad to
armed forces/in
als, minerals und fibers comprised
and
distributed, primarily by out
were
abroad
a
In
Essential food and ma¬
services.
reverse
lend-lease (especially in the Brit¬
ish Commonwealth and France) is
of
as
services.
needed
by reverse lend-lease supplies
The value of instal¬
received
well
as
turn, the United States was helped
the Atlantic-Caribbean de¬
lations
of
planes
of guns,
material
other
variety
re¬
ported in the Pacific, in Canada,
on
quantities
great
ly airbases and port facilities) ac¬
counted for over 95% of the total
expended, with iargest costs
$6,250,000,000, mainly
tries.
$433,000,-
assistance,
established,-
Receipts abroad totalled $4,-
seas.
24, 1945, sales
date increased by 13%.
estimated at
from British Commonwealth Coun¬
000 had been extended to foreign
nations
(primarily
China)
as
Southern States—
to
■
According to the Federal
Another
re¬
through June 30, 1945, is
ceived
totalling
concerns
sum¬
000,000 of which $4-$5 billion
.
■
was
hemi¬
also quote:
ernment
Cross,
dsibursements.
the' western
in
Secretary Wallace's
mary we
t,
per.
loan
sugar,-rubber, and fibers. A large
portion of these commodities
procured abroad have been resold
to private buyers
in the U. ■ S.
thereby recouping the Govern¬
ment's outlays. Uncompleted U. S.
contracts to purchase further sup¬
plies, totaled $786,000,009 on June
30, 1945.
For
Nov.
to date showed
$639,000,000.
sphere.
The major commodities
procured
Were
scarce
metals'
24,
1945, sales increased by 10% and
,
and
Over two-thirds of the total
period of last year.
This
compared with a like increase of
weeks
S. Government
already
abroad
in¬
same
In
Food
Board's
1945, increased by 9% above the
but
■
Reserve
dex for the week ended Nov. 24.
some
'
Federal
The U.
i
paid $159,000,000 to
European countries for special
currency used as net troop pay.
Nonmilitary Agencies—The $6,501,000,000 spent by nonmilitary
agencies
represented
primarily
procurement of food and materials
heretofore.
eries of men's wear worsted fab-
improvement was said to
have taken place due to a gradtial upturn in labor forces in wool
has
in many lines are being received
in even smaller quantities than
the
currency
U. S>. troops abroad
pay
abroad,
Shipments
'bf fine and medium grades were
in good spot demand. Buying in
Australia, New Zealand, and Ar¬
gentine was reported fairly active*
In woo! piece goods lines, deliv¬
Such
(roughly
the amount
paid
to
troops, overseas, less the^ amounts
remitted home); the foreign gov¬
ernments agreed to provide free
to the U. S. the currency used in
procuring needed army supplies
year
salers and manufacturers of both
soft
of
amount
used to
Total sales continued close
to record highs in most fields With
stocks reported spotty.
A very
large volume of retailers' new
orders continued to reach whole¬
wools in
schedule
in certain liberated countries
net
ago.
/wools by the CCC. Foreign wools
behind
disburse¬
Navy De¬
and in
week;
UNNRA
Red
Reverse Lend-Lefese Received
1945, Govern¬
30,
and
ernments
fense bases.
use
remainder
the
through
American
8,~Reverse Lend-Lease aid
agencies had loans fend ad¬
vances outstanding to foreign gov¬
and
currency)
the
Lend-Lease.
ment
cupation"
ra¬
estimated
was
10%
June
On
times termed "invasion" and "oc¬
maintained at the level of the
was
the, Boston market remained ex¬
tremely Quiet as dealers awaited
announcement
of
new
price
schedules for domestic stockpile
"
year,
Germany, Japan, and Italy
a/year ago. Regional per¬ without. concurrent payment of
centage increases were: New Eng-:
U. S. dollars, Except in occupied
land 3 to 7 r East 7 to 12,: Middle
areas such as Germany and Japan,
West 1 to 4, Northwest 6 to 11,
the U-S. has agreed to pay dollars
South. 12 to 15, and Southwest
to the foreign governments for the
feiid Pacific Cofest 5 to 9.
reported by the Census Bureau,
considerably larger than the
had
Remittances
however,
have equalled about two-thirds of
all current pay to troops over¬
seas/and represent the major re¬
ported receipt abroad.
.
,
The "special"
j currency (some¬
estimated to be front 6 to 10%
was
was
bales.
families, War Bond accounts, etc.,
at home which do not represent
above
Cotton consumed during October,
trade *
directly to
tioning resulted in quick sales of
choice cuts.
Some food Supplies partments are in addition to reg¬
ular dollar disbursements.
They
reported scarce, including
reflect arrangements under Which
butter, fresh eggs, milk, soap, and
the United States armed forces
pork products.
/ -V* />■'/'://
/.'//;
obtained foreign
currencies for
Retail, volume for the country
"Loah and Purchase Programs due
to
Current
high market values.
.
pay
were
good volume and littie cotton w;as
reported entering the Government
as
The end of meat
3.
commitments
payments
abroad.
home over the past
of
furnished
European countries, received most
of the total.
These figures dd not
include supplies furnished under
which settlement terms remained
ments by the War and
tive
Farmers'
week.
$5,000,000,r
and allowances allotted
House-*
at
Spot markets were seasonally ac¬
with mill buying moderate.
,
were scarce.
Most
-
wps
Resulting U. S. Assets Abroad
cluding the large amount 6f
and
r
vious week, volume was estimated
10 %
above
the ■ comparable
C*tent, cauti6usness' among tradresulting
from
uncertainty
Concerning the parity price legis¬
lation now. pending in Congress.
ters
r
skates
goods, especially dishes and
cooking utensils, sold iri increas¬
ing volume.
Demand for fur¬
niture continued heavy. However,
stocks of dining room and bed¬
room sets were low*
v ■;*
;
Despite a slight drop ih food¬
stuffs last week below the pre¬
volume of
as
roller
as
around
ments.
t
000 hfes been put irj the pockets Of
U. S. personnel overseas,not in¬
ware
increase but stocks remained
limited.. \//'1 ■ •'' v"
,,''r/*
Cotton ; price movements
such
electric trains
pork fat showed
put of lard '"and
some
,
items
that
timated
occupied areas and
recipient govern¬
to
and
abroad.'
dollar cost to ,the U. S. It is es¬
no
more available and
variety this year thafi in
the past two years, though qual¬
ity and price have? risen,
Metal
were
and
billed
toere
$6,544,-
000,000 of dollar disbursements
reported by the War and -Navy
Departments was mainly for over¬
seas pay, to
troops, supplies and
materials, fend Installations.
An¬
other $ 1,610 million was spent in
"special" currencies, obtained at
in better
con-
$8,985,006,000.;
thus
Military Agencies—The
.
'Toys
-
markets
were
fabrics in quantity whenever they
were offered.*
'/:./'/ ■';/- "'./
;
iremamed very light.
/
Receipts of hogs at principal
Wester^
an
civilian disease and unrest in lib¬
erated
045,000,000 abroad from July 1, 1940 through June 30, 1945 on the
basis of reasonably complete re-^^ports; $3,765,000,000 Of this total sugar, rubber and fibers another
was spent in. the yeatf ending June
quarter of the total. On June 30
30, 1945. Dollar receipts Ovep the Government
agencies
reported
five year period were $4,060,000,- $786,000,000 of commitments to
000.
Net
dollar
disbursements buy
additional commodities
call for top¬
hats, muffs, fend bags.
s
Demand for sportswear for chil¬
.prices continued at ma^irhum dren and adults was strong* The
/ ceiling'levels. Rye and Oats de¬ Christmas rush was noteworthy
veloped irregularity after reach¬ for jewelry, gloves, * handbags,
ing new seasonal highs early in neckwear, bedroom slippers, ho¬
the period. Reflecting inability to siery, and handkerchiefs.
The promotion of piece goods
; secure sufficient cash wheat, for¬
eign demands for flour have been depended upon stocks on hand.
/stepped up considerably and mills Wpolen goods were particularly
have enough orders on hand to scarce, Customers eager to make
operate at capacity for months to hand-sewn Christmas gifts, bought
<
supplies shipped for use abroad
(mainly food and clothing) ex¬
ceeded $800,000,000 on June 30,
1945, when shipments were rising
rapidly.
Over three-fourths of
these supplies were shipped by
the War Department to prevent
Military and Non-Military Expenditures
The ten¬
of higher
.
2803!
•
1,806,225
1,840,863
1,860,021
1,637,683
1,542,000
given in the following
table.
,
'
'■
BOND PRICES
MOODY'S
■<
1945—
U. S.
Avge.
0»Uy
Govt.
Corpo-*
'
Yields)
(Based on Average
Averages
113.31
U7:00
120.22
113.50
117.00
120.22
113.31
117.00
120.22
120.22
116.80
119.41
120.63 * 119.41
117.00
117.00
117.00
110.70
110.88
110.70
119.41
117.00
110.70
113.31
117.00
117.00
110.70
113.31
117.00
120.22
120.22
123.S8
116.80
119.41
120.63
116.80
120.84
123.83
4^..
''
R.
Baa
A
Aa
123.92
Dec.
■
Corporate by Groups"
R*
P U.
Indua
Ratings*
Corporate by
Aaa
rate*
Sonds
30
123.81
116.80
29
123.79
116.80
120.84
119.41
120.84
113.31
116.80
110.70
123.76
116.80
28
119.41
117.00
120.43
tered in the farm
119.61
117.00
120.84
113.31
117.00
110.70
123.79
117.00
27——
117.00
110.70
113.31
117.00
120.43
119.61
the textiles and the
117.00
110.70
113.50
116.80
120.22
120.22
26i—.
123.78
116.80
120.63
24—
123.75
116.80
120.84
116.80
120.84
23
123.70
—
22——.
Stock
21
123.57
—
119.41
119.41
117.00
110.70.
113.50
116.80
116.80
110.52
113.50
117.00
119.61
117.00
110.52
>113.50
117.00
116.80
110.52
120.22
119.61
117.00
116,80
120.84
113.50
123.45"
116.80
19—
119.41
113.31
120.22
120.84
116.80
116.80
110.52
123.44
116.80
17—_:
119.41
113.31
120.22
120.84
116.80
116.80
110.52
123.44
116.80
16—
';
119.41
,116.80
110.34
113.31
116.80
120.22
116.61
110.34
113.31
116.80
120.02
113.31
116.61
120.02
-
15—
123.41
116.80
120.84
14
123.41
116.61
120.63
^
Li_
i±
123.41
12——
Stock
10
116.80
110.15
120.43
119.41
116.61
110.15
113.12
116.61
120.63
119.41
116.61
110.34
113.12
116.80
120.02
120.63
119.41
116.61
109.97
113.12
116.61
120.02
116.61
109.97
113.12
116.61
120.02
119.41
120.63
116.61
Exchange Closed
123.23
116.61
116.61
9—1—
8
'
123.28
123.28
116.61
123.27
:* "
116.61.' 120.63
' '
•'
119.41
.
119.41
Stock Exchange Closed
120.63
123.17
116.61
6
120.02
•
119.41
116.61
110.15
113.12
116.61
120.02
119.41
116.61
119.41.
113.12
120.02
116.61
110.15
123.05
116.41
2
120.63
116.80
116.41
109.97
113.12
116.61
119.82
-
123.03
116.41
120.63
119.20
.119.20
116.22
116.41
120.02
120.84
112.93
116.41
109.79
122.84
I 123.03
1
23
119.20
116.22
109.42
112.75
120.63
116.41
109.60
112.56
116.41
116.41
119.20
120.02
122.75
—.
116.22
109.24
112.37
116,22
120.02
16_——
Compiled by The National
122.81
116.22
120.84
118.80
115.82;
108.83
119.82
120.84
116.02
116.02
112.19
122.31
118.80
115.82
108.88
119.82
Sach Group -
120.84
116.02
116.02
112.19
122.19
108.88
112.19
21
121.97
116.02
Bears to the
118.80
119.61
120.43
116.02
115.821
108.70
116.22
108.52
25.3
7—
119.20
119.61
120.63
116.02
116.02
112.37
122.09
119.00
116.22
108.52
119.00
116.02
108.16
-119.41
120.63
115.63
115.82
112.56
121.91
119.00
116.22
17—
119.20
108.34
119.20
116.02
108.16
119.00
120.84
115.82
115.82
112.93
122.36
3
108.16
115.82
119.20
120.84
112.93
115.63
112.93
115.43
119.41
122.39
115.82
122.93
116.02
121.04
119.20
116.02
108.16
June 29—C.
118.80
107.44
112.19
107.09
112.19
114.27
119.20
106.04
111.25
114.27
119.20
106.04
U40.52
122.38
Mar. 31-
115.24
120.84
118.40
122.01
27
Apr.
115.04
114.85
121.04
118.40
114.85
121.92
114.66
120.02
118.60
119.41
118.00
113.70
113.89
118.60
113.89
109.24
26—-„
120.88
105.17
Jan.
113.50
117.00
108.52
1945-
123.9?
117.00
121.04
119.61
117.00
120.55
113.50
118.80
117.80
113.31
104.48
1946—
High
Low
Dec.
■
4; 194?_'i
Dec.
119.63
:i.110.34
118.20
115.43
(Based on
Govt.
Individual Closing Prices)
U. S.
Daily
BOND
•"
4.
2.81
•
1.49
2.61
2.81
1.43
2.62
-■
"
28
2.80
3.13
2.99
2.80
3.12
2.98
2.80
2.64
2.80
3.13
2.99
2.80
2.64
3.13
2.99
2.80
2.64
2.68
2.80
2.81
2.61
2.68
2.80
3.13
2.61
2.68
2.81
3,13
2.81"
2.62
..
2.64
2.80
2.81
1.49
.
•
2.99
2.64
2.80
2.63
2.99
2.80
2.63
2.98
3.13
2.64
2.80
2.99
...
2.80
2.99
i
2.81
2.64
2.64
1.49
2.80
2.61
2.67
2.80
26
1.49
-12.81
2.62
2.67
2.80
3.13
24
1.49
2.81
2;61
2.68
2.80
V"3.13
2.68
2.80
3.13
; 2.98
2.81
27-._^_
■
.
2.81
L
2.61
■ ■
23
1.50
22__„_
Stock
2.81
2.61
2.67
2.31
3.14
2.98
2.64
1.51
2.80
21
2.81
2.61
2.67
2.80
3.14
2.98
2.64
1.51
2.80
20
2.98
2.80
2.64
2.99
2.81
2.64
2.99
2.81
2.64
2.99
2.81
2.64
2.99
2.81
2.65
•
Closed
Exchange
19—:—
1.51
2.81
2.61
2.67
2.81
'3.14
17__-__
1.52
2.81
2.61
2.68
2.81
3.14
16
1.52
2.81
2.61
2.68
2.81
3.14
15
1.52
2.81
2.61
2.68
2.81
3.15
2.82
2.62
2.68
2.82
3.15
2.82
2.62
1.52
14
i
.
2.68
2.81
3.16
2.99
2.82
2.65
2.82
2.63
2.68
2.82
3.16
3.00
2.82
2.65
1.53
1.53
2.82
2.62
2.68
2.82
3.15
3.00
2.81
9—
1.53
2.82
2.62
2.68
2.82
3.17
3.00
2.82
8_______
1.53
2.82
2.62
2,68
2.82
3.17
3.00
2.82
1.52
13
12_^;
'
7
Exchange
Stock
-
Exchange;
Stock
6—_
Closed
:
2.65
132.8
133,2
155.2
All
160.8
160.1
*. 109.8
105.6
1154.7
154.7
154.1
127.5
126.2
126.2
118.2
118.3
118.3
119.9
119.9
119.9
105.0
105.0
105.0
104.7
141.2
142.0
141.7
139.4
—___
combined—
groups
126.1
2.65
3.00
^.81
2.65
3.60
2.82
2.66
2.68
2.82
3.16
3.00
2.62
2.68
2.83
3.16
3.00
1.55
2.82
2.62
2.68
2.83
3.16
'
follows:
—
Demand for Major Metals
24__„—
52.000
52.000
52.000
26_.
52.00(F
*52.000
5£000
27
52.000
52.000
52.000
52.000
52.000
52.000
M.
&
Metal and Mineral
J.
The
measure
been approved
has
the Military Affairs Commitr
tee in virtually the same form as
submitted a week ago by the sub¬
committee. So far as prices were
by
concerned, there was a little unsettlement
in
foreign
copper.
Quicksilver
several
and
spot
on
sellers
was
were
firmer
asking
$108 per flask minimum."
The
publication further went on to
in part:
say
-
.
Bureau of Mines
The
industry
reference
in
is
to the
Lead
for purchasing foreign
Some irregularity exists
e'i g n copper quotations.
.program
lead were allocated for
shipment.
Some con¬
would
like
to
obtain
more
metal, but the
2.62
2.69
2.83
3.17
2.83
2.61
2.69
2.84
3.18
3.01
2.83
2.65
2.62
2.69
2.84
3.20
3.02
2.83
2.66
2.62
2.69
2.83
3.19
3.03
Where
2.83
2.65
1.58
2.83
16—'_
2.65
deal, scattered business has been
transacted at a premium, but on
There were no new
business metal has
slight concessions.
remains firm.
Statistics released during the last
higher wages
*
copper.
9
1.57
2.84
2.61
2.70
2.84
3.21
3.04
2.84
2.85:
2.61
2.71
2.86
3.23
3.05
2.85
2.66
2-
1.61
1.63
2.85
2.61
2.71
2.86
3.23
3.05
2.85
2.66
1.65
2.86
2.63
2.71
3.23
3.05
2.85
2.67
21
1.66
2.85
2.61
2.71
2.85
3.24
3.05
2.84
2.67
14_______
1.65
2.85
2.62
2.69
2.84
3.25
3.04
2.85
2.67
1.65
2.85
2.61
2.70
2.84
3.25
3.03
2.85
2.68
3.03
2.87,
2.68
28
.
7_"—
1
.
2.85
•
f
o r
exchange
enters
into the
competitive
been offered at
The domestic market
mand for lead from
ducers
week
was
were
connection
in
domestic pro¬
active, but sales last
limited to 2,549 tons.
developments
with demands for
by Mexican miners.
lead
Domestic
duced 47,462
refineries
tons of lead
pro¬
in Octo¬
1.60
2.85
2.60
2.69
2.85
3.27
3.01
2.88
2.88
2.62
2.71
2.88
3.31
3.05
2.91
2.69
25——
1.64
in Sep¬
week by fabricators placed Octo¬
tember, and 42,997 tons in October
ber consumption of copper at 108,last year, according to the Amer¬
048 tons.
ican Bureau of Metal Statistics.
Output of brass-mill products After the summer slump in out¬
in the third quarter of 1945 Was
put, a sharp gain for October was
2.89
2.61
2.73
2.90
3.33
3.05
2.94
2.69
27
1.63
534,720,000
1.66
2.91
2.60
2.73
2.91
3.39
3.10
2.94
2.69
with
1.69
2.92
2.65
2.72
2.93
3.39
3.14
2.95
2.68
26—
1.77
2.96
2.68
2.75
2.97
3.44
3.21
2.96
'2.72
High 1945——
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1.47
2.80
2.60
2.67
2.80
3.12
2.98
2.80
2.63
31_™__^
;
24_______
1.67
2.86
2.62
2.70
2.85
3.27
1.67
2.86
2.61
2.70
2.84
3.27
3.03
2.86
17—
1.65
2.85
2.60
2.69
2.85
3.26
3.01
2.86
2.68
10_
1.64
2.86
2.61
2.69
2.85
3.27
3.01
2.86
2.70
1.64
2.86
2.61
2.69
2.86
3.27
3.01
2.87
,2.70
3__
2.7
July
June 29—
May
Apr.
Mar.
—
31—— —
Feb. '23—
Jan.
—
1945—
Dow
"
■
2.68
2.68
Dec.
4,
1944—
1.84
Dec.
4,
1943—
1.86
3.15
NOTE—
issue
of
lb., which compares
1,259,218,000 lb. in the sec¬
.
2.76
2.99
3.50
' 3.27
2.96
2.75
;
2.74
2.88
3.13
3.84
*
3.57
3.00
2.87
lb.
the basis of one "typical" boiid
<33/*% coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way ^he relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market. ♦These prices are
The
the
list
computed from average yields on
Used
in
"Chronicle'Von
compiling the
paga 2508,
,
averages
,
was
given in
the Nov,
22,
1945
against 35,923 tons
the market. Ex¬
noted here, in¬
port inquiry was
metal.
dispatch from San Francisco,
27,
said quotations were
unchanged at $100 to
nominally
December forward.
$101 per flask,
Silver
troy has
ounce
miners to
in
silver.
A
17
wages
in foreign
of 71.11c per
prompted Mexican
demand
a
40% increash
properties
at
pay
Dec.
basis
the
to
silver
.
advance
recent
The
is
strike
unless
an
to
producing
be
called
agreement on
is reached.
The New
York official
price of
continued at 70%c.
London market was quiet and
Moody's Daily
CommodityJudex
ber,
quarter this year and
2.71
2.99
again comes into
Nov.
believe that
producers will remain,
quantity
business
until
aloof
expected. Shipments by domestic
refineries totaled 44,347 tons in
1,155,- October, against 39,701 tons in the
,• •
, -• •
168,000 lb. in the third quarter preceding month.
last year, according to the Copper
Zinc
ond
Production in
1944 totaled 5,013,514,000
lb„ of
which 395,161,000 lb. was unal¬
loyed products and 4,618,353,000
2 Years Ago
producers
Domestic
foreign silver
Division
1 Year Ago
change at $107 @$110 per flask*
Representatives of foreign pro¬
ducers regard the market here as
too low to talk business, as prices
named abroad plus the duty are
well fn excess of the $107 basis.
no
authorities in
Washington are not disposed -to
release
additional tonnages. De¬
2.84
in
Buying interest in quicksilver
moderate, but prices showed
was
A
24,000 tons of
Slightly less than
V
Quicksilver
r*v
volving bonded
sumers
awaiting word
Government's
pound.
shortages.
.
tin, continued
Chinese, or 99%
at 51.125c per
foreign
December
Copper
—
against 756,597 tons in the Jan.Sept. period of 1944. The reduc¬
tion in output, amounting to 22%,
resulted from
severe
manpower
foreign
,
reports. Produc¬
the first nine months of
1945 was estimated 590,813 tons,
in
tion
23—!_
NOV.
Markets, in its issue of Nov,
major non-ferrous metals so far have re¬
postponement of deliveries as a result of
labor difficulties at consuming plants. Call for copper and lead has
not slackened, and continued recourse to imports is necessary to
satisfy the demands.
Early action on the stockpile bill is likely.
"E.
1.55
2.83
52.000
23—
29, states: "Producers of
ceived few requests for
1.56
1.55
52.000
52.000
High Level—Quicksilver Firmer
Continues at
23
.•
Holiday
22___—
Nov.
108.6.
30_______
1
Feb.
Jan.
Dec.
Nov.
__.
Nov.
2.65
2.62
2.82
remains
situation here
tin
The
unchanged. Quotations continued
on
the basis pf 52c per pound,
with forward prices nominally as
tNov.
1944,
2,
2.65
2.82
2.82
2
Oct.
130.4
"110.2
Drugs
2.65
\
2.82
1.54
:
157.9
132.8
Nov.
Dec.
Closed
1.54
;_
158.6
166,1
129.9
-
154.7
Machinery_^
Farm
.3
.
3__—___ '
5
165.8
166.9
129.9
119.9
and
Indus.
P. U.
2.68
1.49
29
„
2.68
1.49
30__L-'.-_
R. R,
Groups*
2.68
2.62
2.81
1.47
:
Corporate by
Corporate by Ratings*
Aaa
Aa
A
Baa
r
rate*
Bonds
Averages
Dec.
Avge.
Corpc-
167.3
110.2
—
Non-Ferrous Metals
YIELD AVERAGES
MOODY'S
1945—
118.00
LLL
113.12 115.63
occurred
113.89
108.16
'. ■■ 'L..O. ''L'
110.70
93.57 102.96
'■
;
104.14
113.31
117.80
113.80
113.31
120.00
Ago.--'';
tached to the drop
Fertilizers-
100.0
1944—
4,
2 Years
163.0
204.1
Materials
Fertilizer
.3
118.20
1 Year Ago
172.0
224.2
118.2
:
.3
113.70
Commodities..
Materials—I—
Chemicals
1.3
:
significance is being at¬
in exports that
in October. Exports for
the
Jan.-Oct.
period contained
35,475 tons of tin, against 32,494
tons in the same period last year.
173.3
160.9
Metals—
Building
6.1
swings in the move¬
and therefore no
wide
cause
228.3
132.8
.Textiles.
8.2
120.43
110.88
163.1
special
163.1
153.1
•
129.5
'
.
L: ' ;
ment of minerals,
145.1
162.0
:
Miscellaneous
10.8
119.41
114.08
23—
114.46
Feb.
144.4
146.6
.
229.1
;
•.
Fuels
17.3
119.20
115.43
120.63
114.85
122.29
115.43
May 25_
144.6
146.6
'
119.00
27—
July
144.9
170.3
Livestock
*
Year
Ago '' ■■ ■ Ago
Dec, 2,
1944
Nov. 3,
1945
167.3
Cotton.'.-.;
'•
:
contained 2,786 •
which compares
with
4,625
tons in September.
Shipping schedules frequently
Nov. 24,
1945
163.1
Grains
'
■
"
concentrates frorp.
Exports of tin
146.6
___1.
Oils
and
;
metric tons of tin,
Dec. 1,
1945
'
,
Products..
Farm
23.0
Tin
144.7
■
Cottonseed Oil--——--
"J.
:♦.• ,v•
'
'
Bolivia in October
Week
Week
\
Food___"
119.41
121.04
115.82
116.02
112.93
122.14
116.02
10—
L
Latest Preceding Month
>
,
.Y'V'Lvy
a;.-
Group
Fats
119.41
120.84
115.82
115.82
112.56
121.91
108.16
...
yy
119.41
120.84
116.02
116.02
112.56
122.09
24
Aug. 31-
'
Fertilizer Association
Total Index
118.80
119.61
120.84
116.22
116.02
112.19
121.98
116.02
14—
%
T':
analysis."
1935-1939=100*
9——
*
and 5 ad¬
in the sec¬
v
2—,
'
time to come.
some
PRICE INDEX
WHOLESALE COMMODITY
WEEKLY
119.00
Sept. 28—
revised to meet the
supply-demand conditions, which
are
not expected to change for
ulation 32 was
chemicals and drugs groups
During the week 8 price series in the index declined
vanced; in the preceeding week 1 declined and 4 advanced;
ond preceding week 5 declined and 4 advanced.
y
119.82
120.63
116.41
116.22
'
30—4-
Oct.
the week reflected the declines regis¬
products, foods, and fuels groups; the advances in
week. Priorities Reg¬
nounced last
did little to offset the
Tungsten
products* group showed the greatest decline dur¬
ing the week with the new high point of the cotton index being much
"Prices
are
being fully main¬
more than offset by the sharp downturn of livestock quotations.
Hog tained on tungsten ore containing
marketings expanded sharply during the week and for the first time no objectionable impurities. Busi¬
since January the supply exceeded the demand and/Together with
ness
has been transacted in do¬
labor shortages, forced price recessions considerably below ceiling
mestic ore on the basis of $24 per
prices. The prices for good and choice cattle were also lower. There short ton unit1 Of WO3.
South
was an increase in the prices for sheep.
The foods index declined American ore containing some
fractionally with lower quotations for potatoes and dressed fowls.
molybdenum has been available at
The fuels index'was lower because of a decline in the price for
$22.75, and possibly a litfle les£f
bunker oil.
The textiles index, advancing fractionally, reached a new but as extra treatment charges are
all-time peak.
The chemicals and drugs index advanced substantially entailed, the cost to the buyer
reflecting higher prices for denatured and ethyl alcohol and for gly¬ would approximate the price paid
cerine. ' All of the remaining groups of the index were unchanged.
on
domestc ore of "good known,
120.02
120.63 '
113.12
116.61
110.15
123.11
116.41
3———
51—
The Bureau
The farm
declines.
120.22
120.84
123.47
20-
,
sharp decline during
The
120.22
119.61
Exchange Closed
120.84
116.80
'rate as in
same
the 1935-1939 average as
141.7, and a year ago at 139.4, all based on
The Association's report added:
•
.
100.
120.63
Nov.
again, itvis.
Crops Sharply
bond yield averages are
bond prices and
computed
Moody's
6, 1945
thought,, but not at the
recent months.
1
of Mines estimated,
Consumption of slab zinc in Sep¬
Index
tember
at
53,533
tons against
The weekly wholesale commodity price index compiled by-the 59,054 tons in August.
National Fertilizer Association and made public on Dec. 3 dropped
Cadmium
sharply for the week ended Dec. 1, 1945, to 141.2 from the hignest
A specific inventory limitation
point of the index, 142.0, which it had held for three consecutive
of 45 days was imposed on cad¬
weeks.
This is the first downturn in the index for ,11 weeks; in seven
mium, owing to the tight supply
of the 11 weeks the index advanced steadily and the other four weeks
situation in this metal, CPA an¬
the index remained unchanged.
A month ago the index stood at
Commodity Price
National Fertilizer Association
Yield Averages
Moody's Bond Prices And Bond
December
Thursday,
FINANCIAL CHRONICLE
THE COMMERCIAL &
>*2804
alloyed
bronze,
.
of
Mine
CPA.
products,
as
brass,
production
United
States
of
in
copper
in
of zinc during
operating on a re¬
However, most pro¬
mills are still
duced
etc.
September,
in
terms
of
recoverable metal,
was
57,526 tons, which compares
with 60,710 tons in August, the
the
No¬
vember has centered chiefly in
galvanizing-and die casting. Brass
L Consumption
ducers
of
scale.
believe
zinc in the
been
that
larger than that
October.
consumption
current month has
Stocks-
recorded for
increase
will
The
unchanged at 44d.
Tuesday, Nov. 27, 1945—.
Wednesday, Nov. 28—
—
.264.0
264.0
—264.0
264.1
—.
264.2
Monday, Dec.~3.;_.—————
' 264.4
Tuesday, Dec. 4—1—
._
26415
Two
weeks ago,
Nov, 20__^
263.6
Month
ago,
Nov. 3-___i_.i-._-,
264.4
Year ago, Dec. 4-———
——' 248.7
1944 High, Dec. 31—' 254.4
Low, Not, T—1
i
—
'245.7
Thursday, Nov. 29—
Friday, Nov.
30_
Saturday, Dec. 1.^
_
1945
High,
Dee.
Low,- Jan.
4„______
2L-—
_
264.5
252.1
Volume* 162
4444
Number
Trading
,
\
'
i
,
,
,
•
The Securities and Exchange Commission made pubHtfon Nov.
:
28 figures
showing the volume of total round-lot stock sales on the
Exchange and'the New York Curb Exchange and
New York Stock
volume
the
of
round-lot
members of .these
transactions
stock
for
Commis¬
in these
sion.
figures.
7
.
.
^.
'<
,
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Nov. 10 (in roundlot transactions) totaled 2,764,192 shares, which amount was 13.76%
of the total transactions on the Exchange of 10,041,780 shares.
This
with member trading during the week ended Nov. 3 of
3,075,565 shares, or 14.24% of the total trading of 10,798,800 shares.
On the New York Curb Exchange, member trading during the week
ended Nov. 10 amounted to 1,211,660 shares of 11,39% of the total
compares
shares.
During the week ended
account of Curb members of 946,065 shares
10.16% of the total'trading of 4,657,695 shares.:, ;;
■,.y,
volume
that Exchange of 5,319,240
on
Nov. 3 trading for the
was
Sales
Total Bound-Lot Stock
/
of
Account
for
Members*
NOV.
ENDED
WEEK
10,
(Shares)
\
t
>
9,754,060
V
.
Total sales—.
Members, ;//
for Account of
;
a
"Other
for fresh fruits
Commodities
and
vegetables led the advance
Prices of butter continued to
There were
few
price changes for
during the week.
Building materials rose 0.1%
as a group because of price increases for common brick, turpentine
and yellow pine.
Some Oklahoma refineries reduced gasoline prices
below ceiling.
The >group jindex for all commodities other than
Labor
Department
following
the
included
notation
-"yV-7 / " -7
'
j
/:v.":
as preliminary and subject to such adjustment
required by later and more complete reports.
as
following tables show (1) indexes for the past three weeks,
25, 1944 and (2) percentage changes in
Oct, 27, 1945 and Nov.
WHOLESALE
831,030
190,160
.
PRICES
•'
•'*
A
v.;'!
.J
>
24,
NOV.
ENDED
WEEK
FOR
(1926
'•
*
' vL'
'
s
•
■
■'
Other transactions initiated
1.
I
^
+
7 Total sales
=
7/'
'*•'
,v
10-27
11-25
1945
1945
1945
1945
1944
1945
1945
106.3
106.1
105.7
104.1
'+ 0.4
+ 0.9
+
132.1
130.3
.129.5
127.7
124.1
+
107.2
108.7
j
119.1
100.5
,
+7
-
2.5
tOther sales
1
,
Round-Lot
Stock
Sales
Transactions
the
New
.
.
WEEK ENDED NOV.
.
10,
—.
118.6
118.6
118.1
116.4
95.6
95.6
95.5
95.5
106.4
106.3
+ 2.5
+ 3.5
1Q6.1
6.1
+ 0.5
+
0.1
+
+
0.1
+ 0.3
0
+ 1.2
-
94.6
94.6
94.6
94.6
118.6
117.4
114.1
Manufactured products—.
102.3
102.2
102.2
101.1
101.0
100.8
.
o
...
0.8
5.3
+ 0.9
+ 2.4
+
0
+ 0.1
+ 2.2
+ 0.1
+ 0.4
+ 1.1
0
+ 0.3
+ 1.4
0
+
0.2
+ 1.4
94.7
101.9
101.1
-
0
:
93.5
119.1
+
0
+
94.8
106.4
13.76
products
101.2
wad
Exchange
NOV, 17,
98.9
FROM
for Account
Fruits
and
Other
V
farm
0.4
8.5
Dairy
2.8
products-—
Cereal
Products
0.2
Other
foods
0.1
products
——
__
Decreases -Y1:
Grains: —1—_
Transactions of specialists in stocks in which
they
are
.•. .•
0.4
___ __
Livestock
0.2,
poultry.
and
>•',
reglstereu—
■
Total purchases..
/.'/'/
■'
v;;1
326,265
Short sales— _.—
tOther sales__
r- Total sales;
30,115
240,530
I. Other transactions initiated
''Y
Total
'
'
■
floor—
-__i._____l.-4,
purchases—
101,880
•;*rShort sales-.;
*
..
the
on
5,700
tOther sales
?
Sivil
<
5.61
270,645
4,4—
Civil
131,505
;
States
——
;
t. Other transactions initiated off the floor-—
Total purchases
;
i_.
-
"
,»;■
.
73,350
Short sales—
'
.
_
____
tOther sales
____
week's volume and
230,365
—
,
:
•
Total-sales—
Total—
1.
Total
/:
,
i
••
302,315
._
3.53
total
A
Short sales——
r"-.
501,495
:
.-
47,765
;
tOther sales—
is
——i__—-
0.7%
below
the
United
1945,
as
re¬
This week's
1944 week.
The
previous four-week moving average.
y
greater than last week and 313%
.
Its total for
Private construction continued to climb this week.
:
the week is 39%
710,165
Odd-Lot Transactions for Account of Speciallsts-
greater than the
Public construction is 5% greater than
(
Customers' short sales
1
_
.
fCustomers' other sales
*The
■...
firms and
tin
term
"members"
calculating
includes
all
regular
and
associate
these
total
of
on
the
Exchange
volume
tRound-lot
rules
are
short
included
percentages
includes
sales
with
greater than the 1944 week.
than last week's
Exchange
members,
their
only
which
"other
the
members'
the
purchases
Exchange for
and
the
sales
reason
is
that
to
greater
sales.
are
sales."
exempted
from
restriction
by
the
Commission's
total, is 66% less than the week last year.
greater than last year.
SSales marked "short exempt" are included with
"other, saies."
-
>
Nov. 4, 1045, Lalsor
is down 52%
7
Reaching the
commodity prices
highest level in nearly 25 years, the index of
in primary markets prepared by the Bureau ofLabor Statistics, U. S. Department of Labor rose 0.4%
during the
week ended Nov. 24, 1945, said the advices from the Bureau on
Nov,
29, which added that "the rise was due to continued advances in
prices of agricultural commodities.
At 106.7% of the 1926 average
the index was 0.9% higher than four weeks ago and 2.5%
late November, 1944," said the Department, which continued:
7
above
"Farm Products and Foods—Continuing the uninterrupted ad¬
average market prices of farm products
vance of the last ten weeks,
1.4%
during the week chiefly because of increases for fresh
fruits and vegetables.
Apples were up nearly 5% and potatoes and
onions also were higher on holiday buying.
Prices of citrus fruits
moved up sharply with the removal of ceilings.
Quotations for eggs
and cotton rose fractionally.
Grain prices declined on the average
with lower prices for oats, reflecting, ample supplies,.
Rye quotas
rose
from last year due mainly to the
Re-Elected Directors of
construction—
and
__—_.
_
municipal-—..—_
$59,622,000
45,444,000
14,178,000
6,893,000
7,285,000
Federal
Minneapolis Reserve
Adviees
W.
from
Chairman
of
the
classified, construction
the
30,1944
$46,143,000
$35,953,000
32,662,000
11,014.000
13,431,000
8,096,000
5,385,000
24,939,000
3,694,000
21,245,000
groups,
five
of
the
,
and
irrigation, industrial buildings, commercial buildings and unclassified.
and commercial
week last year,
buildings showed strong gains over the
smaller gains were made by . waterworks, earthwork
and irrigation and
and
is made
up
of $6,509,000 in State and
corporate security issues.
cumulative volume to
of
following
the
da^ the
reelected
were
of
rectors
Reserve
the
Minne¬
election which closed that
di¬
as
to
Bank
for tlie three-year term be¬
serve
ginning Jan. 1, 1946:
F.
'
-
D.
McCartney,
Executive
Vice-President, First National
Bank, Oakes, N. D., to serve as
director—reelected
A
by
banks in Group 3
(those
having combined capital
surplus of $75,000 and less).
and
Ray C. Lange, President, Chip¬
Canning
Co.,
Chippewa
Wis., to serve as class B
director—reelected
by
member
banks in
Group 2 (those banks
having combined capital and sur¬
plus not exceeding $250,000 but
in excess of $75,000).
/
,
Falls,
NYSE Odd-Lot Trading
Securities
The
and
Exchange
Commission made public on Nov.
28
for the week ended
summary
a
Nov. 17 of
ing
the
complete figures show¬
daily
transactions
account
odd-lot
special¬
odd lots on the
ists who handled
York
New
stock
of
volume
for
of all odd-lot dealers and
Exchange,
Stock
con¬
tinuing a shries of current figures
being published by the Commis¬
sion. The figures are based upon
by
the
Commis¬
with the
filed
reports
odd-lot dealers and
specialists.
LOT
ON
SPECIALISTS
STOCK
THE
N.
Nov.
17, 1945
of
For Week
34,060
1,040,830
orders
Number
of
sKares:
Y
,7
Total
Odd-Lot Sales by Dealers—
value
Y.
EXCHANGE
Week Ended
Dollar
ODD-
ODD-LOT DEALER®
ACCOUNT OF
AND
THE
FOR
TRANSACTIONS
STOCK
—_
$41,333,549
:
(Customers' sales)
Number
of Orders:
Customers'
short
sales
"Customers'
other
sales___^
202
30,938
Customers'
total
Sales
31,140
of
Number
Shares:
short sales—„
totals $12,490,000
municipal bonds and $5,981,-
The week's financing brings the 1945
$1,752,837,000,
a
4% gain
reported, fo* .the, 48rweek period of 1944.
over
.
6,738
Customers'
858,308
sales—
other
total
,
.
Customers'
Dollar
the $1,684,869,000
sales
865,046
7—
value
$33,201,166
Round-Lot Sales by Dealers—
Number of Shares:
Short sales
130
—
■'
tOther sales
Total
unclassified.
; New capital for construction purposes this week
000 in
Coffey,
of
nine classes
Vegistered gains over last week as follows: sewerage, earthwork
Industrial
C.
board
Bank
^Customers'
In
y
Odd-Lot Purchases by Dealers—
Public construction
State
in
6
$1,306,133,000.
Number
volume for the current week, last
Nov. 29,1945 Nov. 22,1945 Nov.
_
sim¬
a
Dec.
on
(Customers' ourchases)
week and 1944 week are:.
Total U. S
Sept. Reports
municipal constructoin is
31% drop in Federal work.
Private construction
bills
gain over the like
52%
The public construction cumulative total for
State and
Civil engineering construction
Whelesda Prices Rose M% in leek Ended
maturity of
a
of
the amount of
sion
brings the 1945 cumulative total
Cumulative volume for private construction is 179%
than last year.
the 43-week period
'
15% below last week but is 87%
$2,051,399,000 for the 48-week period, a 25%
period of 1944.
State
Federal construction, while 35% greater
The current week's construction
7
including special partners.
compared with twice the total round-lot volume
compared with the week last year.
and municipal construction dropped
0
123,666
_
their partners,
last week but is down 43%
129,526
___
.
Total sales
11,39
123,526
Total purchases
1
continental
This volume is 29% above last
above that of the
66%
corresponding week of 1944.
"
in
662,400
.Total sales—;
©.
volume
report issued on Nov. 29 went on to say: //77
'
/'Y 7
.
purchases
construction
$59,622,000 for the .week ending Nov. 29,
ported to Engineering News-Record.
11,950
____
Y:
,
Engineering Construction
Totals $53,622,CSS
engineering
totals
2.25
137,205
Total .sales—
/
was
issue
pewa
*
"
1.
ilar
banks
la-
vegetables—-
Member's:7
of
•
of the amount bid for at
price was accepted.)
low
member
5,319,240'
Round-Lot Transactions
■
per annum.
class
7/
24/ 1945
Increases
t*
55,285
Total sales
V
B.
f
INDEXES
SUBGROUP
to NOV.
1945
100.1
100.2
100.3
IN
CHANGES
PERCENTAGE
■
.
100.3
products and foods
BUtk
(Shares)
99.7
••
than farm
Bfick and tile
,
*
.
apolis, Nov. 20 stated that in the
0
96.7
5,263,955 7"
_______
,
Low, 99.905, equivalent rate of
discount
approximately
0.376%
+ 2.0
103.9
96.8
Total for week
' •'
Short sales
tOther sales..
per annum.
Federal Reserve
105.2
1945
'
Total Round-Lot Sales:
U
High, 99.908, equivalent rate of
discount
approximately
0.364%
+ 1.3
105.3
106.4
1
.
competitive
-
..
0.1
105.3
96.8
Members*
annum.
accepted
+ 1.2
0
96.8
York -Curb
of
Account
per
of
—0.1
83.6
Semimanufactured articles
1,421,152
on
for
Range
bids.:.
+ 2.1
120.2
AJ1 commodities other
Total
ly 0.375%
+ 1.6
84.7
1,169,092
;
Total sales
Average price, 99.905-f ; equiva¬
approximate¬
lent rate of discount
0
118.7
Raw materials
+ 6.4
All commodities other than farm
'
.
$2,163,314,000.
Total
accepted,
$1,303,377,000
(includes $48,699,000 entered on a
fixed price basis at 99.905 and ac¬
cepted in full).
+ 0.6
84.5
-
252,060
?
Total applied for
0
84.6
Miscellaneous commodities
1,343,040
.—4—,-
as
o
•
105.3
J.
3.4
+
*
84.6
lighting materials
Housefurnishing goods
.,v
• ■
.
3.
are
98.9
99.9
'
1.4
+ 1.4-
105.0
>116.7
119.1
119.1
100.5
Building materials.
3.67
106.0
107.0
119.1
100.5
Chemicals and allied products
__
Dec.
on
1944
106.7
Metals and metal products
429,252
Total purchases—
Short sales—
Bank
,
There
24, 1945 from—
11-17
11-25
10-27
-11-10
11-17
11-24
Groups —
products
Fuel and
•*
..
Total—
'
'C
380,452
\
Total sales
4.
7,
Hides and leather products
308,190
J:... 48,800
-..
the
follows:
v..
Percentage changes to
Textile products,
tOther sales
.
'
-
Foods
1.86
169,960
Short sales
..
Farm
floor—
Total purchases
that
of this issue
details
(55%
100)
[•:
All commodities
Y7 156,860 >;
_
-
S. Other transactions Initiated off the
.
4
Commodity
__
The
the
1945
j._-—^4—1
tOthersales
>.
/
203,820
i
Short sales—_.
-
8,23
821,940
the floor—
on
Total purchases—
Y
;
Federal Reserve
-
.
Nov.
__
Treasury
3
'
631,780
Total sales
con¬
considered
be
sub-group indexes from Nov. 7, 1945 to Nov. 24, 1945.
XOther sales
its
in
■
Note—During the period of rapid changes caused by price
revision
Dec.
on
—
products and foods remained unchanged at 100.3% of the 1926
average—the level of the previous week; 0.2% above a month ago
and 1.4% above the corresponding week of 1944."
The
Secretary of the
$1,300,000,000 or there¬
abouts of 91-day Treasury bills to
be dated Dec. 6, and to mature
Mar. 7, 1946, which were offered
on
Nov. 30, were opened at the
commodities
farm
7
The
announced
,
a 10% rise for grapejuice.
Aver¬
prices of foods have increased 2.5% during'the last four weeks
level 3.5% above the corresponding week of 1944.
other
for
•
.
to
Result of Treasury :
Bill Offering
tenders of
in the group index for foods.
The
for
they are registered—
Total purchases
Short sales
age
;
the Odd-Lot Accounts of Odd-Lot'Y
Specialists:
1. Transactions of specialists in stocks in which
-
increases
;
.
,
lower,; Higher ceilings resulted in
and
Dealers and
!•
7
,
rise to the higher ceilings permitted following removal of subsidies.
Oatmeal and rye flour increased while wheat flour was fractionally
must
10,041,780
—
Round-Lot Transactions
of 1.4%
ago.
year
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report changing prices. The indexes
287,720
t Other sales
a
"The
h
Total for week
Short sales
Except
above
report:',
1945
7
Total Round-Lot Sales:
1
vances
reflected the Thanskgiving holiday.
The group index for
farm products was 3.4% higher than in late October 1945, and 6.4%
York Stock Exchange and Bound-Let Stock
the New
on
Transactions
A.
of the.. short, crop "while, born remained
Steady at Ceilings and wheat was fractionally lower.
Livestock and
poultry prices also averaged lower.
Quotations for cows declined
with gpod supplies while
lambs were higher.
Live poultry ad¬
exchanges in the week ended Nov. 10, continuing
series of current figures being published weekly by the
Short sales are shown separately from other sales
a
all
of
account
the
2805
"V
tion&ladvanced;,.because
New York Exchanges
on
'
THE COMMERCIAL- & FINANCIAL CHRONICLE
sales
174,330
174,460
Round-Lot Purchases by DealersNumber
•Sales
shares.^
of
marked
—
"short
exempt"
335,820
are
re¬
ported with "other sales."
tSales to offset customers' odd-lot order#
and sales to liquidate a
is less
than
a
"other sales."
round
long position which
are reported with
lot
COMMERCIAL & FINANCIAL
THE
Thursday, December 6, 1945
CHRONICLE
2806
Daily Average Crude Oil Production for Week
Ended Nov, 24,1945 Fell Off 5,200 Obis.
of
from the
corresponding
six consecutive weeks,
production for the seven
days ended Nov. 24, 1945 dropped 5,200 barrels below that of the
preceding week and amounted to 4,469,300 barrels. This was also a
decrease of 266,700 barrels per day when compared with the cor¬
in the soft
of 8.6% when
during the period from
below the
recommended by the
output
barrels.
State
*B. of
Begin.
Requirements
"November
390,000
249,000
Oklahoma
270,000
_
Kansas
-T--—-
t260,200
Texas
—
West Texas
Coastal Texas
464,250
(2,016,198
1,990,000
74,650
Arkansas
Florida
,
.—
Illinois
—
^
Indiana
i
—
Eastern—
(Not
—
—
incl. 111., Inch,
76,300
53,150
550
10°
207,300
13,400
291,300
366,650
75,900
53,650
52,950
450
250
100
50
•
—
Michigan
—,
92,000
——
23,200
Wyoming
Montana
Mexico
—
„...
These
are
§824,000
—
50
—
+
md State
of Mines
Bureau
21,300
94,250
3,623,500
845,800
calculations of the
\/ v'•
Arkansas
Nov.
;
/'
1
■.
and
Oklahoma——.——
211,400
13,350
Colorado
—
—.
Georgia and North
5,250
62,400
400
29,100
450
50
46,400
96,600
19,500
500
21,300
21,350
9,350
50
94,200
104,850
50
—
—
+
Kansas
and
,
Dakota (lignite)—.
Pennsylvania (bituminous)—-—-
4,428,300 / 4,736,000
:
Tennessee
Texas
requirements/Of domestic crude
(bituminous & lignite)—
West
CRUDE
77"
Conservation Committee of
in*
Pro¬
% Daily Crude Runs
Capac- Daily
District No. 2-
of Re-
Inc. Nat.
& Dist.
sidual
Blended
Fuel Oil
Fuel oil
100.6
2,063
16,150
8,015
•' 5,353
100
68.5
382
639
192
—827
56
112.0
199
130
205
81
728
81.2
3,269
1,147
3,747
1,129
13,098
87.2
742
86.6
2,816
6,516
78.3
Okla., Kan., Mo
339
72.3
1,378
2,855
12,621
1,743
6,352
59.8
222
67.3
1,027
442
1,031
1,023
1,813
89.3
1,141
92.2
3.964
5,980
4,922
274
105.4
807
2,020
1,650
5,148
1,028
9,113
2,493
Coast-
96.8
55.9
56
44.4
178
523
363
13
Arkansas-
,1,717
37
19
32
15
89
304
1,279
Gulf Coast
Louisiana Gulf
Rocky Mountain—
District No. 3.
17.1
100.0
104
65.4
391
527
86.5
California
13
72.1
{to. 4
805
83.2
2,439
9,457
24,936
6,980
6,490
;
M.
basis Nov. 17, 1945
C. S. B. of M. basis
Npv. 25, 1944——
85.7
4,648
86.0
15,681
45,258
46,474
* 25,643
57,536
85.7
4,693
86.8
15,577
45,341
45,608
25,888
55,066
14,765
46,513
63,047
38,841
40,870
Total U. S. B. ot
,
4,706
aviation and military gasoline, finished and unfinished, title to which
still remains in
the name of the producing company; solvents, naphthas, blending
stocks currently indeterminate as to ultimate use, and 8,027^000 barrels unfinisbiui
"•Includes
gasoline this weekr compared
not include any gasoline on
forces may
;
{Not
with 12,284,000 barrels a year ago.
These figures do
the military
which title has already passed, or which
in their own or leased storage.
actually have in custody
(Stocks at refineries,
including
at bulk terminals,
1,825,000 barrels of
in transit and in pipe lines.
kerosine, 4,802,000 barrels of gas oil and
week
and
491 000
oil and 8,800,000 barrels of residual fuel oil produced during the
ended Nov. 24, 1945, which compares with 1,811,000 barrels, 4,586,000 barrels
8,514,1)00 barrels, respectively, in the preceding week and 1,474,000 barrels, 4
barrels and 9,200,000 barrels, respectively, in the week ended Nov. 25, 1944.
distillate fuel
Note—Stocks of
against
592,000
62,000
39,000
152,000
389,000
.Y
36,000
•
3.000
1,003,000
.
3,000
77
82,000
29,000
75,000
99,000
25,000
73,000
.
7
,
'
3,000
100,000
7
34,000
57,000
768,000
671,000
737,000
2,610,000
3,000,000
2,874,000
152,000
141,000
Y'v
2,000
v
133,000
;■!,
1,000
133,000
147,000
3,000
7
•>'■.-'•
7
135,000
409,000
349,000
2,110,000
990,000
.
I
7
31,000
2,222,000
1,135.000
25,000
Y
2,145,000
*
7 '
230,000
223,000
209,000
1,000
12,480,000 V'
11,500,000
the N. & W.; C.
Kanawha, Mason, and
1,112,000
12,310,000
C. & G<;
including
{Includes Arizona
& O.; Virginian; K. & M.; B.
Clay counties. (Rest of State,
Grant, Mineral, and
than 1,000 tons.
Tucker counties.
at Nov. 24, 1945 amounted to 13,023,000 barrels
week earlier and 13,601,000 barrels a year before.
kerosine
13,181,000 barrels a
suspension of shipments
automotive, tonnage may de¬
"While
34,000
77
Slightly Lower—Strike Threat
Uncertainty—Order Levels Silt High
Causes
"While
President
unions
on
the same plane as
indus-^
the
follows:
371,000
38,000
•
decrease of 0.7
a
from
0.8%
of
far wider scale
date there is
sufficient pressure for steel to fill
in the gaps in most rolling sched¬
velop
than
on
soon
a
witnessed
ules for
some
time to come.
as
,,
Motors
General
at
'Strikes
plants
to
reflected not only
are
in
off work for this com¬
at plants of some suppliers
choking
pany
where
come
storage facilities have be¬
overtaxed but in slowing in
of
production
parts
and
acces¬
automobile build-!
Should this trend be¬
far more wide-spread soon, -
sories for other
ers
as
come
as
well.
seems
such di¬
likely, there is
bars,
products
versified demand for sheets,
and
other
leading
that producers are
at
little concerned
present over possibility
of not
being able to maintain production
in face of increasing cuts in auto¬
:
motive tonnage.
"Primary concern of steelmakers
in meeting requirements with
efficient and adequate labor sup¬
is
ply. With a strike voted by steel-*
workers, there is prospect of gen¬
eral shutdown, perhaps by the end
,
from its militant demand for a of the year, and this is the most
legality of opera¬
$2-a-day increase is not to know disturbing consideration at
the
tions and acts are concerned. The
the history of this organization.
moment.
A lowering of morale
union on the other hand has con¬
"On the other hand the dilly¬
among
workers,
manifested by
sistently shied clear of any legis¬
dallying over the steel price nego¬ slowdowns, absenteeism and gen¬
lation because it has felt that the
tiations
for
the
past several eral lack of disposition on the
only weapon it had for obtaining
months which resulted in a denial
part of many workers to hold nor¬
its
demands
was
the right to
of
higher prices has put steel mal standards of ef|iciency is dis¬
strike.
management in no frame of mind concerting to producers,
addi¬
"Furthermore,
with the
war
to tag along with the fact-finding
tion to inability to obtain suffi¬
over and with reconversion on its
board. As far as the steel indus¬ cient help for many operations, a
way both management and labor
try is concerned, the OPA 'has trend existing since the end of
have felt that now is the time to
been fact finding' it since the war
the war.
Inability of producers
test each other's strength so that
started, with the result that prices to obtain price relief appears at
in the future the road will not be
advances have been so few that present to have removed the ma¬
so
rough. For these reasons it is
most companies are claiming a
probable that the
steel strike loss on 70% of the steel products jor prop from the possibility of an
early solution of the present wage
threat is just as great this week
produced• .
dispute.
as
it
was
last week—probably
"This also results
in greater
"Despite the intervention of the
more so in view of the resounding
the labor crisis, selectivity by mills in acceptance
vote of confidence which the steel President into
of tonnage, with production di¬
workers gave their union in sup-, there is no reason to belieye that
verted as much as possible $o the
porting a strike vote on the basis the steel-wage controversy will
not be
a
serious, decisive and more profitable items. Noninteof four to one.
long-drawn-out affair. A strike grated producers denenderit on
"There had been no doubt that
could be serious for the workers
the union would win the strike
others for skelp, wh^ rods, .fciilets,
in loss of pay but on the other
vote
election,
but
there were
slabs and other Umes of .semi¬
hand the pressure from steel con¬
•many in the industry who had felt
finished steel are
the ef¬
sumers who are attempting to get
that the vote would be somewhat
back to normal would be terrific fects of this policy "rJ+h increasing
closer than it was. To believe that
the steel workers union with such upon the various steel companies. severity."
"Continued high steel order lev¬
a
vote * "behind it would retreat
try
so
far
as
,
712
__
Total U. S. B. of M.
basis Nov. 24, 1945
1,000
1,525,000
77:
Steel Output
(Gasoline Stocks
MillCitary and
vilian
Other
Grade
796
—
Inland Texas..
District
(Stocks
76.8
tad., 111., Ky.——
No. La. &
of
Gas Oil
99.5
—
District No. 1_.
96,000
156,000
••
resents
wire
(Stocks
duction
% Operated
porting
Coast..
'Less
1
124,000
strikes and wage
age
ity Re- Aver-
Appalachian—
the B. & O. in
on
386,000
7.000
—•'••
933,000
357,000
Panhandle District and
California Oil Producers.
at Ref.
to Stills
Refining
District—
/
V
1,041,000
(Includes operations on
ihe
*nd Oregon.
.,1944
"'vU
This rep¬
point or
preceding week.
The operating rate for the week
beginning Dec. 3 is equivalent to
1,516,600 tons of steel ingots and
castings,
compared to 1,529,400
tons one month ago> and 1,727,000
tons one year ago.
'/;•
"Steel" of Cleveland, in its sum¬
mary of the iron and steel mar¬
kets, on Dec. 3 stated in part as
and 96.0% one year ago.
Truman's suggestion for curing the nation's
controversies may bear some fruit on a long-term
thousands of barrels of 42 gallons each)
basis, it has satisfied neither industry nor labor for the immediate or
near future," says "The Iron Age," national metalworking paper, in
Figures In this section Include reported totals plus an
estimate of unreported amounts and are therefore on a
its issue of today4(Dec. 6), which further adds: "Management will be
-Bureau of Mines basis
dissatisfied because its idea of legislation encompassed putting the
{Gasoline
/
Texas
/
& lignite.
*nd
STOCKS OF FINISHED
AND ;
(Figures
East
.
'
pacity for the week beginning
3, compared with 83.5% one
vfteek ago, 77.0% one month ago
Dec.
1,000
States
Total bituminous
TO STILLS; PRODUCTION OF GASOLINE;
UNFINISHED GASOLINE, GAS OIL AND DISTILLATE FUEL
RESIDUAL FUEL OIL, WEEK ENDED NOV. 24, 1945
RUNS
AND
Virginia—Southern—
Virginia—Northern..——
iOther Western
Nebraska figures are for
'
...
.
oil in the field.
{Recommendation of
ing 94% of the steel capacity of
the industry will be 82.8% of ca¬
authorized
:
1,542,000
554,000
.
386,000
32,000
Washington—
:West
'V
126,000
——
forth & South
3,860,200
875,800
week ended 7:00 a.m. Nov. 21, 1945.
(This is the net basic allowable as of Nov. 1 calculated on a 30-day basis and
includes shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 1' to 13 days, the entire state was ordered shut
down for 6 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases,
a total equivalent to 6 days shutdown time during the calendar
month.
ating rate of steel companies hav¬
Nov. 18,
*
467,000
Missouri
STew Mexico-
5,200
6,000
indicated that the oper¬
3,016,700
•*
' V
reports which it had
telegraphic
received
10,
1945
105,000
156,000
V
127,000
1,267,000
Kentucky—Eastern
——
Kentucky—Western—.—._—
Maryland—
.7———.
j,
vfichigan_.
«
Montana (bitum. & lignite)—™
96^50
—18,400 3,590,100
+13,200
838,200
-
35,000
29,400
47,800
+
^
Dec.
and
46,706,000
■1,000
Carolina.——,—
Qltaois—__:—_————
—
■
on
Iron
44,371,000
416,000
102,000
63,850
—
•v
American
Institute
COAL AND LIGNITE.
Nov.
17,
339,000
:
natural gas derivatives) based upon certain
for the month of November. As requirements
may be supplied either from stocks or from new production, contemplated withdrawals
from crude oil inventories must be deducted from the bureau's estimated requirements
to determine the amount of new crude to be produced.
In some areas the weekly
estimates do, however, Include small but indeterminate amounts of condensate which
4
TONS
5,000
deductions of condensate and
premises outlined in its detailed forecast
tOklahoma, Kansas,
IN NET
/
Steel
3 announced that
of supply."
The
*
shipdistrict
(after
mixed with crude
OF BITUMINOUS
wishes to be sure of ifs
company
estimates are based on railroad carloadings and river
revision on receipt of monthly tonnage reports from
of final annual returns from the operators.)
Week Ended—:—
or
sources
State—
13,600
58,350,000
56,016,000
47,697,000
12-month period
source
1087
.
(The current weekly
nents and are subject to
.
206,750
450
50
+
1Q44
49,682,000
1,122,000
1,077,000
Nov. 25,
1Q4<i
plate mill over the next
indicates that the
specific
Nov. 27,
Nov. 24,
the request
production of one
orders,
new
entire
the
for
-——Calendar Year to Date——
1945
+
4,469,300
4,600,000
States
Total United
104,000
3,740,000
860,000
Calif,
"Total East of
California
58,300
28,750
46,300
97,250
19,500
T'
, 12,000
102,000
Colorado
oil
BY STATES,
363,650
250
1,000
WEEKLY PRODUCTION
ESTIMATED
72,350
.
—
65,200
28,000
47,000
—
....
Kentucky
*
553,400
100
(Excludes
jperations.
Tons)
76,300 ' ? 106,100
.
Ky.)
New
' 77,311
78,000
48,000
300
*
215,000
13,500
—.....
Alabama
398,000
365,000
Louisiana—.
Mississippi
367,90Q
347,100
,
sidered
AND COKE
1 4,760,400
6,474,600
and dredge coal and coal shipped by truck from
colliery fuel. (Subject to revision. {Revised. "
washery
♦Includes
1,041,000
999,000
While none of this business is con¬
■
Nov. 25,
1944; ;;
§Nov. 17,
: 1945 •
i
75,000
total
United States
144,600
74,250
292,400
293,650
Total
911,000
Beehive coke-
2,132,300
—
—
(•Commercial produc.
94,150
•
1945
949,000
151,200
473,950
100
JNov. 24;
•
.
1944
1945
* 1944
11,436,000 517,000,000 565,^00,000
2,042,000
1,877,000 ... 2,025,000
Week Ended
—
f
.
Anthracite—
♦Total incl. coll. fuel
Fenn.
,
PENNSYLVANIA ANTHRACITE
(In Net
>
„
1,868,150
1,894,200
368,300
PRODUCTION OF
:
1944
.
Total Texas..—...
tSubject to
ESTIMATED
25,
Nov. 25, y
ly 500,000 tons of plates to be de¬
livered over the next 12 months.
Jan. 1 to Date
(Nov. 24,
Nov. 25,
——
*Nov. 17, 7 f
24,..
- 1945
1945
10,240,000 11,500,000
2,048,000
2,054,000
current adjustment.
lignite:
fuel—
mine
incl.
avei-age
Revised.
y
pipelines in this country and
pipeline fabrication
countries notably Ara¬
bia and Russia was disclosed this
week when a large welded pipe
fabricator asked for approximate¬
for foreign
LIGNITE
BITUMINOUS COAL AND
(In Net Tons)
—week Ended--
7.
'V
'
Bituminous coal &
Total,
950
300,100
Southwest Texas
PRODUCTION OF
Nov.
750
316.000
.i—-
East Texas
*
;
274.200
128,000
.Central Texas..
East
——
'
357,250
82,000
STATES
- :
,
extension of a
.
considerable
of
'
253,300
145,250
448,950
126,550
314,000
295,800
455,600
.
reported that the estimated production of bee¬
week ended Now 24, 1945 showed a decrease
^
381,300
147,100
457,750
/
-
immediate
"The
few
compared with the output for the week ended Nov.
and was 31,100 tons less than for the corresponding week
•
- 1
' ;
ESTIMATED UNITED
7,150
—
81,000
North
17, 1945;
*
1945
"
coke for the
of 1944.
Ended
24,
"•
steel.
1,300 tons when
Daily
Nov.
there
The Bureau also
hive
5,100
—
t750
Panhandle Texas..,—
of 1944.
Week
Weeks
Nov.
Previous
Week
t383,600
800
Nebraska
24,
1945
Nov. 1
390,000
Nov.
decrease
a
permitted the carrying out of
the
original plan to stock the
not
date shows
corresponding period
year to
173,000 tons, or 15.4%.
The calendar
of 14.9% when compared with the
decrease of
a
Ended
from
Ended
ables
4
Change
Week
Allow¬
M.
Calculated
Contrary to expecta¬
firms.
tions the strike at G.M. plants has
estimated by the Bureau of Mines, was 949,000 tons, a
(8.8%) from the preceding week. When com¬
pared with the output in the corresponding week of 1944
was
BARRELS)
PRODUCTIONProduction IN
(FIGURES
Actual
steel
92,000 tons
decrease of
indicate that the in¬
approxi¬
15,681,000
barrels of gasoline; 1,825,000 barrels of kerosine; 4,802,000 barrels of
distillate fuel, and 8,800,000 barrels of residual fuel oil during the
week ended Nov. 24, 1945; and had in storage at the end of the week
57,536,000 barrels of civilian grade gasoline;. 25,648,000 barrels of
military and other gasoline; 13,023,000 barrels of kerosine; 45,258,000
barrels of distillate fuel, and 46,474,000 barrels of residual fuel oil.
OIL
ended Nov.
24, 1945, as
Reports received from refining companies
dustry as a whole ran to stills on a Bureau of Mines basis
mately 4,648,000 barrels of crude oil daily and produced
AVERAGE CRUDE
go.
probable that orders for
•many products will soon be ac¬
cepted only on an if-and-whefx
basis, which was.the case during
the confused period after V-J Day.
"General Motors this week sus¬
pended deliveries of steel orders
that
were* placed
with 'various
It is now
#
";
DAILY
The
■
output amounted to 517,000,000 net tons, a decrease
compared with the 565,900,000 tons produced
Jan. 1 to Nov. 25, 1944.
,
.
•
Production of Pennsylvania anthracite for the week
of last year and was 130,700 barrels
daily average figure of 4,600,000 barrels
Bureau of Mines for the month of November, 1945.
Daily
for the four weeks ended Nov. 24, 1945 averaged 4,428,300
Further details as reported by the Institute follow:
responding week
Thanksgiving holiday was universally observed
coal fields.
For the period from Jan. 1 to Nov.- 24, 1945,
1944.
of
week
companies wish to
ture as steel
production of bituminous coal and lignite in the week
ended Nov. 24, 1945, as estimated by the United States Bureau
Mines, was 10,240,000 net tons, a decrease of 1,260,000 tons
preceding, week and 1,196,000 tons less than in the
crude oil
daily average gross
mill schedules as far
Statistics
The total
each week for
showing increases
After
the nation's
haye filled many
into the fu¬
week
els;',this
Weekly Coal and Coke Production
Volume ,162
Number 4444
THE COMMERCIAL & FINANCIAL
CHRONICLE
Revenue Freight Gar Leadings During the Week
Ended Nov. 24,1945 Decreased 83,867 Gars
-
Loading of
totaled
nounced
week of
1944
This
was
of 51,844 cars*
week in 1943 of
103,338
decrease below
a
6.7% and
or
the
decrease below the
a
Central of Georgia,
corresponding
same
Miscellaneous
freight
loading totaled 324,441 cars, a decrease
of 29,982 cars below the
preceding week, and a decrease of 46,848
cars below the
corresponding week in 1944.
' Loading of merchandise less than carload lot freight totaled
.1.06,213 cars, a decrease of 9,711 cars below the precedihrg-week, but
an increase of 7,702 cars above the
corresponding week in 1944.
Coal loading amounted to 151,285 cars, a decrease of 20,768 cars
below the preceding week, and a decrease of
10,650 cars below, the
corresponding week in 1944.
Grain and grain products loading totaled 50,773 cars, a decrease
of 5,116 cars below the
preceding week, but an increase of 5,195
cark above the' corresponding week in 1944;
In the Western Dis¬
tricts alone, grain and grain products loading for the week of Now
24 totaled 34,054
cars, a decrease of 2,556 cars below the preceding
week, but an increase of 3,555 cars above the corresponding week
.
*
-
in 1944.
;
'A
".
•
'r.
...
'
Livestock
loading amounted to 21,386 cars, a decrease of 3,519
cars below the preceding week, but an increase of 291 cars above
the corresponding week in
1944.
In ,the Western Districts alone
loading of livestock for the week of Nov. 24 totaled 16,772 cars, a
decrease of 3,313 cars below the preceding week, but an increase
of 193 cars above the corresponding week in 1944.
'
Forest products loading totaled 27,867 cars, a decrease of 3,581
cars below
the preceding week and a decrease of 9,811 cars below
.
the corresponding week in 1944.
Av
Ore loading amounted to 21,852 cars, a decrease of 10,935 cars
below the preceding week, but an increase of 2,981 cars above the
corresponding week in 1944.
; r
1
r
: •
A •
Coke loading amounted to 12,677 cars, a decrease of 155 cars
below the preceding week, and a decrease of 704 cars below the cor¬
responding week in 1944.
" A
V
A" V
' A; A-:
<
A
;
All districts reported decreases compared with the correspond¬
ing week in 1944 except the Northwestern, and all reported de¬
creases compared with 1943.
'
;
1943
A
-AA'.
-• *
1945
■
1944
•
-
'*
,
Weeks
4
of
January—.—__*AA;—=.A—'A-; 3,001,544
4 Weeks 'of February.^——3,049,697
ft Weeks Of March—4,018,627
4 Weeks of April
,1,
3,374,438
3,158,700
3,154,116
3,916,037
„
,
2,910,63ft
3,055,725
1,927
2.789
713
396
s.
1,384
8,855
11,687
3,274
3,688
4,470
4,865
385
384
389
1,350
1,872
1,659
1,738
2,845
3,086
274
273
244
*
330
83
Florida East Coast
122
100
669
902
2,469
—
2,498
.2,550
1,347
1,491
Gainesville Midland——
57
Georgia
Georgia & Florida
Gulf, Mobile & Ohio
-
33
1
116
1,201
2,074
2,501
360
790
745
375.
4,097
System
110
476
1,025
44
1,044
,
Favors Atom Control
Australia's
1,489
12,672
,
.
1,287
—
Durham & Southern
Illinois Central
700
660
--
364
-
Columbus <fc Greenville
Loading of revenue freight for the week of Nov. 24 decreased
83,867 curs, or 10.5% below the preceding week,, due to Thanksgiv¬
ing holiday.
'A
Clinchfield—
1944
190
12,689
'
3,453
Charleston & Western Carolina—
1945
277
684
752
12,217
T
Connections
1943
327
723
Atlanta/ Birmingham & Coast
Atlantic Coast Line—:
Australian Minister
Received from
1944
407
Atl. & W. P.—W. R. R. of Ala
12.6%.
cars or
1945
Alabama, Tennessee & Northern™.
.
.
Total Revenue
Freight Loaded
Southern District—
freight for the week ended Nov, 24, 1945,
the Association of American Railroads, an¬
cars,
Nov. 29/
on
Kail roads
•>>
revenue
716.494
2807
\
Total Loads
4,356
26,258
4,254
27,196
13,853
17,751
port
22,453
24,534
-24,648
9,428
221
11,586
the
177
209
934
812
Macon, Dublin & Savannah
Mississippi Central
1,
Nashville, Chattanooga &s St. L
3,840
4,43.9
of
4 Weeks
of
May
June..
.'-■•.A-'*
1--—v~-—r
A-A
>
3,152,879
3,441,616
3,363,195
;
4,364,662
July-Ac—.
*
4,338,886
4.003,393
.AA^AAAA/'
,-A-_c
3,378,266
4
Weeks
of
AuKUSt—A_,
5
Weeks
of
September,—*
4
Weeks
Week
of
of
October_.:_—■
November
3,459,830
3,455,328
3.240,175
4,116,728'
*
3.576,269
4,424,765
3,554,694
4,456,466
3,150,712
3-
'
'
Week
of
3,598,245
3.607,851
November
'.,A
a
847,972
716,494
••
754,739
839,504
768,338
851,962..
2v____
A'Towr
893,069
838,218
WeeK' of'November
.,
38,354.861'
7
39.709,213
819,832
38,710,546
.
REVENUE
FREIGHT
(NUMBER.OF
,
.
LOADED
AND
CARS)
FROM
RECEIVFD
WEEK
ENDED
300
377
431
3,429
3,965
1,020
4,603
whom, he said, favored scrappipg
the UNO and replacing it with
-921
1,026
1,367
2,033
some
339
366
412
1,432
341
1,356
456
366
ment."
8,336
10,455
10,464
9,867
23,168
10,546
8,203
8,969
23,174
21,651
22,755
489
25,925
635
475
705
r__
Seaboard Air Line
Southern System
Tennessee CentralWinston-Salem Southbound
127
...
Total—
:
;,•
179
115
113,820 "**' 118,789
—
808
,
889
119,332
1,106
102,345
122,543
Mr.
Northwestern District—
Evatt,
"that
15,421
15,286
12,531
2,341
2,983
3,315
20,148
8,989
9,894
3,844
13,318
2,621
2,294
18,868
19,863
Chicago, St. Paul, Minn. & Omaha_.
3.609
2,920
Duluth, Missabe & Iron Range_^
796
3,271
19,343
3,655
2.610
369
447
507
443
518
7,329
8,643
8,922
9,054
11,517
390
310
370
94
76
14,757
11,926
17,120
4,920
6,362
Duluth, South Shore & Atlantic
Elgin, Joilet & Eastern—Ft. Dodge, Des Moines & South
Great Northern—--
—.
Green Bay & Western
—__;
Lake Superior & Ishpeming
—^
A
230
141
the
ernment in
437
*602
787
Legislature
tion
613
50
114
1,924
1,854
2,106
The
2,538
4,335
5,780
3,130
2,898
10,357
10,516
11,014
4,495
113
5,634
218
140
346
51L'
1,788
2,282
2,323
2,281
3,603
87,149
83,114
109,469
55,909
21,241
23,243
21,761
10,163
15,332
2,665
3,547
4,046
379
3,267
611
3,122
183
52
82
19,478
20,004
19,431
10,429
13,580
2,619
2,795
3,222
747
830
12,272
11,970
11,250
11,324
2,473
13,310
2,649
2,536
2,984
6,007
1,023
911
843
1,795
"I
3,963
&
4,735
6,241
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Railroads
•
..''''"A
Eastern District—
;
24
,
.
Ann Arbor__—
AA-.
269
272
226
2.294
1,838
1945
6,245
5,970 i
1,091 *
1,223
.1,468
31
31
966
Chicago, Indianapolis & Louisville—.
Central Indiana—————
Central Vermont
—_A——
Delaware & Hudson:
—:
365
Detroit,. Toledo
&
Ironton
"""
! 1,577
—_
Grand Trunk Western^.—A——
Montour
.
uA^-AA*
—
—;-A
utland
"
.
'
i-'—•
-
305
3,385
174
1,691
7,876
^
-
-
318
312
-A
17,115
3,354
12,049
15,083
1,964
1,819
6,346
7,095
6,110
208
Allegheny District—.
,
-
krorr., Canton & Yqungstownaltimbre & Ohio_,
essemer &
544.
2,537
1,089
9,818
11,893
4,276
3,444
ambria
ornwall—
5,282
396
f
.
577
439
162
89
11
5
1/66
19,408
3,613
4.216
5
i-,.;'r:
*
"(t*
•
:.
:
—
•
WBST"*1
"
•
2,115
2,952
4,463
122,789
75,159
105,442
,
'
40
4,776
■'
241
t:
5,027
5,845
2,728
%
2,92§
3,340
2,515
2,278
-
3,291
2,633
2,354
'
309
277
1,240
902
196
182
—
Missouri-Kansas-Texas Lines
342
1,243
1,254
649
.
1,727
1,536
162
395
6,083
5,776
3,546
4,767
17,123
17,317
14,270
17,982
84
115
361
8,552
7,346
8,839
5,048
7,286
13,374
5,231
6,156
6,94?
71
36
64
9,530
9,159
2,832
3,630
3,236
8,927
11,840
4,536
5,539
78
73
84
Louis-Southwestern—
Texas & New Orleans—--
Texas <fc Pacific
—
Wichita Falls & Southern
Weather!ord M. W. & N. W.—
Total-.
4,646
—
/
-
40
30
21
17
52
60,164
-
figure.
year's
71,961
74,434
56,451
66,94f
The
members
industry, and its
of
this
cates
the
52,848
--
v
4_
25
so
the
went
on
exclu¬
own
to
say
that
belligerents like Greece, Yugo¬
slavia, Belgium, the Netherlands,
Czechoslovakia and Norway had
been ignored by the
European Ad¬
visory Commission, and he de¬
clared, the "Times" reported, that;
operated.
These
porting
Trade
ing
Remaining
Percent of Activity
Tons
Current Cumulative
Nov.
week
94
532,186
67
131,952
161,763
488,289
99
94
159,653
125,683
494.699
97
94
527,938
80
93
mills,
160,303
151,365
515,295
489,702
96
93
93
93
'
492,880
96
154,147
533,087
95
97
94
134,324
•
155,723
489,971
90
156,551
468,549
98
94
201,060
156,223
154,122
511,022
97
479,228
95
454,926
91
123.281
123,781
of
1945.
orders
In
of
the
same
these
mills
the
147,083
-
prior week,
'
94
..
94
Compared to
94
plus orders received, less production, do
the close.
Compensation for delinquent
necessarily equal the unfilled orders at
reports, orders made for or filled from stock, and other Items made
necessary adjust¬
orders.
•D.LiU^
"
*
/•A »•
5
*
.<•«.
•
t
*
«•
1
•
4
•»
*•
v
unfilled
orders
are
equiv¬
equivalent to 34 days' production.
For the year-to-date,
shipments
of
reporting identical mills ex¬
ceeded production by
3.9%^orders
by 6.1%.
94
140,583
17—i—
orders
Lumber
5.2%
days' production at the
current rate, and gross stocks are
93
506,935
-•
were
alent to 29
93
93
160,031
A
National
21.0%
above
production.
Unfilled order files of the report¬
ing mills amounted to 80% of
stocks.
For
reporting softwood
94
155,428
—
24,
new
94
135,756
•
the
were
94
1
162,065
i.iA'A
to
Barometer
be-,
low production for the week end¬
—193,674
—
unfilled
According to the National Lum¬
Manufacturers
Associationslumber shipments of 455 mills re¬
ber
577,024
24——
of
Lumber Movement-—Week
Ended November 24, 1945
150,029
128,061
—_
Notes—Unfilled
belliger¬
ents."
160,857
-
—
3_
would have been avoided if
had been taken to
bring into
picture
all
other
Powers
which had been active
582.785
Nov.
7,801
22.591
Evatt
173,322
—
!
20—
27
ments
■J Ar.
Dr.
153,368
109,034
Nov.
21,006
figure which indi¬
a
time
that they represent the total
"
y.:"
treaties and
peace
their
sive prerogative."
153,694
157,653
82,362
—
Sept.
1
^
Sept., 8———
Oct.
total
Tons
'
223,467
.
18—
Aug.
the
Production
Tons
—
Aug. 11
Aug.
of
Unfilled Orders
Received
1945—Week Ended
2,602
■
83%
REPORTS—ORDERS, PRODUCTION. MILL ACTIVITY
Period
Aug.
Oct.
1,662
■
on
Orders
6-
12,183
both the
their execution,
rope
.
13—
12,713
6,631
make
the
'
Oct.
l A.!
represent
•
Oct.
168 825
'Great Powers' who have
attempt¬
ed, and perhaps are still making
the
mistake
of
attempting, to
care
statement each week from each
production, and also
advanced to equal 100%,
Sept. 29
58,075
■'
a
activity of the mill based
are
industry.
Association
includes
program
member of the orders and
5,433
—
disillusionment must be attributed
those
leaders
amongst
the
"much of the trouble in the
post-:
administration in Eu¬
We
12,798
4,828
.
Ry.
give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to
activity in the
paperboard industry.
A
29,716
141,960
^Included in Midland
reporting.
revised.
Weekly Statistics of Paperboard Industry
4,311
30,449
22,798
,
tNot
figures
quarters
Evatt
armistice
10,096
'
serious
many
5,714
.5,599
133
St. Louis-San Francisco——St
462
5,298
15,932
—•
Quanah Acme & Pacific—
23,343
'
;
'
*
•
—
Missouri Pacific
many
in
Missouri & Arkansas
Sept. 15—
Sept. 22__
'
sionment because the declared ob¬
of
the
leaders
of
the
United Nations have
certainly not
yet been achieved and there are
jectives
to
2,430
181,070
20,529
't
'4
1,876
Litchfield & Madison—
Midland Valley
63,654
:
27,673
-46 679
•
V.;,vi /f.i
•
534
Nov.-
-
'
128,212
npt
■f
16,830
'
3,375
56,833
v
24,989
—1~—A17,693
^
t
3,997
13,130
641
2,525
4,224
168.469
?
!17,023
485
336
1,774
1
-
.
19,998
3,507
81,248
14,525'
20,067
:
■
51
7
155
...1,441,
154,792
55
213
-
.A 1,661
75,077
•
13,950
1
18,709
t
4
-
t'.
irglnipn
'
19,43?
3,311
.
Total
orfolk & Western
.
,7
17,471
-
1,933
2,082
1,342
14,819
Pocahontas District—
hesapeake & Ohio
27,752
■
6,855
1,368
1,567
69,853
12,846
nn-Reading Seashore Lines-^
i
1,937
At"
1,797
86
ennsylvania System—
;•
23,478
v
6,305
229
—
14,926
0
-
Dr.
1.336.
1.510
—
ading Co.———
—
nlon (Pittsburgh)—-—,
Astern Maryland
727
3,173
380
—
-ng Island——A——
217,902
1,079
42,141
3,568
umberland & Pennsylvania————
-„ohier Valley,
182,435
5,391
——
0
9,630
322
■
Attributing the recent criticism
the United Nations
Organiza¬
to "a very widespread
pes¬
simism," springing "from disillu¬
292
STATISTICAL
-ft
entral R. R. of New Afsey———.
0
28,161
348
0
possibly
2,203
•
-
2,927
——
Indiana—
-
37,696
——-a—-.—-
Lake Erie—,
Uffalo Creek & Gauley———;
27
27,982
25,494
can
7,366
,3,963
-.705
40,541
—
tion
-
15
238
1,034
144,945-154,663
,
.
.
of
884
Charter
succeed."
317
7,502
,
'
5,974,
5,249
134,660
■
.—
—
132
629
World
no
2,531
11
19
25a
can
this
5,844
figures
Total-,
145
822
0
296
2,251
8o9
342
5,687
3,970
1,916
743
*
3,76°
13,991
6,100
500
7,531
4,984.,,..
..
Without
success.
259
54,234
1,054
;
a
1,786
♦Previous week's
45,361
9,098
893
6,114
413
7,631
.5,08-.
769
it*
4,275
Note—Previous
28
.
can
and
disputes flaring up
of the globe,"
asserted, according to
the "Times," that "some
part of
the responsibility for this state of
1,975
2,437
,49,218
5,338
502
1,783
9
Southwestern District—
1,542
332
6,013
2,322
351'
4
455
1,319
13,404
1,793
-
1,985
1,996
3,911
'
72"-——:A
eelln~g & Lake Erie—_r--A—
1,307
1,247
2,030
1,173
119,221
8,024
1>822
;;
43,941
3,469
•
2,106
Western Pacific.
1,197
2,123
..
8,59^
2,196
^,722
•
1,782'
8,476
'
220 A
••
1,269
2,684
'
123
700
,
983
2,286
.
15,567
849
Ittsburgh & Shawmut:
„
>■
ittsburg, Shawmut & North—AAA
ittsburgh & West Virginia———y;
-abash
105
1,758
7,134
5,314
381.
6,707
4,727
—
Marquette.,
10,547
122
3,302
9,307
w
New York. Ontario & Western—v-A
ere
12,021
8,346
2,500
,
39,994
New York, Chicago & St. Louis—.
N. Y., Susquehanna & Western—•
Pittsburgh & Lake Erie
10,500
7,306
205
13,950
2,252
LinesAc—.——A'
N. Y„ N. H. <fe Hartford
5,614
276
2,124
4,945
--—C—
—
New York Central
2 200
12,726
3,225
Lehigh & Hudson River——141
Lehigh & New England——,
1,543
Lehigh Valley
——-.-A—' f
7.579
Central—-—AMonqngahela^—-c-———
2.211
1,616
'
10,677
Maine
861
12,186
332
-
—
-
1,974
,
4,805
6,442
Detroit & Toledo Shote Line—A_—
1,843"
3°
'
4.123
Delaware, Lackawanna & Western——
336
14,237
6,903
251
862
—
1,428
329
12.368
39
17
—
Detroit & Mackinac A-—.—c-_——-
Erie—L—.
1944
1,355
2,359
6,133
—
24
1,509
568
Kansas City Southern
Connections
,
Bangor & Aroostook—,—-—,—"
—
46
861
-A-
Louisiana & Arkansas—
Received from
,
Boston & Maine
—
525
855
Peoria & Pekin Union
Total
assistance
premature
spirit of international cooperation
4,252
544
North Western Pacific
h:
or no
from
operation, the present Charter
make
4,747
Missouri-Illinois—-
Toledo, Peoria & Western-—
Union Pacific System—
of
drastically, or still
less, to abandon it. If there is a
genuine spirit of international co¬
1,617
Southern Pacific (Pacific)
matter
futile attempts to amend the
pres¬
703
u.—
Nevada Northern
the
ent constitution
1,017
City
Illinois Terminal—
Kansas, Oklahoma & Gulf
AAA.' Total Revenue
A\'<AV'. Freight Loaded
'•: A
/
1945
1944
„• 1943
.
<
either
derived
1,103
Fort Worth & Denver
tiny and very
satisfied that at the pres¬
am
2,555
—.
a
regulating armaments o^ of plac¬
ing armament facilities at the dis¬
posal of the Security Council.
be
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois.
cen¬
a
which most of
on
independently of it,
existing constitution has not
ent time little
Atch., Top. & Santa Fe System—,
Alton-,
ABingham & Garfield
self-gov¬
governed
be
and not
overlooked
65,074
Central Western District—
of
to
including the control of atomic
energy," he declared, "can best be
approached through the Organiza¬
424
A
Spokane, Portland & Seattle———
rights
order
insignificant representation." The
2,062
Northern Pacific
peoples of
paper from which we quote added:
"The restriction of armaments,
795
Spokane International
and
not yet prepared to
them would have
727
A
govern¬
central executive and
a
*590
—
nations
are
5,493
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
the
"world
plain fact is," said
the
"Times"
states,
surrender
tral
15,466
of
"The
the world
by
Chicago & North Western
Chicago Great Western
Chicago, Milw., St. P. & Pac.—
form
Burlington-Rock Island
:A.A
Total Loads
-ft
'''
those
416
international-Great Northern-
CONNEPTIONS
NOV.
"Times,"
Gulf Coast Lines
v
•
''
York
criticized
5,332
Norfolk Southern
the week ended
over
New'
the
257
Piedmont Northern
A'The following table is a summary of the freight carloadings for
the separate railroads and systems for the week ended Nov. 24, 1945.
Exter¬
3,008
Richmond, Fred. & Potomac
.
During this period only 41 roads reported gains
Nov. 25, 1944.
: A
in
Australian
769
weeks
ft
of
3,845,547
3,275,846
3,452,977
_
Weeks
4
for
Affairs, Dr. Herbert V. Evatt,
argued vigorously on Nov. 27 in
favor
of
his
opinion
that
the
United Nations Organization
would have the capacity to handle
disposition of the atomic bomb.
Addressing the Dutch Treat Club
in New York,
according to a re¬
24,242
—
Louisville & Nashville-—
Minister
nal
-•
the
average
cor¬
responding
week
of
1935-1939,
production of reporting mills was
37.9% less; shipments were 38.2%
les,s^ orders
weje^ 27.7.% less.
COMMERCIAL & FINANCIAL
THE
2808
W. Whittier & Bra.,
C.
afinually.
pointed a director of The National
Shawmut Bank of Boston at the
Items About
"Herald."
Trust
Executive
of Bankers Trust Co.
meeting of the
a
Companies
Harold
artillery
commander, as Vice-President of
the Industrial Trust Co. of Provi¬
dence
R. I., was announced oh
Nov. 27 by the bank's board of
directors,
it was stated in the
New
Colonel Kil¬
Committee
patrick recently returned to his
of New York on Nov. 29, Roger
position
as
Vice-President in
F. Murray was elected an Assist¬
ant
Vice-President.
He will be charge of the bank's Real Estate
associated with the bank's
released with the rank
Captain. He graduated from
1932, and took a position
with the Bankers Trust Co. short¬
recently
of
Yale in
ly after leaving
college.
special
(Chexcel and
ance
after leaves
of absence
to enter the armed
services
of
the
United States.
Lieut.-Comdr. John
F.
Hallett,
U. S. N. R.; Capt. Donald E. Coyle,
U. S. M. C. R., and Lieut. William
F. Sanford, U. S. N. R., were ap¬
ment of the company
each check drawn
and each item deposited, plus a
small monthly service charge of
only 25 cents.
The advices in the
Walter
Maj.
returned to the
Trull
Guaranty
announced on
York
other
,
occupation of
in 1941, he served a year at the
main office as Second Vice-Pres¬
threev
years
Colonel
in
the
with
military service in
and has served
with the rank of
1942,
October,
the European theater
Army's General Staff
He returned to his bank
duties two months ago following
his
discharge from
the Army.
Colonel Barrett has been awarded
Corps.
Star Medal and the
de
Guerre with
Bronze
the
Croix
French
decoration
The former
Gold Star.
when, as chief of
the financial branch, G-5 section,
received
was
military
government financial matters and
supervision
with
over
property control, he personally
supervised the packing, shipment
and redeposit of recovered enemy
bullion
gold
hundred
Thomas J.
at
valued
minimum
Chexcel plan with
several
Bank
and receive an
amount.
of the two
President Lewis G.
Manufacturers &
Traders, and President Walter J
the
of
Lohr
on
Lackawanna Bank
Nov. 23. The Buf¬
"Evening News," from which
this is learned, states that stock¬
holders of both banks will meet
falo
the proposal.
quoted also said:
Bank of Lack¬
awanna would be the third sub¬
urban bank to be absorbed by the
M & T in the last few months.
The other banks are the Citizens
National Bank of f&ncaster and
the First National Bank of Kenmore.
Consolidation'of the Amer¬
ican Bank with the M & T will
be effected through an exchange
basis of seven
of the M & T stock for each
of American
Bank stock.
the
stock ' on
of
shares
share
In
the American Bank,
of its own funds, will return
addition,
out
stockholders
certain
to
$61,000
amount to the
bank in 1932 to support its capital
who advanced this
structure.
American
"The
come
will be¬
Bank
ski.
become
Assistant
an
& T and will
the Lackawanna
Manager of
office. The present
be
American
the
of
It
working staff
Bank will con¬
unchanged."
tinue
announced
was
that
at
a
on
meeting
Nov., 26
of
the
of the State
Street Trust Co. of Boston, Moses
10 cents,
compared with the present 20
cents now declared.
;
Directors
of
Board
Williams
as
of Minot,
Williams and
Bangs, Inc., was reelected a direc¬
tor. Mr. Williams, who was a direc¬
tor
his services
prior to entering the service on
1, 1942, saw extensive ser¬
a Major in
Oct.
during the war as Executive Of¬
ficer for the Corps of Engineers,
vice in the Pacific as
the 5th
been
Merit. The
Lt.-Col.,H. C. Kilpatrick has
awarded the Legion of
will
Secretary of the M
Trust Co.
(total 35 cents) per share on the
capital stock of this company, par
$10, payable Jan. 2,1946y to stock¬
holders of record at the close of
business Dec. 10, 1945. The extra
of
Alfonse,. L. PulkowCashier of the American
area.
now
Bank,
quarterly dividend of 15 cents
an extra dividend of 20 cents
recognition
branch of the M & T.
raise to 21 the
number
a
wanna
and
In
Fighter Command of
Force and is now
\rmy Air
route
was made by LtGen. E. Reybold, Chief of Engi¬
the
en
home.
presentation
neers,
U. S. A., Retired, at a brief
at the main office of
ceremony
on
Dec.
Norman S. Kenny, a
|
the
Boston
real
partner in
firm o£
estate
Deposits, it is stated, have grown
$250,000 on opening day to
over
$27,000,000, (iover $4,000,000.
of which is savings deposits.
from
on since the
founded in 1855.
The only change is that by the
adoption of the formal plan the
policy which has obtained for so
many years is reduced to a defi¬
nite agreement and the annuity
payments will be made to the em¬
ployees from a third party, an
It
going
been
has
institution
was
insurance company.
chief of the
Trust Co. of Pitts-
meeting of the Board of
of the Baltimore Na¬
tional Bank of Baltimore, Md., on
AUa
23, Nicholas F.
Mueller, Jr.,
Assistant Cashier
Howard was made
Assistant trust officer, accord¬
elected 'an
and Miss Mary
Jersey
N. J., has called a
meeting of stockholders
City,
special
for
of
11
Dec.
1
to
act
on
a
recom¬
Board of Direc¬
the issuance of an addi¬
mendation of the
tors
for
tional 7,750
shares of
capital stock
$100 par.
It is proposed that
the additional shares will be of¬
of
fered
Dec.
to
11
basis of
of record
subscription on the
35/100 shares of the new
stockholders
for
held.
The
directors have recommended that
the new, stock be offered at the
price of $120 per share.
Explain¬
stock
for
each
share
of
First
the
West
of
Bank
Plains,
has been elected a member
of the board of United Bank and
Trust Co. of St. Louis, according
to the St. Louis "Globe Democrat"
Mo,,
of Nov.
21.
Dominion
Canada, Toronto, Ont.>
new
record on Oct. 31 at
of
Bank
set
the
of
assets
Total
a
the
of
close
bank's
ended Oct. 31 totaled
a
of
rise
the
since
more
end
fiscal year
$274,702,000,
than $26,000,000
of October, 1944,
Dominion and Pro¬
bonds and
high-grade securities
amounted to $163,677,000, a gain
of about $20,000,000 for the year.
After providing for all taxation,
including Dominion Government
levies of $842,970, net profit for
of
Government
other
$1,080,383
fiscal
period. After dividend deductions
and provisions of $234,000 for the
Plans to increase the capital of
officers' pension fund and $193,142
the National City Bank of Cleve-.
an
ing to the Baltimore
$9,COO,000 to
land from
will
be
holders
$10,000,000
acted upon by the
at
Jan. 8.
tributed
stock¬
annual meeting
It is proposed to issue
their
among
holders
be dis¬
of the
562,000 shares, according
to advices in the Cleveland "'Plain
Dealer" of Nov.
18 by Guy T.
Rockwell, its financial editor, in
which Mr. Rockwell also stated
that a stock dividend which will
present
bank
one
stock
for
year
was
for bank premises writeoffs, there
added to the profit-and-loss
was
account $93,241.
Commercial loans
and discounts in Canada were
vir¬
unchanged at $65,421,000.
Cash assets exceeding $56,000,000
tually
represent approximately 20% of
public liabilities and immediately
available assets of $227,000,000, it
is
stated,
are
ities to the
An
over
80% of liabil¬
public.
interim
dividend
of
.3%,
stockholders of the
subject to tax, was declared in
share of capital
November by the Imperial Bank
each nine shares held
of
Iran, payable on and after
recommended by direc¬
been
new
Dec. 19.
tors.
•
From
also
past
present
give
has
the
against $775,975 in the 1944
"Sun."
62,5C0 shares which are to
Bank
that Howard C.
President
National
Holdings
w
15.
Directors
on
National
First
The
It is announced
Kellett,
vincial
was
29 declared
ago was
the payment of
to employees
venture/for the bank.
that
said
A.
shortly
holiday in 1933,
after the banking
castings
of the Colonial
Nov.
American
30,
burgh.
Mr. Hannah, is is stated,
will begin his work in the field
of customer relations for the bank
way
30, 1945, of $558,000, or total capL
tal funds in excess of $3,350,000.
a year
as
is not a new
Federation Bank and Trust
New York, announced on
5 that the recent offering to
dividend
great
as.
retirement pensions
paper
"The
It
Dec.
will
of
stockholders of the bank of 25,000
offices operated by the M & T,
shares of stock at $20 per share
had been fully subscribed.
This including the main office. Pres¬
ent
directors of
the American
brings the bank's capital to $1,Bank will continue to serve as an
500,000 and surplus to $1,300,000
advisory board for the Lacka¬
with undivided profits as of Nov.
a
.
be
Nov.
Mutual Bank in 1934,
the
branch of. m0re than $306,000,000 compared
the steel division, Civilian Pro-J with $275,341,417 a year earlier,
auction Administration, has been. the bank's 75th annual statement
elected
Assistant Vice-President) disclosed today.
Deposits at the
and
forgings
those re¬
ceived by the employees. It should
provide conditions more attrac¬
tive to outstanding personnel and
offer the possibility of more rapid
promotion which will logically
result in better service to the pub¬
lic and, consequently, more busi¬
ness for the
bank.
Mr. Heming¬
would
of
Douglas Hannah, now
■.
The
of
of New York on Nov.
benefits
Gazette"
'^•ost
shortly to vote upon
Shanahan, President
Directors of the Irving
-■,
emphasized
adopting this plan the
accruing -to
the bank
in
that
Harriman of the
announced
4:::,
annuity of a lesser
associates opened
Mr. Moser and
.
Hemingway
Mr.
directors
institutions,
of the
Co,
the
N.
Y.,
with
the
Manufacturers ! &
Traders
Trust Co. of Buffalo has been ap¬
by
30,
employ
the
in
been
1946.
31,
12 to act upon the recommenda¬
employee who
•;
•. '
of the tion;
institution and reached the retire¬
Charles 15. Cheston has .been
ment age of 65. It will also pro¬ ;
elected a director of The Phila¬
vide benefits for the employee's
family or dependents if he dies delphia National Bank of Phila¬
before retirement age.
While the delphia Pa., to fill the vacancy
caused by the death of William H.
age at which an employee must
Kingsley.
retire is fixed at 65, nevertheless,
he may
discontinue working as
According
to
the
Pittsburgh
much as 10 years prior to that age
has
Lackawanna,
proved
ported, recommended the bank's
capital be increased to $1,000,000
by the sale of 8,000 shares of stock
at $37.50 a share.
The plan is to
be approved at the annual stock¬
holders' meeting to be held Jan.
payments to each
to obtain
of the American
A merger
of
dollars.
million
adoption. The plan, as adopted,
will go into effect immediately and
will provide substantial annuity
service charge and
no
deposit charge is the most
economical for the more inactive
accounts.
Checkmaster
proves
the cheaper for active accounts."
President
Co. of NewNov. 30 the
Returning to New York
ident, entered
Thus, the
cost.
pany's Paris office, in which ca¬
pacity he had previously served
before thp German
fee basis
service at
Tradesmens
Trust Co. of
Democrat" of Nov. 29 re¬
"Globe
recommended to share¬
holders that the capital stock of
the
bank
be
increased by the
declaration of a stock dividend of
10%
and
called
for a special
meeting of shareholders on Dec.
Nov.
its
its no-monthly
appointment of R. T. Tupper Bar¬
rett as Joint Manager of the com¬
France.
a
on
select one or
to
maximum
1.
Luther Cleveland,
J.
•
possible
and
Bank
heretofore
had
Philadelphia, at their meeting on
bank having
overwhelmingly in favor of
voted
checking account, it
is
employee
plan,
the
an
the
of
Directors
National
of the
stockholders
post.
Mr. Schmid
been Vice-Presi¬
dent and Cashier.
!
The directors also, the St. Louis
in that
Moser
Relief Administration, was
He was also for¬
merly, in the real estate business
in Newark and later headed the
Hedden Building Co. in that city.
that the
completed for
pension
retirement
-
'
step has been
installation of
the
amount of.
plates in his
service
with
the U.
S. Army and re¬
sumed his position as ' Assistant
Manager of the Broadway at 44th
of
last
succeeding Mr.
Schmid President,
50 years ol age.
Haven, Conn., announces
Byron Moser Chair¬
board, and
E. A.
the
of
man
gency
Hemingway, Chairman
of Directors of The
National Bank of New
Second
State Director of the Emer¬
mer
Board
the
28.
who according to the
Newark, N. J., died on Nov.
Hedden,
Newark "Evening News," was for¬
'Louis*L.
of
customer contem¬
a
M. Hawkins has
Chemical Bank &
Street Office on Dec.
state:
"Depending upon the
activity that
after ZV2 years'
Trust Co.
for
cents
matter
Assistant " Treasurers.
pointed
there
charge
Mutual
the
Trust Co. of St. Louis
and
have elected
of real estate of
Franklirr Savings Institution
in
Mr.
War II."
World
charge for de-is no monthly
John B. Bierwirth, President of
service fee.
A book of 20 checks
the
New
York Trust Co., an¬
is available for 10 cents per check.
nounced on Dec. 3 the'appoint¬
The
Checkmaster
plan
offers
ment of three officers who are
checks free but makes a charge of
returning to the banking depart¬
five
served in
and
the
of
during World War I
the army
makes no
and
posits
returned
service, has been
Rhode Island industry since 1911,
excepting the years he
directors
of
directors
The
Vice-Presi¬
H.i Hedden,
Albert
of Nov. 28,
who
and
National
Second
Bank
of
identified with
Checkmaster)'are
being
offered by the Bay.side
National
Bank, Bayside, L.
I.,
N.
Y., as an extra accommoda¬
tion to its customers., The Chexeel
service
accumulated sizable un¬
allocated reserves."
'O' ■>.
dent
Barker,
The
earnings as reported above.
of
Bank and
Trust Go. of Saginaw, Mich., an¬
nounce with
regret the death of
Richard A. Packard, Vice-Presi¬
dent and director, on Nov. 19.
officers
The
the
bank has
recently after nearly five years
no-minimum bal¬
checking accounts
types of
Two
These profits have
in the operating
reserves.
not been included
which also said:
General
Investment
to
Barker, ,43rd Division
Providence "Journal"
Department.
Credit
Department.
In 1943,
Mr. Murray joined the Army Air
Force as a private and has been
16.
Nov.
on
write down the cost
of securities owned, or transferred
Brig.-Gen.
of
Election
Co.,
Trust
Manufacturers
York,
.>
-
Rocky
River, also by the National City
Bank of Cleveland, was made in
our issue of Nov, 22, page 2512.
been used to
R.
At
ating earnings," said Mr. Graham's
letter, "there have been profits on
securities and also some recover¬
ies which for the most part have
x*egular meeting of the board on
Nov. 15, according to the Boston
,
the First National Bank of
paid at the rate of °4%
"In addition to oper¬
have been
ap¬
was
Thursday, December 6, 1945
CHRONICLE
the
"Plain
Dealer"
we
Halsey to Get Five Stars
quote:
"The National
City is acquiring
Admiral William F. Halsey, Jr.,
National Bank was nominated by President Tru¬
of Rocky River, which is the first man on Nov. 28 for promotion to
ing the purpose of the proposed
step in a new policy of the bank
,
.
.
.
the five-star rank of Admiral of
new
stock in a letter to stock¬
to establish a number of strategy the
Fleet, the Associated Press
holders,
Kelley Graham, Presi¬
The
cally-located branches in Greater reported from Washington.
dent of the bank, said:
Cleveland.
Admiral,
who
recently
relin¬
"It is believed desirable for .the
"Sidney B. Congdon, President, quished command of the Third
bank and its shareholders to in¬
said that to effect this increase in Fleet, saying that he planned 4o
crease capital funds at this time,
capital and stock dividend $1,000,- retire, has reported to the Navyboth because of the substantially
000
would be transferred 7 from Department for temporary duty,
increased deposits, and also be¬
!
surplus to capital.
This would pending retirement.
cause of the possibility of attract¬
The law establishing the fivegive the bank capital of $10,000,ing additional business as a result
rank
authorized
appoint¬
000
and surplus of $10,000,000. star
of increased lending ability."
of
four
officers
as
Ad¬
Undivided profits, which approxi¬ ment
Mr. Graham pointed out that
Only three
mate $2,000,000, and unallocated mirals of the Fleet.
bank's
deposits increased from
reserves,
which are now about were named. Admiral Ernest J.
$52,276,414 as of Dec. 31, 1935, to
$3,000,000, would not be affected King, Chief of Naval Operations,
$111,804,835 at Dec. 31, 1944, and
by the ti'ansaction.
who
will
soon
retire; Admiral
that
capital^ surplus and undi¬
"National City has paid divi¬
vided profits in the same period
Chester W. Nimitz, former com¬
dends of $1.40 a share for several
increased from1 $3,339,950 to $4,-*
mander of the Pacific Fleet, wh
years (35 cents quarterly), and it
700,000.
Net operating earnings
is the present intention of the will succeed Admiral King, and
in 1944
jwere $439,557, equal to board to maintain the current rate
Admiral William D. Leahy, Chie
$19.75 per share compared with
on the increased capital."
$333,421, or $14.98 per share in
Reference to the acquisition of of $taff to President Truman.
control of the First
A
1943.
Fommany
years
dividends
@FedFRASER