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Final Edition
Volume
:
Number 4348
161
ESTABLISHED O VER
New
YEARS
In 2 Sections-Section 2
York, N. Y», Thursday, January 4, 1945
Price 60 Cents
Copy
a
Why A World Peace Federation
Perhaps nothing about this remarkable war is more
remarkable in all the surrounding circumstances than the
faithfulness of American business and the steadfastness of
5
:
By WILLIAM A. ROBERTSON*"
/V;
the American
public. For the most part the President him¬
self has rather consistently, if at times possibly a little
begrudgingly, recognized and acknowledged the good be¬
havior. of both, but there have been many others in Wash¬
ington who have not. This latter has been more particularly
true of what is said of "the public" than of business.
Pro¬
duction figures and other cold statistics have left little real
opportunity for any one to make complaints about American
industry that would "stick." It has been much simpler and
much less subject to definite and conclusive refutation to
speak of "complaisance," the lack of "realization that there
is a war on," and the- like.
Writer Presents
Efforts
The
fact
is, however,
the President himself
as
once
standing of the gravity of the problems by which the country
is faced is found, if found at all, most conspicuously in
Washington itself. Both business and what is vaguely called
"the public" appear to have been far more aware of difficul¬
ties ahead, and far more ready to ho whatever is necessary
to overcome real difficulties than any reasonable man would
have expected in view of the way in which they have been
dealt with from the day war began-—and long before for
that matter. Uncertainty and inability to obtain dependable
information as to the plans and intentions of the New Deal
government in Washington had been the order of the day
among business men for three-quarters of a decade before
(Continued
on
92)
page
import-^ the
Plans to keep the world at peace are of overshadowing
The thought of a World Federation has captivated thousands,
who have no
ance.
conception
the
Inasmuch
same
as
we
teARliSLE feARGERON
are
fighting to" preserve Democracy, but at the
the peoples of Europe and Asia
time are committed to letting
set up any
will be
so
kind of government they want, nevertheless hoping they
astute, without any pressure on our part, as to adopt our
that
nesses
i
n
flung and arti¬
ficial creation.
Such
plan
a
calls for
de¬
a
inter¬
gree of
national
har-
and co¬
operation ex¬
cessively dif¬
mony
ficult
to
cure.
It
in-
volves
J
a
e
m
Although
it, have
only been in existence for a rela¬
tively short While, it is amazing
Re-
and
tion
the
se¬
the office, and Jimmy in
s
F,
Byrnes. "Jim¬
my,"
him in
what
call*
we
our
in¬
formal, demo¬
cratic
way,
and for
short,
in
our
we
quaint way,
say -'Assistant
President,"in¬
stead
Carlisle, Bargeron
Jimmy is making his report to
Congress, in pursuance of that
body's ordering him to do so pe¬
riodically. It shows you how we
keep a rein on our public serv¬
ants, and therefore will never get
as
American people have
accomplished, under their direc¬
tion, or it may be that they have
accomplished themselves.;
It seems, from this report of an
office only a few months in oper¬
ation, that: America was; going
along minding its own business as
is its wont when it was brutally
attacked by
of * all
that folderol about director of, etc.
under heel
the
do other and more
nations of evil design.
readjustments had to be
made in our economy. We had
to go "all out" for war.
Having
to do that, we did it.
Oh, there
A lot of
were
troubles
and
hitches
along
the way, but we made it, and came
to turning out more guns, tanks
and planes than any nation at any
time in the world.
In the mean¬
backward peoples. The Congress
set up Jimmy's job—the Congress
time it
being representative of the peopeople—several .months ago^and
various parts of the world.
ordered him to feport on the
first
days of January, April, July and
October. In this way
the American
boys
seems
took
millions of
that millions of
up
our
places in war
battle
stations in
Other
citizens took their
plants.
Well,
it or not, they came
(Continued on page 102)
believe
our
to
'
■
'
*
v
ought; to
have
Wholeheartedly,
the
In
poleon
-
those
of
a
paralyzing
danger
.
deadlock
a m
th
on g
Wm;
Robertson
A.
e
This
term
used ,-in
much
was
rived
eye to eye, even when meas¬
of overshadowing importance
demanded action.
writing
occasions
rare
when
at
large diplomatic
assembly. The reason for its mee
ing was the necessity to restore
see
ures
very
constructive and far-reaching re¬
sults of a peaceful sort were ar-
years past. -But truth compels us
to say that only too often have
the rulers of Europe been unable
to
members, and a clash between the
two parts of the. Federation, if it
is composed of two houses.
by
a
the structure of the States of Eu¬
Mr. Gladstone,
a devastating war of
20 years. But so wide were
after
rope
in
March, 1897, to the
Duke of Westminster, said: ;
"The concert of Europe, then,
some
the differences of
opinion, and so
deep-seated the jealousies, that
the concealment
eight months (from September,
things: (1) that an assembly of of dissents, the lapse into gen¬ 1814 to
June, 1815) were con¬
nations is a sorry mechanism for
eralities, and the settling down sumed before final decision. These
securing peace; (2) that the United upon negations at junctures when
jealousies came alarmingly near
States Wotfld *b'e only k disturbing duty calls
loUdJy if or positive ac¬ to causing a complete break-up
is
our
,
of This Article
purpose
to. show two
elernorft as 'a member of a World
Federation; .arid only cxn rare occa¬
sions would she be in position to
salutary influence outside
of the Western World. The coun¬
tries. of the Old World have al¬
to
comes
mean
.
tion."
of the
A Review of the 19th Century
exert a
Here
are
a
few of the
interest¬
ing episodes: (1) It would seem as
if, when they were in desperate
conflict with a powerful enemy,
Congress, and a fresh tearms.
Only the news that
Napoleon had left Elba and was
sort to
back in France hastened final
This hews
tion.
(Continued
worked
on
page
ac¬
like
a
93)
Roger W. Babson Discusses Our Public Schools
BABSON PARK, MASS.—Brains—not wealth or military power
—are the basis of national progress,
including physical and spiritual
:
as
well
as
mental.
GENERAL CONTENTS
Unemployment and Federal Debt
This
Editorial
country's post-war
Situation.......::;
educators.
If
89
...
is
will
our
Financial
there
be
employment problem is really up to
unemployment after the war, it
be-$ " /.'-y..1;-.v'
cause
•
our
na¬
much
"
Regular' Feature*
'7
From
Washington
Ahead
of
tion's
the
ha
102
State
General
of
Commodity
not
e
their
backed
101
school
super¬
intendents and
101
Trade
•
Review.....................
v
properTy
94
101
te
■TV
school
committees
89
News
Moody's Bond Prices and Yields.
Items About Banks and Trust.Cos..
Trading on New York Exchanges;
NYSE Odd-Lot Trading.. v. ..v........
Changes in Reacquired Stock Hold¬
ings, i.*,.; ..........
90
not:
of
or
bil¬
$300
lions
Juices, Domestic Index . 100
hers.
ac
Whether
Gov¬
Weekly Garlpadings.;.........,,.... 103
ernment bonds
Weekly
are
Engineering Construction... 101
Paperbo^rd Industry Statistics.
..
...
103
to be
refunded
or
repudi ated,
Fertilizer Association Price
will
Index,
.
99
Weekly Coal and Coke Output ...... 100
upon
Weekly Steel ^Review...99
Moody's Daily Commodity Index...
Weekly Crude
Qil Production.......
100
Outmrt,.....
,,.,.
lor
Crop Acreage and Producie-i4.96
ior
Roger
W.
Babson
depend
the at¬
titude -of
young
102
Market.,........
Weekly Electric
General
102
,
now
public schools.
of
our
the
people
in
our
Hence the future
huge Federal debt depends
upon our local school
is
It
true
that these
educators
like to pass the buck to us parents. *
Without doubt the homes are not
doing their part toward a better
America.
We parents, however,
are not brain specialists and are
no more responsible for the city's
educational
plant
than fdr its
water, light and sewage systems.
The
education of our
children is
the
responsibility
our
committees.
of
"
school
:.::;Vyyivy '
y-
Who Are Your School Commiittee?
paid,
Weekly Lumber Movement........., 103
Non-Ferrous Metals
sir,
powers
"
-
both sides of the paper.
ion
great
been able to unite
.
far-
a
ways encountered great difficul¬
delightful set-up, we think that from time to time we should give ties when
trying to agree, even on
examples of the workings of it. For instance, it is hard to recall matters of
supreme
importance.
when our de'v*>
V .■ ■'. ■' ■.
■. '
Their best successes have been
people always know what their
mocracy has
public servants are doing.
been so per¬
;
* Author of article "Should the
Well, Jimmy's
report covers
fectly at work
United States Go Into Partnership
some
100 pages of single-spaced
as
the report
With Foreign Nations?", published
mimeograph.
It reflects the ef¬ in
just issued by
the "Chronicle" of June 29,
ficiency of the American people
Director
of
1944;.^:
at war, though, in that it uses
War Mobiliza¬
c o n v ers
on
spring of 1814, when Na¬
had not recovered from
the disaster of the Battle of Leip¬
zig, there was a golden opportun¬
affairs.
The chance of their co¬
ity to crush him forever, But it
operating "in this way is far greater
was only with much difficulty that
than when attempted through the
even the great diplomatic talents
instrumentality of a permanent of Lord
Castlereagh could induce
organization of the whole World,
the Allies to unite in the TreatyDismiss the
thought of such a of
Chaumont, and agree to con¬
thing, and think how the countries tinue
hostilities. Austria was not '
of a single group, like Europe,
in step with Russia and England,;
would
act
if
they composed a
having plans of her own.
Lord,
"United States of Europe." • What
Castlereagh was barely able to
does past history show?
avert dangerous disunion. (2) Thev
Congress of Vienna was one of
The "Concert of Europe"
generally achieved through their
usual-diplomatic channels, i. e.,
their own departments of foreign
of
weak¬
The Purpose
Ahead of the News
By
Why the United States Can Play a Lone Hand
Greater Harmonizing Force in World Affairs Than Member¬
ship With Any Combination of World Powers in League of Nations Fashioned
It
FrbittWashington
a
Dumbarton Model.
such
remarked, that lack of realization of the situation in which
we stand and have stood for long months past, and of under¬
Act in Concert and Shows
to
That Will Prove to Be
inhere
Uncertainties
Brief Historical Record of the Great Powers' Past Unsuccessful
a
committees.
: .The. human, brain
is the; most
delicate, most complicated' and
most
Wonderful
istence.
machine
m
ex¬
The future of every com¬
depends
fundamentally
its banks, buildings,
streets, u 111 it i'e s, factories, or
stores.
These are but tools.r The
future depends upon the brains
of .its young, people—little masses
(Continued, on page 94)
munity
not
upon
'
creased
"Morality" and Civilization
"The
were
2.6 billions in
payment for secur¬
ities
curities
mankind.
by 1.7 billion.
their holdings of
'• ■
''. ■ ;■
:_ ■: Of;
■;
■*
"Fundamentally, the force that rules the world is
conduct, whether it be moral or immoral.
If it is
moral, at least there may be hope for the world. If
immoral, there is not only no hope, but no prospect
■
■
.
-
"As
were
reserves
is
production for
of the increased demands for
within tne
of
war
already very noticeable, with
'the
shell
steel
13.
Excess
by
;
'in¬
reserves
300. million
,
dollars,,
principally at country banks.
lower
commodity
fec'tion.
A
-;■
Wxth
Bond Interest
any
as
Advices received from the Au¬
of' the
Republic of Chile report that, in
accordance with the provisions
of
the regulation of Law
month ago."
a
to
flecessary
when
pay
compelled
but
in Mslrial Activity in November
Reported by Federal Reserve Board
"Output at factories and mines showed little change from Octoto November and retail trade expanded further to new record
levels," according to the summary of general business and financial
conditions in the United States, based upon statistics for November
and the first half of December, issued December 26, by the Board
of Governors of the Federal Reserve System.
The Board advices
continued:
deliv-
"Minor?! oroduction was main- |
of December
was maintained
at approixrnately
the same level that had prevailed
part
early
the
rayon
eries were at a new record level,
November
'Industrial output in
arid
Coal output
was one-fifth larger than in November, 1943, when operations
snarly reduced b^ a worK
stoppage. In the early part of
December, however, coal production was nearly 10% less than in
the same period last year. >
tained in November.
during the previous four months,
Production of durable goods de-
November, while
of
other
manufactured
groos, especially war supplies, increased
somewhat
further
and
dined slightly in
output
critical
war
equipment
Distribution
sales
Octo- in November was 14% above the
her, but was still behind schedule, exceptionally high level last year,
according to the War Production about the same year-to-year in1
"
Activity
industries,
in the durable goods
particularly machin-
transportation equipment, and
lumber, continued to be limited
in part by manpower shortages,
Employment in the transportation
equipment industries has declined
hy about one-fifth during the past
cry,
twelve
of
months,
but
total
output
aircraft, ships, and combat and
vehicles has declined by a
motor
much
owing
amount
smaller
to
greater efficiency.
"In
most
crease
which prevailed in
vious
four
half
of
goods in¬
In
December,
sales
were
larger than last year,
All Federal Reserve districts have
shown large increases over last
year in pre-Christmas sales.>
about 20%
freight carloadings,
adjusted
for
seasonal
changes,
were maintained
at a high level
in November and the first two
"Railroad
weeks
of
December.
of
classes
most
ever,
nondurable
months.
the prethe first
were
Shipments
dustries,
the'exceptionally large movement
of freight during the same period
what
last year.
t
production was some¬
in November than
in the previous month.
Activity
iit
explosive
and
small-arms
ammunition plants increasedr reilecling enlarged war production
schedules,
and
output in most
greater
other branches of the chemical in¬
dustry
also
reaching
expanded,
levels above those of a year ago.
Production
fining)
and
in
the
petroleum
rubber'
re¬
industries,
-chiefly
for war uses,
somewhat in Noveihber.
increased
"Output of manufactured
foods
showed less decline than is usual
for
ss
and
mostly upward in
were
No¬
early part of De¬
Retail
prices of foods
vember and the
cember.
and
various
were
commodities
1943.
retail
;
"Fifty
markets.
Bank
October from the re¬
duced, level of operations prevail¬
ing during the summer.
Cotton
consumption in November was
advance in
"Banking
the
13
four
were
Credit
ended
largely
December
determined
the Sixth War Loan Drive.
ernment
porting
deposits
banks
in
during
at
by
Gov-,
industry.
copper
ceipts will be applied by the In¬
under
the terms - of the
Law
Chilean
interest
the
to
the
at
payment-of
of $11 T-l
rate
ner
doUars fl.26461 ner
Swiss franc bond, and £1-2-6,
bond,
24 per
£100 sterling bond.
"The
suspension
of
exchange
transactions in most foreign mar¬
kets
as
result of the World War
a
has
not
permitted
out
the
necessary
order
to
set
Caja to
carry
conversions
aside
the
funds
in
in
Swiss francs to meet the servicing
of
m
issued
loans
in
this
compelled
has
which
currency,
Increased labor shortages are
toward a tight supply
situaton in a greater number of
items, with the possibility of a
dollars the dividend
American
of the above mentioned loans and
to maintain in this
the funds to
same
currency
the payments.
cover
"Against the remaining
the
income
have
$5,702,500
retired
been
50%. of
there
face
collected,
amount of dollar bonds and £1,400
,
bonds
of
amounts
V
out¬
standing after the 1944 retirements
will
$157,034,000 dollar bonds,
be
£27,741,071
bonds.
..
"The
or
and
108,662,500: Swissfranc
francs,
clared
bonds,
sterling
interest
is
*Fv""0
f
bonds;
Ex¬
Water Company of
all
Mortgage
Bank of Chile bonds; bonds of the
Chilean
re¬
loan,
cities
in-
of
and
Consolidated
bonds
of
the
Municipal
two
Santiago, Chile, loans." ' '
City
" v •'
of
varied
certainly!
plans
war
;
:
standpoint
before
weeks
same
wh'ch
ago
will
months
many
the
period
pressure-
in
are
Many
that
accord
a?
secondary war production drive is
already in
the
looked, such
time
of
although
making,
factors may have been over¬
some
the advantage in
as
gained by Japan
our
as
the
on
reverses
a
result
European
front.
'
An
premature
apparent
view¬
in estimating the dah> of
Day by the armed forces
point
V-E
themselves, the magazine pointed
limited—they out,, will probably make those in
establishment" command of the supply situation
holding large war orders which more super-cautious than usual.
require
large-scale
buying
of The original estimate of 40% in
special items to fill contracts.
| cutbacks on the defeat of Ger¬
With
respect
to
employment many made by WPB officials
figures, the Associat:on states that some time ago is undergoing con¬
they are about the same as in the stant revision.
Guesses now are
previous months, but "with a few that cutback estimates on V-E
minor exceptions, manpower con¬
Day have slipped to about 15%,
to 25%, and may be lower, de¬
tinues to be insufficient for full
pending
on
future
battlefront
production.
.."The
manpower
shortage
is events.
Steel-making
operations
in
gaining ground and no relief is ir
many districts a week
ago were
sight.
Layoffs, where occurring
are
kept to as high a level as was prsquickly absorbed elsewhere
The prospect is for further loss of sible, consistent with the normal
help, due to close scrutiny by drafl holiday losses induced by absen¬
boqrds of employees in the 26 to teeism or custom. Raw steel out¬
37 age group.
Manpower is a real put was maintained by many com¬
bottleneck
to
production
at panies over Christmas, but fin-*
being
very
in
be
to
appear
:i
v;;l.;:
the renewed emphasis
the Guaranty Trust Co.. in
present."
Despite
on war,
steel
ished
the
operations
tion of
tion of labor
help
to
It
was
contrast
to
erations
were
business
see.■.0..• ■.:•
men
would like
PP-PP''
;•
the requisites necessary
to maintain employment, it urged
that war-time taxes and restric¬
tions
be
abolished, double
tion of corporate
taxa¬
dividends elimi¬
individual in¬
nated, surtaxes on
the, higher
brackets
drastically reduced and the capital
in
comes
On
survey
Labor
labor, the
held that the National
Relations Act should be
equal treat¬
amended to prescribe
ment for management and
Revision should encompass
of
regulation
labor
labor.
public
unions, and
the field of wages
and hours which tend to discour¬
regulations
age
in
individual initiative should be
;
;Taking
up,
the matter of
ernment bureaus, it
Gov¬
expressed the
a
year
when op¬
sMkos
ago,
marled
by
predictions were ripe of
proaching
cutbacks
and
idle
capacity, "The Iron Age" noted.
are
expected
to
be
t
lodl
New bookings for the year
-
10%
about
larger than in 1943. A fla^h finish
i* indicated, with new business fop
December
more
running
15%
to
ahead of November.
;
implement
farm
Some
during
the
first
br
f.%
steel
two
quarters has been pushed back
a
quarter because labor short¬
have placed manufacturers
behind
their
timetable.
Heavy
full
ages
pressure,
delivery
however, is renor+ed for
of
farm
implement
springs
and-
needed
for
sales,
in
grain
warm
Substantial
.
tools
drill
implement
..sections of the
spring
country.
'?' \
modifiecr;
reason
and
scheduled
question of
the
the main
plants
many
provide jobs is substantially the
Citing
rf
eliminating
holiday shutdown,'! Thus
'
"hrmrmas activity was in strong
for
private enterprise
that for
program
to
employment.
maintain
stated
Inn
every
and the"full utiliza¬
steel possible
portant post-war business prob¬
lem," and outlined a program to
of
production
its monthly survey,
said the ques¬
jobs remains "the most im¬
en¬
were
Heavy bookings requiring
tailed.
.
1, 1945 and will be
bonds;
report
than higher inven¬
gains tax repealed.
applicable to the following bonds:
Valparaiso
the
buyers
Where the latter is true-—
tories.
these
disbursement de¬
expected to b'6" paid on
about Feb.
rather
reported
are
of
the
observers
industry, according to
the Assoc'aticn, is continuing, and
changes
deliveries,:
and
and
intensification
existed
which tends to hamper
majority
sudden
demands,
again make its appearance.
in
lower
of
hectic
collections and shipments.
The trend toward lower inven¬
large
extended
more
matter of
serious shortage of scrap steel de¬
where
week, was
operations,'
the past
higher
for
of
the
military situation it will only be a
v
tories
■
year
close the steel industry
a
From
areas,
;
\
closed In its issue of Dec. 28.
working
ing
4
the
As
—
already made, "The Iron Age" dis¬
vendors.
to fix
Caja
corresponding to holders of bonds
weekly
101
the
stitute
ternal
developments
weeks
the
cent of the total re¬
per
All of the Republic of Chile
In the tex¬
industry, output at woolen
worsted mills continued to,
for the
ported
than in October.
During the past
year there has been a slight up¬
ward tendency in prices of most
commodities, both in wholesale
on
quota of duties on petroleum im¬
slightly higher in November
other
taxes
on
petroleum imported fornitrate industry, and $122,781
"The
"Changes in wholesale prices of
agricultural and industrial prod¬
and
of
receipts
the profits of the copper enter¬
prises; $60,289 the quota of duties
of sterling bonds.
this season and was as large
in November,
tile
Sales
and
Commodity Prices
ucts
the
Iodine
Corporation; $4,712,672
of Chilean- Nitrate
profits
of
freight, how¬
not quite as great as
the
from
receipt
Government's particioation in
larger in November than in
Board.
the
resented
100
"Value of department store
was
-
"Of this amount $1,729,015 rep¬
"I.OPO
production was
main¬
tained in large volume.» Output
mineral
of
The advices in the matter state:
represented
—
and
1943 availableTor
the Institute in
to
appeared
an
veloping y during:
the
winter
by Supreme Decree No. 3837, of 'months, due - to low yard stocks
Oct. 24, 1938, the total receipts of and heavy snow in large produc¬
debt service amount to $6,624,758.
Industry
Steel
impacts
military
There are
the
finally,
and
ternational transactions.
much
No. 5580 of Jan. 31, 1935, approved
Little Change
ba
Other
minimum.
issues,
security
headed
who
find
it
higher prices
to
seek
new
however,
should
business
a
prompt
reestablishment of the'
gold standard, particularly for in-
came
.higher
notes,
to
features of the plan embraced the
it
the Association
gome,
Payment
tization of the Public Debt
in
prices
indicate
buyers
lew
same
tonomous Institute for the Amor¬
Article 6 of
Oclober
this
u.at
upon
suggested
survey
private
reduced
generally prices remain about the
Apply Chile Fissidslo
the
"last 5,000 years"? Dr. Butler would hardly suggest
that mankind used to be but is no longer governed
by "morality."
1 ;
"
above
and
concern,
the
granting of credit and other
the
.
arices,
last 5,000 years" is in
i
beccine
liberalization of regulation of new
creased
what he calls
<-♦>—u.
Govern¬
has
ness
past 11 years a soiree
November, and to meet ing Agents observed that recon¬
cutbacks
and
the
demand for currency.This version,
tormina-j
demand, though slackened some¬ tions seem for the moment "to
Pave disappeared as a factor," and
what
by the War Loan Drive,
amounted to 450 million
dollars with respect to commodity prices
for the
four
weeks
ended
De¬ there is no general indication oy
much accomplished during
Industrial Production
great
score
taking
program
The'
review.. -
between
bus
and
ment
war.
In tne steel industry the effects
'are
court
to
Competition
again geared to all-out
or ce
of
part
prospect.
But how was so
tempo of bus ness and indus¬
u.e
try
t
"morality" has not governed the conduct of man,
and to warn that unless something effective is not
done about it "destruction of all that has been
accomplished during the
subject
prcCdce of deiegat ng 'legislative'
power to' administrative
enc.es
s/nbuld be discontinued."
entirely changed, and
now
.
such patent conrepeated by
that
say
is
reduce
to
.
to
seems
ago
the order, the pic¬
were
———
opinicn that "all rulings of administiauve boards should
be made
forms of Government competition
part
cember
Butler
Dr.
additional
.
i
not
cropping up.
securities.
Government
months
or
a
member precedence over all others in this
'
bank borrowings at the Reserve ■field.
Discussing present trends, the
Banks, which had risen to nearly
600 million dollars in the latter National Association of Purchas¬
moved by these gen¬
;
of
in
used
Butler.
inconsistencies
and
traditions
beginning of the Drive
mid-December.
In ad¬
weeks
Where
cutbacks and termination of
snarp
eral Reserve Banks of 640 million
These
short
lew
contracts
dition, reserve funds were sup¬
plied
to
the "banking -system
through the purchase by the Fed¬
dollars
Belgium has affected all in-^
re¬
accounts,
ciyilian goods taking a secondary place in the
', /
"4
in Germany
stc-p-up m war output spurred by our reverses
justly in a great degree.
ture
thiough
pillaging which are threat¬
civilization itself to an end."
eralizations of learned men were
loan
war
the
from
murder, brute .force and
We should be much'more
and
•
of
transfer
economy.
'ine
leclined about 700 million dollars
Young
future
to prove once and for always whether mankind is
intelligent and moral enough to put an end to the
—Nicholas Murray
nation's
required by member banks
serves
cepted as satisfactory, much less as final.
people will be called upon in the immediate
bring
to
nesses
anything but destruction of all that has been ac¬
complished during the last 5,000 years.
"The organization of nations and the orderly
development of these nations have not been ac¬
to
f:-0
of the
result
a
duction for war with
Government se¬
increased their loans
and
deposits of individuals and busi¬
of
ening
Barring unforeseen developments in the near future which may
favorably alter the present course of the war in Europe, trade and
industry in the year 1945 will for the most part be devoted to pro¬
added 3.7 billion dollars to
plane and of most convincing character. "Yet
that wisdom has failed to control the conduct of
0|J
>1
reporting
The
purchased.
banks
est
The State of Trade
drawn down about
business
the high¬
'
de¬
deposits of individuals and
mand
philosophy,
history of the world's religion,
literature' and science records wisdom on
bil¬
approximately 8
while adjusted
by
dollars
lion
Thursday, January 4, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL.
:
orders
for
(Continued on page
bullet
95^
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4348
161
Atlantic for
af
.
a
interpretation
new
the Charter.*
:
"Churchill in his statement be¬
fore Commons said:
"
t Churchill's Remarks
V
:
Roosevelt
President
on
asserted
Dec.
"the
he thought
that
22
that point during a news conference discussion of
he said on Dec. .19 never existed as a formal
The Associated Press, on Dec. 22, added:
777^7^'?'*: 7*
quotation
document,
on
reporter had remarked that*-——~—
A
—. ~ ■:
—
Charter
some
Stalin and added in response to a
was
reporter's
people thought the Charter
losing its purposes or was
slipping away and that he would
"like to hear
what the President
would
tion
like
the
of
prospects
"2—In
The President would have pre¬
ferred to think it over for a while,
cabinet
Mr. Roosevelt
effect
he—Mr.
through
replied, but he said
the years certain
the
at
denied
a -
Quebec
be
changes
no
table
peace
except
tain
had
good
a
press conference on that day,
The loan.'}
by the government but must be individually nego.
tiated
with
see
Hines
no
territor¬
no
of
.
•
-
loans
been
ond
implemented and are avail¬
able to eligible veterans.
He ad
ded that "the educational and em
ployment
provisions
became
he
continued, but they still are
good. People don't live up to all
the
;
Commandments
Ten
doctrines
the
of
and
state American foreign policy that
principle that there should be
he1 didn't think so; that it's on the
territorial
all
Christianity, he
peace
"5—Said that, politically, he still
is a little left of center.
That
table.
"."'Mr.
went on, but they still are some¬
thing pretty good to shoot it. //f7p: question was answered ll^ years
The President said he was not ago, he said, and it still goes. V
"Much of the press conference
comparing the charter with the
Ten Commandments or the Chris¬ was devoted to,, questions about
tian religion;
But, he; said, he the Atlantic Charter, which lately
thought the charter would take its has come under more frequent
place in history as a major step discussion in#Congress, particu¬
forward—j ust - as
Wilson's >/ 14 larly since Churchill backed Rus¬
changes
-:
correct
Pickthorn
in
Charter."
is
]
not
the bill have been
in
the
\
<
loans
announced
in
anty provisions became available
two
weeks
a
press
The
only part of the act not previously
effective
is; the
ago.
business
loan
Atlantic
a
Asked
better life in the world.
whether
ing that "you
he
are
as
was
imply¬
far from at¬
taining the ends of the charter as
world
the
thousand
a
years
the President inter¬
rupt to halt the question with a
ago
.
.
negative.77,;
v
777-7:7^ 7v:777/77'';
world, he said, goes by
valleys, although on
whole the curve is upward.
The
peaks
the
and
Human
than it
he
life
is
was
a
on
a
better
scale
thousand years ago,
said, but
way
we still have a long
to go and we stibL have to
.
work lor it.
-
the Atlantic Charter
is
and Rave
"Nobody ever signed
tic Charter, he replied.
went
into
detail
:
-
of
State
Sumner
of various
v
about
how
Welles
and
pieces of
paper at
were
radioed
as
a
Second War Power Act
Sir
the 1941 Atlan¬
to Washington and
joint statement for
there
lantic
is
such thing
no
Charter.
as
a
called
the At¬
He added, how¬
document
bearing
the' reputed
on
ill relative to the Polish
and the Atlantic
in
the
Charter,
Chicago "Daily
the following:'.
ever, that all of the United Na¬
tions agreed on it when its prin¬
wevtake
ciples
were
embodied
in
the
United Nations declaration on Jan,
lantic
The United Press went
on to say:
1 '
'
:
"What he and Prime Minister
an
1,
1942.
"While
both
were
of
sides
Adminis¬
over
ra¬
tioning and the allocation of vital
materials
marks of Prime Minister Church¬
16,
bill
for
another- year.
extending
Second
the
life
The
of
the
War- Powers^Act through
1945 passed the House on Nov. 30
and the Senate on D£tT8, as was
re¬
indicated in
question
as given
our
issue of Dec.'21,
2739.
In reporting the sign¬
ing ' of the bill Associated Press
Tribune"
ladviqes7 from;; Washington/Dec.
the
21, said:
At¬
•
.
The bill—a renewal of the Sec¬
por¬
ond
tent of Churchill's statement that
War
cradles
insertion had been made in the
trial
Atlantic
Charter, and mutually
agreed on by the three great al¬
lied powers, that territorial chang¬
the
Powers
authority
priorities,
Act
for
J: which
indus¬
rationing,-'
food
control and other emergency war
activities—was
rushed
through
the closing days of the 78th Con¬
be settled before the
gress, \ Without .its approval,'the
1941,
Mr.
Roosevelt explained, peace conferences, the secretary
administration's authority for war
was
to scribble things on many explained :>•■■■ 7/'*:777
7>V • 7: 7;
would
have
ended
pieces of paper.
The result was ;
" 'Mr. Churchill was speaking .regulations
an
\
8-point joint declaration: of from- memory and just made a With the close of this year.
Winston Churchill did at their his¬
toric Atlantic
meeting in August,
es
could
the
limitations
same
which
5
ices connected with securing sue i
a
by
aims which
radioed to Wash¬
slip.
r In: its
renewed
to the
form, the act
actually in carries one of the few strings at¬
statement and which subsequent¬ the
British
government's state¬ tached fo .any war legislation. It
ly came to be known as the Atlan¬ ment of foreign policy laid down provides for the first time a court,
tic' Charter.
in J940.
Later during yesterday's review of rulings of the War Pro¬
;.;7y:7"Neither he nor Churchill—no¬ debate,.Mr. Eden [Foreign Secre¬ duction Board.y.7";,/■;•7-7
body—ever formally
signed an tary Eden] pointed out that • Mr-. j . The bill was among a host of
Atlantic Charter, he - said.
And, Churchill had erred.-' < ► ' 1 • »
measures approved by the Presi¬
and
was
London
as
a
press
What
Atlantic
he
attributed
Charter
•
.
w.as
"If
$2,000 and the interest charged on
the loan may not exceed 4%. The
she
also
right to
the
of guaranty
maximum
'
"
of
borrower
a
in
for
eligible veteran she will'
not be required to sign an appliV
cation made by her husband,
Jl!
amount
any one persbn
is
"1) the
proceeds of the loan
by the veteran to
purchase real or: personal .prop¬
erty to be used by him in pursuit
of a gainful occupation; .
:
used
be
quired if they live, or the loan b)
made, in
a
1
i
determined
as
.
by
7; ■"■■■•
participation
.
proper
7'.'->
*•, ;
(
Na»
tional bank examiners to facilitate
our
banks
by
the G.
under
the purchase price does not
'exceed a reasonable normal value
praisal.
available at Vete *'
offices, and
Reference to instructions to
.-
"4)
.'
All forms areof the printer^
distributed to recognize^!
be
lenders."
likeli¬
reasonable
,
Administration
rans
ability and experience
is
hands
They will be
will
of the veteran and the conditions
there
the
in
no w
occupation;
the
State where his signa¬
..to make the;
a
necessary.
transaction; legal.
"2) such property will be use¬
to
"3)
is
ture
ful in and reasonably necessary
such
a
will be
"The law further provides that:
will
he>*
exercise
to
wants
guaranty of loan she
required to make a sep <
arate application.
The signature
of her husband will only be re¬
;
loanti
in
Act, appeared i;%
2840,
I.
issue of Dec. 28, page
ap¬
,
loans may be guar¬
only for the purchase
of buildings or real property but
also to buy supplies, equipment,
"Business
anteed not
machinery
,
and
tools
normally
used in connection with such
enter.
ered.
-
"In
be
not
are
in 1944
is held by
a
it amounts to not
of the
more
on
Federal
loan.
"Any veteran who
ice
was
in
other
than
dishonorable
a
tained
this
or- more
"eligible vete¬
anty of the same
as
in 194.17
Harbor, Mr,.
system was
Pearl
before
The
indicated.
Gardner
guaranty of business
\ ■7-7;:.,' ' .". '
;"
plan to. enter business .to¬
gether they may apply for guar¬
theso
which
institutions had ob¬
much as $1,000,000 from
reserve
just
advice,i
added:"
:
"If -two
The last pre-,
in
November
associa¬
loan
community
90
rans^.
and
building
vious
days of service,,is eligible to ap¬
ply forloan.' ;
$7,008,883.50
of
total
a
loaned the past month to sav¬
ings,
serv¬
after
Loan
Home
Federal
tions in the district.
after
was
that
ton
was
:; v;
Sept. 16, 1940, and who
discharged under conditions
the
Bank Administration at Washing¬
than 20%
7;v-,
regional bank which f
Illinois and Wisconsin, in¬
formed
purchase price, and if the
unsecured
of the
serves
second
long as
Chicago
A. R. Gardner, Presi
Dec. 11.
dent
amount of the loan is under $500
the guaranty may be issued on
an
was
eral Home Loan Bank of
general, business loans must
by first liens Unless
lien
for any month so far.
the report of the Fed¬
third largest
cov¬
-
agency, in which case a
lien may be accepted so
made in/November
ever
secured
first
a
capital
volume of advances
and tho
The largest
as
working
or
oc¬
the'.veteran plans to
Loans for inventory, stock
cupation
loan.
In such
cases
the
obligation 'shall
be
treated as separate • and - not as
joint
responsibilities.,: But. the
in the sense of a formal document,
"He added that the prime min¬ dent, today.:'7'
/>v;; 7^;7;;
: guaranty 'under "these conditions
such as the Declaration of Inde¬ ister had no prepared text for yes¬
may not exceed the maximum of
y "He also! signed ra: bill boosting
pendence, there is no copy of the terday's speech. ,, 'He spoke from
the amount of money Congress¬ $2,000 for each borrower. 7'7c
notes and
charter, so far as he knows,
memory; and the prime men' ban spend to staff their offi¬
■""Where a loan is made for the
minister made a slip.'
v "The
nearest thing to an origi¬
7);:7, ces, The measure.,, boosts from purchase of real property a stand¬
nal to the charter, he said, are the
"Although Churchill's statement $6,500 to.:$9,500 the annual clerk ard real estate first mortgage will
scribbled notes which were given was explained as a 'lapse of mem¬ hire
An ap¬
amount .for members of the be taken as security.
to
the
radio
operators
of the ory,' a feeling grew in diplomatic
House; and authorizes the Senate praisal by a qualified and desig¬
that
raisemaximum
salaries; of nated appraiser will be required
perhaps
some to
;U. S. S. Augusta and HMS Prince quarters
of:: Wales
for
transmission
to changes may have been made: in committee experts from $4,500 to just as they are in connection
Washington and London as a press the Atlantic Charter which have $5,040.
In addition it adds $4,020 with guaranty of loans for the
statement.
The Prince of Wales not yet been disclosed.
for the clerk hire
y
allowance of purchase of homes and farms.
was sunk by the Japanese shortly
"It was recalled that the Brit¬ Senators, from States of 4,000,000. >"■ "Where
equipment is to
be
ish press and certain members mf or less population and
after Pearl Harbor.
$5,040 for purchased the loan will be se¬
"At a press conference a few parliament earlier this year sug¬ Senators .from larger States.
cured either by a chattel mort¬
revision of the Charter'
hours after returning, tanned and gested
The President approved a group gage or a conditional sales agree¬
in view of war developments. • • V
ment.' A;loan to make the initial
ofJ enabling acts setting
rested, from a three-weeks' vaca¬
the,ma¬
"Last April,: "the then United
tion at Warm Springs, Ga., Mr.
chinery for the back-porch inau¬ payment on equipment may not
States Secretary- of State Hull and
Roosevelt also:
exceed $1,000 and must be repaid
gural ceremonies that will launch
Stettiniiis made
"1—Said no date has been set Undersecretary
within one year if the amount is
the
fourth-term
at
the
White
for another meeting with Church¬ statements that there was a grow¬
$500 or less. If- it is over $500 the
ill and Russian Premier Joseph ing concern on both sides of the House Jan. 20.
loan may run for 2 years.
Such
.
.77
/
■
wife
the
an
that
-
,
guaranty.
pro¬
.
ington
or
act, but
change may be made for the
guaranty of loan or for any serv¬
the
circumscribed
are
unsecured
customary
also
page
-
considering the
and
loans,
much
very
purchase
no
Hines,
those for home and farm
hood of success;
tic meeting, and said .the contents ; Congress - renewing the
tration's bro&d powers
London
as
sec¬
der the provisions of this
regulations covering these
basically
that
,
dent Roosevelt revealed that day
that
7^7^7/7
Cadogan,
premane/it
j; f It.was made known on Dec, 21
Undersecretary of/ state, that
President
Roosevelt
had
scribbled
things oil many
signed the legislation passed by
had
"are
same
now
surrounding the project are,such
Press accounts from London, Dec:
formal
countries'."
he,
pointed out that to the complete
surprise of a lot of people, Presi¬
from
own
Atlan¬
He then
release to the press.',' /
>
'
From
one
,of .the. Associated
of Dec.
date
accounts
a
an
19 United
Washington
Under
of
British
'
Press
our
part
.
Churchill, former Undersecretary1
Alexander
of
but
foreign
policy which we made in Septem¬
ber,-1949, when the prime minister
said We. had not
at
any : time
adopted since the war broke out
theline;; that nothing could be
changed in territorial structures
charged that its principles are
being -crucified';! in the current
Polish and Greek erises.
Charter,-
statement
something we sia's territorial claims On Poland.
all would like to see: attained. Some members of Congress also
They, too, he said, were a step have demanded to know where
toward
"The
loan guaranties," says Gen.
where the
constituted
points
guaranty-provision, which is
set, up."
■
a
if security iu
practicable.
1
"All loans guaranteed by thn
Administrator must be paid ofif
within 20 years, however,
thin
maximum time
usually applit ;r
only to real estate, as loans on
equipment or machinery may not
extend beyond the accepted use¬
ful life of the property.
f
./ "All expenses customarily borne'
by purchasers may be charge,!
against a veteran borrowing un •
operating since
was
be
may
The guaranty of
with their announcement at
conference
"'The
exception was in eases
changes were mutually
agreed, but. that is not part of the
issuance oil
be secured by
may
announcement further says:
Atlantic
~
,
the
mortgage.
not
October and the farm loan guar¬
vide
perfectly
that the
out
'
t
the
with
"If the loan is for the
in June, while the read¬
justment allowance provisions of
no
*■'
;
was
pointing
exception
before
'
/.
that
of supplies not over
$1,000 it mu?t
be repaid in one
year; the loan
ef¬
-
.
said
the G. I. Bill of Rights have now
home
nations desired to
General
lenders.
these regulations all provisions oi^
last September.
such insertion, but that the'allied
seemed
deal
Affairs, at .a
fective
to main¬ British plan for the 'stabilization'
ial changes which did not accord
importance, of Greece, saying there was noth¬
with the freely expressed wishes
some affecting public thinking on
ing in that.:
■ .y'7
77''77y<r;;7';:'77 of. the
people concerned.
"3—Side-stepped major foreign
objectives of a better world.
"Eden in the debate' that fol¬
The objectives of the Atlantic policy questions inspired by polit¬
lowed said:•
;
•
Charter still stand, he said, just as ical developments in Europe dur¬
do objectives of documents which ing his absence from Washington:
-"'"What Mr. Churchill intended
go back many centuries.
M
*
^ "4—Said in response to" ques¬ to convey was that, in the view of
The
objectives
in
some
in¬ tions about Senate demands .thai his majesty's government, there
stances have never been attained, the time has come for him to re¬
was
an
exception to the general
documents
tor of Veterans'
will not be made
the Atlantic Charter contained
a
ir
Regulations governing the guaranty of business loans under the
G, I. Bill of Rights were issued by the Veterans Administration on
Dec. 21, it was announced by Brig. Gen. Frank T.
Hines, Administra¬
:
Pickthorn, a Nation¬
al, Conservative
member, chal¬
lenged the point and asserted that
British
conference
should
the
exception
an
"Kenneth
Roosevelt—had initialed
last
inserted
those mutually agreed.'
an
assertion- that
member's
is
there
before
specula¬
eliminate
to
about
that
too,
he,
early meeting.
thinks.''
that
that
question
IS
.
victory has been won, but to that
there is an exception in principle,
and
that
exception
is
changes
mutually agreed.
It must not be
forgotten
that
in
the
Atlantic
charter—which
the
:
conference at the peace table after
objectives of the Atlantic Charter, are as valid ,as when they were
announced in 1941."
According to the Associated Press he permitted
direct
j.
;,:
'Our British
principle has been
enunciated that, as I have said, all
territorial
changed" must await
Poland
on
91
.7,;' 777/v- '^7: '7-7-: 7:;:i
"Preparations for the making en!
the
first G.
two .States
home loans in th y
I.
partially
were
respon¬
in¬
their avail¬
able funds for loans, Mr. Gardner*'
sible for the savings and loan
stitutions' .increasing
pointed out.
The veterans'* loan
program is expected to reach sin-;
able proportions on already exist¬
ing properties by early, in 1945,
and the local institutions will havtT
enough funds
on
hand to service'
all eligible
applicants.
observedv
that '
loans
in
to
the
middlci
may
bursements
anticipated
the
lenders.
advances in
offset by
priced
larger
involve
of
dis¬
,
than, way
credit
of
in
range
thus in the ean./
first planning by
The
$7,000,000
November
was
of
partly,
$1,252,813.25 paid Ojff on
advances which were
when
homo"
date.^have been largely
properties and
stages
It has1 been
veterans'
the
month
Gardner pointed
out.
outstanding
began,"
Mr.
THE COMMERCIAL
92 V
FINANCIAL CHRONICLE
&
people—but as a matter .of
may well in more than
SLY. State Factories Reduce
.
The Financial Situation
fact
instance contribute to
one
(Continued from first page)
the
drew
war
maelstrom.
its
into
us
The nature of the
perhaps
changed somewhat since we
entered the conflict, but they
certainly have not become
'
less
fellow country-men
information.
have
uncertainties
numerous or
vexatious.
,
Inconsistent
We
are
same
record
at
Within the past year or
the
two
general public has learned
what it is like to have to
which
can
We do not here refer
the
those in¬
is
the
front or
reasonably good management $t' the
authorities
the
as
are
we
have here in
the utter
impossibil¬
ity, of learning, which incon¬
(and at times real
veniences
vious
tendency to deal with
Even
remarkable,
more
perhaps,
as
public' as if it
composed of children in
the kindergarten who must be
told what they ought to be¬
lieve—or ^perhaps
what of¬
the American
the
is
history
it is here at home.
'
It
vWhat has happened in the
foods field is about as .mys¬
outdoing our¬
selves in production—if we
listen to government statis¬
ticians and propagandists. Yet
ficialdom believes • them cap¬ again one of the "difficulties"
able of understanding—and according ito;."th>e s e. same
nothing more.
Literally dozens
of
form. They
would, if it were absolutely
essential to the welfare of our
have
the
-
one
•"'it S •*'
give up even temporarily
of the real difficulties is
or partially with
grace only
if they are convinced by plain faulty management, particu¬
facts: plainly and frankly set larly in price fixing. It ap¬
forth that it is really neces¬ pears in some instances at;
least to. be indisputable that:
sary1 for them to forego in
wholb or in part this pleasure price relationships virtually!
accustomed.
Yet despite the fact that cig¬
arettes have beem scarce and
which they are
scarcer" for : many
satisfying explana¬
tion i>f the situation has been
getting
ihenths
no
forthcoming from any quar¬
ter.'
of
Tf any one
in authority—
plsewhere for that matter
what has ac¬
doom
without
to the
tually happened in this con¬
nection he certainly has not
and
.
to
v
commodities
hot
wayfaring mak that all
rationing machinery do
-
insure
mate
in
even
"equality"
an
approxi¬
among.
the
by
due to seasonal
was
A decrease of
employment
I
in
nearly 9%
the
was
—
pronounced in the coat
more
and suit houses than in the dress
Other
firms.
group
,
a net drop in
the food
slightly greater than the
average
for
all
manufacturing
industries in spite of increases in
other industries in
most
the food
"Employment in November was
110.4%) lower than it was in the
; same
month a year ago, while
payrolls
6.3% smaller. Aver¬
were
industries
apparel
the
in
last
based
These
year,'
figures
are
preliminary tabulations
from 2,880 factories
throughout .the
State,
collected
and analyzed by the Division of
on
ireports
i of
Research and Statistics
under the
direction of Meredith B. Givens.
"In
•
the
metals
relatively
group
and
l^e
,
machinery
losses
a v y
r\yere reported by: the electrical
I machinery industry,
One large
plant which had hired additional
workers
in., September
♦ and
employment
November to approximately
August
level.
Several
of
tober,
larger*;and
.
reduced
concerns
radio rparts
workers in
:
radios
fewer
making
reported
November
Oc¬
4 in
the
the
Decreases
were--sometimes
accompanied by increased pay¬
rolls
and
increases
in. employemploying
were
.in
more.
employment
h by decreased payrolls. The
a dynamic situation
both the
amount
which
banks
ber
employed- fewer people in No¬
vember." Employment in the air¬
craft branch of the transportation
'equipment industry decreased at
about
which
from
said in
this
part:",
is
•.
,
Clearing
Boston
'The
19,
also
" ''
House
•
s
Association has designated a com¬
Forbes, 'who will give the
was
which have been
time,' Henry
same
Association^ stated that
Bankers
similar- plans
or
under
>are
the
13
have ibgmtadopted
consideration
tions of Massachusetts.
"These
•
steps
the program
the
Post
by
Houses Associa¬
Clearing
are
.
in, line
with
recently adopted by
Small
War
Business
ican
Bankers
of the Amer¬
.
Association
and
adds Boston and Massachusetts to
the list of-those major
States which
to
help: those:
loans."
cities and
actively seeking
who
may
meed
employment
plants devoted to defense pro¬
-
■
als
: and
reported
them,
and
higher
mills
and
manufacturers
cereal
likewise added
workers and
more
their payrolls.
increased
Several
candy firms made: substantial ad¬
ditions to their forces.
Bakeries
and
manufacturers re¬
change,
between
beverage
little
October and
November, and pro¬
dairy products a small
net drop.
The cause of the net
drop in employment in the food
group was; a sharp cut at can¬
neries.
A
corresponding sharp
cut in payrolls at canneries plus
an
of
even
not
the
at
payroll
refineries
severe
more
duction
sugar
re¬
was
quite sufficient to wipe out
payroll gains in the other food
industries.
;
„
v
,
,
.
"Outside of the metals and
ma¬
chinery, apparel and food groups,
most industries reported employ¬
ment
November
in
evem.
above the October levels.
textile
the
or
Most of
industries
reported
employment.
reported
and silk textile mills. C;
net increase in
some
The
by
with
biggest
rayon
gains
were
"In New York
declined
was
November but payrolls
0.8%
were
decline
City employment
0.4% between Oc¬
only
tober and
The
lower.
in
the
seasonal
apparel industries
somewhat
more
severe
in the
city than in the remainder of the
State
but
employment
losses
at
much less.
chemicals
and
stone,
clay
and glass industrial groups which
recorded net increases in employ¬
plants
war
were
very
The
ment
the
for
State
showed
de¬
in New York City because
creases
of the greater
effect of large cuts
in two New York
Redeem
City plants.
Sydney Bonds
City Bank Farmers Trust Com¬
pany, successor fiscal agent, is no¬
tifying holders of City of Sydney,
New South Wales, Australia, the
Municipal Council of Sydney 25Year 5 Vz %
Sinking Fund Gold
bonds, due Feb. 1, 1955, that $67,000
principal
drawn
by
amount
lot
have
been
for
redemption at
par, on Feb. 1, 1945, out of sinking
fund moneys.
The drawn bonds
will be redeemed upon surrender
at the
principal office of the suc¬
fiscal
agent, 22 William
Street, New York.
On and after
cessor
theredemption
the
drawn
date, interest
bonds
shall
on
to
cease
accrue.
:
machinery
group
em¬
ployed more people in November,
notably tin can, cutlery, jewelry
Brooklyn Trust Opens
Limited
%
Banking Facilities
At U. S. Maritime T. S.
and
bicycles.
Some of this pro¬
probably- was, intended
for the Christmas trade. The steel
works and rolling mills and the
The
duction
Brooklyn
Trust
Company
of Brooklyn, N. Y., announced bir
Jan. 2, that with the approval of ;
the Superintendent of Banks it
iron!1 hnd steel foundries reported
will open a limited banking facil¬
very slight net increases in em¬
ployment
but
structural
steel ity on Monday, Jan. 8, at 'the
United States Maritime Service
works,; plants making heating ap¬
paratus and those > doing , metal Training Station, Sheepshead Bay,:
stamping and coating^ reported Brooklyn, in accordance with a,
.
.
'
"In the
apparel group,' the most
consistent downtrend occurred in
:
request of the
ment and War
tration.
The
.
Treasury Depart-
:
Shipping Adminis¬
services
of
the
fa--'
the millinery industry;
cility will not. be available to the
turers
general public, but will be limited
of
' Manufac¬
women's.- arid, misses'
the military and civilian per¬
t e d irregular
sonnel of the Training Station for
•changes in •' employment • with, a
the duration -of the war emergmajority of firms reporting de
creases.:
curtailmentv:ency;.
v.: "■
•Seasonal
outerwear
are
reduced
to
decreases.
Credit Commission
of /-material.
"Several industries in the met¬
J.
Nichols, President, Massachusetts
due
duction.
bank in Massa¬
.'":V
the
a
The net decrease for the industry
in
"At
shortage
firms making • professional
photo¬
scientific instruments,
increased
nearly all of
payrolls.
Flour
packers
employment
the
graphic and optical; goods, re¬
ported fairly stable -"employment.
ranging for the extension of credit
on ? terms
not
usually granted.
The committee will review appli¬
chusetts.'.
in
of
and
experience in helping to
solve unusual problems or in ar¬
received from any
as
cause
benefit
of their
cations for credit
rate
Many
offices,' said
mittee of five credit
same
industry,
2.5%, but conditions varied from
plant to plant. Other branches of
the transportation equipment in¬
dustry except the railroad equip¬
ment plants employed more peo¬
ple in November.
Two small
plants reported recovery follow¬
ing strikes in October.
Produc¬
tion in one plant was held up be¬
called
learned,
.
.
the
electrical machinery
for business needs."
The Boston "Herald" of Dec:
2.4%
employment with a drop of 2%
in'payrolls.1
" •*'' /
•
>
"Most of the ordnance plants
recon¬
be
can
machinery industry was
decrease of approximately
in
of credit and counsel of the mem¬
upon
type of, labor re¬
The net change for'the
electrical
a
facilities
combined
and
quited.
post-war periods,
the
meat
others
but
■
the food
in
group employed more people in
November than in October,
Most
ducers
of
Forbes, "have created a
make
available
"Several industries
which
when
but
v
.
.
same
October
in
as
both industries were
payrolls in
higher.
ported
represents a gain of $2.19
compared with November
approximately the
was
November
weekly earnings amounted to
$48.92
in
the
current
month,
age
L.
•
in
canneries
caused
committee which will
loan
or;
complicated price fixing
of 0.9%;
factors.
Act ta
"The banks of the association,"
said Mr.
do
suspicion
is strong that
they are like¬
wise responsible in other in¬
stances for general lack of
adequate supplies - of other
goods. It must be clear even
this
the trouble to let his
some
sections
•
and
version
articles of food. The
—Understands
taken
some
reduced
was
with constant changes in
Forbes, President. of; the
Clearing House 4.ssoq}a-
Massachusetts,
of
.
to
phe¬
Uon,.on Dec. 18 announced plan^
to provide ample bank credit for
small and medium-sized business
no
one
'.
V
Boston
"
tain to arise that at least
and 'ma¬
goods
crease
Aid Small Business
The butter mys¬
fighting forces or for the tery is even more impenetra¬
ble. There are literally doz¬
early and full defeat of our
ens of other "situations" of a
enemies, quite gladly do so.
similar sort.
V
But smoking is a widespread
Of course in any such state
habit of long standing, and
of affairs, the opinion is cer¬
one which the rank and file
will
remarkable
a
>> Alan
on
and he knows.qf
who is.
is
Mass. Groups
tities. He knows full well that
he is not,
group
metals
reported relatively little change.
Employment in the men's clothing
factories and in those making fur
men
siderably in the public eye we are^consuming much more
has
to
do with
cigarettes. meat, for example, than ever
x *
1
before. But the ordinary man
Now, of course, the American
is likely to want to know who
people can do without cigar¬
is consuming it in such quan¬
ettes entirely or even with¬
out tobacco in any
the
reports reflect
of information is lack
manpower
Corsi, head of the State Labor Department,
during the month."
of workers were laid off,"
the statement, "was the ap¬
parel group where the net de¬
are
the farms,
and perhaps lack of equip¬
trations could be cited.
One
ment. Again we are told that
of the current situations con-
of illus¬
mid-
Dec. 22 by Industrial
on
says
nomenon.
\vere
sources
by defense
employment of wage
employed
the
in
statement issued
although payrolls were re¬
by only 0.3%.
The only
other industry where large num¬
if treated like children.
even
We
Edward
a
duced
of
record
"
terious.
Employment @.S%
workers
0.6%
American business. Nowhere ;group"; • The Commissioner's ad¬
in the world at any age in vices continue in part:
where
Another Mystery
in
chinery
i
stood.
hardships) are really neces¬
other kind.
We have been tion in France (actual or not,
sary and which are either the
heaven
only knows), have
told
again and again and
outgrowth of horribly faulty
been dramatically announced,
again that we are smoking
management or the whims of
and the implication that in
capricious and inept man¬ many more; cigarettes per
some way or other American
agers;
the inability or the capita than ever before, yet
or
the American
disinclination of the. powers the ordinary man is unable industry
Jhat be to let the public know to fipd even one soul who is public is at fault started on its
what is expected of it, when smoking even as many as was rounds, but it is clear enough
that if such shortages actually
and why; the want of depend¬ his wont. Either the author¬
ities do not themselves know exist the fault is not with.in¬
able statements of fact, and
what appears—with deep re¬ what has happened or else dustry. Industry keeps right
on producing, and the Amer¬
gret be it said—to be a want they do not wish the public
ican people as a whole go
of intellectual
integrity.; in to know. Neither is good for
morale.
r
" " *
right on acting .likeadults
Washington, and elsewhere in
official quarters; and the gen¬
eral and often perfectly ob¬
of
;1.2%?
able
necessary in the
circumstances in which we We-are told that hoarding is
at the bottom of it all, but no
are called upon to fight this
What
factories
take to enforce their unwork¬
cigarettes
any
decline
of
who states that "total payrolls declined by 0.5%;
He
adds
that
''employment ir.Q
under¬
achieve¬
ments of American industry
in the production of instru¬
ments of war during the past
one can be found who has any
or
three
years
been
hidden supply or who knows two
anyone who has—and "black equalled. "Shortages," as, for
market" cigarettes appear to example, that of certain types
of equipment and of ammuni¬
be about
as
scarce
as
any
it
near
might not be
obtain
to
about
it is
that
news
! Commissioner
in
regulations by invoca¬
tion of heavy if not excessive
order
front penalties can easily be under¬
the
at
men
net
a
number
bers
have cigarettes—and al¬
most
simultaneously comes
under difficult
which
conveniences
mind
does
it
as
may
We pass over even
war.
little
as
when
machinery to pro¬
We have been repeated¬
that
as it
patronizes
fact
the
in New York State factories between mid-October and
earners
bellions" arise here and there
not obtain
must do without in
of the inconveniences
war makes inevitable.
tration.
to any
ers
labor and
we
grumbling
in
caused
in
November, according to
black markets and law-break¬
and the
deal ly and smugly informed that
daily with such an adminis¬
and
production
light of all this quite remark¬
breaking levels,
able. The fact that local "re¬
difficulty is that
manufacturers
duce.
little
as
does
breath that
is
and that the
Patronizing the Public
with
one
plants
that
Explanations
told in
Fluctuations
ex¬
isting inequalities. The fact
the public goes along
share his
]
Thursday, January 4,1945
rep o r
to
THE COMMERCIAL
Number 4348
161
Volume
& FINANCIAL CHRONICLE
understand
A World Peace
nor respect the bitter
religious hatreds of the
racial and
Old World.
It is clear that in the
conferences
Federation Will Not Succeed
against
.
'
(3) The Holy Alliance
./This was formed in September,
1815, by the sovereigns of Russia,
other coun¬
Prussia and Austria,
tries
England
afterward.
joining
wisely declined her assent to a
confederacy which, while profes¬
prin¬
ciples of religion, could easily be
sing
act
to
tne loftiest
on
into
transformed
meddlesome
a
mischief-maker.
Precisely this happened in the
case of Spain, over the protest of
England. A few years later, the
arbitrary
and
Alliance
came
to
a
a
settlement, but it
nothing. War followed
between France, and Sardinia, on
one
side, and. Austria, on
the
other.
(2) In 1866, Great Britain,
deserved and
France
Russia
all
were
peaceful settlement
of the dispute
between Austria
and Prussia; but the calling of a
Congress was rendered useless, if
not impossible, because the vari¬
ous parties differed so much as to
what the congress might or might
take
not
wretched
a
into
consideration.
1866
of
war
The
followed
between Prussia and Austria.
In
the
closing
(3)
of the
years
last
century, England was so incapable
of
great liberal statesman, and by the
famous message of our own Presi¬
Boer
dent
in December, 1823.
Monroe,
It left behind it an unsavory mem¬
ory.
:
.
:
;/■
•:'
-y'
(4)
T
'
-
The Greek War of
Independence
England .came to agreement with'the Czar Nicholas, and France
presently: joined with them, - so
that on July 6, 1827, the three
made a formal treaty of interven¬
tion. But Austria stood carefully
Should Turkey refuse me¬
diation, the three would take steps
Greek independence
bloodshed,
"without,
however, taking part in the hosto
recognize
rand
stop
tilities-n between Greece and Tur¬
The plans for walking this
"diplomatic tight-rope" were up¬
set by the madness of a Turkish
key.
admiral. -In
the harbor of Nava-
rino, in October, 1827, he foolishly
fired ;on
the
combined -allied
squadron, and they promptly destroyed his
entire fleet.
This
splendid victory was not received
enthusiastically by the
British
Ministry), but was spoken of al¬
most with
Republic,—half independent
and half a colony of Eng¬
state
empire—th5t
land's
pitiful war
disgraced the sunset years of a
great century.
(4) At nearly the
same
time,)-there occurred the
a
.
Graeco-Turkish
foolish and futile
Commencing in 1821, this lasted
After five years, when
Greece was almost in desperation,
aside.
living on quiet terms with her
little South African neighbor, the
..
nine years.
:
and
anxious for
ignoble end, hastened by the ac¬
tion of George Canning, England's
■
to
came
.
or
of
desirous
regret, as an "untoward
War, of
it
month, carrying with
defeat for Christian
against' Moslem Turkey.
one
complete
Greece
Mr. Gladstone's comment was:-, -;
"First,- .100,000 Ar menia n s
slaughtered, vV with': no - security
against repetition. £ Secondly,
Turkey stronger than at <my time
since the Crimean'War.
Thirdly,
Greece weaker than at any time
since; she
became
a
kingdom.
Fourthly, all this due to the mu¬
distrust
tual
hatred
and
of
the
seldom
would
we
(Continued from first page)
charm, for unity of front
a common enemy.
'
at Paris in 1919, we
accomplished little real good, and
some positive harm.
As advisers
welcome, in
And
the
acceptable
world council.
a
usefulness
intentioned
in
be
board
of
the
best-
commission
or
the
world is often marred, if
completely nullified by coun¬
not
selors who
hopelessly divided.
are
Witness the failure of the Federal
Reserve
Board
and
the
Federal
Reserve Banks to meet the situa¬
tion
in
1928-29.
than
More
this,
the United States is rapidly pass¬
ing
into
of
relation
a
toward
most
the
leading
foreign
nations
which will permanently disqualify
competent
self.
one as
the Colonel him¬
of
Ordinary
Over
macy
a
Action
Congress
Diplo¬
assistance
in
very
large
amounts to the
leading nations of
Europe and elsewhere.
Now of
all relationships that can be im¬
agined, that of debtor and credi¬
is perhaps the very worst for
the maintenance of good feeling.
tor
"A
both itself and
loan oft loseth
friend."
Already) in the
eyes
of
half
Europe, we
are
the great
Shylock of the West. V Is any one
simple enough to suppose that this
will make us. popular? - Read the
proceedings of the peacemakers
in
1919
when
constructing the
Treaty
of
Versailles;: see
how
President Wilson was constantly
with
odds
at'
his
associates
in
cluded
Chamber of Deputies, to observe:
"France
had
to
choose
between
the Covenant (League of Nations)
and Britain, the guardian of the
wealth and in-:
which
is *in
rupture
with
in
a
family of)
poor
You
relations.
know how much is always expect¬
ed
the;' "old
of
Uncle- who
is
wealthy
,
this
trip
train
and
and
come
and
only."
They
sometimes
do
The
They are very differ¬
things from a big permanent
The
go,
good work.
follows:
as
(1)
The
'
•-
•
"Small
Nation"
Problem
First, there would be the; elim¬
ination
the
of
troublesome
perplexing question of
the
ute
but
casn,
Neither
the
in
and
Dumbarton
isfactory.
the
of
In
council
manent
the
hesitate
—we
a
out of which to construct such
to
as
a
call
them
Science, Vol. 16, p. 76.
all
namely, Eng¬
China
and
tne
Russia,
United
States
to
(and
presently
France).; To these there would be
added a; certain number of. other
Experience Today
waited
while
outside- in
the
ante-room
of
the
big Russian Bear and
the
"Republics" of '> ChifTa and
France (propped on to their feet
through the, sacrifice of untold
numbers of English and American
soldiers and sailors) sit voting on
important matters inside.
Con¬
and
1926
seems
-vUnited States
i
(1). the failure in 1959 to bring
about the assembling of a Com
,
to
settle disputes between
Austria and France' and
Russia
and
England
thinking.";;;i; -';
y-.>
■
Th^ Peculiar Situation of the;
Very briefly - we mention some
other;discords in European affairs;
gress
"wishful
Sardinia.,
On the other* hand,
cans
from
nearly
European
.V-
ume;
Ameri¬
far removed
political thought
as
and Tradition as are the Chinese.
We are forcible; direct, business¬
.Very like
were
are
.,
we
and- practical..
We
neither
"Unfinished-
i
-U
•i
'?d■>? r.i".''
•?-•!*.
jected
many;
either
Business,"" and; question.
in
England
and France
into
of
President Wilson did
an
interpreter * wasJ essential
Again,
such
fact
a
to
ness
world into
to bind the whole
much tighter feder¬
"I
willing
are
see
implications for
on
"The
Law:
fSrtunate
to
•
securing such
i?:
*-'••
a
.
very
partly
their
removed
being
close intercourse and
of
ousies
owing to
from the
mutual jeal¬
nations of
the
tfie old
world.'), (Woolsey's Internal. Law
(5th ed.)., Preface to the
:
4th)ed'n.)
Dr. Switz Elected to ;Bd.
Theodore
Dr.
tor
,
M. Switz, Direc¬
Department's
to the Board
been, elected
year
in N$\\{
Dr.
term.,;- A; graduate
all the combatants in the First*
Switz is a
of ^ehigh
College
director of
tfif Ifir
Commercial
Association v a
Export
Coins-
University of London
ter-American
tration
,
York for a .three-
University and the Royal
of Science,
}of the
of
Netherlands,; Chamber
merce
Com¬
Powder
Hercules
.of
pany's;. Export
re-:
■World War,* saying, that- he hoped
honor¬
perhaps, if not mainly,
Managers
'
in
an
history,
diplomatic
able
of.the Council on
were
Professor
United /States,
whole has had
the
the ;
They
of
Woolsey in his work on Interna¬
tional
during The sessions- of the peace-! like act when he addressed notes
at' Versailles.^
Also
today?
us
words
other
those
niakers
Lions, New York
Arbi-
memper^t;
Clupv, apd
Foreign^far
.City.
jT
rt.:i
i
l/r
a
English-speaking
to endure.
my country," said Thedoric
Bland, in 1788, "on the point of
embarking and 'launching into a
troubled ocean, without chart or
compass to direct her."
Do not
Mr. Bland's words contain some
countries
statesman¬
a
this, it seems mad¬
as
try
ation than these
1916,
in
united
a
empire. India is still on a differ¬
footing, and Ireland is hardly
satisfied even yet.
In the face of
She w,as Russia's part¬
alliance.
like
anything
the
domin¬
ent
Ger-'
or
and
English-speaking
ions
out of the
was
ner
..
.4.
vol-;
have
would
realize how the > constant presence
'■*
*.-l
Read
Bonsai's interesting
Colonel
Russia
he, did.
cultieS may become serious.
common
England
unites
many
.
than
A
1930.
of
which
*
-
Other Illustrations
r
allegiance to the Crown
to be almost the only bond
bond
-
•
■
The
-
-,.:
:
Contrary
Movement
World
A
,
;
an
expect unselfishness to come out
of the brew."
Academy of Pol.
per¬
few large
a
communication
that
organization cannot be found. As
Mr. Raymond B, FosdiCk has said:
"You can not put into the pot a
handful
of selfish
instincts and
in
last-mentioned
membership
rests on a miscon¬
world is not "One
noW easy, is
enough—is indeed - of very
slight consequence for purposes
of a world congress.
The stuff
plan, is the
problem sat¬
would have
whole
Nations
not
Oaks
this
United
a
between countries is
want 'a
noj
World"
this
The
fact
mere v
Covenant
League of Nations,
settlement
or
for
that
World," but is divided into many
segments.
Hatreds,
suspicions,
jealousies and co.vetousness are
rife to a degree that has not been
known for a century.
The ma¬
terial simply does not exist for a
.successful World Parliament. The
contrib¬
who
the
of "One
is
confederacy
p6fci-
regiment,
a
in
vote.
the
too weak to
Warship,
a
dollar
of
are
truth
ception.
tion of the smaller nations—some
of whom
Fallacy
movement
,
), /,
deemed
;
and prosperous."
He is
looked to for help in paying the
gained the laurels, while Austria Covenant."- J* " >
mortgage on the home, for sup¬
looked oil.
;
.
<
plying a new set of furniture, apd
The London Conference of 1933
for sending the boy through schojQl
siderations like this are real, not
(5) The "Andrassy Note" of 1876 ■y To name just one other episode, and
college.
If he fails in this,
where
our
own .United
States he is voted a "screw"; if he gives sentimental.y*
^
; 'M
In the year of our own Centen¬
is
nial Exposition t at Philadelphia, played a sorry part., Jn an. effort what
asked, -hegets scanty
i
' (2): Ther! United Stales v
to
bring financial and/ business thanks. This 'story is familiar, but
the condition of Christians within
For us Americans there would
to
the
world, v. this ought not to be forgotten. ; > ■
the Turkish Empire called loudly adjustment
be
an
immense
advantage
in
great conference of leading na¬
for pressure on the Sultan. Aus¬
Conclusion ;•
using open and ordinary diplo¬
tions met at London in the spring
)
tria, Russia .and Germany were
matic methods instead of sitting
of 1933.
Hitlerism was just show¬
This article does not seek to
just then in harmony, and anxious
in a World Council.
We know so
There was a chance show that the nations of the Old
for action.;Tn January, Count An¬ ing its head.
little of European questions, and
to
do something fine for every World have never
agreed upon a
drassy," the very ^able Austrian
are so little sympathetic with the
one.
But our 6wn country vetoed line of conduct.
That would not
Chancellor, drew up a document
Rather understand it as political thought of people on the
in concert with Russia and Ger¬ any plan for stabilization of cur¬ be true.
other side of the ocean, as we have
many, which became famous.
It rency, and the great conference an effort to demonstrate - that
tried to show,- that it will be only
demanded- extensive reforms and broke up in complete failure. We when they act informally through
on rare occasions that we can ex-;
religious toleration. England and ,^have not named all the failures, their? own chancelleries, or state
ert our influence with any salu.-j
France also approved; but a few but space forbids further enumer¬ departments, they are much more
tary effect.
What poor work we 1
': ii)///>i'i
months later, at Berlin, when the ation.'
likely to' come into some sort of
have made of things in France andV
A Discouraging Record
' ; harmony than when gathered in
first three named countries .drew
Italy during this present war!
This record is somber enough a formal and permanent congress
Isj
up a much firmer note (the "Ber¬
lin memorandum")
England re¬ to make even the most ardent In¬ or parliament", subject to the terms any one proud of our accomplish-'
ments even on this limited stage?
fused her support. • Lord Beacons- ternationalist pause and reflect. of/a covenant or constitution of
field was. suspicious of Russia. The If it would be nearly useless to its own. ;• Such a body is neces¬ They "do. not augur well for our
usefulness as a world adviser In;
negotiations came to naught, and try to form ^ confederation em¬ sarily ponderous and slow.:;Jeal¬
years to come.
,
•
•
-i
the R^sso-Turkish War of 1877 bracing only,.".the countries of a ousy is
aroused' over even the
followed.
Worse still, war threat¬ single group, 'like Europe—where choice, of
apresiding officer;:
A Few Past Precedents of ?
r
ened between Russia and England. alL~are near* neighbors, and .all heartburnings arise over the per-;
; Real Value
Indeed war was shockingly near. have interests closely knit to¬ sonnel of committees; there may
But there'are some precedents
At the last it was prevented; and gether—is there any likelihood for even be difficulty in determine,
in the past that suggest possible,
the quarrgl between the Czar and the success of a larger organiza¬ the language to be used officially:
avenues; of influence, on rare oc-1
the Sultan ended because Russia tion having a much more diverse for
speeches
and
records. In-: casions. Take the way in which
thrashed": the Turks -soundly.- The and
inharmonious
membership?
evitably, there is much backing President Theodore Roosevelt in¬
jealousies of England,} France and Imagine China and the" United
Many! duced the warring parties to bring
Austria led to the' Congress of States in council with Russia ;and ap&tfilling / and; shifting.
to an end the bloody Russo-Japa-i
Berlin..in the; summer of 1878: We Great Britain? Could a more un¬ speeches ard intended more for;
ne'se War some forty years ago.!
decline, to set this Congress down happy arrangement be -devised? the' galleries of the world than
The peace of Portsmouth stands!
as an instance of fine or friendly
China is oriental to the core',, and
for the delegates within' the cham¬ forever, to his credit and that of;
accord between the great powers. believes iii China for the Chinese
No other country was
ber. * IMeddj so far' as the > choice; America.
jNTeitlie^in action' nor in results only.
That, she can' ever under¬
in position to offer meditation as
does, the Congress of Berlin de¬ stand Europe seems, hardly more of a language? is concerned, diffi--
.such praise.
be
,
Italy,
serve
con¬
arrangements
would
largest and most far-flung
fluence of the United States that
confederation of peoples, today is
ern
were behind him." All this will be
the
British
Commonwealth
of
(5) Coming close to our- own intensified in the coming years.! nations, holding temporary"seats; Nations.
But here the movement
in the council, changing every two
days in 1935, when trouble was Is the plan for a so-called "In-?
has been for decentralization, not
brewing between Italy - and Ab¬ ternational Fund" ol the Bretton years. But what of such states as for closer union. By the statute
South of Westminster of 1931, power was
yssinia, England tried! to induce Woods Conference anything more Canada, > Australia ./ and
France to join with her in pres¬ than a
Africa?—especially after the sac-: transferred from the English Par¬
scarcely disguised camou-;
rifices they
have
made in
this
sure
upon Mussolini to cease his
liament to the various parliaments
flage
for
making- the
"rich"
war!
Picture the "Big Four" (or
threats to' Abyssinia. /: France so Americans set the whole world
of the Dominions. ' This statute
up
Five) within the Council Cham-:
feared* to displease II Duce that in business? '
Unfortunately, the
formally ratified the'"equality of
she declined. -This led Paul Rey- United States finds herself in the ber, while Canada, brave, loyal status" conferred on the Domin¬
and
intensely
English
Canada, ions by the Imperial Conferences
naud, - radical • socialist
in
the oosition of the one rich; relative
cause
(Gooch's Hist, of Mod¬
Europe; py 256.)
i,v ; - r/• v.
event.";; England refused to have
.
re¬
terms
satisfactory as a guarantee against,
regular channels of diplo¬ its renewal." He indicated that he
matic
correspondence,* supple¬ would be happy "himself to serve,
mented by personal visits of en¬
or
even
take
the
initiative
in"
voys,
possess
great
advantages such an accomplishment.
His ef¬
over
a
permanent parliament or fort did not meet with
success,
congress, for the dispatch of bus¬
but this does not reflect upon the
iness.
On
special occasions of sound
good sense that was behind
difficulty,
conferences Tcan
be the
move
the
President
made.
held; for these are composed only The United States
was, again, the
of the representatives of parties
only nation that could have made
having actual interests at stake. such an offer with the
slightest
They are temporary affairs, "for chance of success.
"strong"—nations,
Powers."
anything further to do with inter¬
vention; so Russia stepped in and
,
the
might be
war
the
which
their
of
to
as
The
making that treaty; see how re-;
land,
luctantly they yielded only be¬
of the great
avowal
an
and.
made
•
financial
"such
spective views
upon which the
Through
imparting to them advice
convention of nations, which has
about anything.
I mean that we
a
large and ill-defined jurisdic¬
are
now, and
will presently in-;
tion.
Some of the advantages of
creasingly become their creditor
regular
diplomacy over a
for unheard of sums of money. It this
formal parliament may be stated1
seems
clear that we must give
us
for
•
Advantages
ent
for
93
r. n.x-'.r.
-«
'
'
i*'
•
■:
7-m' «'"i >1 ■ ''pi
•>-.' ^t
it,, t
'i-V.
THE COMMERCIAL & FINANCIAL
94
Items About Bankc, Trust
Year-end record high statement
-
porting
Companies
amounted at the
latest date to $4,835,219,000, com¬
pared with $4,352,960,000 on Sept.
30,1944, and $4,375,582,000 on Dec.
31,1943. Cash in the bank's, vault
and on deposit with the Federal
date,
.
CHRONICLE
to undivided profits. Mr. PelL re¬
ported that income from fiduciary
operations,
including
corporate
Aoosevelt Signs Flood Control Bit!—Reiterates
Osmand for Creation of lissom ¥atley Authority
trust
fees/
totalled A $2,603,887,
figures issued Jan. 3 by The Na¬
while income from invested assets
tional City Bank of New York
amounted
to
$2,025,577.
As
of
and compared with those of Dec.
Dec. 31, total resources were $179,31, 1943, report show total re¬
715,662
against
$150,641,757
on
sources of $4,463,686,465 or an in¬
Sept.' 30; deposits of $146,654,340
Reserve Band and other banks is
crease of $501,867,116.
Total de
compared with $117,898,614; U. S.
•posits are $4,205,072,012 against now $900,689,000, compared with Government
holdings were $91,.$3,733,649,246 last Dec. 31. In this $848,832,000 and $1,050,012,000 on
121,536 against $87,428,164; loans
total, U.S.- War Loan deposits are the respective dates; investments of
$43,422,167 compared with $25,•tip $334,873,373 in the bank's total in U. S. Government securities,
054,856, and surplus and undivided
•deposit increase of $471,422,766. $2,899,834,000, compared with $2,profits were $28,551,246 against
Holdings of U. S. Government ob¬ 601,379,000
and
$2,603,172,000; $28,442,207 on
Sept. 30. The aver¬
ligations are reported at $2,409,- leans and discounts, $1,041,048,000,
age maturity
of, the company's
•240,200 compared with $2,174,265,- compared with $913,837,000 and investment
portfolio was 4 years
361.
Cash on hand and due from $791,980,000. On Dec. 30, 1944, the
and 8 months to earliest call dates
banks
is
$871,882,875
against capital of the bank at $111,000,000 and 6
years and 3 months to ma¬
$885,401,994 and loans and dis¬ and the surplus at $124,000,000,
turity. All trustees whose terms
counts
are
$901,404,243, an in¬ are unchanged from Sept. 30,1944,"
expired on Jan. 2 were reelected
crease of $268,277,606 during the
and
comnare
with
$100,270,000
for
At the year-end $5,000,000
added
to
surplus, making,
year.
$134,730,000 cn Dec. 31, 1943.
was
The change during the year re¬
with the $7,500,000 in June, a total flects the transfer of
$10,730,000
of $12,500,000 of such additions from
surplus to capital, effective
Tor the year, bringing surplus up Jan.
13, 1844, following approval
to $122,500,000. Undivided profits
by the shareholders at the bank's
are
$28,610,465
compared
with last annual meeting. After pro¬
$24,053,596.
The following an¬ viding for the semi-annual divi¬
nouncement was made regarding dend of
$5,180,000 declared last
the earnings:
;
Dec. 27, which is to be paid next
"Combined net current operat¬
Feb. 1, the undivided profits ac¬
ing- earnings of The National City count amounted
to
$49,801,000.
Bank and of the City Bank Farm¬
That amount compares with $48,ers Trust
Co. for the year, after
613,000 on Sept. 30, 1844 and $37,-provision for taxes and deprecia878,000 on Dec. 31, 1943. Net cur¬
ton, were $16,443,035 compared rent
operating earnings for 1944
with
$15,151,756 in 1943.
This at $2.54 a share were
higher than
represents $2.65 per share for 1944 the
$2.33 reported for 1943. Net
and $2.44 per share for 1943 on
profits on securities amounted to
the 6,200,000 shares outstanding.
47p compared with $1.00 in the
"Total earnings, including oper¬
preceding year.
Resulting total
ating earnings and profits from
net earnings of the bank for 1944,
f.ales of securities were $23,914,as
shown in the following table,
374, or $3.86 per share for 1944,
were
$3.01 compared with $3.33
compared
with
$17,559,390, ,or
for 1943;
,
•
$2.83 per share in 1943. Security
Earns, per Sh.
profits of the bank were used to
account as were
for 12 Mos. of
increase surplus
also
part of the year's recoveries.
of
recoveries was
a
The
balance
added to
reserves.
Y
,
Net
current
1944
$2.33
.47
1.00
operating
profit on securities
U
.
and recoveries of the Trust Com¬
for the year and its current
operating earnings up to June 30,
1944, were added to its reserves/'
The City Bank Farmers Trust
Co. reports total deposits as of
Dec. 31 as $159,973,276 compared
with $99,762,502 a year ago. Total
resources are $189,490,753 against
$127,582,970. Cash amounts to $28,*
201,735 compared with $16,954,870.
Holdings of U. S. Government ob¬
ligations total $147,038,694, an in¬
crease over Dec. 31, 1943, of $51,367,995;
Undivided profits were
$6,332,967 compared with $5,830,*
'103 the previous year.
earnings
share.
per
of
New
the Manhattan
York
reported
-
At
the
regular meeting
of the
Board of Directors of The NationfiV
City Bank of New York held
Dec.
26, James V. Bohen, John L.
Hogeboom, James MacN. Thomp¬
son and Joseph E. Wheeler were
appointed
Assistant
Vice-Presi¬
dents. They were all heretofore
Assistant Cashiers. John K.
Hay-
den, Oscar Norgard and Dana B.
tDudder
appointed Assistant
were
Cashiers.
At
the
regular meeting of the
directors
Fank
v as
of
the
National
City
Jan. 2, Henry E. Philipp
on
appointed
an
Assistant
Cashier.
At
the
Board
)
regular meeting
of
of the
Directors of
Trust
armers
City Bank
Co., held on Jan. 2,
/
nthony G. Quaremba was ap} ointed a Vice-President.
Join¬
ing the organization in 1916, Mr.
Quarpmba, a former Chairman of
the Committee of Banking
1 itions
Insti-
Taxation, became an
Assistant Secretary and Manager
.cf the Tax Department in 1935
rud
At the
!./'.• Gviler
sistant
A.
Vice-President
in
meeting, Hugh
appointed an As¬
same
was
Vice-President and Edwin
White
an
Assistant
Secretary.
*
The statement of the Chase Na¬
tional Bank of New York for Dec.
I d, 1944, made public Jan. 3, shows
tutalResources of $5,160,004,000, a
Jugure higher than on any previ¬
ous
reporting date.
This figure
compares
with $4,675,384,000 on
Dept. 30, 1944, and $4,679,974,000
on
Dec. 31, 1943.
Deposits, also
cA a new high figure for any re¬
Bank
&
President
establishment
sideration
The
with
compared
Sept.
30,
banks amounted to
$229,027,820.77
$202,306,320.17; holdings
of U. S. Government obligations
$550,257,722.84 against $545,153,against
421.62.
and
Loans
creased
to
discounts
$345,132,608.43
in¬
from
$281,895,794.66.
Capital and sur¬
unchanged at $20,000,-,
000 respectively. Undivided prof¬
plus
its
were
after
reserve
quarterly
of
dividend
$12,408,281.62
at the end
$500,000 for
increased to
$11,658,963.79
from
of September.
The Bank of the Manhattan Co.
announced
Dec.
on
28
the
Dec.
on
31, 1943,
total assets of
pared
$1,500,836,755,
$1,249,514,079 a
with
Cash
ago.
loans
376
this
Meyer
bank's
members
as
is
President
Henry G. Waltemade,
rector
of the
York
Boards
Inc.,
of
di¬
Life
Manhattan
a
In¬
Co.; past President of the
surance
New
of
Committee.
Bronx
Waltemade
and
State
Real
Estate
past President of the
in
al:
and
discounts
to
increase
unallocated
Undivided
346
and
the
year
profits
showed
of
$3,128,784
dividends
usual
increase
at
an
S.
condition
Government
active in
affairs
in
civic and charitable
the
Borough
of
the
Bronx.
Williamson
the U. S. Trust
Pell, President
Co., announced
of
on
Jan. 2 after the annual stockhold¬
ers'
election
that
net
operating
earnings for 1944 amounted to
$1,886,265 compared with $1,741,-
was
transferred to
In ad¬
securities val¬
uation reserve. After
paying $1,400,000 in dividends and applying
$100,000 to write down the book
value
of
the
banking
$185,000
premises,
was transferred to other
reserves
and
$201,265
was
added
fetesss Urates
1944,
were
with $1,682,356,909 a
This is the first;; time
ago.
$2,100,298,087,
Manufacturers
Trust
shown
resources
in
billion
dollars
in
which,
Cash
statement.
banks
of
$1,205,104,026;
Net
010.
earnings
as
annual
for
stockholders'
on
the
next
construction, and,
current
do
not
wars
terminated.
are
intend
until
submit
to
appropriation
esti¬
or approve
of funds for- any
as
its
Trust
A
in
to
the
Very few
a
trained
brains
into
the
who
women
are
absolutely unfitted for the task.
Most of them are using the school
committee
springboard
a
as
their personal political
for
ambitions*
What Is Education?
Education
the
our
the
is
development
which
brain
by Congress appeared
issue of Dec. 21, page 2746
wrongly
determines
about
bill
given there-
was
think
rightly
or
everything.
If a
neglects his health or judg¬
something is the matter
person
ment,
with his brain.
"The
say
to
as
had the
its pro¬
•
legislation authorizes
struction
of
12-foot
a
Brotherhood of Mam, some¬
thing is the matter with his brain.
If parents
con-'
navigable
If he fails to rec¬
the
ing
is
not properly bring¬
children, something
are
their
up
the
with
matter
brains
the
Cairo, 111., to Baton
Rouge, La., on the Mississippi
River, passing through Kentucky.
Mississippi and Tennessee, at ?
cost
of
$200,000,000; $45,000,000
for the White River Basin in Ar¬
of
quency
is the result of its brains.
kansas,' $30,000,000 for the Con¬
necticut River Basin, $70,000,000
for the Ohio River Basin and $36,140,000
for
River
Roanoke
the
Basin in
olina.
Virginia and North Car¬
YY>
authorizations
"These
for
construction
provide
flood
of
control
these
Juvenile
parents.
delin¬
is merely a symptom of
delinquency.
Everything,
good and bad, in your community
brain
The relation between brains and
employment
100%.
The only
these unemployed
is to develop their
is
to, help
way
permanently
brains.
This can be done; but not
by putting them "on relief" or by
giving them
"education."
an
But
this is only one feature of the
un¬
employment
,
,.
.
,
,
.,
„
„
...
a st°ck dividend of $o,000,000 was paid on Dec. 29, 1944, to
at
stockholders of record
Jan. 10.
on
the basis of
additional
by Bank¬
of $5,000,000 in capital.1
In con¬
nection with; this increase in
cap-
men
we
channel from
meeting
ac¬
com¬
ognize the Fatherhood of God and
$19,604,the year
provide for the increase
In
their boards!
on
whether
following to
visions:;
Loans,
reserve
is absolutely ridiculous.
school committees have
in its item quoted above,
from
total
general
ond-grade lawyers, carpenters or
plumbers!"
Really, this situation
in'regarding the bill, the "Times"
has
funds
000 from
answer
usually is "shopkeepers, and sec¬
enactment
the
to
Aside from what
that
capital'funds
of the company
during the year
was due to the transfer of
$5,000,count
The
machines?
velous
of
on
one
Dec. 12.
share of
each
for
stock
Company of New York,
the
most
direct value to the win¬
reference
of the
five
problem.
It is far
more
important to develop the
brains of prospecitve employers
and
labor leaders.
ployers
hold
Too many em¬
due
power—not
their
brains
have
inherited
but because
—
the
to
they
business from
rl,
at
124.10" in
community—•
development of these
delicate, intricate and mar¬
pro¬
of Dec.
capital
But who—in your
directs the
impor¬
an
shares held. - J
■'
31, 1944, reflects for the Y* "Deposits totaled $1,726,073,556.first time the recent changes made 53, in comparsion with $1,594,694,The
in the capital funds of the com¬ 072.48 at the end of 1943.
pany,
with the capital account holdings of United States Govern¬
now
standing at $30,000,000 and ment bonds amounted to $1,059,surplus at $80,000,000, in com¬ 569,241.35 which compares with
parison with the previous amounts the Dec. 31, 1943 figure of $950,of $25,000,000 and $75,000,000* re¬ 441,228.19.
Loans and bills dis¬
spectively.
With undivided prof¬ counted were $444,931,343.47, as
ers
skulls,
brain tumors, etc., rather than to
normal people.
of
1944,
The statement issued
of
ning^ the war."
year
be reported in detail
1944 will
and
insane
the
fractured
'
purchased and bankers' ac¬
ceptances are now $367,338,389,
which compares with $298,950,311
on Dec.
31, 1943. Preferred stock
is shown as $8,009,920, common as
$32,998,440, surplus as $33,000,000,
and undivided profits
to
having
and
tant and
a year ago
$887,436,948.
were
be
ject that does not have
against $401,956,453 twelve months
ago. U. S. Government, securities
stand at
time
their
hands of
mates of
of two
due
all
those
development
I
published
and
our
munities is that they have put the
the
listed at $445,668,127, as
is
on
consideration
post-war
War
Co,
a
ounces
that
r*AT consider the projects author¬
ized by the bill to be primarily for
as com¬
excess
jelly" weighing
per child.
Re¬
physical and
spiritual condition is also, a reac¬
tion of these brains.
Yet today
most brain specialists are giving
40
member
Congress.
Dec.. 31,
pared
im¬
"inscrutable
about
short, the trouble with most
Government War Loan deposits of
on
those
of
early
deposits of $300,866,524. On
Dec. 31, 1943, deposits were --$1;580,909,261, which included U. S.
$133,098,432. Resources
the bill
the Bu¬
(Continued from first page)
psychologist
$27,344,871.13/vthe total
amounL/.ta/$137;*
dition, profits from the sale of 344.871.13,
in
comparison
with
securities
amounted
to
$878,166 $125,366,747.03, at the end of 1943.
compared with $294,401 in 1943. The company in reporting : this
After deducting taxes
i
- , " • •
:
applicable January 2, said:
thereto, the balance of such profits
"Part of the increase of $11,978 420 for the previous year.
dustrial uses."
ment of which should receive the
Loan
which will be held
are
It gives to Western States
priority rights on water for irri¬
gation, mining, domestic and in¬
the
after
Trust
of
the
tion.
for
$3,600,000
The indicated
of
power
Nov. 27, 1944, I
developed and
administered by a Missouri Valley
Authority.
My approval of this
bill is given with the distinct un¬
derstanding that it is not to be
interpreted as jeopardizing in any
way the
creation of a Missouri
Valley Authority, the establish¬
of
Mr.
Treasurer
Reclamation
allocations
statement
and
note, however, that
Basin
net.
The
reclamation
and
and the Bureau of Reclama¬
neers
provements in the Missouri River
surplus.
$10,598,-
were
an
step
a
Corps of Engineers and
recommended
to
reserves
in general
resources
of
States
'review' all future
projects surveyed by Army engi¬
Dec. 22, 1944.
on
legislation* is
reau
all
for
secures
Dec. 23 to the New
on
signed
water
act
their rights to
control
flood
"Times":
"I
$55,000,000 to $60,000,000, reflecting the transfer on
Oct. 19,
1944, of $5,000,000 from
the
is
"The
and
and dikes
improvements.
levees
channel
from
authorizes for construction by the
from
Bronx.
Meyer
in
fol¬
policies.
$198,159,-
Capital remains unchanged
$20,000,000 but surplus shows
Real Estate Boards of the
Weber-Bunke-Lange Coal Co. and
a. trustee of Dollar
Savings Bank
of the City of New York.
Both
as
forward
the development of our nation¬
year
to
bills
the
con¬
statement
It appears to me that,
com¬
against $139,435,524.
pointment of Henry G. Waltemade
Mr-
President's
"I have
$252,018,057,
compared with $239,375,105; U.S.
Government obligations to $836,557,275 against $657,728,406; bank¬
ers' acceptances and call loans to
$77,035,291 against $63,769,792 and
they
John
early
Congress.
the Flood Control Bill H. R. 4485.
hand and due from
on
banksv amounted
ap¬
and
receive
of
signing the bill was given
lows
in ,; special
advices
$1.and
U.
of
for
.
398,753,587,
153,998,166
includes
as
the bill
approval
understanding
his
that the creation of the Authority
be not jeopardized and
that its
Dee.
hand and due from
the
on
York
York,r as
deposits
on
given
that
?
:—
reservoirs,
approving
stated
Washington
$1,170,340,024.01 compared respec¬
tively with $1,018,644,632.68 and
Cash
he
was
Co.,
New
of Dec. 31, . 1944, shows
of $1,991,382,142,: which
1944.
in
and
Co., of
Manufacturers
$1,080,008,436.26
The failure of Congress in$>
the enactment of the bill to create
the Authority, was noted by the
31, the
Trust
31, 1944, total deposits of $1,104,and
total
assets
of
705,889.25
on
Assistant
3.941.
Chemical
of
Co.
of
as
prepared by the Reclamation Bureau and the Army Engineers instead
by a Missouri Valley Authority, which the President had advo¬
of
cated.
pared with $2.80 per share for the
preceding year.
yy
pany
Bank
a
$400,000,000 integrated program for the development of the
Missouri River Basin, it provides for such development through plans
New York reported deposits of $1,-
$3.33
$3.01
izes
per share).
earnings on the bank's 2,000;000 shares (par $10) amounted to
$3.36 per share for 1944 as com¬
Security profits
Net
In its statement for Dec.
($1.80
earnings—
Net
1943
$2.54
•
Y
The signing by President Roosevelt of the $1,000,000,000 post-war
flood control bill was announced on Dec. 23.
While the bill author¬
further term of three years.
a
and
Thursday, January 4, 1945
■
against
$362,407,441.55
a
year
prior." :Z(I;."tA;vZ. Y/
"
*
Fulton
v.
'
'
.
'
,.'•/"
Trust Co. of New York
reports new -highs : in total de¬
posits of $39,048,588 and total as¬
sets of $44,462,755 in its statement
of Dec. 30, 1944, as compared with
deposits.'of $30,019,005 and total
assets of $35,382,141 on Sept. 30.
1944.
Cash, U. S. Government
securities
cured
•
'
and
demand
by collateral
(Continued
on
loans
Babson
about
I
and
this
In
feel
fact,
Mrs.
strongly
we/have given
that
so
$3,000,000 to two educational in¬
stitutions to help parents who
are
truly interested in this problem.
Memories
Most
vs.
school
Brains
superintendents
know the truth of what I
ing.
They hate to give
school
hours
"typing"
.
plumbers
tees
to
and
which
courses
are
plies to
on
am
so
say¬
many
teaching more
"practical"
other
the carpenters
our
school
demanding.
courses
and
commit¬
This also
ap¬
wherein students
get high marks because they have
inherited
good
memories
will
little
to
se¬
amounted to
page 104) »
v
grandfather.
some
have
future
cess.
health,
do
happiness
v
Y
which
with
their
or
suc¬
-..'v.
,
■
•'Velum e
& FINANCIAL CHRONICLE
THE COMMERCIAL
Number 43<0
161
^.pnal Lumber Manufacturers As¬
sociation
reports
that
lumber
"the
the
plane
same
than
more
con e
the
up
to
■
Deigni
esLmatwS unuer
autiiorizaubn/program
aireaay
in
one case in the
has
resulted m a
seeking >diiect war
district
Chicago
manufacturer
accoioihg
contracts,
tiid above
to
!' I he
indicating a
ceiling price levels,
of
retention
while
a
Iron
"The
least.
at
Age" steel scrap composite pr.ee
remained unchanged at $19.17 a
ton, which reflected ceiling
gross
levels
and
No.
for
steel
1
melting
Philadelphia
heavy
Pittsburgh,
at
The
Iron
American
Institute
Steel
and
last
announced
Tuesday
that the operating rate of steel
companies (including 94% of the
industry)' will be 95.8% of
capac¬
ity for the week beginning Jan. 2
92.1% one week
This week's operating rate
with
compared
jut
1,667,000 tons one year
ago.
-
*
Consumption—A sharp
decline occurred in November in
consumption by furnaces
period in 1943, the
Lake Superior Iron Ore Associa¬
ore
from
tion
11
months
80,156,816 tons, or
was
this
week
week
1943.
similar
of 170,978 cars, or
although
to the
1, compared with
?
172
on
Dec. 1, 1943.
November—Prelimi¬
in
Strikes
on
estimates of the Bureau of
Labor
Statist:cs
disclose
that
nary
there
375 strikes in Novem¬
were
200,000
workers
and 710,000 man-days of idleness,
involving
ber,
representing 0.1% of the available
working time, b
■
This
with 440 in Oc¬
compares
involving 220,000 workers
and 690,000 man-days of idleness,
in November, 1943, the figures
tober,
135,804 workers
325 strikes,
were
idle, and 2,862,607 man-days lost.
The latter
figure constituted .38%
of available working time,
7. Automotive
new
1944—A
production
established
by the
industry in 1944 by
all-time high war
record
was
automotive
turning
of
in
Output
y'/y;
$9,000,000,000
out
armament
for
a
total
worth
of
$23,-
output
since
Pearl
Harbor, George Romney, manag¬
000,000,000
ing
of
director
Council
nounced.
More
the
War
for
.
500
than
Automotive
Production,
an¬
' ■ "•
automotive
31
States
worked as a production team.
In
addition, prime contractors were
assigned
by
sub-contractors in
1,375 cities in 44 States.
.Since
m
anufacturers
to Mr.
prices of war
equipment produced by - the .. in¬
dustry
have- decreased by . ap¬
Jan.
1,
Romney,
1942,
according
contract
proximately. one-third, ci; Employin this field ir> 1944 ave^a^ed
755 000,
or
about
2%
more
in 1943.
than
'y •%/,•./. A
/The dollar value of products by
included:
"Aircraft
and
anti-aircraft parts, $4,200,000,000;
types
$2,500,000,000; tanks and tank parts, $1.050.000,000; marine engines • and
ynow
vehicles and parts,
industry, lost
at.
.ons,
20.8%
or
-
calendar
The
report
Price
oroduction
Dec.
23
10,800,000- net
of
7.9%
790,000
the
its ra¬
tioning
coupons
on
low-priced
utility
footwear,
preferring
to
keep these stamps for higherpriced
and
more
fashionable
or
Production
in
the
jorresponding week of last year
amounted to 9,875,000 tons, whUe
609.505.000
public refuses to use
kn
To
move
this
stock,
frozen
it
the
579,-
should
the
same
bee-
that
a
survey
showed that this inventory had
not been reduced since Nov. 1.
Hive coke in the United States for
Spinning Operations in Novem¬
730.000
1943
5.1%
of
increase
mined
tors
in
ended Dec.
week
by
reported
'•howed
production
an
the
of
23,
1944,
as
on
53,200 tons less than for the corre¬
'
Winter Wheat Crop in
an
activity of 80 hours
a
week,
with
31,
Paper
the
are
spindles
of winter wheat in the totaled
States from estimates, of' 257,040
crop
October,
1944,
1943.
125.3
Spinning
and
•
inplace
on
Nov.
30
23,137,334,
of
which
•
year,
est
which
Acreage
in
was
winter wheat
for
of winter
the fail of 1944
Forecast of
record,
—Fifteen
wheat seeded
estimated
continued
at
44%
domestic silver at
A y/7\ .• :■ '
V%7/ y;;;
civilian
on
the
Commerce
Department in its
reference
to
ments that
production of
recent
announce¬
war sup¬
plies must be hiked "on evidence
of
sustained
on
ibi
Paper production for the week
23
Dec.
ended
capacity,
as
capacity
in
83.8%
at
was
of
against
89.2%
of
the preceding week,
American
Association's
Paper
index
tivity disclosed.
Pulp
and
mill
of
ac¬
The rate during
the week ended Dec. 25, last year,
08.6%
of
period
same
capacity.
for
the
As
production
for
reported at 94%
was
of
capacity, unchanged from the
previous week.
■
Food
Index—The
Price
whole¬
sale food price
index, compiled by
for Dec. 26
at the year's high point of
Dun & Bradstreet, Inc.,
held
$4.09
recorded
This marked
the
earlier.
week
a
rise of 2.3% above
a
1943
corresponding
increased
level
of
with
•
a
For
21%.
a
year
Dec!
17%
23.
tne
in
the
four
1944,
23,
Dec.
by
of
ended
Week.
e.,dea
sales
An
in¬
11%
in
crease
department store sales
for the year to Dec. 23, 1944, over
1943,
also noted.
was
Here in New York City the past
week
spottiness characterized
tail trade,
the usual
post-Christmas
influences.
change
number
the
in
which stores
any
ment
were
store
ago.
re¬
reflecting both adverse
weather conditions and
lieuic
demand'
high
for military phrposes." '
paper
open
comparison
sales
-The
of
days
made difof depart¬
with
one
year
'
■
In the wholesale market,
ac¬
cording to the New York "Times,"
preparations were being made for
the
arrival
of
buyers here
many
beginning next week and particu¬
larly during the
week of Jan. 8.
Extremely tight merchandise
sup¬
ply conditions continue, but
may
not
work
great
as
unfavorable
recent
hardship
a
market
as
com¬
ments indicated.
According
store
sales
the
to
Bank's
serve
New
in
35%
by
Re¬
department
York City for
the weekly period
creased
Federal
index,
to Dec. 23 in¬
the
over
same
period of last year.
This com¬
pared with 19% in the preceding
For the four weeks ended
week.
Dec. 23 sales
by 21%, and for
rose
$4.00. ;7 Commodities
advancing
the year to Dec. 23 they
during the week
corn,
by 11%.
were
rye,
improved
oats,
barley,
hogs,
sheep and
lambs.; Declines were registered
in
wheat, beans, eggs and steers.
index represents the sum
The
total of the price per
pound of 31
foods in general use.
Retail
Retail sales
hold
volume
well
up
the
Wholesale
and
the
at
country
they
failed
to
continued
past week
reached in the
to
for
although
the peak
large,
attaia
Banger! Director of
Buffalo Reserve Bank
Trade—
week
The
board
Federal
York
of
directors
Reserve
has
Bangert
Bank
of
the
New
of
George
appointed
H.
director of the Buffalo
a
Branch of the bank for
term
a
of
three years,
The lull caused by the holi¬
beginning Jan. 1. Mr,
Bangert succeeds Robert R. Dew,
day affected wholesale trade vol¬
President of Dunkirk Trust Com¬
greater degree, Dun &
Bradstreet, Inc., reports.
pany,
ago.
to
ume
same
a
year
a
Last
Christmas
minute
resulted
in
a
of better
depletion
There
goods.
buying
is
con¬
a
stantly lessening variety in men's
furnishings
sories.
women's
and
acces¬
term
Dunkirk, New York, whose
as
President
Bank of
Re¬
Federal
and
York
for
shoes,
goods
dry
only partially filled.
For the month of December the
retail
were
volume
ber.
on
Mr.
record for any
Decem¬
B.
holiday
the
However,
as
the
period approached an end interest
of
directors
Reserve
also
has
Bank
of
appointed
the
New
of
Gilbert
Chairman of the board
as
of directors of the Buffalo Branch.
highest
reached
-
board
A. Prole
the
field
National
of New York Dec. 26
Bank
serve
noted in the wholesale field.
orders
First
The advices from the Federal Re¬
% "The
textiles
the
of
the Branch
of
Mr. Bangert is
Kenmore, Kenmore, N. Y„
further said:
and
also
delayed
director
a
Dec. 31,
expired
Spotty distribution
deliveries
were
Prole,
who
Folsom
as
Genesee
pany,
centered in women's and chil¬
dren's
some
wear,
succeeds
Marion
Chairman, operates
Farm
Supply
Batavia, N. Y."
Com¬
}
Redeem Cuba Bonds
housefurnishings and
J.
food lines, with grocers re¬
porting the volume well over that
of
a
year
•
•
during
ago
week.
the
A- record
past
'
.
business
was
.
done by
candy and
salted nuts were in especial de¬
mand.
Notwithstanding increases
liquor
while
stores,
in other lines, demand for canned
goods
and
meat
remained
on
a
moderate scale.
-
In
apparel
1945 Match Supply
lines
some
spring
goods made their appearance and
were
bought
P.
in
sales expanded for
quickly.
Fur
the first time
Co.
&
Morgan
Incor¬
porated, fiscal agents, is notifying
holders
Reoublic
of
of
Cuba
ex¬
ternal debt 5% gold bonds of 1914,
due
Feb.
1, 1949, that $345,400
principal
nave
on
Feb.
of
amount
been
1,
drawn
the
bonds
for redemption
1945, by ooeration of
the sinking fund, at 102V2% of th<i
principal amount and accrued in-J
Interest
terest.
bonds will
billion fewer matches
With the evrention o*
than last is the forecast This fall.
i
furniture, housefurnishings moved
of the WPB, with civilians getting
was
i
sales
ahead
compared
wteKs
proba¬
supplies
Decoming t.ghter during the first
quarter of 1945 was indicated by
paper
next ye^r
crop
and
obtain.
to.
store
vveek
me
preceding
for¬
'
the second-larg¬
fruits
certain
34%
were
This
na«t
was
in
22,United
were active at some time
the
Department of Agriculture. In the month, compared with 22,According to this source,, acreage, 228,138 Hactive in October, this
sown was 7%
larger than in the vear; and 22,615,732 in November,
fall of
1943,y and the crop gen¬ 1943 r/;. Active. spindle hours for
erally is entering ;the wiriter-with November totaled 9,706,627,504, or
indications y. pointing * to,/(abqve an average of. 420 hours a somdle
average
yields.
The forecast is in nlacel compared with 9,486.-for
a
production',; of 761,591,000 971,017 arid' 410 for October, thi*
bushels, in 1945 arid com Da res W'th Vear. and 10,179.441,061 and 436
704,073,000 bushels harvested this fori November, 1943,
big
ago.
slackened elsewhere and attention
in;'November,
good for another
and
Department
ior
23 ^d.
at
Official
Production—The
of
for
-
—Prospects
were
cables hard
The Lon¬
unchanged
70tg' cents.
bility
regulation
117.4
b
over
Supplies,
small, with poul¬
meat
1945,
November activity compares
the U. S.
year
vege
••
silver
York
eign
silver
cents, . with
indus¬
spinning
.
compared with the output
the
week
before, but
was
sponding week of 194.3.
cotton
operated
in
November at
120.6%
of capacity, the
Census
Bureau reoorted recently.
Bas°d
try
increase of 13,200 tori*
when
"or
urrationed, Mr. Atkins
-adding
ber—The
source,
same
be
stated,
period.
Estimated
the
over
however,
extending
uses.
for
was
New
grade
models.
1944b
tons,
net
.another,"..moving from $3
ones priced at $4.50, since
shoes to
oreceding.
ritaled
Mr.
system
after
week
autput for Jan. 1 to Dec. 23,
if ra¬
has operated like a
glacier,7 freezing one price lire
ing
tons,'
tons,
the
in
output
over
Retailers, Inc.,
Atkins said that "the shoe ration¬
week: ended
the
for
at
increase
an
Shoe
The
Popular
tioning regulations are lifted.
the
of
of
Association
tional
Solid Fuels
Administration placed bituminous
-
now
public, stated Edward Atkins,
Executive Secretary of the Na¬
corresponding period of 1943.
with
Shoe Industry—Fifteeririnillions
the
shows'an
compared
when
Stor¬
week-end
frozen on deal¬
ers' shelves would be bought by
The 1944
date
to
year
of 6.5%
increase
the
\
pairs of shoes
the corre¬
above
sponding week of 1943.
23, 1944.
at
the
fuel Oil.
194,000
increase of
during
40,846,000 barrels of distillate fuel
and 58.509,000 barrels of residual
production * of
anthracite for the
Dec.
23, '1944,
at
an
14,635,000
totaled 83.365.000 barrels of gaso¬
1,128,000 tons, a decrease of 41,000
ons
(3.5%) from the preceding
but
Dec.
market
paperboard,
line,. 11.973,000 barrels of kerosine,
reports
ended
ended
supplies
age
don
of crude
Kerosene out¬
barrels
8,-798,000
week
Accord¬
The U. S. Bureau of
13 years.
Mines
in
,
the
Anthracite Institute,
this year's hard coal output will
exceed 59,000,000 tons, the highest
week,
daily and produced
a
volume
improvement
dex,
this
and essential
war
was
put totaled 1,477,000 barrels, w'th
distillate fuel oil placed at 4,605,000 barrels and residual fuel oil
produc¬
industries.
war
week
Dec.
oil
some
of
noliday
signed
by
the
President.
Government-owned silver is re¬
approxi¬
mately 4,682,000 barrels
the
to
Pennsylvania
on
in-t
28.9%, is
basis)
Mines
of
reau
reached in
was
com¬
snowed
was
the
refining
from
barrels of gasoline.
of hard coal
4,710,500
.
panies indicate that the industry
a whole ran to stills
(on a Bu
18,000 miners to the armed forces
n
.".V.
1944
as
an
Coal Production—Peak
approximately
Nov. 1 and 183
1942,
in
23,
averaged
output
Reports
For the
Dec.
ended
the
year,
customary
though
food
try,
Dec.
to
the
leased" under
366,600
was
day higher.
per
barrels.
with
last
production
weeks
daily
12,566
Compared with a
period
oil
barrels
shown.
1944,
week
four
of
121,413 cars,
corresponding
the
over
of
crease
compared
crude
and
year
18.9%
month of December,
1944.7 When,
1.7% above the preceding
or
by
recommended
corresponding
totaled.
of
increase
an
was
der the
1,360,000 tons un¬
corresponding 1943 period.
There were 169 furnaces in blast
War for the
announced.
Railroads
American
figure
the Petroleum Administration for
for
Association
the
cars,
23
Dec.
ended
week
freight
revenue
represented an in¬
of.33,500 barrels per day
average
decrease of 12.3%.
of
762,449
ing
The cumulative total for the first
kwh.,
188,900,000
to
with 215,400,000 kwh.
corresponding week of
loadings
or
American Pe¬
4,729.100
Act
Green
reflected
due solely
measure
,
The record for wholesale trade
country-wide basis, as taken from
the Federal Reserve Board's in¬
was
.
oyer.!the, preceding week/,
and
7;000
barrels
above
the
daily
distribution of electricity
Railroad Freight Loading—Gar-
gross
of ore, compared
wiht 7,319,948 tons,in October and
7,409,213 tons in November, 1943.
crease
11.0%.
of
last year, a
696
tons
as-estimated .by the
This
the
Consumption for
United States and
(Canadian furnaces totaled 6,882,-
produc¬
Institute,
compared
tion
Daily
Dec. 23,
troleum
1944,
24,'
Silver—The
week
—
oil
crude
gross
barrels.
nocal
ar
cor¬
greater.
Production
comparing
Dec.
ciease
month
by
tion
respondnig week of 1843, or a de?
lor
average
of 1935-39, pro¬
223,600,000 kwh, for the cor-
Vttn
Ihe
the
last year,
the labor shortage.
to
the
y;/Vfvr
ionthe weeic ended
average
of
week
the
in
Oil
Crude
;
.•
.
output
system
kwii.
i?»8,800,0u0
the
reported.
.
-
match
shipments of •000,000,000
to date,"
greater, and borders 1.1%
same
.
.
i/v 7//';%
-
of
reporting mills was
greater, shipments 25.8%
14.2%
and
ti'.e
>
reports
jnded
like
a
for
duction
Consoi.dated Edison Co* of New
York
jars,
week and
kwh.
.enod in 1942.
of steel
ingots and castings, com¬
pared with $1 656.900 net tons last
kwh.
mat
responding week
period
weekly
4,295,010,000
:boo,926.000
This
iron
1943
in
clined to 460,000,000,000 from 475.-
Compared "to
percentage.
no
variety
uulness,
mills
these
3.7% above output.
ran
ava.lau.ie. ./ Uut-y
aie
tne
in
is equivalent to $1,728,100 net tons
Iron Ore
holiday,
0^4,arsons
amounted
Chicago.
ago.
vjnnstinas
outlook
imr. ed.ate
for
market showed ex¬
scrap
strength th.s week, with the
treme
week last year
same
.•cached
source.
week.
preceding
in
less
the 1944 supply exceeded aemanu.
Total production
this year de¬
23,. while
nee.
reporting identical mills exceeded
production by 2.8% and orders
the
Because : the
contained the
kwh.i
4,513,079,000
be
from. 5 to 8, the Northwest from
3 to 7, the South from 7 to
14, the
Southwest from 10 to 15, and the
were
of
1944
For
23
enatd Dec.
the weeK
m
will
book
,
■.
Un¬
files amounted to 87%
oruer
of stocks.
There
the
the
of
'rri;':
Pacific Coast irom 5 to 9.
ended
oruers.
filled
35%
with
matcnes.
supply for civilians,
but judging by this year's figures
there. will be no shortage, since
u.3%i rudie than production.
4,616,975,000
approximately
kwh.
from
spot
The; Edi¬
Electriq Institute reports that
of electricity increased
son
ina.. production to
pas-
—
above
wecK
i.ew
reduction
i
the output
to yl
ago,
a year
civ
trie
wnen;
as
original piogiam was at ns
•//Failure of
LRt-iric
Wxth icnnages on
pio^iam,
tne
uucks.7
Ci-s ana
revised
niuoa
6.8%
were
civilian
reporting mills
production for
bi.pu.cnts of 463
.,
:';Vvw.:--'v, (Continued from page 90) •■yH/7;': A'A,
'core keel have developed irorii replacement ' parts ' for
along
95
cease
tion date, says the
which
!
the
on
on
drawn
the redemp
..
"The drawn bonds will "be pay
able
on
and after Feb.
the office of J.
*
announcement,
adds:/
,
¬
1, 1945. at
Co.
P. Morgan &
Incorporated, New York City, oi"
at the office of Morgan Grenfelt
at. 49,589,000 acres, am increase of
Practically the entire output of well.
7%
from
the
46,349.000. acres str.ike-anvwhere matches, a total 7 Estimates on volume through¬
$880,000 000;r0 euns,
& Co. Limited In London.
' 1
!
seeded in thg fall of 194J. -This of 175 000 000.000.
65% of the out the country put the increase
$375 000,000'
ammunition,- $240,"On Dec. 22, 1944, $38,300 prm*
is 4.5% above the 10-year average, matches" bound in books, ah esti- over last year at varying points
000.000, and other items, $275,cipal amount of the bonds pre¬
nd is the largest acreage seeded
000,000.
Tn addition to the above;
yPa+ed 125 000.000,000, with -the between 7% and 11%, with New viously
called
for
redemption
since that sewn in the fail of 1937.
entire supply of strike-on-the-box England gaining from 4 to 7. the
the industry also produced ap¬
were still unredeemed."
Lumber Shipments — The Na- "matches
East from 9 to 13, the Middle West
going to the
services
proximately $700,000,000 worth of
.
equipment.
,
THE COMMERCIAL & FINANCIAL CHRONICLE
56
much of the main
General Crop
Report of the U. S. •
Department of Agriculture for 1844
.
The Crop
Reporting Board of the U. S. Department of Agriculture
December 18 its report of Crop Acreage and Pro¬
States, from reports and data furnished by crop
correspondents, field statisticians, and cooperating State agencies. /
The report in part follows:
made
public
on
duction for the United
ACREAGE
;;-r:
\
1944
■
which
most
c u lties
seemed
insur¬
times
at
where
production in the
mountable,
United
crop
States
equaled
the
in
pre-
or
drought average, was 6% above
production in 1943 and 11% above
production in any season prior to
This
1942.
production re¬
near-record
near-record acreage.
large
sults from harvesting
yields from
a
Yields
acre
averaged higher
in
any
other year except
The acreage harvested has
'larger
only ,; from
1929
than
1942.
been
per
through- 1932.
In most of the
country', growing conditions were
much
and there
on
favorable than
less
dry
so
men
millions
wheat
not at all.
or
1942
The fall of 1943
that
winter
in
fewer skilled
were
the farms.
was
acres of
unevenly
of
sprouted
Excessive rains from
February until May seriously de¬
layed
planting
in
the
eastern
States
and
braska
and
westward
Texas.
Ne¬
into
Only
power
equipment and long hours of labor
the
saved
situation.
Farmers
planted when they could and they
kept
planting past the normal
until
there seemed
only
on
season
half
chance of
a
there
and
At times
success.
much
was
discouragement
substitutions
some
had
to
be
made for crops that could
planted,
tended
ed.
but
nearly
acreage was
not be
the full in¬
finally plant-
.
.
Summer
rains
distributed.
were
East of
unevenly
line drawn
a
was
Jersey, Maryland, in
and locally from
the Ohio Valley
The crop acreages grown
in 1944
through
tions
where floods or wet weather pre¬
vented
planting and areas where
drought reduced the acreage of
hay and other crops that could
be
being mechanized
are
continued but, as a
closely utilized.
was
farms
of
consolidation
the
farming
Where
-harvested.
operations
has
rule, the land
In the com¬
for labor, the less pro¬
farming sections, mostly
petition
ductive
rarely
been
better.
rainfall
summer
area
was
ably heavier than in any
fast 25 years and the summer
cool in
of
hot
contrast
summers
affected
crop
to
the
was
succession
which
yields
on
prob¬
of the
adversely
year
every
from 1930 through 1939. • As a re¬
sult of good weather, crop produc¬
tion in this
heavy
area was
and
helped
outstandingly
materially to
faise the average for the country
as a whole.
' •>
"»
Practically
all groups of crops
shared in the large production.
The production totals for grains,
of
soybeans,
sorghums, buckwheat, and other
crops
which could
be
planted
corn,
Abundant rains in the main
later.
chiefly because
plantings
continued
beet
sugar
on
part because of their high labor
requirements.
The planting of
cotton has also been affected by
the
shift
of workers
to
non-farm
jobs, but the price of tobacco was
high enough to offset the labor
cost
and
the
acreage
was
in¬
creased.
In general, recent shifts
between crops reflect efforts
to
secure, the
maximum
output of
needed
products with a limited
supply of labor. Judged from that
point of view this year's accomnlishments
are
outstanding, but
further
and
increases
further
Yields
in
shifts
crop
acreage
towards inten¬
Although national supplies of
farm products are large, there are
some
local shortages.
Feed and
weather
to
livestock
numbers
Tennessee- Kentucky
portions
of
area
surrounding
in
the
and
a
third higher
of cotton and tobacco, which have
been rising for some years, were
fertilizers
tive
nearly
were
than the average during the 192332 or pre-drought period.
Yields
scale.
forage production were iow rela¬
50,648
59,309
33,975
•16,673
3,228,361
841,023
570,675
1,078,647
531,481
*
.
1944
■
.3,034,354
760,199
>'
40,714
.
1943
v-
2,377
(bu.)
764,073
Rice
282,641
1,166,392
11,485
14,768
12,359
256,350
.324,150
284,426
3,344
2,755
2,254
40,446
30,452
25,872
416
____
273,968
1,137,504
505
515
7,020
8,830
9,166
(bu.)
49,626
64,843
70,237
*100,228
126,432
202,255
rainfall in the Great Plains States
6,6G2
9,117
65,362
103,864
181,756
where
7,575
11,266
10,993
12,306
8,532
8,426
17,180
844
950
958
20,098
12,455
68~S78
74~345
57,049
60,880
11,928
13,465
718
85,109
99,573
75,320
87,244
14,520
9,788
962
2,145
146
'
-
100
171
858
431
V:
266
10,684
1,317
8.873
192,863
6,932
4,854
4,213
1,341,811
2,184,760
2,177,670
1,457
2,910
896
771
1,452
206
1,534
10,870
193,125
3,212
1,948
(lbs.)
v>
3,148
3,331
V
644
267,700
68,771
798
•
222
442
-■
1,324
3,045
(bu.)
"
231
-
164.620
906
110,381
867
775
Sugarcane for
seed
•;
_______
464,999
379,436
73,380
71,651
67,182
1,712
1,388,967
1,402,988
1,835,371
195
13,810
11,840
i..; 12,197
281
Broomcorn
306
134
134
852
(tons)
syrup (gals.)
Sugar beets (tons)
Maple sugar (lbs.)
'
548
12
8
*5
146
66
*5,105
40
.2,555
*12
Hemp fiber (lb.)
578
t+39,024
*7
•
40
37
1
(2
States!
fresh
:
528
tt75,0U3
Tt24,585
tt3Q,821
tt28,559
ft2,371
______
-40
58
.47
,/
26
_
(3
;
22
39
i 13
.
States) V
'. ■
_j.
■>-
______
Oranges (5 States) (boxes)-
States)
10
208
•j/_>
161
•
(boxes)
vi
*1
106,656
70,557
.-j?'"'1
•
106,848
55,979
48,741
______
10,970
;j 11,038
13,321
633
681
377
92,010
(boxes)
(5
.
32,858
______
(Calif.)
132,174
141,865
States)
(bbls.)
(12 States) '(lbs.)__
Commercial
truck
For
market
For
crops
3,102
crops)
1,707
3,811
1,873
1,395
1,926
♦Short-time
cleaned.
tDry
average.
tiAll
harvested.o
327,662
-
weight.
trees
352,072
______
JGreen weight.
§Bags of 100 pounds (untapped.
ttlncludes
some
quantities
not
average.
^Production includes all grapes for fresh fruit,
juice, wine and raisins.
***Excluding crops not harvested, minor crops, duplicated
seed acreages, strawberries and other fruits.
,
-Yield per Acre-
and
after
application
by
of
favorable
the
drought was
broken and were higher than in
any past year.
Fruits, as a group,
also
acre.
the
showed
a
record
yield
1933-42
all
Winter
_I
All
_______
per
wheat, helped by
development . of
improved
States- seed and by favorable weather in
production in any of the preced¬
all of whichr were
affected by drought.
The yield
averaged 33.2 bushels per acre,
only a little above the yields of
1941 and 1943 and
ord
Other
(bushels)
spring
:
ing
Rye
70
this
Buckwheat
Rice
(bushels)
increases
offset
;
'
all
all
Hay,
Hay,
'
-
_____
17.2
17.8
8.9
>
19.9
j-;
I,:.:
5.23
253.5
1.62
6.64
1.32
V
1.43
-v.
,
295.3
.
1.34
1.32.
—
1,314
.
1.30
•
,
1.23
•___
8.4
47.9
,
1.41
"
Hay, wild (tons)
Red
clover
Alsike
:
1.70
seed
(bushels)
clover seed
Sweetclover
:■
.81
(bushels) ;.
Alfalfa seed
seed
Lespedeza seed
>
>
1.13
(bushels)
•■
2.79
•
(pounds)
(bushels)
peas
(pounds)
Potatoes (bushels)
Sweet potatoes (bushels)
Tobacco
1,153
.
2.56
(pounds)
Broomcorn
1 -*■
;.
/
■
816
■'
:
84.3."
TiT?
(pounds)
;
♦Short-timenaverage.
784
1,277
18.4
r.':
5.1
608
■,
> VV,.
■'■;
:
139.6
.
:
81.9
5.6
678
130.4
92.9
1,072
62.5
18.8
21.2
20.8
155.0
161.0
159.3
...
11.8
11.9
1/1.94
(12.26
273
*1.59
*910
12.2
12.43
354.
298
",
:
weight,
tGree'n
other
1.67
1.65
962
weight.
corn,
second
crops,
highest
6
on
record.
,
1,019
440
§ All
temperatures,
yields
unusually high in many of
States
where recent droughts
In the Dakotas,
have been severe.
Montana, Kansas, Texas, and Ok¬
lahoma, wheat
production
ex-,
ceeded
the
10-year
(1933-42)
average • for. those six States by
285,000,000 bushels, or 84%, rais¬
ing national wheat production to
total
a
of
1,079,000,000
bushels,
bumper
of 1915, the only other wheat
that has passed the billion
exceeds
crop
purposes.
J Total
the
even
bushel mark. The record for sorg¬
is
equally
outstanding.
hums
Southwestern
farmers
shifted
heavily to the newly developed
low-growing kinds which can be
harvested
ord
with
a
combine.:, The
favorable, a near-rec¬
yield per acre was secured,
season
Was
and the
vested
quantity of. sorghum har¬
grain in the United,
for
States reached
63%
year.
•
bushels,'
previous
any
t
Corn
previous
production
1944 crop.
uxc
in
•
:
All
181,756,000
than
more
1,303
1,318
346
tDry
the
844
57.5
Hemp seed (lb.)„L__
equivalent sugar, per tree.
"
'
57.6
1,158
(Oreg.) (tons)
Hemp fiber (lb.)__^
•
966
908
'T^r>s
,
798
120.1
Sorgo syrup (gallons)
Sugarcane for sugar and seed (tons)
3ugarcane syrup (gallons)
Sugar beets (tons)
:
Maple sugar and syrup (pounds)
j_;
3.59
18.1
734
(pounds)
205.5
1,367
5.3
threshed
VelvetbeahsS
bl
the
million acres of wheat
lost, chiefly from drought
at
planting time but, with the
help of timely spring rains and
crop
870
'
about
was
were
2.08
•'»
3.90
17.1
(bushels)
Peanuts picked and
the
This
2.58
"
pro-'
east
and
has
been
helped by the development of
high-yielding varieties and the
1944 yield of 18.2 bushels
per acre
.97
859
_______
(bushels) .LUiU
total
States
aijeas.
Wheat, like
sorghums,
soybeans,
various
.81
191.8
3.23
dry edible (pounds)
Peas, dry field (pbunds)_i-lFii.__-----A--
some
1.17
2.30
.
but
the
as
oats,
.89
■
.
187.8
Beans,
Cowpeas for
de¬
average during the
preceding 10 years, with damage
drought
quite severe
in
1.52
>'
■
>•
2.20
(bushels)—
Soybeans for beans
than
of
from
.92
'
Timothy seed
some
moderate
15.6,,,.
5.10
—___—
sum¬
more
effects
other
Mississippi'
were
1,410
1.31
Illinois
11.5
44.2
226.9
___________
,
acreage
adverse
in
29.9
•
13.4
Sorghums for forage (tons)t
Sorghums for silage (tons)%
(pounds)
(tons)
tame, (tons)
of
seven
average production in this group
of States. A good corn
crop was
also
secured
in ; Wisconsin
and
23.0
17.5
7.7
*1,316
•
lint
half
in the
planting and raised corn
production 82% above the 1933-42
n.i
.
48.i
>.
Sorghums for grain (bu.)
Cotton,
in
the
29.6
'
16.9
._i
T
(pounds)
Popcorn
is
crop
River, where good
rains, hybrid seed, and
mer
21.9
1
21.7
_'j
16.9
15.1
18.8
11.7
(bushels)
18.8
17.0
,
28.6
.>
—
(bushels)
rec¬
one-
Corn Belt States west -of the Mis-i
is
'
Flaxseed
About
seasons.
year's
Some
18.6
"
12.4
;___
;>
15.6
11.2
__.
(bushels)
the
yield dur¬
10-year period during the
any
18.2
16.6
12.2
i
■.
(bushels)
Oats
(bushels)
Barley (bushels)
>
i4.i
15.0
(bushels)
spring
Durum
below
yield of 1942, but about
sixth above the average
33.2
31.2
25.8
A:;,;
1
(bushels)
1944
:>Yv:'
Average
.__i
(bushels)
Flax fiber
Corn and
1943
'
> >
Crop and Unit—
Wheat,
Al¬
ing 9 years,
duction
§§Short-time
Corn, all (bushels)
rec¬
pro-,
duction in 1943 and 3% above
pro¬
duction in 1942, it is 20% above
1,938
346,614
**1,000
purposes.
sets a new high
3,228,000,000 bushels.
of
same
Total, 52 crops***__
crop
Corn
crops.
production
the
crops)
individual
northern
"3,499
h 1.573
'
processing
(25
of
by the statis¬
layed
•
______
Cranberries
methods
sissippi
>
214
v.
;
in
shown
are
for
past
:
other processed '
(3 States) (tons)
Peicans
ttlOO
(tons)
Prunes,
Lemons
201
"V.'Pf; 79
(3
_•
(4
.tt117
•
tt69
'
;
2.580
2,973
11155
States)
__
Grapefruit
14
67.490
U124.212
:
dried
< tons)
140.680
■
14.015
(tons)
___.
Prunes,
V
>: V :
20
< 89,050
______
(2
frozen
:>
tt41,931
(tons)
(tons)
Prunes,
67
47,695
,
tt57,618
(tons).
canned
2,568
36
42,448
ft*122,378
______
(bu.)
used
States)
duction
though this is only 6% above
330
Prunes,
outstanding character
and
the-progress
ord
**8,681
:
all
season
being made
6,821
» 565
32
(2 States)
the
the
6,532
738
(bu.).
in
'.>; j,;;
Both
of
production
crop
10,094
2,579
(bu.)
of
6,148
244
(12 States)
nique
States.
21,506
295
commerc. crop
catch
to
6,485
**8,681
Hemp seed (lb.
farmers
late start, and the pro^»
gressive improvement in the tech¬
a
21,575
*c9 ,281
;■____
tractor-equipped farms
enabled
after
5,329
34
total
which
up
20,844
**9 281
(tons)
use
Belt,
561
**11 057
(lbs.)
Dairy Beitr. in-?
of hybrid corn in the
the increase in the
135
Flax fiber (Oreg.) (tons)___
Peaches, total
Corn
use
the
295
■
■••11, 057"
(gals.)
in
number of
tics
sugar
Sugarcane
Maple syrup
V.
-240
lime
creased
615
362,912
>•'•••
•
(gals.)
syrup
of
upon
16,128
2,129
(bu.)
:
312
,■
-
1,680
Potatoes
yields ' depend
fertilizers, cumuia^.
1,735
20,922
VelvetbeansH (tons)
where
1,125
695
.
Southwest
1,173
750
V
the
.1,169
10,502
3,595
be
tive effects from the increased
1,602
949
1,842
to
14,135
15,126
>
tends
limiting factor, heavier than usual
application of fertiAzers in the
> 12,329
368
795
3,848
rainfall
normal
largely
"■
2,057
2,404
than
more
1,195
1,303
458
be
1,206
252
563
97,930
to
appear
83,845
107
335
1,755
4,941
4,688
74~067
1,312
(bu.)
Cowpeas for peas (bu.)
Peanuts picked & threshed
potatoes
6,358
12,359
59,547
:
769
1,097
(bu.)__
seed
4,969
11,427
>
5,258
:
23,527
51,946
4,454
21,652
field (bags)§___
Soybeans for beans (bu.)^._
Prunes,
Considering all crops, the out¬
standing factors responsible for
the high average yields in 1944
154
heas,- dry
Plums
on
wartime requirements.
2,794
26,389
u.
'Beans, dry edible (bags)§__.
Pears,
some
4,655
(tons)___~
seed
clover
Apples,
age
to
by the expansion of acre¬
less suitable land to meet
1,466
(bu.)_
Lespedeza seed (lbs.)
Timothy seed (bu.)
Hops
extent
90
Sweet clover seed
and
unfavorable weather and
5,847
(bu.)
clover
,
.
1,468
(tons)i
(tons)
(tons)
Alfalfa seed
Sorgo
higher than in any
except two.
Yields
of oats and barley were unfavor¬
ably affected by late planting and
were
only a little above the 10year average. Yields of soybeans,
potatoes, and sugar; beets were
above the average but about in
line with the upward trend dur¬
ing recent years. Yields of beans,
peanuts, and rice were lowered by
earlier years
*76
Hay, all tame
Tobacco
but
seasons
2,048
Cottonseed
Sweet
last 6
lower than in 4 of the
was
1,036
(bu.)
Sorghums for silage
Cotton, lint (bales)
Alsike
31,933
.
162,112
1,028,280
(lbs.)
all
35,574
•
.
16,479
:■ 38,984
(bu.)
Hay,
,27,413
••
..
14,578
38,395
;
;
Flaxseed
2,116
314,574
309,542
13,166
(bu.)
(bu.)
Popcorn
■'5,
2,095
189,524
35,597
(bu.) _-.wj.__r_-
Buckwheat
18,595
continued to show low production
low, helped by liberal
a
1933-42
2,369,384
in
.
average
Other spring
Cherries
acreages
'•
1944
97,235
V;
15,544
Grapes, total till (tons)
fruits, nuts and commercial vege¬ sive, high-value crops would have
tables were each higher than in been possible if still more machany past year.
This year's group : inery could have been made availtotals for dry beans and peas, oil able.
seeds,, tobacco, and hay and for- I
Crop yields per acre in 1944
age have each been exceeded but averaged between 2 and 3% be¬
en few times.
The cotton crop was low the
unprecedented yields of
only about average but appears 1942 but about 7% above those of
ample under present conditions. 1943,
the
next
highest
year.
Potatoes and sweet potatoes will
provide about the usual per capita
supply.
Production ( Of sugar and
sirup crops as a group, was below
Durum
Belt States and tended to increase
the
(in thousands)
Average
.
"
Dats
Red
1943
v
94,455
38,163
(bu,)
(bu.) .__l___,.j_
,
dependent on horses or mules for
power,
have been handicapped
and the progressive abandonment
of the poorer farms and poorer
fields was accentuated by the ad¬
verse
weather at planting time.
Wet weather in the early spring
limited the acreage sown to oats
and barley in the
central Corn
from
and
(bu.)
spring
Hay, wild (tons)
acreage
Dallas,
lands in this
crop
(bu.)
of crops was larger
than
in
any
recent year.
The
chief exceptions were near cities
where
booming
war
industries
have drawn a great many work¬
ers from the farms, limited areas
total
was
have
Spring
all
Winter
All
1933-42
•
pecularities of the season, and the
acute
shortage of manpower on
farms.
In the more pro¬
ductive areas there are few fields
that
were
not worked and
the
many
-Production-
'.£•
r;>:
'
53,706
\
Sorghums for grain (bu.)__.
Sorghums for iorage (tons)t
Chicago, Illinois producing States account for the
Texas,, the further increase in wild hay to
dry and in nearly the largest acreage cut since 1927.
all parts of the area crops suf¬ The large total crop acreage in the
fered from drought during some Great Plains area was due in part
part of the growing season.
At to the improved finances and en¬
times, yields of all crops in some couragement that naturally fol¬
States seemed threatened, but fer¬ lowed 3 good crop years in suc¬
tilizers had been applied liberally cession.
Some
farmers < who
last
and,
where
the
drought
was
year
broken in time, cotton and tobacco attempted to help meet national
made a spectacular recovery and war needs by growing peanuts,
most other crops gave fair yields.
flaxseed, beans and other crops
Parts
of
Colorado
and
the
far in areas where these crops do not
Southwest also suffered from dry ordinarily succeed,
shifted back
weather during the summer but to
crops which could be grown,
in
most
of
the
area
from
the with more certainty.
Sugar beets,
Chicago-Dallas
line
northwest¬ sorghum sirup, cowpeas, straw¬
ward to Montana growing condi¬
berries, and maple products have
southwest
summer
Wheat,
Rye
represent a mixed adjustment to
war-time requirements, prices, the
.
92,355
;}
(bu.).j
in¬
factors
cluding shifts between kinds and
increased application of lime. The
1944 crop, however, was burt by
the summer drought east of the
Mississippi River and the yield
•
3orn, all
rising irregularly
result of various
a
—-^Acreage Harvested
(in thousands)
Average
Barley
Wyoming .into Oregon.
set
about
at
1923-32
the
of
about
-
record
estimated
now
124%
1944
larly favored by the weather and
gave yields that have seldom been
exceeded,
The yield of tame hay
of New Eng¬
in parts
New
land,
hay crop
'The
severe.
short
also
Aggregate production of
1942.
crops,
in
all-time
as
producing area,
higher yields than in other
except 1942.
Wild hay and
sorghums for grain were particu¬
•••
,
d i ff i
Notwithstanding
;
drought was more sethe summer drought- was
the
where
OF CROPS
crops has been
gave
years
Crop and Unit—
PRODUCTION^
AND
Thursday, January 4;;-l 945
crop
■;
;•.■
.
j„;
records -of
.•
corn
shattered by the;
Though the outturn, of
were
as
reported by farmers
i'^Vdfeme
falls
1:61T ^ ?Nximbe^
below
1%
1
the Nov.
fore-
estimated,
3,228 million bushels, is abput 97
.•'$million bushels 'above the previ¬
ous record set in 1942. This year's
;
crop for all purposes—grain, sil¬
age, forage, „ hogging, < etc.—is 6 %
east, production
as now
■
the
above
36%
large
larger
;
Corn
than
and
10-year
the
for
■
v,;-,!v- !f\ ■ '{k,.
grain
also
previous
records, with
2,910 million bushels in 1944, com¬
pared with 2,725 million bushels
in
and 2,849 million bushels
1943
in
1942, the previous record.: In
this
record
attaining
crop
of
grain corn--farmers did not ne¬
glect their supplies of silage and
forage corn, as the proportion for
/grain, 89.8% of all corn harvested,
is
lower than
in
two
of the
pre¬
ceding three years. The large pro¬
portion utilized as roughage this
i year reflects to some extent the
salvaging of corn damaged by
drought and a relatively large
acreage pastured or hogged off as
; a labor-saving expedient.
Thef in¬
creased use of mechanical pickers,
however,: permitted harvesting for
grain a' proportion of the total
acreage very near that usual in
lucent years and, in fact, the larg¬
est acreage since 1933.
'
The acreage of corn harvested
for all purposes is the largest
since 1933. Abandonment of only
is smaller than usual and is
1.5%
due
chiefly
drought
to
and
southern
western
in
some
States.
the Corn Belt is
a
relatively small proportion of
the
total acreage planted.
The
Acreage lost in
planted
acreage
is the largest
1936, which was - the last
year in which
100 million acres
since
was
exceeded.
Use of hybrids is an important
■
in
factor
attaining
the
average
yield of 33.2 bushels per acre for
all corn, a yield exceeded in re¬
cent years only by the 1942 crop.
Most of the important Corn -Belt
States
plant 85 to 99% of their
to hybrids, and for the
acreage
country
corn
are
as
a
acreage
57% of all
is hybrid/. Hybrids
credited
whole
with
withstanding
drought in the eastern
adjacent areas.
well
the
Corn
has been reduced to a
minimum, with relatively insig¬
nificant quantities of chaffy or
soft corn. • Fields too late for grain
spoilage
corn,
Belt and
,
drought-damaged were
as silage or for¬
or
largely salvaged
:.Vr
age.
Yields
crop
•
harvested
all
tops
1943
>•' -<
average.
'
THE COMMERCIAL & 1LNANCIAL CHRONICLE
4348
of
corn
in
1944
exceed
the average In most States. Ex¬
ceptions occur in New Hampshire,
Vermont, Rhode Island, New Jer¬
sey,
Delaware,
Pennsylvania,
Ohio,
Indiana,
Michigan, West
Virginia, Kentucky,
Tennessee,
Texas and Arizona, reflecting the
effects of the midsummer drought.
Corn Belt States
yields per acre
by very wide margins.
Combin¬
ing large acreages and excellent
yields, new production records
were set in Wisconsin, Minnesota,
Many
western
exceeded average
Iowa, North Dakota and
with
numerous
States
other
record levels.
near
,
Nebraska
-
at
wheat
piled, temporarily
South
Dakota, Nebraska
Wyoming
experienced - h e
black stem rust
caused
In
little
the
soft
v^wheat
sharp increase over last year
the
10
average
but it was exceeded in
years,
The
and
of the past
nearly a dozen years of the
30.
past
yield of 18.2 bushels per
second largest in U. S. wheat
history, is a large contributing
factor.
The rains needed to pro¬
acre,
duce the record crop came
in time
practically all wheat producing
sections.
Too much rain during
in
caused field losses
in the upper part of the Southern
Great Plains
area
centering in
harvest
time
western
ern
est
Kansas, and in the North¬
the heavi¬
field losses in North Dakota.
Plains States, with
Winter wheat rallied from gen¬
low fall and winter pros¬
erally
damage, but rust
concern
elsewhere.
wheat
winter
States
east, the season ended quite fa¬
vorably, with abandonment light
and
yields
above average.
In
North
some
fall
States
Central
growth "was retarded by dryness,
but after the spring rains plant
growth was heavy.
Danger of
rust there was averted by hot dry
weather
preceding
harvest,
which pushed the wheat to early
maturity. Heavy flood losses oc¬
curred in
late April in Illinois
Missouri.
and
Northwest,
of
Pacific
rains
spring
handicap
the
enabled
In
wheat
winter
at 1,078,-
bushels is the Nation's
largest wheat crop. It is 70 mil¬
lion bushels larger than the previ¬
ous record crop produced in 1915.
Farmers responded to removal of
acreage restrictions and the urge
for increased production by grow¬
ing
the largest acreage of all
wheat since 1938. The 59,309,000
acres
harvested this year is a
above
a v y
to
the
overcome
extreme
dryness
slow start and
a
through
the
winter
months.
wheat production
647,000
is
and
pects and ended the season with
near
records both in production
764,073,000 bushels and in yield
of 18.8 bushels per acre which is
0.9
bushel
short
of the record
of
Spring
wheat also had
a
rela
favorable year, with the
production of 314,574,000 bushels
.a little above
last year and 66%
above the 10-year average.
How¬
tively
ever;
crops
there; were 5 years of larger
in the two decades before
1930.
The
is
to
due
relatively
the
large
crop
large acreage har¬
vested—18,595,000 acres in 1944
the largest since 1938.
The yield
of
16.9 bushels per
acre is
1.7
last year anc
bushels lower than
3.3
bushels under the record 1942
The moisture situation in
spring favored planting the
intended acreagae and promoted
yield.
the
good
Adversely, exces¬
growth.
sive rains at harvest
delayed
com¬
bining and delayed the threshing
of the shocked
considerable
grain, resulting in
loss and re¬
acreage
duced yields.
Durum
was planted in 1943, but the
spring made it impossible to
completely fulfill their intentions.
Because of adverse planting con¬
ditions in these States, the crop
was
planted from two to three
weeks later, than usual.
The
of the Corn Belt and in the South¬
concern
All
than
wet
Which had caused
•
the
on
ground.
yield
bushels
last
production
at
31,933,000 bushels fell off consid¬
erably from the large crops of the
two
preceding years. This was
due to a lower yield per acre, this
of 15.1 bushels, 2 bushels un¬
6 bushels below
the record 1943.yield.
This year's
year
der last year and
2,116,000 acres harvested is larger
than either of the two preceding
but only a little less than
0.3
is
29.9
than
1.3 bushels more
Below
average
average.
yields in all the important States
where the crop was affected by
adverse
conditions
at
planting
time, were more than offset by
yields substantially above aver¬
age in other areas.
The present upward trend in
oats acreage is attributed largely
to -such
factors
as
the
success
of
fall seeded oats in the
South, the
requirements of- the
labor
low
in these days of short labor
supply, and the development of
crop
varieties which
new
North Dakota,
in
the
are
are
resistant
to rust and other diseases and are
adapted to the Middle West where
they
have
shown
substantially
better yields than older varieties.
Barley
producing areas
substantially above last
For the country as a
averaged
barley crop of 284,426,000
produced this year .*is
12%
less than last year's
about
but is still 11% above the
10-year (1933-42) average.
The
decline in
barley production is
chiefly due to reductions in acre¬
crop,
*
The total acreage harvested
in 1944 was 12,359,000 acres, com¬
pared with 14,768,000 acres in
1943.
The average yield per acre
this year was 23.0 bushels, which
is a bushel higher than the 1943
yield and compares with the 10year average of 21.7 bushels.
age.
reduction , in
the
of
Most
acre¬
occurred in the North Central
States, where about half - of the
Nation's barley is grown.
Barley
age
this
less
was
Acreage
1943.
in
than
Oklahoma
000
that area
2)4 million acres
harvested Mn
season
also
was
in
reduced 165,-
and moderate declines
most
other States.
partly off¬
acres,
in
occurred
These reductions were
increases totaling 283,000
acres in Texas, New Mexico, Ariz¬
ona
and California.
/
:
set
0.2
by
they
year.
whole, yields
bushels
less
than
average and 0.4 bushel more than
year.
the
season
a
Prospects earlier in
for yields about
higher, but full realiza¬
prevented by unfavor¬
bushel
were
tion
was
able
weather
at
harvest
the North Central
time
in
crop
of
States.
Buckwheat
The
1944
buckwheat
9,166,000 bushels is the largest
crop in
16 years, and compares
with
last
year's production of
8,830,000 bushels. The acreage of
buckwheat
515,000
harvested.. this
year,
also
a
little
greater
than that harvested ill
1943.
The large production this
year is due mainly to a high acre¬
age since the yield per acre of
17.8 bushels is only a little aboveaverage.
The yield last year was
17.5
acres,
is
bushels.
In the two
principal buqkwheat
producing States of Pennsylvania
and
The
bushels
but in most 01
other
last
per
acre
at
bushel more
and
year
than
acreage
wheat
n
New
above
vania it
The
York
the
acreage
and
average,
in
also above last year*
was
acreage
was
below last year
New York, however, where in
1943 the wet spring reduced seed¬
in
ings of early grains which were
replaced by increased plantings of
Large increases in
occurred in 1944 in Wis¬
consin, Minnesota, Iowa, and the4
Dakotas, where the wet spring
buckwheat.
acreage
considerable
occasioned
buckwheat
tion of
as
a
substitu¬
late catch
crop.
The
1944
season
favorable for
a
late
generally
maturing crop
The
buckwheat.
like
was
moisture
encouraged in¬
plantings, also gave the
crop a good start.
July and Au¬
gust turned hot and too dry, par¬
ticularly east of the Mississippi
River, where the crbp Was sub¬
ject to these unfavorable condi¬
situation,
which
creased
tions while in blossom.
However,
conditions for maturing the crop
rains
after
mid-August.
Since frost
late, there was no
damage of consequence.
date#
were
improved
by
were
In
most
States
the
yield
per
was
Pennsyl¬
frost
;
.
bet¬
the 10-year average. Wet weather ter than average. Yields were be¬
The 1944 corn crop overcame
Tobacco
v
yield of 19.7 bushels per acre in
caused the most damage ki sec¬ low average, however, in Minne¬
numerous
obstacles in reaching
1942.
Winter wheat was seeded
Tobacco
production
in
1944,'
tions of the States where durum
record proportions. Planting was
sota, Wisconsin, Iowa and Ne¬ estimated at
last fall in most of the southwest¬
1,835,371,000 pounds,
>; f.
delayed in much of the Corn Belt ern winter wheat States under wheat acreage is heaviest.
braska,
and about
average
in is nearly one-third larger than
by excessive rains, with floods in adverse
South Dakota and Michigan.
Be¬ the 1943
conditions,
principally
Other spring wheat, with 16,r
crop and only 2% less
Iowa and the lower Ohio and Mis¬
cause
of the apparent suscepti¬
moisture deficiency. This was met
than the record crop of 1939. Thfsr
479,000 acres harvested, was the
souri River valleys. Large acre-!
by seeding in dry ground or by big factor in holding the all spring bility of barley to scab and blight, near record production is the re¬
ages ^ intended
for small grains prolonging seeding operations to wheat
crop at a high level.
This especially on heavy .-soils, with sult of an increase of 18% in acre¬
were diverted to corn when seed¬
a
laH.2 date.
Nevertheless,- the is the largest other spring wheat resultant decreases in yield, the age harvested and a record yield!
ing was too greatly delayed by
largest
increase from
1943, in crop on record. The yield of 17.2 crop has not been able to hold its per acre of 1,072 pounds.
With
adverse weather and wet fields;
wheat
acreage
was
in winter bushels per acre was exceeded in own in competition with other generally favorable
prices re¬
feed crops and "war crops.
but, on the other hand, other
The ceived for the 1943 crop and ant
wheat, which increased 22.7%, each of the past 2 years but they
acreages intended for corn could
whereas spring wheat acreage in¬
were
in
years
of lower
acreage. heavy risks involved as winter increase
acreage
allotments,
not be prepared in time and were
creased 11.5%. The desired rains
Abandonment
of
spring ; wheat barley expanded northward and farmers stepped up their tobacco
diverted to later crops or left in
the
removal of restrictions on
came late in the fall season, per-' acreage was relatively light, lim¬
to a total of 1,712,000 acres in 1944grass or hay crops.
Even in the mitting belated completion of ited to the losses from rains dur¬ wheat acreage also have tended
compared with 1,451,900 acres int.
South larger proportions than us¬
to reduce barley acreage in re¬
1943
and the 10-year
seeding and benefited the early ing and after harvest and some
(1933-42)
ual
of
the corn acreage were
cent years.
seedings. In most of the Southern hail loss in Montana.
acreage of 1,534,030 acres.
::v
Rye
planted late. Later developments Great Plains wheat area fall rains
In
A bumper crop of tobacco nor¬
production by classes, the
proved this to be a fortunate cir¬ were insufficient and wheat there
The
1944 production of rye,
most
marked
change from last
mally used in cigarettes is now
cumstance, however, as early corn entered the winter in below aver¬
estimated at 25,872,000 bushels,, is
estimated. The^combined produc¬
year is in soft red winter wheat,
suffered from drought while late
age condition, with expectations
which, at 224,983,000 bushels, is 15% less than last year's crop and tion in 1944 of cigarette types—
corn
came on
aftef the drought
of heavy abandonment and rela¬
two-thirds larger than last year. 36%'less than the 10-year (1933- flue-cured, burley and southern,
was
relieved, to produce one of
tively low yields per acre. <
42) average production. With the Maryland — at
Hard red winter wheat at 472,1,603,766,000
the better corn crops
grown in
Winter precipitation was bene¬
exception of 1933, 1934 and 1936,
pounds slightly exceeds the pre¬
that section.
In June a drought ficial to the wheat which germ¬ 995,000 bushels is a third larger
this is the smallest crop on record
than last year; white wheat, 103,7
vious record and is 27%
above
area began to develop, extending
inated in the fall and* the result¬
The crop was har¬ the 1943
238,000
bushels
is
one-fourth since 1887.
crop.
from southwestern Ohio diagon¬
vested from 2,254,000 acres with
ing improvement in prospects be¬ larger.
Hard red spring produc¬
Nearly complete market sales
ally across several States to east¬ came progressively more favor¬
an
average yield of 11.5 bushels
tion of 244,608,000 bushels is an
ern Texas.
This expanded in July able as the season advanced, ex¬
point to a flue cured crop of
per acre. ■
increase of only 6%; while durum
and August into a large area ex¬
1,080,003,000 pounds. This is 37%
cepting in Nebraska, where the wheat at
For
the country
as
a
whole
32,823,000
bushels is
tending roughly from New Eng¬ adverse conditions continued, re¬
more than the 1943 crop of 788,.-,
there has been a substantial de¬
10% below last year.
land and the Atlantic States north
sulting in a yield below average.
532,000 pounds and 38% more
crease in the harvested acreage—
of Virginia, through Ohio, Indi¬
Oats
In that State the first substantial
this year's being 18% less' than than the 10-year'(1933-42) aver¬
ana, southern Michigan, southern
precipitation did not occur until
The production of 1,166,392,000 in 1943, and 33% below the 10Illinois, West Virginia, Kentucky, late
in
January.
Germination bushels of oats in the United year average. Generally speaking, age./ Although this is the secon<J
Tennessee,
Arkansas,
parts of there was very uneven (some de¬
States in 1944 is 13% more than acreages
decreased -sharply
in crop to exceed a billion pounds*
Missouri, Georgia, Alabama, Mis¬
layed until after Feb. 1). Plants the
10-year
<1933-42)
average, the northern half of the country it is still 8% or approximately*
sissippi, Louisiana, and into east were weak and failed to make
and
3%
more
than last year's and ' made phenomenal increases 90,000,000 pounds below the 1939b
Texas.
In late August, favoring normal
spring growth,
In the production. i^The crop was har¬
rains relieved much of the drought
Bright leaf growers har¬
in the southern half'.
The princi¬ record.
Plains States, excepting Nebraska,
vested from 38,984,000 acres with
area
and
favorable
September the season ended with yields per
vested 1,007,300 acres of tobacco*
pal, .producing' areas show the
an average'yield of 29.9 bushels
weather, practically without frost; acre much above average on the
per acre. :
; >>•>•••• 7vV'-;,:?;- greatest
acreage
decline, : with in 1944, 19%-more than the 844,offset to a large degree previous harvested
acreage.
However,
; •
—
The harvested acreage for the Minnesota
71%,
North Dakota 800 acres groWii in 1943.
moisture
deficiencies
in
some abandonment from Kansas north¬
Weather conditions during the
country as a, whole is 1.5% more 73% and South Dakota 21% beareas
and excessive moisture in ward'.was
comparatively heavy,
than
last
year
and 9.5% smore
others. Light frosts in early Oc¬
due to the poor start in the fall,
ow average.
The acreage in Ne¬ growing season in the Georgiathan average.
Substantial acre¬
tober
checked growth, then fa¬
Florida area were generally fa¬
rain damage during harvest, and
age
decreases
from
last year, braska, another important State,
vorable weather for maturing the
years,
acre
of barley this year was
1
.
October and No¬
ideal for har¬
vesting the crop. Much corn with
high moisture content appears to
Have been successfully handled in
Western Corn Belt areas, so that
crop
followed.
vember were almost
rust in
sections.
The abun¬
the
Southwest
is
and labor problem which was met
however, are shown for the im¬
portant producing States of Kan¬
sas,
Nebraska,
Iowa,
Missouri,
Illinois, Indiana and Ohio.
In all
of these States farmers had in-
partly by storage of considerable
tended to
than last:
dant
some
harvest
created
a
in
storage, transportation,
plant
a
larger acreage
the
age.
same
as
the
10-year aver-
Yields
vorable and a good crop was pro¬
duced.
'
per
acre
in
Minnesota
and Nebraska are 1.5 bushels less
year and 1 bushel less
area
In the
farmers
Carolina-Virginia V
had
difficulty in getting a
considerable
stand.
(Continued oil page 98)
Dry:
THE COMMERCIAL & FINANCIAL
98
CHRONICLE
Thursday, January 4, 1945
Newark Bafiks Organize Per.se
top Viewsftaxbirtcn ;Cafe< Proposals
iepartessit -of. AgricisISsre far 1844 To Aid Sma!3 Business 10& As Essentia! Basis for Lasting Peace 7%y
Cessera!Crop 'Report -"..of'.- tSis 0. S.
(Continued from
97)
page
Y
,
For
v
the
loans
weather during the early part of
the
retarded
season
growth and
prospects in late June were very
discouraging. Rains came in time,
however,
and
the
crop
made
arvest resulting from
Ehenomenal recovery. slowly rip¬
Delayed
a
side
the
out¬
of
area
There
in
Long
was
the
New
York
Island
acreage
but
on
mid-summer
drought reduced yields drastically.
Production
each
in
of
the
5
central surplus States (Michigan,
491,603,000 pounds.
This is
Wisconsin, Minnesota, North Da¬
100,000,000 pounds or 26%
kota and South Dakota) was beabove
production in 1943 and
iow the 1943 crop.
Production in
around 165,000,000 pounds or 51%
these States was down 22% from
above the 10-year (1933-42) aver¬
the 1943 crop and 9% below aver¬
age.
Acreage for this type shows
age.
Abandonment
was
above
•an
expansion of 21%, bringing
average in this area.
Excessive
the
1944 total to 472,700
acres
rain at the beginning of harvest¬
compared with 391,400 acres har¬
vested in 1943,
Burley growers, ing operation in Minnesota and
of
flue
like
cured
producers, were
ing through July,, which delayed
setting and early growth. August
rains brought complete recovery
except for very early tobacco, and
a late fall was
highly favorable
for
developing and harvesting the
crop.
Southern
Maryland Belt,
like the other two cigarette types,
The
shows
sharp upturn in produc¬
1944 crop placed at
32,160,000 compared with the 20,827,000 pounds revised estimates
for the previous year.
a
tion with the
This'
year's dark fire cured to¬
crop,
now
estimated at
65,395,000 pounds, is only
1%
larger than the record low crop
of 64,800,000 pounds last year. The
10-year
(1933-42) acreage pro¬
bacco
duction of this class of tobacco is
100,000,000 pounds and pro¬
duction at the end of World War
over
I
was
300,000,000
near
pounds.
financing
reconversion
Newark
the
of
acreage
and
ad¬
versely affected quality of early
diggings.
However, the late dry
fall
enabled
farmers
some
of
been
considered
these
Colorado
the
is
an
harvest
potatoes that had
lost,
increase
over
State
this
of
except
group
Ne¬
braska exceeds the 10-year aver¬
The Idaho
is of good
quality and was harvested with
practically no loss or damage to
quality. The late fall was favor¬
age.
able for
crop
maturing and harvesting
in Washington, Oregon
potatoes
and California. Little or no freeze
damage
reported
was
in
these
States.
Production
States
in the 12 other late
amounted
to
27,485,000
bushels compared with 35,430,000
bushels in 1943 and the 10-year
pressed the belief that the Dum¬
Clearing House have been invited
join to bring the complete or¬
ganization
to
25
participating
lasting peace," and declared that
the people of the United States
13% below the 3,331,000 acres
and 4% below average.
1943
The
yield
per
bushels, was the
since ,1939 but
acre
of
130.4
lowest reported
10.3 bushels
was
above average.
Abandonment of
planted in 1944 was 3.3%
compared with 3.2% abandoned
last year and the 10-year average
acreage
Of 2.8%.
-
v'.
Only
Colorado,
California,
Rhode Island, Florida, Alabama
,
and
Louisiana: reported
crease over
an
the 1943 acreage.
rather general
in¬
The
each
of
these
two
States.
Larger than-average crops were
produced in Georgia, Arkansas,
Louisiana
increased
and
Texas
because
of
Yields per
acre were extremely low in North
Carolina, South Carolina, Georgia,
Alabama, Louisiana and Florida.
In
acreage.
these States
a
combination of
wet weather at
planting time, and
frosts, blight, and drought during
the growing season, caused some
of the lowest yields on record.
Sweetpotatoes
of the
■
other
Uni,ed
Nations
should be* willing
suburbs.
share- of responsibilities in achiev¬
The
?■ ;■:
7- :;7;7;
-.
remaining institutions
reported
in
favor
of
the
77
The "Times" added:
Represented
so
far are the Na¬
organization of peace can best
strengthened, avoiding par¬
tisanship and captious criticism."
be
The recent election proved that
be
avoided
available under the agree¬
ment is limited to $10,000,000. The
great
in
of the total in ratio to the bank's
deposits.
of
■
as
Small
Essex
The pool will be known
Bank Credit
Group for
of
an
can
discussion
of
be
so
issue," the trustees de¬
the words of former Secretary
State Cordell Hull, that "the
The
to
be
created
must
risks
homa and Texas
whereas
so
were
undertaken
"Times," with Dr. Nicholas Mur¬
Butler, president of the en-?
dowment, presiding.
L
•
:
Besides Dr. Butler, trustees at¬
tending the meeting included Ar¬
thur A. Ballantine, William Mar¬
shall Bullitt, W. W. Chapin, Ben
M. Cherrington, John W. Davis,
Frederic A. Delano, John Foster
Dulles, George A. Finch, Leon
Fraser, Francis Pendleton Gaines*
Philip C. Jessup, W. J. Schieffelin
Jr., Maurice Sinclair Sherman,
James
T.
Shotwell,
Silas
H.
Strawn, Eliot Wadsworth, Lyman
E. Wakefield and W. W. Waymack,
sweetpotato .'States.
•
ing the announcement, Mr. Way
25 years, the first ten
stated that the conference will be
more
years
than
Of
member
which
of
a
were
spent as
a
streamlined
a
meeting
held
to
prominent firm of
transact essential business of the
In
Institute, elect officers, and dis¬
Mr. Kaehler
acquired a seat on the San Fran¬
cisco Stock Exchange, and repre¬
wartime
bank
personnel
training problems.
Similar an¬
nual meetings were held in Chi¬
sented the firm with whom he was
cago and St. Louis
tax
consultants and auditors.
January,
1927,
associated,
change.
on
the Floor of the Ex¬
During the time he
member he served
on
was a
the Govern¬
ing Board and most of the active
committees of the Exchange.
He
sold his membership in
1934 and
engaged by the San Fran¬
cisco Curb Exchange as Assistant
was
to the President. Mr. Kaehler rep¬
resented
the
Curb
Exchange at
Washington, D. C., when the rules
and regulations under the Securi¬
ties
Exchange Act were bemg
promulgated, and continued in this
capacity
until
1936 when
he
acquired a Curb membership and
became
associated
with
a
Curb
Francisco Stock Exchange. In 1939
acreages Mr. Kaehler's titled Was changed
remaining to Executive Vice ^President and
^
7: \.y- General Manager, Which position
improved as the sea¬
son progressed. Drought that pre¬
vailed
at
planting; time
was
broken about mid-August in the
South Central States, and several
he has continued t(T6ccupy."
weeks earlier in the South Atlan¬
Conference in Sieve.
Adequate moisture
timev '
(1933-42) average 67,182,000 bush¬ during the latter part of the sea¬
i
Production in the three eastern els by 7%.
The yield per acre son, together with the long grow¬
surplus" late States (Maine, New of 92.9 bushels is slightly higher ing season, resulted in yields
York*, -and
Pennsylvania)
was than the yield indicated on Nov. above the 10-year average for
down U?% from the 1943 crop but 1 and is the highest since -1929. each of the sweetpotato
producing
was 5%
above average, The re¬ Only 771,200 acres were harvested States.
Only in Texas and Cali¬
duction in the Maine crop, was this year compared with the 10- fornia were yields below those of
largely the result of below-aver¬ year average of 797,700 and the last year.
The crop matured un¬
age
yields which were caused relatively high 1943 acreage of der
favorable* conditions
and
weather was ideal for digging.
principally by hot dry weather 896,100 acres. Dry weather that
during the summer. The acreage prevailed at the usual planting The quality of sweetpotatoes is
in Maine declined only 2% from time and the
competition with generally good.
'
Exchange
fied with the financial district for
average or
lower
harvested in the
States.
fulfilled, and a
organization can
be founded capable of promo.ing
justice,
safety
and
w e If are
throughout the world."
Nations
Governing
Exchange member firm.
"Mr. Kaehler is given credit for
lower
acreages
were
reported,
with the reduction in the heavy being one of the prime m overs in
producing
State
of
Georgia the final consolidation of the Curb
amounting to 25%.
Compared and San Francisco Stock Ex¬
with the 10-year averages, acre¬ changes.
Upon consolidation of
ages
harvested in -New Jersey, the two Exchanges in May, 1938,
Illinois, Maryland, South Caro¬ Mr. Kaehler was appointed As¬
lina, Florida, Louisiana, Okla¬ sistant to the President of the San
tic
be
United
Board of the San Francisco Stock Exchange
announced on Dec. 2 the appointment of Ronald E. Kaehler to act
as the Paid President of the Exchange, in accordance with the recent
constitutional amendments adopted by the membership. Mr. Kaehler
will take office at the Annual Meeting of the Exchange, Jan. 10. The
announcement of the Exchange says:
v-\V"Mr. Kaehler has been identi-<£
He.'1 7.:..7 ":77l■
i-
bankers said today, is to par¬
ticipate with originating banks "in
were
of
can
San Francisco Stock
Business of Newark and
Its function, spon¬
sor
better,
recognition
ideals
the
only by such a
realties that our
is
Kaehler Becomes Paid President of
County.
financing
the
v organization
bank.
the
"On
continued.
it
nature
the
agreement is to
provide additional facility and not
to limit the lending functions of
any
partisanship
in
clared iii their resolution, but they
said it was important to realize,
limit line of credit of each mem¬
ber corresponds to a percentage
Intent
trustees
contrary,
compro¬
organization,"
the
ray
"It is by such public discussion
made
net
the
that the fundamental principles of
"political
to
on
the
tional Bank.
credit
tne
a
mean
fundamental
of
The meeting was held in the of¬
the door to debate
proposals. , It added:
ington Trust Co. and Lincoln Na¬
of
the
on
purpose
fices of the Carnegie Corporation*
522
Fifth
Avenue,
said
the
open
Essex Banking
National State Bank, Mer¬
chants & Newark Trust Co., Fi¬
delity Union Trust Co., Federal
Trust Co., West Side Trust
Co.,
Co.,
amount
or
text' of the agreement, the resolu¬
tion said' -the time had come to
Newark &
Total
"This does not
mise
terest in and the demand for the
setting up the financiaT de¬
tails.
tional
L
;
Imwiew of the nation-wide in¬
,
plan, with the individual officers
now
"take their
to
ing-" this final obj ective of victory."
are
credit
The crop
A sweetpotato crop of 71,651,reduction in acre¬
age reflects growers' experience 000 bushels was produced in 1944.
in disposing of the 1943 bumper This production is 2 % below the
crop,' scarcity of labor, and un¬ 73,380,000
bushels produced in
favorable
weather
at
planting 1943 but exceeds the
10-year
and
banks, 13 in Newark and 12 in the
average
in
in
barton proposals "offer an essen¬
tial
basis
for
the
structure
of
to
which may be in amounts, for
pe¬
of
38,456,000
bushels.
Production of the dark air cured
Above-average crops were har¬ riods, or upon terms or conditions
class, of tobacco is estimated at
which may make usual
vested Lin
Rhode
banking
Island,
41,345,000 pounds.
This is 38%
Connecticut, Massachusetts, New accommodations unavailable." r.
above last year's crop and 14%
Mexico, and Arizona, with record
Operation here will be ready
above the 10-year (1933-42) aver¬
crops being harvested in Rhode about the first of the year. Prime
age production.
Island and Arizona. Abnormally movers in the credit
pool have
The production of cigar tobacco, low
been Robert G. Cowan, National
crops were produced in the
all classes combined, is estimated 5 central States of
this group. To¬ Newark; W. Paul
Stillman, Na¬
at 124,655,000 pounds, compared tal
production in the 5 States was tional State; Horace K. Corbin and
with 1Q8,628,0Q0 pounds last year,
47%
below average because of ROy F.
Duke, Fidelity; Julius S.
and the 10-year (1933-42) aver¬ reduced
/ acreages
and
drought Rippel,
Merchants
&
Newark;
age
production
Of ; 111/783,000 during the critical growing pe¬
Frank C. Mindnich, Federal; Ray
pounds.
The present estimate riod.
'
E. Mayham, West Side; T. L. R.
broken down by classes is: fillers,
Production in each of the 7 in¬
Crooks, Clinton Trust; Stanley J.
56,700,000 pounds; binders, 56,- termediate potato States was be¬
Marek, Franklin Washington, and
805,000. pounds, and wrappers, 11,- low average., This group shows
Carl K. Withers, Lincoln National.
150,000 pounds.
Last year's pro¬ a decline of 34% from the 1943
duction by classes was:
fillers, crop and 28% from average. New
other crops'for the reduced
47,384,000 pounds; binders, . 51,- Jersey is the only State of this
sup¬
224,000
pounds, and wrappers, group harvesting a larger-than- ply of available labor prevented
farmers from "setting" the acre¬
10,020,000 pounds.
ii
average acreage and even in this
age earlier in the
season.
State yields were reduced by dry
Potatoes
Only Kansas, Virginia and Ok¬
weather so that production was
lahoma show increases from the
A crop of 379,436,000 bushels of
4% ' below average.
1943 acreages.
The acreages har¬
potatoes was harvested in 1944.
Among
the- early
producing
vested in
New Jersey, Indiana,
This production compares with
States, California and Mississippi
Illinois, Iowa, Delaware, Mary¬
the Record of 464,999,000 bushels
were the only States in which the
land, North Carolina and Cali¬
in 1943 and the 10-year (1933-42)
crop exceeded the 1943 produc¬
fornia were unchanged from
a
average of 362,912,000.
The 2,- tion. Record crops were produced
year earlier.
In all other States
909,800 acres harvested this year
was
The New York "Times"
"News"
which also said:
the 1943
production of late potatoes. How¬
ever, the crop harvested in each
a third World
bf%,L'..77777;'y7.7.,''. 7, y7.7-'-';7:.''.
hg warned that the alternative would be "the threat of
War."
and
Clinton Trust Co., Franklin Wash¬
the only State in
surplus late group
Western
that had
to
the United Nations by the Dumbarton Oaks conference,
urged on Dec* 11 by the trustees of the Carnegie Endowment for
International Peace who at the same time at. their semi-annua' meetwas
The nucleus of the group in¬
cludes nine Newark banks, but all
member
banks
of
the Newark
North Dakota caused considerable
abandondent
charter of
We quote from Dec. 12 from which the foregoing reflect the ideas and hopes of all
of Dec. 20, is taken, stated that ^ resolution tne peace-Coving nations,
which
l'';' L'v?v;; adopted at the closed session ex¬ participate in its creation."
c
post-war projects.
■
about
plagued by transplanting difficul¬
ties and a severe drought extend¬
in
increase
some
Support of proposals for the establishment of a general inters
organization as set forth in the preliminary draft of the
national
small
$10,000,000 credit group, The pool
was organized to assist the banks
favorable for harvesting the
in this State and digging was
completed without serious dam¬
age from frost or interference by
crop
ram.
and
Jersey, a group
banks have formed a
of Newark
Conditions
County.
of facilitating
purpose
individuals
to
businesses in New
were
yields per acre.
Post harvest reports from grow¬
ers indicate a record Burley crop
was
commercial
Aroostook
leaves tended to develop
excellent quality and record high
ening
earlier and this
year
cuss
Following the mid-winter meet¬
ing of the Institute's Executive
Council, which will be held ir*
Jacksonville, Florida, January 2123, further details of the agenda
and arrangements for the wartime
conference to be held next June
will
be
announced.
arrangements for this meet¬
ing are in the hands of the Pro¬
gram
David
Committee
consisting of
Scott, First National
Boston, Mass., who is the
T.
Bank of
Vice-President
Institute
of
the
American
of
Banking, Chairman;
Irving W. Distel, Chairman of the
local conference committee, who
is Vice-President of the Society
for
Savings, Cleveland, Ohio, and
Floyd W. Larson, Secretary of the,
American Institute of Banking, 22
East 40th Street, New York City. /
Crawford to Address
NY Commerce Chamber
■
War
Cleveland
in
The
is
AIB lo Kold
during the past
two years.
Headquarters for the
Cleveland meeting * will be
the
Statler Hotel.
"Report From the War Front'*
the
title
of
an.address*to
be
hialde by Frederick, C, Cra\vford,;
President of
Thompson Products,/
Tne. and, former
National
President of the
of
Association
Manu¬
'
The American Institute of Bank¬
facturer^ at the first 1945 meet¬
ing will hold: a two^and-a-halfday wartime conference in Cleve¬
land next June, it .yww announced
on
JanuaT 2, .by;rf Wr; C> Way
ing. of the Chamber of Commerce*
national
(Jan. 4).
of
the
Liberty
State "of New
.
at"
Street,
York, at 65
,
noon
today
;
Presiden^pf the
Insti¬
tute, who is Trust -Officer of The
Central National
Ohio.
June
Bank/ Cleveland.
This conference, to be held
5-7, will be the 43rd annual
meeting of the Institute. Ln mak-
Mr. Crawford recently
returned from
a
visit to the battle-;
fronts made at the request of the
War Department.
coln, • President
will
preside.
of
Leroy A. Lin¬
the
Chamber*
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4348
"Volume 161
minded; than
National Fertilizer Association Commodity
Mm Prise Imdex Advances to: Record
5:
The weekly;
i
Pearl
'products, 7,0%; fuels, 2.2%; miscellaneous commodities, 1.5%; tex¬
tiles, 3.6%metals, 1.3%; building materials, 1.8%; fertilizer ma¬
terials; 0.5%; fertilizers, 0.1%, and farm machinery, 0.6%. The only
group that showed a decrease was chemicals and drugs, which de¬
clined 0.6%.
It will be noted that the fertilizer- group showed the
smallest increase during the year 1944.
.
Higher prices for the farm products group were again responsible
for the rise in the index. .The cotton index showed a slight advance.
grains subgroup advanced because of higher prices
for wheat and rye. This index is 4.0% lower than.it was a year ago.
'While quotations for choice cattle declined, - those for hogs, lambs,
showed gains, thus causing a substantial rise in the live¬
stock index.: At the; clc.se of the year the livestock index was 0.7%
.lower than at its highest point, which was reached October 28, but
is 10.8% higher than it was at the beginning of.the year.
The mis¬
cellaneous commodities, group showed a slight .advance because of
higher prices for leather. Farm machinery also advanced fractionally.
All other groups in the index remained unchanged.
During the week ten price series in the indgx^.advanced and one
declined; in the preceding week there were nine^ advances and five
declines; in the second preceding week there were ten advances
and sheep
'
.
WEEKLY
WHOLESALE
Compiled
Association
Latest Preceding
%
'
Each. Group
t
/'.
v*'
'
Bears to the
I'S '1
v1
- • v
■
Week
•
V-
Total Index
Foods—-
25.3
*
:
•;?;•'
Week
7
—i—-
Fats and Oils™.
'
Jan. 1,
1944
1Q44
-144.5
144.4
139.8
•144.6
145.1
*
1944
•;>*• 144.5
144.6.?':
...i.
'V:
i
— —.
Cotton
163.1
163.0
.
205.2
204.1
189.8
■158.1
158.6
165.5
158.9
•"
133.4
Miscellaneous commodities
8.2
Textiles
7.1
—
Metals
6.1
105.8
_
and
Chemicals
V-.
.3
•3
Farm machinery—
•
100.6
All groups
"Indexes
1944,
lic
.
-
on
133.2
131.4
155.2
150.4
1L—"
combined
base were:
Dec.
30,
1944,
127.7
119.9
119.9
119.8
104.7
104.2
139.4
136.5
139.9
109.1; Deci 23,
>
•:
109.0, and Jan.
1,
i
below the report for the previous week made pub¬
•—-2
,
.
The weekly wholesale
commodity price index, compiled by
•National Fertilizer Association, equalled the highest peak of
index which was previously registered Oct. 21^1944. The index
139.9 in the week ending Dec. 23, 1944, advancing' from 139.5 in
The
the
was
the
•preceding week. A month ago the index stood at 139.6 and a year
ago at 136.4, based on the 1935-1939 average as* 106.
•"
Higher prices for the farm products group were largely respon¬
sible for the upward swing. The cotton index advanced considerably.
Substantially higher quotations for cattle,, hogs- and sheep resulted
In a market increase in the livestock index Although quotations for
sub-grdup? declined because
'of lower prices for wheat,4 with rye prices showing fractional in¬
creases.
The foods group also advanced, reaching: a new high point
for the foods index. Higher quotations for potatoes were responsible
for this rise in spite of lower prices for dried beans and cottonseed
■oil.
The textiles group also reached a new high level because of
higher prices for raw cotton and brown sheeting. The remaining
groups in the index remained at the same leVel.£
During the week there were 9 price series in the index that
advanced and 5 that declined; in the preceding'-week there were 10
advances and 6 declines; in the second preceding week there were
somewhat. 'The grains
lambs declined
advances and 7
8
declines.
WEEKLY
WHOLESALE COMMODITY
PRICE INDEX
1944
Total Index
to
May
from
March; hot-rolled sheets to May
and August from March; carbon
to June and
cars
and
July from March
some
sheared plates
April;
to June from
April, wider sheared
unchanged to March, and
plates
universal
plates remaining un¬
changed from March promises in
most
wide
and
Narrow
cases,
strip were still being promised for
May delivery.
has
situation
been
to
cut
quarter tin plate di¬
to
1944
fourth quarter
rectives
levels after they
had been raised.
the mills, will go
partially into galvanized sheets
and possibly, in some cases, into
Space, freed
rails.
on
far
So
increased
the
for
the first quarter appears
safe, but
shell steel
unlooked-for jam in
change
easily
could
this
Year
Month
Ago
"Week
Dec. 16,
-''r*944
fearful' that
are
Ago
Dec. 25,
1944
1943
25.3
the
at
but
steel
one
current
third
ago.
of
its
reports a
less than one-
six months
The darryover situation now,
shell
peak
in
centers
steel
which
and
sheets
than
rather
in
plates
the most delayed item
were
previously.
;
"Warehouses in
some areas
new
a
effort to im¬
WPB with their importance
press
essential
industry.
importance
than it
was
a
this
That
be greater now
may
few weeks ago dur¬
reconversion
trends, is well within the realm of
ing
anticipated
the
If
reason.
some
off mill books
are
forced
delayed by pro¬
directives for munition
duction
steel
orders
or
requirements, customers will
have
to
turn
stocks
to
and
warehouses
to
maintain
their
purchases.
freight
cars, most of them
50-ton box
cars
and
many
of them highstrength steel have been received
during the past week."
143.9
139.8
**145.3
145.1
146.1
-4T163.1
163.1
159.6
23:0
164.5
"3634
j, 204.4
16f.2
154.1
Institute
203.2
202.8
187.8
1159.0
157.9
164.3
telegraphic reports which it had
158.1
160.2
130.4
Products..
Farm
Cotton..
Grains..
——
•{
10.8;
.
Miscellaneous
:
Commodities.
158.3
160.4
145.5
"130.4
130.4
127.6
133.2
133.2
131.4
155.8
—
Fuels-——--
133.2
155.2
155.0
150.1
105.8^-165.8
Livestock
17.3
V
144.5.-'v«r.T44.4
.O-rttr::
105.6
104.4
8.2
Metals
Building Materials—-——.
154.0
154.0
154.1
6.1
'
Textiles
7.1
and Drugs—r—.
Materials—,—...
125.1
118.3
5vV'.\ 1.3
3-•:■■
V..
.3
Fertilizers
-3>,
v
*■'.■
Farm
125.1
126.1
v-""U8.3
119.9319.9
119.9
104.7
104.7
104.7 JS
Machinery—,—
152.4
118.3
127.7
,
117.7
groups
HJ59.5
Dec. 23, 1944, 109.9; Dec.,;;16,
139.6
„
104.2
V; 136.4
108.7; and Dec. 25,
^1943, '106.3
Operations ant] Orders Rise Despite
Holidays—Tight Delivery Situation Relieved
"Because
of events abroad
full share."*
received
Iron
indicated
The
and
Steel
that the oper¬
ating rate of steel companies hav¬
ing 94% of the steel capacity of
industry will be 95.8%
of
the
capacity for the current week,
compared with 92.1% one week
ago, 96.0%
one month ago and
93.1% one year ago.
The oper¬
that
added
"we
pray
the steel Industry^in the past week
feeling the full effects
of
this
and the story of the
tradition
immortal
coming of the
Good Will.
in
that with victory will
day of peace on earth
pray
a new
which
the
all
of
the
for
all
nations
earth
will
time.
That is the spirit of Christ¬
together
join
home
Prince
of
Peace
and
But, in perhaps every
the United States, sad
in
and anxious thoughts
will be
con¬
tinually with the millions of
loved
who
our
suffering
May that spirit i hardships and misery and who are
live
and
grow
throughout the risking their very lives to pre¬
world in all the years to come." serve for us and for all mankind
Prior to his Christmas message, the fruits of His teachings and the
mas,
Dec.
22
that "we
a news
conference
the
statement
made
Christ¬
mas season of the fighting men by
carrying on our respective tasks
and doing those things which will
contribute to winning the war at
the earliest possible moment," and
he urged that each of us resolve
to keep on the job and maintain
the
steady
output
of
supplies
^eeried by our men at the fighting
best help the
can
Tne
following is the President's
message
which
was
Christmas
broadcast
forces
armed
the
to
throughout the world, as given in
Washington advices to the New
York "Herald Tribune:"
is
It
not
to
Americans,
in
structive
to
easy
Christmas"
this
my
time
Nor
war.
"Merry
fellow
say
you,
of
de¬
I
say
can
"Merry Christmas" lightly tonight
our
armed forces at their battle
stations all
the world—or to
over
Allies who fight by their side.
1 Here at home
will celebrate
we
our tradi¬
way—because of
Day in
tional American
its
deep spiritual meaning to us;
because the teachings of Christ
are fundamental in our lives; and
because
want
we
generation
to
up
knowing
wage
increase
grow
with
fronted
which
youngest
our
a
necessitate upward
certain steel
products in the immediate future.
may
revision' in prices on
by the
recommended
was
steel
in
increase
"Substantial
wages
War Labor Board late in Novem¬
but actual effecting of the
hinges upon approval by
award
Director
Economic
of
Stabiliza¬
tion Vinson, who is expected to be
guided in his decision by the Of¬
fice of Price Administration. Late
last week it
had
foundations
The
understood OP A
was
advised
the
increase
wage
could be effected without necessi¬
tating
general
any
price
steel
boost, though it was reported to
advised
upward
revision
would
be
necessary
on
certain
night
Steelmakers
have
stated for some time past they
have been absorbing $3 to $5 per
ton less
and
on
a
number of products
wage
any
increase will add
to this burden.
"Deliveries
are
front
deferred
the
as
much
year
opens
further
than
lines
Even the
decline in demand at
the year-end failing to appear.
Increased demand for munitions,
for small arms as well as artillery,
has caused considerable diversion
from other
and re¬
bitter
in
cold
on
to¬
the
Europe and in the
of
roar
bombers and
our
fighters in the air and the guns of
our
ships at sea will not drown
out
the
which
at
messages
the
to
come
fighting
Christmas
hearts
of
our
The
thoughts of
tonight will turn to us
here at home, around our Christ¬
mas
trees,
surrounded
by
our
men.
men
children
their
^grandchildren
and
and
Christmas
stockings
and
gifts—just as our own thoughts go
out to them, tonight and every
night, in their distant places.
We all know how anxious they
be home with us, and they
to
are
know how anxious
we are
to have
them—and how determined every
one of us is to make their day of
homecoming
early as possible.
all—they know the
determination of all right-think¬
ing
people
and ; nations,
that
as
And—above
Christmases such
have
known
as
those that
these
in
we
of
shall not come back
beset the souls of the
years
world tragedy
again
to
children of God.
;
'
«
This
generation
has
passed
through many recent years of
deep
darkness,
watching - the
spread of the poison of Hitlerism
and
Fascism
in
Europe
the
growth of imperialism and mili¬
tarism in Japan—the final lash of
war
all over
the
world. "... Then
the dark days of the fall of
came
France, and the ruthless bombing
of
and the desperate
Atlantic, and of
England,
of
Battle
Pearl
the
Harbbr^and Corregidor and
Singapore.
\
the prayers of good
and women and children the
Since then
men
world
The
been
have
over
tide
battle
of
answered.
has
turned,
inexorably,
against
those who sought to destroy civili¬
slowly
but
zation.
So,
this Christmas Day,
on
cannot
will
of
serves
Our enemies still fight
their evil works
doom if
do
to
we
our
are
We
soon.
then,
God will
and
men
here at home
full share.
that
that
pray
come
lant
re¬
kiiow
themselves
We may hasten the day
continue
We
have
and military pow¬
they
that they and
of that
still
They
men
But
er.
we
yet say when our victory
come.
fanatically.
period,
the expected
steel
the
doomed.
had been foreseen for this
of
in
itself,
lives
spirit
heat of the jungles and swamps
of Burma and the Pacific Islands.
have
products.
civilization
of
Christmas
these
fronts.
ber,
are
the holy day.
the President at
on
ones
pray
day may
that,' until
our gal¬
in the uni¬
protect
women
forms of the United Nations—that
He
will
receive
into
His
infinite
month by
those .who make their su¬
preme
sacrifice in the cause; of
righteousness and the cause of
this year
ing
love
.
rate for the first week of
is equivalent to 1,728,100
tons of steel ingots and castings,
in order to seek other
if their usual mill supplier
ago.
tended
,rv"SteeI'?"*bf
of
summary
markets,"
on
follows:
Cleveland,;, in
the
iron
and
its
steel
Jan. 1 stated in part
^
grace
promises
sources
to
uses
quirements continue to increase
month. Consumers plac¬
orders
press
for
delivery
1,656,900 tons one
week ago, 1,727,000 tons one month
ago and' '1.667,000 tons one year
as
..
———------———•
significance
We
come
cannot handle their
"Bar
deliveries
rapidly
quarter tonnage
inquiry.
have
been
and
now
first
on books is one
of Him and His
teaching^.
We pray that
a
come
in
ex¬
new
which
with victory will
day of peace on earth
all
the
nations
>qf the
earth,
will
time.
That is the spirit of Christ¬
join
together
for
jalf
of the heaviest loads encountered
the Holy Day.
May that
spirit live and grow throughout
during the
the world in all the years to come.
war.
The heavy shell
program and need for large artil¬
of an over-all pressure, stemming from
"Steelmakers
enter
the
new
lery ammunition is added to needs
the now general belief that the war in Europe will be no pushover
and might take much longer to finish," state^^Jhe Iron Age," in; year with order books crowded, for heavy truck parts and for air¬
war needs pressing for quick de¬
craft. First quarter is practically
its issue of today (Jan. 4), which further adds: ,0
livery and diversion of steel to sold out by most producers and
"New bookings and heavy steel production., yontmued to bear
civilian
production on a larger impending programs promise to
out such a viewpoint.
^
:
:
~
scale indefinitely postponed.
At absorb full production to mid¬
i
"Despite the holidays, steel or-, and sales officps reported their
the same time the industry is con- year."
ders rose sharply again last week customers more, war-productionwas
the
that that the day may come soon.
Jan. 2 announced that
on
compared
Ske!
!
American
""
139.9.
combined—I
♦Indexes on 1926-1928 base were:
The
power,
ating
119.8
"
if-jgi&brAll
ioo:o
«
Chemicals
Fertilizer
—
President
have
soliciting support from their
customers in
to
September,
company
carryover
however,
been
of
beginning
still
military
here at home con-^~———
we
our
this Christmas
At least one
mill has gone into 1945 with a
substantially larger carryover than
carryovers.
160.7
__
that doom if
extend
144.6
_•
and
Pats
and
men
rapid increases and production di¬
rectives for
war
programs
will
Oils.
Food_j..
of
our
Cottonseed Oil-
V
come.
tinue to do
to
mills
"Steel
enemies
Our
fight fanatically. They Still have re¬
But they themselves know that
they and their evil works are doomed. We may hasten the day of
rail
steel directive for the industry
an
will
serves
first
"New inquiries for 3,500
Nov. 25,
Week ' ;
Dec. 23,
Group
Cold-rolled sheets have
extended
material
.
Each Group
Bears to the
been
excess
Compiled by The National Fertilizer Association
: V '
1935-1939—100"
•«■*«?==£'
Latest Preceding
,
available.
117.7
.
Dec. 26:
and
galvanized
sheet
have lengthened from
June to August. Some producers
are promising tin plate shipments
for April whereas a short time
ago
February
deliveries
were
picture.
152.4
118.3
1 140.1
Hay Hasten Victory by Doing Oar Share
In his Christmas message,'incident , to the lighting of the com¬
munity tree on the White House lawn, President Roosevelt stated
that "on this Christmas Day we cannot yet say when our victory
;
.
delivery
promises
output
104.85 £104.7
'•
of CMP orders and
"Strip mill size sheets in many
cases are now promised for June
104.4
126.1
•
reflects
delivery directives.
■.V 105.6
154.1
f;
' 119.9
»
-
106.3.
We also give
127.6
118.3
—
1926-1928
on
130.4
154.0
Fertilizers—
V;
145.8
'*25.1.
125.
drugs
Fertilizer materials
.3
This
bars.
pressure
105.8
;
Building materials
1.3
/f
157.9
133.2
130.4
160.2
155.8 5
►
H: Fuels
io.a
,
154.7
130.4
Livestock
17.3
146.4
•160.7
160.7 5
164.5
205.3
—
Grains
•
.'
160.7...
165.5
Cottonseed Oil
Farm Products
23 0
carbon
WPB
back
Ago
1°44
Dec. 23,
and
heavy
livery
Year
Ago
9
I'.f
Month
Dec. 2,
Dec. 30,
Group
.
' '<
- ,r
•
•
,
,
Roosevelt In Christmas Message Declares We
q
out of
"First expedient taken recently
to relieve some of the tight de¬
PRICE <INDEX
COMMODITY
The National Fertilizer
1935-iy39=100*
bv
i
v*
.
and
have
fabricators
.
even
Fertilizer Association and issued Jan. 2, climbed to the
highest peak recorded by this index. In the latest w^ek, Dec. 30,
1944, this index rpse to 140.1, advancing from 133.9 in the preceding
week. A month ago the index stood at 139.4, and -a year ago at 136.5,
•based on the 1935-1939 average as 100.
The general level of the
•index at the close of 1944 is 2,6% higher than it was at the beginning
of the year, Percentage increases were as follows^ foods, 3.4%; farm
®
shops
ui r e d comfortable backlogs
though the latter had run
landing craft contracts.
"Steel deliveries have length¬
ened considerably in the past 30
days, particularly on narrow-gage
and
highly flat-rolled products
a c
■National
•and six declines.
since
time
any
Forge
structural; steel
wholesale commodity price index, compiled by The
The index for. the
at
Harbor.
99
mas,
White House officials estimated
that
more
crowded
from,
White
the
than
15,000
persons
back
of the
Presi¬
behind ropes well
south
House
to
portico
hear
the
address, which was broad¬
nationally and short waved
dent's
cast
overseas.
{
A
THE COMMERCIAL & FINANCIAL CHRONICLE
100
60 %. of
Wholesale Prices Up
0,2% for Week Ended
half
v^-;^;:,'peceinber 23, Labor Department Reports
comprehensive index of com¬
"The Bureau of Labor Statistics'
-
-
mercury." #> ? -aAa!\
prices for
in
The following
-
>
At
•
'The following
'
:Ji
<
-
of
lead
1,150,000
1
Miscellaneous
commodities
124.1
105.7
105.4
105.0
116.7
116.7
117.9
98.9
98.9
98.9
97.2
83.7 A
83.7
>
103.9
*103.9
116.4
104.8
106,1
93.9'
'1 t« A
*103.9
116.4
116.4
104.8
104.8
iv*.o
106.1
iui.o
106.1
be
can
from
secured
94.7
*101.3
*99.8
raagbn'
"
than
.
With
the order
to
regulation
$135 (ft $140
————
Dec. 25-—
—
Dec. 26A
eign
$140 # $145
silver
last
unchanged
and
"
-
•
>
'*•
continued
silver
,
44
at
with domestic metal at 7O%0.
$140 (ft $145
——
quiet
for
market
The New York Official for for¬
—-Holiday-
——-
VA'AA
Dec. 27—
V'/A
i
week at 23M>d.
$135 (ft $140
and. essential
war
London
The
$130 (ft $135
Dec. 23—
for
'
was
———
signed the
Government-
1945.
31,
uses.
'
Dec. 22-—A-————
'
last week amounted to 7,226 tons.
November production of lead by
Weekly Goal and Coke Production Statistics
refineries operating in the United
States amounted to 42,842 tons,
which
The Solid Fuels
week ended Dec.
November last year, the American
Bureau of Metal Statistics reports.
Production
in
the
net
tons,
week.
an
Soft
coal
oiitput0in the corresponding week in'1943 totaled
During the calendar year through Dec. 23, 1944,
bituminous coal production amounted to 609,505,000 net:.tons, an in¬
crease of 5.1% over the output of 579,730,000 tons in the corresponding
period in 1943. •
.
a
9,875,000
January-No¬
vember
period of the current year
totaled 492,5-36 tons, against 492,426 tons in the same period last
tons.
-
year.
.
According to the U. S. Bureau of Mines, output b/f Pennsylvania
The October and November sta¬
anthracite for the week ended Dec. 23,
tistics of domestic producers of re¬
fined lead, in tons, are summarized
follows:
as
Administration, U. S. Department of the Interior,
the total production of soft "coal in the
23, 1944, was estimated at approximately 10,800,000
increase of 790,000 tons, or 7.9%, over the4 preceding
in its latest report, states that
with 42,997 tons
in October last and 50,558 tons in
compares
A
at
beginning.
1
24,595
1944,
estimated at 1 *128;-
was
decrease of 41,000 tons (3.5%) from the preceding year.
a
When, compared with the output in the corresponding week of ,1943.,
AAA
Nov.
Stock
000 tons,
Oct.
there
increase of 194,000 tons, or.
was.an
23,911
to Dec.
Production:
——_a 36,112
Secondary and foreign t 6,730
Domestic
The calendar-year
20.8%.
0
dec.. 16,
The
Domestic
Stock at
shipments
end.:
Livestock
+0.1
•+
1.3
do¬
of
0
0
Nov.
9.123
116.4
2.6
7,870
104.8
100.3
0
+
4.5
0
0
~
+
1.6
+
1.0
aut.o
106.1
•
104.4
"
1
A
93.0
112.2
*101.3
*101.2
*99.7
98.9
0
1.7
-
2,825
2,509
318
494
6,739
847
4,790
+
0.1
+
0.9
+
0.1
+
BmMlries __-_ALAA+C
Jobbers
A^-A
Totals
+
0.1
+
431
—i-A:
1,061
AAA
uation in zinc
0.2
ducers, who a
visualized
size
.■
43,513
tain
substantially. Pro¬
month or two ago
stockpile, unless
will
not
look
for
large
only be in balance
reduction
some
to show
surplus
now
cause
a
gain
hand.
expected
are
November be¬
in many in¬
over
consumers,;
of metal in
ment
the
increased
-t
preparation for
volume
■
of business
.;5
....
(
■
1
.
,
Heavy war demands for copper
and. copper,
fo-'. lift
consumption in the: first
quarter of
l
products are expected
for
sources.
the
de¬
rate for the first half of the year.
In
addition
to
heavy importa¬
tions from Latin American coun¬
more
copper a
■
look
mand to continue at the expanded
''
.a■.
foreign
from
officials
tries,
...
than
10,000
tons
of
month will come into the
country from Canada in the early
months of 1945.
< ~ - ' V;
; : / V :
;'V
'•*V.;
Use
of
;
lead
jfic.
•
l^O.QQp
AND
Tons)"1" '
'.
1944
Dec. 25,
/
A 1943
'Dec. 23,
1944
1,169,000
897,000
1944
\
63,661,000
61,115,000
88,000
154,400
for
1945,
Imports of tin/gnd tin con¬
centrates
are
ex^ectec^^bntinue
at about" the current
shipping
rarily
conditions
cause some
pl^te industry will
by producing
a
of electrolytic.
i^Vel,
though
may
tempo¬
delay.
The tin-1
conserve on
tin
larger percentage,
The trend in sol-;
j 1943
1937
59,753,000- 50,842,000.
57,363,000
48,300,000
6,953,800
Beehive coke—
934,000
Dec. 25,
Dec. 25,
.1,122,000
,
'*;<■'
" .A'
.
Calendar Year to Date
§Dec. 16,
>
'A'/'-
'-
*
United
States
total
•
101,200
washery and dredge coal and coal shipped
fSubject to revision.
tExcludes colliery fuel.
^Includes
operations.
production
estimated weekly
A': A/A
3,143,600
7,808,300'
from. autborizdej
truck
by
§Revised.
by states
of coal,
ri'
(In Net Tons)
4
(The current weekly estimates are based on railroad carloadlngs and rlvejr shipments
tnd
are
subject
State sources or
to revision on receipt of monthly tonnage reports
of final annual returns from the operators.)'
/■
Week Ended
?
•
•;
A
A-AA
;'v:
■
Dec. 9,
Dec. 16,-
'
f
' '1944
>3 <_ &
Alabama
Alaska-,
v
7,000.
7,000
Georgia.and North Carolipa-^
Illinois-,
'•A.
•
y
•
.
A '
*
-
590,000;.
48,000
v
168,000
■
'
362,cOO
New Mexico-
lignitejL^^a
AA-
;
3,000
•
(bituminous & lignite) Ll.
UtahAxXx__A-_--iAxA_-___-
142,000
Virginia---;.
Washington
tWest Virginia—Southern
Wyoming—1_
BOther Western States^
Total bituminous &
A_A
lignite
Total, all coal—A—-
■:
"20,000
.
2,078,000
".
210,000
4
38,000
2,317,000
"
933,000
^
89,000
,272,000
,
36,000
1.619,000
568,000
'142,000
,1,076,000...
201,000 : '
"
41,000 A
11,930,000
12,702,000
1,140,000
1,135,000
11,179.000
—-
1,661,000
108,000
114,000*
10,010,000
1,169,000
-
—
.
405,000
1,000
Pennsylvania anthracite-/--
-
.5,000 '
-
32,000
1,398,000
702,000
205,000
..
555,000
3.074,000"—*.
375,000
32,000. ;
U
tWest.Virginia—Northern-^
v
13,070,000
13,837,000
9,139,000
.1,216,000
••
10.355,000
•
most
civilian
content
of the
lead-tin solders.
Straits'quhllty tin for shipment, J
operations on. the N. & WC, <fe O.j.Virginianj
B. Cl & G./and
the B, & O. in Kanawha, Mason and Clay counties.., tRest of State, including the
panhandle District and Grant, Mineral and Tucker counties,
5Includes Arizona "and
m
Oregon.
.
*Less than 1,000 tons.
v.-,
•
•
,V ' f
'
.
.
■
•
/ • ».•«
.
.,
,
.
A
t
>
•'•A.
-
-
f1
•*": 1
V
'.If".
■X
33,000
"•69,000
152,000:
•
69,000
:
77,000
'
159.000
4,000
'
'
*
280,000
A—-A—~~A "V
A
641,000
...
. 35.000
.12,000
v
.
38,000
>
672,000
3,000"
262,00*0
104.000
138,000
Texas
770,000
,A
-
/'■ 4,000
4
•
2,762,000
116,000
i83,ooo
A
35,000
•
JQO.OOO
.....
324,000
63,000
x_-,
Tennessee-x
55,000
33,000-
72,000
Ohio—
.i-v—450,000
Pennsylvania (bituminous)2,285,000
*
495,000
171,000
.
A, 98,000
33,000
North & South Dakota (lignite),
1,000
1,417,000
,.v.
989,000
28,000:
-
r-22,000
2,000
116,0C0
*
.192,000
557,000
-
v
1,050,000
358,000
..
188,000
873,000
119.000
.....
...
1,597,000
•
-+,A'—!
3.000
'
-
1,000
;1,500,000'"
.-A///
Maryland-_ixA-rw/—A—«+Michigan—LAAA
AAr-j
.
208,000
Kansas and Missouri
Montana (LUum. &
1937
-307,000
I
V";i' 98,000
Kentucky—Eastern-'
/.
Dec: 18.
v
.,
7,000
165,000
4
•indiandi.
—-?iA V
iowa^^--AA^A-—5O,OQO
Kentucky—Western-
/.;/
1943
410,000
r'A. 80,000
165,000
1,000
1,430,000
595,000
:
Dec. 18, .!
-
*
'196,000
.Arkansas and Okiahoma^ggAA
Colorado
A^-A-—V
'
,
359,000
358,000
;
A"i
.1941
•
State—
from district and
"A'A v
It
ri'
-J
'
•
1
■
3. Tl "t
,
dering is to further reduce the tin ;! At Include^
Lead
1945: to about. 150,000 applications is being restricted to
'
Net
1,083,000
on
stances, have asked for early ship¬
...
•
PENNSYLVANIA ■ANlNRACITE
1,128,000
in
now in sight.
Though call for zinc
suffer' greatly under the order:'that has been worked out to keep last- week centered around High
supplies at a safe level., The plan will be given a thorough test for Grade, demand for Prime Western
the first three months of 1945. Ef-^
*
:—-— also, has improved. forts will be made to stimulate do-1 tons a month.
To meet the enTin ,A ;f
me&ticsproduction of lead and in- larged program, the industry be¬ /A.,.:.i A,
Z
croase imports.
Copper consump¬ lieves that stockpiled metal will
Consumers of tin entertain no
be
drawn
upon,
offsetting any false
tion is increasing, and is expected
hope in regard to the supply
temporary delay in the movement situation for the first^quarter of
in trade circles to average around
copper
;
—
irj J/F.ij
:/.C'.iT:><U
tCommercial produc,
pro¬
off, now feel cer¬
that production and consump¬
December deliveries
Mineral Markets," in its issue of Dec. 28,
sta)tec|,JV"The revised' limitation order for lead was announced by
WPB/C,'on Dec. 27. The'regulation is not as drastic as some first
Lepo(|^ indicated, and the industry feels that few consumers will
r
A/lDec. 23,-
Penn. anthracite—
steady uptrend in the
a
the
of
the
! "My & M. J. Metal and
WPB
1,905,000 j
v';///;
;.
——'Week Ended
42,303
duction dropped
Isssed—Gcpper Semaads Gain—Quicksilver Up
•.
PRODUCTION OF
.
fDec'. 23,
l,975,000 ..:;2,Q09,OOOr4
tSi)bject to. current adjustment.
(In
for 1945 has altered the sit¬
gram
Lifitifatlsn Order
llcfsi-FsrreKS MeEais—Lead
.
.■
ESTIMATkD1
Zinc
tion
.
"Revised.
•
;
January 1 to Date—:
Dec. 25,
Dec. 25/
1944
1943 •.
1937"'.
9,875,000 609.505,000 579,730,000 439,355,000
averageAv/ .1,800,000. ,1,668,000
Daily
•
16,985
The expanded ammunition pro¬
but
Copper
COAL, IN NET TONS
r—
Dec. 25,"1
: 1943
Dec. 23,
:
un
part as follows:
Week Ended
v
.
*Dec. 16,
and lignite—
A A1944 / •
1944
Total, incl. mine fuel 10.800,000 10,010,000
1.2
0.2 • a a-' •
'j-;,. „*V/A. A
0.1.
—
foods——-A'--.--—,
week', "owing to the sold-up con¬
dition f;of the market.'!;-. The "pub¬
lication further went on to say in
OF
0.9
Brick and tile„_—xx——_
Cotton, goods
___;
——
of
v
„
Bituminous coal
6,677
Brass mills
,1943.A'j
53,200 tons less than for the corresponding week of
ESTIMATED UNITED STATES PRODUCTION
5,860
766
,
18,521
0
increase of .13,200 tons
an
*Total lncl. coll. fuel
.Decreases
tons a month early next
year^Zinc demands+also are up.
Quicksilver advanced, again'.last
was
'
fi1 Fml
+•• 2.9
1.1
A 0
A
97.8
*98.9
^ 1
n
+ 0.4
+
0
100.4
*99.8
'
n
0*
+ 0.3
23, 1944, showed
compared with the output for the week ended Dec. 16, 1944;
Oct.
+
-J.
15Q,000
but
of beehive coke in the United States
.
0
93.5
Grains-—,.-
Other
classification
0
in subgroup indexes from
23, 1944
A. *'
/A/../OA £
.vegetables--,:—a-,.-—----
•
when
mestic shipments of refined lead,
in tons:
'
1.9
Increases
poultry—1.3
0.3
and
Fruits and
for the week ended Dec.
42,303
24,595
•
*
estimated production
42,997
43,513
23,915
/
Industrial
1.0
+
1944 to dec.
.
corresponding period of 1943.
8.355
42,842
0
—
0.1
+
23, 1944, shows an increase of 6.5% when compared with the
34.642
3.4
'
percentage changes
v-
t
.
extending the Green Act
Dec.
to
prices in the New
Dec. 21
restricting con-i
+:
a
owned silver is released under this
Per Flask
sumption hanging over the mar-'
ket, demand was moderate. Sales
0
114.1
*99.0
0.1
; 0
93.1
*99.0
+
3+0.7
0
+
1.7
0.2
-*»»
*
V
.
Roosevelt
President
measure
yesterday follows:
The cutback, it is pointed
out, is not for the purpose of add-1
ing to the stockpile.
103.9
94.7
/
•
/
$140
sources.
113.5
94.7
/
"99.0
;itPreliminary.
+
0.5
,0
...
82.6
83.6
93.9
*99.8
products—
All
commodities other
fa'jm products and foods
•
from
ranged
flask..1
per
*
3,000 flasks
Silver
York market for the week ended
foreign
V
,
with
compares
low for-the year of
in July.
*
at
consumption
domestic
3,900 flasks, which
As the week ended,
The range of
is successful, and if additional lead
of Mines
the Bureau
of
per
quotations
$145
The October
a
inside, with scattered business
as
primary and secondary lead
*103.9
114.3
93.9
Semimanufactured articles-,^)-,-- , 94.7
Manufactured products—*101.3
All
commodities other
than
farm
+
105.7
116.7
83.7
■
i-
124.4
materials-:;—.,-.''ll5.iAll5.1
,
122.0
125.6
125.2
105.7
116.7
99.0
products—L__
Fuel apd lighting materials
Metals'and metal products
*
Building materials—
Chemicals and allied products—.
Housefurnishing goods
i
'
tons and
estimates are
.
1
—
leather products—L—
Textlleproducts
—;
•
$135
such
placed
was re¬
in New
at that level.
both
25, 1943, and
Hides and
—
to
but others
Reserve,
that
statistics
ported 'that metal sold
York at prices ranging from $130
re¬
tax
altogether too high.
of 1945.
yweek opened, it
Metals
maintain
flask, prompt and
nearby
delivery.
By
Tuesday
(Dec. 26) most sellers viewed $140
of
•
Raw
be
to
capacity of the domestic in¬
from
during the last
the
growing
to
quantity
sufficient
be
dustry, despite supplies available
tion for the first quarter
the
As
over-all
will
the
scarcity of "free" spot and nearby
metal.
Most operators look for a
sustained high rate of/consump¬
the
into
that
•.
Foods
week, A owing
will
the
that
feel
observers
needed
Quicks^ver
to rise almost daily
ernment's efforts to provide more
labor for domestic production of
,
Farm
52.000
Officials expect that the stockpile
position will improve if the Gov¬
commodities for the past three weeks, for Nov. 25, 1944
the percentage changes from a week ago, a
month ago, and a year ago and (2) percentage changes in subgroup
in^ex^s-fropi Dec. 16,-1944 to Dec. 23, 1944.
'; a • .
; 'r
a a wholesale prices for week ended dec. 23, 1944
-A A ' A 'M;. ; -Vf • (1926=100) A'AAA'A/'AA" A A jViV
:"
>'
'-J"" *
Percentage change to
A
A
3!A lA'V
-A AA
A A A-■ 3 A '
Dec. 23, 1944 from—
"\ ,."A.'A AA
1943
12-23 12-16 12-9
11-25 12-25 ' 12-16 11-25 12-25
1944
1944
A Commodity Groups—
1944
1944..;. 1944 1944 102.9 + 0.2 + 0.5 + 1.7
All commoditiesi.— *104.6 "104.4 *104.2. *104.1
■:
52.000
;
15% to 20%, closing the
between 1945's estimated re¬
quirements
"groups of
and Dec.
52.000
27-,_vA
Prices for quicksilver continued
restriction;
fall
believe
confusion in market circles. Some
52.000
estimated supplies of 970,000 tons.
principal
index numbers for the
tables show (1)
that
items
52.000
.
—Holiday52.000
as
"C," which contains the
consumption
of Labor Statis¬
Indexes marked
(*), however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more comlete re¬
ports;
without
52.000
widespread
program
Chinese, or 99% tin, continued
at 51.1250 per pound.
duced
gap
trols, materials, allocation and rationing, the Bureau
tics will attempt promptly to report changing prices.
r
available
Officials
changes caused by price con¬
Note—During the period of rapid
.
such
uses
production
war
created
has
52.000
52.000
ammunition, and
will
that
the
sorbed under
quantity
be ab¬
the
over
quicksilver
52.000
C
Dec.
second,
military uses,
covers
52.000
Dec. 26
has
lead
of
March
52.000
.
Dec. 25—
minor
some
which
in
52.000
52.000
Uncertainty
nominally
Feb.
52.000
22AADec.-23_A—.
60% classification.
ment's report:
.
Dec. 21
Dec.
batteries,t cable covering,
civilian
included in the Labor Depart¬
notation was also
M-38, announced
Dec. 27. • The
non-*military
and group
manufacture accounted for the
A further rise was also reported
1944.
Higher costs in
advance in paving brick quotations.
of
"B,"
few
be
Exten¬
allowed under the Stabilization
with the adjustments
Jan.
solders, bearing metals, and brass
and bronze, for which lead will
<
Act
revised
on
tetraethyl lead,
a
for cows, 3% for hogs, and 1.8% for sheep, prices for wheat rose
Quotations were slightly higher for live poultry in the Chicago
;market, white potatoes in most markets, and eggs in New York and
San Francisco.
Although prices for eggs were slightly higher in
the two markets, the general level was 0.6% lower because of rather
sharp declines in Boston, Chicago, Cincinnati, and Philadelphia.
Apples declined nearly 2% and prices for corn $nd rye were slightly
lower.
Following the rise of nearly 4% for the preceding week,
prices of steers averaged 3.6% lower.
The level of farm products
prices during the week was 1.7% above four weeks ago and 3.4%
higher than in the fourth week in December, 1943.
"Irregular trends in foods prices resulted in no change in the
general average during the week. Wheat flour advanced in Buffalo
but declined in Kansas City.
White potatoes rose sharply, while
apples, dried beans, and onions were lower. Average prices tor eggs
also declined.
Since the latter part of November, prices" for foods
have advanced 0.7% and are at the same level as for the correspond¬
ing week of December a year ago.-v yt
.
.
... ■
"Industrial Commodities—Except for higher prices for cotton
duck and an upward adjustment in prices for paving brick, industrial
commodity markets were steady.
The rise in duck quotations was
sion
items
storage
0.5%.
in line
the
"A," applies to
group
higher prices
for livestock, poultry and wheat, and for certain fruits and vege¬
tables."
From the Bureau's advices we also quote: • •
"Farm Products and Foods—Led by an advance of 1.3%
for
livestock and poultry, average prices for farm products in primary
•-markets rose 0.5% during the week.
In addition to advances of 4%
/
Washington
in cents per pound, was
as follows:
period, the first
under
been officially banned; the
of the 1926 average was caused by
increase to 104.6%
in
civilian
The
and, 1.7% above last year at this time.
level of four weeks ago
1944,
order contains three lists: the first,
group
in primary markets again advanced slightly, 0.2%
during the week ended Dec. 23, and is at the highest level reached
since the war began,'; said me u. S. Dept. of L,atoor on Dec. 30 wmcn
added: "Recent small advances have brought prices 0.5% above the
prices
modity
the base
of
version of Order
Thursday, January 4, 1945
-4
nr
\
Af
'
-
J
Volume 161
THE COMMERCIAL & FINANCIAL CHRONICLE
Number " 4348
753,000 for the 52 weeks, a decrease of 43V2% from the $3,061,844,000
reported for the year 1943. Private construction.' $363,624,000, is 26%
Changes in Holdings ofReacquired Sfosk
Exchange issued on Dec. 15 the following
tabulation of companies which have reported changes in the amount
of stock held as heretofore reported by the Department of Stock List;
Company, The, common
Company, 7% cum. preferred—..
Associates Investment Company,
common,
.Atlas Corporation, common-,—
Barker Bros., 5V2%
preferred—:
Cbpperweld Steel Company, preferred 5% series..„j
Express
American
Locomotive
4
4
None
10,389
Crucible Steel
Company of America, 5% cum, preferred—
Publishing Company, The, $7 preferred
Dixie Cup Company, common
General Motors Corporation, common—
Gimbel Brothers, $6 cum. preferred—:
Goodyear Tire & Rubber Co., The, $5 conv. preferred-
4,200
Curtis
Internationa!
Johnson
•',
&r
Minerals
Johnson,
Preferred
&
Chemical
common—
Corp.,
—
—
;
National Cylinder Gas Company, common—™
National Department Stores Corp., preferred
6,865
134,729
42,767
—
——
—
8,417
133,529
41,899 „■•■ (3)
1,888
(3)
5,539
■
1,919
•
1,939
—
13,548
12,673
:
Newport News Shipbuilding and Dry Dock Company—
$5
cumulative
36,300
preferred—
Norfolk and Western Railway Company, adj. preferredPetroleum Corporation of America, capital—-—
'Plymouth- .Gil Company, common
;■»
98
~
,
—
.
3,275
10
?
3,425
Acquired during the months of August, September, October and November, 1944.
:
(2) 237 shares acquired in the past year.
(3) Decrease represents shares delivered under the Employees Extra Compensation
Plan. / /
yyv> -7.7.
y-.;yyy/y
• /':/ yy-77y7^
\ •::yyyy
(4) Acquired 56 shares and transferred 5,564 shares from Treasury Stock to the
stockholders of the Marvel Oil Company in connection with the acquisition of all stock
York Curb
Exchange made available
ihanges in their holdings of reacquired stock:
<•
.
y
7
r
a
'
Reported
Report
•
Inc.,
common—945
American Cities Pw. & Lt. Corp., conv. A opt. div. ser.—
3,600 : 7
American General Corp., common—
"Charis Corp.,; common————
Central Petroleum Corp., common—
.Crown
Detroit Gasket
St
Mfg. Co., 6%
preferred
■
Duro Test Corp., common——
800
—
Equity Corp,, $3. convertible preferred-——
Esquire, Inc.,capital-———
Lane Bryant,. Inc., 7% preferred———_———
601
602
•
10,966
20,000
;
H
Process
Co.,
common
round-lot
of
Short
,7
sales
stock
shown
are
Sales
transactions
.
the New
on
for
York
Account
the
for
1944
for
Except
the
Odd-Lot
Account
of
Members.: tL
„7V7':>
of
Accounts
;
:
:-7 /- 7;
Middle Atlantic—'
—
Central Industrial
•4.0
—
West Central-.—
Southern States.
/
' •,
Rotfnd-Lot
-y
Rocky Mountain
—.„•
Pacific Coast
a.o
•
'.
3.
•
—
5.1
2.3
•8.0
•4.6
V y
•1.1
y:7
/
*4.0
.
Number
•Sales
—
*0.6
*0.8
the
same
week
in
1943
7y ycontained
•
>
7.1
I
1
.--.T
centage comparisons are available.
v
Total
::
•.
per¬
Sept.
2
—
i
Sept. 9
Sept. 16
Sept. 23
——
Sept. 30
--——J.
—
4,414,735
4,227,900
4,394,839
4,377,339
.4,385,907
7
4,375,079
Oct. 14
4,354,575
4,345,352
4,358,293
4,354,939
4,396,595
Oct.
—
-
-
Oct. 21
—.
Oct. 28
———
Nov!
4
—
Nov. 11
—
4,450,047
Nov. 18
Nov. 25
4,368,519
-
Dec.N2
—-
Deo.
——7
9
Deo, 30
4,538,012'
4,563.079
Deo. 16
Dec. 23
4,524,257
—
—-
4,616,975
—_L
j
4,350,511
4,229,262
4,358,512
4,359,610
4,350,003
4,341,754
—
+
1.5
—■"-
o.o
3.672.921
3,583,408
1932
-
-
0.8
3.756.922
1^490,863
3,720,254
1,499,459
0.2
3,682,794
+
0.8
$702,299
1,505,219
1,507,503
4,382,260
4,415,405
—
0.6
1,533,028
2.1
1.3
3,761,961
1,824,160
1,815,749
1,798,164
1,793,584
1,818,169
1,718,002
1,806.225
1,840,863
4,295,010
4,337,387
•
1,423,977
1,476,442
1,525,410
1.9
3,775,878
1,520,730
1,531,584
—
1.4
3.795.361
1,475,268
—
0.8
—
—
—
0.8
—
0.6
—
1.1
3,766,381
3.883,534
3,937,524
3,975,873
3,655,926
3,779,993
.;
1,510,337
1,518,922
1,563,384
1,554,473
1,414,710
1,619,265
1.
'
Curb
Members*
'
'
-
public
on. Dec. 18, added:
'
v
r
Private construction is 48%/lower than in the 1943 week, and
public^ construction, is down 7% due to the 20% decrease in federal
volume. State and municipal construction for the week tops the week
last year by 200%v
\
'
:,
The current week's construction" brings 1944 -volume' to $1,729,-
-
—
Transaction
Exchange and Stock
One-half
bills
so-called
were
involving
individ¬
against the Govern¬
claims
7
troduced.
"For the past 25 years, Mr,...Mc-
Dermott
7
■••
;
/
\
2,0.46,270
•
„
*
'
y -y ■r;.t».<«'• ."f< Si-.
House and 2,217
"By comparison, the 7,7th Con-A
enacted 1,485 public
and
private laws from some 12,000 in¬
t
^
7^
>
.
the
gress
15.62
,
y: 2,027,350 ys j.y v.41 i
of
Congress enacted,
eight bills Intro A
ment.
18,920
—
Account
for
new
a
volume
6,635 bills'intro¬
in
the Senate, 989 of them now being
uals'
-
(Shares)
—
——^
the
were
in
'private'
1
Total for week
:
'
,
"There
1944
9,
set
for
ber
*
;
"
•
,
". "
'"v
.
said, the
bills
of
was
average
considered
above
num¬
&t*;<,each
15,0001^ * The
61st Congress of 1909 and 1§10 set
the high record with 35,00# jbills.
"The highest
for
average
bills
■
------
152,445
.
Shortsales—
;
tother sales
'
...*
'
'
'
■
'
'•
.
10,280
141,370
••
:'L \
..
y,V
7
\r7
■.;
i Total sales
I
—————151,650
2. Other transactions initiated on the floor—
,
Total
purchases
—;
tother sales——
7/77:
f
y
.—
t
Total sales
jl":
>.,.
.
Shortsales—
tother sales--
'-: t biif0tai
4*
•
.
'
fiNSho'rt sales™-^
.tQther sales
—J
——
-
'
firms
and
tin
y
calculating
y,
.
^:
- •
.
.
/
y
.
7
.
rules
are
included with
"other sales."
-
Exchange members, their
.
from restriction by the Commission'#
7
f *.
'
'
Dec. 25,
Etienne
,
^
*
Washington since her
.^^^ssumed his ^uties
Washington, according %o[ Asso¬
i
which added:
affairs
French
in
here
charge
Hoppenot,
the. French
!
were
-
pre-
Henri
of
chairman
delegation, who
„
of
de¬
parted several days ago.
the Exchange for the reason, that
%
Bonnet, the first Ambas¬
France
to the ^United
States, to
■
the Exchange volume
Includes only sales.
JRound-lot short saleS^which are exempted
7
'
of
previously
50,753
"■*
ciated Press Washington accounts
•
these.percentages the total of members' purchases and sales is
on
Henri
on
7.
V'fjf-
•••'■■
:■■•;
Since Liberation of Country
at
including special partners.
compared with twice the total round-lot volume
.
liberation,
12.94
,
includes all regular and associate
16,239 offered in the House
7yyy; y';yyy'y.';'i^y;r-7,:y.
-
sador
■•"7
y
y
v;
the
.
78,008
^
their partners,
."
-
•
78,008
!
"members"
.
1.2.53...
1 •
lowest
Bonnet French Ambassador
-7
0
Total sales-
The
Congress,
30,000 yvere
rw—1
'7'7.'.
: -y ■ yy ■/^: »y-
7
——...
Total purchases
•The term
7
-
J Customers'other sales
-
900•
63,930 .;
275,855
——
Specialists-—
out of
2.98
/7;
in the 59th
Congress, which enacted'508
,
7
.
law.
made
65th
y,-.
/:7-7;.7 7;7-
.253,695
13',480
262,375
>
•
—
was
when 6,940 out of the
alone."
";L64^30 ^
.
—-
'
62,575
2,300
59,375
• •
1———
Total sales-—
•>'L-
'
,
„:
———
.•
7.43
-••,■•■■."' •'
—
—i—
/Vvt-
38,675
-1—
C. Odd-Lot Transactions for Account of
Customers'short sales
1.
—
——J,—
sales-
^Totaif purchases
7. '7
«"
:
—-
—
.V^ <'.
;
>/
57,075
——.
Total purchases.———
.
;.
-
:•
-
Other transactions initiated off the floor—
3.
n
r
l-s
'
!
Shortsales
enacted
.'7..,
•77/.::;';;:/::v.' i/-//
t.'*
—
:
Civil engineering construction volume for the short week due to
York
of
DEC.
Members,:
Transactions of specialists in stocks in which
they are registered—'7
Total purchases
■
1,542,000
Engineering Construction $23,150,000
For Holiday-Shortened Week
■
Account
ENDED
,
considered, but. also
out of every
session
1,637,683
Holiday,totals $23,150,000. This volume for continental
United States, not including construction by military engineers
abroad, American contracts outside the country, and shipbuilding, is
18%. under the corresponding 1943 week. 1% below the previous fourWeek moving average, but exceeds the $20,225,000 reported to "Engi¬
neering News. Record" -for the preceding week;
The report made
•
the New
on
for
—
TotaLsales-
1,860,021
the Christmas
'
Sales
tother sales
B. Round-Lot
"■•:
Civil
Stock
•.•Short sales
1,798,633
1.6
—
3.717.360
3,752,571
3,774,891
1,528,145
"-■
4,452,592
4,413,863
4,482,665
4,513,299
4,403,342
4,560,158
4,566,905
4,612,994
+
1,408,513
-
mark
.
1,234,403
-
1929
0.4
+
Round-Lot
Total
.
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
+
3.83
^.
1,337,615
174,110
—:
WEEK
.
1942
1943
over
•
enacted a high proportion, it' was
noted in Associated Press advices
from Washington,.. December
duced
.
purchases
Congress
low
laws;
tother sales-
••
78th
quote:
:
383,383
A. Total Round-Lot Sales:
«
1943
7'
jCprigress.-/^.rbnqf
4.30
78,720
•
:
% Change
1944
reported with
are
:
compared to one Outy o|
nine ior the 77tb
the
Associated
-Press
we^aalso
304,663
Shortsales-
DATA FOR RECENT WEEKS (Thousands of Kilowatt-Hours*
Week Ended—
-
re¬
duced,
'
r(,!
*2.5
no
are
Congress Passed High
Percentage of Bills
one
•0.8
holiday,
round lot
a
said that the late
'
!;
Transactions
Christmas
240,880
exempt"
according to which William: J. McDermott, chief House billA'b.lefk^
.
290,465
—
,
>y
the
240,610
j A
shares..,.
"other sales."
,t
368,680
Total sales
.
•Decrease under similar week in 1943.
Note—Because
of
marked "short
is less: than
7.49
,
initiated off the floor—
Total sales—-
Total United States.—
*
—...
ported with "other sales."
•
<
tSales to offset customers' odd-lot orders,
and sales to liquidate a long
position which
■■/N'/; v/---/ /v/'
344,580
——
Total—
4.
*10.5
:
240,590
^24;
387,290
24,100
.,
tOther sales
2.9
*10.9
•2.9'
20
7
Total sales
■
'
-
:
—-iJ——-±4
Short sales
'
♦10.4
—
y
v
Round-Lot Purchases by Dealers:
record
•
656,450
—
——ui—
Other transactions
/
•
/y,:,:/' 1.6
•y.7...
>" 833,112
$28,413,392
Sales by Dealers-—
tOther sales
-
''
7
Total sales
*4.6
2.5
7.5
:yy
sales/-.-
total
819,230
Short sales
1.7
2.4.
9.4
——
13,882
7
Number of Shares:
.
585,160
Short sales
I
Nov.25
.■;/
*3.7
♦4.6
-
30,833
77
Dollar value
of legislation
"
:;7:''-;'-;777//.
Total purchases—
2.3
r:
1.6
...
1.8
■
\
30,430
sales.—
other sales
Customers'
7
659,860
-
tOther sales—
-
Dec. 2
0.8,
short
•Customers'
'
Dec. 9
total sales—,
Customers'
.
r
Other transactions initiated on the floor—
Total purchases---^--——i-wJi-Li.™—™,
2.
■
7
.y/yy
f
*. 403
.
Number of Shares:
:
J
•
which
71,290
Total sales
;v"
-Week Ended
;■1.3
7:77
y ;:
Customers' short sales.--- /
•Customers other sales.— * r:.
77 Customers'
/■ ■,'/:■■■■
...
Odd-Lot
-
tother sales
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Dec. 16
,f
'7
(Cxistomers'sales)
,
.
Short sales.
16,1944, -The output of the week ended Dec, 16, 1944f was 1.1%
below'that in the same period in 1943.
v-
"•
;7
.'7;:,:
"
/
.
8,787,470.
—.
for
1. Transactions of specialists in.stock in
they are registered—
"
Total purchases
7
of the United States for .the week ended Dec. 23, 1944,
Major Geographical Divisions—
England---.——
814,890
Nurnh"r of Orders:
8,546,150
—
Transactions
Round-Lot
.,
production of electricity by the electric light and
New
26,950
shares—:
Odd-Lot Purchases by Dealers—
ofv all
account
Dec.
:
of
The
Week Ended Dec, 23,1144
approximately 4,616,975j000 kwh., which compares with 4,295,010,000 kXvh. in the corresponding week in 1943 (which contained
the Christmas holiday) and 4,563,079,000 kWh. in thd week ended
,
'
(Shares)
Members*
/; Total sales
B.
.
was
^
Total
for Week
Exchange and Round-Lot Stock
Stock
of
?Other sales.
/
.
The-Edison Electric Institute, in its current weekly report, esti-.
.
T' ^
-
separately from other sales in these
Dealers and Specialists:
.i.
•
/'7-\/;..'Total for week
:—-———.i, 241,320 r: /'
.Short sales—
'
'
power industry
•
of these
A. Total Round-Lot Sales:
,
mated that' the
'
•.
-
..
Number
Exchange Commission made public on Dec. 27
on the
Exchange and the New York Curb Exchange and
Transactions
™
Electric Output for
■
■
16, 1944
Dealers
Dollar value —$33,348,977
New York Exchanges: 'M
on
7WEEK ENDED DEC. S,
,——i
.
■
EXCHANGE
(Customers' purchases)
Number of orders
the* volume of total round-lot stock sales
Total Round-Lot Stock
4,148
4,008
■■
Odd-Lot Sale# by
'
./V- 132
127 ;yOgden Corp., common———
———.
';T.,y: -459 7 £746?.
.7
Trunz, Inc., common-,
19,790
19,795
"United' Clg&r-'Whehm; Stores Corp.,- common
i._jaw,< ,»,*./
12,267 i i
12,278
United Wallpaper,, Inc., common--——y7/y 17,000
3,100
..
Utility Equities Corp., $5.50 div. pr. stock——
'
12,450
'
12,650
•New
I
STOCK
Week Ended Dec.
.
,
.
'
-
TRANSACTIONS FOR THE ODDLOT ACCOUNT OF ODD-LOT DEALERS
AND SPECIALISTS ON THE N. Y,
,
60,373 Vyy 73,177 yW':
51,863 . • *
52,463
330
■
None -
.
,
Mangei Stores Corp., $5 convertible preferred
V'iy
395,587
8,510
10,766
None
——_—.
y
2,245
•
385,512
8,410
———
;
Per Latest /.y
Previously
■
Company find Class of Stock—
Aluminum Industries,'
■
STOCK
figures.
1';;
1
y}\
«•
>
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Dec. 9 (in roundlot transactions) totaled 2,746,128 shares, which amount was 15.62%
of the total transactions on the Exchange of 8,787,470 shares.
This
compares with member trading during the week ended Dec. 2 of
1,870,631 shares, or 16.28% of the total trading of 5,746,980 shares.
On the New York Curb Exchange, member trading during the week
ended Dec. 9 amounted to 529,550 shares, or 12.94% of the total
volume on that exchange of 2,046,270 shares; during the Dec. 2 week
trading for the account of Curb members of 462,215 shares was
13.83% of total trading of 1,670,955 shares, i'.
i.
»
'1
Shares
Shares
y
.
r
,
f
;
tinuing a series of current figures
being published by the Commis¬
sion, The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers and
specialists.
exchanges in the week ended Dec. 9, continuing
series of current figures being published weekly by the Commis¬
sion.
following list, of issuers of fully listed securities which have reported
./*•"'
volume
members
Dec. 23. the
on
6,177,000
14,048,000
7,377,000
6,671,000
special¬
The Securities and
the
of said company.
kew
-
New York Stock
(1)
The
7,255,000
20,925,000
1,251,000
19,674,000
Municipal-
figures showing
*
''
account
ists who handled odd lots on the
New York Stock Exchange, con¬
Trading
14
3,125
odd-lot
$23,150,000
3,746,000
19,404,000
3,745,000
15,659,000
■
(4)
NOTES
•
-
.
■
3,305
.
for
$20,225,000
and
■
814,211
1,262,545
>819,719
,819,719
transactions
.
...
1,260,059
common—————
Co.; $6 preferred—
.
954,130
figures
showing the daily volume of stock
30,1943 .Dec. 21,1944 Dec. 28,194^
of all odd-lot dealers and
.
—
&
100
954,127
™
United States Rubber Company,
6,300
1,699
1,499
—
Safeway Stores, 5 cumulative preferred—————
Sinclair Gil Corporation, 'Common_-w_^_----—-—_—^—-.
Texas Company,
The, capital—
Transamerica Corporation, capital
__-___J
United Merchants & Manufacturers, Inc., 5% cum. pfd—
-Wilson
9,887
4,800
;
36,700
9,807
convertible
ended Dec. 16 of complete
In the classified construction groups, gains over last week are in
public buildings, and unclassified construction.
Increases over the
1943 week are in public buildings, and streets and roads;
Subtotals
for the week in each class of construction are: waterworks, $55,000;
sewerage, $133,000; bridges, $60,000; industrial buildings, $1,532,000;
commercial building
and large-scale private housing, $2,000,000;
public buildings, $14,002,000; earthwork and drainage, $92,000; streets
and roads, $3,139,000; and unclassified construction, $2,137,000.
New capital for construction purposes for the week totals $16,838,000.
It is made up of $14,338,000 in state and municipal bond
sales, and $2,500,000 in corporate security issues.
New construction
financing for the year 1944, $1,713,941,000, is 44% below the $3,073,080,000 reported in 1943.
12,811
12,011
common——
(1)
(2)
78,500
69,600
—
_
—
State
10,000
»
Exchange
public
On
summary for the week
a
(four days)
Federal
14,880
11,449
None
None
241
241
15,060
Dee. 27
Trading
and
made
(five davs)
Public Construction.™
77,206
75,196
Securities
Construction——-$28,180,000-
S.
Private Construction,——
45,373
45,323
—™__—
Total U.
1,113,414
19,700
13,700
The
Commission
(four days)
Report
1,111,614
—
Dec.
Per Latest
Reported
Company arid Class of Stock-
Adams
a
Shares
Previously
V
a year ago, and public
result of the 53% drop
construction, $1,366,129,000, is down 47%
in federal volume.
State and municipal
construction, $247,516,000, gains 26% over last year.
Civil engineering construction volumes for the short 1943 week,
last week, and the short current week are:
^
/ ;
as
The New York Stock
Shares
NYSE Odd-Lot
under
Of H. Y. Stock & Curb Listed Firms
a
101
M. Bonnet is .not related
former
to the,
Ambassador and Finance
■"•
{Sales marked "short exempt" are jtacjuded withv "ether jsales,.". : 0
::. 7 7, >.
7
Minister Georges -Bonnet.
>
;
-
~:'
& FINANCIAL CHRONICLE
THE COMMERCIAL
102
Thursday, January 4, 1945
JUL-.'
Crude CIS Production for Week
214192
Moody's
BSITOtS
swi, EHMoawu
given
The American Petroleum Institute estimates that the daily aver¬
production for the week ended Dec, 23, 1944, was
age gross crude oil
4,729,100
week
barrels,
and
33,500 barrels
increase of
an
gain of 366,600 barrels
a
week in 1943.
day
per
Jan.
V+
Stock
29
averages
are
Aaa
PRicEst
'
Aa
Corporate by Groups*
.;
A
Baa
R. R.
P. U.
117.80
113.31
104.48
lfe2
113.89
118.20
117.80
119.00
113.50
113.31
104.48
108.70
113.70
118.20
Indus,
113.50
119.00
119.00
117.80
113.31
104.48
28
120.51
113.50
119.00
117.80
113.50
104.31
118.20
120.58
108.70
113.70
21-
113.31
118.80
117.80
113.31
104.43
108.5'2
113.70
118.20
26—
120.58
113.50
119.00
117.80
lOBiVO
25-
Further
1944, averaged 4,710,500 barrels.
Stock
108.70
113.70
118.20
dustry
as
whole
a
approxi¬
to stills on a Bureau of Mines basis
ran
113.31
113.70
118.20
120.55
113.50
119.00
117.80
113.31
104.48
118.20
120.55
108.70,
113.89
22
reported by the Institute follow:
as
Reports received from refining companies indicate that the in¬
104.48
23
details
113.50
119.00
117.80
113.31
104.48
103.70
113.89
118.00
120.44
113.50
119.00
117.80
113.31
104.48
108.70
113.83
118.00
120.30
113.50
118.80
117.80
113.50
104.48
108.30
113.70
118.00
20
produced 14,635,000
-
Exchange Closed
£
'
.
J?
(Continued from first page)
have a Jot of money and there
were iess things for them to spend
this money on.
While our heroic
Government was fighting a war
011
two
fronts, here comes the
ugly spectacle of inflation.
You
can
imagine what fellows like
Jimmy
and
about any of this, and wants
report, Jimmy tells them.
distillate
1944; and had in storage at the end of that week,
week ended Dec. 23,
113.50
118.80
118.00
113.70
104.48
108.70
113.89
118.20
113.50
119.00
118.00
113.50
104.48
108.70
113.89
118.20
120.23
113.50
119.00
117.80.
113.50
104.48
108.70
113.89
118.00
15
V:
8,798,000 barrels of residual fuel oil during the
fuel, and
120.30
120.30
120.17
113.50
119.00
117.80
113.50
104.48
108.70'v 113.89
118.00
120.12
113.50
119.00
117.80
113.50
104.48
108.70
113.89
118.20
120.12
113.31
119.00
117.80
113.31
104.31
108,52.
113.70
118.20
120.12
113.50
119.20
117.80
113.50
104.31
108.52
113-89
118.20
Says
120.12
113.31
119.00
117.80
113.50
104.14
108.52
113.70
118.20
"We cannot
13—
83,365,000 barrels of gasoline; 11,973,000 barrels of kerosine, 40,846,000
11
■
*
Over-confidence
ailment of
an
ours.
Jimmy:
has
1
Allow¬
/•P.A.W.
^
v
■
be complacent
120.09
113.31
119.00
117.80
113.31
104.14
108.34
113.70
118.20
120.09
113.31
119.00
117.80
113.31
104.14
108.34
113.70
118.20
120.12
113.31
118.80
118.00
113.31
104.14
-198.34.
113.70
118.20
the
120.09
113.31
118.80
118.00
113.31
104.14
108.34 : 113.89
118.00
120.03
113.31
118.80
117.80
meet the requirements of our
113.31
104.14
108.-34'
118.00
--V
'
'•
;•
December
• ^
Week
•
begin.
Oklahoma
113.31
Nebraska
Ended
1944
Week
+
1,200
359,450
269,400
+
11,950
269,800
269,900
1,050
Nov.
1,600
ti.ooo
1,200
—
50
;
329,050
:
■
North
88,750
Texas——.
140,600
Texas.,—
West
Texas
East
Central
'
!.V-
Texas-
;1
v.-.
••,,,,
354,400
/
142,250
Texas
370,250
345,850
Sep.
364,300
345,450
553,050
520,500
2,111,550
2,116,750
118.00
itary leaders.
We must do this in!
113.50
104.14
loajs
113.89
118.00
the face
further withdrawal
113.50
104.14
108.34
113.89
118.20
from
119.93
112.93
118.60
117.20
113.12
103.80
107.98
113.50
117.80
supply
119.97
112.93 :
118.60
117.20
113.12
103.64
l67.«d> 113.50
117.60
for
1,894,700
I
113.31
118.80
117.80
119.77
112.75
118.40
117.00
112.93
103.30
107.62 :> 113.31
119.55
112.75
118.40
116.80
112.93
103.47
107:62
113.31
117.20
119.33
-
112.56
118.40
116 61
112.93
103.47
107 ."-62
113.50
117.20
119.55
112.75
118.60
117.40
112.75
113.60
117.00
112.93
103.47
107.44.
ltftiST.
113.50
119,61
114.08
117.20
119.52
112.75
118.60
117.00
!112.75
103.30
106.92
•114.08
117.20
119.50
29
290,800
552,950
113.89
117.80
117.80
6
126,900
371,000
Texas
108.16
118.80
118.80
3—
143,400
/
472,000
,..
141,450
East Texas
Southwest
Coastal
143,250
'
-
471,350
%
;.
■*
104.14
113.31
27_
94.400
90,100
112.56
116.80
112.93
103.64
117.40
118.60
116.80
112.56
103.13
106.54
114.08
117.00
119.22
112.56
118.60
117.20
112.37
103.13
106.74
114.08
117.20
119.42
112.56
118.80
117.20
112.19
103.13
10.6,..7 4
114.27
117.20
!—
Texas
2,153,000 12,134,978
117.20
106?74
114.27
117.00
North Louisiana
Coastal
•>.'
Louisiana
Arkansas
'
350,000
71,550
'%
79,975
361,600
53,000
_
80,550
—
350
80,550
50
50,250
—
Indiana
12,900
'' .■■■■'■
(Not incl. 111., Ind.,
Ky.)
Kentucky
Michigan
■:•' +
12,800
'
.
62,950
+
33,250
+
3,900
47,000
47,200
100,000
,.
Montana
"
^
/
_
* 9.500
Mexico
3,837,100
California
§885,000
8,850
114.27
117.00
112.37
.118.60
112,900
3,827,100
3,570,000
5,200
883,400
recommendations
and
state
production of crude oil only, and do
gas derivatives to be produced.
allowables,
include
not
tOklahoma, Kansas, Nebraska figures
JThis
includes
is
the
shutdowns
fields
several
net
shutdowns
basic
and
which
allowable
exemptions
for
from
as
of
above,
represent
condensate
and
calculated
1
on
a.m.
Dec.
down for 7 days, no definite dates during
being required to shut down as best suits
106.04
113.89
117.40
quently
102.30
105:86
113.89
117.00
of
101.47
105.34
113.70
116.41
119.68
111.44
118.20
116.41
111.25
100.81
America at war, and Jimmy's re¬
104.66
113.70
116.22
25
120.21
111.25
118.20
116.41
111.07
100.32
104.31
113.50
116.22
28
119.47
111.07
118.20
116.22
111.07
100.16
104.14
113.31
116.41
120.58
113.50
113.70
104.48
168.7.0
114.27
118.20
118.20
116.22
110.88
99.04
103.30
113.12
116.02
111.44
119.41
117.00
111.81
116.85
107.44
116.80
113.89
108.88
119.48
110.88
118.40
116.22
116.85
1943—
118.00
110.70
120.87
1943
119.20
119.20
1944—
1944
107.44
117.00
113.89
99.36
103.47
114.27
117.40
92.35
97.16
111.81
114.46
110.88
99.20
103.30'
113.31
ll(f;22
109.06
92.35
97.16
111.81
114.46
■
"
1943-
31,
MOODY'S BOND
(Based
V
YIELD
•'
}■
Aa
1.80
1944_
1.80
2.98
2.70
2.76
1.80
2.98
2.70
2.76
2.98
Stock
30,
2.70
Exchange
Corporate by Groups*
R.
Baa
2.76
2.99
3.48
R,J * P. U.
2.96
2.74
2.97
2.74
2.97
3^5
2.74
Closed
2.99
:
3.48
3.24
2.99
;3.48
;3.24
1.80
2.98
2.70
1.79
2.99
2.71
2.76
26_
1.79
2.98
2.70
2.76
2.99
2.76
2.98
V
■
;;3.48
^ 3.49
2.97
2.74
,-3.25'
2.97
2.74
'3.24
2.97
2.74
2.96
2.74
2.96
2.75
3.49
2.93
.
.,3.24 v,
i
25
Stock
23
1.80
2.98
2.70
2.76
2.99
3.48.
22—
1.80
2.98
2.70
2.76
2.99
3.48
,X24t
^3.24 '
1.80
2.98
2.70
21
Indus.
Exchange Closed
equivalent
to
the
2.76
2.99
3.48
-3.24
2.96
1.81
2.98
2.71
2.76
2.98
3.48
f2:2 4
2.97
2.75
1.81
2.93
2.71
2.75
2.97
3.48
3.24
2.96
2.74
1.81
2.93
2.70
2.98
3.48
2.74
1.82
2.98
2.70
2.76
2.98
3.48
15
1.82
2.98
2.70
2.76
2.98
3.48
1.83
2.98
2.70
2.76
2.98
3.48
FINISHED
13
1.83
2.99
AND
12—
month
being specified; operators only
operating schedules or labor needed
shutdown time during the calendar
their
days
7
19
14
total
a
20
month.;
^Recommendation of Conservation Committee of California Oil Producers.
CRUDE
RUNS
AND
TO
STILLS;
UNFINISHED
PRODUCTION
GASOLINE,
RESIDUAL
FUEL
OF
GAS
GASOLINE;
OIL
AND
STOCKS
DISTILLATE
OIL, WEEK ENDED DEC.
23,
OF
FUEL
1944
—
(Figures In Thousands of barrels of
'v
Figures
•
42
this
In
section
Include
reported
totals
plus an estimate of;unreported amountsi and
therefore
on
a
Bureau
of
Mines
1
are
v.:.
SGasollne
Production
,<o
Dally Refining
Capacity
'
V
:
■
District—
Runs to Stills
% Re-
tial
/•«•■■■■•;■
Rate porting
East; Coast
729
fineries
Crude
Poten-
,
Daily
District No. 1
Texas
of Gas
Oil and
sidual
Distillate
Fuel
Average erated Blended Gasoline Fuel Oil
100.0
687
94.2
1,751
12,543
10,899
Oil
7,577
-
2.70
2.76
2.99
326
2.97
2.74
2.70
2.76
2.99
3.50
"3.26
2.97
2.74
2.99
2.71
2.75
2.99
3.50
^■"3.26 r
2.97
2.74
2.99
271
2.75
2.99
3.50
—3.26
2.96
2.76
2.96
2.75
think,
-3.27
2.96
2.75
1.84
2.99
2.71
2.76
2.98
3.50
3.26 ;
2.96
2.74
1.84
3.01
2.72
3.00
accomplishment which he had to
report to Congress, and which
2.79
3.52
3.28 ;
2.98
2.76
.
-.
•-
1.84
3.01
2.72
2.79
3.00
3.53
3.29
2.98
2.77
10—
1.86
3.02
2.73
2.80
3.01
3.55
3.30
2.99
2.78
1.87
3.02
2.73
2.81
3.01
3.54
3; 30
2.99
2.79
3
:
,
6
2.82
3.01
3.54
-3.30
2.98
2.79
was
2.81
3.01
3.53
—3.31
2.SS
2.78
3.02
2.72
2.80
3.01
3.54
J3.32
2.95
2.79
3.02
2.72
2.80
3.02
3.55
~J3.34
2.95
2.79
3.03
2.72
2.81
3.03
3.56
3.35
2:95
22_
1.86
3.03
2.72
2.79
3.04
3.56
"^3.35"
15_
1.83
3.03
2.71
2.79
3.05
3.56
r
1.84
3.03
2.71
2.79
3.06
3.56
l
1.81
3.03
2.71
2.79
3.06
3.56
104
793
4 358
l'777
l'l72
69
66.3
193
2 401
563
v
13
17.0
10
141
58.3
110
78.0
394
1 614
353
<503
817
^
89.9
836
102.3
2,312
u',795
10,720
33,902
U. S. B. of M.
:
23, 1944.
87.2
4,682
■
■
35
'•:
,
95.4
69
' 1
19
31
4,908
14,635
1943—
.
*83,365
40,846
58,509
4,537
4,204
barrels
barrels
blending
14,145
82,747
42,413
59,280
12,576
73,019
43,033
57,036
of
unfinished, 42,135,000 barrels civilian-grade
aviation,
military, solvents and naphthas and
stocks currently indeterminate as to ultimate use
CnmnnrahiP
10,027,000; 40,564,000 and 22,428,000, respectively.
tStocks at refineries
at bulk terminals, in transit and in pipe lines.
§Not including 1 477 0O0 barrels
of
kerosine, 4,605,000 barrels of gas oil and distillate fuel oil and 8 798'ooo
week of
1943:
residual
fuel oil produced
barrels
3.02
*
2.71
2.78.
3.05
v
2.72
2.81
3.05
during the week ended Dec. 23, 1944,
with
1,420,000 barrels, 4,353,000 barrels and 8,727,000 barrels,
respectively in the preceding
and 1,500,000 barrels, 4,411,000 barrels and 8,697,000
barrels, respectively in the
of
which'compares
'
1943,
kerosine
against 12,400,000 barrels
a
at
Dec.
23,
1944,
amounted
week-earlier and 9,933,000 barrels
2.79
3+25
"3.35
2.94
2! 72
1.79
3.04
May
26—
1.84
>3.05
Ipr.
28—;
1.86
3.07
V
2.79
2.94
2.79
3.36
2.94
2.80
: -
2.73'
2.82
3.58
3.07
2.81
2.73
•+
3.61
»-
3.08
3.G6
3.06
2.81
i;' 2.74
June 30_
*
to
a
11,973 000
year
barrels
before,
as
'
a
para¬
_
3.39
2.96
2.78
3r40
2.96
2.80
3.43
2.97
asked
the
race;
tests.
,*
•' :..vV'v;_!/ !/ ■ ,;+ .'■
thought on the-
>.>
.
And
overall
our
interesting document is why
youngster who wrote - it, at$9,000 a year, is not himself in
the armed forces+. . r
very
the
2.84
2.98
had
he
2.83
2.97
that
and also asked the
Selective
Service! officials
how
about those boys who can play
football but can't pass the army
2.80
2.94
3.56
2.84'
Hi
—
War. 31
1.83
3.09
2.83
3.10
S.VQ,
25
1.81
3.10.1:
2.74
2.83
3.11
3.73
3 .49
Jan.
28
1.87
3.11.-R1
2.74
2.84
3.11
3.74
-,,.3.50
2.99
2.83
1.87
3.13
'
2.74
2.84
3.12
3.81
-.3.55
3.00
2.85
f
2.94
2.74
Low
1944
Low
3.47
**
-
1944-
1.77
2.98
2.69
2.75.
2.97
3.48
1943.
2.08
3.31
2.81
2.96
3.23
4.25
"•3.93*
3.07
3.09
2.68
2.80
3.07
3.79
-3.54
2.94
2.78
's
2.93
1.79
1943
334
ScKSKpif Jadex
Tuesday,
Dec.
Wednesday,
1 Year Ago
1.87
3.12.
2.73
2.84
Friday,
3.12
Dec.
Saturday
2 Years Ago
Jan.
2.08
3.31
2.80
,
2.96
Tuesday
3.22
Jan.
(33/4%
coupon,
or
the
Illustrate in
are computed
a
from average yields on the basis of one "typical" bond
do not purport to show" either the average
maturing in 25 years) and
average
movement
of
actual
price
quotations.
They
merely
serve
to
Month
254.1
1
30
.254.4
ago,
1943
High,
more
comprehensive way the relative levels and the relative movement
the latter being the true picture of the bond market.
/tThe latest complete list'of bonds ,used in
computing these indexes
in the issue of Jan. 14, 1943, page 202.
.
was
published
*
2_„
254.8:
ago, Dec.
ago,
Year
252.5-
Dec, 2
Jan.
3,
254.0'.
254.0
254.T
29
Dec.
Two weeks
"These prices
level
27_^__-.t
Monday, Jan. 1, 1945
1943—
2,
1944____^__«_,_w
26,
Dec.
Thursday, Dec. 28
if yield averages,
Note—Stocks
2.79
2.94
txH
3.55
3.04
of
week
25,
1.81
1.79
High
.
28,312,000
92.4
' ' '
.
12.918.000
lug. 25
High
87.2
'•>"•
U. S.'Bur. of Mines
Dec.
_
2.80
2.95
3.35
Feb.
.
:'v>1
basis Dec. 16,1944.
and
76.9
•
4,908
Total U. S. B. of M.
of
'
July 28
District No. 4
...
>
227
68.0
District No. 3
in
tracks to close,
1.84
624
done
concrete
mimeographed pages,;
2.73
2.72
1 526
Rocky Mountain—
gle-spaced
3.03
3 264
No.
been
the
two, instead of 100 sin¬
or
3.02
1.85
—
29.
9 120
graph
1.86
2 299
393
could have
1.85
—-
6,377
6 718
though, that
1.89
27—
7,975
2,779
really'
2.75
'3,27
3.50
17,706
14 840
We
2.96
"3.50
2.98
1,440
902
said.
,3.26
2.99
2.76
3,000
3,373
he
3.50
2.76
2.71
88.8
83.5
all
2.99
2.71
97.3
98.5
That's
re¬
.
2.71
371
108.3
time to talk of
no
conversion."
2.99
802
262
that this is
2.99
80.2
232
Mobilization
Byrnes," said
the broadcaster, "tonight warned
2.99
204
1,147
War
of
Reconversion
1.84
359
-
attention.
1.84
211
66.9
broadcaster,
news
a
our
1.83
—
13
Sep.
when
"Director
and
2.75
3.50
517
Yt
2.74
2.99
1,705
+
2.74
2.99
2,580
278
La. & Arkansas..
2.96
2.97
•
164
90.5
ended
—3,25
278
95.5
automotive
"3.25
3.50
75.4
242
gasoline
"3.25
3.49
2.98
123.4
418
"•Composed
3.49
2.98
2.76
58
Mo
basis Dec. 25,
2.74
2.99
2.76
98
Coast
basis Dec.
2.97
2.76
85.2
-
ideological conflict which is con¬
tinually going on in Washington,
We were studying-his lengthy
report
87.2
-
This, of course, makes him a
Rightist, and a target in the great
4
20,
.
re¬
war:
depreciation, immedi¬
availability of post-war refund
bonds, increasing the specific ex¬
emption for excess profits;; tax
purposes from $10,000 to $25,000. ;v
attracted
83.9
1,165
Total
Oct.
these
ate
2.75
47
Louisiana Gulf Coast.
Califqrnh*
;
be
European
accelerated
2.75
-
17
;
the
2.74
3.24
2.69
V
should
after
2.96
ft
2.70
,'
with Japan, except
war
there
visions
5—-
24——
ofRe-
and Un-
that
2.96
2.70
.
others
2.96
824
„
—
Texas
Gulf
Finished
Nov.
'
.
Washington and a
elsewhere, he feels
that we must keep price controls
after the war, and we can't do
anything about tax reduction until
of
2.96
130
District No, 2
Inland
tStocks
»
Ind., 111., Ky
Kans.,
Includ.
tStocks
% Op-Natural finished
Appalachian—
Okla,,
tStocks
.
including Tiny Tim and Little
However, like everybody
3.24
2.98
1.83
1
•
at Re-
part of.
a
Nell.
"3.24
1.83
—
2_
•
all
does, however, represent Jim¬
my
as-having no apprehensions
over
our
ability to handle; our
problems,
which
should he
a
Happy New Year to one and all,
^.3.24
+
2.99
1.83
,~
6,
basis
>
2.75
1.83
8
Gallons Each)
2.75
i
1.83
7
'•
•
1.83
9
'
•:.7,.-
be * Secretary
are
It
after the
•
Corporate by Ratings*
Aaa
1945—
2,
AVERAGES
Individual Closing Prices)
on
16—
leases,
to
These
port i§ a report on that.
lot
18
operate
aspired
State.
else in official
27
entire month.
With
the
exception of
and of certain other fields for which
days, the entire state was ordered shut
1
.
.
,
1943—
2,
I
the
15
to
102.80
111.81
116.80
Avge.
entirely
2
112.00
rate*
21, 1944.
was
111.62
Corpo-
31-day basis and
a
and
and how he subse¬
116.80
28—
for week ended 7:00
Dec.
nomination
off,
116.61
Govt.
Dec.
knocked
118.40
Bonds
the
natural
Presidential
118.40
29—
are
of
for
exempted
were
ordered
were
shown
as
amounts
Notwithstanding that the report
one
of
the
most
heroic periods of our history and
is quite comprehensive, it is not
quite so comprehensive as to tell
how
Jimmy
sought • the
Vice-.
encompasses
112.19
Daily
-
replacements
and to build, the
navy up the strength that it re¬
quires to man its ships."
I ;
army
111.81
120.15
iverages
Jan.
,?P.A.W.
manpower
provide
to
the
119.66
1944-45—
4,362,500
available
119.35
U. S.
792,500
4,710,500
'
+33,500
a
26
2 Years Ago
Jan.
of
our
28
1 Year Ago
6,900
.,104,050
+
4,729,100
1063.56
50,800
+28,300
890,500
4,722,100
103.13
Dec.
20,350
•
—
3,838,600
885,000
Total United States
t '
750
+
103,200
106,000
112.19
86,100
21,300
.
116.80
iigh
22,000
96,450
-
118.60
68,700
50,100
2,400
+
9,600
106,000
Total East of Calif,
V.
21,300
112.37
Low
•
31,050
—5,450
98,350
23,000
<•120.10
28
Low
63,400
-
117.20
High
U v-" ';'/->
3,350
30,000
117.20
114.27
fan.
13,250
> '•/•'
114.27
106.74
?eb.
213,550
1,350
+
'
106.74
103.30
tfar. 31—
250
199,350
69,400
,
Colorado
+
103.13
112.19
Vlay
50
204,750
:
Eastern—
Wyoming
50
9,150
50
200,000
13,000
r
112.00
117.40
fune 30
47,450
—
Illinois
103.13
117.20
118.80
ipr.
79,200
—
112.00
118.80
112.75
/Uly
353,550
52,050
'
.
118.80
112.56
119.89
8
275,500
200
+
112.56
119.81
iug. 25
78,050
290,050
361,050
Alabama
New
;
200
Mississippi
Florida
200
289,600
395,000
—78,000
.'> +
71,450
>
i-\
Louisiana
Total
•*-
.
119.48
1
Total
to.
mil¬
necessary
113.31
120.00
10
Oct.
Panhandle
plants to
war
119.97
2
1943
•1359,400
our
extent
17—
Dec. 25,
1279,250
man
fullest
119.95
4
Ended
Dec. 23,
113.89
must
yet;
24
Week
from
1944
Dec. 1
274.000
+
4 Weeks
Change
Previous
Dec. 23,
356,000
350,000
Kansas
:
ables
dations
5
We
/
T,i
•
.
'v-6—
BARRELS)
Actual Production
Ended
Recommen¬
^
*
i
*State
IN
.
been
i+k!
(FIGURES
OIL PRODUCTION
'
•/V.V;>•
-
told.
a
yet, we are
7
CRUDE
AVERAGE
DAILY
week
is not won
war
8
'
to
The
9
58,509,000 barrels of residual fuel oil.
barrels of distillate fuel, and
up
were
Congress, which has been around
here all the time, doesn't know
16—
1,477,000 barrels of kerosine; 4,605,000 barrels of
barrels of gasoline;
others
the
against. They had to fight on all
sides, so to speak. But they did it
successfullyj
and
inasmuch
as
18——
mately 4,682,000 barrels of crude oil daily and
fcSWwLtJ
>W
Exchange Closed
120.55
1944.
yield
'
Corporate by Ratings*
"
113.50
120.55
30,
bond
Avge.
rate*
120.55
21503
Dec.
and
!
Corpo-
Bonds
2, 1945_
Daily output for the
1944.
the month of December,
four weeks ended Dec. 23,
u. s.
;
1
recommended by the Petroleum Administra¬
the daily average figure
prices
(Based on Average Yields)
.
Govt.
-V-'-S:.
Averages
7,000 barrels in excess of
The current figure was also
tor for War for
Daily
the corresponding
bond
moody-s bond
,
1944-45—•
the preceding
over
over
computed
the following table.
in
248.2-
1944^---^—
April
-
—a,—--,'
247.5
249.8'
Low, Jan, 2„_„
240.2
High, Dec. 31
254.4
Low,
1944
245.7
•Holiday.
Nov.
1
103
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4348
161
Volume
Total Loads
.
Railroads
.
y
'
,
7
652
430
454
3,410
1,232
2,255
584
10,859
10,535
12,778
9,396
3,685
3,115
2,663
4,391
460
1,502
357
305
244
6,123
2,003
1,299
1,125
3,159
3,035
200
288
260
200
Southern—--—142
110
62
670
2,700
56
2,122
1,615
40
32
112
1,095
365
4,440
862
923
3,032
315
232
735
3,342
2,708
4,128
3,770
Central of Georgia
——"
Charleston & Western Carolina
Clinchfield
——
—
Columbus & Greenville
Durham &
Coast--—V'
Florida East
Gainesville Midland
f,
I
Georgia--—
e
-
Georgia & Florida
————
Gulf. Mobile <fe Ohio—
16,987
11,999
15,882
172
911
133
518
503
2,603
2,434
4,595
1,644
4,555
of
4
weeks
I
weeks
5
ApriL.
of
weeks
4
of
_
Y
June__
weeks
4
weeks
of
258
1,217
11,106
8,575
9,324
7,349
19,192
16,857
24,932
24,157
631
171
506
365
787
1,018
103
83
1,009
1,082
90,745
124,536
111,239
98,787
-119,659
5
weeks
of
September--
October
Weeks of November
4
Atlantic
Elgin, Joliet & Eastern
Ft. Dodge, Des
;
-
Moines & South
11,980
11,409
13,354
13,076
2,327
1,977
3,044
3,621
17,059
15,404
12,104
9,489
3,140
2,976
3,762
928
180
198
625
481
524
'432
7,753
11,962
/295
323
93
9,470
9,980
5,723
'4,008
485
341
956
749
7,554
Week
Week
265
162
42
1,572
2,391
4,247
3,973
2,930
10,220
8,900
9,394
5,583
14.)
2,596
93
86
457
1,539
3,704
71,451
68,298
66,815
19,819
17,884
13,371
Week
i.*i;- X'' '?'"'-y
V
•••
10,999
43,499,983
the separate
railroads and systems for the
During the period
REVENUE FREIGHT
743,031
591,471
-
entral Indiana—
A-air i t
957
-—720
1,998
2,246
4,674
.-4,600
12,549
12,451
267
Y3&;; '215
2,892
•3*9.122
17,579
3,020
8,227
167
2,450
1,764
4,828
Western—
Louis—
<fc Western—
ttsburgh & Lake Erie—.—
re Ma r q u e He L4- ---ttsburg <fc Shawmut----——
York, Chicago & St.
;
.
-
& North—
4,573
'
U
it land ^-2-—i—--—i---- - -
...
887
446
2,176
98
565
1,089
644
25
27
9
0
0
29,024
—
22,762
21,731
14,818
13,372
319
220
356
2,119
13,225
16,005
531
543
480
1
Y 2,010
1,736
1,910
3,546
96,936
97,677
iv?'- 16
51,533
iffalo Cieek &
3,027
2,535
5,646
15,304
15,148
Y"'"h^ 514'-, ,',2,223
7,189
.;Tf>-308
I 6,918
1
,
f't
..
Gauley——
7,409
8,135
Vl
4,215
2,322
3,713
265 V-Y",
245
223
"#1 664 1 Y
'•,;,
4,994
221
•
228
Y 2,268
2,378
891
880 Y.
'•v
;,Uk-4,257
.
4,206
^114.749 ""*217,352
126,545
.
,
Y;
41.022
220,175
-
-r: "4,030
638
V
Y
i:
(Pittsburgh).——
»stern Maryland—
.
5,463
1,485
■Y.:,
;
"1,333
Y.^li4,894
:
9
341
50
v.ys182
8
'
75'
281
.v>
633
513
5,388
14,254
rfolk 8c Western
3,635
2,445
11,664
10,899
6,035
5,282
3,232
78
63
95
32
58
41
9
6
"-33
20
72,698
Texas & Pacific
61,700
V 58,914
68,540
59,939
'
Wichita Falls & Southern
i
TotaL—
Note—Previous
8fl47
V
7,118
5,714
7,772
6,379
4,650
7,730
•.
6,354
flncluded in Baltimore '& Ohio RR.
year's figures
revised.
added $15,000,-
to
rocket, the
to $74,000,000,000.
The Navy
j
connected with
the war
wele given an estimated
000,000.
$14,000,-
While
not
a
77th
record—the
appropriated approximately $204,000,000,000—the funds supplied by
the 78th
Congress included the
biggest
time,
a
single supply bill of all
$59,000,000,000 War De¬
partment measure passed in
1943.
Despite the huge appropriations,
money
furnished
by
Congress
dipped downward during the two
years,
dropping from $115,000,000,000 last year to approximately
,
drop was sighted for
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
The
y.
of
members
this
fi;,:,...-
.,
Association
.yl
represent
1945.
Lumber Movement—Week
Ended December 23, 1944
Y.
•
of
83%
the total
industry, and its program includes a statement each week from each
member of the orders and
cates
the
figures
:
■
v,
23,82?
are
production, and also a figure which indi¬
According to the National Lum¬
ber
:
Manufacturers
'iY
■
porting
the
to
Trade Barometer were 6.8% above
advanced to equal 100%, so that they represent the total
production for the week Dec. 23,
of the mill based
on
:
the time operated.
Y
1944.
yy^'y^yyy ;'vy',>'yy;:;\
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Period';-,
Received
"yy LY-
Tons
8
October,
96
94'
96
94
28
24
October
499.929
94
94
486,882
95
94
157,644
535,745
J"Y 96
158.266
515,738
96
135,644
21-^lL.L
2.770
October
156,667
494,062
96
110,144
149,062
450,898
91
523,875
156,269
157,806
141,154
.—
154,719
133,028
28_.iL.:
541,424
139,347
.LY,
158,946
146,003
14_JiL.;
7_Lii.L_i
3,373
Current Cumulative
Tons
217,096
207,817
October
Percent of Activity
Remaining
Tons
1944—-Week Ended
53
2,310
2,135
1,334
-•
,1,151
.-55,073
59,832
60,382
9,557
26,8?3
23,403
1.9,557
3,007
3,893
Y2.684
12,549
12,895
155,911
_149,182
'
12,093
18,753
17,713
3,574
'■
3,255
*
•
141,841"
126,995
"
November
Y
20,554
24,036
-
17.801
11.239
3,975
.
14,232
7,977
November
18,
November
25_____
December
2,^__
189,731
154,682
484,811
94
94
9__
173.669
154.822
501.946
95
94
137.936
152.695
94
94
126,115
149,031
94
94
December
____
,
2,801
2,635
2,033
39,677
34,834
23
Notes—Unfilled orders
7,048
3,258
94
ll___
10.7°4
15,865
18,092
94
November
-
,
not
necessarily
equal
480.929
Y
451,891
,
94
94
of the prior week, plus orders received, less production,
the unfilled
orders
at
the
close.
Compensation
for
do
delinquent
^
'
21,851
■"—
•'
19,925
ssssm——i
reports, ordeis made for or
ments of unfilled
orders.
the
these
than
same
week
mills
new
were
or¬
0.3%'
production.
Unfilled
reporting; mills
87% of stocks.
For
orders files of the
Orders
Production
In
of
more
Unfilled
Orders
1
17,488
Y
Association,
of 463 mills re¬
National Lumber
lumber shipments
These
activity
3
63.473
1,640
74.018
46,103
it
year
$67,000,000,000 this year. It was
the first sharp curtailment s'nee
the
war
started, and
a
further
Weekly Statistics of Paperboard Industry
92
Y
1,011
13,979
—
15,926
214
jm
68
6,924
11,878
Texas & New Orleans—
YY(if' 821
114
Y
,
———
18,522
13,139
72
6,596
2,218
99
-
St. Louis Southwestern
December
rginian
483
4,487
;
9,483
Quanah Acme & Pacific
"
—
292
507
83
5,431
5,078
16,802
Missouri Pacific
December -]6__
District—
esapeake & Ohio_^—
2,396
2,676
1,277
149
6,139
Missouri-Kansas-Texas Lines
L.
720
714
175
• •
Missouri & Arkansas
fPrevious week's figure,
sum
this
1,332 I directly
2,833
2,551
1,313
4,399
3,781
211
"
L64.235
Pocahontas
345
4,547
1,197
-
18,339
-<■>
172
1,199
1,107
f
.
486
Y.''
423
:•
26,781
nT 252'
■
1,298
1,508,
•'
i:^27,990
.268
6,032
Pennsylvania—
lion
1,307
fi:^.489. -Y
>2,099.
-J
Island-—————
Lines
579
.
,
31,384
2,153
."v. Yt
.
ng
746
153
nnsylvania System——
ading Co
—-——
2,294
3,146
2,890
307
'
of
approximately $57,000,000,000 during the biennial period,
while other agencies described as
183
2,63.9
3,685
911
3,120
11,469
12,940
4,146
;3,715
,
•;/
•'
rnwall--—
nn-Reading Seashore
that
ders
.
-
?onier. Valley—j,—:-2——
633
4,908
2,657
300
289
.
209
\
4,963
15
.4
555
Y:Y'".;Y 263',
147,322
of New Jersey—
imberland &
-
City Southern
Weatherford M. W. & N. W
years
received
276
St. Louis-San Francisco
two
its
Army's appropriations for the two
*
,
1,740
"**" ~
894
-■
"
mbria & Indiana——
ntral R. R.
To
90,249
271
4,989
53,356
17,163
during
work.
3,745
101,035
industry.1 ' y;.
Allegheny District—
:ron, Canton «fc Youngstown
.Itimore & Ohio——
ssemer 8c l ake Ene_——,—
000,000
16,387
YY;
5
—
335
6,404
.
■
appropriated approximately
$182,000,000,000 and boosted the
national debt limit to $260,000,-
gress
1,835
16,679
13,283
the nation's biggest
stepped-up activities
of its home-front agencies, Con¬
and the
war
131
688
513
29
^4.114
727
Y-Y
235 /•Y
•328
V
Lake Erie————-—.
817
1,524
6,256
17,003
-3,845'
••
5,765 Y l
————
49?
876
finance
The House
'
; 719
-
f:>.
354
•:„Vi.02i
6.54 5
lY'l% "i 818
Virgihia_—
.4,511
'
:
1,732
1,602
-
To
1,257
1,839
3,380
5,445
:
7 4') )
I V
.
;
2,434
13,561
4,113
-t;: 1.701
" 530
,YY
1—.
1,519
years
1,378
11,736
-
:-892
6,403
■A-
1,094
5,891
,
1,711
^ 929
■
■
••-^i.187
7,691
4^724 w -3J;555
York. Ontario &
Y,v Susouehanna
"20
1,121
499
'
Southwestern District—
3,430
ito-eie
1,873
5,384
129
6,831
2,443
Y
1,518
7,818
Y'
.
Y
823
major veto, of legislation
outlawing
the
Administration's
6
624
904
1,189 ;
618
"628
2,332
third
000,000
;
a
6,199
127,126
2.187
2,210
Hartford————
6,329
on
sustained him in that act.
3,221
.
Y
7,79,268
169
w
food subsidy program.
2,045
3,157
Toledo, Peoria & Western
17,803
3.471
[ontour„
abash—
r.'.'.i -::v. 93
7 If 1,893
1,635
10,115
[onongaliela.
ttsburgh & West
:
325
•P
ttsburg. Shnwmut
"•"-1,308
10,737
ill
•r3 215
3,651
[aine
iw
9.970
■3.327
116
11.873
Shore Line—-—--.
:w
•
1.870
\
172
1,507
ehigh & Hudson River—
—.
ehigh & New England—————
ehigh Valley———i———j.-- .
Y., N. H. &
.
6,113
7,521
tunc western—--.—--
heeling &
42
4,834
'nrio .v trnntnn
etroit & Toledo
2,085
55
31
Hudson..——-———
elaware, Lackawanna & Western-.;—.
«troit 8c Mackinac—T
13,164
1,978
21
1,025
—
elaware &
-r»o
14,168
1,158
U
1,280
——-—-
entral Vermont——
4,333
26
5,511
i
5,973
2,167
City-
Midland Valley
220
'•^1.2'JO
1,272
10,309
4,985
587
Litchfield & Madison
1943
490
195
1,753
6,514
Indianapolis & Louisville—
11,437
1,922
507
Peoria & Pekin Union
Kansas
1,329
299
Maine—
oston &
hicago,
9,665
2,200
666
Kansas. Oklahoma & Gulf
7 1,476
243
2,458
Arbor-——2
angor «fc Aroostook——
9,528
Louisiana & Arkansas
Connections
1944
1942
194?
tin
1,023
International-Great Northern
Received from
Freight Loaded..
1Q44
District—
985
Burlington-Rock. Island
Total Revenue-
Railroads
Eastern
The President fared better
68
2,419
Gulf Coast Lines—
- —
FROM CONNECTIONS
CARS) WEEK ENDED DEC.' 23
Total Loads
LOADED AND RECEIVED
(NUMBER OF
4,042
1
2,358
3,955
Western Pacific
he
that
2,641
Southern Pacific (Pacific)
a
stinging rebuke.
a
2,926
North Western Pacific
when compared with
President
the
Congress
9,980
—
Nevada Northern-,
42,826,463
wrote
73
Missouri-Illinois
Utah—
measure,
which fell far.
short of Administration hopes, so
week ended Dec; 23, 1944.
113 roads showed increases
corresponding week a year ago.
the
744,1«3
641O36
latter
bill
12,831
r.—
Illinois Terminal
The
Act.
$2,300,000,000
255
Denver & Salt Lake
759,731
Y~ 42,417,680 s
.
4,30)
15.094
Denver & Rio Grande Western
Fort Worth & Denver
vetoes
on
424
Chicago & Eastern Illinois
Colorado & Southern
overidden
12,552
Chicago & Illinois Midland
Chicago, Rock Island & Pacific—
3,174,781
4,209,907
was
16,206
447
19,850, <
of theTTCTght carloadings for
table is a summary
2,646
4,397
2,885
2,723
during the two years of
sessions
the
Over his ob¬
jections the Congress wrote into
law
the
Smith-Connally
War
Labor Disputes Act and the 1944
Tax
3,407
—
Bingham & Garfield
Union Pacific System
•
The following
i_'_
President
confirmed
the
of major legislation.
1,741
irritated
Chicago, Burlington & Quincy
862,733
-wi.
762,449
Total
I
Alton—;
by
continuous
President
58,027
25,145
made
Twice
52
•i
,
before adjouvn-
Senate finally
the
almost
Central Western District—
Atch., Top. & Santa Fe System
3,236,584
749,883
re¬
them.
2,924
Spokane, Portland & Seattle
Tptal.
but
599
2,134
Minn., St. Paul & S. S. M
Northern Pacific
Spokane International-
3,604,323
.
———
42-year-old
a
an
saw
inations
74
1,903
1".
Minneapolis & St. Louis
mest
10,507
,,
487
223
1,985
4,932
& Western
Lake Superior & Ishpeming
4,410,669
J!L
.
from
eruption of opposi¬
tion to six State Department nom¬
3,602
974
85,306
Green Bay
758,881
808.260
(Calif.)
21,101
3,532
1,163
607
8,617
373
Great Northern—.
823,311
—-—
2
of December
9—Liof December 16——.-.
of December 23-——..—
December
of
Week
passed rider exempting the $360,000,000
Central
Valley
project
12,130
Duluth, South Shore dr
3,304,830
Y
3,365,925
killed
the
The final days
Duluth, Missabe & Iron Range
4,456,466
3,598,979
—
when
Stringent opposition against the
developed from a House-
2,516
Chicago, St. Paul, Minn. & Omaha
3,607,851
4,428,427
of
Weeks
post-war
was
measure
14,675
Chicago Great Western.
Chicago, Milw., St. P. & Pac
4,139,395
;
3.554,694
harbors bill
Senate
ad¬
journed without reconsidering a
controversial report on it.
10,729
8,032
half-billion-dollar
A
Northwestern District-
3,431,395
3,487,905
3,455,328
3,579,800
adjournment, Associated Press ad¬
vices, as given in the New York
"Journal of Commerce," said:
tonight
1,101
229
10,090
Chicago & North Western-
3,311,637
4,003,393
,
Y
3,463,512
July
—i—
August.—
4
•
4,343.193
•
—
4
of
:• L
its pro¬
ended
clamation law.
3,122,942
,Y
3,073,445
...LiY 3,924,981
'■ 3,363,195
3.446,252 I v
4,068,625
May
of
weeks
—
Time,
Standard
longed wartime session at 8:22
Reporting the Congressional
rivet and
1,869
279
24,017
•
.
Total—
3,858,479
'Y 3,055,725
—-—
3,135,155
March
of
Y
3.159,492
February
of
weeks
4
the
P.M.
11,184
301
413
Winston-Salem Southbound
YYYY. 1942
3,531,811
3,796,477 '<
January—___
"■
560
804
950
461
—
f
System
19,
779
277
Tennessee Central
reported increases compared with the corresponding
in 1943, and 1942, both of which included Christmas holiday.
Weeks
553
.
17,491
——
Seaboard Air Line—
All districts
•
94
2,082
,
22,053
Piedmont Northern—
Southern
1,527
1,502
177
——.—
—
Dec.
Senate
the
while
18,979
Nashville, Chattanooga & St. L.___—
Richmond, Fred. <& Potomac-
adjourned
House
sessions at 6:59
Congress
on
596
;
23,427
t-L—
Mississippi Central—.
die
concluding its
P.M.,
Eastern
1,539
236
342
3,039
Macon, Dublin & Savannah———.
Norfolk Southern
sine
26,880
Louisville & Nashville
70th
The
1,233
—23,217
Illinois Central System
•
1943
1M Oongress
324
728
•
/"
358
275
,
Y;
224
297
Atlanta, Birmingham <$s Cbasfc-7—722
Atlantic Coast Line,
—j;—
12,685
'for the week ended Dec, 23, 1944,
Association of American Railroads announced
on December 30.
This was an increase above the corresponding week
of 1943 of 121,413 cars, or 18.9%, and an increase above the same week
in 1942 ox l7U,y'<3 cais or 3&6,*71>.
juotn 194J arid la4^, included Cnristmas hoiiday.
/,•' <Y yY;:, ■;,/■,;% •;Y yyyVYyyYYr-YYYY:,"j:/yv;
'
Loading of revenue freight for the week of Dec. 23, increased
12,566 cars, or 1.7% above the preceding week.
Miscellaneous freight loading totaled 375,879 cars, a decrease of
1,502 cars below the preceding week, but an increase of 71,019 cars
above the corresponding week in 1943.
\
Loading of merchandise less than carload lot freight totaled
100 620 cars, a. decrease of 1,438 cars below the preceding jweek, but
an increase of 16,07 6 cars above the corresponding week in 1943.
Coal loading amounted to 157,227 cars, an increase of 14,364 cars
above the preceding week, and an increase of 20,410 cars above the
corresponding week in 1943,
Grain and grain products loading totaled 46,088 cars, an increase
of 1,410 cars above the preceding week and an increase of 4,358 cars
above the corresponding week in 1943.
In the Western Districts
alone, grain and grain products loading for the week of Dec. 23,
totaled 32,065 cars, an increase of 722 cars above the preceding week
and an increase of 3,458 cars above the corresponding week in 1943.
Livestock loading amounted to 15,343 cars, a decrease of 3,891
cars below the preceding week, but an increase of 3,989 cars above
the corresponding week in 1943.
In the Western Districts alone load¬
ing of live stock for the week of Dec. 23 totaled 10,978 cars, a decrease
of 3 650 cars below the preceding week, but an increase of 2,897 cars
above the corresponding week in 1943.
'
Forest products loading totaled 41,536 cars, an increase of 2,127
cars above the preceding week and an increase of 4,634
cars above
the corresponding week in 1943.
4
*
%Ore loading amounted to 12.036 cars, an in^ease of 921 c?rs
above the preceding week and an increase of 637 cars above the
corresponding week in 1943.
%
Coke loading amounted to 13,720 cars, an increase of 575 cars
above the preceding week, and an increase of 290 cars above the
corresponding week in 1943.
Yyy'Y.;Yy.
'
1943
1944
3942
Alabama, Tennessee & Northern,
Loading of revenue freight
i.944
Connections
Freight Loaded
1944
1943
Atl. & W. P.—W. R. R. of Ala——
totaled 762,449 cars, the
weeks
AdjonsnesH of
Received from
Total Revenue
,
.
Southern District—
Ended Dec. 23, IS44 Increased 12,EOS Cars
;;;■.
:
*
Freight Car Loadings During Week
Revenue
filled from stock, and other Items made
necessary
adjust¬
amounted
to
reporting softwood mills,, unfilled
orders are equivalent to 34 days'
production at the current rate, and
gross stocks, are equivalent to 36
days' production.
For the year-to-date, shipments
of reporting
identical mills ex¬
ceeded production by 2.8%; .bor¬
ders by 3,7%,
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
of
reporting mills was
14.2%
greater;
shipments were
25.8%/ greater; and
1.1%
greater.
orders were
-
fOW^jiil.Vw»,*»Wt'h'4W«*rA<Wi[h
jxtruttx<rtt«t«r>is«in.«»>fr«<«u>ift|
104
THE COMMERCIAL & FINANCIAL CHRONICLE
Iteiiis About Banks, Trast
Companies
dolph
in total at
was
Chairman
New
York
$4,000,000 but undivided
profits
increased
to
$1,116,470
aftet
dividend
payable
Jan. 2,
; 1943, as against $1,092,384 shown
on Sept. 30, 1944.
5
*
In the statement of condition of
the
Co. of New
1944, resources
$3,826,161,881.54, deposits
at
Guaranty
York
at
Gov¬
S.
obligations at $2,362,481,shown at their highest
are
the company's history.
The previous high marks were
reported June 30, 1944, when re¬
sources
totaled $3,601,236,269.04,
in
points
'
deposits
were
$3,190,800,362.23,
and holdings of U. S. Government
obligations were $2,178,737,312.79.
Capital and surplus remain un"changed at $90,000,000 and $170,000,000,'. respectively, and undi¬
vided
profits
of
$42,222,570.91
the
$38,432,083.36,
with
compare,
last
the
of
time
at
published
statement, Sept. 30, 1944, and with
$31,391,853.78 on Dec. 31, 1943.
j
condition
of
statement
the Brooklyn Trust
Co.
of
of Dec.
as
1944, shows total deposits of
$227,990,711, compared with $208,135,227 on Sept. 30, last, and $194,151,642 on Dec. 31, 1943. Total
resources
were
$244,554,548
30,
against $224,498,336 on Sept. 30
and $210,007,804 a year ago. Cash
hand and due from banks was
on
$44,044,220 against $41,018,580 on
Sept. 30 and $45,374,500 at the end
1943.
Holdings of U. S. Gov¬
ernment securities were $152,921,of
563
$139,664,785
three
and $120,377,755 a
year
ago.
Total loans and bills
purchased were $32,378,210 against
against
months
ago
$27,829,264 and $29,988,299, re¬
spectively. Surplus was $5,000,000,
unchanged from the Sept. 30 fig¬
ure, and comparing with $4,750,000
a year before.
Undivided profits
were
$1,477,644 against $1,465,143
on Sept. 30 and $1,452,590
at the
end of
1943.
At
meeting of
a
* *
C.
Von
Elm,
Vice-
the
of.
Directors
Morris
the
late
for
Mr.
leased
the
from
Life
Mutual
In¬
Company for 30 years the
southwest corner of Filth Avenue
and 43rd Street for its Fifth Ave¬
surance
Office, where
nue
lor
the exclusive
building
a new
of the bank
use
will be erected
by the George A.
Fuller Co. from plans prepared by
Walker & Gillette, architects. The
present structure will be demol¬
ished
the
and
construction
new
will begin as soon as the required
huilding material is available. Ne¬
gotiations for these new quarters
begun
were
Harvey D.
some
went
to
time ago, before;
President of
Gibson,
Manufacturers
Trust
London
to
Company,
up his
take
post
as
Commissioner
for
the
American Red Cross in the Euro¬
pean Theater of
hew
bank
the
Fifth
will
maintained
Trust
Operations.; The
take
the place
Avenue
'
by
Office
of
now
Manufacturers
Company at the southeast
corner
of 43rd
Street. This office
haS undergone such rapid growth
during the last 10 years that it has
become
to
necessary
provide
larger quarters to serve adequate¬
ly its 15,000 depositors and to take
care
of expanding business.
^<;■
According : to
;v-vV
" the
Rochester
"Times Union," Mr. Dwyer, a grad¬
uate of the Wharton School of Fi¬
with
joined
nance,
of
the
Rochester
in
Citizens
1917
Bank
when
the
ant
the
bank
from
,
been
1925
of
clared
the
Chili-Thurston
bank
and
moted
tinue
made
was
Assistant
named
was
the directors.
Announcement
Rochester
of
which
consolidated with the Union
Trust in December, 1926. Later he
A
by
Bank
was
quarterly dividend of
$1.50 on the capital stock, pay¬
able Jan. 2, 1945, to stockholders
of record Dec. 26, 1944, was de¬
1934.
to
said:
liam L.
election
the
Brownson,
Harold
of
to
a
ago
year
at
manager
of
was
He
manager.
as
Manager of
office
G.
con¬
Chili-
The
appointment of Berry O.
to
the foreign depart¬
Baldwin
ment of the
Providence, R. I.
in
Forty-second Street and
announced
was
on
Portland,
Ore.,; and
was
Reed
College,
1923.
For several
engaged in educa¬
was
elected
an
assistant
y
ment of the remainder of the pre¬
originally
Hanover
Bank
and
Trust Company of New York an¬
the
election
of
the
fol¬
lowing as Vice-Presidents: Evan
C. Dressser, of the Personnel De¬
partment; T. C. Meeks and J. C.
Higbee, of the 35th Street Office;
A. E. Peterson, of the Rockefeller
Plaza Office; and F. B. Whitlock,
issued
in
1934
in
the
amount of
$7,000,000.' Of this, $4,was retired
prior to the
period.
war
Central
With the consent of
the Commissioner of Banking and
Insurance,
in
1943.
tired
$1,000,000
A
like
amount
October
last
$1,000,000
retired
was
and
was
the
Personal
Trust
re¬
Dec.:; 27, said the
trust
company's
announcement,
which added:
'
on
.
,
.
"In
stock
was
The ap¬
Department;
and
capital
structure
is
made
up
as
F. M. Palmer and A. C. Thompson
follows: $4,000,000 common stock,
of the Banking Department.
$12,000,000
The Board of Directors of Ster¬
ling
National
Bank
and
Trust
and the
be
in
surplus,
$1,585,000
in undivided profits and $1,797,000
in reserves,"
;
v
Spencer Scott Marsh Sr., retired
Chairman of the Board of the Na¬
remaining $600,000 would
passed to
vided
the
of
credit
undi¬
profits."
announced
was
F.
on
the
announced
election of Karl
by John J. Rowe after a
meeting of the Board of Directors.
Inc.,
to
This
is
tion
of
from
the
Cincin¬
nati
"Enquirer" which also said:
My Pendery, < who has
been
Assistant
Vice-President,
"James
named
was
Vice-President,
as
elected Cash¬
was
He had been Assistant Cash¬
ier.
■:
"Others
President of
Tex.,
19
learned
Florence,
the Republic National
Bank, Dal¬
las,
President
of
Dec.
on
12
Hoblitzelle,
Interstate
Circuit
the
newly created posi¬
Vice-Chairman
of
the
bank.
He has been a director of
the bank for 20 years. The Dallas '
Herald" further stated:
"Mr. Florence also announced
"Times
the
election
of
Lewis
W.
Mac-
Naughton, a member of the firm
of
DeGolyer
&
MacNaughton,
Geologists, as bank director. ; •
promoted were Law¬
Suttman, Assistant VicePresident; John B. Hanekamp, W.
Earl Jeggle and Wilton H. Mergler, Assistant Cashiers. George J.
at the Dec.
Nortman
share
H.
rence
named
was
manager
the savings department.
"Mr.
Pendery started with
Third
Fifth
,!
with
career
"Officers
Bank
total
Walton
Bank
with
the
&
Fifth
the
of
Richards,
Boulevard
Presi¬
Bank
of
known
Dec. 20 that in the last
on
made
the capital structure of the
year
Dank has been increased by a half
million dollars or 50%. Chicago
a
"Tribune"
reporting this, added:
"On Dec. 28, 1943, capital was
increased
50%
from $500,000 to
surplus from $500,000 to $600,000.
Last May surplus
$700,000 and
increased
was
again
by
month
this
$50,000
by
and
$100,000,
which
gives the bank a present
capital
of $750,000,
surplus of
$750,000, and undivided profits
of $100,000."
From
H.
President
F.
Harrington,
the
of
of
Boatmens
St.
Louis,
ViceNa¬
is
learned that the bank reports' that
its
operating
it
profits
for
1944,
and de¬
preciation, and exclusive of re¬
coveries
on
items
previously
charged off, were $570,490.76 or
$4.56 per share, as against $537,421.13 or $4.30 per share for 1943.
Deposits at Dec. 30, 1944,; were
$136,622,058.33 against $131,766,313.40 at the previous year end.
after all
expenses, taxes
Directors
con¬
National
At
a
meeting of
of
$1
15,
board
Bank
in
to
&
on
dividend
the
on
addition
of
capital
the
usual
share, payable January 2
a
to the
extra
an
share
per
stock,
$1.50
the
Union
Co., Los Angeles, Cal.,
December
of
the
stockholders of record De¬
cember 22.
The Los Angeles "Times" in
porting this also said:
"At
the
same
elevated
P.
Cashier
to
named
W.
E.
time
the
re¬
board
Neuschaefer
from
Vice-President, and
Neary,/: Assistant
C.
Vice-President,
to the position of
Richard
R.
Newmark
named Assistant
Cashier, Don
Cashier.
was
R.
Cameron, Senior Trust Officer,
H. Kerns, Trust Officer.
and F.
•
Bank
tional
Republic
Dallas, appeared in the
Chronicle of Dec. 28, page 2848.
Na¬
Chicago,
111.,
information
the
directors
Forest
quar¬
of
Trust
De
regular
came
tional in 1903."
J.
the
40 cents per
$250,000."
Additional
cerning
the
declared
bursements for the current
his
Walton, Ky., and
...
announced
and an extra dividend
of
40 cents per share.
Dividend dis¬
ter
banking
were
12, board meeting.
quarterly dividend of
Bank, pred¬
bank, in
began
Cincinnati
"The elections
present
.
Ford
Trust Co.,
to
National
the
to
ecessor
of
the
Trust
Company of New York at a meet¬
ing on Dec. 28 made the follow¬
ing to $3,600,000, would be alio- 7;
cated $1,500,000 to capital, there-; :;
by increasing the present capital
from $6,000,000 to $7,500,000; $1,-500,000 would be allocated to sur- \
plus, thereby increasing the sur¬
plus from $6,000,000 to $7,500,000
Co.
final
1934, when the preferred
issued, capital and re¬
serves of Fidelity Union
totaled
pointment of the following Assist¬ $14,548,647.50, as against the $19,ant
Vice-Presidents
is also an¬
382,000 of today, a gain of nearly
nounced: Hoyt Ammidon, of the
$5,000,000 in a decade. Today, the
of the 34th Street Office.
Union
of
of
the First
National
Bank in Palm Beach, Fla., voted
on
Dec. 28 to transfer $300,000
Announcement has been made
by Lord Wardlngton, 'Chairman of
the Board
of Directors of
Bank
Lloyds
Limited, London, that R. A.
Wilson, one of the Chief General
Managers, retired from that po¬
sition at the end of the
year, after
completing 46 years' service in the1
Mr WiIson
joined the staff
of William Williams
Brown &
Leeds,
in
1898, and
a
few
Co.,
years
later that bank
was taken over
by
Lloyds Bank.
He
subsequentlyjoined the Inspection Staff and
in 1906 was
appointed Assistant
Manager at Leeds, becoming Man¬
ager
of that branch in 1913.
Wilson
was
appointed
an
Mr,
Assist¬
ant
General Manager in
1924, a
Joint General
Manager in 1929
profits ac¬ and
a
Chief General
Banking Co., Newark, N. J., died
Manager in
count to the surplus .account. This
on Dec. 26 at the age of 70.
1939.
He was elected a
The
Director
substantial increase will make the
Vellek,
Assistant 'vCashiers; Newark "News" in reporting his
of the bank in 1941 and on his re¬
institution's
capital, i funds over
Charles
O.
Assistant death, said:'..:-;/ yy.;iy \
Mitchell,
-Uv
tirement, Mr. Wilson will be ap¬
"Mr. Marsh was a prominent $2,900,000, to read as follows: cap¬ pointed a Vice-Chairman
Comptroller and Irving E. Iserson,
of the
Assistant Manager of Foreign De-; figure in banking and finance in ital, $200,000; surplus, $2,300,000; Board.
Sydney Parkes will con- ;
undivided
profits and reserves, tinue
partment—all of the 39th Street Newark for 50 years. He served
as a Director and sole
Chief
more than $600,000, an increase of
office. Robert McKennan of the as Cashier of National Newark
General Manager,
; !
>
over $400,000 since Dec. 31,
1943.
42nd Street office and Walter L.< until
On the 1st
1938,
and
Vice-President
January, 1945, cer¬
Tindle of the Queens office were until 1940. He was made Chair¬ The regular monthly dividend of tain
changes
are
being made
1%
and an extra of %%>' was
man
of the Board in
appointed Assistant Cashiers.
at Head Office
1940 and
and, as from that
also declared by the board mem¬
served three years until ill health
date, the following appointments
bers.
At the last meeting of the Board caused his retirement on April 5,
will become effective:
of Directors of the Bankers Trust 1943. He continued as a member
E. Whitley-Jones and A. H. EnAt a meeting of the directors of
Company of New York, Arthur G. of the board,
:
sor, Joint General
Managers, to
the First National Bank,' Dallas, be
Rydstrom, formerly Assistant
"Mr. Marsh served
an officer
Deputy Chief General Man¬
Vice-Pre/sident, was elected a of many banking and citue organ¬ Tex., on Dec., 19 the proposal to agers; F. S. Cheadle and W. B.
Vice-President of the Company. izations and was one of the found¬ increase the number of shares of Mayles, Assistant General Man¬
Mr. Rydstrom, who has been work¬ ers
of
the
Newark
Clearing stock from 480,000 to 600,000 was agers, to be Joint General Man¬
ing with the United States Mari¬ House."
,:unanimously approved. The stock¬ agers; E. J. Hill, from 39 Threadtime Commission, has been recent¬
holders will meet to vote on the needle
Street, and A. J. Faux,
ly released from the United States
The election of J. P. Williams, proposal on Jan. 9. This is learned from Law Courts
Branch, to be
Navy with the rank of Comman¬ Jr., as a director of the-Fidelity from the Dallas "Times Herald" Assistant General
Managers.
der.
When Mr. Rydstrom reports Trust
Co., Pittsburgh, Pa., was re¬ which further said:
he will
be
associated with the cently
.'his additional 120,000 shares
Announcement is made that late
.»reported
in
the
Pitts¬
Banking Department, y
burgh "Post Gazette" which fur- of Stock would be sold at $30 perl in November an interim dividend
ing appointments: James G, Hur¬
ley, Assistant Vice - President;
Meyer Shapiro and Gustave A.
tional
Newark
&
Essex
County
from
the
undivided
.
.
<
Henry C. Von Elm, Vice-Chair¬
man
of Manufacturers Trust Com¬
pany of New York announces that
at a meeting of the Board of Di¬
rectors
Dec.
of
26,
elected
a
the
held on
Madden was
company
John
T.
director.
.
Mr.
_
Madden
became President of the Emigrant
Industrial Savings Bank of New
York
on
Jan.
.Vice-President
1.
of
He
has
been
a
Manufacturers
Trust Company for some years in
charge of its office at Fifth Ave¬
and 43rd Street, and also had
general supervision of its Midnue
ox*
Directors of Clinton Trust Company of New York announce that
Set id *1
share\ pro
"Mr. Williams is also President
and
Chairman
of
the
Board
of
rata
to
the
present
stockholders. It will mean that the
old
kockholders
will
have
the
•
available," amount-'
"The money
:
Dec.
dent
ferred stock, amounting to $1,000,000.
This
preferred
stock
was
000,000
.
Third
Cincinnati
officers
seven
had
Fidelity
Newark, N. J., announced on Dec.
27, following a special meeting of
the Board of Directors, the retire¬
his
was
has
Corbin, President of
Union Trust Company,
graduation
three
years later, joined the legal de¬
partment of the Irving.
For the
past three years he has been en¬
gaged in customer relations activ¬
He
Baldwin
Horace K.
jn
vice-president in 1943.
Fifth
of
Chicago,
cities in Oregon
and Washington. In. 1932 he en¬
tered Harvard Law School, and
following
Dec. 26. Mr.
banking field.
from
in
also
Wil¬
Flipped, President Of they
bank, made the announcement.
Fred
15 years experience in the foreign
work
nounces
was
Brownson
Portland,
years he
tional
Industrial Trust Co.,
Mr.
graduated
27
advancement; of
Promotion
"Mr.
office at
born
We
"Post
Davidson, Willis E. Duff,
1922.
will be in charge of
Park Avenue.
to buy one share of new;
stock for every' four shares of old ;;
stock now held.
y
also announced."
pro¬
will
the
the
Thurston office.
by
Vice-President. He
the company's
as
Dec.
on
em¬
1901.,
William A. Korb and W, Howard
Martie to Assistant Cashiers was
Irving Trust Company on Dec. 28
of
in
Pittsburgh
which
"The
ier.
made Assist¬
was
chants
had
Gazette"
the
1920, Mr. Dwyer
tive
and
bank
Claude E. Ford
was
Secretary. Mr. Sauer began his
banking career with the Mer¬
Committee,
the
organized. Following a
merger with the Union Trust in
bank
Mr. Rogers
of Mr. Morris.
of
quote from
of
Sauer, Assistant Secretary,
had been Chairman of the Execu¬
death
Cashier. He entered the
ploy
the
bank.«'Vv;s,;v
Edmund f.
Rogers was elected Chairman of
the Board of Directors, filling an¬
other
vacancy
caused
by
the
Chairman of the Board of Manu¬
facturers Trust Co., of New York,
announces
that
the - bank
has
J1
;
by the Board of Directors of the
partner
a
appointed; As¬
and
ton C.
nearly 30 years.
as
right
-
..Mervyn E. Boyle, Cashier of the
Farmers Deposit National Bank of
Pittsburgh, Pa., since 1930, was
recently
elected
Vice-President
Assistant Vice-President and Mil¬
Hospi¬
associated
was
sociated for many years."
Y., announced on Dec. 21 the
promotion of John W. Dwyer as
tal and Trustee of the Josiah Macy
-
,
N.
fill the vacancy, caused by
Foundation,
were
William F. Foster, President of
the Union Trust Co. of Rochester,
director of the company
dent of the Post-Graduate
States Trust
sistant Vice-Presidents.
the Board of
Fulton Trust
the
death of Lewis Spencer;Morris;
Mr. McVeigh, who is Vice-Presi¬
to
VX
meeting of the trustees of
Johnson
D.
Company of New York on Dec. 21,
Charles S. McVeigh, of the law
of Morris & McVeigh, was
a
a
of Koppers Company,
Inc., with which he has been as¬
'"E. L.
York
Company
of New York held Dec. 28, Ster¬
ling Van De Water and Berkeley
firm
elected
New
'i
the United
York, as well as of its Executive
Committee,; and
a
Director of
Manufacturers Safe Deposit Co.
ities.
Henry
At
member of
a
of
in the trust depart¬
was
Directors
Thursday, January 4; 1945
from the Fed¬
comes
ment.
War Finance Committee for New
President
'
The
is
institution.
"Greater
Campaign"
the
War Bond
and
1942
the
of
Trust
$3,441,036,640.75 and U.
367.07
in
He
Government.
the
of
where he
Ru¬
elected
was
the
of
Reserve Bank
eral
Loan
War
various
the
in
Drives
Dec. 31,
for
ernment
active
meeting
Huebner
Mr. Huebner
has been
town offices. Mr. Madden
as
December
A.
Officer
Trust
(Continued from page: 94)
compared < with
$31,467,897 on Sept. 30, last; Cap¬
ital and surplus showed no change
$40,937,297,
their
at
of
3%, subject to tax, would be-,
oayable by the Imnerial Bank of
Iran
on
and after Dec. 20.
v
:
@FedFRASER