Full text of Commercial and Financial Chronicle : July 13, 1944, Vol. 160, No. 4298, Section 2

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-V

Volume

Woods argue about the

While the delegates at Bretton

"quotas," the currencies or other media with which
these quotas may be paid, the degree of concentration of
control of a "fund" not yet in existence, the exchange rates
which are to be chosen as official, and more of the same
size of

Copy

Main Area Of

North Pacific And Eastern Asia

M fhe Financial Situation f

60 Cents a

Price

July 13, 1944

N. Y., Thursday,

New York,

Number 4298'

160

In 2 Sections-Section

ESTABLISHED OVER 100 YEARS

Edition

Final

?l;i|l|SPost-War Development Wallace Declares
Industrialized, Says Vice President

China Should Be

main area of new development after this^
in Washington from Seattle
on
war—new enterprise, new investment, new trade, new accomplish¬
July 10, at Which time he con¬
sort, the more thoughtful among the American people, and ments—will be in the new world of the North Pacific and Eastern
ferred with President Roosevelt.
we
presume elsewhere,
are becoming more and, more Asia," was expressed by Vice-President Henry A. Wallace on July 9. Aside from indicating that China
troubled about much more fundamental matters. To be sure, with his return to the United States from his visit to Soviet Asia was the subject of their talk, Mr,
and China;- The above views of Mr. Wallace were contained in an
Wallace declined to make known
it is not a matter of indifference what the size of a "quota"
address
q^liv-^
to reporters any information bear¬
eied by him at the United States—be cordial and
'may be—the less so if that quota can be paid up in curren¬
ing on the question as to his can¬
Seattle, Wash.; collaborative."
cies of doubtful value (to say the least) and the degree of
for
Vice-President.
A
"We hear much about industrial didacy
the yice-Prescontrol of the fund is to be fixed in ratio to the quotas finally
statement issued by Mr. Wallace
reconstruction in China," said the
The conviction that "a

ident,

for

should

Mr.

Wallace

that

cated

Soviet Asia

China

and

for

friendly

}'!.'[:

Accept 4th Term Nomination
Delegates To Forthcoming Democratic

Convention Are

Pledged To His Renomination As Party's Choice—Presi¬
dent Avers Personal Desire Is To Return To Civil Life,
But

/."r,;""-

Says He Is Willing To Continue In Office If People
Silent On Question Of Status Of

So Desire—Remains

Vice-President Wallace As Running Mate

with

the

':i

Demo

The

jority of the delegates to the Na
tional
Convention
are
legally
bound to cast their ballots for

cratic Nation¬
al Convention
-will

open

less than
week

the

evening
(July 20) ses¬

"if the
convention should carry this out,
and nominate me for the Presi¬
dency, I shall accept. If the peo¬
ple elect me, I will serve."
"I would accept and serve," the
President said, "but I would not
run, in the usual partisan, polit¬

sion.

ical

19)

the

and Mr.

cago,
'

nomination as President of
United States." In his reply,

your

(July
at
Chi¬

Roosevelt it is

'stated

will be

renominated
at

Thurs¬

the

day

dent

gave

inkling

whether

Vice

the
President Roosevelt

dent Henry A.

him.

with

would

Wallace

renominated

Washington July

"While

sonally

President

the

very

special

this point

advices to the New York
from

this war;

I have

right

text of
President's letter to Chairman

line."

Presi¬

of¬

to continue in this

to withdraw as the
soldier has to leave his post in the

little

that

expected

and

fice

But if the people com-

sense.

rhand

Presi¬

The

President stated that

"Times"

said:

per¬

strong for Mr. Wal¬

it is believed that he has
persuaded by his political
to make a fight for
Mr. Wallace's renomination."

The following is the

Hannegan;

United

with

the

that in
records a

majority of the delegates have
been directed to vote for my
renomination for the office of

lace,

President, and I feel that I owe

been

to you,

advisers not

ment of my

President Roosevelt's advices

Mr.

Hannegan

communication from the lat¬

were

ter under date of

Mr. Hannegan

State

officials'

the National
to

in response

July 10, in which

Committee, I desire

report to you that a, clear ma¬

position.

If the convention

should carry

out, and nominate me

serve.

Every one of our sons serving
this war has officers from

whom he takes

his orders.

Such

(Continued oh page 207)

with his return to

Washington, as

given in the-New York

"Times"

Charles Hurd, follows:
"I am happy to be home again.
This is the first time I have liked

weather.

Washington

summer

wish

the President before

see

with

talking

the

press,

would like to say now

but

that I deep-

ly appreciate the services of my
companions on the trip. Mr. J. C.
Vincent, Chief of the Chinese Di¬
vision of the State Department,
and Mr, Owen

the

Far

Lattimore, Chief of

Eastern

Section

the

Information, were
while
we
were
in

of War

Office

invaluable
China.
"Mr. John

Hazard, Chief Liaison

Soviet Sup¬
Economic Adminis¬
tration, was just as useful while
we were in Russia.
The skillful
way of leadership."
(Continued on page 208)
Vice-President Wallace arrived
Officer, Division for

Here

and human resources.

ural

ply, Foreign

great new frontier to which
Seattle can furnish much in the
is

From

avoid a recurrence
of war, it is essen¬
tial insofar as the Pacific basin is
concerned, That relations among
added that "to

of the scourge

Washington
Ahead Of The News
Carlisle bargeron

The

fellow contemplates the economic strait jacket *
finds itself, the more difficult it is to see how

which this country

in
it

regardless of whether the Republicans are
not. There are too many adverse forces
in motion and we are not referring to the political forces, either.
Editorial
Sometime ago your correspondent called attention to the num¬
''-V'Page'
ber of plants still in war produc*
Financial Situation.....;..,:........ 201
What really brought this whole
tion which had beeh certified by
Regular Features
subject up, however, is the ruckus
the Army and Navy as no longer
From
Washington Ahead of the'
now going on in the War Produc¬
N ews
;..'...,........:...... 201 necessary.
It is a case of made
tion Board and between the Board
Moody's Bond Prices and Yields., .. 212 work in time of manpower short¬
and the Military over reconver¬
Moody's Common Stock Yields....;. 210
age.
In these plants we pointed
Items About Banks and Trust Cos.. 204
sion plans. Aside from the broader
out that the CIO was the moving
■

will

ever

be unlocked,

successful in November or

■">

....

Exchanges.. .. 213
Trading.,214
211
Reacquired Stock

Trading on New York

issue involved it would seem to
in insisting that the plants
be an amazing thing that Donald
given further orders to keep
Changes
in
Nelson, supposed to be head of the
them operating. Closer examina¬
Holdings'.... .v............. 210
WPB, should issue certain orders
NYSE Member Borrowings Higher.. 212
tion of the subject reveals that
and then while he is on his sick¬
the CIO is not the only culprit.
State of Trade
bed have some subordinate in the
There
are
-many
instances
in
General Review .......... 202
WPB overturn them.
This is an
Commodity Prices, Domestic Index.. 213 which the employer, knowing the
Weekly Carloadings
215 influence of organized labor in example of what Governor Dewey
has in mind when. he refers to
Weekly Engineering Construction... 212
Washington, connived with the la¬
Paperboard Industry Statistics...... 215
Washington's quarreling men.
Weekly Lumber Movement.......... 215 bor leaders to set up a hullabaloo.
NYSE

Odd-Lot

NYSE Share

Values at June 30..,..

Fertilizer Association

Price Index,... 212

Weekly Coal and Coke

Output....,, 214

Weekly Steel Review.
212
Finished Steel Shipments in June. 211

In First Half of
203
Commodity Index.... 212
Weekly Crude Oil Production
. . .
21i
Non-Ferrous Metals Market
.
213
Weekly Electric Outout.
214
Latest Summary of Copper Statistics 208
Living Costs in Large Cities
(April 15-Mav -15).............. .V. 210
Individuals' Liquid Savings Higher
Output

Moody's Daily

S*vs SEC

211

............

211

April Hotel Sales...
Rayon Shipments at

for
the Presidency, I shall accept.
If the people elect me, I will

this

said that based on
"certifications

in candor, a simple state¬

of Eastern Asia to the
fruitful use of her vast nat¬

ful change

1944 "

You have written me
accordance

"the

stated *that

together with Rus¬
sia and Great Britain, has a pro¬
found interest in the rapid, peace¬

and expressing

Record

Dear Mr. Hannegan:

reform—be¬

United States,

President Roosevelt to accept the nomination the four
principal powers in the
for a fourth term was definitely indicated in a letter addressed by
Pacific-r-China, the Soviet Union,
him to Robert E. Hannegan, Chairman of the Democratic National
the British
Commonwealth and
Committee, made public at Washington on July 11. Up to this time
the President had declined to commit himself on the question, which
GENERAL; CONTENTS
had repeatedly been brought up by reporters at his press conferences.
The willingness of

recon¬

likewise

the utmost
confidence in the leadership of
President Roosevelt. Living stand¬
ards can be raised,: Causes of war
can be removed," he said.
"Fail¬
ure
to
concern
ourselves - with
problems of this sort after World
War I is costing us today hundreds
of billions of dollars and a terrible
toll of human life." Mr. Wallace

States

agricultural

New Deal."

—a

rela¬

tionship

Henry A. Wallace

but any

predominantly a
nation of farmers. They are good
farmers, as I observed during my
stay there, but they need a break
China

cause

most

upon

struction—agrarian

leaders in both

t h

On Advices That Majority

based

the

"found

be industrialized,

industrialization of China must

indi¬

anxious

Held Based

Chinese anxious
industrialization.
China

the

"I-found

Seattle

July

went on

who

say:

arrived

study the fundamental concepts upon which all such plans
as this rest, and to reach conclusions as to whether it would
not be wise after all to give? the whole project up and go
v-■(Continued on page 204)
.

Decision

Vice-President,

Mont.,

Falls,

of this particular group to

Perhaps it is not the function

from

China to Great

who

flew

agreed upon. Certainly it is a matter of great difficulty as
well as of much importance to select exchange rates wisely
at the start of any such venture—if such a venture must be
undertaken.
;-.-v:
Fundamentals Neglected

"Bill

Doot.

*158

(Text of)
in New York

of Rlcrhts"

Store

District
Federal

Peak,......... 211

Sales

(May)

Indexes

....

,.*161

...

May Business

Reserve

.......

...

.*161

Agricultural Cron Report at June l.*162
Gn)ss and Net RR. Earnings •(Feb.). *162
April Budding Permits
*163
Federal Debt Limit at May 31
*163

force
be

There was no justification ei¬
local ther for the Military's attack upon
Chambers
of
all Nelson. He has not proposed any
around the country, are becoming
reconversion at the expense of
insistent that the "industry" their
the war effort.
He has simply
community is now enjoying be
proposed that plans be set up so
continued forever. The determined
reconversion can take place in
effort to be made by the Pacific
an orderly manner when the time
Coast to keep its present indus¬
for reconversion comes. This be¬
tries with something approximat¬
ing the case the general public
ing
their
present employment must wondey what all the shoot¬
scale is an example of what we
ing is about..
have in mind, but the situation
The Military is simply taking
*s not confined to
that section at
sides in the division within the
all. Every little hamlet which be¬
WPB on the question of whether
fore the war didn't even have a
all reconverson should be held uo
sawmill but now has a wartime
until
competing firms can all
industry and a pavroU is deter¬
start off together. Nelson favors
mined to keep it. Its leading cit¬

izens
"oon

*These items

appeared in our issue of

Monday, July 10, on pages

indicated.

be.,

addition

are

this, the
Commerce,

prepared

descend letting

Congress whenever the
f

•/,

i*-

need
m.

back

particular industry get
civilian production as

(Continued on page 207)

.■

:/'■■

■

the

So Far So Good,
"There

racy

But....

'.1

■■

Yet

ernmental collectivism.

sue

;

the

would

Democratic

"It would appear

President

and

doctrines

;

ideologies

foreign to the faiths and traditions
of Virginia.
';7■■

'77,

"In view of the

foregoing, it is
therefore resolved by the Demo¬
cratic party of Virginia, in convention assembled on the eighth day of
July, 1944, that the delegates to the

Harry F. Byrd

Democratic

city of Chicago on the nineteenth day

•<

Jj
*

■

convention.

it goes.

WPB to go

" '■

Virginia Democrats, along with some of
neighbors equally disgusted, have it within
their power to put an end to all this.

It would scarcely be an exaggeration to say that
New* Deal

plans, put¬

ting an end to the dispute. 7 7
Summing up the results in busi¬
ness
and industry for last week,
the"stock market advanced .into

7,844,060 shares on the New York
Stock Exchange.! Bonds generally
higher, with selected issues
strongest and
combined bond
averages the highest on record;^
transactions for last week

willing to be led by the nose.

were

principal features was made in these columns
duced order volume

result of

The State Of Trade

would in all probability
While leaders of the in¬

contracts

follow.

dustry-are not unduly optimistic
the early termination of the

over

war, good business
tates that they be

The shut down of 31 open

hearths

caused by a lack of labor to run
them and the greater time element
in repairing

understand what the1 future holds

Revenue

collected amounted to

$44,149,000,000.
Federal

from

This

apart

was

Old-Age and Sur¬

vivor

Insurance

almost

doubled

which

Funds,

the

receipts

1943

$22,280,000,000. Budgetary dis¬
$93,744,000,000. exceeding those of the pre¬
ceding period by $15,565,000,000.
The Government's financial posi¬

bursements soared to

which

in store for each one of us in our' conclusion,

burden of!

efforts to lift the huge
debt to which all

have

777V7 7-7;

heirs,

be-j

7-77j

course

i77:77.. 7v'v-

Substantial gains for
were

foregone

•

Late

the

recorded in national electric

control

kilowatt

past

of the act

pose

to serve

large.

Slight

declines 7 were

prices and thus guard noted for paper-board'production
the Nation against inflation.
In; and locally the Consolidated Edi¬
tion on June 30, the close of the affixing his signature to the bill, son Co. reported a decrease for'
the President expressed concern last week. In the department store
fiscal period, showed a deficit of
over
certain amendments, which field in the New York area the
$49,595,000,000 with the gross debt
he stated, would make it more dif-; Federal Reserve Board reports a
set at $201,003,387,221. Greater tax
ficult "to
hold
the line."
The 16% increase for the week ending'
collections, however, had the ef¬
amendments in question were the
July 1 over a year ago/against
fect
of
scaling
down
the net
enforcement features of the Act.! a
21% increase for the week over!
deficit, notwithstanding increased
In expressing his fear that the! the
preceding year and a 9% gain
spending, by $6,302,000,000 under
changes would weaken and ob-l for the four weeks ending July 1
the previous fiscal year.
In set¬
ting

the gross public debt the

Secretary deducted unearned dis¬
count on savings bonds, in the
amount of $8,205,956,665,

and gave
$1,132,088,835 in out¬
standing debt obligations not sub¬
ject to the statutory debt limita¬
tion.
'
'•••
7
effect

and an 8% gain for the Jan. 1 to
law, the President said, "t July' 1 period.
7 ,7
7 ! '.!'
hope that experience may not
With respect to electric produc¬
justify my fear. But if it should
tion, results reveal that output of
turn out that the enforcing offi-j
electricity increased to approxin

the

encounter serious difficulties

The

extent to which

taxpayers

nue

may

Secretary's

gleaned from the
which shows
rose during the

report-,

that income taxes

year from $18,561,000,000 to $26,262,000 000, of which $8,393,000,000
was withheld by employers under

the

new

tax payment

the

rose

since

$431 000,000,

the

highest

meet

the

various

1937.

needs of

accelerated

war

pro¬

the Secretary reported, ac¬
counted for the increase of nearly
gram,

$15,000,000,000

expendi¬

war

tures.

penalties

violators

dent

actually total $208,077,259,-

051, and since Congress last month
raised the debt limit to

$260,000,-

000,000, Jhe Treasury has on

hand

above

against
the

stated that

comment

law.

non-wilful
Presi¬

The

it was not

Con¬

gress' intention to protect "those
who

the

not

wish

know

what

Ipw requires of them." y
5th

War

Loan

was

over¬

subscribed, the total sales reach¬

ing

$16,650,000,000 exceeding the
$16,000,000,000 goal by $650,000,000. The sales of Series "E"

bonds,
however, did not reach the high
mark set for this type of savings
bond, for which the individual
subscriptions were only 71% of
their allotted

Outstanding public debt obliga¬
tions

The

occasioned by the relaxation

was

The

interesting to note that
despite the war, custom collections

Congress

difficulties."

act.

and black1
book, I shall
to remove the

chiselers

bringing

market operators to
ask

contributed to the Nation's reve¬

over

struct the effective enforcement of

cers

The drive for the sales

"E"

closed.

have

also

been

decline

because

con¬

the

-raw

steel

rate

output

has

dropped to such an extent that the
decline in orders has lost its sig¬
nificance." 11nsofar as post-war

planning is concerned, the paper
reports a' recent spurt in post-war
ideas, "evidenced by the news
Detroit

from

that

speculation is

rife that the new motor
not after all be a

1942 models as had been

This
fact

car may

facsimile of the

assumed."

speculation is based on the
that car manufacturers like

others £re

week

For the week

ago.

ures
one

The latest fig¬

represent a gain of 5.3% over
when output reached

year ago,

4,110,793,000 kwh.
Consolidated-

■

77,.

Edison

of New York reports

Company

system out¬

put of 158,700,000 kilowatt
in the week ended July 2,
and

compares

with

kilowatt, hours for the

ing

week of

of 16.2%.

hours
1944,

189,300,000
correspond¬

1943, or a decrease

Local distribution of electricity
amounted

158,000,000 kilowatt

American Iron and Steel
announced last Monday
that steel production in the U. S.
established a new high for the
The

Institute

industry during the first half of
1944 despite the manpower short¬
ages

of 1943. The 1944 production
is also ahead of the previous half-

year

peak of 44,949,915 tons for
months (July to De¬
cember) of 1943.
7
year

the last six

The United

States Steel Corpor¬

reported last Monday that
of 10,632,854 net tons
of finished products by operating
subsidiaries in the January 1 to

ation

shipments

July 1 period of 1944 established
a
new
high for the corporation
for the first half yearly periods.
As for the rate

of steel produc¬

made

hours, compared with 180,400,000
kilowatt hours for the correspond¬

tion, the American Iron and Steel
Institute places scheduled output
for the week

of 12.4%.

Important factors that entered
steel production last week

into

were a

the

falling off in output caused
manpower

shortage,

re-

beginning July 10 at
95.7% of rated capacity, equiva¬
lent to 1,714,300 net tons of steel

and castings.
with operations
94.3%, and output of

ingots
pared,

year

ago.

included colliery
fuel, washery and dredge coal,
and coal shipped by truck from

authorized onerations. For the cal¬
endar year

to June 30, total pro¬
33,151,000
against 29,324,000 net

duction .approximated
net tons

tons in

June, 1943.

Bituminous coal output for the
ended

week

reflected

July

increase

net tons,

compared with 10,165,000

50,000 net tons from
the preceding week, at 12,050,000
tons

the

for

corresponding week

last year, according to the U. S.
of

Bureau

duction last year

strike.

The

Mines.

low

pro¬

resulted from a

date—Jan. 1
through July 1. 1944—aggregated
about 321.080.000 tons, as against
289.2,87.000 tons for a like period
in 1943.
The report of the Solid
Output

Fuels Administration

placed nro-

duction for the week ended June
24

12,000,000 net tons, against

12.300,000
week.

preceding

the

tons

,7:7;-77-;:77'!'-'7Tv-!^7!7:^ ''77 v7

As for production in the

fields

cite

the

Mines reports

anthra¬
of

Bureau

estimated output of

Pennsylvania anthracite at 1,291,.000 tons for the week ended July

increase of 52,000 tons,
week, Outnut
corresponding week of 1943
onlv 626.000 tons and was oc~!

1, 1944,

from the preceding
in the
was

casioned by the
the

coal strike.
For
to date, how¬
an
increase of 12.2% is
over the similar period of
%
\ ■

calendar

ever,

shown
1943.

year

Paper output for the week ended
July 1 was equal to 92.4% of ca¬

permitted to build ex¬ pacity, the same as in the preced¬
ing week, and 77.4% for the week
;;
;;;

of labor and strikes.^ The
45,061,874 ton production of ingots
mately 4,327,359,000 kwh in the and steel for castings for the first
week ended July 3 from 4,325,- six months of 1944 is actually
417,000 kwh. in the preceding 1,200,000 tons higher than the
week, as reported by the Edison 43,886,451 tons for the first half
Electric Institute.

net tons,;!one

3.244,000

Total production

perimental models.

ing week of last year, a decrease

quota.

bonds will be continued until Aug.
1 before the campaign is officially

Gains

much

777'; currently for the past few weeks

;■ 7

last week

output and freight car
week, Presi-I loadings, steel production, bitu¬
dent Roosevelt signed the "Stabil-; minous and anthracite output and
ization Extension' Act."' The" pur-, retail stores sales in the country
come

tons

of its

July 6, page 105.v

the Fourth of July,

furnaces* due to green
labor, have contributed their share
to, the falling rate of output. The
reduction in order volume, states
Secretary Morgenthau, in a review the past week of Treasury amounted to $40,584,200 on the. Iron Age, *does not mean, how¬
receipts and-expenditures for the fiscal year ended June 30, revealed Big Board.
v*.
,
ever, that a flood of new orders
On Monday of this week the
through his figures on the financial condition of the Nation, that both
may not be in the making for the
receipts and expenditures had climbed during the 1943-44 period to stock market reached its highest; latter part of this week. Deliv¬
unprecedented peaks. Outlay by the Treasury for war activities point in four years but on the j eries have become so extended on
amounted to $87,039,000,000, while the RFC and its subsidiaries' for following day prices receded some¬ some- items that'many consumers
what following President Roose¬ have shown a reluctance to place
the same purpose expended $2,-«£
682,000,000. The foregoing sums, $51,923,000,000 of unused borrow¬ velt's announcement that he would, orders when promises on delivery
plus interest on the war debt, ing authorization. From the fore¬ run for a fourth term if nomi¬ are so far ahead."
were
equal : to more than 95% going report of the Secretary of nated at the forthcoming Demo¬
The
magazine further states
convention
at, Chicago
of
total
expenditures
for
the the Treasury, - one can readily cratic
"that backlogs have not suffered
period.

issue of

our

Reference to signing of the

158.

bill by President Roosevelt on June 22 and an outline of some

judgment dic¬
prepared for
such a contingency.' With "respect
to the decline in steel output due
new
high ground attaining > on to manpower shortages, the WPB
Wednesday, July 5, the highest estimated a loss of as much as
price averages since May 13, .1940. 200,000 tons a month recently.
Transactions for last week totaled

the "solid

because

flourished

has

South" has been

F.> Byrnes,

Nelson's reconversion

But tile

the

page

ne.w money

Director
ordered, the
ahead with Donald M.

James

when

their

holiday, a ten¬ beginning July 12, last year, steel
dency,;, for industrialists to lay output totaled 1,679,700 net tons
issues. For the whole of 1943,. such
greater! stress on post-war! plan¬ and the rate was 96.4% !of capacity.
corporate issues amounted to $17
ning and no apparent sign of a 7 With respect to freight carried
081,000,000 divided into $703,000,let-up in the number of outlaw by the railroads, - carloadings of
000
refundings and $378,000,000
strikes with which the industry revenue "freight " for
the ..week
new money ' securities. : 7
'7 7; is:
presently confronted, says the ended July 1 totaled 897,800 cars*
The Bureau of Labor Statistic3.
"Iron Agein its current issue. the Association of American Rail¬
reports that the Nation lost 1,400,- The decline in the rate of output
roads announced. This was an in-,
000 mandays of work in the month
is of such deep concern to official
crease ' of
.16,533 cars, or 1.9%
of May due to strikes .which was
Washington that the WPB saw above the- preceding week this
almost .three times as many as in
fit to call a special meeting of year, and an increase of 45,718
April. There, were 600 strikes in steel
executives, who are members cars, or.;, 5.4%, above the corre¬
May and 435 in April. 7-r.V/'-Uy
of the Industry Advisory Commit¬ sponding week of 1943. Compared
The War Production Board an¬
tee to solve "this drop in produc¬ with a similar period in 1942, art
nounced on Tuesday that all four
increase of. 144,060 cars, or.19.1%7
tion, states the magazine.
• 7! 7 '
of
the-' reconversion orders for
7 One
reason
advanced for the is shown;7
;
7-7 777—77 7,,-.which Donald M. Nelson, Chair¬
contraction in volume of steel or¬
Preliminary estimates \ of pror
man, had fought for despite the
ders is that some consumers feel duction of Pennsylvania anthra¬
opposition of the Army and Navy it unwise at this time to let in¬
cite for the month of June, .1944,
leaders would go into effect at an
ventories become unwieldy. An¬ according to a survey of the Bu¬
early date. These orders will pert other
consideration, the nature of reau of Mines, reveals that total
mit limited reconversion to civil¬
which i§ quite plausible, is that outnut
for
the. month reached
ian production; this summer, . A
should hostilities end suddenly in 5.618.000 net tons
compared with
$150,476,205

of War Mobilization,

Good—so far

10, starting

compromise culminated Tuesday Europe, wholesale cancellations of

July, 1944, be and they are instructed to oppose
the nomination of Henry A. Wallace as Democratic
candidate for Vice President." —Virginia Democrats' instructions to their delegates to the Chicago
of

Monday, July

"Gl Bill of Rights," providing varied

of the present war, was given in

National Convention which will con¬

in the

vene

of The Chronicle. The total was

benefits to veterans

Wallace that he has become a con¬
vert

-77 Full text^of the so-called

from the pub¬

Vice

utterances

'77;C'7 V7

Byrd.
lic

into

Harry

ranks."-—Senator

our

party

Communists

welcome

which will be pub¬
the Monday, July 17, is¬

year

issues and

pected to see the day when an of¬
ficial

Text Of 61 "BUI Of Rights"

corporate

$98.6,000,000 consisting of $698,000,000 refunding issues and $288,000,000 new money issues. This
compares with the same period in
1943 with $263,287,476 refunding

find today in high

places those who are attempting to integrate foreign philosophies into
the Democratic party. I never ex¬

Democratic

this

lished in

compilation

flotations for the first six months
of

amalgamation of true democ¬
with communism, socialism, Sovietism or gov¬
can

issues marketas is shown

new

the

Thursday, July 13, 1944

FINANCIAL CHRONICLE

THE COMMERCIAL &

202

ended Julv 3, 1943,

paperboard,

production

for

the

period was reported at 95%
of capacity, against 96% in the
same

preceding week.

;

■

The nationwide observance of a

three-day holiday, by many of the
large stores the past week failed
stem the rising trend of retail

extent of the
7% above
the same period one year ago. The
unabated buying of summer and
vacation goods worked in favor of
sales

volume,

the

rise running from 3 to

higher sales, Pun & Bradstreet,
Inc., reported.
One unfavorable
aspect of retail trade this week
was
evidence of a slackening in
war

in some areas where
work is falling off, resulting

shrinkage of employment.

purchases
a

sustained interest in outing mer¬
chandise
with

was

reported by "Dun,"

clearance

sales

seasonal

and overstocked lines attended by

good results. Sales of department
stores, the above authority states, came
mainly from large volume
in wines and liquors, children's

fabrics, groceries, men's
and underwear. In
lighter apparel line, ready-to-

apparel,

This com¬
furnishings,
at the rate of the

1,689,200 net

the American

Paper & Pulp Association's index
of mill activity disclosed. As for

THE COMMERCIAL & FINANCIAL

Number 4298

.Volume 160

CHRONICLE

Industry Mast Adjust Financial Problems New To

Quaranfy >TrusiGo. Finds Increasing Interest ! h Government Receipts
In Proposal To Limit Federal Taxes To 25% And Expenditures At

Prevent Idleness After War Contracts End
Industry must adjust its financial problems

;

now

to prevent busi¬

Federal taxes in peace
Peak In Fiscal Year
ness failure and widespread unemployment when war contracts, are
times, the Guaranty Trust Company of New York, in the June 27
cancelled, Norman W. Wilson, Chairman of the Corporation .Peace¬
issue of its monthly publication "The Guaranty Survey,'' states "that
The
following statement was time
Planning Committee of the National Association of Manufac¬
the Government's objective of raising by current taxation the largest made on July 3 by Secretary Morturers, warned on June 23, at which time he stated that "a high
practicable portion of the funds required for waging war is recog¬ genthau:
level of
discussing

proposed

ceiling

nized as a reflection of sound fiscal policy.''
f' "With the return of peace, how-^
are
ever," it points out "a distribution ment

consideration.
Meanwhile, < supporters ,; of
the
movement trust that Congress will
submit the proposal to representa¬
tives of the States on its own ini¬
tiative
without waiting for the
-

again

of the tax load will become

'vitally
important
question
that it was before the war."
the

According to "The Survey," "the

employment after war production falls off will depend in a

;

under

"Government

receipts

and

ex¬

penditures for the fiscal year 1944
reached
revealed

unprecedented peaks, as
in the Daily Treasury

Statement for
leased

June

July 3.

30,

1944, re¬

"Receipts for the fiscal year
recently of the tax sim¬
1944
(exclusive .of amounts set
plification bill, while unquestion¬ possible enlistment of the required aside for account of
Federal; OldIt is to be hoped that
ably a helpful v step, leaves the 32 States.
Age ;.«? and- Survivors
Insurance
broader and more critical aspects the effort to bring the proposal to
Trust Fund)
amounted to $44,of the Federal tax policy essen¬ the stage of formal consideration
149,000,000, an increase of $21,will be successful..;v/
tially unaltered. A large number
867,000,000, or nearly double the
"In the setting up of a sound
of business executives regard
amount of net receipts for the
taxes
as
representing the most and workable tax system, expe¬ fiscal
year 1943, the previous rec¬
serious obstacle to the. efficient diency as well as fairness must be ord year.
"functioning of our industrial sys¬ considered. Concerning the - ab¬
tem after the war.
As a conse¬ stract justice of-a given tax struc¬ ,."Totalbudgetary expenditures
(exclusive pf public debt retire¬
quence, there seems to be an in¬ ture, approximately complete
ments) amounted to $93,744,000,creasing interest in a specific pro¬ agreement of opinion is clearly
00.0 for the fiscal year 1944, an in¬
posal to limit the powers of the unattainable. But there is grow¬
crease of $15,565,000,000 over the
Federal Government to tax in¬ ing recognition of the concrete
previous year.
v.;7
Y.; ■;i
comes, estates and gifts in times fact that too steeply graduated tax
"Expenditures for war: activi¬
of peace to a maximum rate of rates have harmful effects on the
25%.
To establish such a limit, national
economy.
Even
under ties amounted to $87,039,000,000.
addition, the Reconstruction
conditions of extreme emergency, In
a Constitutional amendment would
Finance Corporation and its sub¬
be required." "The Survey" fur¬ there are indefinite limits of prac¬
sidiaries spent $2,682,000,000 for
ticable aggregate taxation. In nor¬
ther says: •
passage

success^
financing their funds to carry on their war
business:
Many have Set up re¬
problems are met."
•
* "
Mr. Wilson,- who is President serves on- a lump sum basis, not
As the
of Hammermill Paper Co., sounded founded on factual data.
this Warning in a "Guide to Post¬ elements of post-war costs be¬
war Financial Planning for Man¬ come more clarified, a company
ufacturers," last in a series of five is better able to develop a budget
planning guides issued this year with the definite purpose of fi¬
nancing such costs when the war
by NAM.i
:
V.
"Hundreds of companies have ends.
large

measure

with

which

is, of course, no magic

mal times such points are reached
precise figure of at lower rate levels. As these lim¬
25%.
The maximum might be its are approached or exceeded,
placed higher or lower. But the unsought consequences not only
underlying principle—that a limit impair the revenue system, from
qn the power of the Federal Gov¬ the standpoint of the Treasury,

the

tax

ernment

incomes,

estates

but

gifts would contribute to the
fairness, productivity and stability
of our revenue system and would
and

threaten

effects
and

far

disastrous

business,

employment

national income.

greater than the total for 1924,
when higher rates prevailed.;, A

Jay and collect taxes on incomes, broadly increased general sched¬
from whatever sources derived, ule of rates became effective, in
without apportionment among the 1933 and another in 1937, the lat¬
several States, and without re¬ ter
at
levels
which
were
not

Sf@@l

Gulpial A Record y

For First Six Months

New records for steel produc¬
tion were set during the first six
greatly changed until /they were
months of 1944 when, despite in¬
replaced by the much higher war¬
creasing shortages of manpower,
time rates still in effect.'
the American steel industry pro¬
the maximum rate of such taxes
"Any attempt to weigh the jus¬ duced
45,061,874 tons of ingots and
shall not exceed 25% except when
tice or fairness of a system of tax
steel for. castings, the American
the country is at war.
rates
w i t h o u t 'considering "its
Iron and Steel Institute announced

gard to any census or enumera¬
tion.' The proposal is to alter this
amendment so as to provide, that

"Sponsors of the proposal stress

the fact that their program
involve

broad practical effects is1 worse
would than
useless. Undue tax concen¬

interference with war

tration on the middle and higher
either now or in any brackets of income as a regular
emergency, since the lim¬
feature of the revenue system is
itation would be effective only in
objectionable .not merely because
times of peace. .:,v
:• -v.U;:};7 it involves what
many regard as
"Since
1936
16
States
have

financing,

future

unfair distribution of necessary

passed resolutions memorializing fiscal burdens but mainly because
Congress with requests for the it
operates to destroy the incen¬
calling of a convention of repre¬ tive to
produce and the sources of
sentatives of the several States to
needed capital for investment.
consider
the
proposed
amend¬
ment. This is half the number of
required to

States

invoke

man¬

datory action by Congress. In sev¬
eral other States, resolutions pro¬

posing participation in the movewear

items

led

demand.

the

"Not the least desirable feature
of the

suggested tax limit is the

greater assurance of stability that
it would bring.
Sound business

management involves a large
amount of forward planning, and

a ready
flow of capital into in¬
good business in beach wear, no¬ vestment channels requires con¬
tions and hosiery was done by
fidence in both the business and
main floor departments, the same
the tax outlook. The wide varia¬

source
creases

reveals, while marked in¬ tions in income tax rates,
were

noted

even

household

times
of peace,' and the
everfurnishings with retail food de¬
present possibility of f u r t h e r
mand spotty, though dollar vol¬
-broad fluctuations, have certainly
ume exceeded the level of a year
interfered with business plans and
ago.
...
have
probably- restricted
the
Department store - sales on a movement of capital into' produc¬
country-wide basis, as taken from tive enterprise.
%
\

Federal

dex

were

Reserve

Board's

12% ahead of

a year

in¬

ago

1 increased by

16% over the same

period of last year. For the four
weeks ending July 1 sales rose by

9%, and for the year to July
they improved by 8%.

need becomes obvious to mortgage

plants,

securities,

issue

establish

manufacturer

the

who

increased

basis

for

credit between government, banks*

ex¬

;

Inaugurates
Semi-Annual Report

•

Angeles; W. R. Munk, Thonet tory, The New York Trust Com¬
Inc., New York; Ber¬ pany shows a net operating in¬
nard Peyton, Vice-President, New come for the first six months of
York Air Brake Co;, New York; >1944 of $2,045,810, or $3.41 per
A. L. Lewis, President of Lewis- share. This compares with a net
Shepard Sales Corp., Watertown, of $1,715,524 for the first half of
Mass.; Frederick M. Daley, Pres¬ 1943 or the equivalent of $2.86 per
The
usual
dividend
of
ident, Sponge Rubber Products share.
Co., Derby, Conn.; E. C. Brelsford, $1.75 per share was paid in the

Los

Brothers,

Weston Electric Instrument Corp.,

first half of 1944.

Newark, N. J., and Joseph Ready,
Electric Power & Light Corp. of

counts

Loans and dis¬

of June 30,

1944, stood
$188,349,955, an increase of $46,000,000 as compared with June 30,
as

New York.

Mr.

Wilson

State legislatures

"In many instances, a severe
shortage will be found—and the

"The voluntary and

action

;•% ;'Vexplained that the 1943. The bank increased its hold¬
guide was designed especially for ings of United States Govern¬
those companies which will have ment
obligations for the same
heavy expenses in changing over period by $71,000,000 and now
on July 11.
This was almost 1,200,- to peacetime production.
holds a total of $455,606,903.
000 tons above the 43,886,451 tons
: V "Many
executives," says the
In discussing the policy of issu¬
produced in the corresponding pe¬ guide, "have a vague impression
ing a semi-annual report. Johq E.
riod of 1943 and exceeded by a that
they can borrow large sums Bierwirth, President, said:
narrow margin the previous, rec¬
satisfactcorily from some govern¬
"Beginning with the year 1941,
ord output of 44,949,915 tons pro¬ ment
agency, and that this will
we have published an annual re¬
duced in the second half of last Solve their
problems. Others, hav¬
port with operating results and a
year. Most of the increase in pro¬
ing looked into this source of discussion of the main features of
duction came in the early months
funds, oppose government loans the
year's business. We intend to
of this year.
\>^
because of the many direct en¬
continue this practice, and are in¬
In June, output was 7,217,232 croachments on private manage¬
augurating at this time a semi-n
tons,,which was equivalent to. l,- ment's prerogatives provided ,f0r annual report on a comparative
The guide basis
682,338 tons per week and repre¬ in such agreements."
showing the operating de¬
sented the lowest weekly average acids:/:
' 7'
' tails for the first six months of
in six months. In May, steel pro¬ s. "The
problems are especially the current year with the usual
duction totaled 7,680,472 tons, or difficult
for
small
companies statement of condition."
an
average of 1,733,741 tons per which are not staffed with experts
week.
In June, 1943; a total of to deal with finance.
They can¬
7,039,353 tons was. made, or 1,- not easily resort to public financ¬
640,875 tons per week.
f ^
ing because costs and govern¬
During June, the steel, industry ment red tape are well-nigh in¬
surmountable barriers for any but
Operated at an average of 93.9%
On July 3 President Roosevelt
of capacity, which compares with large
companies
seeking huge
96.8% in May and 94.8% in June sums.
Furthermore, small com¬ signed legislation to withdraw the
a
year
ago;. Operations during panies - which
lack a national citizenship of Japanese born in
the first half of this year averaged reputation could not be sure of this country whose loyalty to the
96.7%
of
capacity,
as
against public acceptance of their securi¬ enemy marks them as Japanese
nationals.
Associated Press ad¬
98.0% in the corresponding 1943 ties if they were offered."
vices from Washington reporting
period,.;'V V_
V1 jIndustry would find the govern¬
*
(
ment to be its largest creditor, if this, added:

pn income receivers in the lower
unprompted brackets.
,"
in
for the week ending July 1, while
"Even if some broadening of the
placing themselves on record as
the previous week •( ending June
tax base should be required, there
favoring formal consideration of
is much to be said for such a
24) showed a 14% gain over the the
change throws strong, doubt
corresponding week in 1943.
A on the fear of
resulting limita¬ change on grounds of equity, and
7% increase in department store
more on grounds of economic ex¬
tions on the States' powers of tax¬
sales
for
the
half-year ending ation. And;if the broad conclu¬ pediency. A moderate increase in
the'share of the tax load bohie
July 1, 1944 over the first half of sion
suggested by the experience
f943 was noted.
of the Treasury and the opinion by the receivers of low incomes
According to Federal Reserve of tax experts is, true—That mod¬ would be a small price to pay for
Bank's index, sales in New York erate tax rates are productive of the health and vitality of the in¬
City for the weekly period to July more revenue in ordinary .times dustrial system from which all

the

sense

NY Trust

Constitution, which provides that
The Congress shall have power to

security
condition
of other businesses,- and appar¬
ently are not even aware of com¬
ing
problems
which
threaten
their very existence," Mr. Wilson
emphasized. "Quoting statistics to
unfounded

from reports about the

■

"In 1926 the maximum rate of
strengthen the foundations of our the tax on individual income was
worthy of reduced from 46 to 25%, and in
the most careful examination.
; 1929 it was further lowered to 24%. smaller due to the fact that tax
collections
w ere
substantially
"The power of the Federal Gov¬ Taxes
paid by individuals for each
greater.
ernment to tax incomes rests upon of the
years 1927, 1928 and 1929,
the Sixteenth Amendment to the under
the reduced rates, were

industrial structure—is

creditors, and the affected com¬
pany until new peacetime income
ception is like telling a sick man begins to flow back into the com¬
about the general health of the pany."
v
r
community and will not cure his
i
Preceding issues of this series
own
difficulty,"
he continued. of
planning guides issued by the
"Jobs, incomes and even the per¬ NAM
explored problems of In¬
petuation of our competitive busi¬ ternal
Organization, Sales Plan¬
ness system depend to a substan¬
ning, Product Development and
tial degree on whether individual
Cost Study. In the preparation of
companies can solve the financial this
war
activities during
series, it is stated, pertinent
the year.
problems involved in conversion questions
These items together with interest
were
discussed
with
to peacetime production."
on
the war -debt accounted for
many leading
executives in all
The guide was prepared by the
more than 95%
parts of the country and from
of total expendi¬
Peacetime Planning Committee's
tures .; ,>■'
..'"'y;'}:. v;. ;-;V' Subcommittee on Finance, the various segments of business.
"The net deficit for the year
Chairman of which is W. A. Skelwas
$49,595,000,000, as compared ton, Vice-President of the Meisel
with" $55,897,000,000 for the pre¬ Press
Manufacturing Co., Boston.
ceding 'year. •• Although total ex¬ Its other members are F. W. Gil¬
penditures -v were
$15,565,000,000 bert, Vice-President, A. C. Gilbert
more than in the fiscal year 1943,
Reporting
on
a
semi-annual
Co., New Haven; R. A. Livingston,
the
deficit
was
$6,302,000,000 President, Tubing Seal-Cap, Inc., .basis for the first time in. its his¬
■

"There

the

quality

upon

post-war

the

war

were

end today,

ac¬

to' the
guide,
which
pointed out that the government
also owes industry large sums.
cording

Disloyal Japanese

"Attorney General Biddle said
was needed to deal with

the law

the problem
nese
at the

of 300 to 1,000 Japa¬
.

Tule

Lake

Reloca¬

of unwinding from tion center who, he said, 'assert
their loyalty to the Emperor of
the
government will be much
Japan and their desire to re¬
more difficult than the winding-up
nounce
their United States citi¬
process," warned the guide. "De-.
mobilization may strike suddenly zenship and tb be recognized as
and sufficient funds must be made
Japanese nationals.'
available to meet the cost for both
"By making it possible for this
government and industry. • The
wheels
of " government; move group to abandon American citi¬
zenship, Mr. Biddle said, 'they
than higher rates —the proposed our citizens derive their support. slowly, but industry cannot wait,"
it was explained. "Industry must could thereupon be dealt with as
limitation
would
entail
no
in¬ No tax burden could be so great
seek the quickest available sources
alien enemies under the applica¬
crease
w h a t e v e r,
but * should as the burden of industrial stag^ for cash." It is further noted::
-

"The process

rather permit a

reduction, in taxes

nation and

unemployment."

"Many companies have

needed

ble

statutes.'"

THE COMMERCIAL

204

& FINANCIAL CHRONICLE

The First National Bank of the

(Continued from first page)

City of New York, in its report of

March

with

31,

$4,457,582,000

1944.

Total

$39,918,299;

state, municipal and corporate
curities

compared

with

compared

Items About Banks, Trust Companies

The Financial Situation
with

Thursday, July 13, 1944

amounted

se-^

$1,594,458,
compared with $1,547,625; loans
and discounts amounted to $26,047.844, against $26,004,733/Stock

resources

face-saving formula—it may not be the condition at the close of business amounted to $4,990,183,000, com¬
with
function of these delegates to do any such thing, but it June 30, 1944, shows total re¬ pared
$4,766,000,000
on
in Federal Reserve Bank remained
sources
of $1,139,258,110 and to¬ March
31; cash in the bank's the
would certainly be heartening to many informed citizens of
same, namely, $135,000.
Re¬
tal deposits of $1,005,698,921, com¬ vaults and on
deposit with the serves increased
to
$725,142,: as
this country if some one with adequate authority or influ¬
pared
with
$1,091,020,303
and Federal Reserve Bank and other
compared with $617,471 on March
ence were devoting himself to this task.
As things are ac¬ $939,720,778 on Mar. 31, 1944; cash banks, $886,348,000, compared with 31, 1944.
//://'/
'//
and
due from
Federal Reserve $936,854,000
three
months
ago;
tually going, the technical details of this or that plan or of
banks and other banks, including investments in United States Gov¬
J. Henry Schroder Banking Cor¬
this or that proposed modification apparently absorb the
exchanges is listed at $154,072,955 ernment securities, $2,778,218,000,
poration reports total resources of
attention of the delegates, and of the press, to the exclusion against $135,448,279 three months
against $2,691,990,000; loans and
home

some

$54,870,638 on
June
30, :i944,
of U. S. obligations, discounts $1,048,627,000, contrasted
against $48,932,350 on March 31,
$747,135,630 com¬ with $878,952,000.
On June 30, 1944. Cash on
hand and due from
pared with $763,905,901; and loan? 1944, the capital of the bank is
banks was $7,302,459 against
unaware that the schemes be-"
$5,and discounts are now $132,840,- shown as
$111,000,000, and the 322,214. U. S.
term they apparently mean a
Government securi¬
170 ' against
ing hatched out at Bretton
$83,455,054;
capital surplus $124,000,000, both figures ties were
$33,825,806, against $28/
Woods rest upon notions perpetuation of what u^ed to and surplus remained unchanged unchanged from those reported as
336,914; customers' liability on ac¬
be called upward swing of the at $10,000,000 and $100,000,000, of March
31, 1944. The undivided
which for centuries long have
ceptances,
$4,662,713,
compared
respectively. Undivided profits on profits on June 30, 1944, after with
business
cycle — a sort of
been regarded by practically
$5,357,622 in March
Sur¬
June 30 are given as $16,463,085, deducting $5,180,000 from that ac¬
boom without end or "pay
plus and undivided profits were
after
every one entitled to an opin¬
making provision' for the count for a semi-annual dividend
$2,641,227, against $2,637,326 in
ion as wholly out of accord day."
July1 1
dividend
of
$2,000,000, payable Aug. 1, amounted to $43,- the previous
quarter; amount due
"Expansionist"
compared with $15,026,808 on Mar. 209,000, compared with $43,107,- to
with fact and sound manage¬
customers
was
$40,532,380,
31 after providing for the Apr. 1 000 .last March 31.
The supporters of this doc¬
ment of practical affairs.
against $33,321,785.
Acceptances
It
dividend of $2,000,000.
Net current operating earnings
outstanding were $5,189,515, com¬
trine have often set forth in
may well be questioned
of the bank for the first half of pared with
$6,480,022.
The
'whether one man in a thou¬ rough outline what they
promotion of George J. 1944, after expenses and taxes,
Schroder
Trust
Company re¬
sand has even a suspicion that would do to bring such a state Messemer. from Assistant Secre¬ were $9,134,000, equal to $1.23 a ported June 30 resources of
$41,tary to Assistant Vice-President share, compares with $7,276,000,
900,968, compared with $34,290,the factors which will make of affairs into being and main¬
of Irving Trust Company of New
equal to 98 cents a share in the 256 on March 31; cash and due
tain it.
They would simply York was announced on July 6 by first six months of 1943. In addi¬ from
possible or impossible reason¬
banks,, $5,469,852, against
ably stable exchange rates in create funds and pour them Harry E. Ward, Chairman of the tion, net profits from the sale of $4,909,684; U. S. Government se¬
the future years are for the out in amounts comparable Irving's Board. Mr. Messemer has securities were $1,377,000, equal to curities, $32,538,158, against
$25,been < with the Irving since 1918
19 cents a share for the first half
066,880; loans and. discounts, $3,~
most part not even under con¬ perhaps to
those we have in its foreign division. He was
of 1944, as compared with $2,696,- 100,123, against
$3,560,867.
Sur¬
sideration at Bretton Woods. grown accustomed to during made an Assistant Secretary of
000, equal to 37 cents a share for plus and undivided profits were
No more frequently found is this global war —and keep the company in 1937. He has been the same period in 1943. Resulting
$2,044,903, against $2,041,476.- De¬
active in a number of organiza¬
total net earnings were $1.42 fqr posits
were
the man who
understands right on doing so as long as
$38,133,336, against
tions interested in foreign trade, the first
six months of 1944 as $30,394,477.
'■
>:■/
that despite all the repeated it is necessary in order to keep
and
recently retired
from
the compared with $1.35 for the first
resolutions that "the mistakes the pot boiling.
Apply this chairmanship of the Committee half of 1943
Manufacturers Trust Company,
of the past" will not be re¬ sort of thinking to the inter¬ on Foreign Banking after serving
New " York, has announced that
two years in that capacity.
Brown 'Brothers
national
Harriman & William L. Fraser and William
of any and everything else.
Thus it comes about that the man in the street is

/
wholly

ago ^holdings
are

shown

peated, these proceedings and
all those which have gone be¬
fore are for the most part go¬

situation,

have

and

quite logically the

no¬

The statement of the Chase Na¬

tion that such a fund (and
ing forward without even a bank) as is here being pro¬
serious attempt to get at the posed would be used directly
roots of the currency debacles and indirectly in case of diswhich occurred between the equilibria not to bring, the
two world wars.
overexpanded or profligate
nation into line, but to "stim¬
Stability Wanted?
ulate" the others to expand,

tional Bank of New York for June

So much has been said for

become

uroflicrate

to -de-

v°elop

30,

1944, made
public July 6
shows
deposits on that date of
$4,677,873,000, the largest deposit
figure yet reported by the bank,

forgotten. Most of the kind of
operations these international
monetary "experts" appear to
want to have undertaken

are

long about stability among
boom conditions within suitable in any event only for
the exchanges of the world their own
borders and thus those
who
have
funds
of
that the average man is prob¬
bring their currencies into their own and are willing to
ably under the impression
that is, by equally in- take
the obvious risks' in¬
that the main purpose of this
flating them all. Ideas of this volved against the hope of
meeting and of the jyarious sort seem to us to be
implied extarordinarily large profits.
that have
Pre~i in a good, d e a 1%
To make matters worse, the
sented is, above all, to assure
Keynes has been saying since demand for bona fide loans
reasonably stable rates of ex¬ his arrival at Bretton Woods. and the need for
pure charity
change in the foreign ex¬
At many other points the
appear to be hopelessly con¬
change markets of the world. modern ideas of the so-called fused.
Yet in any but a purely Pick¬
economists of the "forward"
wickian sense this is not true
"Spreading" Risks
countries of the world defi¬
so

all.

President

Co., private bankers, report that
deposits as of June 30, 1944, to¬

partment

taled

Broad

$148,448,365 compared with
$139,204,936
three
months
ago
and

$143,766,723

assets

a year ago.

June

Total

amounted

$169,940,171 compared with $161,380 509 on March
31, 1944, and
$165,666,602 on June 30_,
1943.
Capital and surplus of $13,566,234
with $13,545,553

compared

months ago and

Loans

a?o.

$13,485,777

and

three
a year

advances

were

$42,150,908

compared with $39,709,313 on March 31, 1944, and
$35,445,334 on June 30, 1943. Other
important asset items compare as
follows with figures
for three
months and

Cash, $33.869,085 against $33,012,725
and
$32,583,399;
and
United
States
Government securities (valued at
lower of cost or market), $53,889,513
against $52,514,532
and
$66,446,330.
a

year ago;

The Continental

Bank &

Trust

Whitman in the Out-of-Town De¬
the

Main

Office, 55
York, formerly
Secretaries, have been

St.,

Assistant

New

elected Assistant Vice-Presidents.
M. Macpherson,

James

formerly

Assistant Secretary, in charge of
Central Operating Department at
the Main Office, has been elected
Assistant
Vice - President.
Emanuel M. Reeves,, formerly As¬
sistant Secretary, at the bank's
an

office at 530 Seventh
Ave., corner
39th
St., New

York,

elected

Assistant

has been
Vice-Presi¬

dent,
;

also

announced

Manufacturers
that

Harold

Trust

the

Company

Dean, Executive
Vice-President of the New York
& Queens Electric

Light & Power
City, and Ed¬

Co. of Long Island'
ward

Sovatkin,

President

the J. Sklar

Manufacturing Co. of
Long
Island
have
been
City,
elected to the Advisory Board of
the bank's Queens Plaza Office at

Company of New York reported

29-28 41st Ave., Long Island
City.
deposits of
The currently common er¬ $157,157,449, and total assets of
Earl Harkness, President of the
ror of
supposing that risks in¬ $168,431,308, compared, respec¬ Greenwich Savings Bank of New
tively, with $136,633,212 and $147,- York, has announced the
herent in many situations can
appoint¬

Roosevelt

June

total

nitely underlie much of what
being said and what is be¬
ence in 1933 because he was
062.120 on March 31. Cash on hand ment of Herman
ing planned at Bretton
G. Berdolt as an
not willing to quit tinkering
be
eliminated
or ' rendered
and due from banks amounted to
Assistant Treasurer of the bank.
Woods, and in much that went
with our currency for the
harmless by somehow $27,948,382,
against
$31,309,996: Mr. Berdolt will succeed
on in
George
preparation for it. Here
sake of international stability.
"spreading" them is evident. holdings of U. S. Government A. Roeder, who retired July 1
as on so
many other occasions
obligations to $77,177,110, against after 37
years of service with the
Lord
Keynes is time and the old idea that "loans" are To listen to some of these
$64,504,868; loans and discounts to bank.
Mr. Berdolt goes to his
"economists" one would sup¬ $51,626,931,
again on record as believing a cure for
against
$41,654,447. new post from the
underlying ills runs
Lawyers Title
that stability was achieved
unCapital and surplus were
Corporation of New York, where
rampant.
It appears to be pose that a man on his way
changed at $4,000,000 each. Un- he was Vice-President and Treas¬
under the prewar gold stand¬
to the electric chair would be
supposed that borrowers
divided
profits were $1,508,651, urer.
The
Greenwich
ard at a prohibitively high
a
Savings
"good risk" for, the insur¬ against $1,388,625.
aplenty with reasonable show¬
Bank, which has two offices on
cost.
It is probably widely
ance business if
only enough
Sixth Ave., at 36th St. and at 16th
ing of ability to use money
believed that the "pressure"
Statement of condition of Sterl¬ St., is one of the nation's largest
profitably and usefully will companies shared in the pol¬
that the managers of the pro¬
ing National Bank & Trust Com¬ savings banks. It has resources of
appear
on
all sides, Here icy and the poor' devil was
able to pay a slightly higher pany of New York at June 30. $175,000,000 and serves more than
posed fund would normally
again it is found convenient
1944, shows an all-time high in 153,000 depositors.
bring upon any nation would to
premium. Loss is less crip¬ resources and deposits of. $98,forget that loans have an
be in the interest of greater
Herbert W. Bell, Vice-President
unfortunate habit of falling pling to business if widely 230,012 and $92,046,946, as com¬
pared with $90,097,399 and $83.- at the Fifth Avenue Office of the
care, conservatism and sound¬
due, and that year by year in¬ shared, but nothing can re¬
991,611. respectivelv, as of March Guaranty Trust Company of New
ness in the
management of its terest must be
place careful choosing of risks
paid upon
"ditched" the London confer¬

domestic affairs.

The fact is

them— must

business

—

the

kind

31,

Of the June total

1944.

de¬

York, died

July 8, at the New

posits of $92,046,946, U. S. Gov¬ York Hospital, following a short
paid if the
Mr.
Bell
was
deposits
increased to illness.
born
in
borrower is to stay out of choosing that a shrewd busi¬ ernment
tive appears
ness man is able to
effect, and $13,320,307, as compared with Yonkers, N. Y., Nov. 26, 1897. He
bankruptcy whether or not
$10,094,472, shown on March 31 began his business career with the
consistent with the doctrines
will effect when it is his own
the enterprise is
■last:
Commercial and other de¬ Westchester
Trust
earning it.
Company of
which Lord Keynes in Great
The commonplace fact money that is to be risked.
posits reached an all-time high of Yonkers. His next connection was
that

different kind of

Britain

objec¬
to be much more

and

Mr.

Hansen

that in the past—and almost
Complete abandonment of $78,726,639, as compared with with a New York brokerage
house, which he left in 1918 to
country have been con¬ certainly again in the future such fallacies as these, and the $73,897,139. Capital, surplus and
undivided profits totaled $4,791.- join the Guaranty as a credit in¬
—it has been "risk capital" formulation of both national 299
as
sistently and repeatedly
against
$4,773,885
on vestigator at
the Main Office.
and international policies March 31.
Two years later he went to the
preaching for a long time which has pushed back the
Fifth Avenue Office, where be
which encourage "the normal
Cash
and
due
from
banks
became head of the Credit De¬
past. According to their ideas frontiers of industry and
growth of industry and trade, amounted to $21,980,165 on June partment. Mr.
Bell was appointed
30, 1944. against $21,583,667 on
what is wanted is an "expan¬ trade and is responsible for n6t some new kind of a
fund"
an

this

•

sionist"

economy.

this

the progress

March

of the world is

bank, is what is needed.

curities

31:

•

Government pp-

increased

$47,720,375,

Assistant

Treasurer

(Continued

page

1924,

216)

Volume

State to put into effect the
War Manpower Commission's order that beginning July 1 all. male
•labor must be hired through the U. S. Employment Service or such
channels as it may designate, was announced on June 30 by Chair¬
man Paul V. McNutt/
This national program, he explained, results
from the setting up of a nation-wide system of manpower priority
Completion of local plans in every

referrals

give

need.

the labor they
■V

Women

well

brought under

been

referral system

Mr.

nities,

have

men

the priority

He ex¬

McNutt said.

incident

resolutions

Two

trans¬

freight

volume

The

the

Trucking

American

Associa¬

tions, Inc. The increase over last
year's volume was in contrast
with decreases in March and April

ceilings, Mr. Mc-:
Nutt explained,- are expected to
maintain employment at present

comparable months of
7
x :>y
Comparable reports received by

under

the

1943.

taken.) -These

ATA

from

342

motor carriers in

47 States and the District

showed

umbia

transported

adequate to provide for the mutual protection of the United States
Philippine Islands." It is^also
observed
by the President' rence of armed aggression and to
that the resolution declares it to assure the peaceful use of a great
be the policy of Congress "that ocean
by those in pursuit
of
the United States shall drive the peaceful ends.
and the

these

of Col¬
carriers

aggregate

2,~

treacherous,
invading
Japanese
from the Philippine Islands, re¬
store as quickly as possible the
orderly, free democratic processes
of
government to
the Filipino

May, as against
2,743,557 in April, and 2,764,100
in May of 1943., y
77'.
The ATA index figure,
com¬
876,902

tons

thereupon establish
independence of the
Philippine Islands as a separate
self-governing nation."
It is made possible by the meas¬
ure, said the President, "to pro¬
people,

and

the complete

„

"The
second
joint resolution
signed today brings into effect the
joint economic commission first
ordained in the present organic
act, and enlarges its scope to in¬
clude consideration of proposals
for the economic and financial re¬

habilitation
"We

same as that of the National Com¬
tonnage; Their traffic volume was
the Chairman be¬
mittee.
Area committees include 7.1% above that of the previous
lieves, make it possible to bring
about the transfer of many work¬ representatives of WMC, the War; month and was 8.2% above May,
ers
from less-essential to essen¬ and Navy Departments, War Pro¬ 19437

channels, will,

include

considerations of

als

the

for

cial

economic

rehabilitation

pines." It

was

propos¬

and

the

war

the

Philippines were to have re¬
ceived their independence July 4,
1946.

"Our character

finan¬

Philip¬

noted by the Asso¬

that before

Press

ciated

;-x:'y>. 7/.

The President's statement made
with
tions

the

approval of the resolu¬

follows:

Payrolls En May
To Kew High Peak

are

established

the basis of the

minimum number of workers re¬
quired to insure required produc¬
Other ceilings vary

tion.
nig

local

quiro>v»ents.

accord-

conditions and
(In

some

re-

communi¬
allow¬

ties tbe number of workers

able at a Want is the number on
the pc^ol1-en J"iie 1.
Tr> other
cases

the

June

30 payroll

is "the

Columbia, Baltimore, Md.—wo¬

men

released

from

essential

and

locally needed only.

"I have been informed that this

cept Tampa, Fla.;
Fla,; Jackson, Miss.

Jacksonville,
.

-7,

Region XII—(Arizona, Califor¬
Region V — (Kentucky, Michi¬
Ohio)—Adrian. Mich.: Dav- nia. Nevada, Oregon, Washington)
—California and Oregon—women
ton,.Ohio; Springfield-.. Ohio: Li¬
in critical occupations.
ma, Ohio; Monroe, Mich.: SidneyIn
Region
VIII women
have
Pioua-Troy,
Ohio;
Youngstown,
Ohio.

Region VII—(Alabama^ Florida,

been

included! ir>

45 a^°as,

estimated one-half of the

region.

nation will

resolution

the

creates

Philippine

Rehabilitation Commission whose

functions

shall

study

all

aspects of the problem, and after
due investigation report its rec¬
ommendations to the President of

United

the

and

States

Con¬

and to the President and
Congress of the Philippines."

gress,

the

to Associated Press
Washington June 30,
Vice-President Sergio Osmena of
According

advices from

the

government-innew legislation as
toward the real free¬
independence of the

Philippine

exile hailed the
"a long step
and

dom

Philippines and its survival as a
Christian nation."

free and

These advices added:

"However, President Manuel L.
Quezon-; in

saying

Y.,

Lake,

Saranac

health for some
statement from

poor

issued

time,

supported an original draft
of the legislation, as introduced
by Senator Millard E. Tvdings
had

(Dem., Md.), to grant Filipino
independence outright within 30

days after its passage.

favored

"Implying

mo^e

for the

definite statutory provision

Islands' independence date, Presi¬
Quezon quoted from

dent

corre¬

spondence with Senator Tydin^s
and
Representatives Walter H.
Judd
(R. Minn.), and C. Jasper
Bell
(Dem.,Mo.),
who
heloed
draw up the resolutions. The leg¬
islators all stressed. Mr. Quezon
s»id.

that

the

the date of

new

law

'advances

indepence in case the

Philippines
is
liberated before
July 4. 1946, and in any event does
not
nostpone
it
beyond
that
date.'"

Money in Circulation
The

Department

Treasury

Washington has issued its custom¬

monthly

ary

the
tion

deducting

after

held

statement

showing

of money in circula¬

amount

TT.

the

money

and

Banks

and

Reserve

Federal

the

Treasury

agents. The figures this time are
of May 31,

those

that

the

that date
held

banks

(including of course that
bank

System)

1944, and show
in circulation at

money

was

member

Federal

Reserve

vaults

the

$22,160,029,257

to Com¬ against $21,552,231,236 on April
and that
30, 1944, and $17,113,731,415-on
thev will gladly cooperate in tlm
establishment and maintenance of 'May 31, 1943, and compares with
bases both as a restored Common¬ $5,693,214,612
on
Oct. 31, 1920.
action

most

wealth and
tion.

welcome

authorities,

monwealth

gan,

judged for years to come by
the human understanding and the
physical efficiency with which we
help in the immense task of re¬
habilitating the Philippines. The

lose

the

Board] Selective
Maritime
Commission,

Steel

people in the present con¬
claim independence
as
soon
as flict. Theirs is the
only substan¬
practicable
after
constitutional tial area and theirs the only sub¬
processes andtonormal functions of stantial
population
under
the
government have been restored in American
flag to suffer lengthy
the Philippines."
invasion by the enemy.
History
The second resolution, the Pres¬
will attest the heroic resistance
ident noted, "brings into effect the
of the combined armies of the
joint economic commission first United States and the
Philippines
ordained in the present organic
in Luzon, Cebu, Iloilo and other
act, and enlarges its scope to islands of the
archipelago.

duction

Philippines.

mindful

their

"I have signed today two joint
resolutions of Congress respecting
Service, 5 About 4% of the total tonnage
the Philippines. The first of these
Smaller reported consisted of miscella¬
where there is a surplus of labor
resolutions lays down a policy fmWar Plants Corporation, Aircraft! neous
to those where the obtaining of
commodities, including to¬ the
granting of independence and
Resources
Control' Office,' War
labor has become a serious prob¬
bacco, milk, textile products, coke, for the acquisition of bases ade¬
Food
Administration,. Office of bricks, building materials, cement
lem.'
;V::v.y; .7 ,
quate to provide for the mutual
Transportation
when! and household goods. Tonnage in
"The 12 regional directors have Defense:
protection of the United States
there are transportation problems this class increased 7.5%
above and the
reported to headquarters the nam¬
Philipnine Islands.
and Civil Service if government
April but declined 1.4% under
ing of local manpower priorities
"In that resolution it is declared
committees with responsibility1 for employment is an important fac¬ May of last year.
7!x7;
to be the policy of 'the Congress
tor. The entire program, Mr. Mc-j
determining what priority, if any,
that the United States shall drive
Nutt said, has the endorsement'
■an industry, or business establish¬
the treacherous, invading Japa¬
of the National Management-La-;
ment, shall have in hiring work¬
nese from the Philippine Islands,
v
bor Policy Committee.
;,! ;:77'7x'
ers.'
Wherever
administratively
restore as quickly as possible the
"Both employers and employees
possible, a committee has been set
orderly, free democratic processes
will have the right of appeal from1
up to handle the situation in each
of government to the Filipino peoSteel
area.
In a number of regions this any decision of local officials of
industry
payrolls
and
ole, and {hereupon establish the
It has average weekly earnings of wage
has not been found practicable WMC, Mr. McNutt' said.
complete
independence
of
the
and in such cases one committee not been necessary to set up new earners climbed to a new peak
Philippine Islands as a Separate
will act for two or more areas, appeals units since such machin¬ in May, the American Iron and
self-governing nation.' The meas¬
Mr. McNutt said.
7Vr-/;7v./7X ery has been in existence since Steel Institute-announced on July ure makes it possible to proclaim
"In New York City, which has the early days of WMC. As an in¬ 8; A total of $145,427,000 in pay¬
independence as soon as prac¬
a labor
surplus, the regional di¬ dication of the importance of plac¬ rolls was distributed during the ticable after constitutional pro¬
rector
has
departed • somewhat ing employment ceilings on in¬ month, as against $138,860,000 in cesses and normal functions of
from the national pattern in es¬ dustries in the tight labor mar¬ April
and $137,404,000 in May, government have been restored in
ket areas, Mr. McNutt said there 1S43. The previous record monthly
tablishing the priority referral
the Philippines.
-7. : ,7;. 7 7x7 Xx
are
now
in these areas 79% of
payroll was $145,285,000 in March
plan. There the plan will be ap¬
"It is contemplated that as soon
the nation's munitions industries.; this year.
The Institute's state¬ as conditions warrant, civil gov¬
plied only to less-essential em¬
:.x :
ployers of four or more employ¬ Exactly what proportion of the ment further stated:
ernment will be set up under con¬
ees.
These
employers may not workers of the country are found
"Wage-earning employees re¬ stitutional officers. It will be their
hire male workers between the in plants located in such areas has ceived an average of 118.4 cents
duty forthwith to take emergency
not been determined but in war
ages of 18 and 45 excent upon re¬
per hour in May and worked an measures to alleviate the physical
ferral by the local office of the munitions throughout the coun¬
economic hardships
of the
average of 47.5 hours per week, and
try there, are employed 9,700,000 indicating
USES.
average weekly earn¬
Philippine people and to oreparp
workers
of whom 2,700,000 are"
"The Manpower Priorities Com¬
the Commonwealth to receive and
ings of $56.25.
i .''
women.
These totals, he added,
mittee,
already ; established
in
"By comparison, in April steel exercise the independence which
do not include the men and wo¬
New: York City- will determine
wage-earners received 119.0 cents \ we have promised them. The lat¬
men engaged in many other es¬
ter includes two tasks of great
priorities
for
essential
firms.
per hour and worked 45.9 hours
sential industries and necessary
Plans
have
been
made
for
a
per
wee k—indicating
average importance: Those who have co1-*
services. y; ■
/: V. \7 •'• 7'7""7'v7
special
recruiting program
for
weekly earnings of $54.60 per laborated with the enemv must
Specific communities in which
additional
male' workers
chan¬
worker.
The previous peak for be removed from authority and
the Priority Referral System has
influence and the political
and
neled through USES.
been extended
to apply *in one weekly wages was March, 1944.
V"
when average earnings of 115.9 economic life of the country; and
"Employment ceilings have been
way or another to women are:
/;!
the democratic form of govern¬
cents per hour and a 47.7 hour
established in Group I and II corhRegion 1—(Maine, New Hamp¬
indicated
average ment guaranteed in the Constitu¬
munities, in which labor is scarce. shire, Vermont, Connecticut, work-wee k
tion of the Philippines must he
In many communities such limits5
Rhode
Island,
Massachusetts)— earnings of $55.30 per week.
restored for
the benefit of the
on employment already had been
"In- May a year ago, steel in¬
Bristol, Conn.; Meriden, Conn.;;
people of the islands.
fixed.
Mr. McNutt explained that;
New Britain,
Conn.; Waterbury, dustry wage employees earned an
"On the problem of b°«es the
considerable
latitude
has
been5
Conn.; Springfield, Mass.; Clare- average of 113.4 cents per hour
given the field men in limiting mont; N. H.; Portsmouth, N. II.; and worked 41.9 hours per week. present organic act permitted ac¬
quisition only of rmval bases and
employment.
The chief concern Providence, R. I. ■
/
"During May, 1944, the industry fueling stations, a situation wholly
of headquarters, he said, is that
Region II—(Pennsylvania, Del¬ employed an average of 569.000 inadequate to meet the conditions
the ceiling be fixed on male labor
aware."
New
Jersey) — Newark,, employees, compared with 573.000 <of modern warfare. The measure
but in some e°sps the local offi¬
in Anril. In May, 1943, a total of
N. J.; Wilmington, Del.
(approved today will permit the
cials have applied them to women
632,000 employees was at work."
(acquisition of air and land bases
Region IV—(District of Colum¬
as well as to men.
7,
.'
in addition to naval bases
and
bia, Maryland,
North Carolina,
"In all communities ceilings for;
Georgia, Mississippi, South Caro¬ fueling stations.
Virginia, West Virginia)—District
major war production em plovers
lina, Tennessee!—To women ex¬
areas

of the
ever

are

heroic role of the Philippines and

•

from

inde¬

points out that the first of these lays down "a policy
granting of independence, and for the acquisition of bases

the

for

application of the hiring restric¬ said, that consultation of WMC
members of 7 local
tions to women affects only those, officials.; and
management - labor
committees puted on the basis of the average
in critical occupations.
monthly tonnage of the reporting
The advices from the WMC also preceded action on every phase of
carriers for the three-year period
the program. Every action taken,;
said: xr
V*
x'..•
of 1938-1940 as representing 100,
''Certain areas in the following he reported, has the endorsement
was 174.71 in May; the April in¬
of the management-labor ' group
States also require that women be
dex was 172,12.
hired through USES or its ap¬ which, in turn, represents the lo¬
Approximately 80% of all ton¬
cal employers and workers.
Mr.
proved
channels:
• Connecticut,*
transported in the month
McNutt emphasized that success nage
Massachusetts,
New Hampshire,
was hauled by carriers of general
•Rhode Island, New Jersey, Dela¬ of the priority referral plan will
be determined by effort in the; freight. The volume in this cate¬
ware,
Ohio, ' "Florida,
Georgia,
field and that the field operations gory increased 5.1% above April
Mississippi; Tennessee, South Car¬
and 1.5% above May, 1943. 7
will be supported by headquar¬
olina, Nevada, Oregon, Arizona
Transportation
of
petroleum
-and California.
' *
V ters at every point. He said the
National Priorities Committee re¬ products,
accounting for about
"With the field machinery set
cently established in Washington 13% of the total tonnage reported,
up along new lines, WMC will in¬
will function precisely as do the! showed an increase of 2.2% above
tensify its recruitment of workers,1
local committees except
that it! April and was 24.9% above May
Chairman McNutt said. The pri¬
will determine priorities for - in¬ of last year. /•' '
ority * referral plan with its pro-'
Carriers of iron and steel prod¬
regional 5 -recruitment. * The1
-vision that employers dO all their ter
is
practically
the ucts hauled about 3% of the total
hiring
through
the
designated membership

and

the

the resolutions,

industries

about

4.1% ,over May, 1943, according to
statistics released on June 30 by

plained that in extending the sys¬
tem to women, regional directors levels or even to lower the level
have acted under authority given where practicable by limiting re¬
•
-M— ;
:
:
them by headquarters to adapt the placements.
"Regional
directors have as-program to local conditions and
sured headquarters, Mr. McNutt
requirements. In some cases the

tial-

bringing

pendence of the Philippines were approved by President Roosevelt
on June 30.
A statement by the President incident to his signing of

determining factor and in others
the number employed on dates
earlier
than
June
have
been

in many commu¬

Approves Legislation
Promising Philippine Independence

ported by motor carriers in May
increased 4.9%
over April
and

industries

war

; President Roosevelt

Truckloadiiig Volume
Increased In May

As Men WMC Announces
'■■■'

205

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4298

160

this

outstanding

independent na¬

shall

example of

tion designed to

have

Just

before

the

first World War,

outbreak

that is,

the

June

coopera¬

prevent a recur¬

30, 1914, total was $3,459,434,174.

Jj. .'.' V.J

206

','

required to investigate all dealers
from whom they purchase Title I
paper, and to satisfy themselves
before accepting such paper, that
the originating dealer is reliable,
financially responsible and quali¬
fied to perform satisfactorily the

Stressed By Stonier At Graduation Exercises

The role of American banking as the servant

Views To Be Presented To Congress
Announcement

June

graduated
total of 1,255

were

30, making

future, but before
that road let

graduated since the school began
ten

years

In addition, two

ago.

democratic

in the armed forces graduated

men

.having

absentia,

their

and

studies

theses while

down

completed

President

Rochester,

New

York,

who

Chairman of the Board of Regents
of the Graduate School.

"Our

has sur¬
panics, and failures
^because it has always had as its
.major objective credit service to
industry—small industry as well
vived

banking system

wars,

(as large,"
added:-''

Dr. Stonier, who

said

"Unlike

the

British

j-.V;

.■■■':/,

banks,

lying

The fate

centuries may be

all,

country

need

now

in this

renaissance of the kind

statesmanship and of individual
political thinking which resulted
in the writing of our charter of
liberties—the

Constitution of the

United States of America.

In this

and war-torn world, it still
stands as the last best hope on

weary

earth."

Twenty-one

New

officers

were

bank

They

graduates.

York

City
the

among

are:

Thomas

Andren and

Gustav T.
S. Sites, of

not

ings account. British banks have
thought much about the little

Savings Bank, Brooklyn;
Louis J. Asterita, American Bank¬
ers
Association; Richard Brower,

fellow

Henry

the

small

sav¬

during the past 50 years.
During that time the banks of

methods

undertaken

Burgess,

and William H.

Paul B. Clerke
Switzer, all of the

ings

and

though

loan

associations, al¬
the original

Britain

was

"home of the savings bank.
Small
trust accounts have been handled

Public

the

Trustee,

State-

•owned corporation which is one of

fthe

largest

in
Small business

the

corporations

•World today.

was

'discouraged

by lack of thought
given to it by the five big banks
of England.
•-'■

"Our banking System has had its

.faults,

have

;we

has

and

dimes

anxious

been
to

war

today,

some

the

Bank

The great

London

even

within

past few months has

opened

advertising campaign for small
•business " accounts; — something
an

'which

thousands

•

Americans

have been doing for decades.
No
.chartered banking system can live,
very long under a democratic form

'of government that does not

lastingly

think

of its

ever¬

obligations

do small business and to the thrift
accounts and the small trusts and

.investments of the average man,"
he

declared.

vVo'V'

■

The
were

graduating bank officers
urged by Dr. Stonier "not to

take

totalitarianism

either

lying

•down

or by default.
Democracy
;is the most difficult of all forms

government

maintain

be-

.it puts mental and spiritual
burdens on the average man which

.cause

he is often too careless
to

assume," he said.

not

simply

die from

attention."

"Total

"Democracies

revolution;

He went

during

war

decade has become the
of

democracy.

may

seem,

the

they

to say:

the
new

past

enemy

Paradoxical

total

democracy is
feat

too lazy

to live from lack of

cease

war

which

this

waging to de¬

now

totalitarianism

become

may

instrumentality to kill democ¬

racy

ica.

in the United States of Amer¬

Beyond

dressed

doubt, democracies

in the uniform of to¬
talitarianism will win this war.
The

question

Will

City Bank; J. Frank Honold and
Samuel Pippitt of the Chase Na¬
tional Bank;

Karl E. Kaatze, the
Prudential Savings Bank, Brook¬
lyn; Paul C. Matthews and Robert
Stephens of the Guaranty Trust
Company; William E. Mehrling,
Irving
Savings
Bank; -Albert
Muench, New York State Bankers
Association; Edward S. Peterson,
New York Trust Company; Walter

Rushmore, Federal Reserve Bank,
and Bruce
,'

• :

the

decade

able

for

the

acts

their

sales-

under

effective July 1, on property im¬
provement
loans
insured- with
FHA.The

regulations were de¬
signed in anticipation of an enor¬
volume of repair, remodel¬

mous

ing

dignity
security.

of
of

loses

citizenship
personal

That

security

are

NHA.

■

thousands

Ferguson.

workers,"
will

"It

attractive field

salesmen and

for

be¬
new

dealers, who should

be made aware at the outset that

the

liberal

terms

FHA

time-

financing must not be misused."
Mr. Ferguson added that in the

the

borrower

essential, measured

deemed

the most

sales practice. From the NHA an¬
nouncement

repair
formerly,
at $2,500 and maximum maturity
at three years and 32 days. Loans
fixed,

buildings,

the amendments
to the regulations, Commissioner
Ferguson said that some had been

made

tion of agricultural

the

interest

clarity,
others in the light of making Title
I of the National Housing Act an
mofe

even

efficient

aid

the

building industry.
cent
a

survey

He cited a re¬
which indicated that

market of at least

in home

repair and modernization

work waited

wartime

$3,000,000,000

rials and credit.

upon

mate¬

He further said:

"The most important
change in
the regulations so far as

lenders,

and
are

contractors

new

are

con¬

requirements de¬

signed

the

ing,

one

way

another,

the

the .privileges extended under Title I
of the

Act.

with

and

after July

1944, lending institutions will be

are

limited

maximum amount of $3,000,

maturity of three
and 32 days. Loans for the
a

years
erec¬

buildings, such

as
barns and silos, are limited to
$3,000 with a seven-year and 32day maturity, if made without the
security of a first mortgage, al¬
though the term may be 15 years
and 32 days if the loan is secured
by a first mortgage.

only the relaxing of

restrictions

"Discount

rates

remain

the

same, except in the case of Class
2 (b)
loans, which provide
financing the erection of

structures for

part

for

use

in whole

agricultural

for
new

Assurances that the

$3.50 discount per $100, provided
security is taken in the form of

decision

Press

accounts

that

"In

■r

$100

Philadel¬

tional Bank and Trust Co., Phila¬

delphia; Norman T. Hayes, VicePresident, Philadelphia National
Bank; Archie D. Swift, President,
Penn
National
Bank,
Philadelphia; David E. Williams,
President,
Corn
Exchange Na¬
Central

tional Bank and Trust Co., Phila¬
delphia; J. F. Aierstock, Conestoga
National Bank, Lancaster; Dudley
R. Atherton, Third National Bank
Trust Co., Scranton;
Harry
McDowell, President, McDowell
National Bank, Sharon; Arthur E.
Braun, Farmer's Deposit National
Banki Pittsburgh, and Frank F.
Brooks, President, First National
Bank, Pittsburgh.
B.

intention of

which«>-

his

statement, made public
by the Committee, Mr. Biddle said
the Department wanted to give
fhe

Federal Government

States

time

'take

and

such

/; equity rather

procedures..
"Mr. Biddle conferred with the

postpone until after the Congres¬
sional

recess

action

House-

approved bill to exempt insurance
companies from regulation under
Federal anti-trust laws.
preme

held

case

interstate

was

The Su¬

Court in the southeastern

underwriters

insurance

commerce.

the^ States actually fixed the rates,
there could be

violation of law

where they merely per¬
rate bureaus to fix rates,

that

mitted

they definitely

came

into conflict

with the Federal law.

'It would be

unfair,' he said, 'to send
to

Court

Supreme

referred

June

page

consid¬

issue,

page

109,

action

sentatives
remove

from the
trust

our

voting

of
on

insurance

July

noted the

House

the

decision
issue

our

2383.

man

legal.'"

The

was

jail for something he

ered

Pursuant

by the

Repre¬

June

companies

applicability of the anti¬

equal

ever

lowest

cost

monthly
remains

consumer

made generally

announcement

Government

relations

Finland

the

with

the /

and

fol¬

lowing consultation with the Se¬
curities and Exchange Commis¬
sion and the State and Treasury,
departments, Emil Schram, Presi¬

dent of the New York Stock Ex¬

change, announced on July 1 that
by action of the Board of Gov¬
ernors of the
Exchange taken at a
special meeting before the open¬
ing of the market on that day
the Republic of Finland 22-year
6% external loan sinking fund

due Sept. 1, 1945, and the
City of Helsingfors 30-year 6M>%
sinking fund bonds due April 1,
1960, have until further notice,
been suspended from dealings on
the Exchange.
v
v
!

There

credit

available."

were

these issues

announcement

transactions

June
of

30.

the

said

in
the

Exchange,

which added that "this action

cor¬

responds to that previously taken
by the Exchange in the case of
securities of other Axis countries,

including those issued by political
sub-divisions and
those

corporations of

countries."

■

•

Dr. Santos in UMRRA Post
The acceptance by Dr, Eduardo
Santos, former President of Co¬
lombia, of the appointment as
Deputy Director-General for liai¬
son

laws.

payable, in

severance

with

members

note,

the

State Department

bonds

"The Attorney General told the
Committee he believed that where

but

Suspends Trade /
| //

In Finnish Bonds

the

criminal

than

NYSE

action

they might deem appropriate.'
but after" that period had elapsed
it would consider bringing actions

the

one-year

Bank

phia; Howard A. Loeb. Chairman
of the Board,
Tradesmen's Na¬

Department of Justice has

day,

installments, which still

per

economist of Fed¬

Reserve

given to the Senate Judiciary Committee at Washing¬
Attorney General Biddle, according to Associated

were

the

same,
namely, $5
original face value of a

Reuter, Vice-President,
Pittsburgh, chair¬
A. Sienkiewicz,
Vice-

June 23, by

first mortgage. The rate for re¬
pair and modernization loans stays
a

com¬

;//. vr-

cases against insurance companies under the recent deci¬
sion of the United States Supreme Court until after Congress, the
States and insurance companies have had opportunity to study the

purposes,

where the rate has been lowered
from a $5 discount per $100 to a

man;

eral

;

Committee after it had decided to
amount

new

prosecuting

situation is eased.

"Maximum

of the

o-/

| Until Congress And States Study Decision f

widely until the critical material

loans has been

...

President and

be af¬

as,

also quote:

conference,

^;/./;//'•/ XcX//'/.^ /////v■

are:

F. Brian

"boil

results

and

shall

„

simplified.
Only such information is required

the

Union Trust Co.,

added:

and ,/

To Defer fiction Against Insurance Companies

ton

shortened

could

will

tacks"

The members

connection.
we

added.

mittee

a
means
of assisting in
having the considered views of
Pennsylvania business and bank¬
ing expressed to Congress in the
right way, if and when a final

interest of both dealers and lend¬

commercial

Summarizing

to restrict the operations
comparatively few unscrupu¬
dealers, who have been abus¬

he pays

Mr.

come

forded

lous

economic

dreds
said

modernization work on
residential properties in the post¬ for;
the
"conversion
of
existing
war
market, and to protect the properties to
provide housing for
public—then
and
now—against war workers
carry a maximum of
overpricing and other unethical
$5,000, with a maturity of seven
practices on the part of some /con¬ years and 32
days. Loans for new
tractors and dealers, according to
non
residential, non-agricultural
the announcement issued by the
structures, such as garages and
and

the

dictators,

but in the end the results

individual

period will provide jobs for hun¬

"Because, of necessary restric¬
ministration,
National
Housing
Agency,-announced on July 2 the tions on the use of materials and
issuance of revised regulations, credit, Title -I will not be used

dealers

promise

•

Commissioner Abner H. Fergu¬
son of the" Federal Housing Ad¬

cerned

ruthless

lending institution is expected to
observe
prudent
lending
prac¬
tices in granting loans. : "Property
improvements in the
post-war

advanced standards of installment

Democratic

The

totalitarianism

the

Loans tared With FHA

ism?

throw

that

and to expedite Title I trans¬
actions, the credit application has

i—I'li'

clear

from

is not

same.

make

Property Improvement

the clothes of totalitarian¬

totalitarianism

ulations

this

"By this plan

committee

brass

of the Bretton Woods

quite helpful to Pennsyl¬

is my belief that this Association
be

The

down

when it shall have been launched

vania

situation

ready to look a gift horse
mouth," Mr. C. F. Zimmer¬
Secretary of the Association,

said.

that F. Brian Reutef? Vice-Presi¬

can

;/■

in the

Administration

by all nations.

whole

for

are

man,

dent of the Union Trust Company
of Pittsburgh, had accepted chair¬

for acceptance

men.

been

away

democracies

Revised Rules On

is:

'"k*1 •'

"we

•.

ers,

come

obvious

Thauburn, Moody's In¬

Service.

vestors

the credit

serve

•needs of small business.

Midland

but

Walter W. Jeffers of the National

wisdom

enterprise

States." -.v.;

summed up in the statement that

manship of the committee, on
provision will in no
which
the
banks
of
the
State
way impair- the
use
of Title • I
would have "proper" representa¬
facilities by responsible dealers.
tion.
From the "Times" advices
It will, however, deter the irre¬
we
also quote:
sponsible dealer who misrepre¬
In a statement to the
Council,
sents
a
product,
overprices
a
he said:
''
transaction, engages in other sales
X "We owe it to the patrons of our
practices which the vast majority
banks to know the essential prin¬
of
manufacturers,
dealers
and
contractors
regard as ' unethical ciples of sound exchange and
and against the public interest: sound credit between the nations
and to be prepared to express de¬
Moreover, lenders will be cau¬
tioned that they are to hold the pendable opinions about them.
"We should be very observant
dealers with whom they transact
Title I business, strictly account¬ of. the details of the new program

Cookman and John

with small savings accounts to go
;to the post offices and to the sav¬

Council

private

United

The

con

new

Noting that while responsibility
Bank;
Briant to
pass upon the credit of the ap¬
Hurley of the
plicant continues to be vested in
City Bank Farmers Trust Com¬ the
lending institution, the Com¬
pany; Harvey Fleetwood, Jr., and
missioner added that the new reg¬
Bowery

banking" regarding the

tions

He also stated:

"The

:■

conceived

upholding
the

delphia advices to the New York
"Times,"
which
reported
Mr.
Swarts as having told the Associa¬

disrepute and to de¬
public confidence in the
improvement program.

Savings

Great Britain have become great
and few

through mergers and con¬
solidations.* They directed people

and

into

turers

■,

plan is

ference to Congress "in the right
way." This is learned from Phila¬

operations of legitimate dealers, to
bring the products of manufac¬

stroy

the Dime

with

Monetary Conference at
Bretton Woods, N. H., and to as¬
sist in presenting "the considered
views of Pennsylvania
business

credit.

consumer

Nations

property

man

•

Aliquippa, Pa.,
Monetary Ex¬

The Committee's tasks will be to "boil down to brass tacks"
the
conclusions reached by the Unitec.^
•

dealers tend to discredit the

determined in the next ten years.

have catered to small business and
the

regular
some

ahead

decade

form

change.

Nevertheless, he pointed out, ir¬

Above

Lincoln-Al¬

the

Bank and Trust Company,

even

totalitarianism

of America for

Diplomas were presented to the
by Raymond N. Ball,

graduates
liance

take

;

ecutive Vice-President of the Woodlawn Trust Co. of
of the appointment of a Committee
on International

comparatively little abuse of

this

people

our

not

decade of determinism.

military duty.

urge

by default.

"The

their

written

Let's

think.

been

turn down

made

was

Philadelphia on July 8 by T. C,
Swarts, President of the Pennsylvania Bankers Association and Ex¬

;

banks in 26 States

Thursday, July 13, 1944

Conclusions Of Bretton Woods Monetary Gonf.
To Be Summarized By Bankers' Committee

of business, large
and small, in contrast with the British banking system was empha¬
sized by Dr. Harold Stonier, Director of The Graduate School of
work to be financed and to ex¬
Banking, in his address to the student body of the school at its tend
proper service to the cus¬
commencement exercises in the Voorhees chapel on the Rutgers
tomer."
campus at New Brunswick, N. J., on June 30.
^
;
Mr.
Ferguson remarked that
The annual summer session of**considering the tremendous vol¬
the school, which the American for by giving up his rights and
ume of business transacted under
Bankers Association conducts at responsibilities as a citizen and by Title I
during the last ten years,
Rutgers, closed on July 1; 471 becoming a fattened vassal of a amounting to more than
4,500,000
bank officers have been in attend¬ super State.
individual property improvement
ance at the session and
125 from
"That may be the way of the loans for
$1,800,000,000, there has

■

THE COMMERCIAL & FINANCIAL CHRONICLE

Credit Role Of Banks To Small Business

.i-C-v'-.M". ii»'.

the
of

American
the

republics

United

Nations
Relief and Rehabilitation Admin¬

istration, was announced on July
by Director-General Herbert H:

Lehman

Dr. Santos at

dinner

honor

Washington.

•

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4298

Volume 160

207

From

Recommendations Made For Post-War
Treatment Of

Accept 4th Term Nomitiatron
officers

constituents to cast their ballots

superior officers
is
the
ComChief and he, too,

have
in

mander

special dispatch to the New York "Times" from Princeton, N. J., on
June 20, which also had the following to say about the program:
The
program
represents the^findings of a regional conference However, declines in employment
vast majority of the American of the universities' committee on- in both of these groups were suf¬
people that you continue as post-war international problems, ficient to reduce total manufac¬
President in this crucial period of
which
Prof.
Ralph
Barton turing hours by more than a mil¬
in the nation's history.';
The decline in
Perry of Harvard is chairman, lion and a half.
I feel, therefore; Mr. Presi¬ held at Princeton University last total manufacturing time per week
..7- ■■■. in the durable-goods group aggre¬
dent, that it is my duty as Saturday and Sunday.
The findings of, the conference gated to almost 8 million hours."
Chairman
of* the
Democratic

officer—the

superior

his

has:

people of tfie United States.
I would accept and serve, but
I would not run, in the usual

■

partisan, political sense. But if
\ tne people command me to continue in this office and in this
■

as little right to
the soldier has to

I have

war,

withdraw

•

leave his post

«.

the

forces for 12

other Americans,

that

the

many

view

respectfully request that
the convention or
otherwise convey to the people

you

I believe that our ecosystem is on a sounder,
more human basis than it was
at the time of my first inaug¬

send to

view,

of the United States an expres¬
sion that you will

perhaps unnecessary to
say that I have thought only of
: the
good
of
the American
people. My principal objective,
as you know, has been the pro¬
jection of the rights and priviis

leges and fortunes of what has
been so well called the average
of American citizens.
V

many
years of public
.therefore,: my personal Cotton Report As Of
thoughts have turned to the day
July 1, 1944
when I could return to civil
The Crop Reporting Board
life.
All that is within me cries

After

out to go

back to, my home on
avoid pub-

the Hudson River, to

timates

the

cultivation

acreage

the

es¬

of cotton in

United

States

July
1 at 20,472,000 .acres,
responsibilities, and to avoid
also the publicity which in our which is 1,470,000 acres, or 6.7%
less than last year, and 7,717,000
democracy follows every step of
acres less than the 10-year (1933'..the nation's Chief Executive.
Such would
be my choice. 42) V average;" Assuming' 10-year

generation
and hour
'•:"
when our nation has been at7 V tacked, and when its future
But

this

7 chance to live in a day

the

and

existence

future

ex-

method of
at stake." 77 v

istencp of our chosen
'•7

government are

other countries.

abandonment an acreage
20,081,000 acres is indicated for

the

should

and

elements

Japan, -to bring home to the Japa¬
nese people the fact of defeat, and
to encourage the emergence of a
policial regime
willing to *cooperate on friendly terms with

enforce

lie

•

"The

character.

goods; groups,

economics

chaos

"6. If
in

the basis of

ceases.

war produc¬
particular industry
The opposition cries that

this

unfair,

ly,

is indicated for all States ex¬
cept California, where acreage -is
increased - 4%, and ■ in: Oklahoma,

indus¬

some

business.

The

smaller'

firms naturally are the first ones
to be released from war industry.
As

rough and exaggerated ex¬
Nelson feels that if some

ample,
little
the

fellow

wants

manufacture

undertake

automobiles'

Motors,

say,

re¬

leased for civilian production, and
the materials
are
available, he
should
is

permitted to do

Nelson's

that

attitude

It-

so.

General

Motors,

released from war pro¬
duction a year hence, would have
no trouble at all, in overtaking the

among

goods
group
averaged
$36.17.
While average hourly earnings in
all the durable-goods groups in¬

during

this war.
One fellow or
group is regimented and he im¬
mediately wants the other fellow
creased between March and April, or
the
other group regimented
drops in the average work-week too;
7'77/\:;,y.
.
77'
7
were

sufficient to reduce average

weekly earnings in all but three
of them.

that

..:7;77'77;-7777;7;7-

started
if

off

the

premise:
boys we

the

drafted

should draft the rest of the popu-1
lation. Back in World War I, we

"In the anthracite

mining, bitu¬
and metal
thought we were taking a revolu¬
the decline in
tionary step when we went in for
average hours per week also re¬
drafting
the boys.
This
time,
flects the observance of Easter.
showing how far we had ad¬
The relatively greater decline in
vanced, we gave not a second :
the average work-week in the
thought to that; we even drafted
anthracite industry than in the
them before we got into the war.1
others was due to the more wide¬
There followed the
agitation:
spread celebration of the holidays "If
you can draft the boys you
and to the fact that a large num¬
can draft the wealth."
-;7
minous

coal

mining,

mining industries,

ber of anthracite miners observed

With

the Greek Orthodox Easter week-

7;7 7,77 7

industry

drafted,

moved
rapidly towards drafting
week later
than the usually observed holi¬ labor, in an atmosphere of;"if it's'
fair for
one,
it's fair for the1
day.
Because of the drop of 3V2
other."
;7:;
hours in the anthracite industry,

lend

which

fell

one

and

equality, political,

economic

reforms

so¬
are

weekly earnings were $4.31 lower
April than in March."

' These reforms cannot
imposed from without, but

necessary.

must develop from

within.

attitude

If it prevails

matter

recon¬

it is going

of our get-}
straitjacket far

to make the problem

Letters To War Prisoners

be pro¬

seems

the

version.

There

is reason-to believe that such de¬

This

nounced

ting

wholeheart- Illinois/and Kentucky where ^ac¬ velopments are
possible
given
;,; Postmaster Albert Goldman an¬
edly,
unequivocally 7 a n d' | as reages. were reduced to aw- un¬ appropriate encouragement by the nounced on June 27 that the Post
quickly §s we can is our task of usually low. level last year as the :Victor;nations.'
Office Department at Washington
the first importance.
To win result of floods.
'
* 7'7
"7. When these refdrms have has received information from the
:
this war in such a way that
of the Provost Marshall
Of the important Cotton States, »been realized and Japan has given Office
there be no further world wars
Georgia has the greatest percent¬ satisfactory evidence of her in¬ General, Prisoner of War Division,
in the foreseeable future is our
age reduction withacreage 14% dention to cooperate with other War 7 Department,- j concerning
second objective.To provide below last year. In Louisiana and nations on peaceful ; terms, all changes which affect the instruc¬
;
occupations, and to provide a Alabama acreages are reduced discriminatory controls should be tions previously released regard¬
•7 decent standard of living f or
9%.
Texas, Arkansas, and Ten¬ ^eliminated.
ing mail for Prisoners of War and
our .men
in the armed forces nessee are down
7%, North Caro¬ / "8. Because of their importance Civilian Internees outside of the
:
after the war, and for all "Airier-- lina
in the field of military strategy United States. The advices state:
6%, Mississippi 5%,,Missouri
icans, are the final objectives. 7 4%,
"Japan requires -letters to be
and
South Carolina j 3.%;~ and civil; aviation, the future dis¬
Therefore, reluctantly, but as Plantings of short staple cotton position of the Japanese-mandated typed or hand printed in block
a
good soldier, I repeat that I increased in New Mexico and Ari¬ islands is of concern both to the letters and to be not more than
7i- will accept and serve in this zona, but these increases were United States and to other na¬ 24 words in length. The name and
>7, office, if I am so ordered by. the more than offset by reduction in tions.';; These islands should, not Address of the prisoner of war and
"/ Commander in Chief of us all— acreage of; American Egyptian be permanently allocated to the the name of the sender will not be
the
exclusive control of any one na¬ counted in determining the num¬
sovereign
people of the cotton.
7y-7;;/;\y•
V

that

a-fight between "big" and

"little"

Reduction in acreage from last

tries will get the jump on others.
It is described, more or less loose¬

cial

year

that

"Average; weekly earnings for world, if there is to be this sort :
manufacturing as a whole of bickering, our private enter¬
amounted to $45.56 in April.
The prise entrepreneurs ever again
in
the
durable-goods hope to have the opportunity to.
earnings
group amounted to $51.66, while do their stuff.
It is symptom¬
the earnings in the non-durableatic of our National attitude all

Japan is to be accepted
community. of nations on

the

the need for

tion

Japan,
it is essential that Japanese in¬
dustrial'; productivity
be
main¬

tained.:;-;-/-' ;:7 {7

soon

The largest de¬
the non-durable'
goods groups occurred in the ap¬ little fellow.
parel and textile groups which to¬
It is not for your correspondent
gether reduced their manufactur¬ to go into the merits of a propo¬
ing time by more than 4 million sition such as this. But the ques¬
hours.
777 7
77 7 ■'." tion does arise as to how in the
clines

"5. To
promote the economic
development of China and to pre¬

vent

total hours in

clines in each of the non-durable-

surrender

international

the
non - durable - goods
group
amounted to 7*/2 million hours per
week and was the result of de¬

average

harvest in 1944.

terms
be

decline

(Continued from first page)

before General

Miss Perkins further stated:

Japan should be limited to the
period and extent necessary to

militarist

dis¬

again respond
"2. Complete
military
defeat,
party and the
effective disarmament pending the
people. I am confident that the
establishment of a general secur¬
people recognize the tremen¬
ity system, and the elimination of
dous burdens of your office, but
colonies are necessary to prevent
I am equally confident that they
a recurrence of Japanese
aggres¬
are
determined that you must
sion.
..7 7'7:7"...; ;: •■ •
; 7:;
:p
continue until the war i§ won
"3. The chief guarantee of longand a firm basis for abiding
run
security in the Pacific is to
peace among men is established.
be found in a general security sys¬
:; $ 7
;
Respectfully
; •,
tem and a strong China.
Robert E. Hannegan.
"4. The military occupation of

r. service,
4

designed

to the call of the

uration.
It

the

credit

would

general,

th^oregoing, I

nomic

your

777,

the world

continuation

.leadership.
*

and

nation

the

need

years—three times

point

well

country
constitutional system.
From the personal

•

Democrats,

rank and file

the'people of this
under the American

elected

provided
by
the
Cairo
com¬
munique, the conference agreed to
the following:
"1. The terms of peace should,

it is the solemn belief of the

armed

mander in Chief of the

to you

personal—purely personal.
For myself, I do not want to
run,
By next Spring, I shall
have been President and Com-

;

National

the delegates

your

■■ 77' ' 77Committee to report include:: s7':,;f.7'7 -'7
the fact that the national 7; "Using as points of departure
principles of unconditional
convention will, during its de¬ the
liberations in Chicago, tender to surrender and the total dissolu¬
tion of the Japanese Empire, as
you the nomination of the party

in the line. 7
time; I think I

same

right to say to you and
to the coming
convention something which is
have

study of the problems of the Pacific area, it was made known in a

nomination as PresL
dent of the United States.
This
action in the several States is
a reflection of the wishes of the
for

President

The
;

Japan By Conference

Eight recommendations for the post-war treatment of Japan were
made public in Princeton, N. J., on June 20 by 40 scholars in the
field of international relations, who have been collaborating on a

(Continued from first page)
J

Washington

Ahead Of The News

win this war

out

the

more serious.

occurs

that,

had

neurs

entrepre¬

show

better

some

enterprise

private

our

that

genius,

private., enterprise

now

they

Instead

leaders

have before.:

never

conniving

keep

with

labor

unneeded

war

plants

against

operation

production before the

others

can

should,

couraging
of

returned,

production

war

they

think,

fast shutting

regardless

fight

firm's being returned

one

civilian

the

en¬

down

is possible,

inconveniences

■

United States.

The

Very sincerely yours,

total

acreage

planted

is esti¬
FRANKLIN D. ROOSEVELT.
mated at 14.000 acres, which is
The following is the latter ad¬
only 10% of the 141,700 acres
dressed to the President by Mr,
planted last year.
A negligible
Ilannegan:
•.7: " "'7 7. 77
:.! acreage is planted to Sea Island
;Dear Mr. President: •;
;

;

behalf of the com¬
present for-its con7 si deration a temporary roll of
r
the delegates for the national
7 convention, which will convene
in Chicago on July 19, 1944.
duty

mittee

•

of the Demo¬
cratic National Committee, it is
Chairman

;

American Egyptian cotton

has
received from the State officials
The

committee

national

ication

certif-

of the Democratic party

State conventions,

maries

those

select delegates
Based

the

and the pri
States

which

in that manner;

these

upon

officials'

the

National

certifications

action

.the

Committee; I desire to report to
you
-1

that more than a clear ma-

bound

the

action

their

"The

United States

Factory Workers' Hours

United

in the letter.

addresses

States

letters

prisoners of war and
civilian

And

increased

plantings

except

vented.

pre¬

oner

Holders

Republic of Guate¬

mala, Debt of 1927, 8% bonds due

May

1948,

equipment and automobile

ceived by

that

may

financial

successor

these

bonds

full

and

agent,

arrears,

terest

par

interest

all

together with accrued in¬

from

30, 1944.
terest

has

all of

outstanding

payment

May 1, 1944 to June

Total principal and in¬

payment

$1,453.33

per

will

$1,000

amount

to-

Re¬

bond.

demption will be made at the trust
department of the bank, 48 Wall
Street, New York 5.
to

letters

from

receive
the

re-

Greek prisoners of war

notified

being

received funds to redeeem

who

corresnondence

are

that the Schroder, Trust Company,

war.

"The German authorities restrict

slightly longer work-week was
reported
in
the
transportation
groups.

Redeem Guatemala Bonds

internees,,

Earnings Announced

decline in the average work-week.

particular individuals.

for

ber of words
'

generally, should contain (1) rank
(in the "case of a prisoner from
the armed forces) and complete
cotton this year.
4
7 7
A shorter average work-week,
'name (including the middle initial
The reductions in cotton acre¬ coupled with a decline in employ¬
or middle name), (2)
prisoner of
resulted
in 1572
million
age in 1944 are attributed partly ment,
'war
or
internee
number
(if
,fewer hours of manufacturing time
to excessive and continued rain¬
known), (3) name of the armed
in the mid-week of April as com¬
forces with which a military indi¬
fall and low temperatures at seed¬
pared
with
the
mid-week
of
vidual was serving or nationality
ing
tinie,: particularly in the March, Secretary of Labor Frances
of a civilian internee, (4) the place
Perkins reported June 25.
"The
.southern part of the belt.
of internment."or camp number
Also there were fewer, laborers average number, of hours worked (when known), 75)- country in
per man, per week in April de¬
which- camp or place is located,
available for cotton chopping and
clined to 45.0, reflecting obserand (6) the words 'Via New York,
harvesting which cut acreage as vance of the Easter holiday," she
N. Y.\
•
7 ;.
said. Secretary Perkins also stated
a whole
or brought about a shift
"With regard to books for prison¬
that "each of the durable-goods
to crops requiring less hand labor.
ers of war and civilian internees
groups reported fewer manufac¬
The reductions in cotton plantings
confined in enemy-occupied coun¬
turing hours:In each case the
tries, only one package of books
appear to have been more pro¬ drop
in total hours reflected a
may be sent every 30 days from
nounced on the larger farms, as drop in employment and in all but
the same sender to the same pris¬
two cases it was coupled with a
many
small farmers maintained

the delegates to the
where the adverse weather
national convention are legally

jority

tion, but should ;be placed under
international control."
; ?■

dressed."

cards
the

from

persons

required

prisoner

forms

war

ad-

not be a money- needs help.
We. have thousands,
But it is also certain of technical and business men in
future requires ithe United States who are able to
that We, in .cooperation .with Rus¬ Ifurnish that 'help.;- But .the1 busi¬
sia
and
the
Chinese,., maintain ness men in particular want to be
that

Post-War

Development Wallace Declares

Colonel Knight and
Lieutenant Golkowske, the navi¬

knowledge and all our Amer¬
ican readmess to think out new

by Captain Wagner, and
the cheerful, efficient work of the
rest of the crew made it possible
to travel on schedule in spite of

ways

when

gation

Pacific.

as a

trip one which I will
pleasantly. We traveled

our

remember

miles."

interesting

23,000

item

bearing

President's vi.s*t to

on the ViceChina and Si¬

in our J uly 6 is¬

beria appeared

107.

sue, page

delivered by ViceWallace in Seattle, as

The address

President

fol¬
Z'-:''-'//

reported by the United Press,
lows;.

■

Text of Mr. Wallace's

Since

America

left

Asia

viet

weeks ago, I have

seven

two

visited

countries—So¬

great

China.

and

have not

the threshold of these
countries like a stranger.
I have
been honored with the confidence
stood upon

working to shape
their countries' destinies.
I have

of those who are

been

privileged

.^r•

Today I want to tell you some¬

thing

experiences

the

third

that

vinced

place; I
main

Russian is

which

both
the

and

way

be in the

new

;

■

About two-thirds of the work

X;/;'-/X/--'/

means

and

prosperity

world that I

the

glad

give

America

post-war
return

on my

impres¬
of the manifest destiny of

sions

This

Coast

it has

•

relations with

our

West

American

other

increased

long held back by

we were

develop the power inherent in

the

Asia

ncrease

China

and

will

Northwest.

our

All of this I knew in
ical

greatly

the population and pros¬

perity of

theoret¬

going to Asia.
as much of the

before

way

+/•-;,/

After having seen

industry and agriculture of east
Asia as any American has seen in
such a short time, I am more than
convinced that

ever

ing

"era

cific

the

will

era

called,

Pacific." X

characteristic

One

enter¬

we are

might be

what

.upon

the

Pa¬

building

in parts of the
very thinly inhabited.

great

airports

world

now

The extent to which the Russians

have
and

already developed

runways

servicing for airolanes in east

•

found American

landed

;■-:■/ XX

-bp'-,;.

///;+;

It is
20

quite possible that for 15 or
years
after this war the air
Acia

**oute-

resources

Fairbanks.

P^PORTPD

MEMBERS

THE

COPPER

{Refined
Stocks

Deliveries
U. S. Duty

Production

1°40_

Y*ar

Refined

tDomestic

Export

Period

836,074

1939....

Year

End of

to Customers

♦Crude

Free Copper

Year

...

818.289

814,407

134,152

159,485

Stock Increase ( +)
or

Decreases

130,270

17,785

992,293

1,033,710

1.001,886

48,537

142,772

1.016,996

1.065.667

1.545,541

307

75,564

—48,671

1.162.344

1,135,708

1,635,235

inA?_

1.194,609

1,206,871

1,643.677

52.121

6 MOS. 1944_

5«8.355

5^.845

844,817

42.467

1943__

100,466

105,589

128,631

55,097

97,413

100,077

147,135

53,726

98.313

141.111

16,713

—41,417

1041-

,Julv,

All*., 1943

98,867

65,309

45,844

Pep.,

1943-

CM;.,

1Q43._

102,589

97.274

128,212

47,148

Nov., 1943
Dec.,
1°43_

'99.340

102,136

138,881

52,027

98,568

104.^44

115,850

52,121

95,424

92.78 L

101,779

45,800

87.128

124.532

36.489

Jan.,

1°44_

Feb.,
Mar.,

1044.
1°44_

101,289

99.113

156.083

37,259

Aor.,

1044-

fp5(7>7q

95.980

155.877

38.382

95,^13

?Mav,

•

1°44

94/24

99.580

155.714

37.074

June,

1944-

83,526

93,958

140,932

42,467

♦Mine or
♦

rmelter profusion

Beginning

domestic

March,

1941,

67,208

16,636

■

—f2.172

includes

deliveries

duty

paid

10,255

1.510

13,188
9,654

—

5,133

610

—

2,664

1,371

534

5,315

1,304

—

2,796

4,879

—

6.076

9<i

2.643

6.321

8,585

—

2,171

770

2,501

1.123

3.956

•

5,432

foreign

1,308

5,393
scrap,

copper

for

consumption.
refineries,

consignment

ICorrected figures. *

and

]

convinced that China and the U. S.
S. R. will take the necessary steps

continuing peace and to

the Pacific to the benefit of all.:

warehouses,

but

not

including

Asia is the center of the greatest
land and population masses of the
world.

business

our

Russia

China

and

information
standard

the

will raise

living

all

our

;,';y.X. XX^xX. '/X/XZ■

peoples.
I

j found
the leaders in both
Soviet Asia and China anxious for

the

most

friendly
United

the

raised.

relationship

States

Causes of

Failure

moved.

selves with

and

ex¬

war

can

re¬

our¬

concern

problems of this sort

World

after

War

Trade is not

are

'X-"./ XX/^-X :

affair-

one-way

sometimes direct and
complicated. It seems
evident that credits will have to
it is

swap,

sometimes

finance economic
east Asia.
But
must be repaid, and

development. in
those credits
the

costing

today hundreds of billions, of dol¬

most

satisfactory

to re¬

way

is with goods.
So, speaking
particularly of China, we should
pay

to buy as well as to sell.
typical commodities as wood
oil, silks, tea, hides, and metals,
which formed the bulk of China's

plan

Such

exports

basis of

the

Chinese,

panding

war,

ex¬

the

export

United States after the
There is

the

before

* us

form

should

and

both
goods and

the

which

/X.-X " /

they

be employed to

glad to say that I found
among those with whom I talked
an outspoken desire for good un¬
derstanding, and personally I am
am

to insure

steel and

which

aluminum

made:;'

war.

great future for trade
ourselves.

east Asia and

between

this to pass will take
sympathetic understanding
other's, conditions and a
far-sighted determination to make
To

bring

only

each

should

what

trade

be—a

mu¬

tually beneficial transaction.

Day after tomorrow I hope to

report

which I

can

say

rapid

found

Asia

eastern

But
that everywhere I went
discuss here.

not at liberty to

Roosevelt;

President

certain definite facts

Even in Mongolia, one
of the most remote regions of the
changes.

world, I found that the changes

20 years had been very
life.
The United States, to¬
V"''- ■'X/X great.
To avoid a recurrence of the gether
with Russia and Great
and railway repair shops, Amer¬
scourge of war it is essential/ in Britain, has a profound interest
ican machine tools in shipbuild¬ so far as the Pacific basin is con¬ in the rapid, peaceful change of
ing yards, American compressors cerned, that relations among the eastern Asia to the more fruitful
and electrical equipment on Soviet four principal Powers in the Pa¬ use of her vast natural and hu¬
naval vessels, American
electric cific—China, the Soviet Union, the man resources/,/./;.• /
-/ •;, :/:-■ • ; / Z / /
shovels in open-cut coal mines, British Commonwealth and the
; Here is a great new frontier to
Soviet

Far

American alu¬
minum
in
Soviet
airplane fac¬
tories, American steel in truck

lars

American

United

East,

drills

core

copper

mines of Central Asia and Amer¬

ican

and

terrible toll of human

and

cordial

States—be

collaborative.

f I found the people, both in po¬
sitions of management and at the

work benches,

appreciative of the

aid rendered by the United States
other allies.

and

;/'/.'X:

While it is
any

misleading to make
comparison between the huge

Soviet

industrial

effort

been

able

the

and

amount of lend-lease aid

have

the USSR,. I
by what I saw in
Siberia
and. Central, Asia
that
lend-lease has helped the Russians
in many difficult and even critical
situations on the industrial front,,
as well as on the military front.
;On the rich irrigated land. of.
Central Asia a strong cotton in¬
dustry is being rapidly developed,
At Tashkent, a city of a million
am

give

convinced

industry
this

ancient

ture.'

also

was

seat

Modern

flourishing
Eastern

cul¬

X/XX'X/.;//;/

Tashkent,

not only excellent

scientific work

with

apples but also the begin¬
nings of a moving picture indus¬
try which may make Alma Ata

Seattle

which

the

planes perform¬ ;
Post-war stability/in China is
ing strategic transportation func¬ dependent upon economic recon¬
tions in supplying remote bases.
struction—agricultural as well as
;

the past

trucks- and

way

can

much

furnish

Our.

leadership.

cooperate :;-v with Russian and Canadian scientists in*
must

scientists

learning how to lick the problem
in of the permanently frozen ground
trade. sof Alaska,.Capada an&the north.of>
It became clear to me during my Siberia.
We must exchange agrit f
visit to China that reconstruction cultural and weather information*)
is going to depend in large meas¬ I have found a splendid dispo¬
ure
on
imports from abroad.
It sition on the part of Russian sci-*)
will require technical and
ma¬ entists to cooperate in agricultural/
terial assistance from us given on matters and a frank readiness on f
industrial—and

China

reconstruction

dependent

businesslike basis,

upon

///XX/'X

the

Chinese administrators
America's position as
China's
in
discussing
economic
cooperation.

the part of

We hear much about industrial

I found

reconstruction in China/

.Chinese/ anxious for. indus¬

consider

well

future;

;

/Z'X/r- X-•/ZXXX

The American business man

reconstruction:— ag¬
rarian reform—because China is tomorrow

agricultural

predominately a nation of farm¬
They are good farmers, as I
observed during my stay .there,
ers.

but

world

have

should

broad

outlook.; I have faith that

American;
will confer

economic
on

leadership

the Pacific region a

need a break—a new
great material benefit and on the
'
VV. 'X:X;./Z '<
X'w,,;X:
The new
China should make the neces¬ world a great blessing.
they

deal.'

reform, but we can help by

sary

furnishing technicians and scien¬
tific information and, on the trade

agri¬
fertilizers

level, by selling the Chinese

frontier extends from Minneapolis
via

the

coast

States

and

Alaska

through Siberia and China all the

way to central Asia.
Here are
of vast resources of minerals and
course, China should make these
man-power
to be developed by
products for herself,
/
I democratic, peacefulmethods—
China should be self-sufficient
in foods, but I can foresee that for the methods not of exploitation,

cultural

implements,
Ultimately,

insecticides.

and

many years

tinue

import

and anxious to enter the machine

age,
turn

she has not yet been able to
out,

either

modern

materials

heavy

goods,

war

than
This

small fraction of her needs.

situation

should

not

long

continue.

China,
people
should

play
the

and

her

sooner

her
great

450,000,000
resources,

later produce

large portion of her requirements
in the way of heavy and light in¬
dustrial goods and also consumer
goods.
But to modernize he*- in¬
dustry and train her people China

imoortant

China

part

the future

the

it has in

The

industrialization

China

machines, and the
material's of which machines are
will

require

During

recent years

our

facili¬
ties for the oroduction of steel
and machinery.
These will be in
demand in China to produce the
consumer
goods which will be
needed
by
the masses of East
West has

been developing

Asia.

Machines for land,

ning this war.
can

China of the past.

made.

with

trialization./ China should be in+ This gives me great hope for the
dustrialized, but any industrializa¬ Jong future.
tion of China,must be based upon

the Chinese will con¬ but on the contrary, the more,
food products
profitable
method
of
creating
from our West—wheat, flour and
higher living standards for hun¬
the Hollywood of central Asia. fruits, for instance.
In fact, it is
Located at the foot of the Tien not
unreasonable
to
anticipate dreds of millions of people.
It was a wonderful trip.
Shan—Heavenly Mountains—the that, with an increase - in the
I am
city is blessed with a superb cli¬ standard of living of China's con¬
grateful to the President for giv¬
mate—almost as good as that of sumers,
a
healthy exchange of
ing me an opportunity to talk
southern California.
food products peculiar to China
China is totally, different from and our West will develop and .with people in every walk of life
Soviet Asia.
While she is eager endure. Northwest lumber should in Asia who are aiding us in win¬

9,311

+
—

7,882

•

shipments, and custom intake including

exchange
consumers' <+.orks at, their plants or warehouses.
tAt

(—)

Refined

Blister
+

Year -1942—
y«sr

farthest
point west, we turned east to
Alma Ata, my last stop before
entering China.
There I found

UINSTITUTE
(In Tons of 2,000 Pounds)

STATISTICS

„

flour in the

best in the United States.

me.

dozen

Summary Of Copper Statistics

COPPER

,•'

•,

and

States

heard.

The Copper Institute on July 11 released the following statistics
pertaining to production, deliveries and stocks of duty-free copper:
SUMMARY

has

people, I found experimental work
in cotton which for its originality
and practical - effectiveness com¬
pares
most favorably with the

amazed

China

between

pressing the utmost confidence in
the leadership of President Roose¬
velt.
Living standards can be

given
admiration for

United

the;

From

Latest

with

airports in So¬
viet Asia, the names of which not
one in a thousand Americans ever

Asia

nerhaos

guages, cultures,
anr) economics of the Pacific.
our

are

Russia.

great

viet

areas

of the lan¬
history, politics

lend-

under

both

This' spirit is

study

We shall need all

obtained

The way in

exemplified, not only in your
active peace-time trade with Asia,
but
also
in
the
University of
Washington, where for several
years
you
have worked on in¬
the

most
lease.

the

and

States

well

tegrating

everywhere I
found American machinery, some
purchased before the war, but

in Soviet Asia

had before,

of the North Pacific.

factories

duction

new

and I am
glad, returning from Soviet Asia
and China, that Seattle is my port
of entry.
No city is more Amer¬
ican
in
spirit and action than
Seattle.
But no city has shown
itself more alive to the importance
of

....

the

can

give to our Pacific
importance greater than

ever

women.

being done by
<//.X;:-X: ;VX'X)

which Ameri¬
East of Asia,
'/
industry through lend-lease
/•+/ /./- /•; ;X /ZX/X"'
has helped Russia, to expand pro¬
Here in the Northwest United
the

will
an

the factories is

much to the peace

area

one-third of the work

farms and

rapid agricultural and in¬
development of this great

dustrial

world of -the North

eastern Asia.

China

and the U. S. S. R.

both
Russia
people producing to the limit in friends with
factory and on the farnu- -China and exchange with

these

sees

Within

conflict

great areas at first hand for him-, the
self.

development after this war—new
enterprise, new investment,''new
trade, new accomplishments—will
Pacific and

there.
.>
Everywhere from Magadan on
the Pacific
Ocean to Tashkent,
central Asia, I found the Russian

American

any

who

understand

move

for

easy

Chinese

likelihood

seeable

fore¬

exchanges \ among the nations of

east

Asia,

outlay, that there is

sary

Siberia with their fac¬

the

tories will stay

The

before they lay the
foundations and make the neces¬

the timber,

ships, and

They want to

thing.

one

certain,

promote cultural and commercial

moved

meet are wrong.

east of the
people who

never

con¬

Amur

the southern

of her industry

shall

area

convinced
the

Most

the

result of "her experience
with this war, will certainly shift

sia,

Urals.

past weeks..
X: Xvv
In the first place, I am

than

saw

part of that area there will be a
great increase in population. Rus¬

much

rivers. But more and
perceiving the im¬
today portance
of
strengthening
our
more than ever an American. The
West and
especially our North¬
more-1 examine other countries,
west. Thanks to men like Norris,
the more convinced I am that the McNary, Bone and Roosevelt, the
American way of life is the best Northwest
during the last ten
way for us.
In the second place, years has rapidly expanded. This
we
can
and should fit our own
expansion must continue to the
way of life to cooperation with limit of its agricultural, industrial
other nations and other peoples
and
commercial v? potentialities.
whose way of life is- different This includes Alaska, which has
from ours, but who need our co¬ not yet begun to measure up to
operation quite as much as we its possibilities. Our growth must
need
theirs, and are not only be not merely in terms of our¬
willing but eager to cooperate selves, but also in terms of Asia.
with US. ;
V/tX\
Vigorous two-way trade with So¬
my

River region that in

link

people.

what

from

unfair freight rates and by failure

behind

look

the scenes, v.;-.

West

our

increase

million

when

the east of Asia.

The

above

than doubled in
is quite, possible
50 years will see a

further

come

Those who say that east is east
and west is west and that the two

Address

skies

the

and

with

during the last

that the next

in the

war

the
cleared of Japs
and our boys, coming home from
Tokyo, will land at Seattle, Port¬
land, San Francisco and Los An¬
geles. Then we shall think more

secretary. Sergeant
Robitaille had much to do with
making

the

has

population.

sure

Asia

strategic position to produce for
the east bf Asia-airships and sea

route.

years

problems

new

won

day will
Pacific will be

"Captain Knowles very kindly
pinch-hit

have

The

bad. weather.

some

tackling

national

Soviet

one.

our

such

(Continued from first page)
piloting

transportation will also be needed:
Our
West
Is in a particularly

will

Alaska,
making

North Pacific And Eastern Asia Main Area Of

Thursday, July 13, 1944

THE COMMERCIAL & FINANCIAL CHRONICLE

208

sea

and air

With victory

continue to work together in

peace.

ard

We want
living

want full

higher stand¬
America.

production/ jobs for

We
our

boys,who come home, and peace¬

time jobs for those who are now
employed.

Trade

with

Russia

and China will help keep the fac¬
tories of America busy in the days
that
way.

lie

ahead.

are

our

.Volume 160

Number 4298

THE COMMERCIAL & FINANCIAL
CHRONICLE

II. S. Severs Relations With Finland

Finnish

—

Limiting Federal Taxes To 25% Opposed By
Treasury In Memorandum

Diplomats Leave U.S. On State Department Order
A break in the relations between the Governments of the United
Finland was revealed on June 30

States and

ing to which the Treasury contends that

Government

mitted

has

the

"formally

world

now entered a hard

tary

that

has

and fast mili¬

partnership with Nazi

Ger¬

irrevocable throughout the
•war, for the purpose of fighting
many

the Allies of the United

alliance

with

the

United States.
the note that
esteem

States, in

enemies of

It is also

the

stated in

"notwithstanding the

which

have

people

the

held

American

the

people of
Finland, further relations between
the

Government

States: and
Finland
note

the

United

Government

are now

further

American

impossible."

indicates

Charge

This

action

the

d'Affaires

came

math

weeks

ago, when,

after¬

developments

several

because of

ac¬

tivities, termed by the State De¬
partment as 'Tnimical to the in¬
terests of the United

soon

leave

the

possible.

country

Later

June

21, the State Department disclosed
that Minister Procope was on his

home

way

also

were

the

two

legation counselors,

? ■"

Mr.

Procope's wife, who is in
health, remained behind with

ill

that

has

entered

now

the

course

established

procedure of

moving discrimination against risk
capital. In the view of the Treas¬

responsibility

for

must

rest

quences

the

The
not

American

conse¬

solely

Finnish Government.

>.<'

■

the
the

Federal

children.

"The

State

nouncement

ing

State

advices

infiltration of German troops into

merce"

Finland, with the consent of the

and

local

the

Department's
June 21

an¬

the de¬

parture of the Minister said:
'

"The

Department of State has
completed arrangementsf for the
departure from the United States
of Hjalmar J.
Procope, lately Min¬
ister of

Finland, and of Messieurs

Vahervuori

into

reduced

the

Republic

condition

Government

Finland

puppet

the

Nazi

Germany.
This

necessarily

changes

the

status of the Finnish Government.

States, up to the pres¬
ent, has taken every opportunity,
publicly and through diplomatic
representations, to warn the Fin¬
nish Government of the inevitable
consequences of

Government of the United

States must take into account the
fact that at this decisive stage in
the combined operations of the

military, naval and air forces of
the

United

States

erations have
the

the

relations

the

panied by his family.
"The Department has

the American people have

people of Finland,
between

the

furr
Gov¬

ernment of, the United States and
the

Government

Finland

are

impossible.

The American

charge d'affaires

Helsinki has therefore been in¬

request from Mr. Urho Toivola, structed to request passports for
lately a counselor of the Finnish himself and for the members, of
Legation .who has-been expected his staff and their families.
to depart from the United, States
The American Government is
with Mr. Procope and Messieurs
requesting the Swiss Government
Vahervuori and Solanko that he to assume
immediately the repre¬
be

permitted

remain

ness

Mme.

this

the serious

country, owing to

Toivola.

This

■"■v

sentation

the Finnish

re¬

Accept, Sir, the renewed assur¬
ances of my high considerations.

Charge d'Affaires,

given in the New York "Times"
of July 1, follows:
as

June

interests

in Finland.

Secretary Hull's note of June 30

American

ill¬

quest has been granted."

30, 1944.

CORDELL HULL.

June

27,

Government

1944, the

Press

dispatches

from Washington, on June 27, had
the

following to

Finnish

say

Minister:

regarding the
V
:y7'777/■
,

made

announcement:

"The

the

following

German Foreign

[Joachim]

Finnish

von

Minister

Ribbentrop

has

concluded his visit to the Finnish

Government.

terday

was imposed late
Procope—Finland's

called

was

matic

land's expressed desire with re¬
spect to military aid. The German
Government has declared itself

prepared to comply with this wish
the

Finnish

"The

Government.

discussions

conducted

between

the Finnish

which

ment to

the Constitution limiting
the Federal tax powers. The
pro¬

posed-:: amendment

the President

Republic

[Risto]

Ryti and Foreign Minister [Henrikj Ramsay on one side and the
German

other,

Foreign Minister

on the
sustained by the spirit

are

which

has

radeship

its

roots
arms

the

between

com¬

the

armies and the existing friend¬
ship between the two peoples.-

consists

repealing
the
Sixteenth
Amendment
(income
tax);
a
clause
reinstating
that
amend¬
ment with a proviso that "in no
shall

case

the

maximum

rate

tax exceed

25%"; and a clause ap¬
plying similar limitation to taxes
estates

and

gifts. 1 Some, but
not all, of the resolutions
provide

the

State

break

with

Finland,

ex¬

tended also to three counselors of
"he Finnish legation and to the

families
The

of all four

diplomats.

action, regardless of the in¬
which

American
increased

caused

Finnish

"heir lowest

it,

brought

relations

It aoparently
probability of a

point.

the

complete break with Finland, al¬
though the United States Govern¬
ment

the

proposed

for

sponsors

amendment

states

$148,445.06 annual installment

World War I debt to this gov¬

has

thus

far

avoided

that

final

rupture in every crisis. It
has, however, accused Finland of
olaying the German game to the
detriment

thus

formally

admitted

the

have

his

letter

said:

the

the President

"Among

com¬

made

the

tions of this

war

greatest inspira¬
to the American

the

purpose

lists

six

involved:

key

the

memory
of
the
great
courage
which the men, women and chil¬
of the City of

issues
7 •

dren

Chungking

have .^displayed
of siege

durihg the long
and repeated at¬
tacks. By their fortitude and en¬
durance the citizens of
Chung¬
period

king

by adopting the limitation pro¬
posal?
; '
up

have

won

place

the

heart of every American.
"In
recognition of the

How far could revenue losses

contributionwhich

recouped

by tax adjustments
not barred by the
proposal?

people,

What would be the combined
etffect of these tax adjustments

the

and

zens

great
Chinese

the

particularly the citi¬

Chungking, have

war

made to
efforts of the United Na¬

tions, I now send to you the en¬
incentives; upon closed scroll.
The stand which
business activity and
employment, your people have made against
business

upon,

and upon

the fairness with which
the tax burden is shared? :, .7 '7' 7
4. How would these Federal tax

adjustments

see

affect

the

forces of aggression has set
example for all the friends of

China, and I hope that you may
fit, in presenting this scroll

revenue

of State and local govern¬
ments? The use of Federal
grants-

sources

in-aid?

convey my expressions of the
very
real

Is such

maintaining
the
unques¬
standing of the Fed¬

"In

the

eral Government? With maintain¬

standing

Chungking, to
ex¬

ists between our two nations
and
which will contribute in no
small
measure to an earlier
victory." 7
The text of the scroll follows:

limitation of the tax¬

credit

citizens

friendship which I feel

ing power consistent with a pol¬
icy of reducing the national debt?
With

the

the name

United

present

State

the people

States

scroll

this

America, I
the City of

Chungking

governments?

•

mat here

is Alexander Tres-

per

leff, the legation's secretary. This
corresponds to the level of rep¬

the

United

United
the

maintained

mund

the

States in Helsinski where

Gullion,

officer

with

the

even

secre¬

States

and its allies and only two weeks

Procope
the

,.<'77V;>'^9'

.:,v

the

country

77 ;7 .'V't

leave

O. Vahervu¬

Toivola

and

Risto

'7.7:7.7

Associated
from

request

were T.

ori,
Urho
Solanko.

7-'

Press

Washington.

stated: ''

dispatches

-'.-7:-:

June

today

Secretary of State

Hull declined to disclose the
spe¬
cific matters which led him to
hand
Hjalmar J.

Procope, the
Minister, his passport last

Finnish
week.

specific

questions about

dismissal

would

the conduct of the

retary added at his
that

ence

the

must

answer

Minister's

harmful

war,

the Sec¬

press

put 84 Finnish business

nolitical

interests,

con¬

confer¬

always keep

in mind that the
pro-Nazi Finnish
Government is actively
on

the

side

the

adjusted

fighting
Germany and has

Finnish

policy

and

ac¬

Government.

The

activities

Chungking, I accept this

re¬

dismissed
Only two days b^ore this latest Finnish
diplomats, Mr. Hull de¬
develooment of Allied
pressure, clared, must be viewed in that
the Finns had paid the
regular light.

scroll

expenditures, applicable

in years of

revenue

maximum

would

involve
Excise

revenue.

by creating a
grant-in-aid.

further
tax

rev¬

enue might have to be expanded.
Adjustments to income and busi¬
ness taxes to improve their incen¬

tive

both

less

sensitive

siderations.

progressive

con¬

tion if the 23%
der the 25%

come un¬

mean

25%

volve

other

handicap

doubtful

adjustments

business;

Federal credit. This would im¬

Federal

unlimited

limitation would

would

unused

Replying to the charges that the
Government through its

very

from

power of taxation en¬
dangers the nation, the statement
adds: "The 'power to
destroy' of

this and the other brackets.

The

Govern¬

would dangerously re¬
adaptability of the Fed¬
eral Government to
changing cir¬
cumstances and
emergencies, the
Treasury concludes.

ceiling, it is pointed
revenue

Federal
reserve

Federal

stitution

bracket had to be

considerable loss in

the
no

duce the

income taxa¬

substantially reduced to

barrier

pair State and local credit. Writ¬
ing tax legislation into the Con¬

Under the progressive

of personal

system

would

taxing power (as the proposed
limitation would do) would weak¬

and

incentive

leave

ment with

effects would probably have

come

fields

and local tax systems.
The limi¬
tation would also
handicap States

appreciably below the 25%

loss of

other

debt, deal a virtual death blow to
ef¬
high prosperity:
forts to coordinate
Federal, State

Restoring some progression by
pushing the
initial rate
(now
23% )

in¬

that ! which advocates
is

| limitation complain

that reductions

the

proposed

cannot well be

in ;
separated from effective govern¬
individual income tax and even
ment. A government whose
pow¬
more
doubtful that reductions in
ers
were
so
limited that their
death taxes would provide incen¬
misuse could do no damage would
tives sufficient to offset these de¬
be a government so weak as to
very

terments.

While
the

to reduction of the national

out that this would

Asserting that
to

would

to be abandoned. Taxes would be¬

United States foreign policy was
discussed in both Houses of Con¬
gress

for

enue

rank

which

rates

priceless symbol which they
quired by the proposed limitation,, will hold forever in
gratitude and
it would probably be impossible reverence."
to bring about any excess of rev¬

charge of Ed¬
foreign service

legation is in

people

bracket income tax and death

tax

now

man

has

opposing

Treasury, in its statement fighting spirit has been the vivid

amendment,

of the
United Na¬
Both the scroll and a let¬

as
a
symbol of our
admiration for its brave
"inimical"
6. Is it wise to freeze
men, wo¬
any spe¬
activities was not disclosed and
men and children.
:7y;?'v
cific
figure
into
constitutional
officials flatly declined to discuss
"Under blasts of terror from the
law? '
-;77;Vi75^7^7:^% air, even in the
the ground for the accusation.
days before the
In consideration of these
issues, world at
Ever since Finland became in¬
large had known this
the Treasury offers these conclu¬
volved in war with Russia and
horror, Chungking and its people
sions.
The
proposed
"Twenty- held out firm and
Great
Britain
three years
ago,
unconquered.
second Amendment," indorsed
by They
Minister
Procope
and
legation a
proved gloriously that ter¬
number of State
Legislatures, rorism cannot
aids have been forbidden
by * the
destroy the spirit
would preclude peacetime rates of
State Department to engage in
of a people determined to be
free^
income and death taxes above the
Their
propaganda activities on behalf of
fidelity to the cause of
levels of the 1920s, it points out. ^
their
freedom will inspire the hearts of
country. They have been
If
free to answer questions put to
pqst-war - tax
adjustments all future generations."
them by reporters, but could not were limited to repeal of the ex¬
Acknowledgement of the 'scroll
cess profits tax, excise reductions
initiate statements on their own.
was
made
as
follows
by
the
Since the Finnish legation re¬ scheduled under the Revenue Act Generalissimo:
W
of 1943, and the reductions of up¬
mains open, Finland's top
diplo¬
"Representing the

Mgh

Government

rendering the States
pletely subservient to it."

local

blacklist.

the

ernment and the German Govern¬

Finnish

and

the

tions to suit the aim of the Ger¬

The

shek.

ing

nature

cerns, many of which represented

ment."

the

sent

thereon were pre¬
by Mr. Wallace on June 23
Generalissimo
Chiang
Kai-

taxation to destroy the American

and

The

"Complete agreement and un¬
derstanding were reached on all
points between the Finnish Gov¬

ago

was

scroll

bearing

system of Government by concen¬
trating all power in Washington

the debt

$9,000,000,

China
a

efforts

ter

tioned credit

is about

sented

people
war

through

ernment, maintaining their record
as the only people still
paying on
such obligations.
The balance of

The three counselors of
legation
who
were
included
with
Mr.

The unprecedented action which
not involve an actual diplo¬

cident
were

and "to deprive the Federal
Gov¬
ernment
of
the power

tary. y.v

did

Fin¬

further

yes¬

Depart¬
ment, handed his passport and re¬
quested to go home as soon as
transportation could be arranged.

"During this visit questions of
interest to Finland and Germany
especially

matter

rep¬

resentative in Washington during
several
critical
years,
when he

were

discussed,

tions."

A number of State

resentation

Associated

iThe ban
On

through unsound and confisca¬
tory taxation to destroy the Amer¬
ican private
enterprise system"

The

Com¬

visit

now

received

op¬

Notwithstanding the esteem in

"The Department has been in¬
formed by Mr. Procope that it is
his desire to proceed unaccom¬
.

other

direct bearing on

held

the

of the Allied effort.

success

ther

and

Nations, the Finnish

ter two officers. :■.

credit.

continuing its as¬
sociation
with
Nazi
Germany. that in time of war this
ceiling
These
warnings have been ig¬
might be lifted by a three-fourths
nored, and the partnership is now
vote of both Houses of Congress.
complete. 77-f:'77:• ^7..;a.^1.
Literature of

which

A.:/

emer¬

clause

The United

by Presi¬
July 1 that one

City of Chungking from the Pres¬
ident "in recognition of the
great
contribution
which
the
Chinese

the

and

Solanko, lately
counselors of ithe Finnish
Lega¬
tion, with the families of the lat^
:

his

presentation

;7.v " ■ y.7/;1.
How much leeway is there
Legislatures likely to be for Federal tax ad¬
councils of
variously listed at 14 to 17, have justments reducing the revenue
the Finnish Government have de¬
passed
resolutions
calling upon yield after the war, and how
prived Finland of liberty of action
Congress to initiate an amend¬ much of this slack would be taken

and

;

ceiling or any compara¬
ability to obtain rev¬

that it is aimed "to
deprive the
Federal Government of the
power

impair¬

"Journal

state:

Finnish Government and German

infiltration

The

and

credit, thereby also

■

their

'Government

gencies, and would weaken Fed¬

fact that the

unaware

tax legislation written
Constitution would dan¬

gerously weaken the adaptability
of

eral

Government

of the

such

changing circumstances

the

ury

into

Courage

known

made

was

dent Roosevelt

taxation4?

tablishing
"regressive"
taxation
prevent the- Government from re¬

demo¬

Finland, and

income

weaken post-war markets
business products and by es¬

for

the enemies of the United States.
This action was taken without re¬
cratic

through

would

military partnership
with Nazi Germany
irrevocable
throughout the, war, for the pur¬
pose of fighting the Allies of the
United States, in alliance
with

States," Fin¬

nish Minister Hjalmar J.
Procope
held to his home under po¬
lice guard on June 17 with virtual
was

orders

world

hard and fast

The

that

Helsinki has been instructed to
request passports for his staff and
their families, v;
;

Lauds China's

ble limitation upon the Federal
Government's
enue

Chungking From

25%, it is learned from advices to the New York of the commissions
assigned to
Commerce" from its Washington bureau
July 2, accord¬ Vice-President Henry A. Wallace

"Journal of

ad- <$-

President Roosevelt

rates not to exceed

representative in the United States—on the severance of the relations.
In his note Secretary Hull makes the
statement that the Finnish

Scroll

The Treasury Department has
prepared a memorandum oppos¬
ing the proposal for an amendment to the Constitution to limit tax

by Secretary of State

Hull, when he made public the tbxt of a note addressed to the Finnish
Charge d'Affaires, Alexander Thesleff, the only remaining Helsinki

209

State

opportunities

and

local

the

revenue

income

tax

useless, which is

Moreover,

ger.
,

processes

and death tax fields would be im¬

best

proved by such a limitation, the
intensified pressure for' Federal

power
,

the

worse

dan¬

democratic

of government give the

that governmental
will not be used against the

assurance

public interest."

THE

210

COMMERCIAL & FINANCIAL
in

Changes In Holdings Of Reacquired Stock
Of N. Y. Stock & Curb Listed Firms
the

Class of Stock—

capital
Allied Stores Corporation, 5 % preferred
American Locomotive Company, 7%
cum.

following

preferred

Corporation,

Corporation, common
Barnsdall Oil Company, common—
Borden Company,
The, capital—
Atlas

None

Inc.,

Co.,

common—.

Corporation, The, common—
,__
Square Garden Corporation, capital
McGraw-Hill Publishing Company, Inc., common
National

(3)
(4)

899,012

9,811

12,011

3,260

3,330

2,434

2,429

33,500

35,300

36,100
12,110

36,400

292

2,508

10,458

12,673

COST

1,680

Fuel

1939:

Spring Company, common--—
Distillers Corporation, 572 % cum.
Shaeffer (W. A.) Pen Co., common——:
Sinclair Oil Corporation, common
Sterling Drug Co.,

1,104,122

57,331

Corporation, preferred——

Leather Company, prior pref.—
Universal Laboratories, Inc., preferred .
White (S. S.) Dental Manufacturing Co., The, capital
Willys-Overland Motors, Inc., 6% cum. conv. pfd
United States

2,652

1,104,119
4,334

;

capital—

Century-Fox Film

Twentieth

8,035

1,104,119

——

7,072

—

100.3

100.8

—

97.8

100.7

116.0
117.8
125.1
124.5
125.0

121.6
126.6
143.0
134.6
135.5

126.2
125.8
127.9
136.9
137.0

All

100.6
100.1
122.2
123.6
125.1
133.0
134.5

97.5

100.8

104.9
106.2
107.6
109.9
'7 109.8

Miscel-

15,

100.4
101.9
110.9
111.4
115.3
' 120.7
121.0

57,831
7,142
1,382

earners

(61.

None

indexes

are

based

+38.5

+44,9

at quarterly dates:

tRents surveyed

—

+ 0.1

changes in the
and lower-salaried workers in large cities.

■'These

6,650

+ 7.1
+ 8.9
+ 8.6
+36.0
+36.6

+24.0
+26.8

1944

1939 to May 15,

15,

Aug.

+ 0.1

—

+
+
+
+

—

1.6

+' 3.0
+ 3.6

'•

present

•

+34.4
+33.7 +20.5
by wage

cost of goods purchased

March 15, June 15, Sept. 15,

(4)

Acquired
Acquired
Acquired

(5)

Acquired

(6)

Acquired

(3)

"■

available the following
have reported changes

and planes into battle.
shared in the cost of
building them. Two-thirds of the:
officers and the enlisted men and

their ships

They have

women

General

Corp.,

common

Petroleum

Crown

Central

Equity

Corporation,

common

Inc., common
__
Kleinert (I. B.) Rubber Co., common
Lane
Bryant, Inc., 7% preferredMerritt-Chaptnan & Scott Corp., 6 Va % "A"
Klein

(D.

Mid-West

York

New

Emil)

Co.,

Abrasive

Co.,

Ogden Corp.,

common

Inc.,
_

41,163

27,028

...

Inc.,

.....

United

Cigar-Whelan Stores Corp., common
Profit-Sharing Corp., 10% preferred

Utility Equities Corp., $5.50

....

And

year.

now

pur¬

regularly at
million dol¬

the

during

div. pr. stock...

664

(125)

Average

5.5%.

6.7

4.6

6.9

5.5

7.0

5.6

4.7

6.7

v,;

5.4

(10)

(200)
4.8%

4.0

.3.8%
3.7

5.5

4.6
4.6

•s

Yield

3.9%

•

(15)

(25)

Insurance

Banks

Utilities

7.0%;

4.6%

"Admiral

COMMON STOCKS

200

4.8

3.7

4.8

3.8

3.7

4.8

3.5

3.7

4.9

3.6

4.6

3.8
:

>w;; <<:

;

.3.8

•

4.4

5.2

6.6

Morgentiiau
In July 4 Address Featuring Navy Program :;

U. S.

764

127,782
449

93,128

103,128

6,713

6,717

750

800

19,374

12,243

1,250

1,299

11,725
..

Railroads

King, I

honored,

behalf of the Treasury Depart¬

ment, to present to you, as Com-'
mander in Chief of the United
States Fleet and Chief of Naval
Operations, this - citation for the
Navy's outstanding contribution
to the success of the War Bond

program."

1,430

common

YIELD

11,850

Navy Greatest In World, Says

;

Morgenthau
■
"-V "• '•

Secretary

138

1,280

12,238

capital

AVERAGE

20,269

19,164

Co.,

June, 1944

27,337

447

Trunz,
United

are

Navy's current bond campaign,
arrangements have been made to

3,780

125,882

common

of Venezuela, C. A., common
$1.20 convertible pref.
Selected Industries, Inc., $5.50 div. pr. stock
Petroleum

55,598

preferred

Pantepec Oil Co.
Root

598

19,369
_______

common.

Merchandise Co.,

305

3,360

v;V;v%v
1944
February, 1944
March, 1944
April, 1944May, 1944

49,562

55,398

preference

WEIGHTED

January,

385,447

46,962

39,663
_____

385,444

convertible preferred

Esauire, Inc., capital
Gilbert (The A. C.) Co.,

Report

597

__
_

Corp.,

Per Latest

290

common__

Inc., class A

Guard

War Bonds

MOODY'S

Industrials

Reported

of Stock-

Writing Paper Corp.,

& Co.,

of the Navy, Marine Corps

Coast

the years 1929 to 1941, inclusive, and give each man and woman in uni¬
published in the "Chronicle" of June form an opportunity to participate
11, 1942, page 2218. Yields for 1942 are on page 202, Jan. 14, 1943, through the purchase of an addi¬
tional bond.
7
issue, and for 1943, on page 1130, March 16, 1944 issue.

Previously

American

citation to the fighting
fighting fleet. But the:

Annual average yields for

American

•

monthly yields for 1941 are

Curb Exchange has made
fully listed securities which
their holdings of reacquired stock:

Carman

chasing

Moody's Common Stock Yields

The New York

Company and Class

the rate of about 300

list of issuers of
in

and uncon¬

personnel of the Navy have made
so splendid a record, not only in
their capacity as seamen but in
their capacity as American c.iti-7
zens, that they merit the warmest
public congratulation. They have
not been content simply to take

and

Dec. 15.

chief of

lars

;

cancelled 4.700.
during April and May.
and retired 3,840 shares.
and retired 2,255 shares.
570; cancelled 7,040.
1,600; cancelled 107,595.

Acquired 2,200;

(2)

it is real

it takes a cer-.
temerity for any civilian to

tain

+ 9.1
+18.7

+10.1

8.9
+12.6

fought

these times,

"In

ings laneous
+ 1.1 + 0.2
+ 7.5 + 4.9
+ 8.8 + 8.6

0.1
2.0
3.4
4.7

—

+ 0.1

through March 15, 1944.

t Changes

House

Clothing tRent and ice

5.2
7.0
+11.4

—-

1942 to May 15, 1944
1941 to May 15, 1944

May 15,
Jan. 15,

6,334

who

ditional and final.

NOTES

(1)

before our

Forces

and died.
I
that we shall be
tempted, both in the West and in
the East, with some sort of false
capitulation.
Let us make sure,before we accept the enemy's sur¬

electr. furnish-Miscel-

+ 0.7

1943 to May 15, 1944
1942 to May 15, 1944

15,

May

Sept.

0.4
0.1
6.1
+ 7.8

15, 1944

April 15, 1944 to May

Food

items

Date—

13,032

1,422

the

hazard the guess

and ice nishings laneous

Rent
104.3
105.0
109.9
108.0
108.0
f
t

Fuel,

(5<

3,220

6,524
105,995

during

today is to beat
back the Germans and the Japa¬

PERCENT OF CHANGE

52,018

2,647
—

15
Sep. 15
1943: May 15
1944: Apr.
15—
May 15_

16,184

7,835

raise

"The immediate task

Armed

render that

v"'

fur-

73,000

52,011
7,132

pfd

93.5

'98.6

15__

Jan.

1942; May

180

15,584

Reynolds
Schenley

Aug.

1941:

Clothing

Food

All Items

Date—

House-

electricity

31,100

89,400
9,690

Oil Company/ capital——_________
.—.
Incorporated, capital—.
Radio-Keith-Orpheum Corporation, 6%
preferred—______
Reliabile Stores Corporation, common———
•'—.
Pullman

IN LARGE CITIES
1935-39=100*

LIVING

Indexes,

20,610

29,900

Corporation, capital———J
Shipbuilding and Dry Dock Co.—
emulative convertible preferred—„—————-

Fifth War Loan Drive.

is, in
bond

does not measure

410

892,712

preferred-

None
None

None

Plymouth

The

81,775

changes in total, "living costs"—that
the total amount families spend for living. Income taxes and
subscriptions are not included.
' ,
.
•
It

None

Newport News

out

set

home.

5,460

18,050

None

naval

appropriation of 33 billion dollars.;
This is more than twice the sum

those

1,600

17,550

approved another

Congress

nese
until they are crushed so
surveyed in May. Next month's report will give
completely that they can never,
occurred over the quarter ending June 15."
again; embark ■ upon their mad
Note—The BLS index indicates average changes in retail prices scheme of world conquest.
We
of selected goods, rents and services bought by families of wage are waging total war, and we can-:
earners and lower-salaried workers in large cities. The items covered
not be content with anything less
represented 70% of the expenditures of families who had incomes than total victory. If we fall short
of that goal, all of this expendi¬
ranging from $1,250 to $2,000 in 1934-36.
The index does not show the full wartime effect on the cost
ture, all of this effort will have
been
thrown away.
Worse, we
of living of such factors as lowered quality, disappearance of lowshall
have
betrayed basely all
priced goods and forced changes in housing and eating away from

79,375

.1-

few days ago, because
heeds of the warf

new

changes that have

Steel

National

':L

10,079

1,200

just

the

prices allowed several months ago.

11,283

—

Madison

Cylinder Gas Company, common-.
Department Stores Corporation, 67c

'•

7,411

9,609

Lehman

National

15,966

7,311

——;

—

13,838

10,166
—

(2)

36,424
134,658

12,838

—-—

Pneumatic Tool Company, prior preferred
Copperweld Steel Company, cum. conv. preferred-Crucible Steel Company of America, 5% conv. pfd
Cuban American Sugar Company, preferred
Davega Stores Corporation,
common—_U
Eiectric Boat
Company, capital
——.—
Engineers Public Service Company, Inc., $5 divd. pfd
Engineers Public Service Co., Inc., $5.50 cum. div. pfd
Franklin Simon & Co., Inc., 7% cum. preferredGeneral Motors Corporation, common..
Gimbel Brothers, Inc., $6 cum. preferred
Hat Corporation of America,
preferred——
Tea

59,179

35,724

Chicago

Jewel

1,800

125,758

Bucyrus-Erie Company, preferred __________
Burlington Mills Corporation, common
_______

(1)

10,400

38,122

And

"Rents are not

45,076
1,969

1,899

_____

in f.o.b. mine

15,012

44,806

__________

___

23,915

12,900

preferred

Company, common_■—__
Associates Investment Company, 5%
cum. preferred-—
Atlantic Gulf and West Indies Steamship Lines, pfd

Associates Investment

Atlas

Report

23,519
13,912

Per Latest

Reported

Company,

Reduction

Air

declined, on the average, by 0.1%
15 and May 15. The usual seasonal decrease in gas
rates went into effect in New York.
In Philadelphia a temporary
OPA order allowing higher anthracite and coke prices was discon¬
tinued April 30, and lower prices under previous regulations were
established.
Increased retail prices for anthracite and Eastern bi¬
tuminous coals in Milwaukee and Minneapolis reflected increases
"Fuel, electricity and ice costs

between April

amount of stock held
Department of Stock List:
Shares
Shares
Previously

Company and

largely

cities, and in few cities the rayon hose available were
premium features, also at higher prices.
' • •

some

those with

reporting changes in the

heretofore reported by

June 16 the

Stock Exchange issued on

The New York

tabulation of companies

Thursday, July 13, 1944

CHRONICLE

said:

••

,.7

further,

'."The civilian employees of the
Navy have made a splendid rec¬
in the War Bond program..

ord

July 4, featuring the Navy program, Secretary The
Philadelphia
Navy
Yard,Morgenthau declared that "during the past two-and- where we are now, was the first
a-half years the Navy has served as America's first line of defense yard to receive the Secretary of
in two oceans at once." He further declared that, "today the United the Navy's War Bond Honor FlagStates has the greatest Navy in the world."
Mr. Morgenthau, who in November, 1942, and it has held
spoke from the Philadelphia Navy Yard and whose address was a preeminent place since that
In an address on

of the Treasury

broadcast by the

National Broad-^

Living Costs In Large Cities Up 0.4% From
April 15-May 15, Labor Dept. Reports

130

Company, at the same
time presented the navy yard with
a Treasury honor flag because of
the navy's record of war. bond

purchases.

years,

casting

set

time

that no invader has
upon
the soil V of the

years,

foot

United States.

the

Navy

97%

of all employees;,

"During the first five months of
more than 93%
of all the

"During the past

with

purchasing War Bonds reg¬
ularly through Payroll Savings. '■

now

two-and-a-half
has served as

1944,

civilian

employees

the

Navy

America's first line of defense in
were participating in the Payroll
$58,000,000,000 has gone
two oceans at once.
On this side
Savings Plan, and purchased War
large cities rose 0.4% between mid-April and mid-May," Secretary into naval expenditures in the last
of the world, in magnificent co¬
Bonds aggregating more than 12%'
four fiscal years, he said, while
of Labor Frances Perkins reported on June 16.
"The increase was
operation with the sea forces of of the total payroll. For the Fifth
largely due to seasonal advances for food and higher housefurnishings Congress during 'the week, ap¬
our
Allies,
the Atlantic Fleet War Loan
Drive, a goal of an
prices," she said. "Clothing costs and charges for services also rose proved an appropriation for an¬
broke
the back of the U-boat
slightly. '
; v.:.-';'!;.^
■' other $33,000,000,000 for the fleet. menace upon which Hitler had extra $100 Bond over and above
Secretary Morgenthau took occa¬
payroll deduction has been es¬
"The all-items index stood at 123% of the 1935-39 average on
sion to state that "the immediate pinned so much of his hopes. On tablished for every civilian em¬
May 15, 0.1% below last May." Miss Perkins continued:
the other side of the world, in the
task before our armed forces to¬
ployee. . ;7+v • ,\7'VV:;7;:,;. 7•'7
"Retail food costs increased 0.7% over April, primarily because
Coral Sea, at Midway and around
day is to beat back the Germans
"Secretary Forrestal, it gives
of seasonal increases in prices for roasting chickens, oranges, pota¬
the Solomon Islands, it stopped
and
Japanese
until they
are
me
great pleasure to present to
toes, and some other fresh vegetables. Prices for flour, corn meal,
the Japanese Grand Fleet in its
crushed so completely that they
you, on behalf of the Treasury
and rolled oats were higher.
Fresh fish, eggs, beef and pork declined
tracks. And just a fortnight ago,
can
never
again embark upon
Department, this honor flag in
due to large supplies.
off the Marianas, it made that
their mad scheme of world con¬
"Food supplies generally are more plentiful than last spring and
the magnificent ■ con-,
fleet turn tail and run for cover. I token, of
quest."
He ventured the guess
the increase in the amount of food available for the civilian popula¬
Something tells me that the Japa¬ tribution to the War Bond pro¬
"that we shall be tempted, both
tion, combined with the rollbacks and subsidies introduced last in the West, and in the East, with nese will not be able to remain gram by the Navy's civilian em¬
under cover very much longer.
summer, has brought the index of retail food costs 5% below the
some
sort of false capitulation,"
ployees."
level of May, 1943." The Secretary of Labor also said:
Admiral Nimitz will see to that.
and urged that we make sure "be¬
James V. Forrestal, Secretary of
"The further increase in housefurnishings costs reflected largely
"Today the United States has
fore we accept the enemy's sur¬
the Navy, speaking at the same
the return of spring-filled living room suites inx additional cities at
the greatest navy in the world.
I
render, that it is real and unconprices considerably higher than those charged a year and a half ago, d i t i o n a 1 and final." Secretary think it will interest you to know ceremony, declared the success of
when furniture of this kind was last available.
Low-priced mer¬ Morgenthau's address follows:
that, from the founding of this the present bond campaign would
chandise continued to be short and, as in the case of cook stoves in
"There could be no more ap¬ Republic in 1789 up through the be "an answer to the fear that we
four cities, it was necessary for families to buy higher-cost models.
propriate occasion for a Navy year 1940, we expended on our are rapidly becoming overopti"Telephone bills for May included an excise tax which raised program than Independence Day. naval establishment a little over
During the mistic about the early conclusion
the'cost of telephone service by 4.6%. Scattered increases in beauty For the simple fact is that the 6V2 billion dollars.
—
;
'
shop charges were attributed to increased costs of supplies.
News¬ American people, in very large last four fiscal years, however, of the war.",
Admiral Ernest J. King, com¬
paper prices were raised in three cities because of higher production measure, owe their independence, naval expenditures have amounted
costs and limited paper stocks, which decreased advertising revenue. now as in the past, to the strength to almost 58 billion dollars—ap¬
"Retail

prices to wage earners

and lower-salaried

workers in

Almost

slightly because of scattered increases
in prices for lightweight overalls, covert work trousers, and cotton
socks, and the fact that new straw hats were higher priced. Women's
girdles cost more because of the disappearance of low-cost qualities
"Clothing costs advanced

and

courage

their fighting

and

resolution

forces at sea.

Navy has seen to

of proximately nine times as much
as
during the whole preceding
The

it, over a period century and

half of our history.

mander

in chief of the fleet and

chief of naval
:

speaker.

operations,

was

also
;

Volume 160

Number 4298

THE COMMERCIAL

The

Market Value Of Stocks On New York

& FINANCIAL CHRONICLE

Commission points out that the

data presented in the

211

above discussion is

based

Mlg. Loans Exceed

following table:

Stock Exchange Higher On June 30

Exchange announced

July 7 that

issues,

aggregating 1,492,655,670 shares, with
$50,964,039,424 on May 31.
J

value of
In

types

this

analysis

specified in

individuals'

the

attached

total market

the

■

first

quarter

quarter of

1944, compared

value of all listed

stocks, on that date, was, therefore, 0.98%. As the
loans not collateralized by U. S. Government issues include all other

SAVING

—J—June

are

Saving

Liquid

saving

May 31, 1944

26.36

610, 372,353
;

4,785, 102,998

39.91

623, 463,803

Building

476

17.49

662, 109.050

Business and Office Equipment
;

1.
2.

36.94

576,944,369

16.18

603,117,696

28.64

36.63

443,992,792

34.36

59.60

42.09

856 021,903

62.56

815,481,057

1,056, 255,287

21.59

995,997,507

40.00

3,256,934,726

38.89

29.06

46,522,232

Realty

603,318

35 .861,834

7.39

Other

State

savings
local

Corporate

U6.

consumers'

**7. Liquidation

corporate

tGross

include

22.65

550,616,105

23.57

UPurchases.

30.77

6,238,227,409

30.74

rently being revised.

38.21

4,035,029,896

37.53

net

financed by bank loans.
SNew'construction of

properties

the

United

"Largely attributable
goods, although including

other

segments

11.59

18,135,863

10.52

they pertain, viz.,

2,386 ,116,133

47.20

2,210,599,108

43.70

38.59

514,852,097

34.43

1,407 .844,045

+ 1.0

1.0

+ 1.0

+ 1.6

+ 1.8

+ 1.7

+ 1.8

8.0

+ 11.1

1.9

—

3.0

1.6

+ 3.4

+ 1.2

+ 1.6

+ 10.1

+ 3.0

+ 2.6

2.7

(Holding)

+ 13.9

1.0

1.4

7.6

7.2

2.8

2.1

1.5

+ 11.4

51.69

1,312,115,863

48.25

—

•—

—

+ 2.2

+1.6

+1.9

saving of the types specified.,

of homes

well

dealers

not

automobiles

Department

Commerce

data

include

and

other

other individuals
acquisition

•■•/'•

flow

commodity

new

passenger

purchases
debt

some

automobiles

arising

debt

from

have

been

and

other

purchases

cur-

Note—Figures

savings

in savings

rounded

are

and

will

loan

not

associations,

necessarily

the

assets

insurance,

add to

consumers'

consumption

goods.

which

securities

and

13.46

1,255,505,013

92.00

3,790,005,757

Miscellaneous Utilities

89.75

126 ,389,862

21.63

121,499,600

20.79

872 981,431

25.72

826,437,179

24.29

page

999 832,016

24.15

892,530,595

21.55

27.85

154,621,213

26.34

35.55

50,964,039,424

34.14

Cos.

Operating Abroad
Foreign Companies

•Miscellaneous Businesses
All Listed stocks-

//•We give below
'•

I'-'.'* 1*";
*

Average
Market Value
•$

30_

•

•;

■'«'

22.73

1943—

July

23.42

Aug.

23.70

■

35,604,809,453

24.20

Oct.

Nov.

25.41

Dec.

38,811,728,666

26.39

47,710,472,858

32.17
32.04

32.44

45,101,778,943

30.33

47,607,294,582

—

.Jan.

Jan.

41,410,585,043
43,533,661,753

28.16

'Feb.

29.61V,

Feb.

29___'_i

31_

45,845,738,377

31.20

Mar.

46,192,361,639

31.45

May

29___^—
30_

48,437,700,647
48,878,520,886

32.96

June

Apr.

May

32.47
32.51

49,421,855,812

31-

June

48,396,650,695

48,494,092,518

1943.

33.12

Deliveries in June, 1942, were 1,774,068 net tons and in
June,

For the six months ended

tons, highest

33.27

lished in 1942.

;' Y •;;

48,670,491,772

32.59

34.14

'"/"Z•

53,067,698,691

35.55

January
February

1,874,795
1,756,797

May—"
June

quarterly analysis of the volume and composition of saving
by individuals 1 in the United. States covering the first quarter of
1944

in which it is shown that "the volume of liquid
dividuals during this quarter amounted to

saving by in¬
$9.4 billion,2 reflecting a
liquid-assets, and a decline of $400 million in
liabilities.
This high rate of saving," says the Commission "has
-shown little change since the middle of
1942, in contrast to the rapid
of $9.0 billion in

?•;"/-/-//■/;

•

"*' /'■.;••y' /:■■;

The Commission goes

■;' '

a.War Loan Drive. /./%
"In contrast to the

high level of saving in the form of Govern¬
securities, additions to cash and deposits, though substantial,

which

was

at the

same

rate

deposits.

currency

1,720,366

931,905

845,108

1,630,828

1,758,894

1,687,674

907,904

771,752

1,706,543

1,834,127

1,745,295

1,552,663

1,774,068

1,668,637

1,084,057
' 1,209,684

607,562

and demand deposits.

primarily

j than

third of the total holdings

priva^0 interests which include
life insurance companies,
building
and loan associations, mutual sav¬

ings and
ternal

commercial

societies

and

banks, fra¬
associations.

the vast amount

of private

money to be available
to mortgage financing in the
post¬

period, Mr. Mahan cited the

war

insurance

companies as an ex¬
what we may expect
in this field.
After the last war,

ample

said,
these
40% of

institutions

around

mortgages

their

while

around 20% of assets

investments.
"Since

had
assets

today
are

only

in these

He added:

these

always shown
mortgages

total

companies

have

high regard for
investments^ they

as.

would now own about 14 billion
dollars of such loans instead of the
less than 7 billion they do own-

With
of

were

available.

the

greatest building boom
nation's history likely to

develop after the war, good mort¬
gages will be available in greater

1Q*?Q

quantity than in the past quarter
century."

747,427

795,689

Rayon Shipments
At New High

1,765,749

1,666,667

1,296,887

1,788,650

1,753,665

1,455,604

885,636

1,703,570

1,664,227
1,851,279

1,392,838

1,086,683

1,345,855

Shipments of rayon yarn by
American producers totaled 263,300,000 pounds during the first six

1,624,186
1,846,036

1,425,352

1,406,205

months of

1,544,623

1,443,969

October

1,794,968

1,787,501

November

1,660,594

1,665,545

December

1,719,624

1,849,635

Total

by mos.
Nearly adjust—

1,572,408

745,364

20,244,830

21,064,157

20,458,937

14,976,110

11,752,116

"97,214

"449,020

"42,333

37,639

*44,865

20,147,616

Total

20,615,137

20,416,604

15,013,749

11,'*07,251

"Decrease.

the

cumulative

yearly shipments

stated in

the

annual

In its June bulletin, Horwath &
Horwath, New York, public
accountants, report that "continuing the gradual abatement in sales
increases

over last year. April showed a total gain of only
14%. This,"
the bulletin, "compares with one of 16% both for Mar. and for
the year to date. Room sales were
up 11% and total restaurant sales,
18%,. whereas the respective averages for the first four months of
this year are 13% and 20%, However, occupancies are
holding up

say

average

being 88%, the

same

;

The firm supplies the
APRIL,

Total*

City-

Rooms

15%

■

1943

Decrease—•——

Restaurant

13%

Room

Occupancy

Total

York

■'

following statistical data:

1944, COMPARED WITH APRIL,

—Sales, Increase

New

for Mar. and

the year to date."

Apr.

pounds reported for the first
of 1943, the publication re¬

Food

+ 20%

+ 13

20%

Apr.

1944

Beverages
+ 21 %

1943

92%

87%

—

+ 11

+ 12

+ 14

—

+ 13

+ 19

+ 11

+ 12

Washington
Cleveland

Detroit
Pacific

All

quarter of 1944, private and Government insurance continued to grow
at the same high rate as in prior quarters. Individuals also showed

Deer.

Philadelphia

+ 10

+ 12

+ 15

+ 10

+ 22

+ 26

+15

+ 18

+ 22

+ 14

+ 32

+ 15

+ 13

+ 14

+ 10

+ 18

+ 20

+ 15

+ 18%

Hh T—1 00

+ 17%

88%

83%

others

+ 14

+ 14% '

Total

Year

tThe

+ 20

-i.-

Coast

+n%

—

dateterm

16%

"rates"

13%

wherever

and not to scheduled rates.

used

"Rooms

20%

refers to the average
and restaurant only..

alone

shipments

44,400,000 pounds against

'.+

88%

sales

per

82%

occupied

6 %

room

10,

82,700,000 pounds, as
compared with shipments of 78,700,000 pounds in the first half of
1943, an increase of 5%. In June
aggregated

staple fiber shipments were 14,400,000 pounds against 14,600,000
pounds in
May and 13,300,000
pounds in June, 1943."
as

Regarding the stocks on hand
of June 30, 1944, the announce¬

ment states:

"Stocks of filament rayon yarn
by/producers totaled 7,900,-

held
000

pounds on June 30th against
8,100,000 pounds held on May 31st,
and 6,500,000 pounds held on June
30, 1943. Staple fiber stocks held
on

July

"Six months' shipments of rayon
staple fiber to domestic consumers

June

pounds
+ 21%

June

for

cording to the advices
which further said:

Ratet
Increase

Chicago

Texas

half

45,400,000 pounds in May and 39,600,000 pounds in June, 1943, ac¬

April Hotel Sales Higher

everywhere, the total

This

figure, which represents a new
high for any comparable period,
is 9% above shipments of
242,600,-

ports;

renort.

saving in the first

";the first fairly sizable liquidation of consumer debt for close
year, largely as a reflection of seasonal factors."

1944, states the "Rayon
Organon," published by the Tex¬

tile Economics Bureau, Inc.

000
Note—The monthly shipments as currently reported
during the year 1942, are sub'
to adjustment reflecting annual tonnage reconciliations.
These will be compre¬

Ject

the

1,772,397

in the two preceding quar¬

"Of the remaining components of individuals'

meaning

870,866

This rise in

highest on record. Currency showed a much
smaller increase of approximately $500
million, reflecting seasonal
factors as well as the Fourth War Loan Drive, while individuals'
demand deposits increased only $400 million.
It should be noted,
however, that most of the unprecedented increase in individuals'
/cash and deposits since the beginning of the war has taken place in
were

"others,"

individual holders of
mortgages.
Mr. Mahan sets this at lOVfe billion
dollars which, it is stated, is more

1,704,289

quarter of 1942. An increase
ih savings deposits, amounting to about $1.2 billion, accounted for

savings deposits

1,664,577

at the lowest level since the second

and

1,145,592
1,009,256

holdings.

out that the prin¬
cipal estimated factor in the tabu¬
lation is the amount of loans held

totaled

gages^
Net purchases of U. S. Government bonds were by far the
largest component of saving in this quarter, mainly as a result of
the Fourth War Loan Drive. Such purchases were at a level reached
'only once before, in the third quarter of 1943, also as a reflection of

half of the rise in individuals' cash

1,682,454
1,548,451

1,685,993
1,691,592

individuals added

$5.0 billion to their holdings of U. S. Government bonds; $2.1 billion
deposits; $1.0 billion to their equity in Government
insurance; $900 million to their equity in private insurance, mostly
life insurance; and paid off
$300 million of debt other than mort¬

over

1Q4H

1,738,893
1,616,587
1,780,938

1,776,934

to their cash and

were

Federal

1,660,762

<;/:/;V''/
year,

;

1,737,769

hended in
•

and

August

The Securities and Exchange Commission made
public on June

"During the first three months of this

all

have

September

its

that time."

;

1Q4?

1Q41

July

Reported By; SEC

increase in saving prior to

1Q4^

1,755,772

April

Further Rise In Individuals' Liquid Savings

1Q44

■

1,730,787

record for this

studies

It is pointed

provided the loans

June 30,

last, shipments total 10,632,period.
This figure com¬
pares with 10,040,016 net tons in the first half of 1943.
The previous
record for first six months
shipments, 10,503,507 net tons, was estab¬
net

L+V: 50,964,039,424

decrease

1941, 1,668,637 tons.

March

39,165 net tons from May shipments of 1,776,934 tons and an in¬
of 185,106 tons over the 1,552,663 net tons
shipped in June,.

854

1944—
_

the United

crease

31.96

1943—

Shipments of finished steel products by subsidiaries of
in June amounted to 1,737,769 net tons,

32.82

37,727,599,526
37.374.462.460

25.65

Nov.

47,577,989,240
—

vate

States Steel Corp.

Sept. 30

1334.

Finished Steel Shipments By Subsidiaries Of
U. S. Steel Corporation Deereased In June

Price

34,443,805,860

13.03

Average
Market Value

+;•;+ :.•:

34,871.607,323

July 31
Aug. 31
Sept. 30

23.83

the Exchange:

Price

••'■■'■•

V*v
33,413,047,743
-

2,470,061,428

two-year compilation of the total market value

and the average price of stocks listed

r.1942—

212.41

practically

owned
by each large
of
holders;
the
Mahan
study, it is noted, approaches the
matter from the standpoint of
pri¬

Commenting

totals.

1,296 ,710,826

2,322 ,713,393
.

similar

analyzed farm and city mortgages
separately and have shown the

sold in

cars

durable

allocated

an¬

amounts

+1.5

—

Does

In the

the Association

that

stated

group

+1.8+1.9
+

+ 4.8

$3,436,500,000.

+ 4.8

mortgage
Dec. 31 last

which

nouncement from

—

+ 4.1

four-family nonfarm homes less net

individuals'

at around $34,372,700,000, of
Federal
agencies
hold

year

+ 1.1

+ 2.7

estimates

survey

+ 3.9

3,891 ,660,482

——

amount

total

foregoing data have been compiled by the Commission from
many different sources. Because of the nature of the figures current
data are necessarily estimates and,
therefore, are subject to revision.
Figures for the year 1943 were given in our issue of March 30,

(Operating)

Electric

His

the

+ 2.2
—

53,067,698,691

Electric

Communications

according to a
Mahan, St.
Louis,
Vice-President
of
the
Mortgage Bankers Association of
study made by L. E.

+ 1.8

163 ,467,870

Gas

ters

6.9

The

Gas

ment

3.8

4.9

homes.

594 .663,925

•Utilities:

agencies still own less than onetenth of the total
mortgage loans
of
the country,

States.

The

say:

3.1

2.4

purchases by brokers and

17.82

;

2.5

The figures shown above include all

59.96

rise

1.8

Based

38.03

by non-individuals.

98,276,472

3.8

+2.5

one-

637,489,329

2.1

saving excluding purchases
not

2,771,285,396

.Apr.

saving.

18.94

Mar.

durable consumers' goods.
JDoes

cies longer than almost any other

America.

+9.3

government

has faced strong com¬
Government agen¬

petition from

loans outstanding on

"Includes unincorporated business

1,399,353,701

——.

•

—1.1

61.44

.June

not

39.79

9.4

+ 2.1

+1.7

goods
oi debt,

104 475,412

U. S.

10.0

+ 5.9

elsewhere classified

652 615,587

9.8

+ 2.9

Automobiles & other durable

2,897 855,040

•

9.3

+ 2.9

Rubber

•Tobacco

8.9

+ 3.6

—

25.46

19 .992,464

38.0

+ 15.4

+1.2

Ship Building & Operating
Shipping Services—.
Steel, iron & Coke—:

29.2

+ 11.2

+%.7

Savings (a. minus b.)__

23.96

•Textiles

111

dwellings:

Purchases

4,109 020,873
——

12.2

4.9

other—

Change in debt

6,245 959,565

Merchandising—

11.8

10.5

govs..

and

1,480 842,595

Railroad—.

11.4

2.9

Non-farm

40.01

25.23

10.7

Total

27.16

—

46.1

594 685,101

Mining (excluding Iron)—
'Paper & Publishing
.Petroleum

38.4

2.8

,1,950 565,968

Machinery & Metals

24.9

1944

July- Oct.- Jan.Sept. Dec. Mar.

June

bonds—

7.24

31.21

Mar.

U. S. Government

§a.

Despite the fact that the mort¬
gage field

around

29.68

263, 088.051

1943

+2.9

35,140,447

'Leather

STATES*

1942

insurance-

250,215,323
1,814,686,649

,___

UNITED

(Billions of dollars)

Securities:

27.82

fourth

4.0

Total

20.36

3,378 210,373

.Garment

the

+ 3.0

—

Government

63.99

1,740 778,046

THE

1941

——

34 BiNion Dollars

type of private business, Federal
IN

15.8

Insurance & pension reserves:
a.
Private
insurance

6,143,949,902
1,654,851,920

Financial
•Food—

Retail

4,462,723,793

indebtedness to unincorporated

consumer

INDIVIDUALS

___

saving by type:
Currency and bank deposits
Savings & loan associations

24.47

66.79

Machinery

566,838,987

million

Gross

;b.

6,412, 909,751

Electrical Equipment

Land

Market Value Av. Price

31.46

529,331

■,

30, 1944

$250

Gross

classified by leading in¬

Market Value Av. Price

Amusement

Farm

are

•

Jan.- April-

dustrial groups with the aggregate market value and average
price
for each:

.:•■•.:'

following table listed stocks

decrease of

1940

t-4.

Chemical

saving
not

saving

1943.

1940-1944

types of member borrowings, these ratios will ordinarily exceed the
precise relationship between borrowings on listed shares and their
total market value.

with

3.
This, does not include the reduction in
business, estimated at less than $50 million.

■

Aviation

Government

the

GROSS

As of the close of business June 30, New York Stock Exchange
.member total net borrowings amounted to $863,979,503 of which
$517,672,785 represented loans which were not collateralized by U. S.
.Government issues. The ratio of the latter borrowings to the market

and

business

This

•Automobile

Corporate

unincorporated

does not reflect the increase in inventories of
unincorporated business
change in notes and accounts payable).
Although the amount of this
increase is not known, it is believed to have been in the
neighborhood of $250 million

(net

making public the June 30 figures the Stock Exchange fur¬

In the

table.

includes

included.

ther said:
...

saving

The New York Stock

the close of business June 30, there were 1,242 stock issues, aggregat¬
ing 1,492,874,003 shares listed on the New York Stock Exchange, with
a total market value of
$53,067,698,691, ' This compares with 1,243

.stock

held

30th

totaled

2,300,000

against 2,500,000 pounds
May

pounds held

31st

and

2,900,000

June 30, 1943."

Moody's Bond Prices And Bond-Yield Averages
prices
'

computed bond
given in the following table:
Moody's

tative order* for

Index Continues Fractional Advance

•

U. S.

1944—

Corporate by Groups*

Corporate by Ratings*
Aaa
Aa
A
Baa

rate*

Bonds

Averages

advanced fractionally to 138.0 in the week

Avge.
Corpo¬

Govt.

Daily

R. R.

P. U.

Indus.

118.80

117.00

112.19

102.96

117.47

112.56

114.08

120.33

106.39

11—.

118.60

117.00

112.19

102.96

117.40

112.37

114.08

120.34

106.39

10—

118.60

117.40

112.37

114.08

120.33

106.21

112.56

118.60

117.00

112.37

102.96

114.08

117.40

120.27

106.21

7—.

July

112.19

102.96

106.21

114.08

117.40

112.19

102.96

106.21

113.89

117.40

113.89

117.40
117.40

6___.

120.23

112.37

118.60

120.15

112.37

118.60

116.80

—

102.96

112.19

117.00

HOLIDAY

120.15

' 112.37

118,60

117.00

112.19

102.96

106.21

120.15

112.37

118.60

116.80

112.19

102.96

106.04

113.89

1__„

112.37

118.60

116.80

112.00

102.80

113.89

117.40

June 30—

120.15

106.04

118.40

116.80

112.00

102.63

106.04

113.89

117.20

120.13

112.19

105.86

113.70

117.20

89—-

23-

116.61

112.00

102.63

112.19

118.60

116.61

111.81

102.46

105.69

113.89

117.20

119.88

112.19

118.60

116.80

111.81

102.46

105.86

117.00

119.99

113.89

112.19

118.40

116.80

111.81

102.30

105.86

113.89

119.66

102.13

105.86

113.89

116.80

120.01

May

—

118.40

112.19
>

117.00

118.60

116.80

112.00

118.60 :

116.80

111.81

101.64

105.52

113.89

116.80

101.47

105.52

113.70

116.41

index in over a year.

101.47

105.34

113.70

116.41

111.81

118.40

116.61

119.35

111.81

118.40

116.61

111.62

;

119.75

111.62

119.86

111.62

118.20

116.61

111.44

101.14

105.17

113.70

116.41

119.81

111.44

118.20

116.61

111.44

100.98

104.83

113.89

116.22

advanced and 5
declined; in the preceding week there were 12 advances and 5 de¬
clines; and in the second preceding week there were 8 advances and

119.68

111.44

118.20

116.41

111.25

100.81

104.66

113.70

116.22

9 declines.

Mar. 31—.

105.17

101.31

111.62

116.41

118.40

116.41

113.70

120.21

111.25

118.20

116.41

111.07

100.32

113.50

119.47

111.07

118.20

116.22

111.07

100.16

104.14

113.31
114.08

1944_.

,High

Low

118.30

117.00

112.37

102.96

119.34

110.70

118.20

116.22

110.88

99.04

103.30

113.12

119.41

117.00

111.81

99.36

103.47

114.27

116.85

107.44

116.80

113.89

108.88

92.35

97.16

111.81

114.46

120.77

111.07

'V.v'
119.20 116.41

118.26

'.t".'.'.-,
106.74 116.41

1 Year Ago

July

1943.

10,

2 Years

Ago

11,

July

Compiled

117.40

-1943-,

111.44

112.56

■

1942_

The

102.96

114.08

116.30

95.77

98.88

111.25

2ach Group
3ears to the

Group

Total Index

„

114.27

Foods—

25.3

AVERAGES
Individual Closing Prices)

(Based on
U. S.

Bonds

Averages

Grains

rate*

R. R.

Baa

Aaa

2.95

3.37

Fuels

10.8

Miscellaneous commodities

2.78

Textiles

July 11—

1.77

3.03

2.71

2.80

3.05

3.57

10—

1.77

3.04

2.72

2.80

3.05

3.57

3.37

2.95

2.78

7.1

Metals

1.77

3.04

2.72

2.80

3.05

3.57

3.38

2.95

2.78

6.1

3.04

3.57

3.38

2.95

2.78

1.3

3.04

2.72

2.80.

3.05

3.57

3.38

2.95

2.7o

3.04

2.72

2.81

3.05

3.57

3.38

2.96

2.78

Fertilizers

Farm

HOLIDAY
1.79

3.04

2.72

2.80

3.05

3.57

3.38

2.96

3.04

2.72

2.81

3.05

3.57

3.38

2.96

2.78

1.79

—

3.04

2.72

2.81

3.06

3.58

3.39

2.96

3.05

2.73

2.81

3.06

3.59

3.39

2.96

2.79

3.06

3.59

3.40

2.97

2.79

1.80

3.05

2.73

2.82

1.82

3.05

2.72

2.82

3.07

3.60

3.41

2.96

1.81

3.05

2.72

2.81

3.07

3.60

3.40

2.96

3.05

2.73

2.81

3.07

3.61

3.40

2.96

2.80

19——

1.84

3.06

2.72

2.81

3.07

3.62

3.40

2.96

2.81

1.85

3.06

2.72

2.81

3.07

3.65

3.42

2.96

2.81

1.85

3.07 '

2.73

2.82

3.08

3.66

3.42

2.97

2.83

28—'

1.86

3.07

2.73

2.82

3.08

3.66'

3.43

2.97

2.83

21—

1.83

3.08

2.73

2.83

3.08

3.67

3.44

2.97

2.83

14——

1.82

3.08

2.74

2.82

3.09

3.68

3.44

2.97

1.83

3.09

2.74

2.82

,3.09

3.69

3.46

2.96

2.84
2.84

1.83

Mar. 31

3.09

2.74

2.83

3.10

3.70

3.47

2.97

3.10

2.74

2.83

3.11

3.73

3.49

2.98

2.84
2.83

Feb.

1.81

Jan.

1.87

3.11

2.74

2.84

3.11*

3.74

3.50

2.99

1.87

3.13

2.74

2.84

3.12

3.81

3.55

3.00

2.85

1.77

3.03

2.71

2.80

3.04

3.57

3.37

2.95

2.78

2.08

3.31

2.81

2.96

3.23

4.25

3.93

3.07

2.93

1.79

3.09

2.68

2.80

3.07

3.79

3.54

2.94

2.78

1.80

3.11

2.69

2.83

3.10

3.82

3.57

2.95

2.81

1944__—

High

1944

1943—

High

1943

;/ V

1 Year Ago

1943.

10,

104.7.

151.9

the

207.1
162.0
149.3

202.3
164.6
143.7

199.8
149.0
144.0

130.1
132.2
153.1104.4
153.4
127.7
117.7
119.7
104.5 v

130.1
132.2
152.5
104.4
153.4
127.7
117.7
119.7
104.4

122.8
130.1
151.2
104.4
152.6
126.6
117.7
119.8

137.7

137.0

134.4

base were: July

11,

1942-

4.30
4.02
3.10
2.94
computed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to show either the average
3.28

2.98

2.83

3.35

1.98

♦These prices are

<3%%

coupon,

the

Illustrate in
of

yield

the

movement of actual price quotations.
They merely serve to
comprehensive way the relative levels and the relative movement

average
a

averages,

the latter being the true picture of the bond market.

tThe latest complete list of bonds
issue

of Jan.

14,

„

Steel

Operations Rise 1.4% — Orders Also At
Higher Rate— Less Pressure From Consumers
War

the

"While

Board,' the armed forces

Production

For Week

focused attention on the lagging ingot rate

industry was alleviated^
except in the Buffalo
there was little chance that the country,
area
which
is
receiving barge
industry could operate at its maxi¬
the

steel

of locomotives.

"While May movement of Lake
Superior iron ore was only 110,339 gross tons, 0.93% greater than
in the corresponding month last
year; total movement to July 1
was 4,583,040 tons greater than to
date last year, a gain of
May loadings totaled 11,974,640 tons and cumulative move¬

State and
The

drop in federal volume.

municipal construction tops the 1943 week by 18%.
current week's construction brings 1944 volume to $910,-

752,000 for the 27 weeks, a decrease of 51% from the $1,868,402,000
for the period last year. Private construction, $203,282,000, is down
12%, and public work, $707,470,000 is down 57% due to the 61%
decline in federal work.
/. v
v . v

engineering construction volumes for the 1943 week, last

Civil

week, and the current week are:

■%'%/'

July 8, '43
S. Construction-—

Total U.
Private

Construction

Public Construction
State

and

Federal

—

Municipal-

June 29, '44

$42,002,000
3,095,000
38,907,000
2,766,000
36,141,000

$34,477,000
5,506,000
28,971,000
9,331,000
19,640,000

....

July 6, '44
$18,922,000
1,801,000
17,121,000
3,266,000
13,855,000

_________________

the classified construction

groups,

gains

some

sources

are

claim has been re¬

for the major part of
recently in raw steel

sponsible
the drop

Other quarters, however,
though

of the belief that even

the

man¬

shortage will continue to
be the guiding hand in the future
trend of steel production.
"Not mentioned in official quar¬

important

adjunct to the declining steel in¬
got rate has been the increase in
the number of so-called outlaw

strikes in the steel
While the actual pro¬

'quickie'

ceiling
prices
when
an
early
termination of the war in Europe

loss

duction

due

these

work

stoppages is only a small per

cent

the effect
of these unauthorized strikes is to

cancellation of govern¬

may cause

ment contracts and

depress scrap

Mills are adhering rigidly
to scrap grade specifications and
certain dealers are shipping at a
sacrifice out of their normal mar¬
ket areas rather than risk rejec¬
tions. Concern has been expressed
for next winter's supply of scrap,
for dealers are unwilling to build
prices.

their supplies in the face of an
impending market drop, and the

shortage is
their scrap
operations."

manpower

impeding
The

American

Institute

July

Iron

seriously
handling

capital for construction purposes totals $3,002,000 for the
week, and is made up entirely of state and municioal bond sales. The
week's new financing brings 1944 volume to $446,299,000 for the 27

Yveeks. a figure that compares with $2,915,072,000 for the correspond¬
ing 1943 period.

29,376,930 tons.
come out

■•■■■}>

New York Stock Exch.

Borrowings Higher
The New York Stock
announced

the

total

telegraphic reports which it
received indicated that the

completely disrupt the intricate
steel scheduling mechanism in the

that

industry.

operating rate of steel companies
having 94% of the steel capacity
of the industry will be 95.7% of.

•

"Steel

notably

has increased
July but at the

ordering

during

had

Exchang

July 7, 1944, tha
borrowed a

money

reported by Stock Exchange

mem

of the close of busi

June 30, was

ness

$863,979,503, a
$209,048,774 over th
May 31 total of $654,930,729.
The

following is the Stock Ex

change's announcement:
The
from

total

borrows

money

banks, trust companies

ani

other lenders in the United State:

excluding borrowings from othe
members of national securities

changes, (1) on direct obligation
of or obligations guaranteed a
to
principal
or
interest
b;
the

United

States

Government

$346,306,718; (2) on all other col
lateral, $517,672,785; reported b;
New York Stock
ber firms

Exchange mem
of the close of busi

June

ness

Steel
announced
and

30,

1944,

aggregate*

$863,979,503.
The

total

compiled

money

the

the close of business

(1)

was

as o

May 31, 1944

direct obligations

obligations

borrowed

basis,

same

guaranteed

capacity'for the week beginning principal or interest by the Unitet
that pressure from consumers is July TO, compared with 94.3% one
States Government, $187,570,300
week ago, ,97.1% one month ago
reducing rather than increasing
and
96.4% one year ago. *The (2) on all other collateral, $467,
as might be expected along with
large orders.
This hesitancy ' on operating rate for the week be¬ 360,429. Total, $654,930,729.
ginning July 10 is equivalent to
the part of steel users is predi¬
1,714,300 tons of steel ingots and
cated on the belief that inven¬
castings,
compared to 1,689,200
tories and shipments should be
tons one week ago, 1.739,300 tons
more
closely geared with actual
one month ago, and 1,679,700 tons
production than was the case sev¬

same

time

some

sales offices feel

over

New

areas."

increase

eral months ago before, the inva¬ one year ago.
"Steel" of Cleveland, in its sum¬
the 1943 week sion of Europe became a fact.
"The War Department has cut mary of the iron and steel mar¬
are in industrial buildings and streets and roads. All classes are lower
the shell container program 60%. kets, on July 10, stated in part as
than a week ago. Subtotals for the week in each class of work are:
follows:
waterworks, $140,000; sewerage, $214,000; bridges, $25,000; industrial The downward revision is due to
"Requirements
for
the new
buildings, $604,000: commercial building and largd-Scale private hous¬ the fact that the containers are
needed
in
the
European combat tank program, which orig¬
ing, $589,000; public buildings, "$4,088,000; earthwork and drainage, not
theater and also to " the fact that inated soon after the Normandy
$61,000; streets and roads, $4,376,000; and unclassified construction,
they are too heavy for that area. invasion, are now beginning to
$8,825,000.
In

was

high rate, though in¬
ferior grades predominate in some

by the reluctance of steel mills to
take on inventories of scrap at

of the total steel output,

result of the 62%

making at

which

country

the

throughout

neering News-Record," 32% under the previous four-week moving
average, and compares with $34,477,000 reported for the preceding
week. The report made public on July 6 continued as follows
Private construction is 42% lower than a year ago and public
a

July 1

ber firms

industry.

same

18.48%.

shipments from metropolitan New
York. The dull market is caused

abroad, American contracts outside the country, and shipbuilding, is
55% below the corresponding week last year as reported to "Engi¬

work is down 56%

types, mainly for
Department, are up for
an unspecified number

bids, and

capacity. Added to this fac¬
was the abnormal hot weather

mum

ters but nevertheless an

engineering construction volume in* the continental U. S.
totals $18,922,000 for short week due to the Fourth of July holiday.
This voluhie, not including the construction by military engineers
Civil

and the

this week,
steel output barely resumed the same rate of activity which .took
place in the pre-holiday week, the "Iron Age" states in its issue
of today (July 13), further adding:
"Discussions in Washington last
week led to the conclusion that unless the manpower situation in

steel industry

the heat factor is offset

Engineering Construction $18,922,CSS

deliveries

various

ment to

power

Civil

ship work

extended

sufficient volume to sustain steel-

output.
published

used in computing these indexes was

1943, page 202.

new

irregular, due not only

are

War

104.1 ", the

1944, 107.5; July 1, 107.3, and July 10,

plate mills is
orders cur¬

though

"Scrap continues to

tor

2 Years A§,o

level

1926-1928

♦Indexes on

1943,

2.83

6—r_

May 26—1

July

pressure

also

cars

154.9

2.80

1.84

July

159.0

158.6

2.79

16,—

Low

—

machinery—!

All groups combined

100.0

2.78

1.79

June 30_—

Fertilizer materials

144.9
163.1

2.78

1.79

:v 3

Low

1.79

Apr.

—

1.78

5—1—

•

,2.80

8.2

Building materials
Chemicals and drugs—

2.72

3.03

1.78

7—

good

ing new car and locomotive needs
137.6 "■ for
export. However, 35,000 freight
145.1 *

138.2

145.1
163.1

138.0

17.3

Indus.

P. U.

July 1,
1944
140.0

but

130.1
132.2
153.3
104.4
153.4
126.9
118.1
119.7
104.5

Livestock

Corporate by Groups*

Corporate by Ratings'

Corpo¬

toward
a

and to time required for formulat¬

159.8

Cotton.

Avge.

Govt.

Year
Ago
Jun. 10, July 10,
1944
1943

208.6
160.1
151.6

Farm Products

MOODY'S BOND YIELD

1944—

rate for considerable time. Mean¬

145.1
163.1

Cottonseed Oil

23.0

Daily

Julys,
1944
140.'9

;

Fats and Oils

91.62

107.98

far

production

to present lack of new

Month
Ago

Latest Preceding
Week
Week

f '■

113.50

should

sustaining

rently

1935-1939=100*

'■

shipwork

heavy,

COMMODITY PRICE INDEX
National Fertilizer Association .

WHOLESALE

WEEKLY

116.02

120.87

1943—

Low

120.44

1944—

High

-,i-'''J:,-.. V;:';

market for the year and with sub¬
stantial
backlogs
beyond
that,

while

117.40

106.39

changes.

116.41

28—.

week 8 price series in the index

During the

116.22

104.31

Feo.
Jan.

country, will be altered to provide
greater fire power, among other

Apr.

large, number completed against
previous orders, but still in this

and live fowls

hogs,

rye,

112.00

119.48

28—_

phase of tank work

"As another

"'While there will be no immeexceeded moderate declines in
wheat, choice cattle, and lambs. The foods group also continued to diate< pressure for tonnage, sub¬
stantial new merchant ship con¬
advance fractionally as higher prices were registered for eggs and
tracts
are
expected to be an¬
fresh pork cuts. - Cotton prices again soared into new high ground
nounced shortly: Most of this con¬
last week, causing the textiles group to advance for the eighth con¬
struction will fall in 1945, with
secutive week. The chemicals and drugs group declined fractionally,
the remainder carrying over into
marking its first change this year, as the price of jron free alumina
the following year.
With sheared
sulphate was reduced. The OP A granted an increase in Florida
plate mills booked solidly for five
phosphate rock which in turn caused a fractional advance in the
fertilizer materials group—the first change to be registered in this months, some virtually out of the
tions

111.81

111.62

ending July 8 from 137.7

preceding week. A month ago this index registered 137.0 and
a
year ago 134.4.
The index is now 0.1% higher than it was on
Jan. 1 of this year.
The Association's report went on to say:
%
The farm products group continued to advance as higher quota¬

119.48

Is expected to
order for 4,000.

in the

119.59

Fertilizer Association

National

(Based on Average Yields;

1,000 large tanks
receive a. definite
"

wholesale commodity price index, compiled by The
and made public on July 10, again

The weekly

MOODY'S BOND PRICESt
,

larger, number than qrigirially- in^
dibatcd. 'One builder.'given a ten¬

National Fertilizer Association Wholesale Price

are

and bond yield averages

Thursday, July 13, 1944

FINANCIAL CHRONICLE

THE COMMERCIAL &

212

The cut back will effect a saying
of

about

month,

100,000

steel

it is said.

"Movement

steel

tons

sluggish

shape up rapidly. Various 'orders
of intent' not only are expected
to

and
throughout the

scrap

iron

sr>on

converted into firm

but. in some cases,

likely

involve

orders

Moody's Daily
mmodity index

Tuesday,

July

Thursdav,

Friday

Julv

______

248.9

7__

Monday,- July

249,3

249 2

10_

249.8

Tuesday, July. 11_—
Two

250.1

weeks ago, June 27

249.3

Month ago, June 10__
Year ago,

1943

250.4

July 10, 1943__

High,

April

249.9
________

1944 High, March
low,

Jan.

"Holiday.-.

243.0

low, Jan. 2

*
249.3

Saturday, July 8_______

at least, are

substantially

1944

July 4,
July

Wednesday

251 5

__I.

—

240^2

•

■

247.0

Volume 160

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4298

figures showing the volume of total round-lot stock sales on the
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 17, continuing
a series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures*
Trading on the Stock Exchange for the account of members
New York Stock Exchange and the New

the end

totaled 4,230,450 shares, which amount was 16.68%
on the Exchange of 12,680,200 shares.
This

of the total transactions

with member trading during the week ended June 10 of
2,175,604 shares, or 16.79% of the total trading of 6,477,020 shares. On
the New York Curb Exchange, member trading during the week
ended June 17 amounted to 586,070 shares, or 14.64% of the total
volume on that exchange of 2,001,690 shares; during the June 10 week
trading for the account of Curb members of 277,255 shares was
14.14% of total trading of 980,155 shares.
compares

Total Round-Lot Stock
-

Sales

the

Transactions

for

York

New

Stock

Account, of

Exchange, and Round-Lot Stock

Members*

WEEK ENDED JUNE

Short sales

year."

Note:

During the period of rapid changes caused by price controls,
allocation, and rationing, the Bureau of Labor Statistics
attempt promptly to report changing prices.
Indexes marked

materials
will

(*), however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete
reports.
The

following tables show (1) index numbers for the principal
weeks, for June 3, 1944 and
July 3, 1943, and the percentage changes from a week ago, a month
ago, and a year ago, and (2) percentage changes in subgroup indexes
from June 24 to July 1, 1944.
groups of commodities for the past three

;

PRICES

FOR

\
A-v

WEEK

ENDED

JULY

1944

(1926—100)

Percentage change to
July 1, 1944 from—
7-1

Account

for

the Odd-Lot
Dealers and Specialists:

.--Except

•

Accounts

Transactions of specialists in stocks in

■

Total sales

Short sales

JOther sales

Sales

Transactions

the

New

Account

for

Total Round-Lot Sales:

Short sales..

Total sales..
B.

Transactions of specialists in

•.

Total

and

;
3.

■

■'

Total, purchases

;

•

■

Customers' short sales

3.27

4he
"•»

partners,

including

2.90

113.1

113.8

114.0

93.7

93.6

92.7

*101.1

commodities

includes
sales

only

which

"other

"short

1.1

1.4

1.9

*101.1

.99.7

*99.5

*99.6

98.1

other

*98.7

96.9

than

■■■

CHANGES

24,

-0.1

members*
the

vegetables
_

;

Paint

"";V;

1.4

Meats

0.6
0.3

—

_____

0.1

Cereal

products

0.2

1.0

exempt"

are

exempted from

restriction
"

included with

"other

and

sales

reason

that

by the

than

metals

came

week.

to say

in part:

mills

for

Commission's

products and foods higher—Led by an increase of

during the

con¬

holiday

week

has

flasks, against 3,200
April and a monthly

for

1943

quicksilver

decrease

from

that

April, according to a preliminary
estimate by the Bureau of Mines.
The Metals Reserve Co. intends
to

terminate

for eggs, average prices
week to the highest point

centrates
als

Jan.

purchased by Met¬
through the Chilean

were

Reserve

government.

During 1943, about
$5,300,000 was involved in ac¬
quiring the copper-bearing mate¬
-

hand

near

the

domestic

moderated..

call

outside

the

and

market

sources

for

are

lead.

not

greatly con¬
cerned about obtaining
corroding
lead,
as
the
stockpile consists
largely of this grade.
Sales of lead

depending

quantity.

not inclined to force

were

over

the

holiday period.

the

Pacific

Coast

remained

unsettled, chiefly
important consumers

cause

tinue to show

E&MJ

be¬
con¬

little interest in

obtaining forward

metal.

monthly

averages

for

quicksilver for 1943 and the first
six months of 1944 follow:
1943

January
February—•_

1944

$151,600

196.000

130.000

196.000

130.000

___

196.000

101.692

196.000

—

August

115.538

196.000

„—______

128.200

196.000

___

June

July

$196,000

_____

April

May

f 196.000

_____________

September

195.720

October

195.000

—

November

was

193.696
^

'^^,,1;;/' 190.077;

•(''■■'v ;i. Silver

j,;

The

London

quiet

market

for

silver

last

price

week, with the
unchanged at 23y2d. The

New

York

silver

Official

continued

for
foreign
44%c„ with

domestic metal at 70 %c.
teotm

by domestic pro¬

Results Of

ducers for the last week amounted
to 8,859 tons, against
the week previous.

for

the range of $98 to
$103 per flask,
New York,

domestic

grade

common

Consumers

4,542 flasks.

was
unchanged last
Buying was described as
light, with sales reported within

December

With

week.

production falling, owing to labor
shortages, the trade will continue

Treasury

4,201 tons in
The

Zinc

Copper production from domes¬
May was 85,848 tons,

markets, for
Rye and wheat rose by more than 1% and rial.
alfalfa hay by 10%* Congressional action in raising th^ loan value
Purchases
of
electrolytic and
brought cotton prices up 1%. Heavy hogs also rose slightly and fire-refined copper will not be
quotations were higher for live poultry in the New York market. In affected by the move.
During 1943
the past four weeks average prices for farm products have risen 1.3%.
the United States obtained vir¬
They are, however, 0.3% lower than at this time last year.
all of Chile's production
"The sharp advance in prices for agricultural commodities, par¬ tually
ticularly fruits and vegetables! and eggs, also led to an increase of of copper. Output last year was
1.7% in average prices for foods during the week. Fresh pork and estimated at
548,000 tons.

tension

Secretary of the Treasury
on
July 10 that the

announced

tic mines in

reached in nearly a year. Substantially higher prices were reported
for apples in the New York and Portland (Oregon)

oranges, and for onions.

thought to be

for
^

were

the

tlement of the labor difficulties is

fairly large tonnages, particularly

obtaining more copper.
July needs have been provided
for, and August business is de¬
veloping slowly.

sales."

for fruits and vegetables and 7%

products rose 2%

3,100

March

negotiat-f>—

making necessary re¬
pairs during the vacation period

sales.

are

Trading
Sulpni

on a

last

scheduled

Exchange for the

sales."

was

Sellers

.•

Markets," in its issue of July 6,
Mexican metal-producing properties
of being settled, which was viewed as a favorable
difficulties

non-ferrous

flasks,

The position of the market

paint materials

Livestock and poultry.'

process

3,400

against 3,700 flasks in April and
monthly average of 4,327 flasks
1943, the Bureau of Mines re¬
ports.
Consumption during May

'•••

L
and

Decreases
4 6

quicksilver
to

for

FROM

1944
'

4.2

amounted

average

8.6; Grains

products—

May

& M. J. Metal and Mineral

Brass

purchases

un¬

pound.

per

Quicksilver
Production

flasks
SUBGROUP INDEXES

1944 TO JULY

cerned with

of
on

changed at 51.125c.

farm

0.5

•

30, 1945, its
buying program in Chile for ob¬
Sharp increases in prices for most agricultural products brought taining copper ore and concen¬
the Bureau of Labor Statistics' index of commodity prices in primary trates from
small mining proper¬
markets up 0.4% during the last week of June. "The all-commodity
ties, according to mail advices
index of nearly 900 price series rose to 104.1% of the 1926 average," from
Santiago. Contract prices are
according to the U. S. Department of Labor on July 6. It is added being lowered on a quarterly basis
that "the general level of prices for these commodities is 0.2% higher on such
transactions, which means
than at the end of May and 1.1% over the corresponding week of last that
premium payments will grad¬
year." The department's announcement further said:
ually be eliminated. Ore and con¬

for

+ 0.1

*99.5

Copper

( Wholesale Prices Up En Week Ended July I (
Reports

"Farm

+ 0.7

*98.7

"Labor

than 8%

+ 1.2

*99.5

than

other

PERCENTAGE

14.64

regular and associate Exchange members, their
special partners.

52.000

was

5.0

113.2

still exceeded consumption in that
month."
The publication further

all

percentages the total
total round-lot volume

JRound-lot

iSales marked

0.1

+ 0.2

93.7

70,938

includes

with

114.6

0
;

"members"

short

1.9

reduced scale during
Quicksilver sta¬
tistics for May-were issued on
July 5 and showed that production

70,938

included

110.4

tin,

1.6

the

53,928

are

103.9

115.7

52.000

99%

5.1

Specijlists-

—

Exchange volume

rules

*103.8

115.8

through

302,745

—

Total purchases

the

*103.8

115.9

HOLIDAY
52.000

Chinese,

2.8

in\

55,825
2,100

Total sales—

.these

*103.8

+ 0.1

ing for an early settlement. With'
Lead
July ; needs of consumers almost
Production of pig lead in Mexico
fully provided for, new business has not
yet been resumed, but set¬

16,120

SCustomers' other'sales

twice

and other producers are

286,625

Odd-Lot Transactions for Account of

their

81.5

went

calculating

83.7

development, particularly among consumers of lead. So far, some
140 companies and individuals involved
in
the month-old wage
dispute have reached an agreement with miners and smelter workers,

8.47

283,325

•

Total sales

and

83.7

are

60,220
—

Short sales

tin

83.8

stated:

58,120

——

Total purchases

compared with

5—

Period—Quicksilver Consumption

61,540

—.—■

Total sales—

firms

July

52.000

0.4

lion-Ferrous Metals Experience Slow

;

4. Total-

*The term

July

1.4

Conditions

•

58,340

—

—;—-—

JOther sales

0.8

—0.8

■

3,200

;—

—:

V: JOther sales

+ 1.4

—0.8

96.9

115.9

Other transactions initiated off the floor-

+ 1.7

118.4

97.3

matters

180,985

—

< ■:Total sales——

.<>■-

107.6

117.7

97.3

Hides and skins

69,240

—

:j;l Short sales

V.-V

105.2

117.7

the floor—

Short salc3

{

104.9

97.3

h+y'-v

Stock

170,165

purchases——

JOther sales

„

Other transactions initiated

i>\

52.000

10,820

V" Total sales—-

Sept.

52.000

117.7

16.68

158,260

—

August

52.000

91.6

"E.

——:

un¬

83.8

JUNE

stocks in which

_—

JOther sales

were

July

104.9

Increases

.1,984,460

Short sales

tin

*103.8

2.48

2,001,690

they are registered—
Total purchases—

which

0.3

+ 1.3

104.3

All

Round-Lot Transactions Mor Account-of Members:

;V,;

for

be used.

July

97.3

+ 2.0

•Preliminary.

Exchange
(Shares)

1944

—

solder may

Fab¬

tanks

items

pound:

125.9

farm products and foods

17,230

:—.

changed last week. Straits quality
tin
for
shipment, in cents per

123.9

100.2

and

Curb

—

terne-plate

under

tin

122.9

Total for week

included

35%

containing not

tin may be used.

52.000

93.3

farm products
All
commodities

2,123,043

•

—

rication

52.000

106.0

farm

—-■

—

than 35%

52.000

105.3

Other

JOther,sales^.—,

which solder

1__

93.3

17,

of all solders,
radio, radar, and elec¬
appliances to the list in

52.000

105.3

Fruits

Members*

WEEK ENDED JUNE

purchase

adds

trical

52.000

106.0

207,480

York

spe¬

30___

93.3

Other foods

Stock

June

1.1

105.3

1,915,563

the

and

123.0

2,107,407

;

160.7

Total

Total sales

+0.2

used

52.000

106.0

+0.4

Manufactured products
6.46

339,123

Short sales—

103.0

may

52.000

93.3

313,303

—

JOther sales.

that

cifically permitted. The order now
requires prescribed certification

105.3

25,820

Total sales

Round-Lot

*103.7 .*103.9

Semimanufactured articles-

289,607

—

purchases

solder

June

106.0

Total

*103.7

lighting materials

Raw materials

791,420

——_—

Short sales

r;;-

1943

Miscellaneous commodities

725,210

Total

1944

6-24

Chemicals and allied products

847,480
66,210

3. Other transactions initiated off the floor-

1944

7-3

Housefurnishing goods.

7.74

992,500
——-

JOther sales

1943

Building materials

2. Other transactions initiated on the floor-

•Total purchases

regulations
raise
from
30% the tin content of

116.8

Metals and metal products

877,050

Total sales

21%

125.5
__

Puel and

115,450

JOther saies

1944

Hides and leather products
Textile products

970,320

——

purchases—

revised

7-3

1944

*104.1

Poods

Total

6-3

1944

Farm products

*\.v
•

Short sales

amended by WPB, cov¬
ering tin contained in solder. The

July

which

•.,

Total purchases—

6-3

they are registered—
;\

6-17

1944

All commodities

Members,
of Odd-Lot

6-24

Commodity Groups—

12,080,200
for

Transactions

Round-Lot

coming through

General Preference Order M-43

Quotations
t%

has been

and leather products group resulted from an earlier de¬
prices for shearlings. Minor fluctuations occurred in quo¬
tations for pine lumber. Rosin advanced
nearly 4% while turpentine
dropped 1.3%. Slightly lower prices were reported for soap products."
in

327,870

Total sales—

have been

sources

the hides

crease

12,352,330

—

formerly consigned
England have been moving to
Texas, and supplies from African
to

with regularity.

WHOLESALE

Total for week
i

—

JOther sales

time last

same

Concentrates

commodities—Very few changes were reported in
prices for industrial commodities during the week. The decline in

"Industrial

17, 1944

Total Round-Lot Sales:

(Shares)

0.8% lower than at the

are

(except odd-lot dealers) during the week ended June 17 (in roundlot transactions)

slightly while wheat flour and white potatoes in most
Average prices for foods are 1.4% higher than at
of May. Notwithstanding the recent rise in food
prices they
rose

markets declined.

and Exchange Commission made public on July

The Securities

flour

rye

Trading On New York Exchanges

213

The Rosita zinc smelter of A. S.

tenders for

R., in Mexico, resumed produc¬
June 30. Though all details

to be dated

tion
of

the

been

settlement

have

not

yet

worked

out, no obstacles
stand in the way of
operating the
plant at capacity/ according to ad¬
vices from Mexico.

most of the

large consumers have
already purchased zinc for their
July requirements. There were no
price developments.
Mine

mated

output

zinc

the

States for May was esti¬
by the Bureau of Mines at

62,708

tons,
in April.

against

63,814

tons

Tin

Though exports of tin
from

smaller

Bolivia

far this

have

ing

actually
to

price basis at 99.905 and
accepted in full).
Average price 99.904, equivalent
rate
of
discount' approximately
0.374% per annum.

Range
bids:

year,

been

receipts

•

from

all

sources

increased,

accord¬

members

;

accepted

competitive

the

trade.

annum.

Low, 99.904, equivalent rate of

discount
per

approximately

0.376%

annum.

(51%
the

States

for, $2,042,316,000.

fixed

per
concen¬

have

of tin and tin concentrates in the

United

Total applied

Total accepted,
$1,203,823,000 (in¬
cludes $54,389,000* entered on a

High, 99.910, equivalent rate of
discount
approximately
0.352%

trates

Federal Reserve Banks on
July 10.
The details of this issue are as
follows:

Buying last week was on the
quiet side, owing to the fact that

United

$1,200,000,000, or there¬
of 92-day Treasury bills
July 13 and to mature
Oct. 13,-1944, which were offered
on
July 7, were opened at the
abouts,

low

There

of the amount bid for at
price was accepted.)
was a

maturity of

lar issue of bills
amount

simi¬

July 13 in the

$1,014,523,000.

Daily Crude Oil Production Sets New High—
Up 3,550 Barrels Per Day In July I Week
daily

the

that

estimated

Institute

Petroleum

American

The

crude oil production for the week ended July 1, 1944,
was 4,586,750 barrels, a new high record.
It was 3,550 barrels per day
higher than in the preceding week, 578,950 barrels per day more
than in the corresponding week of last year and 1,150 barrels in
excess of the daily average figure recommended by the Petroleum
Administration for War for the month of June, 1944. Daily produc¬
tion for the four weeks ended July 1, 1944, averaged 4,565,200 barrels.
Further details as reported by the Institute follow:

average

gross

companies indicate that the

Reports received from refining
industry as a whole ran to stills on a

Bureau of Mines basis approx¬

imately 4,638,000 barrels of crude oil daily and produced 14,052,000
barrels of gasoline; 1,523,000 barrels of kerosine;,4,496,000 barrels of
distillate fuel oil, and 8,872,000 barrels of residual fuel oil during
the week ended July 1, 1944; and had in storage at the end of that

fuel, and 52,235,000 barrels of residual
apply to the country as a whole, and

35,360,000 barrels of distillate
above figures

The

oil.

fuel

9,682,000 barrels of kerosine;

83,559,000 barrels of gasoline;

week,

War, U. S. Department of the

The Solid Fuels Administration for

Interior, in its latest report, states that the total production of soft
coal in the week ended July 1, 1944 is estimated at 12,050,000 net
tons, as against 12,000,000 tons in the preceding week and 10,165,000
corresponding week of 1943. Cumulative, production of
soft coal from Jan. 1 to July 1 totaled about 321,080,000 tons, com¬

tons in the

of 11.0%.

y^: ■^^-yy-y
Production of Pennsylvania anthracite for the week ended July
y

1, 1944, as estimated by the U. S. Bureau of Mines, was 1,291,000
tons, an increase of 52,000 tons (4.2%) over the preceding week.
compared with the output in the corresponding week of 1943,
there was an increase of 665,000 tons.
The calendar year to date
shows an increase of 12.2% when compared with the same period
When

The strike of the coal miners was the main cause for the
production a year ago.':yy.y.y':: y^'^'xy.- 'y^yi"1 -'yy;

last year.
lower

that the estimated production
of beehive coke in the United States for the week ended July 1, 1944
The Bureau of Mines also reported

showed

24; and was 53,300 tons more than for the cor¬

responding week of 1943.

Allow¬

Week
Ended

from

Recommen¬

June

332,000

Kansas

232,000
269,600

Panhandle
North
West

Texas

yV-.

90,200

149,400

_■—

134,300

447,900

236,100

145,000

350,400

312,900

528,450

Total Texas

2,036,400

1,548,400

July 1,

1944

1943

1944

1943

1,291,000

1,239,000

626,000

33,342,000

29,715,000

28,861,000

1,239,000

1,189,000

601,000

32,009,000

28,526,000

27,418,000

150,000

total

States

and

washery

156,100

dredge

coal

96,700

•

truck

ESTIMATED WEEKLY PRODUCTION OF COAL,

authorized

from

2,039,000 (2,042,059

are

! '

73,600

288,750

Louisiana—

85,150

288,800

250,800

1,450

—

72,750

North Louisiana
Coastal

Week Ended
June

Louisiana

335,950

362,400

1,450

—

361,500

395,000

350,000

Arkansas

Alabama

80,400

75,700

Arkansas and Oklahoma

43,900

55,050

Colorado-

—

43,900

42,000

150

—

Florida

100

Illinois

208,650

220,000

Indiana

—

220,550

206,400

12,200

13,600

12,400

700

—

_—'j

73,600

71,550

4,750

69,000

79,750

23,000

24,700

2,950

21,500

20,800

___

Montana

4,700

49,900

57,500

93,950

2,500

87,700

86,550

22,100

800

21,500

20,850

7,400

Colorado

51,900

24,400

7,550

800

8,200

7,000

New Mexico

(

Total East of Calif

3,736,850

2,100

state

and

allowables,

production of crude oil only, and do not include
gas derivatives to be produced.

shown

771,300

846,400

4,007,800

4,565,200

3,550

4,586,750

4,585,600

recommendations

3,718,800 ' 3,236,500

1,450

§849,200

849,200

"P.A.W.

849,900

3,736,400

Total United States

17,000

45,000
58,000

above,

allowable

net basic

the

June

calculated

30-day

SRecommendation of Conservation Committee of California Oil Producers.

month.
CRUDE

RUNS

AND

PRODUCTION

STILLS;

UNFINISHED

GASOLINE,

RESIDUAL

FUEL

GAS

OF
OIL

STOCKS

GASOLINE;

DISTILLATE

AND

JULY

OIL, WEEK ENDED

FUEL

FINISHED
AND

1944

Figures

this section

include

——therefore

Bureau

totals

Mines

are

basis

Daily Refining
Capacity
tial

v-,

Crude
Runs to Stills

Poten-

% Re-

(Stocks (Stocks

tStocks
Finished

of Gas

ofRe-

Includ.

and Un-

Oil and

sidual

Distillate
Rate porting Average erated Blended Gasoline Fuel Oil

District—

Daily

% Op- Natural finished

72,000

937,000

289,000

704,000

program

390,000

178,000

121,000

ice.

39,000

21,000

24,000

3,000

4,000

74,000

73,000

35,000

nation-wide

22,000

that

74.000

29,000

22,000

30,000

37,000

36,000

34,000

12,000

710,000

195,000

416,000

2,980,000

1,934,000

3,108,000

785,000

147,000

144,000

41,000

lignite)—

2,000

146,000

133,000

43,000

377,000

388,000

167,000

231,000

Washington
(West Virginia—Southern

30,000

18,000

30,000

2,133,000

2,160,000

930,000

1,620,000

996,000

1,113,000

477,000

565,000

Wyoming-—.
iOther Western States

155,000

158,000

86,000

:c'.

■

'■

1,000

98,000
18,000

y-y;

12,000,000

81,000
..V-

1,319,000

286,000

8,170,000

Virginian; K. & M.; B. C. & G.; and

Kanawha, Mason and Clay counties.
(Rest of State, including the
District and Grant, Mineral and Tucker counties.
§Includes Arizona and

Panhandle

"Less than 1,000 tons.

Oregon.

Output For Week Ended July 8, IS44Shows 0.5% Gain Over Same Week Last Year
that

the

Institute, in its current weekly report, esti¬
production of electricity by the electric light and

industry by the United States for the week ended July 8, 1944,
approximately 3,940,854,000 kwh., compared with 3,919,398,000
kwh. in the corresponding week a year ago, an increase of 0.5%. The
output for the week ended July 1, 1944, was 5.3% in excess of the
similar period of 1943.
'

•

iana

Major Geographical Divisions-

Gulf,, LouisGulf,
North

inland Texas—

facilities

the

should

2,518

90.3

2,399

6,782

18,834

36,891

15,513

Federal

Government

exercise

responsibility of
leadership and assistance to the

states.
"In

establishing
of

gram

vention,
sound

will

investment

ernment

130

83.9

73.1

326

1,948

837

299

87.2

127.7

185

1,083

624

199

Ind., 111., Ky.

824

85.2

767

93.1

2,752

18,523

5,367

3,428

Okla., Kans., Mo

418

80.2

1,345

7,486

1,328

380

90.9

any gov¬

human

life

YEAR

Securities

The

June 24

and

Exchange
public on
July 5 a summary for the week
ended June 24 of complete figures
showing the daily volume of stock
Commission

made

transactions

for

odd-lot

account

of all odd-lot dealers and

special¬

ists who handled odd lots
New

STOCK

TRANSACTIONS

ACCOUNT

AND

FOR

THE

OF ODD-LOT

Week

Ended

June

"5.4 y

0.1

"1.3

♦1.2

Central Industrial

"1.7 V

5.5

5.2

4.8

1944

24,

(Customers' purchases)
Number

Total

for Week

orders

28,043

West Central

2.0

5.7

6.2

3.9

Number

5.2

8.2

8.4

6.3

Dollar

Rocky Mountain

"8.0

"6.6

*9.1

*8.5

Pacific Coast

15.0

15.2

15.4

16.5

5.3

5.0

4.6

similar week

STOCK EXCHANGE
June 17

Odd-Lot Sales by Dealers

under

ODD-

DEALERS

SPECIALISTS ON THE N.

2.7

"Decrease

the

Exchange, con¬
tinuing a series of current figures
being published by the Commis¬
sion. The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers and
specialists.
;

3.3

0.5

York Stock

0.6

Total United States

and

NYSE Odd-Lot Trading

Week Ended—

July I

July 8
"12.0

England

1,421

District No. 1

make; the dividends

can

payable

are

national pro¬
post-war pre¬
be making as

and

war

Southern States

Appalachian—
District No. 2

organized on a
scale, it is proper

Middle Atlantic

95.3

establish¬

tuberculosis

must be

New

Louisiana-Arkansas,
and

the

national

in the public health serv¬
Since adequate public health

LOT

PERCENTAGE INCREASE OVER PREVIOUS
—<

Texa3

Electric

mated

937,000

4,892,000

(Includes operations on the N. & W.; C. & O.;
the B. & O.

provides for

7,233,0c*

13,619,000

1,239,000 r

"It
ment

health."
4,606,000

12,300,000

13,239,000 '

missioned.

34,000

Total, all coal

come.

commis¬

nurses
of
the
public
service, just as the nurses
Army and Navy are com¬

of the

126,000

lignite)

Total bituminous & lignite

peace

the

health

160,000

695,000

Fuel
Oil

•Combin'd: East Coast

sion

40,000

tasks of

enormous

the

Authority is granted to

156,000

was

at Refineries

and

war

16,000

power

§Gasoline
Production

the

604,000

The Edison Electric

reported

amounts' and

plus an estimate of unreported

investigations in any
public health.
appropria¬
tions for grants to the States for
general public health work.
"It
strengthens ■ the
commis¬
sioned corps of the public health

246,000

North & South Dakota (lignite)

(Figures in Thousands of barrels of 42 Gallons Each)
*

for

field related to the

43,000

Ohio

tutions

3.000

Utah

"The act signed today gives au¬
thority to make grants-in-aid for
research to public or private insti¬

374,000

Pennsylvania (bituminous)

United

Service

protecting

46,000

Texas (bituminous &

the

1939,
Health

because of

1,000

Michigan—

basis

since
Public

926,000

Pennsylvania anthracite

and
includes
shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 1 to 15 days, the entire state was ordered shut
down for 7 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate
leases, a total equivalent to 7 days shutdown time during the calendar
is

States

240,000

tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. June 29, 1944.
(This

Agency

650,000

„

Montana (bitum. &

:.yy.■' yVy

important step toward the
goal of better national health. A

1,000

■y,

y:'"

fol¬

constituent of the Federal Security

50,000

Kentucky—Eastern

statement

yy.y

533,000

Iowa

Kansas and Missouri

.national

1,484,000

the

represent

amounts of condensate and natural

lows:

80,000
;v

(West Virginia—Northern

97,050

President's

1,000

Virginia

California

73,000
140,000

•

y^yv;-: v

The

527,000

Tennessee

108,000

113,000

+
—

nurses.

1,527,000

New Mexico

51,000
94,000

Michigan

3.000

90,000

Indiana

Maryland

(Not incl. 111., Ind.,

Wyoming

246,000

5,000

Kentucky—Western

Eastern—

Kentucky

74,000

5,000

14,000

Ky.)

402,000

121,000

Illinois

900

—

■

Georgia and North Carolina

26,

1937

379,000

—

1,450

80,250

77,991

78,000

Mississippi

June

26,

1943

1944

5,000

Alabama
Alaska

and. establishment

tuberculosis program. It providescommissions
for .public
health

service for the

June

June 17,

24,'

1944

State—
Total

shipments

revision on receipt of monthly tonnage reports from district and
of final annual returns from the operators.)

subject to

State sources or

research

It authorizes increased

BY STATES

(In Net Tons)

and

■>'

§Revised.

(The current weekly estimates are based on railroad carloadings and river
—

j.~,

1,861,400

3,853,000

3,920,500

shipped

coal

and

(Subject to revision.

(Excludes colliery fuel.

*•

"Includes

act, said the Associated
authorizes. Federal grants
by non-Government
institutions, larger appropriations
to aid State public health work

for

the health of the nation.

'1937

"Total incl. coll. fuel

operations.

The

Press,

its excellent record in

July 3,

■(Commercial produc.

United

Department for
"its excellent record in protect¬
ing the health of the nation."
;,

have great confidence

-Calendar Year to Date

July 3,

Beehive coke

time,

same

the

commended

of the oldest Federal agencies
—and one in which the people

(In Net Tons)

Penn. anthracite—

statement issued at the

one

§June 24,

394,300

——

1,465,000

1,851,000
•

Week Ended

217,600

528,500

312,950

Coastal Texas

2,058,000

tJuly 1,

125,500

360,500

—

360,550
Texas

•

92,200
:

145,000

2,150

1,000

—

July 3, ;

PRODUCTION OF PENNSYLVANIA ANTHRACITE AND COKE

280,100

447,900

East Texas
Southwest

276,800

149,400

East Central Texas—

1,694,000

335,500

92,150

Texas

2,000,000

2,008,000

—

ESTIMATED

333,200

(1,000

1,000

a----;

•

1943

1944

average

"July 1,

"Subject to current adjustment,

—15,000

(274,700

Nebraska

July 3,

6,000

(338,300

274,000

Oklahoma

July 1,

Daily

Ended

Week

1944

June 1

Ended

July 1,

begin.

dations

Week

4 Weeks

Change

ables

to Date

Januarv

July 3,

approved on July 3

was

by President Roosevelt who, in a

"The Public Health Service Act

July 3,
and lignite—
1944
1944
1943
1944
1943
1937
Total incl. mine fuel 12,050,000 12,000,000 10,165,000 321,080,000 289,287,000 227,625,000

Actual Production

•State

Service

PRODUCTION OF COAL, IN NET TONS

June 24,

July 1,

Signed By FIB

Legislation broadening the scope
of the United States Public Health

y-'.

;

ESTIMATED UNITED STATES

Bill
t

with the output in

decrease of 6,100 tons when compared

the week ended June

Week Ended

"P. A. W.

increase

pared with 289,287,000 tons in the same period last year, an

Bituminous coal

(FIGURES IN BARRELS)

CRUDE OIL PRODUCTION

DAILY AVERAGE

Public Health Service

Weekly Coal And Coke Production Statistics

conditions on the East Coast.

do not reflect

Thursday, July 13, 1944

FINANCIAL CHRONICLE

THE COMMERCIAL &

214

834,026

—_

value

$29,773,179

Odd-Lot Purchases by Dealers—

(Customers' sales)
Number of Orders:

Customers*

short

sales

209

"Customers'

1943.

other

sales

28,832

Rocky Mountain—
13
—

California

17.0

92.3

58.3

64.5

305

2,374

332

632

89.9

15,188

8,034

DATA FOR

141
817

District No. 3—

District No. 4

$34

102.1

2.323

30,714

RECENT WEEKS

(Thousands of Kilowatt-Hours)

1944

1943

over

1943

basis

July

4,908

87.2

4,638

94.5

14,052

(83,559

35,360

52,235

June

1944

24,

4,908

87.2

4,638

94.5

14,066

86,000

34,328

52,757

32,546

65,566

U. S. Bur. of Mines
basis
♦At

barrels;

July 3,
the

and

3,892

11,089

77,185

request of the Petroleum Administration for War.
in

gas

pipe

oil

tFinished,

71,574,000

11,985,000 barrels,
tStocks at refineries, at bulk terminals, in
lines.
§Not including 1,523,000 barrels of kerosine, 4,496,000
distillate fuel oil and 8,872,000 barrels of residual fuel oil

and

produced during the week ended July 1, 1944, which compares with 4,502,000 barrels
4,337,000
barrels and 8,961,000 barrels, respectively in the preceding week and
1,213,000 barrels, 3,556,000 barrels and 7,781,000 barrels, respectively, in the week
ended July 3, 1943.
Note—Stocks

3,889,858

4,361,094

3,882,467
3,916,794

+ 12.3

4,344,188

3,925,175

+10.7

4,336,247

3,866,721

+ 12.1

4.307,498

April 22

„

May

...

4,233,756
4,238,375

—

May 13

1943-

unfinished,

transit
barrels

4,408,703

April 29

Total U. S. B. of M.
basis

April 15

1944-

April

April
Total U. S. B. of M.

of kerosine at July 1,

9,195,000 barrels a week earlier and

1944 amounted to 9,682,000 barrels, as against

8,361,000 barrels a year before.

Customers'

total

sales.

29,041

1,465,076

1,633,291

Customers'

short

sales.

1,480,738

1,696,543

"Customers'

other

sales.

6,604'
788,863

1,469,810

1,709,331
Customers'

total

sales.

% Change
Week Ended-

May 20

——

May 27
June

July

1,454,505

1,699,822

1,429,032

1,688,434

8.5

3,365,208

1,436,928

1,698,942

3,969,161

6.8
6.3

3,990,040

7.6

3,356,921
3,379,985
3,322,651

1,435,731
1,425,151
1,381,452

1,704,426

3,992,250

3,903,723

1,705,460
1,615,085

3,925,893

5.6
5.5

1,441,532
1,440,541

1,699,227

4.6

3,372,374
3,463,528
3,433,711

1,435,471

4,040,376

4,098,401
4,120,038

5.0

3,457,024

1,456,961

4,327,359

___

1
8

1929

1,689,925

4,110,793

5.3

3,424,188

3,940,854

3,919,398

0.5

3,428,916

1,341,730
1,415,704

1,433,903
1,440,386

4,144,490

June 24

July

3,348,608
3,320,858
3,307,700
3,273,190
3,304,602

1932

4,325,417

June 10

June 17

4,245,678
4,291,750

13.3

+ 10.0

1942

4)264,600
4,287,251

July 15

4,184,143

July 22

4,196,357

3,565,367
3,625,645

July 29

4,226,705

3,649,3 46

1,702,501
1,723,428

Number of Shares:

Dollar

value

795,467

$25,539,282

Round-Lot Sales by DealersNumber of Shares:
Short

sales

(Other

sales

.Total

sales

—

;

Round-Lot Purchases by Dealers;
Number
"Sales

202,980

marked:

"short

203 01

'
233 4C

exempt"

are'r<

1,592,075

ported with "other sales."

1,711,625
1,727,225
1,732,031
1,724.728

(Sales to offset customers' odd-lot order
and sales to liquidate a long position whic
is less than a round lot are reported wit
"other sales."

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4298

Volume 160

Total Loads

Revenue

Freight Gar Loadings During Week
Ended July 1,1944 Increased 16,533 Gars
Loading of revenue freight, for the week ended July 1, 1944 to¬

the Association of American Railroads announced

taled 897,800 cars,

July 7. This was an increase above the corresponding week of
1943 of 45,718 cars, or 5.4%, and an increase above, the same week in

1942

144,060 cars or 19.1%, which latter period included the July
holiday.ZV.Z
:
;;'
/-A.'A'
■
i.Loading of revenue freight for the week of July 1, increased
of

■

8,405

increase of
above the preceding week, and an increase of 10,723 cars

cars

loading totaled 397,633 cars,

above the corresponding week in 1943.

-r-

■

Loading of merchandise less than carload \lot freight totaled
106,831 cars, an increase of 2,989 cars above the preceding week, and
-an increase of 6,235 cars above the corresponding week in 1943.
A
Coal loading amounted to 175,440 cars/.; a decrease of 89 cars
below the preceding week, but an increase of 30,262 cars above the

corresponding week in 1943. - AA%y Z'AaA'A'//x-AAyj.'Ay ■; X?:v
'A
Grain and grain products loading totaledjj>8,600 cars, an increase
of 5,267 cars above the preceding week but a decrease of 1,879 cars
below the corresponding week in 1943.
In the Western Districts

alone, grain and grain products loading for the week of July 1, to¬
taled 42,434 cars, an increase of 4,688 cars above ;the preceding week
.but a decrease of 3,950 cars below the corresponding week in 1943.
Live stock loading amounted to 13,950 cars, a decrease of 620
cars below the preceding week, but an increase of 2,193 cars above
the corresponding week in 1943. In the Western Districts alone load¬
ing of live stock for the week of July 1, totaled 9,663 cars, a decrease
of 647 cars below the preceding week, but an increase of 1,463 cars
above the corresponding week in 1943.
y\/AA
^
AZyA ZA,A;.AX:ZA

;fy:

Forest products loading totaled 50,044 cars, an increase of 2,403
cars above the preceding week and an increase of 5,430 cars above
*

corresponding week in 1943. :ZZAZy A/AA;^
Za:ZAAAAA-.
v
Ore loading amounted to - 80,971 cars, a decrease of 1,117 cars
,below the preceding week and a decrease of 8,721 cars below the cor¬
the

responding week in 1943. <
yJ,A.A:Ay A'
Coke loading amounted to 14,331 cars, a decrease of 705 cars
below the preceding week, but an increase of 1,475 cars above the
corresponding week in 1943.
r
All districts reported increases compared with the correspond¬
ing week in 1943, except the Pocahontas and Northwestern. All dis¬
tricts reported increases compared with 1942.
V'
A
"VA- 1944. -A''-:

•

Weeks

weeks

February™

.yAy,.

-..A

4,068,625

3,122,942
,

3,924,981

3.135,155

weeks

weeks of April——A---

3,858,479

3,055,725
3,073,445

A.:

3,159,492

March

4
5

1942

1943

3,531,811

3,796,477

January-———

3,174,781

•

weeks

June

"Week

of
of

July.

■A
:

854,689

854,486

897,800.

yyyj.—A——yA-A;AyA~-

Total

;y*Y

iy,y.-—yy —L_y

3,311,637

667,609

879,161
A 881,267

24—

4,209,907
A

3,363,195

874,193

17—:—yy.

June

Week

-A

10^.^—A..——y

June

Week

3,446,252
:• 810,772

May—;«——.y—-yy..*,,

Week
.Week

■

832,635
844,913

868,286
A/
A A

760,930
852,082

21,949,194

853,418

753,740

21,8l7.14i

20,952,550

"The following table is a summary of the freight carloadings for

railroads and systems for the week, ended July 1, 1944.
During the period 81 roads showed increases when compared with
the corresponding week a year ago when the coal miners were on
the separate

strike.

AND RECEIVED FROM. CONNECTIONS

LOADED

FREIGHT

REVENUE

Z,Za-.A-; v/aA^A: AyZ.Ay■ZAy,

Railroads

Total Revenue

"Ay,.';,

Received from

Connections

Freight
/•,•; .x •: ;
vy:-;.y >,. ■ 'y ,y v"Freight Loaded
District— -AyAyyA;yA'
1944 <
1943 y

Eastern

242

1,083

253
969

Boston & Maine—.———

6,985

6,744

,i—

;

Bangor & Aroostook————

Chicago, Indianapolis & Louisville——.
Central Indiana

Central Vermont

——

Ay;

Delaware, Lackawanna & Western—:

8,021

Detroit & Mackinac—-

;

Grand Trunk Western——•

——

Maine Central—.

2,233

—

374

251

620

2,538

881

1,361

1,089

11,311

12,179

-10,648

9,515

9,669

3,866

3,966

4,671

5,746

4,630

515

373

453

1,800

1,634

1,828

1,620

1,529

2,887

2,551

222

322

367

374

121

2,322

2,479

12,804
11,158

11,619

6,622

231

10,784

122

1,359

106

1,275

1,248
2,445

2.374

17,452

17,721

Atlantic Coast Line

Central of Georgia
Charleston & Western Carolina
Clinchfield

—

Columbus & Greenville

Durham & Southern———-—i

156

105

126

654

338

Florida East Coast-—

818

1,374

912

1,555

1,800

115

1,080

981

1,355

2,688

3,375

456

508

467

591

2,868

2,002.

804
6,931

1,784
7,282

1,623

15,937

-14,693

2,454 :y
5,456

2,114

2,927

5,208

394

1,900

————

Georgia & Florida
Gulf, Mobile & Ohio

—

4,376

3,986

3,935

4,120

4,178

29,360

26,121

23,719

16,204

25,562

23,131

19,791

12,272

18,892
11,463

161

Illinois Central System———,
Louisville & Nashville

172

184

1,022

York Central Lines—50,508

56,792 f y 44,033

54,672

Mississippi Central—
Nashville, Chattanooga & St. L—
Norfolk Southern

261

Richmond, Fred. & Potomac
Seaboard Air Line——

190

500

374

3,071

3,241

2,314

1,520

4,708
1,774

401

—

225

3,385
1,770

Piedmont Northern——.

399

333

1,070

5,201
1,148
1,076
11,078

509

361

474

9,392

9,950

10,373

8,785

24,246

20,378

21,659

24,088

22,457

712

1,134

565

879

9,885
8,660
1,328
.
834
6,569- ^
6,445
,
595
'
315
7,421. yy 7,117

18,986

2,158

1,585

8,605

8,167

4,783
562
312
782

7,844

7,443

N. Y., N. H. &

Hartford——y„——..

•••

Ontario & Western—.
•New York, Chicago &St. Louis—-—iNew York,

•N. Y.,

Susquehanna & Western-

Pittsburgh & Lake Erie——yy
Pere Marquette——;;
Pittsburg & Shawmut

—.—-

"Pittsburg, Shawmut & North—

Pittsburgh & West yirglnia———

'Rutland

./,

——

Wabash——

—-

•Wheeling & Lake Erie__»———
Total_

■

2,130

—__

956

4,728
-922
400
1,135
*358
5,577

•

—--

6,044

6,254

164,047

9,919

7,341

118

104

122,599

—

114,392

108,595

116,495

114,450

21,788

19,801

13,550

12,903

2,404

2,193

3,608

3,105

Northwestern District—

Chicago Great Western

18,878

/•,

2,329

—

Chicago, Milw., St. P. & Pac.__—.

21,191

16,446

10,592

Chicago, St. Paul, Minn. & Omaha_.
Duluth, Missabe & Iron Range—.
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern-

11,753

3,256

3,789

3,263

3,825

3,638

27,604

28,762

29,907

288

1,068

1,138

835

552

9,068

9,043

9,132

10,938

461

449

434

110

23,333

25,952

22,525

7,149

420

430

968

868

3,195

3,470

1,630

Dodge, Des Moines & South

Great

Northern————
Bay & Western—
Lake Superior &
Ishpeming
:
Minneapolis & St. Louis
Minn., St. Paul & s. S. M
Green

21,727

342

620

9,103'

316

3,047

3,669

■1,169

863

13,330

4,266

4,881

141,152

162,895

—

5,744

232,028

213,621

;

eentavos

series

7283;

1937

754

571

3,403

3,750

134,666

142,744

125,439

67,936

33,006

1 26,743

25,749

13,035

11,915

3,695

3,270

2,081

3,986

4,036

466

559

712

12,250

11,223

63,793

18,671 '

19,583

13,925

925

784

13,827

13,338

2,775

2,462

2,144

6,603

5,996

Denver & Rio Grande Western-.

3,700

543

13,489

759

731

-v

Gauley—

nacional.
sues

334

ment in cash plus interest until
July 13, inclusive. After the period

2,383

1,711

5,849

6,204

1,340

1,499

1,532

2,362

of conversion has transpired with¬

2,227

1,660

1,652

2,313

out any

1,040

1,086

640

415

2,040

2,006

A105

985

968

838

671

32,299

28,825

13,707

14,473

297

202

275

2,094

16,327

14,883

12,866

18,610

489

458

2,217

2,224

1,619

4,092

3,913

131,515

114,412

102,222

98,577

—

be considered that the

which

.145,058

„

"At the
tion

3x/2%, 1944, due 1987, at the price

L„

91.50

561

835

229

360

248

Miss Erste Returns To Post

2,627

2,486
2,896

246

320

6,097

5,619

4,661

2,643

2,895

3,928

3,766

4,273

2,778

2,980

announcement

266

363

231

1.046

1,288

505

Reserve

588

449

317

148

124

525

311

Midland Valley--*,—^—,
Missouri & Arkansas_i_._.

750
;

Missouri-Kansas-Texas Lines-

178

957

7,266

4,340

5,677

5,950

19,241

14,596

19,533

17,900

119

192

124

368

247

10,344

Quan ah Acme & Pacific——
St. Louis-San Francisco—
St. Louis Southwestern-^
Texas & New Orleans—:

5,842

18,616

Missouri Pacific———

8,433

8,321

9,049

9,521

20,459

2,752

7,249

7,824

5,717

5,490

ministration.

4,365

8,927

6,930

113

143

added, after

serve

77,5p0

73,962

62,012

72,164

68,289

year's

members

that they represent the total

• i-.

REPORTS—ORDERS, PRODUCTION, MILL
Orders

Period

Lumber Movement—Week
Ended July 1, 1944
According to the National Lum¬
Manufacturers
Association,

ber

lumber shipments of 481 mills re¬

porting

1944—Week Ended

141,959

607,537

gross

179,056

144,422

635,727

145,936

143,883

636,176

1,178

601

3,484

3,470

1,426

21,343

2,619

79,239

76,978

68,932

63,611

11,565

12,093

28,108

25,068

April
April

I5ZZZZZZZZZZZZZZZZZ

April

22—

610,555

29—

138,712
147,768

158,871

April

601,880

158,534

628,495

144,921
140,287

150,435

620,728

16,351

21,110

6,923

7,581

"3,974

3,152

12,326

12,121

May

13—
2Q

May

166,358

June

District—

21,664

Norfolk & Western_:

Virginian

—

4,136

14,092

21,965

19,304
14,459

8,893

7,474

4,738

-2,669

2,307

17-

—

24—

July

—

1
..

not

53,484

*55,638

36,432

25,292

21,611

156,338
155,170

96
93

157,794

577,721

;

ex¬

orders

549,830
544,454

A 95

t".

piuo

uiuwo

icutuveu,

icbo

yruuuui

Compared to the

average

cor¬

responding week of 1935-39, pro¬
duction
do

34.3%

reporting

greater;

mills

was

shipments

were

and orders

were

„

necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made
necessary adjust
*
'

ments of unfilled orders,

mills

6.1%

by 9.5%.

identical

154,137

year-to-date, shipments

reporting

ceeded production by

582,090
599,322
584,083

Notes.

Total.

147,689

152,954

—

152~461

For the

602,062

155,105

170,421
144,384
130,510

June

2,011

12,126

157,370

138,501

June

28,935

equivalent to 32

are

186,666

stocks

days' production.

156,041

6—

May

27,684

amounted to 120.9% of stocks. For

138,724

June

639,537

ae=

Pocahontas

were

Unfilled
order files of the reporting mills

613,978

1,715

175,712

655,682

mills

150,940

165,698-

Current Cumulative

650,606

144,761

these

147,604

170,936

^Tons
146,926

152,627

above production.

136,105

April

May

Chesapeake & Ohio

orders

2.9%

125,806

112

200,356

Percent of Activity

Remaining

Tons

Lumber

5.8% above

is!"~ZI~ZZIIIZIIZI

4,188

——

Tons

Orders

were

production for the week ended
July 1, 1944.
In the same week

ACTIVITY

178,375

19,575
—

Production

National

25———

15,220

(Pittsburgh)-.

—

the

Trade Barometer

March

93,105

—,—

Received

engage in' con¬
work with the FEA,

March

199

Pennsylvania System———

war

with headquarters in Cairo, Egypt.
We have since been advised (June

30), that, due to the illness of her
mother, Miss Erste has returned to
her position at the Reserve Bank.

this

was

Washington, would
fidential

figures revised.

Erste,

1157
:

Miss

month's training in

19,850

215

1,425

Re¬

10,412

??iUr5s are a(*vance(I to equal 100%,

Erste,

Federal

reporting softwood mills, unfilled
orders are equivalent to 41 days'
production at the current rate, and

■

...

660

V-

that

leave of
J.

Anne

assistant

March

5,044

member of the orders and
production, and also a figure which indi¬
cates the activity of the mill based on
the time operated.
These

Cleveland

granted

Miss

alternate

Federal

2,814

Association represent 83% of the total
industry,, and its program includes a statement each week from each

the

13,594

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

1,516

267

,'1,780

Total

Bank

22, page

made

from

the bank had

absence

June

was

agent, who had joined the
staff of the Foreign Economic Ad¬

Weekly Statistics Of Paperboard Industry

industry.

5,120

Total——_—„—

The

issue

our

3,287

Weatherford M. W. & N. W.___.
Wichita Falls & Southern

Note—Previous

2590, reference

12,225

Texas & Pacific—.

March

659

moneda nacional."

pesos,

4.045
1,111

513

—<

Western Maryland-.

public subscrip¬
100,000.00 peso
loan at

4,154

1,557

222

Penn-Reading Seashore Lines-

Union

for

2,350

29,424

5,981

time the Govern¬

same

offers

ment

5,083

6,691

Reading Co

are

2,138

2,261

7,094

———

Cumberland & Pennsylvania—

issues

new

offered, without benefit
of the premium of exchange,

1,871
17,134

511

System—

demand for the exchange
reimbursement in cash, it will

5,592

29,463

Central R. R. of New Jersey—.

is¬

435

2,834
268'

230
-

the

able to obtain at any moment 0.70
after July 14, 1944, the reimburse¬

6,592

Southwestern District—

*33,759

1,564

holders

request the redemption
within the specified time will be

687

.909

Total———

282

...

Cambria & Indiana

Ligonier Valley_^_,
Long Island—

The

who

2,598

36,147

;

6,286

6', 284
^

ex¬

680

1,147

Southern Pacific (Pacific)
Toledo, Peoria & Western——

960

1,298

con¬

719

'■.

1,852

—.

North Western Pacific--—
Peoria & Pekin Union—

41,713

48,164

Baltimore & Ohio-___^—
'Bessemer & Lake Erie—L.—

674

For the

change the municipality offers for
each 100 pesos bonds of 4J/2
issue,
105.95 pesos of new values plus a
premium of 0.50 eentavos moneda

Unfilled
;

Aires"

version loan of 1944.

new

Cornwall—

Buenos

1,607

——

tax

"Municipalidad de la Ciu-

3,813

764

Western Pacific

interest

income

2,588

Denver & Salt Lake
Fort Worth & Denver
City—
Illinois Terminal

Union Pacific

from

2,552

Colorado & Southern—

issue of 4%

new

exempt

2,003

11,459

Utah

municipality offers in its

dad

2,566

■

place
not

5,520

13,376

..-

Sud," law 8855.
"The

6,488

series

8175 and the loan "Avenida Norte
a

8,658
-144

121

"A,"

regulation No.
"E," regulation
No. 7288; 1938 series. "F," regula¬
tion No. 7288; repatriation of the
external debt 1937, regulation No.

11,111

3,206

Northern—.

of Buenos
carry
out
simulta¬
similar operation retir¬
issues of 41/2% interest,

termed:

Akron, Canton & Youngstown_.

Buffalo Creek &

municipaiity

2,930

2,832

The

will

neously
ing the

2,513

nacional.

moneda

"The

3,084

14,627

Missouri-Illinois—.:—-.

na¬

of new
of 0.50

pesos

premuim

advises in the matter also state:

2,573

—_

Chicago & Eastern Illinois—

Ar¬

bonds of 4%

pesos

plus

6,385

154

Atch., Top. & Santa Fe System-

in¬

"Credito

issue, 109.30

values

1,653

2,932

Bingham & Garfield————
Chicago, Burlington & Quincy—
Chicago & Illinois MidlandChicago, Rock Island & Pacific-

STATISTICAL

Allegheny District—

100

7,828

Central Western District—

2,095

,15,317

353
4,735

each

11,218

———

Alton—

termed:

interest

from

change the Government offers for
tional

1,910

Spokane International—

Total—

3^%

exempt

gentine Interno Conversion Loan
Vk% of 1944-1987." For the ex¬

6,919

Spokane, Portland & Seattle

Nevada

tax,

2,581

Northern Pacific——„

not

are

come

5,967

479

———

Ft.

bonds

new

which

1936

Chicago & North Western.^

351.

239
>

tion of the external 4% debt 1937
for

Aires

Total

16,724

16,626-

conversion

of the following
Argentino Interno
4%, 1936 and 1938, and repatria¬

704

Winston-Salem Southbound.

2,285
•

3,494

"6,697
483
8,151 y
5,185
966
i361.
1,435
416
6,068

the

bonds: Credito

935

—

System—,

Tennessee Central

46,799

9j551
1,335

Monongahela—.—;yy_——
6,015
Montour-——-———————-_A -y 2,538

-y

Ministry of Finance of the
Argentine Government announces

733

Macon, Dublin & Savannah

Southern

131

—

Argentine Bonds

The

519

i—.

Gainesville Midland

7,629

7,721

2,817

695

.1,207

Lehigh & New England
Lehigh Valley--—

New

I- 2,456
% '■ 44

255
12,804 y 11,280
v 3,878*y
3,953
200 ;;y
186

A;. :213
2,068
A 8,680

Lehigh & Hudson River

173

14,161

1,320
27
865

226

•

455

584

Litchfield & Madison—

1,850

1,942
325

13,973
3,969

——

7,470

266

>*..

Detroit, Toledo & Ironton—1,757
Detroit & Toledo Shore Line——283

303

790

1.373

528

1943

882

Kansas City Southern—.
Louisiana & Arkansas——

14,084 k

1944
*

366

1943

5,269

v';.

5,932

6,151

345
867
5,610

1,315
1,271
y-AA2Lyy39
y 1,034
1,103

Delaware & Hudson——4-™-.—.—A

Erie-——-

1942

Atlanta, Birmingham & Coast-

1,396

1942

Ann Arbor—

1943>

Atl. & W. P.—-W. R. R. of Ala

1944

.Kv;

Connections

1944

Alabama; Tennessee & Northern.:

Announce Conversion

Received from

International-Great NorthernKansas, Oklahoma & Gulf-

Total Loads

AA':"

Southern District-

Gulf Coast Lines

WEEK ENDED JULY 1

(NUMBER OF CARS)

Total Revenue

Freight Loaded

Burlington-Rock Island-.

ZyyZ

Railroads

Georgia——-

the preceding week.

cars, or 1.9% above
Miscellaneous freight

16,533
.

215

34.6%

greater;

38.9% greater.

THE

216

COMMERCIAL & FINANCIAL

Executive Vice-v
J. Mackin; ViceItems
,
President and Trust Officer, Ken¬
neth W. Thompson; Cashier, Ed¬
(Continued f om page 204)
an
Assistant
Vice-President in for the last eight years, and a for¬ ward C. Scott, and Trust Officer,
mer
President of the Brooklyn Miss Gladys L. Stuart.
1928, and a Vice-President in
"The board of directors of the
Kiwanis Club, died on June 28.
1934.
The Brooklyn "Daily Eagle" re¬ new institution, to be known as
the First National Iron Bank of
The Federation Bank and Trust porting this, also said:
"A native of this borough, Mr.
Morristown, will have 15 mem¬
Company of New York reported
Salzman
attended the public bers. They are: Abell, Calvin A.
as
of June 30, 1944, deposits of
schools here, and early in life he Agar, H. Clifford Brown, Marcus
$23,951,102 and total resources of
A. Curry, Cutting, Easley, Eppler,
went to work for a corrugated
$26,961,730, against $22,639,039 and
box
firm
in
the city.
Before King, Allan P. Kirby, Mackin,
$25,506,832,
respectively, as of
Mark,
Winter Mead,
transferring to the Lafayette Na¬ Clarence
March 31, 1944. Cash on hand and
tional Bank in 1937 he was assist¬ Thomas W. Streeter, Harold H.
due from banks amounted to $5,Van Natta and Albert N. Williams.
ant cashier of the National Ex-?
134,176, against $2,502,880. Hold¬
"Mr. Abell is President of the
change Bank & Trust Co.
;
ings of United States Govern¬
New Jersey Bankers Association,
ment securities totaled $12,161,002,
Addison Keim has been elected having been elected May 13. He is
against $13,659,915.
Loans and President of the Albany Exchange
a
former - State Senator and a
discounts were $8,293,175, against
Savings1 Bank,-of Albany, N. Y., former director of the Morris
$7,978,143.» Capital- and surplus
succeeding the late Martin Nacht- County Board of Freeholders and
■were
unchanged at $825,000 and
man.
.-v.,
*'
y-v;
v.v/; has been active in banking circles
$1,175,000, respectively, and un¬
The formal announcement, said and in public life in Morristown
banks would be:

Trust Companies

About Bank:

President, Alfred

•

profits

divided

the

Albany

June

30,

was

"Times-Union"
of
made at a dinner

by trustees
bank and directors
of the First Trust Co. of which
to $18,607,541 on
Mr. Keim has been president for
$14,498,202 on the corresponding
date a year ago and $16,979,875 the last three years. He has also
been a trustee of the Exchange
on March 31 last. Total assets rose

Trust

of the Clinton

Deposits

Company of New

York increased
June 30 from

which

was

attended

of the savings

Bank since 1937, and a member
$19,740,642 as compared with
$15,658,950 on June 30, 1943, and of the Executive Committee since
1942.
The^ "Times-Union"
also
$18,161,884 at the close of the first
quarter this year.
Surplus and states that prior to his three
undivided profits on June 30 were years service as President of the
reported at $482,475. A year ago First Trust he had served as Ex¬
His con¬
they were $457,444 and on March ecutive Vice-President.
31, 1944, amounted to $472,563. nection with the First Trust Com¬
to

$3,269,845
of June 30, 1944,

and discounts of

Loans

and its predecessor the First
National rBank
dates back 37

pany

$6,770,882 for Federal, state of its Executive Committee. '

was

at
The current statement of The
of
1944 holdings of U. S. Government County Trust Company of White
and municipal bonds were $9,- Plains, N. Y., shows the highest
092,383. Cash on hand and due deposits in the history of the in¬
from banks on June 30 were $4,- stitution with $36,421,626, as com¬
631,677 as compared with $3,833,- pared with $29,057,054 a year ago.
724 on June 30, 1943, and $3,638,- Total loans amount to $8,159,012
as of July 1, 1944, an increase of
708 on March 31 of this year.
The
Plans for a special meeting of $854,794 during the year.

municipal securities, and
the close of the first quarter
and

stockholders

the

Trust

Clinton

the

July 18 to act on a pro¬

posal to increase the capital from
$600,000 to $700,000 were referred
to in our issue of July 6, page 112.
The

statement

condition of

Trust
Company
of
Brooklyn, N. Y., as of June 30,
showed deposits of $219,137,078,

Brooklyn

highest total ever reported by

the

which compares
$193,401,258 on March 31
last, and $180,869,131 a year ago.
The previous peak total deposits
on a statement date was $196,169,the

company,

current

been

his

announced. He will assume
duties in connection with

new

credits to corpora¬
and correspondent accounts

commercial
tions

tomorrow.

close of business

amount

same

(against $193,-

$107,617,091

ties,

was

500,629); State and municipal se¬
curities,
$33,560,180
(compared

$28,905,765), and other bonds
$36,324,096 (against

with

and securities,

increase

has been
of the First Na¬
tional Bank at Wilkinsburg, Pa.,
succeeding
Lynedon
P. Noble,
who after serving in the Presi¬

crease

ago,

1943.

announced

of the bank for 10 years,
has
resigned.
The Pittsburgh
"Post Gazette" also
added that
Mr. Huseman -has been with the
bank
since
1933;
he advances

statement shows total as¬

Andrew

recent con¬
National
of Pleasantville and to some

accounted for by the

vices added:

"Directors

from

the

post

of the bank author¬

Earnings for the half year are
reported at $15,595,000.
ther stated:

planned to pay dividends on a
quarterly basis, the directors an¬

reserved for amortization of bond

nounced."
G.

Otto

Wismer,

President

Co. of Detroit,
has announced
that Howard H,
Servis has been elected a director
the Bankers Trust

of Vice-President

the

trust

company.

the increase in the
War Loan account,
these factors,
institution
has
enjoyed1 a

Cashier.

"Free

troit

Press"

the

healthy increase in deposits in all
of its offices during the year. Mr,

According
to
the
Cleveland
"Plain Dealer" the directors of
the Cleveland Trust

land, Ohio, on June

Co. of Cleve¬

26 promoted

Ecorse,
has

Mich.,

State

Bank of

member,

changed its title to the EcorsePark
Bank,
effective

Lincoln

National

Bank
of
of June

1944, reports total resources
$25,492,228, an increase of $2,891,492 for 6 months' period from
Dec. 31, 1943; deposits of $23,977,075, as against $21,119,344, an
increase
of $2,857,731.
Surplus,
undivided profits and reserves are
reported as $742,045, as against
30,
of

$691,726, an increase of $50,319.Adolph

Salzman,

Vice-President

of.

the

Assistant
Lafayette

National Bank of Brooklyn, N.

Y.,

with which he had been associated

revaluation

payment

dividends

the

per

assets.

$5,204,000

rate

annual

the

common

President L. M. Giannini stated

that

the

has

vided

stood at $292,299,-

for

contin¬

war

capital account in
the amount of $13,919,000, cre¬
ated several *years ago and sub¬
sequently added to from earnings,

Officer to

total resources

reserve

gencies, etc.,

Willard " W.- Wilson

Lafayette

After

the Wayne County

Brooklvn in New York

the

and

The De¬ $2.40

from Trust June 13. v
Vice-President and ad¬
It is learned from the weekly
vanced William E. Squire, from
Wilson reported that $20,741 had Assistant Manager of the Estates bulletin of the Board of Gov¬
been added to undivided profits Tax
Department,
to
Assistant ernors of the Federal Reserve
319 on Sept. 30, 1943, and the pre¬
Trust
Officer.
Mr. Wilson has System that the Merchants Bank
vious high mark for any date was during the past quarter and the
statement now shows capital funds been with the bank since 1932. of Winona, at Winona, Minn., a
$212,000,000 on Oct, 15, 1943. The
of $2,191,535.
Mr.
Squire joined the bank in State member bank, has converted
statement disclosed an increase of
A regular quarterly dividend of
1928, and was chief counsel of the into a national bank under the
$150,000 in surplus since the pre¬
title of the Merchants National
American Institute of Banking,
ceding statement on March 31, the 37 Vz, cents a share was mailed to
Bank of Winona. The change went
figure
being $4,900,000 against depositors on June 30.
The Fifth Third Union Trust into effect July 1.
$4,750,000 three months before.
Frank D. Abell, President of Co. of Cincinnati, Ohio, has re¬
Cash on hand and due from
G. W. LaLone, President of the
First National Bank of Morris- leased its statement of condition
banks, including the Federal Re¬
Produce State Bank of Minneapo¬
as of June 30, 1944, showing total
serve
Bank of New York, was town, N. J., is slated to become
President and chief executive of¬ deposits at $230,903,139 and total lis, Minn., announced on July 1
$49,396,340 against $38,072,764 on
ficer of the combined First Na¬ assets of $244,732,244. The prin¬ following a meeting of the direc¬
March 31 last. Holdings of United
tional Bank and National Iron cipal items
comprising the re- tors that Earl P. Fredell had been
States Government securities were
1
Assistant, Cashier.
Mr.
Bank
when
shareholders
meet sources in the last report are: elected
$139,414,054, against $127,229,752,
Cash and due from banks, $69,- Fredell started as a messenger in
while loans and bills purchased July 27 to vote the merger, it is
learned" from Morristown advices 827,774; United States Bonds (Di¬ 1931, when he entered the employ
.aggregated
$32,481,513
against
and
Guaranteed), ■ $94,177,- of the bank, and has advanced
to the "Newark News" of June 27, rect
$28,892,719. Undivided profits are
securities by progressive steps to his new
which further reported: "This was 855; other bonds and
now
$1,463,156 against $1,454,784
announced
today when
recom¬ stood at $12,820,088, while loans post.
on March 31, while capital is un¬
$62,039,159.
mendations by a joint'committee and discounts were
changed at $8,200,000. Total re¬
The statement of condition of
from
the two institutions were The capital and surplus are $6,sources
are
$235,373,496, also a
the Mercantile - Commerce Bank
made public after their approval 000,000 and $5,500,000, respective¬
new high record, against $209,393,& Trust Co. of St. Louis, Mo., on
by the boards of directors of the ly, and the undivided profits are
083 three months before.
June 30, shows total deposits and
shown as $1,229,306.
banks.
with

premiums, $627,000 for deprecia¬
premises and $795,000 was set up in reserves and
applied to the absorption of losses

reports that stock and $2 per share on the
The
following
changes
also Mr. Servis, a prominent Detroit preferred stock, and after profit
broker and for the past 28 years sharing bonus to employees, cap¬
were effective oh July lv A, D*
Harrison has been elected Vice- a member of the board of S. S. ital funds were increased from
President, C. G. McKee, hereto¬ Kresge Co., recently retired from earnings for the six months by
fore Asst. Cashier, has been made that firm where he held the post $5,434,000.
This, with the divi¬
charge of dend, is equal to an annual rate
Assistant
to the President, and of Vice-President in
of approximately $5.12 per share
Karl Hewitt, also previously As¬ real estate.
sistant Cashier, has become Cash¬
on the common stock."
The Board of Governors of the
ier.
and

Bank

"From this total $3,158,000 was

tion of bank

that

addition to

The advices from the bank fur¬

ending June 30, against a previous
rate of 50 cents per year.
It is

Federal Reserve System announce

Government

June 30.

solidation with the First-

and $5,391,000 since Dec. 31,
Total resources were $3,-

$175,000, was States Government securities,
The ad¬ which at June
30, 1944, totaled
.::f.l; ; /■:i,;-;-v $2,040,595,000.
;

dency

Wilson, Jr., President of the bank,
the increase in deposits is partly

but

total

now

bringing the latter to

ized

Huseman

Lewis

$38,924,589, compared with
$31,231,208 on July 1, 1943. Ac¬

extent

operation, and a marked
in .capital; funds, which
$171,776,000, a net in¬
of $10,251,000 over a year

ments of

$36,786,897).

payment of a dividend of 50
cents a share for'the six months

V;r

elected President

sets of

cording to a statement by

the

During the .year the
975,493,000, a gain of $847,856,000
bank's
more than 40 years."
capital and surplus re¬
over a year ago
and $277,581,000
mained
unchanged at $6,000,000
over Dec.
31, 1943. Deposits to¬
The Integrity Trust Company of and $12,000,000, undivided profits
taled $3,767,443,000, an increase of
Philadelphia
has made known stood at $2,744,136 on June 30,
$830,177,000 over a year ago and
that John L. Nelson, President of
1944, as against $2,277,408 at the
$269,290,000 since Dec. 31. Loans
the Standard Plating Works, Inc., end of 1943.
and discounts outstanding aggre¬
has been elected to the Board of
gated $857,395,000, an increase of
Directors of the bank.. The Phil¬
The Chicago "Journal of Com¬
$79,743,000 over a year ago and
adelphia .."Evening Bulletin" of merce" reported on July 1 that
$46,735,000 during the half year.
June
30 - in reporting this also the doubling of the dividend rate
Total securities amounted to $2,said:
on stock of the National Bank of
323,546,000, or $616,115,000 more •
Park, Chicago, and the than a year
Benjamin F. Sawin has been ap- Hyde
ago and an increase
pomtea a Vice-Pres*aenc or trie transfer of $50,000 from undivided of $228,114,000 since Dec. 31. This i
provident Trust Company, it has profits
to the surplus account, increase-* was ' largely in United

reported as
It is added that the an¬
compared with $2,792,818 on June years.
nouncement of Mr. Keim's new
30, 1943, and $3,008,258 on March
he will
con¬
31 last. United States Government connection : said
.and municipal bonds now total tinue as a director of the First
$9,302,208; a year ago the total Trust Company and as a member
were

July 15. Co., is offering .42,117 shares of
paid on the. First National Trust & Sav¬
ings Bank of San D.ego, Cal.,
Jan. 15, 1944, and July 20, 1943.
common stock at $26.50 per share.
The bank will not receive any
The Harris Trust and Savings
proceeds from the sale as the
Bank, Chicago, in its statement of
shares are already issued and out¬
condition as of June 30, 1944, re¬
standing. The First National Trust
ports total deposits of $479,939,and Savings Bank of San Diego
928 and total assets of $510,183,was chartered under the National
784, comparing, respectively, with
Bank Act in 1883 and is'the city's
$447,286,229 and $476,111,484 on
largest local bank.
Dec. 31,
1943.
The chief items
comprising the resources in the
The statement of condition of
current statement are:
Cash on
Bank of America National Trust
hand and due from banks, $110,and Savings Association7 of San
650,197
(against
$109,117,270); Francisco as of June
30, 1944, re¬
loans-and discounts, $104,233,352
flects substantial gains made dur¬
(compared with $105,572,144);
ing the half year in all depart¬
United States Government securi¬
at

The

■

$373,888,

were

against $340,195.

1944

Thursday, July 13,

CHRONICLE

been

returned

profits

funds
risks

are
now

the

foreseeable.

the

since

account

not earmarked

undi¬

for any

Undivided

total $31,306,000. Art
expense reserve in the amount of
$3,400,000, which is not included
in capital funds, has been pro¬
vided from the earnings of this
period.-

profits

now

At the date of the June 30 call
for

statement

United

States

the

condition

National

Bank

Portland, Ore., reported deposits
reaching
an
all-time
high
of
$428,139,114
and
resources
of
$446,541,331. Gains of $99,567,490 ;
and
$104,274,336,
respectively, i
were

recorded

over

the

corre-

sponding date of call in 1943.

Barclays Bank Limited of Lon¬
don

reports total resources as of 30, 1944, of £879,569,535, an .?
all time high record, according to
advices received by cablegram by
the New York representatives of f
the bank.
This figure, it is an- I:

June

nounced, represents an increase
Thompson of 183 and $313,634,475, respectively. of over £100,000,000 since June
the Union Bank of Commerce of Cash and due from banks, $67,ent Chairman of the Board of the
30, 1943, and of £14,000,000 since
Cleveland reported that net profit 682,500;
United States Govern¬ Dec. 31, 1943. Deposits are now «
National
Iron
Bank,
become
(incl. $70,513,- at a record total of £836,831,238.
after transfers to reserves for six ment obligations
Chairman of the board of direc¬
months
ended
June
30,
1944,; 839 pledged) are shown as $166,- Bills discounted amount to £45,tors of the combined banks and
|
amounted to $6.09 a share on the 599,910; other bonds and securi¬
Hurlbut, B. Cutting, also of the
204,717 and advances are shown 7
ties are given as $23,158,824. The
at £167,604,334.
Dividends have f
National Iron Bank, become Vice- 35,300 outstanding shares of cap¬
ital stock.
In the corresponding capital and surplus are $10,000,- been declared for the first half j
Chairman.
George
A.
Easley,
000 and $4,000,000,
respectively,
President of the National Iron, period last year, net profit was
year at the rates- of 10% per an- |
while the undivided profits stand
num
on the "A"
Stock and 14% '
and
William E. Eppler, also of equal to $4.13 a share.
at $4,563,947.
Directors of the Union Bank 'bf
per annum on the "B" and "C" ;
that bank,
would be Chairman
"The

joint committee also rec¬

ommended that Elmer King, pres¬

and

Vice-Chairman, respectively,
seven-member
executive

committee.
*

"Other officers of the combined

President

Cleveland,

Commerce,
declared

July -3

dividend
of
$3
a
capital stock, payable

stock, which rates

July 25 to stockholders of

record

syndicate, headed by Dean as those
and including Blyth
past.
Co., Inc., and Wesley Hall &

Witter & Co.
&

paid

for

are

the

many

same

years

Full text of Commercial and Financial Chronicle : July 13, 1944, Vol. 160, No. 4298, Section 2

FRASER