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In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Final Edition
Reg. U. S. Pat. Office
Volume
Senate
Urged by
Speed
Charter Approval
The financial Situation
Price 60 Cents
N. Y., Thursday, July 5, 1945
New York,
Number 4400
162
a
Cop#
Vandenberg Calls World Charier
Step fo Iiilemaiimial Amity
Tinman to
r
Within the past few weeks the Department of Labor in
Washington has let it be known that recent inquiries indi¬
; Tells Senate He Will Support Ratification "With All
cate that a larger proportion of the women who have been
President Truman, in Address, Re¬
drawn into the "labor force" during the war wish to remain
the Resources at My Command." Doubts Whether There
minds Congress of the Connally
in it than has been commonly supposed.
The number of
and Fulbright Resolutions.
Says Could Ever Be Another or a Better Start. Holds Force
women added to the "labor force? during the war is a mat¬
United Nations Charter Is An Ex¬ Is Not the Real Genius of the New Charter.
ter of some dispute, the actual number depending some¬
On June 29, Senator Arthur Vandenberg (R., Mich.), a U. S. dele*
pression of National, and Interna¬
what upon the definitions of terms employed, but we should
tional Necessity.
gate to the United Nations San Francisco Conference, addressed the
j
not be very far out of the way if we were to put the figure
S e n a t e
i n
/
President Harry S. Truman, on
months'
official
absence
as
a
at about 5,000,000.
That is to say we may for the sake of
what, he called
July 2, appeared before the Sen¬
member of the American delega¬
"a prelimi¬
discussion assume that the number of women at work for
-
and
ate,
seeking work for pay in this country today is approx¬
imately 5,000,000 larger than was the case in 1940. This
on the face of the figures as given would appear to be def¬
address:
•
much
ter to center,
The Old
These
among
You
am
Question Again
results, thus very briefly
"
livered
your
good spirit and goodwill" and
then entered into a detailed anal¬
in
the
ysis of the Charter..
the address follows:
President Truman
Charter of the
It
United Nations.
was
San Francisco on June
days ago—by the representa¬
of 50 nations.
The statute
six
(Continued on page 116)
tunity
tives
this
take
I
to
my
which
general conclusions and
them.
First, Mr. President, I wish to
The text of
present my compliments to my
fellow-delegates and our advisers
and
our
have
substantial
unanimity from start to finish. We
ferences
immediate
make
oppor¬
this preliminary
report to the Senate upon my
We have labored
staff.
together in good spirit and good¬
will.
We have had healthy dif¬
Mr. President:
signed in
26, 1945—
considerations
explored in subsequent
I am content today to
the reasons that impel
A. H. Vandenberg
together
bored
presiding
officer
state
delegates with
whom he "la¬
to
be
debate.
of
fellow
his
de-
have
and
of most of those who com¬
ment in public that the situation indicated "complicates" or
makes much more difficult the "problem" of finding" em¬
ployment in the post-war years for all those who wish to
work.
Indeed many seem to assume that cut-throat compe¬
tition between the women now at work and the returning
must
discussion of the vast
a
of
detail
co¬
operation
jyst
House
White
perhaps
It appears to be the belief, or
general.
and
work
I shall not here un¬
world.
dertake
the
ised
p r a
t h e
from
ter
and se¬
curity."
He
brought down
accurately the supposition,
more
I.have
•
for
n
assignment.
But it has
compensations not only in
privilege of association with
peace-seeking
pilgrims
from every corner of the globe,
but also in its'promise of a bet¬
peace
one
recently in
this chamber.
opened the old question of the effect of decisions of this
sort on the part of women war-workers upon the welfare
of the returning veterans, and indeed, upon the welfare of
the nation in
to
tio
z a
or¬
earnest
organi-
tional
that
international
difficult and bur¬
its
interna¬
an
how
sure,
had its
to create
ence
I
a
densome
delegate
the Confer¬
at
to create an
It has been
a
as
who served so
expressed, have again
ganization for peace and security.
ence
absence
ficial
you.
know,
means
of¬
months'
•
back
come
tion at the San Francisco Confer¬
my
upon
.
to let me
you
substantially from cen¬
Department of Labor; jto vary
but to be substantial.
of the
w
,
good of
It is
initely less than a 50 %. increase. The proportion of these
women now working who desire and intend to continue in
the "labor force"' after the war appears from the survey
/
,
report
two
nary
Charter, made the fol¬
brief
lowing
San
the
delivering
in
.
Francisco
pay or
of opinion, but we
acted
ultimately
in
(Continued on page 120)
two
of Jus¬
tice is annexed to the Charter.
I
of the International Court
appearing fo ask for the rafiof the Charter, and the
statute annexed thereto, in accord¬
ance with the Constitution.
asfiingtoa
am
ficatiton
Ahead;;of the
'""...V:
bring you
has been written in the name of
The Charter which I
DULLES*
By JOHN FOSTER
:
Adviser to the U, S,
"We,
Delegation, United Nations
Conference
San Francisco Charter Is "A Living and
Compelling Document," Points Out That It Is a Great Improvement
Over the Dumbarton Oaks Plan, Since It Provides for Remedial Action
to Diminish the Causes of War.
Stresses the Objectives of Affording
Dulles, Asserting That the
Mr.
Justice,
Lauds
Equal Rights to Nations, Large and Small, and to Promote
Respect Human
Rights and Develop International Law.
Creation of an Economic and Social Council.
for I am a bearer
tion s of 5 0
nations agreed
to
face
the
future
to¬
gether.
ag¬
will
fall
of
is
Such
future
a
San
living
T
DuIIes
Dumbarton Oaks Proposals
to consider.
few big powers get
had
to
plan
was
built
,
John
a
Conference
a
Oaks
barton
peoples document, which
emerged out of democratic dis¬
cussion and striving. It is a docu¬
ment
very
different from the
the
usually
when
decide how to run
the world.
They generally, and
naturally, conclude that the best
of all possible worlds is a world
which they will run. So the Dum¬
Francisco is a
It
Propo¬
been
which
called
Those Proposals, you
around
a
Security Council, backed
by the military might of
*An
the
address
the Big
by Mr. Dulles
at
Association
Luncheon, Philadelphia, Pa., June
29,
Foreign
Policy
1945.
(Continued on page 119)
with
action here
craft holdings,
the bill antici¬
;
-
This Charter and the
pates that fur¬
ther'
legisla¬
principles
to the United States Senate or
House
the
necessary
to
deal
Representatives.
of
will
tion
which it is based are not new
on
report
accompanying
pointing the way for the
ute and
The com¬
etc.
mittee
approving the Charter and stat¬
w
be
to
ith
them.
122)
-
on page
Editorial
Financial
fur-
t h
legisla¬
is
Page
Situation.:...;.... J.... 113
.
■
e r
tion, the board
-
S;
'■
ab¬
of
In
GENERAL CONTENTS
-
the
sence
(Continued
.
empowered
to lease
only
these
ties
•
which to start.
paper on
together
which emerged
document.
gotten
well-drawn
have
a
Dumbarton Oaks
occur
The Charter
is
would
sals had the defects which
mood.
and
compelling
in
Francisco
But the
crusading,
a
defen¬
from
San
working
not
sive
The
without
nowhere
in
over
watch our
beginning was, indeed, in¬
Conference
they
agreed to face
the
a
dispensable.
is more
that
good start in the planning
of world order.
a
structure
a
of the United
peoples—stretch¬
the face of the earth-
peoples
great concern and high hope. For
they look to this body of elected
representatives of the people of
the United States to take the lead
glad to
delega¬
recall, were drawn up last
by representatives of the Big
made
such
agreement i s
itself much.
What
will
Three—Russia, Great Britain and
the United States. The Proposals
; The
of
fact
San Francisco. I am
of good tidings. Last Tuesday the
ing all
From
Regular Features
Washington
News
................
124
Trading on New York Exchanges
NYSE Odd-Lot Trading..,
126
State
of
128
126
Trade
114
Review.......
Commodity Prices,
Domestic Index. 125
Weekly Car loadings
127
Weekly Engineering Construction... 126
Paperboard Industry Statistics127
Weekly Lumber Movement
127
Fertilized Association Price Index...
a
Weekly Coal and Coke Output.....
Weekly Steel Review
Moody's Daily Commodity Index
Weekly Crude Oil Production...
Non-Ferrous Metals Market
.....
Weekly
a
Electric
Output.
Not available this week.
proper¬
five
for
On the
question of
Carlisle Bargeroa
sale, Congress
must be notified what the plans
are and it has 30 days in which to
veto these plans. So it is apparent
that
the
agitation about these
years.
Ahead of the
—113
Moody's Bond Prices and Yields...,
Items About Banks and Trust Cos.;
General
CARLISLE BARGERON
battle over the disposition of the Government's vast
wartime plant structure, costing some $15 billion, instead of having
been settled, as is apparently the impression of many, by the creation
last year of a surplus property board, is yet to be fought,
A re¬
examination of the law, in fact, discloses that it is not contemplated
that this board shall dispose of the steel, aluminum, magnesium, air¬
The great
v
Those
rest of the world.
asked me to report on
You have
do so,
the
Nations."
By
126
125
124
125
124
a
windy studies of the whole re¬
conversion problem. Over a pe¬
riod of several months they served
boards! for the
against
letting the plants fall into the
hands of the "big interests." Vari¬
ously, it was proposed by men
like Frankenstein and Thomas of
/the UAW-CIO, and Patton of the
Farmers' Union, that they be used
to
insure
"full
employment,"
turned over to small business, to
farmer cooperatives, and that no
plant should be dismantled!. Par¬
ticularly, the aluminum holdings
as,
sounding
rival
They hammered
radicals.
should
be
■'aluminum
break up the
monopoly," the steel
used, to
used against the ■ "steel
trust," other plants used against
the "farm implements combine."
holdings
The
radicals
had
Bills had been
a
merry
time.
fairly perfected by
important
provision, one on which all the
radicals insisted, required that the
plants, the disposition of which
purchaser of any plant be re¬
can completely change this coun¬
quired to 'keep it in "full" op¬
try's economy, is to be renewed,
eration for two years, otherwise
and the indications are that it is
underway.
light of this, it is inter¬
esting to look back on what has
happened.
Early last year two
getting
In the
bcth committees and an
the Government
It was at this
Conservatives
recaptured it.
juncture that the
stepped
ih
and
pulled off as clever a
legislative
play as one ever saw. Und^r the
by Sen¬
leadership of Senator George, a
and the
joint House-Senate committee was
other by Senator Kilgore of West
(Continued on page 113)
Virginia, set out on long and
committees, one headed
ator Murray of Montana,
•
,
'
■
_
114
1
•
1
»
•
,
■'
t
THE COMMERCIAL & FINANCIAL CHRONICLE
Eire
File'
Fhiases—Many, @f Then
News
fine
in
that
aftermath of the
the
threaten the utter
war
right
nearer
of
The
clean hands.
over,
mostly
are
of
government
unity- by
the
Polish pro¬
new
Big
national
Three Powers
awaited ; only assurance
Yalta
conference
plan
land's
which the
out
the effort
future
by
.
the
was
that
the
for
Po¬
being carried
administration.
new
In
part that plan called for
early free elections in Poland.
The commentator would not say
how - soon
recognition' may be
everything to gain and nothing to
granted,
but
here placed it
week
to
.
tories, and other industries pro¬
ducing materials and items urg¬
ently ; n e e d e d in reconversion,
have caused
production.
the
considerable loss in
a
In
,
plant alone,
one
to the nation was
cost
16,000
day. Steel strikes, Mr. Fin¬
continued,, cost reconversion
a
thousands
of
Of
tons
steel
dearest dream of humankind.
"I commend it to
Congress and the country."—
Senator Arthur Vandenberg.
We must confess that we find it difficult to fol¬
of the Senator's.fine phrases. It is quite
beyond us how he can half concede the doubtful
faith in which these agreements have been reached,
low many
mills
.
Charter
At
there is at least the restraint of a
peaceful contract,
for whatever that may be worth, and the grim as¬
surance that the aggressor who breaks this contract
will stand in naked infamy before the embattled
conscience of an outraged world."
the
at
its
nounced
time,the Swedish
same
Government
decision
representatives
Warsaw
Stockholm
to
an¬
exchange
with
the
Government.
r new
The
first
dustry
the
and
fact that
nizant
that
indications' point to
legislators are cog¬
of the
labor
detrimental
effects
troubles
growing out
of the situation may have upon
Swedish
representative will be
Brynolf Eng, who has been nego¬
tiating for coal deliveries from
With respect to the Administra¬
tion's" reconversion wage policy,
Poland, the statement added.
understand how he, in view of
the current issue of the magazine
the
country.
possibly be that the
may
in
one
lump' during
the
quarter., If such were the
the steel mills would be less
case
reluctant to give commitments
non-rated
trade
deliveries,
states
authority.
There
on
this
<;%/•,'k'.-',,,
:<
evidence
- in
; the
Cleveland district last week that
may be a portent of the future
ability of one mill there to offer
was
substantial,
a
quantity of sheets
during
the
third
quarter.
Other possible signs of
an earlier than
expected opening
in the sheet log jam are a long
for
delivery
awaited revision of the shell
that
-
Despite the differences in esti¬
third
con¬
tainer program and unofficial re¬
Meanwhile today a French Gov¬
might have been available during
ernment spokesman
declared in the July quarter, which marks the
Paris that France has decided jo
beginning- of the
reconversion
recognize
the
new
Provisional
program.
U n i o n s realize that
Polish
Government
at
Warsaw, lower take-home pa'y is in pros¬
that the French representative at
pect as overtime diminishes, the
Warsaw had been instructed to
work
week is shortened, and
notify the Polish leaders to this, temporary
lay-offs for reconver¬
effect and that Foreign Minister
sion occur.
;
•
Georges
Bidault
has
informed
The situation poses a real prob¬
London, Washington and Moscow. lem both for Government and in¬
'.
mates, it
full force of past and
present mil¬
itary cancellations may reach the
provise when material and equip¬
are lacking, as it did when
the nation was swinging into war
production."
Labor difficulties, Mr. Finney
points out, loom as a major recon version
deterrent.
Recent
strikes in steel plants, tire fac¬
ney
'
:
ment
predictions, tires
early as this
end.
has
mow
about the cost involved in
civilian goods production, it may
be apt to be less inclined to. im¬
some
as
is not
business
since
.
worry
1
visional
by giving it support; everything to lose and
nothing to gain by declining this continued fra¬
ternity with the United Nations in behalf of the
can we
forces
Italy, Germany and
recognition of the
lose
Neither
in
fice coftimentaor saicl that formal
you are,
and in the next breath add that "with the
are just
beginning to- realize, that
simply a matter of lifting War Production Board
controls:
Labor trouble, recon-/.. :',V—:
■ V
version pricing questions/ doubts ness in :the third
quarter, how- i
about 'surplus disposal are hamever, was
open
to question by
pering business planning. More¬ some.
•"
/■ j
?
''■<
Meanwhile, today Foreign Of¬
-
...
"America has
Polish
"Some government' officials
reconversion
the
*
part oi their
Britain.
at least face the consequence with
can
we
ist,'
pay¬
by
borne
as
expenditure:
war
statioried
greater becomes the importance of this new
self-denying ordinance which promises a chastened
view.
The nearer right you are, the greater is the
fails,
and
The
forces
account
separate
a
$1,200,000,000
ovrn
the
urgency for invoking the emancipations
San Francisco Charter contemplates.
If
under
came
,
The
of
to
the
cover
ments to the Polish armed
disintegration of these ideals at ;
born.
these evil tides.
-The road to reconversion, it is
becoming more and more apparent
industry, is not the short and easy one expected by
some, but
a road that has its full share of
snares and delusions.
According to
Burnham Finney, writing in the trade
"magazine, "American Machin¬
i
since its
the President
departments.
Chronicle added that
News
right you may be in any
such gloomy indictment, the greater is the need for
the new pattern which promises at least to try to
stem
Britain
British authorities
the very moment they are
"I reply that the nearer
':p Tke State ©f^Tirade^
exiled
the
Government
to
seems
that
from
credits
expenses
-
me
Chronicle
arrival here in 1940 to
phrases [of the San Francisco Charter] often
contemptuously
reduced
to
a
contemporary
shambles.
You may tell me that some of the signa¬
tories to this Charter practice the precise opposite >
of what they preach even as they sign.
You may '
tell
Canada, and, he re¬
a
report' in the
discuss
to
regime had received $280,000,009
"You may tell me that I have but to scan the pres¬
ent world with realistic eyes, in order to see these
,
in
or
fused
Thursday, July 5,1945
ports of
cutback in Navy shelter
The WPB holds consid¬
a
contracts.
erable
tonnage for sheets which
placed as rated orders,
must be
M Shell contract cutbacks held the
spotlight at Pittsburgh this week,
according to the magazine, with'
practically
every
producer
of
heavy shells being affected.
A
plan of moving shell contracts
xurther
west
finished
product would foe closer
in
to the source of
the
cutback
order
use
that
noted" in
was
the
program
the
past
week.
Many contracts canceled in
Pittsburgh were transferred to
plants in the West.
The
make,
can say
that
'Business Week," states that it
can be expected that the Admin¬
Charter would .oblige us to
we can
lose nothing by signing it.
Fotisfa-Rsssian Conferences End
;
r;: r
IYSE Firms in
between
Polish leaders and members
ended peaceably and with apparent
satisfaction for those taking part in them, but with defiant protests
from the London Polish Government in Exile.
A Polish Provisional
Government, including at least five Poles other than those in the
conferences
The Moscow
of the Russian Government have
-
Warsaw regime, was formed in Moscow
present Soviet-sponsored
as
recent discus-^
of the
result
a
■
—
—
sions, but, according to the Asso- ment, who is expected to fill the
dated Press from London, June! same post in the new government,
the
26,
said
regime
London
it
authority only
Tvould transfer its
government formed on free
Polish soil and reflecting the will
of the Polish people as expressed
to
a
The Associated
in free elections.
Press further said:
administration
termed the
pseudo-
"a
imposed upon the
Polish nation, which is at present
under the occupation of an alien
army and an alien political po¬
government
lice."
A formal
statement
issued
through the Polish Ministry of
Information, a bureau of the Lon¬
don regime, said:
"The so-called
Polish Provisional Government of
"National Unity
.
has been cre¬
ated on the basis of an unprece¬
.
.
dented procedure while the whole
of Polish territory is occupied by
the Soviet Army, and at a time
when
the
Poles
deprived
are
of
the* elementary rights of man and
citizen."
;
,
On
the
.
June
ference
of
ment
the
Moscow
con¬
up and leaders of
so-called Polish Govern¬
National
Warsaw
would
27
broke
new
Unity
promising
build
a
flew to
that
of
;all the
increase
to
they
lasting future for
utmost.the
the
possibility iof
rebuild all that has
working to
been destroyed and
ture
to
"Poland
and
ruins
the Warsaw radio. The
over
adyices also stated:
Warsaw also
Warsaw
included
broadcast
With
Boleslaw
Bierut
provisional
of
govern-
said.
;
-
Big Three recognition of
ex¬
pected
the
almost
spokesman
momentarily,
regime
British
ognition is
He replied:
intended
and
London
American
of
the
have
it.
All I
Govern¬
desires
who
rec-.
from
Polish
side
forces
do
to
"I don't know.
the
the
what
withdrawn
by the
armed
asked
was
main
Warsaw
Wladislaw
the-new Warsaw Government
Minister,
President
our
Meanwhile, at London, a spokes¬
man for the Government in Exile,
stating that he did not know what
the future of the regime would be,
declared that the Polish Army of
from 200,000 to 250,000 men re¬
mains "completely loyal to us",
the
Associated
Press
reported
from London, June 29.
in
Poles to
rebuild, to
heal wounds and to live in a free,
independent Polish republic.
make
Gomolka, Deputy Premier-desig¬
nate; Jan Stanczyk, slated to be
Labor Minister; Wladislaw Kiernik and Henry Kolodziejski, the
ment
to
rebuilt from the
to
re¬
Polish
served
its leadership."
denied, however, a London
report that the Government was
under
He
looking
for
sanetuary
either
in
lay TT
will
allow
hourly
loss of overtime.
In
10%
a
rates
in¬
offset
to
of
that
to as high
have an ad¬
affect upon the oil compa¬
nies, since pipe requirements for.
year
400,000 tons,
as
may
verse
L"
.*
of the bomb
of
the
viewpoint of stabilization officials Bombs are. in the three or four
by these
the. publication says: "Industries sizes ? commonly used
the close of business on May 31,
now
producing the same civilian companies, "The Iron Age" points
member firms of the Exchange
out.
'fC■
type goods on war orders that
Headed by automotive require¬
carrying margin accounts reported they da in peacetime are paying
as
follows:
ments
unvalidated orders in¬
T an average of 108%%
of basic
in
number
last
week.
Total of customers'
net
debit hourly rates as a result of eight creased
Since most individual non-rated
balances May
31, 1945, $1,094,- hours' .overtime at time-and-aorders are considerably smaller in
337,830; April 30, 1945 $1,064,812,- half in each 48-hour week. This,
676; (Includes all securities, com¬ of course, will drop to 100% on a size than the industry's average
modity and other accounts. Does 40-hour week, and down-grading during the - war period, a rise in
production costs is expected to
not include debit balances in ac¬ and similar adjustments will bring
,
interpretation;
an
The New York Stock Exchange
reported
June
on
14
that
as
of
.
•
.
counts held for other firms which
of
members
national
the
total
secqr-
about
exchanges,
or
"own"
ac¬
counts of reporting firms, or ac¬
counts of-partners of those firms.)
tivity
are
ities
k a,
that
said
the
is that
work hand in hand "to
o raw s
must
we
on
know
the
of
member
a
Premier,
be
Stanislaw Mikolajcyzk, slated to
foe Vice-Premier and Agriculture
appealed
the fu¬
Oder, the Niesse
and the Baltic lasting.
The Polish group arriving in
when
had
be
must
frontiers
the
come
as
assure
Osubka-M
Edward
slated
exiled
which
Poland
of
Poland, the United Press reported
from London on that date, giving
announcement
the
that
the European community.
V
London. Poles
The
new
union
forces for democracy will
said
quarter
:
in
crease
With New lose mi Regime
.
contemplated stepping up
program in the first
quarter of 1946 to perhaps 270,000
tons of pipe, and in the second
istration
the commitments the
Credit
U.
oil
extended
S.
to
customers
Government
obligations
May 31, 1945, $110,470,036; April
30,
1945,
$106,462,229.
(This
is
amount
balance
included
in
net
debit
hand and in banks May
on
31,
1945, $226,374,509; April 30.
1945, $248,868,356.
(Exclusive of
balances
segregated
under The
Commodity Exchange Act.)
Total
of
customers'
free ■credit
balances May 31, 1945, $583,090 717; April 30, 1945, $575,004,537.
(Does not include credit balances
in regulated commodity accounts
or
free credit balances held for
other
national
or
free
the
which
firms
of
credit
members
are
securities
accounts
exchanges,
balances
held
for
of
reporting firms
of partners of those firms.)
of
Reference
sue
of
was
March
29
made
in
our
23 to
to
of the
Exchange on March
request member firms to re¬
port
each month the amount of
credit being extended on secur¬
ities
to
customers
of
member
firms carrying margin accounts;
the
amount
extended
of
on
obligations;
will' offset
costs
to
produc¬
somewhat
higher fixed cost per unit.
"Balancing all this, stabiliza¬
the
such
U.
S.
credit
being
Government
the amount of their
on
banks.
hand and
on
deposit with
•
the
are
ing their regular civilian-type
goods can take a 10% wage rate
the
without
v
increase
an
in
cost or prices.
Other in¬
dustries—automobiles,' for -exam¬
ple—will be eligible for a prict
boost, under
OPA's
reconversion
Pricing formula to help offset
higher labor costs."
•
%
V Steel
Industry -L Heavy
shell
steel
cutbacks
week
at
St.
were
Louis
made
last
and
are,.being
replaced by rated orders involv¬
ing rails and structural^.VA dif¬
ference of opinion, though, still
prevails in the steel industry and
in Washington as
to the avail¬
ability of the greatly soucht-after
steel product-sheets, "The Iron
Age" reveals in its latest sum¬
mary of the steel trade.
It
was
centers
the
that
opinion in most steel
it
would
late
be
•third
quarter and probably early
quarter before sheets in
any substantial quantity would be
fourth
moving to civilian manufacturers.
The, WPB position this week, how¬
ever,
holds the supply of flat
rolled
material will
ease
a
bit in
the.latter half of the third quar¬
ter
when military cutbacks are
expected
to
be reflected
at
mill
mate
be
of
300,000 tons of sheets to
available
for
non-rated
busi¬
pronounced, because
will
"straight run"
Unrated
hope
boost
more
orders
call for. various
sizes and types as compared with
dustries which have been produc¬
customers' free credit balances; levels in substantial quantities.,
and the amount of cash such
firms I WPB Chairman J. A. Krug's esti¬
have
become
such
tion officials conclude that the in¬
is¬
1385)
(page
the decision of the Board of Gov¬
ernors
in
Increase
either
total.)
Cash
labor
in
cut
10%.-
.
convinced
for
late
orders.-
war
buyers, it is reported,
that
there
shipment
third
is little
earlier
quarter
or
than
early
fourth quarter
except for spot
openings. Judging from past steel
market history, it is the
general
opinion that
non-rated
buyers
.
realize that
of
even
than
not
being
unrated
at all.
The
the backlog
on
orders
having placed
is
better
an
order
r:\:
.'V'v
steel
companies the past
week
were
beginning to show
signs of worry about* the hold-up
.
in claims on'war
contracts, the
magazine notes.; It is said that
with 50% of the claims amount¬
ing to less than $10,000, a huge
pile up of paper work may sud¬
denly break through and swamp
steel producers
Since these
claims form only a basis for final
,
negotiation, steel companies are
becoming apprehensive over the
delay in speeding terminations.
Heat
downs
and
fatigue, equipment
and
an
increase
absenteeism
oreak-
in
coupled
quits
with
strikes continue to keep the steel
ingot rate from approaching lev¬
els of a few months
ago.
The
American
Iron
Institute announced
that
and
last
Steel
Tuesday
the
operating rate of steel
companies (including 94% of the
industry) will be 88.1% of capac¬
ity for the week beginning July
(Continued
on
page
119)
!
COMMERCIAL & FINANCIAL
THE
115
CHRONICLE
Industrial Idiwify in flay Reported If
7lhWar Loan Brlve—
Credit for Sales
Summary of general
■
Incident
to
the closing of the
June 30,
7th War Loan Drive on
By BERNARD F. HALEY*
Director of the
.
Allan
Office of International Trade
Department of State
Policy,
Remarks to Inter-GovernmentAgreements Relating
Specific Commodities, Mr, Haley Sets Forth the Conditions Under Which
Such Arrangements May Be Properly Made for Mutual Advantage of
Importer and Exporter Countries. Urges an International Organization
io Supervise, Recommend and Sanction These Agreements.
Holds Sper
cjfic Commodity Surpluses Will pevelpp Following War, Leading to
Economic Maladjustments, and That, in Interest of Maintaining Future
Economic Stability, and a Durable Peace, International Collaboration
With Respect to Particular Commodity Problems Is Essential.
Fundamental in all plans for the establishment of a durable
peace is the necessity of international collaboration for the main¬
Limiting4 His
tion and
sta¬
thro
•
of
incomes
% .real ?
ho u t
the world.
In
v
&
u
g
develop-
the
jment
•
of
'
general
gram
f
,
high-
levels
er
•
.•
,,
of
,
pro¬
indi-
t e d
t o
ends,
these
.attention
'k
jrriust be given
to
special
the
commodities
wide importance, the
<ot
whose production
r
.
of
world-
conditions
are such
that, unless they are given some
they may well be, or
may become, serious sources of
,' 'economic maladjustment.
Hence
V
.attention,
it
is
important
that
n
make a place in our
Vi
■
.gram
si
for
with
•
should
general prowe
of foreign economic policy
international
collaboration
respect to such individual
problem commodities, and should
insure that neglect of these commodity situations will not ; endanger the success of our general
...
t
"
program directed to
sion of world trade,
V;
"Although the formal period of
will
the Seventh War Loan Drive
close at the close of business June
30, 1945, sales of United States
Sayings Bonds, Series E, F and
"As
clined in May to
G, and of Treasury Savings Notes,
C, will continue. All sub¬
scriptions for savings bonds pr
sayings notes processed through
July 7, 1945, will be included in
the: national, state and county
for the drive.
•
result of further decreases
a
activity • at munitions plants,
the Board's seasonally adjusted
index of industrial production de¬
in
Series
totals
month, but still compare favor¬
ably with the past three years of
Industrial Production
39
averages
as
227% pf the 1935compared with
in April.
231%
generally abundant harvests.
A
wheat crop of over a bil¬
record
some
! :
it may
to have recourse to
all.
•
"
/
;
cases, however,
the expan¬
June
.
at
shipyards
most
of
the
~
other crops.
"Milk production was at a recordl
level in May and 6% larger than
in
plants,
activity
ucts were in smaller volume.
although
;
-
4
:
.
>
By Savs. & Lean Ass'ns
,
?
,
,
prevailed earlier in the
level that
but was still somewhat below
the rate of output in June, 1944.
year
-
i
i'c
i',
■
^cartel
paper.
Sr. '
v
b
v
variety
are
not
considered in
this
'
is put into
effect.
*An address by Mr. Haley bethe Academy of
Political
Tore
Science,
price support policy
Hotel Astor, New York
There seems no
good reason to
that, following the pres¬
ent war* the impact of technology
in revolutionizing raw commodity
suppose
City, April 5, 1945, which could
not be accommodated earlier jn production will
be less intense
cur columns because of the paper
than in the preceding quarter(Continued on page 123) ,
situation.
■
will thus help the
accounts
adjustment of several
thousand veterans getting back
from the battle fronts in July. In
financial
Distribution
June, after allowance is made
usual seasonal change. In
of
for the
May sales
were
4% larger than in
May, 1944, while sales during
first two weeks of June were
greater than in the
the
16%
corresponding
the
Most classes of
freight carloadings showed seasonal increases in
May and the early part of June
and remained at a level slightly
above last year's high level.
Rail¬
road shipments of manufactured
goods, which reached a record
volume
have
March
in
declined
of
this
year,
only slightly since
that time.% v
dividends in
savings
and
loan
Commodity Prices
Wholesale
$1
a
ton,
somewhat
prices
anticipation of security purchases*
Advances to brokers and dealers
accounted for 360 million of the
increase
and
loans
million.
260
others for
to
Government
secur¬
holdings of reporting banks
rose
by 825 million dollars, re¬
flecting continued purchases of
ity
,
bonds.
;
individuals
of
"Deposits
and
weekly reporting
banks increased by about 1.3 bil¬
businesses
at
during the first four
drive.
U. S. Gov-
dollars
lion
of the
weeks
ernment
deposits at these banks
by 300 million dollars.
deposit expansion slack¬
declined
The time
ened, presumably due to the War
Loan Drive.
As a result of these
developments the weekly average
level of required reserve at all
member
banks
increased
by
around 200 million dollars
during
the first four weeks of the Drive.
"Reserve funds to meet the in¬
in
crease
required reserves and a
drain of 160
dollars
were
supplied
reduced
currency
million
through
lion
an
the
in
increase of 435 mil¬
Government
security
to
the Re¬
early June
Borrowing from
Banks
serve
million dollars out¬
900
over
jn
rose
standing, the largest amount since
the spring of 1933.
The total in¬
crease
in Reserve Bank credit
offset
than
more
needs
reserve
level of excess
reserves rose by about 350 million
dollars to close to 1.4 billion out¬
the
and
average
in; mid-June.
ending
week
the
"In
corporations
by
June 20,
large payments were made
when
others
and
for
securities purchased in the Drive,
there was a shift of deposits from
accounts to reserve free
private
quent
reduction
cjollars
of
440
conse¬
a
million
reserves of
Member bank
the, week
required
in
member
and
accounts
loan
war
banks.
high¬
it was
announced that maximtim prices
on
used cars would be reduced
er.
On
the
other
hand,
sumer
durable goods.
Agriculture
.
550 million dollars.
holdings of Gov¬
bank
ernment
securities, however, in¬
!
creased further."
Ferguson Quits FHA
The
resignation effective' June
30 of Abner H.
Ferguson
missioner of the
a'sj Com¬
Federal Housing
Administration, tendered by him
on
with "re¬
regret" on
May 5, was accepted
luctance and extreme
June
15
by
President
Mr. Ferguson in
Truman.
resigning,, indi¬
cated that he was desirous
of
re¬
have turning to private life and the
somewhat in the past practice of private law.
"Prospects for major crops
deteriorated
nearly
Reserve
food prices increased
further, and various
miscellaneous products were
has bepn
months.
securities
by 620 million dollars, as in¬
vestors adjusted their portfolios in
rose
by
of consumer
goods continued to advance from
the middle pf May to the middle
of June.
Anthracite was raised
their lives, so great
the increase in new in¬
vestors and savers in the last six
War
borrowings declined in
set
first
Seventh
Government
carrying
standing
period last year^
the savings have been 4% on July 1 and additional pew
aside out of each regulations have been issued re¬
pay in the savings association.
cently covering prices of clothing,
It is added that about one out
automobile repairs, and some con¬
of ten of the civilians will be get¬
ting
the
in
Loan, loans and investments at re¬
porting banks in leading cities in¬
creased by close to 1.7 billion dol¬
Loans for purchasing an€l
lars.
Drive.
."Department store sales, which
had declined sharply in April, in¬
creased in May and the first half
many cases
faithfully
dividuals
petroleum was portfolios of Reserve Banks and
maintained in record volume in by substantial member bank bor¬
rowing from the Reserve Banks
May and the early part of June.
shortly prior to and early in the
•
loan
June 13, covering the period of in¬
tensified sales of securities to in¬
crude
of
Output
•
developing, without not, therefore, be taken to imply
that there necessarily exists an
quantitative regulation of produc- actual stockpile of abnormal size,
1
latter may quite
■■ t Private
international business arrange- although the
merits with regard to commodities of the
promptly come into existence if a
Bank Credit
"During the four weeks ending
-
(
sented from
by
last
year,
while marketings of
accounted for meat animals and poultry prod-
decrease
munitions
at
*.
■i
indicated
was
conditions;
cold,
wet
weather in May has delayed most
1
."A further reduction in opera¬
tions
attainment of high levels of employeven before the general economic
ment and income and the maintethan July 9, notwithstanding that
collapse of 1929. They fall under
; nance of economic stability.
such agents have previously pgid
three headings: First, the rapid
v
the full issue price of bonds."
International collaboration with
rate
pf
technological progress
respect to a particular commodity with the resultant effects on sup¬
Issuing agents were requested
problem usually takes the form of ply, Technical progress is broad¬ to. have their remittances and re¬
•:£ commodity agreement between
ly interpreted to
include such ports of sales in our hands well
-two or more governments,!
In¬
in advance of July 9, in order to
disparate factors as the introduc¬
ternational
collaboration
may
tion of the tin dredge,'the appli¬ assure that all such sales would
take the form of a loose type of
cation of machinery on new, level be credited toward the goals of
.-arrangement between the govern¬ wheat lands, the use of higher- the Seventh War Loan Drive, ?
ments of countries having an imyield varieties of sugar cane, and
./■ porfant interest in a particular the opening up of new low-cost
-commodity for joint discussion coffee
and
cotton
plantations.
and
study of the international The second factor was the growth
problems of that commodity. Ex- of economic nationalism and the
amples of such an arrangement accompanying desire for national
f;> are the Rubber Study Group of self-sufficiency, which frequently
By July 1 the savings and loan
the Netherlands, United Kingdom led-to the stimulation of highassociations and co-operative
and United States Governments, cost
production and the shielding
and the
proposed international of high-cost producers from for¬ .banks of the nation distributed
some $84,460,000 in dividends
for
Petroleum
Agreement
between eign competition.
A third cir¬
the United
Kingdom and the cumstance was the chronic sur¬ the first half of 1945, the United
States Savings and Loan League
"United States.
Broadly speaking,
plus supply situation in the case
About 7,500,the function of commodity ar- of certain commodities which pre¬ reported recently.
rangements of this type is to pro- vailed in the inter-war period as 000 members of the armed forces
wide a convenient and informal a result of the stimulus to the and civilians will "receive these
! means by which the possibilities production of these commodities earnings on the money they have
saved and invested, either system¬
which occurred in the first World
j,. of promoting greater stability in
atically as is the case with most
the conditions of production and War.
This term, "surplus supply
of the service men, or in lump
/. irade for a particular commodity situation," is used here to refer
sums, in these home financing in¬
to cases in which the rate of pro¬
:
may he canvassed, opportunities
stitutions.
"
duction of a commodity is so high,
tor the future expansion of deMorton
Rodfish, Chicago, Ex¬
relative to demand, that the whole
/, mand may be explored, and pos- supply can be disposed of only at ecutive Vice President of the
-y- sible
anticipated difficulties may prices regarded as ruinously low. United States League, points out
;hat earnings on their savings and
:In some measure actually be pre¬ The term "surplus supply" should
the
bushels
lion
,
Bernard F. Haley
dividual
-
;.Vy!
•
ternat i op a 1r
r e c
•
The Board as>—,—
Savings
War
.
any
action
New
there were small decreases in ac¬
"If payment for Series C notes,
tivity in the machinery and air¬
Series F or G bonds, or Series
craft .! and
other
transportation
be necessary
E bonds to be issued by us, is
equipment industries.
The de¬
the
regulation of international
made by check drawn on us, or
cline in aircraft was in accord¬
trade in, or production of a par¬
by charge to a reserve or non- ance with reductions in schedules
ticular commodity under an in¬
member clearing account main¬
made prior to V-E day.
At the
tergovernmental ' comnjodity tained with
us, the subscription
agreement.
Export and import and check or authorization to end of May the Army Air Forces
announced a cutback in procure¬
quotas are the most usual means
charge the account, as the case ment
which
will
reduce
total
by
which international control
may. be, should be received by us
military aircraft production in the
may be exercised, hut prices may
not later than the close of busi¬
last quarter of the year to a level
be directly fixed, and production
ness July 7.
If payment is made
30% ' below that of March.,
:
controls of various sorts may also
by a check on another bank, the
be involved.
Examples of this
"Steel production was maintain¬
subscription and check should be
restrictive
ed at a high level in May but de¬
type
pf
commodity received
by us in sufficient time
clined somewhat during the first
agreement are the pre-war ar¬ so that the
proceeds of collection
rangements. with regard to rubber will oe available to us in finally three weeks of June. Production
and sugar, and the respect agree
nonferrous
metal
products
collected funds not later than July pf
ment with regard to coffee.
v
showed a sharp drop in May fol¬
7. If payment is made by a bank¬
lowing a large rise earlier this
ing institution by credit to a war
Growth of Commodity Controls
year.
In June brass mill products
lpan deposit account on or before
The
entire
inter-war
period
and aluminum were made avail¬
July 7, the subscription and ad¬
from 1919 to 1939 was marked by
able for general civilian use and
vice, of credit should be received
the growth of commodity control
after July 1 some steel also will be
by us not later than the close of
schemes, both national and inter¬
released. ;
'v:
business July;. 9, 1945. >
national.
Some of these controls
"Production of textile, leather,
''Sales of Series E bonds by is¬
were private jn character; others
suing agents will be included in paper, -J. chemical, and petroleum
were under government auspices.
the totals for the drive, provided products showed little change in
Several of the controls antedated
May and total output of nondur¬
the economic collapse of 1929, but the stubs of such bonds and pay¬
goods was at a level $%
ment therefor are in our hands able
the advent of the world depres¬
not later than the close of busi¬ above that of a year ago. '
sion greatly increased their scope
"Coal production declined 8%
and
number! Detailed research ness July 9, 1945. Issuing agents
in
May
as
anthracite
output
with respect to the most important qualified on a prepayment basis
for sale of bonds to employees dropped sharply due to interrup¬
commodities made subject to in¬
enrolled in the payroll allotment tions in mine operations in the
ternational control schemes shows
plan are reminded that their sales first three weeks of the month.
that the major factprs responsible
will not be credited to the drive In the early part of June, produc¬
for the spread pf commodity con¬
unless the stubs of bonds issued tion of both anthracite and bitum¬
trols in this period were active
have been received by us not later inous coal increased to -about the
Iii
achieve-
the
irtent of
i*
Bonds said:
trade pecessarily becom¬
ing involve*! ot
bility and for
E
Reries
'
of
tenance
•economic
the
of
pf
Bank
Reserve
Yorjt, in advices dune 27 to issuing
agents in the New York Federal
Reserve
District
qualified for sharp decline in April.
further reports:
sale of
'
^
President
Sproul,
Federal
business and financial conditions in the
States, based upon statistics for May and the first half of
June, issued on June 23 by the Board of Governors of the Federal
Reserve Board, said that industrial activity and factory employment
continued to decline slightly in May,
Value of department store
sales increased in May and the early part of June, following the
United
116
THE COMMERCIAL & FINANCIAL
CHRONICLE
Thursday, July 5, 1945
lore Effealive Control Over OovepMt
'
1
,1
••
With Communists
(Continued from first page)
soldier and sailor will be the
1
ti'
V-
'
.
„
'
.
t
ly
'
,
Expenditures Urged fey U.S. Chamber of Com.
offset in
order of the
,v*<
w
those
Advices
to
part the additions to
the
effect
that
Recommendations for a more effective control over
government
seeking wage earner George Bernard Shaw regards expenditures were presented to the Joint Committee on the
Organ¬
himself as a
tunate
Communist, were ization of Congress on June 22
consequences of sev¬ employment.
Perhaps it will contained in a
by Prof. Fred R. Fairchild, of Yale
wireless message
eral
sorts—unless
University, on behalf of the United States Chamber of Commerce.
"positive be done in part by machines from London to the New
York In his
statement, Prof. Fairchild incorporated recommendations de¬
action" by the Government is —which
additional
wage- "Times" on June 29, which went
taken
to
day. with unfor¬
control
the situation.
to
or
cure
will
earners
be
The
in
many
business
circles.
past done
by housewives can be done
by mechanized and collectiv¬
present ized operations with the ex¬
assume that penditure of fewer hours of
discussion, .-let
us
all of the women who have
been drawn into the ranks of
wage and
ing
the
salary
three
past
dur¬
earners
unemployment ?
It is
four difficult to see why it should.
or
will definitely wish to
years
remain at work for
wages or
salaries when the
We
is
war
over.
The
time saved could either
the
late
as
Mr.
ation
says
Russia learned
Britain—saved the situation
in the east. -'-Y:
^lY.YY"'
'S'.
also
expresses
in
Birmingham to
the
Communist
see
creation
the
of
like
his
after
President Roosevelt
those
the
to
"It
As for
be in
who
otherwise
would
V;
is
said
mitted
immediately
part:
/
Is
•
economic
system.
savings,
or
upon others who earn what
the drones consume, there is
Plenty of Work!
there
subsist upon past
•
why precisely this much less for
a
situation should
give the remainder of the people
us
great uneasiness or con- to enjoy. : If they work, and
cern?
We think
not- -pro- produce (directly or indirect¬
vided, of course, that govern¬ ly) what they consume, they
ment takes pains not to in- no longer draw
upon tfye cur¬
terfere with or
needlessly en¬ rent flow of goods and serv¬
cumber the natural processes ices in amounts greater than
of
economic
behavior.
To they currently add to it. How
simplify the discussion, let us could the community com¬
suppose
that this assumed plain of such a situation?
any
reason
"labor force" of 60,000,000 is
Let
10,000,000 greater than would
ment
have existed had there been
any
no
not
us
forget for
a
mo¬
that the production of
party's expulsion of Mr. Pritt and
Sir Stafford
Cripps as "blunders
a
at the polls."
Mr. Shaw went
"to
was sorry
;; V
say
war.
he
the Labor party
making a fool of itself by playing
for a parliamentary,
majority of
nameless
yesmen
in
the
back
benches rather than for able and
V
but
and
were
war
physically,v and
otherwise fit for such work,
there is no inherent reason
or
them into business for them¬
for
selves
salary
additional
into
or
the
earning
.
or
those
stantial
few doubtless would be men
who in other circumstances
would
have
been
ment, children
in
The fundamental
A
wage
groups?
retire¬
.
who
fallacy of
unduly fear sub¬
additions
"labor force"
lies
sumption—w h
sciously made
e
or
to
in
t h
the
the
e r
not is
as-?
con¬
•
mat¬
a
selves.
Whether
sult
should be better off
we
we
having that
now
force" is
define
as
a
many
as
net
re¬
in what
our
"labor
a
question whose an¬
swer
depends
upon
many
things—-s ince our "labor
force'* is
largely
a
statistical
importance—that figure which excludes many
millions of productively em¬
fixed, or at any rate
school, and some other sim¬ limited, amount of work to be ployed
people—but except for
ilar elements in the
popula¬ done, and in consequence a a relatively brief
period of
tion, but most of them doubt¬ fixed or limited demand for
adjustment, unemployment is
less would be women who
workers.
Plainly, when we not one
of the
otherwise would not be seek¬ come to think
things we
of it
carefully,
should need to fear.
ing jobs.
neither of these
assumptions
'Now among these women can for a moment be allowed.
The Real Questions
additions to the "labor force" The amount of,
goods and
Whether the returning vet¬
there ' would be
services
in demand
is ; the
some,
no
otherwise
or
would
youths who
still
be
in
ter
of
no
there is
doubt, who otherwise would
amount
remain idle and unproductive
ices
a
—consumers
ducers
in
tem—but
the
but
not
pro¬
economic
sys¬
most of them would
we
of
want
produce.
work
goods
to
be
amount
done
If
a
normally—as judged by stan¬ portion of us
of the past—be fully after the war
it
dards
varies
larger
want
home-makers and because more of
housewives.
It is only a sta¬ goods.
If more
occupied
eran
is
to
have
serv¬
difficulty in
badly enough to finding work and getting well
The
cordingly.
and
as
can
us
to
of
ac¬
pro¬
economic
not
work
only be
want
established
more
upon
in
a
flourishing
system will depend
how
many
others
want to work for
wages,
upon
but
definition
which
in
still have to be done by some¬
for wages
which of
course
means
more
government is
willing to
per¬
Perhaps it will be done demand for wage earners to mit an atmosphere to exist
in 'part by earners of
which is conducive to enter¬
wages— produce such goods.
thus offering
There is 110
employment to
shortage of ma- prise.
one?
-
and
...
democracy.
essential to
as
There
our
of debt would threaten de¬
struction of the American tradi¬
of
personal liberty, free en¬
democratic govern¬
surely
as
of the
level of taxation,
."If
taxation
and at the
is
to
be
is
same
made
would the
present
v Y
to
time
be
a
high
reduced,
beginning
of
reducing the
public debt, then it follows that
expenditures of Government must
be cut to the
indispensable mini¬
It is not merely the waste¬
ful and extravagant
expenditures
mum.
that must go. There will be Gov¬
ernmental activities which would
be
intrinsically
desirable
but
which
be
must
foregone because
of their
cost.
Many otherwise
justifiable enterprises Will have to
wait.
Every function of Govern¬
ment will have to be reexamined
and appraised in relation to what
it will cost and to the total burden
of expenditures.
Total cost will
impose a limit within'which there
must
be
choice
as
to
those
the
minute
details
before
come
afford.
can
"This
result
well become
nificant
never
be
*■'5 YY^'-Y1,
--cat
to
of
Governmental expenditures. It
is
therefore
at
this
especially pertinent
to give thought to
whatever changes in the organi¬
time
zation and the
operation of Con¬
gress will help it to cope with this
be
Congress is the final
authority in the field of the na¬
tional
finances. If control is not
exercised by
Congress, there will
be no control.
Congress must be
organized and
form this
so
equipped that
vital function.
"Existing congressional proced¬
ures
fall far short of this require¬
In the first place, they do
ment.
not
provide
tween
any
coordination be¬
appropriations
and
accorded
alien
the
antici¬
pated
revenues. It is essential that
there be provided a congressional
agency that Will consider together
both revenues and expenditures
part of the unified problem of
financial legislation.
-
problems of
taxation of
the income, if
of such
individuals were
given to field officers of the Bu¬
reau
of
Internal
Revenue
by
Joseph
D.
sioner
June
Nunan, Jr., Commis¬
Revenue, on
of
Internal
28,
according to anan¬
by the Bureau, from
nouncement
which
we
quote:
"Noting
..T■
that
-Y-'' Y
the
income fax
laws exempt non-resident
aliens
not engaged in a trade or
busi¬
in
ness
the/United
taxation
on
States
from
profits from transac¬
tions upon securities
ties
or
commodi¬
exchanges, the Commissioner
directed careful
scrutiny of claims
for such
exemptions. Before al¬
lowing such exemptions, proof
will be required that
the indi¬
viduals concerned were
not, in
fact, residents of the United States
and
were not
engaged in a trade
business in this
countryY
;v
"Aliens in this
country who are
classified as 'resident aliens' are
or
subject to the
same taxes as citi¬
of the United States.
Under
the tax
laws, an alien may be re¬
zens
garded
as
a
United States
'resident'
even
of
the
though he in¬
tends to return to his
own
coun¬
try.
The classification of 'non¬
resident alien' is limited
primar¬
ily to transients who are in the
United
brief
"In
tion,
also
States
only for a very
fixed period of time.
to establish
exemp¬
a
non-resident alien must
show that he was not
en¬
or
order
gaged
in
trade
a
country.
or
business
Therefore, the
in
ex¬
emption cannot ordinarily be al¬
lowed to
an
alien who
has, while
in the United States
earned
pensation
for
personal
com¬
services,
participated in commercial or in¬
dustrial activities, or
bought and
sold
property.
"Aliens
the
status
modity
Y
who
of
desire
to
securities
transactions
Y
clarify
or
com¬
wlpch they
have not reported in United
States
income.tax returns for
years sub¬
sequent to January 1, 1940, should
consult
the
Internal
Agent-in-Charge
of
or
Revenue
the Collector
Internal Revenue in the local
district in which they reside. Such
interviews
ty in the
are
case
to return to
as
"There should be set up in each
house of the Congress a commit¬
tax
war
refugees living in the
United States, to assure fair
and
situation.
can
Directions that special attention
,;
ac¬
complished unless there be care¬
planning and effective control
it
ap¬
of the most sig¬
of
the, whol<*
one
debates
session."'. -iW'" .Y"
this
will
ful
so
which
the
propriation committees, this might
func¬
tions which are the most essen¬
tial. The national government will
have to limit its activities to what
it
debate.
any
of
ment
the degree in which they
want to work all are
willing to be reason¬
after the war it can able in their
wage demands
the past has kept them out of only be because more want
and in their
productive effort
the "labor force."
The work more of the things that can
—and upon whether or not
they have been doing will be
bought
with
wages—
tistical
than
proper
main¬
system
Continuous deficits in the Federal
even continous failure to
provide for some annual retire¬
tion
wanted to work after the
and
American
If not terprise, and
ment, just as
100,000,000 continuation
be able to accommodate them¬
this
be,
terials in this
country.
60,000,000
restoring
budget,
;:K?Y
;
10,000,- sorb it.
000, and What Would they be
The Fundamental
Fallacy
doing had no war drawn
tute
freedom
ex¬
as
terminated.
future,
a sound and
courageous handling
of the problem of the
public debt.
see
thoughtful pioneers.".
of
taining the
must
to
on
service creates why they could not be accom¬
Who would consti¬ the purchasing power to ab¬ modated, or more
accurately
good
problem
of
a
of the prime conditions of the
one
I
hope to see rebuked by
crushing victory for both of you
and i constructive
transition period
of perhaps two
years, as there was
after the Civil War and after the
First World War. The
great ques¬
tion now before us is—what sort
of a financial
man¬
Wishing the candidate "Good
luck,", Mr. Shaw's letter con¬
clude?, "Every vote recorded for
which
either
House, respectively, leading,
think, to a most inter¬
necessarily
com¬
,
the
details
it would,' with broad
questions of fiscal policy, rather
to
be
reven¬
should
Dealing,
expenditures on a gi¬
gantic scale. Even after the close
of
hostilities, the cost of war can¬
not
not
—
the
esting.
Y Y:
set-up are we des¬
retirement, at school, or you will be a vote for
intelligence, tined to have in the normal peace¬
will be
clamoring for work a attending tea parties—they knowledge of the world and es¬ time
following.:.: Y; Y YY:;Y-'-Y -Y
year after the defeat of Japan have to live on some
"There can be no slighest doubt
part of sential righteousness." ^vYa-?Y'":?
•—that is so far as
Today Mr. Shaw wrote to D. that, in this
the social product of the times
they have
period, sound gov¬
N. Pritt, and described the Labor
not
ernment financial
already been absorbed in which they live. If they
policy will be
into
the
that, so long
continues, the United
There will be
terms
I
inevitable
war
and
broad, gen¬
presuming to
penditures or of taxation.
The
committees' proposals would thus
be considered
by the Senate and
agencies
in
expenditures
dictate
the
over
,
States Government will be
protest
.-Y')Y':V YYY"
v.; >
control
government
Fairchild
the
as
spending
history of
kind."
more
of
This would be in
eral
expendi¬
effective
corporations, discontinuance
reappropriations, and improved
Prof.
candidate
pious
violence
of
of
appropriation procedure.
that
about it is plain com¬
mon sense and what
Mr. Churchill
is saying about it is arrant non¬
sense,
Congress,
congressional
say
against
reporting
and
hope there will "be enough good
sense
total
ues.
authorizations, repeal of
appropriations, more
tures to
Shaw
letter
early in the session, pro¬
posing an over-all figure for the
permanent
frequent
charged with making the uni¬
and,
budget committee in each house,
improved control over appropri¬
they understood
practical commu¬
from
The
Finance, of which
fied survey of the fiscal situation
specific proposals, were
establishment of an over-all
the
enjoyed as leisure or em¬ 12,000,000 sterling a day for five
years in the most frightful form
ployed to produce goods not of violence in
the
fond of talking abtmt,
,\yas so
Birmingham.
Mr. Shaw con¬
be
might even assume that heretofore available
60,000,000 workers, which people so generally.
the
in
more,
tee
Among
the war in the west just
Russian
communism—which
what
mean
is
one
won
has to
that
divisions
in
the
approval of the member
organizations
of
the
Chamber.
Indian, who
an
candidate
Britain's
nism
older
Would
Dutt,
had
siders that the electors would also
human effort than under the
system?
letter of support
a
be Communists if
that
What if it is found that the
work usually in the
; Yet it seems to us that
any
such view is without warrant.
For the sake of the
"
the
What
accepted concept of the situa¬ ployees.
even
in
Communist
of
Federal
on
he
so
to R. Palme
is
veloped by the Chambers Committee
is a member, and which have<s>-
say:
He said
politicians make and maintain.
Per¬
and the leaders of New Deal
haps the children will be
thought, generally have so cared for in day nurseries, or
often repeated such ideas that similar
institutions—w h i c h
they seem to have become the must somewhere find em¬
tion
to
on
required to
asmuch
obtain
before
as
tax
advised particulari¬
of aliens
planning
foreign countries, in¬
they
are
clearance
departing."
required
to
certificates
\
:
And
surrend¬
shipped
into
Russian Siberia at the request of
United
States
military
leaders
were conveyed by Leo. T. Crow¬
ered—are
gathering which greeted him on his return to his home city for the
he assumed the Presidency, declared that "there are
two things that I must accomplish as President of the United States.
The first one," he said, "is to win the war with Japan—and we are
winning it.
The next one is to win a peace." In his address Presi¬
dent
Truman
referred to
an —
———
/ream
of
our
population, the
"ordeal" which he* has soon to
;ream of the population of Rus¬
face, viz., "the meeting of the sosia and Great Britain and our
called Big Three some time next
Dther allies.
We mustn't under
month in which we shall discuss
my circumstances allow that ex¬
the preliminaries for a final peace
penditure of lives and treasure
treaty which we hope will main¬
;o be made in vain.
I am telling
tain the peace of the world for
/ou all these things
to let you
generations to come."
mow exactly what the responsiExpressing his appreciation of
Dilities of your Chief Executive
the demonstration accorded him
are.
He can't ; assume those re¬
;
"on the part of my
people at
sponsibilities unless he has the
home," the President stated that
wholehearted support of you.
I
"time and again I have tried to
oelieve I have that support here
fill this great auditorium.1 This is
in Jackson County.
/
:
r
the first time I have ever suc¬
From the way the people acted
ceeded."
Z.
in San Francisco and in the great
President Truman's appress fol¬
State of Washington and in Port¬
lows as given in Associated Press
land, Oregon, and Salt Lake City
advices from Independence:
last night, I think all the people
Mr. Mayor, friends and neigh¬
of the United States are just as
bors, and fellow citizens: /.Z;
anxious as I am to have a peace
I faced the National Democratic
that will work. That is a big job,
Convention in Chicago last July
No. 1—Win the war with Japan.
when I was nominated for ViceNo. 2—Win a peace that will work.
President of the United States
That is all I shall devote my time
under
my
protest-—a
terrible
to' from;now on.
"
„ .• ■'a-;
ordeal, I thought., I was pre¬
I can't tell you how much I ap¬
siding over the Senate one day in
preciate this demonstration on the
April when I had a conference
part Of my people at home. Time
with the Speaker ..of the House
and again I have'tried to fill this
of
Representatives and I was
instructed • to
call
the
White great auditorium.' This is the first
a
first time since
which I did. Mr. Early,
Presidential Secretary, told
that he wanted to see me at
House,
the
me
White House as
the
quickly and
I could get there.
thought that the President had
come
back to Washington from
quietly
as
as
I
1 can't tell you how very
all
It was nec¬
moment.
felt at that
for me to assume a
essary
burden
greater, I think, than any man
has assumed in the history of the
burden. We
called a meeting of the Cabinet.
I was sworn in as President of
the United States,; and after .at¬
tending the funeral of the late
President it was my duty to ad¬
dress the Congress of the United
States, 531 of the most critical
gentlemen in the United States of
America, and to state to them
what, if anything, I proposed to,
do as President of
the '• United
world—a tremendous
much
appreciate it, ' .1 am going to
spend the next two or three days
in Jackson County trying my best,
with all the handicaps which a
President of the United States has,
Propcsss/Z
Social Sec. Ohanges; f
Legislation proposing broad
changes in the Social Security law
has been introduced by Senator
The
^
r
"V
k
1 i'''
r"y/'-v
"
Yesterday I had to face
.
the del¬
provisions
are:
1. That
/.
'
of
.
,
* ■
•
protection for old age,
survivorship and disability be ex¬
tended to all
gainfully employed,
including farmersand other selfemployed persons, adding an esti¬
mated 20,000,000" to the insured
///////^//
population.
2.
;
For, every
person. in
the
wage credit, Of
of fifty nations r who had
met in San Francisco to prepare
a charter for world peace—a ter¬
rible ordeal.
All these things I
$100 a month or more for every
month spent in service./ ; ;
,
telling you about—and now I
have to face and thank the peo¬
match in
egates
am
ple at home, who are expecting
impossible things of me.
attempt,
shall
I
as
I have at¬
tempted in these other
crises, to
expectations, but don't
expect too much of me. I must
have your help and your support.
There
are
two things that I
meet your
accomplish as President of
United States. The first one
must
the
is
win
to
the war with Japan—
and we are
is
one
to
winning it.
win
a
The first;step
The next
peace.
toward the win¬
armed
services
a
.
,
government
3. That the Federal
full state payments for
have
I
meeting
the
in
ordeal to face
of the so-called
another
Big Three some time next month
in which we shall discuss the pre¬
liminaries for a final peace
which we hope
peace
of
tions to
the world for genera¬
'
come.
We can't afford to
this
all
have spilled
blood and tears and
the
treaty
will maintain the
young
men
sweat-
President
the
tinued.
advise
it should
think
they
his
and
advisers
military
such
be
time
'
explained:
"The possibility of Russia's en¬
try into the war against Japan
acts
to
pin down in Northern
Manchuria
large
numbers
of
Japanese
troops
which
might
and
j ust
to
4. That
contributions from em¬
ployers and employees, now 1%
each, be frozen at 2% each to
cover
retirement, survivors', dis¬
ability and hospital benefits.
5. That the
unemployment com¬
aware
said
Green
that
Senator
he
Robert
was
F.
Wagner, Democrat, of New York,
and James E. Murray, Democrat,
have presented more
comprehensive social security leg¬
islation, including provision for
medical care. But he added that
he had limited his own proposal
to "modifications and additions on
which I think there may be fairly
of Montana,
.
•
It
exposition
first
the
was
Samoa,, Arnold said.
"If'
of
cut back
Holland and France by the end of
speed,
that
said
Jackson
was
important lest witnesses-disappear
and important records be lost. Of
the trial he said: "It is important
that
held soon, so that the
it be
movement
(Nazi)
denied."z
can
military
The
be
tribunal
never
He expects loans from
must decide the punishments, he
the Export-Import Bank to take
added.
up where lend-lease ends.
.ZZz.;Z
the year.
,
discontinued and all of the .items
were
given
opportunity > of taking
the
them up on a
payment basis.
notified
"We- have
.
..
supply * on- lendlease terms all the machine tools
and other
equipment ordered
v
complete ; certain
plants,
only
small portions of which have been
.
this
from
country,
tools
or
would
and
to obtain the
that if they wanted
complete the plants they
have
an
opportunity of
competing needs.
Mr.
said'the
.Crowley
lend-lease
program;
entire
could;
be
after Japan is
closed out 30 days
,
there
was
any
threaten us in future years."
he asserted.
"No longer can*we
on
passive defense and mere
bases at home.
'/^,/
"An enemy with a
plane similar
will be able
cities—that is, "our
future enemy, whoever he may be,
will be able to pulverize us unless
the Superfortress
to
to destroy our
have the
we
the Pacific.'
use
■
"Yes,1, I have
vinced that
across
of. the bases in
\
we
;/L '1
come
back
con¬
must have a bridge
V
the Pacific.
v /
.
•
,
/
"The future peace of the
pend upon it." ■ , Z/;ZZ/;
history."
to
At
another
point he said: "We
trial."
to : clean ; up
the
hone there will be only one
"One
whole
•
trial
,
thing?'.' he was asked.
agreed./" 1 v ;
Jackson
to
-
some
of the
criminals might seek
war
call
:.
'f
whether
Asked
major
as
witnesses the heads
of
with /whom
governments
.
prior to V-E Day and would not
;
be
other
.
Who
to the heart of any aggressor
.
v
not
would
we
must be in a
attacks home
.world
danger of' delays resulting from
depends on our doing this. In¬
appeals,
Jackson replied:
"The deed, the fate of mankind may de¬
only, appeals they will have will
that
them
whether
Asked
of manufacture that
related to the Far East
either canceled of they were
not
were
power
position to carry our
rely
ment—just as soon as we have a
reasonably complete case."
* •'••• :
drastically with Germany's defeat
and said it may end completely
for
such countries as Belgium,
in the process
air
striking
have
to
are
we
power, our
possible mo¬
start "at-the earliest
diverted against al¬
lied forces in the Asiatic theatre."
the
American
and
Islands
Christmas
and
Palmyra
Canton,
Marcus,
must
Wake,
of
use
may
otherwise be
Detailing
unrestricted
have
also
States
United
The
,
plans for the trial of war criminals
given to newspaper men here.
Jackson said that the trials would
paying cash for them—subject to
not
smaller Powers.
position if there is evidence to
prove that he is a war criminal,"
United States,"
was
the
by the United States must be
unrestricted."
use
ference, Jackson emphasized: "No
man will be given immunity be¬
cause he has held a high military
Crowley testified that high¬
military strategists regard the
Siberian lead-lease "of military
European lend-lease
envisions
At the outset of the press con¬
est
advantage to the
of
tation
ing included in this are items that
our military feel are necessary."
Mr.
who
represented by one or two judges.
Jackson said.
As now drafted it
carries no provision for represen¬
discon¬
Volcanoes,
us,
vital to
defense policy.
"These islands,
won
at great
cost of life by our fighting men—
Navy,. Marines, Army and Naval
and Army Air Forces—are essen¬
tial for our future security. Their
military tribunal with
of the four major Powers
each
highest
that
us
All of the things are be¬
-
plan
Pa la
Bonins and Ryukyus are
America's strategic
trial by a
as
the aged, the
children,
and that/the Federal grants be
proportionately
higher
to
the
poorer;states. V■'.,:/. ,/
Z'Z;'// Z
sons,
blind and to dependent
who are the ready agreement."
until
shipped
Senator
velt.
continued
"that key islands in the
said,
Marshalls,
brought to trial together.
The" American
Chief of Staff is that this aid will
be
defendants
of
number
the
would be
me,"
convinced
has
trip
"My
he
Press added:
i ,
declined to estimate
Jackson
Z
public assistance, instead of the
present limit of $40 a month a
person; that the matching pay¬
ments be made for all needy per¬
has been ac¬
complished at San Francisco. We pensation program be put on a
made the first step / following a grant-in-aid or matching basis,
with one-half of 1 % of payrolls
preliminary step by Woodrow
collected from both workers and
Wilson and a follow-up by his
their employers.
great successor, Franklin Roose¬
ning of that peace
supplying aid
going to Siberia,"
Mr. Crowley testified.
;
"My
understanding/with
the
to our
future defense."
upon
Associated
under which we are
to Russia that is
Russian clamp
the down, except for Siberia, Mr.
T Crowley said: "All of the lendlease shipments to them have been
Washington, June 25.
chief
measure
ad¬
Associated Press
to
.
StdtcSi
(D., R. I.), ac¬
Theodore F. Green
from
"There is, however, a program
that is sponsored by our military
Islands "necessary
Pacific
heavily to support this
the Kellogg-Briand
pact which outlawed war as an
instrument of national policy. The
charge
Z;, /J
Z// /
.
emphatically that this country
must have "unrestricted" use of
relying
uncompleted plants and
like.
Mr. Crowley told the committee
Sen. green
vices
finish
the
ported from Honolulu on June 24.
General
Arnold
declared
most
—unprecedented
in history—of
conspiracy to launch the war.
The United States, he added, is
paying cash if they want previ¬
ously promised lead-lease supplies
to
to
tried at
of the world de¬
pended upon the United States re¬
taining bases
right across the
Pacific, the Associated Press re¬
who
that
five
loaded on ships.
The
Russians were given the choice of
being
or
the future peace
that
asserted
Marianas,
the
and
Guam, Manila
Okinawa,
cluding
anywhere from thirty300 defendants might be
once on a blanket charge
said
not then en route to Russia
were
I
cording
- lease
( actually
commitments which
informant,
American
sible
/ lend
stopped
trial,
earlier in the day from a respon¬
previously announced 'review' of
to enjoy
myself with you as I
Springs, Ga., to attend the
formerly did from the time I was
funeral of Bishop Atwood. He was
county judge until I was Presi¬
listed as an honorary pallbearer
dent of the United States.
;
at the Bishop's funeral.
/
Thank you very much.
I arrived at the White House,,
vras escorted
to Mrs. Roosevelt's
informed me that
the President had passed away.
Well, you can understand how I
according to the
Associated Press, Jackson elabor¬
ated upon information obtained
we also quote:
Crowley disclosed that the
H. Arnold, com¬
manding general of the Army Air
Forces, on arrival at Honolulu
from a tour of Pacific bases in¬
the proposed
In his references to
collective
the
Russian
General Henry
on
plans for their trial.
Press accounts
"Mr.
settle
and
criminals
major
earlier in the
Associated
made
From
month.
Warm
study, and she
sentatives to draw up a list of the
xeleased
testimony
Of Pacific Bases
Allied repre¬
to open among
soon
that day when the com¬
the text of his
on
mittee
)
■
Arnold Stresses Need
which stated that the fact became
public
States but that no objection to the
speaking only for the United
proposal has so far been made b><£Britain, France or Russia.
The British Foreign Office has
announced that discussions
are
Washington advices June 25
Press
one, mass
might begin before the end of the summer, according to the Asso¬
ciated Press from London, June 22.
Jackson pointed out that he was
being
ley, Lend-Lease Administrator, to
the House Appropriations Com¬
mittee
according to Associated
'
time I have ever succeeded.,
Germany
when
Russia
President Truman addressing
trial, Supreme Court Justice Robert- H. Jackson, chief
American prosecutor, announced, saying that it was hoped the trial
at
supplies—cut off to Western
lease
prosecute Nazi war criminals
The United States is planning to
Advices to the effect that lend-
Winning'of Peace Objectives
Independence, Mo., on June 27,
At
lass Trial of War Criminals Planed
Lend-Lease to Siberia J
Winning of War Wiflt Japan
Truiiai! Oiles
117
& FINANCIAL CHRONICLE
1HE COMMERCIAL
Number 4400
162
Volume
they have had correspondence or
dealings, Jackson said: "I wouldn't
be surprised at any request they
may
make.
But
the purpose of
to justice
this trial, is not to bring
;
Reiterating declarations he made
on Okinawa, Arnold said that that
island would be one of; the most
important American bases, with
Superfortresses operating from it,
and
that
the
aerial offensive
against Japan would reach its
peak this fall when "every plane
we can get our hands on" will be
sent out to "eliminate industrial
Japan once and for
all."
ZZ
Z
v
Correspondents' Medal
correspondents may be
"Distinguished Service
News Medal" for outstanding war¬
mon
in
the United States nnd
time "service to their country," in
elsewhere to try a number of de¬
a
bill recently approved by /the
fendants at the same time.
He
Senate Military
Committee, ac¬
compared the projected trial to a cording to the Associated Pre*s
conspiracy trial
in the United from Washington on \ June . 26,
States, and said of the nrospective which said:
ZZ,: -, Z
German defendants: "Where they
The committee wrote the bill
are united
in a common purpose
to substitute for one to1 give a
and common plan, each becomes
special Medal of Honor/to,/the
bound by the acts of the other."
late Ernie Pyle,. Senator Thqrpas,
He said that the United States Democrat,
of
Utah. - chairman,
was "binding into a general con¬
said the committee felt that the
spiracy. charge
of illegal.. war Government should have1 a /spe¬
(against maior German criminals) cial medal for award to allZoutthe whole Nazi, system which at¬
standing war correspondents^ ,
tempted to exterminate all oppo¬
"I assume that Ernie Pyle jwdl
sition."
'' v:
■//-•'' '•
be the first to be singled quj/for
the heads of other
-Jackson'said it
governments."
was
Overseas
awarded a
not uncom¬
,
defeated.
A trickle might be con¬
tinued
help American soldiers
to
get home, he added.
His
disclosed,
testimony
too,
that lend-lease
help is finding its
into Italy,
although that na¬
way
tion—classed
than
rather
eligible
to
to our own
in
full
a
direct
lend-lease
Some
co-belligerent1
a
as
ally—is
not
lend-lease.
money
is going
military forces to use
combating hunger and disease
into
Italy
while
United
States
stationed there, he said.
unrest and disease be cre¬
troops are
"To let
ated
military is
while, our
there would be very
added.
■
-
still
unwise," he
z -
;
specific
Questions,
the.military tri¬
bunal would not consider separate
atrocities committed, for examnle
*
Answering
Jackson said that
Twelfth SS Division, but
would consider, the collective evi¬
by the
collective punishment.
Resoonding to another question,
he'said'that'" the same principle
dence
would
for
anply in
the case of un¬
restricted submarine
warfare.
this
honor," Mr. Thomas
porters.
All
have
«tojd,re¬
(./
news
and
covered
radio men who
fighting
overseas
copsidgrqtion for the newmedaL-jwRich
would be awarded by the ^ar
would
or
be
Navy
eligible for
Departments.
.
'
•;
.
\jmm6Wm
THE COMMERCIAL & FINANCIAL CHRONICLE
Ukraine
Czechoslovakia Gefe Rnthenia to lassia
signing of a pact between the Soviet Union and Czecho¬
slovakia, whereby the latter cedes toi Russia the Carpatho-Ukraine
(Ruthenia) was made known in Associated Press advices from Lon¬
don June 29. The agreement, it is stated, was signed in Moscow, in
the presence of Premier Stalin. Moscow Associated Press accounts
June 30 said:
1
v..
"i
new
Through
the
new
Russian-^
Czechoslovak treaty, expected to and the Czechoslovak republic in
fee
ratified
quickly, the Soviet agreement with the map attached,
Ukraine acquires a common fron¬
tier with Hungary. The Carpatho-
Ukraine, about four times the size
From
Washington
,
Abead of The Hews
To Be Stimulated
'?■ (Continued
The Foreign. Economic Admin¬
istration has sent a mission to the
,
tion
committee
representing the
the
ments,
following
procedure
:>
Will be pursued:
High
contracting parties; Will
decide on
reimbursement, after
This pact is subject to confirma¬ which the payment of such obli¬
tion
by the Praesidium of the gations will be proceeded With.
Supreme Soviet of the U.S.S.R. The liquidation of all reimburse¬
to be appointed; Roosevelt moved
quickly to head Off the George
-
.
measure
ments
part of and the Czechoslovak National
file Austria-Hungarian Empire and Assembly. An exchange of ratified
be
effected
in
went to Czechoslovakia after the documents .will
and
of
repayment
and hold the administra¬
tion
.
of Rhode Island, was once
from first
page)
set up and out of this a broad,
general bill was evolved. Overall
importance then attached to the
kind of administrators that were
Soviet and Czechoslovak Govern¬
..
■
Czechoslovak
,
The
..
the
from
Republic to the U.S.S.R.
;
£
III agreement with Article ii,
sections three and four, of the
principles upon which the liquida¬
Thursday, July 5, 1945
his
in
hands.
He
Jimmy Byrnes to set
diver¬
directed
up an agency
to deal with the problem.
named Barney Baruch to
gencies will be completed within
period of eighteen months after
a
together
Byrn<?s
throjv
hastily prepared report,
a
has the ratification of the treaty.
Roosevelt could subsequently haye
This protocol is a component
Carpatho-Ukraine and is an im¬ been drawn up in Moscow in three
changed
the
administrators, of
portant
Carpathian
Mountain copies, in the Russian, Ukrainian part of the treaty and is subject course. But George and his asso¬
communication center, with four and Slovak languages.
All three to ratification of the main treaty; ciates went right ahead. To side¬
Molotov, for the Soviet Union. step the Leftist
copies are equally valid.
railways and one highway.
pressure,
they
Clementis, Fierlinger, for the evolved what is a
Maps show that the new Soviet
Upon the authority of the Prae¬
stop-gap, inso¬
Czechoslovak Republic.
far as the controversial plants are
boundary will swing southeast¬ sidium of the Supreme Soviet of
We
also
quote the following concerned. The committee
ward
from
Csap, passing four the U.S.S.R., Molotov.
repoH
(United Press) from Prague July said of these items, that
miles south of the city of Beregovo
they re¬
Upon the authority of the Presi¬ 1: "Czech sources intimated today
to a point six miles north of the
lated to the country's future for¬
dent of the Czechoslovak republic,
that
they
were
determined
to
Hungarian
city
of
Satu-Mare,
eign policy, a statement at which
Fierlinger, Clementis.
maintain
their
interests
in
the the
then northeastward to a point five
radicals, particularly Patton,
Teschen area, the center of rich
miles south of Huszt, then along
hooted,
and
therefore, definite
The text of a protocol appended
Silesian coal fields, in the face of disposition of them could not be
the
outskirts
of
the
town
of
to the pact on Carpatho-JJkraute:
any pressure from Poland.
Tachevo.
arranged at the time.
|
The protocol to' the pact be¬ :v A delegation headed by Premier
The atmosphere in Washington,
Under the cession agreement a
tween the U.S.S.R. and the Czecho¬ Zdenek Fierlinger returned
and apparently in
yes¬
the country,
repatriation plan will be set up
slovak Republic
concerning the terday from Moscow, where it generally,, has changed mightily
between Slovakia and the Soviet
Carpatho-Ukraine:
:
^
:
signed .Ruthenia over to Russia. in the meantime. The radicals are
Union on one hand and the Car¬
World War.
Csap is south of the
Prague.
The
present
•
Union
and
the
on
Ukrainian
other.
of
Persons
Russian
or
Soviet
the
blood
now
living in Slovakia may apply be¬
fore Jan. 1, 1946, for Soviet citi¬
zenship and persons of Slovak and
Czech blood living in the C^tpatho-Ukraine
may
apply
for
There
At the
signing of the pact con¬
cerning
the
Carpatho-Ukraiiie,
the two parties agreed as follows:
ARTICLE
•
i
I
mission
the Carpatho-Ukraine.
of
is the principal lan¬
Another 15% of the pop¬
ulation is
Hungarian.
-
The text of the pact, as
broad¬
by the Moscow radio, was
given in
United Press advices
from Moscow, June 29, and was
published as follows in the New
York "Times."
! ■ ' i
share
.
in
borne
be
sition than they were.
mittee
report
Whole
problem
was
matter for the
a
table.
peace
CzCchs
territory
found
a
the
;
'
in
ests
Teschen
versely affect
thenia to Russia
is evidence that
given today
volved
and the general reaction was that
it
was
y ;v>- article
sian
President
of
Republic,
that
,
the
Czechoslovak
the
filled
the
with
wish
of the U.S.S.R,
and of the Czechoslovak Republic
should
peoples
live
in
eternal
sincere
friendship, and that they should
fee assured of a happy future in
their joint collaboration; have de¬
cided with this end in view to
conclude
a
pointed
tiaries:
as
pact
and
their
have ap¬
plenipoten¬
•
The praesidium of the Supreme
of
the
U.S.S.R.—Viache-
Soviet
Commissar
of
the
and
Soviet
Union,
"
;•
President
Republic
of
—
the
Czechoslovak
Zdenek
Fierlinger,
president of the Council of Min¬
isters, and .Vladimir • Clementis,
State
Secretary
Ministry. : • •.
of
the
.,
.
Foreign
-
.
,
author¬
having exchanged their
plenipotentiary documents, which
found to be in due; form and
1946.
Opting will take place un¬
der the present'laws of the Czecho¬
slovak Republic and will become
valid with the conseht of Czecho¬
slovak authorities.
:;':
'
*
>
Persons who have the
right of
above-mentioned
option
during
the twelve months following the
vant
government will
state
intend
into
move
whose
nationality they
acquire, and may take
to
with them all their mobile goods.
These goods will not be subject
to
any
duties.
customs
For
im¬
goods, they will be com¬
Compensation also will
given to persons of Slovak or
pensated.
be
Czech nationality who have been
to leave the territory of
order; have agreed upon the fol¬
lowing:
the Carpatho-Ukraine through en¬
■
The
Carpatho-Ukraine, which
according
to
the 'Czechoslovak
constitution ' bears
Sub-Carpathian
the
Rus,
name
and
of
which
emy
sons
occupation.
also
,
To
these
belong juridical
per¬
persons
who should be considered Czechs
or
Slovaks from a point of view
the basis of a pact of Sept. 10,
1919, concluded at St. Germainca-Laye, entered the Czechoslovak
Republic with the rank of an
of
autonomous republic,
In dealing with the
points of the
first clause and the second article
on
will, accorcl-
iag to the wish manifested by the
population
of
the * CarpathoUkraine and
on
the basis
of the
friendly agreement of both high
contracting parties, unite with its
long-standing
motherland,
the
Ukraine, and is included in the
Ukrainian
Soviet
Socialist
Re¬
public.
The
legal rights existing before the
occupation.
!
frontier
between
Slovakia
exist¬
ing since Sept. 29, 1938, will, with
modifications
the frontier
loss
to
the
from
Press
reported
Washington, June 27.
of
this
protocol, when
of juridical
ownership
cial
order
,
questions
or
finan¬
involved, a com¬
mission of liquidation will be in¬
stituted, to which- each of the
high contracting parties will ap¬
are
.
point its representatives who will
the
and
material
right to
enroll
persons
indispensable
this purpose.
This
for
-
••,
:
in
heavy
maining
in
storage
until they
such a deteriorated condi¬
reach
tion that they are unfit for human
consumption."
- ,
It criticized Col. Ralph W. Olm-
WFA as Di¬
Distribution until
served
stead,
who
rector
of Food
about two months ago.
stead is in the Army/
"Obviously
Col. OlniJ\
Olmstead's
/
Col.
position in the broad food hand¬
as
an
port said.
V \ ;
7
The report charged specifically:
1.
WFA
has
stored
food
in
,,
warehouses
that
hdve
clared unfit.
2.
.
been
de¬
so
inade¬
quate investigators could not de¬
termine the extent of lossfes from
make it "possible
for unscrupulous
operators in surplus commodities
to defraud the Government."
J
truster
the
for
When the
Army got him*'the Leftists insis¬
ted
that
our
end.'
an
effort
war
As
the
was
was
case
at
with
most Of the other brilliant young
men around here whom the
army
finally got, he didn't last long and
was
given a medical discharge.
then
wrote
spurning,
a
as
Leftist
year
a
one
book,
was
to
after
read
in
$100(0Q0
offers from industry. One
press,
many
only
has to become conversant
with this book, to be able to solve
all of the post-war problems. It
is
amazing
hook
■
WFA records are
brain
ace
War Production Board.
the
that
he
was
able
to
onto
Vinson, who is highly
a substantial citizen,
no
radical, just a Southern Demo¬
crat of the Jimmy Byrnes' school
who went along with many New
regarded
Deal
his
as
with his finger to
With the irrepressible
measures
nose.
Nathan in
it
a position of
authority,
might be well to keep a close
*
4.
Erroneous
information
was
supplied Congress when it sought
details of WA
5, Lax
on
negotiating the
of Philippine stra- ^
procurement
tegic commodities such
fibers
and
"Journal
from
1
also
as
copra,
;
sugar,
according to1
Commerce" reports :
of
Washington, June 20, which
continued:
.
"Before
the
produced most
quirements,
requirements
goods,
and
the
war,
of
their
Islands
food
'
re-"1
imported nearly all
of * manufactured;''
exported, principally
States, large quan¬
{
to the United
tities of agricultural, mineral and
forest products. Reports from the J
Philippines indicate that under the
Japanese occupation little or no
civilian
goods were brought in
from
Japan or elsewhere, and *
that the people are suffering from
want of food, clothing and all
kinds of supplies.
"The mission is headed by Van !;
Lear
Woodward, Vice-President'
of
the U.
S.
Commercial
FEA
other
Co., the 5
Agency.
The;
Corporate
members
Baker,
Deputy
James
are
.
Director
of
the
\
mission and Assistant Chief of the
•
General Commodities Division of
\
the
FEA;
Charles
A.
Gwin„
specialist; Herbert A. Mag- 1
nuson, trade member of the mis-'
wood
sion
and Vice-President of Con-?
nell Brothers, San Francisco; ahdU
Col.
Joseph
-
W.
Keller,
Armjr;
-
liaison officer with the FEA.
y v
"Meanwhile, in Washington FEA'
has
taken
which
measures
will.'
make it possible for United
States-."
exports to help supply Philippine:
civilian needs.
On May 28, FEA
announced the resumption of li¬
censing of commercial exports to'
agency
ments under the broadest
general,"
license provisions.
This means in
effect that any commodity not in
short supply in the United States
may be exported to the Philip¬
pines without the necessity of ob¬
taining an individual license from
FEA.
v.-.''y.: .'V:
For
that
short
supply
cannot
general
be
license,
submit to FEA
commodities
exported
under
exporters
-
may-
an
application for
individual license upon receipt
of a firm order from an
importer
an
in
the
Loan
Philippine Islands.
Association
Arthur E.
,
of
%
"
Syracuse;
Knapp, Vice-President
of the Nassau
Savings and Loars
Association of Brooklyn; and L. F„
Jenkins,
Secretary
of
the
Hastings-on-Hudson Savings and
Loan Association of New York,
Resources of the Council's mem¬
ber
it
insured
is
savings associations:
recently passed the
stated
$200,000,000
crease
tioh
of
representing
51%
an
in¬
since its organiza-
July 9, 1943.
on
Proposes Putting Peace
Draft
to
National Vote
Representative Lawrence Smith
(R.-Wis.) has proposed legislation
designed to make provision for a
on
peace-time
military training, the
Press
policies re¬
Ins. Savings Ass'ns Govs.
with crim¬
inal records being "placed in posi¬
The Council of Insured Savings
tions of responsibility" which they Associations of New York State
,
announced
highly of Mar¬
the country Group K»
making
possible
ship-'
national
agency, the top
domestic problems.
personnel
later lost.
Islands in
thereby
Vinson's
sulted in two persons
The report snoke
is
Associated
eye
operations.
of
the
year
June 30 the election
serve
three-
the Board of Gov¬
ernors,
of
on
following to
terms
vin Jones as War Food Adminis¬
with criminal records.
en¬
com¬
ning, as Vinson's deputy. For a
long time he was what was known
He
trusted with the task of transfer-
be
here, radical, that is,
Nathan has crept back into plan¬
ling picture is such as to preclude
the dodging of responsibility by
ting state property of Carpatho-
will
around
laying the blame on a lesser offi¬
cial under his jurisdiction, the re¬
become
mission
the
at
waste
between the U.S.S.R.
described,
lands and the United States. The
,
;■{;
of food pared with the calm conservativeness
that seems to prevail else¬
money, according to the re¬
where./-' v
/;:
port, which continued:
\
I,?-'
The answer very probably lies
"Inefficiencies in administration
in the fact that, unbeknown to
which have resulted in some casCS
most people, the widely advertised
in commodities which are in de¬
stupendous;- brain
of
Robert
mand in the civilian market re¬
resulted
trator and pointed out he request¬
ed the investigation of employes
commission
are
and
3. Conditions within the agency
i
-
agency seems
be the most "radical" one left
to
Poor
faulty warehousing.
ARTICLE III
hold
and the Carpatho-Ukraine.
in
records and false information have
obtaining of consent of the rele¬
the
Associated
the
re¬
having their permanent
domicile in the territory of the
Carpatho-Ukraine have the right
to opt for Czechoslovak national- ■
ity during the time until Jan/ 1,
resulted
Oil,
Gov¬
•
the Philippine Islands.
This ac¬
being frequently
tion, announced in Current Export
doings and sayings.
Bulletin 246, has been made pos-;
of Fred Vinson's office these
days. sible
because of the present avail-'
At a time when Washington has
ability of shipping.
However, if
ceased to look for "bold
strokes," war
contingencies again cut dowrr*
"bold utterances" from some bu¬
available shipping for the Philip¬
reaucracy, ceased to expect them,
pines, it may be necessary to mod¬
ah
occasional
one
nevertheless
~
:
;1
issues from Fred's office. Speak¬ ify the current action.
FEA has placed the
Philippine
ing relatively, his
lifted
Government of millions of dollars,
or
forced
v
probably
j.-
mobile
•
Who,
were
agreement of
Czech and Slovak nationals
siding
slav
Molotov, deputy chairman of
tiie
people's commissars of the
U.S.S.R.,
and;, Foreign
Affairs
the
and
the
.As- the gossip columnists would
Inefficiency to WFA
ceived
Steel
the
reestablish-
say, eyebrows are
nationality living in Czecho¬
slovak territory have the right to
opt' fop Soviet citizenship until
A report by a House Appro¬
Jan.
1,
1946.
Opting proceeds priation
subcommittee
charges
according to existing Soviet laws. that laxness on the part of the
It becomes valid upon having re¬ War
Food
Administration
has
ities of the U.S.S.R.
industries,
the in¬
of
some
assist
to
in
ing private trade between the Is- ,;
industry. There
an
pipe lines,
getting ready for the fight.
House Group Charges
Persons of Ukrainian and Rus¬
that
ernment J owned
'
■:
said
the latter concerned in
the best thing for everyorte
concerned.
also
be
"expressly
withheld" for the disposal of ariy
plant in such a way as to ad¬
.
The praesidium of-the Supreme
Soviet of the U.S.S.R and the
was
detailed newspaper and radio ac¬
counts of the treaty ceding Ru¬
were
the
property disposal
to be solved with a
prise system.
It
authority, should
Long,
area."
com¬
that
preserving and strength¬
ening the free competitive enter¬
heavy financial drain,
the
The
stressed
view to
:;.;v:A;:'
Ruthenia n
but they have coal and rail inter¬
equal
po¬
surplus
sort
any
:
-
■
advantageous
no agreement
with the Poles on
Teschen, and Czechs took the atti¬
both governments tak¬
by
ing part.
cast
.
will
much less
a
tude that it
guage.
ulation
in
indications
of
r
Ukrainian
that in 1936, persons :of .Ukrainian
fclood comprised 65% of the pop¬
general
that it had reached
Tracing of the frontiers in areas
agreed by Clause I of the pact
will be done by a demarcation
commission to be appointed, con¬
sisting of three representatives
from each high contracting party,
who will have the right to call a
necessary number of experts. The
expenses of the demarcation com¬
Czechoslovak citizenship.
A Soviet encyclopedia estimated
were
Islands
government there
pact
.
patho-Ukraine
Philippine
on
beginning July 1, 1945:
Ernest A, Couvrette, President
the First Federal
Savings and
vote
on
the
question
reported
of
from
Washington, June 25, adding that
Mr.
Smith's
the
President
bill
to
would
authorize
certify
to
the
states for voting in the next Con¬
gressional election (1946) the fol¬
lowing question:
"Do
you
favor
the passage of a law by Congress
to
compel one year of military
training for young men in time
of
peace?"
,
Volume
162 * Number
THE COMMERCIAL &
4400
FINANCIAL CHRONICLE
Conference seemed
Charter'
'he San Francisco
•
+
(Continued from first page)
enlarged to be a Big Five
the addition of China and
Three,
by-
France.,-,
At
i-'-
v-
San
Francisco,
when
that
debated by 50 nations,
it good enough.
It :was a plan for a machine which
looked all right on paper.
But
it was a machine which might not
run
when it was needed, for to
make it run required that each
of. the five Great Powers push on
plan was
none
of us found
Organization
Provision for
was
transformed.
the use of force by
remains,, to
and if it must. A
few nations still rely primarily
on that.
But for most of us, our
work if it can
hope for the future is
marily upon engaging
in
rested pri¬
the nations
great tasks of human
Nations Must
the verge
welfare.
Remain United
The State of Trade
(Continued from page 114)
ties, cutting into inventories and
causing much difficulty in the se¬
ago.
This'week's operating ■ rate
goal,
Each delegation was de¬ represents a decrease of 3.4 points curing of replacements, according
termined fo play a part in bring¬
to Dun & Bradstreet, Inc. The de¬
from- last
week's rate and is
mand for summer house furnish¬
ing World Organization into be¬
equivalent to 1,613,700 net tons of
ing.; Of course, each delegation steel
ings and other houseware goods
ingots and castings, com¬
wanted that Organization to con¬
was reportedly high; supplies con¬
pared to 1,675,900 net tons last
form^ if possible, to their partic¬ week and 1,689,200 tons one year tinued insufficient to meet the
ular. ideals and we each worked
demand. Retail volume remained
ago.
■
; -V'- •
1 moderately above the level of a
hard for that.
But the dominant
Railroad Freight Loading—Carspirit was one of working to¬
year ago.
loadings of ; revenue freight for
gether /not working against. Grad¬
In women's apparel special in¬
the Week ended June 23, 1945,
ually,
the differences came to
terest for the week was noted in
seem
less and less important. In totaled 876,442 cars, the Associa¬
white short-sleeved crepe blouses
the end, there came a ^profound tion of American Railroads an¬
to
wear
with slacks or skirts,
nounced. This was an increase of
sense of unity and of fellowship.
riding all of our differences there
was a resolve to reach a common
Security Council
the
on
That did not happen.
It' did not happen because, over¬
of collapse.
2, compared with
91.5% one week
faille dresses,
black rayon sheers,
that all qf I saw men who had engaged in 3,768 cars, or 0.4% above the pre¬ sharkskin
sportswear, and 2-piece
but what has it tqugh debate embrace, while tears, ceding week this year and 3,869
the starter at the same moment.
bathing suits.
In the junior and
cars,
or 0.4%
below the corre¬
to do with peace? There "is a .clear
of joy dimmed their vision.
misses' departments, cotton dresses
If any one of the five held back,
connection. There will be peace if
sponding week- of 1944. Compared
•: That shows
how unity results
and playsuits were in
the machine could not move. That
demand.
the nations united in this war re¬ when men -work together com¬ with a similar period of 1943, an
Black playshoes were the favor¬
resulted from the so-called ."veto"
increase of 115,512 cars, or 15.2%,
main united.
After the last war
petently and earnestly to achieve
ite, while in the regular rationed
given to each of the Big Five.
is shown.;■,
they did not remain united.,
common goals.' ;. .V:'
',r
shoe departments white was most
Unanimity was indispensable.
Electric Production — The Edi¬
With the defeat of Germany,
in demand. Large brimmed, high
The ; spirit' which marked the
son Electric Institute reports that
Attained Unanimity
the purpose of unity seemed ful¬
crowned hats sold well as did
close of San Francisco we must
the output of electricity increased
Quickly the Big Five of
white plastic and colored straw
The first days of the Conference filled.
preserve.
We can preserve it if
approximately
4,358,277,000 handbags and cosmetics. Men's
war
went
their separate we continue to work; together to
showed how difficult it would be that
kwh; in the week ended June 23,
ways.
The United States retired toward new peacetime goals. That
for the Five to provide that unan¬
lightweight suits and other fur¬
1945,' from 4,348,413,000 kwh. in
imity. We met under the shadow into isolation. Great Britain and is ' the program of the San Fran¬
nishings continued to sell at a fast
the preceding week.
Output for rate.
France competed for power on the
of Big Three, disagreement about
cisco Charter. Membership in the
the week ended June 23, 1945, was
continent of Europe. Italy adopted New
Poland. .Then difficulties .arose
Organization will engage us
In household goods the supply
0.8%
above that for ; the corre¬
in the Mediterranean an imperial¬
to work with others to promote
wjth France about Syria.; Often,
of all types of curtains is ex¬
sponding weekly period one year
istic program which the British
as. we sat in "Big Five" meetings,
humanrights and liberties;; to
tremely limited with seasonal de¬
•"
stubborn difficulties unexpectedly considered a threat to their right eradicate
intolerance;
to
clear 'ago. ^ y.;1
mand continuing heavy.
When¬
Consolidated Edison Co. of New
developed about even minor mat¬ of passage to India. Japan-sought away the obstacles to healthy
ever possible, stores are promot¬
ters.
It took understanding pand expansion in the Far East at the trade; to insure social conditions York -reports system output of ing yard goods for drapery and
kwh. in the week upholstering needs. Cooking uten¬
patience. on all sides to reach expense of China and of Great which will breed sane and healthy 171,500,000
agreement.: 1;;;/;•v;'' •' Britain.- That disunity gave Ger¬ men and women; to seek for the ended June 24, 1945, comparing sils,; pressure canners and any¬
f : .Thus the Big Five themselves many the opportunity- to' avoid dependent peoples, self-govern¬ with 164,400,000 kwh. for the cor¬ thing relating to the preservation,
demonstrated to the Conference the consequences of her defeat. ment and meanwhile to avoid ex¬ responding week of 1944, or an of. food and canning moved off;
Treaty of Versailles itself
'
that the future peace of the world The
ploitation. Such are the goals set increase of 4.3 %. % v: ;
store shelves readily.
was hard enough
so that, if en¬
before the members of the New
ought not- to be rested wholly
Local distribution of electricity
In retail food markets, the situ¬
forced, it would have kept Ger¬ Organization.^
upon their ability quickly to agree
•'<. amounted to 169,800,000 kwh., ation was little changed from last
on
future
measures
to repress many impotent for a thousand V It lies in American tradition to compared with ; 162,800,000 kwh.
week; volume was higher than a
aggression. All hoped that the years. But it was not enforced, give world leadership in building for the corresponding week of
year ago.
The butter and egg
Security Council would turn out because the victors did not remain a
society which will uplift the last year, an increase of 4.3%.
shortage is easing somewhat. De¬
to be an effective body. But no united to enforce it,
spiritual, the: educational, the ma¬
Paper Production — Paper pro¬ mand has expanded for all canned
This time, I trust, justly severe
one
could be sure.
So we all
terial lot of men.
To that, our duction for the week ended June food, lines..
v
;
;
agreed to do what some of us had treaties will again be imposed founders -dedicated this nation.
23, was 90.4% of capacity,- as
Retail volume for the countrylong wanted—we agreed to de¬ upon our defeated enemies;: But Now we have the opportunity to
against 91Vz% of capacity for the was estimated at 13 to 17% above
velop the possibility of the .Or¬ that will do no- good unless this embark, in company with others,
preceding " week, " the American
ganization's taking remedial ac¬ time the United Nations.- remain on the next great adventure, that Paper and Pulp Association's in¬ that of last year. Regional per¬
centage increases were; New Eng¬
tion to diminish the causes of war. united. That is essential for last¬
of building a fellowship that is dex of mill activity disclosed. J As
land 8 to 12, East 16 to 20, Middle
We wrote a preamble affirming ing peace.
world-wide in scope. Out of the for
paperboard, production for West 15 to 19, Northwest 7 to 10,'
oyr faith in fundamental human
How can
continuing unity be common difficulties, the common the same period was reported at
South. 9 to 14, Southwest 6 to 1©
rights—in the dignity and worth assured? Our past unity has been strivings, the common triumphs 96% of capacity, unchanged from
and Pacific Coast 12 to 16.
of
the
human
person—in the due to a common effort to remove of that task can come the unity the
previous week.
:
equal rights of men and women, a common peril. With that peril that can give us peace. "
!■: Activity in the wholesale field
Business Failures Continue Low
and of nations large and small.
That Opportunity I' know we
removed, will we not again fall
Commercial
and
industrial was comparatively quiet this week
"We went on to dedicate the Or¬ apart as after the First World shall:''embrace;rV:.': W/' ~
with the volume at about the
failures Showed a slight decline
ganization to promote social prog¬ War? - Yes, we shall fall apart, un¬
same
level as in recent weeks.
in the week ending June 28, Dun
ress and better standards of life
less
we
can
be kept ; united
continued
&r Bradstreet^ Inc., reveals.
The The ' textile market
in large freedoms; to practice tol¬
through substituting
com m o n
week's
failures
'numbered , 14 routine, while activity in the ap¬
erance; to heal economic and so¬
.peacetime goals for the common
parel markets was somewhat sub¬
\ Supporters of the Office of War against 17 in the previous week
cial sores, which so often breed wartime goal of victory. .. It. is
dued Mth most buying completed
were and 36 a year ago. Only two con¬
war.
We bound the Organization such goals of peace that the San Information's :. continuance
for the present.
Buyers report¬
for
their
efforts to cerns failed this year for every
and all of its branches to seek Francisco Charter proposes to the rewarded
five in the comparable week of edly have 50 to 90% of their fall
justice, to develop international United Nations. We propose that secure new funds for the agency
apparel needs—percentage vary¬
•
:
when the Senate voted OWI a 1944.
law, and to promote respect for intolerance, repression, . injustice
ing according to item.
Despite
Failures involving liabilities of
human
rights
and for funda¬ and want be deemed common budget of $39,670,215 to cover the
this fact second trips to the mar¬
next fiscal year, according to As¬
mental freedoms for all without
$5,000 or more outnumbered those ket are planned for later in the
perils of the future just as Nazi
distinction as to race, sex lan¬ Germany and Imperialist Japan sociated Press advices from Wash¬ last week, 9 as compared with 8,
season.
■■■.'
by':
ington, June ' 26.
This was not but were only half the 19 in the
guage or religion.
v
were
common perils of the past
^Department stores sales on a
the $42,000,000 which OWI had corresponding week of 1944. Fail¬
.We made clear that the Organ¬ and present. We propose that to
requested in its original budget, ures with liabilities under $5,000 country-wide basis, as taken from*
ization was not dedicated to per¬
overcome these perils be the com¬
the Federal Reserve Board's in¬
but it was a reproof to the House declined
to approximately half
petuate the status quo or a post mon goals of peace. If those goals
which had reduced the figure to their number in the preceding dex for the week ended June 23,
can
catch the
imagination, and
war status not yet fully known
1945, increased by 21% and com¬
week and were less than a third
;
and which might contain much evoke the united efforts of the $18,000,000.
pared with a gain of 19% in the
Senator Gurney (R. S. D.)j on those in the comparable week of
injustice. The Assembly was em¬ United Nations, then we shall con¬
week. For the four
last year. Manufacturing4* was the preceding
powered to recommend measures tinue to be united. Fellowship the floor sought to slash the Sen¬
weeks ended June 23, 1945, salesCommittee's only industry or trade group in increased by 15%, and for the
for the peaceful change of any
will replace conflict and that will ate' Appropriations
situation,
regardless
of origin, assure that, this time, victory will figure of $39,670,210 to $20,000,-. which failures wei-e as numerous
V:Vi
v;-; year to date by 12%.
which might be unjust or impair bring peace.ri \
000, but was defeated 46 to 29. as a year ago.
; Retail trade here in New York
Then Senator Bridges (R. N. H.),
N'o Canadian failures were re¬
the general welfare or friendly
the past week maintained an ac¬
A Common Goal Means Success tried to have the figure fixed at
relations among nations.
ported this week as compared
The San Francisco Conference $35,000,000.
By defeating that with one in the previous week tive pace with high summer tem¬
An Economic and Social Coun¬
illustrates how fellowship amendment, the vote was auto¬ and one in the corresponding week peratures creating a strong de¬
cil is made the agency of the As¬ itself
mand for summer merchandise o£
matically in favor of the commit¬ of last year.:
sembly to work with the members and unity derive from common
all descriptions.
Wholesale mar¬
tee's total, according to the Asso¬
to promote higher standards of effort to achieve common peace¬
Wholesale Food Price Index Un¬
kets were heartened by the actios*,
time goals. At the beginning, the ciated'Press.
changed—The Dun & Bradstreet of the WPB presaging more tex¬
living, full employment and con¬
Senator Ball
(R. Minn.), de¬ Wholesale food price index for
ditions of economic and
social Conference was marked by con¬
tiles,
particularly woolens jane!
progress.
Provision is made for flicts and antagonisms. The "Big fending the agency, declared that June 26 remained unchanged at worsteds for civilian use. The?
aCommission on Human Rights Five" often lined up against the the "accelerated surrender of the the 194 5 peak of $4.11. This
'Little 45."
Those who were es¬ Japanese on Okinawa was helped marked a rise of 2.8% over the production picture for the tjhird
from which we can expect a Bill
outlook, considerably by the activities of 1944 figure of $4.00, and of 1.5% and fourth quarter in womep's
©f Rights'.;
'1
i"
• sentially capitalistic in
and men's apparel is brighter at,
and those who were essentially owi."
above the $4.05 recorded two
*The whole problem of colonies
than for* months jpasi.
communistic or socialistic in out¬
-"This is as much a war for years ago. Advances this week oc¬ present
and
dependent peoples is dealt
Wholesale food volume showed
look, differed sharply as to how men's minds as it is a war of curred in steers and lambs, while
with.
There is ferment among
little change from precejdiD^
to express our social goals. Those weapons," Mr. Ball declared.
declines were shown for rye, oats
hundreds of millions of non-white
weeks with supplies of eggs, andt
who embraced different political
Senator Chandler (D. Ky.), con¬ and potatoes.
peoples in Asia and Africa who
oranges more acute.
:
.
philosophiesr for example those tended, however, that the name
do not want to be condemned to
The index represents the sum
According to the. Federal; Re¬
of the Soviet Union and those of
of the OWI should be changed to total of the price per pound of 31
indefinite Subjection to the alien
serve
Bank's index, department
rule of western whites.
By the the United States and 'of Great the Office of "Peace" Information, foods in general use.
stores sales in New York City for
•Britain, found it difficult to reach and he said that $20,000,000 would
present Charter, the nations ac¬
Retail and Wholesale Trade— the weekly period to June 23,
agreement about such matters as be "adequate" for the task.
cept as a sacred trust the obliga¬
With the
continuance of warm 1945, increased by 26% above the
the right of free discussion. It was
tion to
promote' the well-being
Mr. McKellar (D. Tenn.), Presi¬ weather throughout the country,
same
period of last year. ,Tb5^
of
dependent peoples, to
give very difficult to find a wise for¬ dent pro tempore of the Senate, retail sales volume held at a high
compared with a gain of 22% ia
mula to reconcile regional claims,
fhem just treatment, to protect
informed Mr. Chandler that Gen¬ level for the country as a whole the preceding week. For the four
such
as
those of Pan-America,
them against exploitation and to
eral Marshall told him it would the past week. Vacation' apparel 'wSks'Tnded'523*
with the universal claims of world
develop self-government and their
"osl "infinitely more if the Army
such as swim suits and play clothes rose by 17%, and for the year to;
organization. Indeed,:there were
free political institutions.
had to take over"
' #es of
times
when
these problems
moved in seasonal peak quanti- date by 13%.
"
/
.Through such rewriting of the
owi.
:
seemed insolvable and when the
Dumbarton Oaks Plan the entire
-
You may
this
be thinking
is very fine,
*
.
!
,
.
,
'
.
: Votes OWI Funds
.
-
.
.
120
THE COMMERCIAL &
FINANCIAL
impregnable
faid@ilei§ Calls World Charter
Step to International Amity
have had the generous confidence
that
have
vention
had
the
advice
Secretary of State
of
former
its
Cordell
who
whose vision and wisdom this
institution will stand as an eternal
own
monument.
manifest
been
equal
to
every
emergency
no
Not/only as Chairman
delegation,, but also as
tireless
ent
I
the
expected
also
to pay my
from
Texas, the Chairman of
Foreign
Relations
Committee, Mr. Connally. With¬
those
liberations.
He carried some of
the heaviest burdens of the Con¬
ference with
patience, fidelity and
eminent success. He was a tower
©f strength to this
great under¬
in
to
how
signed
peace,
and
progress
earth.
telligent self-interest
of
our
own
United States- which
knows, by
bitter experience in the
valley of
the shadow of two wars in
a
I
believe it is
our
only chance
to keep faith with those who
have
borne the heat of battle.
I have
signed the Charter with no illu¬
sions regarding its
imperfections
and
with no pretensions
that it
guarantees its own
benign aims;
but with no doubts that
it
poses
be
an
bravely undertaken
in
of peace with
justice in
and safer world.
happier
Urges
I
of
pro^
experiment which
must
behalf
a
better,
Ratification
support the ratification
Charter with all the re¬
at my
do this in the
sources
command.
I
shall
deep conviction that
the
alternative is physical and
moral chaos in
many weary places
of the earth. I shall
do it
because
there
must
be
default
no
in
our
oft-pledged
purpose to outlaw ag¬
far as lies within our
human power.
I shall do it be¬
cause this
plan, regardless of in¬
gression
so
firmities, holds great promise that
the
United
orate
they
for
for
peace
have
war.
peace
Nations
as
made
I
shall
effectively
do
it
because
cheated out of
President,
was
know rather
in
as
cause
its only collective
chance.
I think, Mr.
row
that
Benjamin Franklin's soul
when, at the end of the
American
Constitutional Convention in
1787,
put his signature to that im¬
he
consent,
and
.
not the best.
had of its
no
better
sure
it
is
The opinions I have
errors
area
colonial
San
where
and
from
the
from
seven
each
i
w
«.~o
the
denominator
to
seas,
and
universal
a
by
tions
and
must
the
It
is
no
wonder
wonder that none of us can
that he wholly approves the
net
result.
The wonder is that
all approve so much.
Within the framework of the
we
can
Charter, through its refinement
the light of
experience, the f uure can
overtake
there
will
unless
we
be
better
v
our
future
no
for
God
earth
I
commend
or
this
aver-all consideration to all of
my
colleagues who have
collective security
n
any
interest
as an
instru¬
to
the
collective peace. I com¬
it to all who are
listening
prayers, for peace which
from the hearthstones of our
land,
; : '
nse
<J;'
You cannot
plant
President,
it the
will
an
and expect
acorn, Mr.
an oak from
morning following, but
never
have
an
you
oak, unless
^ou
plant the acorn.
In the San
Francisco Charter we
to plant the roots of
peace. No one
can
say with finality how
they
will flower, but this I
know: With¬
out roots there will be
no flowers.
I prefer the
no
chance
rhance at all.
tive
have
own
to
is
well
known.
stated
While I want
Army and
make
our
an
than
regarding collec¬
repeatedly
this floor.
ful
view
security
rather
it
a
I
upon
power-
invincible Navy
national
defense
as
most
be
made
the
JyJ;"'
maintain
and
peace
end
to
security;
and to that
collective measures
take
prevention and
threats to the peace
removal
and
to
bring
the
- by
peaceful
conformity with
principles of justice and in¬
ternational
law,
adjustment or
international dis¬
settlement
putes
a
of
situations
or
lead to
breach of
which
may
the peace."
Under pledge to do what else?
"To
develop
friendly
on
agreements 'will not be
negotiated
until the new
organization.; is; in
J-^;<■>; ■; J;■ ;;-f ■ -.• ;; >< :.
Their detail is not involved in
discussion of this
primary treaty.
But this* treaty,
guarantees
t
that
"To
fear
will not
character
or
to race,
sex."
You
who
Senate
this
processes."
need
separate
scrutiny and
are
consent.
look
those, Mr. President,
upon
this
final
the
as
real
prise.
of
brutal
and
value
They
gressor
tell
aggressors
will
to
power
which
like
of
be right.
disagree that
must
fight
and
pressures
of the organized con¬
science of the world,
functioning
through this organization, upon
any nation, big or little, which
ignores this pacific routine and
No
J/
the
United
poten¬
to
keep
agree
the
won
by
that
we
"keep our powder dry" and
prepared to "pass the ammu¬
nition."
But I would not
agree
that force is the real
genius of
this new institution. On the
con¬
trary, it is
my conviction that the
great
to
hope which is here held out
humankind stems largely from
the
solemn
formula Which the
San Francisco Charter
creates for
language, religion
the pacific settlement of
You have heard much
about a
power veto, to: which I shall
presently refer. There is no veto
—no
stage.
It is
my
a
self-administered immunity
bath
which
—
mary
can
obligation.
this pri¬
every
member of i the- United Nations
takes when it signs the San
Fran¬
cisco Charter.
There will be no
doubt about the
record, The s<?lfr
confessed criminal: of." tomorrow
will stand
condemned. I admit
that the
Security Council itself
cannot go as far
against one of the
five Big Powers as it can
against
the middle and lesser
Powers.
I shall discuss
that in a mo¬
ment, t But I assert that
there is
no
escape for any Power, how¬
ever
great, from the clear respon¬
sibility which it will
unavoidably
before an outraged world
assume
if it
takes to the
warpath before
exhausted these paths of
peace.
In my view, the
it
has
forces
thus
of
this
spiritual
earth—when once
universally
aroused
and
or¬
ganized and given a
mighty ora¬
cle for militant
expression—will
prevail against all enemies.
In
view,
my
this is the San Fran¬
Charter's rendezvous 'with
destiny. V/'
I should like
further to illu¬
cisco
minate
this
point, Mr. President.
day, in a radio quiz, I
asked the
was
following question:
"Will you trace the
steps of pro¬
cedure in the event of a
problem?
Taking the most unlikely case I
can think
of, supposing we and
Canada were to become
involved
in
a
boundary dispute?"
This
most
certainly would be "the
unlikely case," because the
unfortified
3,000
miles
of
Cana¬
dian-American boundary has
been
an
area
than
all
a
we
of
total
peace
and
worry about.
the
world
more
were
have
to
Nevertheless,
disputes
fighting
plus
answer
for
century. I wish that
the question.
America have their
profound
void
which
a permanent
let me
Canada and
own
treaties,
Boundary Com¬
belief mission, to settle
such disputes.
but to scan the present world with that
the pacific contacts
and con- This would
continue to be the
realistic eyes in order to see these 1
sultations which will
first recourse. If it
constantly
fine phrases often
failed, Canada
contemptuously I be maintained by the Powers— and America
would be further
reduced to a
ob¬
contemporary sham¬ and particularly by the Great
ligated under the United
bles. You
Nations
may tell me that some Powers—plus the
pacific routines Charter to seek a
of the
settlement bv
signatories to this Charter which every
dispute must here¬ (1)
negotiation, (2) inquiry, (3)
practice the precise
opposite of after exhaust before it is subject to
mediation, (4) conciliation,
what they preach even
as
(5)
they any sort of sanctions, can and will judicial
si en.
You mav tell me that the resolve
settlement,
(6)
other
most, if not all, of the means either on
aftermath of this war seems to
their own initia¬
controversies
which
otherwise tive or on the
threaten the utter
suggestion of the
disintegration might lead once more to war,
Security Council. It is inconceiv,
J
big
The other
Certainly I
■;>*-J
Escape for Powers
'
be
promotion
of respect for
I have
no
ships
must
international
that
the
yesterday
they have
I
ag¬
the
posses
means.-
enter¬
the
understand
may
not
tial
and
me
avail¬
this
that
tomorrow,
today,
-
of
argue
before they ever reach
.
no
obligation
.
may
have
ability of force, to keep the
peace,
peace
rights and fundamental
freedoms for all without distinc¬
as
"sub¬
Force Not the Basis
kindred
and encouragement
be
subsequently be available
There
Nations
human
tion
the
that
to its full
do
equal
.
achieve
shall
constitutional
Hence
re¬
cooperation in the solution of in¬
ternational problems of an eco¬
nomic, social/cultural or humani¬
tarian
agreements
ject to ratification by, the
signa¬
tory States in accordance with
They
Under pledge to do what else?
:
which
determined
except guns
and planes.
J;.::;/:. J
rights and self-determination of
peoples and. to take other appro¬
priate measures to strengthen uni¬
versal peace."
to
by * collateral. agree¬
ments made between the
Security
Council and these States. ,> These
language
rela¬
tions among nations based
spect for the principles of
force
will be pre¬
pared to contribute upon call and
in such
proportions as shall be
the
about
in
and
the
will have
signatory States
these
to re-endow
It promises justice
reason
substitute for force. And all
time
it invokes
the moral
a
draws its ruthless sword,
vJ'
Security Council
armed
of
sanities.
its
the
rules
as
re¬
ultimate potential
disposal
—when all other recourses
have
failed to maintain
peace and se¬
suppression of acts of aggression
other breaches of the
peace,
means,
for
among
"cooling
our
dislocations, in the family
! The
procedure,
will be a
other
off"
process. ..It will temper and dis¬
courage impetuous wrath which
too often flames out of
sudden,
national hysteria.
It allows time
nations, that too often breed
the wars which
might otherwise
be avoided
through
or
and
This
things,
will have the
option of
seeking juridical decisions; (4) a
Social and Economic
Council, con¬
sisting of 18 nations chosen peri¬
odically by the Assembly, which
will explore those social
and eco¬
■ v>
fifth,
adjustment recommended by the
Security Council.
J,.-JJ;\'/
nations
at
by
conciliation;
arbitration; sixth, so¬
judicial
settlement;
seventh, solution by resort to re¬
gional arrangements; eighth, other
peaceful means chosen by the dis¬
putants themselves; ninth, appro¬
priate procedures or methods of
China have
voluntary
by
solution by
lution
periodically
adjustments;.-?-'.
consideration, thought,
solution
solution
briefly
working
Assembly in
signatory nation has
and
as
by
negotiation;
second, solution by inquiry; third,
solution
by
mediation; fourth,
by the Assembly; (3) an Interna¬
tional Court of Justice
where all
their
international
the
of
under
peoples of the
under pledge to do what?
—
"To
ment of
mend
the
can
among
Listen:
it
I doubt
be another
ever
start.
of
solemn
But
errors.
make this start.
if there could
one
for
had many a troublesome
day
and many a critical
night. It is
no
50
under
I
well
as
suggestion of resort to force?
First,
being.;;. i
iV;'l.*•
which .is
But
we
say
".V:"
are
congress—ver¬
any
fall short of
Here, Mr. President,
sovereign nations, each
Difficulties"
to
we
each
curity—an
Vision5
the
how far
pledge that
obvious
thinking mind.
vision
no
the goal.:
express
difficulties.
be
is
may
no matter
itably the parliament of man—can
wholly understand the complica¬
they
horse
./J.\:.
Have
or
conse¬
General
America, France
to
peopleperish.-'
We dare not fail to
try.- We dare
not fail to
.strive jn this direction
Only those who have engaged in
such
the
■>
Must
You
is
purpose.
'Complications
before
Charter's
be any
can
permanent seats together with six
other nations chosen
disputes
by
before, they, take
v
large
by the small Powers before there
Charter
President,
history of
What are these pa¬
cific routines to which resort must
be made by the
Russia,
to cor¬
lead
,
the
interna¬
an
humankind.
vote—tomorrow's "town meet¬
ing of the world";. (2) a
Security
Council—the executive
agency for
action—in which Britain,
It
the
tell me' that I speak
of the millennium.
? I reply, in the
words of Holy Writ: "Where
there
lem which spans the
globe, sought
meeting of minds and found a
common
which
resolve
barn
-
•
a
their
to
which
of
by
tional obligation in the
one
this
cure
causes of wars;
frictions
stolen.'.'.
language and tradition, rep¬
resenting 85% of the world's pop¬
ulation, and dealing with a prob¬
common
with
peaceful means'
on the suicidal
magnitudes of war;
in a familiar,
metaphor, to' "lock
na¬
otner
the
wars;
Fran¬
50
any
of
rect
capitals
the
Mr.
A
nomic
underlying
face
the
(1)
seeks, above all else, to
is it when
the
merely
50
nearer
structure. It will function
through
four major instruments:
be¬
space
fight.
States,
true
more
Now,
sketch
latter
among our rela¬
close-knit
content
least
Sketch
of
not
at
can
sanguinary assignment to
meet force with force
when there
is nothing left to do but
race,
My
sir, to this Consti¬
because I expect
because I am not
is
perfect production
It therefore as¬
Conference
poles
mortal document and said:
"I
all
undertake
I
intimately what
tution
,
separated
collab¬
may
common
must not be
wisdom,
approached
in
The
open new
earth
nor
which
quence with clean hands.
That vital aspiration, Mr. Presi¬
dent, is the object of the San
Francisco Charter.
The Charter
a
ad¬
in
shall
this
He
tions, -gathered from the opposite
quar¬
ter century, that we cannot
live
entirely unto ourselves alone.
joint
the
view,
earth.
pattern
invoking
we
treacherous attack,
We
have collective
security to
stop the next war, if
possible, be¬
fore it starts; ana we
must have
collective action to crush it swift¬
ly if it starts in spite of our or¬
ganized precautions.
-'.'.'s'. 0:
assemble
with
their prejudices,
contemplate
cisco
se¬
I believe it serves
the in¬
..
their
men
much
we
curity.
If the spirit of its authors
can become the
spirit of its evolu¬
tion, I believe it will bless the
of
the
round
that
new
fails,
longer promises to shield the vic¬
tims
Constitu¬
to have
an
must
Jv'/
assemble
you
men,
limited
a
tively
forward
sable
better
all
neither time
cause
>
the San Francisco Charter. -1
be¬
lieve it represents a
great
step toward the international un
derstanding and cooperation and
fellowship which ! are indispen¬
closed
tonishes me, sir, to find this
sys¬
tem
approaching so near to per¬
fection as it does."
Y Mr. President, if that 1 was true
,
have
of
and
the
right
the greater is the
urgency
the emancipations
which the San Francisco
Charter
contemplates.
If the effort
to
power
Mr. President, these
right the
you are,
with
War has become
this
for
everything within
keep those labora¬
tories closed for
keeps; and, Mr.
President,
they must be
kept
other
any
unequally
of
I propose to do
my
obtain may be
can
when
sembly can a
be expected?
taking in every aspect of its ^la¬
bors.
He, too, has put the nation
greatly in his debt.
*
I
v.
compete
nearer
be in any such
gloomy
the
greater
is
the
may
chastened
laboratories of death too horrible
to contemplate.
I say again that
their passions, their erros of
opin¬
ion, their local interests and their
selfish views.
From such an as¬
of
representing the minority, to
play our full role in these de¬
President,
event
v;V
a
inevitably
you
us,
Mr.
we
of
vantage
con¬
one
for,
perspective.
unhappily arrives, it will
to
cause
I pretend
the
whether
make
number
hint of partisan¬
time, he made it
any
to
tion;
Senate
stantly* possible for each
doubt
on
all-consuming juggernaut. I say
again that if World War III ever
having
briefly to Franklin.
able
ship at
of
saidf"y
"I
distinguished Sena¬
the faintest
In
success.
I revert
v
Mind you,
routines must be consulted, under
solemn pledge of these na¬
>
the
tions; and I venture the assertion
the hope and the
prophecy
they* will be consulted, in
promises at least to
try to stem view of the nature, character, and
these evil tides.; The
nearer; right extent
of
this "new
obligation,
you are, the greater
becomes the which stands in a
degree of sacred
importance of this new
self-deny¬ trust .which has never heretofore
ing ordinance which promises a been
murder in¬
mass
sinister
winged steel.
en¬
its hopeful trial than with
refusal to permit it to
prove its
a
and
new
now
and turn
and
with
best
convention
out
*
its unexpected failure, I should
prefer to have been associated
ciation to the
the
*
means
way.
particu¬
lar tribute of affectionate
appre¬
tor
*
thoughts
am
other
no
richly
earned the grateful
good opinion
of his country.
I want also
on
prepared to proceed
with this great adventure.
I see
in driving to our
goal.
I am par¬
ticularly happy to testify * that he
constantly
sustained
the
American tradition. He has
me,
authentic parallel in the pres¬
instance.
But
in
kindred
faith
he has been efficient
as
to
ob¬
;
that
indictment,
matically protect our ramparts.
I say again that flesh
and blood
a
well administered."
Franklin never had
regret his act of faith.
Chairman of the Conference and
its key committees, he has been
as
to
I said
as
cruel science of
Con¬
it
faced.
our
deavors
you
10, that
since
Pearl
Harbor World War II has
put the
and, to make
unity, put his name
future
our
again,
say
born.
are
reply
need Tor
,
little of his
to this instrument
Commends Fellow Delegates
I
January
infallibility
our
they
dependably
action.
Thursday, July 5,1945
of these ideals at the
very moment
limi¬
arms
I say again that the
oceans have
ceased to be moats which
auto¬
this occasion doubt
Particularly I wish to commend
the Secretary of State, Edward It.
Stettinius, Jr.
He has been an
able and inspiring leader.
He has
of
the
jections to it would, with
Hull,
to
we
of
still have
may
exclusive
own
I
,
member
every
made
effective, I believe that no nation
hereafter immunize itself by
On the whole, sir,
help expressing a wish
cannot
be
can
can
public good.
I
helpful cooperation of the
President of the United States. We
possible, pending
the time when mutual
tations
(Continued from first page)
and
as
CHRONICLE
Number 4400
.Volume 162
routine would not
that this
able
if it failed, the Se¬
But
succeed.
121
curity Council would call on the
other United Nations to use sanc¬
tions
the designated of¬
sanctions as com¬
against
fender—such
or
economic
ica control the
factors of the earth and
and
relations
of
That is indeed
air, postal, telegraph, radio,
and
other
communica¬
of
means
glorious assign¬
a
seeable
ing of the world."
this
the
Liberalized
Oaks
San
In
Francisco
to avoid
proposes
Dumbarton
this
force against the aggressor.
It is,
of course, unthinkable that any
other
aspects, the
plan has been
Oaks
sive labors of
submit
re¬
Charter
greatly liberalized by the
should fail, the
Security Council could call upon
the' United
Nations for armed
procedure
and
I
.
static world.
a
tion, and the severance of diplo¬
matic relations. If, finally, even
this
progres¬
this Conference,
I
that justice is thus guar¬
its
hearing
under
the
anteed
possible dispute between Canada
healthiest possible auspices avail¬
able to this distraught and tangled
and the United States could reach
world.
such
extreme.
I
submit
that
justice
is
Further, consid¬
infinitely better off with such
erations of the famous "veto" also
forum than it would be if such
enter this
forum
an
particular equation. But
it nonetheless illustrates the gen¬
routine.
eral
You
apply the
can
routine to any other
dispute.
In my opinion, it is a routine
which will stop almost every dis¬
pute short of the necessity for the
same
consideration
sanctions
of force.
or
Here, I repeat, in my
is the great practical
opinion,
of
value
the
propose.
As
we
the
to
promise
of
friends,
our
can
Under
the
quicker this
the
D u mbeen
given
Conference,
has
Oaks
San
institu¬
tion begins to function the quicker
justice
hope to find its voice
may
k
As originally drawn,
soul.
1
definitely not saying, Mr.
President, that a good league can
compensate for a bad peace. I am
not diluting for .a single instant
am
dreadful responsibility which
will rest upon those who chart the
stable
final peace.
Francisco's
San
peace;
Charter fills that void;: The Char¬
ter
the prime
It repeatedly
to human rights
justice
names
as
of peace.
criterion
itself
dedicates
It de¬
and fundamental: freedoms.
clines to
accept, a static world in
•which.-yesterday's- inequities are
frozen 'in: a strait-jacket. ? It tells
the General Assembly that it is
empowered—and I beg of you,
;
Senators, to listen to these words.
.
Here is the heart and
core;
of hu-
the
But I
and fundamental freedoms inher¬
ent in the San
will
Francisco Charter
inevitably make
wiser, and
ultimate
impacts
upon
We could wish for
than
this
would
our
permit
general assembly is empowered—
to recommends measures f or the
;
friendly relations
among;-nations, and of situations
resulting from, a violation of the
purposes and principles set forth
in this charter.
A
\
.
;
;
Francisco
President, this can be a new
emancipation proclamation for the
You may tell me that it is
calculated to "keep the word of
world.
promise to the ear and break it
to the hope."
I reply that I know
better
no
certainly
insist
.or
I reply
hope.
will
be
broken
that it
if
you
denying it a chance,
cripple it at birth...
upon
if you
I have had great sympathy, Mr.
President, with those among my
of
that
the
sustain
shall
Dumbarton
it.
Oaks
the
boon
-
said
is
that
this
arrangement, in stark reality, be¬
three-power military al¬
between
Russia,
Britain,
a
liance
and
the United
of
sStates, since they
its4 chief instruments
will become
when
enforcement
need for force arises.
peace
So
the
far
as
enforcement is concerned, I
agree that there is substance to
peace
this
contention.
assert that
But
far
so
as
I
hasten
force is
cerned, the world is at the
of
to
con¬
mercy
States, regardless of whether
we
this
league or not.
Those
happen to be the facts of life. But
submit
San
it.
the
their
at
more
that
world
mercy
Francisco
is
even
without the
Charter
than with
But I submit that the S^n Fran¬
cisco Charter completely
alters this
conception.
I speak with great
feeling on this phase of the sub¬
ject because it is one to which, if
I may be allowed to say so,
voted
look
wtih
these
anxiety
settlements
United
ally
in
mend
a
measures
adjustment of
can
for
any
the
least the restraint of
a
peace¬
ful
contract, for whatever that
may be worth, and the grim as¬
surance, Mr.
President, that the
aggressor of tomorrow who breaks
this
contract will stand
in naked
infamy before the embattled
science
of
outraged world.
an
"Confronted with
Not
I
wis&
we
con¬
a
Condition and
Theory"
a
might have
differ¬
But that is simply
saying that I wish
might have a different kind of
equivalent to
we
world.
The truth of the matter is
that
ter
a condition, not a
The San Francisco Char¬
deals
with
this condition.
it did not deal with the condition
peaceful
it would
gardless of origin, which it deems
If
II.
There is
it is written
be
on.
is that Britain,
extreme
hearing and
our
confront.
we
We
precedents in
own
seeking to stop World War III.
"Veto"
of
contemplation. I can under¬
the critic who, in ethical
and moral grounds, condemns a
voting system which permits each
same
of these five Great Powers to
en¬
the
special privilege of a
"Veto" in the Security Council to
protect itself against condemna¬
collective restraint if it
threatens aggression.
I can
pathize with the critic who
discrimination.
it
sym¬
pro¬
But
Otherwise,
San
at
lining" and
the
no
I
Sovereignty
To
Francisco
when, exercising intelligent selfinterest, we join ourselves in this
international enterprise to seek a
essential to
it
ever
got under
I doubt whether there ever
way.
The
ence.
hope
have
would
peace
irony—at
for
organized
died
—
what
Golden Gate.
the
The
security which
welfare
our
breathe.
we
For
over-all
authority of
Nations League,
of
can
advantage
humankind
have
would
ished in the wreckage of a
I
to
would
Mr.
in
their
to
broke^
have
not
been
that tragedy with
square
promises to
and
per¬
fighting
our
mothers.
sons
And that,
President, is the choice which,
humble opinion, Congress
my
and the country now confronts.
"
I have
also said, Mr.
that there
is
President,
strong substantive
a
argument
to be made
Yalta formula.
In any
organization for
ity in the world
it is and
as
secur¬
as
it is
going to be for some time to come
-^-whether we like it or not—the
Great Powers must
the
special
assume
to put
organization in
with the great inter-Ameri¬
system--once
worth
the
oaper
The "condition"
symbolized
by
recently
vitality at
For 50 years this,
the Monroe Doctrine and
endowed
with
Chapultepec.
new
inter-American
Union
peace and
ever
We do not surrender
its mutual advantages.
We build
them into the new foundations of
the larger system*
Another example—rwe preserve
the
right of individual
self-defense, inherent in
sovereign State, in the event
every
of summary attack;
Another ex¬
ample—we exempt all essentially
ment of all its
action
in
latter, the former
Island
bases—we
precious values.,
!
: it
cannot \ understand
because,
must admit:
examination, we
first, that this veto formula sub¬
upon
special
privilege
the
of
Great
Powers is matched by its equiva¬
lent
in
special responsibilities;
third, that there is
basis
which
upon
alternative
no
to
launch
this
great adventure; and, last but far
from least, Mr.
this
President, because
which
veto,
others and which
joy alone is
American
involvements
of
would require as the
price
of
en¬
which
citizens
our
indispensable
adherence
our
with
could not
protection against
a
millions
many
share
we
we
this
to
treaty.
I
this
say
world's
realities
Great Powers
each
because
ever
face
the
if these
a war
with
other, the world's dream of
thority
special
may
and
particular
privilege.
Great Powers' Privilege a Sacred
;•.£},
...Trust
It
will
not
of
the
veto.
be
shattered
It
would be idle to cherish any illu¬
sions upon this score.
Peace de¬
pends, in the final analysis,
selfish
privilege,
privilege, this or¬
an
a
exploited
ganization will die of
cancer.
and upon their mutual rela¬
tionships.
But I assert, beyond
any shadow of a doubt that this
Nations
minimize
the
organization
frictions
bilize the international
channel
and
can
sta¬
friendships
the orderly
For
self
to
these
But
instant blind my¬
an
the
overriding fact that
responsibilities, these au¬
privileges which
thorities; these
the Great Powers thus
accept are
the most sacred
public trust ever
created
in
the affairs
of
It
men.
is
indispensable that this obliga¬
tion be accepted in this
spirit by
all concerned.
5!^':
If
tell
you
warrant
world,
have
I
no
today's status of the
for* optimism upon this
I
score,
that
me
in
that
answer
develop, this,
or
unless
better
a
you
peace
contacts
can
go
infinitely far in
sav¬
ing all of
us
from any such
dis¬
If, in spite of everything,
disaster
us
will
collective unity in
to
our own
have
advantage of
the
our
in¬
own
moving swiftly
and the world's collec¬
tive defense.
said
this veto
that
problem invites many deeply de¬
voted Americans to inspect our
American
own
position
before
they attack this formula;
never
for
an
Let
it
instant be forgotten
No
no
protection
ment
in
would
many
against
any
our
be
veto for
a
It is
our
was
as
tary servitude" if
not
may
exist,
to
any
involve¬
our
of
It is
bitterly
quarters
our
our
forces
defense
condemned
our
our
in
"involun¬
complete freedom
a
word,
of
ganized
We
have not created
we
super-State.
a
We have
"world
a
have
not
or¬
government."
hauled
not
down
the
Stars and Stripes from the dome
of the Capitol.
We have simply
agreed
to
cooperate
effectively
with 49 other sovereign States in
the mutual pursuit of peace and
Our
security.
own
American self-
interest in- that objective, as dem¬
as
by two World Wars in
quarter century, is as keen and
intimate and as universal as
on
of
any
other nation
a
this
on
Indeed, I know of
earth; which has
no
land
greater stake
in this world peace than our own
United States of America.
Mr. President,
in this brief
re¬
port I have touched only the rim
veto power
tention
to
functions
many,
which
larly have in mind the
enormous
potentialities of the proposed So¬
cial and Economic Council
creation of conditions
that, though we cooperate
with
the
United
Nations for peace and security, we
Na¬
I oartieu-
rational fears that
It is the
useful
United
tions League will serve.
will
be subordinating our des¬
I have
the
of
the
It is the complete
tiny to alien commands.
wholeheartedly
There
use
will.
this great adventure.
Russia, and Amer¬ other plan available.
In
presented only a sketchy outline.
It fails any sort of adequate at¬
warrant
no
citi¬
Great Powers includes
own United States.
our
alternative opportunity to launch
There is
our
of this tremendous subject.
we
I said, secondly, that there is
of
that this veto granted to the five
did
Alternative
what
that which
compulsory
is an assurance to
citizens that Amer¬
our
reserves
that
also
the
some
trus¬
a
upon
action to herself in this regard.
globe.
answer
Have
ica
of
desire;
have
I
against what I venture to believe
of
short
others of
subsequent
brought under
system and
Here again
terms."
zens
Charter—r"It
to which territories
as
be
teeship
at least to try to silence them.
ure
the
rest
would
the
matter for
a
onstrated
against
will
calculable
from
quote
a
thunder in your ears as
consequence of our cynical fail¬
may
comes
upon us, the
simply have been the
next war's first casualty. At least,
veto
respect for human rights and
fundamental freedoms; but—and
I
prospectus, the drums of another
a
a
San
the
splendid optional - program that
shall lift mandates to new levels
idealism which
occur.
written
in
of
falls
need
have
Francisco Charter which sets up a
neral which
never
want
post-war
far Pacific
chapter
myself, I decline to write any such
obituary in anticipation of a fu¬
I do not for
who
of
to
respect
agreement
becomes
to •ithose
trusteeship
it
ever
example—
freedom
-
juris¬
international
new
Another
commended
war
ers
the
authortiy.
would be
upon
the attitudes of these Great Pow¬
United
matters from the
of
But, in the last analysis, it is the
privilege of serving the world. If
shattered, regardless of
league the wit of man might
devise.
and
special
is
peace
any
reflects
system
This
impossible.
and particular au¬
be looked upon as
are
and col¬
lective
American
him into
We intergrate
them with the larger plan.
obviously must have special and
particular authority.: ' Without the
to sweep
score
been
security the world has
seen.
diction
opposition to this entire en¬
terprise and into' total ! abandon¬
has
the most successful instrument for
domestic
upon
United
the
thus
and
.particular:; responsibilities.
no other way.
To meet
these special and particular re¬
sponsibilities the Great Powers
disappointment
found
international
gear
effective
and
peace
this
for
the
example,
practical
way
to
intergrate
regional arrangements with the
a
which the San
Francisco Charter—regardless of
its infirmities—holds for the hopes
vast
are as
the air
as
San Francisco Charter has
There is
cannot understand the critic who
permits his
one
a
cloud at all;
and
this
has
cloud
No Sacrifice of Our Essential
peace and a
before
v
stand
this
citizens
our
silver lining. Indeed, for millions
of our people it will be all "silver
ference
our
tests
San
recog¬
nize the vivid fact that for others
would have been to kill the Con¬
pledge.
The so-called Yalta voting for¬
mula is part and parcel of this
tion and
security.
denied
able
Explained
and
have
would have been another Confer¬
precedent for the
no
peace-challenge
joy
us
American sovereignty and none of
our
essential
American
rights
precedent for World War
The
the
of
let
the veto against full
to try the only chance.
no
idealism
Charter,
discussion of any other threats to
You may say that 2,000 years of
history deny this military theme.
I answer, Mr. President, that there
was
the
upon
Francisco
Nations
United
the
this Charter holds the major Pow¬
ers in harmony.
I answer that I
propose
own
Force is only the last
needed, it obviously
If
"recom¬
not
ex¬
of,our
In my view, Mr. President, we
sacrifice ' none
of our
essential
confront
we
theory.
President
captains
interpretation
w h i c h
would have permitted the use of
all
resort.
the
a
ent plan in which there could be
power.
re¬
which
at
primarily
That is the vital point
stand at par.
aster.
ment
situations,
provides.
which
of
and untrammeled
free
assembly,
the harbinger of
With the Charter there is;
decisions,
Nations, meeting periodic¬
general
yet been
decentralization of enforce¬
past, present and prospective. But
my
anxiety, Mr. President, will
be less acute if I know that the
tools which this Charter
It
more
upon many
and
wholly sec¬
ondary to the use of the pacific
be
I de¬
persistent effort s.
Frankly. I am one of those who
my
is
will
except the rivalry between
them—and military rivalry has
at
late
empted from the formula the right
of a Great Power to veto an in¬
force
because
peace.
The
shall
order
the
It guarantees our perpetu¬
ated independence of international
dictation. If the veto is viewed by
some of
our
citizens as a cloud
quiry by the Security Council into
its own dereliction; and we, at San
Francisco, successfully resisted an
of
use
shattered because of the facts.
never
survive.
world
the"
there is
failed to envision any subsequent
of
sort
any
logic can defend.
Never
forget, furthermore, my thesis that
military
powers
possibility of peaceful change to
overtake error or injustice, in the
vast and ramifying decisions and
settlements
affecting our Allies
and our friends, which may creep
into the liquidation of this war.
which
Without the Charter
no
our coun¬
if
curb upon these great
proposal was originally drawn;
viewpoint was particularly
persuasive because the proposal
this
keeping
make,a virtue of necessity—is to
embrace the only concrete hope
Russia, Britain, and the United
I
undertake to create the mech¬
to the
us
manently exercise major authority
in the Security Council which we
pattern of the final peace before
we
desire for
Charter, virtually
It
habit of
a
remain
souls.
total
our
embracing
create.
have
this
We Americans
try's word—a habit, by the way,
which, needs to become contagious
Russia, ' Britain, France and stantially reflects the world's real¬
China—since these nations per¬ ities; second, that the so-called
form
As
if
five-power alliance—Amer¬
a
his country to
To accept this realism and
then to seek to harness it—to thus
ica,
colleagues who have earnestly ar¬
gued that we should know the
anism
we
de¬
livers the world to the domination
comes
Mr,
but
ideals
own
It is said, by way of assault upon
this scheme of things, that the San
here
World Emancipation
Proclamation
:
gives,
which is at hand.1
or
humankind.
the unattainable to blind
of
a
more assurance
Charter
desert
should
we
better,
a
safer job of it in its
a
wisdom
eral welfare
);hat,
whatever the final peace may be,
the protections for human rights
manity's hope.? for tomorrow.; The
'•peaceful adjustment of any situa¬
tions, regardless of origin, which
;it,deems-likely to impair the gen¬
saying
am
pledged
dream.
must make
it avoided any reference to justice
—without which there can be no
-
wishful
a
velt
formula at Yalta.
peace
element of orderly
such circum¬
some
stances,
peace
the
to
the Yalta formula was clear.
should be one's wel¬
correction.
our
available
You may say this will not work.
I answer that I do not know; but
I think it will, at least so
long .as
suggest
institution which
an
in
basis
a
speaking not of
but
warmer
come
To ignore
plans
ahead.
years
realism
other
no
American delegation at San Fran¬
cisco.
The late President Roose¬
a
and mobilize its friends.
of
result
barton
new
which
formula
.
a
Francisco
a
of
either
enemies
calcu¬
must be found where it exists.
fears the nature
more one
of the final peace,
our
I
refused.
were
that the
are
would be to wander in
Dumbarton
In this and other aspects,
peat,
dominating force-
lated to thus continue for the for-
ment for tomorrow's "town meet¬
rail,
sea,
.
t
interruption of
partial
plete
likely to impair the general wel¬
fare."
persistently
whicfy
facilitate
"the
of stability
and
well-being which
sary
for peaceful and friendly
lations
among
are
nations,
neces¬
based
re¬
cux
respect for the princiole ^ pqua$
(Continued
on page
122)
THE COMMERCIAL & FINANCIAL CHRONICLE
122
the peace. The lessons of
experience have been writ¬
keep
Senator
Vandenberg Galls World Charter
'
that
Step to International Understanding
I
Either
of
self-determination
Improvement Over Old League
This
is
Significant
and
improvements
on
most promising
the old Geneva
particularly have
emphasis which
Covenant. I also
in mind the
most
the
of
one
new
international law as
is put upon
service,
institution for human
an
Substituting orderly justice for the
Jungle-creed
makes
might
that
is
and
him up and down our avenues
when I found he
had said that "the blackness of the
devotion,
and
part thereof shall ever rise again.
These and many other consid¬
erations will be the appropriate
cisco
and of full debate on
the
proud to
say
I
Senate floor,
am
shall
this
mander
the
threat
of
hopes
enter¬
^
prise.
V,* fv \y0UicI Regret Delay of
I
Ratification
On
the
other
should
I
hand,
deeply regret any needless or un¬
due delay in proceeding with rea¬
sonable expedition to register the
None of
Senate's, will.
Unaware of
impact
will
have
be
can
the importance which
will attach to
the
us
decision,
our
of
nor
which our attitudes
upon the life of the
world in this moment of its great¬
est flux.
History is writing with
a
rushing
pen
and
Mr. Presi¬
we,
in
com¬
mind
resolution
the
and
peace
better
glorious eminence,
be content
who
in
world
eare
we can
be
to
among
scarcely
the last
to speak when
dare
or
this United Nations' roll is called.
Mr. President, I was Still at my
Conference tasks in San Francisco
when
Washington
the great
had
privilege of pouring out its tumul¬
General Eisen¬
welcome to
tuous
hower
few days
a
ago.
It
was a
same
mutual
among
the world
in
leaders
to
preserve
the peace
that he is winning."
That,
Mr.
President,
is
the
aspiration and the dedication of
the San Francisco Charter.
of
authors
its
None
vyill certify to its
perfection.
But all of its authors
will certify to its preponderant
It is The only plan
advantages.
available
international
for
and with
coop¬
pursuit of peace and
It is laden with promise
hope. It deserves a faith¬
America has everything
ful trial,
to gain and nothing to lose by
giving it support; everything to
lose and nothing to gain by de¬
continued fraternity
with the United Nations in behalf
this
clining
of
the
Nearest dream of human¬
I recommend the San Fran¬
kind.
cisco. Charter to Congress and the
country.
I urge ratification.
prompt ratification.
S
hat
a
half ago, the
which
was
upon
not accord from
which there was
e
,
contained
this Charter.
eral
the
It called for
.international
based
essence
a
of
gen¬
organization
,
,
for
the
the very
maintenance
of
tional peace and security.
interna¬
beginning. Disagreement
reduced to
related
a
methods than to
to
more
minimum—and
principles.
..
Whatever differences there were
the
principle of sover¬
eign equality of all peace loving
states, and open to membership
by all such states, large or small,
on
finally settled.
were
They were
traditionally demo¬
method of free exchange
settled by the
cratic
of opinions
and points of view.
What I
presenting to the Senate
completely this ex¬
pression of national and interna¬
tional necessity.
Shortly before that, the House
of Representatives passed the
Fulbright resolution—also favor¬
ing the creation of international
machinery with participation
Already Fully Discussed
Charter
the
am
now
carries
the
United
States.
You
and
the
House of Representatives thus had
hand in shaping the Dumbarton
Oaks proposals, upon which the
a
Charter
has
been
shall
I
out
by
attempt here 16 go
not
into the various
provisions of the
Charter. They have been so thor¬
oughly discussed that I am sure
you
familiar with them.
all
are
They will be so thoroughly dis¬
cussed
this floor that you
and
people of the nation will all
have
a
complete expression of
views.
In your
deliberations I
hope you will consider not only
on
Truman, at
in Kansas City, on
City, delivered an address in
which he strongly urged the early
ratification by the Senate of the
San Francisco World Charter.
He
"unless we lead the
will be no peace in
world." The complete text of
Disagreement at
No
internationl
been drawn in
a
a
way
the
there
has
greater glare of
than this one.
It has
subject of public com¬
widespread
discussion has created the impres¬
publicity
been
the
ment for months. This
sion in
some
quarters that there
points of disagreement
among
the
United Nations
in
drafting this Charter. Naturally,
much more public attention was
given, to the items of disagree¬
were
many
ment than to the
ment.
items of agree¬
The fact is that there
were
The
future
objectives
It
wars.
of the
seeks
to
Charter
prevent
It seeks to settle in¬
ternational
means
disputes by peaceful
and
in
conformity with
principles of justice. It seeks to
promote worldwide progress and
better standards of living. It seeks
to
remove
cial
causes
the
of
economic
so¬
con¬
It is the product
hands and many influ¬
It comes from the reality
many
ences.
of
and
international
flict and unrest.
of
experience in a world where
generation has failed twice to
one
President, members of the
Mr.
faculty, the board of trustees of
the University of Kansas City:
I can't tell you how very much
appreciate this honorary degree
which you have conferred. I ap¬
I
preciate it more than I can tell
you.
L have. been overwhelmed
since I have-, been back here in
Jackson County, to find out just
of
kind
what
have
You
kind to
me.
disproved
"prophet
exceedingly
You have absolutely
been
that maxim that a
is not without honor
in his
save
fellow I am.
a
country."
own
City \ and from Salt Lake
City to San Francisco than it was
from home to Lone jack when we
were
used to celebrating picnics
campaign
during the Democratic
in the fall.
v :
I
bring it home
to you that the world is no longer
county size, no longer state size,
no
longer nation size—it is one
world, as Willkie said. It is a
world in which we must all get
along. And it is my opinion
this great republic ought to
the way.
It is my opinion
this
and
Whole
honored me
everything possible. I hope
I have a tre¬
that I dare not
look too closely at to understand,
deserve
can
it.
mendous task, one
for
the
that
simple
reason
that
lead
that
republic ought to
out those ideals
great
carry
do
of
Woodrow. Wilson and Franklin D.
It
T'T"-'
my privilege to be pres¬
signing of the charter
Francisco, which is the
first step toward the accomplish-^
rrient of world peace.
was
in
the
at
that it is
San
man
S
U. S. Should Ratify First
;
Back in 1787 arid 1788 our fore¬
fathers
wrote
thirteen
for
Constitution
a
independent states. They
im¬
Constitution
that
considered
perfect. They had to go out on
a selling program to
get enough
states to ratify that Constitution
to put it into effect. One of those
thirteen states didn't ratify that
Consitution until after it was put
into effect.
We
going to ratify
are
this constitution at San Francisco,
I
want
to
■States do it first.
I
the ; United
see
T./yyry
standing here receiving a
am
degree,
doctor
laws.
of
That
self.
TV''.':''
;
is difficult for
It
us
to appre¬
ciate the age in which we
live. It
attempt to secure an adjust¬
ment in this age that has brought
about
this
terrible
disaster
is
an
through
which
we
have
just
passed with the European situ¬
ation, and through which we are
now passing
in the Pacific.
Night before last I arrived in
Salt Lake City at 10 o'clock from
Francisco, which I had left
same
time schedule at 8
the
next
I
left
Lake City the
after breakfast—
Salt
morning
a
breakfast
was—and arrived in Kansas
and
oh,
what
that
City,
an
of reason, an age in which we
get along with our neighbors.
Now, we must do that nationally.
It will be just as easy for nations
to get along in a republic of the
world as it is for you to get along
in
the Republic of the United
States.
back.
have
rado
a
Kansas
quarrel
Colo¬
and
States
I
and
degree in
university, and that certainly
is appreciated by. hie. ;';vvV;h:V[n
You
know, when I come • to
County I can't realize
am
I
United
just
I
the
President-of
States.
of
one
like
fellow
faces
same
the
to
feel
I
your
the
see
to' talk
the
I
am
citizens.
I
and
try
people, ■ out,
you know, there is one thing that
I found it impossible to do and
that
is
talk
to
same
shake; hands with and
five
to
hundred
thousand
people in three days.
I just can't
do it, much to my regret.
Now,
I
wish I could shake hands with
everybody here tonight and listen
to his tale of woe,, if he has one,
as
I used to do, but that is im¬
possible. I just can't do it. - -
}I want you,to consider that be¬
I have
cause
all
of
here and have
come
face to face that
really shaken hands with
every one of you, and you can go
home and say that you have done
it, if you will just give me that.
You want me to be physically able
I
you
have
to carry out
has
which
this tremendous task
evolved
upon me.
I
physically able to do
that, and
I
can't possibly see
everybody and talk to everybody
in Jackson County, and then go
back to Washington and convince
the Senate that they ought to rat¬
ify this. I know the Senate be¬
must
be
cause
I worked in the Senate for
1
about ten years.
do
and
:,/
appreciate it
and go to war over
They bring a suit in the Su¬
preme Court of the United States
and abide by the decision.
it.
There
isn't
a
reason; .in
world why we cannot do that
ternationally.
There
documents signed in
were
U.S. Must Lead
Thank you
Central
That is
the
in¬
two
Fran¬
of the tasks which
assigned to me. I am
accepting the responsibility. I am
going to try to carry it out. First
must win the war with Japan,
and
we
are
winning it. Then we
of the world.
lead the way there
must win the peace
And unless
will be
no
peace
in the world.
of Law for two years
told
I
finish that
and
and
a
the/alumni this
,
half.
after¬
course
in another year
half—I say I might have—
a
if it hadn't been for the fact that
at
that
time I
public ser¬
Jackson
County,
was
a
wanted
that I couldn't study
welfare of the county who
to
see
law.
me
One
-1
much.
very
Savings Bank
of
American banks
many
financial
and
institutions
co-op¬
erating with the Government's GI
Central Savings Bank of
New York, is distributing to vet¬
program,
free
erans
copies
of
Vet¬
"The
eran's Guide," a 64-page booklet
which describes in detail the pro¬
visions
the
of
Servicemen's
adjustment Act of 1944.
in
non-technical
booklet
they
this
returning
to
'
just what
women
entitled
are
Re¬
Written
language
explains
service men and
to
in
the
way
of home
loans, farm loans, busi¬
loans, pensions, education,
ness
who plan to apply for bene¬
fits under the "GI Bill of
Rights"
obtain copies of "The Veter¬
Guide"
by writing to the
Bank or
calling at its uptown
office—73rd Street and Broadway
may
an's
—
downtown
its
or
Avenue and
office —4th
14th Street.
Approve Tax Reductions
Of Oil Drilling Costs
A "resolution
tax
deduction
now
I
have
just
about—
approving income
allowances
on
in¬
tangible oil drilling and develop¬
costs
ment
current
as
has been passed by the
expenses
House, ad¬
vices to the "Wall Street Journal"
from
their
stated
on
Washington" bureau
June 20.
The measure,
urged by the oil industry, is in¬
tended to. overcome the effects of
a
decision
these
allowable.
must
if
of
Court
Circuit
held
tained
•
And
can
;
I might have been able to
noon,
I
than I
more
we
Again I can't tell you how much
I appreciate this privilege, how
much I appreciate the honor.
I
went to the Kansas City School
As
is
life insurance and tax relief. Vet¬
-'V.
one
been
we
me
Booklet for Veterans
erans
;
that
to do.
and
tears
want
you
tell you. ■
in each state
has
shed
what
not
the
over
water in the Arkansas'River they
live. oh, I was going to say maybe a
that thousand times that many people
trip, in my opinion, will be made who are interested in the welfare
they
in an hour and a half instead of of the United States, but
That's the age in which we
The time. is coming when
United
this
"v/
when
Now
exactly
1870, and when he made that trip
it Took him exactly three months
to go and three months to come
the
get the first honorary
here
live in this country
three hours and vant here in
a half.
My grandfather made that judge of the County Court for the
trip time and again from 1846 Eastern District, and I had so
to
1854 and then from
1864 to many people interested in the
Mo., in
come
of
can
we
least in ah age of law and
at
for the
Tr'
;■
I
dent
age
that
means
can
greatest republic that the sun has
ever shone upon to live with the
world as a whole, and not by it¬
gree.
it
be to get that de¬
back here as Presi¬
Again I want to thank you. I
can't thank you enough. I don't
dare to stop and think about it
because I
would just stand up
a
self. I must have the
it is absolutely necessary
going to
seen
San
do by him¬ cisco. One of them was a charter
wholehearted of the United Nations, the other
and unqualified support of, the was a World Court.
It will re¬
country to win the Japanese war quire the ratification of both of
and then to win the peace. And those charters and the putting of
there is one thing we must learn— them into effect if we expect to
it has been a most distasteful task have world
peace for
the next
for us to learn it, and that is that few generations.
no
I just didn't know how easy
was
that
anxious to
am
difficult time
much more
a
discussing that with me individu¬
ally than they did when I was a
country Judge. So here I am on
a
half-finished course, a Doctor
of Laws, and I sure appreciate it.
Jackson
■■
"One World"
don't call out the National Guard
Must Live with World as a,
p.m.
clear.
are
earth
have
We must
Lake
and
the address follows:
San
Minimum
document
that
added
on
and life.
around.
sun
become adjusted to that situation.'
It is no further from here to Salt
sas
the words of the Charter but also
spirit which gives it meaning
carries the
ent
President Harry S.
the
based.
Address
You certainly have
points
schedule
on
in the same time which the
:
City
Kansas
one
few
comparatively
after thorough debate,
adopted the Connally resolution,
e
I
The time
half.
a
coming when we Will be trans¬
porting the freight of the world
and the express of the world and
Roosevelt.
j,;
(Continued from first page)
and
the
capable of crushing what had been
the greatest war machine of his¬
expressed confidence that "it will
tory, the problems of peace can
be just as easy for nations to get
and must be met.
He sees the
along in the Republic of the world
United Nations strong but consid¬
as it is to get along in the Repub¬
erate; humane and understanding
lic of the United States," and he
SpeedjCharter Approval: Truman
year
down
goal.
urge
I
a
points
to join hands with the peace lov¬
ing peoples of the earth and start
down that road—with the firm
resolve that we can and will reach
with
Over
Charter
This
only road to enduring peace. There
is no other.
Let us not hesitate
a
the Allies
that marshalled in Europe forces
justice.
a
been
improved.
together;
eration in the
of
have fought our way to
has
to produce the
the ceremony
He passionately be¬
June 28, at which he received the
lieves that, with the same deter¬
honorary
degree
of Doctor of
mination,
the
same
optimistic
Laws from the University of Kan¬
leadership
we
Constitution
own
our
incentive
dent, must accommodate its pace.
If America is to assume the moral
which
Im¬
annihila¬
find
can
consideration
mighty
is not
choice
three hours and
is
the mail of the world
Senate
charter at all.
no
unity.
know
this
Charter and
our
separate
we
same
about
had
tion tends to hold Allies
nobler
no
great
,
to say:
on
disposition to urge
precipitous haste in this consid¬
eration.
X want Congress and the
country to know all there is to
I have
this
"The soldier knows that in war
Charter
tiny.
it
responsive
a
have
must
he went
as
has
which
mission
again,"
happen
that the San Fran¬
me
Charter
that I believe the
can
not
seemed to
he
San Francisco
withstand such scru¬
the
provements will come in the future
yonder in the Chamber of the
as
the United Nations gain ex¬
House.
When I read the text of
his modest, moving speech and perience with the machinery and
methods which they have set up.
came upon his devoted tribute to
For this is not a static treaty.
the
precious memory of those
It can be improved—and, "as the
brave, young martyrs who have
years go by, it will be—just as
given up the last full measure of
grief of those who mourn can be
relieved only by the faith that all
mittee
The
clear.
now
Charter
No
or
before
that I
between this Charter and some¬
could not be here with you to join
else.
It is between this
the grateful throng which greeted thing
of deep regret to me
source
right.
I also have in mind the
certainty that, with this organized
Vigilance, which we here mobilize,
ho Axis Powers nor any counter¬
subjects of full investigation by
the Senate Foreign Relations Com¬
This
choice
The
(Continued from page 121)
rights and
peoples,"
the document.
ten into
Thursday, July 5,1945
that
be
New
the
of
Orleans
Appeals
deductions
which
were
not
The
industry
these
intangible costs
permitted
as
main¬
deductions
exploration for oil needed for
war
is to be carried
emergency.
on
during the
'
.
Volume
Number 4400
162
THE COMMERCIAL & FINANCIAL CHRONICLE
.
schemes has been
&
the restric¬
on
tive aspects of such agreements.
It
should
be recognized, how¬
that most of the commodity
ever,
agreements between
(Continued from page 115)
century,
though,
granted
industrial
of
levels
which are in general the
characteristic
of
and
stances
many
sented.
primary products, a surplus sup¬
sis has
tion upon
ply situation is not self-correct¬
ing—Or in so far as it is selfcorrecting, the suffering invblved
of output and
tervention
automatically
in
the
process
national basis will
on a
of
the
commodity is likely to be
end with
so
conclusion
the
hostilities.
of
seems .reasonably
clear that the war itself will give
Furthermore, it
rise
to
problems
adjustment in raw
production, arising out
of the wartime shifts in the inter¬
characterized
If the commodity
by such a chronic surplus supply
be an impor¬
tant one in the economic life of
national
production pattern and
the stimulus to the development of
situation happens to
productive capacity that has
occurred.
For example, the na¬
a
new
have
that
tions
in
collaborated
fighting the war against the Axis
powers, shut off from their nor¬
mal sources of supply of many
items,
have
greatly
expanded
their oWn output of those prod¬
ucts that formerly were obtained
from enemy or enemy-occupied
territories.
A
expansion
of
wartime
similar
commodities
many
nation, as is frequently the case,
presents
a
number of serious problems for
other nations as well.
In the first
situation
the
then
the
the
the maintenance bf
the basic
move
causes
of the mal¬
adjustment of supply and demand.
It is evident, then, that, in spite
the expansion of world trade
of
that
hope to achieve, there are
likely to be a number of import¬
we
2.
to such
high
ployment
be
and
situations
levels *of
production
generally
maintained
of
trade
is
depression among
the
producers of the commodity,
reducihg their purchasing power
and in fact the ability of their
nation to buy abroad, and thus
also reducing its demand for the
to be
be
successful.
that
noted
agreements of
have
a
It is
also
of
demand
colonial
that
heavier
has
than
much
been
normal
peacetime
requirements.
Predicts
Commodity
Surpluses
'.
follows
It
reservation
the
for
their
and
own
unilateral
other
and
producers,
domestic
of
markets
relief,
If
commodities in
surplus supply in the post-war
period, such unilateral action by
domestic
methods ? of
Certain
;
place, the govern¬
ment of';the country producing
such a commodity may find itself
compelled to buttress the position
of its producers of the commodity
by a price support program, by
their
there
many
are
that, in the case of
important primary
commodities we are likely to have
a
surplus supply situation with
multilateral arrangements for the
which
to
reduction
World
War
a
number
of
deal
after
the
over,
is
or
cases
even
before
war.
In
far
ful in
so
as
present
in some
the end of the
success¬
we are
obtaining the collaboration
of other
nations in
broad pro¬
a
directed to the expansion of
gram
international
the
and
ment
and
trade
invest¬
of
maintenance
high levels of production in the
great industrial nations, the mag¬
nitude of such surpluses should
he substantially reduced,
Cer¬
tainly
the; indirect
such
broad
a
benefits
rials
should
in stimu¬
program
lating the demand for
make
of
raw mate¬
important
contribution towards easing the
problems of primary producers.
Yet there
an
almost certain to be
are
commodities,
particularly
primary products, that will con¬
tinue
in
surplus
supply
even
though we may be successful in
some;
efforts
our
reduction
and
the
to
levels: of
directed
of
trade
to
attainment
industrial
There will be
a
the
barriers
of
high
production.
residual of indi¬
vidual commodity problems which
will have to be dealt
with by
mearts
tion
of international
and
in
some
collabora¬
cases
by
com¬
modity agreements.
'
Commodities that
continue
in
are likely to
surplus supply for a
a
extremely; diffi¬
it
make
countries
different
of
number
Would
cult to work out successfully the
of
barriers
trade
and
the elimination of discriminations
that
much
so
are
to
be
desired.
Properly conceived and executed
commodity
international
agree¬
chances
general pro¬
ments would enhanec the
for
of
success
the
for the relaxation of trade
gram
barriers.
It is true that experience with
past
international
commodity
agreements
has
been such as
would cast some doubt upon the
reconciling
of
possibilities
the
characteristic methods of interna¬
tional
agreements
commodity
the requirements of a
with
gen¬
eral program for the all-around
reduction of trade barriers or, in¬
of any broad program for
expansion of the world economy.
deed,
pur¬
economic
constructive
The
commodity
poses
which
ments
might have served in cor¬
agree¬
the basic causes of mal¬
adjustment in the industry were
often lost sight of in the urgency
recting
of
providing immediate relief for
the producers
of the distressed
commodity,' or in merely satisfying
the
producers'
desire
for
higher prices.
Generally speak¬
ing,
international
commodity
agreements in the past have been
largely concerned with develop¬
tive government action, are in the
main commodities the supply of
effective means for restrict¬
ing international trade or produc¬
tion
in order to provide,
at a
which
minimum,
long time, in the absence of posi¬
is
ing
relatively unresponsive
to changes in price.
Even though
the price may decline greatly, the
ducer
producers do not quickly contract
output.
Such commodities
tolerable
basis
for
dustry's
their
survival
a
a
of
all
the
national
pro¬
concerned, pending
change for the better in the in¬
groups
co¬
some
economic fortunes.
In
cases, the control schemes
incidence, Tikely to be the sort of
went
far
are
also,
by
commodities
mand is
an
for
unfortunate
which
the
relatively inelastic.
though the price
may
de¬
the
market
nal
design
decline sub¬
ess*
of
to
exact
increases
relatively
slightly; the supply remains
absorbed except at
un-
ruinously low
minimum
objective and—whether by origi¬
Even
stantially, the quantity taken off
this
beyond
into
by
gradual
a
proc¬
yielding to the temptation
higher
instruments
abuse.
the
or
In
either
emphasis
in
prices—turned
of
monopolistic
case,
past
however,
regulation
to
certain
will
tures
will
formulated with
be
International
curtailment of pro¬
duction and trade.
Although it
offers
serious a difficulties,
con¬
a
demand
in
reserve
-
stocks
or
:
,
.
such requirements most effec¬
tively.
uses
or
existing
for a commodity in surplus
supply is almost certain to be a
c
3i And finally, that an interna¬
tional
commodity'
arrangement
should remain in effect for
ited
term, such
tioned
a
upon
public report
which
prior
study
as
to the
manner
has
it
five years, of
be condi¬
as
should
Renewal
less.
lim¬
a
conformed to
and
in
these
uses
less
painful solution than the dras¬
tic reallocation of
would
lem
attacked
is
which
resources
called for
be
if the prob¬
from
the supply side.
If the attempt
to stimulate demand proves in¬
adequate and the development of
burdensome
surpluses threatens
lead
to
primarily
economic
to
distress
and
principles and
to progress that
as
aids
other
the
facilitate
to
readjustment, may induce the af¬
fected countries to liquidate ex¬
In such
temporarily set¬
ting production or export quotas
or
allocating markets may be a
necessary
means
of easing the
tra-marginal
capacity.
measures
cases,
for
transition
the
countries
most
affected.
examination
of
a
each
de¬
sions which
place a joint respon¬
sibility upon the. parties to an in¬
Which
of
the require¬
such inter¬
commodity
agreement
to
national
any
should Conform should be entrust¬
ed
to
international
an
economic
organization Which should have
the appropriate research, consul¬
tative, policy-recommending and
administrative
functions
neces¬
for the integration of policy
with regard to commodity agree¬
ments into the broader framework
sary
of international economic
oration.
Such
collab¬
international economic
organization, once it is established
should
to it that international
see
the
responsibility
about
of
bringing
balance of
better
a
world
production and consumption.
It
is quite possible that in some in¬
stances, particularly where world
demand for the commodity shows
rate of growth,
agreements to limit
normal secular
international
reduce
or
strictions
import re¬
preferences, would
ease the problem satis¬
and thus make other
subsidies,
and
suffice to
factorily
steps unnecessary.
of IT,
Objectives
S. Policy
In
general, the basic objectives
of our policy with regard to in¬
ternational
agreements < as • to
commodities
in chronic surplus
supply are as follows:
(a) To enable countriesvto find
solutions to particular commodity
problems
without
resorting
to
unilateral action that tends
to
shift the burden of their prob^
v
thus
countries and
other
lems to
provokes
retaliatory
and economic warfare;
measures
(b) To prevent or to alleviate
serious economic and political
the
problems which may arise when,
owing to the difficulties of find¬
ing alternative employment/ pro¬
duction adjustments cannot be ef¬
fected in a reasonable time by the
free play
'
of market forces;
provide a period ; ot
transition which, with the assis¬
(c) To
such
of
tance
national
national cr; inter¬
measures
as
be
may
appropriate, will afford opportu¬
nities for the orderly solution of
over-expanded
industries
into
and productive occupations.
new
developing an acceptaVle pro¬
gram for removing the basic mal¬
adjustments in the industry in so
as
the
justments
the
can
some
be said to lie within
itself.
industry
In
for such malad¬
causes
cases
of the industry
reallocation
the
readjustment
might require the
bf resources and the
relocation of producers and work¬
ers in particular producing areas.
To effect these shifts, measures of
technological
and
financial
as¬
sistance may be needed to enable
to establish
countries
tries
new
indus¬
expand old ones, to reset¬
or
re-equip agricultural
ducers for the cultivation of
pro¬
com¬
modities
promising
better
in¬
and to expand basic re¬
comes,
such
sources,
and
as
transportation
electricity for the develop¬
ment of
industry and agriculture.
preparation and negotiation
A proper function of interna¬
commodity agreements of
tional
type should be to provide
governments with facilities for
reconciling their economic poli¬
cies
in
respect
of seriously
this
depressed branches of primary
production with > the board re¬
quirements of an over-all pro¬
gram
of international economic
expansion.
Their purpose should
be to deal with cases of actual or
imminent international economic
of a serious
maladjustment
na¬
this
economic
ture.
It is not intended that
form
of
international
cooperation should be deliberately
fostered as a permanent method
organizing international pro¬
This, however, is not
necessarily to say that there will
be no need for maintaining a per¬
of
duction.
manent international
to
such
with
deal
organization
commodity
under the most
The
favorable conditions of expanding
of the details of such programs
economy that may be reasonably
would unquestionably be a mat¬
presupposed,
there would pre¬
ter of considerable complexity, in
sumably still be individual cases
which national and international of
maladjustment Serious enough
agencies, such as the proposed to call for specific action in this
Organization for Food and Agri¬ field.
\
/
problems;
even
culture and the proposed Interna¬
-
an
to
to
depress world markets.
Im¬
porting countries must, therefore,
share
with
exporting countries
ternational commodity agreement
tle and
Administration
ments
subsidies
signed to promote a shift of re¬
sources
and
manpower
out1' of
^Without entering upon
tailed
far
intergovernmental
arrangement participated in by
consuming and producing coun¬
tries, and encompassing financial
income
pro-
of
;
take place. An
to
it
connection
pointed out that
or
the
pro¬
these principles, attention may be
called especially to those provi¬
underlying problem.
for
and
this
be
efficient
particular
commodity problems
by agreement between the par¬
ticipating governments upon
a
program
of
over-all
economic
expansion
and adjustment de¬
has been made in eliminating the
unilateral action by
the producing countries, then a
reallocation of resources should
possibly
In
.
emphasis in making cor¬
adjustments
should
be
first upon the maximum possible
stimulation of' demand and only
stimulate
of
insuring that there are in¬
creasing
opportunities
for
supplying world requirements
from countries abld to supply
a
The
to
made,
through® the mainte¬
reasonable prices.
c
new
pro¬
be
(d) Provision should be made for
Organization |
certed action to find
should
for assuring the
availability of supplies adequate at all times for world
consumption requirements at
;;
rective
upon
J-.:■;''v.^■ ;.vV.::
'''
otherwise,
1
Recommended
•
ducers.
Should
for
com¬
such agreement
any
nance
be
view to the public interest.
markets
export
Whether
to
their«effects
should
production of the
vision
spec¬
designed
commodity
modity;
(c) In
-
that
insure
last
the
taining
remedial and their restrictive fea¬
In the second
conform
requirements,
mbrd
those largely interested in ob¬
restrictive variety
high levels of employment
and production generally.
^
•
tain
adhering
thereto
largely dependent
consumption on imports
are
have together a voice equal to
impOrtaht respects beCn
defective.
The use of commodity
agreements in the post-war period
reopened there may be large
surpluses of these commodities, in
spite of the high level of World
demand that should also prevail.
A surplus supply situation is also
likely to arise in cases among
some
of the metals the produc¬
tion of which has been expanded
many times-over to meet a war
are
such arrangement the
in
ified
to accession
any
which
to
should
doubt also occurred within
no
the enemy areas.
When the war
ends and old sources of supply
open
interested country;
for
commodity
past
of
a
the elimination of discriminations
create a chronic
prin¬
In
if
place, the great decrease in price
for the commodity is likely to
thus limit world markets tor
products
countries
and
barriers
following
any
(b)
multilateral action directed to the
reduction
is
by
to
and
'the
If should be
(a)
is
,
com¬
which
ciples:
v
are
international
agreement
with
ance
em¬
products of other countries. Such
a
situation may thus contribute
to undermining efforts to main¬
has
That any
adopted should operate in accord¬
products, that will be in
chronic surplus supply; and that
collaboration
intergovernmental
if
problem within the time
modity
commodities, particularly pri¬
desirable
arrange¬
ments.
Such policies frequently
protect high-cost production and
duction
limits of the arrangements.
mary
with regard
operation of normal mar¬
preferential trade
and
(d) Formulation of a program of
producers in importing countries
adjustment believed to be tend in the same manner as ex¬
adequate to insure substantial
port subsidies to increase produc¬
progress toward solution of tion relative to demand and thus
prices, and little effort has been
ant
International
Is
Problem
of
material
or
additional
of
number
a
unable to permit the
"natural" process of readjustment
of supply to derpand to proceed.
willing
the restriction
upon
con¬
ket forces;
made under the agreements to re¬
distressing that nations are un¬
come to an
for the producers
Furthermore the empha¬
been
the
that
ditions cannot be corrected by
the govern¬
producing
countries.
Consuming countries have seldom,
if ever, been adequately repre¬
quences
employment,
the
conse¬
of this expanding produc¬
prices may be less dras¬
tic than it was in the depression
decade following 1929.
Neither
is it likely that governmental in¬
(c) Detefhiination
of
ments
Under Such circumstances,
circum¬
high prices.
.
production
(b) Determination that a burden¬
some
surplus has developed
Or threatens to develop;
in the past have been
agreements
123
Bank
tional
and
for
Reconstruction
Development, might be
pected to participate.
ex¬
Redeem
Sydney Bonds
Holders of
25-year 5% % ■ sink¬
cases it might be found
ing fund gold bonds, due Feb. 1,
requirement of a pro¬ 1955 of the City of Sydney, New
gram to remove the basic causes South Wales. Australia, The Muni¬
of maladjustment in the industry cipal Council of Sydney, are being
could be substantially satisfied by notified
that
$64,000 principal
agreement to limit or eliminate amount of these bonds have been
In other
between
commodity
agreements
the member
governments conform
to the
following requirements:
1. That
no
international
com¬
modity arrangement involving the
limitation of production or ex¬
ports of allocating markets should
be established until after:
that
various national measures to sup¬
drawn
port commodity prices and the in¬
Aug.
comes
as
(a) An investigation of the root
causes of the problem which
gave
rise to the proposal;
the
of
crop
primary producers, such
loans, guaranteed prices,
by lot for redemption
be made at the office of the
cessor
fiscal
export subsidies, benefit payments
Farmers ^-ust
to
liam St.,
producers,
import restrictions,
on
through the sink¬
ing fund at p*r.
Redemption will
1945,
1.
agent,
City
suc¬
Bank
Compapy, 22 Wil¬
1
New York.
further
cation
looity's Bond Prises And Bond Yield Averages
Moody's
given
and bond yield averages
\
prices
bond
computed
the following table.
in
part:
.tJ.S.
Corpo-
Aaa
A
Aa
Indus.
P. U.
115.82
121,04
119.20
116.02
108.16
113.12
115.43
119.41
122.93
115.82
120.84
119.20
116.02
108.16
112.93
115.43
119.41
in
122.93
116.02
121.04
119.20
116.02
108.16
112.93
115.43
119.41
115.43
119.41
119.20
116.02
27_
122.92
115.82
120.84
119.41
116.02
107.98
112.93
115.43
119.41
directions, and some
fabricators expanding on civilian
business have specified that they
26——
122.93
115.82
120.84
119.20
116.02
108.16
112.93
115.43
119.41
wish
115.82
115.82
29—1.
■.
120.84
115.82
122.90
28—;
112.93
107.98
119.41
115.43
112.93
108.16
120.84
119.41
23
122.97
115.82
120.84
119.20
115.82
108.16
112.93
115.43
119.41
22
122.97
115.82
120.84
119.20
115.82
107.80
112.75
115.43
119.20
21—
123.02
116.02
121.04
119.41
116.02
107.98
112T75
115.43
119.41
112.75
122.93
25—_____
■
-
123.02
U5.83," 1 20.84
119.41
115.82
107.98
123.05
115.82
1 20.84
119.41
115.82
107.80
112.75
115:24
Domestic
119.61
18——;
.
only to take
123.05
115.82
120.84
119.41
115.82
107.80
112.75
115.24
119.41
112.75
115.43
120.84
115.82
123.02
16_——.
115.82
119.20
107.80
domestic
of such trans¬
care
deliveries
of
119.41
15
122.97
115.82
120.84
119.20
115.82
107.80
112.75
115.43
119.41
122.95
115.82
120.84
119.20
115.82
107.80
112.75
115.43
119.41
Deliveries to
Customers
Consumption
13
122.95
115.63
120.84
119.20
115.63
107.80
112.56
115.24
12—
,
122.93
115.63
120.84
119.20
115.63
107.62
112.56
115.24
119.41
122.93
115.63
120.84
119.00
115.63
107.62
112.56
115.24
119.41
January
122.83
115.63
120.84
119.00
115.63
107.62
112.37
115.24
119.41
February
112.37
115.24
119.41
March
115.04
119.41
April
May
■
•'.<
11——
9..
V-
8
122.81
——-
115.63
120.84
119.00
115.63
122.81
—
7
107.62
115.63
120.84
119.00
115.63
107.62
112.56
.
119.00
115.43
107.62
112.37
115.04
119.41
120.63
119.00
115.63
107.44
112.37
115.04
120.63
119.00
115.63
107.44
112.37
115.04
119.20
122.23
115.43
120.63
119.00
115.43
107.44
112.37
114.85
115.43
120.63
119.00
115.43
107.44
112.37
114.85
119.20
from
11
131,670
115.43
120.63
118.80
115.43
107.44
112.19
114.85
115.43
120.63
118.80
115.43
107.27
112.19
114.66
119.41
'
122.26
115.24
120.84
118.40
115.43
107.09
112.19
114.46
122.38
115.24
120.84
118.40
115.24
107.03
112.00
114.27
119.41
326,031
January this
114.27
119.20
at the
Apr. 27——,
122.38
115:24
120.84
118.40
115.04
107.09
112.19
20—^
769,728
$37,29 1
per
119.41
122.44
115.04
120.84
118.40
115.04
106.56
111.81
114.27
122.59
115.04
120.84
118.60
115.04
106.56
111,81
114.46
119.20
6——_
122.21
115.04
120.84
118.40
115.04
106.39
111.44
114.46
119.20
July:
Aug.
Sept.
52.000
52.000
52.000'
52.000
the end of
June
23—.—
52.000
52.000 '
52.000
to 401,530 tons
June
25_„_^
52.000
52.000
52.000
June
26—
52.000
52.000
52.000
June
27
52.000
52.000
52.000
at
May.v:Z>ZZ-,:—Z-Z!'/VV-
WPB
114.85
121.04
118.40
114.85
106.04
111.25
114.27
119.20
122.19
115.04
121.04
118.60
114.85
106.21
111.44
114.27
119.41
16—
122.25
115.04
120.84
118.80
114.66
106.39
111,07
114.46
119.41
122.47
114.85
120.63
118.60
114.66
106.21
110.88
114.46
119.41
tery
1::—
122.05
114.66
120.43
118.60
114.46
106.21
110.70
114.27
119.61
25%
23.——
121.92
114.66
120.02
118.60
114.46
106.04
110.52
Jan." 26-,-4^_-
120.88
113.89
119.41
118.00
113.70
105.17
109.24
123.05
116.02
121.04
119.41
116.02
108.16
113.12
115.43
119.61
120.55
113.50
118.80
117.80
113.31
104.48
108.52
113.70
118.20
120.15
112.37
118.60
117.00
112.19
102.96
106.21
H3.89
117.40
120.78
110.70
118.80
116.22
111.25
98.25
102.46
113.70
116.61
■«,
Peb.
High
1945—
.
1945—
LOW
;
114.08
119.41
113.89
118.60
1 Year Ago
2 Years Ago
1943—
3,
July
Order M-38
amended
June 25
99 % tin, continued
51.125c. per pound.
manufacturers to
the
of
1944
use
or
on
authorizing storage bat¬ "ZZ;:
up
to
"'■■■'■■ Quicksilver
,
forces
beef for the
from
reduced
was
65% of the total output by,
"As
•
>
,
result of this action,
a
ac*
cording to Chester Bowles, Price
Administrator, shipments of beef
to such metropolitan centers
as
New York, Baltimore,
Washington,
Pittsburgh, Philadelphia, Cleve¬
land and /other industrial cities
in the East and Northeast,' will
be increased within thirty days."
In another
ruling by the WFA
supply of chickens
produced in the Delmarva area,
the so-called "Chicken Belt" of
civilian
the
the East, will be
Spot quicksilver was available
at $146 per flask, \yith forward
at $144, a drop of $2 per flask for
for the
third-quarter® period.
This com¬
pares with 20% use in the second
quarter, the base period being the
corresponding quarter of 1944. : *
usage
Procurement of
canner'
and
Military
trebled:
demands for fowl from this region
have
lowered
been
from 90%
,
of
70% leaving
positions. On quantity busi¬ 30%, compared with the former
ness, covering metal to be shipped 10%
to
the
civilian
market.
from Spain, it was felt that prices
Taking effect June 25 in the Del¬
Officials of the Tin-Lead-Zinc were
largely a matter for private marva area, the reduction in the
Division of WPB are wondering
negotiations* Consumers feel that military "set-aside" will later be
where the lead is to be obtained for the
present they are in a buy¬ extended
to
other
important
for
meeting increased demands er's market.
'
'Z'Z: ;;
Z. :"" chicken-raising sections now pro¬
from domestic consumers as well
Coast quicksilver producers are
ducing almost solely for the armed
as for export.They fear that im¬ not in a mood to show their hand
forces.
'•••;:
zi'V'v"
ports in the third quarter will fall on naming prices, most operators
behind, and, because of the tight stating that they will meet for¬
normal
to
output
both
,
1944—
July 3,
Chinese,
:
to
-
these plants.
i
{52.000
tons
year
75
cents
52.000
at
122.01
,
in
22
Lead
23—
Mar. 31
quotations,
pound, follow:
June
119.20
.13—
end of
metal
June
Stocks of refined copper in the
of
fabricators
increased
* 122.31
-
obtain
cult spot to resume operations.
119.20
■■
i
139,203
not
armed
(1944) base period
find that they are in a diffi¬
may
hands
—
122.29
18-,—.
147,209
in
'cutter
new
Shipment
Totals
119.20
25ZII-IZI'
May
161,111
119.20
115.43
122.23
:
:
; 2
■
120.84
115.43
122.36
''-'tlllZZI*
/■
during the
171,558
J—
115.63
122.45
.
did
ers
165,387
—*—
122.67
Z.
who
153.904
'
the
of
of all choice,
commercial cuts pro¬
Federally-inspected
and
the
in
a
allotment
military
same
consum¬
supply situation
metal remains tight, and
share
home-front
packing houses.
The
in
by the War Food Administration,
which cuts from 50 to 30% the
duced
15,424 tons in the
172,585
145,904
___
the
of
16,939 tons
good
and
218,488
—
months
re*
contained
were
grades of beef will be in¬
creased about 40% under an order
months of 1943.
Actual
119.41
"The
Exports
year.
five
the
those
for
better
1944
during
the
first
five
1945, and actual con¬
sumption of copper by fabricating
plants, in tons, follow:
of
14.——
.
first
had
23, by Walter H. Waggoner, which1
in part also stated:
Z
of tin, which compares with 14,475
tons in the Jan.-May period
of
copper
months
the
current year contained
Gov*
that
sharply
demands
foods
the
as
special dispatch to the New York
"Times," from Washington,; June
April, and 3,127
for
refined
their
This compares
with 4,199 tons in
tons in May last
services
duced
/Z'"'Z
metric tons of tin.
metal
actions.
119.41
115.43
20
19
•
obtain
to
23
announced
armed
Exports of tin concentrates from
Bolivia
in May contained 3,386
several
June
on
ernment
prior to that at $10.
year
'y-\
business has been raised
non-war
122.97
2—
June 30——
three
a
supplies
in the
increases
of beef, chicken and canned fruits
and vegetables for civilians were
expanded,
will
be down, probably to around 100,000 tons.
The question of using
MRC metal of foreign origin on
Corporate by Groups*
R. R.
Baa
assured
and
|
.
stantial
but not at a rate to
keep pace with production.
At
the beginning of the year indium
was quoted at $7.50 an ounce troy,
' ■:
■
conceded that July shipments
Corporate by Ratings*
rate*
Bonds
Averages
"
covery of this byproduct of zinc
operations that has occurred in re¬
cent years.,
Use of indium has
in
say
Most producers reported a quiet
week in copper.
It is generally
Avge;
Govt.
to
on
-
Copper
are
(Based on Average Yields)
Dally
went
'
b
*
MOODY'S BOND PRICESt
1945—
^
C
1
July
Thursday, July 5, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
124
.
-
MOODY'S BOND YIELD AVERAGES
(Based
U. S.
1945—
1.59
June 30 -—i-
„29_=.-._
2.85
1.60
•-
2.85
r;
2.86
'■y;*;26—•
25
u
-,21—---
,
2.85
3.27
3.01
2.88
2.68
obtaining
2.69
2.85
V 3.28
3.01
2.88
2.68
antimonial lead.
2.85
3.28
3.01
2.88
2.68
2.85
3.27
■i 3.01
2.88
2.68
,
2.68
2.69
3.01
2.88
2.68
3.01
2.88
2.68
as
2.61
2.69
2.86
3.29
3.02
2.88
2.69
2.68
2.85
3.28
3.02
2.88
2.68
2.85
>
been
2.86
2.61
2.68
2.86
3.28
3.02
2.88
2.68
2.61
2.68
2.86
3.29
3.02
2.89
2.67
2.89
2.68
der
1.59
2.86
2.61
2.68
2.86
3.29
1.59
2.86
2.61
2.69
2.86
3.29
3.02
2.88
2.68
1.59
2.86
2.61
2.69
2.86
3.29
3.02
2.88
2.68
13—--
2.69
2.86
3.29
2.88
2.68
2.61
2.69
2.87
3.29
3.03
2.89
2.68
2.61
2.69
2.87
3.30
3.03
2.89
2.68
2.86
1.59
12—
2.61
2.87
2.87
1.59
,.;14
1.60
"
■
.
3.02
'
11
1.60
8—,—
2.87
1.60
2.61
2.70
2.87
3.30
2.89
2.68
2.87
1.60
9
'
•
,
2.61
2,70
'2.87
3.30
3.04
2.89
2.68
2.87
2.61
2.70
2.87
3.30
3.04
2.89
2.68
3.03
'
:?•
2.87
:■.<
1.61
1.63
l~2
!
2.61
2.70
2.87
3.30
3.03
2.90
2.87
2.61
2.70
2.88
3.30
3.04
2.90
2.70
2.87
3.31
3.04
2.90
2.69
"
1.63
.2.70
2.87 V
,
3.31:
3.04
2.90
2.69
3.04
2.91 ;
2.91
come
progresses.
obtain between
tons in June.
Sales of lead for the last week
amounted
was
quiet
The New York Official for foreign
silver continued at 44%c,, with
year
will
■
silver market
are
16,000 and 17,000 tons of foreign
for July, or all they asked
for, which contrasts with 24,000?
unchanged
and
at
25V2d.
domestic metal at 70 %c.
Army Meat Purchases
Gut to Increase Z ZZ
to
4,494 tons, against
6,083 tons iu the previous week.
2.69
2.91
will
'' Silver
The London
2.69
2.88
2.62
2.70
2.88
2.62
2.70
2.88
3.31
3.04
.62
2.71
2.88
3.31
3.05
'
1.64
1
Zinc v..
■
May
■
2.68
"2,92
1.641
2.88
2.62
2.88
3.32
3.05 f
1.64
2.89
2.61
2.73
2.88
3.33
3.05
2.93
2.68
1.63
2.89
2.61
2.73
2.89
3.33
3.06
2.94
2.68
in the hands of consumers,
1.63
2.89
2.61,
2.73
2.901
3.33
3.05.
2.94
2.69
ness
2.71
'
•
.
'
: 11——
4,
.
Apr. 27——
13-
■„
2.69
3.07
2.94
1.62
2.90
2.61
2.72
2.90
3.36
3.07
2.93
2.69
1-64
2.90
2.61
2.73
2.90
3.37
3.09
2.93
2.69
1.66
2.91
2.60
2.73 :
2.91
3.39
3.10
2.94
2.69
-3.09
2.94
2.68
2.90
1.63
■
ZZIZz vU
*
182.,—
v;
2.88
1.64
25
'
-
6-—--
■«
Mar. 31——-
2.61-
2.73
2.90
3.36-
,
,
certificates
With
for July
zinc
busi¬
improved last week.
How¬
ever,
compared
with
earlier
months this year,
demand ap¬
peared to be slow.
WPB allo¬
cated about 69,000 tons of zinc for
23—
1.65
2.90
2.60
2.72
2.91
3.38
i..
1.65
2.90
2.61
2.71
2.92
3.37
3.11
2.93
2.68
1.66
2.91
2.62
2.72
2.92
3.38
3.12
2.93
2.68
1.69
2.92
2.63
2.72
2.93
3.38
3.13
2.94
2.67
2.92
2.65
2.72
2.93
3.39
3.14
2.95
2.68
July shipment, but members of
the industry believe that consum¬
ers
may not
absorb more than
2.96
2.68
2.75
2.97
3.44
3.21
2.96
2.72
60,000
16
9
23
—
1.69
Jan. 26
—
1.77
Feb.
High
Low
1945—,.
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1945——
1.59
2.85
2.60
2.63
2.85
3.27
3.00
2.88
2.67
products are somewhat concerned
about
absorbing dutiable ' MRC
1.79
3.04
2.72
2.80
3.05
3.57
3.38
2.96
2.78
metal.
1 Year Ago
3,
_
1944-
2 Years
:
.
WPB declared that Order M-11
,:-l
Ago.
1.80
1943-
'**These prices
are
3.13
2.71
2.84
3.10
3.86
3.60
2.97
dr
the
movement
of
actual
average
price
quotations.
They merely serve to
more comprehensive way the relative levels and the relative movement
average
Illustrate in' a
2.82
computed from average yields on the basis of one "typical'' bond
(3%% coupon, maturing in 25 years) and do not purport to show either the
level
As in copper, con¬
of zinc shifting to civilian
tons.
sumers
July' 3,
July
■'>
Under the revised
regulations the
will be asked to hold
zinc required for war and essen¬
producer
tial
uses
until
the /10th
of
tThe latest complete list of bonds used in computing these indexes was published
,
Copper
unrated
on
.•
Light—Indium and Mercury Decline
Nickel
During April, Canada
,
produced
lb. of nickel, against
lb. in March, the Do¬
Bureau of Statistics re¬
"E, &JVT. JV Metal and Mineral-Markets/' in its issue of June 28, ports. Production in the first four
stated: "Progress in reconversion in most industries that
are
nor¬
mally Keavy consumers of non-ferrous metals has been slow, which
is reflected in continued quiet in purchases of copper and zinc.
Even
lead is hot as active as formerly,
A few metals remain in short sup¬
The
cutting down by the army
of purchases of meats during the
next 60 days, in a Government
move
was
to increase civilian
supplies
indicated in Associated Press
advices from
Washington June 23,
which said:
said
persons
that
the
terminate, at the close of business
June 30.
These issues are the
2U'% Treasury Bonds of 1967-72,
2j/4% Treasury Bonds of 1959-62,,
the lVz% Treasury Bonds of 1950,
and the 7/s% Treasury Certificates
of Indebtedness of Series E-1946.
Sales of the three issues of savings
bonds, Series E, F and G, and; of
C Savings Notes,- will,* of
course, continue.
■
', Z
1
*Z
Subscriptions for the four issues
of
marketable
securities ; which
r
placed in the mail up to
midnight of June 30 it was stated
be treated as timely sub*
v/ere
would
scriptions.
supply situation and found it pos¬
sible to reduce military buying
for a brief period in order to help
relieve shortages in the civilian
The
market.
Mail
armed
forces had re-examined their meat
Government
;:
Z
"...
:Z
.•..•?-
' v-
had
to
Channel Islands
Postmaster Albert Goldman
nounced
of
on
June
information
the
28
the
from
Office Department at
an¬
receipt
Post
Washington,
indicating that effective at once,
regular (Postal Union) mail and
previously announced that LendLease shipments of meat will be
suspended during the July-Sep¬
tember quarter.
;;
,
"This plan of-reduced military
buying is apparently what Pres¬
parcel post service (except insured
parcel post) is resumed to the
Channel Islands (Jersey, Guern-f?
sey, Alderney and Sark.
The ad-f
ident Truman had in
mail for Great Britain and North-?
told
mind when
months of 1945 totaled 89,671.151
with 94,376,Jan.rApril period of
lb., which compares
917 lb. in the
1944.
-
he
a
Olympia,
news
Wash.,
vices
state the postage rates and;,
are those applicable to/
conditions
conference
on
Moody's Daily
Commodity Index
"Paving the way.for diversion
of
the
larger portion of beef
production
into • civilian
mar¬
kets,.
War
Food
Administrator
Marvin
Jones
has
signed
as
Loan
"Disclosing this today, informed
an
or¬
Indium
der reducing the portion of beef
the first half of 1945 ends, notably tin and antimony. In regard
to
The price situation in indium which federally -inspected
price developments, the Iast3>
—
:
week brought downward revisions on
During
the slaughterers must set aside for
strategic materials for one remains unsettled.
in. quotations of both indium and year.' OP A price control will be last week producers lowered the military and1 other! Government
This
order becomes
quicksilver.
President
Truman extended until pending legislation quotation to $3 an ounce troy, a agencies*
has signed the bill continuing the is finally, passed,, authoritiesin
'i
reduction
of
$1.
Supplies
are effective on July L"
Advices to the effect that sub¬
authority of RFC to pay subsidies Washington contend." The publi- ample, reflecting
increased re¬
ply
War
Seventh
close, and the
Drive would
would
securities
1.
delivered
..
,
And Zinc
Secretary of the Treasury
called attention on June 28 to the
fact that the subscription books
for the four issues of marketable
21,661,372
23,514,627
be
orders.
.
Z
The
at ern Ireland.
Parcels are subjectf
Thursday, to considerable delay and accept¬
[June 21] that he expected an ed only at the risk of the sender;?
improvement
in
civilian
meat
supplies as soon as Representative
Anderson (D.-N; M.-), takes over
as
Secretary of Agriculture and
War Food Administrator on July
month, after which surplus metal
may
page 202.
losi-Fcrrosis lefafs—Business in
each
|
Loan Closed June 30
minion
©t yield averages, the latter being the true picture of the bond market.
t^'the issue of Jan. 14, 1943,
will be amended prior to July 1.
Subscriptions for War
Series
2.69
3.31
.2.88
1.64
—
2.62
2.88
program
the
Consumers
2.68
2.62
war
as
'
.
Coast
drop from 200 to 300 flasks,^
un¬
lead
2.68
2.88
1.60
all—z
the
along
'
i.
increasing, and there
that cutbacks in lead
signs
3.02
Stocks in the hands-of
WPB.
2.86,
V
to
refiners and the Government have
2.60
2.86'
■
look for output on the
ers
3.27
2.68
1.59
15—
v
.3.27
v
,
1.59
is—.
eign competition.*Z Domestic pro¬
duction for June is expected to
decline moderately. Some observ¬
tonnages of
2.86
2.61
2.61
1.59
•••"»'; I8_i_—
.
additional
Lead producers are not as dis¬
turbed over the supply situation
19--,
antimony,
battery
hard-pressed in
be
/ 3-69
20—v-
■>}
will
2.86
2.86
2.86
.1,59
in
makers
2.69
1.60
•
situation
3.27
2.61
1.59:
—
^31—-.
2.68
2.68
2.85
'
*■
1.60
2.88
2,88
3.01
2.61
2.86
1.60
3.00
i 2.69
2.61
2.86:
1.60
,
i.
•2.60
Indus.
P. U.
3.27
2.85
2.69
R. R.
Baa
A
Aa
2.60
2.61 "
2.86
Corporate by Groups*
Corporate by Ratings*
Aaa
rate*
•
1.60
*28
Individual Closing Prices)
Corpo¬
Bonds
2__—„
July
on
Avge.
Govt.
Dally
Averages-' ■'.(.
.
-
-
I
256.3
Wednesday, June 27
Thursday,
:256.A.
256.^
June 28__
Friday, June 29,--—
June
Saturday,
Monday,
30
July 2
;
•?
June 26—
Tuesday.,
' 256g
—
1
—
256
256
•
Tuesday. July 3_—
,~~~h
Two weeks ago, June 19—
257.4pi
Month ago, June 2———
'257.2^
Year. >agoe July J-—-——--'-r
1944
High,.
Low,
1945
Dec!_31
Nov.
1_
:——
a.
ZZ54.i
—245.7
High," June ,12—lJ:—L-i.-—258.0'
Low,
Jan,
24___
252.1
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4400
^Volume , 162
125
Daily Average Crude Oil Production for
Ended June 28,1845 Again Mils lew Peak
oil production again hit a new peak in the week
1945, averaging 4,897,864 barrels per day, according
to estimates by the American Petroleum Institute.
This was a gain
9,500 barrels per day over the previous week and exceeded out¬
put in the week ended June 24, 1944 by 314,664 barrels per day.
current figure was also 38,264 barrels in excess of the daily
The
aver¬
age figure recommended by the Petroleum Administration ior War
for the month of June, 1945.
Daily production for the four \yeeks
ended June 23, 1945 averaged
Refinery operations also
4,874,614 barrels.
Further details
were
reported by the Institute follow:
as
received from refining companies indicate that the
industry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 5,018,000 barrels of crude oil daily and produced 15,367,000
barrels of gasoline; 1,519,000 barrels of kerosine; 5,014,000 barrels of
distillate fuel, and 9,609,000 barrels of residual fuel oil during the
week ended June 23, 1945; and had in-storage at the end of that
week 46,609,000 barrels of civilian grade gasoline; 40,853,000 barrels
of
military and other gasoline; 9,163,000 barrels of -kerosine;
31,761,000 barrels of distillate fuelrand 39,893,000 barrels of residual
Reports
-
fuel oil.
..•■;/7 '■'/••; -7 7/
;y
.
DAILY AVERAGE CRUDE
y/'7 7//•/// V'--'"
•
OIL PRODUCTION
.•♦state
7
Actual Production
•
Allow-
Recommen¬
ables
dations
Begin.
June
Week
'
4 Weeks
June 1
Oklahoma
370,000
Ended
269,400
from
Ended
Ended
June 23,
June 24,
Week
t384,300
1276,500
Texas
Coastal
North
....
90,000
92,150
154,450
149,400
....
497,000
447,900
j
497,550
-
/
;
139,450
7_w
;
377,600
,.'/:
7.
2,180,450
2,170,000 %2,171,706
360,550
312,950
528,450
•:/:7^w_.-'7
563,050
563,100
2,179,350
69,200
—
145,000
378,150
357,200
357,700
it...
Louisiana
900
289,700
1,000
;
;
-
—.
Total Texas
■
332,300
154,650
.
..—
Texas
386,000
265,150
;
J,+7139.900
East
Bouthwest Texas
2,050
1,350
1900
'
1944
+
90.000
'
;
1945
—
T
/.:77::'.;,'\ 7'-./i. :-■•■'
• :
Previous
•
7-
1,000
jPanhandle Texas.,.. 7,/.
■7';;'7•
North Texas
Week
1945
'
380,000
274,000
Nebraska
'-77'v
June 23,
.
Kansas
Change
777/Vy' 298,950 '■
74,200
.7; 299,150
288,750
368,550
7
■
,
2,036,400
69,400
362,950
150
+
month ago and 2,1% above the
The advices added:
.7
400,800 /. .368,150
360,000
.
corresponding week of last year."
+
1M
.
Foods—Sharply lower quotations for fresh
vegetables, and declines for cows and cotton lowered aver¬
prices of farm products in primary markets by 0.8% during the
age
week.
Apples
market.
As
declined
the
8%
result
increased
as
of
quantities
ceiling; adjustments,
nearly 7% and white potatoes from 4 to 9%
Eggs and sweet potatoes advanced seasonally.
reached
onions
in
the
810,000 tons actually.'pro¬
duced in March, the
peak of the
Continued weakness
level 5.7% above the
There also has been a
steady
decline in plates produced on
strip
mills, with about 70,000 tons in
June and 50,000 .tons
year.
same
week of last year.
-
likely-to be
made
in
rolled
for
Arkansas
80,000
—*+7
Alabama
tons
in second quarter and
larger tonnage
these needs
2oo"ooo
100
14
50
4,150
201,900
209,550
+1,100
11,900
12,900
+
wage adjustments and to restore
cover
profit margins.
This
higher prices for bituminous coal and
rise, together with slightly
higher sales realizations for natural and manufactured gas raised the
fuel and lighting materials group index by 0.2%.
Turpentine prices
were lower while sand and
gravel advanced fractionally in some
areas."; : ::/7r 7/v/7/;" 7/ "i;://; /7 y /,■' /7.
' 7-v - 77,'",/'7./77 \
The Labor Department included the
following notation in its
advices:
y.-J;.J"'JjJy
i
y" *
; y
y;■
y'' 'V;■'
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Statis¬
tics will attempt promptly to report changing prices.
The indexes
be considered
as preliminary and subject to such
adjustment
required by later and more complete reports.
The following tables show (1) indexes for the
principal groups
and revision
as
Kentucky
Michigan
Wyoming
24, 1944, and (2) the percentage changes in subgroup indexes from
1945 to June 23,1945.>v:jJ;yJ;yV:/,.
-
June; 16,
•'.
Montana
110,300
11,250
'
7
————;
105,000
:
64,250
29,400
3,912,600
947,000
—
recommendations
47,200
91,450
Commodity Group!*—,
20,300
21.300
All commodities
300
11,200
+
50
103,800
108,000
+
5,600
3,930,164
3,735,400
+
3,900
944,450
•847,800
9,500
shown
as
4,874,614
above,
4,583,200
represent
the
production of crude oil only, and do not Include amounts of condensate and natural
produced,
v
v;77;7; ■;> 7y<: .y.v^/.vl.
7/ V-,
'
are
for weeek ended 7:00
a.m.
June 21, 1945.
'
IThis
Includes
several
is
shutdowns
for 6
the
net
shutdowns
fields
which
no
allowable
exemptions
were-
exempted
as
of
for
June
the
entirely
1
entire
definite
dates
during the month
calculated on ?a .30-day ibasis and
month. • With the' exception of
of
and
ordered for from 2 to 14 days, the
were
days,
basic
and
certain
other
fields
for
which
entire state was ordered shut down
being specified;
operators only being
schedules or labor needed to
required to shut down as best suits their operating
Qperate leases, a total equivalent to 6 days shutdown time during the calendar month.
Farm
f>
RUNS
TO STILLS;
PRODUCTION OF GASOLINE; STOCKS OF
UNFINISHED GASOLINE. GAS OIL AND DISTILLATE FUEL
AND
RESIDUAL
.
FUEL
OIL, WEEK ENDED
77;! (Figures in thousands of barrels of
JUNE
:
/
23,'1945
',•
-V
■ -
JUNE 23,
■.;
Percentage change to
June23, 1945 from—
■■
y:.■"
■■
-
6-16
1945
1945
1945
105.9:
106.0
'
■:•
6-9
106.0
y y
:
5-26
6-24
———
130.0
1945.
Bureau
gallons
of
6-16
1944
5-26
1945
103.7
—0.1
,
105.9
—
1
Mines
: 0
+2.1
.
131.0
130.7
123.0
——0.8
187.7;
107.3
107.4
104.9
—0.4
—0.1
+ 2.3
118.3
118.3
118.3
117.7
0
..77 0
+ 0.5
0
+ 1.8
+ 0.1
+ 1.1
130.5
99.1
99.l!.
99.1
99.1
97.3
84.7
€4.5
84.5
84.6
83.8
Metals and metal products....—
104.8
104.8
104.8
104.4
103.8
117.3
117.3!
117,3
117.2
115.9
95.3
95.3?
95.3
94.9
95.5
—
Chemicals and allied products—.
106.2
Housefurnishing goods..-—
106.2
*"■
106.2
106.2
77
.
+ 0.2
0
•
+
/
0
778 ■;
106.0
94.6 i
94.6
94.6
93.3
118.8
118.5
113.2
95.3
94.8
93.7
102.1
3,01.1
0
99.5
0
0.1
+ 1.2
0.4
—0.2
0
m
102.0
95.3
Semimanufactured articles
95.3
Manufactured products..——All commodities other than farm
102.0
products-.-..—
—i-i.
All commodities other than farm
100.6
100.6
99.8
99.7
products and foods...
102.0:
100.6
100.5
+1.0
0.4
+
+02
0
119.0;
+ 5.7
+
o
94.6
—
—0.4
8
118.6
Miscellaneous commodities——...
:77;'7/-/;7;
FINISHED
"
''-i
''
in
99.7
?'Incre'ases■
.'.
Anthracite
99.7
98.7
0 •
+ 0.1
practically
■■
+ 1.4
+ 0.5
+1.7
+ 0.9
+1.1
+0.1
+0.1
have
been
*
Decreases
Fruits and
2.1
vegetablesLivestock and
-
.
.
Other
-0.1
—
-
0.1
persists
declines."-,
7
farm
poultry.'——.—
Refining - to Stills .
Capac- Daily
;
ity Re- Aver- % Op.DistrictEast
Coast
Pro-
porting
———.
99.5
of
at Ref.
Gas Oil
of Re-
Mili-
& Dist.:
sidual
tary and
to
far
below
advance "as
production
"./'.-v .'/: ;'
.
(7
Treasury
Bill Offering
•
The
Secretary of the Treasury
announced
July
on
2
that
the
$1,300,000,000 or there¬
about of 91-day
Treasury bills to
be dated
July 5 and to matufe
Oct. 4, 1945, which were
offered
on
June 29, were
opened af the
Federal Reserve Bank on
July 2.
The details of this issue are as
fellows:'
7j/' /./'.,7/:77
/■ Total applied
for, $2,028,528,000.
Total
accepted,
$1,304,868,000
(includes $51,883,000 entered on a
fixed price basis at 99.905
and ac¬
cepted in full.)
7
Average price,
lent
rate
r
of
7,~
'
99.905, equiva¬
discount
mately 0.375% per
approxi¬
annum..
7
Range of accepted competitive
//"/'7/v
; -;7
,/"/
discount
approximately 0/376%
/,/•.' : ; ;■.■/."•'. 7/
per -annum.
—.
1.3
/(59% of the amount bid for at
was accepted,)
the low price
0.1
There
was a
maturity of
amount
Grade
Of
on
a
(simi¬
July 5 in the
vilian
tStocks JGasoline Stocks
age
-
and
and
•/'/'/
lar issue of bills
duction
on
,
products...
f Stocks
Inc. Nat,
districts
/ Results Of
7
SGasoline
% Daily Crude Runs
<7
High, 99.907, equivalent rateof
approximately
0.368%
per .annum.
,,/, :•//.• /.■:; • •'/;./'
J".
Low, 99.905, equivalent rate of
'
Bituminous coal
in¬
discount
Agricultural implements
0*2."
-
weak
continue
demand
+1.1
-
7/-
\
all
ceilings,
+4.8
—0.1
+0.1
3.2
.
'.=7rV '7• •';••
basis
and
of,pres¬
steelmaking grades and cast, the
latter being
consistently scarce.
Even borings and
turnings, Which
bids:
JXJJJE 16, 1945 TO JUNE 23, 1945
;
AND
1945
each)
1944
107.3
Textile products—_—
Fuel and lighting materials™—--
Raw materials
6-24
1945
'
118.3
products...-————,-
Grains
42
Z ^
'
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
Figures In this section include reported totals plus an
estimate of unreported amounts and are therefore on a.
7'r7"",y
v
.
J
Hides and leather products..
{Recommendation of Conservation Committee of California Oil Producers.
:i
CRUDE
(1926=100) '
-
Building materials
+
allowables,
fas derivatives to be
fOkiahoma, Kansas; Nebraska figures
-
.
observing/
tenders of
8,350
—
4,897,864
state
and
■
ENDED
6-23
47,750
f 950,700
"Total United States. 4,859,600
•P.A.W.
.>.•
WEEK
;•
108,150
103,800
§947,000
■■
FOR
.'"y,-:.v.y
50
—
3,947,164
—
y;
"
2,900
+
■
v
Foods
Total East of Calif
California
-;
.
:
PRICES
y
\
66,800
21,750
;.■ ,;■■■-■ ■
y.:.
2,450
~
20,250
105,000
———
1,100
+1,000
+
30,600
46,550
10,500
——-
New Mexico
-65,850
47,000
113,500
23,000
—
—
Colorado
64,200
28,000
-------
peak.
are
/"Strength is increasing in the
scrap market and ceilings
Ripply
of commodities for the past three weeks, for May 26, ,1945 and June
WHOLESALE
(Not inch III, Ind.,
Ky.)
at
were
"Many foundries
far
a
when
ago,
per
ton to
Eastern^-
year
this week for vacation
same period of 1944.
7777. 777
"Other commodities—Quotations for anthracite advanced more ventory taking, in spite
sure for
than 3% as OPA approved ceiling increases
castings.
averaging 75 cents
12,900
.
204,400
13,000
Indiana—————
.V,
a
and 2.3% above the
80,250
45,350
650
14
.
7—
79,350
51,550
700
——.
Illinois
950
1,400
:
50,600
400
7;
Florida
79,650
78,786
53,000
...———~
—
this purpose in < third
compared with
660,006
J quarter,
+
July.
"Plate tonnage is hit hardest
by
decline; in merchant ship require¬
ments. About 100,000 tons will be
.
result of the decline in prices for, fresh fruits and vege¬
tables, average prices of foods in primary markets decreased 0.4%
a
with
about
4%, while
Jambs more than
offset higher prices for ewes and wethers.
Live poultry was high in
eastern markets.
Rye, not under price control, continued to advance
with prices rising more than 8%
during the week.
Corn and wheat
were fractionally
higher.
Cotton quotations dropped more than 2%
reflecting more optimistic crop reports and cautious buying.
Since
the latter part of May average
prices of farm products have declined
a
"With aid
of
unrated
orders
plate producers expect production
monthly estimate compares
markets.
in the market lowered quotations for beef cows more
than
and steers were higher.
Lower prices for
"As
August and open-hearth grades in
September.
'
than recent pre¬
dictions but production continues
downward.
The
third
quarter
calves
0.4% to
fairly easy, with
are
slightly higher
decreased
various
and
Alloy
electric furnace grades offered in
.
,Mississippi
quarter
to average about
600,000 tons per
month in third quarter.
This is
"Farm Products and
must
Total Louisiana
;
third
bar schedules
of
during the week.
The price of rye flour, which is not under price
control, rose nearly 5%, reflecting the* continued advance in rye
7777 "7 •' quotations. Food
prices were 0.1% below the level of a month ago
,
•P. A. W.
decline
a
commodity prices in
primary markets for the week ended June 23, according to the United
States Department of Labor, which on June 28 stated
that "this de¬
crease brought the index to
105.9% of the 1926 level, the same as a
(FIGURES IN BARRELS)
"
!-':7r
Lower prices for agricultural commodities caused
0.1% in the Bureau of Labor Statistics' index of
fruits and
at new record levels, and gasoline
demand continued at a high rate although civilian grade supplies
showed a small increase in the week ended June 23, 1945, against
a reduction in military and other grades.
;
for
most of that in smaller sizes.
ended June 23,
of
cutbacks,«are much
with
little
tonnage
extended,
available
crude
Gross
to reflect such
0
n
....
:
erated
Blended
Fuel Oil
Fuel oil
Other
739
93.4
1,793
7,259
5,908
$1,317,065,000.
i/:
<
r7
Ci¬
5,494
U. S. Land Agencies
8,416
wi "
The
Appalachian—
special Senate ComrhiCtee
announced which is investigating
petroleum
60
120.0
District No. 2—
81.2
169
506
63
122
907
that telegraphic reports it had received indicated that the
operating reserves heard Oscar L.
751
87.2
87.6
2,660
Ind., HI., Ky.——.
4,322
2,115
6,777
12,948 rate of steel
Chapman,
companies having 94% of the steel capacity of the Assistant
84.9
398
78.3
Okla., Kans., Mo...—
1,477
1,792
1,236
2,243
7,381
Secretary of Interior,
233
949
Inland Texas
59.8
70.6
industry will be 88.1% of capacity for the week beginning July 2, state that the
412 !;
910
1,317
1,597
advantage of "bring¬
Texas Gulf Coast--.
101.3
89.3
1,253
3>763
5,471
5,729
9,277
5,141
compared with 91.5% one week ago, 91.1% one month ago and 93.9%
ing together in one set of books,
104.6
272
888
Louisiana Gulf Coast.
96.8
1,576
1,178
2,065
2,001
one year ago.
The operating rate for the week beginning July. 2 record of all land
84
66.7
No. La. & Arkansas248
55.9
646
183
924
1,542
holdings and
is equivalent to 1,613,700 tons
Rocky Mountainof<^
having them available so that the
13
41
100.0
District No. 3—...
17.1
21
34
10
76
steel ingots and castings,' com- 1 reported
many buyers are placing public and Federal
119
74.8
r
422
agencies them¬
District No. 4—.
72.1
317
534
693
1,689
pared to 1,675,900 tons one week duplicate
orders
with
several selves can learn who
986
99.2
California
85.8
2,623
8,834
owns a par¬
10,385
21,747
3,688
mills in an' effort to obtain de¬
ago, 1,668,600 tons one month ago
ticular
piece of Federally-held
and 1,689,200 tons one year ago. sired delivery. As a result much
Total U. S. B. of M.
land" would outweigh
admini$tra+
basis June 23, 1945
85.6 5,018
"Steel
of
92.4
15,367 .31,761
39,893
Cleveland,
in
its of this tonnage may be canceled tive
•40,853
46,609
cost, and that the Interidr
Total U. S. B. of M.
summary of the iron and steel
later,'" with considerable market Department recommended
basis June 16, 1945
85.6 4,915
90.5
15,132
30,397
39,482
41,134
46,370
imme¬
markets, on July 2 stated in part confusion resulting. Some produc¬ diate consolidation of all
0.8. Bur. of Mines
govern¬
basis June 24, 1944
as follows:
ers
are
4,634
13,937
34,240
53,349
37,944
46,753
considering proposals to ment agencies charged with ad¬
"In spite of easing war require¬
•Includes aviation and military grades, finished and unfinished, title to which
Washington that sheets and strip ministration of Federal lands, ac¬
still remains in the name of the producing company;
be taken off the "free'r list en¬
solvents, naphthas, blending
ments the steel supply situation
cording to the Associated Press
stocks currently Indeterminable as to ultimate use, and 11,922,000 barrels unfinished
continues
tight
with deliveries tirely unless this duplication in from Washington, June 25.
gasoline this week, compared with 11,971,000 barrels a year ago.
These figures do
7
orders can be stopped.;
well extended on all products ex¬
jjot include any gasoline on which title has already passed, or which the military
Mr. Chapman stated that there
fortes may aotually have in custody in their own or leased storage.
JStocks at
cept plates and some relatively
"Proposed cutback of 50% in are now more than
sixty gov¬
Teflneries, at bulk terminals, in transit and in pipe, lines.
§Not including 1,519,000
minor
products,
pressure
for the Army shell program, recently ernment
barrels of kerosine, 5,014,00(1 barrels of gas oil. and distillate fuel oil and 9,609,000
agencies
dealing with
sheets and strip being particularly announced, may not be fully felt
barrels
of residual fuel oil produced during the week -ended June 23,
1945, which
public lands.
compares with 1,580,000 barrels, 5,342,000 barrels and 9,252,000 barrels, respectively,
for sometime, as.it is to be under¬
strong.
1
'
He also urged uniform
in-the preceding week and 1,313,000 barrels, 4,361,000. barrels, and
8,759,000 barrels,
leasing
"An
undesirable
condition
is taken
gradually
over
three and
respectively, in the week ended June 24, 1944,
'
.
District No. 1——
76.8
.
110
75.3
334
605
256
1,546
1,223
The
American
Iron
and
Steel
Institute
on
July
2
—
.
.
-
—
—
a
-
.
»
•
...
.
'.Note—Stocks
of> kerosine
against 8,512,000 barrels
a
.
at June 23, 1945, amounted
week, earlier and 9,308,000 barrels
.
y
to
a
,
•
9,163,000
year ago.
administration
,
.
barrels,,
as
developing in the sheet market
related
.
to. unrated. orders.
It
as
is
months.
Meanwhile,, carbon bar
schedules, which would be
tion
first of
measures
resources
for
on
of
conserva¬
the
protection
public lands.
THE COMMERCIAL &
126
Traiig
;
tion, $619,300,000, is down 10% as a result of the 16% decrease in
volume. State and municipal volume, $131,994,000, exceeds
Urn York Exclianges
on
federal
last year by
Commission made public on June
The Securities and Exchange
the
and
the volume of rounds-lot stock transactions for the account of all
members of these exchanges in the week ended June 9, continuing
a series of current figures being published weekly by the Commis¬
sion.
Short sales are shpwn separately from other sales in these
•
■
volumes for the current week,
V
Total
Public Construction
and Municipal-
State
Legislation continuing for one
authority of the Reconstruct '
Finance Corporation to pay
.
21,1945 June 29,1944
$41,873,000
$34,477,000
$46,540,000 A
14,690,000
31,850,000
21,721,000
U, £>. Construction-.
Private Construction
y
June
June 28,1945*
' /
■/
21%.
engineering construction
last week, and the 1944 week are:
Civil
,
figures showing the volume of total round-lot stock sales on
New York Steel? Exchange and the New York Curb Exchange
27
figures.
Thursday, July 5, 1945
FINANCIAL CHRONICLE
year
tion
subsidies
5,506,000
28,971,000
9,331,000
19,640,000
18,001,000
23,872,000
12,173,000
11,699,000
principal food prod- '
materials has
on
ucts
and
been
signed by President Truman,
the
Associated
strategic
reported ;
Press
10,129,000
Exchange for the account of members
from Washington, June 26.
The
(except odd-lot dealers) during the week ended June 9 (in round
measure
limits the RFC in its
*Current week's statistics.
lot transactions) totaled 2,840,521 shares, which amount was 15.33%
total payment to producers.
The
of the total transactions on the Exchange of 9,268,490 shares.
This
In the classified construction groups, gains over last week are in
Associated Press added:
compares with member trading during the week ended June 2 of
waterworks, sewerage, earthwork and drainage, streets and roads,
"The pnaximum it may lay out
and unclassified construction.
Compared with the 1944 week, all
2,207,315 shares, or 14.75% of the total trading of 7,480,600 shares
for the fiscal year is $595,000,008
On the New York Curb Exchange, member trading during the week classes of construction except public buildings report increases. Sub¬
to meat producers, $100,000,000 for
ended June 9 amounted to 758,660 shares or 15.64% of the tota^
totals for the week in each class of work are: waterworks, $1,125,000;
$190,000,000
for
flour,
volume on that exchange of 2,425,685 shares.
During the week ended sewerage, $844,000; fridges, $301,000; industrial buildings, $11,7(53,000; butter,
$290,000,000 for petroleum and peJune 2 trading for the account of Curb members of 451,265 shares
commercial building and large-scale private housing, $2,190,000; pub¬
troleurp products, $88,000,000 for
was 14.35% of the total trading of 1,572,235.
lic buildings, $4,820,000; earthwork and drainage, $3,224,000; streets
strategic metal, $100,000,000 for
and roads, $8,821,000; and unclassified construction, $13,452,000.
miscellaneous materials and comTotal Bound-Lot Stock Sales pn the New York Stock Exchange and Bound-Lot Stpek
New capital for construction purposes for the week totals moditjes.
Transactions for Account of Members* (Shares)
v:.-f
WEEK ENDED JUNE 9, 1945
■/'JV'C'.-V;
$6,866,000. It is made up pf $5,166,000 in state and municipal bond
"In a statement announcing. his
sales, $1,500,000 in RFC loans for private industrial expansion, and
A. Total Round-Lot Sales:
■
Total lor week
approval of the measure, Mr. TruShort sales.
——
262,720
$200,000 in RFC loans for public improvements. The week's new man said he interpreted it as per;' JOther sales-—
—9,005,770 ;
;
financing brings 1945 volume to $539,751,000, a total of 22% greater mitting administrative reductions
than the $443,277,QQ0 reported for the 26-week 1944 period.
9,268,490
or elimination of subsidies when¬
Federal
Trading on the Stock
I
—
'
:
.
v
,
—
Account of Members,
Round-Lot Transactions for
B.
ever
the Odd-Lot Accounts pf Odd-Lot
Specialists:
,
'
L Transactions of specialists in stocks in which
they are registered-rrqtal purchases---..—
for
Except
proposed for con¬
struction in the post-war years total $21,373,417,000 according to
reports to "Engineering News-Record" in the period from January
1, 1943 through June 21, 1945. Plans are under way or completed on
post-war projects valued at $9,249,756,000, 43.3% of the total volume
proposed, and on $1,410,980,000 worth pf projects all financing
arrangements have been completed.
y:
y
707,430
116,970
588,650
floor—
on the
409,550
»——r——
39,900
Short sales——
Total sales.—i_—-—
8. Other transactions
Total
initiated off the floor—
49,050
total production of soft coal in the week ended June 23,
is estimated by the Bureau of Mines at 11,770,000 net tons,
decrease of 80,000 tons from the preceding week and 100,000 tons
The
a
15.33
Stock Sales on the New York Curb
Transactions for Account of Members*
:
Round-Lot Sales:
Short sales———
A. Total
*
tOther sales
i
.
Total sales
—r—
■
2,425,685
—-——
————
Transaction for Account of Members:
1. Transactions of specialists in stocks in which
c; ' they are registered—
V
Total purchases
.
—
——
■
'
8. Round-Lot
■
S
-
Initiated on the floor-
STATES
UNITED
LIGNITE
76,335
12,200
calculating
JJune 23,
1945
(In Net Tons)
June
June 24,
§June 16,
1945
0
1937
27,872,000
26,478,000
3,729,500
1,797,900
and coal shipped by truck from
authorized
1,298,000
1,225,000
1,313,000
1,246,000
1,176,000
124,200
131,000
154,400
2,897,000
United
States
♦Includes
total
includes all regular and
and
dredge coal,
ESTIMATED WEEKLY
.
.
.
,
members purchases and sales_ is
the Exchange for the reason that
i
'
-
from restriction by the
tSubject to revision.,
BY STATES,
or
of final annual returns from the
operators.)
June
16,
1945
State—
are
Alabama——
—
'
;
SPECIALISTS
AND
STOCK
r',V-L
'V.
1945
401,000
6,000
„.."v.
1944
"
THE
of
Number
of
shares..-.
i__
27,087
—
$33,438,886
78,000
93,000
—-I—*..—•-
123,000
1,000
124,000
1,426,000
1,430,000
511,000
1,471,000
45,000
Engineering Construction $46,540,000
For Week of June 28
46,000
44,000
129,000
125,000
150,000
988,000
994,000
977,000
347,000
363,000
35,000
34,000
40,000
2,000
3,000
116,000
81,000
Customers'
short
sales
27,000
33,000
19,000
♦Customers'
other
sales-—
31,000
Customers'
total
sales
engineering construction volume in continental United
$46,540,000 for the week. This volume, not including
the construction by military engineers abroad, American contracts
outside the country, and shipbuilding, is 11% higher than in the
Civil
total for the corresponding
previous four-week moving
"Engineering News-Record." The report
preceding week, and 35% above the
1944 week, but is 2% lower than the
reported to
made public on June 28, continued as follows:
Public construction for the week is up 33% compared with last
week, and is 10% over the 1944 week's volume. Private construction
is 18% below a week ago, but exceeds a year ago by 167%. State
and municipal construction gains over both the preceding week and
the 1944 week, but federal volume is 13 and 48% lower, respectively,
average
as
than last week and
Georgia and North
Indiana..
Kansas and
States totals
Carolina
construction brings the 1945
469.000
Missouri—.
Kentucky—Eastern-:
;—
Kentucky—Western
—_—.—
MarylandMichigan
.
—
—
Montana (bitum. & lignite)—-—-New Mexico
27,000
1——.———
North & South Dakota
95,000
(lignite)—.
41,000
$891,-
*
.
136,000
'
•'
.•
1
■
1,000
L_
Texas (bituminous &
lignite)..
Utah—
Virginia
Washington—
tWest
-
Virginia—Southern—
tWest Virginia—Northern—
Wyoming
;
iOther Western States
797,000
other
192
shares„
Customers'
28,583
total shares—
Number of Shares:
Dollar
145,000
,
28,775
-■
.
6,710
805,116
811,826
value
$29,238,312
Round-Lot Sales by Dealers-
2,000
1,000
137,000
383,000
21,000
27,000
2,064,000
32,000
2,218,000
1,108,000
1,061,000
184,000
165,000
*
1,000
12,070,000
Number of Shares:
126,000
362.000
12,173,000
2,048,000
1,087,000
186,000
*
Short sales
tOther
the N. & W.; C. & O.; Virginian; K. & M.; B.
$ Q. in Kanawha, Mason, and Clay counties.
tRest of State,
tlncludes operations on
the panhandle District and Grant, Ivjineral,
and Oregon.
*Less than 1,000 tons.
and Tucker counties.
80
-
sales
213,660
—
Total sales
"
213,740
Round-Lot Purchases by Dealers:
Number
♦Sales
and pn the B.
short sales
♦Customers'
3,008,000
1,000
(Customers'sales)
Customers'
709,000
2,980,000
130,000
134,000
--
.
Number of Orders:
2,000
359,000
—
1
Odd-Lot Purchases by Dealers—
385,000
712,000
Tennessee—
832,342
Dpilar value——
532,000
2,950,000
137,000
Pennsylvanra (bituminous)
11,850,000
total to $876,-
155,000 for the 26-week period, a volume within 2% of the
830,000 reported for the corresponding period lgst-year. Private con¬
struction, $256,855,000, is 28% above a year ago, but public construc-
—
————
—
last year.
The current week's
Y,
TTor Week
orders
Arkansas and Oklahoma—.—-——
Colorado—
Civil
ODD-
Total
* ,:
(Customers' purchases)
Number
75,000
N.
EXCHANGE
Odd-lot Sales by Dealers
7,000
-
THE
FOR
ON
Week Ended June 16, 1945
y
372,000
375,000
6,000
§Sales marked "short exempt"
me
con¬
LOT ACCOUNT OF ODD-LOT DEALERS
June 17,
June 9,
Exchange,
TRANSACTIONS
STOCK
,
-Week Ended
,
Commission's
included with "other sales."
;
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources
account
special¬
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.
gRevised.
IN NET TONS
York Stock
New
PRODUCTION OF BITUMINOUS COAL AND LIGNITE,
associate Exchange members, their
including special partners.
these percentages the total of
on
washery
odd-lot
for
of all odd-lot dealers and
ists who handled odd lots on
r
fExcludes colliery fuel.
operations.
88,355
71,404
transactions
1944
31,681,000
30,414,000
1,368,000
summary
Exchange
public
on
for the week
figures
showing the daily volume of stock
June 26,
June 24,
23,
a
Trading
and
ended June 16 of complete
1945
1944
tCommercial produc.
15.64
COKE
—Calendar Year to Date——
25,496,000
24,476,000
88,355
compared with twice the total round-lot volume
the Exchange volume includes only sales.
tRound-lot short sales which are exempted
rules are included with "other sales."
J
subsidies"'
made
Commission
PRODUCTION OF PENNSYLVANIA ANTHRACITE AND
Penn. anthracite;—
B6chiv6 coke
purchases..
"members'
of
reduction
a
Securities
The
adjustment.
♦Total incl. coll. fuel,
Total sales
fin
1,975,000
>
-
of
shares.^
marked
236,550
"short
exempt"
are
re¬
ported ^ith "other sales."
tSales to offset customers' odd-lot orders
and sales to liquidate a long position which
C. & G.;
Including
is less
SIncludes Arizona
'
than
"other
sales "
a
roun^
lot
«
.
;
longer neces- '
HYSE Odd-Lot
1944
1945
1944
11,870,000 285.487,000 307,761,000
1,978,000
1,925,000
2,052,000
————Week Ended————
422,785
Account of Specialists-
SCustomers' other sales
*
1945
11,850,000
'-y'yv,'
45,055
Totstl stiles
firms and their partners,
permitting
June 27
ESTIMATED
4.56
377,730
tOther sales.
—
-
335,875
Total purchases
Short sales.
♦The .term
average
♦Subject to current
145,060
O. Odd-Lot Transactions for
Customers' 6hort sales
no
such unnecessary
Jan. 1 to Date
♦ June 23,
June 24
June 24,
June 16,
-
at
payments
NET TONS
IN
1945
including mine fuel--
Daily
132,860
,
Total-
Total
tion
OF BITUMINOUS COAL AND
11,770,000
1.962.00Q
lignite—
Bituminous coal &
Total,
floor-
Totalsales.
4.
present levels is
ended June 23, 1945
Week Ended
3.08
65,200
Total sales.
tOther sales..:
pf' these
con-
4,900
June 23,
transactions Initiated off the
Total purchases
1946, but
year
said if it becomes clear that
the estimated production of bee¬
PRODUCTION
60,300
8. Other
during th^ fiscal
corresponding week of 1944.
ESTIMATED
84,110
.
.
—
would
a
for the
8.00
212,525
Total sales——
;
curtail *
sary for war purposes, he will re¬
.decrease of 6,800 tons when compared with the output
for the week ended June 16, 1945; and was 30,200 tons less than quest enactment' of new legisla-
184,570
Other transactions
Total purchases
8.
under
y
.yy,
y:
the United States for the week
coke in
showed
27,955
Short sales—_—.
•/."•
The Bureau also reported that
hive
175,430
tOther sales..
.
tinuance
yy:
..
v^:'v-rv*v^;--vv-
to
lead and zinc subsidies
the premium price
plan
be prevented by the law
copper,"
ponding period of 1944.
V'.-Lv; V;-
n
2,374,190 vv-
action
administrative
23, 1945, as estimated by the Bureau of Mines, was 1,368,000 tons,
an increase of 70,000 tons
(5.4%) over the preceding week.- When
compared with the output in the corresponding week of 1944,
there was an increase of 143,000 tons, or 11.7%.
The calendar year
to date shows a decrease of 19.5% when compared with the corres¬
\%
Total for week
51,495 ...
——
—
—
interpret it as the desire of
"The President pointed out that
anthracite for the week ended June
Production of Pennsylvania
Exchange and Stock
(Shares)
JUNE 9, 1945
WEEK ENDED
;
the period from Jan. 1 to June 24, 1944.
duced during
Bound-Lot
<
production
under existing
ceilings.
As }■ opportunity
permits, therefore, subsidy programs will be reduced or discon-.
tinued as rapidly as feasible with¬
in the limits of the present law.'
corresponding week of 1944, according to the United
States Department of the Interior.
The total output of soft coal
from Jan. 1 to June 16, 1945 is estimated at 285,487,000 net tons,
a decrease of
7.2% when compared with the 307,761,000 tons pro¬
205,920
1,258,682
1,464,602
Total
-
war
price
less than in the
1,375,919
purchases—
'because con¬
subsidy pay- '
war
1945,
3.57
402,002
./v.'".: :,-;-.:;
this bill,' he
made public
Congress that these subsidies shall :
be paid only as long as, and to the ,
extent necessary to secure needed
Weekly Goal and Coke Production Statistics
352,952
4. Total—
Total
:
,i
output and to provide
support for the stabilizatiton pro-
sary
"T
258,939
purchases——————— —-———
<
ments is essential to assure neces-
4.14
356,980
—
>
-
"'f have signed
said iu a statement
at the White House,
tinuations of these
317,080
tOther sales——
-
gram.
7.62
705,620
Total sales—.
,
'
it is shown they are no longer
needed.
Identified and recorded engineering projects
'
8. Other transactions initiated
'
Total purchases——
$21.4 Billions
Posf-War Construction Planning Volume
Dealers and
>
are
reported
with
Volume 162
„
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4400
127
Total Loads
Southern District—
292
286
450
630
2,311
2,469
892
767
1,199
11,328
12,076
13,596
9,741
1,461
9,109
4,084
3,573
4,783
4,847
561
1,532
224
98
955
1,004
—
Florida East Coast—
.
•
alone, grain and grain products loading for the week of June 23
40,644 cars, an increase of 3,856 cars above the preceding
week and an increase of 2,898 cars above the corresponding week
Gainesville Midland
Georgia
Georgia to Florida
2,957
343
112
1,541
5,635
1,728
3,124
403.
1,735
119
-
350
1,605
261
;
T—
Durham & Southern
freight for the week of June 23 increased
revenue
315
870
Columbus & Greenville
3,768 cars, or 0.4% above the preceding week.
:
Miscellaneous freight loading totaled 394,528 cars, an increase
of 2,184 cars above the preceding week, and an increase of 4,897
cars above the corresponding week in 1944.
;^
:
Loading of merchandise less than carload lob freight totaled
106,880 cars, an increase of 463 cars above the preceding week and an
increase of 3,069 cars above the corresponding week in 1944.
Coal loading amounted to 171,612 cars a decrease of 1,403 cars
below the preceding week, and a decrease of 2,594 cars below the
corresponding week in 1944.
Grain and grain products loading totaled 56,873 cars, an increase
of 3,973 cars above the preceding week and an increase, of 3,540 cars
above the corresponding week in 1944.
In the Western Districts
1944
1945
685
Atlantic Coast Line.
Clinchfield
1943
416
—
Central of Georgia
Charleston & Western Carolina
above the same
1944
1,344
Alabama, Tennessee to Northern
Atl. to W, P.—W. R. R. of Ala
Atlanta, Birmingham & Coast
week in 1943 of 115,512 cars or 15.2%.
Loading of
Connections
1945
'
<
V
253
1,558
289
543
•
42
33
.1,066
415
445
792
4,336
3,504
4,509
27,403
29,292
22,781
16,882
26,090
-
12,302
1,040
24,891
15,907
219
160
202
445
253
233
557
3,303
3,098
1,505
3,344
4,462
2,457
1,459
Macon, Dublin & Savannah
Mississippi Central
Nashville, Chattanooga to St. L.
„
Norfolk Southern-
2025
Piedmont Northern
401
345
1,242
509
491
388
10,624
10,217
412
9,615
10,384
8,862
24,995
23,385
19,425
25,419
582
645
1,129
757
125
123
90
985
124,055
121,083
105,705
117,506
19,150
20,454
15,406
Richmond, Fred, to Potomac
Seaboard Air Line
Southern
System
'
-
Winston-Salem Southbound
TotaL
^
totaled
"■
in 1944.
•
„•
amounted to 13,522 cars a decrease of 1,161
cars below the preceding week and a decrease of 1,048 cars below
the corresponding week in 1944. • In the Western Districts alone load¬
ing of live stock for the week of June 23 totaled 9,776 cars, a decrease
of 650 cars below the preceding week, and a decrease of 534 cars
below the corresponding week in 1944.
"
Livestock loading
of 246 cars
below the
*
Forest products loading totaled 45,124 cars, a decrease
below the preceding week' and a decrease of 2,512 cars
corresponding week in 1944.....
Ore
-v';
-
loading amounted to 74,621 cars, a decrease
the preceding week and a
of 224 cars below
the corre¬
decrease of 7,467 cars below
1.944.;■/,r:
sponding week in
.
2,365
3,501
19,559
11,064
3,833
3,389
3,448
3,960
25,034^
1,495
8,585
26,454
25,229
731
982
632
8,985
8,669
9,790
364
426
415
99
23,881
25,452
8,664
449
417
1,139
2,669
1,966
3,180
2,371
2,638
1,728
2,679
7,480
7,447
7,178
11,868
11,014'
11,097
3,489
6,805
21,926
422
Lake Superior to Ishpeming
Minneapolis & St. Louis.
Minn., St. Paul & S. S. M..
Northern Pacific
—
3,154,116
3,916,037
March—
4,018,627 '
189
175
590
2,893
2,633
4,484
134,947
132,439
72,810
Central Western DLtrlct—
.
,
29,657
26,704
14,815
12,347
3,586
3,693
2,665
4,121
4,112
494
415
506
83
104
19,391
3,168
13,865
18,629
16,661
13,688
12,341
3,142
1,289
909
738
14,799
12,881
2,790
12,896
1,886
14,963
2,844
5,234
6,874
Bingham & Garfield
Colorado to Southern.^——
-
607
44
1,494
1,523
1,226
2,053
1,795
2,375
1,829
2,004
933
1,052
616
May.—1—
3,452,977
837,520
Week of June
884,285
873,174
854,486
872,674 '•
876,442
877,493
868,286
1,833
2,004
98
112
897
1,021
737
1
0
0
0
35,862
35,005
33,137
15,379
14,383
403
293
295
2,357
760,930
15,284
13,277
21,320
18,341
North Western Pacific.
City..
,
.
Peoria to Pekin Union,
19,479,295
20,387,991
20,368,204
Total
Southern Pacific (Pacific).,
Toledo, Peoria to Western
The following table is a summary
of the freight carloadings for
railroads and systems for the week ended June 23,
During the period 70 roads showed increases when compared
the;corresponding week a .year ago.,;;.v-i-::-;*/W-X-V
the separate
'
REVENUE FREIGHT LOADED AND
RECEIVED FROM CONNECTIONS
;
WEEK ENDED JUNE 23
(NUMBER OF CARS)
.
1945.
with
1,307
.
7,711
1,240
24
1,066
4,919
7,884
41
1,081
4,107
6,099
44
2,123
11,501
10,858
285
274
245
144
145
1,626
1,861
1,731
407
316
295
13,064
Aroostook
13,692
3,871
;
6,656
Boston to Maine—
1,056
Indianapolis & Louisville—
33
Central Indiana—
1,109
Central Vermont——.——
Delaware & Hudson
Delaware, Lackawanna to
4,987
—
Western-
Detroit & Mackinac———
Detroit, Toledo & Ironton———
Detroit & Toledo Shore Line
4,016
Drand Trunk Western.
437
512
532
2,236
2,179
7,787
7,799
5,007
6,359
4.964
9,123
8,599
8,644
7,482
5,190
935
919
334
305
1,085
1,396
363
372
5,781
6,054
5,391
6,085
161,169
161,124
'
North——
Pittsburgh & West Virginia———
Pittsburg, Shawmut to
—
Wheeling & Lake Erie
Total-
•
.
•
26
43
2,803
2,901
1,360
1,104
5,010
4,611
12,031
4,349
12,488
4,567
143,319
'219,885
232,757
755
:
.
luffalo Creek to Gauley
632
654
739
1,088
46,392
34,540
28,652
6,103
5,655
2,012
306
t
t
lambria & Indiana.
1,464
1,610
0
4
16
entral R. R. of New Jersey
6,853
"6,770
5,763
19,293
19,646
618
53
509
'ornwall
Pennsylvania,.
igonier Valley.
—.—
tomberlarid to
555
180
256
132
89?
1,664
1,690
Island
1
318
315
273
1,629
1,029
Midland Valley
673
691
472'
453
399
Missouri & Arkansas
..
(Pittsburgh)
Western Maryland
"nion
141
141
155
6,684
7,620
16,631
5,985
5,290
6,218
16,005
19,644
19,051
.....
Missouri-Kansas-Texas Lines..
Missouri Pacific
i
;:
•
...
17,101
Quanah Acme & Pacific
191
386
454
:V
184
297
397
340
10,090
7,477
8,887.
8,857
3.689
3,186
2,783
6,658
7,567
9,968
12,730
5,758
4,743
183
111
38
34
73,061
St. Louis-San Francisco
75,766
10,559
....
St. Louis Southwestern...
Texas to New Orleans
.
...
Weatherford M. W. to N. W
-
13,646
4,867
5,645
5,310
8,604
8,542
88 *•
81
36
22
,
21
26
71,172
72,311
70,516
tlncluded in Baltimore
&
Ohio
Note—Previous year's figures
:
herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
The
members
industry, and its
this
of
Association
represent
83%
of the total
includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
industry.
program
;
1945March
w
-
„
,
Orders
Tons
3
Tons
181,377
March 10—
Percent of Activity
Tons
Current Cumulative
150,486,
129,948
558,285
96
93
152,611 ~
—177,711
March 17——
Remaining
580,804
94
93
557,986
95
99
94
549,631
100
94
199
203,891
146,832
604,720
4,411
2,628
67,445
15,455
14,668
12,058
20,004
26,688
7,291
28,077
19,408
4,146
3,158
12,970
12,631
7,027
April
7—
....
____
April 14—
159,733
April 21—
;
—
Pocahontas
169,110
175,504
District—
28,808
14,946
14,159
14,038
21,242
21,090
13,073
7,263
—
4,603
4,994
2,606
54,501
30,013
24,028
25,321
medium-term
without
and
author¬
being
demand
credit
fi¬
to
exports of capital goods.
*
152,208
126,285
—
May 26——
92
94
the
to
465 mills re¬
National Lumber
Barometer
were
of
be¬
4.9%
week June
In the same week new
these
mills
were
1.9%
production. Unfilled
order files of the reporting mills
amounted to 108% of stocks. For'
more
than
reporting softwood mills, unfilled
orders are equivalent to 37 days'
production at the current rate,
stocks are equivalent to
days' production.
94
95
of
565,867
97
95
ceeded
95
95
and gross
33
532,257
97
153,359
546,211
93
95
159,228
575,167
97
95
129,618
159,230
537.182
96
115,768
157,932
491,287
96
95
.
95
week, plus orders received, less production, do
at the close.
Compensation for delinquent
orders
reports, orders made for or filled from stock, and pther items made necessary adjust¬
ments of unfilled orders.
year-to-date, shipments
reporting identical mills ex¬
production by 5.3%;.orders
For the
95
157,794
necessarily equal the unfilled
orders
97
189,674
Notes—Unfilled orders of the pripr
porting
Trade
99
168,204
not
lumber shipments of
602,717
95
129,327
1
According to the National Lum¬
Manufacturers
Association,
ber
605,89 2
94
~
98
9
June 23
Ended June 23, 1945
546,311
97
;
2
—_
Lumber Movement—-Week
158,532
223,162
5.
May 12—,
2,392
52,659
principal
demands
meet
resources
the
604,214
8,891
4,179
irglnian
cannot
it
161,764
153,111
142,387
May
June 16
27,238
hesapeake to Ohio
orfolk & Western
Total
155,780
with
faced
is
564,631
June
193,822
Representative Spence said the
158,938
June
191,405
Finance
foreign Governments in default on
existing obligations to this coun¬
162,040
158.854
,
125,708
April 28
May 19
Total.
Reconstruction
the
Corporation, and would repeal the
Johnson act forbidding loans to
93
537,005
162,386
2,042
to
23, 1945.
Unfilled Orders
Production
Received
,
Week Ended
178,483
4,625
legislation also would ex¬
life of the
bank, would require it to obtain
funds through the sale of stock
directly to the Treasury instead of
low production for the
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
137,911
64,343
The
tend for ten years the
We give
March 24
1,765
Representative Brent Spence
(D.-Ky.), chairman of the House
Banking Committee, designed to
increase the lending authority of
the Export-Import Bank of Wash¬
ington to $3,500,000,000 from its
present $700,000,000,
the Asso¬
ciated Press reported from Wash¬
ington, June 18.
by
nance
March 31
1,195'
1
Legislation has been introduced
for
Weekly Statistics of Paperboard Industry
6
69,627
]
Increased Asked
ity,
49
1,774
Export-Import Lending
additional
51
89,690
-'
which
revised.
12
1,831
said.
bank
RR,
37
87,258
ing was proportionately the same
in both of the states, Mr. Gardner
try.
TotaL
153
,
4,011
ennsylvanla System..
reading Co
251
Litchfield & Madison.„
,
153,625
158,551
16,440
enn-Reading Seashore Lines—
260
300
1,030
2,431
t
3,278
2,934
29,860
6,655
.
493
2,508
3,945
2,512
1,226
48,338
t
Lake Erie
946
2,334
2,136
1,164
Allegheny District—
lessemer to
1,285
5,676
3,611
,..
2,894
STATISTICAL
ikron, Canton & Youngstown—.
taltimore to Ohio—
I
—
574
5,001
.
:
3,265
199
345
.
'
403
4,965
3,181
5,701
16,364
244
406
328
Pittsburg & Shawmut——
Wabash..
8,497
2,840
1,791
16,594
2,570
358
24
55,292
19,508
3,530
6,436
■
2
4,053
17,262
-
■
5,956
17,010
8,049
726
52,780
9,663
1,253
6,398
1,207 '
102,539
:
3,888
11,688
3,814
1,537
12,000
2,668
-1 297
28
52,823
17,774
3,251
14,749
10,144
to Hartford
——.
[few York, Ontario & Western—.
Sfew York, Chicago to St. Louis—.
ST. Y., Susquehanna to Western
Pittsburgh & Lake Erie—
Pere Marquette——
[T. Y., N. H.
114,776
Wichita Falls to Southern
3,023
50,862
122,502
:
5,305
Texas & Pacific
193
2,800
——
139,068
.
1,302
1,090
5,823
2,208
1,963
5,554
Monongahela——.——
4,200
v
City Southern
2,296
211
9,516
5,076
Louisiana to Arkansas—
1,387
1,711
9,066
2,375
6,377
2,531
49,404
9,221
1,322
6,975
2,259
97
2,451
3,604
Kansas
2,664
•
2,286
.—
——--—
tdontour.—i
Sfew York CentraWjines.—
<
148
Lehigh to Hudson River—,
Lehigh & New England—,
Lehigh Valley-*—Maine Central
v
:V.. 2
528
2,300
Kansas, Oklahoma & Gulf.....
1944
1,455
261
978
7,108
-
752
140,922
TotaL
Burlington-Rock Island--
297
14,908
«2,390
35
2,296
12,314
11,230
1,428
33
585
Gulf Coast Lines...
1,033
315
6,341.
13,420
1,199
' > 1,994
220
282
inn Arbor
6,188
.
2,028
V
-
International-Great Northern.,
1945
1943
1944
1945
;
;
System..
i.4.
Western Pacific
Connections
Freight Loaded
Eastern District—
Utah.—
Received from
Total Revenue
':,v
Railroads
Union Pacific
V
2,524\
.
Southwestern District—
\
Total Loads
ong
;
...
Chicago, Illinois home-owners re¬
ceived
$76,624,000
of the new
credit advanced the first quarter,
and Wisconsin, $25,495,000.
The
increase over last year's borrow¬
2,298
16,044
Nevada Northern
880,311
9—
loans, Mr. Gardner S
between the two
district served by
the Federal Home Loan Bank of
As
the
in
543
0
Weeks of
Week of June 23-~—
total
the
1,971
1,176
1,458
Illinois Terminal!
Missouri-Illinois...,
8,338
869
667,609
2,939
334
2,299
3,363,195
810,698
662
2,510
730
Denver & Salt Lake—
Fort Worth to Denver
573
3,668
Denver to Rio Grande Western.
3,152,879
3,429
469
3,845,547
3,275,846
3,441,616
Week of June
Week of June 16
of
.
30,851
.
4
Chicago,
70,517
states
Atch., Top. & Santa Fe System—
Alton
April.—
Bangor to
:
believes.
Weeks of
*
91
133,171
4
,
/:.
325
Spokane, Portland to Seattle
3.374,438
:
.V
2,725
Spokane International—
3,055,725
1943
3,049,697
February.
of
:
417
purpose
!
Green Bay & Western
2,910,638
3,158,700
4 Weeks of
■
2,274
22,114
Chicago, Burlington to Quincy
Chicago & Illinois Midland—
Chicago, Rock Island to PacificChicago to Eastern Illinois.
1944
1945
3.001,544
Weeks of January,
ft Weeks
2,514
Great Northern
cago
more
same
loading amounted to
.
4
19,283
22,682
—.
TotaL
13,282 cars, an increase of 182 cars
above the preceding week, but a decrease of 1,754 cars below the
corresponding week in 1944.
v
All districts reported decreases compared with the correspond¬
ing week in 1944 except the Eastern, Southern, and Centralwestern.
All districts reported increases compared with 1943.
Coke
Northwestern District-
Chicago to North Western
Chicago Great Western
Chicago, Milw., St. P. to Pac.__
Chicago, St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range__
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern
Ft. Dodge, Des Moines & South
to invest in homes, the
sources
94
2,509
459
all
Federal Home Loan Bank of Chi¬
2,490
110
1,250
4,604
Illinois Central System
Louisville & Nashville
During the first quarter of this
Illinois and Wisconsin fam¬
ilies borrowed $102,120,000 from
year
points out.
This was 15%
than they obtained for the
during the like pe¬
567
riod of 1944, according to A. R.
4,094
16,564 Gardner, President of the bank.
11,440
Figures are gathered on mort¬
955
gages of less than $20,000 record¬
472
ed not only by the home loan
4,742
bank's member savings, building
1,363
1,075
and loan associations, which are
10,954
the leading sources of credit in
8,366
this district, but also by the com¬
24,135
885
mercial banks, life insurance com¬
1,029
panies, individual home ;• lenders
115,504 and miscellaneous mortgagees, he
explained.
Dependence of the
home borrowers on the savings
and loan associations this year it
14,006
is stated is up one point from the
3,574
10,983
same
period of 1944.
From this
3,999
source
people got 40.5% of the
196
new
credit granted this year, as
531
12,214
compared with 39.1% in the first
111
quarter of last year.
Conspic¬
7,181
uous emphasis of the savings and
951
50
loan institutions on making vet¬
2,546
erans' home loans, a majority of
3,460
which i thus far have come from
6,345
641
these
institutions, partially ac-L
3,729 counts for their
rising percentSgs^1
1,487
1,150
44
Gulf, Mobile to Ohio
1st Quarter Borrowings
694
1,265
—
———,
Tennessee Central
tit. & Wis. Associations
Received from
Railroads
Loading of revenue freight for the week ended June 23, 1945,
totaled 876,442 cars, the Association of American Railroads an¬
nounced on June 28.
This was a decrease below the corresponding
week of 1944 of 3,869 cars, or 0.4%, but an increase
Total Revenue
Freight Loaded.
Freight Gar Loadings During Week
Ended June 23,1945 Increased 3,758 Gars
Revenue
by 9.4%.
Compared to the average cor¬
responding week
of 1935-1939,
production of reporting mills was
10.5%
greater;
shipments were
11.1% greater; orders were 19.4%
greater.
•
•
~
.
he joined
He was
New York in 1927 when
vFollowing
a
meeting
of . the
of Directors of the Bank
of the Manhattan
Company on
Trust Co.
Manufacturers
Board
Assistant ViceJune 28 F. Abbot Goodhue, Presi¬ President in charge of the bank's
office at 149 Broadway. He moved
dent, announced the promotion of
Jesse Harvey Assistant Treasurer to the main office on November 1,
to Assistant Vice President and 1944, and is in the Out-of-Town
the
appointment
as
Assistant Business v Development * Depart¬
'
'
Esper
Philip
of
Treasurer
later
elected
an
ment/'
and
the manager of the
Queens Village office and Mr.
Heinrichs manager of the Wood-
"
s
which
he
is
the
Manhattan Company announced that at its meeting on
June
23
the
Board
directed
'
1945 the Sur-
that as of June 30,
;
he
his
In
offices.
branch
new
capacity as Deputy Comptroller,
Mr. Deering will be a member of
staff
administrative
the
of
$20,000,000 to $30,000,000 will be
by
taking
$10,000,000
Undivided Profits, which
will be first increased by adding
the
bank.
from
ference
thereto/among
Government Obligations and approximately $2,000,000 from Reserve for
Contingencies.
;
-
*
Japanese
the
since
oc-
Manila branch of
The National City Bank of New
York was reopened for business
on June
28.
The National City
is the only American bank op¬
erating in the Philippines. The
branch building on the Calle Juan
the
cupation,
!
*
modern
For three weeks after
Buna was one of the most
in Manila.
Mr. Deering
is
past presi¬
a
Comptrollers and Auditors' Con¬
and currently a member
of its Executive Committee.
He
is
Chairman of the
Bank Management Conference of
the New York Clearing House, a
at
present
of Govern¬
member of the Board
the
of
ors
Closed
!
Co.
land
he
firm
of
Buf¬
of
Bank
Industrial
Buffalo
is
Schutz as a
of R. J.
Mr. Schutz
the bank.
of
director
of
comptroller
Kleinhans
the
and
Bank
on
Bankers
and
Management
of
search
of
the Committee
member of
a
Chapter,
Banking
York
New
Institute
American
Association.-
•
•
Re¬
State
York
New
the
Co. of Buffalo."
Indicating
Central
The
Trust
ster
it's
of
condition
of
statement
Bank
as
in
of
a
Pasig
the
posite Letran College on the other
side of the Pasig River where the
enemy holed in during the siege.
A corps of National City officials
and employees went to
Manila
from New York several weeks ago
rush
preparations for the re¬
opening. The Manila branch of
The National City Bank of New
to
York
established in 1902 and
was
*
today it is the 40th link in Na¬
City's overseas organiza¬
tional
tion.
first
half
the public
1945
end
of
to
the
have voted to transfer as
Loans and bills
31
shown
to
be
$466,803,621
against
$335,554,355
in
March.
Capital and surplus remained un¬
changed at $21,000,000 and $60,000,000
respectively while un¬
divided profits have risen from
$29,736,185 at the end of March
to $30,261,955 in the latest report.
are
in that area.
ported as of June 30, 1945 total
deposits of $1,147,896,675 and total
assets of $1,213,922,069 compared
respectively
with
$1,072,419,495
and $1,137,014,908 as of March 31,
1945. Cash on hand and due from
amounted
Banks
$208,389,681
to
$241,276,558; holdings
against
of
United States Government obliga¬
$553,899,187 against $550,298,549. Loans and Discounts increased to $394,740,326 from $292,-
tions
019,726. Capital remained at $20,000,000. Surplus increased to $30,000,000 from $20,000,000 and Un¬
divided Profits after reserve of
$500,000
for
Surplus
is
dividend
quarterly
and the transfer of
$10,000,000 to
$8,907,063 at
end
the
'■
June.
1945, $30,000 from undivided prof¬
to
an
account
"reserve for
its
Manufacturers Trust Co. of New
announces
that
Nelson
been
made
that
Raymond
for¬
merly Assistant Comptroller, has
been" made Deputy
Comptroller.
Phillips was born in San Luis
Obispo, Calif., and started his
banking career with the Garden
City Bank and Trust Co., San
Mr.
Jose, Calif., later moving to Stem
Francisco. He was elected Cash¬
ier of the United States National
Francisco, and spent
several years in commercial paper.
Mr.
Phillips opened offices for
San
Bank,
&
Goodwin
Portland
and
and
Goldman
in Seattle
later
for
Dodge Brothers in Detroit as as¬
to
Bank
Title
Land
of
a
director
and
Trust
with
regular 2% return was de¬
by directors of Merchants
National Bank and Trust Co. of
a
time
banks
their stock¬
"Tribune Republi¬
The
holders.
dollar-per-
regular
dividends
share
two
announced plans for
of
payment
Meadville's
that
same
other
to
morning
1945,
as compared with deposits of $38,553,578 and total assets of $44,011,815 on March 31, 1945. Cash,
U.
S.
Government
demand
eral
loans
securities
secured
amounted
by collat¬
$45,845,805, as
compared
with
$40,530,551
on
March 31.
Capital and surplus
showed no change in total at $4,000,000 but undivided profits in¬
creased to $1,183,248 after divi¬
dend
payable July 2, 1945, as
against $1,139,035 shown on March
31, 1945.
V
at
York held
on
June 28
the bank's
increased
$250,000,
making the bank's surplus $3,500,000 and total capital and surplus
$5,000,000.
was
Arthur
of the
York
S.
Kleeman,
brings to
A
the total
8%
their
for
dividend
holders.
on
June
27
the
appointment of
Christopher F.
Meyer as Assistant Secretary and
Assistant
Treasurer.
Mr.
Meyer
has been with the bank since 1942
as
of
the
previous
2%
regular
and
Vice-President
Cashier
John.D. Bainer of the Merchants
that
said
National
has
bank
the
recently transferred $50,000 from
undivided profits to its sur¬
its
plus account,, thus increasing the
surplus account to $300,000 or twice
the amount of its capital stock.
The
oldest
Crawford County
Mr.
Meyer
for
many
chief accountant in
firm.
York
He
is
a
banking
years
was
a
Reserve
the
the
Governors
Council
Federal Advisory
of
Board.
Reserve
the Federal
of
•''///.
,
Keeseville, N. lY,
graduated
from
Dartmouth College in 1913 and
took a master's degree at Harvard
of
native
A
Mr. ; Atwood
in
1917 he left the fac¬
1914.- In
ulty of the University of Minne¬
saidr
y-y'rk,'- sota to enter military service as
\ Frederick
N.
Mercer,
Vice- an officer of the Tenth U. S.
President 'Of
both
institutions, Cavalry.
Completing his service
and Dale E. Chamberlain, Vice- in World War I with the rank of
President of the national bank, captain, he returned to Minne¬
indicating this the Chicago "Sun"
were
appointed senior Vice-Pres¬
idents of the two banks/and Mur¬
ray
M. Ostott, Vice-President and
Cashier of the Drovers Trust, was
elected
director of Drovers Na¬
a
apolis and entered the investment
business.
In 1924.he, joined the
of
staff
Trust Co.,
affiliate,
Minneapolis
National
First
former
later
became its bond officer and
served as Vice-President of First
"■•<\ic'-"v■ I: ■:■:.;• ■-::"X:
;
Tilden; Cummings, son of the Securities Corporation, investment
of. First
Bank
Stock
late
Willian C, Cummings and affiliate
co-executor and co-trustee of his Corporation. Following the mer¬
estate, was named Chairman of ger of the bank and the trust
the Advisory Committee of both company
in 1933, he served as
tional.
Charles Aaron, co-execu¬
co-trustee of the Cum¬
banks.
tor
and
mings estate, will continue
of the
M.
as
a
Robert
and
were appointed
Vice-Presidents
of. the
Lough
Assistant
Drovers
National and Leo R. Gruber was
Leslie
cashier.
named
Drohmer
J.
-
G.
were
Harold
Cashiers.
Assistant
Sharp
Korists
appointed Assistant
E. Smith was
National
resignation to en¬
manufacturing business,
the
director of Northwestern
a
Fire & Marine Insurance Co. and
has been active
on
the Public Re¬
lations and Planning
Committees
Asphalt Roofing Industry.
of the
1935 he served
In
chairman of
as
the
Minneapolis Community Fund
campaign and is currently a di¬
rector of the Hennepin County
War
Cashier of the Drovers Trust.
First
of
until his
Bank
ter
He is
banks.
two
Covert
Vice-President
Chest.
He
is also
director
a
of the
The election of Goodwin A, An¬
derson
a
as
Home
Vice President of the
of Milwau¬
Bank
Savings
Wise, was announced recenly by Fred Froede, President
kee,
and
Cashier
mier
mittees, of the Minneapolis Com¬
mittee for Economic Development
and the
Minnesota Salvage for
Victory Committee.
Allen Ciese-
named
Assistant Cashier.
as
The
member of the Hennepin County
and Minnesota War Finance Com¬
A. Meyer to the post of
Leonard
a
advanced
directors
the
,
It is also announced
of the bank.
that
Minneapolis Civic & Com¬
merce
Association.
During the
early years of World War II, Mr.
Atwood headed the Minneapolis
Civilian Defense Council.
He is
"Journal"
Milwaukee
re¬
Shirley S. Ford, President and
porting this also said:
Mr. Anderson has been engaged
director of the Northwestern Na¬
banking here for over 30 years.
more
than 15 years he was
with the old Second Ward Savings
tional Bank of Minneapolis, Minn,
in
For
Bank, and later with the Badger
State Bank. He has been in the
personal loan and mortgage loan
department of the First Wiscon¬
sin and was manager of the war
Meyer has been a member
of the staff of the Home Savings
Bank for more than 25'years. He
Mr.
assistant
formerly
was
Mr, Ciesemier
cashier.
has served with the
bank since 1924.
He was a paying
until his advancement.
teller
on June 25; he was 58 years
age/The Minneapolis "Journal"
stated in part:
He (Mr. Ford) stated his bank¬
ing
in
in 1909
career
Great
the
tional
bookkeeper
as
Falls
(Mont.)
Na¬
bank.
He
department,
bond
died
of
became
tional
since
di¬
and
Northwestern
in
bank
served
President
the
of
rector
after
1939
1934
having
Vice
as
Na¬
Presi¬
dent of Northwest Bancorporation,
principal
shareholder
of
the
Northwestern bank.
At
the
time
Ford also
was
of
his
death, Mr,
director of Reserve
reported that the 1% or
dollar-per-share dividends were
been
David T.
under discussion for some time in
Inter-State
anticipation of Mr. Wakefield's
reaching the age of 65 within a
few days. In his new position as
Chairman of the Board Mr. Wake¬
field will continue to be an active
Kansas
of
First
the
mailed
to
out
terday.
stockholders
The
yes¬
•
First
National
Bank
of
Erie, Pa. recently announced the
opening of two new branch of¬
fices. These offices are to be lo¬
cated in Lawrence Park and Wes-
In 1852 the bank was
a
private concern
known as M. Sanford and
as
was
Co.
the
been
City
Bankers Association and was its
President in 1934-35. From 1941
to 1944 he served as a member
the
of
director
apolis was elected President,
These official changes are the re¬
Miller
Bank
and
announces
has
Wakefield
Mr.
time.
Cashier C.
National
and
Vice-President
J.
leyville Pa.
On July 1, 1863 the
First Na¬
Co. of
to M.
Sanford and Co. opened
appoint¬
doors
for
Deposit
Savings
&
Trust
Drovers
con¬
bank have in¬
creased from $91,000,000 to more
than $335,000,000 at the present
the
of
of General Mills, Inc., the Minne¬
sota Ontario Paper Co., the Fed¬
established
Safe
paid
sistently during the entire period.
apolis June 29, Lyman E. Wake¬
field, President of the bank since
July 30, 1926, was named Chair¬
tional Bank Of Erie, as successors
Guaranty
$18,025,000.
to
been
have
Secretary Max Nichols of the
Crawford County Trust Co. said
that the regular dollar-per-share
dividends will be paid to Trust
Co. stockholders July 1.
announcement added.
advertising
University.
$10,950,000
Dividends
City Bankers,
zation of city
graduate of New
an
,
directors of
the First National Bank of Minne¬
Tax
Depart¬
ment, during which time he spent
six months in the Army. Before
becoming associated with Colonial,
manager
the
Bank, succeeding in both positions
the late William C. Cummings: In
share¬
dividend went out January 2.
President
Colonial Trust Co. of New
announced
of
yesterday
meeting
a
institution now in ex¬
istence, the Merchants bank has,
in addition, built up its Undivided
At a meeting of the Board of
profits to more than $96,000 and
Directors
of
Sterling
National reduced the carrying value of the
Bank & Trust Company of New
banking house to $55,600, their
executives, coming to New York
of
1945
and
to
Bank, has been elected
Piesident of that institution and
clared
Meadville, Pa. on June 27, at the
Co.
of
made
A 3% extra dividend along
V'.v
George A. Malcolm, vice-pres¬
ident and cashier of the Drovers
and
Co. of Philadelphia.
in its statement of June 30,
Sachs in Seattle. In 1922 he joined
sistant
elected
Co., has been
board
of New York
bank,
Deering,
C.
E. Ebert, President of
Philadelphia Transportation
Charles
the
930 and total assets of $49,336,951
Trust Co.
Fulton
:
<
director
Meadville, reporting this
also had the following to say:
Action of the Merchants Bank
has
Vice-President and
the
of
Vice-President
a
B.
Assistant
formerly" an
Phillips,
if
and
when
•/
Frank
can"
surplus
York
30,
close of business June
of the
compared with
three months ago.
purchased on June
$1,085,504,863
intention, di¬
line with this
reports total deposits of $43,820,-
at the disposal of
Bank of the Manhattan Co., re¬
Bond
of
amounted
the
$1,167,208,930 at
Complete banking facilities
will be placed
of
securities
ernment
of
V
June 28 added;
compares
United States Gov¬
respectively.
Bureau"
"News
Boston
the
with the figures as of March 31 of
$1,830,080,812 and
$1,707,403,657
fought
this
of
Bank,
National
dividend
$1,896,738,598;
■,
is the sense
that it
Atlas
&
In
York
New
,.;: ;; V-.:Z;: ;V
Boston, that at the July meeting
they will declare a semi-annual
dividend of 3%, or $1.50 per share,
to be paid July 31 to stock of
record July 20, whereas for some
time past the regular semi-annual
dividend has been $1 per share,
,
Hanover
Co.
•
ol the board of directors of Web¬
rectors
and
'
27.
National
falo, N. Y. announced oh June 27
the election
to stockholders of record June
30
the
Holden, President of the
Victor
also
regular semi-annual
dividend of 5%, or $2.50 a share
on the capital stock, payable June
Hitt, Farwell & Park.;:
of
MacArthur's
Divi¬
front line battle
River for the
Bank.
The six story building is
in downtown Manila directly op¬
/
with
affiliated
was
from
account
added that the board
is
ufacturing
declared the
June
of 64 years. Before
Mr. Park joined the Marine Mid¬
payable
June 30, 1945 reported total assets
/
of $2,022,744,833 and total deposits "declared.5': ■'
across
/
on
29 at the age
sion
■;
died
York
New
of
according
It
dent of the Marine Midland Trust
troops this spring, the 37th
,
$400,000 and its surplus
$800,000.
Deposits
•?
Presi¬
Charles F. Park Jr., Vice
the entry of General
■
During Mr. Wakefield's 19 years
as President, capital funds of the
First
National
have
increased'
charge
.'".-v.::, :
-■ -
a
as
paid off during the month the
balance of capital debentures held
by; the ; Reconstruction
Finance
Corporation and increased its sur¬
plus account by $100,000. ;The
bank's
capital
account is now
estate
Bowery
The
continue
will
and
it
and real
department
of
Savings,/ ■/'y.-'V
new
director of the B. F. Nelson Man¬
dent of the New York City Bank
other items, ap¬
proximately $3,000,000 from Gen¬
eral Reserve against United States
r
mortgage
bank's
of the
functions
erational
effected
■
'
the
in
President
at
holiday
his
to the Baltimore
"Sun" of June 20, announced that
Md.
assistant
O'Shaughnessy was
of
in 1929,
appointed
In
this
was
Comptroller.
duties
The Calvert Bank of Baltimore,
Examiner
State Bank
Vice
capacity, : Mr; Deering
was: in
charge of the formulation, instal¬
lation and management of all op¬
plus account of the Bank be in¬
creased by $10,000,000.
The increase
in Surplus account from
'
organization
1932
Assistant
the
of
in
and
of
Board of Directors of Bank
the
latter
assume
June 26 at the age of 73,
the
Secretary of
Assistant
an
on
former
and
York
New
to
Co. He
with Manufacturers Trust
St&wart Baker, Chairman
J.
was
of
on
Mr.
the Columbia Bank
subsequently merged
joined
became
office.
Jhaven
*
died
and edu¬
cated in New York City. In 1919
Esper
and has
Committee.
executive
the bank after a brief
Trust
its
served
He will
The
New York
Mr. Deering was born
George Heinrichs. Mr. Harvey is
manager of the Bank's office at
Park Avenue & 32nd Street. Mr.
*
with
Bank
-
.
O'Shaughnessy identi¬
Bowery Savings
James J.
fied
V.
\
Treasurer.
granted by the. Federal Govern¬
ment.
Assistant
bank
the
of
director
Charters
the first twelve National
of Thomas G. Dunne as an
ment
Companies
Items About Banks, Tins!
Thursday, July 5, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
128
business
under
one
its
of
At
sult
the
of
man.
and
meeting
a
of
Board
of
Directors
Henry E. Atwood of Minne¬
of
officer
plans
of the
which
bank.
have
No stranger
to the First National
Mr.
Atwood
organization,
resigned as Vice-
President of the bank in January
1936
and
#Co.
of Minneap¬
of
asphalt
roofing,
insulation
and boxes.
Since April 1943 he has been a
Minneapolis
and a
Life Insur¬
Equitable
Co. of Iowa.
ance
Beals, President of the
National
City, Mo.,
nounced
Thomas
the
bank,
on
Bank,
of
June 23
an¬
election
of
R.
H,
Vice President of
as
the
effective
Thomas
was
July
formerly
1.
Mr,
Assistant
Vice President of the Union Na¬
tional
Bank.
"Star"
states
sas
The
that
Kansas
his
first
City
post
with the Farmers State Bank
was
of
manufacturers
director
Bancorporation,
of
trustee
he
Manufacturing
olis,
the
and
Vice-President
become
bankers,
eral Reserve bank of
director of the B. F. Nelson
to
a
national organi¬
a
Highland,
was
State
1932
he
manager
City.
Kan.,
after
which
examiner for the Kan¬
an
Banking Department. In
was
appointed assistant
of the RFC in Kansas
.
@FedFRASER