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In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
Final
Reg. U. S. Pat. Office
Volume
Explains Success of
The Financial Situation
something both typical and disturbing in the
stampede by virtually all members of the Senate John J. Rowe, President of Fifth
to make a record of support for the so-called San Francisco Third Union Trust Co. of Cincin¬
Charter.
Relatively few for a good while past have had the nati, Holds Different Kinds and
conomic Stabilization
There is
minds about all this business.
been
in making it appear that to oppose anything that was done
at San Francisco would be the equivalent of being exceed¬
ingly callous about the prospect of another world war.
Somehow, they have succeeded in labeling what was done
in that California City as "the only road" to a "lasting
peace." The situation is the climax of a long campaign con¬
ducted with the utmost skill in making the greatest possible
use of a long list of world catastrophes.
of
Maturities
to speak their real
Far too successful have the
Being Retained by Purchasers. V
drives
buncombe has been preached so often about what was
done at-San Francisco—and doubly unfortunate that so
many of the people of this country have grown to take so
much of this balderdash as gospel truth.
It appears to us
quite certain that the so-called Charter can not pos¬
sibly hope with any show of reason to accomplish a tithe
of what many now expect of it.
Indeed the American peo¬
ple will be fortunate if it does not in the end simply add to
their burdens, their hazards and unhappiness.
We can not
doubt that an era of dreadful disillusionment will presently
follow.
All this is of course to be deeply regretted. :
success
bilization
as
related
Fred
we
our
thinking
to
John J. Rowe
to
come.
ian
War Loan Drives:
and
of
Randolph Burgess Praises Senate Amendments, but Regrets That It
Did Not Adopt House Provisions Safeguarding Use of Fund.
Says
Position Taken by ABA Was Consistent With Its Policy of Advocating
Principles of the Bretton Woods Program,
but Seeking to Safeguard It
Against Possible Abuse.
lic will have
a
the American pub¬
backlog of accum¬
savings for their
ulated
personal
have
obviously,
and
protection,
buying power, and
increased feeling of safety if
accumulated
an
then
they
spend
more
annual income than
ably
had
for
favor¬
voted
on
posals
KNOWN' TO
A few figures, which are
"The
and
W.R.Bu„e..
in the bill
House of
Representatives.
three
omission
which specified
Section
the gold value of
the dollar to be communicated to
the
Fund
by
the United
amend¬ representative will make
ments," says Mr. Burgess, "adopt¬
ed by the Senate Banking Com¬
mittee in reporting out the Bret¬
ton
Woods legislation are con¬
6,
States'
no
dif¬
Financial Situation
price-wage
The
ceilings.
price
(Continued on page 231)
By CARLISLE
BARGERON
exhaustive in¬
correspondent has just completed a rather
Your
do, now that* they have
correspondent did this, '
not with any view of red baiting, but with a realization that the Com¬
munists do constitute a group of agitators in our midst and can be
quite effective, for good or bad, in our reconversion program.
Our
vestigation of what the Communists intend to
renounced their policy of cooperation.
Your
reconversion
i
situation
are
s
v
flattered that
of policy
be attracting so much at¬
tremendously
their announced change
would
225
been
of the
Ahead
Washington
News
225
r...
Moody's Bond Prices and
Yields.... 235
thing if
to
in-^
235
dustrialis ts
than
230
238
when
tion
Trading on New York Exchanges...
NYSE Odd-Lot Trading.
238
of
this
top
the
annou
226
Commodity Prices, Domestic Index. 236
General
Weekly
Review...
.,
Carloadings.......
-
,
Paperboard
Weekly
239
Industry Statistics..... 239
Lumber Movement......... 239
Fertilizer Association
Price Index.237
Weekly Coal and Coke
Weekly
.....
Construction... 238
...
236
Weekly Engineering
Record for June
Output
236
Review..............
Steel
.
235
Moody's Daily Commodity Index.'...' 235
Weekly
Crude
Non-Ferrous
Oil
Production...... 237
Metals
Market
Weekly Electric Output........
....
238
237
need
returning
t
tionary".
o
Carlisle
Bargeron
ac-
tivities. The
question arises as to
just what they meant by that, and
how much additional disturbance
when
year ago,
with
and the coopera¬
American
he
acted
capitalism,
pursuit of the Communist
story was one of the most amus¬
ing
experiences we have ever
had in our life. The Communists
upon
try is essential to an
industrialist
planning his post-war structure.
The party is about 60,000 earnest,
reasonably able agitators working
for Stalin. Communism has ceased
to be an ideology or a political
they can heap upon a situation
faith. ;It is an
already loaded with dynamite, -v;]
Our
■
not
seems
orders from
Moscow and he similarly acted a
few weeks ago when he switched
back.
To
know just what the
Communist party is in this coun¬
that they were
their "revolu¬
They would give any¬
to now become
we were
that
a
that
Communists
Trade
of
tremendously
the slightest
Earl Browder
announced the dissolution of the
Communist Party a little more
There
doubt
Moody's Common Stock Yields
Items About Banks and Trust Cos.
on
are
excited about them.
quite
American
They
paperman.
have
disturbing
■
to talk about it with a news¬
eager
it
Thus,
must
From
tention.
labor lead¬
ers.
........ .
it
as
Ameri¬
plain
can
Regular Feature»
because the present
to changes gress. This section, however, had
the virtue of specifically stating
made in the House and are in the
the policy of Congress with re¬
direction of suggestions made to
spect to the gold value of the dolthe Committee by banking groups.
(Continued on page 231)
"The
provision for restricting
additions
point are unwilling to boost wages
without a compensating rise in
itlllll Ahead;:;-of the News
Page
ference in the action to be taken,
gold value is
the only one which can be com¬
municated without action by Con¬
throughout the industry as manu¬
workers.
But some manufacturers at this
facturers seek to attract
From Washington
is, with what
we
call
just
Editorial
State
of
-
of pay in some textile plants and
the new scale has been spreading
enough
is to be effective.
"The
-
Recently the War Labor Board
an
increase in the rate
ordered
delicate
GENERAL CONTENTS
other
will be helpful in preparing
the way, both here and abroad,
for other steps which must be
taken, especially in dealing with
trade practices, if Bretton Woods
Fund, as was provided
already passed by the
structive
of $3,750 issue
person
(Continued on Page 234)
gram
short-term use of the
the
to the
Bretton
between
elements of a
sound international economic pro¬
adopt
of
per
an
provision stating the pol¬
relationship
Woods
recommenda¬
tions
made
"Two
chase
the' re¬
icy of the United States as
expressing re¬
assuring the
to
the American public,
annual direct pur¬
by
limited
automatic.
gret that the
Committee^
wUh respectto
sonally
termining the use of its resources
rather than having this use semi¬
-
ing full "co¬
operation and
support to the
measure,
but
not
outstanding, and held per¬
bonds
We are pushing
manpower.
with the maintenance of war pro¬
EVER
THRIFT
sponsibility of the Fund for de¬
addi¬
visions, pledg¬
did
such an
strengthens
amendment
with
p r o
Furthermore,
purpose.
Pro¬
several
tional
international
fund
not be available for that
An
should
Bretton
Woods
armament is obviously desir¬
able.
the
itary-type fabrics;
production of scarce items for ci¬
vilians as hard as
is consistent
dertaken, and are accomplishing
the
GREATEST
EXPERIMENT
President of the American Bankers Asso¬
MAN.
ciation, issued a statement on July 6, after the Senate Committee on
quite rough, demonstrate this:. .
Banking land ^<$>—
'
~
1. The
total
amount of "E"
the Fund from using its resources
Currency
civilian supplies.
durable, mil¬
The principal
reason, however, has been the in¬
ability of textile plants to obtain
slower-woven, more
of their
they did dur¬
ing this war period of overtime.
The American people have un¬
IN
W. Randolph Burgess,
the shift from civilian-type
generally declined, and the house¬
wife has been having an increas¬
turn to peace,
thrift, during
encourage
period of extraordinarily high
employment, so that when we re¬
W.
gone
bilization emphasizes that the best
antidote for inflation is increased
To
production of textiles has
down. One reason has been
to the
time,
goods in the hands of manu¬
wholesalers, retailers,
consumers, themselves, have
a
To finance the war.
because of the need
for men who
and forth between the
tropics and colder climates, partly
because
of the long pipe lines
across
the Pacific. At the same
ingly difficult time finding what
she wants in the stores," it states
that "the Office of Economic Sta¬
1.
2.
back
move
facturers,
^Obviously^Jthere are two objec¬
tives in the policy for periodic
partly because tropical
are hard on cloth¬
partly
ing,
and
threat
the
are
for multiple supplies
monetary inflation.
;
Noting
tnat
"in
the last
three months, inventories of civil¬
8th Drive
the
Vinson
M.
observa¬
as
requirements for tex¬
months immediately
greater than for a two-
the
in
front war,
price, wage
rationing
six
turn
Pledges Support of AM lo
Bretton Woods if Enacted
Military
ahead
to
to the follow¬
(Continued on page 228)
f
o
sta¬
controls
tions
""/-,'/;//';'////"/.';/.//■
•
Textiles
and
ing
follows:
as
environments
Drives, leads
to be
report
tiles
economic
of the
earlier
then reviews the
supply situation of civilian goods
The
a u,
problems
Loan
Drive, on top
of the great
for."
tion is to be looked
cussed rthe
tion to the 7th
pure
to
supply-demand posi¬
shift in the
Jr., as Secre¬
tary
of
the
Treasury, dis-
present:
The very large
oversubscrip¬
War
inted
Morgenth
to
up
ruc¬
However, no near-term
duction.
succeed Henry
the
phenomenon which by no means stands
it is a fitting part and parcel of the
of the day's events and the day's management of
affairs.
We think it highly unfortunate that so much
trend
po
the
Loan
War
and
tion, who was
recently
ap~
Financ¬
-
ing/: and
/
Reconst
'
War
Mobili¬
zation
interesting and instructive obser.4 r vations on the
On the contrary
world
War
Cincinnati, offers the following
of
Pull Props Out of Another.
Report to the President and to Congress dated July 1
and entitled "The Road to Tokyo and Beyond," Fred M. Vinson as
Director
of $>In the third
Fifth Third Union Trust Company
But this is a
alone.
a
Agency Should Not
President of the
John J. Rowe,
.
Alone
By No Means
Inflation Will Be
Market and That "E" Bonds Are
Wage and Rationing Controls, Holding That
Continuing Threat. Says Lifting of Control by One
of Price,
Continuance
Better and Wider
a
Report Urges
and Reconversion in Third
Director of War Mobilization
Bonds
Government
Created
Has
so-called internationalists
Copy
¥£ns®it Reports on
current
courage
Price 60 Cents a
York, N. Y., Thursday, July 12, 1945
New
Number 4402
162
a
fact
party
is
amazing thing, but
that
the
Communist
in this country is nothing
a list of agents
in the world but
(Continued on page 233)
r^-rt»'
It,»r
•«^* " ^«*VV< H.^oUV'r^^^'ivfM
J
THE COMMERCIAL & FINANCIAL CHRONICLE
226
Thursday, July 12, 194$
Tfi
Bank Officers Receive
■
;
■''
"I
-.
■'
Diplomas From School
frequently asked whether this country can
regain its old financial and industrial leadership.
Well, I am full of quiet confidence. It is true that
our national debt is likely to be about three times
^'-;l'
,;i'
am
One hundred twelve bank offi¬
uated
r
I
^
much
the last
it
as
at the end of
was
countries of
overseas
national
income
American/
commencement address at the ex¬
ercises held in the Elizabeth Rod¬
also
Voorhees
Wiggins,
the
of
Trust
our
much
full
Prime
great
make
to
of the
cause
of
productive capa¬
city. However great the effort, it
will have its compensations, for,
if guided aright, it will assist that full
employment
policy to which the Government is committed, and
with which we are all in such ardent
sympathy.
"But, My Lord Mayor, recovery will need some¬
thing more; it will need a resurgence of that indi¬
vidual initiative, that resourcefulness, and that
spirit of adventure which, in war and in peace,
have ever, of old, contributed to our country's pros¬
perity and to its greatness. In that respect the
City of London must give a> lead and play a major
part. I do not need to tell you that her position in
world commerce and in finance is unique—and I
would ask you to note, I say 'is' not 'was.'—Lord
Catto, Governor of the Bank of England to the
use
our
awarded
was
great.
of both depend
ducted into
Vinson Slated
as
One diploma
to J.
absentia
the Armed Services.
W. Hill award.
the
senior
and
was
Mr. Diekelmann is
member
thus
the
of
the
class
first
graduate
to receive the citation. The honor
was
created
last
year
by the
Board of Regents to be awarded
annually to the oldest member of
the
graduating
class
The Class of 1945 is
was
first
was
V l
/
of the
one
smallest
graduating classes in the
history of the school and reflects
the impact of wartime conditions
upon organized banking and its
educational activities.
Many of
;
its
'
the bank officers who enrolled
of
the
class
two
as
years
ago are now in the armed services
Treasury Head—
of the nation.
Snccessor-Lafter's Tax Views
*
•
f
>
Berford Brittain Jr. of the Con¬
tinental Illinois National Bank &
Trust
Co., Chicago, 111., is the
July 5 that Henry Morgenthau,
permanent
class President
arid
Jr. had sent to President Truman his formal resignation as Secretary
Carl W. Trempf of the First Na¬
of the Treasury and that the President had accepted it in a letter
tional
Bank
of Boston, Boston,
praising Mr. MorgenthauV service to the nation and expressing
Mass., is the permanent class sec¬
regret at his decision to resign, according to Associated Press reports
retary of the Class of 1945. *
from Washington on that date.
The resignation is not to become
The White House announced on
The
effective until President Truman
from
returns
next three
in the
forthcoming
the
conference,
Big-Three
expected
weeks.
/ Mr.
whippe'd
together
tax
bills
and
led the fight to put them into law.
He served fourteen years in the
Morgenthau has held: the
Treasury post for over 11 years.
From the United Press, Washing¬
ton advices July 5 we quote:
Mr, Truman, accepting the res¬
ignation, thanked Morgenthau for
his
services.
Terming Morgenthau's resignation "a distinct loss"
to the government, he reviewed
House,
his federal
tive branch in the mammoth
brought him to Washington from
signment
of
holding
the
line
against rising prices. As Director
Dutchess
;
of
services which began
in 1933 when President Roosevelt
take
county,
over
'Board.
the
New
York,
Federal
to
Farm
;
nation,
conference held
shortly after the President an¬
nounced the resignation, Secre¬
At-
a
press
rest.'^
A
line
White
House
•'
announcement
July 6, made through an As¬
Press
Secretary, stated
that President Truman has indi¬
cated that he will nominate Fred
M. Vinson as the new Secretary
on
cases
for
battling
President
Roosevelt's ideas.
In
1938
Mr.
he
was
Roosevelt
as
appointed
an
by
Associate
dent
weeks'
two
session
summer
The
of
resi¬
Graduate
School of Banking, closed on June
completing
30,
school's
the
the
11th
life.
year
of
The
graduate
school opened in 1935 and in its
first 10 years 1,255 bankers have
been graduated from its courses.
The men begin their studies with
Justice of the United States Court
a
of Appeals for the District of Col¬
umbia. He served for five years,
then was drafted into the execu¬
resident
session
of
two
weeks
at
Economic
Stabilization
V"inson
built
a
reputation
resisting pressures.
to
as¬
Mr.
for
Interesting to those who want
know the, shape of taxes to
is the fact that Mr. Vinson
been outspoken against any
come
has
reductions in tax rates until the
end of the Japanese war. In this
he and Mr. Truman thoroughly
agreed.
From Associated Press accounts
from
Washington July 7 we quote:
His
(Mr. Vinson's) views on
said that he had
plans other; than to take a
post-war taxes
tary Morgenthau
"no
most
the
down
The President
praised Morgenthau's tax programs and particu¬
larly his work in the war bond
program which the chief execu¬
tive described as "a great achieve¬
ments deserving the thanks of the
in
his report as
bilization
sued
sistant
He
a
contained in
Director of War Mo¬
and
are
Reconversion,
week ago
revenue
needs
Rutgers University, and after
a year of extension study of prob¬
lems at home they return for a
second two weeks on the Rutgers
campus. After another year of in¬
tensive extension study they again
come to
Rutgers for a final two
weeks of resident study.
If, in
addition to the completion of this
study work they write an accept¬
able and original thesis on a sub¬
ject in the banking or allied eco¬
nomic fields, they are graduated
of
session
their
third
two
at the University.
The graduate school meets the
of bank officers for
ad¬
need
study in subjects related
operations and service,
provides for mature bankers,
courses
presenting current in¬
vanced
and
formation
r.n
national
national affairs.
;
and inter¬
:
;
'
2.
a
They should be levied in such
to have the least harm¬
way as
ful effect
on
the maintenance of
would be three times what
they
mass .markets and mass purchas¬
had ever been in peacetime.
his return
He set down these
principles as ing power.
from5 the forthcoming conference.
a guide in
constructing the post¬
3. Taxes must fee fair among
Mr. Vinson, said the Associated
war tax program:
Press, is familiar with taxes and
people.
1. Taxes should be levied in
is known as a tax authority. From
4. Tax policy should be inte¬
such a way that they have the
thesei press advices we quote:
least harmful effect on the ex¬ grated with a fiscal policy de¬
For years as Chairman of the
Tax Sub-committee of the House pansion of business investment signed to prevent inflation and
deflation.
Ways and Means Committee, ne and the creation of jobs.
of
the
Treasury
on
,
measure, rejected a proposal to<$>reduce excess
profits taxes - by ever, are still heavily loaded with"
$235,000,000 in 1945 through the rated orders having first call on
medium of a retroactive increase available supplies, but notwith¬
in the
by
a
exemption under this levy
vote of 120 to 95.
creased
The in¬
will go into
1946.
The results thus far achieved in
business' feehalf were not attained
exemption
effect in January,
it
"cuts
melon"
a
dollars
for
of
millions
railroads
some
■'benefits those who made
,
of
and
excess
profits out of the war." '
:
To this argument, the bill's ad¬
vocates countered with the state¬
ment that the five-point tax revi¬
sion is essential to hasten recon¬
version,
especially
business
and
spreading
in
for
s mall
interest of
the
employment,
adding
change ir.
standing this, some unrated ton¬
nage has found acceptance.
''.
Terrific
pressure
from
nonrated customers on steel mills to
take
tonnage and promise deliv¬
has
developed in recent
weeks, presenting more of a prob-'
lem to steel companies than was'
eries
at
first
evident.,
From
a
com-;
petitive
standpoint
most
steel'
firms, states "The Iron Age," will:
want to take as much non-rated1
business
well as*
promises/
good post¬
war customer
relationship. Steel;
companies, however, except in a
few instances, have not been able;;
to help their customers' plans byfurnishing firm delivery prom¬
make
possible,
as
the
as
best delivery
in order to maintain
a
ises.
that it makes very little
'}
,
One factor noted especially the,
ultimate tax liabilities of corpora¬
tions. ' The measure involves nc
past) week was the reported du-!
plication in non-rated steel book¬
change in individual
or
ings.
income
and
tax
burdens
corporate
specifi¬
cally provides:
1. Increase in the excess
profits
tax specific exemption from $10,000 to $25,000, effective beginning
with the 1946 tax year.
Tax ex¬
perts estimated this would reduce
excess
p r o f i t s
obligations by
$160,000,000 in 1946.
'
[ 2. That the post-war
10%
the
of
credit ol
95%
excess profits
currently with re¬
spect to the tax liability of 1944
and subsequent
years,
reducing
taken
be
tax
tax payments in 1945 or 1944 lia¬
bilities by about $830,000,000 and
inV1946 with respect to 1945 lia¬
bilities by about $710,000,000. '
3. Advance to Jan. 1, 1946, the
maturity date, of outstanding ex¬
cess
profits tax post-war refund
bonds, hastening the availability
of $1,300,000,000 that
otherwise
would be paid from two to foui
years after the end of the war.
4.
Speed
up
refunds
resulting
from carrybacks of net operating
losses and of unused
excess profits
Under present law these
credits.
refunds, amounting to $1,000,000,000 would be paid over an in¬
definite period from 1947 to 1950.
5. Hasten re fund s resulting
from the recomputation of deduc¬
tions
for
amortization
of
emer¬
facilities, affecting perhaps
$1,700,000,000 otherwise to be re¬
gency
funded over an indefinite
period.
Major interest and debate on
the legislation
centered on the
proposal to make the excess prof¬
retroactive,
would per¬
mit a reorganized railroad, oper¬
ating under a new charter, to re¬
its exemption increase
and a provision that
the
tain
tax
base
which
its
preceding corporation had.
4
In supporting the railroad pro¬
vision,
Representative
Carlson
(Rep., Kan.), said it removes dis¬
crimination
as
between States and
declared:
"The
provision gives the rail¬
reorganize the same
advantages in every State that
they now have only in a very
few States where they must re¬
organize under a new charter."
roads
bank
to
is¬
Government
the
war
after
end
the
at
weeks'
today.
declared, that
by voting 246 to 91 for legislation aimed to improve the cash position
of business,
The extent of relief that is expected to accrue to indus-;
try during the reconversion period from its onerous tax burdens is
placed at $5,500,000,000.
The House, however, in favoring the1
,
and
named for Mr. Hill who
that
<
be¬
During the ceremonies marking
the graduation, Hermann G. Diekelmann, Cashier of the Horicori
State Bank, Horicon, Wis., became
the first recipient of the Richard
will,
upon
&
Houlton, Maine, who had com¬
pleted his studies before being in¬
members
as
in
);
was
death. of an
registrar of the school.
which made; the United States
IcrgepEhu Resigns
Bank
-
Frederick Donald, Assistant Cash¬
ier of the First National Bank,
..
the spirit, the "ideology" if you
made Britain great.
It is likewise
is
The future greatness
survival.
'
sudden
officer of his bank.
Catto
bankers and merchants of London.
which
Lincoln-Alliance
-
Co., Rochester, N. Y.
prevented from
officiating
Minister,
'toil and sweat'
/In; Congress last Friday the House of Representatives took the!
initial step in an effort to assist industry in its reconversion process
Chapel, a; L., M,;
immediate past Presi¬
without a struggle since antagon¬
dent of the ABA, acted for
Ray¬ ism existed in sufficient degree to
mond N. Ball, President of the
discussion
on
it, j and
Board of Regents, in awarding the prolong
cause its. opponents to charge that
diplomas. Mr. Ball, President of
man
covery will not be easy: it will
require much effort, much re¬
straint, and, to use historic words
This
Bankers
Hill, registrar of the
graduate school from, its inception
in 1935 until 1944, delivered the
very
substantially
increased
since the end of the last war. Re¬
Lord
and
the
Association.
Richard W.
a
have
conducted by
University
Rutgers
import¬
heavy
burden. But the productive capa¬
city of the country and therefore
the
were
grad¬
Brunswick, N. J.
School of Banking,
an
ant amount All that is
states
mencement
It is true also that
of obligations to
war.
part consists
23
New
at
June 29 at the 9th annual qomr
of
The
Graduate
on
*
as
from
cers
'
/ •
that
Steel
Industry—Indications the
past week were that the delivery
situation would be considerably
improved, especially for civilian
manufacturers, some time in the
latter part of this quarter, accord¬
ing to "The Iron Age" in its cur¬
rent summary of the steel trade;
Lighter advance buying, more
cancellations and some easement
in
inventory
available
pressure,
brought
delivery dates on most
steel
products last week 30 to 60
days closer than openings quoted
about
a
month ago.
Beginning with last
week,
non-
shipped
barring their interference with
war business.
Order books, how¬
rated orders may now be
This practice of placing the
same-
order
with
several
steel
companies, states the trade maga*?,
zine, is gaining momentum and'
will
tend
order
further
to
confuse
the"
book
picture.
The pro-,;
indulged in by consumers"
is with the hope of gaining arv
earlier delivery/ and the steel
mills, it appears, are unable to
check the practice.
The WPB's quandary over the ;
cedure
failure of sheet offerings to mate-:
rialize as a result of fabricated"
product
cancellations
may have
request to sheet
producers to tabulate and report
all third quarter sheet orders of
consequence on the books with
occasioned
the
customers'
names,
notes.
the
magazine
The receipt of this
infor-t
followed, it is feelieved, by a check with consumers,
as to the possibility of
fidditionaL
sheet cancellations, it is reported;
that some major steel users al¬
ready have been contacted.
J
mation will be
-
From
,
delivery
standpoint/
publication
notes
that
coated sheet products are becom-;
in? easier.
Heavier tinplate di¬
rectives are making rapid progress
a
trade
m
aissolving extended schedules
and
are
deliveries for the first time
showing
ment.
marked/ improve¬
Some promises are
made for November
being
compared*
January deliveries quoted a
month ago.
Galvanized sheets,;
too, for many months one of the
longest delivery items
in
the
book, also show promise of be-;
coming easier.
as
to
Shell container and storage case
program cutbacks announced this,
week by the Army, promise little*
early sheet relief.
The cut in
monthly schedules to become ef?
fective in July and August, will
lower the level of sheet require¬
ments somewhat, but the effect on
mill books will be delayed and.
continued
requirements, though
lower/will still be quite heavy in ,
the future.
*
Relaxation of railroad carbuild-1
ing schedules has been made by
WPB to permit builders to ar-'
range their own schedules to suit
operating conditions. This, how-7
ever, will not affect cars already
scheduled.
;
The American Iron and
Steel'
Institute announced last Tuesday *
that the operating rate of steeU
companies (including 94% of the;
industry) will be 89.0% of capac-*:
ity for the week beginning July*
9, compared with 88.1% one week'
ago.
This week's operating rate'
represents
an
increase
of
0.9
points from last week's rate and1
is equivalnt to 1,630,200 net tons
of steel ingots and castings, com-;
pared to 1,613,700 net tons last"
week and 1,714,300 tons one
year ;
ago.
•
■
K(Continued on page 232)
/'
'O 1 ]'i
■
'
f; /•
",;
■.
•
•
•;•■, .:-
>
7'.;'-
jv ; —
Volume
::v:
;!r:Sv
Number 4402
162
•■..v-v;,•;.;,/.•"• 1'"".7:.-,;-";-;.*
v;.-' •■.■■■ .■;<■•» ■}.;]•■. •-.
..-•"■,.■*..:■/■■;-■• .
financial chronicle
vv.
i;hl commercial &
■.
„
227
ime
liSSi
};:;■ I &SfiH8£$£l
legislation to extend stabilization
June ,30, a ,few hours
a vote of 255 to 94,
the House approved a compromise bill, which the Senate diad already
accepted, which was substantially what the Administration had been
seeking, a renewal of the legislation without weakening amendments..
;
The Polish Government of National Unity established at War¬
has been accorded recognition by both the United States and
The American Ambasador to Poland will proceed to
f:
Final Congressional action on
saw
and price controls for another year was taken
before th& existing act would have expired.
By
Great Britain.
House passed and sent to
on July 6 legislation
The
He is Arthur Bliss
ambassador to the Polish Government at
1931, and President Truman has now ap¬
his Ambassador to the
up
the 28th of June and that it has
A special dispatch t«> the New'O
Warsaw Government.
ders to injunction - suits
in the 000 of tax refunds during the next
York "Times", from Washington,
The • following is the formal recognized in their entirety the
Federal district courts had been three years, the Associated Press
on that day, stated that aside from
statement of recognition by Presi¬ decisions of the Crimea Confer¬
appealed to the reported on that date from Wash¬ dent
continuing price control for rejected, also
Truman, as given by the ence on the Polish question.
House to refuse to accept the con¬
ington. Approval was by a vote
another year, the measure carried
The
United
Press from
Washington,
message
requested
the
the
Warsaw
Senate
soon
as
possible, it is announced.
as
Lane, who has been our
since September,
cash po¬
London
speeding
pointed
payment of nearly $5,500,000,-
designed to improve the
sition of* corporations by
,.
these material
A modified
I
additions:
amendment by Rep¬
ference
The
bill.
considerable
on
Republican,
of Minnesota, requiring OP A. to
this view, Mr. Wolcott declaring
obtain the prior approval of the
legislation
necessarily
new
Secretary
of
Agriculture, that all
Clinton P. Anderson, in setting represented some compromise.
k The bill to extend price con¬
food prices applying to processors,
but
not
extending
his control trols, after passage; was flown by
special plane to Kansas City for
down to the retail stores...
President Truman's signature. The
t;A non-controversial amendment
by Representative Patman, Demo¬
crat, of Texas, lifting all slaughter¬
ing limitations on every plant
found by the Secretary to be sani¬
tary, regardless of whether it had
beer, operating under the old type
of Federal inspection.
1
Another more or less agreed
July 5:
establishment of diplomatic rela¬
satisfaction that
I announce that, effective today,
as
of 7 p.m., Eastern War Time,
tions with His
1945
however, ' brought »it
House with him
President,
it there, declaring, ac¬
to the Associated Press
and signed
cording
Washington on July 2, that
stabilization controls will have to
from
be extended into the postwar ere.
roads ; and
made-
that
argued
decisions
reached
the
Feb. 11,
.
corporation income tax
dens,
or
reassurance
the difficult year
House conference.
^
Representative McCormack of
Massachusetts, the Democrtic
leader of the House, cried out in
$
"
-"Unless this conference report
accepted today there
price
remaining
control
is
will be no
law books. A vote against
on
the
war
of
not
but
ready
only
in
in solving
confronting."
> ■.
.
,
•
The OPA receives an appropri¬
$174,500,000, according to
the
Associated
Press, under a
measure
also pushed through at
ation of
the
year-end session.
.
bur¬
according to the
Press, the five-point
provides:
Specifically,
which
aiding infla¬
tion."
put through with the extension
legislation and on which:, com¬
Representative Dirksen, Repub¬
of Illinois, whose amend¬
ment proposing to open OPA or¬
promise had to be reached were
given in the "Chronicle" :June- 28,
page 2881.)
"
construed
as
a
vote
lican,
1. Increase in the excess
profits
specific exemption from $10,-
effective beginning
with-the 1946 tax year. - Tax ex¬
perts estimated this would reduce
excess profits obligations by $160,-
taken
v
subsequent
national Unity
as
/
they have recalled
decision on Po¬
land include a provision that the
Polish Provisional Government of
National Unity shall be pledged to
the holding of free and unfettered
elections as soon as possible on
the
basis
of universal suffrage
and the secret ballot, in which all
democratic and Anti-Nazi parties
shall have the right to take part
and to put forward candidates.
1 In doing so,
pos¬
Office
*
.
appointment, it is proposed to send
to Warsaw
as
soon as possible
the Hon. Robert Hankey as
Polish
regime
They Complain of "Shut
1
•
credits.
,
Under
law
present
j-
Twenty-eight of the Governors attending the Mackinac
Island
of the Employment
Service which was turned over to the Federal Government at the
beginning of the war.
The Governors expressed themselves- in re^sponse to a letter from the Commerce and Industry Association of
New York, which asked them to "support the return of the Employ¬
ment Service to the states imme-<*>
diately."
>
•
Thomas
ciation
■
favored
Jefferson Miley, Asso¬
wrote
Secretary,
———1——
—
dates wrote Mr. Miley that they
passage
of
the
Amend¬
ment; most of them reported they
had
written
President
Truman
each
"With the passage of
peak
wartime
production, the
problem of recruitment has been
transformed into one of trying to
Governor,
about their
other
mote
position or had taken
energetic measures to pro¬
the
bill:
Iowa, Maryland,
Virginia, Tennessee, Texas, South
Carolina, South Dakota, Pennsyl¬
power and labor movement which vania, Oregon, Ohio, North Da¬
kota, North Carolina, New York,
is found to be necessary in in¬
dividual areas could continue to. Nebraska; New Jersey, Montana,
Washington,
D. .C.,
remain in the War Manpower Minnesota,
Missouri,
Mississippi,
Commission. We believe that the Alabama,
Maine,
Illinois,
Indiana,
Utah,
return to the States of the Em¬
ployment Service would,; in; fact, Georgia,; Florida, ■ Wisconsin Colo¬
/f/yvf
' i
:
strengthen' the prosecution of the rado, Delaware.
jobs and making placements.
Any wartime control over man¬
find
refunds, amounting to $1,000,000,000, .would be-paid over
an indefinite period from 1947 to
195,0.
r
■
-
refunds
resulting
from the recomputation
of deduc¬
•
Hasten
5.
tions
for
of
amortization
it
facilities, affecting perhaps
$1,?00,000,000 otherwise to be
funded
over
The big
an
re¬
indefinite period.
battles pivoted on the
retroactive, and a provision
a reorganized rail¬
that would let
operating : under
a
new
eharter, retain the tax base which
its preceding corporation had.
~
Yi 'Chairman Sabath (Dem., 111.) of
the
Rules
Committee
declared
that under the railroad provision
road,
.
'
war
"The'wide, variations
in
conditions and the need for
control and local employer
est
local
local
inter¬
Byrnes Names Assistants
•
The
new
head of the State De¬
partment, James F. Byrnes, has
point to the great importance
the administration -appointed to temporary - assign¬
of the return of
offices to the
of the employment
individual
States.
The
benefici¬
the-Wabash Railroad would bene¬
fit by $8,500,000, and Representa¬
tive Eberharter
fV'-'
effort.
ment
as
assistants
to-the
Secre¬
tary of State Benjamin V.-Cohen,
Donald
S.
Russell 'and
Walter
be
could'
(Dem., Pa.), said
inferred
that
value; 'the
nothing."
1
But
old
stockholders
-
get
.
.
despite
all
shouting
something
the
those who wanted to do
statements
these
was
be
between the two
urged that steps
immediately
to
give
areas
It
nations.
taken
was
United States exporters
equal op¬
portunity to sell in countries un¬
der
the
influence
of
British
.
"blocked sterling"
•There
were
countries:
comolaints
also
about the complex entry
ments for tourists and
in
travelers
republics,
ments,
or
was
apparently
an
between
the United
British Governments
and
of trading
railroads in
one-third their
one-half
it
was
prove
trade,
or
American
excepting
These
States.
eliminated
commercial
Latin
the
not
held,
-
the
require¬
should' be
modified; since they
to be a great deterrent to
and
international friend¬
ship.
It
was
.pointed
.
:
,
The Governors of
the following
July 3.
.
The
out by several
Interna¬
Monthly
Second
tional Trade Forum will be
held
Wednesday, July 19 (the third
Wednesday of each month) at the
on
headquarters of the
of Trade, 291
New
York
Broadway,
N. Y.
Chairman, Hal F. Lee; CoChairman, Charles A. Richards,
Board
Vice
Interchemical
President,
-
Corp.,
;
.
„
■
.
continua¬
tion of the Latin American Trade
Forums initiated under Mr. Lee's
direction in 1942, and are open,
without charge, to all interested
Forums are
These
in the
a
promotion of foreign trade.
requirer
should not
about the railroad provision were members that a uniform recoproBrown,
according to an Asso¬
needlessly be separated in time
blocked.
By
the
rules
under cal agreement should be worked
ciated Press announcement from
and
distance
from
those who
which the bill came to the floor out. which: would simplify the ex¬
Washington, July 5.
The three
niake the policies and who admin¬
only one amendment was allowed, isting regulations so as to permit
were on Mr. Byrnes's staff when
ister them once they are made.
Slaughter got that spot with his a greater expansion of trade with
he was director of the office of
."Because of the importance of
unsuccessful move to make retro¬ Latin America.
war
Mobilization and Reconver¬
coordinating employment offices
active the $10,000 to $25,000 in¬
The Forum members also fa¬
sion, and Mr. Cohen will be re¬
and the offices administering the
crease in, the excess profits tax
vored the insertion of an arbitra¬
membered as
one
of; the late
payment of employment benefits,
tion clause in trade contracts and
President
Roosevelt's
so-called exemption.
the
Employment
Service . now
(An earlier report on Congres¬ order forms such as the standard
"brain trusters".
under
Federal administration
suggested by the InterMr, Byrnes took the oath of sional action for tax relief was form
should be returned to State juris¬
or J can Commercial Arbitration
office as Secretary of State on given in the "Chronicle" June 28,
diction immediately."
Commission.
aries and the" taxpayers
International Trade Prob¬
®1
that there should be an allotment
United
those who bought the
from
agreement
States
It
Government.
/there;,
"those, who get the. benefits are
at
supplied with the same
by the British, they
expect no aid from the
I American
proposals Of Representative
Slaughter • (Dem., Mo.) to make
the
excess
profits exemption
boost
can
materials
emer¬
I
gency
Outs" in
lems, conducted by the International .Trade Section of the New York
Board of Trade, on June 20, several exporters complained of the
restrictions on trading in countries comprised in the "sterling area,"
and it was stated by one member that Egyptian importers who have
come to the United States to buy goods have been informed that if
these
Conference favor immediate return to the states
At the-first meeting of the Forum on
i;
new
,
losses and of unused excess prof¬
its
the.
•*
reported in
114.)
was
the "Chronicle" July 5, page
International Trade Section of New
At Discussion of
/
York Board of Trade,
4. Speed up refunds resulting
from carrybacks of net operating the
Sterling Area.
a
of
"(Establishment
unity in-Warsaw a formal
to the effect' that a
Government was established on
tional
notification
war.
Charge
d'Affairs ad interim..
Provisional
1, 1946, the
maturity date of outstanding, ex¬
cess
profits tax postwar refund
bonds, hastening, the availability
of ' $r,300;000,000
that otherwise
would be paid from two to four
will be
Pending his
Warsaw
to
shortly.
announced
recently
formed Polish
Government of na¬
the
•
appointment of a British.
Ambassador
•
Majesty's Government in
the
United
Kingdom have re¬
ceived from the Prime Minister
of
Crimea
the
that
Government,
,
establish
diplomatic relations with it.
staff,
Foreign
and have informed
him of their readiness to
His
$710,000,000.
the end of the
-
July 6:
payments in 1945 on 1944 lia¬
bilities by about $830,000,000 and
in 1946 with respect to 1945 lia¬
years after
Polish Provisional
recognition of the new
according to
United Press from London, •:f The
the
re¬
tax
bilities by about
soon
as
Osubka-Mo-
recognition of the
Government of
their
rawski
ment of its
reducing
years,
United
have conveyed to Mr.
released the following announce¬
spect to the tax liability of 1944
and
British
The
Polish
currently with
Warsaw
to
sible, accompanied by his
j 2: That the postwar credit of
10%
of the 95%
excess
profits
be
national unity has
a written commu-
Crimea "decision
ceed
000 to $25,000,
tax
in
me
agreement, with
the
States Government, they '/
full
In
Provisional
Polish
new
with respect
to the holding of election. ' 0
Y: Mr. Arthur Bliss Lane, whom I
have .chosen
as
United States
Ambassador to Poland, will pro¬
the
/3. Advance to Jan.
,
(The limiting amendments
the House had' sought to
the con¬
ference report can justifiably be
for stabil¬
fighting- the
the problems
reconversion which we are al¬
"We shall have need
ization
important
an
as
towards fulfillment of the
decisions regarding Poland
em¬
bodied, in the declaration on Po¬
land issued by the Crimea Con¬
ference.
' ;
: ..
The new Goyernment
has' thereby confirmed its inten¬
tion to carry out the provisions of
000,000 in 1946.
and'added:
arguing that there was yet "ample
time" to insist upon a new Senate-
'
during
that lies ahead,"
inflation will be carried on
amendment had been vitiated and
reply:
that the fight against
unity
national
question.
Associated
tax
His
step
rrcation that it has recognized in
their entirety the decisions of the
Crimea Conference on the Polish
change is made in individual
measure
Majesty's Government wel¬
the
establishment of the
Polish Provisional Government of
.
come
,
informed
a
visory councils.
Representative Andresen strugr
gled to the end against the com¬
promise bill, contending that his
1945.
Government of
1
bassador.
step in fulfilling the
regarding Poland
at 'Yalta and signed on
aid
employment. ~ They said it makes
very little change in ultimate tax
liabilities of corporations.
No
of repre¬
the rank of Am¬
sentatives with
and positive
and. thereby
business,
small
that
make "sure
those/ who
of the
/ ' / *
out
jto hasten reconversion, especially
his
dollars as possible into war bonds.
In this way we can speed the -day
and
this Government is an important
l: The
must put as many of
victory
at Warsaw.
five-point tax revision is needed
chase of scarce goods and every¬
of
unity now established
The establishment of
of national
Majesty's Govern¬
ment and the exchange
.
IJ Proponents
"Every one of us must refrain
making unnecessary pur¬
us
profits
*,
war."
from
of
"benefits
excess
the
of
Provisional / Government
Polisn
of dollars for some rail¬
millions
-
has established
relations
melon" of
a
United
diplomatic
with the newly formed
Government.
States
.
•'
It is with great
the
'
<
.
shouted that it "cuts
Said the President:
one
defeated.
were
Approval of the bill, said the
Associated Press, came after tur¬
bulent debate, in which opponents
;
marginV of peace will bring a sound and last¬
profit on each major species of ing prosperity."
livestock, that is, cattle, hogs and
He declared that the renewal of
sheep.
the legislation without weakening
A section establishing rent ad¬
amendments ; "gives
the country
group
a
as
also
exemption in excess profits taxes,
effective. January 1946. Efforts to
make the increase retroactive for
back to the White
amendment, submitted in the Sen¬
ate by Senator Barkley of Ken¬
tucky, the majority leader, and in
the House by Representative Bates,
Republican, of Massachusetts, di¬
recting the Administration to seek
to guarantee to the processing in¬
dustry
would
bill
The
•
Republican side of Represen¬
tative Wolcott was thrown against
the
resentative Andresen,
C
increase
of 246 to 91.
-
influence
I'nil1"
—-—
V
Living Costs Rise in May'
costs
Living
of
and lower-salaried
ers
of
earners
from April to May in
rose
out
wage
clerical work¬
63
43
cities .sur¬
industrial
veyed each month by the National
Industrial Conference Board.' De¬
clines were shown for 14 citie&,
unchanged
while living costs were
in
three
cities.
The
Board ; also
reports: '
(
"The largest
increase, equal to
1.5%, occurred in Omaha.
Other
relatively large increases were in
Denver and in Newark, with 1.2%,
in
Milwaukee
with 1.0%, and
and Philadelphia,
in Rockford, with
0.9%r Declines ranged from 0.4%
iri~.Portland, Ore., to 0.1% in
There was no change in
Macon.
Atlanta,
kane."-
Front Royal,
and Spo¬
THE COMMERCIAL & FINANCIAL
228
past. One wonders sometimes a
what, these
advocates
of
The Financial Sifuafiion
(Continued from first page)
■
But the real
of
rate
tragedy lies in
are today healthy
activity normal and
or becoming feverish,
the state of employment ade¬
the fact that there
CHRONICLE
"new" programs would think
or do if they only knew that
there is
really
rarely much that is
in their ideas.
new
Most
of them
are
"charters" "on the
hardly
stocks," so to speak. There is quate or otherwise, etc., etc. more thana recrudescence and
If business needs a shot in the
of course the Bretton Woods
a
:
dressing % up
of notions
"charter," which, according to arm—and when does it not, which flourished throughout
its framers and friends, is de¬ according to the New Deal the world for several hundred
many
signed to operate in a "new managers ?—then public out- years prior to the birth of this
now at long last freed
lays are to be increased and natioV'whaUh^
of the shortcomings of the old taxes made relatively lighter. have done is to raid the
gar¬
and armed with the mechan¬ Does business need curbing— ret of its broken down mental
when did the politician ever
isms and the wisdom to usher
furniture, polished and
in some sort of economic and think that it did?—then outpatched it up and, behold,
should be
curtailed—
social millennium — a "new
found something new under
world"
of which
the San even if the politician loses the sun! All this
may not be
Francisco "Charter" is typical. some of his patronage!—and known to
them.
Probably it
Of course, those best entitled taxes increased.
is not, but it is a fact nonethe¬
And this, too, is even now
to "opinions on the subject see
less.
It all has failed cen¬
wuwaujl
MJU!J
world"
ample reasons to doubt, in¬
deed, often, much more than
doubt. To
it appears
us
fairly
clear that what this Bretton
Woods "charter" does
mainly
being put forward by some as turies
ago and it must fail
"the only way" to permanent
again, so long as human na¬
prosperity! And among its ture remains what it is.
supporters apparently is Mr.
These are strange times in
Vinson, no less!
which we live.
■'
is to make the "blunders" of
"Social Security" a
past years the easier to com¬
such
as
these
are
of
It has been but
avail.
no
a
experiment has been all
more
or
Many Others
There
are
'
Senator
since
child's
many more.
Not
all of them have attained the
prominence of these two, but
they will presently attain all
man
is
appear like
President Tru¬
years
play.
has made it clear that he
definitely and firmly be¬
hind
such
some
program.
President
Fourth
Truman's
much.
Or at
all events
over
be "sold" to the rank and file
again by
whose influence is great
such program is
absolutely essential not so
fiscal affairs of government
much to great achievements
not with the idea of keeping
after the war, but to avoid
the cost of government serv¬
catastrophe in the post-war
ices to a minimum,0 and of in¬
years.
terfering with ordinary, legit¬
Various other programs to
many
in this
country. One such pro¬ that
gram is that of managing the
imate
business
as
little:
as
be, but with the main if
not the sole objective of con¬
trolling the economic system
of the country. The financial
affairs of government would
be employed as a tool with
which now to curb, now to
stimulate, now to stabilize, in¬
dustry and trade. Deficits
and permanently growing in¬
may
debtedness
are
of
no
some
make certain that wages are
kept high, that working hours
to
be kept short, that
are
"small business" will be sub¬
sidized, that the farmer will
continue to feed in part at the
public trough, that (sic) ven¬
ture capital be enticed into
the
economic : system,
and
much
are
more
same
sort
much in the talk of post¬
con¬
war
of the
plans.
Most of them in
in^
following the preceding fiscal year, an in¬
closely the pattern of the previous crease Of $4,353,000,000.
•
war-time years, receipts and ex¬
"Expenditures for war activities
a
two-front
and
war,
penditures again reached
amounted
carrying our "creed of liberty"
to the world, according to the
Associated Press from Washing¬
are
July 3, which gave the
following as the President's state¬
on
$90,029,000,000
and
continued to account for the
ma¬
jor portion of total expenditures.
In addition, war expenditures
by
unpre¬
peaks. Although the war
Europe ended in May, 1945, the
effect of its termination
full
•not be reflected in
receipts
will
Governmental
expenditures
and
for
much less than in
time.
some
"Receipts
the fiscal year
1945 amounted to $46,457,000,000
(exclusive of $1,283,000,000 of So¬
cial Security
employment taxes
for
set aside for account
eral
of
of the Fed¬
Old-age
and • Survivors In¬
Trust Fund), an increase
surance
$2,308,000,000
over
1944,
the
"Total
budgetary
year
$100,405,000,000, an
$6,661,000,000, as com¬
was
war
ex¬
for
deficit for
$53,948,000,000,
as
on; the
refunds
and
tures,
cal
crush the enemy in the
We have humility for the
may
guidance that has been given us of
God in serving His will as a lead¬
er of freedom for the world.
armed
and women
and many
forces,
well, are celebrating
the anniversary of American in¬
dependence
in
other countries
throughout the world. Citizens of
these other lands will understand
what we celebrate and why, for
freedom is dear to the hearts of
civilians
all
as
everywhere.
men
In
other
lands, others will join us in honor¬
ing our declaration that all men
are
created equal and are en¬
dowed with
certain inalienable
rights—life, liberty and the pur¬
suit of happiness.
"Here
1945,
at home,
let
us
on
honor
nation's
and the men and
armed forces who
creed of liberty,
women
are
of
our
for
items
the
in
same
the
for
as
fiscal
,
year
_
total
expenditures in
1945
comPare with
$95,744,000,000 in 1944, while the
1945 expenditures for war
activi¬
ties
at
$90,029,000,000 contrast
with $87,099,000,000 in
1944; the
receipts of $46,457,000,000 for 1945
.
compare
1944.
with
$44,149,000,000
X'/ rf" '•
:v.
-■
in
1
Urge Post-war Construction Program Reserve
The
House
Post-war
seventh report to
reserve
Economic
Congress,
carrying this creed with them
Committee, in its
$5,000,000 000
projects in order to stabilize
the Associated Press reported
of State and local construction
war,
committee, headed by Representative
(P'-Miss.), stated that*this
financing is available.
The committee according to the
Associated Press proposed the fol¬
lowing three
principles "as
a
foundation
on
which
to
erect
healthy national construction
gram":
1
Federal
pro¬
Government
should hold out
to States
or
reserve of projects should be in
tjie committee further pre-^
dieted, the demand for building
pan,:
will
no promise of aid
municipalities during
the first peace years for financing
their public works — especially
since many such are in a stronger
exceed
material
available supplies of
and
completed
plans.
250,000 to
financed hous¬
It estimated that from
a
,
The
"1.
Planning
urges a program of at least
the building industry after the
from Washington, July 1.
The
350,000
privately
ing units can be started immedi¬
ately after the war, and reach an
average of 800,000 units yearly
during the first five post-war
By
years.
peace
financial position than before the
end
of
would
tion
the
I
"2.
The
Federal
assume
leadership
in
building up an adequate reserve
shelf of engineering plans ... to
lay the foundation for an orderly
long-term public works program,
and to provide a cushion against
future drastic decline in the
corn
struction industry.
policy board
should be established
in the
ex¬
ecutive office of the President to
guide the public works program,
and to serve the
construction
in¬
dustry in its efforts to maintain
a healthy, stable growth in rela¬
tion to national income."
The
construction
fifth
be employed
projects.
-
construc¬
on
.
Government
should
"3. A construction
the
year, the committee esti¬
that
6,000,000
persons
mated
war.
this July. 4,
our
tax
expendi¬
about 98%
SLl1^0'405'000'000
addition to those plans for which<?>-
our
1945,
year
The
debt,
expenditures for the fis¬
similar
local
this year we celebrate
July 4 as the anniversary of the
day 169 years ago on which we
"Again
"This year the men
public
Veterans''
accounted
of total
i
of
to
interest
expenditures
to
increase of
preceding years,
$472,000,000.
These
expenditures, together with
amounted
1944."
previous record year.
amounted
the Reconstruction Finance Cor¬
poration and its subsidiaries, while
ment:
Pacific.
to
cedented
in
members of our armed forces who
soon
and
the fourth fiscal year in which
the country has been engaged
mesage to the nation was
reminder of the honor due the
ton
covers
compared with $49,595,000,000 for
certain that if his -program
over
This statement
of
Senator
ed
30, 1945,
released today.
July
a
>
"The financial operations of the Government for the fiscal
year
are set forth in the Daily Treasury Statement for June
the
July Fourth Message
Wagner is, of course, declared our independence.as a
is sovereign people.
"In this year of 1945 we have
they, or many of them, will not the "only way" to a new
without question be put forth
pride in the combined might of
heaven and a new earth, then
this nation which has contributed
as the "only hope" for this or
no
other way could lead to signally
to the defeat of the
that, and it would be foolish this
happy state without its enemy in Europe. We have confi¬
to take it for granted that
dence that, under providence, we
aid. Indeed it has been assert¬
too
1945
the fiscal year 1944.
"The net budgetary
few weeks
Wagner sub¬
mitted a proposed so-called
but built into the mores of the
sodial security program which
American.people. For them it
would make what we have
is at once a symbol and a
been living and Suffering un¬
promise of glorious things to
der during the past half dozen
come.
This
Fiscal Year 1845
Receipts and expenditures of the Government at unprecedented
peaks for the fiscal year 1945 are reported in a statement by Secre¬
tary of the Treasury Morgenthau on July 3, which we give herewith:
with total budgetary
penditures of $93,744,000,000
President Truman's
In Point
GovernmentReceipts and Expenditures for
pared
Case
But facts
mit in the future.
Thursday, July 12, 1945
industry,
the
committee warned, "must not be
made a catch-all for the unem¬
ployed to the exclusion of other
areas
of
production which can
provide more sustained employ¬
Reduce Some Air Rates
Postmaster Albert Goldman di¬
rects
attention
ment
issued
to
an
announce¬
by Postmaster
Gen¬
eral Frank C. Walker that the air
mail postage rate from the conti¬
nental .United
States, including
Alaska, to the Union of Soviet So¬
cialist Republics is reduced to 30
cents
half-ounce.
a
rate
70
was
The
cents
The
a
mailed
in
former
half-ounce.
postage
rate
on
United States
articles
posses¬
sions to be carried by air service
to the United States and thence
by air to the Soviet Union will be
the prescribed postage for car¬
riage by air to the continental
United States, plus the postage for
air service from the United States
to the Soviet Union..
;
,
throughout the world."
They more or less the minds of theirPostmaster General Walker also
ment."
Y
sponsors
confessedly are probably in¬ are
"We shall not," it added, "serve announced that effective imme¬
indispensable and often
herent in this sort of fiscal
Home Loan Bank Dividend total economic stability by ex¬ diately, the air mail postage rate
"the only way."
Too often
to Cuba is reduced to 8 cents a
On stock of record June 30 the aggerating the cycles in construcmanagement, but what of it? these
half-ounce from the continental
sponsors are able to at¬ Federal Home Lofan Bank of Chi¬ tion,."YY'; YY"
The theory here laid down
To avoid a period of sharply United
States,
tract considerable followings. cago will pay a semi-annual div¬
Alaska,
Puerto
is,:, of course, more; than a We must not only "plan" our idend at the rate of 1 xk % per an¬ rising prices that - might result Rico and the Virgin Islands. The
from a sudden resumption/of both former rate was 10 cents a half\
question of how much of a future, but our plans must num, it was announced on July 2
ounce.
The advices add:
by A. R. Gardner, President. The private and public construction,
given volume of expenditures bear as little resemblance to total distribution on July 12 will the committee urged that during
"Also, the air mail postage rate
is reduced from 10 to 8 cents a
should be met by taxation and the past as possible, and cer¬
/be $159,119.82, of which $52,815.57 the transition period an expansive
half-ounce on civilian mail to the
how much by borrowing. The
tainly to have as little sup¬ will go to the 457 member sav¬ program of public works should Naval
"not be pitted against private con¬
Operating Base, Guantanconcept is very much broader port as possible in the ex¬ ings, building and loan associa¬
Such action, it cau¬ amo, Cuba, from the continental
tions in Illinois and Wisconsin, struction."
than that. Not only the degree
perience of the past. The virus and $106,304.25 to the Reconstruc¬ tioned, might "speed the con¬ United States, Alaska, Puerto Rico
in which outlays are to be met seems to be in the air.
and the Virgin Islands.
tion Finance Corporation, which struction industry on a cycle of
"The postage on articles mailed
now
holds
the
Treasury - sub¬ inflation and depression."
by
current
taxation, but,
in the United States possessions
Whatever Was is Wrong
scribed stock with which the bank
The building industry, the com¬
more, important, the amount
in the Pacific to be carried
was started.
by the
mittee pointed out, accounts nor¬
Often it appears that to
of such outlays are to be de¬
trans-Pacific
air service to the
sequence.
.
by any ordinary most of those who have taken
standards, or any standards it upon themselves to plan
our future, whatever has been
ever employed before in this
is wrong.JThe future must be
or any other country, but by
the judgment of someone in different—it would seem be¬
authority as to whether prices cause of some innate virtue
are too
high or too low, the in being different from the
termined not
This dividend will bring up
to
$3,558,000 the total which this re¬
serve
institution for home financ¬
has, distributed since'it. was
opened in 1932, Mr. Gardner said.
Of this amount, the Government
has received a total of $2,724,729
on its stock in the past 12 years,
he explained.
ing
mally for 15% of the national in¬
come and employs
one-eighth of
the labor force, and during the
post-war years it should reach "a
plateau of activity Y. . somewhere
in
the
neighborhood of $21,000,-
if the national
income is $140,000,000,000."
Im¬
mediately after the defeat of Ja¬
000,000
annually
United
to
States
Cuba
or
and
the
thence by air
Naval
Operating
Base,
Guantanamo, will be the
prescribed postage for carriage by
air
to
States,
the
plus
continental
the
postage
United
for
air
service from the United States to
destination."
4.
'■
1
.
^nMW^WWWi^f ^©^vfVfoWWfW.MjiK'SWJil jf-i.,1 jl^
WllW« Wfii|sS
Tafl
As "Essence ©f TolaSifarisiiiisiti"
(
Allies Since 1841
£
&
Opposing post-war universal military training, Senator Robert
Press to file a petition for a re¬
of Ohio, taking the negative side in a radio debate on July 5
question "Should We Have Universal Military Training after hearing of the Federal Govern¬
ment's anti-trust case against it,
the War?" described the principle of a peacetime draft as "the essence
was
made known on June 27 by
of totalitarianism" and charged: "One reason all Army officers want
the Board of Directors of the A. P„
conscription is because they don't take any intrest in the improved
The petition will be filed on or
conditions necessary to get an<S>
Army on a voluntary basis and tary training—and if we grant before Sept 1 in connection with
one
year, I predict the demand
the Supreme Court's decision on
don't want to be bothered with
V
A. Taft,
the
it."
three
—would do more than wipe 12
months from the educational cal¬
will
'
,
Supporting Senator Taft in the
was
Dr.
Felix
Morley,
President of Haverford College.
debate
endar,' he said.
"
The affirmative side
Town Hall,
judgment which
gether form the hallmarks
scientific attitude.'
pendent
44 %
experiences in the
Army,' said Mr. Meredith, 'con¬
vinced me that the man who sur¬
vives a modern war is the man
'My
coast-to-coast
a
of the American Broad¬
casting Company, said the New
York "Herald Tribune" of July 6
hookup
.
Elliott proposed that the
peacetime conscription be
adopted at once and tried for
about five years 'as a form of in¬
surance
for our national safety
idea of
of
the critical first years
during
the effort to test the
strength and
constitu¬
mankind recently
workability of the new
free
for
tion
Francisco.'
San
in
written
The
plan should be adopted, he sug¬
gested, in a form which would
develop¬
ment and use of the best of the
scientific and technical abilities
allow for the discovery,
universal
on
military
peacetime
"Dr.
/y
insist
Let's
.
.
(1)
training,
defense in case
to insure effective
follows:
of the speakers as
own
prepared to fight the war.
who is
reported the views
which further
all to¬
of the
attack by
nothing but
superior force, (2) to implement
America's peace policies by giv¬
of
and
war
deter
to
enemies who respect
ing its diplomacy strength and
standing among the nations of
the world, (3) to give the trainees
physical and disciplinary
benefits
and war.'
"Senator Taft insisted it would
not be necessary to
have com¬
pulsory training, because military
reserves
of
sufficient
strength
could be obtained otherwise.
He
in both peace
of value
suggested that training be given
in
the
National
of American youth.
; to volunteers
"Dr. Morley, on the other hand, Guard, with a program including
that
asserted
have
would
a
such
a
program
dangerous effect
citizenship
training of
college students,
reaching, in time, the proportions
of a 'national calamity.'
'A year of compulsory mili¬
the scholarship and
on
affirming
The
verdict.
"
should
be
amended
a
basic three-month course in one
and
courses
unit
a
factor in considera¬
as a
tion of
new applications for mem¬
bership. In the New York "Times"
of June 28 it
another
he
250,000 new volunteers
believed
in
He
period
with
pay.
made
of
Wickard as
could be recruited each
year."
Agriculture. In advices to the
York "Times" from Wash-
New
June
ington
30 it was noted.
These shifts will alter
-
graphical
as
make-up
of
*
ducing
"Both the
of
charere
the
representation
compared with
their duties.
Order
General
the Board
and
met 'with
No.
that
advises
the
issuing this order now
specific instance arises
to subject anyone to
embarrassment. Perhaps because
am
previous experience has been
legislative and judicial
branches of the
Government, I
my
who
am
peculiarly sensitive to the im¬
inets.
portance of this question.
high proportion of Easterners
sat in the Roosevelt Cab¬
the same
From
following
the
take
Washington
paper, we
from
July 3.
In
issued through
House, Secretary of
statement
a
White
the
Labor Lewis B.
General
rected
Order
Schwellenbach, in
No. 1 today, di¬
all labor
department em¬
ployes to "execute
they stand.
•
the laws" as
"
'
-
explained that he sent out
the order because "after six years
in the Senate and four and a half
He
on
years
the
Federal
bench
I
tendency in the
executive branch to interpret the
know
there
is
"I
a
the
Congress
courts."
"I
in
,
.
way
The
and interpreted by
the
not going to allow that
Department," he said.
announcement caused some
speculation because it stated that
was made public "with the ap-
it
proval of the President."
To some observers
the
White
"approval" was a way
taken
by President Truman to
emphasize hiV own viewpoint on
the meticulous regard which emHouse
*
this de¬
in
this
the laws
accept
them
written
department is to
as Congress has
and
as
consideration
"On
attempting to
I will expect
circumvent the law.
co-operation
on
Cut Federal
the
policy".
pre¬
Board have agreed,
that a petition
for rehearing should be filed in
the Supreme Court. An extension
of time for that purpose has been
consented to by the Department
That extension expires
of Justice.
If a petition for re¬
hearing is filed by that date the
mandate or order of the Supreme
Court carrying out its decision is
1.
Sept.
on
the
on
petition for rehearing,
"As best
in
means,
we
the
of
May is
the $5,000,000,000 mark, it was announced
T. Crowley, Foreign Economic Administrator, who
is in charge of the lend-lease program.
He stated that the total has
been increased in recent weeks by the transportation of American
troops from the European battle-. -/:
':v
field
to
the United
States
in Insurance Department of the State
British
rehearing
mandate
estimate, that
petition
should be denied,
can
of the
order
or
Court would
soecial
court
2°;,
t
come
~
,
Su¬
down to
about
or
on
with
petition will be submit¬
the
that
on
the record heretofore made
alleged
prevailing opinion
may raise.
such
plus
in the
the petition
errors
as
"In the event the petition is de¬
nied, it will be necessary to amend
the by-laws of the AP to conform
to the decision of the soecial court.
"The
with the
President,
con¬
has
been
Board,
the
of
3.238%
able at
Queen Eliza¬
15,000
carried
troops as reverse lendlease and without payment by the
United States.
The Queen Mary
British
other
ships
in
troops,
authorized to consider the form of
ceived from this
the
our|js
"To
year
at
valued
.
$200,000,000 monthly. Dur-
>
ing the current year we have rematerials
ceived
dollars from these sources.
"In the Pacific,
of
lem
armed
has
forces
have
received
from
Australia
we
of
New
and
food for bur
in the Far East.
men
"The
it
is
Board
appropriate agency, as
such, to present to Congress any
appeal for relief from the court
decision that the membership may
desire.
This, however, should not
member from exercis¬
the
ing his right of petition to
Congress, if he so elects."
The
was
Court
Supreme
to
referred
June 21, page
in
our
decision
issue
of
A
Senate Appropriations
according to
a
Com¬
committee
aide, has rejected a supplemental
estimate of
$18,373,000 for. the
Housing
Press
Associated
Washington,
we
Agency,
the
reported from
Julv 5.
From these
emote:
Tuesday ( July
31
with
a
letter from the Budget
advising
Director
that the funds
would be used to provide for
tressed familities of service
1
Another
h"d<*et*.anoroved
$25 000.000
rinpct,
cash
dis¬
men.
re-
and
the
months
final
the
Dec.
European phase of the war and in
the interim since, we have re¬
ceived increased quantities of re¬
verse lend-lease aid from France.!
the Netherlands and Belgium,
Crowley said.
.
*
.
at the end of
] May, 2,897,077 as compared with
2,914,691 at the end of April.
struction,
also
received
Tuesday,
part of the Sec¬
was
approved
ond
Deficiency Bill, the commit-
tee aide
said.
as
'
>
Annual Report
5
)
J
loans."
war
Dulles Stresses Heed
For International Unity
of
a
Foreign Policy Association
at
Philadelphia, John
luncheon
Foster Dulles, adviser to
the Am¬
delegation at the San Fran¬
cisco conference, declared that the
erican
Assets of
$38,992,676 and
an an¬
unity of the United Nations was
pension roll of $1,378,528 are
reported by The Church Pension
Fund of the Protestant Episcopal
Church in its 27th Annual Report,
essential to lastmg peace
released July 2 for the year ended
Dec. 31, 1944. The increase in as¬
of
nual
value
vestments
their
of
excess
advices
$2,635,508
now
book
the
matter
also
in
"The Fund is maintained
actuarial
basis
in
The
value.
state:
on
an
to
provide
pensions for retired Episcopal cler¬
reserve
and
gymen
orphans
of
for
the
widows
and
deceased
clergymen.
Since its inception in 1917 it has
paid out approximately $25,000,000
its
to
beneficiaries.
port is issued
the
over
The
names
Bishop Cameron J. Davis
ident, Bradford B. Locke
utive Vice-President
D.
Dickey
as
as
as
and
re¬
of
Pres¬
Exec¬
Charles
the
income
on
its
sions
and
other
ecclesiastical
or¬
the mean
reported to the
during 1944
admitted assets, as
on
peace¬
Press
Associated
the
there on June 29.
Sneaking of the San Francisco
Charter, Mr. Dulles said:
reported from
"We
that
propose
intolerance,
repression, injustice and want be
deemed common nerds of tjhe fu¬
just as Nazi Germany and
imperialist Japan were common
ture,
perils of the past and present. v
"We
propose
that to
overcome
perils be the common gqals
If
these
goal^ vcan
catch the imagination and evolfe
the United efforts of the United
these
of
neace.
we shall cointinue
Fellowship will re¬
then
Nations,
to be united.
place
sure
conflict and
that,
that will as¬
will
this time, victory
*
bring peace."
the
charter
as
;
.
United Nations
"people's document,
a
invest¬
ganizations of the Church.
It is
stated that the. average interest
earned
victory,
common
the wartime goal
for
Describing
parishes, mis¬
all of the
goals
time
Treasurer.
"Support of the Fund is derived
from
substituting
by
in¬
Fund's
the
of
is
and that
only
such unitv could be achieved
of democratic
strivmg," Dulles
which emerged out
discussion
and
spirit which domin¬
said that the
ated
ing
parley was
the
not
together,
"one work¬
k in g
wor
against."
'
t
•
-11
31, 1944, to $9,280,000 in the
various
Mr.
,
against
was
that
of
In
eral Works Agency
utive branch within the continen¬
pre¬
affiliates had subscribed, through
of civilians
tal United States
are
stated
had
ments and from assessments levied
con¬
is
pounds of food and India
given as 523,804,000 pounds."
$75 000.000 to be given the Fed¬
for road
It
The. Church Pension Fund and its
market
Rejected
which
of
most
stocks.
lend-lease 2,635,434,000
reverse
as
during the year was $1,363,253, and the report states that the
Funds for NHA
obligations.
Its. portfolio consists of 86.5% in¬
vested
in bonds
and
13.5%
in
stocks,
sets
2768.
investments
in U. S. Treasury
At
not feel that
does
the
Fund's
the
of
Treasurer's
that approximately
shows
ferred
us
July 5, which added that ac¬
cording to the report the number
exec¬
33%
are
such amendments with counsel.
on
employed by the
"An analysis of the
report
given
had
Zealand
New
*
during1 the past year from a SV2%
interest assumption to a 31/4% in¬
terest assumption.
Australia
1945.
1,
January
u-v*-
total liabilities at. the
1944 are reported as $37,-
? it
.roP^re?en. g^an lrlcrea^
$2,454,381 during the year. It
pointed out that this is an unusually large increase and results
our
increased,
supplies
vast
India, too, has supplied
Zealand.
To
more
of
number
the
as
■
where the prob¬
supplies has grown
serious
and
*
**11.
anfs*
mainly from the fact that the ac¬
tuarial reserve basis was changed
of
millions
additional
at
services
and
mainly of
Fund towards its future benefici-
The
352,247,000, was supplied by the 1
United Kingdom.
In 1944 this aid |
was received at an average in ex- :
of
in the re¬
aciuarlal reserves to cover pen¬
major share of this, totaling $3,-:
cess
the
by
sions payable to present benefici¬
aries and the obligations of the
services
$4,656,315,000.
entirely
consisting
current
and
;
payabie
"Emphasis is given
British Em¬
the
from
materials
pire,
The Fund
port to the growth of the Fund's
had received as reverse
lend-lease
since 1917,
Church and not by the clergymen
themselves.
program.
the
of
start
the
we
re¬
non-contributory system, the
active clergy
a
kejng
ships alone
carried an esti¬
lend-lease
reverse
source
of
total
service ; assessments for the
reverse lend-•
various
to
a
$27,650,000
the unpaid arrears are reported to
1,250,000 American Troops
theatres of war under
mated
against
that
approximately
The two Queen
previously
system has worked so suc¬
en--be only about $36,000.
of
the movement
providing
that
gaged
had
are
of each
the rate of
cessfully
previous week, the
earlier in the month,
Aquitania
and
ment
the
arrived
income
are pay¬
clergyman's current salary, was
$1,192,203 in 1944.
It is stated
that this is the largest total from
this source for any year in the
history of the Fund. The assess¬
beth, (which arrived in N. Y. June
soldiers,
reserves
interest.
The
assessments, which
from
29 with her first contingent of re¬
turning
actuarial
the
on
requiring
redeployment of * our
troops, in the European theatre."
Administrator Crowley also said:
in
of
this resulted
interest earnings
average
the
"The British liner
at the rate of
was
$1,889,186,
by
connection
in
Netherlands
the
York,
3.08% but that, inasmuch as the
Fund's assets exceed its liabilities
Mary
food
r-
4-; "Oral moment is rot permit¬
ted on petitions for rehearing, so
ted
of New
including the
and the Aquitania,
food supplies made available to
our troops in the Pacific and Far
Eastern
theatres, and materials
supplied by France, Belgium and
ships,
Queen
event the
mate to the Senate
civil service employ¬
have passed
June 28 by Leo
on
valued
President Truman sent the esti¬
Payroll
17,614 during the month
reported by the Civil
Service Commission, according to
a
United Press Washington dis¬
patch to the New York "Times"
of
the
vised, and the committe and the
advices
ment
of
vailing ooinion, counsel has ad¬
National
or
lend-lease since the inception of the program in
as reverse
1941
without cost to us as
him in
ignoring
allies
lease.
mittee,
A drop in
af¬
change in substance.
interpreted them. The fact
that he may think the Congress
should have written, or the courts
should
have
interpreted a law
differently in no case justifies
full
Su¬
an
courts
the
our
March
out
have
an
am
my
in
that
insist
ognition to the fact it is the func¬
tion of this department to ex¬
ecute the laws.
The duty of an
officer
prevailing
deter any
partment there is given full rec¬
administrative
officer thinks it should be instead
of following the law as written by
law
must
have
recent
Counsel
is
War materials and services .received by the United States from
firmance of the court below with¬
not
the
the
the
on
;
American
case
Directors
decision
Court
nreme
fol¬
1
in
from the West, as
■
of
counsel
Sunreme Court decision.
currence
as
Government
Oct.
before any
so
A. P.
special committee in
the
lows:
"I
the geo¬
well as the personal
the Cabinet, intro¬
large
a
should carry out
The
the
public the following state¬
for
who
Secretary
of
ment, addressed to members:
said
succeeds Frances Perkins as
into his new post on June 30, and
other new Cabinet members who took their oaths at the same time
were Robert
E. Hannegan of Missouri, replacing Frank C. Walker
of Pennsylvania as Postmaster General, and Thomas C. Clark of
Texas, succeeding Francis Biddle of Pennsylvania as Attorney
General, and Representative Clin-«■
ton P.
Anderson, who succeeds ployes of the executive branch
R.
stated that the
was
Directors
the decision of the Supreme Court
training
summer
of
Board
further stayed until 20 days after
Secretary of Labor, was sworn
Claude
remove
existing
school
by
Sscrctary-Oikcr lion Cabinet Members
Schwellenbach
to
further three-month
followed
summer,
ScMlesihach Suscsesls PorkiiES as
B.
Act and
upon
competitive effects
members
that
violated
Anti-Trust
Sherman
preme
Lewis
held
decision
Associated Press by-laws
the
Labor
lower court
a
"
123 West 43rd Street,
and
WJZ
over
spirit of in¬
quiry, dull the critical faculty and
repress the development of inde¬
18
June
the
'It would blunt the
of the ques¬
argued by Dr. Edward C.
Elliott, President of Purdue Uni¬
versity,
and
Burgess Meredith,
motion picture actor and former
Captain in the Army Air Forces.
The debate was broadcast from
tion was
1
be for two or even
soon
Reported by Crowley
,
The intention of the Associated
on
0. S, From
Reverse Lend-Lease Received
Opposes Peace Time iiiitary Traisisng
-A
229
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4402
162
Volume
■
1.
'
■
i
:
<
'
;
"J
i
i;
•
L' ■:
"<rf
'
230
i
purchase not later than August 1,
1945 atr $58 per share all of the
shares
additional
compared, respectively,
$303,392,631 and $324,400,343
March 31, 1945.
Cash on hand
.The First National Bank of
New York reported in its state¬
.
..
*
on
condition as of June 30,
1945, total resources of $1,291,924,162 and total deposits of $1,151,978,625,
compared,
respec¬
tively, with $1,121,306,024 and
i
;
918,459,
ment of
:
March 31 and
and $1,005,698,921
on June 30, 1944.
United States
Government holdings in the latest
report totaled $828,982,399, com¬
pared
with
$779,386,273
three
months ago and
$747,135,630 a
year ago.
Loans and discounts
are now shown to be $209,042,486,
against $78,300,832 in the last report, and $132,840,170 June 30,
1944.
Undivided
profits
ad¬
vanced from $16,463,085 in last
June to $19,797,574 in March of
this
year,
and
are
now
$21,040,321 (after making provision
for
the
July
2
dividend
of
$2,000,000), while capital and surplus remained unchanged during
the last year at $10,000,000 and
$100,000,000, respectively.
$928,374,546
$1,139,258,110
on
with
and due from banks at the latest
amounted
date
$64,430,722,
holdings of
to
$81,722,702;
against
United States Government securi¬
ties
are
shown
now
as
.
•
-
U.
Government
S.
securities
the latest date stand at
at
$798,884,-
101, compared with $722,085,717;
the capital is unchanged at $50,000,000, while surplus and undi¬
vided profits are shown as $59,686,729 at the end of June.
Corn
The
Trust
Exchange
Bank
Co. of New York reported
in
its
of
of
statement
condition
June
as
30, 1945, total assets of
$787,579,723, compared with $730,329,276 and total deposits and
other liabilities
of $748,507,028,
against $691,714,211 on March 31,
1945.
Holdings of U. S. Govern¬
ment bonds were $549,112,237 as
of June 30, against $509,747,241
three months'ago, and loans and
discounts June 30 stood at $44,691,524, compared with $32,491,571
at the end of the first quarter of
1945., Capital remained unchanged
at $15,000,000, while surplus and
undivided profits increased from
$23,615,066 on March 31 to $24,072,695 on June 30.
;
The United States Trust Co. of
New York announced in its state¬
ment of condition as of June 30
total
of
resources
$170,549,226,
against $170,187,368 on March 31,
1945;
deposits
of
$137,833,868,
on June 30 compared with $137,-
419,738; U. S. Gov. holdings are
new $99,776,136, against $104,004,860; loans and bills purchased June
SO are $28,596,121, compared with
$24,032,313, and surplus and un¬
divided profits at
the latest date
are
$28,583,418,
against
$28,569,912 at the end of March. The
capital remained unchanged for
the past three months at $2,000,000; the dividend payable July 2
amounted to $300,000.
\
$124,-
211,063, against $141,211,156, and
demand loans, time loans and bills
discounted
are
given as $127,325,908 against $93,242,038. Capi¬
tal and surplus are unchanged at
The
the
-
V
-
not
subscribed
302,714
a
figures
year ago;
against
.
$5,000,000 and $10,000,000, respec¬
tively, and undivided profits are
now $3,741,086, against $3,544,678
at the end of the first quarter of
Manufacturers
June
this year.
30,
Funds
as
Trust
Co.
of
as
showed
1945
Capital
follows; preferred stock,
$7,709,700;
common, stock,
$33,-
000,000;
The
Chemical
Bank
&
Trust
divided
against
holdings
$80,525,666;
of
United States Government securi¬
ties
$287,828,458 against
$253,268,726, and loans and dis¬
counts
to
$123,828,754,
against
$101,579,619. Capital and surplus
remain unchanged at $7,700,000
and $9,000,000 respectively, and
undivided* profits on June 30 Were
$4,476,251,
after
allowing
for
$165,000 dividend payable July 2,
1945, against undivided profits of
$4,117,374 at the end of March.
are
now
Securities
totaled
$1,957,824,482 shown on March 31, Government
1945.
On June 30, 1944 the re¬ $13,958,731.21
against
$12,536,to $1,754,083 against $107,769 for spective figures were $1;694,391,- 991.45. Loans and discounts were
th first six months of 1944.
593 and $1,797,641,066. Cash and $10,949,298.34 against $9,252,805.09.
Capital and surplus were un¬ Due from Banks is listed at $381,- Capital and surplus were un¬
changed at $20,000,000 and $60,- 982,154
as
against
$378,712,247 changed at $1,000,000.00 and $1,-?
000,000 r es pecti vely and un¬ shown on March 31st and $368,- 200,000.00 respectively, and un¬
divided profits were $12,343,548 368,496 shown a year ago. United divided profits were $481,701.96
against $11,443,756 as of March States Government Securit ies against $446,077.12.
31st.
The indicated net earnings stand
at
$1,319,364,692;
three
on
the
Bank's 2,000,000
shares months ago they were $1,149,132,An increase of more than 13%
013 and one year ago they were in
(par $10.00) amount to $.90 per
deposits in three months is re¬
share for the second quarter of $974,290,789,
Loans, Bills Pur¬ ported by the Clinton Trust Co.
1945 as compared with $.73 per chased and Bankers'. Acceptances
of New York in its statement of
share a year ago.
are now $484,681,046 which com¬
condition on June 30, 1945.
The
pare with $340,326,892 on March total on that date, $23,433,780, in¬
31,
1945
and
$375,174,899
on cluding
United States Govern¬
At a special meeting of stock¬
June 30th of last year. Preferred ment
deposits of $4,343,183, com¬
holders
of
the
Manufacturers
Stock is shown; as $7,709,700, Com¬
pared with $20,733,027 on March
Trust Co. of New York held on
mon as
$33,000,000, Surplus as 31, and $18,607,541 on June 30,
July 2, the increase of common
$33,000,000 and Undivided Profits, 1944. Total assets amounted to
capital stock of the company was
as
$22,103,272.
Net Operating' $24,919,036 on June 30 last, $22,authorized, as contemplated under
the proposed readjustment of cap¬ Earnings for the six months "end¬ 131,330 on March 31, and $19,740,ital set forth in a letter to stock¬ ing June 30th 1945, after amorti¬ 642 a year ago. Surplus and un¬
holders dated June 11th, to which zation, taxes etc., as well as divi¬ divided profits totaled $592,476,
dends on preferred stock, were
compared with $573,697 on March
reference
was
macle
in
these
columns June 14, page 2652 and $4,600,560, or $2.79 a share, which 31, and $482,475 at the close of
compares with $2.31 a share for the the second quarter in 1944. Loans
June 21, page 2780.
:
six months ending June 30th 1944. and discounts amounted to $3,Following the action of the
Of this amount, $1,649,958 was
998,216 on June 30, $2,901,663 on
stockholders, the Board - of Di¬
rectors authorized the transfer of paid: in dividends on the Common March 31 and $3,269,845 on June
Stock, and $2,950,602 was credited 30, 1944. Holdings of U. S. Gov¬
$10,000,000 from Valuation Re¬
to Undivided Profits.
ernment securities and municipal
serves
to Undivided Profits, the
bonds totaled
$13,469,352, $12,offering to stockholders of 412,500
In its statement of condition as 258,389
and
$9,302,208, respec¬
additional
shares
of
Common
Cash on
Stock for subscription at $58.00 of June 30, 1945, J. P. Morgan tively, on those dates.
hand and due from
banks in¬
per share, and the
call for re¬ & Co., New York, report total
creased to $5,232,917 on June 30
demption of all of the outstanding assets at $831,380,819 and total
from
$4,629,489
three
months
Convertible Preferred • Stock or a deposits to be $768,961,546", com¬
earlier and $4,631,677 a year ago.
total
of
385,485 shares at $50 pared, respectively with $764,and $700,765,086 as of
per share plus accumulated divi¬ 341,246
period a year ago. Net profits and
recoveries
on
securities amounted
,
dends from
to
approximately 8%c.
dends
on
ferred
will
after
the
from banks
accrued
statement
of
condition
Guaranty Trust Co.
of
of
New
York as of June 30, 1945, issued
July .6, shows total resources and
deposits at new high points— $3,902,805,683 and $3,490,934,096, re¬
spectively. Holdings of U. S. Gov¬
ernment obligations are $2,143,-
paid
653,240, a decrease from the pre¬
ceding quarter. Capital and surplus remain unchanged at $90,000,000 and $170,000,000, respectively, and undivided profits are
$47,374,455, compared with $45,148,336 shown in the last pub¬
lished statement, March 31, 1945,
and with $36,054,428 on June 30,
1944.
York funds at the office of Man¬
ufacturers
on
Co.,
Corporate
Department, 55 Broad St.,
or
1945.
Trust
before
3
July
23rd,
The subscription rights evi¬
p.m.
denced by such warrants will
ex¬
pire at that time and thereafter
all warrants will be void.
warrants evidencing the
subscribe to
a
fraction of
may be exercised
Bearer
right to
a
only when
share
com¬
bined with other fractional share
warrants aggregating subscription
rights to
No
one or more
fractional
stock will
facturers
into
full shares.
shares
of common
be issued.
The Manu¬
Trust, Co.
has
entered
underwriting agreement
Co., Inc., The First
Boston Corp., Gokfrnan, Sachs &
an
with Blyth &
The Marine Midland Trust Co.
of
New
,-York
reported
as
of
Co. and Lazard Freres & Co. and
30 total deposits of $305,- associates under which the under¬
442,519 and total assets of $326,- writers are obligated severally to
June
The National City
Bank of New
York reported as of June 30, 1945,
total deposits of $4,503,103,517 and
total assets of
respectively with $4,205,072,012 and $4,469,686,465 on De¬
cember
31,
1944.
Capital and
surplus were unchanged at $77,500,000 and $122,500,000 respec¬
against $126,849,180
U. S. Govern¬
$527,826,102,compared
with $507,707,209. Loans and bills
purchased increased from $88,592,488 in March to $136,088,621 on
June 30 while capital and surplus
remained unchanged at $20,000,000 each, and undivided profits
increased
to
$5,323,368
from
August 1, 1945.
Trust
June 30, at
$127,917,605
subscription price of $53
share, will be payable in New
per
hand and due
on
three months ago:
pre¬
or
on
stood
ment bonds,
No divi¬
convertible
be
Cash
March 31.
July 15th to* redemp¬
tion date of August 1st, 1945. This
accumulated dividend will amount
The
'
with
months and
surplus $33,000,000; un¬
profits, $22,103,272; total
Co, of New York reported as of capital
funds,
$95,812,972;
and
June 30, 1945, deposits of $1,486,- after giving effect to. the transfer
,
490,940 and total assets of $1,592,- of $10,000,000 from, valuation re¬
331,714
compared
respectively serves to undivided profits, the
with
of A 412,500
$1,224,334,794 and $1,327,- issuance
additional
370,079 on March 31, 1945. Cash shares of common stock, and the
on
hand
and due
from banks redemption of all of the outstand¬
amounted
to
$234,328,714 com¬ ing convertible preferred stock,
pared with $205,687,461; holdings capital funds will be as follows:
The Federation Bank and Trust
The Irving Trust Co. of New of United States Government se¬ capital stock, $41,250,000; surplus,
to
York announced in its statement curities
$800,144,800 against $41,250,000;
undivided ? profits, Co. of New York reported as of
J une 30, 1945, deposits of $32,of condition as of June 30, 1945, $736,400,527; bankers' acceptances $27,931,598;
total
capital funds,
280,987.71 and total resources of
call
loans
to
that total resources are $1,307,- and
$152,707,930 $110,431,598.
The statement of condition of $35,704,761,06 against $28,435,112.74
433,289, compared with $1,188,- against $69,513,385; and loans and
and $31,683,205.33, respectively, as
200,127 on March 31, while total discounts to $233,373,035 against Manufacturers Trust Co. as of
of March 31, 1945. Cash on hand
deposits are $1,190,537,853, against $159,404,148. Net operating earn¬ June 30, 1945, shows Deposits of
six months $2,145,420,789 and Resources of and due from Banks amounted
$1,066,240,406 three months ago. ings for the first
$7,041,293.95 against $6,602,amounted to $3,587,254 as com¬ $2,261,550,127, which compare re¬ to
Loans
and
discounts
are
now
$273,718,218 against $214,494,615; pared to $3,462,641 for the same spectively with $1,845,217,647 and 036.44. Holdings of United States
-
■*
follows
Thursday, July 12, 1945
for three 045,288 and $4,659,177,218 respec- II
cash, $36,$34,654,587 and
Net current operating earning,
for. by stockholders. As compen¬
$33,869,085;. and United
States of the National
City Bank of New I
sation for such commitments, the Government
securities, $57,517,- York and of the
City Bank Farm-*",
Company has agreed to pay the 175 against $63,653,091 and $53,- ers Trust
Company combined, for
underwriters fifty cents per share, 889,513, respectively.
the first six months of 1945, after
on the 412,500 shares, plus
$1.50
provision for taxes, depreciation
per share with respect to the un¬
and amortization were $8,372,392
The Public National Bank &
subscribed shares purchased by
Trust Co. of New York reported compared with $7,880,609 for the
them.
Shares subscribed for and
same period in 1944.
as of June 30, 1945, total deposits
This repre¬
paid, for by stockholders will be of
$481,407,544 and total assets of sents $1.35 per share for the first
issued as of August 1, 1945 and
half of 1945 and
$1.27 per share,
$508,338,625,
compared,
respec¬
certificates representing the same
tively, with $422,786,360 and $448,- for the same period in 1944 on the
will be delivered as soon there¬
418,898 on March 31, 1945. Cash 6,200,000 shares outstanding. Total
after as practicable.
earnings, including operating
on hand and due from banks on
The Statement of Condition of
June 30 amounted to $84,656,121, earnings and profits from sales of
Items
'
FINANCIAL CHRONICLE
fib, tOMMEKLiAL
$4,846,545 in the last report.
■
.
Brown
■
Brothers
'
;
-
Harriman
&
Co., private bankers, report that
deposits as of' June 30, 1945, to¬
taled $167,857,610 compared with
$161,667,691 three months ago and
year ago.
Total
June 30 amounted to
$148,448,365
assets
on
a
$189,584,235 compared with $183,559.187 on March 31, 1945, and
169,940,171 on June 30, 1944.
apital and surplus of $13,645,792
compared with $13,625,185 three
months ago, and $13,566,234 a year
ago.
Loans
and
discounts
were
compared with $36,568,536 on March 31, 1 §45, and
$42,150,903 on June 30,1944.: Other
important asset items compare as
$42,936,737
$13,643,784
$2.20
or
Recoveries
Recoveries
of
and,1
bank
and
the
trust
ferred
company
trans*
were
directly to Reserves,
w •
Holdings of U. S. Government
Obligations reported by the Bank
at June 30,
1945, were $2,450,211^
199 compared with
$2,409,240,200
at the end of 1944 and
counts
were
and
bankers
Loans, dis-
dates.
same
The Trust
Company reported U. S. Govern¬
Obligations of $156,193,703
ment
and
loans
and
and Toans
and
advanced of $4,*
advances of $4,~
respectively with $147,038,694 and
$1,666,980 at December 31, 1944.
.
Total
of
resources
Bank Limited
as
exceeded
the
for
of June
first
of June
409.405
30, 1945 deposits of $167,and
total resources
of
$198.312,963 compared with $159,973.276 and $189,490,753 respec¬
tively ' On
December 31,
1944.
Capital and surplus were un¬
changed at $10,000,000 each and
Undivided Profits are $6 878.357
On£
Billion Pounds, being reported as
£1,006,807,394, according to cable
advice received at the office of
the New York representatives of
the
bank, 120
York
Broadway, New
Deposits reached the
City.
record
total
creasing
of
by
£968,544,901, in¬
Fifty
over
Million
treasury deposit receipts
(which
form of short term Govern¬
are a
ment
investment) amounted to
436,000,000; investments w er e
212,582,549, of which £ 208,626,*
658 are securities of or guaranteed
by the British Government; ad*
£
to customers and other aci
counts appear at £ 162,354,089. It
was
further announced by Bar¬
vances
clays Bank Limited, London, that
dividends on its A, B and C stock
have
been
declared
at
the
rates
paid for many years past, namely,
10% per annum on the A stock
and 14% per annum on the B
C stock.
and
In its statement of condition
June
30,
1945, the
of
as
Kings
County Trust Co. of Brooklyn
Y., reported total deposits^ of
$67,723,241, compared with $61,947,024 as of March 20, 1945, and
N.
total
of
resources
$76,906,665,
against $70,876,985 in the March
report.
Cash on hand and due
from
be
banks June 30 is shown to
$31,057,977, while U. S. Gov¬
ernment
obligations amounted to
$28,095,688; these figures compare
with $23,858,149 and
$30,001,451,
respectively,
this
as of March 20 of
The capital rema ined
for the past three
year.
unchanged
months at
$500,000, while the
plus
increased
was
000
from
sur¬
$6,500,-
to
$7,000,000; ■ undivided
which at the
end
of
March were $850,070, are
$423,373
!
The statement of condition of
the Brooldvn Trust Co. as of June
30,
1945, shows total deposits of
np4 pan and total
resources of
$263,825,353,; comparing
with
130
spectively,
"vv
b"nd
aM
$241 454 738,
re¬
March 31 last. Cash
~nd due from
« wds
on
$54,435,485
"'hije
against
$46,062,670,
holdings of United States
Government securities
were
$153
-
posits for the bank and trust com¬
pany together, as of June 30, 1945,
chased totalled
amounted
as
to
$4,670,512,922
and
total of assets to $4,974,508,308
compared with
a
corresponding
total at the end of 1944 of $4,365,-
y
£
970,978 against $146,558,878 ihree
the
*
Pounds since the end of 1944. On
the asset side of the statement
as
compared with $6,332,966 at the
end of 1944.
The total of De¬
f
Barclays
30, 1945,
time
at the present time.
*
...
acceptances'
$1,133,553,536 and $901,404,-'
243 at the
the end of December.
City Bank Farmers Trust
Company, the stock of which is
owned beneficially by the share¬
holders of the Bank, reported as
:
security profits and recoveries of
profits,
undivided
!
Bank
the
profits are
$35,795,424 against $28,610,465 at
tively and
.
share.
per
the
of
The
•
,
$4,776,195,345 com¬
pared
securities net of taxes, were
$12,508,372 or $2.02 per share and for
the same
period in 1944 were
months
pen
T,o5>r>«3
Wilis'
Pur¬
$37,461,770 against
$29,855,523. Surplus was increased
by $200,000 during the- cmartetf
being,. $5,200,000 against $5,000,000
on
March 31,
(Continued
Undivid^ nrof-
on
page
240)
a
23 f
THE
COMMERCIAL &
Number 4402
^Volume 162
FINANCIAL CHRONICLE
wdth an expanding economy and
the munitions pro-,
off from about jobs for released veterans and war
workers we will face another de¬
8,600,000 workers to less than 6,pression.'^' ■ ./•'.,/' '•■/>;.'. ; / //'
■' ABA to
000,000^ And whereas today the
"But there is another possibil¬
automobile, refrigerator, electrical
equipment, and other consumer ity; economic history may well re¬
durable goods industries are only peat. During and after every war,
(Continued from first page)
starting to reconvert, a year from prices have risen sharply then de¬ lar, and advocates of United States
clined sharply. So far during this
now the reconversion process will
leadership in monetary stability
war
we
have managed to hold
have been well advance<|, civilian
will regret the omission of this
We cannot af¬
production will be accelerating prices in check.
section.
;
ford to give up the fight just when
rapidly, and manufacturers will
"The Senate Committee did not
The point is that
be prepared to take on workers. it seems won.
adopt recommendations made by
At the same time, many workers cash and cash-assets are at rec¬ the American Bankers Association
ord levels, and that mosf peo¬
discharged from war plants will
with respect to assuring the shortple after VJ-Day will still have term use of the Fund, providing
have found jobs. Hence the later
good incomes. Expanding expen¬ for the same directors for both
VJ-day comes, the fewer war
workers will have to be absorbed, ditures of this group could offset Fund and Bank, and safeguarding
the smoother will be the transi¬ contraction in purchases of the the
'scarce currency' provision.
tion, and the shorter the lag be¬ unemployed and induce an infla¬ We believe, and still believe, that
Moreover,
tween
cut-back
disemployment tionary price spiral.
safeguards of these sorts would
and reconversion reemployment. once production did get started, make* it easier for the manage¬
Conversely, the shorter the war, manufacturers, wholesalers, and ment of the Fund to conduct its
the greater
will be the VJ-day retailers might buy inventories, very difficult operations with ef¬
This fectiveness, safety and wisdom.
dislocations.
We are determined fearing prices would rise.
Pledges Support cf
ployment in
-iuction will taper
©it
Vinson ReporIs
Brelton
Woods if Enacted
;
<
(Continued from first page)
,
,
being threshed out by
an interagency committee which
includes representatives of the Of¬
fice
of
Economic Stabilization,
problem- is
the
"Price control has served well
jeople of the United States
rnring this war. • From the
mistice
out-;
World War I to the Ar¬
>reak of
(52
months), prices ad¬
Board, War Manpower
vanced 62%, or more than 1%
War
Production
>er month. During the 70 months
;Board, Office of Price Adminis¬
ince August,: 1939,
just ' before
tration, and other agencies. .
Germany invaded Poland, the cost
i
Meanwhile, the military1, serv¬
)f living has increased 30%,.or an
ice's are making a constant effort
iverage of four-tenths of 1%; per
to reduce their needs wherever
nonth!
Moreover,
in; the
25
possible; additional supplies are months since the hold-the-line or'being sought from foreign pro¬
er went into effect in Mav, 1943.
duction, either in liberated areas
the rise in the cost of living has
or
in
Germany.
(The United
>een only 1.7%, or less than oneStates has ample supplies of raw
,enth of 1% per month.
cotton.)
And textile manufacture
This superior performance is no
is being directed by WPB and
accident.
As far /back as Feb¬
OPA into the products in which
ruary, 1941. when ceilings wpre
deficits are most acute, such as
put on machine tool prices, the
;\vork clothes and children's gar¬
jnited States started fashioning
ments.
However, these actions
War Labor
.
/Commission,
,
the retail
for several months.
r -
won't be reflected over
counter
Shoes
The problem
t,
ilar
that
to
in footwear
of textiles.
pipe-lines and new
is sim¬
Longer
climatic con¬
boosted military con¬
sumption, though again the serv¬
ices have cooperated in slimming
down
their - requirements.
But
declining hide supplies, primarily
the result of a drop in imports,
ditions have
shoe output,
The shortage is most acute
have limited
v
,
in
integrated price control
ture.
The pillars of that
in
ture
were
last
war
trols;
only
and
terials,
and
textiles needed
have been specifi-
the
for this purpose
(caly earmarked.
Housing
will save lives, and
that's what counts.
All agencies
are concentrating on winning the
That
war > quickly.
Simultaneously,
struc¬ they are getting ready to meet the
struc¬ problems which an early -VJ-day
policy,
price ceilings, wage control, and
rationing.
In contrast, during the
there were no wage con¬
rationing was confined
to
will bring.
,;But regardless of when VJ-day
the problems will be much
be
mit
as possible—to permit the
to determine what should
charged for goods and to per¬
collective
bargaining to es¬
However, in¬
tablish wage rates.
flationary
pressures
a re
too
yet to permit any re¬
would lead to a
repetition of the
three
must be prepared for
iriflation and deflation, or for a
delayed inflation after an imme¬
abuse
I "Thus,
we
diate deflation
following VJ-Day."
Fiscal Policy
/;l/;;/;7/./
| Mr. Vinson concludes
his report
discussion of fiscal policy,
with
Indeed, those problems
are already with us: contract can¬
celations and terminations* plant
clearance, handling of surpluses,
mustering
out
veterans,
han¬
which, in view of his appointment
as Secretary of the Treasury has
it is
necessary
power,
are
not
duction
tain
to see that man¬
materials, and machinery
diverted from
war
and, therefore, to
restrictive
many
pro¬
main¬
orders on
production,
distribution,
prices. After VJ-day, the
and
most important of these
recommendations related to
assurance that the resources of the
Fund would be protected against
"The
1919-20 boom and collapse.
comes,
the same.
few products, such as
sugar, and storekeepers were ex¬
pected to limit customers volun¬
tarily-—there was no point or dling unemployment claims, drop¬
coupon system.
Most important ping controls. Thus getting ready
of all, although some prices were for VJ-day is a continuing process.
fixed, most were free.
;
.
,
•, But when VJ-day comes the scale
It will be the policy of the Of¬
of operations will move up.
The
fice of Price Administration to volume of terminations, of sur¬
remove
price ceilings whenever pluses to be sold, of unemploy¬
an
abundance of supplies exists. ment claims will increase sharply,
The objective is to eliminate price
i VJ-day will signal the removal
and companion wage controls as of most wartime controls.
Today
a
children's shoes, and
steps have been taken to increase
production of these lines. Extra¬
ordinary progress has been made
during the past year in manufac¬
quickly
turing shoes from nonleather ma¬
market
work
and are: Fiscal
victory as soon as pos¬
to achieve
sible.
a
special significance.
Concerning
this phase of post-war policy, he
says:
.
r
post-war Federal budget
will be large. It is reasonable to
i "The
expect that the government will
be spending, on the average, about
$25
billion
a
year,
about three
budget. \Tax
receipts will be far larger than
ever 'before.
The legacy of the
war—in debt, obligations to vet¬
erans, and maintenance needs of
the armed forces — accounts for
most of the increase.
Also, we
shall want to enjoy some of our
increased national income in the
form of increased public services.
! "The management of a budget
times
the
pre-war
by
specifying clearly that
they should be used only
for short
periods and thus constitute a re¬
volving fund that really revolves.
If the Fund becomes frozen, the
'scarce currency' provision would
go
into effect and the whole pro¬
might break down. There
in the language
Fund on this point.
The
management of the Fund will find
this a difficult problem and ought
to have a clear mandate, espe¬
cially from this country, which
puts up the largest part of the
money and has the largest vote.
"The
position taken by the
American Bankers Association be¬
fore the Senate Committee was
consistent with its policy of advo¬
cating the principles of the Bretton Woods program but seeking
to
safeguard it against possible
abuse.
There has been no major
change in this policy; though after
the hearings in the House the Ad¬
ministrative Committee and other
committees
of
the
Association
meeting in New York in April
gram
is still ambiguity
of the
■
job be¬ of this size will have a tremen¬
"4 Housing construction is going laxation."
fore us will be to move resources
dous influence on the level and
.forward in the tightest areas and
Post-War Wages
out of \yar production into civilian stability of the whole economy, agreed, as- a practical * matter, to
the War Production Board has re¬
Thus after VJ-day, Whether or not to manage the emphasize safeguards to the op¬
Tn the matter of wage, policy production.
cently relaxed its controls moder¬
many War Production Board con¬
the report says:
budget is no issue.
It must be eration of the Fund rather than
ately. Nevertheless, as previously
American business is coming trols will be a hindrance rather managed.
But a budget which is merging the Fund into the Bank
noted, materials are not in suffi¬
than a help.
entirely the result of uncoordi¬ as was originally advocated.
cient supply to permit widespread to realize that a high wage policy
But there are exceptions even nated consideration of particular
"The Association has recognized
in
the long-run interest of
building, and therefore shortages is
to
this
generalization.
Unless projects and policies can have a public responsibility for mak¬
everyone because it helps create
Will continue for some time.
VJ-day is much longer delayed perverse effects upon the econ¬ ing its best recommendations to
the markets necessary to move
Durable Goods
goods from farm and factory—to than expected, a few materials omy as a whole. We need to con¬ the Congress on important finan¬
the homes of will still be too short to permit sider and formulate a total budget cial
legislation
of
this
sort.
7 The one field in which civilian store shelves—to
America.
And these high wages unrestricted bidding- for them.
in relation to the total economic Whether its recommendations are
Supplies will .increase sharply is
taken or not it will be the policy
are
necessary to achievement of
Deflation and Inflation Dangers
situation. A fiscal policy devel¬
consumers' durable goods—auto¬
Emphasizing the deflationary oped on this basis can stimulate of the Association to give its full
mobiles,
refrigerators, washing the high standard of living which
we
can
and must attain.
Labor and inflationary aspects of VJ- private expenditures either by re¬ coooeration and support to the
machines/and many electrical and
ducing taxes or increasing public new organization when they come
metal products.
But the flow of will continue to bargaib for higher Day, Mr. Vinson comments:
into being. •
production will not start imme¬ wages and management is recog¬
"VJ-Day will bring a sharp spending whenever private spend¬
diately, and when it does start nizing the right of collective bar¬ contraction in munitions employ¬ ing appears inadequate to sustain
It can raise More Freight Cars Placed
will be only a trickle relative to; gaining as a proper part of an ment. Workers will be discharged full employment.
economic democracy.
This bar¬ from
taxes
or
reduce
Government
pent-up demand.
plants making planes, shells,
gaining is most effective when tanks, guns, and ships. Also over¬ spending whenever the level of In Service—Less on Order
V
Food, Clothing, Shelter
The Class I railroads on June 1,
conducted in a spirit of under¬
time will drop and "shifts from private spending threatens infla¬
i) Since meat, sugar, fats and oils standing and tolerance on both
tion.
Further, each type of tax 1945, had 31, 283 new freight cars
high to low wage industries will
are also short (as discussed later),
sides.
Such understanding is evi¬
order,
the
Association cf
and each type of expenditure must on
be speeded up.
This will result
ft is proper to say that in all denced in the growing realization
be appraised in terms of economic American Railroads recently an¬
in a drop in the income and hence
nounced. This included 4,291 hop¬
phases of the American standard within the ranks of labor,- that a in the
purchases of these workers. consequences.
of
living—food,
clothing, and requisite of higher wages is high¬
/ "On the expenditure side of the per, 4,834 gondola, 1,260 flat, 17,"Te be sure, many workers have
shelter—demand exceeds supply. er production per man.. To pro¬
budget the item most susceptible 130 plain box, 1,800 automobile,
;
This general excess demand is tect
unorganized
labor and to built up savings during the war; to flexible planning is public 1,899 refrigerator, 19 stock freight
also unemployment compensation
likely to persist for some months safeguard markets for business,
works.
Expenditures for most cars and 50 miscellaneous cars. On
even though consumer income is
the
Government
should put a benefits will tide them, over the other Government functions can¬ May 1, last, the roads had 33,727
unemployment period. .But even
already declining as a result of floor under wages.
not be varied greatly.
But both cars on order and on June 1, 1944,
liberal unemployment benefits are
decreased
war
production and
We must make a determined ef¬
the aggregate volume of useful the total was 43,444.
employment. Upward price pres¬ fort to substitute arbitration and low compared with wages, and public works over long periods
They also had 504 locomotives
families whose incomes drop will
sures will continue much longer
other orderly procedures in the
and the year-to-year,timing may on order on June 1, this year,
curtail their expenditures — they
'for most consumer durable goods olace of strikes and violence, with
included 119 steam, two
be adjusted over a considerable which
and housing.
Such diverse ten¬ ♦heir inevitable hardship to the will not buy quite so much groc¬
range without
sacrifice of effi¬ electric, and 383 Diesel locomo¬
eries, they will put off getting
dencies would not normally .exist
tives. The total on June 1,!.1944,
worker and great economic loss to
ciency or utility.
shoes and clothes; they will intro¬
side by side, but this will not be the nation.
was
643 locomotives, which in¬
; "Appropriate use 'of budgetary
duce economies into their scale of
a normal period.
If war expendi¬
cluded 203 steam, two electric,
living.
Such curtailment of ex¬ policy for economic stabilization and 438 Diesel.
tures decline sharply before re¬
Preparing for VJ-Day
will require improvement of ex¬
conversion has gained full mo¬
The Class I railroads put 18,818
Commenting on what VJ-day penditures could bring about sec¬
ondary unemployment—in retail isting techniques for fiscal plan¬
mentum, demand for some goods
will.mean the report states."'
freight cars in service in the first
stores, in textile production, and ning. The Administration must be five months this year compared
/and services may become inade¬
Just as the Federal war agen¬
As one group of workers prepared to submit a government
quate while that for others is still cies were prepared for VE-day, so on.
with 12,263 in the same period
excessive.
In this case, to insure so must they also be prepared for i£ laid off, others are inevitably budget framed and analyzed in last
year.
Those installed in the
relation
to
the
total
national
a smooth transition to a full flow
/; .
first five months this year in¬
VJ-day. They must have on tap affected.
budget;
the Congress must be
of
peacetime output, we may a variety of plans for a variety of
cluded 6,2.99 hopper, 3,1527 gon¬
j "This presents a real danger. The
need
to
sustain
total income contingencies — particularly they remembrance of the depression is equipped to consider and, if nec¬ dola, 138 flat, 220 stock, 623 re¬
essary, revise the budget on the
while, at the same time, we are must have plans for an early de¬ clear to most of us.
At the first
frigerator, 477 automobile' box,
same basis. The Full Employment
resisting inflationary pressures in feat of Japan as well as a late development of widespread un¬
and 7,9C9 plain freight cars.
Bill, which I have endorsed in
special fields.
The fight against one.
employment, even those who are
They also put 260 new locomo¬
principle, establishes a mechanism
not unemployed may feel econom¬
inflation—to safeguard war pro¬
tives in service in the first five
The timing makes a great dif¬
for
discharging
this
necessary
duction against competing civilian
months of 1945, of which 43 were
ically insecure and will freeze, on
ference.
Today 45% "of American
function of government—budget¬
demands at rising prices and to
to their savings and spend less.
steam and 217 were Diesel. New
energies are concentrated on,war
'protect
the
American
family and war-supporting activities; a This would be bound to deflate ary planning—in a way which locomotives installed in the same
will help fulfill the necessary re¬
r>orin^ loot vpar totalptf 417. which
against rising living costs—must
demand; manufacturers would be
year from now, as military needs
sponsibility of government, full included 166 steam and 250 Diesel.
be continued.
less anxious to expand; and in¬
gradually decline, only about 30%
employment."
—
;-Regarding the continuation of
will be required.
Similarly, em¬ stead of coming out of the war
price controls the report states:
strong
as
.
■
,
-
;
_
THE COMMERCIAL & FINANCIAL CHRONICLE
232
ports in
The State of Trade
the
ended
week
June
30, 1945,
totaled 893,741 cars, the Associa¬
will
capitalization,
tion
shares
of
American
nounced,
This
,
Railroads
an¬
17,299 Cars, or 2.0% above the
preceding week this year and
3,469 cars, or 0.4% below the cor¬
responding week of 1944. Com¬
pared with a similar period of
1943, an increase of 41,659 cars,
or 4.9%, is shown.
: \
of
$10
stock.
common
par
"Control of the system will
increase of
an
was
have a $2,000,000
including 200,000
company
for
country at large.
Sum¬
clothing continued in. the
fore with interest growing in fall
apparel.' Housefurnishings sales
increased in some areas, i Food
good
be
,
V4HI control movements of
equipment; and supervise
flight
maintenance
and
repair."
I
of
railroads
in
the
had
1945,
May,
United
States
estimated
an
Paper Production
Paper
—
duction for the week
pro¬
ended June
30, was 88.8%
of capacity,
as
against 90.4% of capacity for the
preceding
week, the American
Paper and Pulp Association's in-
after
interest
and
$64,700,000 compared
with $59,019,923 in May, 1944, •ac¬
cording
to
the
Association
of
dex of mill
American Railroads,
for
income,
net
of
rentals,
j
In the first five months of
1945,
estimated net income of the
riers,
•/
car¬
after interest and rentals,
$264,000,000
compared
-
activity disclosed. As
paperboard, production for the
same period was reported at 96%
of capacity, unchanged from the
previous week.
totaled
with $258,127,532
in the corre¬
sponding period of 1944.
In May, 1945, net railway oper¬
ating income, before interest and
rentals, amounted to $99,925,991
as
against $99,175,346 ; for
the
.
month of last year.
For the first five months of this
same
net ; railway operating in¬
come, before interest and rentals,
was
$439,677,038 compared with
year
in
$452,908,090
the
period
same
of 1944.
the
For
ended
year
May
31,
1945, the rate of return on prop¬
erty investment averaged 3.96%
compared with 4.37% for the like
Wholesale
Both
Index—After
time
Dun
177.87
last
Total operating revenues in the
five months of 1945 totaled
$3,879,480,754 compared with $3,836,596,178 in the same period of
1944, or an increase of 1.1%. Op¬
erating expenses in the first five
months of
1945
654,038,495
as
amounted
to
$2,-
against $2,559,311,318 in the corresponding period of
1944,
increase of 3.7%.
or an
Electric
Production
Electric Institute reports that
son
the output of electricity increased
to
approximately
>4,353,351,000
kwh. in the week ended June 30,
1945, from 4,358,277,000 kwh. in
the preceding week.
Output for
the week ended June 30, 1945, was
0.6%
that
above
for
the
sponding weekly period
:
ago.
-
Grain markets were featured by
irregular movements last week.
Aggressive purchasing of futures
by
mill operators as
a
hedge
against enlarged sales of flour to
the
Army and to the domestic trade
made for
good
output
electricity
169,000,000 kwh.,
with
158,000,000 kwh.
corresponding week of
last year, an increase of 6.9%.
the
National Network Plane Rental
Planned—At
tentative
a
rate of
$10 per hour, you can rent
a
plane, leave it at your destinai ion, and pay only for the
flight
between, says "Aviation News,"
McGraw-Hill publication.
"A
national
network
of
200
bases
to provide airplane rental,
charter,
sales
and
service
is
planned by the new National FlyUr-Self System, Inc.
"The organization
will retain
ownership of all flying equip¬
ment, leasing it to selected mem¬
ber operators.
Credit cards good
at any member base will be is¬
sued to regular customers;
Mem¬
ber operators will
be permitted
to
sell, charter and' operate other
types of planes.
"Tentative agreements have al¬
ready been made for several East¬
ern
operating bases, and negotia¬
tions
for
other
bases
in
other
parts of the country are now un¬
der way.
It is understood that
financing
of
the
new
industries
manufacturers
had
the
of
Price
Food
Index
Unchanged—Holding at the
same
level for the,, third
consecutive
week, the wholesale food price
index, compiled by Dun & Bradstreet, Inc., for July 3 again reg¬
$4.01
and
dates
This compared with
$4.05
for
similar
the
and two years
previous,
1.5%, re¬
spectively,;
Advances during the
week
included flour, oats, eggs
or
one
advances of 2.5 and
and
steers, while declines occured
in wheat, rye and potatoes.
The
index
„
the
represents
sum
total of the price per pound of 31
foods in general use.
Business
venture
is
being privately arranged and that
Failures
Decline—In
holiday-shortened week end¬
July 5, commercial and in¬
dustrial
lowest
failures
number
dropped
of
the
to
week
any
to
date in 1945, reports Dun & Brad-
street,
Local distribution of
a
feed
from
■
increase of 8.1%.
Service
were
Wholesale
fhe
to
Exports of wheat
reported heavy. A
for cash corn as
futures
as
mar¬
holding prices close to
ceilings.
The
progress
of the
corn
crop was said to be favor¬
able.
Day-to-day fluctuations in
rye and oats were quite erratic.
ing
for
wheat.
effect
of
compared
active and firm
demand
and
171,700,000
kwh.
in the week
ended July
1, 1945, comparing
with !58,700,000 kwh. for the cor¬
responding week of 1944, or an
amounted
an
and flour
Consolidated Edison Co. of New
system
in
corre¬
one year
,
York, reports
'
istered $4.11.
The Edi¬
—
compared
with
corresponding date
year.
well
first
week
a
'■.
$804,055,622 in May, 1944, while
operating expenses amounted to
$547,663,749 as against $526,767,month of 1944.
and
the
on
still
was
177.48 recorded
previous
172.03
This
July 3.
on
above the
ket
same
&) Bradstreet >: daily
wholesale commodity price index
turned slightly lower, closing at
period a year ago. •
Operating revenues for May to¬
taled $823,024,606 compared with
253 in the
rising to a new war¬
178.19 on June 27,
peak of
the
Inc.
'
numbered nine
14
in
the
Concerns • failing
as compared with
previous
week
and
21
in
the comparable week of 1944.
Among both large and small con¬
cerns, failures fell to less than
half
their
number
sponding week
failures
$5,000
in
more
corre¬
with
liabilities' of
involving
or
the
year
a
ago,
dropping
from
mine last week to six in the week
just ended—last year there
21
concerns
failing
in
were
this
size
group.
Unusually early interest
in fall suits and
short coats.
Wool system suits
were bought more widely instead
was
trade
or
the
group
only in¬
with as
three failures.
many
cline
as
week
was
from
week
ago.
against
furnishings
suits
sold
weight
clothing
Canadian
none
a
year
Richard
of
suits
sun
Non-rationed
shoe
mas
shoes
sales
Small
in
black
white
in
pared
failure
as
was
in the
year ago.
re¬
corre¬
There
in the preceding week.
holiday,
emphasized
by
address,
"I
boosted
Secretary
sponsibilities of that office.
Retail stocks
of wool rugs reached h new low.
Food volume remained high as
hot weather drained supplies of
fruit juices, carbonated drinks, ice
cream and picnic supplies.
But¬
ter
supplies were beginning to
catch up with demand
and the
egg situation seemed to have im¬
proved.
Fresh produce was pres¬
"It is the function of
Department
this
change in
the basic principles of our foreign
policy in the prosecution of the
war
and in the struggle for en¬
during peace which have been
charted
by the
late - President
,
stores
when
year,
for
closed
were
Roosevelt
many
two
days
lations and the House Committee
executive
ment
to
market
this
week
as
in the
the pre¬
in
vious week.
Federal
dex for
Board's
Reserve
in¬
18%,
for
and
time
the
tered
total
in
today
vations
August
of
In
forthcoming
Premier
con¬
Stalin
and
at
home
their
usual.
as
abroad
or
to
re¬
posts and to carry
I have asked the
of the structure of
department. Until I receive
that report and have an oppor¬
:
depend
than skilled
than
active.
something
on
thing
to
June
even
the
wisest
statesman
can
Important as is diplomacy,
important as is our peace settle¬
According: to the Federal Re¬
Bank's
index, department
period
treaties, some¬
than the best
paper
more
charter
■,
and
ments
serve
weekly
Stamp
on
Sale July 26
Postmaster Albert Goldman
nounced
on
an¬
June 30 that the 1-cent
denomination
of
the
Roosevelt
Memorial Series will'be placed or
sale at Hyde Park, N. Y., on July
26. The stamp will bear the
por¬
trait of Franklin Delano Roose¬
generally
hot,
weather, maintained retail
volume during the week at a
high
^evel despite holiday store clos¬ velt and the
Roosevelt home
ings, Dun & Bradstreex, inc., im¬ Hyde Park, N. Y.
at
Nations Security Council.
Secretary of State Byrnes spent
his first
of
day in office, the fourth
> at
his desk, the New
July,
York
"Times"
reported on that
day, receiving the chiefs of the
foreign diplomatic missions and
consulting with Under Secretary
Joseph C. Grew and other mem¬
of
staff.
'
the
State
Department
,
Dunn; Fafes Trustees
Gf Life Insur. Fund
Elliott V. Bell, New York State
Superintendent
of
an¬
Banks,
nounced on July 3 the appoint¬
ment of Harris A. Dunn, Presi¬
dent of the North River Savings
Bank, and DeCoursey Fales, Pres¬
ident of the Bank for Savings,
both of New York City, as trus¬
tees of the Savings Banks Life In¬
surance Fund for
four-year terms
beginning July 1, 1945. They will|
succeed Henry W. Proffitt, a trus¬
tee of the Empire City
Savings
Bank and
member of the firm of
a
Barry, Wainwright,
Thacher &
Symmers, and George D. Whedon,
President
of the Monroe County
Savings Bank of Rochester. Both
Mr. Proffitt and Mr. Whedon have
served
two
trustees
consecutive
of
terms
as
the
Fund, the maxi¬
tenure permitted under the
mum
statute.
Mr.
Proffitt
has
been
Chairman of the Fund for the last
year.
Organized on July 1, 1940, the
Savings
Banks
Life
Insurance
Fund
is
managed by a board of
trustees appointed by the
Superintendent of Banks with the
seven
of
consent
the
the
Governor.
Under
Banking Law the Fund
vides
pro¬
a
guaranty on life insurance
policies issued by savings banks,
prepares
the standard forms of
life insurance
policies and annuity
determines
premium
contracts,
rates and unifies the mortality ex¬
perience of issuing banks. There
are now 30
issuing banks and 19
agency banks for savings bank
is
now
in force in New York
State,
the
basic
charter
of
Wins Gam.
After
a
year
Merchant
Approval
of study the House
Marine
Committee
Commission
dispose of sur¬
ships, the Asso¬
may
plus
the
ington, June 28; from
peoples of different lands not
only to have peace but to live
together as good neighbors.
"Centuries
ago
devout
had to
men
that
with
another to preserve
one
they
fight
their
merchant
ciated Press reported from Wash¬
vices
these
ad¬
quote:
we
"Priority in purchases is given
'
thought
has
approved legislation providing for
the manner in which the Maritime
world peace,
these cannot suc¬
ceed unless backed by the will of
30,
FDR 1-Cent Memorial
the
White House to carry on his new
duties as member of the United
more
'diplomacy, something
draft.
;he
Stet¬
in
"The making of enduring peace
will
the
1945, increased by 18% above the
same
period of last year.
This
-•ompared with a gain of 25% in
the preceding week.
For the four
weeks ended June 30, 1945, sales
-ose by 21%, and for the year to
date by 13%.
office
ance
more
•
an
will be made.
is
.
have
press
life insurance. ' More than
$50,000,000 of savings bank life insur¬
reported that they will ex:eed those of a year ago.
Last
week retail trade here continued
it
will
Ross,
that
tunity to study it and make such
personal inquiry as I deem ad¬
visable, no change in personnel
figures,
matter of fall retail sales
President
investigation
during
September.
and
.
G.
announced
the
reser¬
arrivals
permanent
Director of the Budget to make an
encoun¬
obtaining
at
on
dffect adversely the
may
number
his
with
main
Additional buy-
difficulty
a
Minister
ment
expected to arrive within
next
two
or
three " weeks,
the
much
so
Churchill, I am
asking all of those in the depart¬
are
however,
as
accompany
at
ference
third quarter was a feature of the
wholesale markets here in New
3rs
to
Prime
the
] Improvement in the supply sit¬
uation
in
textile goods
for the
York last week.
Nations
Truman
to date by 12%.
year
done
our
institution to maintain peace.
"As I am leaving within a short
pared with a gain of 21% in the
preceding week.
For the four
weeks ended June 30, 1945, sales
by
Govern¬
relating to the organization of the
1945, increased by 16% and com¬
increased
and who has
shape
United
June 30,
the week ended
of the
the tremendously important tasks
Department stores sales on a
zountry-wide basis, as taken from
the
branch
foreign policy during
the
critical
war
years,
has
promised to give me the benefit
of his wise counsel. I am glad also
that I will be in a position to ad¬
vise with my immediate predeces¬
sor, Mr. Stettinius, particularly on
week, due to the holiday and to
the temporary slowing down of
fall buying in the apparel mar¬
kets.
It was estimated that, half
buyers appeared
Affairs.
My friend,
Cordell Hull, with whom I have
served in the Congress and in the
compared to recent weeks, was
noticeably
subdued
during
the
many
Foreign
on
as
as
help and guidance of the
on Foreign Re¬
Senate Committee
markets,
wholesale
by
advising President Truman
foreign policy I shall seek the
on
constant
19.
in
reaffirmed
"In
Regional percen¬
tage increases were: New Eng¬
land, 11 to 15; East, 12 to 16; Mid¬
dle West, 1 6to 20; Northwest, 9
to 13; South, 9 to 14; Southwest,
18 to 23, and Pacific Coast,
15
Activity
and
no
President Truman.
instead of one.
to
involves
time
Charles
Presi¬
by the President
Congress. It follows that
change in the secretaryship at
a
estimated at 15 to 20% above
last
the
and the
ent ih greater volume &nd variety
of
to advise
determined
as
tinius
bers
the State
dent in the formulation of foreign
policy and to carry out the for¬
eign policy of the United States
and mas welcomed by customers.
Retail volume for the country
that
mjr duties as
State, deeply con¬
upon
of
scious of the great and grave re¬
well in many types.
was
quotes:
enter
;
.
secretary,
Gov¬
Secretary of
following pre¬
which the Asso¬
•
together.
Justice
new
'
After the ceremony Byrnes and
Stettinius left the White House
the
ciated Press
heights.
continued to sell
rugs
made
and
highest
Chief
Whaley of the Court
administered the oath,
State
unusual
to
S.
Claims
after which the
as
shoes
the
officials.'
ernment
in demand
prime favorites.
Millinery sales lagged, though
some
fall styles were
accepted.
with
share."
witnessed by the
was
and
respect the rights of others
opinions, feelings, and ways of
they do not and cannot
life which
on that date
Presss, from
to United States
citizens, acquisi¬
tion of vessels by foreigners is
re¬
different
stricted, and the price formula for
disposal of ships not needed for a
have
defense
religious beliefs. But we
through long and
experience that the only
way to protect our religious belief
is to respect and to recognize the
mpbt of others to their religious
learned
hitter
Retail and Wholesale Trade—
The prospect of summer vacations
and the Fourth of
July
sunny
President
light¬
Chil¬
and
well.
and
to
on
The brief ceremony in the Rose
outside
President
Tru¬
year.
A'.*
ported, the same
sponding week a
were
seven
v
.
One
'comparable
and
cerns
this
1944's
The de¬
sharpest in manufac¬
retailing where con¬
failing numbered only two
turing
Men's
dren's
House
Garden
man's office
Justice of the Supreme
a
swift Senate ap-«>
by the Associated
Washington. ,
reported
this
Organization created
President Truman appointed as
in the State Department James F. Byrnes,
successor
a
July 3, as reported
them.
worsteds
After
terrace of the White
a
of beach accessories climbed with
scarce
the World Security
on
Conference,
proval of the nomination,
Mr.
Byrnes took the path of Office on
and fall clothing
Men's and women's bathing suits
sales rose to a new high, and sales
of
Francisco
Stettinius'
Court.
stores sales in New York City for
Construction
dustry
Mr.
San
formerly Director of War Mobilization and
,
summer
the
at
much in demand last week.
rationed
Price
Commodity
the United Nations and
steady with fairly
of most merchan¬
was
:
stocks
were
was
Railroad Income in May—Class
s
dise.
fices
which
Following the resignation of Edward R. Stettinius, Jr., as Secre¬
tary of State, who is scheduled to represent the United States before
mer
maintained
through regional of¬
in
Boston, Chicago, New
York, Ft. Worth, Los Angeles,
Portland, Ore., and Kansas City,
Byrnes Succeeds Stettinius as Secretary of State
the
volume
Thursday, July 12, 1945
current
weekly sur¬
of retail and wholesale trade
vey
(Continued from page 226)
Railroad Freight Loading—Carno
public stock offering will be
loadings of revenue freight for made., It is proposed that the
its
:
reserve
"The sales
is specified.
V
charter period is
limited to two years after the end
of the
war.
or
.
"The bill declares the intent of
beliefs.
Congress
"Today there can be no doubt
that
the
peoples of this warravaged earth want to live in a
free and peaceful world.
But the
supreme task of statesmanship the
world over is to help them to un¬
retain
derstand that thev
and freedom
nan
haw
ueaw
a
to carry
that the United States
merchant fleet 'sufficient
its domestic water-borne
and a substantial
por¬
tion of its water-borne
export and
commerce
import foreign commerce,
and
adequate as a naval and military
reserve
only if they tolerate I gency."
in time of national
emer-
report
tee's
a
gave
implication of
these figures, we have prepared a
table, attached hereto, showing
the January-April, inclusive, dis¬
Commit¬
figure of
Sugar
Anderson
our
6,221,000 tons* of sugar as possibly
available for distribution in the
United States for civilians and
military forces for the year 1945.
The break-up of this amount was
From
Distribution for 1945 Iruckloadisig Volume
Bleak Outlook on Sugar
The
FINANCIAL CHRONICLE
THE .COMMERCIAL &
162; Number 4402
.Volume
friends the full
tribution and the
freight
of
volume
The
Expenditure Plans
A
trans¬
ported by motor carriers in May
increased 1.9% above April, but
May-December,
distribution from the
1927 up to and including the
inclusive,
I.
In
0.2% below May 1944, accord¬
was
ing to American Trucking Asso¬
year
5,000,000 tons for the U. S. civilian current year., From this table it ciations, Inc., which further re¬
will
be noted that the
amount ported as follows: / 1
populace and 1,221,000 tons for the
available for
distribution from
U. S. military and war services.
Comparable reports received by
In connection with the 5,000,000 May to December of this year is ATA from 273 carriers in 42 States
tons estimated for the U. S. civil¬ the lowest on record for the period showed these carriers transported
•
ians, it is significant to note that covered by our table.
an
aggregate of 2,262,066 tons in
When there is deducted from
the Anderson report states;
May, as against 2,218,828 tons in
i
there is some possibility the 4,026,476 tons available for the
April and 2,265,460 tons in May
that even the 5,000,000-ton fig¬ period in question that which will 1944.
ure
cannot be safely
counted go to the military forces, it will
The ATA index figure, com¬
be seen that the amount of sugar
upon because of production un¬
puted on the basis of the average
certainties and the normal time available for civilians will be dis¬
monthly tonnage of the reporting
lag in the harvesting, refining tressingly small. Furthermore, in
carriers for the three-year period
and distribution;
but for the
considering these figures it must of 1938-1940 as representing 100,
purposes of this report we will
was 188.09.
consider that 5,000,000 tons is be borne in mind that in the last
Approximately 82% of all ton¬
13
the maximum amount that may
years the
population in the
iri the month
be counted upon for distribu¬ United States has increased mate¬ nage transported
was hauled by carriers of general
tion in civilian channels in the
rially—from 118,000,000 to 138,freight. The volume in this cate¬
United States in 1945."
In order to portray vividly for 000,000.
gory increased 1.3% above April
and 0.2% above May 1.944.
OP SUGAR
,
S.
U.
Transportation
1927-1945
1945.
1944
1943
1942
-
1941
_
_
1940
1939~~~~~"~
T"
1938":::::::
1937:::.::—
19361935
_
__
_
""""
i933::::::::::_„:
"
1934
i'm
1932
1931~~ ~
1930_:::„:
_
1929..
1928-
_
I
-
136,485,262
.
2,759,363
1,850,847
2,001,745
1,807,346
2,481,650
2,253,961
2,206,759
1,876,972
1,953,128
1,842,542
1,885,064
2,044,482
2,197,591
2,126,967
1,953,483
April but
^preliminary War Pood
130,879,718
128,053,180
4,452,152
4,416,939
4,454,613
4,433,913
4,596,338
4,817,016
4,813,278
4,637,769
4,531,433
121,526,429
119,861,607 "
118,196,785
4,637,717
During the war years, the
principally in 1942.
the use of zinc have been removed through
the revocation of Order M-ll-b and Direction 1 to the order, the
War Production Board said on June 13. The effect of this action
will be merely to give zinc purchasers a "hunting license," as zinc
continues in tight supply, WPB said. Existing allocation controls on
slab zinc will be retained.
1
to
Order
M-ll-b
~~
available for roll¬
previously increased the number
r.t
fn..
of permissive
uses of zinc for
coatings other than paint, during
the second and third quarters of
make capacity
1945.
canning closures
opinion,
the heavy cutbacks in military
requirements
for
brass
mill
products have not brought zinc
requirements down to the supply
level, Zinc Division officials said.
Military demands for brass mill
strip,, as
previously , reported,
dropped from 414,000,000 pounds
second and third quarters
Contrary to prevailing
160,000,000 pounds
mill strip con¬
tains approximately 30% zinc.
The cutbacks reduced the "defi¬
cit" between
essential require¬
ments and supply by
approxi¬
mately 75%.
Zinc that can be
obtained on an unrated basis after
the fulfillment of all rated orders
monthly
J to
monthly.
Brass
used for any purposes.
However, in the immediate future,
WPB said, there will be very lit¬
tle zinc available for unrated ci¬
be
may
vilian
demands.
Direction
to
_
^
Order L-103-B,
zinc
manufacturing home canning
which
for
3
.
restricted' the use of
has been revoked.
revocation, WPB said, does
closures,
The
not affect any
liabilities incurred
of the direction while
in effect (April 30—June
ing zinc strip. At that time WPB
restricted the amount of zinc to
home
used for manufacturing
be
to
of
30%
than
more
no
in each of the
of 1945
the
weight of zinc used by a manu¬
facturer for similar purposes dur¬
1941. On June
through an amendment
to Direction 3, WPB increased the
zinc quota for such purposes in
the second and third quarters of
1945 to 70% of the weight of zinc
1945,
5,
manufacturer
a
used
similar
for
in the base period
quarter).
purposes
35% per
(or
Oregon Bankers Elect
icOready President
At the 40th
the
annual meeting of
Oregon Bankers Association,
McCready, Vice-President of
manufacture, use
home
canning
closures
remain
subject to other applicable orders
and regulations of WPB.
Quota restrictions on the use of
zinc for
manufacturing home can¬
ning closures were applied for
first time by WPB on April
1945,
to
conserve
zinc
the
30,
and to
ex¬
the
It
would
be
a
far
$2,750,000,000, in the calendar year
1929.
The expected total, however, is
below combined public and
,
still
private
war
3% of the total
Insofar
munist
Associated
the
to
pointed out that
"plans — not
commitments", and went on to
say that the replies to the survey
suggest that the $4,500,000,000 es¬
survey
covers
inflated
not
by includ¬
but reflect
"nebulous plans"
the f
considered judgment of an
adequate cross-section by Amer¬
ican industry.
penditures is for new plants.
article
The
the
says
largest
gains over the prewar figures, ac¬
cording to the survey, are in the
and printing group, and
textile, apparel and leather
paper
the
Truman Not to See
Trip
on
Trumafo
stated
at his
conference July 5 that al¬
though he will be pleased to see
press
Charles
Gen.
Gaulle
de
at
any
time, he does not plan to go to
Paris during his trip to Europe for
Big-Three conference near
Berlin, nor does he plan to see
the general at that time, a spe¬
cial dispatch to the
New York
the
"Times"
Washington stated
from
on
we
from these advices
that date,
Signs
Increasing Pay of
Federal Employees
expected to go
to London before returning home,
but
said
he
he would not
Win¬
before the
Big
today
confer with Prime Minister
ston
Churchill
Three
meeting.
meeting of the
a
of
signed on June 30 by Presi¬
dent Truman.
*
provides an increase of
20% on salaries up to $1,200, 10%
on
salaries between $1,200 and
The bill
$4,600 and 5% for everything over
$4,600, said Associated Press ad¬
vices from Washington June 30,
which added:
"The
carries
also
measure
a
10 % night differ¬
ential and holiday pay to em¬
ployes who are required to work
on
holidays that the President
provision for
time
up
a
non-work
be
to
declares
Over
"This is to be
providing for a gen¬
of 15% salary in¬
most Federal employees
average
crease
quote:
"Mr. Truman is
bill
The
was
pay
days.
basic salaries
on
to and including $2,980 is pro¬
with
automatic
in-grade
Big Three, the President declared
briefly.
vided
President
Roosevelt's custom to corner with
Mr.
Churchill
before
meeting
twelve
"It
the
was
late
Stalin, notwith¬
standing
any
impression
that
might
arise
thereby
of
prior
Anglo-American understandings.
Marshal
Joseph
to be
made every
eighteen months in¬
stead of every eighteen and thirty
promotions
and
months.
Big
all Federal
elected officials,
department heads
of
independent agencies of the
Federal government, District of
Columbia
municipal employees,
meeting, although last week
he had expected to be able to do
postal employees, employees out¬
side the continental limits of the
Truman
the
announce
date
would
of
the
not
Three
at this time.
was
All he would say
that it would be within three
weeks.
-
"The White House said publicly
1
"Thee bill applies to
workers
except
Federal judges,
States, Inland Waterways
United
Corporation employees and Ten¬
nessee
Valley
Authority
em¬
ployees.
what has
Veterans' Housing Program
Mc¬
Cready, who was previously VicePresident of the group, succeeds
Big Three, but that communiques
will be issued from the confer¬
the
First
National
Oregon
gene,
of the
dent
was
of
Bank
Eu¬
elected Presi¬
association.
Mr.
Mitchell Tillotson who is manager
of the Klamath Falls branch of
that
The
President
Senate
Truman
a
made that the conference was
session
advance
in
of
the
in
first
association
elected
H.
W.
been
chairman
utive
committee
year.
Ralph
of
the
was
Jesse
J.
chosen
Gard,
Treasurer,
and
Vice-President of
exec¬
during the past
Thorn,
assistant
manager of the Bank of Califor-
the
of
sent
call
and
denounce
munism;
ed,
themselves
These Liberals,
Com¬
so-call¬
quite worried that the
party line of the Communists
are
new
will embarrass them.
it
cause
has
their
This is be¬
Their
stuff.
is that now, that the Com¬
munists are advocating identical
policies, it will be enveloped with
Red baiting, theyv
Communism.
worry
feel,
they
will be thrown into what
call
their
legitimate
de¬
It is interesting to note,
and maybe it is quite embarrassing to some labor leaders, that
the
Communists
are
just now
mands.
coming up to their demands. The
question arises, naturally, as to
just what constitutes Communism.
United
Portland,
States
was
National bank
elected Chairman
of the executive committee.
<
-
It
constitutes, insofar as this
can determine,
simply an¬
other group of agitators, effective
;
and capable agitators.
They have
been under wraps.
The rank and
file of them are frustrated people
of energy who like to raise hell
against any existing order.
To
read their literature, it is pathetic
to see how much they ape one another,
They use the same words
and the same expressions.
If cer^ t,'
tain words and phrases were cut ' •
out
their
of
vocabulary
they
would be completely dumb.
;•> ...
So, they have been quite unhappy under the regime by which
they were supposed to cooperate
with American capitalism.
It is
not in their make-up to cooperate.
Now that the wraps have been
taken
off
of
them,
they
are
tremendously happy and are bab¬
bling like nobody's' business in
their
to
cover
National
the
stated:
need, the nation's Execu¬
said, was to provide homes
for the distressed families of ser¬
vice men and for veterans and
tive
their
families who
by eviction or other
ships.
.
affected
were
unusual hard¬
•
' v;
rv
press.
the overall brain.
writer
As
this
near as
determine
it, Stalin is
first up against the proposition of
wanting to Communize Europe,
and what sort of a picture is it,
when his men are selling Europe
can
that Communism is the best of all
worlds, and the Communists are
cooperating with the Capitalists
in
the
greatest
of
Capitalistic
worlds?" v
-■
T^he question also
to
how
in
the
name
of
as
up
comes
heaven
Stalin hopes to get credits in
this
country, which he is supposed to
need
badly, and at the same
time, turn loose his horde of agi¬
tators, who are admittedly effec¬
tive agitators, more effective than
our
so
home
The
grown
have
answer,
been
able
labor leaders.
muchs
as
we
as
fathom
to
a
for
»
■;
Recognising, however, that they* V
are stooges, and either babble or
agitate, as the word comes down
from Moscow, the question arises
as to just what is in the mind of
to
Housing Agency, according to an
Associated Press report from
The
nia,
has
$100,000,000 budget
Washington, July 3, which
communique.
Gauntlett, President of the Bank
of Newport, Vice-President.
He
who
it,
is
housing pro¬
that he must think in terms of the
"as may be decided upon gram for service men and vet¬
overall world situation, and that
time to time."
It indicated erans, $25,000,000 direct appropri¬ furthermore,
he
can
use
his
ation,
and
$75,000,000
contract
no
announcement might be
stooges in this country as a lever
request
authorization
part:
has
from
First National Bank of Port¬
The Portland "Oregonian" from
which this is learned also said in
,
ence
those
are
writer
group.
eral
Com¬
for this country
"Liberals"
Press the article
is
the announced
as
program
concerned, it is far behind, cer¬
tainly not ahead of what our
more aggressive labor leaders are
demanding.
It is an unquestion¬
able fact that people far more
dangerous to the Conservatives
during the peak
outlays
According
ing
foreign
a
is
years.
the
of agitators for
group
government in our midst.
previous 12-month rec¬
private expenditures of
for
We
quently get quite agitated about,
nothing in the world except
average—1937
pre-war
previously been said in¬
formally—that the press will not
be allowed at the meeting of the
the
land.
action taken by
direction. The
and delivery of
capital
home.
sent
is
above the
ord
milk, textile products, coke,
bricks, building materials, cement
and household goods. Tonnage in
this class increased 10.0% above
so
L. S.
the
1945), or any
WPB under the
It said such
private
mid-1940.
to
of the total tonnage
"President
it
14.
times
co,
1940
ing the base period of Oct. 1,
through Sept. 30,
for violation
was
survey
in an article in the
Department's Survey
of
been
their governments that
As
things have shaped up, however,
the Communist party in this coun¬
try whom we accept and fre¬
Nearly 30% of the planned ex¬
About 3%
DeGaulle
and war services, wherever situated.
:
have
told
they were persona non grata.
Truman
All restrictions on
•
that,
have
Aoril, and 3.9% above May of last
Forces.
Zinc Reskriclions Removed, but Supply Still Tight
Direction
volume
a
reported consisted of miscellane¬
ous commodities, including tobac¬
124,039,372
123,076,685
the
go
propagandize against this
government in this country. Am¬
bassadors who have sought to do
penditures would be nearly three
timate
124,839,981
out and
year.
by the OPA and used
•♦Includes those in military
p
Commerce
May 1944.
r;
of
Results
of Current Business.
5.5% below May of
was
President
_
given
petroleum
for about
127,250,232
126,373,773
125,578,763
SNot available.
,
21.
were
Administration figure.
distribution were recaptured
.
June
tonnage. Their traffic volume was
6.1% above April and 11.6% above
♦'invisible"
.
spending an estimated $4,500,000,000 for plants, equipment, and al¬
terations, an Associated Press re¬
port from Washington stated -on
increase of 3.8% above
ucts hauled about
129,824,939
128,824,829
4,189,752
SDuring 1941 a good portion of the distribution went into the building up of the
supply.
It has been estimated that approximately 800,000 tons of the 1941
;
permit foreign ambassadors to
Commerce, including out¬
of plans of approximately
7,000 companies, reveals that dur¬
ing the fiscal year starting July 1
American b u s i n e s s anticipates
Carriers of iron and steel prod¬
Based on Anderson Report.
tEstimated.
lines
last year.
133,202,873
131,970,224
5,310,094
5,039,821
4,865,773
4,835,907
.
for United States Expeditionary
figures include deliveries
an
(Continued from first page)
a foreign country.
We do not
>
for
13% of the total tonnage reported,
showed
138,100,874
134,664,924
1,664,603
in the United States;
•Distribution for consumption
:
12,194,524
2,002,105
6,591,200
1927
May-December
4,026,476
5,145,604
4,670,110
January-April
Total
t6,221,000
7,147,709
6,334,713
§5,466,204
§8,069,457
6,890,668
6,867,518
6,643,253
6,671,402
6,706,113
6,623,698
6,331,585
6,387,041
6.438.880
6,702,080
6,857,760
6,835,360
6.658,400
Calendar Year—
Population
of
accounting
products,
**
made by the Depart¬
ment of
DISTRIBUTION*
short tons—raw sugar value)
(In
survey
Washington
Ahead of The lews
for his
and
as
There
cause
demands—in
pertaining
is
we
this country
to
the world.
something to this, be¬
have shown that we are
quite afraid of him.
And it is
fact that his agitators can
a
lot of confusion in
which
is
going to be
fused anyhow.
our
a
stir up
country
quite
con¬
Thursday, July 12, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
!.
,
Government at unprecedented
Receipts and expenditures of the
peaks for the fiscal year 1945 are reported in a statement by SecreFrances Perkins reported on April 29. "The work-week in the dur¬
goods group averaged 46.9 while that in the non-durable was
43.4," she said. According to Miss Perkins "all but one of the durable
goods groups reported a longer work-week than in January when the
able
New Year's holiday was
per
durable-goods group
whole amounted to 365 mil¬
Week for the
a
as
decrease of
lion, a
hours.
The
almost 350,000
the dur¬
in
decline
able-goods group occurred in spite
of increases in 8 of the 9 major
total."
which comprise the
added:
groups
The secretary
transportation equipment
the only one of the
major durable-goods groups which
reported
fewer
manufacturing
hours worked per week than in
"The
was
group
The decline in employ¬
40,000 in this group
January.
ment
of
with a decrease in the
jWork-week from 48.0 to
47.4 hours resulted in a reduction
of 3 million hours in manufactur¬
ing time.
Most of this drop was
in shipbuilding and was in ac¬
coupled
average
with scheduled produc¬
cordance
tion needs.
"The largest
increase in manu¬
facturing hours was found in
the
The increase
of 817,000 hours of 2Vz% in this
group reflects a lengthening of the
automobile group.
,
(Continued from first page)
price per annum, now exceeds the
total amount of the Federal debt
Work-shift in many plants.
"The work-week in the nondur¬
able-goods group was 43.4, prac¬
tically the same as in January.
Total hours were 460,000 less, re¬
in em¬
flecting primarily declines
bonds outstanding in the
Rouse Group Approves
the
Legislation to Audit
Government Agencies
hands of
posits in banks of the nation-—in
Expenditures has approved
legislation which would require
Federally-owned corporations to
an annual budget and pro¬
submit
much in three years
coal
bituminous
in
mines
45.7, slightly higher than in
January and in February, 1944.
The increase
flects
over
the month
re¬
operation on Sunday in
of the mines.
In anthracite
many
mines," the average hours per week
was 41.7, considerably above the
January level when
the New
Year's holiday was observed but
only slightly above that in De¬
cember, 1944."
Second Installment of
N. Y. State Income Tax
The
State
Albany
12
the
Commission
Tax
called
attention
to the due date
;
second
on
installment
personal income tax
come.
on
of
State
1944 in¬
Because the ,15th falls
Sunday,
taxpayers
at
July
July 15 for
on
get
an
on
extra
If payments are mailed,
they must bear a postmark prior
to midnight of next July 16 or
day.
taxpayer is subject to delin¬
the
quency
gating
penalties.
Bills aggre¬
about
$14,000,000 have
235,000 taxpayers
the House committee
in existence,
said that "in the case of many
(of
the Congress has not ade¬
them)
quately exercised its power" of
controlling their purse strings and
general procedure.
Banking Subcommit¬
Manasco
Chairman
to
letter
(Dem., Ala.) of the House group.
Commenting on the Byrd-Butler
as
in 100 years!
v
produce
could
they
of
one-half
which they achieved
the volume
1944, and may not this be the
mistake in thinking which
in
same
Japan and Germany made
they started the war?
The
question
is
when
frequently
important,, factor in this
seemingly astounding happening
is that the Treasury Department,
An
in a
strait-jacket," the committee
report stated.
"Rather the
co-ordinate
the
corporations."
Payments should
made to the State Tax Com¬
be
1946.
15,
If the new postal notes
mission.
are
to
used, taxpayers are reminded
write
dresses
their
plainly
names
on
and
the
side.
ad¬
reverse
financial
opera¬
.
statement:
new
government in
newly liberated north
a
the
tiations
50
the
all
Justice
of
the
Su¬
Court Owen J. Roberts has
sent
his
resignation,
effective
July 31, to President Truman,
thus availing himself of the right
to retire at the age of 70 given
Justices under! the Judicial Code,
a
report from Washington, July
5, stated in the New York
"Times". The same day the White
preme
House announced also the
tion
of
Justice
resigna¬
Thurman
Arnold
great
Much
been
has
said about the
and hold
before been known. The
to
determination
has ever
bond-buying
greatest
than
any
cashed
steadfast in their
save
public deserves the
commendation,
reproach for
a
small
part
of
rather
having
bonds
Stone
the
appointed by
Roosevelt.
ment,
the
Thurman
headed
the
of
Mr.
letter of
only member not
the late President
The
holders
of
"E" bonds are
appreciating more and more that
after holding their bonds for five
if they redeem them, they
giving up an * investment,
which from then to maturity will
Depart¬
stated
in
return
"to
further
the
cause
chief interest in
the Department of Justice".
President Truman accepted both
was
resignations
regret.
my
with
expressions
of
the
of
there
Government
Italian
absolutely
was
vast
ARMY of War Bond
appointed by the War
to be chief of the
electrical and radio branch in the
Control
the Asso¬
ciated Press reported from Wash¬
ington, July 5.
Mr. Powell is president of the
Group *
Treasury Department
by
Federal
Reserve
Banks
and
is
tiated
zone
controls
establish
are
of
immediate
facilities in
of occupation,
will
mitted to revive, and
they
official
which
under
industries
German
be
per¬
to see that
organized that
become
potential
they
so
pro¬
ducers of war materiel.
Mr, Powel will join the
General
Lieutenant
the
at
staff of
D.
Lucius
Clay, Deputy United States Mili¬
tary Governor of Germany, about
mid-July.
'covering
bases.v:
lease
of
ment
land
the
that
the
money
date
1945,'and show
in circulation at
(including,. of
course,
$26,189,396,939
1945,
April
on
and $22,160,029,257
$5,698,214,612
before
on
the
first World War,
30, 1914, total
Oct.
31,
outbreak
on
the
establish¬
Newfound¬
exchange
ex¬
of
State,
which
dated
formed
Secretary
2,
1940,
Sept,
the
basis
for
the
negotiations leading to the estab¬
lishment
leased
of
United
the
military
and
States
naval
bases
British territory, the Ambassa¬
dor stated that the grant of the
on
lease of
land,
the
Newfound¬
in
as
Bermuda,
given 'freely and with¬
consideration.'
above
of
form
areas
cluding
mentioned
-
notes,
with
covering all of
originally acauired, in¬
those
in
in
Executive
1
ij
fey Govi,
The Government
turned
to
on
June 22
re¬
private
ownership the
anthracite mines in Pennsyl¬
vania
and
two in
taken
were
when
year
tracted
tween
over
Virginia which
in
May of this
followed pro¬
strikes
wage
negotiations
operators and miners.
The
be¬
Pennsylvania
taken
over on
pits
were
May 3, and those in
Virginia four days later after
dispute
prolonged
over
a
contracts
between the United Mine Workers
Union and the pit operators.
strikes ended
May 21 after
wage
was
signed giving
The
a new
a
daily
increase of $1.37% to 72,000
1
miners.•
The
contract
was
ap¬
proved by William H. Davis, Eco¬
Stabilization
nomic
ton
a
users.:""
Director.
price
a
domestic
to
It
increase
of
anthracite
.
Secretary
Ickes,
as
the
Solid
Fuels Administrator/urged miners
and
operators to make every ef¬
to
was' $3,459,434,174.
'
356 ABlhracife Mines
fort
that is, on June
J
Agree¬
1942."
with
of the
»
Newfoundland,
Series 235, issued in
ment
ex¬
together
leases
printed
is
in
areas
well
as
1920.
May 31, 1944, and compares
Just
for
ish Ambassador and the
$1
as
the
99-year
change of notes between the Brit¬
ber banks of the Federal Reserve
$26,527,895,787,
nego¬
as
for the 50 destroyers. * In the
necessitated
.
other
bases in
that held in bank vaults of mem¬
was
was
not granted in
was
contract
The figures this time are
"A
\: /
"The
;
those of May 31,
military'
signed June
time
same
leases
354
his
task will be to survey
the American
Electrical
an
Westinghouse.
The Army said
in 30,
Washington has issued its cus¬
tomary monthly statement show¬
ing the amount of money in circu¬
lation after deducting the mondy
held in the U. S. Treasury and
Germany,
of
States
was
in Newfoundland
areas
the
been
States
ex¬
was
included
in
these
The original lease of the
the
Department
against
Money in Circulation
airfield
."The
Charles H. Powel of Pittsburgh
for
but
them
on
14, 1941," the statement said.
change
German Eleclrics
United
United
would be
G. If. Powelto Head
has
only-
cover¬
supplementary 99-year lease cov¬
ering additional areas was signed
July 14, 1942.
The site of the
out
System)
The
objec¬
no
of the armistice terms."
that
The
a
tion to the immediate publication
yield only 1.32%.
Solicitors, in every county in the
United States, have accomplished
miracles.
My hat is off to them.
the
questioner that from the point of
view
for
1 and naval bases
leases.
but told
not
Newfoundland
"
campaign to strip Ministers offi¬
cially of their title, 'Excellency.'
"Signor Parri avoided politics
pending the first meeting of his
Government tomorrow
had
"A 99-year lease on the lands
originally acquired in Newfound¬
Ministers
of
in
areas
land
informally lined up
with Vice-Premier Pietro Nenni's
agents.
his
Press,
that
he
to private law
of the
and
emphasized,
pensive American installations.
at least
while today
a
five-year Government obliga¬
tion, in coupon form, is selling to
resignation, according to
wanted to
practice
Anti-Trust
Justice
Arnold
Associated
which
the
Arnold
Council
dent
thus
granted
without
and
had also constructed
the
aside
British
Government
ing
said:
waved
the
"freely
failed to obtain such leases
salutation, 'Your Excellency,' and
said that he preferred 'Mr. Presi¬
dent,' at least among friends.
"The new Premier and Presi¬
cannot
bought.
yield them over 4%,
F.
Parri
Ferruccio
ob¬
un¬
the
this
"Meeting the foreign press to¬
night for the first time, Premier
and
Justice Roberts' departure after
15 years as a member of the Court
Harlan
New York "Times"
Engineers
public in being
to
Great
not, the Sec¬
in exchange
destroyers.
The
NewYork "Times," reporting the fore¬
going, in special Washington ad¬
vices, June 29, added:
Critics
had
complained
that
for
wire¬
a
Rome
opinion, nothing like this
accomplishment on the part of the
my
are
Justice
from
message
rights
retary
sympathy."
Under date of June 25
less
to
was
which
the
the
delivered
later negotiation
a
der
follow its progress
with interest and
Institute
years,
Chief
will therefore
American
peals, an Associated Press dis¬
patch from Washington reported.
leave
people of the United States
but
in
about
States
destroyers
the lease
over-age
consideration"
of Italian democracy.
Council
of the United States Court of Ap¬
will
the reality
The
United
Britain,
tained
begun
were
time the
hands with the south and
parties of the Committee
participate.
joins
when
area
acquired other
leases had actually been obtained
as
far back as 1941.
Mr. Grew
is indicated as saying that nego¬
"This Government is happy to
learn that Italy has succeeded in
;
forming
States
brought from Acting Secretary of
State Joseph C. Grew, on June 29,
a
reply that the Newfoundland
Mr.
redemption of "E" bonds by the
public.
The FACTS are that de¬
spite the enormous amount of
E" bonds issued, only 15% of the
total issued have been redeemed.
In
Resignation of Justices
Associate
Division
Jan.
bill is designed to
tions of the
formerly
installments.
with
proposal* he said :
their 1944 tax
Subsequent in¬
stallments will be due Oct. 15 and
who elected to pay
Washington,
Grew hav¬
ing the following to say in a for¬
reported
Newfoundland
United
bases in British island possessions;
from
advices
which
the
the
"This union of forces under the
of anticipated operations for
3. Accumulated capital
is the
approval or rejection by Congress, factor which made private indus¬ presidency of Signor Ferruccio
it was reported from Washington
try in this country accomplish Parri, a leader of the resistance
by the Associated Press on July 8. what it has, namely, plants and movement—an outstanding soldier
The committee stated in its re¬
in the long fight for Italian free¬
machinery, and tools in manufac¬
port that these agencies, such as turing generally, amount to $5,000 dom from the early days of Fas¬
cism to the last days of German
the Reconstruction Finance Cor¬
per employee, and in the case of
poration, largely determine the railroads and the public utilities, invasion—is a good augury for the
new
Government's fiscal policies and as
government as it faces the
high even as $25,000 per em¬
control its money spending.
ployee; an ability to produce in many problems ahead..
"Not least among these is the
The measure, which would also this
country equal to one-half of
historic task of preparing the ma¬
direct a yearly independent audit the
production of the world with
of most of the agencies, is known
only one-seventh of the popula¬ chinery whereby the people of
to have the endorsement in prin¬ tion!
Italy can at long last freely and
ciple of President Truman.
Is it a fair statement to say fully express their political will.
"Upon the successful function¬
Reporting that 101 of the Gov¬ that most top executives in busi¬
ernment-owned corporations are ness did not dream in 1940 that ing of that machinery will depend
been sent to the
in
Press
in
June 21 in Associated
on
of National liberation
wisdom, offered a
"Average hourly earnings for
"I heartily favor this proposal. great variety of Government se¬
curities during each drive, instead
all manufacturing was slightly be¬ It is a long-delayed forward step."
of only one bond each time. This
low -January
but
almost
4%
The House committee said the
meant that each buyer, including
above February,
1944.
The ap¬
Whittington bill is very similar to the
corporations, the insurance
parel group reported the largest the
Byrd-Butler % measure,
but
companies,- and the individuals,
percentage
increase
in
hourly does not
impose "as stringent fi¬ had the choice of
picking the type
earnings, reflecting seasonal nancial controls." It
specifies, for of Government obligation and the
overtime work.
instance, that action cannot be
maturity which suited their indi¬
V
"Average weekly earnings in all taken under the bill to change the
vidual requirements.
In the ver¬
manufacturing averaged $47.43 a substantive law under which the
nacular of the investment bank¬
decrease of 9 cents over January.
corporations do business. Also, it
ing profession, this meant that a
The
earnings in
durable-goods exempts the Farm Credit Admin¬
far greater digestion of Govern¬
group decreased 10 cents to $53.39, istration agencies from an inde¬
ment securities has been accom¬
while
that
in
the nondurablependent audit.
plished, and when securities are
goods group rose 8 cents to a level
"It is not the purpose of the bill well placed, they hold their price
of $38.71.
to attack or destroy any Govern¬ better and are more apt to ad¬
"The average hours worked per
ment corporation or to place any vance in price.
was
nounced
which
ployment in 4 of the groups. The
asked—How does it happen, and
largest decline in total hours was tee has approved a similar meas¬
why is it that in the last war,
reported by firms in the food ure by Senators Byrd (Dem., Va.)
and Butler (Rep., Neb.) and Ad¬ interest yields on Government se¬
group, particularly in the slaught¬
curities went up as the debt in¬
ering and meat packing industry. ministration spokesmen told a re¬
Although a seasonal drop is ex¬ porter its passage in some form is creased, while in this war, inter¬
est rates have gone down as the
pected at this time of the year, the likely this session.
debt went up as much as it did?
decrease in hours as well as in
Mr. Truman's support was in a
week
Washington of a friendly Ameri¬
can
greeting to the new Parri
Government in Italy was an¬
great as the accumulation of sav¬
ings in banks over a period of
100 years—as
Criticisms of Government pol¬
icy for alleged failure to obtain
leases to military and naval bases
Grew at
gram
A Senate
employment in this industry is
greater than usual and reflects in
Targe part the falling off in hog
shipments.
tary of State Joseph C.
mal
years,
Newfoundland in 1041
|
The extension by Acting Secre¬
words, in approximately
the accumulation of
savings represented by ownership
in
"E"
bonds
is practically
as
other
three
Exec¬
The House Committee on
"E"
of
public is practically equal to
total amount .of savings de¬
the
utive
-
amount
total
2. The
observed.^
hours
manufacturing
Total
I Parri Govi. in llaly
War Loan Drives
after the last war!
U. S. Leased Eases In
Greetings fey Grew to
Feb. Explains Success of
Dept. Reports floors and Earnings in
Labor
make
3.500.000
mated
to
tons
up
of
have
the strikes.
the
more
than
anthracite
esti¬
been
lost
during
/•
I!
'Wit.WKaaiJMi'TOWUifrilalMiKU*®
Volume
of
75%
IMy's Bend Prices And Bond Yield Averages
Moody's
averages
bond
and
prices
bond
computed
•
Dally
Govt.
.
Corporate by Ratings*
Aaa
/
Aa
A
Baa
Corpo-
that steel mills will not
lower operations
and lack of control at a time when
Corporate by Groups*
.
.
so
with
faced
be
.
.
P. U.
Indus
122.89
Averages
116.02
121.04
,119.41
'116.22
115.63
116.02
121.04
119.41
116.02
108.34
108.34
113.12
122.92
113.12
115.63
119.61
119.41
potential steel demand remains
at a high point.
The freezing of
most sheet schedules for the third
119.41
116.02
1&8.16
112.93
115.63
119.61
quarter
is the
119.20
116.02
108.16
112.93
115.43
119.41
WPB in
an
113.12
115.43
119.41
rate*
Bonds
,
July 109—
Stock
6~r~".
>
i
>
problem to which the WPB will
have to find a solution soon if the
distribution of steel orders is to
proceed
.AA;''
(Based oh Average Yields)
Avge.
5
116.02
121.04
122.92
116.02
121.04
Stock
:
R. R.
Exchange Closed «
Exchange
122.92
—
•%:>£*, 4—
'
•
Closed'
-
first step by the
attempt to get a sem¬
blance of order In the. sheet mar¬
3——
122.93
115.82
119.20 .116.02
108.16
2
122.97
115.82
121.04
119.20
116.02
108.16
113.12
115.43
119.41
122.93
116.02-
121.04
119.20
116.02
108.16
112.93
115.43
119.41
June 29——..
22
122.97
115.82
120.84
119.20
115.82
107.80
112.75
115.43
119.20
122.97
115.82
120.84
119.20
115.82
107.80
112.75
115.43
119.41
15—
will be under strict WPB
122.81
115;63
120.84
119.00
until
'
121.04
107.62
112,37
115.24
119.41
107.44
112.37
114.85
119.20
107.44
119.20
122.59
115.04
113.04
120.84
120.84
118.60
118.60
6
122.21
115.04
120.84
118.40
118.40
115.63
115.43
115.43
115.43
115.43
115.24
115.04
115.04
115.04
115.04
122.01
114.85
121.04
118.40
114.85
106.04
11L25
114.27
119.20
liar. 31—
121.92.
114.66.
120.02
118.60
114.46
106.04
110.52
114.08
119.41
8-
122.23
1a
120.63
115.43
119.00
122.29
115.43
120.63
18
122.31
115.43
120.63
11—
122.26
115.24
120.84
118.80
118.80
118.40
122.38
115.24
120.84
118.40
May 25—
27——I
122.38
115.24
120.84
118.40
20—.
Apr.
122.44
115.04
120.84
118.40
13—
114.66
119.41
112.19
114.46
119.41
107.03
112.00
114,27
119.41
mills.
119.20
107.09
112.19
114.27
106.56
111.81
114.27
119.20
106.56
111.81
114.46
119.20
106.39
111,44
114.46
119.20
120.88
113.89
119.41
118.00
113.70
105.17
109.24
116.02
121.04
119.41
116.22
108.34
113.12
115.63
119.61
104.48
108.52
113.70
118.20
113.31
118.60
113.89
120.34
_
106.39
102.96
112.19
117.00
118.60
112.37
July
120.77
1943
10,
116.41
119.20
111.07
117.40
114.08
111.25
1*4.08
102.96
98.88
116.80
MOODY'S BOND YIELD AVERAGES
(Based on Individual Closing Prices)
1945—
U.S.
Daily
Govt.
Bonds
Averages '
2.85
1.60
9
Stock
,
2.63
2.84
3.26
2.85
3.00
2.67
2.87
2.68
3.01
3.27
-
2.87
3,00
3.26
2.85
,
2.87
2.67
2.68
Closed
2.68
2.60
2.85
R; R.
Baa
A
:Aa.:
.
». 2.68
V 2.60
Exchange
1.60
■-■6—— a—
?
2.60
2.85
1.60
July 10
:
Corporate by Groups*
P. U.
Indus.
Corporate by Ratings*
Aaa '■
rate*
5
1.60
•2.85
2.69
2.85
3.27
3.01
4—T—*_
:
2.88
Stock
Exchange Closed
1.60
2.85 J
2.60
2.69
2.85'
3.27
3.00
2.88
2.60
2.60
1.59
'
2.85
2.69
2.85
3.27
3.00
2.88
2.68
2.85
2.60
2.69
2.85
3.27
3.01
2.88
2.68
1.59
22——
2.86
2.61
2.69
2.86
3.29
3.02
2.88
2.69
2.69
2.86
3.29
3.02
2.88
2.68
1.59
—
1
2.86
2.87
2.61
2.70
2.87
3.30
3.04
2.89
2.68
1.64
8
2.61
1.60
15—A—
2.88
2.62
2.70
2.88
3.31
3.04
2.91
2.69
2.69
1.64
2.88
2.71
2.89
1.63
2.89
2.61
•
2.88
3.31
3.05
3.32
3.05
2.92
2.68
2.88
3.33
3.05
2.93
2.68
2.73
2.61
2.88
2.73
2.62
1.64
——
li—
2.91
2.71
.62
2.88
1.64
25——.
May
•,
2.89
3.33
3.06
2.89
2.61
2.73
2.90
3.33
3.05
2.94
1.63
2.90
2 61
2.73
2.90
3.36
3.07
2.94
13
1.62
2.90
i
31
2.72
2.90
3.36
3.07
2.93
1.64
2.90
2.61
2.73
2.90
3.37
3.09
2.93
Mar. 31——
1.66
2.91
2.60
2.73
2.91
3.39
3.10
2.94
Peb.
1.69
2.92
2.65
2.72
2.93
3.39
3.14
2.95
1.77
2.96
2.68
2.75
2.97
3.44
3.21
2.96
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
1.59
2.85
2.60
2.68
2.84
3.26
3.00
2.87
-4—a,
,
23-.,
-
26—
Jan.
1945—
High
1945—
Low
1 Year Ago
I
1.77
3.04
2.72
2.80
3.05
3.57
3.37
2.95
1.80
10, .1944-
July
3.11
2.69
2.83
3.10
3.82
3.57
2.95
2 Years Ago
July
1943-
10,
2.81
computed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to show either the average
*These prices are
•
.
<3%%
coupon,
movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
level
the
or
average
computing these indexes was published
tThe latest complete list of bonds used in
14,
In the issue of Jan.
1943, page 202.
-
•
~
with
accordance
ed
to
anything
prohibit
but a
to. civilian
of steel
trickle
small
producers include manpower
shortages in specific skills, a sub¬
stantial increase in the number of
hot weather and
the forcing down of some steel
units for urgently needed repairs.
Declines
in
production because
of these factors have the effect of
strikes,
substantially increasing the back¬
Iron
American
The
Institute
and
Steel
July 9 announced that
on
telegraphic reports it had received
indicated that the operating rate
of steel companies having 94% of
the steel capacity of the industry
will be 89.0% of capacity for the
week beginning
stated in
asked producers to report princi¬
pal orders on their books to the
end that duplicate contacts ma*y
"It has been- apparent
ucts
yields in prior years see the following back issues of the
"Chronicle": 1941 yields (also annually from 1929), Jan. 11, 1942,
For
2218; 1942 levels, Jan. 14, 1943, page 202; 1943
1944, page 1130; 1944 yields, Feb. 1, 1945, page 558.
page
yields, March 16,
YIELD OP 200 COMMON STOCKS
Average
Railroads
Industrials
Utilities
'
•''
\i'.h
'
'•
'•;
•
p:'-*rk<W
1945
February,
1945—.
March,
April,
May,
June,
1945-i_L.i—
1945
1945
;.
—'
January,
—
—
—
—
1945—
—
—
—
(25)
(125)
4.4
A
'
4.2
■
(25)
5.2
3.3
4.1
5.5
4.1
4.1
5.3
;.:
5.5
/■••:■
;/
3.4
3.3
4.6
I
3.4
obscured
has
real
the
make it possible to eliminate
some duplications and give a truer
.
-
4.2
is
same
demand.
heavy
exerting
consumers
pressure
who have
on
received cut¬
backs, to cancel released tonnage.
This
is
especially the case in
which are in strong spot
demand for drums and containers
Operating Bale up I %—Backlogs Still
and other military
Business Falls Off
period of
partial reconversion to civilian steel output will be almost as hectic
"Signs are multiplying in the steel industry that the
civilian production of steel to war
output," states "The Iron Age" in its issue of today (July 12), which
as
when the industry went from
further states in, part as
follows:
continue to be heavy
rated or war &
business, much of this
material is vulnerable
unshipped
future
cancellations and changes in the
battlefronts. Such of this tonnage
to
is also for extended delivery.
Cur*
and represent sub¬
necessity for contractors to
gather ends, together after a series
of
cancellations
and
cutbacks
munition programs.
"Some areas this week
porting
rently, the order situation reflects
a
myriad of conflicting market
steel
trends.'
in
were re¬
lower level of civilian
be
■
"In the past week the volume of
rated steel business in almost all
districts was down sharply, but
whether this indicates a definite
.
trend remains to be seen.
the
decline
is
probably
changes in war programs
Part of
due to
and to
ian programs scheduled for third
and fourth quarter. To some ex¬
tent bars are in a
a
order
volume.
This
was
to
expected inasmuch as steel
companies so far have been un¬
able to
for
give definite commitments
large-scale deliveries of steel
for civilian purposes
in the third
similar position.
reported that considera¬
tion is being given to revocation
It is also
1,
permits manufacturers of
Direction
which
civilian
the
needs, in addiunrated civil¬
dition to rated and
of
"Although backlogs
stantial tonnages of
released
70,
Regulation
goods to divert tonnages
by military cutbacks to
requirements of like char¬
acter. At present such diversion is
subject to approval by WPB and
it is proposed now that further
steps be taken to the extent that
tonnage be cancelled.
7
civilian
"Although rated tonnage is de¬
volume of .unrated steel
is increasing. In June some pro¬
ducers of diversified products re¬
ceived substantially heavier book¬
clining,
the fourth quarter. The
situation is extremely tight in the,
ings than in May and in spite of
cancellations attained a balance
flat-rolled
nlnsp
or
Summers
elig¬
that
asserted
precedents going
back to
the
eighteenth century had been ac¬
cepted that a member of Congress
fact such
was
in
the
Government.
that the matter
"officer" of
an
He
conceded
a
"difficult"
was
but argued that it had never
one,
Ordnance
cutback
a
ammunition
artillery
components of about $20 million
establish
would
bill
The
this
line of succession below the Vice-
President, the Speaker, the Presi¬
dent pro tempore of the Senate
(Senators McKellar of Tennessee
at present), the Secretary of State,
the Secretary of the Treasury, the
Secretary of War, the Attorney
General, the Postmaster General,
the Secretary of the Navy, the
Secretary of the Interior, the Sec¬
retary of Agriculture, the Secre¬
tary of Commerce and the Secre¬
tary of Labor.
even
market,
with
about
t.n
nr
exceeding
Presidential Succession
A
plan of Presidential suc¬
requested by President
new
cession,
Truman in
to Congress
a message
ing Speaker Rayburn, who, some¬
what embafassed, let his gavel
briskly and passed on to other
fall
House business.
'
-
(A report of President Truman's
message of June 19 asking for the
new
succession
legislation was
given in the "Chronicle" on June
28, page 2886.)
brought to the floor
House by Representative
W. Sumners (D.,
Tex.),
June 19, was
the
of
Hatton
providing that the Speaker of the
House would become President in
event of the death or disability
of both the President and Vice-
and was parsed by
in the House on June
President,
voice vote
29, according to special advices on
Washington to the
New
York
"Times."
The
bill,
that date from
which in the present
would
tion
make
Speaker
(D., Tex.)
Rayburn
Administra¬
Sam
President in
event of the death of Harry
the
S. Truman, is now to be debated
in the Senate, where it is felt ac¬
tion
be
may
although
delayed
Congratulates MacArthur
A
,
message
was
19
rejected
by
the
passing the bill. This
was
in
that
no successor
to the Pres¬
ident
and
becoming will play a part "in
final knockout blow against
are
the
Japan." An Associated Press re¬
port
from Kansas
City., ; Mo.,
where the President stopped off
on
his return from the San Fran¬
cisco
on
any
indicating this
the following
the President's message to
conference,
June
text of
29, gave
MacArthur:
Gen.
"My
to
you
conclusion
successful
the
for
'
:
congratula¬
and your command"
sincere
most
of
campaign.
With the
complete defeat of the enemy on
Luzon you have swept them from
all the Philippines and^redeemed
the
Luzon
should
Vice-President
serve
^
mes¬
a
of congratulations to Gen.
Douglas MacArthur upon the con¬
clusion of the Luzon campaign in
which he predicted that the pow¬
erful base which the Philippines
tions
specific recommendation by
President Truman in his June
sent
sage
there may exist, no serious oppo¬
sition to the measure.,
Truman
President
longer
the promises of the American peo¬
than the next ple to the loyal Filipino people. - '
Congressional election, or until an j
"All Americans are happy that
election called for the purpose of J
victory has been won with the
electing a
new
President and lowest
possible loss in lives. • I
Vice
President.
Mr.
Summers'
am
confident that the powerful
proposed bill had carried a provi¬
base that we are fashioning in
sion for a
special election, but
the Philippines will play its full
this was thrown out because of
-
the
objection
Representative
of
and
it might be unconsti¬
Robinson
John
others that
Ky.)
(R.,
This fear
was
based
on
and
the fact,
the Con¬
provides that a Presi¬
dent shall be; elected to serve for
stitution
war
against Japan and re¬
freedom
store the world to peace,
sanity."
tutional.
the "Times" stated, that
iri, the final knockout blow
part
in the"
Parcel Post to Greece
Postmaster Albert Goldman an¬
nounced on July 2 that ordinary
\
whereas a special elec¬
parcel post service has been re¬
of
sumed to Greece.
The following
The result was that
conditions
are
applicable:
Not
provision was made for an ap¬ more tha one
parcel may be sent
pointed successor to fill an entire each two weeks from the same
four years,
tion would be for some fraction
time Washington
sheets,
Steel
affect schedules much before
medium
in
situation
have inflated backlogs
materially. WPB hopes this action
may
"At the
4.3,
•
obtain a
rolling schedules.
This
picture of essential
4.6
4.2
3.3
prod¬
hope that they may
place on
4.6
3.4
;
;
the
4.3
3.4
3.5
3.4
4.8
4.7
:#7
■*
3.6
5.1
(200)
-
3.6
3.3.
o.o
6.2
4.4
(10)
(15)
•
6.3
5.9
•
steel
may
Yield
Insurance
Banks
for some
placed orders for the
with several mills, in
have
same
and
vi'SA--A'.
t-
they would
fourth quarter. Chicago
District has announced
House
part as follows:
"Seeking to improve the situa¬
tion existing on steel mill order
books War Production Board has
time that makers of civilian
Moody's Common Slock Yields
•
caused much mill order cancella¬
tions and in any case
a
be detected.
MOODY'S WEIGHTED AVERAGE
"Major cutbacks have been in
shells, but so far these have not
not
Mr.
been less than difficult.
previous WPB order.
July 9, 1945, com¬
2.68
pared with 88.1% one week ago,
2.69
2.69
90.0% one month ago and 95.3%
2.69
one year ago.
The operating rate
2.69
for the week beginning July 9,
2.69
1945 is equivalent to 1,630,200 tons
2.68
of steel ingots and castings, com¬
2.72
pared to 1,613,700 tons one week
2.74
ago, 1,648,500 tons one month ago,
2.67
and 1,714,300 tons one year ago.
"Steel" in its summary of the
2.78
iron and steel markets, on July 9
2.94
1.63
20
Apr. 27——
not reflected in de¬
are
livery promises.
on
space
log of rated steel business."
1.60
June 29
V;r«-
open
in
business
2.68
3——
0
therefore
must be to be
as one
per month, involving storage and
cartridge cases, containers, fuzes,
sheet primers and boosters. This appears
mills with but few exceptions may to
apply mainly to future sched¬
be filled without specific WPB ules. It is understood this involves
When the measure had been ap¬
approval. As long as this freeze a number of contracts on which
continues, it nullifies the permis¬ production' has •. not yet started. proved, a great majority of mem¬
bers on both the Republican and
sion, as far as sheets are con¬ Contractors under production are
Democratic sides stood applaud¬
cerned, for mills to accept unrated little affected."
w. '-.ov-.'-
No
outlaw
Avge.
Corpo
well
shipments. However,
unrated orders in general can not
be firmly scheduled, because of
priority
of
CMP tonnage
and
of
excess
being collected covering third
now
"Other factors which have tend¬
1944
2 Years Ago
v
after cutbacks, has been
even
in
States"
ible for Presidential succession.
•
1 Year Ago
July. 10,
products, notably sheets
pipe, the latter in special de¬
mand for bombs, total volume of
validated and unvalidated orders,
some
quarter sheet commitments by the
123.05
117.80
study is made of the data
a
112.19
26——
118.80
control
112.19
High 1945—
113.50
:v;■
107.27
Jan.
120.55
■■
shipments and
107.09
23
1945
:ri'-A:>:jV
"All sheet orders,
cancellations for the third quarter
114.85
Fed.
low
ket.
In
and
will be the
"The sheet situation
are
MOODY'S BOND PRICES)
U. S.
tonnage
booked involving
given in the following table.
1945—
non-rated
sheets.
the
235
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4402
162
shinments.
time.
that
unexpired term.
sender to the same addressee.
Congressional
General
was
opinion
that while the Senate Repub¬
licans would have no
bill
House
the
would,
fact,
in
objection to
that
and
welcome
many
it, the
Democratic Senators would not be
so
For, it was pointed
inclined.
out, a change in party control of
the
House,
and
thus
of
the
No
parcel 'may weigh more than 11
pounds or be linger than, 18
inches, or have a greater com¬
bined length and girth than 42
inches.
the
Licensing
requirements of
Economic Adminis¬
applicable.
For the
registry and insurance
Foreign
tration
are
present,
services
are
not available.
'
1
,
Speakership, was always possible,
say in
1946, and a Republican
member of Congress thus Would
be first in the line of
succession.
•.
Presidential
.
although
heavily favor¬
A motion to re¬
The vote in the House,
not of record, was
Tue°day.
able to the bill.
Wednesday, July 4Thursday, July 5_—
commit, or to reject the measure
present form, was defeated,
32 to 167, before final passage.
in its
debate
was
relatively
brief and turned largely upon
puted
constitutional
dis¬
points. The
pf the opposition, Repre¬
sentative Hancock, Republican, of
leader
New
was
York, insisted the Sneaker
not "an officer of the United
1945
_
...
——~
Two
July
Month
ago,
ago,
Year
ago,
1944
High,
Low,
1945 High,
Low,
July 10,
Nov.
_
.
-
1944
31—
.
—--
1—
24—
L'
.
June 12—
Jan.
256.4
_>256.4
^256.5
—.
June 26—;*..
June 9
Dec.
_
256.7
Julv 10
weeks
1 256.5
.Holiday*
256.7
6——
Saturday, July 7-——Monday, July 9—-
Friday.
Tuesday.
House
Julv 8,
-
-
_
256.3
257.6
249.8
254.4
245.7
258.0
252.1
as prelminary and subject to such adjustment
required by later and more complete reports.
The following tables show (1) indexes for the principal groups
of commodities for the past three weeks, for June 2, 1945 and July
must
The total production of
ended June 30, 1945, as
estimated by the Bureau of Mines was 1,328,000 tons, a
23,000 tons (1.7%) from the preceding week
When
'compared with the output in the corresponding week of 1944 there
was an increase of 56,000 tons, or 4.4%.
The calendar year to date
shows a decrease of 19.0% when compared with the corresponding
period of 1944.
,
,.
- ,
The Bureau also reported that the estimated production of bee¬
hive coke in the United States for the week ended June 30 1945
showed an increase of 5,400 tons when compared with the output
for the week ended June 23, 1945; and was 17,500 tons less than for
the corresponding week of 1944.
ESTIMATED UNITED STATES PRODUCTION OP BITUMINOUS
COAL AND
30, 1945, as
of
decrease
,
f0
•:
NET TONS
LIGNITE IN
'
;
.
June 30,
Bituminous coal &
Tncluding mine
^verage
Total
Dai'ly
June 23,
July 1,
1945
1945
1944
11,950,000
11,770,000
1,992,000
adjustment.
1,962,000
lignite—
fuel--
-
♦Subject to current
1, 1944, and (2) the percentage
23, 1945 to June 30, 1945,;;-,
June
\ •
•
'.;i>
•
•).
:
1945
1945
130.1
130.0
131.0
130.8
125.5
+ 0.1
•-—0.5
+ 3.7
107.3
107.3
107.7
107.5
106.7
0
—0.2
+ 0.6
products—118.5
products" 99.1
118.3
99.1
118.3
118.3
116.8
+ 0.2
+ 0.2
99.1
99.1
97,3
0
0
84.5
84.7
83.8
104.8
104.8
103.8
0
117.3
117.3
115.9
+ 0.1
95.3
94.9
95.5
+ 0.1
106.2
106.2
106.0
Hides and leather
Textile
Fuel and
Metals and metal products
84.8
104,8
Building materials,.
117.4
84.7
104.8
117.3
95.4
95.3
lighting materials—.
Chemicals and allied products
Housefurnishing goods—
129,600
124,200
147,100
3,026,600
3,876,600
and coal shipped by truck from
and
and State
PRODUCTION OF BITUMINOUS COAL AND
;':
June
6,000
i
Georgia and North Carolina
Illinois
Missouri
936,000
j
\Y
:;,Y
lignite)
New Mexico
I
^
_______
North & South Dakota (lignite)
Montana (bitum. &
Y
-
30,000
: ' '
■
133,000
.
''
712,000
148,000
1.000
139.000
134,000
•••'■
21,000
2,048,000
1,151,000
Y
:
the
on
B.
& O.
«
■f}. 11,850,000
1926
level,
0.2%
below the
last year."
"Farm
Products
and
to
say:
Foods—Average prices for farm products
as the result of higher quotations for
rose1'0.1%
during the week
livestock.
Prices for
nearly 2%.
more
cows increased more than 2% and for lambs
Among the grains, lower quotations for wheat and rye
than offset advances for
ern'markets
corn.
and
for white
end; of May, but were still 3.7% above the end of June of last
% "Other Commodities—Higher prices for anthracite continued to
reflect ceiling increases approved by OP A to cover wage adjustments
and restore profit margins.
Price advances occurred for fire brick
OPA approved higher ceilings for these commod¬
as
ities produced in eastern states.
Average prices for chemicals
and
alliec( products rose 0.1% as the result of an advance of 19% for
logwood extract reflecting higher ceilings to cover increased
costs of production of basic dyewoods, and higher prices for chestnut
solid
Strong demand for better quality sheepskins raised prices
shearlings more than 2%.
Mercury prices declined fractionally."
The Labor Department included the following notation in its
extract*
of
report:
•
.
—
+ 1.1
1945
shorter time.
a
Mr.
Davis, Director of Economic
Stabilization, has made no an¬
nouncement of the program.
Ap¬
parently it is up to higher authori¬
ties to carry the ball from here—
either War Mobilizer Fred Vinson
Mr.
or
Truman himself.
Raising of the margin require¬
involved
ments
red
no
Congress long
cause
Federal
Reserve
tape
be¬
the
ago gave
this
Board
au¬
thority.
"
A margin of 75% means that
any one buying Stock Exchange
securities on credit must put up
75% of the price himself and can
borrow only 25% from his banker
broker.
or
'y!'yY%I>%'■■/: +'.%•'
0.8
0.5
-
Livestock and
Chemicals
poultry————0.4
"
——
0.2
,
materials—fr—0.2'
vegetables.————
0.1
*YY
0.5
Other building
•
—
,
0.5
The
acted
Board
Reserve
after
consulting with Mr. Davis.
and other Federal offi¬
and industry.
said:
.
Associated
"There
Private Construction
Public Construction
.
65,714.000
124,900,000
—
State & Municipals—Federal
—-+
$157,811,000
32,569,000
125,242,000
31,687,000
93,555,000
$164,955,000
33,498,000
131,457,000
34,339,000
$190,614,000
•
(five weeks)
36,583,000
88,317,000
97,058,000
no
direct
Board receive
serve
real
regulate
would
govern¬
authority to
credit,
estate
require
probably
payments'
it
down
urban real estate of
about 35% and on farms between.
on
40 and 50%.
"The exact percentages
have not
been determined but those figures
ha've been discussed.
Regulating
in this way is opposed
mortgage
estate groups, some of
particularly anxious to
regulation + on new
construction.
They say it might
hold back the building of homes
real
by
which
are
avoid
credit
after the
(four weeks)
Total U. S. Construction—
are
credit
requirements
for
down payments on real estate at
present.
Should the Federal Re¬
June, 1944
May, 1945
(five weeks)
June, 1945*
•
further
Press
■
ment
1944 month are:
''
1
It is
represented on the Stabilization
Board, along with several Cabinet
cials, plus representatives of labor
YYyyY
engineering
last month and the
war.
"Marriner
the
Reserve
have been
Eccles, Chairman of
Board,., and others
insisting that the whole
assets—real estate
field of capital
and securities—is the weak link in
the chain of
safeguards against a
inflation that would be
They
runaway
disastrous to the economy.
•"'Current month's statistics.
First Half Constuction Volume
$876,155,000,
construction total brings 1945 volume to
The June
for the first half of the year, a
figure within 2% of the $891,830,000
opening six months of 1944. Private construction, $256,855,000,
than a year ago, but public work, $619,300,000 is 10%
lower. Federal volume, $487,306,000, declines 16% from the 1944 pe¬
riod's total and is responsible for the decrease in the public figure
for the
is 28% greater
state
a
construction,
municipal
and
$131,994,000,
is 21%
higher
year ago.
Y-.
for ^^instruction purposes for the four weeks of
June totals $28,041J)00, ^Jvolume that compares with $16,728,000 for
the five weeks of June "1944. The current month's total is made up
New
capital
$4,858,000 in cor¬
issues, $1,500,000 in RFC loans for private indus¬
trial expansion, and $200,000 in RFC loans for public improvements.
New construction financing for the first half of 1945 totals $539,of
$21,483,000 in state and municipal bond sales,
porate security
point out that there are price ceil¬
ings on groceries and other goods
and on rentals, but there are no
price ceilings whatever on capital
assets.
"Here's
-
respect
stocks
the
"When
with
situation
person buys real
and
sells
them
a
stocks
or
tax
sale of real estate or
to
now:
estate
at
a
profit within six months, he must
pay both the capital gains taxes
and the income tax on the profit.
If
holds them
he
months
gains
than
six
only the capital
which goes no higher
tax
than 25%.
tax
more
he pays
Mr. Eccles thinks this
ought to be 40% or 50%.
"The Economic Stabilization
is understood to be unani¬
751,000, a volume 22% greater than the $443,277,000 reported for
the
corresponding period in 1944.
Of this new financing total
Board
state and municipal bond sales, $79,670,000 in
issues, $22,600,000 in RFC loans for public and
private construction, and $251,010,000'in federal appropriations.for
military and departmental construction.
.
period to three years.
That is,
property would have to be
held three years to escape income
$186,471,000 is in
corporate security
mously in favor of extending the
the
and
taxes
pay
capital
the
only
gaips tax.
■
"But the
Tendencies; Endorse 3-Poinf Program
three-point program designed to hold back inflationary ten¬
dencies in the field of real estate and securities is reported to have
A
of the eighteen-man Economic Stabiliza¬
William H Davis, according to Washington
Associated Press advices on July 5.
won
unanimous approval
tion
Board headed
by
indicative of the Government's concern over
speculation and rising prices, was^
to limit loans for buying Stock bilization Board has recommended
Exchange
securities.
This has that President Truman give the
been accomplished
by the Fed¬ Federal Reserve Board authority
eral
Reserve
Board raising the to regulate mortgages on farms
The
first
point,
margin requirements from 50 to
75%, effective July 5.
The other two points, the Asso¬
ciated Press reports,
to put
Note—During the period of rapid changes caused by price con¬
1.
real
through.
Limiting
estate.
will be harder
They are:
loans for buying
This
needs
from the White House.
an
order
The Sta¬
and homes—the way
lates
stock
market
it
now regu¬
loans.
order is issued, the Reserve
If the
Board
probably
will
require
certain
down payments in buying farms
and
2.
urban real
Slapping
estate.
heavier
,
taxes
on
those who buy real estate or stocks
Stabilization Board is
understood
Stabilization Board Attacks Inflation
trols, materials allocation, and rationing, the Bufeau of Labor Statis¬
tics will attempt promptly .to report changing prices.
The indexes
o
•'
+1.1
FROM
IN SUBGROUP INDEXES
__
year.
The fractional advance in average prices of fresh fruits and
vegetables and an increase for rye flour did not change the group
index for foods, which remained at a level 0.2% below a month ago
and 0.6% above the end of June, 1944.
\
y,;,v ■ , .:■/*;
and silica brick
0
Prices for apples rose in east¬
lemons, onions, and sweet potatoes were higher.
potatoes were generally lower.
Average primary
m&rket prices for'farm products were 0.5% below the level of the
Pi-ices
0
New Capital
fir^t week of June 1945, but 1.7% above the corresponding week of
on
98.7
+ o.r
public increase, the former recording 33 and 44% gains over
May 1945 and an 18% increase over June 1944.
Civil engineering construction volumes for the current month,
than
Ended June 39
announcement went
99.8
+ 1.7
—0.1
States totals $190,614,000 for
as
Fractionally higher prices for farm products and some indus¬
trial commodities occurred during the week ended June 30, 1945, but
these changes were not large enough to affect the over-all index of
commodity prices, in primary markets, said the U. S. Department of
Labor July 5.
It added that "the Bureau of Labor Statistics' index
The
99.7
3.6
Engineering Construction
Kighesl Since November, 1943
li.pio.ooo
Wholesale Prices Unchanged For Week
of the
99.8
1.<
+
0
0
99.8
+
*
in
unchanged at 105.9%
99.5
CHANGES
and skins—
163,000
?>■■!!
remained
0
—0.2
949,000
•■■■+Y; Y
Kanawha, Mason, and Clay counties.
TRest of State, including
the Panhandle District and Grant, Mineral, and Tucker counties.
^Includes Arizona
and Oregon.
*Less than 1,000 tons.
1
100.6
+ 0.3
June Civil
2,185,000
186,000
11,770,000
100.6
JUNE 23, 1945 TO JUNE 30,
■
^
and
100.6
to'sell in
The
33.000
1,087,000
•
•
102.0
months or
six
ing -speculators who might want
—0.1
0
0
Grains—
373,000
359,000
Y
1,955,000
I
0.5
0
—
693.000
Y':
2,882.OOt)
183,000
Wyoming
fOther Western States
93.7
101.1
.-fi Increases
33.000
1,000
25,000
tWest Virginia—Southern
tWest Virginia—Northern^
Y
-Yv
137,000
352,000
—
—a.
95.3
102.1
33,000
2,950,000
■
:
l.ooo
Virginia
2,000
81,000
27,000
41,000
'
117,000
(bituminous & lignite)—.
Utah;
Texas
Washington
41,000
'
95,000
1
Y
2,880,000 H
Pennsylvania (bituminous)Tennessee
370,000
2,000
'734,000
Ohio——A
Y'+
35,000
43,000
•
'
347,000
Y
.99,000
•
,
v\ 4i;
988,000
•
3,000
—.—
—
* •Y
40,000
.'
49,000
45,000
392,000
—
Maryland
Michigan
526.000
129,000
Y
+
1.2
the
•
1,499,000
99,000
—
...
119,000
469,000
41,000
—
—
Kansas and
Kentucky—Eastern
Kentucky—Western
92.000
1,428,000
503,000
—
Io w a__—
7,000
;
1,000
,;,Y
1,445,000
—
Indiana—.
*
■/;
+
146,000
123,000
——
1944
YY.
"
'
0.1
965,000
78,000
114,000
:
341,000
6,000
88,000
'
Colorado!
Y,
401,000
Oklahoma
Arkansas and
16,
Y 395,000
4A.l&SlCd'
+
construction volume in continental United
the four weeks of June, an average of
$47,654,000 per week and the highest weekly average volume reported
to
"Engineering News-Record" since November 1943.
The June
average week is 45% above that for May, 1945, and is up 51% com¬
pared With June 1944.
The report issued on July 5, added in part:
Private construction, on the weekly average basis, tops the preced¬
ing month by 145%, is 152% higher than in the corresponding 1944
month, and the highest figure recorded since November, 1943. Public
work, in reporting its highest average since last August, is 19 and
25% higher, respectively, than a month ago and a year ago. °Both
state and municipal construction and federal volume participate in
June 24,
1945
1945
Y
95.3
102.0
held
is
The proposal is to extend
this to three years, thus discourag-.,
+ 1.C
0
95.3
'
,
Civil
June 23,
V/y
'
.—'
0
+ 0.1
100.6
LIGNITE,
IN NET TONS
Week Ended
State—
+1.2
0
93.3
114.6
1.8
+ 0.1
0.1
102.Q
products
■_
estimates are based on railroad carloadings and river ship¬
are subject to revision on receipt of monthly tonnage reports from district
sources or of final annual returns from the operators.)
Alabama—
94.6
118.9
95.3
Manufactured products
authorized
§Revised.
tSubject to revision.
(The current weekly
ments
94.6
119.0
+1.5
+
:
All commodities other than farm
-1,861,400
BY STATES,
94.6
118.6
Semimanufactured articles
28.861,000
27,418,000
f
94.6
118.7
present law says half of such
profits are exempt from income
taxes and the other half is tax-r
able at the rate of 50%
if the
The
members
32,953,000
31,635,000
ESTIMATED WEEKLY
106.2
106.2
Miscellaneous commodities
Raw materials
+
;
Decrease
26,677,000
25,611,000
dredge coal,
-—0.2
1944
+1.7
products
Farm
Fruits and
1,221,000
and
1945
0
July 3,
1937
July 1,
1944
June 30,
1944
1,272,000
colliery fuel,
1945
104.1
Hides
1,297,000
washery
•Includes
1944
106.1
Calendar Year to Date
1,351,000
operations. ' tExcludes
1945
106.0
Brick and tiie__—a
1,275,000
total
States
1945 :■/ 1945
105.9
PERCENTAGE
AND COKE
Beehive coke—
United
7-1
105.9
products and foods
1,328,000
fuel.
tCommeixial produc.
♦Total incl. coll.
6-2
All commodities
Foods—
profit.
a
Congress.
of
act
an
_
July 1,
§June 23,
1945
>• '/*'•!.
1945
Commodity Groups—
Percentage change to
June 30, 1945 from—
6-23
6-2
7-1
-
6-16
6-23
needs
more.
-V
Y,
quickly at
and sell them
This
property
30, 1945
':V
•; '•;>
.
,Y''
2,049,000
1,928,000
1,981,000
Week Ended
tJune 30,
anthracite—
v: ■ YY (1926=100)
'
11,886,000 297,555,000 319,647,000
.
(In Net Tons)
Penn.
<
-VYY'I' ■■■":';;;\V .■■++'
:
-'T-r
6-30
1944
1945
-
OF PENNSYLVANIA ANTHRACITE
.
changes in subgroup indexes from
y^/vYyv-y
PRICES FOR WEEK ENDED JUNE
WHOLESALE
'v,:
Anthracite
ESTIMATED PRODUCTION
as
All commodities other than farm
Jan. 1 to Date
'June 30,
July 1,
:—Week Ended
■
considered
be
revision
and
bituminous coal and lignite in the week
estimated by the.Bureau of Mines, was 11,950,000 net tons, an increase of 180,000 tons, or 1.5%, over the pre¬
ceding i week.
Production in the corresponding week of 1944
amounted to 11,886,000 tons.'
The total output of soft coal from Jan.
1 to June 30, 1945 is estimated at 297,555,000 net tons, a decrease of
6.9% when compared with the 319,647,000 tons produced during the
period from Jan. 1 to July 1, 1944.
':■■■+
_
'Production of Pennsylvania anthracite for the week ended June
Thursday, July 12, 1945
& FINANCIAL CHRONICLE
THE COMMERCIAL
236
to have left open the
question of following Mr. Eccles's
recommendation of increasing the
of
rate
the
capital gains tax.
opposition among
There is strong
groups and in
proposals."
,,
both
Ir
Congress to
...'>■
mmiuuiw
~
t
^
Armed Forces Insur. Bill
A
bill
extending
for another
life insurance polir
cies issued by the Government to
five years the
members of the armed forces
was
signed by President Truman on
July 2, the United Press reported
that day from Washington, addftig
that the act provides that these
oolicies, originally limited to five
years, be extended automatically
without requiring policy holders
to undergo another physical ex¬
amination.
■
.
.
./
peak
new
and exceeded output
preceding week
bar¬
in the week ended July 1, 1944 by 316,564
of
Adminis¬
month of June, 1945. Daily production for
June 30, 1945 averaged 4,885,764 barrels.
The current figure was also 43,714 barrels in excess
rels per day.
daily average figure recommended by the Petroleum
the
tration for War for the
ended
weeks
four
the
Further details
reported by the Institute follow:
as
|
companies indicate that the in¬
dustry as a whole ran to stills on a
Bureau of Mines basis approxi¬
crude oil daily and produced 15,546,000
of
oil during the
1945; and had in storage at the end Of that
1,567,000 barrels of kerosine; 4,910,000 barrels
barrels of gasoline;
and 9,077,000 barrels of residual fuel
distillate fuel,
June 30,
week ended
of civilian grade gasoline; 39,283,000 barrels
gasoline;') 9,676,000 barrels of kerosine.;
week; 47,189,000 barrels
other
and
military
of
M.)
P.
An¬
moved
into
Truman's
slightly to 141.5 for the week ended July 7, 1945.
reorganized
A month earlier
cabinet on June 30 when he took
the index registered 141.6 and a year ago 138.0, all based on the
the oath of office as Secretary of
1935-39 average as 100.
The report went on to say:
V
The farm products group declined fractionally due to" lower Agriculture, the Associated Press
quotations on cotton, rye, poultry and eggs which were partly offset reported from Washington on that
by increased quotations on barley and cattle.
The foods group de¬ date, adding that Mr. Anderson,
who had headed the House Food
clined slightly owing to lower quotations on potatoes and eggs.
The fractional decrease in the cotton quotation was insufficient^ Committee, took with him to, his
affect the textiles index.
All other groups in the index remained new post that committee's pro¬
gram for relieving the food situa¬
unchanged.
'
■
1
During the week 3 price series in the index advanced and 6 tion in the nation.
The committee's report, signed
declined, in the preceding week there were 6 advancs and 6 dclines,
in the second preceding week there were 4 advances and 2 declines.
by Mr. Anderson, contained the
following specific suggestions;
WEEKLY WHOLESALE COMMODITY PRICE INDEX
"That food goals be determined
;L
Compiled by The National Fertilizer Association
by war requirements and kept on
1935-1939=100*
:.v^
an increasing basis as
VYear
Latest Preceding Month
long as the
%
;7
Week
Week
Ago
Each Group
Ago
fighting lasts.
:
' ■
June 9,
June 30,
Bears to the
July 8,
July 7,
Group
"That government claimant
1945
1944
1945
1945
Total Index
agencies notify producers, in ad¬
140.9
143.6
143.9
Food
25.3
■
vance what size crops they want145.1
145.2
145.2
Fats and Oils—
145.2
163.1
163.1
163.1
then be required to take every¬
Cottonseed Oil—
167.2
159.8
167.7
Farm Products
23.0
thing demanded, thus cutting off
208.6
214.0
216.2
Cotton__
surpluses.
:+
! •
160.1
164.6
164.7
Grains
165.0
"That price support programs
151.6
160.2
161.8
Livestock
130.1
132.0 1
Fuels..
133.3
17.3
be announced far enough in ad¬
■
Reports received from refining
mately 4,999,000 barrels of
Program ::
Representative Clinton
derson,* (D.-N.
President
This
to the American Petroleum Institute.
increase of 5,450 barrels per day over the
an
was
Flew Food
production in the United States again reached a
rels per day, according
§e®. Anderson
The weekly wholesale commodity price index compiled by The
National Fertilizer Association and made public on July 9 declined
the week ended June 30, 1945, averaging 4,903,314 bar¬
m
237
National Fertilizer Association Commodity
Daily Average Crude Oil Production for
Ended June 39, I D45 Again Rises to lew High
Gross crude oil
& FINANCIAL CHRONICLE
THE COMMERCIAL
-Number 4402
162
Volume
v
•
s
■
•
,
fuel, and 40,488,000 barrels of residual
32,213,000 barrels of distillate
fuel oil.
_
;
Actual Production
♦State
Allow-
•P. A. W.
dations
June
Oklahoma
Kansas
274,000
—-
Nebraska
153.3
108.9
104.4
Building Materials
153.8
153.8
155.4
153.4
Chemicals
125.9
125.9
125.9
126.9
3,250
—
118.3
118.3
118.3
118.1
119.9
119.9
119.9
119.7
104.8
104.8
104.8
104.5
141.6
138.0
338,300
268,750
'4,100
+
1944
274,700
1,000
1945
:V
154,650
154,650
149,400
497,550
139,900
,
145,000
377,600
Southwest Texas
+
™_
2,170,000 £2,171,706
_
69,200
>
Materials
\
...
2,036,400
69,150
72,750
298,950
288,750
July 8,
1944,
107.5.
We also
base
July 7,
were:
O,:..;:
141.6
141.5
combined
1926-1928
on
110.2;
1945,
June
1945,
30,
110.3,. anc
368,150
368,100
v.;: '
■
Arkansas
80,000
78,786
80,100
+
450
79,400
80,250
Mississippi
53,000
'
51,200
+
600
51,400
43,900
150
/*
700
700 j;
Florida 14
14 '...
50
Illinois
200,000
v. '
214,500
+10,100
205,050
208,650
Indiana
13,000
„'
12,700
—
200
^12,250
12,200
Eastern—
?■■_/'.1-*;:/;•h-h'■?'
' ■■■■+ '
(Not incl. 111., Ind.,
'
,\ "
i
Ky.)
64,200
66,150
+
300
64,750
71,550
Kentucky
28,000 --"
30,700 ? . +
100 !v ' 29,950 ?■
24,700
Michigan
47,000
48,900
+ 2,350
48,250
51,900
Wyoming
:
113,500
108,450
- 1,850 108,500
93,950
Montana —/.
23,000
20,250
—'
20,300
22,100
Colorado ;
10,500
11,050
—
200
11,200 .; "
7,550
New Mexico
105,000
105,000
103,750
—
50
103,750 J. 108,000
400
Alabama
—--
'<
.
.
..
.
-
—
—.
-
-
Total East of Calif
t
§947,000
947,000
4,859,600
Total United States
,
3,959,614
3,912,600
California
•P.A.W,
state
12,450
3,940,314
changed at 141.6 for the week ended June 30, 1945.
A month ago
index registered 141.4 and a year ago 137.7, 'all based on the
1935-39 average as 100.
The report continued as follows:
the
945,450
4,885,764
4,586,750
the
above,' represent
shown
as
production of crude oil only, and do not include amounts of condensate and natural
derivatives to be produced.
1
gas
JThis
is the net
basic
allowable
as
of
calculated on
1
June
basis
30-day
a
and
as
poultrymen
flocks
soon
be
possible
as
so
plan their laying
can
now.
was
1943,
even
reduced
below
mand
unanimous
statement
Committee
does
war food goals
rectly determined by
quirements^
ducers
all other groups
ant should be under
in the index remained unchanged.
During the wreek 6 of the price series advanced arid 6 declined,
in the preceding week there were 4 advances and 2 declines, in the
second preceding week there were 7 advances and 2 declines.
>.
factors
the
the
is
not: di¬
are
food
war
re¬
*
shaken
of
'the
.
understand
-
The foods index was also slight¬
on potatoes, partly offset by the
increase on eggs.
Increased quotations on anthracite coal advanced
the fuels index but the increase on scrap steel was insufficient to
affect the metals index.
The textiles index was slightly lower and
lambs, and eggs.
ly lower due to lower quotations
corn,
'One
said
not
why
"
that;of
though the coming-de¬
for pork was apparent; the
increase
-
that; has
confidence
of
pro¬
whether
requirements,
once
indicated,> will actually be
absorbed in full by the claimant
agencies at the time production
becomes available
take
to
in
"The
.
.
each claim¬
.
obligation
an
the
full
claimed.'
commodities
:
„
committee
'tough
demanded
a
policy to
enforce poultry ceilings to choke
Electric
Oalpuf for Week Ended July 7, I §45
Exceeds Tkai for Same Week Last Year fey f .0%
tOklahoma, Kansas, Nebraska figures ere for week ended 7:00 a.m. June 28, 1945.
f
will
price be raised to cut off a grow,-"
ing black markeet, and that it be
products groub was only slightly lower, the decrease in quotations
on cotton,
wheat, rye and good cattle being nearly offset by the
849,900
+ 5,450
-
allowables,
Three of the composite groups of the index declined during the
current week and one advanced.
The general level of the farm
on
know
farmer
return
,,,,
1944
Wholesale commodity price index compiled by The
National Fertilizer Association and made public on July 2 was un¬
3,736,850
7,000
—
4,903,314
v
and
recommendations
+
943,700
the
market
"Declaring that the hog goal for
361,500
400.800
360,000
Louisiana
his
before he starts his crop.
v
; "That
the spring egg support
give below the report for the previous week:
,
Total
what
announced
♦Indexes
The weekly
298,950
let
to
vance
528,450
2,180,450
____
2,180,450
563,050
_™
563,050
Texas
Drugs
Machinery
All groups
100.0
312,950
'
357,700
Farm
.
360,550
357,700
139,900
377,600
Texas
and
Fertilizers
.3
447,900
East Central Texas.
h
•
Fertilizer
.3
133.7
Commodities
Textiles
92,150
90,000
497,550
Texas
Coastal
132.2
157.3
108.9
+:
8.2
7.1
90,000
Texas
East
133.7
157.0
108.9
Miscellaneous
10.8
•
July 1,
.3
Panhandle Texas—
West
133.7
157.0
i.3
I
■''
Ended
<
'
386,600:
Week
t388,400
t273,250
t900
1,000
—
Ended
June 30,
900
June 30,
1945
380,000
269,400
370,000
from
Previous
Metals
6.1
Week
4Weeke
Change
Week
Ended
:
ables
Begin.
June 1
Recommen-
North
(FIGURES IN BARRELS)
AVERAGE CRUDE OIL PRODUCTION
DAILY
Electric Institute, in its current weekly report, esti¬
The
off
and
the
concerted
black
market that is
de¬
pleting the poultry flocks and en¬
dangering our future egg ; sup¬
plies.'
1
t
■}*
:
and
exemptions
for
the
With
month.
entire
the
exception
of
"It suggested
moving
up
the An¬
were
exempted entirely and of certain other fields for which
14 days, the entire state was ordered shut down
definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 6 days shutdown time during the calendar month.
several
which
fields
shutdowns were ordered for from 2 to
lor
6
days, no
§Recommendation
.
CRUDE
""
RUNS
AND
TO
of
UNFINISHED
PRODUCTION
OF
GAS
GASOLINE,
RESIDUAL
«
California Oil
Committee of
Conservation
STILLS;
FUEL OIL,
OIL
WEEK
GASOLINE:
Producers.
STOCKS
DISTILLATE
AND
OF
FUEL
—
of
AND
PERCENTAGE INCREASE OVER
of
Bureau
Mines
plus
totals
therefore
are
an
on
a
duction
of
Capac- Daily
at Ref.
Gas Oil
ityRe- Aver-
Inc. Nat.
to Stills
age
% Operated
99.5
722
91.3
District No. 1-
76.8
105
71.9
District No. 2——
81
53
106.0
'
East
Coast
.
&
tStocks tGasollne Stocks
of Re-
Dist.;
sidual
Mill-
tary
Ci-
anckvilian
■
Fuel Oil
Fuel oil
Other
1,709
7,286
5,929
4,784
334
346
264
1,823
96
67
555
791
2,939
7,036
12,903
1,453
4,415
1,818
2,280
85.5
1,245
2,184
G:
Jrade
81.2
78.3
■v
V
445
921
1,225
6,032
6,024
,8,700
4,947
1,979
2,006
93
2,531
76
59.8
74.8
970
Texas Gulf Coast—
89.3
1,247
100.8
3,973
Louisiana Gulf Coast-
96.8
281
108.1
845
1,803
69.8
234
670
No.
—
55.9
La. & Arkansas
+
88a
.
7,271
1,683
1247
Inland Texas
::
■
1,120
,
172
District No. 3—
17.1
13
100.0
40
21
36
10
District No. 4
72.1
126
79.2
404
322
529
693
1,677
87.3
913
91.6
2,521
8,959
21,901
10,201
3,713
.
Total U. 8. B. of M.
still
remains
(revised
barrels
in previous year.
WEEKS
The
1944
•
1,480,738
1,696.543
3,916,794
1,469,810
1,709,331
April 21—
4,411,325
4,415,889
4,344,188
1.5
1,454,505
4,336,247
1.8
3,925,175
3,866,721
1,429,032
1,699,822
1,688,434
4,397,330
4,233,756
3.9
3,903,723
1,436,928
1,698,942
follows:
applied for, $2,232,925,000
accepted,
$l,310,619,Q0O
(includes $57,927,000 entered on a
fixed price basis at 99.905 and ac¬
cepted in full.)
Average price, 99.905, equiva¬
lent
rate
of
discount
approxi¬
April 28
May
5——
May 12—i,_/_
4,302,381
4,238,375
1.5
1,704,426
4,245,678
3.1
1,425,151
4,329,605
4,291,750
0.9
3,969,161
3,992,250
3,990,040
1,435,731
4,377,221
May 26_—
1,381,452
1,705,460
1,615,085
4,203,502
June
2™
June
9—;
4,144,490
1.4
3,925,893
1,435,471
1,689,925
4.327,028
4,264,600
1.5
4,040,376
1,441,532
1,699,227
U
4,348,413
4,287,251
1.4
4,098,401
1,440,541
1,702,501
4,358,277
4,325,417
0.8
4,120,038
1,456,961
4,327,359
0.6
4,110,793
1,341,730
1,723,428
1,592,075
3,940,854
1.0
July
3,978,426
3,919,398
1,415,704
1,711,625
40,853
46,609
July 14
4,377,152
4,184,143
1,433,903
4,380,930
4,196,357
1,440,386
1,727,225
1,732,031
July 28
4,390,762
4,226,705
1,426,986
1,724,728
of
the
producing
company;
52,769
unfinished,
solvents,
35,403
title
46,581
to
name
kerosine
(revised)
at
June
30,
1945,
amounted
to
—
9,676,000
a
barrels,
year
as
before.
on
The details of this issue
are
as
':
Total
Total
mately 0.375% per annum.
Range
of accepted
competitive
bids:
naphthas,
barrels a week earlier and 9,825,000 barrels
7
which
■
of
ati,the
July 9.
3,882,467
0.6
—r
39,893
and
offered
11, 1945, which
0.9
4,307,498
31,761
35,242
were
July 6, were opened
Federal Reserve Bank on
4,361,094
4,332,400
15,367
13,924
Treasury bills
July 12 and to mature
4,321,794
92.1
grades,: finished
the
there¬
——
7_:
85.8 115,002
4,634
of
or
April 14——
April
4,353,351
military
that
91-day
Oct.
1929
1932
1943
Treasury
9
$1,300,000,000
to be dated
1944
July
about
June 30—
and
on
tenders of
"v+- *
(Thousands of Kilowatt-Hours*
over
Secretary of the
announced
July 21———
the
■
1.4
47,189
with 1,449,000 barrels (revised figure), 5,014,000 barrels and 9,558,000 barrels
figure), respectively, in the preceding week and 1,332,000 barrels, 4,507,000
8,680,000 barrels, respectively, in the week ended July 1, 1944.
HRevised
Note—Stocks
0.8
*39,283
and
against 9,093,000
*4.3
0.6
40,488
1944—
figure.
*1.0
32,213
blending
stocks currently indeterminate as to ultimate use, and 11,783,000 barrels unfinished
gasoline this week, compared with 11,738,00G barrels a year ago.
These figures do
not include any gasoline on which title has already passed, or which the military
forces may actually
have in custody in their own or leased storage.
tStocks at
refineries, at bulk terminals, in. transit and in pipe lines.
§Not including 1,557,000
barrels of kerosine, 4,910,000 barrels of gas oil and distillate fuel oil and 9,077,000
barrels of residual fuel oil produced during the week ended June 30,
1945, which
compares
0.9
*1.7
15,546
,
1945_
aviation
in
1945
Week Ended—
>;Trrv
Results Of Treasury
92.0
0. S. Bur. of Mines
♦Includes
1.3
*2.9
1.0
•
of Delaware,
area
and Virginia."
7.0
85.8*i9'99
1945
Total U. S. B. of M.
basis July 1,
5.0
3.2
% Change
June 16__
basis June 23,
0.9
3.8
June 23———
California
June 30,
2.2
1.5
May 19™.—-—,
Rocky Mountain-
basis
2.8
*0.2
1.2
0.5
DATA FOR RECENT
Ind., 111., Ky.—
Okla., Kans., Mo
2.3
*0.5
*5.1
♦Decrease under similar week
poultry freeze
*0.3
6.8
Total United States
Appalachian-
*1.3
5.2
.
suspending the
operating
proposed
June 16
June 23
1.1
2.9
1,194
124
Blended
June 30
July 7
"It
Maryland
*1.2
1
Rocky Mountain
Pacific Coast
8,3a7
93.7
porting
District-
England
Middle Atlantic
Southern States
tStocks
Pro¬
% Daily Crude Runs
New
West Central
SGasoline
Refining
j?
price ceilings into the summer so
that poultrymen will have an in¬
centive for keeping intact their
laying flocks.
in the Delmarva
PREVIOUS YEAR
*0.5
Central Industrial
-
;Week Ended
Major Geographical Divisions-
basis
*
•
^
^
i.
reported
amounts and
unreported
present
the production
1945
ENDED JUNE 30,
this section include
in
Figures
estimate
W"
nouncement date for the fall egg
mated that
FINISHED
(Figures In thousands of barrels of 42 gallons each)
•„
of electricity by the electric light and
power industry of the United States for the week ended July 7, 1945,
was approximately 3,978,426,000 kwh., which compares with 3,940,854,000 kwh. in the corresponding week a year ago and 4,353,351,000
kwh. in the week ended June 30, 1945.
The output of the week
ended July 7, 1945, was 1.0% in excess of that for the same week
last year.
shutdowns
Includes
J. F. Ebersole Dies
J.
Franklin Ebersole, Professor
of Banking
and Finance ■ at Har¬
vard University, died at Belmont,
Mass., on June 24 at the age of 60
years. The New York "Times" in
advices from Belmont stated that
he served
the State
as managing director of
Deposit Bank in Minne¬
apolis from 19 IT to 1920 and was
assistant Federal Reserve agent at
the Federal Reserve Bank in that
city for
He
sity
1930.
years.
seven
began at
as
Eleven
of
years
Finance
Banking
and
Finance,
he held at his death.
in
later he was
appointed to the Converse
of
approximately
discount
per
Chair
which
of
0.368%
annum.
Low, 99.905,
Harvard , Univer¬
Professor
'
:t
High, 99.907, equivalent rate'
discount
equivalent rate« of
approximately
0.37(
per annum.
(52% of the amount bid for at
low price was accepted.)
was a maturity of a simi¬
lar issue of bills on July 12 in the
the
There
amount of
$1,303,940,000.
engineering construction
the 1944 week are:/
Civil
Trading
Jew York Exchanges
en
'
Commission made public on July
4 figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended June 16, continuing
being published weekly by the
shown separately from other sales
.'i•^
series of current figures
Short sales
sion.
figures.
are
"
volumes for the current week
Commis¬
in these
S. Construction-.
Total U.
Private Construction
Public Construction
———
State and Municipal-—^
J Federal
In
June
July 5,1945*
(four days),
$46,540,000
14,690,000
31,850,000
•10,129,000
21,721,000
$30,820,000
12,695,000
18,125,000
6,359,000
11,766,000
-
(July 6,1944
(four days)
28,1945
(five days)
$18,922,000
1,801,000
17,121,000
3,266,000
/ 13,855,000
'
•
the
*
important
of
absence
business, the price situation in
quicksilver showed no improve-4
ment during tne last week. Spot
metal
in
available
was
last,
the
few days on the basis of $145 per
flask, a decline of $1. Early July :
shipment from the Pacific Coast/
offered
was
basis,
♦Current week's statistics.
v.-
Quicksilver
/
last week, and
The Securities and Exchange
a
Thursday, July 12, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
238
last week are in
figure
June 16 (in round
14.02%
Tins
compares with member trading during the week ended June 9, of
2 840 521 shares, or 15.33% of the total trading of 9,268,490 shares.
On the New York Curb Exchange, member trading during the week
ended June 16 amounted to 901,405 shares or 14.93% of the total
volume on that exchange of 3,018,700 shares.
During the week ended
June 9 trading for the account of Curb members of 758,660 shares
waterworks, bridges, and commercial buildings. Increases over the
1944 week are reported in all classes of work except public buildings
and unclassified construction. Sub-totals for the week in each class
The
trading of 2,425,685.
$21,941,000, and is made up entirely of state and municipal bond
sales. The week's new financing brings 1945 volume to $561,692,000,
a total 26% above the $446,229,000 for the 27-week 1944 period,
r
at $144, New York *
intimations that this.
with
for the account of members
the Stock. Exchange
Trading on
(except odd-lot dealers) during the week ended
lot transactions) totaled 2,966,255 shares, which amount was
of the total transactions on the Exchange of 10,578,000 shares.
15.64% of the total
was
the New York Stock Exchange and
of Members
(Shares)
Round-Lot Stock Sales on
Total
Round-Lot Sales:
tOther sales
29,430
370,080
to toil salgs
-J *■ mm mm — ■» ■« j.-J i-—— ■-
*,
3.26
alloca-<^
remainder of with 111,999,228 lb. in the same
all limitations. MRC has extended period of 1944.,
">
r;-4^ fr-r-, v v
' '• \ f'i./.V1
its existing purchasing basis for
MM:" Zinc
chrome and manganese ores to
WPB amended Order M-ll on
the end of the year.
Quicksilver
remains inactive, and the price June 30, doing away with alloca¬
tion of zinc except on "preferred
dropped $1 per flask." The publi¬
cation further went on to say in orders." A preferred order is de¬
fined as one bearing a rating of
part:
AA-3 or higher in.;the case of
V,;
■Copper
-
Total
purchases
183,320
Short sales
through
zinc
tion and freeing the
1,420,318
<
1,362,617
JOther sales
in
business
Total—
r
of CMP
During the
of essential
July 1 and easing of controls on civilian products.
last week Order M-ll was amended by WPB, taking care
on
388,007
Total sales
and zinc remains spotty in spite of open-ending
in copper
31,160
356,847
•
■
1,545,937
Total sales
.
"
and Stock
Stock Sales on the New York Curb Exchange
Transactions for Account of Members* (Share*)
Round-Lot
Total
.
14.02
16, 1945
WEEK ENDED JUNE
■
Total for week
A. Total Round-Lot Sales:
Short sales
48,100
2,970,600 i
—
tOther sales..
—
v
.
,,
sold to any
consumer
making a product
carrying an AA-1 rating, accord¬
ing to instructions issued to sellers
during the last week.
The problem of stockpiling sur¬
plus material has been receiving
increased attention. At a recent
meeting of the Brass Mill Indus¬
try
Advisory Committee there
was discussion on the best meth¬
ods of preparing
brass for the
MRC copper may be
Total sales
3,018,700
._
for Account of Members:
Transactions of specialists in stocks in which
Round-Lot Transactions
B.
1.
they
are
registered—
225,310
26,500
204,390
Total sales
7.56
230,890
——-
2. Other transactions
Initiated on the floor—
98,155
Total purchases..
13,400
\
94,890
JOther sales
>
:
3.42
108,290
Total sales
70,495
Total purchases
Short sales
stockpile plan, the Army agreed
to take all surplus brass that re¬
sults from cancellations. Industry
members
hold
that
the brass
3,000
JOther sales
165,265
3.95<~
168,265
Total sales
Total-
4.
Short sales
cast
42,900
JOther sales
464,545
Total sales.
each slab should
be clearly stamped with the an¬
alysis of the metals contained in
14.93
C. Odd-Lot Transactions for Account of Specialists0
{Customers' other sales
91,161
Total purchases
and their partners,
calculating
these
total
iRound-lot short sales
are
included
with
gSales marked
all
percentages
Exchange volume includes
rules
Late
regular and associate Exchange members,
round-lot
only
which
"other
"short
the
total
of
volume
on
members'
purchases
the Exchange
their
for the
and
sales
reason
is
that
sales.
are
exempted from restriction
by
the Commission's
monthly.
creased
at an output of
brass
The program
sharply during the first
this high rate
Cutbacks in
strip since April have scaled
production to about 100,-
For
the
construction
by
fair for
sales for
amounting to 5,715
against 4,494 tons in the
week previous. Current consump¬
tion of primary lead in this coun¬
tons,
Civil engineering construction volume for the short week due to
the Fourth of July holiday totals $30,820,000. This volume, not in¬
cluding
was
for lead
the last week
Holiday-Shortened Week
military
engineers abroad, American
and shipbuilding, is 63% higher than
corresponding 1944 week, but is below the $46,540,000 for
the preceding week, and is 31% lower than the previous four-week
try has been
reduced to about 65,-
000 tons a month.
Shipments of automotive re¬
placement batteries in May totaled
1,326,000 units, against 1.158,000
units in April, and 1,324,000 units
in May last year, according to a
preliminary report by Dun &
moving
average
reported
as
to /Engineering News-Record/"
The
report issue on July 5 added:
Private
week's total
construction
as
a
for
the
week
is
604%
commercial building construction.
the
Public construction tops last
by 6%.
The
above
1944
result of the increased activity in industrial and
.
current week's
■
year
•
construction
brings 1945 volume to $906,975,000 for the 27 weeks, a total within 0.4% of the $910,752,000
reported for the period last year.
Private work, $269,550,000, is 33%
higher than in
1944,
but public construction, $637,425,000,
lower due to the 16% decrease in federal volume.
pal volume exceeds
a year ago
by 23%.
is 10%
State and munici¬
shall
Silver
has
received
not
order
an
by notification of
may
produced 28,172,344 lb.
April, against 35,-
169,939 lb. in March, and 25,270,297 lb. in
minion
ports.
April last year, the Do¬
Bureau
of
Statistics
re¬
Production of lead in the
first four months
113,544,038
lb.,
Canada
185,109,478 lb., against 181,653,808 lb. in the Jan.-April pe¬
riod of 1944, the Dominion Bureau
was
TRANSACTIONS
reports.
,:
/
-
THE
FOR
ODD-V
LOT ACCOUNT OF ODD-LOT DEALERS
AND
SPECIALISTS
STOCK
Week
ON
THE
N.
June
23,
1945
Total
(Customers' purchases)
Number
of
of
shares
Dollar
,
For Week
orders
Number
Y.
Ui
EXCHANGE
Ended
29,692
>
926.265
value
$35,295,708
Odd-Lot Purchases by Dealers—
(Customers' sales)
Number of Orders:
Customers*
'
;
short sales
♦Customers'
226
other
total
Customers'
sales—
sales—
Number of Shares:
30,449
__
30,675
*
"
Customers'
short
♦Customers'
other
sales——V
869,660
"
Customers'
total
sales—
877,567
•
■
value
sales..—
7,907"
—$31,136,079
__
Round-Lot Sales by Dealers—
Number of Shares:
Short sales
100
„
tOther sales
v
210,210
'
*■":
;
v.——
sales
210,310
Round-Lot Purchases by Dealers:
Number
of
shares—
248,130
♦Sales marked
"short exempt"
ported with "other sales."
i
...
are
re¬
;
tSales to offset customers' odd-lot orders
and sales to
liquidate
is .less
a
"otner
than
sale*
long position which
a
lot
round
••
.
are
reported
with
•
:
Twin City Savs. & Loan
Declares Dividend
>
With the outlook for any im¬
A semi-annual dividend at the
mediate relief of the tin shortage, rate of 21/2% ,per annum was de- t
clared on June 29 by the Board of
unfavorable, members of the brass'
mill industry were reminded re¬
Directors of Twin City Federal <
cently by WPB officials that use
of tin in this field has been re¬
Savings and Loan. Association of '
Minneapolis, Minn. The dividend ;
stricted to 80% of the quantity was payable July 1. Roy W. Lar- ?
used in the corresponding quarter sen, President of the
Association, »
of 1944.
said this would be the 45th con- :.
;
semi
annual
The market situation in tin re¬ secutive
dividend ?
mains unchanged, the selling basis paid. An equal dividend was de-!
continuing at 52c. per pound for clared by the Board last Jan. 1,
"Grade
A"
or
Straits
quality he added. At the Board's session
;
?
of 1945 totaled
which
compares
it
metal.
quotations,
pound, follow:
Shipment
per
of lead during
STOCK
Total
during April amounted to 43,385,577 lb., which compares with 46,697,136 lb. in March. Production
in the first four months of 1945
Statistics
account
Exchange, con¬
tinuing a series of current figures
being published by the Commis¬
sion. The-figures are based- upon p
reports filed with the .Commis- :
sion by the odd-lot dealers and :
specialists. ;
shipment, as heretofor.
of
odd-lot
New York Stock
the
of the month preceding
in
for
of all odd-lot dealers and special¬
ists who handled odd lots on me
Dollar
zinc
""made
transactions
essential business will have to be
of
and
Exchange
public
on
July 4 a summary for the week *
ended June 23 of complete figures
showing the daily volume of stock
al¬
for war or
filed with WPB not later than
12th day
Securities
The
Commission
tion after that date.
zinc
with "
NYSE Odd-Lot Trading
month,
10th day of that
for
44%c.;
70%c.
Production of silver in Canada
be delivered without restric¬
Requests
at
during April amounted to 1,253,887 oz., against 1,199,546 oz. in,
March, and 1,299,798 oz. in April
last year, according to the Do-^
sup¬
an
location serial number on or be¬
fore the
at
continued
Odd-lot Sales by Dealers
and grades of zinc as directed
monthly by WPB, beginning with
August this year. Any zinc set
aside for a particular month and
for which a producer or importer
ported
was »
at
-
Bradstreet.
Canada
silver
domestic metal
amounts
aside the
set
v
contracts outside the country,
in
the
zinc
was)
25%d. y
The New York Official for foreign,
that
and importer of
producer
Coast
,
period of the month,
Demand
this
order."
Tin
Lead
Ciyil Engineering Construction $30,820,000
each
the
on
unchanged
and
quiet
The revised order provides
month.
000,000 lb. a
"other sales."
strip
was in¬
brass
of
lb.
quarter of 1945, but
was
not attained.
down
sales."
exempt" are included with
market
The
reported quiet with the price sit¬
W ♦ •
,/
"authorized
an
materials
controlled
Production
1944, the War Produc¬
in
412,000,000
including special partners.
compared with twice the
the
includes
alloy.
tion Board aimed
75,205
*The term "members"
tin
the
91,161
Total sales
and
handling,
507,445
Customers' short sales
they cannot use should be
in thin slabs to facilitate
which
393,960
Total purchases
firms
Under the
Government's reserve.
8. Other transactions initiated off the floor—
materials
$140,
uation unchanged.
products, and in the case.of con¬
trolled
at
Spain, might be con- *
.'...V,'..".::
sidered.
materials and
non-controlled
bids
minion Bureau of Statistics.
5, stated: "Cutbacks in war materials containing non-ferrous metals
continue to dominate thinking in the market place, and new business
3.58
301,468
Short sales
tOther sales
4.
*
in its issue of July
Metal and Mineral Markets,"
J.
& M.
"E.
399,510
r mu a* r~r t- t-t-rr —
initiated off the floor—
Total purchases
.
,
1
'
Limits WPB Control to "Preferred" Business
358,640
—
JOther sales
that
duty paid, New York, July ship¬
The London silver market
fiCn-Ferroas lelals—Amended Zinc Order
7.18
758,420
initiated on the floor—
MMM\M
'
1
'
'
■
635,690
8. Other transactions
$21.4 Billions
shaded.
be
believe
erators
ment from
totals
122,730
,.
2. Other transactions
Total purchases
week
proposed for con¬
struction in the post-war years total $21,439,008,000 according to re¬
ports to 'Engineering News-Record" in the period from Jan. 1, 1943
through June 28, 1945. Plans are, under way or completed on post¬
war
projects valued at $9,272,334,000, 43.3% of the total volume
proposed, and on $1,423,894,000 worth of projects all financing
arrangments have been completed.s
760,210
—
the
recorded engineering projects
Identified and
Round-Lot Transactions for Account of Members,
Except for the Odd-Lot Accounts of Odd-Lot
Dealers and Specialists:
1. Transactions of specialists in stocks in which
Short sales
025,000; and unclassified construction, $8,364,000.
New capital
for construction; purposes for
could
position; of Spanish metal.
under prevailing dull conditions
is uncertain. Sales agents are not"
naming flat quotations. Some op¬
■
10,317,260
they are registered—
Total purchases
$337,000;
sewerage,
Post-War Construction Planning Volume
260,740
Short sales..
JOther sales.
$1,426,000;
waterworks,
are:
commercial build¬
public buildings,
$3,654,000; earthwork and drainage,. $348,000; streets and roads, $5,-
t %
Total for week
10,578,C
B.
construction
of
over
bridges, $389,000; industrial buildings, $3,057,000;
ing and large-scale private housing, $8,220,000;
JUNE 16, 1945
WEEK ENDED
■v.;
Round-Lot Stock
for Account
Transactions
A. Total
•
gains
In the classified construction groups,
;
Tune 28—
—
52.000
52.000
2
July
July
3—
July
4
52.000
*
*,•
—
52.000
52.000
Holiday
Chinese, or 99% tin,
1 at 51.125c. per pound.
was
announced
that
re- '■
City Federal have
increased in the
last
six
months
4
from
Oct.
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
Tune 30—
,
Sept,
Aucr.
June 29
cents
in
also
sources of Twin
52.000
52.000
—
continued
$33,574,000 to more than
$37,500,000, a gain of nearly $4,000,000. Since 1923, when the association
was
•
formed,
it
has
position
of
the
fourth largest Federal
savings and
grown
loan
to
the
institution
States.
in
the
United
*
'
*
'
I
t-
"'.jJ
\
flg&;rvyWL
*!
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4402
Volume 162
Total Loads
Freight Gar Loadings During Week
Ended June 30^ 1945 Increased 17,299 Gars
increase
the
303
270
374
790
584
2,303
2,538
1,343
882
695
1,305
9,935
11,311
12,179
9,565
9,515
4,268
3,866
3,966
4,652
5,746
605
515
373
1,800
Clinchfield
1,593
1,828
1,620
1,542
3,131
304
222
322
255
Durham & Southern
163
156
105
515
654
Florida East Coast
970
818
1,374
1,134
1,555
54
56
36
116
115
1,147
1,080
981
2,670
2,688
492
456
508
550
591
5,116
4,376
3,986
4,444
4,120
27,773
29,360
26,121
17,115
16,204
25,725
25,562
12,272
Columbus & Greenville
June 30 increased
——i,
Gainesville Midland——.
—
Georgia & Florida.
Gulf, Mobile & Ohio
Illinois Central System
-——
Louisville & Nashville—..———
—
65
;
1,770
2,314
1,592
1,774
1,022
399
1,281
1,070
496
509
361
10,941
9,919
9,392
9,950
8,395
8,785
20,378
25,169
24,088
1,134
401
451
-
26,241
24,246
530
712
835
879
138
118
104
1,209
956
1^3,833
122,599
114,392
118,037
116,495
System
Total
—-
—
15,545
13,550
—
2,452
2,329
21,788
2,404
3,561
3,608
—
,
23,022
21,191
21,727
10,697
10,592
3,883
3,256
3,789
4,113
27,280
7,604
28,762
1,169
8,008
1,068
1,138
616
9,068
9,043
9,924
—.
—
Ft. Dodge, Des Moines & South
preceding week, and an increase of 337 cars above the cor¬
responding week in 1944.
v
;>
>
All districts reported decreases compared with the correspond¬
5521
10,938
461
449
82
110
21,920
23,333
25,952
9,310
7,149
559
479
420
983
968
2,076
3,195
3,470
110
54
2,573
371
Great Northern
.
288
643
Green
Bay & Western
Lake Superior & Ishpeming
—.
Minneapolis & St. Louis
except the Pocahontas, Southern, Northwestern,
All districts reported increases compared with
the Eastern, Pocahontas and Northwestern.
.
■
1945
4
4
3,001,544
Weeks of January..
of February
Weeks of March
Weeks of April
Weeks of May..
4
4
4,018,627
3.374,438
Week of June
Week of June
Week of June
Week of June
Total
,
Si Aroostook
Boston <fc Maine
2,706
7,828
3,499
9,084
11,111
7,031
6,488
236
154
121
558
754
2,894
2,932
2,832
4,613
3,403
136,919
134,666
142,744
73,991
67,9361 contributions
30,684
33,006
26,743
15,391
13,035
3,559
3,695
3,270
4,119
3,986
365
Spokane International
Spokane, Portland &
1,910
6,919
466
559
71
18,671
19,583
13,284
2,581
...
Seattlel
TotaL
...
Chicago,
—
Louisville——
—
19,374
—.
—-
3,008
3,206
2,566
976
15,141
14,626
13,376
15,127
Central
Monongahela
—
Maine
York Central Lines
-—N. H. & Hartford
York, Ontario & Western...
—
Hew York, Chicago & St. Louis
H. Y., Susquehanna & Western
.
Pittsburgh & Lake Erie
—
Pere Marquette
—
Pittsburg & Shawmut
Pittsburg, Shawmut & North
—
Pittsburgh & West Virginia
.
New
N. Y.,
New
545
Lake Erie
—
49
18
or
897,210
852,082
Peoria & Pekin Union
21,285,201
20,331,377
Fort Worth & Denver
City
1,271
1,396
528
v
14,084
YY 2,084
2,456
vv
-
44
39
39
2,299
2,322
12,301
12,804
7,470
10,390
11,158
226
147
122
5,173
8,021
295
266
1,471
1,757
1,942
1,080
1,248
283
325
2,446
2,445
13,973
12,804
16,791
3,978
3,969
3,878
8,109
3,063
200
213
17,452
7,721
:
804
1,822
1,623
8,680
6,931
11,896
2,233
2,454
2,885
15,443
v/Y
9,551
1,335
1,328
3,309
6,569
15,520
483
595
2,310
2,158
7,900
8,151
5,185
7,421
10,000
8,605
5,038
4,728
7,880
7,844
1,002
966
922
23
37
345
361
1,135
1,435
489
9
11
2,224
5,105
4,092
145,057
131,515
116.047
102,222
321
561
835
980
360
6,933
5,592
5,083
3,006
2,627
4,126
-
2,834
2,138
5,060
4,045
Committee
235
239
2,748
3,047
375
416
358
1,358
1,169
6,068
5,577
12,409
13,330
5,563
6,044
6,254
4,210
4,266
163,429
162,895
221,376
232,028
& Youngstownli——
Ohio—
—
Akron, Canton
Baltimore &
Bessemer
& Lake Erie
——
Gauley
■Cambria & Indiana—
Central R. R. of New Jersey.;
Buffalo Creek &
Cornwall
Cumberland &
——
48,164
47,313
6,491
41,713
29,289
29,463
6,284
6,286
2,131
Under
bill
t
282
t
t
1,600
1,564
57
5
7
7,094
6,691
19,067
20,459
58
43
6,818
268
"6,097
5,619
3,341
i.'m I Rules Committee, which, accord2,643
ing to Capitol consensus, would
3,928
3,766
3,089
2,778
Litchfield & Madison——
338
266
363
1,459
1,046
Midland Valley.
Missouri Si Arkansas.
768
750
505
466
449
Mr. Rankin asked, however, that
327
525
it be put on
167
Missouri-Kansas-Texas Lines
931
246
148
178
7,160
7,266
5,842
5,087
5,677
18,061
Missouri Pacific
18,616
19,241
20,200
19,533
"
Quanah Acme & Pacific
159
119
192
372
368
St. Louis-San Francisco
St. Louis Southwestern
10,736
3,701
10,344
8,433
8,943
9,049
3,287
2,814
6,465
7,249
Texas & New Orleans
10,519
12,225
13,594
6,124
5,717
6,318
5,120
5,044
8,949
8,927
151
113
83
60
26
25
26
16
27
78,054
77,590
73,962
74,886
Texas & Pacific
.
Wichita Falls & Southern
Weatherford M. W. & N. W
TotaL
tlncluded in
Baltimore
/
-
V
■
&
Ohio
it
clear
551
513
660
146
222
267
8
89
Pennsylvania
157
199
52
the unanimous con¬
calendar, but declined to dis¬
cuss why he took this step in*the
face
of
certain
objection from
sent
members
RR.
"The
Lumber Movement—Week
Weekly Statistics of Paperboard Industry
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
The
members
of
this
Association
83% of the total
industry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
represent
Ended June 30, 1945
According to the National Lum¬
5
i'
27
Orders
Period
-
Unfilled Orders
lumber shipments
porting
Trade Barometer
Received
Production
Remaining
Tons
Tons
Tons
181,377
150,486
558,285
96
93
March 10
177,711
152,611
580,804
94
1945. In
Reading Co
(Pittsburgh).
Western Maryland
Union
March 17
129,948
557,986
95
93
137,911
153,625
158,551
March
3—
March 24
7
99
549,631
100
94
146,832
92
94
April 14
159,733
158,938
97
1,780
1,715
2,232
2,343
April 21
125,708
162,040
66,226
68,962
April 28
142,387
158.854
546,311
99
95
16,090
15,220
11,565
26,413
28,108
223,162
161,764
95
16,351
605,892
97
19,575
5
8,208
6,923
May 12
152,208
153,111
95
3,974
12,264
602,717
94
4,188
May 19.-
200.385
170,936
172,026
May 26
1,178
5,194
.
4,624
176,849
May
—
126,285
158,532
565,867
97»
157,794
153,359
97
95
2
129,327
168,204
532,257
June
546,211
93
95
Virginian
Total-
orders
or¬
6.6%
production. Unfilled
reporting mills
For
equivalent to 42 days'
are
production at the current rate, and
gross
stocks are equivalent to 36
9—
189,674
575,167
97
95
537,182
96
95
\
27,684
28,935
14,162
21,029
21,664
21,965
7,253
4,136
4,738
2,450
2,307
53,817
53,484
,55,638
23,865
25,292
—
115,768
157,932
491,287
96
95
—
166,083
156,447
499,505
96
95
.i
8,893
4,156
129,618
159,228'
159,230
June 23
28,632
14,092
June 30——
Notes—Unfilled orders of the prior week, plus orders received,
less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for cr filled from stock.- and other Items made necessary adjust¬
ments of unfilled orders.
days' production.
For the
of
year-to-date, shipments
reporting
identical mills ex¬
production by 6.2%;-or¬
ceeded
95
June 16——,—
1
-
new
were
reporting softwood mills, unfilled
95
79,239
564,631
98
93,105
District-
Chesapeake & Ohio
Norfolk & Western
than
week
mills
94
1,727
89,990
1.788
•f—M-
Pocahontas
same
these
order files of the
94
162,386
203,891
537,005"
2.9% above
Activity
178,483
March 31
April
Percent of
Current Cumulative
June
TotaL
the
93
1945—Week Ended
were
production for the week June 30,
amounted to 111% of stocks.
4,172
v.
Association,
of 461 mills re¬
to the National Lumber
Manufacturers
ber
ders "of
:
19,318
Lines-
Pennsylvania System
Commit¬
measure," he said,.-"is a
to our returning ser72,1641 vice men of the enjoyment of the
first freedom—that is, the free¬
dom to work for their daily bread
without paying tribute."
196,788
Penn-Reading Seashore
Labor
the
of
tee.
guarantee
604,720
604,214
1,874
Long Island.
consideration,
floor
for
34
Note—Previous year's figures revised.
'
Ligonier Valley.
ordinary procedure the
be acted on by the
would
362
2,261
t
V-'.
dis-
J
3,339
1,298
,
was
ticipating members.
Those who
voted "aye" and "nay" were not
recorded. Members insisted, how¬
ever, that a quorum of the com¬
mittee was present and voting.
more
879
•731
it
4,870
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
759
609
action,
_
Kansas City Southern
16,626
398
.■
the
T
.
Louisiana & Arkansas
3,404
6,697
400
may
in
18,986
1,006
Y
511
2,217
*4M77
—
place
United States."
18,610
26
6,682
■
21,704
of the court
any
54,672
.17,806
9,885
26
52,428
2,130
56,792
"
14,883
2,396
Total
394
295
5,456
6,375
16,327
at
served
2,094
604
15,937
2,927
2,538
0
be
13,707
2,357
2,868
2,449
2,068
0
15,792
202
Kansas, Oklahoma Si Gulf
1944
1,455
5{932
15
32,299
297
International-Great Northern
1,103
.:
3
36,147
Western Pacific
Gulf Coast Lines
Connections
253
Y:'
10
345
8o|uthvfestern District—
1945
1943
1,607
35,599
Toledo, Peoria & Western
Burlington-Rock Island
Loads
Received from
7,885
District—
of
838
—
Denver & Salt Lake
industry.
Allegheny
violation
769
21
1,046
680
985
162,853
Wabash
764
909
5,868
Rutland
tion
5,849
888
1,034
10,279
2,383
7,725
North Western Pacific..
"
"1,315
51,152
2,907
760,930
384
50,508
719
3,813
2,775
purpose process
13,628
6,420
5,436
543
3,700
—
Denver 8i Rio Grande Western
105
969
2,975
6,603
2,462
634
3,705
2,964
—
Colorado & Southern
640
8,993
Montour
threatened
13,827
Chicago, Rock Island & Pacific
Chicago Si Eastern Illinois
1,652
6,744
2,479
England.
suitable
925
—
"J
-*)
92
242
160
12,250
*
XT
injunction or other
process by the District
mandatory
2,040
6,985
.
65
•
*
.
.
1,852
12.908
——
Lehigh Valley
Wheeling &
Chicago, Burlington Si Quincy
Chicago & Illinois Midland
/
"
,
veteran may
any
■«
1,432
394
—
Brie
Lehigh & New
Bingham & Garfield
rights of
A
Nevada Northern
■
Western
Lehigh Si Hudson River
"The
Alton
868,286
4,858
Lackawanna & Western
Detroit & Mackinac
Detroit, Toledo & Ironton
Detroit & Toledo Shore Line
Delaware,
Grand Trunk
The bill further says:
Central Western District—
Atch., Top. Si Santa Fe System-
1,532
1,083
39
assessments, .charge-s,
or other payments.
590
7,010
1,112
dues,
880,311
1944
'1,071
could not be required to pay
any
2,393
1,442
Indianapolis &
eran
2,150
Freight Loaded
Central Indiana
Central Vermont..
Delaware Si Hudson
ployment, to be or become a mem¬
ber of, "or to maintain member¬
ship in" any labor organization,
club, association or other such
group. As a non-member, the vet¬
2,227
Total Revenue
—
_
1,340
LOADED AND RECEIVED FROM CONNECTIONS
WEEK ENDED JUNE 30
Total
Arbor.
contract or agreement," no honorably discharged veteran would be
required, as a condition of em¬
1,040
260
Ann
that notwithstanding
any
provisions of law "or any
other
11,218
1,748
Union Pacific System
Bangor
•
vides
8,046
3outhern Pacific (Pacific)——
1945
The Rankin measure, according
the New York "Times", pro¬
1,147
>
893,741 !
District—
to
2,588
(NUMBER OF CARS)
Eastern
which it was felt would have re¬
877,493
21,261,945
Railroads
Rights to obviate refer¬
ring it to the Labor Committee,
1,438
*■>
2.
2,205
1,138
The following table is a summary of the freight carloadings for
the separate railroads and systems for the week ended June 30, 1945.
During the period 68 roads showed increases when compared with
the corresponding week a year ago.
.
t
.
amendment to the
an
as
GI Bill of
Missouri-Illinois
;
REVENUE FREIGHT
drafted
Illinois Terminal
;;
837,520
876,442
1
i
.
Washington,, July 6.
Chairman, Rep¬
resentative
Rankin,
wrote the
measure,
under which veterans
not wanting to join labor unions
could
apply for mandatory in¬
junctions for enforcement of the
law.
The legislation
has been
854,486
872,674
'
from
667,609
3,441,616
8io,698
873,174
3,363,195
884,285
;
ap¬
such rights occurred, or in which
the veteran resides, and for such
3,275,846
3,452,977
,
—
2
9.
—————
16—
.
23————-—
30—
——
Week of June
2,910,638
3,055,725
3,845,547
3,152,879
3,158,700
3,154,116
3,916,037
-
3,049,697
4 Weeks
1943
1944
;:•£*
World
The committee's
13,256
Minn., St. Paul & S. S. M._
Northern Pacific
above the
except
on
Legislation
advices to the New York "Times"
stated
3,825
18,878
19,999
—
Chicago Great Western
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha——
Duluth, Mlssabe & Iron Range
Duluth, South Shore & Atlantic——
Elgin, Joliet & Eastern
products loading totaled 47,235 cars, an increase of 2,111
cars above the preceding week but a decrease of 2,804 cars below
the corresponding week in 1944.
,/
Ore loading amounted to 76,234 cars, an increase of 1,613 cars
above the preceding week but a decrease of 4,737 cars below the
corresponding week in 1944.
Coke loading amounted to 14,668 cars, an increase of 1,386 cars
1943
Veterans
proved and reported to the House
a
bill designed to exempt war
veterans from closed
shop and
maintenance of membership pro¬
visions of union contracts, special
Northwestern District-
Forest
ing week in 1944
and Southwestern.
The House Committee
War
fused to report it out.
,
corresponding week in 1944.
4,708
Winston-Salem Southbound
loading amounted to
above the
5,012
-
below the preceding
cars
3,071
Tennessee Central
13,308 cars, a decrease of 214
week and a decrease of 642 cars below
the corresponding week in 1944.': In the Western Districts alone
loading of live stock for the week of June 30 totaled 9,728 cars, a
decrease of 48 cars below the preceding week, but an increase of
Livestock
500
3,385
Richmond, Fred. & Potomac
Chicago Si North Western
cars
499
9,717
Piedmont Northern
in 1944.
■
956
3,348
Seaboard Air Line
Southern
■
12,581
172
225
1,571
totaled 62,383 cars an increase
week and an increase of 3,783
cars above the corresponding week in
1944. In the Western Dis¬
tricts alone, grain and grain products loading for the week of June
30 totaled 45,973 cars, an increase of 5,329 cars above the preceding
week'and an increase of 3,539 cars above the corresponding week
-
23,131
161
261
Norfolk Southern
5,510 cars above the preceding
-
374
191
'
Mississippi Central—
Nashville, Chattanooga & St. L.
of|1,116 cars above the corresponding week in 1944.
174,507 cars, an increase of 2,895 cars
preceding week, and an increase of 15 cars above the
2,887
428
Macon, Dublin & Savannah——
preceding week and
corresponding week in 1944.
Grain and grain products loading
of
From Union Rales
1,361
Atlantic Coast Line
Coal loading .amounted to
above
366
769
Atlanta, Birmingham & Coast
above the preceding week, but a decrease of 537 cars
below the corresponding week in 1944.
Loading of merchandise less than carload dot freight totaled
an
465
,
Central of Georgia—
—
Charleston & Western Carolina—
cars
108,107 cars, an; increase of 1,227 cars above the
1944
1943
:
17,299 cars, or 2.0 %>. above the preceding week.
Miscellaneous freight loading totaled 397,299 cars, an increase
2,771'
1945
1944
Alabama, Tennessee & Northern—
893,741 cars, the Association of American Railroads an¬
nounced on July 6.
This was a decrase below the corresponding
week of 1944 of 3,469 cars, or 0.4%, but an increase above the same
week in 1943 of 41,659 cars or 4.9%.
^
V
of
Connections
Atl. & W. P.—W. R. R. of Ala
totaled
Loading of revenue freight: for the week of
Rankin Would Free Vets
Received from
1945
Southern District-
ended June 30, 1945,
Loading of revenue freight for the week
Total Revenue
Freight Loaded
Railroads
Revenne
ders by
10.1%.
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
15.6%
of
reporting
greater;
mills
shipments
was
were
12.8% greater; orders were 25.3%
greater.
Thursday, July 12, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
the Overseas Securities Company,
Inc.
v';:
i$
Bureau"
of The
of
the directors
July 2
Second
National Bank of
Boston have Voted to transfer
(Continued from page 230)
The
Chase
National
Bank
of
in¬
were
New York announces the follow¬
$1,- contingent
reserves
creased $50,000, and $560,853.74, ing promotions in the official staff
$8,200,000, The statement showed amounting to $2.24 per share, was of the bank: yy/'
added to surplus and undivided
that the book value of bank build¬
Esmond
B.
Gardner, Pension
its
against
$1,466,976
were
480,113. Capital was unchanged at
ings had been written down to
$3,000,000
from
$3,500,298
on
$3,946,321 at the
end of last year, a total write¬
down of $946,321 in hue past six
The
Bank
months,7;::; k;;y /
of
;:j/;;,77y./'/..]}
profits.''
March
a
United
of
Portland, Ore., reported
high in deposits at the call
new
June
of The
lion
For
30. *
time
half
bil¬
deposits
re¬
the
Total
mark.
first
the
exceeded
deposits
The June 30th statement
National
States
County Trust Co. of White Plains,
N. Y. shows total assets in excess
ported were $509,589,564, with re¬
sources
at
$530,064,923.
These
$50,000,000. Deposits of $47,636,490 compare with $36,421,625
a
year ago; total assets of $50,771,437 with $38,924,589.
In a
letter to the stockholders which
accompanied the 134th consec¬
increase of
$81,450,450 in deposits over the
corresponding call date of a year
ago.
During the same period re¬
sources
increased by $83,523,592.
of
dividend payment of 25c a
utive
share, Andrew Wilson, Jr., Presi¬
dent of the institution, referred
to the earnings for the first half
,
of the
factory
.
.
.
conditions
mented
for
"reasonably satis¬
in view of general
as
year
.
on
". He also com¬
the increased demand
.
.
the
in
loans
home
a number of well selected
loans.
The current state¬
ment shows total capital funds of
$2,727,791 as contrasted with $2,*191,535 on June 30th, 1944.
Philadelphia National Bank
of Philadelphia, Pa. in its state¬
ment for the quarter ended June
The
30, 1945, reports deposits on that
of
$768,970,525, which com¬
pares with $695,455,654 on March
31,1945. Total resources amounted
to
$827,012,146, compared with
$755,032,419 at the end of March;
cash
and
from banks aggre¬
due
gated $182,616,905, compared with
$188,940,990; U. S. Government
securities, $505,133,753, compared
$443,608,501;
state, county and
municipal securities were $14,220,392 against $14,327,793; other
securities, $36,192,706 against $33,824,566; loans and discounts $85,951,669 compared with $69,244,944. The capital stock of the bank
and
the
surplus at the end of
June
both remained unchanged
at $14,000,000 and $28,000,000, re¬
spectively. Undivided profits were
$11,006,924 compared with $10,437,784 at the end' of March.
of
Trust
&
Association of
Calif., reported de¬
posits as of June 30, 1945, to be
$4,522,553,864, compared with $4,285,958,360 as of March 20, > 1945,
Savings
San Francisco,
Total resources June 30 were an¬
nounced
$4,781,850,841, com¬
paring with $4,540,837,195 on the
as
previous
Loans
date.
Vice-Presidents.
on
Ore., were elected
of the bank's executive
committee
years.
All have
for many
June 29.
on
bank
the
with
been
and
dis¬
counts at the end of June totaled
$931,247,669, compared with. $897,176,424.
Surplus and undivided
profits are now listed as $115,034,051, against $147,903,359 three
months ago.
;\7
'C,:.
of con¬
In its June 30 statement
dition the National Bank
of Com¬
Seattle, Wash., reports
of
merce
dent.
:/7/:wA't::7.
Adolphe
Hague,
Commercial
Banking; Harry P. Hillen and Da¬
vid A. Scott, Foreign Department,
to be Assistant Cashiers; and Irvin L. Dyer to be Assistant Comp¬
troller.
Plans
the
Co. of
Cumberland,' Md, from $15
share to $20 have been ap¬
proved by the stockholders of the
Directors
Na¬
The
of
Howard
Laeri, F. Joseph Holleran,
M.
Hobart
erick
C.
Scott
was
McPherson and Fred¬
Windisch.
made
William
M.
Assistant Vice-
an
the
lic
The
sale.;
be
$20-par. stock
$25..;. Proceeds
amounting to $250,000 will be
used to retire $200,000 of Recon¬
struction Finance Corporation de¬
will
be
new
priced
and
bentures
at
increase
to
surplus
Bonnell, Presidents, respec¬
tively, of the Fidelity Trust Co.
to
elected
merger
the total
on
472,118. U. S. Government securi¬
ties, direct arid fully guaranteed,
totaled $243,607,946 at
the end of
June, comparing with $229,005,400
on March 20.
Cash and.due from
banks at the latest date are re¬
ported
as
$72,712,416, ■; against
$74,331,621 in March.
Loans and
discounts
are
now
$43,713,390,
against $34,785,009 three months
ago.
Capital
and surplus, at
$3,000,000
each, are unchanged
from the March date, while um
risen from
$4,117,082 in March to $4,184,066
divided
on
have
profits
to
42,500 shares of
$20 par value, common stock to
replace the previously outstand¬
ing 7,500 shares of $100 par value
stock.
On
June
the bank added
known
July 10 in New York after
illness of several months.
He
died
an
on
63 years
was
old.
Brooklyn, N. Y., and a
graduate of the public schools of
that city, Mr. Maxwell was iden¬
banking-during his
career.
Starting
tified
with
entire
business
the
at
of 18 with the First
York, he
age
National Bank of New
occupied several positions in that
institution and in 1915 was ap¬
pointed
assistant, cashier
an
,
in
the credit department.
later, Mr. Maxwell
elected a Vice-President of
charge of
Four
the
years
National Bank and
Liberty National was
Liberty
when
the
merged with The New York Trust
Company in 1921, he was elected
a
Vice-President of
the latter
Total deposits as
of this date were $339,074,962, a
gain during the first six months
of this year of $44,598,344.
Total
company.
four years
During
field
;
the
for
and
many
Senior Vice President
in the commercial
banking de¬
partment.
...
;;'T;;'7<;7
years was a
The
Lynbrook
Bank
National
and Trust Co. of
Lynbrook, Long
Island has called in for payment
on
August 1 the entire issue of
preferred stock outstanding, ac¬
cording to an announcement on
July 5 by George H. Jackson,
This is
Executive Vice-President.
' the
from
newspaper
published
Lyn¬
in
notified
were
accordance
are
now
$352,792,412.
President
H.
Ivey, in commenting on the
D.
ac¬
bank for the first
six months of this year, reported
the
following;
"Net
operating
earnings for the six-month period
ending June 30, 1945, were $507,781.78, amounting to $2.03 a share.
This compares to $443,321.12, or
$1.77 per share for the first six
months
of
1944.
Recoveries,
profit on sale of securities, etc.,
after providing for write-downs
"and charge-offs, were $290,571.96.
The net income of the bank after
for taxes,
reserves
and
after
depreciation,
etc.,
losses
write-downs,
$3.19
$187,500
per
were
all
was
share.
paid;
Mr.
extensive
Maxwell's
the
on
June
prac¬
in for payment at
accrued
dividends from
'
1945.
and
Feb.
1,
A-*//'AA7A-
was
of
one
members
of
the
most
active
special committee
appointed
by
the
New
York
Clearing
House Association
to
a
study technical
banking
matters
in connection with the monetary
which
crisis
faced
that
period.
during
member
Bankers
+be
the
of
the
country
He
was
Reserve
Association,
investment
Director
ance
of
the
a
a
City
member of
committee
Northern
and
a
of
and
more
capital,
than $60,-
surplus
and
undivided profits accounts in ex¬
of
"As
$3,000,000.
result of the merger, the
Fidelity will have five offices, in
a
addition
to
its
main
office
at
Charles and Lexington Streets.
"The
Fidelity Trust Co.'s bank¬
ing and trust services represent a
continuous development
in this
field beginning in 1894, and the
of
the
1912.
"Details
of
been
holders
Public
Bank
;vAAA. -77>-.
the
forwarded
of
both
consideration
at
AA;plan
merger
stock¬
to
institutions
for
special meetings
to be held
July 17.
plan provides that stock¬
"The
holders
ceive
of
Fidelity
the
Public
share
one
Trust
Bank
stock
of
each
for
Various
nell
re¬
of
the
four
shares of their stock.
from
amounts
time
to
Were
time
until
retired
Aug.
1,
1943, when outstanding shares of
preferred stock totalled $32,000.
On the completion of the retire¬
ment, on Aug. 1, the capital funds
of the bank will total $427,440
with deposits of $7,129,845 and re¬
sources
of $7,587,171, it was an¬
nounced.
"It
is
dent,
the
proposed that Mr. Bon¬
will
become
Vice-Presi¬
a
director, and a member ol
a
committee
executive
of
the
Fidelity Trust Co, He will devote
his attention primarily to its new
business and
consumer
credit
ac¬
tivities.
"In
of
tors
two
other direc¬
Public
the
Bank
also
Trust board."
Benjamin
Webb,
L.
Webb
had
bank
been
for
years.
President in
came
with
He be¬
1916 and held
that
position until 1939, when he
assumed the chairmanship. AAA'/'
The
Boston
"Herald"
reported
on
Mass., and Norfolk County Trust
Co. of Brookline Mass., which was
effective
ness
as
June
of the
close of busi¬
The advices
30, 1945.
■
merger
Norfolk
County Trust will have offices lo¬
cated in Brookline, Canton. Dedham, Franklin, Needham, Needham Heights, Norwood, Quincy,
Stoughton, Walpole and East Walpole.
Directors of the Union Bank of
Commerce of Cleveland
declared
on
the
a
on
July 5
dividend of $5 a share
payable
stock,
capital
July 25 to stockholders of record
at
the
close
The bank,
of
business
which
was
July
14.
established
has
been
in¬
to
reserves
resources
$1,390,000, surplus and
to
$2,500,000 and total
will surpass
1942.
7
.
bank
is
capitalized at $1,-
and has surplus and un¬
divided
profits
of
more
than
Total deposits are now
$24,424,000 and total
are
more
than $26,-
$784,000.
than
more
resources
279,000.
Mr.
Minton's
first
job
after
graduation from high school was
with
National
the
Stock
Yards
Bank, and in the 30
years
since then, he worked in
practically every department of
that
bank.
He has been Vicefor'the past 15 years,
in charge of correspondent bank
business, and prior to that trav¬
President
eled in
a
Missouri and Arkansas
of
representative
the
as
bank's
correspondent
division.
regional Vice-President
He
is
the
of
American Bankers Association for
Illinois
and
and
his two terms has made
during
out¬
an
standing record.
Mr.
Burton
entire
has
banking
National
Bank.
also
spent his
with the
career
Stock
Yards
National
After
working in various
departments of the bank, he trav¬
eled as a representative of the
correspondent division
in
Mis¬
souri
and
Arkansas,
quently
became
cashier and later
and
subse¬
assistant
an
Vice-President
a
of the bank. /-AA;. ■ A'/A-v77 .-/AA
Increase in
the
First
the
capital stock of
National
Bank, Palm
Beach, Florida, to $1,000,000 from
$200,000
and
declaration
of
a
400% stock dividend to stockhold¬
ers of record on June
23, were ap-
proved
at
meeting
special stockholders
a
that date.
on
ment
of
made
Announce¬
after receiving
proval
the
these
from
changes
the
is now
official ap¬
Comptroller
of
Currency, Washington, D. C,
The
stock
plished
dividend
was
accom¬
by
transferring $800,000
surplus to the capital
account, making the capital struc¬
from
the
ture
and
tion
as
of
the
institu¬
Capital
$1,000,-
reserves
follows:
000; surplus $2,000,000; undivided
profits and reserves, $717,609; to¬
taling
$3,717,609, which
is
an
increase of
$934,259 over one year
same time, the stock¬
holders unanimously voted to re¬
duce the par value of the new
stock from $100 to $10 per share,
each
stockholder' receiving
50
At the
ago.
shares
of
the
stock
new
for
one
share of the
old stock owned on
June 23, 1945 AaAaAAA
An
increase of 300%
in
the
bank's dividend rate from $3,000
$12,000
per
nounced.
payable
month
The
the
was
cash
first
also
an¬
dividend
is
of each month
commencing July 1, 1945 to stock¬
of
record
of
as
the
On the
last
new
dividend basis and
100,000 shares
outstanding it will pay 12c per
share per month pr $1.44 a year,
it
stated.
was
The First National
Bank in Palm Beach is the
bank
between
sonville/
The
largest
Miami
and
Jack¬
bank
has
made
1938, began paying dividends
in July, 1943, when a payment of
$3 a share was made.
Similar
payments were made in January
and July of 1944, and in January,
1945, a payment of $4 a share Was
voted by directors.
7
'
v
steady and substantial progress.
During the past ten years deposits
have
grown
from $3,200,000 to
Directors of the
According to an announcement
just made by President A. P. Ima-
in
,
The
Board
of
United Bank and Trust Company,
Mo., announced on July
Minton
as
President and of Carroll F.
Burton as Vice-President of the
bank.
Both Mr. Minton and Mr.
Burton have been Vice-Presidents
2 the election of John W.
of the
National
Stock Yards Na¬
Bank, National Stock Yards,
111., for a number of years.
Mr.
tional
Capitalization
creased
of St. Louis in 1929 and the
Telegraphers National Bank in
pany
day of each month.
St. Louis,
.
the
After
2, 1930.
Into it were
merged the Broadway Trust Com¬
holders
Chairman
connected
69
present title was adopted
and the
January
to
addition,
would be members of the Fidelity
Minton succeeds Ed. T. Murrary as
President of the United Bank and
$48,419,468
as
of
June
30,
1945.
In addition, the Trust Department
has estates,
trusts, and guardian¬
ships totaling over $27,000,000.
horn
of
Bank
in
tors
at
the
Hibernia
New Orleans
National
the
direc¬
their
regular meeting on
June 26, voted to retire $200,000
of the bank's preferred stock, thus
reducing that item from the orig¬
inal $1,500,000 to $800,000. "This
change," said Mr. Imahorn, "was
effected by transferring $200,000
from current earnings, and at the
same time $200,000 was added to
our
Surplus Account, which is
$58,000,000.
Trust Company.
The United Bank
and Trust Company is one of St.
thus
According to the "Boston News
Louis' oldest financial institutions,
$1,300,000."
Insur¬
Company, and a director of
made
was
by J. S. Armstrong, its
In February, 1935, it was ex¬
plained, the bank issued preferred
stock in the amount of" $265,000.
add:
he
30
resources
cess
par
Association of New York.. In 1933
- was
This
.
called
for
into
Bank
financial editor, who also said:
"The combined banks will have
have
adopted by the Board of Direc¬
tors, the issue, with an aggregate
par value of $32,000, wa& being
plan
a
Public
Fidelity.
resolution
a
July 3 that directors of both
banks
announce
the merger of
Norwood Trust Co. of Norwood,
experience
stockholders
of the
known in the Baltimore "Sun" of
since
utilized
twice during his career by the
banking fraternity in times of na¬
tional emergency.
In 1914 he was
appointed a member of the sub¬
committee
on
Emergency Cur¬
rency for the National Currency
tical
their
shareholders
June 28 that, in
with
on
institutions r. have ; recommended
activities
says:
All preferred stock
,
bank
Baltimore, announced
000,000
Trust Com¬
and one of the most widely
bankers in the country,
pany
year
$25,000 to its sur¬
Vice-Presi¬ brook, which
Joseph S. Maxwell,
this
both of
Maryland,
June 29 that directors of the two
total
"Newsday"
dent of The New York
of
14
plus account.
learned
June 30.
issue
Bank
Missouri
W. Bladen Lowndes and Robert
dition to this action the board has
commercial
30, 1945.
Dividends of
will
the shares will be offered for pub¬
and the Public Bank of
June
or
stockholders
until July 16 to purchase
stock, after which dale
$371,980,573, where*?
March 20 was $348,-
shown as
changed to the United
of St. Louis in 1918
was
States
National
new
July 9 that the board
of
directors
has
approved
a
$100,000 increase in the bank's
capital stock to $850,000.
In ad¬
on
that
$798,353.74,
the
,•
nounced
Company,
Mr. Maxwell was a
leader of banking activities in the
and
in
O.
ings Bank, Cortland, N. Y., died
on June 30 at the age of 88.
Mr.
expenses,
•
"Present
given
of the board of the Cortland Sav¬
all
stated:
George P. Kennedy, President
of the Lafayette National Bank of
Brooklyn
in
New
York,
an¬
twenty-
tivities of the
advices
by $50,000." 7
he served as a VicePresident of The New York Trust
the
said
institution
meeting of the
regular
of
Deposits of Citizen? National
&
Savings Bank of Los
Angeles, Calif., reached the high¬
est
figure
ever
published
on
Trust
of
stock divi¬
a
per
also
At
calling for
Baltimore "Sun" of June 27 which
Board
name
The
dend by increasing the par value
of the stock of the Liberty Trust
deposits of $357,069,767, compared
with $334,243,947 at the close of
business March 20, last.
The total
resources of the bank on June 30
was
resources
made
was
having been organized in 1872 as
The
the German American Bank.
000,000
Major, Foreign Depart¬
ment, to be a Second Vice-Presi¬
President.
-
surplus
31, 1943
Dec.
A simi¬
James J.
•
Portland,
members
Born in
National
America
of
Bank
lar addition to
Watson,
Jesse
J. tional City Bank of New York
Gard and Walter L. J. Da vies, all held July 3 the following were
of whom are Vice-Presidents of appointed Vice-Presidents: Horace
Westman, A.
the United States National Bank O.
Halsey Cook,
F.
Russell
are
date
an
000 unallocated reserves.
personal credit
department and the fact that dur¬
ing the quarter the bank has ac¬
quired
figures represent
Trust Department, and W. Arthur
Grotz, Railroad Department, to be
and
31
$1,000,000 from undivided profits to
surplus. As of June 30, it is stated
the
bank
Will
have
$2,000,000
capital, $6,000,000 surplus, $865,000 undivided profits, and $750,-
increased from $1,100,000 to
@FedFRASER