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160
New
Number 4296
2 Sections-Section 2
S. Pat. Office
Reg. U.
Volume
In
ESTABLISHED OVER 100 YEARS
Edition
Final
Price
York, N. Y., Thursday, July 6, 1944;
Cents
60
Copy
a
Morgenthau's Address To The Monetary Conference
The Financial Situation
Bargainers, But
major political parties has now assembled Treasury Secretary Calls For Co-operation Among Nations, "Not As
in convention, heard the usual addresses, selected candi¬ As Partners"—Aim Must Be Directed Toward Prosperity For All,
dates for the Presidency and Vice Presidency, and dispersed
ation Of A World
One of the two
And "The Cre¬
Their
Economy In Which All Nations Will Be Able To Realize
for the real campaigning that is to come later.
Potentialities"—-Holds International Exchange And Investment Problems Solved Only
The head of the Republican ticket, after the manner of Mr.
'Roosevelt in 1932, flew to Chicago to be "notified"'at once, By Multilateral Co-operation, And Cites Need For A Post-War International Bank
and to deliver an address formally ^'accepting" the nomina¬
At the opening session of the United Nations Monetary Confer-^
tion. This seems to take care of the preliminary chores, but ence at Bretton Woods, N. H., on July 1, Secretary of the Treasury only if we approach it not as bar¬
Henry Mor¬
gainers but as partners—not as
it does little more than that. The platform of the party is
end in view.
to
prepare
>i
unenlightening and as uninspiring as such documents usu¬
ally are—particularly when they are drafted by political
elements doing their very best not to offend any one.
Mr.
Dewey in his acceptance address gave some indication of his
"flavor," as it were, but did not go very much further,
s |
as
confer¬
the
ed
an
ing, Mr. Dewey must now prepare to furnish the people with
good and compelling reasons to believe that he would give
.
administration
more
to their liking.
in his Chicago address, Mr. Dewey
(Continued
on
At
one
point
remarked that the Demo-
page
address
the
as¬
dele¬
gates.
"opposition" party. It has
been the "opposition" party for nearly 12 long years.
It is
asking the people of the United States to oust the Democratic
party and place it in power. It must, accordingly, advance
good and solid reasons why the voters should take such ac¬
tion. There is altogether too much inclination to feel that
the Republican ticket can win merely by reason of the dis¬
favor into which the Roosevelt regime has fallen. .'There are;
no doubt, a good many who would vote for almost any Rej
publican rather than Mr. Roosevelt, but, to put/the matter
an
deliver¬
ence,
The Republican party is the
language of the politician, there are not enough of
them to. turn the .tide. To have a reasonable hope of succeed¬
100)
of
chairman
sembled
in the
ent
p e r m a n
Must Take Initiative
them
elected
was
to
^
who
genthau,
Mor¬
Mr.
.
ad¬
the
dressed
Conference
as
follows:
that
we
ing
sals here formulated
ferred
to
Has
i Theory Fostered By Present Regime That America
of
confer-
the
|H
ence:
"
have
You
and
given
an honor
I accept the
me
opportunity.
an
presidency of this conference with
gratitude for-th& confidence you
have reposed in me."
I accept it
also with deep humility.
For I
that what we do here will
know
shape to a significant degree the
nature of the world in which we
are
to live—and
which
in
the nature of the
and
men
women
ourselves
than
ment upon
lishment
recommended
be
of
Inevitable
Declares America Must Re-Win
—
Freedom At Home And Holds That
Only A Progressive
Republican Administration Can Solve Problem of Pro¬
viding Jobs After War Ends
In his address
on
June 28,
accepting the Republican nomination
accomplish
can
President, Thomas E. Dewey, Governor of New York, told the
<♦>ub lican
prevent a unanimous choice, hav¬
vention
at
ing been recorded for Gen. Doug^
las MacArthur by Grant Ritterj
Chicago
that
of Beloit, Wis.
;V//
;■ "to Americans
;
The speed y^a c t i o n which
of every party
I
brought about the nomination of
pledge a
r:
Gov. Dewey, served to bring the
campaign ded-
see
agenda
with
the
in
cessful
At
the
opening
icated
to
convention
one
'
end
above
others,
f
that
—
platform
God
under
work
before
us
continue
"
in
the
ahead
years
free
a
Nation of free
Men."
'
of
was
"
Thomas
E.
Dewey
reported in our June 29 issue
one
vote
cated
by
noted in
(page 2689), was effected on the
first ballot by a vote of 1,056 to 1,
—the
three
The party
adopted at the con¬
a
leading candi¬
date for President.
Gov.
•Dewey for
President
as
was
nominations been
The nomina¬
tion
in
which served to
the
our
As
United
item of
Gov. Bricker after
was
Press,
a
indi¬
and
week ago,
night of per¬
finally con¬
sented to accept the Vice Presi»
; .< (Continued on page 104)
A
suasion
on
June
a
the
the
that
by
unity welded
among
us
will endure in peace.
war
(Continued
101)
page
on
Hotel
Bretton
at
the
Woods,
assembled
of
Members
I
welcome
Conference:
with
hope.
I
grateful to
am
you
ing
for mak¬
the y long
journey here,
grateful to
Govern¬
your
ments for their
accept¬
ready
of my in¬
ance
vitation to this
meeting. It is
fitting
that
.
of agreed action among na¬
expansion
production,: employment and
even
while the
war
contemplated in the Atlan¬
for liber¬
is
ation
tic Charter and in Article VII* of
at its
peak, the rep¬
con¬
the United States with
many
of
the
United
Nations.
Whatever
we
accomplish
here
must be supplemented and but¬
tressed by other action having this
<♦>——•
meeting place with confidence and
tions to bring about the
the Mutual Aid Agreements
resentatives of
cluded by
free
men
should
to
President Roosevelt
another
take
coun¬
with
sel
respecting
gather
the
one
shape
of
the future which we are to win.
GENERAL CONTENTS
The
Editorial
the
Page
Financial
Situation......
.
.
97
Regular Features
From
•
Washington
News
...
.<
Ahead
......
.
of
Moody's Bond-Prices and Yields..,,.
Items
About
Banks
and
Trust
98
108
Cos.. 101
Trading on New York Exchanges....110
NYSE
Odd-Lot
Trading,............110
State
General
of
Weekly
98
Review
Steel
Review................ 107
Daily Commodity Index.... 108
Weekly Crude Oil Production
Non-Ferrous
Metals Market
...110
108
Electric Output
a
Financing in Non-Farm Areas
(Jan.-April) ..,.................... *54
Weekly
Mtge.
*
Not
available
this
week.
issue
July 3, on page indicated.
Appeared
in
our
„
of
Monday,
1,
Mount
President
letter of
a
arid
Washington
.
us into
coming to¬
prodded
;
insure
an
world.
But
it
is
everywhere.
the basis upon
able
to
For it concerns
with
exchange
the
earth
and
the
free
their
ingenuity.
and
the
life
We
society.
the
of
products, of
industry
is
one. an¬
riches
natural
own
phase,
and wo¬
men
which they will be
other
Commerce
vital
a
affecting ordinary
men
harmonious
orderly,
must
of
blood
to
see
that the arteries which carry
blood
stream
again,
that
clogged
not
are
a
it
they have been in the
as
by artificial barriers cre¬
ated through senseless economic
past,
rivalries.
*
:
Economic
diseases
communicable.
j
highly
are
It follows,
there¬
fore, that the economic health of
country
every
ter
of
is
concern
to
mat¬
neigh¬
proper
a
all
its
and
distant.
Only
dynamic and a soundly
expanding world economy can the
bors,
near
through
a
living standards of individual na¬
which
tions be advanced to levels
gether in conference when we have will permit a full realization of
common problems to
discuss and our hopes for the future.
done
have
We
this
suc¬
The
spirit in which you carry
these
discussions
will
set
a
cessfully with respect to various
on
military and production phases of
the war and also with respect to
for future friendly con¬
sultations among nations in their
which
measures
such
and
must
as
relief
and
be
taken
rehabilitation
of
distribution
the
world's
pattern
common
interest.
Further
dence will be furnished
ton
Woods that
men
at
evi¬
bret¬
of different
nationalities have learned how to
have been adjust possible differences and
matters. how to work together as friends.
who come The things that we need to do
from many lands are meeting for must be done—can only be done
This conference will
the first time to talk over pro¬ in concert.
food
supplies.
essentially
These
emergency
At Bretton Woods you
posals for
future
an
enduring program of test
economic
cooperation and
The program you are
to discuss
our
capacity to cooperate in
have in war. I know
will all approach your
task with a high sense of respon¬
peace as we
that
peaceful progress.
you
only one sibility to those who have sacri¬
phase of the arrangements which ficed so murh in their hopes for
must be made between nations to a better world.
constitutes,
27
a
has
immediately after the war is won
Trade
Commodity Prices, Domestic Index..109
Moodv's
war
healthy habit of
solve.
the
....
at the
July
on
quiet
this
to
you
however, as part of a broader pro¬
gram
H.,
N.
Monetary
Nations
United
It follows in full text:.
the
invest¬
It should be viewed,
ment field.
the
assembled
delegates by Dr. .Warren Kelchner, Secretary General of
the.Conference.
and
monetary
of
which
Roosevelt, addressed to members of the conference, was read to the
if
cluding day's session.
Vf Weekly Carloadings- .................Ill
Named with Gov. Dewey on the Weekly Engineering Construction... .109
Paperboard Industry Statistics.......111
Republican ticket as Vice Presi¬ Weekly Lumber Movement.......... 108
dent, is John W. Bricker, of Ohio, Fertilizer Association Price Index —108
who had up to the day of the Weekly Coal and Coke Output,.... .109
*
may
close
a
9:40 p. m. on June 28.
Nation
this
to
days (it opened on June 26) ad¬
journment ; having
occurred at
all
to
task
session
Financial- Conference,
it in perspective.
Our
is..concerned specifically
National Con¬
'
have
historical
significance.
Men and women everywhere will
look to this meeting for a sign
President Roosevelt's Message To
Internal'! Monetary Conference
,
R ep
■!
will
here
achieve
we
stable
this
de¬
we
it in this spirit,
greatest
economic relationship among us.
All of
for
/
and
but I believe, if
us;
earnestly and sincerely, that what
the estab¬
for
sound
a
you, T know, share this sense of
responsibility.
v",\; : .V
We are more likely to be suc¬
of
Is
fore
vote ourselves to
certain basic measures
must
governments
ours
must
fulfillment of their hopes.
trade
ment
re¬
respective govern¬
ments for acceptance or rejection.
Our task, then, is to confer and
to reach understanding and agree¬
and
members
Morgenthau
Sec.
we
Condemns Failure Of New Deal Administration To Solve
Employment Problem Despite Seven Years Of Un¬
equalled Power And Unparalleled Spending — Attacks
mutual
our
round out their lives and seek the
;
to be
are
recognize
de¬
welfare
common
pends, in peace as in war, upon
trust and joint endeavor.
It is not an easy task that is be¬
agreements bind¬
nation, but that propo¬
on any
who
men
as
their
that
to
make definitive
We
gates
younger
One-Man Government In America
asked
not
are
Fellow dele¬
world
Dewey Says GOP Victory Will End
but
rivals
President Roosevelt has made it
clear
which
genthau
—
..
of
course,
,
98
THE' COMMERCIAL & FINANCIAL CHRONICLE
-
A
From
Timely Warning
'
trade
that the first paragraph was the most eage*rly sought after por¬
pose
tion
well.
"Unfortunately, powder puffs have been used to
public opinion—and nat¬
to
see
knock down the walls of
boner
urally, no noticeable effect has been achieved.
Everybody and his uncle continue to expect imme¬
1940,
If
ask
you
consumers
which
was
;
to
j
come
;V:;
with me."
Willkie has
worse,
$100,000,000,000 which
have
yet be-:
never
and what is
from the standpoint of his
political fortunes, could never
successfully disguise his contempt
own
our
constantly refer to, also will be only a
Valenstein, President of the
leaders
dream."—Lawrence
for them.
'
There
are
lack of enthusiasm
By NORMAN THOMAS *
about
is
more
a
part
President Roosevelt's Plan
Organization "Assures A Third World War
A Lasting Peace"—Holds The Miracles Of
Presidential Aspirant Asserts
Can Produce
who
and
prominence
party and who certainly,
in on things dnd who
$2,500-$3,000
year,
a
do it if the control
of
Amer¬
ican
your
gift
boys,
sons and
mine,
heads
as
a
en-
cient
heroes
the
poets.
there is
no
litical
peace
peace
offensive.
-
It
The
which the New Deal¬
get definitely in their
fact that notwith¬
the
standing there was more affection
the
at
for
convention
Bricker;
the
slightest
that
Dewey's' nomination
be practically unanimous
there
never
was
doubt
would
because of the realization that he
is
He has shown
polls for four years
vote-getter.
a
this in popular
and he showed it in his two
cam¬
paigns for Governor of New York.
We
hear
do
some
concern
ex¬
pressed about his evident plan to
make his campaign a youth move-*
ment. This can become offensive,
and costly with the youngsters all
And the Dewey people
off to
war.
have
already
bowled
old-timers who
some
over
not
are
only est¬
imable citizens but who have been
doing
yeoman
Their
work for the party.
Harrison
of
treatment
Spangler and the veteran, Henry
P. Fletcher, are two cases in point.
Spangler,
as
national
chairman,
has not been a master controver¬
sialist, but he has given the party
one of the best interim organiza¬
tions it has ever had.
would
It
to
seem
too, that
us,
this emphasis on youth in his
ao4
on
between
pointments walks right into the
campaign the New Dealers > are
making and will continue to make
against Dewey: that he is a little
squirt or something of the sort.
:
We are of a mind, however, that
it is this very attack that has
pushed the Governor into an em¬
phasis on youth, and the theme of
his campaign which is to be that
the New Deal is made up of tired
old
To have this sort of at¬
men.
tack
them will make the New
on
Dealers
squirm
has
ever
talked
old
men
nobody
because
so
viciously about
than they.-
week was
of the
news
J
filled with many events of great
Republican Convention on Wednesday
previous week, as the Presidential candidate, and Governor
of Ohio, the delegates' unanimous choice for the
of the
William- Bricker
Vice
candid—intelligent
-
overshadowed^
Presidency,
Con¬
the rest of the week's news.
private capitalism,
falsely called free enterprise, do
not - expect to
provide, full em¬
ployment. Many of them expect
deliberately to resort to imperialism to alleviate an unemployment
which never can be cured by a
employment
po¬
is
Dewey of New York by the
of private monopoly. I as¬
sert that on their own admissions;
of
should
import having a direct bearing on the war and the future course of
trade and industry.
The selection of Governor Thomas Edmund
mercy
advocates
and fear of it and the un¬
it will bring.
The
very failure of peace to bring jobs
will be a powerful factor leading
still
But
,
profit of absentee owners. We can¬
not do it if we are left at the
when -they- are
a
show.
One thing
ers
himself
considered
never'
The State Of Tirade
151
wasted in fierce
withheld from use
altogether in the interests of the
or
In
organization.
party
We can¬
peoples freed from every sort of
foreign yoke.
One of the tragic facts of our
times is that so many Americans
are
torn
between
longing for
an¬
immortalized
by
com¬
imperialist
but a promise of American
cooperation in a federation of
cour¬
of
blind
a
an
Gov¬
the: fourth or fifth paragraph he
told of his dependence upon the
money
shockingly
are
competition
the
his feet
keep
proach.'. Dewey
expressed
his
gratitude for the honor that had
been bestowed upon him. In about
We cannot
our
bearing money.
a
a re¬
assuring contrast to Willkie's ap¬
banks
interest
at
£v That first paragraph was
least
peace,
age surpassing
that
be
not
mitment to enforce
the Pacific,
have
fought
with
resources' in
material.
I renew, if
and
men
will
which
on
.
—
'
possible with greater earnestness
than before, our Socialist demand
for an immediate peace offensive
on At¬
beach¬
lantic
of
American
and
brothers
—«———.
i
not
are
not do it if our natural resources
,
is
the ground.
a political peace offensive, the
been successfully begun.
Once more
and urged
indicate that
to
will
the
to
left
is
far
so
in
at
of
income
mimmum
had
one-man
,
largely in the hands of
operated for private profit
with the virtual power to create
>
the
set
he
have
to
age
ernor
standing
be
to
That
fire.
vof
men
are
Enough To Give Every Amerteari Family A Minimum
$3,000 A Year"
Income Of $2,500 To
Since Hast spoke here
destined
is
on
dangerous
among
but
he
world
propagandists write. It
question of vanity on
of meri who are not
New Deal
"bosses"
Socialist Candidate for President
great military offensive has
due to the
was
enjoyed
such high honor is admitted by
anybody who has seen so-called
dynamic 40-year-old
executives
in action.
The psychologists tell
us that a man at that age who has
tasted of success frequently be¬
comes utterly impossible.
There
is, however, nothing in the record
the
War-Time Production Prove That "We
the past.
party leaders
whether he didn't get the nomi¬
nation too easily for him to recog¬
nize
their
importance
in
the
scheme of things. It isn't a ques¬
tion
of
so-called
party
bosses
wanting'to dominate him, as the
Socialists Demand Peace Offensive
Instead Of
conventions
as
that
question
tion.
For World
question
no
in
hullabaloo,
a
Dewey's being a Republican, but
there has been and there .still is
others equally in need of atten¬
many
is
the
feeling that Dewey, at his age,
may become cocky and convinced
\•
There
Grey Advertising Agency. * '
This, of course, is only one instance in which post¬
war buncombe is threatening to do real harm, but
it is one which should not be neglected.
not
was
been
that
killing and that the
was
TSe war
hung strongly over it. Those dele¬
gates had sons out there fighting
just .as do other people.
On the other hand, some of this
Republican
a
Much of this
fact
the
to
enthusiastic affair
thing and their worst sus¬
picions were confirmed in a few
come
laid
be
convention
they had done the
knew
weeks.
and
on
weather
wrong
of
own
can
Then and there the Republican
leaders
of their
one
peared personally.
"You
nomination, said,' in effect:
heavy contribu¬
or
the radio about the
lack of enthusiasm for Dewey at
the convention, even when he ap¬
amazing
delegates that he was a
the
so-
one
man
tor, only to get
the
before
his
of
party who will not do so.
A
lot has
been written
spoken
after
Republicans,
strong
committeeman
quite
prove
appearing
Willkie,
convention
,
over
in
boner which was to set the
of his
relations with the
ancl
our peace¬
time economy. If the nations purchasing power is
not converted into action, that is, buying, the post¬
national income of
pulled
get rid
who will not
recognize their position as Sena¬
tor, Governor, or even national
costly to him.
placement.
"This waiting for the later dream models presents
war
Willkie
They quite rightfully
to
want
called
party leaders during the campaign
they will buy the first autos, or refrigera¬
tors to come off the production lines, you find that
in nine cases out of ten they intend to wait for the
later models, if what they have does not need re-,
great threat to the re-establishment
which
■
titled to be.
don't
a
tone
whether
a
'
and the newspapermen as
They were looking quickly
whether he would pull the
gates
and distributed.
were
managers
heads
his'acceptanceispeech onf>
of
part of the l.,000 or so dele-
the
always telling
thor¬
ough organization man, that he
of
Having hung around Chicago for a few days after the Republican
convention and being back in Washington long enough to absorb the
reaction of the world's greatest propaganda factory, we would say
that one of the most important jobs facing Governor Dewey is to
convince the party workers That he is an organization man.
We sup¬
proved models could be designed, tested, produced
miracles.
BARGERON
.
gested to the public that it might be more than a
matter of months after the war before vastly im¬
post-war
and: of course, \ he has not
any.Also, his triumvirate
say
made
against expecting post-war miracles.
Here and
there, some lone manufacturer has delicately sug¬
diate
something about hav¬
ing made no commitments but this
something that all candidates
is
Ahead Of The News
By CARLISLE
and there,
the
Thursday, July 6, 1944
•
he did sayr
Washington
"Today industry knows that it has put itself in
hot water with its fantastic claims of extraordinary
post-war product improvements. Here
some
lone manufacturer has warned
>
the country
gave evidence, of a drift to the Re¬
publican Party with the apparent
purpose in mind of using it as the
vehicle through which "our Amer¬
ican; way; of life" would be re¬
stored to the people. The Repub¬
servative
,
primary trust in the kind of for¬
in
licans
eign trade which imperialism will
groups
of
hastened to assure
turn
a
commendable
one,
must of ne¬
cessity await the outcome of the
National elections in November.
/
time-worn adage runs, "a
threatening comes at last,"
A
;
long
and
so
it did
in the
case
of Fin¬
On Fri¬
day, last, Secretary of State Gor-
land the previous
dell
week.
announced
Hull
that
the
confi¬ United States had severed diplo¬
matic ties with Finland, declaring
Of course I believe in world dence in the party will not have
her to be a puppet of Nazi Ger¬
trade. But I want a trade which been' in' vain.,"Reproaching the
many.
The action signalized the
does, not rest on the exploitation New Deal in the Chicago Stadium,
formal recognition of a condition
by attacks on the idea of an "in¬
of any nation and which is'not
which had existed since Germany
spurred by the grim necessity of dispensable man," campaign man¬
declared war on the United States
procuring some commodity abroad agers promised a thorough house- and followed closely (two weeks)
cleaning in Washington to curb
even at the price of war.
after the expulsion of Hjalmar
The road to prosperity is plan¬ the extension of bureaucracy and
concentration of power and. pat- Procope, the Finnish Minister in
ning to meet the needs of the
Washington along with three of
American people. It can be better tronage in the hands of the Fed¬
eral Government.
Stressing the his counselors, ^because of activi-,
promote.
'
■
them
that
faith
their
and
,
,
would
it
worth
would
to
be
if
Norman Thomas
it
save
young
your
thousand
times
worth
it
for
Over and over it has
war.
been
life. If that life were
son's, would not your heart
cry "Amen"?
It would be worth
it for the new hope it might give
the democratic cause in occupied
Europe and amorvg the German
people themselves. It would be a
one
new
the
proved that where jobs are
scarce
men
are willing to
make
them or see -them made by mili¬
tarism, imperialism,
and even¬
tually the wars to which militar¬
ism
and
imperialism inevitably
lead.
*
It is the supreme
civilization
worked
,
that
failure of our
have
we
not
machinery effectively
our
done
in
peace
than war.
be done with far
more
It can
democratic
opinion
that
he
considered
the
mat¬
help it would give in averting a except for war and that we can
time but only on the basis set ter for the generals, not the poli¬
third world war.
only provide full employment un¬
ticians, to handle, Governor Dewey
forth in the Socialist platform.
But instead of any such help, der conditions of mass homicide.
It will never be done at all as pledged, if elected next Novem¬
the President has taken occasion The fault is not in the stars, but
ber, that no change in the military
in ourselves. We have all the ele¬ long as the people of America al¬
to
controls and less Czarism in war¬
emphasize
his
proposal
for
guaranteeing world security by a
worse League of Nations, an im¬
perialist alliance of the major
ments of post-war prosperity: re¬
victors
dous
sure
ways
as
impermanent
to breed
war
have been.
as
and
as
alliances al¬
Mr. Wallace is
allowed to speak fair words about
freedom in Asia.
He has
no
power
of action. But the President goes
on
shoring
tures of
up
the tottering struc¬
French, Dutch, and Brit¬
ish imperialism
*A
at
a
by the indefinite
speech made by Mr. Thomas
rally held at Socialist Park,
outside
of Reading, Pa., on
25, 1941,
June
machinery,
sources,
skills,
ac¬
cumulated savings, and a tremens
unsatisfied
in
urge
But these things
duce
will
wants.
no more pro¬
than stone and
wood
and
brick
piled on the
ground will produce a house with¬
out a plan.
prosperity
There is
only
to
life.
The
one
way
and
jobs.
one way
That is
deliberately to plan to produce
the things we need for the good
get
more
miracles
production
time
we
give
every
prove
can
of
war-time
that in
produce
American
peace¬
enough
family
to
low themselves to believe that the
cancer
of unnecessary poverty can
be cured
by Republican or Demo¬
cratic salves.
long
as
let
the
as
It
themselves
issues
can never
be done
the people of America
be
upon
diverted
which
from
freedom,
and plenty depend by the
phony war between Republicans
and Democrats, a war which has
meaning only in terms of their ri¬
valry for office at the people's
expense.
You will throw away
your votes-once more unless this
year you will begin to vote for
what you want.
1
>:
peace,
That is why
Darlington Hoopes
a and I arb making this compaign.
military aspects of the war a
ties "inimical to the interest
States."
United
made strange
The
bedfellows, and with
Finland it was a case of
choice.
'
of the
has
war
Hobson's
1 .'i"
■
The heavy and oppressive hand
would result. of bureaucratic government on
The Governor'was outspoken Saturday, last, intruded itself fur-„
ther into the employment situa-|"
against any international police
tion of the nation and added fresh
force, favoring post-war collabo¬
ration to maintain peace.
Reas¬ woes to the already overburdened
conduct of the
the
suring
war
people
that
would be re-established at
liberty
home,
leaders promised restora¬
peace-time industry im¬
mediately upon the cessation of
hostilities, prompt settlement of
war contracts with early payment
of
Government
obligations and
party
tion
of
shoulders
ment.
of
labor
and
manage¬
Manpower shortages exist¬
ing in some critical areas,
induced
by loss of men to the armed forces
and a return of war workers to
peace-time jobs were responsible
"job referral plan" which
went into operation on that day,
inventories, according to the WMC.
One other bit of news of vital
for the
disposal of surplus
and disposal of surplus Govern¬
ment plants, equipment and sup¬
importance to business and indus¬
due consideration to try was the long-awaited legis(Continued on page 106)
small buyers. The program, while
plies
with
,
.Volume 160
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4296
Bricker Says
Paramount Need Is
Currency System Seen
Possibility In League of Nations Deport
As
*
Ambition"
Individual
•
tuations
New International
-
Defeat of New Dealism—Transcends
;■■■■.
99
A
,
international
new
currency
system
develop
may
from
acceptance of the need- to maintain employment and
common
the
a
Vice-Presidential Nomi¬
Interested In Defeating
Philosophy Of Absolutism Which
Service
Swept Free Government From Majority Of Nations"
Than In Being President.
the Republican nomination for
President, Gov.; John W. Bricker of Ohio, requested the delegates
him
as
candidate
a
from that state, at the
June
on
who
er,
'
that this is
nomination
at
dividual
the
when
Vice-
the Republican
the
Party, referred
in his speech
the
in
row.
six
the
of Re¬
publicanism,
which
the
is
o
John
f
Americanism"
the
to
try,
W.
Bricker
' ■':
'
"
in
I
was
£
,
have
depths of
so
defeating that than I
imposed
a
But
a
in
its
power
tried
to
stand.
States
last
the
for
.
I
six
knowledge
the
or
promote the
to
.
ment
„
representa¬
tives assembled here to preserve,
not
only for America but for the
world, the blessings of free
government and liberty as we
whole
have them here in America.
and
The only form of
maintenance
the
of
a
stable and adequate level of eco¬
-
of society unless ultimately
;
through the
insistent
ican
doctrine.
constitutional
Republicans have
dome, and come enthusiastically,
Everywhere
and Democrats have come by the
thousands to Republican meetings.
Time and again I have said
throughout
to
country,
this
Democratic friends who
are
the
sup¬
porters of our cause, that the oldDemocrats, the Jeffersonian
line
Democrats,
have
so
and
much
the
in
Republicans
common
now;
neither side has
anything to say
about what goes
on
ton
today. \
in Washing¬
-
A thousand times I haVe said to
to
de¬
a
stability of in¬
employment.
of
the
search
;
manifestations
for
of
stability was the
of
international
to achieve it, no formal
agreement for the coordination of
conferences in the 'twenties with
anti-cyclical
the
preoccupation
"In
need
of
policies
is likely
to
the desired effect.
secure
that
for
there
case
would
be
system
kind, namely, agree¬
regard to measures de¬
signed as far as possible to pre¬
vent
depression in one country
from
spreading to others.
admittedly, would be only
imply
may
view
This
reflected
the
stability
too
limited,
ment,
and
achieved
un¬
cannot
in
the
in
through stable
ployment. At the
countries
to
dividual countries in
depression
avert
or
mitigate
home
by
at
to
of
measures
a
the
domestic
insulate
side
ate
policy.
fact
time
same
their
themselves
the
from
traditional
in¬
desire
disturbances began to
from
be
long run except
income and em¬
of
industrial
of
limited and, being
unattainable.
For
power
knowledge and the
"The
purchasing
price stability does not ensure
stability of income and employ¬
duly pessimistic view of the will,
the
undue
the
whole; but the aim in
as a
was
too
This,
a pal¬
an
for
concern
in
liative; and it
'preventing
in
of gold.'
power
international agreement
another
ment
problem
fluctuations
out¬
devi¬
'rule
of
The practice of neu¬
inevit¬ the game.'
ably from the demand of the wide tralizing the effect of gold move¬
will
must
spring
ments
the internal money sup¬
on
ply became increasingly common
during the inter-war period. This
tended indeed to keep the credit
base more stable, but it was not
by itself sufficient
direct
effects
of
ments fluctuations
controls in
come
affairs.
the
field
of economic
and
offset
to
the
balance-of-pay-
tal and other central agencies and
nomic
activity
industrial
in
on
national in¬
expenditure.
responsibility
for
a
each
possible hypothesis in these cir¬
and
cumstances.
stability
"The
domestic
standard
of
as
these
nineteenth
the
have been before, and
cannot separate our domestic
we
from
policies"
our
international
The hope of a better tomorrow
lies in Thomas E. Dewey becom¬
gold
will free
clutches of
bureaucracy next Jan¬
from the
us
hope for
the
standard conflicted at times with
agreement imposing
or
the demands of internal-stability
and was for this very reason grad¬
obligations
countries.
It
on
the
sprang
up
spontaneously through the recog¬
ually
abandoned*
a
synchroniza¬
tion of policies aimed at sustain¬
by: various individual na¬ ing and steadying effective de¬
tions
of
certain
objec¬
common
tives, chief among them being ex¬
ism
new
policies, required under the gold
an
ing the "leader of the Republican change stability. But the mechanhosts .who
a
wider front. While
synchronization of national
on a
international
of
set of formal
member
not
this affords
emerge
result
nition
program.
;
a
ever
century
did
system
convention
they
without
agreement,
advanced
the
countries is
Even
national
by which this stability
maintained involved
was
parallel fluc¬
in
mand
the
various
countries
would promote both internal sta¬
bility
rates
and
at
stability
the
same
of exchange
I
time."
uary.'
and
Time
that
as
heart
again
I
have
said
this Campaign goes on my
soul will be behind it,
and
Roosevelt
Signs Bill Extending Price Control Act
For Cue Year—Sees Enforcement Impaired
regardless of who might be nom¬
inated here today.
Let me say to
you
that the best President of the
.United
States
to
build
better
a
international order tomorrow will
*be the best American President,
which has
been
adopted by this
convention, one of sound Amer¬
ican doctrine, which will preserve
'our
form
of
representative
re¬
publican
;will
government and which
bring a Republican victory
President Roosevelt
extending for
Stabilization Act.
out by the Conference Committee-of the House and Senate, was
finally approved by Congress on June 21, when both the Senate and
House adopted the conference report.
of June 22, page 2614, the bill was^
sent
am
conference
after the House
Senate
bill
It is the desire of the great
neck and farmers again could till jority of the delegates to this
its
on
<
on
approving
President
9.
was
June
bill
June
As
indicated in
"I
hope1
14, that
that date had may not justify
on
differing in some
respects from that adopted by the
In
conscious of the fact that
to
passed
'this fall.
I. I
signed on June 30 the bill passed by Congress
to June 30, 1945, the Price Control and Wage
Adoption of the compromise measure, as worked
one year
~
the
'
•
'
compromise
Roosevelt
-
stated
should
turn
that
my
issue
our
experience
fear. But if it
out that the enforc¬
ing officers encounter serious dif¬
ficulties in bringing chiselers and
black market operators to
book, I
shall ask the Congress to remove
the difficulties."
ma¬ that
"in enacting the Stabiliza¬
con¬ tion Extension
Act, the Congress
The President's statement fol¬
independent farmers of vention to nominate the gallant has
performed a signal service." lows:
' '
America have always tilled the fighting Governor of the State of
"It has made clear," he said, "that
■(, "By the Stabilization Extension
soil,
"
SNew York for President.
I be¬ it is the
wish, not of a few Gov¬ Act which I have
just signed, the
Appreciative as I am of the de¬ lieve in party organization, as ex¬ ernment
officials, but of all our
Congress renews the general au¬
votion to the cause which I have
pressed in this legally constituted people, that the line against in¬
thority vested in the executive
tried to represent of the many representative body of my party.
flation should be held."
agencies by the Emergency Price
: I
that are gathered here, I under¬
believe a Republican victory
"In particular,"
the President Control and Stabilization Acts to
stand it is the overwhelming de¬ Is not only necessary this fall to
stated, "it should be noted that hold the line against inflation.
sire of this convention to nom¬ preserve- the
Republican party,
the
Congress rejected all pleas
inate a great, a vigorous, a fight¬ but it is necessary likewise to
"For
more
than
two
years,
which, would require any general
under the Emergency Price Con¬
ing young 5 American, the noble preserve our two-party * system.
change in the wage, price and trol and Stabilization
and dramatic and appealing Gov¬ To preserve a representative
Acts, we
sys¬
subsidy policies now in effect." have been
ernor of the State of New York—
tem of government here in Amer¬
fighting inflation and
The President indicated that "the
Thomas E. Dewey.
>
fighting it successfully. Although
ica, and likewise necessary to pre¬
provisions of the Extension Act the cost of
He
charged the ramparts of serve the Democratic party,
living rose substan¬
which give me the most concern
crime and took them.
He took ivl appreciate the support which
tially in the early years of the
are those relating to enforcement.
over the government of the
great has been accorded me by the dele¬
war, for a whole year the cost of
No act'is any better than its en¬
State of New York, the
living
has been - held without
largest gates from Ohio, especially the
forcement.
No act, least of all
state of the Union, and what a support which they have
change. This, of course, was pos¬
given
a
price-control"act, can be ef¬ sible
magnificent job he' has done as in the last few days; but I am
only with the aid of the
enforced
without the limited subsidies authorized
Governor of that State!
He un¬ now asking them not to present fectively
by
support of the people affected by the
derstands not alone
domestic my name to this convention, but
Congress.*
While
clothing
it."
Expressing "fear that the
problems, but international is¬ to cast- their votes, along with
prices have risen during the past
sues..
The relationships of the na¬ those of the host of friends I have changes made will weaken and
year, they have not risen enough
tions of the. world of tomorrow here, for Thomas E.
obstruct the effective enforcement to
wine
out
the
reduction
in
Dewey for
are going to be more trying than President of the United States, i
of the law," the President added
(Continued on page 105)
-
the soil
v
as
'
.
-
•
■
•
\ There has been a magnificent
everywhere to the
preaching of fundamental Amer¬
response
in¬
"There has developed a grow¬
any inter¬
the sponta¬ ing realization that stability of
synchronization compatible with neous adoption and pursuit by dif¬ income and employment calls for
this demand is a coordination of ferent countries of the same basic policies operating not merely on
policies aiming at a stable level of obj ective—economic stability and prices and the credit base but on
full employment—is not an im¬ the volume of effective
good employment.
At bottom,
demand;
Republican, as
*
determina¬
an
demand for economic stability
preaching to the best of every segment of society comes
my ability the gospel of Repub¬ under the domination and dictates
licanism, which is the gospel of of government. ; '
Americanism.'-;
' Agriculture would be encour¬
I have talked with you in your aged as nothing else could en¬
homes and your public meetings. tourage it—by a Republican vic¬
I have talked with you privately, tory—because a bureaucratic gov¬
and I know the heart, the feeling, ernment would be taken off its
longing, and the
countries.
of
canot reach out its tentacles and i
He shall speak for the people
take a strangle hold on one seg¬ of America through the
platform
the
tion of the people of America,* ex¬
number
developed
social security.
of every patriotic American citi¬
zen of every political party, to do
all
growing
much in war effort and bring speedy vic¬
side has tory, that our boys may soon come however,
traveled throughout
pressed
which
pol¬
There has
to you today that it is the
months
the
will,'the
this
power
advanced
icies and business conditions.
in per¬
of these
-
United
re¬
nation in national monetary
am
.
have
system
a
the'
my
first duty of every
of our cause,
neither
now;
have
announcement
University the
relatively high degree of coordi¬
I have said
'
I
the
to
7' "The traditional gold standard
better tomor¬
anything to say about what goes home again.
- on
in Washington today.
I
would
not-be
here today,
Gov.
Bricker
added
that
"a pleading the cause of the Repub¬
thousand times I have said to you lican party, if I did not believe
and Republicans everywhere that with all sincerity in my heart that
this is an hour when personal am¬ the best thing that could happen,
bition should not prevail, that the the: one thing that would bring
party is greater than any indi¬ speedy victory, a better world in
vidual ambition. Personally, I am which to live, better international
relations, would be the election of
more interested in defeating the
a Republican President and a Re¬
Ne\y Deal philosophy of absolut¬
ism which has swept free govern¬ publican Congress this fall.
Industry, under the impetus of
ment from the majority of coun¬
such a victory, would produce as
tries throughout the world! I am
it never produced before.
Labor
more interested in defeating that would
work as never before. When
than X
am
in personally being
victory comes, we should have a
President of these United States."
stable, consistent economic tax
i
We give herewith Gov. Brickpolicy in this country which would
er's speech in full:"
1
'
give greater hope of return than
*
I
am
deeply grateful to the possibility of loss.
Labor would work as never be¬
many friends who have expressed
their loyalty to me, far more im¬ fore because it knows; as you and
portant than that, to the cause for I well know, that this government
which
countries,"
port also states:
government that
thousand times
say
friends
Democratic
that, the old-line Democrats, the
Jeffersonian Democrats, and the
Republicans
According
United States.
throughout the coun¬
who are supporters
common
free
sonally being President
"time and again
and stated that
I have said
economic
and
different
and
"One
-
"preaching the
gospel
prices
in
for greater
of them lack
some
masses of working people for se¬
heart—that per¬ this coordination usually involved
sonally I am more interested in wide fluctuations of income and curity of employment and Income;
defeating the New Deal philos¬ employment in all countries simul¬ knowledge of the various possible
tools of anti-cyclical policy has
~
V
ophy of absolutism which has taneously. '
swept free government from the ^ "Such 'synchronization' of cycli¬ been spreading; and the power to
tended
to use these tools has increased with
majority of countries throughout cal movements has
the world; I am more interested become less and less acceptable to the steady growth of governmen¬
past-
months
gospel
income,
from Columbia
to you that I am personally more
interested—and this v comes from
country
co¬
some
greater than any in¬ continues the report, discussing
In this hour, the lessons of the
inter-war period.
world may be
v
A
:
tour of
the
redeem
to
presupposes
consciousness led
mand
come
countries; and if
bal¬
trade
ambition.
the nation calls for unself¬
service, the Republican party
unselfishly goes into the campaign
candidate,: of
his
of
activity
ish
Presidential
to
hour when personal
an
their
of international settlements.
ordination between the movement
should not prevail, that
the party is
employment
"Any system of generally1 stable
everywhere
Republican
and
ambition
the convention
domestic
exchanges
you
re¬
which, for lack of home
"improving"
ances
of New York, for President of the United
ceived the
as
by
Republican National Convention at Chicago,
Brick¬
it is
the paradoxical condi¬
.stimulate
<^-
Gov.
*
in
social
Univer-f-
system,
a
demand, countries endeavored to
for
States.
Such
end to
tions
28, not to present his name to the convention, but to cast
their votes for Gov. Dewey
the Columbia
-
contended, would incidentally put
an
Expressing himself as "deeply grateful" to those who had sup¬
ported
of
sity Press.
in
The
In the course of time
this price was felt to be too
great;
economic advance
and growing
stability, says a League of Nations report on "International Currency
Experience" soon to be published by the International Documents
Has
activity
countries.
members.
eco¬
stability, just as the gold standard grew up through the
spontaneous recognition of a common primary objective—exchange
Ohio's Governor, In Accepting
economic
stability of the system as a whole
was
the price paid for
stability
of
exchange rates between the
nomic
nation, Tells Republican Convention That "I Am More
of
different
.
'
THE COMMERCIAL & FINANCIAL CHRONICLE
100
MAM Sees
The Financial Situation
r
No. I
(Continued from first page)
order — not
likely to
effect.
We are certain that bring the results desired. We
Mr. Dewey is aware that it is are equally certain that they
could well be the means of
now incumbent upon him to
crats do not
makes
a
even
job,
or
know what
words to that
nitely
out
of
needed and not at all
Thursday, July 6, 1944
Stabilizing Post-War Economy
Business Of Free Enterprise System
How far we have left our free economy behind, is indicated to
startling degree when we examine the prospect of returning to it,
according to such an examination by three committees of the Na¬
a
of
"In general, the representatives
the organized economy seem
equally aware of the risks of
keeping the Controls on too long
and the risks of taking them off
too soon.
"If the controls are
kept on too
economic system may
them. After years
of highly centralized action, both
with Wartime Control Termination, the Resumption of Civilian Pro¬
duction and Inflation Controlmilitary and economic, with con¬
convince the American peo¬ unintended contributions by
economy
under these war con¬ trol of facts and even occasionally
the National Association of Manu
us
in large amounts to the
Tapering' off 'war orders of opinions, as well as of men and
facturers has summarized "some trols.
ple that he knows what
shrewder, more profligate or of the highlights brought out in will be done on the same prin¬ materials, it might be difficult to
"makes a job."
There
points at
thoughtful citizens of
this country want more light
upon the ideas and plans of
the candidate and his party.
One of them that is receiving
a very large amount, we had
are
many
which
said
almost
undue
an
pro¬
"poorer" nations of the world.
committee
The notion that the nations of
tangled economic future."
the
world, almost without
ex¬
ception, will be bankrupt and
dependent upon us at the
of
close
the
has
war
greatly overdone.
been
Many of
are
convinced that
tection.
we
need, indeed we must
Domestic Policies
have, much more plain com¬
At home, too, there are
mon
sense
in our dealings
with other peoples and in our many topics concerning which
post-war planning than we the public wants light from
have had for a long while the "opposition." In many of
past. How many of these are these questions the record of
Republicans we have no way Republican members of Con¬
of knowing, but they vote and gress is not enlightening, and
so far as it appears to reveal
their votes count.
anything it is not particularly
Foreign Policy
encouraging. That of the can¬
One of the speakers in Chi¬ didate himself, so far as it
cago
re f e rr e d
somewhat goes, is more heartening. He
obliquely to the possibility has done a good job at Al¬
that we owe it to our own past
bany, and in doing so seems
blunders that we are now in¬
by actions which speak louder
volved in the present war. He than words to have made it
quite soundly added that plain that he has little faith
however we may have got in¬ in at least some of the most
to it, we are. now in it all the
prized nonsense of the New
way—and that for the mo¬ Deal. But the light thus ob¬
.
ment at least that is the vital
thing, that and the fact that
we
must win it in the shortest
possible time. But this mat¬
ter of our entry and its
origin
deserves
tion
than
much
it
atten¬
more
has
been
discussions
of
the
The summary, published to 12,members of the Association
000
on
weekly
part:
tained is too limited in scope.
More
is
needed.
The
this
that
moment
The
platform is worthless,
very nearly so.
get¬ Dewey
would
vote
with
for
to allocation of
as
materials, manpower controls,
wage freezing, price ceilings, ra¬
tioning and other associated fea¬
of
controlled
a
economy.
wartime
-.A
.
"The
justification offered for
this continued government control
of the civilian economy is that
producers of war goods and ci¬
vilian goods, alike, must be re¬
garded as part of a single over¬
all wartime
economy
until the
last shot is fired at
even
last enemy;
the last shot,
our
after
it is argued that the over-all gov¬
ernment control of the civilian
then in effect should be
as a safeguard
against inflation.
*■
'
"How long we will run after
the war as a government con¬
trolled civilian economy will de¬
pend on how the nation deals
with some of the problems which
are already rising in the way of
economy
continued further
,
return to economic freedom.
"We must start by accepting the
WPB view that civilian produc¬
tion
be resumed
only as ma¬
terials become available; and fur¬
ther, only where war employ¬
ment is not critical, and where
war transportation will not be in¬
can
terfered
Where
with;
the
obligation that he
rently
general,
producer has
war production
may
have
cur¬
conditions
are
Mr.
"Moreover, until the last shot,
there will be
of
a
Sufficient volume
much
war
production
to
keep
the
greater
and permanently sent home
great deal
tention if we are to plan in¬
more
satisfaction if he had to make a living by contribut¬
telligently and effectively for meanwhile denounced in un¬ ing to the stream of economic
our
post-war international re¬ mistakable terms the man¬ goods and services would help
ting.
It must have
more
at¬ confidence and
a
lations.
Study of this aspect
aged economy theory of pub¬
history might very lic policy — the notion V that
bring a good many to a somehow government can and
of recent
well
full
realization
gerous nature
proposals
of
of
the
some
dan¬
should
make
all
the
major
a
good deal.
Many-
more
being brought ing" here and "discouraging"
forward
by influential in- there—not to
say command¬
dividuals and groups as
ing or prohibiting. Along with
means of
preventing wars in it should come a repudiation
the future.
of the idea that by this or that
But upon many other as¬
means, particularly the pay¬
pects of our foreign policy ment of high wages, or tin¬
light is badly needed. We kering with money or credit,
have heard so much of late
"purchasing power" is "cre¬
,
illustrations
could be cited, but what has
been said
should serve
to
of the business
decisions, "stimulat¬ make the
now
meaning clear.
Twice since Mr. Roosevelt
was
first swept
into office on the
strength of pledges he prompt¬
ly forgot have the Republi¬
cans
sought to unseat him
without giving the public
sound
.
/
all
the
will
enemy
for
controls
the
ter America would become a more
controlled America —not a freer
is effectively disarmed and
America. Some businessmen might
reasons
continue
to
war
exist
until
his territory completely occupied.
In advance of this condition, ex¬
the control system
cessive cutting back of war orders
risk of economic
the expedient security of
instead of the
opportunity.
prefer
or using up
strategic stockpiles or
"On the other hand, if a serious
letting too large a percentage of dislocation occurs on
shifting from
industry reconvert from war a controlled to a free
economy, it
stand-by to civilian production is evident that the cry will be
might be playing into the hands raised that the shift was made too
of
the enemy—in a sort of pre¬
paredness which had gone into
reverse.
early and the controls will
In
back.
the
opinion- of
a
come
large
number of businessmen who have
"Meanwhile, the WPB is fol¬
lowing a policy of deciding what
needed most by the civilian
economy
and of authorizing its
manufacture
first—for
instance,
farm machinery, tires, spare auto
parts, household utensils.
is
"In all probability the post-war
considered
returned
the
possibility,
controls
would
such
be
rev
established for the purpose of reg¬
ulating the peacetime
permanently.
;
"If
we
economy
.
without disloca¬
escape
tion from the wartime and infla¬
tion
controls, this achievement of
danger rather than any the controlled economy would
danger to our national probably be recalled—popularly
security, will determine how long and demagogically—if the peace¬
the economic controls will stay
time economy ever again became
on.
So long as the current supply
seriously dislocated.
of civilian goods is notably less
"The problem of stabilizing the
than the demand, the danger of
post-war economy, therefore, be¬
inflation or runaway prices will
comes the Number-One-Business
exist, if controls are removed.
of the free enterprise system
"The principal
impediment is through its trade associations and
that we cannot reach our maxi¬
policy committees.
mum
production level until the
"If they cannot suggest how to
millions of workers now in war
do it, the government undoubt¬
production and the 10 millions of
edly will be popularly invited to
men in the armed forces have all
take over during the next depres¬
been returned to civilian jobs.
inflation
wartime
In
that
pression
will
sion.
"The
answer
to
the
question,
'How long is necessary'? may lie
in the operations of the war con¬
sense
closure
our
properly defined and properly ad¬
ministered; The answer might be
that controls are no longer neces¬
sary when administrative agencies
find there is no longer any pres¬
have tasted
sure on
in
the
of
can
,
de¬
hang
free
economy.
experience
war
we
the fruit of the tree
controlled
never
to
inevitable fore¬
an
the
over
For
the next
continue
hereafter like
trol administration themselves, if
We
economy.
again be
free economy will
sure
that our
always remain
free."
them.
reasons
to believe that
Stalin Declares Invasion In France
-Brilliant Success' and
'Masterly In Execution'
Premier
Joseph Stalin declared on June 13 that the Allied land¬
ing in France was a brilliant success and that the history of war
did not know any operation so broad in conception, grandiose ih
scale and masterly in execution. Advices from Moscow on that date
to the New York "Times," from which we quote, further stated:
Marshal Stalin's views were made known to British and American
correspondents by the Foreign Of-^
fice in the form of his reply to troops
succeeded
in
honorably
question put by, a Pravda corre¬
spondent.
Marshal Stalin said:
fulfilling
In. adding up the results of the
seven-day battles by the Allied
troops of liberation who invaded
northern
France, one may say
without hesitation that the large-
troops in mass. History will write
a
scale forcing of the English Chan¬
nel and the mass landing of troops
of the
Allies in northern France
have fully succeeded.
doubtedly
our
Allies.
a
This is un¬
brilliant success of
One must admit that
they wouId get something the history of wars does not know
any such undertaking so broad in
were a
change in¬ conception and so grandiose in
much better
about proposed international ated" and redounds to the stituted. Both have failed. As
its scale and so masterly in execu¬
monetary plans and the like benefit of all. Much of this in the previous campaigns the tion.
that it seems to be taken for sort of
As we know, the "invincible"
theory quickly degen¬ candidate must carry the bur¬
granted in some quarters that erates into excuses for pan¬ den of a miserable party rec¬ Napoleon shamefully failed in his
own time with his plans to force
something of the sort is es¬ dering to labor unions or brib¬ ord in Congress, but it should the Channel and capture the Brit¬
sential
or
at any
rate is
ing the farmer. It should not not be impossible by any ish Isles. Hitler, the hysteric, who
"modern" and therefore much be so
employed by the Repub¬ means to give the voters rea¬ boasted for two.
yprs that he
to be desired. Yet it seems lican
party, and we need as¬ son for hope of better things would carry out a crossing cf the
clear as day to us that any¬ surance that it will not be so if the candidate
speaks plain¬ Channel, did not even risk mak¬
thing so elaborate, so binding, used. More explicit assur¬ ly and sensibly—-and is able ing an attempt to carry out his
so
demanding as any of the ances that the vast army of to give evidence of reasonable threat.
current proposals are defi¬ bureaucrats will be
promptly control of his party.
Only the British and American
—
it is possible to pauperize initia¬
which
be determined only by the gov¬
war control agencies.
ernmental
or
than too little and too late.
in prospect.
or
"Those
can
in
and,
civilian
also satisfied any
candi¬
date will have to furnish it.
One
ernment control
our
back to the spirit of a free
being sought; namely, hav¬ economy, based on free and in¬
ing too much equipment rather formed individual judgments. For
1
at
seems
"And
get
the
to rely on
a
many
tures
come
"The
American
and
allied tive.
To some businessmen the
supplement to the
"NAM News," reads in forces may be expected to pro¬ control system might become a
ceed on the security principle that sort of economic WPA. The Bet¬
•/'">f
June 26 as
"It
ciple under which the victory is
long,
now
of the existing controls over
them will be richer, at least war
production will be extended
in their command over the indefinitely over the resumption
currencies of other nations, of civilian production. As the war
than they ever were before in tapers off, we will move toward
an eventual point where substan¬
their lives. What does the Re¬
tially all the national production
publican candidate think of will have become civilian, but
all these and closely related where it might still be under gov¬
portion, of public attention at
this time is our foreign rela¬
tions. It may or may not be
true, as some have suggested,
that the party contains such
disparate elements as regards
views on foreign policy that matters? It is certainly to be
it can safely do no more than hoped that his concern with
our
talk
in
foreign relations is not
vague generalities.
About that we scarcely feel centered around his party's
qualified to speak. What we apparent determination to
are
quite certain of is that cling stubbornly to its historic
there are a great many Amer¬ advocacy of absurd tariff pro¬
icans who
tional Association of Manufacturers during the past months.
In ad¬
vance of any policy pronouncement by these committees—concerned
the
grandiose
of.
plan
crossing the Channel and landing
this
down
as
an
achievement
the highest order.
It
was
of
;
the first public comment
made by Marshal Stalin since the
Allies
opened
"second front."
complete
progress
the
long-awaited
His declaration of'
satisfaction
with
the
of the operation served to
recall his
October, 1942, letter to
the Moscow correspondent of the
Associated Press, in which he de-v
clared that the greatest
help that
could be given to Russia would be
for
the Allies to carry out their
obligations fully and On time, That
was
a
reference to the statement
of London and
the
visit
of
Washington after
Foreign
Commissar
Vyacheslaff M. Molotoff that
an
agreement had
on
been
reached
,
the
urgent
tasks
"second front" in
of
creating
a
Europe in 1942.
Number 4296
Volume 160
THE COMMERCIAL & FINANCIAL CHRONICLE
Items About Banks, Trust Companies
"
-The Chase National Bank pf the bahksois,; listed;
Vice-President
has been
in .the
Mr. Kelley United States Government
Foreign Department.
.
the bank.
The Bankers Trust Co., New
York, reported as of June 30,1944,
total deposits of $1,731,284,720 and
total assets of $1,867,126,227, com-;
pared, respectively, with $1,649,-
31
hand and due from banks
and
as
$1,005,503,129, and loans and bills' tization^ taxes,
on
"discounted to $453,828,399, against dividends
Capital and surplus
were unchanged at $25,000,000 and
$75,000,000, respectively, and un¬
divided
profits
which compares
paid in dividends
was
stock, and $2,155,967
to undivided
Bank
&
The
hand
amounted
to
$282,907,404
com¬
pared With $259,657,970; holdings
Government se¬
of United States
curities
against
$710,300,107,
to
$674,093,586; bankers' acceptances
and
loans
call
to
York
Co.
Trust
re¬
These
are
by multilateral cooperation.*
$99,874,584,
against $74,833,136; and loans and
discounts to $171,174,963 against
of June 30,
as
seek
we
to
meet
security
which
be
may
available
and
will
provide the oppor¬
tunity
for
investment,
Under
proper safeguards, of capital from
many lands. The technicians have
prepared the outline of
International
an
war
plan for
a
Bank
for
Post¬
will
Reconstruction ' which
investigate
loans of
the
opportunities for
this character, will rec¬
ommend and supervise
if advisable,
them and,
furnish to investors
guaranties of their repayment.
;
I shall not attempt here to dis¬
these proposals in
cuss
detail. That
is the task of this conference.
is
It
task the performance of which
a
calls
for
potentialities
wisdom, for statesman¬
They are fixed and permanent
problems, not merely transitional ship, above all for goodwill,
The transcendent fact of con¬
considerations of the post-war reconstruction. They are problems
temporary life is this—that the
not limited in importance to forworld is a comm unity.
On bateign exchange traders and bankthe
world
over,
the
ers but are vital factors in the tlefronts
riches.
flow
of
materials
raw
and
fin¬
ished goods, in the maintenance
indispensable cor¬
nerstone of freedom and security. of high levels of production and
deposits,
including
certified
All else must be built upon this. consumption, in the establishment
checks
of
and total assets of $833,420,179, For freedom of opportunity is the of a satisfactory standard of liv¬
ing for all the people of all the
compared,
respectively,
w i t h foundation for all other freedoms.
countries on this earth.
f X\
I hope that this conference will
$694,918,435 and $750,817,589 on
Throughout the past decade, the
Mar. 31.
Cash on hand and due focus its attention upon two ele¬
Government of the United States
from banks, including exchanges, mentary
economic axioms. The
has sought in many directions to
amounted to $150,971,485, against first of these is this: that prospromote joint action among the
$148,148,654; holdings of United
A >.A:1 nations of the world. In the realm
States Government securities are not a finite substance to be dimin¬ of
monetary and financial prob¬
ished by division.
On the con¬
now
$455,606,903', against $407,lems, this Government undertook,
trary, the more of it that other as far back as
303,560, and loans and discounts
1936, to facilitate
nations enjoy, the more each na¬
are shown as $188,349,955, against
the maintenance of orderly ex¬
tion will have for itself.
changes by entering into the Tri$165,464,308. Capital and surplus
There is a tragic fallacy in the
were unchanged at $15,000,000 and
j par{.jte Agreement with England
notion that any country is liable and France,
under which they,
$30,000,000, respectively, and un¬ to lose its
customers by promotan(j
subsequently Belgium,
the
divided profits are now $7,138,293,
ing greater production and higher Netherlands
and
Switzerland,
against $6,635,497 at the end of
living
standards
among
them.
due from banks
ann
New
ported
$1,311,718,685 and total assets of
($1,408,349,505 as compared, re¬
spectively, with $1,206,319,742 and
$1,302,762,968 on March 31, 1944.
on
profits.
Trust
Company of New York reported
(as of June 30, 1944, deposits of
Cash
on
countries.
multilateral problems, to be solved .<
to realize their' only
in peace; will be t
able, through their industry, their
inventiveness, their thrift, to raise
common their own
standards of living and
credited enjoy, increasingly, the fruits of
material progress on an earth infinitely
blessed
with
natural
was
three
or
dynamic world economy in which the people of every
a
$2.31 a share,
nation will be able
with $2.17 a share
March.
Chemical
as synonymous
well as
creation of
stock,
or
against $26,676,054 at the end of
The
as
for the s"x months ending June 30,
1943.
Of this amount, $1,649,919
$28,429,971
were
etc.,
preferred
$3,805,886,
were
$384,159,407.
with freedom conflict must. develop when na¬
and security. Victory in this war tions endeavor separately to deal
will give us simply the opportu¬ with economic ills which are in¬
nity to mold, through our com¬ ternational in scope. To deal with
mon
effort, a world that is, in the problems of international ex¬
change and of international In¬
truth, "secure and free.
We
are
to
concern
ourselves vestment is beyond the capacity
here with essential steps in the of any one country, or of any two
$276,254,774 on June 30, tory
$8,009,920, common as $32,998,amounted on June 30 to $304,879,- 440, and surplus and undivided
898, against $306,207,797; holdings profits as $50,048,134. Net operat¬
of United States Government se¬ ing earnings for the six months
curities to $1,028,566,970, against ending June 30, 1944, after amor¬
on
(Continued from first page)
secur¬
at
last year. Preferred stock is shown
,765,468 and $1,792,379,516 Mar. 31.
Cash
stand
which;
the secpnd proposal on
our agenda is for loans to provide
capital for economic reconstruc¬
tion, loans for which adequate
Through cooperation we are j which the earliest phase of our
$974,290,789; three now
Overcoming the most fearful present war was fought by the
months ago they were $864,450,and formidable threat ever to be Fascist dictators,
There was an
080, and one year ago they were raised against our security and ironic inevitability in this
process.
$805,566,229.
Loans,
bills pur¬ freedom. In
time, with God's Economic aggression can have no
chased and bankers' acceptances
grace, the scourge of war will be other offspring than war. It is as
are now $375,174,899, which com¬
lifted from us.
But we shall de¬ dangerous as it is futile.
pare with $335,440,682 on March lude ourselves if we regard vic¬
We know now that economic
ities
Assistant Cashier of
an
need
through
$368,368,496 as against $372,935,412 shown on March 31, and
$330,842,294 shqwn a year ago.
appointment of Leo F. Kelley as
Second
the United Nations Relief and Re¬
habilitation Administration,' The
Morgenthau's Address To
at
City of New York announces, the
a
onJune:30,X944,'
101
1944, total
outstanding
$776,837,076
This
is
the
young men of all our united coun¬
tries have been dying together-
dying for
is
not
a
purpose.
It
powers
common
beyond
to
our
enable the young men of all our
countries to live
their
together—to
pour
energies, their skills, their
aspirations
ment and
final
into
enrich¬
mutual
Our
peaceful progress.
responsibility is to them.
As
they prosper or perish, the work
which
The
do here will be
we
judged.
before
opportunity
has
us
.
$145,786,905* Capital and surplus
are unchanged at $20,000,000 and
$55,000;000, respectively, and un¬
! profits
are
$8,558,020
divided
end of
$7,994,374 at the
against
March.
March.,
Good
customers
W.
George
and
Film
•Aniline-and
the
of
E.
President
Burpee,
director
a
of
General
Corp*;
nounced
29 elected a member of the
"June
uel
Board of Directors of the Bank of
York.
Mr. Burpee is a partner
on
Stock
Bank
&
June 29 that Mr. Sam¬
was
that
Mr.
day
elected
the engineering
Stock, who is
own
country.
ade
about
went
now
.
In the
my
20%_of our exports
Georgia
and
Alabama
nessee,
With the National Bank of Com¬
merce
•Railway and Lukens Steel Com¬
in New York in 1914, con¬
tinuing there and with the Guar¬
have
it
here
scattered
there
or
among the fortunate or to enjoy it
at the expense of others. Poverty,
is a director of the
wherever it exists, is menacing to
Society of Civil Engi¬ anty Trust Company, into which us all and undermines the wellthe former was merged, for 18
neers and a past president of the'
being of each of us.
It can no
American Institute of Consulting years.. Mr. Stock will continue as more be localized than war, but
director
of
the First National spreads and saps the economic
(Engineers.
-I,/
>
>■
strength of all the more favored
( Following a meeting of the Bank, South Amboy, N. J.
/
(Continued on page 112) : \ areas of the earth. We know now
Board of Directors held on.June
He
pany.
American
.
.
,.t.
.
.
that
29, F. Abbot Goodhue, President;
of
the
Co.,
of
Bank
announced
the
the
in
Manhattan:
Results Of Treasury1
of
election
Alexander McHardy as Assistant
Prior
Cashier.
the
joining
to
now
of
He
branches*
Ontario
is
Federal. Reserve Banks on
attached to the Branch De¬
The details of this issue
July 3.
are
as
partment of the Bank of the Man¬ follows::;-;r■■■'x.'■■■■■'' ■■'■Xva v' (/
Total applied for, $2,215,011,000.
hattan Company, 40 Wall Street.
Total accepted, $1,216,173,000 (in¬
The statement of condition of cludes $48,741,000 entered on a
fixed price basis at 99.905 and
Manufacturers Trust Company of
•New
York
as
of
June
accepted in full).
( >
Average price 99.905/equivalent
1944,
30,
shows deposits of $1,694,391,593,
which include United States Gov¬
War
ernment
Loan
deposits
thread
rate
of
discount
.
approximately
is
inseparably
into,a fabric of world
omy.
Let
thread
any
and ;
life
economic
nation
every,
econ¬
become
the; entire fabric
is
nation,, however
No
great and strong, can remain im¬
mune.
All
.
;(/-'v
v"vlj
.
of
have
us
seen
the
great
economic tragedy of pur time. We
saw the world-wide
depression of
the 193G's.
orders
We
saw
develop
and
dis¬
from
currency
spread
land to land, destroying the basis
for international trade and
in¬
...
ternational
investment
and
starting in 1937, with our neigh-
even
of
establishing a stable
and orderly
system of interna¬
tional currency relationships and
means
to revive international investment.
Our
technical
staff—soon
j oined
by the experts of other nationsundertook
the
preparation
of
practical proposals, designed to
implement international monetary
and financial cooperation.
The
opinions of these technicians, as
reported in the joint public state¬
ment which they have issued, re¬
veal a
belief that the dis¬
common
ruption of foreign exchanges can
be. prevented, and the collapse of
monetary systems can be avoided,
and a sound currency basis for
the
growth of interna¬
balanced
tional
trade
be
provided, if
we are forehanded enough to plan
ahead of time—and to plan to¬
gether.
It is the consensus of
these
can
technical
solution
lies
experts
in
that
the
permanent in¬
a
stitution for consultation and
co¬
operation on international mone¬
tary, finance and economic prob¬
lems.
March 31,
(and
on
-r
""
(49% of the amount bid for at
deposits on
the low price was accepted.)
1944, were $185,910,471,
June 30,
$103,136,634.
:i!
per annum.
United States Gov¬
517,315,839.
i'
T:
There
1943, they were
Cash and due from ■
"t
J-t.
'•
1
was a
maturity of
lar issue of bills
!
amount
of
on
a
simi¬
June 15 in the
$1,007,677,000.
-
The formulation of
def¬
a
future,
fought to make
men
%v
another,
one
common
■
♦Article VII
In
the
final
of
determination
the benefits to be
provided to the
United States of America by the
Government of the United
dom
in
return
for
under
the
Act
March
11,
1941,
aid
of
King¬
furnished
Congress
of
and
terms
the
conditions thereof shall be such
as
not to burden commerce between
the two countries, but to promote
mutually
advantageous
relations
between
betterment
of
economic
them
and
the
world-wide
nomic relations.
eco¬
To that end, they
shall include provision for agreed
action
by
United
the
States
America and the United
to participation by all other
open
countries
of
like
mind,
the expansion,
to
directed
by appropriate
international and domestic
meas¬
of production, employment,
ures,
and
of
Kingdom,
the
exchange and
tion of goods,
which
foundations
terial
of
and welfare of all
elimination
of
consump¬
the
are
the
ma¬
liberty
peoples; to the
all
of
forms
dis¬
criminatory treatment in interna¬
tional
and
commerce,
the
to
re¬
Nations is
wealth.
attainment of all the economic ob¬
agenda.
prey,
we saw
We
t h
e
i
r
unemployment and
tools, wasted
saw
their victims fall
in places, to demagogues and
dictators.
We
saw
bewilderment
and bitterness become the breed¬
of
fascism, and, finally, of
war,
one
of the items
But provision for
on our
monetary sta¬
economies.
war-
It is not, in
fact, designed toward that end. It
is proposed, rather, as a perma¬
nent
mechanism
to
promote
t
with
general,
forth
change stability.
Even to dis¬
charge this function effectively,
it must be supplemented by many
other measures to
remove
impedi¬
ments to
world trade.
For
long-range
have in mind
the
a
reconstruction
need wholly anart
problem of immediate
aid. which is being undertaken by
the
President
Jo^nt
the
in
on
to the
Aug. 12,1941,
of
the
United
States of America and the Prime
Minister of the United Kingdom.
At
ex¬
from
weapons
set
by
wrecked
ment of goods.
economic
jectives
need for the rehabilitation of
purposes/ international loans on a
broad scale will be imperative. We
came
and, in
Declaration made
tion of currency.
Much of our
economic ingenuity was exoended
in the fashioning of devices to
hamper and limit the free move¬
These devices be¬
barriers;
bilization alone will not meet the
.
ernment War Loans
free.';/;".
were
of
tended in the bi-lateral exchange
arrangements which we set up,
a
which these
our
wretchedness—idle
wake,
In
Range of accepted competitive
Resources are $1,-' bids:
.-V;" ,-'■-,/•■(/(
These figures com-:
High, 99.910, equivalent rate of regard to their, effect on other
pare with deposits of $1,562,527,countries.
Some countries, in a
discount
approximately
0.356 %
324 and resources of $1,665,581,402
desoerate attempt to grasp a share
per annum.
shown on March 31,
1944. On
of the shrinking volume of world
Low, 99.905, equivalent rate of
June 30, 1943, the respective fig¬
trade, aggravated the, disorder by
discount
approximately
0.376%
ures
were $1,416,802,430 and $1,resorting to competitive deprecia¬
797,641,066.
j
with faith in
duction of tariffs and other trade
faith.
In many countries controls and
restrictions were Set up without
'$262,947,502.
questions before
taken. This
consultation Was ex-
meet it with faith in
Let us
inite proposal for a Stabilization
Fund of the United and Associated
international
ers
0.375% per annum.
of
of
woven
weakened.
The Secretary
of the Treasury
hattan
Company Mr. McHardy
announced on July 4 that the ten¬
had been associated with the Bank
ders for $1,200,000,000, or there¬
of: Nova
Scotia
in
Charge
of
abouts, of 91-day Treasury bills
branches in Puerto Rico and Santo to be dated July 6 and to mature
Domingo and later at the main Oct. 5, 1944, which were offered
office in Toronto as Superintend¬ on June
30, were opened at the
ent
the
frayed
(staff of' the Bank of the Man¬
exchange
47,000,000 people in bors on the American continents,
industrialized United.
in 1941, we began to study the
Kingdom;" less than 3% went to possibility of international coopthe 450,000,000 people m China.
eration on a multilateral basis as
and
Colpitis
eign
important steps
highly
firm of Coverdale
The second axiom is a corollary
is a director of Amboy, N. J., has been in the
of the first. Prosperity, like peace,
American Export Air Lines, the banking business practically all
is indivisible. We cannot afford to
Burson Knitting Mills, the Ten¬ his business life, having started
&
agree(j witn us to consult on for-
thej p0iiCy
dec-
pre-war
the
to
|
be ll-
can
very
simply from
f or eign-trade experience
of
1. the
President
of the First National Bank, South
in
prosperous
President lustrated
National
Vice-President, effective Aug.
Company of New
the Manhattan
Gersten,
Public
Trpsf. Company of New York, an¬
on
was
Chester
the
are
The point
customers.
been bought with blood.
an
early
convenient
date,
conversations shall be begun, be¬
tween the two Governments with
a
vieW to determining, in the
of
light
governing economic conditions,
the
best
means
above-stated
own
the
of
attaining
objectives
by
the
their
agreed action and of seeking
agreed action of other like-
minded
Governments.
THE COMMERCIAL & FINANCIAL CHRONICLE
102
Foreign Policy And Other
Republican Platform Adopted At Chicago
"prosecution of the war to total victory against our enemies
in full cooperation with the United Nations and all-out support of
our armies and the maintenance of our Navy under the competent
and trained direction of our General Staff and Office of Naval
The
tunity to render homage and en¬
during gratitude to those;;brave
members of
have
our
already
armed forces who
the
made
supreme
sacrifice, and to those who stand
ready to make the same sacrifice
that the
American
of
course
life
Mindful of the
solemn hours and
humbly con¬
Operations without civilian interference and with every civilian scious of our heavy responsibili¬
resource" is pledged in the platform adopted at the Republican
ties, the Republican party in con¬
National Convention in Chicago^
vention assembled presents here¬
bountiful
production,
fair
and with its principles and makes
on June 27.
The Convention, which opened equitable market prices for farm these covenants with the
peple of
be
may
secure.
-
Monday, June 26, and was con¬
on June 28, resulted in the
nomination
of Gov. Thomas
E.
on
cluded
of
Dewey
of
Ohio as the
candidates for President and
President
Gov.
and
York
New
Bricker
W.
John
products and a sound program for
conservation
and
natural
and
"the
cludes
tion of future
adopted
surpluses by means
requirements,
ments
at the Convention, re¬
above, also declared it
be the "relentless aim" of the
to
American
own
our
impotent
and attack.
adjustments in
production of any given basic
crop
only if domestic surpluses
se¬
should
ceed
anny
.
"3. For the attainment of peace
and freedom based
■security.".'....
justice and
on
yi:;
>
ex¬
We
and
War
:;//■;
v;. /
the
the
head
"Business
give
assurance
says,
"we
restore
to
now
and
tion of
peace-time industry at the earliest
possible time, using every care to
avoid discrimination between dif¬
sections
Operations without
interference
civilian*
civilian
every
the
earliest
after
the
cessation
will
and
with
of
forces
unexpired
time
hostilities
who
do
not
enlistments
and
.shall
ferent
aims
We
by
the
local
where
states
several
conditions
are
best
to
the
win
enemies:
relentless: aim
against
war
(1) for
our own
tions to
in
the
national
times
ests
aims;
and
our' inter¬
we
...
the
protect
shall at all
essential inter¬
the
of
resources
States."
,
of
attainment
r\
'
United
As to domestic policy, the plat¬
form states that "we shall devote
ourselves
stand
to
re-establishing lib¬
erty at home"; "we shall adopt a
program to put men to work in
peace industries as promptly as
possible- and with special atten¬
is
taken
publicans that "as
by the Re¬
the
soon as
war
on
individual
incomes,
the
corpo-
ment in the
of the
stored
currency
of
sanction
the
are
to
those
who
have
made
to
tive products."
through private enterprise."
*
maintain
quote:
v
The
its
« ;
Republican
support
party pledges
the "extension of
to
From
"We
the
-
platform
favor
we
force
victims
assistance
by
an
to deal with
also
shall be
'"the stimulation of statb" and local
United
States for
plans to
terms of four years
before
provide
Peaji Harbor;
decent low-cost
housing properly financed by the
Federal Housing Administration,
or
otherwise, when such housing
cannot be supplied or financed
by
private sources," etc.
As
to
labor
the
platform re¬
cords the Republican
party as ac¬
cepting "the purposes of the Na¬
tional
Wage
Labor
and
Security
eral
Relations
Hour
Act
statutes
Act,
and
all
Act,
the
other
the
Social
Fed¬
designed to promote
and protect the welfare of Amer¬
ican working men and women,
and
promise a fair and just
administration of these laws."
we
Reciting
that
"abundant
pro-
'duetion is the best security against
-inflation" the plank in the plat¬
form bearing
on
agriculture offers
President
more
of the
than two
each."
"We unreservedly condemn the
complete information be
available
be
must
to
Americans.
There
censorship except to
the extent required by war neces¬
sity."
••
■"
no
.
culated
to
In
all; 27 planks
are
embodied
in the platform.
The
We
following is the text of the
platform adopted by
Republican. National Conven¬
tion:
The
•
tragedy of
country
as
we
wars
meet
is upon
to
our
consider
of
war.
Regardless
of
the
professed
friendship of the New Deal for the
workingman,
the fact
remains
that
In
all
sustain
United
of
our
the
made
any
on
New
selfish
the
the
and
Deal
has
usurped
partisan control
functions
of
over
Government
agencies
ships are concerned. The contin¬
ued/perversion of the Wagner
Act by the New Deal menaces the
training and
provided in^the
shall
Policy
devote
'
ourselves
as
industry as
possible and with spe¬
attention
to
sacrifice
those
who
We shall take Gov¬
of
out
We shall pro¬
through private
fullest
measures
stable
we
employ¬
enterprise.
shall
The
.
of
reveal
a
series
and
for
of
ments
Executive
of
bureaucratic
deliberate
substitute
decrees
to
purpose
contractual
employers
agree¬
and
em¬
the
ployees
political edicts of a
New Deal
bureaucracy.
Labor
would
thus
remain
organized
only
for
the
convenience
the
of
New Deal in enforcing its orders
and inflicting its whims upon la;bor
and
We
Govern¬
agencies, to the end
people's representatives
in Congress shall be independent
long
Orders
propose
federalization
relation¬
to destroy
collective bargaining
completely and permanently.
C
have
by serving in the
labor
of the law and threatens
purposes
to
to work in peace
where
"
industry.
condemn
the
administrative
boards,
,
ostensibly
set up to settle industrial
into
;
of
conversion
disputes,
instruments
for putting into
effect the financial and economic
theories of the New Deal.
We
the
the
condemn
.
H
of
freezing
wage rates at arbitrary levels and
the binding of "men to their jobs
legislative
as destructive to the advancement
policy; and shall avoid, subject to
of a free people. We condemn the
war
necessities, detailed, regula-1
tion of farmers, workers, business repeal by Executive Order of the
laws secured by the Republican
men
and consumers, to the end
party to abolish "contract labor"
that the individual shall be free.
We condemn the
The remedies we propose shall be and peonage.
based on intelligent cooperation gradual but effective creation of
and
peace
upon
in
full
control
of
between the Federal Government,
States and local government
the
and the initiative of civic groups,
not
on
the panacea
of Federal
cash.
-
,
Four
years
of New Deal
more
policy would centralize all
power
in the President, and would daily
subject every act of every citizen
to regulation by his henchmen;
and this country could remain a
republic only in name. No prob¬
labor
a
front
labor
of
the
laws
the
and
handling
of
labor disputes; and equal benefits
on
the basis of equality to all
labor in the administration of la¬
bor
controls "and
of political
The
laws, regardless
affiliation.
been
Deal. Labor
i.v
■
Department of
by American methods.
have
one
We pledge an end to political
trickery in the administration of
lem exists which cannot be solved
We
but
as
New Deal's steps toward a totali¬
tarian state.
v
Labor
has
emasculated
by the New
bureaus, agencies and
need of either the communistic
committees
or
the fascist technique.
wide, in Washington and through¬
in
'-y
and
poverty
in
country, and have
of systematic or
no
semblance
America.
That
sponsible organization.
All
re¬
Gov¬
ernmental labor activities must be
and
ican
of Labor.
of
substantial
and definite service in the interest
labor, industry and agricul¬
ture, if supplemented by a system
social security on sound prin¬
ciples.
placed under the direct authority
responsibility of the Secretary
not
are
of
Such
labor
must
of
the
was
ment insurance systems to all em¬
President,
ployees not already covered.
It
ployment-office
States
v
time,
the
financed
at ;.': the
public
system
to
the
possible
Pearl
earliest
as
em¬
before
3.
A
was
abolished.
'
of Labor should
Secretary of Labor
under a Republican
William Howard Taft.
intended that
of
labor
Cabinet
a
should
office.
ministration
representa¬
occupy
this
The
present Ad¬
is the first to disre¬
this, intention.
gard
The
careful
as
created
tive
Harbor.
bureaus
a
representative of labor. The
a
office
old-age insurance and unemploy¬
>. 2. The return of the
be
The Secretary
be
labor
performing
Republican
the purposes
party accepts
of the National La¬
Constitution
the
of
treaty
or
study of FederalState programs for maternal and
child health, dependent children,
such/aims
and assistance to the blind, with a
and all other Federal statutes de¬
view
signed to promote and protect the
aims;
any
attain
behalf' of
any
scattered far and
are
goal is attainable by reason of the
productive ability of free Amer¬
attainment
the
the
out
Security
•
Our goal is to prevent hardship
world-wide
Constitution -'of
to
with
de¬
no
States
agreement
Amer¬
being
Federal
the
aggression
international
United
is
international tribunal
States
pursuant' to
Deal
life
*
The
con¬
ministrative
these
the
the New
economic
stroyed.
shall
of
under
ican
re-establishing liberty at home.
We shall adopt a program to put
that
of
debt
a
their
as now
equipment
We
workers
for
work¬
any
Now the nation
justiciable disputes.
the
other
and'
United'
nation
and
the
welfare
stimulation
of State plans to
by
healtji,
Federal
make med¬
ical and hospital service
available
to those in need without disturb¬
*
Relations
ing doctor-patient relationship or
socializing medicine.
Act, the Wage and
Hour Act, the Social
men
a
of
Security Act
American
and women, and
fair
these
•
aid
the
of
pro¬
bor
,
,
other programs relating to
United States, provided two-thirds
of the Senators present concur.
resources
strengthening these
*
4. The continuation of these and
made only by and with the advice
and consent of the Senate of the
We shall at all times protect
to
grams.
or
association of nations shall be
a program
designed "to assure in¬ the problems of government and essential interests and
dependence of operation and our people. We take this
oppor¬ the United States.
with
We pledge our support of the
keep "the American
people informed concerning all, following:
agreements with foreign nations.
1.
Extension
of
the
existing
States
Republican
the
trol
free, shall avoid delegation of leg¬
islative and judicial power of ad¬
alone,
of
promote
■
.
strengthening
National Guards under State
activities, to the end that our
States, schools and cities shall be
undertakings we
injection into American life of favor the widest consultation of
appeals to racial or religious prej¬ the gallant men and women in our
udice.";
armed forces, who have a special
"It is imperative to the main¬ right to speak with authority in
tenance of a free America that the behalf of the security and liberty
forwhich they fight.
We shall
press and radio be free and that
full and
and
nance
progressive
magnificent
productive effort in support of the
Doc¬
ment
■
person
gratitude
trine, and for meeting any mili¬
tary commitments determined by
Congress., ;:
avoid
to liberated
countries to enable economic stability, not only for
existing
old-age
insurance
them to buy from this country the the sake of the world, but also
and unemployment insurance
sys¬
to the end that our own people
tems to all employees not
already goods necessary to revive their}
may enjoy a high level of employ¬
covered; the return of the public economic systems."
"We favor an amendment to the ment in an increasingly prosper¬
employment office system to the
ous world.
Constitution
;
states at the earliest possible time,
providing that no
as
Monroe
most
"living of
those
owes
United
maintenance of the
The
the
financed
of
es¬
States, its
possessions and outposts, for the
We shall seek, in our relations
di¬ with other nations, conditions cal¬
rect credits in reasonable amounts
the
ment
existing
gency powers.
We shall promote
the fullest stable employment
of
emergency powers.
Congress by repeal of
legislation which gives ganized cooperation of the. nations
sacrifice by serving in the armed! the
President
Unnecessary
and should concern itself with basic
forces. We shall take Government dangerous powers over our cur¬ causes of world disorder. It should
out of competition with private rency."
The platform also says promote a world opinion to influ¬
industry and terminate rationing, "we will establish and maintain a ence the nations to right conduct,
international
law
and
price fixing and all other emer¬ fair protective tariff on competi¬ develop
tion
and
the
in the world.
ers
maintenance
mote
should be restored to sovereignty
and self-government; and the or¬
must be re¬
attained
standards of
competition with
private industry and terminate ra¬
tioning, price fixing and all other
should be just; the nations which
platform further asserts that "con¬
trol
the
armed forces.
on
post-war period." The
safety
ernment
but
consumption should prevail by virtue of recip¬
should be reduced, as far as is con¬ rocal interests and spiritual values
sistent with the payment of the recognized in these security agree¬
normal expenditures of govern¬ ments.
The " treaties
of ' peace
and
on
favor
made
these ultimate ob¬
assure
jectives. ■
' •"
We believe, however, that
and security do not depend
ends the present rates of taxation
rations,
<
.
The
We
post-war military forces
cial
collaboration With the United Na¬
best be met."
-
squandering of American
tablishments of ample strength for
the successful, defense and
the
men
repel military aggression. Pend¬
ing this, we : pledge continuing
Constitution of the United States
\
reckless
promptly
or
known,and where local needs can
-
Republican party is the
historical champion of free labor.
Under
Republican
Administra¬
tions
American
manufacturing
developed, and American workers
funds by overlapping agencies.
•
all our
Ameri¬
sets out that Slwe shall sustain the
-
Labor
The
a genuine good
neighbor policy commanding their
respect, and not one based on the
'
our
.
surance':
and
policy should be
Domestic
duty.
declare
-
.increasingly
prosperous, .world."
Among other things, the plank
achieved
who do not volunteer for further
overseas
"small
such
achieve
seek. to
be
agreement
National Defense Act.
of the country";
can security
and welfare;; (2) to
business," it says, "is the make and
keep the Axis powers
basis of American enterprise.
It
through
organized international
impotent to renew tyranny and
If protected
co-operation and not by joining a must be preserved.
attack; (3) for the attainment of
world state."
discrimination
and
af¬
Likewise, says the against
peace and freedom based on jus¬
equality
of
opportunity tice and
.plank, "we favor responsible par¬ forded
security.;
ticipation by the United States in throughout the nation, it will be¬
We shall seek to achieve such
post-war co-operative organiza¬ come the most potent factor in aims through
organized
inter¬
tion among sovereign nations to providing employment.
It must national
cooperation and - not by
prevent military aggression and to also be aided by changes in taxa¬ joining a world state.
attain permanent peace with or¬ tion, by eliminating excessive and
We favor
responsible; partici¬
ganized justice in a free world." repressive regulation and Gov¬ pation by the United States in
ernment competition." It is added
It is also stated' that "we shall
post-war cooperative organization
seek, in our relations with other that "for. the protection of the among sovereign nations to pre¬
nations, conditions calculated to public, and for the security of vent military aggression and to
promote
world - wide
economic millions of holders of policies of attain permanent peace with or¬
stability not only for the sake of insurance in mutual and private ganized justice in a free world.
the world, but also to the end companies, we insist upon strict
Such organization
should de¬
that our own people may enjoy and exclusive regulation and su¬
velop effective cooperative means
a high level of employment in an
pervision of the business of in¬ to direct peace forces to prevent
further .declared that "we
It is
,
shall
mutual
without interference in the interT
nal affairs of any
nation.
Our
We favor the peacetime mainte¬
possible
bring home all members
armed
our
them
through
resource.
At
of
with
j
low- j
properly financed by 1
the Federal- Housing' Administra^- j
tion,
or
otherwise, when, such
housing cannot be supplied or fi¬
nanced by private sources.
cost housing
Post-War Preparedness
General Staff and Of¬
our
5. The stimulation of State and
local plans to provide decent
neighboring' nations in the West¬
ern
Hemisphere are, like our¬
selves, Americans..
Cooperation
pledge
fice of Naval
have
Western Hemisphere Relations
>'We shall develop Pan-American
solidarity.
The citizens of our
Peace
prosecution of the
war
to total victory against our
enemies in full cooperation with
we
manageable proportions."
Industry," the platform
tyr¬
renew
become abnormal and
Under
keep the Axis
to
powers
arrange¬
farmers
to make necessary
curity and welfare.
"2. To make and
(D)
and
which will enable
the
Repupblican party "to win
war against all our enemies:
For
and
The
;
(A) new uses developed
the United Nations
and
all-out
through constant research, ■ (B)
vigorous development of foreign support of- our Armies and the
maintenance of our Navy under
markets, (C) efficient domestic
the competent and trained direc¬
distribution to meet all domestic
Vice-
respectively of the Re¬
ferred
"1.
this in¬
disposi¬
resources";
control
nation.
our
soil
our
of
publican Party, as was noted in
our June 29 issue, page 2689.
The
foreign
policy plank
to
of
use
Thursday, July 6, 1944
and
working
promise
just administration of
we
laws.
American
well-being is indivis¬
Any national program which
injures the national economv in¬
evitably injures the wage earner.
ible.
The
American
labor
movement
:
! ^Volume 160
party, while
the Republican
'and
continuously striving for the bet¬
terment of labor's .status, reject
the communistic and; New Deal
single group
that a
concept
can
benefit while the general economy
YV
suffers." YT
>
■
their wives and families for
their magnificent job of wartime
ers,
production and their contribution
to the war effort, without which
^victory could not be assured. They
have accomplished this in spite of
bungled and
machinery program
shortages,
labor
inexcusable
a
unreliable, imprac¬
and confused,
admin¬
tical price and production
istration.
i
Abundant production is the best
.
inflation. Y Gov¬
ernmental policies in war and in
against
security
•
must be practical and ef¬
with freedom from regi¬
mentation
by
an
impractical
peace
ficient,
'Washington bureaucracy in order
to assure independence of- opera¬
tion and bountiful production, fair
and equitable market prices for
Tarm
products, and
gram
our
•
sound pro¬
a
for conservation and use of
soil and
natural resources.
cial
economic
and
be
must
a
Ypose.
r
<
«
and
■::Y:Y'\Y'Y-:Yi;Y'Yv'
.
For the establishment of such a
program
•
stability
of the farm family
prime national pur-
we
the follow¬
propose
.
industry.yY;
business
basis of
the
is
enterprise. It must be
preserved.
If protected against
discrimination
and
afforded
practical and experienced
^administration free from regimen¬
tation and confusing Government
under
manipulation and control of farm
programs.
2. An American market
:
-
>'
price to
'jthe American farmer and the pro¬
tection of such price by means of
.support prices, commodity loans,
combination thereof, together
<or a
/;
economic
such other
with
will assure an income to agri-
as
equitable
culture that is fair and
;
means
Yin comparison with labor, business
Yand
industry.
We oppose sub¬
sidies as a substitute for fair markets. ^Af^io'j
-
^
commodities in
■
an
needs
the
favor
re-establishment
maintenance,
and
early
as
as
considerations will per¬
a
sound and adequate
military
of
mit,
/V
best be met..
can
We
where local
and
known
best
are
war
-
markets
-
American merchant marine under
ownership and manage¬
ment.
•
yKYyYy
•
The Republican party pledges
itself to foster the development
privately owned
air
transportation systems
and
communications systems as will
best serve the
interests of the
of
such
strong
American people.
,
The Federal Government
should
for flood control,
inland waterways and other eco¬
nomically justifiable public works,
and prepare the necessary plans
in advance so that construction
plan
may
and
program
a
proceed rapidly in emergency
employ¬
in times of reduced
and
local
governments
pursue., the
same
i policy
with reference to
highways and other public works
We
ment.
urge
States
that
The
4.
of
•
to
and without
speculative profiteers.
control ;and disposition
surpluses by
future
within their, jurisdiction.
means
Taxation
or
continued production
'benefit
of
leadership in
effort to
co-operative
unnecessary and
every
remove
barriers
destructive
interna¬
to
tional trade. We will
always bear
in mind that the domestic market
is America's greatest
tariffs
which
that
to
Y
this.
do
We- favor
Alaska is entitled to the fullest
condemn
unreservedly
of home rule looking to-
measure
Intolerance
Religious
and
Alaska
/
•
Statehood.
the
As
the
as
soon
Yy
the
ends
war
present rates of taxation on
indi-
on
corporations
consumption should- be
reduced as far as is consistent with
divual
and-
incomes,
on
by
direct
amounts
logical aspiration
of the people of Puerto Rico who
States by
Congress in 1917; legis¬
affecting Puerto Rico, in
as
feasible, should be in
harmony with the realization of
that aspiration.
lation
far
so
segregation
and
discrimination
against Negroes who are in our
armed forces are impairing morale
of
to
efficiency and the adoption
legislation.
Palestine
corrective
We
In
pledge the establishment by
legislation of a permanent
Employment Practice Com¬
Fair
their
to revive their economic
necessary
systems.
a
The
has
'
-
•
:
Anti-Poll
homes
by tyranny, we call'
Palestine to •
immigration •
and land ownership, so that in accordance with the full intent and;
poll tax
condition of vot¬
a
any
ing in Federal elections, and
submission
immediate
Constitutional amendment
abolition.
;• Y;Y •; ;■
.
become
sprawling,
a
over¬
lapping bureaucracy. It is under¬
executive abuse of pow¬
tion of 1917 and the resolution of
for its
confused lines of authority,
of effort, inadequate
fiscal- controls,
loose
personnel
practices and an attitude of ar¬
rogance previously
unknown in
duplication
history.'
our
.
.
for the resto¬
Government,
for a balance of legislative and
executive responsibility, for effi¬
ciency and economy, for pruning
and abolishing unnecessary agen¬
cies and personnel, for effective
fiscal and personnel controls and
for an entirely new spirit in our
The times cry out
Federal Government;-'"<
We
pledge
wherein
;<*•- \
•• m
Administration
an
President, acting in
the
with Congress, will ef¬
necessary reforms and
the Federal service to a high
harmony
fect, these
raise
level of efficiency and
competence.
We. insist that limitations must
in
1922,
Palestine may be constitued as
Yyv
;yy ;y TyY free
' democratic
and
wealth.
We condemn
-
a
common¬
the failure '
legislation
against
lynching and pledge our sincere
efforts in behalf of its early en¬
of the President to insist that the-
actment.
laration and of the mandate while
favor
.
,
carry out ^
provision of the Balfour Dec-»
mandatory of Palestine
the
\
>
he .pretends to support them.
Indians
.
Free Press and Radio
We
pledge
immediate,
an
just
In times like
and final settlement of all Indian
claims
the
Indian
take
politics out
of
administration
the
of
shackled
citizenship of the
We will
the
We favor
our
a
pro¬
with
recognition and full protec¬
tion of the rights and interests of
in the
States
of
trol
future
ficial
water
and
con¬
present
and
use
for
irrigation and other bene¬
consumptive uses.
favor
exclusion from
this country of livestock and fresh
We
and
chilled
(a)
meat
from
countries
harboring foot and mouth disease
or, rinderpest;
(b) full protection
of
fisheries
our
whether
the
im-'
free
of reclamation projects for
arid
and semi-arid
States,
those
withheld
perative to the maintenance of a
America that the press and
West
comprehensive
or,
the pupblic, it is
from
Tacts
Problems of
gram
half-truths
in
Indian
affairs.
these, when whole
have found themselves
by Governments which
denied the*truth, or, worse, dealt
peoples
Government
the
between
.
ration of harmony in
Congres
Republican
a
mined by
er,
Balfour Declara¬
of the
pufpose
we
of a
Anti-Lynching
7
We
nation.
Administration
National
mil¬
men, •
children driven from
the .opening of
their
unrestricted
Tax'
of
payment
should not be
and
Bureaucracy
Jewish
distressed
and
for
*
favor
of
women
mission.
The
order to give refuge to
lions
Federal
to
buy from this country the goods
a
made citizens of the United
were
We pledge an immediate Con¬
gressional inquiry to ascertain the
extent
to
which
mistreatment,
and
Rico
Puerto
Statehood is
liberated countries to enable them
;;Y;Y;
Finance
and
assistance
reasonable
credits.in
private
orderly manner
destroying
without
YYY
surplus
of
3. -Disposition
Y
j
YY'it.
'Y
injection into American, life of
appeals to racial or religious pre¬
judice.
measures
ward
—We
s,
.
■
Racial
market and
protect
it
most potent' factor in providing against foreign competition should
be modified only by reciprocal
employment. It rhust also be aided
trade
agreements ap¬
by changes in taxation, by elimi¬ bilateral
•
nating excessive v. and repressive proved by Congress.
regulation and Government com¬
Belief and Rehabilitation
petition, by the enforcement of
We favor the prompt extension of
laws against monopoly and unfair
relief ; and emergency assistance
competition,
and
by
providing
to
the peoples of the liberated
simpler and cheaper methods for
countries without duplication and
obtaining venture capital neces¬
conflict;
between
Government
sary for growth and expansion.
agencies.
For the protection of the pub¬
We favor immediate feeding of
lic, and for the security of millions
the starving children of our Allies
of holders of policies of insurance
and friends in the Nazi-dominated
in mutual and private companies,
countries
and we comdemn the
we insist upon strict and exclusive
New Deal Administration for its
regulation and supervision of the
failure, in the face of humanitari¬
business of insurance by the sev¬
an
demands, to make any effort
eral States where local conditions
equality of opportunity through¬
nation, it will become the
out the
,
ing:
i 1. A Department of Agriculture
for
the veteran's benefit.
,
.Educational progress and the so¬
well-being
all
ministration
membering that its primary obli¬
gation, which must be fulfilled,
is to our own workers, our own
farmers and our own industry,
small .buyers and
with care to prevent monopoly
and injury to existing agriculture pledges that it will join with others
American
salute the American farm¬
We
supplies, with due con¬
;
Small
Agriculture
u
ment and
sideration
to
of
The Republican party, always re¬
in
ries, and (b) by disposal of; sur¬
plus Government" plants,- •equip¬
and
-■/
.
103
THE COMMERCIAL & FINANCIAL CHRONICLE ^
Number 4296
by
radio
free
be
full
that
and
and.
complete information be available
to
There must be
Americans.
censorship except to the
required by war necessity.
no
extent;
/
Y We
insistently condemn any
tendency to regard the press or
the
radio*
as
instruments
Administration Y and
of
the
use
the
of
Government
publicity
agencies'
for partisan ends. We need a new
radio law which will define, in
clear and unmistakable language,
the role of the Federal Communi¬
Y
cations Commission.
regulation or .treaties; j...All channels of news must be.
,(c) consistent with military needs, kept open with equality of acces3
If
the
prompt
return
to
private to information at the source.
ownership of lands acquired for agreement can be achieved with
war purposes;
(d) withdrawal or foreign- nations to establish the
acquisition of lands for establish¬ same principles, it will be a valu-y
ment of national
parks, monu¬ able contribution to future peace.
Vital facts must not be with¬
ments and wild life refuges, only I
domestic
developed through
•
be placed upon spending by. Gov¬ after due regard to local problems held.
yYy;yy,Y;YyYyYY-'Y
-Y
^constant research,
(b)- vigorous the payment of the normal ex¬ ernment
We want no more Pearl Harbor,
corporations of vast sums and under closer controls to be
development of foreign markets, penditures of Government in the
established by the Congress; (e) reports.'-; ; Y-.,Y' -.' '
Y;YY?Y;:.;.;
.
never appropriated by Congress,
Y <c)Y efficient- domestic
distribu-- post-wan period. We reject the but made available by directives, restoration of the long established T. y
Good Faith
; tion to meet all domestic requiretheory Y of
restoring ?.• prosperity and that ,their accounts should be public land policy which provides
The acceptance of the nomina-'
iments,
and
(d)
arrangements through
Government
spending
subject to audit by-the General opportunity of ownership by citi¬ tions made by this convention
-which will enable farmers to make and deficit financing.
zens to promote the highest land
Accounting Officer, v
carries with it, as a matter of pri¬
We
shall
eliminate' from the
Y necessary adjustments in produc¬
use; (f) full development of our
vate honor and public faith, an
Two-Term Limit for President
tion of any given basic crop only
budget all wasteful and unneces-.
forests on the basis of cropping
undertaking by each candidate to
\it domestic surpluses should beWe favor an amendment to the and sustained
sary
expenditures and exercise
yield; cooperation be true to the principles and pro¬
the most rigid economy.
Y •• Constitution providing that no with private owners for conserva¬
-come abnormal and exceed mangram herein set forth.
Yy
It is essential that Federal and person shall be President of the
fageable proportions.
tion and fire protection; (g) the
Conclusion
Y
t: 5.
Intensified; research to dis- State tax structures be more ef¬ United States for more than two
prompt reopening of mines which
The essential question at trial
cover
new
crops,
and new and fectively coordinated to the, end terms of four years each.
Y
can
be operated by miners and
(a),
new
uses
.
.
.
•
,
-
/profitable uses for existing crops.
* 6.
Support of the principle of
bona
fide
farmer - owned
and
:
•
State tax sources be not un¬
that
We shall maintain,the
the American dollar and regard
Y farmer-operated cooperatives.
the payment of Government debt
Y ;7. Consolidation of all Govern¬
ment farm credit under a non¬ as an obligation of honor which
-partisan board.
;Y 8.
family-type farm through
the
;.©n
attractive
To make life more
development of rural roads, sound
extension of rural electrification
•
Service to the
farm and elimina¬
evils
basic
tion, of
of
tenancy
.wherever they exist.
9. Serious study of and search
for
of crop inwith emphasis upones¬
sound program
a
prohibits any policy leading to the
depreciation of the currency. We
reduce that debt as soon as
shall
conditions
economic
We
value of
such
make
reduction possible.
gress
by
Con¬
to the States of an amend¬
providing
ment to the Constitution
for
for men and
women.
We favor job opportuni¬
ties in the post-war world open to
equal
men
and
rights
women
alike
without
discrimination in rate of pay be¬
cause
of
sex.
Control of the currency must be
repeal of
which gives
submission
favor
Veterans
restored to Congress by
legislation
existing
unnecessary
'and
dangerous powers over our
cur¬
President
the
not
subject
and
which
workers
Equal Rights
duly impaired.
Republican party has al¬
ways supported suitable measures
to; reflect the nation's gratitude
and to discharge its duty toward
Y The
service
closed
labor
to
military
in this nation is whether men can
been
organize together in a highly in¬
dustrialized society, succeed, and
have
by bureaucratic denial of
material; (h) adequate
or
stock-piling of war minerals and
metals for possible future emer¬
(i) continuance, for tax
of adequate depletion
allowances
on
oil,
gas
and
gencies;
purposes,
minerals;
(j) administration of
laws relating to oil and gas on the
tablishing
,
our
and
Industry
We
give assurance now to repeacetime industry at the
earliest possible, time, using every
avoid
to
discrimination
be¬
of
the
different
sections
country," (a) by prompt settlement
of
war
ment
and
contracts with
of
Government
disposal of
early pay¬
obligations
surplus invento¬
people shall not be impaired ■veterans
throuvh
store
tween
time
of
throughout the
confusion
and
strife, when moral values are be¬
crushed on every side, we
pledge ourselves to uphold with
all
our
strength,
the
Bill
oi!
ing
ourselves
law
dition
and the
pledge
the Constitution
of
the
that
may
beacon
land.
the
stand
We
so
American tra¬
forever as the
light of civilization.
a
Business
care
this
public need; (k) - continuance of
present Federal- laws on mining
.
.
In
Rights,
..
v
That is the essential
question at trial
today.
public domain to encourage ex¬
ploratory operations to meet the
claims on the public domain, good
rency.
• ;• Y'• :?YY Y;y
faith administration thereof, and
the veterans of all wars.: self-supporting pro-' :Y.
we
state our opposition to the
Y.YY-Y, Foreign -Trade'- >»Y:'.;;Y
?: • We; • approve,
have supported
Y gram.
V \
Y;.;Y
Y '
and have aided in the enactment .plans of the Secretary of the In¬
10. A comprehensive program of ;Y;We 'assure American.;-farmers:
a * leasing
livestock producers, workers and of laws' which provide
for re¬ ferior • to Y substitute
soil, forest, water and wild-life
system; and (1) larger representa¬
conservation and development- and industry that wewill establish employment of veterans of this
tion in the - Federal Government
and maintain
a
fair, .protective war. in their old. positions, for
sound irrigation projects, adminis¬
of
men
and women
especially
tariff on competitive products so mustering-out-pay,
for pensions
tered as far as possible at State
that the standards of living of for widows and orphans of such familiar with western problems.
and regional levels.
YY •
Y.
surance
still be free.
world
the
importation of com¬
modities Y produced :abroad ;by
labor
or
producers
functioning
upon • lower standards than ' our
own.
If
■
the
'
properly
tension
yY
"y-
organized,
of
necessary
war
Y.. yy
post-war world is to be
world
a
great
trade
will
ex¬
be
to repair the wastes of
and build
an
enduring peace;
killed
or
disabled,
for
rehabilitation, of disabled veterans,
for temporary
unemployment ben¬
efits, for education and vocational
training, arid for' assisting veterans
in acquiring homes and farms and
in establishing themselves in busi¬
ness.
1
} "Y
We shall be
diligent in remedy¬
ing defects in veteran's legislation
and shall insist upon efficient ad¬
Hawaii
Illinois Bankers Fix
Convention Dates
Secretary Harrv C. Hausman of
Illinois Bankers Association
the
announced
on
Council
Administration of the;
of
June
28,
that the
Hawaii, which shares the nation's Association has fixed the time
obligations
equally
with
the and place of its 55th annual con¬
States, is entitled to the vention at the Jefferson Hotel,
fullest
measure
of
home
rule St. Louis, May 2, 3-4, 1945, and
looking toward Statehood; and to that the annual meetings of groups
several
equality with the several States of the Northern half of the state
in the rights of their citizens and will be held during the week of
in
the
application of all our na¬
tional laws.
1
Oct.
9 and those
in the Southern
half during Oct. 23,
1944.
THE COMMERCIAL & FINANCIAL CHRONICLE
104
I
Dewey Says GOP Victory Will End
One-Man Government In America
first
(Continued fv om
•
"nomination, and in his
speech indicating his withdrawal
from the Presidential contest, he
asked those who had supported
dential
present his name, but
him not to
to cast their votes for Gov. Dewey.
From
Associated
the
Press ac¬
(June 28) from the Chicago
counts
page)
;
:
the
where
held, we take the
Selected today with
friend
the State of Ohio, John W.
with
from
Bricker.
1
good
my
'
.
months John Bricker
has gone from State to State tell¬
ing the people of the issues, of
the great need for a better gov¬
ernment, for the sound principles
of government, and the leadership
"For many
which will
to it with a Re¬
come
publican victory this year,
/■
"Never before have I seen such
good
statesmanship
and
good
sportsmanship as that displayed
by John Bricker here Jhis morn¬
ing and I
proud to be associ¬
am
the
where
world
When Dewey
completed his ad¬
dress
and
the
applause
had
quieted, Gov. Bricker came for¬
ward and clasped his hand.
In his speech of acceptance Gov.
Dewey declared that he had come
to this great task as a free man—
that he had "made no pledges,
promises
or
commitments,
ex¬
pressed or implied, to any man or
Said
Associated
the
42-year-old former
racket
jected into his acceptance speech
an accent on youth.
He laid spe¬
"As
long
as
there
was
the
slightest chance of Stassen's nom¬
ination," he said, "we were de¬
termined
to
present his
this convention.
the
on
asser¬
for
referred
battle
.
total
that
victory"
"everything we
day
and
in
devoted
to
to
the
the
grounds
pressing on
and 'declared
say or do to¬
.
future
must
be
the
single purpose of
that victory." "Then, when vic¬
tory is won, we must devote our¬
selves with equal unity of purpose
to rewinning at home the freedom
they have
at such
won
desperate
cost abroad."
"When
we
have
the war."
won
Gov. Dewey pointed out,
"wevshall
have to win the peace.
We
still
are
will
agreed, all of us, that America
participate with other sov¬
ereign
nations
in
cooperative
a
effort to prevent future wars."-*
"The
building of the peace,"
Dewey observed, "is more
Gov.
than
matter of international co¬
a
operation.
God
has
America with such
fit
her
world.
if
we
for
We
to
name
Governor Brick-
to
the
as
in
nature
as
has
for
sen's
It
to
not
to
name
all
was
that
existed.
delegation has there¬
decided
Stas¬
present
"It
would be a tragedy after
war," he said, "if Americans
this
returned
and
from
failed
to
our
armed
find
the
forces
freedom
and
opportunity for which they
fought.
We Republicans are
agreed that full employment shall
«
.
be
first
a
policy.
I
man
objective
of
national
And by full employment
a
mean
and
living."
real
chance
woman
to
for
earn
a
everv
decent
In part Gov. Dewey also
said:
"It
us
is
the
pacity to
build
to
New
that'America
a
grow.
Deal
that
has
lost,
We
shall
tells
its
ca¬
never
better world by listening
counsels of
defeat.
Is
those
America r»Jd and
New Dea1orc. tell
worn
out,
as
Look to
the
I ook to the
boaches of Normandv for the
swer.
his
.
-
bureaucrats
between
and
President
the
freedom
and
opportunity
they fought.
which
for
own
an¬
the reaches of the
giving either efficient or compe¬
tent government?
We have not
America.
Its members, will expect
receive
most fanatical supporters.
then
over
but
and will
delegation
of the
full
of their office. They will
powers
by its
No, all
they tell us is that in its young
days it did some good things,
be
nation of free
this
At
men.
That
y
freely grant.
we
But
it has grown old in office.
now
It has
become tired and quarrelsome. It
seems
that the great men who
-
moment
battle¬
on
icans
of
dying for the freedom
Their comrades
are
country.
our
pressing
the
in
balloting.
But there had to be
speeches first.
more
a
face
of
of
Illinois, the only
candidate
for
nomination
Bricker,
Dewey.
pledged
bv
avowed
Leverett
have
won
Gov.
to
York.
were
made
W.
our
united
of
New
Gov.
"We named
a
Martin
of
young and vigor¬
courageous
declared.
"He
similar
to
man
this
lead
fall," Martin
needs
with
man
a
qualifications
to
assist
him.
"I
want to
place in nomination
man
of real courage,
starting
back in that little log house where
born,
was
Governor
our
devoted to the single task
victory and the establishment
of a firm and lasting peace.
.'•••*/
and
of
let
the
carried
shall
we
of
mies
can
of
State
great
That
none
But
Ohio."
and
us
win
have
now
win
this
importance
for
how
major
ernors
gan
too.
came,
from
and Simeon S. Willis of Ken-
fuckv,
and
from
Senator
Danaher of Connecticut.
The roll was called
John
we
time
there
wasn't
even
one
dissenting vote.
And,
ceptance
was
address,
all over—a
Gov.
Dewey's ac¬
the convention
day ahead of time.
Dewey's
Sneech
of
profoundlv moved
you have placed in
lrust
which
feel
the
goes with
by the
I
me.
responsibility
nomination
your
*or President of the United States
it this grave hour of our
nation's
history.
That
:
I
have
not
.
this
know. I
responsibility, all of you
told the people of my state, two
;*ears ago, that it was my inten¬
sion
to
devote
Governor
my
full
exclusively
term
to
as
their
republican form of
have laid upon
the highest dutv to which an
our
government
me
American
has
Wjih
a
you
be
can
right
to
U-,a help
called.
refuse
^
Q0ri
No
that
one
call.
j c>>o}i trv
as our
the
We
„
must
representatives in this
ablest
America
men.
and
men
women
produce, and the
they join in building
must rest upon the solid rock of
a united American opinion.
can
structure
I
not
am
of those who des¬
one
pair of achieving that end.
confident
utterly
For
we
can
I
am
dot it.
have had men. in
Washington who were notoriously
years,
we
last
every
must
not
is
war
the
has
been
of
years
well
as
de¬
beaten.
our
with
taught to
the
enemies.
for all,
In their
war.
as
a
defeat
merely
armies and navies of
let them be
while
there
was
a
Recently
the
has
ment
The
obvious.
become
take pride
helping to define it and broad¬
it.
There are only a few, a
Republican
in
en
party can
few, who really believe that
should
try to remain
very
America
aloof from
There
the world.
are
only a relatively few
practical
who believe it would be
complete for America or her allies to re¬
among them nounce all sovereignty and join
We must defeat, once and
hearts
the
all
and
man
he
that
knows
,t
But
overwhelming ma¬
jesty of that broad area of agree¬
doubt.
to Japan
carry
crushipg
so
that
their lips
say:
"Never
again."
The military conduct of the war
I certainly would
not deny those two extremes the
right to their opinions; but I stand
firmly with the overwhelming ma¬
jority of my fellow citizens in that
great wide area of agreement.
That agreement was clearly ex¬
pressed by the Republican Mack¬
a
inac declaration
in the foreign
and
was
adopted
policy* plank of this
,7
■
.
Let
a
make it crystal clear that
me
change
of
administration next
will not in¬
change in the military
cannot and
volve any
conduct of the
war.
If there is not
civilian interference with
now anv
the military and naval- commands,
change
not
plter
in
administration
that
status.
If
will
there
is
civilian interference, the new ad¬
ministration will
put
a
stop to it
.
lasting
/''■
peace.
;
the
for
name
the
This Is
in
of those who have died
country.
task to be entrusted to
of
future
no
our,
can we
to be worthv of the trust. I
accept
front
the nomination.
ment?
honestly
could
The
say
not
that the home
bear
present
were
en¬
still ten
unemployed/v;After
failed
problem.
problem.
by
seven
utterly to solve
It
never
solved
It
Do
war.
have to have
we
that
that
left to be solved
was
in order to get
a war
jobs?
What
•
the
never
what
this
solve
can
has
never
makes
problem.
understood
even
job.
It has never
for full production.
It has
been
in
lived
It has specialized in
tailment
been
a
chattering fear of abun¬
dance.
restriction.
and
consistently
cur¬
It
has
to
hostile
and
abusive of American business and
American
industry, although it is
industry that most
in business and
of
make
us
In
11
all
tion
of
record
last
the
there
is
anything that
present administra¬
the
suggests
living.
our
the
years
can
bring about high-level
employment after this war?
Is
there
any
reason
those who have
to -believe
that
signally failed
so
in the past can succeed in the fu¬
ture?
The
problem of jobs will
easily solved, but it will
be
not
be
never
solved
at
unless
all
we
get a new, progressive administra¬
tion
in
means
a
Washington — and that
Republican administra¬
tion.
For 150 years America was the
hope of the world.
Here on this
great
broad
continent
we
had
brought into being something for
men
had longed
through-;
out
all, history. Here, all men"
which
were held
to be free and equal/
Here, government derived its just
powers from
the consent of the
governed.
Here
men
believed
passionately
in freedom,
inde¬
pendence—the God-given right of
the individual to be his
own
mas¬
ter.
'./•;/•
Yet, with all of this freedom—I
insist—because of this freedom
—ours
was
fashion
a
land of
a
plenty.
In
unequaled
anywhere
else in the world, America
grew
and strengthened; our standard of'
living became the envy of the
In
world.
women
all
lands,
and
men
looked toward America
as
i
pattern of what they, them¬
selves, desired.
And because we
*
the
were
what
we
flowed toward
of the
we
earth.
in
The
dowed
for
good
were,
will
from all corners
An American was
us
America
with such bless¬
improve¬
Administra¬ that
as
role
if
we
are
strong
and
share
•
*
go
forward
It remained
years,
national
accepted
mistakes; but!
to
vigor.
continuing
under the
administration,
unemployment to
resignation as
with
inevitable condition of
tion past its
us
of
only
this past .11
present
the
to fit her for a great role
in the world.
We can only play
ings
our
faltered
with renewed
be
quarrelsome
co-operation. God has en¬
of the military conduct of the war,
had
and
more
deeply proud
1940
of unequaled power and un¬
paralleled spending, the New Deal
for
tired
office.
We
tional
are
there
In
country
years
stubborn men, grown old and
While all of
us
tered the war,
million*
made
.
That is not too much to ask
building of the peace is
than a matter of interna¬
war
offer here?
before this
year
.
is being fouffht- on
the home front as well as abroad.
But the
a
tary hypnotism of highsounding*
welcomed everywhere and looked
phrases.
We shall have to work
upon with admiration and regard;
and
pray
and be patient and
At times, we had our
make sacrifices to achieve a really
troubles;
learned that in 1919.
forthwith.
the
super-state.
campaign. It is and
must remain
completely out of convention.
No organization for peace will
politics. General Marshall and Ad¬
miral King are doing a
superb last if it is slipped through by
iob.
Thank God for both of them. stealth or trickery or the momen¬
a
service. You have decided other¬
wise. In accordance with the
prin¬
ciples of
feat
// ■. January
sought
It must be the
many
have
peace
large, growing area of agreement.
is outside this
am
deeply
We must
Accept¬
Follows
ance
that
their will to make
for
except
of
of
structure
war
again nourish the de¬
she could have won.
never
lusion
We
again, and
4his
must
Gov¬
Harry F. Rellv of Michi¬
man
ene¬
seconding speech came from ahead. We won the last war but
Mayor James Garfield Stewart of it did not stay won.
> This time we
Cincinnati, who had to make ma¬ must also win the purposes for
jor repairs on an address in which
which we are fighting.
Germany
Seconds
one
our
any
earn
problem of jobs and opportunity.
;
this
of
few
A
he had planned originally to nom¬
inate Bricker for the
presidency.
work
'-
as
out
.
us
severe.
ministration
simply
of the Axis
send this message: weak in certain branches of arith¬
By this political campaign, which metic but who specialized in divi¬
you are unable to understand, our
sion." They have played up minor
will to victory will be strength¬
differences of opinion among our
ened, and with every day you
people until the people of other
further delay surrender the con¬
countries might have thought that
sequences to
you will
be more America was cleft in two.
member
every
to
woman
living at a decent wage. •> >:
What hope does the present ad¬
by It
fine-sounding treaty. It
built.
ynust be
man
of
To
The
ences.
,
a
be
people
to the limit
and
resources
our
powers
in the battle
us
with you
power,
Edward
Pennsylvania was given the priv¬
ilege of nominating Bricker for
and
of
from
message
one
The American
hearts:
are
s
To
this convention
send from
us
it
do
or
of-a little group of rulers who
meet together in private confer¬
task
Allies let
our
of
Hall
up a
words.
mere
It cannot be the work of
desperate cost
abroad.
Representa¬
Saltonstall
such
at
by
cannot
drawing
with
freeBdm<they>
the
home
We
/
that vic¬
ourselves
equal unity of purpose to re-win¬
at
support
and
Leonard
devote
must
we
To
Gov.
the world
\-
do today
or
the single purpose of
to
ning
his
say
us.
and in the future must be devoted
than
other
for total victory and
on
for the liberties of all of
Presidential
the
are
tory. Then, when victory is won,
Representative Everett M. Dirksen
pressing
on
and
man
decent
are we now offered? Only
dreary prospect of a continued
peace.
We are agreed, all of us, war economy after the war, with
that America will participate with interference
piled on interference
other sovereign nations in a co¬ and
petty tyrannies rivaling the
operative effort to prevent future very regimentation against which
wars.
Let us face up boldly to we are now at war.
the magnitude of that task. We
The present administration has
shall not make secure the peace of never
solved
this
fundamental
;
grounds around the world Amer¬
Everything we
the
every
heard that claim made, even
this convention."
few
I
_
and
men
in
are
equipped
.
found
be
to
women
hardship and suffering. They
chance
any
can
to be."
us
role
only play that role
strong and healthy and
are
vigorous
blessings
great
a
endowed
the ablest
Cabinet of
a
er's eloquent statement has elim¬
ous
.
rival
bitterness
and
/ Squabbles Americans
returned v from
our
members, feuds armed forces and failed to find the >
Cabinet
between
of the Re¬
women
inated
in America."
"on
and
men
.
Vice President.
world,
To
with itself
war
between
ex¬
men
.
tion that "this election will bring
an. end
to one-man government
around the
none,
—
tive
Americans
and at
any man or
make
man Government in America.
founded this nation really knew
Joseph H. Ball of Min¬
To Americans of every party I what
nesota took the podium, his face
they were talking about
serious and tired. For days he had pledge a campaign dedicated to when they said that three terms
one
end above all other
that were too
been leading a battle for Lt. Com¬
many.
When we have won the war,
mander Harold E. Stassen. of Mi- this nation under God may con¬
tinue in the years ahead a free we shall still have to win
nesota.
the
est President in American history
—if he wins in November—in¬
Dewey
shall
Senator
Maassachusetts
Gov.
implied, to
I
cept to the American people..
These pledges I do make:
of
corners
American
Seconding speeches
emphasis,* too,
or
or
woman.
capable of administering those
powers.
They will each be ex¬
publican party, the spokesman of perienced in the task to be done,
and young enough to do it.
This
the future, Thomas E. Dewey."
election will bring an end to one-
buster, who would be the young¬
cial
pressed
,
Press:
The
promises
,
no,
,
Minnesota's
ated with him."
woman."
tion in Washington has been in healthy and I vigorous., as nature •
pledges,; office for more-than • 11 years. To¬ has; equipped us to be/ • It would>
commitments, '' ex¬ day it" is at war with Congress, be a tragedy after this war if
havehmade
.
was
associated
I
party members, in
This
must
be
a
land
where
publican
party* everywhere
I and out of Congress, have become every man and woman has a fair
pledge my utmost effort in the the order of the day. In the vital chance to work and get ahead.
are fighting.
Look to the marvels
months ahead,
In return I ask matters of taxation, price control, Never again must free Americans
of production in the war plants in
for your support. Without it I can-*
rationing, labor relations, man face the specter of long-continued
your own cities and towns.I say
not discharge the heavy obligation power, we have become familiar mass
to you: Our country is just fight¬
unemployment.
We
Re¬
with the spectacle of wrangling,
you lay upon me.
publicans are agreed that full eming its way through to new hori¬
To Americans of every party I bungling and confusion.
zons.
The future of America has
ployment shall be a first objective
pledge that on Jan. 20 next year
Does any one suggest that the of national
no limit."
policy. By full employ¬
our
Government will again have present national Administration is
ment I mean a real chance for
In
reporting the proceedings
Pacific—to
wide
the
convention
following:
Gov. John incident to Gov. Dewey's nomina¬
W. Bricker of Ohio, to try to lead tion, the Associated Press said:
Gov. Dwight Griswold of Ne¬
the Republican party on a tri¬
umphal march back to the White braska nominated Dewey:
"The past will have its spokes¬
House, Gov. Dewey departed from
man
in this campaign. I give to
his prepared speech to say:
"I am happy and proud to be you, as the nominee of the Re¬
Stadium,
to this great task.a free
come
man.
Thursday, July 6, 1944
a
na¬
prime.
It is the New Deal which tells
that America has lost its
ca¬
pacity to grow.
We shall never
better world
by listening
those counsels of defeat.
Is
build
to
a
America old and
worn
out?
Look
Volume 160
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4296
105
Roosevelt
Signs Bill Extending Price Control let Roosevelt Signs "Gl Bill of Rights"—
For One Year—Sees Enforcement Impaired
Benefits For Veterans Of This War
-
In
'
././•,•■"'
retail
(Continued from page 99)
of
prices
food
necessary
"I think
Stabilization
''The
sound
consideration
Congress, the clamor of
groups was loud in the
think
is
it
of
source
a
rationing
in
that
not have held
have
make
may
pressure
it
I
lation
But
by the enforcing
agencies that in their opinion the
of
tration
the
in
law
wartime
extends
the bill.
economic
In
law
vocational
rehabilitation and
training; liberal pensions in
of
death
case
disability in military '
service; substantial war risk life
insurance, and guaranty of premi¬
or
ums on commercial
policies during
service; protection of civil rights
and suspension of enforcement of
certain civil liabilities
during ser¬
presumes
vice; emergency maternal care for
wives of enlisted men, and re¬
that education
was interfered with
if the veterans entered the service
while 25 or younger.
(3)
Government
Press
Washington
accounts
June
on
22,
it
indicated that with Congres¬
sional leaders and heads of veter¬
was
ans' organizations
looking
on,
the
President put his signature to the
greater economic sacrifice
guaranteed
-
and every other kind of sacrifice
than the rest of us and are en¬
loans by private and public lend¬
ing agencies at not
'/////4;.//4/:/■/■// interest,
Associated
from
The
repayable
government
loans
more
in
will
for purchase
than 4%
20
titled
years.
guarantee
and repair
of
homes, farms and small businesses
up
to
vided
ceed
50%
of the
principal
the guarantee does
pro¬
not
ex¬
$2,000, and the Veterans' Ad¬
measure
hand in arbitrating the chief issue,
(
The
an amendment by Senator Bank-
head
accordance
sion
(D.,Ala.), which the House
As
Exten-
finally
modified
and
includes
measure
that
whatever
definite
to
take
of
care
action
their
to
help
special
prob¬
lems.'
While further study and
experience
may
suggest
some
changes and improvements, the
Congress is to be congratulated on
the prompt action it has taken.
"There
ap-
service
provi¬ entire amount of
a
benefits
the
veterans receive under the "G/I."
bill be deducted
from
any
ad¬
had refused to take.
with its basic objectives.
'The provisions of the
and
generally
still remains one recom¬
authorizing Federal loans, ministration will absorb the inter¬
mendation which I made on Nov*
hospitalization, job i nsurance, est for the first year on the
of
divergent y measures worked
23, 1943, which I trust that the
schooling and other ex-service amount guaranteed.
< :
out by a committee of the two benefits estimated to cost between
In cases where an original loan Congress will soon adopt—the ex¬
bodies.
tension of social security credits
$3,000,000,000 and $6,500,000,000." has been made or financed by a
"James F. Byrnes, War Mobili
under the Federal Old-Age and
From the same advices we also Government
agency, the Veterans'
zation Director, took a personal
Survivors' Insurance Law to all
quote:
Administration may guarantee the
some
line- can be held against inflationary price increases if they
were supported in a firm adminis-
The
< *
care,
country
other on page 2494 in the June 15
(when Congress accepted
issue—the latter noted the com¬
compromise bill) reported:
"A compromise, the price legis¬ pletion of Congressional action on
advised
am
dependents.
car¬
June 21
(
I
substantially
as
the
gratifica¬
what harder to hold the line.
it
on
the line.
their
served
in
Act
tension
to
rying out most of the recommen¬
dations made by him in a speech
them
spite of this clamor controls for one year, to June 30,
the
Congress,
has
stood
firm 1945, but changes the present law
against any departure from the in several particulars.
basic principles which have made
| "Final legislative action on the
it possible for us to hold the line.
price-rent-wage bill came as the
"Some of the amendments in¬ Senate and
House speedily
ap¬
troduced in the Stabilization Ex¬ proved ind arbitrated a version
tion
measure
as
hospitalization, medical
employment rights for returning
July 28, 1943, and more spe¬
veterans.
cifically in messages to the Con¬
Those older ones will have to
"This bill, therefore, and the
gress dated Oct. 27,1943, and Nov, prove interference.
°
/
well."
former
legislation,
provide
the
23, 1943." Two recent references
Maximum schooling, either in
Noting that the legislation is
to
the
legislation appeared in public or private colleges, uni- special benefits which are due to
designed to prolong wartime price,
'the members of our armed forces
these columns—one in our issue
verisities, trade or business schools
wage and rent controls, the Asso¬
—for they 'have been compelled
of June
1, page 2287, and the will be limited to four years.
ciated
Press
from
Washington
to make
They
the
land.
Without
boards.
could
we
under
was
debate
and
ferred
field offices, and in all the county
war boards and the local price and
policies and sound pro¬
grams and
should be continued
for another year.. :
/'
'/y■%"In particular it should be noted
that
the
Congress rejected all
pleas which would require any
general change in the wage, price
and subsidy policies now in effect,
"During the past three months,
while the Extension Act
appro¬
adequate dependency allowmustering-out pay; gener¬
ous
the
priate to express
have resulted in this achievement
'
to
tion of the splendid work done
considered
judgment of the Congress that the
policies and the programs which
are
22
It gives emphatic notice to the men and
women in our armed forces
deep apprecia¬
that the American people do not intend
to let them down."
The
by
bill was enacted under the title of<$
the officials charged with enforc¬
"Servicemen's Readjustment Act other
fees
in
addition
to
$50
ing the stabilization program, and
of 1944," and the President re¬
monthly subsistence, plus $25 for
particularly the workers in the
Extension
the
represents
the occasion is
June
on
war
ances;
the "G. I. Bill of Rights," President Roosevelt
issued a
statement in which he said that, with the
signing of the bill, "a wellrounded program of special veterans' benefits
is nearly completed.
tion should be held.
firmly held.
Act
known
people that the line against infla-
items.- Meantime rents have been
affixing his signature
eral Government has
already pro¬
vided for the armed forces of this
■'//;;4/;/;iV44/!:y,
justed
proved, the amendment provides which
for
women
the /
a secondary loan
period of their service.
covering the required 20% down
"I trust that the Congress will
payment on the purchase price of
also soon provide similar oppor¬
a home. './//'
compensation
or
bonus
(4) Creation of *a job-finding
be voted. The princi¬ agency within the United States
en-[that OPA adjust ceilings on pal benefits include:
'/./.// ;v:-' Employment Service, with the Di¬
forcement.: No act is any better i'major' textile items.;, to reflect
(1) A flat weekly $20 unemploy¬ rector of the Veterans' Adminis¬
than its enforcement. No act, least parity prices for raw cotton. Guarment payment. For each calendar tration as Chairman.
of all a price control act, can be antees of profits to textile millers,
month of active service the vet¬
(5) Authority for the Veterans'
effectively enforced without the as provided in the original Bankeran will be entitled to four weeks Administration to
spend $500,000,head proposal, were eliminated.
support 6f the people affected by
of allowances.
000
in
construction
of
Payments will be
hospital
"Raw
cotton
it
now
But people tend to become
is
selling limited to 52
weeks for the first facilities to provide for the care
careless in the observance of even about one cent below the 21.08
two years after discharge, and will of returning service people.
a
good law if it is not enforced cents a pound parity figure.
be denied
veterans
The law gives the Veterans' Ad¬
who refuse
"The bill calls upon the Presi¬
against the fringe of chiselers who
suitable work.
'
ministration, which will adminis¬
will violate a law whenever they dent to take 'all lawful action' to
(2)
A minimum of a year's ter all the benefits, the status
think they can get away with it. assure producers of cotton, corn,
education
for
veterans
whose of an essential war agency, en¬
know that the Congress ' in wheat, rice, tobacco and peanuts
schooling was interrupted by the titled to priorities in personnel,
relaxing
the
penalties
against not less than parity or the highest
war, with the Government paying equipment, supplies and materials
non-willful violations was anx¬ price which prevailed for the crop
up to $500 in annual tuition and second only to the War and Navy
ious to protect only those acting in the first nine months of 1942,
Departments. ^4)%,'
in good faith and not those who whichever is higher.
The
sion Act which give me the most
concern are those relating to
and
men
>
may
tunities
for
post-war < education
unemployment insurance to
and
the members of the merchant
ma¬
■
.
rine, who have risked their lives
time
for
and
the
"But
do not wish to know what the law
requires of them.
the
changes
will
food
subsidies
after
June
30, 1945, unless Congress
specifically appropriates funds for
But I fear that
made
bans
weaken
and obstruct the effective enforce¬
them.
ment of the law.
in individual
perience
I
hope that
ex¬
ing
turn out that the
court
enforcing officers encounter seri¬
ous difficulties in
bringing chisel¬
that
their
not willful
and black market operators to
ers
'hardship' cases, and
penalties for price ceil¬
violators who can prove in
reduces
not justify my fear.
may
But if it should
It also relaxes rent controls
violations
the result of
or
were
negli¬
gence.
less
for
their
statement of the
Congress appropriates directly
continuance.
on
v
any
ceiling price
ucts
at
such
less
prices
on
than
for
signing of
follows:
"It forbids the establishment of
"This
fishery prod¬
today,
average of
the
most
1942/
the
;:////:>">
bill
President
(S.
: 1
bill, which I have signed
substantially carried out
of
the
the
directs
•
"OPA
book, I shall ask the Congress to
the
remove
"In
difficulties.
enacting
Extension
a
4
to
•'//%;
plaints
against
It
Act.
has
the
tried
to
com¬
deal
complaints
shown
statesmanship and
fairly.
to
act, "and Members
said
that, taken
the
beaches
;
answer.
of
world
—
to
our
existing stabilization
ma¬
-
erases
where
corners
American
of
men
fighting/ Look to the marvels of
production in the war plants in
your
our
way
own
towns.
country is
through to
I
say
just' fighting its
horizons. The
and
we now pass
troubled
no
limit.
through dark
times.
"A
Scarcely
a
home escapes the touch of dread
than
House
sell
they
order
(R.,111.),
[Courts to
stocked
at
amendment,
local
"It
against
OPA
started
in
Federal
pass upon the validity
violators
the
to
erties.
be
district
ing
months
people.
cause
to
-
the
in the
corn-
American
;
still
/
•
message
Nov.
23,
to
1943,
and women
men
else is
.satisfactory em¬
of
assurance
their return to
The first task after the
upon
civil life.
is to provide employment for
and
for
our
demobilized
war
them
.
The goal
.
.
after the
should be the maximum utili¬
zation of
human and material
our
> / •' /. ;/4
• >. ■■ ■;';;';V''.
related problem the Con- *
resources,'
"As
a
gress has had under consideration
the
serious
problem
reconversion /
after the war,
so
of economic
and
readjustment
that private in¬
dustry will be able to provide jobs
for
the
largest
This time
to
make
day
of
that
possible
have
we
in
peace,
war
necessary
full
confidence,
workers will remain
at their essential
as
number.
wisely begun
plans in advance of the
our
county in which the defendant
re¬
sides
or
"It
willful'
the
each week up to a maximum pe¬
has his place of business.
reduces
penalties
for
riod of
to those veterans
who are unable to find a job.
"(4)
It establishes improved
'non¬
price law violations from
present
standard
of
to
.///:;/ /■'[;;//.'
"(3) It provides for reasonable
unemployment allowances payable
or
court
war
jobs
as
long
until the fighting is
•
" './■
three
one
year,
learn
agreed
that
on
a
statement
prompt
contracts.
gress
the
I
Congress
has
bill to facilitate the
of
terminated
hope that
the
Con¬
will also take prompt action
when
it
reconvenes
on
necessary
overcharge, machinery for effective job coun¬ legislation which is now pending
°f OPA regulations, was stricken on; $50, whichever is
larger, to the seling for veterans and for finding to facilitate the
development of
from the final draft."
jobs for returning soldiers and
actual amount of the
overcharge,
unified programs for the demobil¬
/
Regarding changes in price con¬ or $25, whichever is larger. In sailors.
trol
under
the new legislation, cases in which defendants fail to
"(5) It authorizes the construc¬ ization of civilian war workers,:
June 30 Associated Press accounts prove the violations are: non¬ tion of all necessary additional for their re-employment in peace¬
said:
willful, courts may fix damages hospital facilities.
time pursuits, and for provision in
"(6) It strengthens the authority
It directs the OPA to
anywhere between one and three
times
the
amount
of
t
our
is
1
than anything
over.
allows courts to
an
4/4/
/,
allowing
.
adjust
anxiety and grief; yet in this hour rent ceilings in individual cases times the amount of the over¬ of the Veterans' Administration to
enable it to discharge its existing
the American
spirit rises, faith where they are shown to be out charge, or between $25 and
$50,
and
added responsibilities with
returns—faith in our God, faith of line with
prevailling rent levels whichever is larger.
in our
fellowman, faith in the j and to abolish controls in corn"It increases the loan rate on promptness and efficiency.
"With the signing of this bill a
land our fathers died to win, faith munities where it is
established cotton from 90 to 92%%. of
parity. well-rounded
in the future, limitless, and bright that this
program of special
step would not result in
"It directs the President to take
veterans' benefits is nearly com¬
of this, our country.
'abnormal' rent increases.
'all lawful action,'
through any pleted. It gives emphatic notice to
In the name of that faith we
'It bans the
broadening of the Federal agency, to maintain other-the men and women in our armed
shall
carry
there
ments in enforcement
forbade
higher-priced
submitted by Representative Dirksen
you:'
new
future of America has
True,
to
to
earlier. date.
are
special
///[;;/\/4;
"(2) It makes provision for the
stay judg¬
"The executive branch of the
proceedings guarantee by the Federal Govern¬
retailers
of
clothing, but to
permit defendants to challenge ment of not to exceed 50% of cer¬ Government has taken, and is tak¬
permits
the
operation
of
this
the validity of the regulations in¬ tain loans made to veterans for
ing, whatever steps it can until
method of price control for cloth- volved.
the purchase or construction of
ing manufacturers and whole¬
legislation is enacted. I am glad,
"It requires suits for
damages homes, farms and business prop¬
salers.
This
fects
clothes
the
OPA's 'highest
price line' order, so far as it af¬
retailers
Normandy for
-'■'•4;//.'V
the
a
not
"The bill
courage
Look to the reaches of the wide
Pacific
as
would
measure
OPA
the
to
conference
the
chinery.
resisting group pressure and in
protecting the public interest. By
its action, it has made clear that
it is the wish, not of a few Gov-]
officials, but of all
House-Senate
conr
weaken
has
in
ernment
fail
suits
whole,
with
It
damage
violators if
sumers
the
authority
treble
price
committee
Stabilization
those
with
of
the Congress has
signal service. It has
heard and considered all the
armed
initiate
against
Stabilization
Act
performed
the
is
the
of
special
the
my
service
our
more
ployment
war
.
in
stated
war
country.
these
fulfill
veterans,
Congress
'What
want
recommendations
made by me in a speech on July
adjustment of fresh
fruit and vegetable prices to take 28, 1943, and more specifically in
messages to the Congress
into account unusual
dated
crop losses.
Oct. 27, 1943, and Nov. 23, 1943. ■
"It sets up a board of
review,
"(1) It gives service men and
to be composed of OPA
personnel,
women the
opportunity of resum¬
to
hear
evidence
in
protests
against regulations and to advise ing their education or technical
the price administrator as to ac¬ training after discharge, or of tak¬
tion on protests. The amendment ing a refresher or retainer course,
not only without tuition
charge
also permits protests to be filed at
up to $500 per school year, but
any time, but final authority as
with the right to receive a month¬
to their validity is left with the
ly living allowance while pursu¬
present emergency court of aping their studies.
"It
of
"As I
workers.
1767)
•..
which
this
their
much to be done. // /
,
It
during
from
apart
benefits
needs
again
welfare of
present $1,500,000,000
a
year
food
basic
and
essential
non-basic
...
forces
o
that
the
American
people
subsidy program and terminates agricultural products at the
parity. do not intend to let them down,
1 subsidies after June 30,
1940, un- price level."
"Ry prior legislation the Fed-
cooperation with the States of
propriate
during the transition from
war
to
I hope also that the Con¬
peace.
gress
ap¬
unemployment benefits
upon
prompt
its
action
return
on
the
will
take
pending
legislation to facilitate the orderly
disposition of surplus property.
"A
a
sound
post-war
economy
major present responsibility."
is
THE COMMERCIAL &
106
Thursday, July 6, 1944
FINANCIAL CHRONICLE
As for production in the an¬
"pressure is greater than ever and
mills are falling behind schedule thracite fields the U. S; Bureau
of Mines reports estimated output
as directives are imposed on laden
,
The Slate of Trade
WMC To Govern
Priority Job Referrals
Conditions Announced By
McNutt, Chairman of the War Manpower
conditions under which WMC will recruit
23, Paul V.
June
On
Commission, announced
industries for migration from one section of
the country to another under priority referral beginning July 1,
when all hiring of male workers through the U. S. Employment
for essential
workers
Service, or its
designated agencies,
hiring halls, was to become
effec-^
tive.
Transfer of workers
from area
from region to
will be effected only after
to
or
area
region
certain
requirements affecting manpower
have been complied with, Mr. Mc¬
Nutt
Before
said.
including employers and union
hiring
Itineraries of employers'
representatives will be
arranged
by USES exclusively in order to
insure an equitable distribution of
region,
each
in
manpower
•
he
added.
"Considering the national char¬
of the
labor recruitment
inter-regional
(Continued from page 98)
books, pushing
deliveries ever
the procedure
further into the future."
As a
for settlement of terminated war
result of the heavy carryovers on
contracts, The measure popularly
known
as
the
"War
Contracts plates' and sheets at some plants,
it is felt that delivery schedules
Bill," received the signature of the
on substantial tonnages of
mate¬
President on last Saturday.
This
rial will not be met in the next
action
marked
the initial step
few months. The situation is com¬
toward a return to a peace-time
plicated by a continued demand
economy. The law provides among
for plates from the Maritime Com¬
other things that agreements are
mission, together with a recent
subject to review by the Comp¬
increase in the shell steel pro¬
troller General to detect possible
gram, "Iron Age" reveals.
These
fraud. In April of this year, while
factors, the foregoing authority
the bill was under consideration,
states, "have the effect of further'
a witness of The American Insti¬
tightening a steel market which is
tute of Accountants expressed the
now tighter than at any time dur¬
opinion before the House Commit¬
ing the past few years."•
tee
on
Naval Affairs that the
lation blueprinting
Pennsylvania1 anthracite at 1,tons for the week ended
June 24, 1944, a decrease of 80,000
tons, from the preceding week*
Output in the corresponding week
of 1943 was only 286,000 tons and
was occasioned by the coal strike.
For the
calendar year to date,
of
239,000
an increase of 10.2% is
over the similar period of
:/;7^7:7>7
April lumber production from
however,
shown
1943..
estimates
8.2%
of
from
the
decreased
WPB
produced
the amount
April, 1943, and 2.4% under
that of March, 1944. The total out-;
in
put for April was estimated at
2,681,649,000
board
feet,
with
be undertaken, problem, it is believed that most
effective
national
accomplish¬
Should the military news from hardwood accounting for 591,550,the WMC regional director origi¬
power to review settlements for
000 board feet and softwoods 2,ments will result if the designa¬
fraud inherently carried with it Europe run extremely favorable
nating an order for recruitment
tion of areas for recruitment is
for us and indicate an early Ger¬ 090,099,000 board feet.
outside his own region must cer¬
power to police the termination
handled
by one agency on the
man
collapse, the. picture would
Paper
output
for the weektify
to
WMC headquarters in
procedure as a whole, and that
basis of the current labor market
Within recent ended June 24 was equal to 92.4%./
Washington that ten conditions
this was the proper and useful change radically.
data, current knowledge or other function of the Comptroller Gen¬ weeks ou$aw strikes, which of capacity, against 92.8% in the,
have been met or will be met.
essential manpower requirements,
The ten conditions, announced
eral. Participation in termination showed a' decline in the early days preceding week, and 87% for the;
and recruitment activity already
of the invasion, have increased, week
ended June 26, 1943,; the
by the WMC chairman, are:
settlements, he pointed out, would
in progress," said the WMC chair¬
1. That the employer (for whom
impose on the Comptroller Gen¬ making for a loss in actual steel American Paper & Pulp Associaman.
7 7 v' 7
output and cutting into production tion's index of mill activity dis¬
inter-regional recruitment is re¬
eral a share of the responsibility
Mr. McNutt said that employ¬
closed.
As for paperboard, pro¬
quested) is making full utiliza¬
for administrative decisions, and of finished items as well.
ers who wish to avail themselves
tion of his present labor force.
As for the rate of steel produc¬ duction for the same period was;
this would destroy his value as an
of
the
recruitment facilities of
2. That all local sources of labor
at
96%
of capacity,
independent auditor after the fact. tion, the American Iron and Steel reported
WMC should make their actual
supply have been exhausted.
The present law closely follows Institute places scheduled output against
95%
in the preceding
needs known to the nearest local
-■> 3. That the need for workers is
v- *
recommendations of Bernard M. for the week beginning July 4 at week.
office of USES, placing an actual
hindering, or in the near future
Baruch, White House economic 94.3% of rated capacity, equiva¬
Retail trade in New York was
order indicating job specifications
will hinder, war production. ' .
adviser.
lent to 1,689,200 net tons of steel active the past week with season-;
and all conditions of employment.
4. That the number of persons
Turning to the week's results in ingots and castings, the lowest al and vacation merchandise in.
If, after a reasonable length of
requested by the employer repre¬
business and industry, the stock since the week of Jan. 3, 1944, strong consumer demand.
Gains,
sents that employer's actual needs. time, the local USES office cannot market continued its upward when
1,667,000 tons were pro¬ over last year, while not as pro-,
5. The employer's specifications recruit the required number of
Scheduled output for the nounced as in the previous week
swing in prices in search of wider duced.
workers
locally, a campaign of
represent the minimum specifica¬
and brighter horizons, while cur¬ current week compares with oper¬ are
running, according to esti¬
tions for performance of the job labor recruitment throughout the rent bank
reports in response to ations at the rate of 95.7%, and mates, around 15% for depart-/
area
can
be undertaken.
If this
and the range of wage rates he
stores.
In
the wholesale
the Comptroller of the Currency's output of 1,714,300 net tons a week ment
campaign is unsuccessful and if
will pay.
.77
7;:;
semi-annual bank call, reflect sub¬ ago.
For the week beginning trade the furniture market held:
6. The employer will follow a the employer's needs warrant re¬
stantial gains in deposits and total July 4, last year, steel output to¬ the' center of attention.
Buyers,
cruitment outside
the area, the
positive recruitment itinerary ar¬
resources,
Electric kilowatt out¬ taled 1,563,700 net tons, and the were present in large numbers:
area director may refer the order
ranged by USES, and the em¬
with allotments granted by manu-'
rate was 90.3% of capacity.
put, freight car loadings, and pato the State WMC director, who
ployer will subscribe to advertis¬
perboard
production
show in¬
Freight
car
loadings in the facturers much below retailers*!
will arrange more intensive re¬
ing at recruiting points, if neces¬
creases
for the week.
Declines third quarter of 1944 are expected requirements. Completion of early,
cruitment within the State or re¬
sary,
sending his representative
were
noted in; steel ingots and to be slightly above actual load¬ purchases of fall suits and dresses'
fer the order to the regional WMC
to make hiring commitments, or
cotton goods
castings output, bituminous and ings in the same quarter in 1943, were noted with
director. If the latter believes re¬
delegating
hiring
authority to
anthracite coal, paper and lumber from estimates just compiled by markets
dormant
as
the trade,
cruitment within the region would
USES.
production.
In New'York City the 13 Shippers' Advisory Boards awaited the President's signing the:
be unsuccessful and|if the em¬
7,
7. If medical examinations are
retail trade was active with sea¬ and made public on Wednesday, new price-control bill.
required, they will be given at the ployer agrees to recruitment out¬ sonal and vacation merchandise in last.
- -.
'
*
According to Federal Reserveside
the^ region, the order is trans¬
employer's expense at points of
On the basis of those estimates, Bank's index, sales in New York
strong consumer demand, while
recruitment or at the location of ferred to WMC headquarters in
for the country at large some im¬ freight -car
loadings, of the .,28 City for the weekly period to June
the job, and, in case of the latter, Washington. 7". 7v'^rtA'7
commodities will be 24 increased by 7 21 %7 over the*
Mr.
McNutt
said
WMC
will provement was observed in the principal
the employer will provide return
midseasonal slump into which re¬ 9,948,356 cars in the third quarter same period of last; year. For themake every effort to so conduct
transportation in case of rejection
tail trade has fallen.
of 1944,7 compared with 9,871,654 four weeks ending June 24 sales
the priority referral program so as
of a worker.
With respect to electric produc¬ actual car loadings for the same rose by 8%, and for the year to
to cause the least inconvenience
8. The employer agrees to pro¬
commodities in the corresponding June 24 they improved by 7%, the'
vide transportation for the work¬ or confusion in a local community tion, results reveal that output of
electricity increased to approxi¬ period in the preceding year, or same percentage of increase as in
or to workers.
ers, either through outright pay¬
' ' 7 7~ • '" • 7
mately 4,325,417,000 kwh. in the an increase of 0.8%. Seven of the previous weeks.
ment or by advance to be repaid
week ended June 24 from 4,287,- 13 Shippers' Advisory Boards es¬
Improvement in .retail trade:
from subsequent earnings, from
timate an increase in carloadings was noted the past week in all
251,000 kwh.
in the preceding
the point of recruitment to the
week, as reported by the Edison for the same quarter of 1944 com¬ sections of the country, thoughlocation of the job in all cases
Electric Institute.
The latest fig¬ pared, with the same period in some evidences of the midseasohalv
where this is considered necessary
1943,'but six estimate decreases.
ures represent a gain of 5.0% over
slump into which retail trade has>
to the successful recruitment of
The State Bar of Texas adooted
one year ago, when output reached
With respect to freight carried fallen still remains, Dun & Brad-,
workers.
on
June 30, a resolution which
4,120,038,000 kwh.
by the railroads, carloadings of street, Inc., reported in its cur-,
9. In the event of non-accept¬
declared that the United States Su¬
Consolidated
Edison Company revenue1 freight
for the
week rent review. Items such as ful-7
ance of the worker upon arrival,
preme Court has "rendered it im¬
and furnishings, /summerof New York reports system out¬ ended June 24 totaled 881,267 cars, hiture
without just cause for such nonpossible for the practicing lawyer
the Association of American Rail¬ apparel and outing goods enjoyed
acceptance on the part of the em¬ to advise his client as to what the put of 164,400,000 kilowatt hours
in the week ended June 25, 1944, roads announced. This was an in¬ popular
appeal.
Shortages
ofployer, the employer will provide law is
today, or even to offer a and
compares
with 194,300,000 crease of 2,106 cars, or 0.2% above many articles continue, but not¬
return
transportation
for
the
guess as to what it will be tomor¬ kilowatt hours for the correspond¬ the
preceding week this year, and withstanding this, the demand for
worker. 7.7
^ ■ 7%/;
row," said an Associated Press
ing week of 1943, or a decrease an increase of 120,377 ' cars, or novelties and decorative articles,"
10. That housing facilities will
dispatch from Fort Worth, Texas, of 15.4%.
15.8%
above the corresponding which are on the limited supply
be available for the worker upon
on
June 30, which added:
Local distribution of electricity week of 1943.
Compared with a list appears to be deminishing the
his arrival at the location of the
The Court "has repeatedly over¬ amounted to
162,800,000 kilowatt similar period in 1942,=an increase above source stated.
Inventories
job.
7 ;.y:07
7.:7V";
ruled
decisions, precedents and hours, compared with 188,900,000 of
of
retailers reflected some im¬
27,849 cars, or 3.3%jis shown.
Employers' orders received in
landmarks
of the law of
long kilowatt hours for the corresponLoadings of bituminous coal into provement over those of a year
Washington,
Mr.
McNutt said,
standing without assigning any ing week of last year, a decrease
will be further "screened" in order
vessels at lower lake ports in the ago, with the restaurant business
valid reason therefor," read the of
13.8%.
to verify the fact that lack of suf¬
week
ended
June *26
totaled thriving and retail food sales run¬
resolution, "dismissing the ques¬
Steel
orders
the
past
week 1,733.056 net tons, contrasted with ning 10% above those of a similar,
ficient manpower is retarding es¬
for a spe¬
recruitment of workers
acter
cific employer can
1
,
■
,
-
.
'
.
.
,
Supreme Court
Censured
sential
war.
be
cannot
production, and to
the
production
that
determine
obtained
from
other
is
Further¬
more, the employer's order for re¬
cruiting outside the originating
region must be assigned a man¬
power
priority by the national
manpower
priority
committee
established
by
administrative
sources
•
supply
labor
where
available and adequate.
The
order.
advices
June
on
23
tion with
tion
been
that
casuistry
than by
The
this
ers
to
prove
fill
the
productive of results,
McNutt said.
tor
the
hiring
to
Mr.
The regional direc¬
supervising
notifies
send
order is likely
the
employer
decision on
rather
sophistry
and
logic."
added
and
conduct
that
"by
controversies
personnel, it (the
Court) has subjected itself to the
suspicion, widely held, that it
within its
in
gions where recruitment of work¬
by the processes of
resolution
speaks,
Washington, the employer's order
Is transmitted to a region or re¬
itself with the asser¬
these precedents have
eroded
employer's request
for
inter-regional
transfer
of
workers
has been
approved in
an
of the hand, and
wave
the years; or basing its
from the WMC further said:
When
a
contenting
By Texas Bar
the
power,
own
undertakes to
or
voice
the
of
speak,
appointing
rather than the voice of
Presented
that
United
by J.
Supreme
States
not already
W. Hassell of
resolution
the
"the
is
asserted
Court
of the
losing, if it has
lost, the high esteerri
recruiting
in which it has been held
where
to
he
The
by the
people."
representatives,
said.
of
weeks, but this de¬
previous
week
,
■
tional Coal
the law."
Dallas,
week last year.
In the wholesale
1,805,860 net tons in the previous
and 1,218,064 net tons for line,. furniture sales also showed,
the same period
one year ago. improvement with the peak of fall,
cline, according to the '"Iron Age," Total dumpings for the season to ordering passed and buyers now
was more than offset by the fall
date; aggregated
19,487,911 tons concerned primarily with obtain-,
ing prompt deliveries.
in the ingot rate caused by heat, against 14,385,001 tons in the same
As reported by the trade re-,
period of 1943, an,7increase of
manpower shortages, strikes and
view
regional
increases
were:.
5,102,910 tons. 7, 7'7;;:":;>
7
New England, 12% to 15%; East,
equipment repairs.
The slightly
Bituminous coal output for the
16%.to 20%; Middle West 9% to"
lower trend in orders is not, how¬
week ended June 24 reflected a
13%;
Northwest, .;.,6% •. to , 10%i:
ever, indicative of a lessening of decrease of 280,000 net tons from
South, 19%. to 23%;',Southwest,
demand for steel at midsummer, the preceding week at, 12,000,000
20%. to
24%; and the Pacific
net tons, compared with 4,606,000
since, according to "Steel" maga¬
Coast, 18%"to 22%.
7
tons for the corresponding week
zine, in its summary this "week, last year, according. to the .Na¬ 7 Department store -:sales on a
country-wide basis, as taken from
dropped slightly below the level
the people believed "it had
always remained free of political,
personal
and
unworthy
and had interpreted
the law
to
as
motives
and declared
it is written, according
tradition
and
precedent,
and
agreeably to the provisions of the
Supreme Court,
heretofore held
cause
it stated,
Constitution
public esteemr be- Rights."
and
the
Bill
of
Association.
The low
production last year resulted from
a
strike.
Output to date—Jan. 1
through June 24, 1944—aggregated
about 309,030,000 tons, as against
279,122,000 tons for a like period
in 1943.
The report of, the Solid
Fuels Administration placed pro¬
duction for the week ended June
17 at 12,300,000 net tons, against
12,530,000 tons in the preceding
week.
the
dex,
3%
Reserve
Federal
Board's
in¬
moved sharply upward from
in the week previous to 15%*
for the week ended June
24,
com¬
pared with the same week a year
ago,
while, sales
for
the- four
weeks' period ended June 24 ad¬
vanced
6%
by
over
period a year ago.;
a
similar
For the
to June 24 an increase of 7%
noted
over
a
like period in
year
was
1943,
Volume
160
Number 4296
THE COMMERCIAL & FINANCIAL CHRONICLE
private ownership, the demand for
government intervention will be
Steel Output And Order Volume Again Off^—
^
Largest Carryover In History By Many Mills
"A falling off in the production of steel
in
the volume of
put
orders, a tendency for industrialists to
post-war plans and no diminution in the
on
"To
attain
must
be
week," the "Iron Age" states in its issue of today (July 6), further
adding:
C-'t <' '>•;■■■ v'v?-* Y;;:''C-:- f.V
there
must
the
were
among some of
metal-working industries such
as
high
level
industrial
in
business
new
created.
be
worked
through In the blast furnaces and
hearths,
open
again this
shortage,
the
.
various
the
week.
rate,
The
hot
off
was
The
manpower
weather,
work
stoppages
past few months are some
in
the
end,
of
volume
to
for
ascribed
to
consumers
he
unwise
the view
at this
the
on
that
it
part
would
let
to
unwieldy,
in¬
Fur¬
v
many consumers of steel
reminded
are
being
time
ventories become
thermore,
is
of
the
fact
that
a
ye&r ago.
^sudden end to hositilities in Eur¬
ope {would result in wholesale
cancellations
of
of
contracts.
themselves
■men
the
also
are
fact that when
European
probably
and
kets,
the Government
has
that
the
of
week
posed
offices;
may
some
of
already
deliveries
im¬
are
laden
books,
further
ever
cases the equiv¬
capacity for July.
Following revival in the combat
alent
some
of entire
tank {program
in
some
the
invasion
a sharp spurt has occurred
in tonnage for landing mats.
To
provide shipments for these pur¬
poses in July directives have been
sales
npt^hq^ib- the,, making
after
started,
low because of the
holiday
This does not mean, how¬
a flood of new orders
some
falling behind
are
directives
as
history, in
their
heavy
for
over
schedules
the latter part of this week.
De¬
liveries have become so extended
on
is greater than
"At the end of June many mills
have the largest carryover in their
that
ever,,
less¬
,
new
a
extended
as
M
into the future.
"Actual order volume this week
reached
•;
predicted
' on
pushing
noting this trend
among
consumers.
\
the
.• ■:
war-end
were
thought
of
mills
schedule
warned
problems
•should be recognized and
planned
for or cushioned. Steel
companies
this
{
pressure
and
ever
against, it is said to be only nat¬
ural
;
summer,
or¬
For this reason,
although no
industrialists share the optimism
that
mar¬
ening of demand for steel at mid¬
ders.
some
oh hot-rolled
cases
45 to 60
items that many consum¬
shown a reluctance to
the past -10 days and
have
sheets
been
past few weeks the
days further.
extent
that
the
has
orders
lost
This
is regarded as temporary as
large maritime tonnage is about
to be placed.
In the meantime
a
there
an
is
for nearby ton¬
which mills
nage,
slight decline in
pressure
are
unable
to
significance. accept except under directives.
some, however, who be¬ Warehouses are under heavy in¬
lieve that the
top-heavy volume quiry to fill this gap and could
There
its
are
of steel orders has
an
end
about
with most of the
come
sell much
to
military! supply
more
were
than at present if
available.
plans interpreted into firm orders / "Plate production in June is ex¬
already. If these orders have not pected to fall below the recent
already been placed on the books, average, due to the shorter month,
•it will not be long until
they are
received.
"That
post-war
interruptions for repairs to equip¬
ment and hot weather, as well as
short labor forces.
planning
or
of
post-war ideas have taken a spurt
is evidenced
by news
rife
Detroit
that
that the
not
after
the
1942
sumed.
ulation
all
speculation
motor
new
be
model
had
been
is
sheets,
have
end
of
the
producers
almost
year,
engaged in business and produc¬
There is no greater vice in
the present tax laws than the dis¬
couragement which they offer to
investors and stockholders. If this
system
the
though
not
the
dry
all
mentals of
our
range
for
with
posi¬
same
some
offer
can
of sizes in rounds and flats
September
■economy be preserved in order to
avert
the
threat
of
government
^ownership of the instruments of
production. -It is of first importance
that
business
be
stabilized
fiscal
a
and
October.
chairman, has
and, above
Generalissimo
with
Chiang Kai-shek matters
tual interest and concern.
Generalissimo
comed
Mr.
drome—
of
Wallace
at
this whole
our
mu¬
the
ing
air¬
State.
me
Mme.
Chiang also was
airdrome, but remained in
Mr.
at
door
cur¬
villa
for
tea.
Later
Mr.
the
"I
I
Wallace
where
landing field
at
past
area
some
form
Thus
for
of
socialism.
state
taxation, which should be directed
the
towards
preservation
existing
economy,
come
most
for
a
destruction.'-.'
its
the
well
may
potent
of
be¬
instrument
The
committee
^,.^
.......
,
that
remark
vinced that the
our
concludes
"we
lie within the fiscal
of
and
the
tax
structure, and that these problems
must be solved before any unified
plans for dealing with other sub¬
jects can be formulated. Based on
in
"I
"The
statement
from
the
"Dr. Hu Shih has
is
of
States
separa¬
believe
it
And I believe there
will
cultural
be
and
public
vide
and
consistent
prise."
A
with
the
of
pro¬
of
capable
maximum
system
our
revenues
continuation
private
on
of the
fiscal
The
recommen¬
policy follows:
budget
must
be
bal¬
anced and suitable
provision made
for payment of the public debt.
(2)
to Moscow, it
from
a
reliable
way
political
circles
a
between
Moscow and
his visit to
connection
the desire of the United States to
obtain from the Soviet Union
com¬
exchanges' to promote the
Senator George made known
and the House Ways
Committee
summary
his
German
tain naval bases for battle
cer¬
against
Japan."
Congress Asks Treasury For Estimate Of
Post-War Receipts And Expenditures
enter¬
>
dations
on
learned
the nation's
structure
producing *
of
in
stability and will
tax
a
news
restore
believe
confidence
credit
Kai-
so.
great po¬
are
Chiang
believe that there is
joining friends to¬
general welfare of the peoples of
policy,
will
now
Canada—not
one
in¬
your
"Aiinerican Vice-President Wal¬
and
United
national
fiscal
are
lace, suddenly changing his orig¬
inal plan to travel to Chungking,
source.
the
with
concern
DNB, the German official
that this
mercial
post-war
who
about the
Above all
agency, declared today:
Pacific*to
said
of
matter
President,
between
tentialities for
soldiers
mutual
tier
I
visit with your sol¬
our
privilege of
said.
conviction, we offer the fol¬
lowing
recommendations
for
a
we
and
was
this
which
want to
boundary should be like the fron¬
gether.
Now
war.
land and talk
your
great
shek."
boundary of these
along for some
of
of
years
see
and
sweeps
one
your
terest
central Asia.
tion but
with
I look forward to the
Chungking
Siberia, one
lands, to begin
of the oldest,"
one
miles
followed
admiration
discussing
of
common
lands
have
and
co-operating to bring
early defeat of Japan.
province,
the
Wallace's
two
I
seven
diers
from
come
newest
visit
my
Mr.
con¬
major problems of
domestic post-war reconstruc¬
tion
"I have
5,000
with
are
visibility in
to improve.
visit with the keenest
my
want to
an
is grave danger that our tradi¬
tional
system of private enter-
Szechwan
are
happy to be in China and
am
begin
I
where he waited for several hours
in
first
strides
with your farmers.
some¬
required for business
expansion and employment, there
at
hand,
being
socially and economically.
sympathy
His first
was
observe
trials and accomplishments of the
Mr. Wallace flew to
Chungking
intermediate
facing Central
I have just been
as
forward
interest.
planned to go to the United States
embassy for the night.
Tiuwa, Sinkiang.
stopping place in China
door
to
Vice-President had shaken hands
with, the assembled notables. The
party drove to the presidential
saying that I have
the new front
where,
made
after
in
the
—
great
car
said by those liv¬
that I have en¬
through
able
Generalissimo Chiang and United
Ambassador
Clarence
E.
the
what
you
land of op¬
us—a
past
Asia
Wallace,
Gauss
for
price will be supplanted by
right
entered
the
a
in the
States
entered
region is to
is to
China
through the back
door; but I believe that develop¬
ments in coming years will
prove
high compliment not
by protocol, since the
Generalissimo is the head of the
car.
im¬
tered
a
motor
West
"It might be
wel¬
required
tained
been
portunity.
Chiang
from
sound taxation and must be basic¬
on
June 18 that his Senate Finance
and Means Committee have asked
the
Treasury for an estimate of how much the Government will
spend in the years after the war and how much the national income
will
be during that
period, it was disclosed in
dispatch from Washington which went on to say.
The estimates
ator
Our
present Federal tax
system violates every principle of
In¬
ally revised.
(3)
can
a
accuracy
so that Congress
foundation of reasonable
upon
Associated Press
an
wanted, Sen-
are
George said,
get
which
to
erect
maintain
high industrial produc¬
tion.
The estimates
a
post-war tax structure.
Normal
abolished
adequate
prime
policy is that the funda¬
t>-
and maintained
at a high level in
furnish employment
opportunities for all who are cap-
order
to
able of gainful
occupation.
ideal
cannot
be attained
If this
indi¬
in
order
for
revenues
income
been
taxes,
advo¬
when
the
on
to
secure
post-war
substantially reduced.
(5) Corporate income should be
rate
but
once
and
at
the normal tax
as
the
probably will be
fighting ends, to stimulate invest¬
in
ment
private
enterprise,
a
be held
and
But action
post-war tax bill likely will
over
until the next Con¬
gress meets in
January.
{' (6)
Corporate
as
well
as
the
capital stock tax should be abol¬
ished.
Fair
and
should
consistent
treat¬
be
accorded capital
gains and losses.
(8) The tax laws must be purged
of their
complexity and uncer¬
tainty.
(9) Overlapping and competing
taxation
revenue
of
the
by
Governments
under nated.
same
Federal
should
;
Former Senator Reed Declares
applicable
excess-profits
taxes and surtaxes
Roosevelt Has Violated Faith Of Office
same
to individuals.
ment
"the
on
Georgian has
(4) Personal surtaxes should be
analyzes nine recom¬
policies.
The committee
that
rates
reauirements.
(7)
and
tax
The
personal exemptions lowered
re¬
statement
of post-war
free and democratic
discuss
have
I have been
similarly im¬
pressed with your northwestern
provinces in which I have long
been interested, and over which
I flew today.
In many respects
Mr. Wallace said that while in
China he wanted to see the
land,
talk with farmers, visit Chinese
and American soldiers
all,
it—I
pressed with its promise for the
future.
at them late this year.
post-war
any consideration
have named
joining
friends together,"
required for capital investment
and production.
With this com¬
plete reliance on the government
funds
of
one
of
or
Study of Transportation,
a report, in which it lists
national
not
—
one
cating lower corporate and indi¬
the
Taxation of the Railroad Committee
for the
of which Karl Fischer was
recommendations
and the inevitable result
up,
Canada
but
vidual
cently submitted
for
continue,
and
the north Pacific basin.
and
at
Railroad Committee For Study of
Transportation
;
Reports On Post-War Fiscal Policy
mendations
to
of private capital will
will be that the government alone
will be able to supply the funds
taxed
prefaces its
requisite in
permitted
States
separation
and
"Entering China through Sin¬
kiang—the 'new region' as you
United
vidual income should be increased
are
creasing volume of shell tonnage
i is
pushing
schedules
ahead
in Detroit that the
manufacture of: rapidly."
on
is
sources
(1)
some
reached
to those
States/ as having^
boundary between Asia
the
Siberia and China "should be like
the frontier between the
ready, he said, in time to let Sena¬
tors and Representatives in charge
of revenue measures have a look
a
long
it does not interfere with
pro¬
duction of war items.
It is felt
A sub-committee
the
United
that
On the other hand
as
.
of
conflict must
the
said
nothing in rounds before January.
companies like others
allowed to build
experimental
models. They can also order tool¬
are
v
issue
This
the
to
tion. Some have little to offer be¬
fore
November,
and
one
has
automobile
as
of
as¬
Foundation for such spec¬
is found in the fact that
ing for their reconversion
heavy mill overloads.
deliveries, which for
time have been extending
steadily
toward the position of plates and
may
facsimile
a
as
car
This is in face
"Bar
recently
from
economic
re¬
is
tion.
the
•
mill schedules for several months.
steel out¬
raw
put rate has dropped to such
foremost
debt
in
"Buying of plates is slower at
place orders when promises on de¬ the moment, due in large measure
livery are so far ahead. Nonethe¬ to inability to obtain places on
less the fact remains that
backlogs
have not suffered much of a de¬
cline because
concurrently for the
the national
present time.
extended
have
ers
present conflict of views
garding
rewards must be offered
July 3 stated in part
on
"Instead
or
by later official
oper¬
■
follows:'
suspensions that'will be found to
be warranted
the
of the iron and steel
mary
if the
cancellations
more
that
"Steel" of Cleveland, in its sum¬
.
Steel
mindful
ends there will be
war
indicated
The
ating rate of steel companies hav¬
ing 94% of the steel capacity of
the industry will be 94.3% of ca¬ the debt will be paid. The present
pacity for the week beginning practice of deficit financing must
July 3 (the lowest rate of the be put aside and definite plans
year). This compares with 95.7% formulated for balancing the bud¬
one
week ago, 97.8% one month get
and
liquidating the public
ago and 96.0% one year ago.
The debt.
operating rate for the week begin¬
"The second requirement is that
ning July 3 is equivalent to 1,689,- the tax structure be revised so as
200 tons of steel ingots and cast¬ to
produce maximum revenues
ings, compared to 1,714,300 tons consistent
with
maximum
en¬
one week ago,
1,751,900 tons one couragement
to
private
enter¬
month ago and 1,672,800 tons one
prise. Fair treatment and suitable
order
contract
of
some
steel
Steel
be resolved by an unqualified af¬
firmance that, come what may,
endangered.
tendency
and
on
received
reasons
'to the point where the fulfillment
of the third quarter steel
require¬
"The
Iron
July 3 announced that
telegraphic reports which it had
advanced for this rate drop. WPB
has warned that in recent weeks
the raw steel output has declined
ments is
American
Institute
and
on
arriving at Chungking,
China, on June 20, advocated closer relations between'China
and
Siberia, said an Associated Press account on the same
day from
Chungking, which went on to say:
In a statement distributed at
the airport upon his arrival from
Russian territory, he quoted Dr. Hu
Shih, former Chinese Ambassador
public confidence in the financial
integrity and economic stability of
cars is indefinitely in the
the
country, because no nation
future, undoubtedly six months at which loses the confidence of its
the minimum and likely more."
citizens can remain a democracy.
Vice President Henry A. Wallace
>
ventures
this
To
restoration
a
"Because of the Fourth of July,<4>
civilian
although
most
plants
{Are Advocated By Vice-President Wallace
of
activity,"
continues the report, "a favorable
atmosphere for the investment of
funds
of
this
and
the more important
steel in the past
number of outlaw strikes
features
Closer Ties Between China And Siberia
overwhelming."
slight hesitancy business
a
steel
new
emphasis
more
ingots,
107
sources
and
be
of
State
elimi¬
Conferees of the American Democratic National Committee were
told in Chciago on June
20, by former Senator James A. Reed, that
President Roosevelt had taken an oath to
support the Constitution
but
that
the
NRA
bill
and
the
United States Supreme Court
sions, it
June
was
stated in
20,t which
these
Roosevelt's
preserve,
as
acts
oath
beside
that
his trustworthiness
he
Mr.
would
defend
the
Constitution of the United
States,
and
as
to
draw
his
your
own
reliability
conclusions
as
a
to
enlarge the
re-^-
follows:
protect and
measure
contrary to constitutional provi¬
Associated Press dispatch from
Chicago on
other
gave
marks of Mr. Reed
"Lay
an
proposed
were
man
or
he set forth in
"God
kind
save
of
a
as
an
officer,"
prepared address.
America
protector
and
from
that
defender.
The picture is one of egotism run
mad
and
consumed
of
ambition
that
the conscience."
has
1944
Thursday, July 6,
FINANCIAL CHRONICLE
THE COMMERCIAL &
108
recently.,,;Prod¬
list
are laboratory reagent chemicals,
cellulose nitrate plastics,IvulcanWPB announced
Yield Averages
Moody's Bond Prices And Bond
•'
.
(Based on Average
U.S.
Corporate'
■
■•/
Bonds
Corporate by Ratings*
Aa
A
Baa
Aaa
Corporate by Groups*
P, U.
Indus.
R. R.
4———
HOLIDAY
117.00
112.19
102.96
113.89
117.40
112.37
118.60
106.21
120.15
112.19
102.96
113.89
112.37
116.80
106.04
120.15
118.60
117.40
llllllZZ
117.40
June 30—_—
120.15
112.37
118.60
113.89
29———
120.18
112,37
28
120.25
112.37
120.26
112.37
118.60
July
/
27
112.00
102.80
116.80
112.00
102.80
106.04
113.89
117.40
118.60
116.80
112.00
102.80
106.04
113.89
117.40
118.60
116.80
112.00
102.80
106.04
113.89
117.49
112.00
102.80
106.04
113.89
117.40
j
118.40
117.00
117.00
112.00
102.80
106.04
117.40
118.40
113.89
112.37
116.80
112.00
102.63
106.04
113.89
117.20
21—
117.40
117.40
112.19
118.40
112.19
118.40
116.80
112.19
102.63
106.04
113.70
120.04
22—
1
112.37
120.13
-
116.80
112.19
102.63
106.04
113.70
113.89
117.40
120.04
20
112.19
118.40
112.19
118.40
116.80
112.19
102.63
106.04
120.05
—
112.00
102.63
105.86
113.89
117.40
113.70
117.20
120.10
112.19
118,60
116.80
120.01
118.40
116.61
112.00
102.63
17
112.19
105.85
118.40
116.61
102.63
113.70
112.19
105.86
120.01
112.00
16_—
116.80
102.63
106.04
117.20
112.19
118.40
113.89
119.95
112.00
15
116.80
112.00
102.63
105.86
113.89
-117.20
112.19'
118.60
102.46
105.86
113.70
117.00
19_
-
119.87
14
117.29
13-—
112.00
118.40
116.61
111.81
2234——
118.40
116.61
111.81
102.46
105.86
117.20
112.00
113.70
119.88
118.60
116.61
117.20
112.19
105.69
113.70
119.88
111.81
102.46
10
'
119.87
12—
j'
118.60
116.61
111.81
102.46
105.69
117.20
112.19
113.89
119.88
102.30
105.69
113.89
117.00
8
■
!
119.88
112.001
118.60
116.61
111.81
118.40
116.80
111.81
102.46
105.86
117.20
112.19
113.89
119.90
116.80
111.81
102.46
105.86
113.70
117.20
———~
119.90
112.19
118.40
118.40
116.80
111.81
102.63
106.04
116.61
111.81
102.63
105.86
113.70
117.00
117.00
120.02
112.19
118.40
112.19
118.60
116.80
111.81
102.46
105.86
113.89
119.99
118.40
116.80
111.81
102.46
105.86
117.00
112.19
113.70
119.75
2.1—1111
113.89
119.66
112.19
118.40
116.80
111.81
102.30
105.86
118.60
116.80
111.81
105.86
the week 12 price series
During
116.80
111.81
105.52
111.81
111.62
101.47
105.52
113.70
119.48
116.61
116.41
118.40
119.35
111.81
118.40
116.61
111.62
101.47
105.34
113.70
WEEKLY
118.40
116.41
111.62
101.31
113.70
116.41
111.62
105.17
119.75
116.61
111.44
105.17
116.41
111.62
118.20
113.70
119.86
101.14
14
111.44
100.98
104.83
113.89
116.22
119.81
116.61
WHOLESALE
Compiled
Each Group
< ~
.
111.44
118.20
116.41
111.25
100.81
104.66
116.22
111.44
113.70
119.68
118.20
116.61
111.44
104.66
116.41
111.44
113.89
119.86
100.81
Fats and Oils
24
111.25
100.65
104.66
Cottonseed Oil
17
118.20
116.61
116.41
111.44
113.70
120.14
100.81
104.48
113.70
116.41
6
Foods—
25.3
—-
10
120.26
111.44
118.20
116.41
—
116.61
111.25
104.31
113.70
116.41
111.25
118.20
116.41
111.07
100.32
104.31
113.50
118.20
116.22
111.07
100.16
104.14
113.31
116.41
111.07
Feb.
25
Jan.
28
119.47
102.96
106.21
118.20
116.22
110.88
99.04
103.30
113.12
110.70
8.2
Textiles
119.41
117.00
111.81
99.36
103.47
114.27
117.40
7.1
155.1
159.0
152.7
207.1
162.0
149.3
206.8
159.9
146.7
202.0
164.7
144.0
201.0
148.1
145.3
130.1
132.2
153.1
104.4
153.4
127.7
117.7
130.1
132.2
153.0
104.4
153.4
127.7
117.7
130.1
132.2
152.4
104.4
153.4
127.7
117.7
122.8
130.1
151.3
104.4
152.6
126.6
117.7
116.80
92.35
111.81
114.46
6.1
107.44
97.16
Building materials
Chemicals and drugs
108.88
113.89
116.02
1.3
JufyY3^ri943--
120.78
118.09
110.70
118.80
116.22
111.25
98.25
102.46
113.70 116.61
106.56
116.22
113.12
107.89
91.34
95.77
111.25 113.89
/
-
-
—
"Fertilizer materials
.3
JufyY3&ri942—
.
119.8
MOODY'S BOND YIELD
Daily
Avge.
Corpo-
Bonds
Averages
rate*
Corporate by Ratings*
Aaa
%
A
Aa
Baa
Fertilizers
119-7
119.7
119.7
Farm machinery
104.5
104.5
104.4
104.1
137.7
137.3
137.0
134.8
100.0'%}/
AVERAGES
All groups combined—
'Indexes
Closing Prices)
(Based on Individual
U. S.
Govt.
.3
.3
1944—
HOLIDAY
3.04
2.72
2.80
3.05
3.57
2.96
3.04/
2.72
2.81
3.05
3.57
3.38
2.96
3.39
2.96
"
\
'■
'
July 1,
107.0, and July 3,
1944, 107.3; June 24,
//.;T;
:
Z
:
/..• /'"
2.78
—
Good Supply Of Foreign
Released—Quicksilver Again Weaker
Lead
3.04
2.72
2.81
3.06
3.04
2.72*
2.81
r-3106
3.58
3.39
2.96
2.78
1.79
2.72
2.81
3.06
3.58
2.78
3.04
2.96
1.78
3.39
28——
2.81
3.06
3.58
3.39
2.96
27
3.04
2.72
2.78
1.78
stated "Though the
3.39
2.96
2.78
tled, the Tin-Lead Division of WPB last week released a fairly large
tonnage of foreign lead for July delivery. Until production in Mexcan
be resumed by the large mining companies, allotments of
1CO
1.79
29-
j"
—
1.78
j
20
3.06
2.80
3.06
3.58
3.33
2.96
2.78
2.73
2.81
3.06
3.59
3.39
2.96
2.79
3.05
2.73
2.81
3.05
3.59
3.39
2.97
2.78
3.05
3.05
3.59
3.39
2.97
2.78
1.79
17
3.05
2.73
2.73
2.81
3.05
3.59
3.39
2.96
3.06
3.59
3.40
2.96
ers
2.72
2.81
2.78
3.05
2.79
000
month.
*3.05
2.73
2.82
3.06
3.59
3.40
2.73
2.82
3.06
3.59
3.40
2.79
3.05
2.97
1.80
3.05
2.73
2.81
3.06
3.59
2.96
2.72
2.81
3.06
3.59
3.40
2.96
2.79
3.05
2.73
2.82
3.07
3.60
3.40
2.97
2.80
ket here
2.73
2.82
3.07
3.60
3.40
2.97
2.79
3.06
3.60
3.41
2.97
2.79
3.05
2.72
2.82
3.07
1.82
3.05
2.72
2.82
3.07
3.60
3.41
3.06
2.72
2.82
3.07
3.61
3.41
2.96
2.80
1.82
3.05
2.73
2.81
3.07
3.60
3.40
2.96
2.79
1.82
3.40
2.97
2.79
2.80
2.7?
2.96
6-
1.82
3.05
2.73
2.81
3.07
3.60
1.82
3.05
2.73
2.81
3.07
3.59
3.39
2.97
5
•:./'/
3.59
3.40
2.97
2.80
3-
1.81
3.05
2.73
2.82
3.07
3.05
2.72
2.81
3.07
3.60
2.96
2.80
1.81
3.40
2
3.60
3.40
2.97
2.80
2.80
1.83
19-
.
.
2.81
3.07
3.61
3.40
2.96
2.72
2.81
3.07
3.62
3.40
2.96
2.81
2.81
3.06
3.06
2.72
3.07
2.81
3.65
3.42
2.96
3.08
3.66
3.42
2.97
2.83
3.08
3.66
3.43
2.97
2.83
2.83
2.73
2.82
3.08
2.73
2.83
3.08
3.67
3.44
2.97
2.74
2.82
3.09
3.68
3.44
2.97
2.83
3.08
3.09
3.69
3.46
2.96
2.84
1.83
i.
2.73
3.07
1.82
-
3.07
1.83
14
1.85
2.82
1.86
5-—.
21—
2.97
2.84
2.74
2.82
,
3.09
1.83
3.09
2.74
2.83
3.10
3.70
3.09
2.74
2.82
3.09
3.70
3.47
2.96
2.83
3.09
2.74
2.82
3.10
3.71
3.47
2.97
2.83
1.80
-
10——
3.09
2.74
2.83
3.10
3.70
3.48
2.97
2.83
1.81
3.10
2.74
2.82
3.10
3.72
3.49
2.97
2.83
at the end of May totaled
341,037 tons, against 324.500 tons
a month previous and 394,762 tons
3.49
2.98
2.84
in May,
25——
Feb.
Jan.
and 142,703 tons in May last year.
Fabricators' stocks of refined cop¬
3.47
1.80
17
1.81
3.10
2.74
2.83
3.11
3.73
3.11
2.74
2.84
3.11
3.74
2.99
3.13
2.74
2.84
3.12
3.81
3.55
3.00
2.85
1.87
per
2.83
1.87
3.50
28
High
1944-—-.
1943.
required
certificates,
Brass mills will not be
to
.obtain
allocation
3.04
2.71
2.80
3.05
3.57
2,96
2.78
1.78
3.38
1944—-
3.31
2.81
2.96
3.23
3.93
3.07
2.93
beginning with August.
2.08
4.25
1943—
3.09
2.68
2.80
3.07
3.79
3.54
2.78
the mills will have to
1.79
2.94
1943-——
Low
1.80
3.13
2.71
2.84
3.10
3.86
3.60
2.97
2.82
High
1 Year Ago
1943—
3,
July
2 Years Ago
1942-
3,
July
♦These
1.98
3.36
2.84
3.00
prices are computed from average
3.28
4.32
4.02
3.10
~
2.96
yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to show either the average
movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used In computing these indexes was published
In the issue of Jan. 14, 1943, page 202.
(33A%
level
coupon,
or
the
average
lay Alloy Steel Oulpat
Exceeds That Of April
548,000
was
against
52.000
52.000
52.000
-
Chinese,
52.000
52.000
28
tin, was un¬
99%
or
changed last week at 51.1250 per
pound.
Quicksilver
developed
Further weakness has
quicksilver, largely on contin¬
ued pressure from weak holders
on the Pacific Coast.
Buying was
in
the
on
quiet side throughout the
week, with consumers wondering
whether
prices can drop much
further in the face of current high
production costs.
Mines are still
closing down, and liquidation undoubedly has figured in some of
recent transactions at lower prices.
Coast
situation
the Pacific
on
described
is
nominal."
York
New
The
"wholly
as
mar¬
quotable at $98 to $103
per, flask
throughout the week;
the inside figure covering round
was
lots.
■%
■.
Silver
The
Official
York
New
silver
eign
silver
for
market
London
ouiet and unchanged at
was
The
tons,
for¬
for
at
continued
23V2d,
44%0,
with domestic metal at 7O%0.
%
535,000 tons in 1942.
However,
limit their
of alloy steel i
terms.
interest in Mexi¬
developments, the market for
was a more
or less routine
affair.
Consumption of lead has
been maintained at a satisfactory
can
lead
throughout the second quar¬
level
and, from present
indications, demands will hold up
ter of the year,
well over the
in
Sales
week
summer
the
is expected
work.
regulations
simplify
paper
to
production, plus im¬
should provide sufficient
copper to 'take care of the July
needs, according to trade authori¬
for the last week
against 10,960 tons in
previous.
the
output.
A fair tonnage
of zinc was sold
electric
short tons of
produced in the world
furnaces.
during
•
mates that 3,070,557
Production of copper
in Chile in
reporting
softwood
unfilled orders are equiv¬
alent to 41 days' production at the
current rate, and gross stocks are
mills,
equivalent to 33 days' production.
For the year-to-date, shipments
of
reporting
identical mills ex7
by 6.4%; orders
ceeded production
/ '
to the average cor¬
responding week of 1935-39, pro¬
duction
of
reporting mills was
by 10.1%.
Compared
13.8%
30.3%
41.6%
,
greater;
greater;
shipments
orders
and
were
were
greater.
Zinc
Current
ports,
months.
domestic market
amounted to 4,-
201 tons,
WPB
For
stocks.
*
Aside from the
purchases of copper to not more
a
single month's require¬
ments.
This modification of the
than
steel during
Open hearth furnaces produced copper was
May totaled 931,381 tons, about
during 1943.
This compares with
610,370 tons of alloy steel in May.
12% of total steel production dur¬
3,052,571 tons in 1942; 2,901,925
The
remaining
321,011 tons of
tons
in
1941; 2.678,203
tons in
ing that month, according to the
alloy steel production came from 1940; and 2,402,475 tons in 1939.
American Iron and Steel Institute.
April, 889,051 tons
.
the last week for July
shipment, but there was no rush
for supplies, and some producers
ties.
This means that the stock¬
pile will not be called upon next believe deliveries next month may
were
produced.
In May a year month to round out the needs of not absorb current production
High Grade appeared to be plenti¬
ago
alloy steel production was domestic consumers.
ful. Labor shortages at the smelt¬
The Yearbook of the American
1,217,563 tons, or 16% of total steel
ers
are
cutting into production
Bureau of Metal Statistics esti¬
Production of alloy
In
52.000
27
June
%?;•' Lead
w.^.'%/::
Lumber Movement—Week
Heal del Monte and El Potosi
Pre¬
Ended June 24, 1944
stra¬ have settled with the miners dur¬
According to the National Lum¬
tegic metals in various foreign ing the last week, agreeing to in¬
ber
Manufacturers
Association,
markets are gradually being elim¬ crease wages and contribute to¬
lumber shipments of 499 mills re¬
inated."
The publication further ward betterment of social condi¬
Other companies, which porting to the National Lumber
went on to say in part:
%/>-'' tions.
Trade Barometer were 8.2% be¬
account for the bulk of Mexico's
low production for the week end¬
Copper
production
of lead and other
ed June 24, 1944.
In the same
Fabricators
consumed
149,182 metals, are still negotiating. High week new orders of these mills
government officials now have
tons of copper during May, ac¬
were' 0.2% below production. Un¬
come into the picture to urge the
cording to figures circulated pri¬
filled order files of the reporting
workers to settle quickly with the
vately in the industry. This com¬
mills
amounted
to
117.9%
of
mining companies or\ reasonable
pares with 160,335 tons in April
1.82
Mar. 31——-
Low
2.81
2.73
1.85
-
Apr. 28
6
2.73
3.05
1.84
—
12
3.05
3.07
1.84
1
26—
May
June
52.000
52.000
52.000
52.000
52.000
52.000
$103 per flask, a drop of $2.
mium prices obtaining for
1.82
7—
next
again
the mar¬
being quotable at $98 to
1943
52.000
in quicksilver,
3.06
8—
j.
will be made with reserve,
Price developments
centered
9
io—
Consum-
total of about 25,-^
1.82
-
12-—
'
a
of foreign lead for
tons
1.82
—
13-
<•
asked for
1.82
—
14
j
common
2.79
1.80
3.39
15_'
i
1.80
16—
i
2.97
of June 29,
yet been set¬
Mineral Markets," in its issue
strike of miners in Mexico has not
lead of foreign origin
2.78
3.05
1.79
—
19——
2.81
1.79
21—
i.
2.80
2.73
1.79
—
2.73
3.04
1.79
22
3.04
3.58
1.78
26———
24
"E. & M. J. Metal and
•
52.000
—
26—
June
ket
3.58
June 30
.'V'
___
The price
Non-Ferrous Metals
2.78
1.79
:■"
were:
2.78
1.79
3.38
3——
1926-1928 base
on
105.0.
1943,
,
Corporate by Groups*
R. R.
P. U.
Indus.
4——
July
-
a
August
July
52.000
52.000
24
145.1
156.7
Metals
111.44
116.85
1943
112.19
120.87
1943-—
Low
V
143.0
Miscellaneous commodities-.
117.00
119.34
1944
Low
High
10.8
117.40
118.80
113.89
112.37
June
July 3,
1943
138.3
-
—
—
120.44
1944—
High
Livestock
Fuels
-
Ago
Jun. 3,
1944
137.5
156.5
—•
17.3
23
52.000
52.000
22
June
Year
Ago
-
Grains—
118.20
116.22
111.25
120.21
Month
163.1
-
per
June
145.1
163.1
Cotton
—
120.44
100.49
3
cents
lows:
158.6
145.1
Farm Products
23.0
111.25
tin for shipment,
pound, was as fol¬
Straits quality
in
Association
Latest Preceding
Week • Week'
July 1, Jun. 24,
1944
1944
140.0 - 139.2
'■■'w-v '
Total Index
118.20
Mar. 31——
time to come.
June
Group
the
Bears to
sumption will be eased for some
1935-1939=100*
'
%
the
PRICE INDEX
COMMODITY
The National Fertilizer
bv
"
.
•
116.41
21——
*
inadvertently omitted
items were
advanced and 5 declined; in
preceding week there 8 advances and 9 declines; and in
second preceding week there were 9 advances and 5 declines.
the
116.80
112.00
118.60
113.89
119.48
101.64
12-—w—,
Apr.
,
These
toilet soap;
,
116.80
112.00
113.89
119.59
102.13
19
282222222
The
weekly wholesale commodity price index, compiled by
117.00
26—2——
May
fibre and
July 3, advanced from the original order/ The
amendment also definitely states
to 137.7 in the week ending July 1, as agricultural gains brought
the index to a new all-time high.
In the preceding week the index the type of paint in which leadregistered 137.3, a month, ago. 137.0, and a year ago 134.8, based on free zinc oxide may be used.
the 1935-1939 average as 100.
The Association's report added:
Tin
The slow but continual advance in the all-commodity price index
The
State
Department
an¬
reflects further advancement in the farm products and food groups.
nounced on June 23 that diplo¬
The farm products group has reached a new high for this year and
matic relations with the Govern¬
also marks a new record high for all time except for a two-week
ment of Bolivia have been re¬
period in October, 1943, when it also stood at 158.6.
The grains
sumed.
Eighteen other American
group again advanced as higher quotations were given for wheat and
republics have joined the United
rye.
The livestock group registered a sharp advance due to rising
States in recognizing the Villarprices for cattle, heavy hogs, live fowls and eggs. Lower prices for
roel regime.
On the preceding
light hogs, lambs and ewes were not sufficient to hold this group
day the Bolivian Embassy an¬
down.
The foods group, continuing its upward trend for the fifth
nounced that Mauricio Hochschild
consecutive week, advanced to the highest level since January of
has been released from prison, z
this year.
Lower quotations on oranges and potatoes were not suf¬
The market situation in tin here
ficient to offset the rising prices for corn oil, eggs and flour.
Prices
remains unchanged. Supplies are
for raw cotton continued to rise for/the seventh consecutive week,
sufficient to take care of essen^end in turn reflecting a fractional advance in the textiles group.
tial needs. The trade does, not ex¬
The farm machinery index number has risen for the third consecutive
pect that controls regulating con¬
month.
'/
117.00
112.19
113.70
119.92
5—...—v»-
ized
the permitted
to
-
120.19
-
,—
23
•'
116.80
106.04
120.26
; so
^ 24
,,
I
added
National Fertilizer Association and made public on
z
Avge.
Govt.
1944—
Daily
Averages
Yields)
The
;lv"'.-.
PRICES!
MOODY'S BOND
ucts
Price index Advances To All-Time High
and bond yield averages .are
bond prices
given in the following table:
computed
Moody's
National Fertilizer Association Commodity
though
not to the
extent that a
reduction in stocks is
the
near
future.
zinc oxide in
additional products has been
Use
four
of lead-free
amendment of Gen¬
Preference
Order M-ll-a,
authorized by
eral
expected for
Moody's Daily
Commodity Index
Tuesday; June 27,
Friday, June 30
Saturday,
249,61
243.9
_
July 1„____J
248 9
Monday, July 3—
243.8
Tuesday, July 4^
Two
weeks ago,
Month
ago,
Year
ago,
1943
Hg'ih,
.
June 20
June 3
July,
I nw,
1944 High,
Low,
'Holiday.
250.0
____
,
1943—1
April
Jan.
__
1_;
March 17_
5—
-
250.7
245.0
249.8
2—
Jan.
24D.O
1—249.S
29—
June
Thursday,
■——*
1944
Wednesday, June 28—;
240.9
251.5
—
247.0
Volume
160
Number 4296
.*
THE COMMERCIAL & FINANCIAL
changes for industrial commodities
Weekly Coal And Coke Production Statistics
week ended June 24, 1944 is estimated at
12,000,000 net
tons, a decrease of 300,000 tons, or 2.4%, from the preceding week.
Output in the corresponding week of 1943 amounted to only 4,606,000
as
the result of
strike of the coal miners.
a
compared with 279,122,000 tons in the
of 10.7%.
Cumulative produc¬
309,030,000 tons,
period last year, a gain
same
Production of Pennsylvania anthracite for the week ended June
24, 1944, as estimated by the U. S. Bureau of Mines, was 1,239,000
tons, a decrease of 80,000 tons from the preceding week. When com¬
pared with the corresponding week of 1943, there was an increase of
953,000 tons. The calendar year to date shows an increase of 10.2%
when compared with the same period last
year.
The final figure for
1943 calendar year, production of Pennsylvania anthracite was
60,644,-
000
tons
of
which
1,266,000 tons
shipped by legitimate producers.;
more
COAL,
Week Ended
Eituminous coal
and
June 24,
1944
lignite;—
average
June 26,
1944
1
to Date
* June 24,
June 26,
June 26,
1944
1943
1937
1943
12,300,000
2,000,000
—
IN NET TONS
January
June 17,
Total incl. mine fuel 12,000,000
Daily
.
.
v
-
6-17
6-10
5-27
6-26
1944
1944
1944
1944
1943
1944
1944
""103.7
""103.7
*104.0
*103.9
103.1
0
—02
*123.0
*122.9
*125.0
*123.7
126.2
+ 0.1
—0.6
104.9
104.9
105.4
104.9
108.0
0
0
117.7
117.7
117.7
117.7
118.4
0
0
0.6
97.3
97.3
97.3
97.3
96.9
0
0
0.4
83.8
83.7
83.7
83.9
81.4
+ 0.1
*103.8
*103.8
*103.8
*103.8
103.9
0
0
0.1
115.9
115.8
Immediately after a motion by
Representative
Emanuel
Celler
(Dem., N. Y.) to strike out the
enacting clause of the House bill
115.8
115.1
110.4
+ 0.1
+ 0.3
5.t-
105.3
105.3
was
105.3
105.4
100.2
0
—0.1
5.1
106.0
106.0
106.0
106.0
104.3
0
0
1.6
Commodity Groups—
Farm products
Hides and leather products.
Textile products
Fuel and lighting materials
Metals and metal products..
.
(In
V
■
Miscellaneous commodities
Penn. anthracite—
.1944
June 24,
1943
"
June 26,
1944
June 26,
1943
27,872,000
1,319,000
1,266,000
275,000
30,770,000
27,925,000
26,478,000
156,100
149,100
53,200
3,770,500
3,756,300
1,797,900
32,051,000
total
1943 weekly and" calendar
year to date production has been adjusted to the
1943 tonnage,
flncludes washery and dredge coal, and coal shipped by truck
authorized operations.
$ Excludes colliery fuel.
§Subject to revision.
1iRevised.
./?•;
ESTIMATED WEEKLY PRODUCTION
Livestock
Other
and
'.YvV^'-'y
•
OF
BY STATES
COAL,
(In Net Tons)
subject
sources
"
or
to
revision
on
on
receipt of
•'
:
tonnage
1944
,,
402,000
-
«—
from
0
-0.1
*98.7
*98.7
*98.7
*98.7
96.9
0
0
district
5,000
234,000
5,000
v
3,000
•
87,000
91,000
134,000
143,000
1,000
Illinois
1937
15,000
,
74,000
*
/ - 1,000
1,000
1,538.000
1,433,000
603,000
562.000
,
523,000
255,000
,,
••
"
1,484,000
Iowa
+"-533,000+
__
V
.
46,000
47,000
45,000
21,000
Kansas and Missouri
160,000
161,000
169,000
66,000
Kentucky—Eastern
Kentucky—Western
937,000
939,000
948,000
699,000
390.000
402,000
296,000
39,000
40,000
40,000
3,000
3,000
5,000
74,000
83,000
88,000
30,000
33,000
33.000
Maryland-..
—
—
__
_
_
_____
Montana (bitum. & lignite)—.
New Mexico
■
r
_
North & South Dakota (lignite)
24.000
.
;
.
,
3,ooo
33,OOf
33,000
36,000
35.000
32,000
13,000
710,000
712,000
673,000
437,000
3,108.000
3,133,000
2,972,000
1,961,000
144,000
Ohio—
148,000
138.000
94.000
-
Pennsylvania (bituminous)—J
Tennessee
117,000
-
•Texas (bituminous & lignite)--
f
2.000
> .133,000
Virginia
3,000
127,000
388,000
4,000
18,000
105,000
:
36,000
390.000
397,000
30,000
25,000
31,000
2.160,000
2,271,000
2,318,000
1,598,000
1,112,000
982,000
504,000
Washington—
fWest Virginia—Southern
IWest Virginia—Northern
.
..
1,113,000
Wyoming—
158,000
152,000
1,000
,1,000
lOther Western States
Total bituminous & lignite
Total, all coal
168,000
80,000
«
1,000
v
—i—-
12.007,000
1,345,000
Panhandle District and
13,352,000
8,167,000
&
O.; Virginian; K. & M.; B. C. & G.; and
Clay counties.
fRest of State, including the
Grant,
fornia, Idaho and Oregon.
Mineral
"Less than
and
Tucker counties.
§Includes Arizona.
Cali-
Wholesale Prices Unchanged In Week Ended
June
24, Labor Department Reports
I
Following the decline of the previous week, commodity prices in
primary markets steadied and the general average remained un¬
changed during the week ended June 24. The Bureau of Labor Sta¬
tistics' comprehensive index of
nearly 900 price series held at 103.7%
of the 1926 average. "The
all-commodity average was 0.2% below
the leveFof a month ago and 0.6% above that for last
year at this
time," the department's announcement said
Farm, products and foods.
Higher
and continued
average
as
follows:
prices for livestock,
and white potatoes more than counterbalanced further
grain prices and lower quotations for oranges and hay
causing the index for farm products to advance 0.1% during the
eggs
declines in
week.
The level for the foods group was
vious week. Market prices for wheat
down
0.6%.
potatoes
Prices
for
unchanged from the pre¬
dropped more than 1% and oats
hay declined 3.7% and oranges and
lower.
Markets for livestock rallied from the
decline of the week before and steers
averaged about 1 J/2% higher,
Live poultry in the New York market rose more than
6% and prices
of eggs were 2lk% above the level of the
previous week.
Prices of
were
products was 0.6% below the level of four
weeks ago and 2M>% lower, than a year
ago at this time.
Average
prices for foods at the wholesale level were unchanged from the
corresponding week of May but are nearly 3% lower than at this
-
to show relative
stability.
Industrial commodity markets continued
The mercury market remained unsettled
prices again dropped about 3%.
The only other important price
Clarence
Han¬
(Rep., N. Y.), who steered
floor,
objected that the amendment was
and
unnecessary
it
was
paint materials.
farm
!.
0.2
quickly
products
0.1
Fruits
and
vegetables
0.5
o.l
Asserting that passage
bill would prevent trial of
the
writers
Association, 197 member
individuals
of
alleged Sherman Act violations,1
Representative Charles M. La Fol-
Engineering Construction 23%
lette
(Rep.,
amendment
Ago
of
charges
against the South-Eastern Under¬
;
Ind.)
offered
an
providing that noth¬
ing in the act would affect pend¬
ing litigation, either criminal or
civil.
v;
Another effort to recommit the
48% under
say:
The
a
year ago
due to the drop in Federal work.
to 34
bill
to
defeated and the roll call vote
taken.
current
Civil engineering construction volumes
for the 1943 week, last
week, and; the current week are:
'
division of the House.
on a
was
was
week's construction
brings 1944 volume to $891,830,000 for the 26 weeks, a decrease of 51% from the
$1,826,400,000
reported for the period in 1943.
Private construction,
$201,481,000,
is 11%
below last year, and public
construction, $690,349,000, is
down 57%.
State and municipal work
tops the 26-week 1943 period
by 4%, but Federal volume is down 61%.
committee
by
Mr.
Celler
In the closing speech for the bill
Representative Hatton W. Sumners
(Dem., Tex.), veteran Chair¬
of the House
man
Judiciary Com¬
mittee, asserted that the two deci¬
sions of the
Supreme Court June
holding that insurance is inter¬
4
-
state
Total
U.
S.
July 1,1943 June 22,1944 June 29,1944
$60,148,000
$27,975,000
$34,477,000
4,863,000
3,400,000
5,506,000
55,285,000
24,575,000
28,971,000
Construction
Private Construction
...
Public Construction
and
Federal
In
in
Municipals
5,297,000
49,988,000
...
the
classified
industrial
and
construction
3,879,000
20,696,000
groups,
gains
over
9,331,000
19,640,000
last week
are
buildings, earthwork and drainage, streets and roads,
unclassified
construction.
Increases
over
the
1943
week
are
in
waterworks, industrial buildings, earthwork and drainage, and streets
Subtotals for the week in each class of construction
are:
waterworks, $802,000; sewerage, $426,000; bridges, $179,000; industrial
buildings, $1,480,000; commercial building and large-scale private
housing, $460,000; public buildings, $8,741,000; earthwork and drain¬
$2,007,000; streets and roads, $8,390,000; and unclassified
struction, $11,992,000.
A r'"'X
.''Y\
age,
con¬
New capital for construction
purposes for the week totals $3,439,000, and is made up of $1,089,000 in state and municipal bond
sales,
and $2-,350,000 in RFC loans for
private industrial construction.
New construction
financing for 1944 to date, $443,277,000, com¬
with $2,909,923,000 reported for the 26-week 1943
period.
pares
House Votes To Remove Insurance
Companies
From Applicability Of Anti-Trost Laws
By
vote of 283 to 54, the House of Representatives on June 22
passed a bill to affirm the intention of
Congress, as pointed out by
Representative Walter, "that the regulation of the business of insur¬
ance
remain within the control of the several States and
that the
insurance companies from
the
of the 4-3 Supreme^
scope
Court decision of June 5, in which
it was held that insurance is busi¬
in
is
interstate
commerce
and
subject to the Sherman
Anti-trust Act.
referred to in
The
our
opinion
was
issue of June
8,
The bill, sponsored by
Representative Walter (Democrat)
page
2383.
of
Pennsylvania declares that
nothing contained in the Sherman
and Clayton Anti-Trust Acts shall
be
construed
as
applying to the
business of insurance
or
shall be
commerce
the
to
and
Federal
"strike
the
at
thus
subject
anti-trust
heart
of
laws
States'
rights."
I
"I, for
do not propose for,
one minute
to yield even to the
Supreme Court the right to de¬
stroy our cherished democracy,"
Mr.
S
must
on
one,
said.
u m n e r s
not
abdicate
"Congress
and
the
Court had better get
preme
its
Su¬
over
side of the fence."
own
ter
said
(Dem., Pa.), author of the bill,
it was designed to "restore
the status quo" which existed be¬
fore the Supreme Court decisions.
"The
Supreme Court has
changed the law too often," Mr.
Walter said.
"It has misconstrued
the acts of Congress and
contemp¬
tuously disregarded the intent of
this body."
In his remarks
House
the bill in the
on
June 22, Representative
on
Walter
said
(we quote from the
"Congressional Record"):
"The
of
the
bill
is
clearly indicated by the
title
to
purpose
reassert the intention which Con¬
gress
had
Sherman
when
Act
it
and
adopted the
Clayton
the
Act, and from which it has
never
deviated, that those acts shall
permitted
regulation
to
interfere
of
the
States.
merce"
reau on
against the
167 Republicans
combined
to
the vote which completely
cut across party lines.
up
were
defeated
the
not
insurance
the long-tried method of
regula¬
tion of insurance by these several
States may continue.
It is a bill
voted
moves
to
"Journal of Com¬
measure, while
and 115 Democrats
Four
applicable
business, and to make certain that
from its Washington bu¬
June 22, said:
Only one
Republican
be
insurance
by the
Reporting this, advices to
the New York
pile
with
•
Representative Francis E. Wal¬
a
Acts of July 2, 1890. and Oct.
15, 1914 as amended, be not applicable
to that business."
The bill would remove
hence
The index for farm
Representative
cock
62%, and is 13% higher
higher than a week
municipal volume, but is
ness
substantially.
Industrial commodities.
Other
Private construction tops last wekk
by
potatoes in the Boston and Chicago markets, apples in the
Chicago
time last year.
1.9
than in the week last
year.
Public work is 18%
ago as a result of the increased state and
market, and onions
rose
1.4
+
which Congress
powers
intend the States to exert.
Proponents of the bill held that
it would not prevent trial of the
case in
Georgia and the amend¬
ment was beaten by a vote of 137
and roads.
1,000 tons.
.regulatory
country,
and shipbuilding, is 23%
higher than in the preceding week, 2%
above the previous four-week:
moving average, but 43% under the
total reported to
"Engineering News-Record" for the corresponding
1943 weekv The report made
public on June 29, went on to
989,000
13,856,000
+
■
Civil engineering construction
volume in continental U. S. totals
$34,477,000 for the week. This volume, not
including the construction
by military engineers abroad, American contracts
outside the
7,178,000
1,326,000
13,619,000
Paint and
Y Over Week
:
12,530,000
1,319,000
Includes operations on the N. & W.; C.
On the B. & O. in
Kanawha, Mason and
1.4
companies and 29
30,000
V
12,300,000
♦
0
N.
voted down.
0.7
Nonferrous metals..
State
Pennsylvania anthracite
(Dem.,
amendment
1.1
226,000
,
Mex.) offered an
defining in detail the
1.9
0.1
voice vote. Rep¬
P. Anderson
a
Clinton
0.9
+
than
0.8
and
June 19
defeated in
indefinite
an
resentative
0.1
0
0
+
nothing be done for
period.
would
0.5
Civil
367,000
73,000
Georgia and North Carolina
and
98.1
subcommittee
—0.4
0
+ 0.1
./Y-YDecreases
Y
.
1943
140.000
i
:
Indiana-.: iui
sweet
99.7
*99.6
Grains
:"-:YYYYYY;
June 19,
386,000
5.000
Arkansas and Oklahoma
Colorado
reports
June 10,
1944
Alaska
were
*101.1
*99.5
poultry---....
final
the operators.)
June 17,
■-•V-v--
State—
cotton,
*101.0
*99.4
from
j-
Alabama
Michigan.
*101.0
was
the bill for his party on the
railroad carloadings and river shipments
monthly
of final annual returns from
.
v—":'
-
,
*101,1
foods
'
(The current weekly estimates are based
vA. v-:?v
92.7
colft—
States
*
are
91.6
114.2
93.6
Increases
1.239,000
1,189,000
Beehive
93.3
*113.6
93.7
1937
29,089,000
•
♦Total incl. coll. fuel
286,000
93.3
*114.4
93.7
PERCENTAGE CHANGES IN SUBGROUP
INDEXES FROM
JUNE 17, 1944 TO JUNE
24, 1944 -
'"Calendar Year to Date
June 26,
93.3
■"113.1
2.9
than
commodities
other
farm products and foods
COKE
^Commercial produc.
Btate
93.3
other
06
2.5
—0.1
*99.5
commodities
6-26
1943
+
2.9
93.7
Manufactured products
Net Tons)
11 June 17,
1944
AND
5-27
*113.2
Raw materials
All
,
6-17
.♦Preliminary.
'"Week Ended
•
§June24,
»nd
;
All
PRODUCTION OF PENNSYLVANIA ANTHRACITE
'
'
...
farm products
3
tlnited
V
Foods
■"Subject to current adjustment.
ESTIMATED
still under consideration by a
and
urged that
6-24
Semimanufactured articles
4,606,000 309,030,000 279,122,000 220,250,000
768,000
2,060,000
1,857,000
1,474,000
2,050,000
24, 1944 from—
1
Building materials
UNITED STATES PRODUCTION OF
the
Chemicals and allied products
than for the
'corresponding week of 1943.
ESTIMATED
after a succession of speakersfrom both sides of the House had
fired a broadside at
Housefurnishing goods
The Bureau of Mines also reported that the estimated production
coke in the United States for the week ended June 24,
1944 showed an increase of
7,000 tons when compared with the output
of beehive
102,900 tons
3%
following
alleged usur¬
!
pation of Congressional powers by
During the period of rapid changes caused by price con¬ the
Supreme Court and urged re¬
trols, materials allocation, and rationing, the Bureau of Labor Statis¬ turn
of control over insurance to
tics will attempt promptly to
report changing prices. Indexes marked the States.
(*), however, must be considered as preliminary and subject to such
A similar bill drawh in the Sen¬
adjustment and revision as required by later and more
complete ate by Senator Josiah W. Bailey
reports.
";*•
(Dem., S. C.) will be considered
The following tables show:
(1) index numbers for the principal tomorrow
by the Senate Judiciary
groups of commodities for the past three
weeks, for May 27, 1944 and Committee, but there is no pos¬
June 26, 1943, and the percentage
changes from a week ago, a month sibility of action on it before the
ago, and a year ago, and (2) percentage
changes in subgroup indexes summer recess on June
23).
At
from June 17 to June 24, 1944.
v.
a
meeting of the Judiciary Com¬
WHOLESALE PRICES FOR WEEK ENDED
mittee today Senator
JUNE 24
1944
Joseph C.
>
(1926=100)
O'Mahoney (Dem., Wyo.) blocked
.'V
../•
'
■' w >•
Percentage change to
action by pointing out that the bill
June
All commodities
for the week ended June 17; and was
of nearly
Note:
"bootleg" coal prepared and
was
advance
an
.
coal in the
tion of soft coal from Jan. 1 to June 24 totaled about
were
109
for rosin and slightly higher prices for
turpentine.
The department's announcement also contained
announcement:,
The Solid Fuels Administration for War, U. S. Department of the
Interior, in its latest report, states that the total production of soft
tons
CHRONICLE
to
amend
by
the
voice
bill
votes
to
call
a
halt to the unnecessary
of
Governmental
centralization
functions and to affirm the
prin¬
ciple that matters which
pri¬
marily
concern
and which
by
can
the several States
best be dealt with
them should be left
hands."
in
their
Daily Average Crude Oil Production—
Up 14,950 Barrels Per Day In June 24 Week
estimated that the daily aver¬
age gross crude oil production for the week ended June 24, 1944, was
4 583,200 barrels, the highest level in the history of the industry.
It
was
14,950 barrels per day higher than the output in the Preceding
week and exceeded the corresponding week of last year by b28^0
Petroleum Institute
2,400 barrels below the
daily average figure recommended by the Petroleum Administration
for War for the month of June, 1944.
Daily production for the four
weeks ended June 24, 1944 averaged 4,549,200 barrels.
Further de¬
The.current figure was only
barrels per day.
follow:
Reports received from refining companies indicate that the indus¬
try as a whole ran to stills on a Bureau of Mines basis appioximate y
4 638 000 barrels of crude oil daily and produced 14,066,000 barrels of
gasoline; 1,502,000 barrels of kerosine; 4,337,000 barrels of distillate
fuel oil, and 8,961,000 barrels of residual fuel oil during the week
ended June 24, 1944; and had in storage at the end of that week 86 000 000 barrels of gasoline; 9,195,000 barrels of kerosine; 34,328,000
barrels of distillate fuel, and 52,757,000 barrels of residual fuel oil.
The above figures apply to the country as a whole, and do not reflect
tails
reported by the Institute
as
conditions
Week
Ended
from
Week
1944
June 1
Oklahoma
332,000
332,000
269,600
■f—- rH o o o
1,000;
•
West
■
.
'
■
■>
:
■
92,000
312,950
v
Total sales
Total
208,250
380,200
Total
Arkansas
350,000
78,000
77,991
r-.
_
_
80,250
'
_i—
14,000
y,w. .v!
■
+
500
12,500
|
23,000;',
—
"c-
Transactions
3,000
49,500
54,400
7,250
Montana
New
+
84,900
8,350
_
Mexico
Total East of Calif
California
they
+ 17,350
3,706,200
843,000
764,500
14,950
4,549,200
3,954,900
recommendations
•P.A.W.
+
4,583,200
4,585,600
and
allowables,
state
as
shown
21,800
purchases.
(This
is the
net basic
allowable
as
are
of
calculated
1
on
a
; to
shutdowns
operate leases,
month.
and
which
fields
exemptions
were
a
exempted
for
the
entirely
total equivalent to
7
Total purchases..
time
during
38,835
Week
0
i
THE
FOR
ON THE
ODD-
Ended
June
17,
1944
3.75
34,720
orders
of
shares——
Dollar
Short sales
3,425
(Other sales
the calendar
^Recommendation of Conservation Committee of California Oil Producers.
of
value
-
139,645
34,806
1,045,778
$36,432,819
—_
134,185
purchases.
Odd-Lot Purchases
.
*
for Week
%
Number
Number
Total sales..
Total
Total
-
(Customers' purchases)
Total-
4.
'''
'
N. Y.
Odd-Lot Sales by Dealers
34,720
(Other sales
and
shutdown
TRANSACTIONS
AND SPECIALISTS
v
STOCK EXCHANGE
:
Short sales
:;,Y'
entire
days
2.35
24,340
—j.
Other transactions initiated off the floor-
3.
30-day basis and
month.
With the exception of
of certain other fields for which
shutdowns were ordered for from 1 to 15 days, the entire state was ordered shut
down for 7 days, no.definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
includes
several
STOCK
LOT ACCOUNT OF ODD-LOT DEALERS
for week ended 7:00 a.m. June 22, 1944.
June
the-
on
Stock
specialists.
.1,400
22,940
Total sales
of crude oil only, and do not include amounts of condensate and natural
derivatives to be produced.
•(•Oklahoma, Kansas, Nebraska figures
,_(
(Other sales
production
gas
8.04
84,010
Total sales
Total
the
represent
above,
2,025
81,985
Other transactions initiated on the floor-
2.
York
Exchange, con-tinuing a series of current figures
being published by the Commis- "
sion. The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers and
73,550
Short sales
Total United States
New
'
—
account
ists who handled odd lots
,
I-
Short sales
(Other sales
3,190,400
2,400
of Members:
'
odd-lot
for
of all odd-lot dealers and special¬
stocks in which
registered—
are
Total purchases
97,150
—
847,800
§849,200
849,200
108,100
Account
Transactions of specialists in
1.
made
transactions
980,155
.
.
Round-Lot Transactions for
6,900
50
\1o
4,975
20,850
8,400
c* o o
+
3,735,400
3,736,400
,
21,300
-
+
108,000
113,000
113,000
1944 ;
10,
Trading
and
Exchange
public on
June 27 a summary for the week'
ended June 17 of complete figures
showing the daily; volume of stock
Commission
Total for week
Total sales
B.
Co.
Trust
Securities
The
Stock
975,180
92,000
21,300
7,400
————„
Colorado
47,200
91,450
24,400
!»'
„—
Wyoming
51,000
94,000
Michigan
and
(Shares)
(Other sales
19,«00
&
,
t
Safety.,'
director of the National
NYSE Odd-Lol
16.79
Exchange
Curb
Members*
of
Account
ENDED JUNE
WEEK
76,950
.
20,800
'
—
for
New York
the
on
A. Total Round-Lot Sales:
68,500
2,500
+
21,750
Sales
Short sales
2,400
66,800
73,600
_—
Stock
14,500
4
;Yvv;
Round-Lot
207,750
206,800
Collins
Dr.
986,948
1,089,428
100
3,900
1927
102,480
Total sales
Total
has
Marketing
named Assistant Dean of the
Bank
1,086,176
purchases.
(Other sales—
•
75,150
+
v.
3.36
242,218
a
Total
(Not incl. 111., Ind.,
Kentucky
18,690
223,528
Total—
4.
50
12,900
:
v.
■
5.92
192,876
—;—
;—
Total sales—
53,100
——■
209,550
220,000
_
80,400
43,400
50
;
Eastern—
+
100
—i
_
50
2,400
—
45,350 i
—
Florida
325,550
In
1926.
of
In 1934, Macalester Col¬
lege, of which he is now a trus¬
tee, awarded him the honorary
degree of Doctor of Isaws.
The
new Dean is consulting economist
for Dade Brothels Aircraft Corp.,
Mineola, L. I., now engaged exclusively in war work. He is also
off the floor—
Short sales
42,000
ii
361,700
150
+
362,950
395,000
Mississippi
Ky.)
t 371,880
Total sales
240,850
Professor
tanica.
356,650
84,700
288,750
Louisiana—
7.51
15,230
>
(Other sales—
Louisiana—
and
administration
Commerce, Accounts and
and became Associate
Dean four
years
later.
He has \
published a number of books on "
business, marketing and sales¬
manship,
and
written
articles
for business
and trade publica- r
tions and the Encyclopedia Brit-
395,430
—
Short sales
instructor in English
an
a
since
475,330
.
as
been
68,560
i—
„.
Other transactions initiated
3.
1,497,700
73,700
.
150
+
74,200
Coastal
2,030,600
287,900
2,036,400
2,039,000 (2,042,059
Total Texas
-
497,870
.
(Other sales
•
1920, he began specialization in
business
406,770
—:
.
Join-
year.
Finance,
—
purchases—.
-
School of
—_—
Total purchases
North Louisiana
in
f%
Other transactions initiated on the floor-
2.
ing Dean for the past
was
—
(Other sales
Taylor,
ing the New York University fa-*
6,477,020
specialists in stocks in which
they are registered—•
Total purchases——.
•
Wellington
Dr. Collins has been Act¬
retired.
Round-Lot Stock
Transactions of
123,500
312,100
■■■■•
528,450
of the school, who has
culty
-
re¬
a
Wall
leading
A.
and Specialists:
,7
announcement at
for
first head
334,900
527,200
360,550
Indiana
'•
the
Emeritus
Odd-Lot
of
Accounts
Odd-Lot
the
for
Short sales
143,900-
*
Street
executives
who
are
among
the
friends and patrons of the school. "
Dean Collins will succed Dean- :
Account of Members,
Transactions for
Round-Lot
:: 90,100
361,100
Graduate;
University's
ception
190,510
6,286,510
Short sales
j
the
made
,
Total for week
:
2,200
145,000
of
1944
10,
JUNE
ENDED
Total Round-Lot Sales:
131,800
.
of
for
WEEK
228,950
Coastal Texas
Illinois
306,950
1,000
445,200
Texas——
Alabama
276,800
149,100
East Texas
Southwest
331,500
447,900
tv
-
.
the New York Stock Exchange and
Account of Members* (Shares)
on
Dealers
350
:
■>
"
5,500
92,150
Texas
'
Sales
Transactions
339,450
•
•
named Dean
century, has been
a
shares was
Curb members of 275,290
Total sales
149,400
Texas
East Central Texas—
Stock
Total Round-Lot
Except
+
(289,700
Panhandle Texas-—
of
account
14.20% of total trading of 969,325 shares.
B.
+
(332,300
274,000
North
the
for
trading
1.
Kansas
University for nearly a quarter of
1,433,972 shares, or 15.14% of the total trading of 4,732,350 shares. On
the New York Curb Exchange, member trading during the week
ended June 10 amounted to 277,255 shares, or 14.14% of the total
volume on that exchange of 980,155 shares; during the June 3 week
1943
1944
.;
-York
faculty of New
the
School of Business Administration
with member trading during the week ended June 3
compares
June 26,
June 24,
Previous
24,
June
begin.
June
of
Stock Exchange for the account of members
at 90 Trinity • Place, it was an¬
(except odd-lot dealers) during the week ended June 10 (in roundnounced June 27
by Chancellor
lot transactions) totaled 2,175,604 shares, which amount was 16.79%
of the total transactions on the Exchange of 6,477,020 shares.
This Harry Woodburn Chase. Dr. Chase
(Other sales
Ended
Ended
Collins, a mem¬
Dr. G. Rowland
ber
the
-Trading on
Week
4 Weeks
Change
ables
dations
Nebraska
ended June 10, continuing
a series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures.
members of these exchanges in the week
Actual Production
Allow¬
Dean Of Bus. School
New York Stock
BARRELS)
PRODUCTION (FIGURES IN
♦State
•P. A. W.
Recommen¬
——
figures showing the volume of total round-lot stock sales on the
Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
24
Short sales
AVERAGE CRUDE OIL
DAILY
made public on June
The Securities and Exchange Commission
A.
the East Coast.
on
Dr. Collins Named
Trading On New York Exchanges
Record
The American
Thursday, July 6, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
110
by Dealers—
(Customers'sales)
-
■
t
:
CRUDE
RUNS
AND
TO
STILLS;
UNFINISHED
PRODUCTION
GASOLINE,
GAS
OF
OIL
GASOLINE;
AND
STOCKS
RESIDUAL FUEL OIL, WEEK ENDED JUNE
24,
14.14
143,070
Customers'
C.
AND
1
Total sales
FINISHED
OF
DISTILLATE FUEL
Number of Orders:
1944
Customers' other sales
42,033
...
Total purchases.
include reported totals
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis
in
this
section
Customers'
Total sales
*The
firms
Production
at Re-
Capacity
Poten¬
tial
Crude
Runs to Stills
% Re-
tStocks
(Stocks JStocks
fineries
Finished
of Gas
of Re-
Includ.
and Un-
Oil and
sidual
and
30,187
"members"
term
their
partners,
Daily
% Op- Natural finished
the
Exchange volume includes only sales.
(Round-lot
Fuel
short
sales
Oil
rules
are
included
§Sales marked
with
"other
"short
2,518
90.3
130
2,373
94.2
7,021
37,461
18,647
15,768
^83.9
101
77.7
319
2,418
439
47
87.2
55
117.0
181
1,324
172
Program For Posf-War Economic
Stability For Farmers Suggested
209
824
85.2
768
93.2
2.708
19,016
5,287
3,339
Okla., Kans., Mo
418
80.2
376
90.0
1,331
7,593
1,515
1,398
13
141
—;
17.0
58.3
110
78.0
385
2,433
334
647
817
District No. 4
California
89.9
843
103.2
2,087
15,686
7,930
31,089
12
92.3
34
69
4
29
1944
4,908
87.2
4,638
94.5
14,066
(86,000
34,328
52,757
June
17,
1944
4,908
87.2
4,752
96.8
14,398
85,268
34,137
52,017
U. S. Bur. of Mines
basis June 26,
1943
4,007
11,360
78,960
32,232
67,240
the
.produced during the week ended June 24, 1944, which compares with 1,489,000 barrels,
4,870,000 barrels and 9,489,000 barrels,
respectively, in the preceding week and
1,426,000 barrels, 3,788,000 barrels and 8,033,000 barrels, respectively, in the week
ended June 26, 1943.
Note—Stocks of kerosine at June 24, 1944 amounted to 9,195,000 barrels, as against
9,024,000 barrels a week earlier ancj 7,937,000 barrels a year before.
high
-
•
recommendations
action
to
.
•
include
maintain
level
a
of employment and
purchasing power with
the stimulation of foreign trade
as an important factor."
Also, the
"prevention and control of any
inflationary boom in farm land
values,"
a
development
which
contributed so decisively to the
agricultural depression after the
previous war.
consumer
request of the Petroleum Administration for War.
(Finished, 73,844,000
barrels; unfinished, 12,156,000 barrels.
tStocks at refineries, at bulk terminals,, in
transit and in pipe lines.
§Not including 1,502,000 barrels of kerosine, 4,337,000
barrels of gas oil and distillate fuel oil
and 8,961,000 barrels of residual fuel oil
*At
The
"national
Total U. S. B. of M.
basis
three-point program for maintaining the farmers' post-war
economic stability and prosperity to avoid a farm depression such
as
occurred after the war of 1914-18, said the New York Herald
Tribune of June 21, which also had the following to say about the
a
suggestions:
Total U. S. B. of M.
basis June 24,
A large group of leading agricultural experts in replies to a
poll by the life insurance companies of America, announced on June
20,
Rocky Mountain—
District No. 3
8,844
939,307
total
sales
948,151
value
$29,178,792
Short
sales
,
..
sales
sales
..
loo'
;
—
238,700
"other sales."
included with
Three Point
278
Ind., 111., Ky
District No. 2
-i
Dollar
(Other
are
sales__—
Round-Lot Sales by Dealers—
Number of Shares:
sales."
exempt"
^ V-v,' ■')
238,800
Round-Lot Purchases by Dealers:
Appalachian—
1
'
.
other sales
Customers'
purchases and sales is
the reason that
the Exchange for
exempted from restriction by the Commission's
are
33,856
;
,,
members'
of
on
'
Gulf, Louis¬
iana
Gulf,
North
Louisiana-Arkansas,
Texas
District No.
which
sales
short
♦Customers'
283
33,573:
associate Exchange members, their
including special partners.
tin calculating these percentages the total
compared with twice the total round-lot volume
•Combin'd: East Coast
and inland Texas-
includes all regular and
Total
Distillate
Rate porting Average erated Blended Gasoline Fuel Oil
District—
total
Number of Shares:
42,033
Customers'
§Gasoline
Daily Refining
other sales
0
(Figures in Thousands of barrels of 42 Gallons Each)
Figures
short sales
♦Customers'
Odd-Lot Transactions for Account of Specialists—
Customers' short sales
The
final
suggestion
is
^"planned
of saving
program
the farmer himself."
sum
lief
up
that
during
by
The experts
their Views with the be¬
"our knowledge gained
the
last < depression
-
to¬
gether with the obvious will to
work out an over-all world pro¬
for production and market¬
ing of farm products should pre¬
vent any depression in agricul¬
gram
ture."
•
The
economists
the questionnaire
who answered
represented
of
Number
♦Sales
L'
shares—
marked
"short
318,280
exempt"
ported with "other sales."
are
re-'
•-<•.+
(Sales to offset customers' odd-lot orders,
and sales to liquidate a long position which'
is less
than
round lot are reported with'
a
"other sales."
_
v
:
J
^
_
-
.
—
New York College of Agriculture-'
at
Cornell University, Harvard'!
University, the University of Mis-.;
souri, University of Wisconsin,'1
Massachusetts State College, OhioState University, University of Il-J
V
linois and others.
The
majority
of
,,
replies
cated the belief that farm
V
indi¬
price-'
inflation controls have been effec-.
tive to
date, but that greater ef¬
forts will
ance
be needed for the bal¬
of the
war.
controls
that
tained for
a
It
was
should
also felt,
be
main¬
period after the
since there will be
war,
"great danger"'
„
the°f a farm depression.
Volume
160^ Number 4296
THE COMMERCIAL & FINANCIAL CHRONICLE
Total Loads
Reyenue
Freight Bar Loadings Baring Week
Ended Jane 24,1 @44 Increased 2,188 Gars
Railroads
was
Loading of
•2,106
'103,842
cars, a
than
carload
lot
increase of 987
loading amounted to
below the preceding week, but
corresponding week in 1943.
of
1943
-
3,531,811
3,055,725
3,073.445
4,068,625
3,446,252
of
June
17—
Week
of
■
June
'
the
•
854,486
week
a
868,286
"
760,930
were
'.Central Indiana
——
•
:'
1944
372
1,384
-
1,240
297
274
1,861
316
13,692 1
32
y-
i
1,731
372
4,973
after three
o'clock, when Fred C.
Moffatt, President, announced the
1,505
2,457
2,947
1,627
amount
401
345
376
1,075
1,170
491
388
the
510
10,954
11,424
..
35
11,133
8,366
24,135
645
1,129
656
885
21,909
817
123
90
96
1,029
701
121,083
105,705
121,969
115,504
113,690
Dodge, Des Moines
—-
.-
'Pittsburgh & West Virginia
1,302
111
86
25,452
27,900
26,067
7.181
569
951
50
35
2,109
2,546
7,376
3,460
6,345
5,577
175
240
641
643
2,633
2,801
3,729
3,464
132,439
140,387
70,517
64,309
29,657
25,894
12,347
2,665
2,966
4,112
506
684
104
16,661
15.809
12,341
3,142
1,289
2,692
14,799
12,896
12,408
2,790
1,963
1,791
8.943
16,594
2,253
2,570
V
358
6,586
1,886
2,221
6,874
6,207
662
750
2,524
1,648
3,337
6,188
2,429
24
55,292
1,702
1,971
1,741
1,052
1,148
543
42£
2,004
2,040
112
108
897
1,021
1,165
752
716
1
0
16
0
0
33,137
32,608
295
314
13,277
12,777
...
Southern Pacific (Pacific)—
35,005
Toledo, Peoria & Western—293
Union Pacific System
i
15,284
Utah....
.19.508
1,253
1,152
3,530
6,398
7,315
16,364
436
2,179
6.359
7,846
8,644
4,964
5,131
7,482
406
787
43
305
397
199
622
2
2,009
4,200
1 22,502
1 23,452
102,539
1,285
214
755
1.171
2,901
•
143,319
158,064
232,757
The
2,508
2,363
2,913
3,278
3,222
251
343
1,030
993
Total.
1,226
7.567
2,431
...
330
306
0
6,770
555
•
\
5,701
4,747
2,512
2,915
4,249
2,934
3,144
273
297
1,029
1,250
was
also
472
680
399
243
141
155
151
386
385
can
Institute
7,620
...
5,985
5,267
6,218
6,010
16.005
15,562
19,051
18,160
3,186
2,783
2,805
7,567
6,720
10,090
.'
"
'
..
of
3
4
16
3
March
19,646
21,497
March
...
—
'
51
48
March
18---
294
6
10
March
138
49
45
1,195
761
3,570
3,770
1,765
1,693
2,628
2,973
67,445
62,921
28,077
24,802
14,536
20,004
21,794
4,146
3,158
4.141
193,780
155,780
,
186,239
.
<
7,027
10,371
7,567
6,72C
After completing the work of the
5,310
5,676
New York
4,867
5,233
8,542
7,271
88
119
36
41
34
22
31
26
21
75,766
71,172
67,449
70,516
69,251
this
Association
10,331
174,666
165,170
April
.Norfolk & Western
Virginian
Total
21,090
4,603
54,501
14.946
28.857
14,038
10,678
13,073
22.500
8,891
6,172
1,994
4,501
2,392
2,121
25,321
18,971
30,013
55,858
the
attended
Preparatory School he
New
York, University
Law School and
admitted
was
Banking
he
May
May
20
June
3
10^
and
continued
until
National
In
in
that
capacity
1938.
1923
retary
he
of
was
the
Commission
appointed Sec¬
Public
of
Education
the
American
Bankers
Production
Tons
Orders
until
held
officers,
Current Cumulative
95
639.537
95
94
613,978
97
was
named
94
147,604
was
94
95
1938.
School
When
of
the
Banking,
school of graduate study for bank
Percent of Activity
Remaining
Tons
Association, which post
Graduate
655,682
organized in 1935, he
registrar.
Mr. Hill be¬
94
Secretary
came
Nov. 1, 1937.
of
the
ABA
on
A year ago Rutgers
University conferred
an
honorary
93
94
635,727
94
94
143,883
636,176
92
138,712
158,871
610,555
98
94
Hill in recognition of his services
to
147,768
•
156,041
601,880
98
95
158,534
628,495
98
95
144,921
150,435
620,728
95
95
97
95
140.287
—
157,370
602,062
:
■
138,501.
—
582,090
96
599,322
93
96
95
_
__
549,830
96
95
144,384
130,510
award
Notes—Unfilled orders of the prior
week, plus orders received, less production, do
not necessarily equal the unfilled
orders at the close.
Compensation for delinquent
reports, orders made for or filled from
stock, and other items made necessary adjust¬
ments of unfilled orders.
announced
an
achievement
95
156,338
education, and last week (June
ing
95
577,721
Mr.
30) the Graduate School of Bank¬
95
584,083
on
95
152,461
157,794
154,137
....
155,105
170,421
——
degree of Master of Arts
94
f
186,666
:
—
607,537
144,422
17
June 24
made
145,936
—
6——:
13
was
Secretary of the Institute in 1919
141,959
29
May
He
of
educational
179,056
22
April
assistant
as
director.
PRODUCTION. MILL ACTIVITY
150,940
8
April
to
He practiced law
for ten years.
He was Secretary
of the Borough of the Bronx from
1914 to 1916, in which
total
650,606
_
15
June
28,808
of
144,761
1
April
April
June
Chesapeake & Ohio....
83%
152,627
May. 27—
District-
represent
Tons
7,267
12,631
schools.
8,857
2,905
Unfilled
25
84,247
city's
9,158
11,014
125,806
674
153
199
12.058
Mr.
and
2,783
.
_
618
69,627
ABA.
13,646
146,926
1,774
___
••'. : ;
11
14,668
19,408
the
the
Ill
4
1,292
—
,'iV.
1944—Week Ended
261
89,690
of
4,743
i
Orders
7,001
5.763
of
native New Yorker
a
product
3,186
Received
132
...
7,477
section
Hill is
a
officer of the Ameri¬
of Banking, educa¬
an
he
256
—
tional
12,730
Period
2.026
-v
In
4,053
16,631
1,575
*
ABA.
Graduate School of Bank¬
ing which the ABA conducts at
Rutgers University, New Bruns¬
wick, N. J.
For many years he
advanced to equal 100%, so that
they represent the total
are
industry,
28,915
5.655
the
691
.
members
959
29,860
1,610
Pennsylvania System
Western Maryland.,
678
40.428
of
of the
industry, and its program includes a statement each week from each
member of the orders and
production, and also a figure which indi¬
cates the activity of the mill based on
the time operated.
These
■
739
6,103
Reading Co
Union (Pittsburgh)——
221
4,513
2,136
We give herewith latest
figures received by us from the National
•
.
493
5,676
STATISTICAL REPORTS—ORDERS,
34,540
President
the bar in 1902.
Allegheny District—
654
announced in New
July 2 by A. L. M. Wig¬
5,956
_
figures
_
was
on
being Secretary of the
Association, Mr, Hill is registrar
Paperboard Association, Chicago, 111., in relation to
activity in the
paperboard industry.
212,012
Penn-Reading Seashore Lines
ciation, it
York
1 00,230
Weekly Statistics Of Paperboard Industry
•
3,083
162,122
Long Island
28 years of service
with the Asso¬
3
4,194
,
of
Associa¬
August 31 after
year
4,606
1.
,
Secretary
Bankers
on
joined the American Institute
13,023
Ligonicr Valley__
•
97
2,451
2,300
Hill,
tion, will retire
17,196
Note—Previous year's figures revised.
238
4,567
Cumberland & Pennsylvania
;i
W.
American
3,888
...
.
Total
36
5,809
-
18,341
,
the
315
City Southern
Missouri Pacific.—
7,738
919
'
4,611
-
"
260
Quanah Acme & Pacific—
6,456
5,007
-•
Mitchell, told briefly of
battle experiences.
Richard
"1,974
3,611
Missouri-Kansas-Texas Lines..—
1,376
.
Sgt.
Private
addition to
Midland Valley—.
:l\
Missouri & Arkansas.
15,166
532
and
Retire From ABA
14,763
2,298
5.001
Louisiana & Arkansas
Litchfield & Madison
2,063
6,975
6,085
..
<
14,383
;
574
Kansas, Oklahoma & Gulf
17,703
.Wheeling & Lake Erie
Central R. R. of New Jersey
•
V
139,068
•
Total.——
1.022
_
-v
528
>
—
heroes,
Richard W. Kill To
42,513
10.011
been
15
2,603
1,829
1,833
.
33
1,795
933
....
599
1,691
their
192
46,870
had
5,919
334
1,226
2,375
North Western Pacific
war
Shannon
Maurice
389
726
9,663 ••■';
mark
Two
now.
13,746
2,510
1,191
1,104
Buffalo Creek & Gauley
12,881
730
Nevada Northern—
2,554
the
peculiar
announced that while
half-way
Anthony
741
:
1,523
City—
Missouri-Illinois—
14,802
,
12,488
_
738'
4,227
3,668
;
Illinois Terminal—
2,245
2.157
are
on
time in this
drive,
folks should not
delay their pur¬
chases but should buy their bonds
11,709
573
V 2,840
..
376
..
Committee,
12,217
8,544
186
spoke of
which
and
Gehle, Exec¬
Manager of the War Finance
utive
75
18,629
—.
26,704
415
Denver & Rio Grande Western
Denver & Salt Lake—
8,497
r
brokers
reached
Weatherford M. W. & N. W
Wichita Falls & Southern
3,677
Banking
others
in
Wall
Street and which are so
wellsuited to the effort of
selling war
bonds. Frederick V.
2,858
11,127
of the
Committee,
qualifications
to
2,249
7,178
11,037
2,893
Colorado & Southern.!
Texas & Pacific
5,355
Bessemer & lake Erie
1,728
7,447
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
1,163
345
Baltimore & Ohio
Finance
901
2,754
White, Director
& Investment Division
of the War
6,667
417
3,693
2,064
5,010
Akron, Canton & Youngstown_
196
2,638
2,371
—_
—
17,669
372
Pocahontas
596
25,22.9
449
Texas & New Orleans
6,054
Cornwall..
415
3,678
3,180
/.
—
^120
-Wabash
Total.
R.
426
3,999
731.
St. Louis Southwestern.—:
-,
52,780
1,396
1
354
606
9,506
3,493
134,947
12,259
145
In¬
531
3,448
189
2,296
1,090
Healey, Australian
Officer, flying ace
12,214
3,06::
10,879
11,014
17,262
5.823
Tim
1,201
13,744
3,574
10,983
23,881
279
;
Cap¬
tain
10,283
14,006
2,448
18,757
26,454
;
11,230 3?.
333
pur¬
982
22,726
2,365
19,559
3,380
Bay & Western—
Western Pacific
stressed
bond
8,669
20,454
2,274
& South
Peoria & Pekin Union—
He
"war
8,985
19,150
-
Superior & Ishpeming
Fort Worth & Denver
that
in
World War I, lecturer and
author
of the
recently published "More
Lives
Than
One,"
who
spoke
briefly on the dire need of more
purchases of war bonds. William
22,114
...
St. Louis-San Francisco
334
..
Pittsburg & Shawmufc
Pittsburg, Shawmut & North—
"VV
subscribed.
theme
chases should not be
prompted or
inspired by theatricals but rather
by the stark reports from
fighting
fronts." He then introduced
8,112
23,880
Alton
43
7,799
Pere Marquette
1,363
10,384
3,457
512
———'
'
19,425
11,917
1,322
—
Susquehanna & Western..
233
9,615
12,965
2,208
9,221
York, Chicago & St. Louis
".
23,385
...
System
2.296
2,531
Cambria & Indiana
253
.
295
193
6,377
'New York, Ontario & Western—
771
472
4,742
12,314
i' 1,556
3,814
1,711
e,
49,404
*N. Y., N. H. & Hartford™.
955
167
11,688
2,375
Montour
159
3,436
7,642
245^
9,066
New York Central Lines..
202
3,832
an¬
3,344
6,321
-
6,099
:
211
—.
■Rutland
160
4,094
23rd
3,0.98
Bingham & Garfield.
U 1,899
2,390
992
3,871
-Monongahela—
•
1,497
41
7,884
;
Pittsburgh & Lake Erie
18,319
11,652
Atch., Top. & Santa Fe System
14,925
1,199
•Vv.^ 24
Detroit, Toledo & Ironton..
New
16,564
11,440
3,885
the
172
14,908
1.081
N. Y.,
26,195
26,080
Kansas
1943
;;
1,307
1,152
"Delaware, Lackawanna & Western—
:
3,504
15,907
International-Great Northern
6,030
4,107
——
633
Southwestern District—
6,341
1,066
Lehigh & Hudson.River..———
87
3,078
567
22.781
Gulf Coast Lines
1942
5,917
'Grand Trunk Western
94
2,490
470
4,336
Total
Received from
261: i:
—-—
-—
38
1,515
415
24,891
—.
„_
Spokane International...
Total Loads
'Delaware & Hudson—.———-—
•Detroit & Toledo Shore Line
33
1,066
445
•
gins,
1943
v
7,108
'Chicago, Indianapolis & Louisville—
.Lehigh & New England
Lehigh Valley.
'Maine Central
42
1,250
—
Burlington-Rock Island
•
1944
;
.
134
29,292
on
1,033
;
:
.
Minneapolis & St. Louis..—
Minn., St. Paul & S. S. M
week ended. June 24
220
—
1,705
Northern Pacific—
Connections
"
District—
;Ann Arbor———t:-;-
^
1,487
""
....
'Erie
629
Lake
21,063,401
Total Revenue
.'Detroit & Mackinac...
1,558
Green
853,418
20,100,468
■
•
••
Central Vermont——
625
1,004
and received from connections
(number of cars)
Boston & Maine
694
Great Northern
844,913
.
when the coal miners
ago
year
;#>:
■
Railroads
Eastern
289
142
Ft.
832,635
881,267
.
revenue freight loaded
•
314
98
_
854,689
21,051,394
-
corresponding
1,691
343
112
Chicago & North Western
Chicago Great Western
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern..
The
strike.
1,532
224
Northwestern District—
following table is a summary of the freight carloadings for
the-separate railroads* and systems for the week ended June 24,-1944.
•During the period 90 roads showed increases'when compared with
•
2,048
1,735
their
niversary of indoor trading, mem¬
bers and
employees of the New
York Curb
Exchange celebrated
this milestone in the
history of the
nation's second
largest securities
exchange by sponsoring a 100%
participation war bond rally with
a
total subscription in excess
of
$1,600,000.
The rally
began at one minute
telligence
4,209,907
879.161*'
:
Total
•:•'
2,957
:
Total—
3,311,637
667,609
874,193
10—_
3,924,981
3,363,195
810,772 '
3_
Week
1,55.9
Winston-Salem Southbound
3,174,781
:v
'
•
1,728
Tennessee Central
3,122,942
3,135,155'^
—
May—___________—~
June
436
Southern
3,858,479
3,159,492
—
—
of
403
Piedmont Northern—
1942
3,796,477
February.™
•Week
350
Central Western District—
January
June
of
4,383
15,036 cars, a decrease of 267 cars
an increase of 4,084 cars above the
w^eks of April—
weeks'
5,635
Seaboard Air Line
above the correspond¬
cars
1944
Week
4,072
Richmond, Fred. & Potomac.
.except the Pocahontas, Southern and Northwestern.
March
4,783
Anniversary
Coincident with
Norfolk Southern.
cars
All districts reported increases compared with the corresponding
week in 1943.
All districts reported increases compared with 1942,
of
3,573
Spokane, Portland & Seattle
Coke
of
9,619
Nashville, Chattanooga & St. L.._.
Ore loading amounted to 82,088 cars, a decrease of 932 cars below
weeks
9,109
Macon, Dublin & Savannah.
Mississippi Central..
below the preceding week, but an
cars
products loading totaled 47,641 cars, a decrease of 463
preceding week but an increase of 2,783 cars above
corresponding week in 1943.
weeks
31,355
Louisville & Nashville
below the
of
13,596
Illinois Central System
Forest
Weeks
12,076
23rd
1,084
Georgia & Florida
Gulf, Mobile & Ohio
loading totaled 53,333 cars, an increase
■of 8,001 cars above the preceding week but a decrease of 2,277 cars
below the corresponding week in 1943.
In the Western Districts
alone, grain and grain products loading for the week of June 24,
totaled 37,746 cars, an increase of 8,195 cars above the preceding week
but a decrease of 3,948 cars below the corresponding week in 1943.
r
Live stock loading amounted to 14,570 cars, an increase of 662
cars above the preceding week, and an increase of
3,049 cars above
the corresponding week in 1943.
In the Western Districts alone load.ing of live stock for the week of June 24 totaled 10,310 cars, an
.increase of 372 cars above the preceding week, and an increase of
•2,346 cars above the corresponding week in 1943.
•
2,756
1,461
Georgia™
Grain and grain products
an
300
2,469
784
Gainesville Midland
below the preceding week, but an increase of 106,975 cars above the
the preceding week but
ing week in 1943.
450
659
Florida East Coast
'corresponding week in 1943, due to strike in 1943.
the
344
767
Clinchfield
freight' totaled
'increase of 5,468 cars above the corresponding week in 1943.
Coal loading amounted to 175,529 cars, a decrease of 6,045
icars
292
630
Columbus & Greenville
less
decrease of 643
1943
Durham & Southern
3.3%.
merchandise
1944
892
Charleston & Western Carolina
revenue
of
1942
870
Central of Georgia—.
freight loading totaled 389,228 cars, an increase of
,1,793 cars above the preceding week, but a decrease of 732 cars below
the corresponding week in 1943,
\
Loading
1943
315
Atlantic Coast Line
Miscellaneous
'
1944
Atlanta, Birmingham & Chast
freight for the week of June 24, increased
or 0.1% above the preceding week.
cars,
Connections
Alabama, Tennessee & Northern
an
•in 1942 of 27,849 cars, or
NY Curb Celebrates
Received from
Atl. & W. P.—W. R. R. of Ala
increase above the corresponding week of
;1943 of 120,337 cars, or 15.8%, and an increase above the same week
This
June 29.
Total Revenue
Freight Loaded
Southern District—
Loading of revenue freight for the week ended June 24, 1944
-totaled 881,267 cars, the Association of American Railroads announced
•on
111
V
in
his
honor
to
be
each year to the oldest man
uating
bank
as
an
officers
given
grad¬
encouragement
to
continue
to
their
education through courses offered
:
by the Graduate School.
THE COMMERCIAL
112
June
The
Companies
Items About Banks, Trust
and
pany
Trust Com¬
of New York shows total re¬
of $3,601,236,269, deposits
$3,190,800,362, and U. S. Gov¬
sources
bills
purchased
to
$9,395,208 against $9,191,056. Cap¬
$1,000,000 and
of New York reported
Co.
Trust
Bank and
National
The Public
loans
statement of con¬
30
dition of the Guaranty
(Continued from page 101)
of
Thursday, July 6, 1944
& FINANCIAL CHRONICLE
ernment obligations of $2,178,737,-
31, 1944; loans and discounts down the value of buildings from
$51,724,201 compared with $43,- $2,200,000 to $1.
:
054,337 on Mar. 31, 1944.
Capital and surplus are un¬
President A. P. Imahorn of the
changed at $7,000,000 and $9,000,- Hibernia National Bank in New
000
respectively and undivided Orleans announces the election of
profits are now $1,628,392 against
Joseph M. Marrone as ah Assistant
$1,404,735 on Mar. 31, 1944, after Vice-President of the bank in
payment of the regular dividend.
charge of its inter-American re¬
Net earnings per share for the
lationships with Mexico, and Cen¬
quarter were $1.04 and for the six
tral and South America. Mr. Ima¬
months of this year $2.07.
Mar.
of
312, all of which are at their
highest points in the Company's
$358,937,591 and total assets surplus and undivided profits are
history. Previous high marks for
the
of $383,866,956, compared, respec¬ $555,527 against $508,602 at
total resources and deposits were
end of December.
v
tively,
with
$339,687,845
and
Arthur S. Kleeman, President of reported Sept. 30, 1943, when re¬
$363,329,469 on Mar. 31. Cash on
sources totaled $3,325,058,938 and
the Colonial Trust Company, an¬
hand and due from banks amount¬
nounced following the June
28 deposits were $2,999,738,529. Pre¬
ed
to
The statement of the Philadel¬
$69,939,163, against $68,vious high point reached in hold¬
meeting that the Board of Direc¬
681,264; holdings of United States
ings of U. S. Government obliga¬ phia National Bank of Philadel¬
tors voted to transfer $50,000 from
Government securities to $208,tions was Mar. 31, 1944, when the phia, Pa., for the quarter ended
undivided profits to surplus ac¬
June 30, 1944, shows deposits on
057,120, against $193,481,819, and
figure was $1,965,799,932.
count, effective June 30. This will
that date of $735,905,519, which
loans and discounts to $93,696,074,
/ ' Capital and surplus remain un¬
increase surplus to $500,000, giv¬
with
$682,002,755
on
against $88,465,039.
Capital and
changed at $90,000,000 and $170,- compares
ing the bank total capital and
surplus were unchanged at $7,000,000, respectively, and undi¬ March 31, 1944, Total resources
f.-'' i
surplus of $1,500,000.
vided profits of $36,054,428 com¬ amounted to
$794,030,392, com¬
000,000
and
$9,000,000, respec¬
tively, but undivided profits were
pared with $34,264,977 at the time pared with $741,331,632 at the end
Fulton Trust Company of New of the last published statement, of
March; cash and due from
$3,881,305 after allowing for $150,000
dividend
payable
July
1, York reports total deposits of $36,- Mar. 31, 1944, and with $25,453,- banks
aggregated
$174,323,874,
026,711 and total assets of $41,381,- 136 on June 30, 1943.
contrasted with $171,887,883; U. S.
against $3,572,738 at the end of
277 in its statement of June 30,
December.
'k
Government securities, $478,944,1944, as compared with deposits
Bank of the Manhattan Com¬ 728, compared with $422,360,167;
of $31,380,714 and total assets of
pany of New York reported as of state, county and municipal se¬
The
directors of the Clinton
$36,696,384 on March 31, 1944. As June 30, 1944 total deposits of
curities were $15,144,656, against
Trust Company of New York have
of June 30,
1943 total deposits
$1,097,782,241 and total assets of $14,448,981; other securities, $33,called a special meeting of stock¬ were
$29,295,863 and total assets
$1,158,292,426 compared respec¬
holders for July 18 to act upon
$34,501,175.
Cash, U. S. Govern¬ tively with $949,585,763 and $1,- 780,083, r compare with $31,148,546; loans and discounts $86,758,a proposal to increase the capital
ment securities and demand loans
009,376,653 as of Mar. 31, 1944. 159, compare with $94,882,036.
stock from $600,000 to $700,000, secured by collateral amounted to
Cash on hand and due from banks
The capital of the bank on June
through
the issuance of 2,000 $37,596,827,
as
compared
with amounted to $290,356,684 against
30, 1944, was unchanged at $14,shares, par value $50, which will $32,604,634 on March 31 last and
$226,338,599; holdings of United
be
offered for subscription by $30,426,107 a year ago.
Capital States Government obligations 000,000, but the surplus on that
date
was
$28,000,000, compared
stockholders.
The
most • recent and surplus showed no change in
$545,582,294 against $457,026,593.
with $21,000,000 on March 31, re¬
published report of the bank, as total at $4,000,000 but undivided Loans and discounts increased to
as
ital is unchanged at
30, 1944, total depos¬
of June
its of
horn in his announcement says:
,
capacities:
value of
1944, indicated the book
12,000 shares of $50 par stock then
outstanding to be $90.90 per share.
Commenting on the proposal in
a letter to stockholders today, Lee
President, pointed
growth of the bank
S. Buckingham,
out that "the
makes it advisable and necessary
to increase
the capital stock." The
according to Mr. Bucking¬
provides that each stock¬
holder of record at the close of
plan,
ham,
business
shall have the
18
July
right, at any time up to the close
of business on August 10, to sub¬
any number of
one-sixth of his
scribe at par for
shares up to
new
increased
to
$1,074,703, $276,152,099
from $276,014,508.
after
dividend payable July 1,
Capital and surplus remained at
1944, as against $1,061,578 shown
$20,000,000
respectively.
Undion
March 31, 1944, and $968,662
divided profits after reserve of
on June 30, 1943.
$400,000 for quarterly dividend
increased to $11,057,806 from $10,Combined net current operating 524,519 at the end of March, 1944.
earnings of The National
City
Bank
New
of
York
of
and
the
Bank Farmers Trust Com¬
pany for the first six months of
the year, after provision for taxes
and depreciation, were $7,880,609
compared with $6,727,965 for the
same period in 1943.
This repre¬
sents $1.27 per share for 1944 and
$1.09 per share for 1943 on the 6,200,000 shares outstanding, In ad¬
dition, combined net profits from
sales of securities
amounted to
City
The
statement
of
Mr.
one.
Buckingham ex¬
plained that, under the plan, the
additional shares would be under¬
written by
the officers and direc¬
tors of the bank, who will take up
shares not subscribed for by
stockholders.
The
underwriters
any
would also
stock nec¬
any
to provide the full shares
essary
for
supply
subscription
holders who
are
by
those
stock¬
entitled to only
fractional certificates but who de¬
sire
full
record
vote
shares.
of July 6 are
as
upon
of
of
entitled to
the proposal,
statement
The
Stockholders
:
condition
?
of
the Grace National Bank of New
York
of June
as
30,
1944, shows
$70,082,422,
of
deposits
*
as
com¬
pared with $68,741,266 on March
31, 1944, and $64,208,157 a year
ago.
its
Surplus and undivided prof¬
to
$3,166,388, as
amounted
compared with $2,847,043 on Mar.
31, 1944, and $2,586,142 a year ago.
Cash in vault and with banks
totaled
$16,049,264
compared
as
compared with $37,March 31, 1944, and
$34,090,913 a year ago. Loans and
$37,747,590
317,504
as
on
discounts
were
$16,981,036
as
with
$17,952,765
on
March 31, 1944, and $13,635,491 a
compared
being
Commerce at New York
City, Sec¬
retary of the,Business Relations
Committee of the Inter-American
Commercial Arbitration
Commis^
sion, later Executive Secretary of
that commission,
in which capac¬
Mr,
South America.
and
Central
in
extensively
traveled
he
ity
Marrone comes to
us
direct from
present position as Executive
Director,
of
the
International
his
Trade
Section
Board
of Trade."
bank
of
the New York
He regards the
"being particularly fortu¬
securing an executive of
as
nate
in
his
the
States Chamber of
the United
of
time
with
debited
North Afri¬
and the Near East, Consultant
ca,
June 19.
especially at this
Orleans, more
exerience,
New
when
is conscious of its posi¬
than ever,
outstanding world port
compared with the unlimited : possibilities
with $15,113,755 on March 31. The that await our foreign trade activ¬
directors
also
approved writing ities in the post-war era."
transfer
June
30
to
surplus, amounted
to
on
tion
as
an
$8,893,002,
June
U. S. Cham
30,
Crawford of the Chamber's research
Dr. Arthur W.
ports,
said
forthcoming
stary
the
Associated
international
conference
which
Press
amounted to
staff.
The
re¬
issued on the
24, were
June
on
mone-^
begins Continuing,
July 1 at Bretton Woods, N. H
$155,288,634 on June The Chamber contends that fears
30, 1944, as compared with $152,- expressed in some quarters in the
976,326 on March 31, 1944. Hold¬ past that the huge stock of gold,
$8,017,863 for the corresponding
held by the United States would
ings of U. S. Government securi¬
period in 1943. This represents a
ties increased to $434,184,224 com¬ be worthless appear to have had
half-year total of $2.20 per share
no basis.
,y.V
pared with $420,018,791; holdings
for 1944 and $1.29 for 1943.
"The plan for an international
of other securities are reported as
The bank's surplus account was
monetary fund does not go far
$13,438,613 as against $16,751,937,
increased $7,500,000 by adding the
while loans and discounts total toward the restoration of the old
bank's net profits from sales of
$35,878,536 as compared with $30,- gold standard," the Chamber said,
securities, which were $5,594,346,
adding: "Nevertheless, gold forms
862,851 for Mar. 31, 1944.
the foundation of the proposed
together with $1,905,654 of recov¬
eries for the period. All other re¬
exchange
mechanism,
and
its
Charles L. Bernheimer, Trustee value as the
coveries of the bank, as well as all
principal monetary
of the East River Savings Bank of
metal seems assured."
We quote
profits and recoveries of the trust
New Yorksince 1922,died on July 1,
from the Associated Press Wash¬
company, were transferred direct¬
1944 at Mt. Sinai Hospital after a
ly to reserves.
Undivided profits
ington advices, which also noted:
short illness. Mr. Bernheimer was
of the bank were increased by $3,"Gold no longer circulates in
President of the Bear Mill Manu¬ the United States, but the Federal
902,864 from net current operat¬
ing earnings.
At the end of the facturing Co., and as a result of Treasury values its gold assets at
half-year, after these additions to his early work in arbitration be¬ more than $21,200,000,000. Thirty
surplus
and
undivided
profits came known as "the father of financial experts of various coun¬
arbitration."
He
was tries
have
agreed in principle
totalling
$11,402,864,
the
total business
capital,
surplus
and
undivided chairman of the Committee of upon a stabilization fund to which
of the the
United
States would
con¬
profits of the bank amounted to Commercial Arbitration
Chamber
of
Commerce
of the tribute $2,500,000,000; Britain, $1,$222,956,460.
:
The Trust Company which is State of New York. He was in¬ 250,000,000,
and Russia, $1,000,owned beneficially by the share¬ terested in1 archaeology and an¬ 000,000.
The rest to make a total
ating earnings, of $13,643,455 for
the first six months of 1944 and
—
:
the "Times" advices
also said:
"It is set forth that a review
•
the Twenties
serves
to
economic interdependence
the
the
vital
the
nations,
of
bring out
role
of
of
monetary actions and mechanisms
in
the
maintenance
of
equi¬
an
•
in
librium
.
of
balance
the
pay¬
necessity for
policies, fiscal,
economic and political, as a foun¬
dation for any lasting program
affecting currencies and credit.' ' j
domestic
sound
"'While
stable
the
currencies
facilities
is
the
'and
ments,
for
obvious
desirability
of
and adequate
international credit
from
a
study
of the
economic trends of the inter-war
the futility of reliance upon
policy
and
liberal
credit, without correction of un¬
derlying
maladjustments,
is
equally apparent,' the study con¬
tinued."
/
;■ v.-
years,
monetary
.
"
'There
is
,
general recognition
prospective need for large
of
capital for
recon¬
struction
and
development
m
war-stricken areas and for fi¬
of the
amounts
and it is stated dis¬ of $8,000,000,000 would be pro¬ nancing trade and industrializa¬
unknown nat¬ vided by other of the United tion in other parts of the world.
'The Treasury's tentative pro¬
ural bridges and relics of interest Nations.
A $10,000,000,000 world
in
both
Arizona and Southern bank for reconstruction and de¬ posal for a United Nations Bank
Utah. Mr. Bernheimer was Chair¬ velopment also has been proposed. for Reconstruction and Develop¬
the bank.
4
man
of
the Sub-Committee on
"International
cooperation
is ment raises important questions:
"'Is American participation in
Private Banks of the Van Tuyl shown to be needed, but on a
J. P. Morgan & Co., Inc., New
a world bank advisable as against
Commission for the revision of basis which
will minimize the
York City, reported as of June 30,
independent loans by the United
New York State banking laws in
dangers to the United States from
1944, total deposits of $799,042,132
States
Government and its na¬
1914.
'
the weaknesses of other
coun¬
and total
assets of $854,733,998,
tionals?
tries," said the Chamber in the
compared, respectively, with
" 'To what extent may the pro¬
The Commercial National Bank first of three pamphlets present¬
$760,665,053 and $809,151,231 on
posed Government action affect
and Trust Company of New York ing studies of "International Fi¬
Mar. 31, 1944.
Cash on hand and
nancial Problems."
According to private lending?
due from banks are now $129,- reported as of June 30, 1944 total
'Is it possible that, given the
the New York "Times" Washing¬
deposits of $267,411,618 and total
432,770, against $148,129,047; hold¬
ton advices, June 24,
the three conditions under which such a
ings of United States Government assets of $290,490,883, compared
bank might operate successfully,
securities $569,409,517, against respectively with $207,981,165 and pamphlets were prepared by Dr.
holders
of
the bank
showed
cap¬
ital, surplus and undivided profits
with
$15,058,928 on | March 31,
unchanged at $25,830,103 which is
1944 and $15,380,621 a year ago.
in addition to the capital funds of
U. S. Government securities were
after
Commerce in Europe,
account,
on
profits
of
States* Department
United
the
1944, shows total
assets of $659,896,456 as compared
with
$642,414,886, on Mar, 31,
According to the United States Chamber of Commerce, increasing
1944.
The bank reports deposit
sentiment has developed in the United States for reliance upon gold
and other liabilities of $622,347,105
to a degree consistent with modern monetary management.
In mak¬
and capital, surplus and undivided
profits of $37,549,351, compared ing this assertion the organization quotes from studies prepared by
ness
with deposit and other liabilities
present holdings. Fractional share
of $605,149,025, and capital sur¬
certificates will not be issued, and $5,762,846 for the first six months
plus and undivided profits of $37,any stockholder entitled to a frac¬ of 1944 and $1,289,898 for the first
265,860 on June 30, 1944.
Cash
tional share may subscribe for a six months of 1943, or a total,
in
vaults
and due from banks j
when added to net current oper¬
whole
undivided
for¬
condition of
Bank Trust Co. of
of the close of busi¬
Corn Exchange
New York as
the board of directors
the
of
department of the Peoples
of Utica, N. Y., Assistant
Commercial Attache-at-Large for
eign
flecting the increase authorized by
The
employed in various
manager
Bank
,
business March 31, profits
international experience.
broad
He has been
'■
at the close of
with
"Mr. Marrone comes to us
a
thropology
covered previously
"
.
year ago.
7
•
Colonial Trust Company of New
York
reported
deposits
assets
as
of June 30, total
of $35,825,761 and total
$37,527,939, compared,
of
respectively, with $31,890,752 and
$33,553,630 on December 31, 1943.
Cash on hand and due from banks
amounted to $9,840,385
against $9,-
031,828; holdings of United States
Government
-252,053
securities
against
to
$14,655,000,
"
$524,831,104, and loans and bills $230,920,074 on Mar. 31, 1944. The
purchased
are
now
shown
as bank at the latest date held cash
$117,377,890, against $94,937,809. on hand and due from banks of
Capital
and
surplus were
changed at $20,000,000 each,
undivided
profits June 30
$17,- $3,782,307
and
Mar. 31.
■
against
='
->•
$2,101,624
•«
-
■
compared with $45,un¬ $50,440,608
and 576,492 on Mar. 31, 1944; invest¬
ments in United States Govern¬
are
on
ment
securities
compared
with
of
$184,336,534
$137,661,454
on
Arthur W. Crawford, an
economic
the Chamber, who at¬
tended the 1933 monetary confer¬
adviser qf
ence
at
London
as
an
observer.
stress the need for sound
domestic economic policies as the
They
guarantee of stable international-. monetary
conditions.
best
there would be no clear need for
it
as
against
limited
private
Government
and more
undertak¬
ings?
"
'These
issues,
ramifications,
form
with
one
various
of
the
major problems of the period of
transition from war to peace.*"
@FedFRASER