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Final
In
ESTABLISHED OVER 100 YEARS
Edition
2 Sections-Section 2
\al and
ommatciaL an
Chronicle
Volume
New
Number 4292
159
"drive" with
now
much too early to make even a guess
It is, of course,
concerning the final results. It is, however, clear that finan¬
cially the situation grows "tighter," and that the banking
system is being placed under an increasing strain as time
passes.
This is the first war loan "drive" that has had to
make its debut with "excess reserves" below the billion
mark.
Reserve
Security
Council To Maintain Peace—Superstate Out
well launched upon a fifth war loan
vide additional stimulation to the rank and
vestors.
bank credit outstanding is
higher than at
Nations
—
Interna-<§>maintain dom of action in cases where it
otherwise might be called upon to
peace and security through international co-operation, were outlined
move diplomatically or militarily
by President Roosevelt in a statement issued on June 15. It is like¬
wise proposed that the Council would act in assisting in the creation against its wishes."
of the Administration at Washington for an
tional Security Council, the purpose of which would be to
"of conditions of
,
stability and well being necessary for peaceful and
friendly rela- «tions
cording to the
President,
and
not without interest as well as
stood at around $2.5 billion.
importance.
By the time the next
(Continued on page 2612)
'
:
Washington
tions
are
Mrs.
Great
interesting business of the war.
We saw one of our big shots
brought down to earth a
few days
He kept running through the
adjoining his, exclaiming
that his son had two jeeps shot
out from under him.
The father
ago.
on
the
States,
Britain,
Russia
and
It
China.
President
the
"there
that
Roosevelt
President
is
b y
indicated
would also
be
international court of justice to
primarily * with justifiable
disputes." Prior to the President's
announcement of June 15 the As¬
sociated
from
reported
Press
Washington June 11 that a mid¬
summer meeting at Washington of
.
big-four meeting
which President
can not be
as
still indefinite but the British
are
reported
ready to talk business on imple¬
10 days has been the ex¬
menting the Moscow pact and a
of leading up to
your
devout New Dealer tomorrow and
will
tell
Gaulle.
He
was
reluctant
about
.Badoglio but finally the party line
had its wishes in that respect. The
fact that after having gone this
casion for., blinking in the past
far, Roosevelt won't recognize De
two weeks over the Procope in¬
Gaulle, burns the party liners up.
cident, and also over Tito and De And it should be
right interesting
to the rest of
us
that he won't go
understands that it this far. What is very enlighten¬
is utterly essential to reelect Mr. ing is that it is not a matter of
Roosevelt because of his initimate being against the ideology at all.
grasp of world affairs. This postu¬ ft is simply that he doesn't per¬
late is something that is likely sonally like De Gaulle. Frankly,
to make every American mother we don't like him either. Neither
and
father hesitate.
After all, do we like the rest of the
big shots
.Mr. R. knows these fellows in the
who are in this great undertaking
big league business in which we
Washington
engaged.
and
others,
was
held
others
the
during
On June 16 it
months.
dent's
"The Moscow conference called
for establishment
ticable of
as soon as
prac¬
general international
a
organization based on the prin¬
ciple of the sovereign equality of
all peace-loving States, and open
to membership by all such States,
large and small.'
"While
that
declaration is
ex¬
pected to form the core of dis¬
cussions, there have been indica¬
tions that both the American and
British plans contemplate initia¬
tive action by the 'Big Four,'with
smaller States to be invited into
membership
after
the
soon
as
foundation
as
is
possible
laid
and
cated
that
these develop¬
indicating there is stormy
Congress with
in
ments
ahead
weather
for
adminis¬
the
tration's
preliminary scheme for
cooperation.
We
quote from the Associated Press
as given in the New York "Sun"
which reported the developments
international
follows:
as
"I.
the
that
Disclosure
draft of the American plan
the decision
rough
places
military action to
on
suppress aggression primarily in
the hands of the 'Big Four,' with
any one
the
"2.
of them permitted to veto
of force.
use
A
demand
by
Senator
indi¬
Bridges (R., N. H.), who has sup¬
United States ex¬
ported
the
President's
foreign
(Continued on page 2615)
Roosevelt has
the
stated
the Presi¬
plans for a
of
statement
was
Russian acceptance
soon
pects to preserve a certain free¬
Isolationist Nonsense
"We cannot
(Continued
assure
freedom of speech and free¬
religion in Russia, for instance, unless we
are prepared to fight the rest of our lives.
We can
hardly be fighting for democracy when so many of
our allies, China, Russia and Bra¬
zil, are dictatorships without the
dom of
is expected as
it can bb cleared through
as
diplomatic- channels. Andrei A.
Gromyko, the Russian ambassa¬
dor, is returning to Moscow and
officials here expect him to report
semblance
even
of
election
ma¬
chinery....
"Apparently there was not the
slightest effort on our part to bring
GENERAL CONTENTS
Russia in line with the idea
of the
which
post-war
permanent
peace can be based.
"The effect of the
Teheran
•
Atlantic Charter, or any
Financial
2609
Situation..
settlement
Regular Features
From
Washington
Ahead
of
News
Fertilizer
Association
Price
the
...2609
Index..2621
Weekly Coal and Coke Output.—2621
Weekly Steel Review
'.....2617
Moody's Daily Commodity Index.,. .2618
Weekly Crude Oil Productions
Metals Market.,,
Non-Ferrous
2622
2620
Weekly Electric Output
2618
Cotton Spinning for May
2622
Retail Price Index as of
Fair child's
June
2618
1
Commercial
Paper
Outstanding
2622
May 31
United..
States
War
Expenditures
.....2616
SEC Report on Corporate Working
Capital
..,.2619
Living Costs in Large Cities
(March 15-April 15).,
2619
Copper Statistics Summary of
June 14
2620
Cottonseed Receipts to May 31
2621
During May
Market Transactions
in Government
on page 261PJ
Security During May...
drift toward
the three
was
a
to accelerate
the
controlled world by
great nations, which has
thinking of this coun¬
affected the
try for some time. I do not
Robert A. Taft
that is the way
out
m
our war
believe
in which to carry
purpose.
.
.
.
Mr. Hull's policy is one thing,
Mri Roosevelt's is another and Mr. Willkie's a third.:
If you
see
it today,
will analyze the facts the old difference be-;
internationalists and isolationists has dis¬
tween the
appeared, in spite of a lot of propaganda which"
to interest itself only in involving the United
States in international affairs regardless of the
method on the effectiveness of that method to se¬
seems
peace."—Senator Robert A. Taft.
viewed our foreign policy
more rationally—and less in terms of slogans.
It is
unfortunate that so few even among the "opposi¬
tion" seem to have the acumen or the courage to
cure
It is indeed time we
speak
2621
on
Conference
"As I
as
of
18
last
post-war peace-preserving organ¬
ization produced mixed reaction
the side-walls go up.
"President
in¬
he
continuation
a
conversations on
ambassadorial level.
you
that Washington, in its
mechanical thinking, has had oc¬
are
conference
the preliminary
an
on
Department
that overnight study of
Editorial
correspondent has
followed the ideologies of this war
all the way through.
Pick up a
First,
fact
Gaulle.
and
State
favor conducting
the losses of lives of American
_
This is by way
officials
was
conference
to
-
the
with
statement
a
dicated in his statement that that
full dress conference,
a
are
edly has received informal assur¬
ances that Britain and China are
boys.
he
classed
the
2618
that he is for Moody's Bond Prices and Yields
Items About Banks and Trust Cos..2624
Stalin, Benes of Czechoslovakia; NYSE Odd-Lot Trading
.2622
he is pro Tito; pro Toledano in NYSE Bond Values at May 31......2620
Mexico; for the "Liberal" ele¬ Trading on New York Exchanges. .2622
was quite proud. A cynical fellow
State of Trade
remarked
that
the
real event ments of Greece (they've never
2610
hit upon a personage there); he is General Review
would come when the son was
anti
Badoglio; anti-Franco, and Commodity Prices, Domestic Index.2620
shot, out from off of two jeeps.
Weekly Carloadings
2623
Roosevelt has ac¬ Weekly Engineering Construction.. .2621
It gave the father a little pause, pro-De Gaulle.
cepted
this
party
line
right
on Paperboard Industry Statistics
2623
but he being a dynamic sort of
2623
though with the exception of De. Weekly Lumber Movement...
man, not much of one.
offices
Washington,
President's
15
June
Roosevelt has insisted
organization apparently
making. These advices
also said in part::
"The State Department report¬
in
know that the biggest event
here in Washington the past
associated in the vei;y,
Roosevelt would put it,
na¬
are
United
is
pulsion of the Finnish Minister, Mr. Procope. You probably take
that in your stride just the same as if Donald Nelson has cut down
on
the production of aluminum or magnesium that is needed for
the year.
But when you do that you don't know Washington. We
concerned
in
personalities *
—
are
Well, take them one by one, and
here, and inasmuch as there is
every
example of this intimate
a
war
on, the personalities with
whom we are concerned are those knowledge of world affairs bears
as
four
the
"Plans for the
in
The
issued following
security
By CARLISLE BARGERON
who
nations;
American, British, Russian and
Chinese representatives to discuss
the formation of an international
Ahead Of The News
us
of
number
deal
When the first "drive" was undertaken late in 1942, excess
You'd undoubtedly be surprised to
suitable
a
other
an
among
ma¬
nations
jor
obligations to non-banking investors have, on the
as large as one could reasonably expect,
but they have failed by a wide margin to provide the funds
required by the war effort. It has been and it still definitely
is necessary to call upon the commercial banks of the nation
(including the reserve system itself) to provide a substantial
From
four
the
whole, been about
reserves
include
would
ernment
are
ac¬
the matter there.
on
The
Council,
good deal has been said of late about the reserve ratio
obtaining the reserve banks, and some of it has not been well
considered or well said. At the same time, it is as well that
we do not overlook what is taking place in the banking sys¬
tem, even if in the circumstances something of the sort—at
least in substantial degree—was from the time we entered
the war strictly inevitable, assuming, of course, that hostili¬
ties continued for a substantial period of time. Sales of gov¬
The facts
among
nations."
A
•
Settle Disputes
Program Provides For World Court of Justice To
The plans
previous time, and the reserve ratio is lower than dur¬
ing any of the previous "drives."
proportion of the funds with which the war is being financed.
Major Powers And Some Smaller
Council Would Include Representation Of Four
any
The Facts
Copy
a
FDR Announces Plans Foi International
steady flow of "invasion" dispatches to pro¬
file of the in¬
a
60 Cents
Price
York, N. Y., Thursday, June 22, 1944
The Financial Situation
The nation is
S. Pat. Office
U.
Keg.
does Senator Taft.
kets witnessed
heavybuying for
greater emphasis
on better grade coats and dresses-.
Acute .scarcities were noted
in
staple cotton fabrics and domes¬
tics.
According to the Federal
Reserve Bank's' index, sales in
New York City for the weekly
period to June
10 showed no
change-over the same period ^of
last, year.
Eor the four weeks
ending June 10 sales rose by 8%,
and for the year to June 10 they
improved by 7%, the .same per¬
centage of increase as in previous
books, according to "Steel" maga¬
zine this week, has shown no per¬
The State Of Trade
ceptible decline,
quirements, but
fall
due to war re¬
the Allied armies roll
an
appreciable
on
with crushing might to throw back the foe ron all fronts.
The decrease in the number of orders
progress of the invasion of Normandy, threatening as it does complete has occurred, running in some in¬
severance of the last line of escape, for the Germans from the vital
stances from 40% to 50% in the
port of Cherbourg and the greatly increased speed of the American past fortnight.
The change in the
Fifth and British Eighth armies in their drive up the Italian boot
complexion of the war in Europe
The dawn of
a
day is fast breaking as
new
The inva-;*
indeed heartening.
are
Island in the Mari¬
come
an*American naval-air
task force signalizes the opening
of a
new
phase in the central
Pacific war.
The Marianas and
the Bonin Islands are looked upon
since
sion of Saipan
by
anas
as
the main obstacle in the recon-
of the Philippines and the
subjection
of
Japan.
quest
eventual
piece of news
the psycho¬
logical effect the long arm of our
air force had on Japan in striking
a telling blow at the city of Yawata, the heart of her steel center.
This significant undertaking was
One other important
the
week
past
was
accomplished by American in¬
dustry's own creation, the B-29
Super-Fortress of the American
Air Force and brought the battle
that has been confined to the pe¬
rimeter of the Japanese
Empire to
itself.
All in all,
total of these events adds
homeland
the
the
sum
for the
enemy ..both • in Europe
and the
Pacific.
While the road ahead is
still rough, the final day of reck¬
to something, ominous
up
oning is close at hand.
.
In entering upon what we,be¬
lieve to be the final phase of the
:
struggle, problems of reconversion
are growing in importance.
Busi¬
ness
and
industry
have
given
much
entered
to
thought
and
time
post-war
our
and each has
special plea for its
economy
a
well-being. - Some of. the
major problems recognized by all
future
are
termination of
war
contracts,
of this country
of farmers
1939
pre-war
of
those
than
farm
284%
that
comes
were
against 242%
earnings,
and salary earners and 213%
construction
and to avoid economic chaos
ate share of consideration in
adjustment to
omy.
a
Eugene
numbering
workers,
collar
129%
or
behalf
,
of
the. aircraft industry,
opinion that
the
major
problems
confronting
the
transition from
cited
industry
above
in
its
to peace can
scrap
in
industry
t,
ditions
a
-
roads announced.
further
The
course
,
of trade and indus¬
try the previous week, it is noted,
that while the events transpiring
Europe and
elsewhere had
retarding effects, they failed
some
or
change final results and pro¬
and trade were largely
sustained.
Electric kilowatt out¬
duction
<33,421
same
business
The
Ural
to
in¬
had
seen
business
leader
Leningrad and is planning
industrial
areas
is
He
Mountains.
return to
July 8, by
in
the
expected
the United States by
way
of Teheran.
Johnston said that in talks with
which
preceded
his
conference by only a few
Mikoyan,
press
minutes, he obtained the impres¬
principally
shirts and other accessories occa¬
j
he
said
American
visit
to
over
period.
prevailing
shortages
of
many
popular items kept sales volume
down.
Some stimulus was given
to men's wear such as ties, gloves,
sion that the Russians
Summer
lines at¬
Father's Day.
United
very
visited
Bad. weather in some sections and
sioned by
the
Mr.
great amount of American
equipment around Moscow.
week
to 7%
with
Johnston
Mr.
month
Dun & Bradstreet,
Inc.* reported, estimating the gain
1943
do
Johnston replied: "I
haven't
got the. figures.
All I
could get was 'many billions'."
ceding week,
corresponding
,
to
States,
held' close to the level of the pre¬
the
-
.
specific figures on
which
the
Russians
wished
a
for the nation at 4%
There
their'" not
about
for
Asked
stores
Retail activity in the last
.-
or
want
apparel in women's wear
tracted most attention, with beach
accessories
selling
well.
The
heavy demand for cotton dresses
continued and requests for print
capital goods.
.
10 reflected an
as-
holstery
for better quality
increase of 670,000 net tons from
rent
the preceding
readymade slip
week at 12,560,000
tons,
compared
with 11,651,000
tons for the corresponding week
From Mediation Board
a
result
of reup- diation Board, set up in 1934, han¬
customers'
preferences dles railway labor disputes.
In
fabrics and cur¬ accepting "reluctantly" the resig¬
shortages
of
low-priced nation of Dr. Leiserson, President
business
output for the
coal
June
week ended
scheduled
cars,
5.0%- is shown.
Bituminous
steel production,
carloadings, and coal and paper
production all showed a higher
trend.
The Fifth War Loan drive,
put,
was an
the
purchases.
question
no
paying in full,"
and others in the
Jewelry stores and
for
time
and
ment
is
7.8%
above
the preceding, week this crepes
and black
sheers were
good.
In the children's depart¬
year, which included the holiday
The resignation of William M,
on May
30, last-, and an increase ments the trade review noted Leiserson as Chairman of the Na¬
of 19,707 cars, or 2.3% above the
in- white
shoes
and tional Mediation Board and Chair¬
shortages
This was likewise true man
corresponding
week
of
1943.. dresses.
of
the
National
Railway
Compared with a similar period in furniture and houseware lines. Panel was made/.known by the
in 1942, an increase of 41,558 cars;- Custom-made lines enjoyed better White House on June 8. The Me¬
of
crease
outmoded and unfit for
'
use.
This
volume
in¬
countries
two
said Associated Press,
dispatches from Moscow, on June
19, which added:
"Furthermore,"
Mr.
Johnston
said, "the Russians would pay for
these purchases strictly on agree¬
stations declined 4% and
respectively, in May under
the
the Association of American Rail¬
after the war,
general
dealers,
the
to
ous
goods on pur¬
mutually advantage¬
terms
volved,"
lumber-building
stores,
the
of
Commerce
confer¬
il9 that
Foreign Trade Commissar Amastas Mikoyan had authorized him
to say the.Soviet Union wants to
buy "imany billions of dollars'
last year.
Institute places
of
United States, told a press
ence in Moscow on June
chase
3%,
produc-'
Johnston, President of the
Eric
Chamber
worth of American
order named.
tion, the American Iron and Steel
but it is reasonable to assume that
Says Eric Johnston
filling
As for the rate of steel
these vehicles will be restored to
Buy
Billion Of U. S. Goods,
Reporting the progress of inde¬
pendent sales for the month of
May, - the Bureau of the Census
cited a gain of 12% over the same
month of 1943.
As compared with
the volume in April, independent
retailers' sales ranged 6% higher
for May of this year.
Department
and apparel stores were in the
vanguard of the rise,' with hard¬
ware, drygoods and general mer¬
selling-foods
ago.
year
Russia Plans To
with
weeks.
materials
Pig iron and
problem for the
contrast with con¬
no
poses
wear,
chandise
98.4% in May,. 1943.
scheduled output
for the- week beginning June 19 at
motor vehicles
serve
as
a
true •97.3% of rated capacity, equiva¬
barometer. ■
The
operation
of lent to 1,742,900- tons of steel in¬
nearly 4,000,000 motor vehicles gots and castings. Scheduled out¬
was
suspended in 1942 and 1943 put for the current week, com¬
and have not been replaced, the
pares with operations at the rate
Public Roads Administration dis¬
of 97.1%, and output of 1,739,300
closed.
According to this author¬ tons a week -ago.
For the week
ity, the Eastern States were most beginning June 21, last year, steel
affected, due in part to gas ration¬ output totaled 1,690,100 tons, and
ing, with the District of Columbia, the rate was 97.6% of capacity. <
New York and New Hampshire
With respect to freight carried
showing declines of 14.8%, 12.7% by the; railroads, carloadings of
and 10.9%, respectively, from 1942
revenue
freight for the
week
to 1943.
It is true that some of ended June 10 totaled 874,193 cars,
to
last week, voiced the
17,-
of the automobile
industry in the post-war period
appear bright if recent figures on
a decrease in the general use of
Aircraft
United
than
April of this year and May,
1943, the market summary pointed
out, while output was at the rate
of 96.8% of capacity as against
The prospects
in
Corp., speaking before the New
England Council conference on
highest for
in
1943, advanced in the
period from $1,182 to $1,530,
same
second
the
was
the current year and larger
000,000 in
peace-time econ¬
E. Wilson, Vice-
of
Chairman
our
and
trans¬
increase
1939 to
$2,370 in 1943, or a rise of 169%,
while earnings of so-called white
each
part must receive its proportion¬
and
portation workers, the
ranged from $1,399 in
many are
part of the whole,
production to
June 1, total tonnage ram to 37,844,642 net tons and exceeded out¬
put for the similar period of last
year
by almost
1,000,000.. tons.
May output totaled 7,680,472 tons
corporations. Taking the aver¬
annual wage of this country's
22,500,000
mechanical
workers,
which includes mining, manufac¬
turing,
A 1
progresses.
As for steel ingot
for
tary forces following demobiliza¬
a
war
age
general operation
Each is
are
for
1939
have been more
since
cancellations
expected to be heavier as the
pronounced,
average
wage
disposal of surplus war plants and
surplus materials, and employ¬
ment of our industrial and mili¬
tion.
the
of
of read¬
tendency would
proprietors' in¬
in the last quarter of 1943
that
shows
period
a
justment, the magazine states, and
but for heavy shell buying, this
greater
and salary
analysis further
are
wage
The
workers.
for
called
has
Thursday, June 22, 1944
& FINANCIAL CHRONICLE
THE COMMERCIAL
2610
covers.
asked
Roosevelt
until
by the trade re¬
view, retail volume the past week
rose
4% ■ to
7%
above
1943
As
-
reported
"within
that
successor
a
a
he
short time."
remain
named
was
The Presi¬
dent also said in his letter to Dr.
the Na- =
Output: throughout the country. Regional Leiserson:
policy supports the sound expan¬ to raise $16,000,000,000 to carry on to* date—Jan. 1 through June 10,, increases were:<
New England,
"I need not tell you how very
sion of air transportation so as to the war, failed to overshadow the;
1944—aggregated 284,917,000 tons,t 0% to 4%; East, 1% to 5%; Middle much I appreciate the invaluable
shift the load from military to activities
of
the
stock-market, as against 262,509,000 tons for a West, 2% to 5%; Northwest 3% service you have rendered in the
commercial plane types."
Should which at present is experiencing like period in 1943.
The report: to 5%; South, 8% to 11%; South¬ labor field to me and to the coun¬
ft large surplus of transport air¬ 2,000,000
and more share days of the Solid Fuels Administration west, 9% to 11%, and the Pacific try during the most critical period
craft be. dumped on the market,
since the invasion, with prices of
placed production for the week; Coast, 5% to 8%.
of the war. My good wishes go to
Mr. Wilson felt, technological de¬
equities
breaking
through the ended June 3 at 11,870,000 net
Department store .sales on a you in your new work."
velopment
might
easily
be year's top levels.
Retail trade,' tons, against 12,575,000 .tons in the country-wide basis, as taken from
In tendering his resignation to
stopped.
On the other hand, if though hampered somewhat by; preceding week. '
the Federal Reserve Board's in¬ the
President, Dr. Lieserson said:
properly handled,
this
surplus prevailing shortages in popular
As for production in the an¬
dex, moved upward by only 2% "I must resume work on certain
could be used to provide immedi¬ items and inclement weather in:
thracite
fields
the
U. S.
Bu¬ for the week ended June 10, com* economic studies which had to be
ate post-war expansion of com¬
some
sections, managed to1 point reau of Mines
reports estimated pared with the same week a year dropped when I entered the Gov^
mercial airlines.
•
•
4% to 7% higher than in the cor¬
output of Pennsylvania anthra¬ ago,
while sales for the four ernment service."
The American oil industry is responding period of 1943.
cite at 1,326,000 tons for the week! weeks' neripd ended June 10 ad¬
Advices
to
the
New York
As for electric production, re-| ended June 10, 1944, an increase1 vanced "by
rendering a vital war service, and
9%
over
a
similar "Times" from
Washington June 8
its contribution to the war effort suits reveal that output of: elec¬
of 122,000 tons, or 10.,1% from the; period a year ago.
For the year stated that Dr. Leiserson has been
approximated
close
to
$1,000,- tricity increased to approximately preceding week.
An increase of! to "June 10 an increase of 6%o was named visiting professor at Johns
000,000,
William
R.
Boyd
Jr., 4,264,600,000 kwh. in the i week 9,000- tons, or 0.7 %, is noted when noted over a like period in 1943.
Hopkins University and will pur¬
Chairman of the Petroleum In¬
ended Junq 10 from 4,144,490,000
compared with output in the cor¬
sue studies on labor problems.; it
dustry War Council, announced kwh. in the preceding, week, as; responding week of 1943.
For
added:
last week, adding that no part of reported by the Edison
Electric, the calendar year to date, how-;
Labor, organ of the Railway
it had been advanced by the Gov¬ Institute.
The latest figures rep-' ever,
an
increase
of 8.0%
is
Brotherhood, says in its current
ernment.
The money was spent resent a gain of 5.5% over one shown- over the similar oeriod of
issue that besides the official rear
on accelerating refining, market¬
year ago,
when output reached 1943.
son
for Dr. Leiserson's resigna¬
ing and transportation, according 4,040,376,000 kwh.
An. armistice with Russia "with¬
(
Paper
output
for
the
week
tion, an even more important fac¬
to Mr. Boyd.
He stated that "un¬
Consolidated Edison Company ended June 1Q was equal to 91.5% in two or three days" was pre¬
only
war
jDe, solved
"if
our
national
which got off to a
good start
last
on
Monday of last week in its effort
year,
according
Coal
tional
to
Association.
Armistice Reported
Sought By Finns
,
•
der
normal
circumstances
such
expenditures would not be
justified." In a breakdown of the
total
expended,- Mr. Boyd dis¬
closed that $749,977,761 had gone
vast
into
refining,
$197,249,723
for
trapsportation, and $22,831,254 for
marketing purposes. The millions
spent for development of the in¬
dustry and other purposes to meet
war
and
civilian
demands
were
separate and apart from the above
figures, Mr. Boyd emphasized.
Judging-from
annual
an
analysis
of New York reports system out-i
put of 161,700,000 kilowatt hours
in the week ended June
and
ing week
of
of
1943,:
of 13-1%.
correspond-^ tion's
or; a<
^rrftvj
decrease
.i.
•
hours, compared with 182,700,000
kilowatt hours for the correspond¬
ing week of last
year,
a
decrease
monthly
business review,
it reveals that the increase in id-
deliveries of other than
orders
close
to
the
year's
war
for
paperboard, pro¬
at
93%
"!
96%
of
capacity,
in the preceding
a
"Times" from Stockholm on
gains above a week ago,
was retarded to a de¬
gree
by
news
of
the invasion.
.store sales
to 12%' above
of 1943.
Hot
factor
which
Estimated department
ranged
the
from
same
10%
week
end.
"labor
adds,
it
June resignation,
and
the following management have lost the services
of one of the most outstanding au¬
regarding its prediction:
to say
#
Minister ■■
Finland's
Baron
Georg
A.
Gripenberg,:"fhas
turned, reportedly entrusted
thorities in industrial relations."
re¬
with
a
when trade
the Administration's "mis¬
19, which also has
special mission during his hur¬
ried visit to Helsinski yesterday.
Activity marked retail trade in.
With the Red Army nearing ViNew York last week, with dollar,
week.
was
in: Finnish
A Finnish crisis is
generally
ex¬
pected tomorrow with the resig¬
nation
mies.
of Premier
Edwin
Linko-
Dr. Juho K. Paasikivi is re¬
borg, reports from diplomatic cir¬
cles, in the Finnish capital were
ported to have been asked to head
the object of
Baron
Gripenberg's conferences
with - Field Marshal Baron Carl
Gustav Mannerheim there yester¬
task of accepting
to
the
effect
that
a
Cabinet
would
that
have
the
Moscow's March
peace terms—that is, if Russia is
still willing to make peace on
those
terms.
that
Finland
It
is
still
would
asserted
keep
oh
day was to discuss Finnish accept.ance
of- Soviet peace terms — if fighting rather than surrender un¬
helped to stimulate sales of: sports
conditionally.
and beach wear.
Apparel mar¬ Moscow is still willing. *
weather
..was
a.
.
Actual tonnage appearing on mill
tor
June 19,
handling" of the railway labor
Legation circles, said
dispute last fall and winter. In the
special cable to the New York
dicted in Stockholm, on
for the same period was
volume
,
Caution
among
buyers
was
noted in the steel market the past
for
bank's
As
closed.
< duction
Local distribution of electricity, reported
to 155,200,000 kilowatt
against
of this country made by
"week, occasioned in part by the
Brig-Gen.
Leonard
P.
Ayres,
uncertainty
and
heavy . shell
Vice-President of the Cleveland
needs- which, bring the prospects
Trust Co., and appearing in the
groups
& Pulp Associaindex of mill activity dis¬
American. Paper
amounted
oi 15.1%.
income of various worker
11, 1944,
186,100,000
with
compares
kilowatt hours for the
of capacity, against 88.3% in the
preceding week and 88% for the
week
ended June
12, 1943, the
.
Volume 159
Minister Churchill in
speech delivered
a
The
June 15 to
on
tective
19, said that this summer may bring success to the cause of freedom,
according to an Associated Press dispatch from London on June 19,
which gave Mr. Churchill's speech as follows:
Your Excellencies, my Lords and Gentlemen:
cluded
for
in
the
the
Excellency,
His
which
proposed
has
Ambassador,
and for the evi¬
this toast to me
with
supported it.
It is a great moment in the his¬
tory of the world, and it may be
dent
of
lack
repugnance
which you have
that events will occur in the next
few
which will
months
whether
lieved of the
laid
to
be
re¬
the
by
Germans.
next,
"Whether it be this year or
the British and American
falter
will
never
their
hands
or
peoples
withdraw
the task which
from
have undertaken. Together
with our allies, we will go on to
they
the
end, and the end will be the
terrible
for our foes the
more
struggle continues
longer .this war is pro¬
longer
their
the
and
is
It
a
very
important thing
be
gathered
should
there
this table, thanks to His
Excellency, the representatives of
around
In
one.
have been
both
cases
of the enemy
was achieved, and he had no idea
until he saw the ships coming out
of the mists of the morning when
he
surprise
going to be hit, how he
going to be hit or where he
was
was
going to be hit.
^
:
struggle in which the
was
This great
lives
of
million
a
men
may
be
engaged now on both sides re¬
quires extraordinary precautions.
Of course,
we have
barked on this great
not em¬
adventure
countries
whose
roles
that
at
Your
conference.
Excellency's Foreign Minister was
also there and the general opinion
long scheme of re¬
armament and-of aggressive plans
after
with
well
a
prepared armies, and
natural suffering at the out¬
the
set, we have moved on from that
to a band of brother states all
the
6ver
globe,
all
at
Teheran, and al¬
though the execution of the plans
adopted there is far from being
complete, it is being steadily un¬
rolled
and
summer
may
Allied
success
of
this
by the victories of
campaign
the
to
months
the
bring
of
cause
full
freedom.
Your
Excellency, it is a great
pleasure for us to come here and
to express to your country, Mex¬
■
ico,
warm
trade
gether,
fear,
no
we
stand to¬
we
the Pacific Ocean
effort is be¬
an
ing made to achieve a permanent
cooperation and to build up an or¬
ganization which after this war
will strengthen the bonds between
all
our
nations and will succeed in
gathered preserving
peace,
an
organization
ward
to
a
in
future
which
the
rights of small nations will be up¬
and equipped with all the neces¬ held and protected and in which
the strong will use their power
sary weapons of war.
It gives great pleasure to me under law for the protection of
'
and to my colleagues to be here the weak.
put into the field men well trained
.
table today to express in
a definite form the great regard
which the peoples of the British
Islands, the British Empire and
Council, Inc.
The effort to
obtain a resumption of service on
tions, as we are, the very warm
regard we feel toward Mexico,
and I drink with greatest pleasure
the toast to your esteemed and
honored
President.
been to Mexico.
do
to
able
left
to
and
heard
as-one
I have never
I hope I shall be
in the span of life
But all I have seen
so
me.
about her attracts
me
of the most beautiful parts
mend
President
Roosevelt, in
sage to the 35th annual
tion
of
one
has much
more
likely to experience during your
stay here.
I am afraid that our friends in
the
diplomatic corps have suffered
very
much inconvenience from
the
ban
which we
thought it
to impose. We thought
absolutely necessary so
necessary
it
was
the
American
a
conven¬
Jews, which opened on
17, asserted that "despite all
odds its efforts will continue
peoples
New
is
York
also
about
achieved,"
said
the
"Times" of June 18,
had the following to
the
President's
mes¬
sage:
Four hundred
delegates from
organizations of American Jews of
But
tve could say
we
interest
know that you share our
to
a
very
high
degree
that this secret should be kept.
There
is
no
doubt that secrets
can be kept.
The secret of land¬
ing in North Africa was kept al¬
though several thousands were
roles
of
Santa
Claus
Legree," the
to
to
in the early
would protect
fall, said the Council,
which added:
anxious to
this
received
has
and
country
assist in
She produces war
effort.
from
of
amounts
-large
lend-lease, and other
Her bonds have
economic,
financial support.
in
been
default
than
more
12
Peru does not deny her
responsibility for the bonded debt
years.
feel
pinched for revenue, but
insists that her margin of trade
and exchange is too small to jus¬
tify payment of any substantial
amount on either interest or prin¬
cipal. The Council considers that
or
Peru
debt,
only
of
but
and
in
American prosper¬
ity by bolstering the economic
systems of other Pacfiic nations.
"What we want," Mr. Wallace
says, "is prosperity combined with
security.
We cannot have pros¬
perity
for
buy.
high stand¬
living if it is to be under¬
mined by the low standards of
others. "The same thing," he says,
We cannot maintain
can
a
her
on
call
itself
"is true of security.
ture."
organization,
force, is essential to
plan for a, stable peace and
any
far
apart
their
interpretation of Peru's
obligation and capacity.
It is
hoped that a later resumption of
discussions
may
lead to some¬
thing the Council can with justice
submit to bondholders."
by
and democratic
potentially a "powerful
stabilizing factor in the Pacific,"
Mr. Wallace says "there is no way
prosperous
as
of
balancing China against Rus¬
or
Japan against either of
them, which will not lead to an¬
other war.
There is no way to
.
protect the small and weak coun¬
Shoes
To
Be
Asia
in
from
aggression by
the larger powers
in¬
inter¬
without
an
ternational plan backed by
Sold Ration Free July 10-29 national force."
Mr.
Limited
envisions
Wallace
invest¬
quantities of "odd lot"
shoes may be sold to consumers
ration-free at specified price re¬
ductions during the three-week
period, July 10 through July 29,
capital in the
principal means of
achieving full post-war employ¬
ment in the United States, and
the
says:
Office
of
Price
tion announced
Administra¬
June 12.
on
ment
(shoes
by boys
worn
beginning at about seven years of
age), are included in the release.
Children's
misses'
and
little
and
boys' shoes are not affected by to¬
day's action, since those shoes
temporarily ration-free dur¬
were
ing the first three weeks of May.
preparation for the retail
starting July 10, members
given
a
transfer
fixed
percentages of
The trade transfers may be
ers.
made
all {dealers—manufac¬
by
wholesalers
turers,
"OPA
similar
said
to
and retailers.
this
that
action-
last
taken
July—
help dealers dispose of the
will
accumulation
normal
sizes
one
other
and
which
are
broken
of
odds
and
ends
usually sold at reduced
prices but which, under rationing,
need to be declared
stocks
"It
are
is
stamp-free if
to be cleared.
estimated
7,000,000 pairs
for
capital
will
war
technical
as¬
will
need
to
be
utilize fully our greatly expanded
industrial capacity.
Orderly and
continuous progress on
both sides
of the Pacific will depend on suc¬
cess
in matching up
for
need
benefit of everyone
Industrialization will
concerned.
raise
the
Asiatic
both kinds of
the
of
standard
peoples
opportunities
living
create
and
American
markets for
new
goods and
American
for
of
in¬
vestment."
But Mr. Wallace
Asia
still
is
that
warns
as
modernization
of
mes¬
provide
of
a
challenge, the poignancy
which
fills
determination
men's
hearts, with
available
to
consumers
ration-free under the
sion.
•
In
order
clearance to
to
shoes
provi¬
new
confine
that
are
the
actu¬
to
fixed
percentages of their Sept. 30,1943,
inventories and they must
specified price reductions.
take
"The sale price for shoes trans¬
ferred
ration-free
between
deal¬
the shoes
1944, to
acheived."
/
is
ties. nations.
"It
would
uals,
be
wary of creating
dependent individ¬
communities, nations.
dependents
—
"It would be willing to associate
with others in minding the world
business;
common
but it would fight shy of minding
other -people's
private business,
just
it would resent having our
as
business minded by others.
"It would insist on a practical
approach geared to specific prob¬
lems and specific regions and peo¬
ples, and would avoid the kind of
theoretical
draws
approach
which
first
perfect schen#fe
then attempts to cram living
men
and
that
up
and
a
their
problems
into
scheme."
*•
Astwood Assl. Sec. Of
Commerce & !nd. Ass'n
Henry K. Astwood has been ap¬
pointed Assistant Secretary of the
Commerce and Industry Associa¬
tion of New
nounced
York, Inc., it
June 8, by
on
was an¬
Association
Secretary Thomas Jefferson
Miley.
Mr. Astwood has been
with
the
Association
recently
years,
as
for
three
Manager of the
Bureau, in which ca¬
pacity he created and helped de¬
velop the work of the Associa¬
tion's
War
which
has
millions
for
of
prime
Contracts
succeeded
dollars
and
of
Division,
in
trial
work
subcontractors
the metropolitan area.
guidance,
locating
war
in
Under his
it is stated the Indus¬
Relations
Division
the
of
is
Bureau
furnishing New York
business men with a comprehen¬
sive service on all problems deal¬
ing with wage
personnel.
stabilization
and
May Living Costs Up 0.3%
Netherlands
India, the
Indies, Burma,
names
East
Malaya and Indo-China as among
the subject countries referred to.
end
of the
says,
war
will fall at the
into still another
clerical
States,
in
workers
rose
0.3%
the
from
April to May, according to the Na¬
tional
Industrial
Conference
.
Sundries were up 0.4%, food,
0.5%, and clothing, 0.4%. Fuel and
light remained unchanged, said
the Board on June 16; it added:
The
of
Board's
index
of
the
cost
living
(1923—100)
stood
104.4 in
May, against 104.1
April and 104.2 in May, 1943.
at
in
,
The
0.2%
ago.
level of living costs was
higher than that of a year
Sundries showed the great¬
est advance
over
May, 1943, with
for self-suf¬ an increase of 6.1%. Other ad¬
ficient food production, for high vances during the 12 months were:
fuel and light, 2.9%, and clothing,
technological skill and quality
H o us ing remained un¬
production rather than for mili¬ 4.3%.
changed, while food declined 4.4%.
tary power.
limited
are
of
peoples
"It would be generous in help¬
ing to create independence—in¬
dependent individuals, communi¬
s
dealers
will continue until the liberation
innocent
istics:
all
ers, may not exceed a price 25%
below the lowest price at which
these
by Ameri¬
supported
ally unsalable for ration currency
deep and strong
that, despite all odds, the efforts
so
and
would have these character¬
Board.
He
made
The
see
comed
cans
division."
ident of the Federation.
follows:
"It gives me pleasure to extend
my greeting to you and the mem¬
bers of syour organization on the
occasion of the meeting of its 35th
convention. The problems which
confront you in the noble work of
In conclusion
it, the kind of policy
in the Pacific that would be wel¬
United
disarmed/' yet "we cannot keep
Japan in; permanent subjection
without going against the trend
toward ,the reduction of colonial
areas." ,i He suggests that Japan
sage
"As I
Living costs of the average fam¬
ily of wage earners and lower-
total
supply
political heritage."
Mr. Wallace says:
Asserting that
permanently exist
half free and half subject, Mr.
Wallace says that "it is not to
our
advantage to perpetuate this
cannot
dent's message, which was ad¬
dressed to Benjamin Winter, Pres¬
Presi¬
incurable blemishes of the Asiatic
salaried
agri¬
objective must be to keep Japan
the
long
maintained
that
regionalism and factionalism are
so
Asia
on
category, for while "our primary
heard
the
opportu¬
skeptics who
cultural techniques.
based
year's estimated
of shoes—will be
descent
refute
China
war,
historic
largely in the stage
of primitive agriculture, a sound
industrial development must be
Japan, he
possibly
less
and
than 1.5% of this
Polish
of
her
Industrial
"America's
~
that
a
sistance.
sizes, and youths' and boys' shoes
of sizes 1 to 6
American
as
"Asia's need after the
be
"Men's and women's shoes of all
of
Orient
The
announcement stated in part:
of
credit
sia,
tries
Lot"
After the
'
community's
international
An
backed
China"
were
have
Our security
must be part of a common struc¬
strong,
Council
for
nessmen."
ard of
this
"Odd
We
alone.
ourselves
cannot sell unless others
the main pillars of the century of
the common man," and "a free,
Peru
the
mar¬
greatly
expanded industrial capacity and
The Peruvian Government
of
new
our
bonded
sub¬
resume
that
and
enormous
the interests not
American
bondholders
service
stantial
find
prosperity in the Pacific, Mr. Wal¬
lace
asserts.
Seeing
RussianAmerican friendship as "one of
and should
can
Far
the
Instead, he says, there must
practical approach which
a
handling
China's
in the eyes of investors and busi¬
nity
mission
current
be
her
"affect
his
kets in the Orient for
war
and
will
East.
would
materials
them
accept¬
It was-
agreed that discussions
terminate, however,
and that they should be resumed
the United States and to
problems
"have
not
"Perit is prosperous,
Simon
and
shoes—or
afterward that
nothing had been left undone to
keep the secret of military prep¬
arations, and therefore we had to
put you to this inconvenience. rehabilitation of the Polish Jewry
that
.
She will have important internal
America must avoid equally the
would
un¬
til the liberation of these innocent
in New York.
will
their odd-lot shoes to other deal¬
Federation
for its own sake, cooperate with the
raise living standards throughout theOrient, Vice President Henry A Wallace declares in "Our Job in the
Pacific," a pamplet published June 15 by the American Council of
the Institute of Pacific Relations,<®c-
mutually
to
mes¬
Asia" after the war, and must,
nations of Asia in a program to
recom¬
month—June 15 through July 15—
of Polish
June
say
where
for
unsuccessful.
of the shoe trade will be
Free Again: Roosevelt
which
sunshine than Your Excellency is
could
bondholders
to
'was
ance
sales
Polish Jews Will Be
ditions of
mate
Council
the
which
bringing defeated Japan
peoples of the Pacific into the ranks of a "Free
Vice-President de¬
clares in his statement, written
shortly before he left America on
Republic, the Province of Callao,
and the City of Lima on a scale
"In
of the world,
with all her old tra¬
history, and with a cli¬
bonds of the Peruvian
dollar
the
at your
the British Commonwealth, of Na¬
the
The United States must take the lead in
and all the colonial
tive
action.
\
country and Mexico.
We know
this
between
against this enemy and showing which will not exclude innocent
fruitful
arrangements
be¬
that peaceful peoples, if they have and
time, can with their industries tween individual nations, nor re¬
and their heart produce all the lations within the American con¬
weapons and equipment of war tinent, nor relations of the British
necessary for this fight. Here we Commonwealth, nor internal re¬
lations of Europe.
We look for¬
are
now, free peoples who have
shown to the world that they can
to
it was reported by
the Foreign Bondholders Protec¬
the
taken
have our American
is
that
the
conference
was brothers
fighting side by side
swayed by the speech of Senor with us, as if we were one and
Ezequiel Pedilla, Foreign Minister not only allies, each representing
of Mexico, who carried away hon¬ and helping the other.
Even during this war,, in strife
ors by his statements.
Time has passed, and after the in Normandy, far away in the
initial attack launched by an en¬ jungles of Burma, in Italy and in
emy
returned
has
sentative
sions
leading- and. increase
played
ernment, and the Council's repre¬
maintain close fraternal ties with
regard and respect. We
Janeiro in January, 1942, where are prevented by the exigencies
of
war
from
carrying on trade and
Latin
America
associated itself
with the United States in their offering to your country many of
stand against the Axis. I am glad those products which we supplied
to see here the Ambassadors of previously, but immediately after
the
United
States
and
Brazil, the war is over we hope to resume
that famous conference in Rio de
Gov¬
without being in full accord with
our
Russian allies and the deci¬
this
tracted.
that
tactical
up
which has been
curse
us
upon
soon
are
we
show
it. Many more
of this
aware
with the Peruvian
United States,
sincere grat- »
extremely
kind aware of
I must express my
terms
con¬
weeks of discussions
seven
Lima
in
Pro-'
Bondholders
Council, Inc., has
Foreign
diplomats at the Mexican embassy in London,, and released on June
itude
2611
Peruvian Debt Talks
U. S. Musi Help Asia Raise Living Standards,
Says This Summer May
Bring Success To Allied Cause Reported Unsuccessful Wallace Declares In Pacific Relations Pamphlet
Churchill
Prime
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4292
sumers."
were
offered
persons
on
June 1,
other than
con¬
h
o u
I d /become
Sweden,"
A strong
"an
Asiatic
working
China, Mr. Wallace de¬
the
democracies.
During the war^ he
says,
China "has maintained
clares,
is
in
the
interest
of
the pledge that she is
fighting for the democratic order."
steadily
The
purchasing power of the
on the basis of 100 cents
dollar
in
1923,
which
amounted to
96.1, in April
de¬
clined to 95.8 in May. It stood at
dollar,
to
the
96.0 cents,
ip May, 1943/
THE COMMERCIAL & FINANCIAL
2612
President
The Financial Situation
campaign was launched in the | fact that the Reserve authorfollowing spring, excess re¬ ities can relieve themselves of
serves
had
dwindled
to pressure at any time by re¬
around $2 billion; the cam¬ ducing the reserve require¬
paign of that autumn found ments of member banks thus
them down to around $1.5 bil¬ enabling the Reserve banks to
lion; and when the "drive" cease buying governments,
early this year got under way and perhaps to sell part of
they were not very much their present holdings.
more than $1 billion. On June
Essentials
7 last they stood at $800 mil¬
But these and other such
lion. On Dec. 2, 1942, weekly
facts are largely mere tech¬
reporting member banks in
$24.8 billion in
obligations; at
the end of the "drive" they
held about $28.0 billion. Their
holdings approximated $29.0
billion by the time, the second
campaign was opened in the
spring of 1943. The third war
loan effort the following
Government
autumn
found
banks
these
The essential truth
nicalities.
that
is
our
banking system
quite water¬
become
has
logged with government se¬
curities, and is almost cer¬
tainly destined to become
more so as
time passes, assum¬
Unemployment Insurance j'
Signs Bill Increasing Federal Debt
Under
Benefits Lower In
First Quarter
legislation passed by Congress and signed by President
Roosevelt
June
on
the
9
debt
limit
of
the
Federal
Government
Unemployment
is
increased debt limit clears the way for the
Loan
drive,
which
advices
brought so¬
The press 20%
added:
sending the bill to the
White House Congress eliminated
a
Senate
provision
exempting
of
the
armed
Tax
ex¬
perts had said the provision would
be
impossible to administer.'.
of
the
30%
the
reduction
to
inally
20%
said
The
government was losing revenue
because of a decline in night-club
Senate
borrowing
The debt now
is about
$188,000,000,000."
passing this bill increasing
paid
their
reduced
do
had
of
government portfolio to
d
$37 billion. The pres¬
of their
reserve
position
to
mat¬
a
even
un-
circumstances
whether the Reserve banks
member
tyorne fruit.
quite
indifference
existing
e r
continue
It is not
so.
ter
around
sure
doubt
started these without
was
banks
/
hold
or
the
bonds, but the essential fact
all
after
Reserve Purchases
that
is
one
or
the
But if member banks have other hold them and must
been disposing of their hold¬ hold them at least for the time
$260,000,000,000, after adopting an
amendment reducing the cabaret
tax from
ment
the
having
Senate
June
the
12
Reserve
war
banks
loan
on
to
rider;
a
House refused
to
ac¬
the
$260,000,000,000
debt
proposal of the Senate, as well as
the latter's cut in the cabaret
tax,
and as a result the bill was .sent
agreed
when the first
tacked
as
cept
Reserve banks have been tak¬
find
the
1
to
ing them up. Indeed, it had
definitely become necessary
for them to do so in order,
first, to protect the market,
and, second, provide member
banks with reserves they re¬
quired to maintain their exist¬
ing asset position. Thus we
been
bill
the
$260,000,000,000
debt
limitation
had been approved by the Senate
Finance Committee on May 25. On
ings of such obligations, the being
as a matter of financing
the most expensive war in all
30% to 20%, this amend¬
on
Employment
against Senate action in
tacking the cabaret rider on the
public debt bill, Associated Press
the
no
conference;
the
June
on
conferees
5
to
the
cut
to
weekly insurance checks in March,
an
upswing of 8% over Febru¬
ently not
a
great deal that
N. Y. Stale
can
be done about the situation at
the moment.
The
long period
of New Deal waste and deficit
financing is
laid
down
and
is
rates
to
do with
the
liberation
of
obtaining prior to 1936, but
the
it would then have been
plague of manipulation under
which it has been
functioning
for a
long while past—and of
nec¬
for member banks
to
buy many more of them than
they actually did buy. Those
in
the
Reserve
de¬
ratio
would do well to consider the
the
Total
insurance.
These
unemployed
workers, "the Board's report indi¬
cates, were not the same workers
be sufficient."
week
after week.
Most of
them
were
unemployed for just a few
weeks, and then found other jobs.
provided for in the Revenue
Act of 1943 enacted Feb.
25, 1944.
our
war
economy
ap¬
proaches the period of reconver¬
sion to peacetime production, and
Factory Jobs Drop 2.1 % In May
Payrolls 6.5% Lower
there
curtailments
are
in
some
industries, claims for unem¬
ployment payments may be ex¬
pected to continue to rise. How¬
ever, the State unemployment in¬
surance
systems are better, pre¬
war
A further drop of 2.1% in
factory employment in New York State
between April and May brought the cumulative decline to
7.6% for
the six-month period since last November.
Payrolls decreased only
employment declines
red
also
in
textiles, furniture,
printing and leather goods.
occur¬
parel industries
paper,
manufacturers
Food
products and petroleum were the
only industries to augment their
working forces, says the Commis¬
sioner, who further stated: L.''
"The
ment
index of t factory^ employ¬
based
1935-1939
on'/the
average1:: of
100; was'f449.2 for
May, which represents a decrease
of 6.3% since May, 1943. The
pay¬
roll index was 284.5, a decrease
of 0.5% from April and of 0.1%
from May of last, year.
Average
weekly earnings were $47.35 in
May, compared with $46.48 in
April.
The above statements are
based
as
money, market from the
course a
ner
of
reshaping in all
policies in such
that business will be
man¬
way
encour¬
aged, not placed under
every
women's
suits,
and
skirts, and millinery.
Some suit, coat and skirt factories
were shut down
completely while
others
operated
forces.
with
Payrolls
skeleton
dropped - 45%
Women's dress
in the industry.
factories, on the other hand had
slight increases.
Men's clothing
firms had fewer workers but their
wartime
employment has resulted
in the accumulation of unemploy¬
insurance
ment
is
broken into
Hawaii.
Individual
larger
are
been.
in
in
served
to
offset
employment and 3.7%
scale has
payrolls.
a
of
aircraft,
tanks, munitions, electrical equip¬
ment
and
Payrolls
and
scientific
instruments.
higher
were
in
aircraft
shipbuilding industries
only
slightly
in
declined
others.
workers
"The
and
the
Steel mills also'had fewer
with
increased
severest
cuts
payrolls.
in
employ¬
ment and payrolls among the ap-
-
branches except cotton and
miscellaneous
where
increases
were
small.
creases
in
payrolls
portant element into
war
planning.
,
,
our
post¬
sharp de¬
employment and
were
noted in the furni¬
ture and rubber industries.
ployment
declined
in
paper
Em¬
"A
small
increase
in; (employ¬
ment in the food industry was ac¬
companied by
Ice
payrolls.
gain
a
cream
of 3% in
plants and
reported
fairly large
employment
and
payroll
inmeat,
canning,
baked
creases,
and
confectionery indus¬
tries
had
fewer
larger payrolls.
products
.
workers
but
In the petroleum
industry
there
were
$4,000,-
"Mr.
McNutt
said
the
$5,000,-
000,000 in the trust funds should
a
good shock absorber for
the
transition
economic
may
to
readjust¬
with the
come
peacetime
produc¬
tion."
slight increases in both employ¬
ment and payrolls.
and
printing but payrolls increased a
little.
In the leather group, the
shoe industry had fewe^;workers
but higher payrolls and if he glove
industry lost many workers.
breweries
handicap that day dreamers
conjure up. It is not too
early to inject this highly im¬
Fairly
both
fund of about
000.
that
manufacturers
has
Dakota, at the smallest end of the
higher.
Increases
clothing and fur
were
industries
ment
by
ever
fund
of 4.7%
goods
of
manufacturing
York
part of the losses in the apparel
group, which showed net declines
payrolls
in the children's
much
2,870
New
funds
have
$650,000,000 in it, Pennsyl¬
over $500,000,000, Cali¬
fornia nearly that much, and Illi¬
nois over $400,000,000, while New
Jersey and Ohio each have over
$300,000,000 in their funds. North
provide
from
firms throughout the State.
State
they
vania has
these
ports
re¬
than
The
including
cotton,
rayon,
wool,
knitting, finishing and miscellane¬
ous.
Payrolls were lower in all
direction
the
over
in most textile mills in the State,
the
totaling
This amount
separate funds,
for each of the 48 States,
one
by the Division of Statistics and
under
51
District of Columbia, Alaska, and
Information
of Dr. E. B. Patton^nd cover
funds
$5,000,000,000.
over
"Employment continued to drop
on
can
a
coats
reported by
were
of
"The long period of defense and
preliminary tabulations
.
cline
credits.
weekly unemployment figures for
March
averaged
about
870,000
persons,
of which only 112,000
were
eligible for unemployment
The increase in the cabaret tax
was
insurance
ment
day
,
not
It could have
steadily: This is
the first
purchasing such large
fundamental^
There
amounts of these obligations, are many other 'incidental!.or
doubtless, had it reduced re¬ secondary tasks.. JJiqyi have
who fear further drastic
ians employed in March, about
40,000,000 workers were in jobs
enabling them to earn unemploy¬
niatter of his¬ slightly from their April levels, according to a statement released pared to meet a high number of
on June
15 by Industrial Commissioner Edward Corsi. War
Claims, if and when they occur,
plants
tory, and the general plan for
again curtailed forces and the seasonal slump continued in most of than ever before.
financing the war has been the apparel industries. Further^
—
tional debt
Governments.
essary
.
complained
$50,000,000,000
jump in the debt limit, contending
a new ceiling at
$240,000,000,900,
as originally passed
by the House,
would
present
are
eligible for unem¬
ployment insurance if they lose
their jobs. Of the 51,000,000 civil¬
members
against
not
a
avoided
the
"Some
do
workers
of invasion.'
also
figures
complete unemployment pic¬
ture, Mr. McNutt said, for not all
"As
It may as well be frankly
admitted that there is appar¬
quirements to remain high re¬ unfortunate position. That is
"While
employment
dropped
lative to pre-New Deal stand¬ to say we must begin defi¬
2.1% in the metals and machinery
ards and to
nitely
to
live
within
our
supply the mem¬
industry in May, the payroll de¬
ber banks with reserves
cline was only 0.3%.
Sharp em¬
by means, not only balancing the
open
market purchases of budget but reducing the na¬ ployment declines were reported
to
this
.
the
history.
easily
holding less than $5 billion changed at this time. We shall
government obligations. These have to go forward pretty
holdings had been increased largely as we have been doing
to some $6.5 billion
by the probably until the war comes
time the second drive opened; to an end,, or at least is much
the third campaign found the reduced ip scope. What can
reserve institutions with be done
now, however, is to
about $9.3 billion; while the look this situation
squarely in
fourth, last winter, began with the face,'"recognize its ugly
these central banks holding implications, resolve definite¬
some
$11.9 of governments. ly to begin remedying it the
On June 7 they held $14.6 bil¬ moment the return of
peace
lion.
makes that
possible, and
The Reserve authorities, reach an- understanding
of
possessing authority to reduce what is required to remedy
it.
What must be done, of
the reserve
requirements of
member banks, has chosen course, is to reverse the proc¬
rather to permit these re¬ ess by which we reached this
reserves
on
.
"These
Kansas, declared of the night-club
ridiculous
•:
ary.
has disgraced itself." Representa¬
tive Frank Carlson, Republican, of
'It's
temporarily
,
was
offered in the autumn of 1942
quired
.
insured
a
place in this bill," but supported
.
indicate
of
However, he added,
month-by-month examination
of 1944 figures shows an average
of
112,000 persons receiving
Doughton,
Democrat, of North Carolina, told
coming in here at this time
level
unemployed.
Robert
the House "the cabaret tax has
Security,
low
current
workers who become
.
.
,
unemployment, Mr. McNutt said,
and
the
rapid reabsorption
of
Washington June 6,
,
"Chairman
$18,777,510 was
benefits, 44.4% less
in
out
"These figures, compiled by the
Social Security Board's Bureau of
6
rider:
on
during the first quarter of
1943, and 84.8% less than the first
,
"drive"
announced
quarter of 1942.
in the amount of Some
banks had, however,
McNutt
than
government obligations
the debt measure, explaining that
less will continue to be neces¬ the Federal debt limit the House
it is necessary to clear the legisla¬
$34 bil¬
on
before
May 8, raised the limit from tion
the
lion. They had increased their sary. What is more this ex¬
$16,000,000,000
fifth
war
loan drive opens June
tension of the asset position $210,000,000,000 to $240,000,000,holdings to about $39 billion
12.
of the banks of the country 000; this was indicated in our is¬
sue of May
by the time the campaign
18, page 2065. On May
"Representative Fred L. Craw¬
has correspondingly enlarged
31, the Senate passed a bill rais¬ ford, Republican, of Michigan, de¬
early this year got under way.
the money supply, and will ing the national debt limit to clared the cabaret
industry by
By the time the present
In
compared
as
"A gross total of
con¬
Regarding the House revolt
accounts from
additional
approved the
for Presidential action.
June
V.
Paul
172
said:
by the government.
orig¬
Admin¬
accepted the report by a
to 54, the bill there¬
going to the White House
upon
benefits
the
unem¬
of unemployment
for
compensation
was
paid,
Security
Administrator
Federal
it
of
vote
claims for
new
weeks
which
debt
as
the
by
in
June 15, and added:
"Lifting of the debt ceiling does
not actually increase the debt, but
authorizes
of
tax, and de¬
national
$260,000,000,000
business.
ditures which have been and
the
of
ployment
ference report on June 6, but the
House delayed action until June 7,
levy had thrown enter¬
tainers out of work and that the
cabaret
fix
requested
when
"The night-club tax was raised
from 5 to 30% on April 1. Back¬
ers
at
fig¬
1944
decrease
with the first quarter of 1943, and
a decrease of 51.2% in the number
istration.
services
from the night-club tax.
the
to
limit
insurance
first quarter of
32.7%
a
,
number
$16,000,000,000 Fifth War
in
cided
"Before
members
showed
was
under way on June 12.
for the
ures
raised, effective July 1, from $210,000,000,000 to $260,000,000,000, and
the night club cabaret tax is reduced from 30% to 20%. Under date
of J,une 10, Associated Press advices from Washington stated that the
a continuation of hostili¬
ties and the large war expen¬
ing
in such circumstances doubt¬
with
Thursday, June 22, 1944
To $260 Billion—Cabaret Tax Reduced
(Continued from first page)
101 cities held
CHRONICLE
"Employment in New York City
declined 2.6%
and payrolls drop¬
The movement in
ped
1%.
most
industries
in the
same
for the State
dustries
at
as
were
fast
while
a
as
total
the1 city were
as
were
whole. War in¬
not
laying off help
rate
as
those up-State,
clothing
factories
had
The sharper drop
employment
compared
they
a
as
larger lay-offs.
in
in
direction
with
in the
up-State
city
re¬
flects the greater influence of the
decline -in
there."
the
...
apparel
.
industry
,
,,
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4292
159
'amateur
In
address
an
over
Washington,
at
nation-wide radio program,
a
people of
the nation that "there is a direct
the
the
told
President
connection between the bonds you
bought and the stream of
men
and equipment now rushing
over the English Channel for the
liberation of Europe,
There is a
have
connection
direct
today."
the offensive all
war
"today
we are on
the
tack
to
world—bringing the at¬
enemies," the Presi¬
our
all
over
purchase of war
stamps is something all
the
bonds and
us
do and should do to help
can
win the
"I
war.
happy to report tonight
which nearly
am
that it is something
to be doing. Al¬
there are now approxi¬
67,000,000
persons
who
enemies.
our
the
"In
Pacific,
over the Administration of the Naval petroleum reserves,"
according to a special dispatch to the New York "Times" from Wash¬
ington on June 17, which also had the following to say about the
powers
relentless
by
plibious thrusts and ever-mount¬
and
ever
advancing
-
We
He approved the bill because he
had been told by James V. For-
their
have
We
tons.
islation
referring "to
"Efficient
in the air.
by vesting authority to carry out
reserves."
the laws in
the homeland tens of thousands of
In approving the legislation the
President did not wish to be un¬
tive, and not in legislative com¬
beleaguered Japanese troops who
face starvation or surrender.
now
cut
have
their
down
naval
We
form of income
would have been put
down as a starry-eyed visionary.
have
deprived the Japs of the
Of such visions, however, is the
power to check the momentum of
stuff of America fashioned.
Of
our
ever-growing and ever-ad¬
vancing military forces."
Con- course, there are always pessi¬
air attacks, we
and ever-mounting
years
ago
mists with us.
I am reminded of
ceeding that "we still have a long
the
fact that after
the fall of
way to go to Tokyo," the Presi¬
dent declared however that "car-1 France in 1940 I asked for the
rying out our original strategy of production by the United States
eliminating our European enemy
and
then
turning all our
of 50,000
"I
-first
to the Pacific, we can
Japanese to uncondition¬
al surrender or to national suicide
strength
force the
much
that
rapidly than has been
more
possible."
thought
the standpoint of our
"from
enemy we
also said
He
have achieved the im¬
possible. We have broken through
their
supposedly
impregnable
But the
.wall in northern France.
assault has been costly in men and
*
costly in materials."
"Americans,"' said the President,
"have
all
worked
together
to
make this day possible."
forces
liberation
"The
now
streaming across the Channel and
the beaches
up
through the
and
forests
the
and
fields
of
France
airplanes a year.
called crazy—it was
was
that the figure was
it
could
not
done.
be
"Turning
Today we
building airplanes at the rate
of 100,000 a year.
:
"There is a direct connection
between
the
bonds
you
have
are
who is first
has
wall—in
the
against
"On
the south
the German hold
the
Allied
-
"On
the
east,
So¬
gallant
our
viet allies have driven the enemy
from
back
the
which
lands
three
are
Great
initiating
ago.
years
armies
were
now
"Overhead, vast Allied air fleets
of this global war
bitter air war over Ger¬
many and western Europe.
They
have had two major objectives: to
war
waging
war.
failure
of
at
this
pano¬
a
German
industries,
war
maintain
the
armies and air forces,
German
to buy war
without stint."
The Presi¬
bonds
given in Asso¬
accounts follows in
dent's
address
ciated
Press
as
full:
"All
fighting
our
the
on
overseas
appointed
their
today, have
tions
men
sta¬
battle
We at home
far-flung
fronts of the world.
•
We need, and are
have ours, too.
Compare
a
•
just
two
thousands
years, ago—June, 1942.
At that
time Germany was in control of
England
practically all of Europe, and was
"From
of
assembled
mien
are
into the great
,
in
ndw being poured
battle in Europe.
the
of
standpoint
our
steadily driving the Russians back: enemy, we have achieved the im¬
toward the Ural Mountains, Ger-!
possible. We have broken through
many was practically'in control of their supposedly impregnable wall
North
Africa
and
the
Mediter-,
in -northern
The
France.
assault
and was beating at the has been costly in men and ma¬
gates of the Suez Canal, the route: terials. Some of our landings were
to India.
Italy was still an im-: desperate adventures, but from
Constitu¬
the
my
my
press
For
Security Only
iest this de¬
concern
Roosevelt Asserts
future
be continued in
legislation.
"The provisions of the
parture
to
An
which I have reference would vest
tions
the
should
act
ministration
leum
the
of
the ad¬
naval
petro¬
military
Roosevelt in response to a
reserves.
"This
that considera¬
security alone
expression
of
guide the operations of
Allied censorship in "War theaters
was
emphasized
by
President
Congress with what amounts
executive powers over
to
legislative assumption of
from
request
Cooper, executive di¬
the Associated Press,
Kent
of
executive functions takes form in
rector
requirements—first, that the
Secretary of the Navy, even with
the approval of the President, may
produce petroleum from these re¬
serves only in the quantities from
time to time specified by the Con¬
gress, and, secondly, that the Sec¬
retary may not condemn lands or
enter into joint or unit contracts,
that the President intercede in ob¬
two
other contracts
or
out
Naval
leases, with¬
or
with
consultation
prior
the
Committees of the
Affairs
the
item
The
in question, ob¬
Associated Press war
correspondent Joseph Morton, was
tained
"The
second
requirement
I
unwise
considered
have
consulting
contracts and leases
on
in the hands of the two houses of
But to go further
Congress.
to
by
released
by Allied
sorship
in
on
delegate,
it were, this
as
military cen¬
Mediterranean
May 20, three weeks
the
was
filed
four
and
days
Cooper addressed ap¬
peals to Mr. Roosevelt and Prime
Minister. Churchill.
No
has been received
response
from
Churchill.
Mr.
"In the exchange of
with
ence
lease
gress.
further stated:
was
interview
Mr.
was
Associated Press
an
appearing in the New York
Tribune" of June 3, in
which it
after
principle,
is
This
Tito.
"Herald
being objectionable from
of
A. P. inter¬
an
Marshal
learned from
it
standpoint
and
with
after
apparently drafted without proper
cognizance being taken of the fact
that an emergency necessitating a
sharp increase in production might
arise during a recess of the Con¬
the
view
in addi¬
"The first requirement,
to
taining release of
theater
Congress.
enough if it had merely placed the
executive function of advising and
with
today
in
in
Censorship Should Be
long
would
As
.
Americans
which have been
established and which are
opinion,
fundamentally
sound. I feel it is my duty to ex¬
government
result German produc¬
tion has been whittled down con¬
air.
..
"all
act
execu¬
tion."
the German Luftwaffe out of the
.-
ing
of
embodied
ment
that in several places
departs from principles
is
drive
thousands and thou-j going to have so much to do with
the speed with which we" can ac¬
tinuously, and the German fighter
planes and ships and,
complish victory and peach.
force now has only a fraction of
tanks and heavy guns.
.
There
"While I know that the chief; its former power.
is a shortage of nothing—nothing!
interest tonight is centered on the
And this must continue."
"This great air campaign, stra¬
Channel
and
on
the
And
everyone
"observed the English
tegic and tactical, will continue—
beaches and farms and cities of
President—" every man or wo¬
with increasing power.
Normandy, we should not lose
man or child, who bought a war
"On the west, the hammer blow
sight
of
the
fact
that
our
armed
bond helped—and helped might¬
which struck the coast of France
forces are engaged on other battle
ily."
He added "one sure way
last Tuesday morning was the cul¬
fronts all over the world, and that
every man, woman and child can
no
one
front can be considered mination-of many: (months of care¬
keep faith with those who have
ful planning andf Strenuous prepa¬
alone without its proper relation
given, and are giving, their lives
ration.,- k
tisrrqV ••
*
' ■
to all.
is to provide the money which is
"Millions
of Tons of weapons
"It
is
worth
while
to
make
needed to win the final victory."
overall comparisons with the past.; and
supplies And
hundreds of
The President concluded by urg¬
.
say
and to shoot
of
sands
regret to
independent
an
mittees.
This act, in my opinion,
impinges deeply upon this funda¬
mental principle of good govern¬
expressing approval of
all its provisions.
"On the contrary," he said, "I
For the suc¬
the
using
are
as
tion
of bombers and fighters have been
look
of world
or
Allowing the
no respite, the Allies are
pressing hard on the heels of
the
Germans
as
they
retreat
northward in ever-growing confusion.
J
-.
'■ •//'.;'
■
' ■>;
"Tonight,
therefore,
on
the
opening of this Fifth War Loan destroy
drive, it is appropriate for us to which
cess
central Italy.
bonds
your
today.
rama
on
now
crushing blows.
broad
have broken
armies.
English Channel for the liberation
of Europe.
There is a direct con¬
a
we
On June 4 the city of Rome fell to
Soviet
take
back
three
her
fact,
walls at once!
invaded
and every part
enemy
the list for destruc¬
on
bought and the stream of men and
now rushing over the
between
our
Germany
tion,
equipment
nection
to
now
derstood
this
counter with our naval forces.
enemy
said
fantastic: that
ad¬
be achieved only
duction from the naval petroleum
their original advantage
strength, so that for many months
they have avoided all risk of en¬
some
economical
and
can
We. have cut off from a return to
though
mately,
or earn
the
ministration
every one seems
have
with
prob¬
enemy
our
deal
"to
lems of drainage and current pro¬
(including the armed forces) 81,"True, we still have a long way
have
already to Tokyo. But, carrying out our
who is first on the list for destruc¬ 000,000 ' persons
They have original strategy of eliminating
tion," said that "Germany has her bought war bonds.
back
against the wall — in fact bought more than 600,000,000 in-: our European enemy first and
dividual
bonds;
their
purchases then turning all our strength to
three walls at once."
In referring
.to what had been
accomplished have totaled more than $32,000,-; the Pacific, we can force the JaThese are the purchases anese to unconditional surrender
"in the Pacific" the President said 000,000.
of
individual men, women
and or to national suicide much more
among other things that "by re¬
children.
Any one who would rapidly than has been thought
peated relentless submarine and
naval attacks, amphibious thrusts, have said this was possible a few possible.
in
dent
Congress is, in my opinion, to dis¬
principles basic to our
form of government.
regard
overcome
shipping by more than three mil¬
lion
-
function to two committees of the
restal, Secretary of the Navy, that
there was immediate need for leg¬
military
reduced
have
•
matter.
ing air attacks, we have deprived
of the power to check the
momentum of our ever-growing
forces.
of
Objects To Power Given Congress
submarine and naval attacks, am-
guidance»of his own conscience.
"Whatever else any of us may
doing,
Signs Elk Hills Oil Bill;
President Roosevelt, in signing the Elk Hills Oil Bill on June 17,
stated his objections to provisions in the measure, which he con¬
tended would vest the Congress with "what amounts to executive
the offensive
the world—bringing the
are on
we
attack to
the Japs
your
of this
Reciting that
global
over
between
and every part
bonds
war
"Today
purchase of war bonds—an act
of free choice which every citizen
has to make for himself under the
the
be
President
United States.
appeal to the nation in signalizing the start
an
hearing
from
many
strategists' and* political
critics, some of whom were doing
more good for Hitler than for the
of the $16,000,000,000 Fifth War Loan drive on June 12 President Roosevelt declared
that "whatever else any of us may be doing, the purchase of war
bonds and stamps is something all of us can do and should do to
help win the war." and he expressed himself as "happy to report
tonight that it is something which nearly everyone seems to be
doing."
<S>
"
In
still
was,
Americans To
"Buy War Bonds WiM Stint"
President Appeals To All
2613
correspond¬
President, the re¬
the
which
of
has
White
House
approval, Mr. Cooper, on May 16
said he was writing to Mr. Roose¬
velt "because of my deep concern
that no barriers be erected unduly
to block either American
journal¬
istic
enterprise or the avenues
whereby this enterprise may con¬
tribute
information and
better
to
broader
shortage
nothing
of
nothing!
—
This must continue.
"What
has
done
been
in
the
States since those days of
United
1940—when
fell—in
France
rais¬
ing and equipping and transport¬
ing our fighting fqtces, and in
producing weapons and supplies
for
of
been nothing short
It was largely due
has
war,
a
miracle.
teamwork
American
to
work among
—
team¬
capital and labor and
between the armed
agriculture,
forces and the civilian economy—
indeed among all of them.
"And
every
bond
war,
one
who bought a;
helped
helped—and
j
mightily!
"There
ranean,
the
are
still many people im
States
United
who
have
not
understanding of Euro¬
pean affairs among the American
people."
After
that he did not
military matters
against the wishes of the military
seek
noting
disclose
to
and that, the dispatch in
political
was
tary
news.
question
instead of mili¬
added:
will be the last
news
Mr. Cooper
"I feel that you
to
want
to
the right of
war from
suppress
leader allied in this
any
expressing his views to the United
States.
"This entire matter of suppres¬
Mr.
sion,
with
matters
is
President,
extreme
of
a
danger
nolitical
fraught
that if
in
nature
are
unduly subject to censorship, then
we
are
drifting into the darkness
that brines misunderstanding.
In
such darkness there is brewed the
bought war bonds, or who have;
proud of our fighting men—most
portant military and supply factor: advices received so far, the losses not bought as many as they can; thing that causes another war." ,•
decidedly. But during the anxious
—as
On May 25 the President replied
subsequent, long campaigns; Were lower than our commanders; afford. Every one knows for him-5
times ahead let us not forget that
proved.;•»"
! had estimated would occur.
We self whether he falls into " that1 as follows:
they need us, too.
"It
that
goes
almost without saying
continue to forge
must
we
of victory—the hun¬
thousands of item?, large
small,! essential to the waging
the weapons
dreds of
and
the
of
This
war,i;
has
been The
-major task from the* very start. It
is still a major task.
This is the
very
worst
worker
to
machine
or
time
for
"And
war
of leaving his
look for a peace¬
think
to
in
was
Aleutian
control of the
Islands, and in
the
of
gates
Australia and New
threatening In-;
Zealand-4-and also
dia.
-
Sh&-
had
seized
control
Of
nearly i&nA-half of the central Pa¬
cific.
"American armed forces
and
very
it
goes
almost
sea
and in
definitely
the
air
on
the
on
land
were
still
defensive
building-up stage. Our
allies were bearing the heat and
without
saying, too, that we must continue
to provide our government with
the brunt of the attack.
^"In 1942 Washington heaved
a
for waging sigh of relief that the first war
war not only by the
payment of bond .issue had been cheerfully
taxes—which, after all, is an obli¬ over-subscribed by the American
the
funds
gation of
necessary
citizenship—but also by
have
and
established
are
foothold
firm
a
people.'
In
those
days
America
category or not. In some cases his
prepared to meet the neighbors, know also.
now
inevitable
counter-attacks
Germans—with
power
of
the
and confi¬
by?
peal
United
have
der.
We all pray that we will
far more than a firm foot¬
hold.
•
" •'
•
liberation;
forces
very
much in
now
in
or-
jfiatoni *:
thi^Jft&rvhverything
we
we
use
send to
fightipg Allies, costs money—
lot of money.
One sure way
our
a
and child can
up
the beaches and down the keep faith with those who have
given,
and
are
giving,
their lives,
highways of France are using
thousands and thousands of planes is to provide the money which is
streaming
and
ships
them
and
They
guns.
many
needed
the Channel and
across
for
tanks
are
and
thousands,
their
heavy
carrying
o^ items
dangerbtas,
pendous undertaking.
with
stu¬
There is
a
,
"Hear Mr. Cooper:
"I
man, woman
every
needed to win the final victory.
"I
war
the
all
urge
bonds
mighty
nearer
to
Americans
without
chorus
victory!"
stint.
to
to buv
Swell
bring
us
The
article
in
leased
from
area
for
you
that
from
"
Associated
quest;on
the
the
full
I agree, with
flow
theaters
of
should be encouraged.
the
unless
tions
should
and
not
success
the
P^ess
beerLre¬
has
Mediterranean
publication.
the
barriers
5
;
happy to note;, with re¬
your letter of
May 16,
am
people, this ap¬ gard to
President of .the: 1944, that
things which
gether to make this day possible.
"The
the.
SiAtes.is
'
•
-
To the con¬
sciences of> Iftpse
dence.
"Americans have all worked to¬
and in the
time job.
•'
any
"Japan
western
the South Pacific was" knocking at
of
lives
of
mews
operations
Censorship
be
imposed
our
of
opera¬
our
men
would otherwise be endangered.
"The
theater
assurances
command
that it has
no
gives
desire to
for anything other than
military security. Sincerely yours,
.censor
"FRANKLIN D. ROOSEVELT."
THE COMMERCIAL & FINANCIAL CHRONICLE
2614
Proposals For Army-Navy Merger To Be Studied Senate And House
High Command for
the
from
Instructions
an
army-navy
The
com¬
legislation extending the Price Control and Wage Stabiliza¬
mittee to study
were
tion Act
made
Mili¬
from
day passed its bill, differing in
proposals for merging the Army and the Navy
public on June 8 by the House Committee on Post-War
tary policy. This was made known in Associated Press advices
Washington on that day, which aded:
The instructions, which also call for consideration of a
of
air, were contained in a report
by
Representative
W oodru m
(D.-Va.), Chairman on Committee
Hearings.
The joint chiefs of staff told
Mr. Woodrum they have set up a
committee of two Navy and two
for
the
vening
Navy and for Air at $10,000 sal¬
Senate
aries.
reached
Each
would
have
two
as¬
on
June
14 after the House
that
on
break
to
a
deadlock,
a
House
and
versed
204
that
vote, the House
178 roll
Administration
a
call threw out the
opposed amend¬
Rep. Disney (D., Okla.)
of
ment
re¬
previous stand and in
a
to
-
increase the price of crude oil
35 cents a barrel.
to
some
conferees
compromise late June 20
noted by
were
somewhat offset
failure, in a 206 to 181 roll
call, to throw out an amendment
the Associated Press that
the Administration suffered
back in its
The Administration's cotton and
oil victories
by
We give these advices in part as follows:
White House
inter-
the
and
Army
sent to conference
Price Control Bill.
sug¬
With
secretaries
was
respects from that adopted by
the Senate on June 9. Associated Press dispatches from Washington
on June 20 reported that the conferees had finished their work on the
department^
gestion for a separate
After
Pass Bills
Extending
Control; House Drops Cotton Amendment
Price
By 4-Man Committee; Earlier Efforts Failed
f
Thursday, June 22, 1944
set¬
a
fight to continue price
by Rep. Dirksen (R., 111.) to open
Federal
District courts to tests of
OPA rules.
With the House changes, Major¬
on
the Bankhead amendment to control machinery
without major
adjust cotton textile ceilings in change with Senate approval by ity Leader McCormack (D., Mass.)
a vote of 39
there
division
was
an
labeled
to 35, of a proposal said
'the
United the price control extension bill.
"excellent
The Administration agreed to a
States chiefs of staff,' consisting
by Senator Bankhead (D., Ala.) chance" of perfecting in confer¬
Army
officers, as a result of of officers of general or flag rank requirement that ceilings on "ma¬ to tie textile price ceilings to the ence a bill which President Roose¬
"widely divergent views" among to be headed by one officer to be jor" textile items be revised to price of cotton. The Washington velt would approve.
reflect a parity price for raw cot¬ Associated Press advices as given
the
military on the subject of chief of staff to the President."
Without the legislation,
price
the
The legislature plans of Senator ton. Eliminated from the original in
"Wall
Street
Journal" controls
consolidation and because of de¬
expire June 30.
added:
was
a
re¬
mands in Congress for a stream¬ Hill for the merger of the Army, Bankhead. proposal
Mr. McCormack's statement was.
President Roosevelt and Price
lining of the military establish¬ Navy and Air forces brought a quirement that the ceilings guar¬
based on an expectation that Sen¬
note of caution on May 29 from antee manufacturing costs plus a Administrator Chester Bowles
ment.
ate and House conferees, correlat¬
contend the proposal is inflation¬
profit to mills.
These four officers are to make Representative
Woodrum:
ing the separate measures, will
In addition to requiring item- ary but
"Such precipitate action would
Senator Bankhead and
a
detailed study and recommen¬
throw out the Bankhead-Brown
be most unfortunate," Mr. Wood¬ by-item pricing of cotton textiles his supporters deny it would in¬
dations.
plan.
reflect
The Army-Navy group was di¬ rum said, adding that his com¬ to
parity,
the
revised crease costs. Mr. Bowles' estimate
The
parity amendment which
rected specifically to study "the mittee would report to the House amendment directs the President, is that it would increase consum¬
sistants to receive $8,000
yearly.
"Proposed also is creation of a
hearings on proposals acting through any department or
Rushing into a agency of the Government, to
revolutionized
reorganization of "take all lawful action" to assure
ization:
Two
departments—War the Army and Navy at this critical farmers of parity prices on all the
and
Navy; three departments- hour," he said, "would revert the basic agricultural commodities—
War, Navy, Air; one Department attention of the high command cotton, corn, wheat, rice, tobacco,
from the important
of War (or of Defense)."
business of and peanuts. It does not specify
It
was
noted by the United winning
the war
quickly
and the steps he may take.
The conference committee bill
Press that the four-man Army- might plunge us right into a vio¬
Navy committee which is studying lent controversy within our armed representing a merger of conflict¬
the possible reorganization of na¬ services."
ing measures passed by Senate
tional defense was established by
Josephus Daniels, Secretary of and House is scheduled to go to
Senate
first
and
then
the
the joint chiefs of Staff only after the Navy in the World War I, told the
an
earlier committee had failed the House Post-War Policy Com¬ House for concurrence today.
disadvan¬
advantages,
relative
tages, and practicability of the
following basic systems of organ¬
to
produce an agreement in a year
of discussion.
According to these
advices
Secretary of the Navy
Forrestal
sent
the
committee
soon
for
its
on
unification.
mittee
May 17 that the Pearl
on
Harbor
disaster
convincing
was
ers'
bills for
textiles by
250 mil¬
lion to 350 million dollars
The
a
Bankhead amendment
year.
pro¬
vides for "an adjustment of textile
ceiling prices to reflect a parity
price for raw cotton to the farmer,
plus milling costs of 90% of the
textile
industry and
"reasonable
a
profit."
Senator
will
Bankhead
raise
pound
estimates
cotton
prices 1
yesterday's
in
but
it
cent
a
the
House
approved
amendment
the cotton farmer."
this
adopted in short order and with¬
command
instead
separately and without
co-ordination.
Whatever
doubt
protests
Navy officers under direction of
,the joint Deputy. Chiefs of Staff.
The United Press likewise said,
had formerly existed as to the de¬
mand of one department of na¬
and
in
the
convincing
cohesion
of
must take
Hawaiian
proof
the
that
fighting
the place
area
perfect
arms
working
tional
the
Federal
the
of
of Appeals
The
forces
of two
(Parity is the price which the
Agriculture
Department
figures
will give a farm commodity the
Courts,
Emergency
Court
at present.
review
board
prolonged debate
amendment
out
record
a
the
over
Senate
another Bank-
vote
head amendment to raise from 90
bill, however, sets
new
OPA
an
as
District
a
up
hear
to
against OPA orders and
advise
the
Price
Administrator,
permits protests to be filed
against any present, past or future
OPA regulation.
Other
agreed changes in the
to 95%
loan
of parity the Government
rate
purchasing power, in terms
things farmers buy, that it had
same
past
a
base
period,
usually
1909-14.)
Rep. Pace
(D., Ga.), author of
provision, said it would affect
cotton,
wheat, rye and several
other commodities now selling be¬
the
by
/After
ceiling price
for the finished article.
in
(D.,
calamity," he said, "due to divided
is
than 90% of the OPA
of
Ellender
letter from Admiral
.William D. Leahy, Chief of Staff
,to
President
Roosevelt,
saying
that the joint Chiefs of Staff on
'May 9 approved a directive for
Jhe
special
investigation by a
committee of two Army and two
a
any processor of an agricultural
commodity who fails to pay a par¬
ity price may charge no more
La.) de¬
nounced it as "a textile industry
Administrationists knocked out amendment, and not one to help
Senator
by Rep. Dirksen (Rep., 111.) to
subject OPA regulations to review
of
Hoqse approved overwhelm¬
ingly by voice vote provides that
debate
proof of the necessity of consoli¬
dating the Army and Navy, "That
copies
the
cotton, corn, wheat,
rice, tobacco and peanuts. (Parity
is a price calculated by the Agri¬
culture Department to give a farm
commodity the same purchasing
low
parity and that it would
mean
"hundreds of millions of dollars to
the nation's farmers."
He declared it would
on
the
primary
head-Brown
the price
purpose
accomplish
of the Bank¬
amendment
—
lifting
a
cent a
of cotton about
pound.
Mr. Pace also said his amend¬
in terms of things farmers
buy, that it had in some past base ment "might well result in a re¬
existing stabilization law include: period, usually 1909-14.)
•
■'
•»
;
June, 1943, another committee, division and defeat."1 1
duction in the cost of living, be¬
Penalties for violations of price
called the Joint Strategic Survey
The Chamber also approved an
Reporting that abandonment of
cause processors who
fail to pay
Committee, was asked to submit attempts
to
merge
the
armed ceilings would be reduced from a amendment by Senator Wiley (R.,
''recommendations to avoid dupli¬ forces of this country, even on an minimum of $50 to $25, or the Wis.) taking from the War Labor parity would have to charge 10%
amount
of
cation between the services and to experimental scale, until after the actual
overcharge, Board veto power over wage in¬ less than the ceilings.".
whichever is larger, for merchants creases where employer and em¬
discover the most practicable or¬ war was indicated by a
report
The House rejected 98 to 70 a
ganization of executive agencies issued on June 15 by the Special who establish in court that the ployes have reached a mutually
second
Senate-approved amend¬
concerned
primarily
with
de¬ House Committee on Post-War violations are not willful or the satisfactory agreement and the re¬
fense."
Military Policy, headed by Repre¬ result of negligence.
sulting compensation does not ex¬ ment which would have removed
The OPA itself would be au¬ ceed $37.50 a week or $1,950 a the War Labor Board's
!' "This committee, the directive sentative Woodrum, special ad¬
jurisdic¬
Stated, delegated its work to a vices to the New York "Times" thorized to initiate damage suits year.
tion over wage increases mutually
for
Mr. Wiley estimated this would
overcharges* and to purchase
special
committee which twice on June 15 added:
submitted
"The report concludes the first evidence.
affect 20 million white-collar agreed upon by employers and
separate
reports
for
directive
"The
disclosed
that
in
Army and Navy members indicat¬
ing inability to agree and express¬
ing widely divergent views."
Reporting
that
post-war
con¬
solidation of the Army. Navy, and
air services under a "Secretary of
the Armed
Forces"
proposed
on
May 27 by Senator Hill of Ala¬
bama, the Democratic whip in a
bill he planned to introduce, the
Associated Press (Washington) on
May 28 also stated in part:
"Patterned
on
suggestions by
Lieut. Gen. Joseph T. McNarney,
Army Deputy Chief of Staff, in
testimony before a House special
committee, the
forms
with
before
the
was
also
measure
the
ideas
con¬
presented
committee
by Harold
D. Smith, Director of the Budget.
"While Mr. Hill told
reporter
a
that he
own
was acting entirely on his
responsibility as a member of
the Senate
mittee,
it
Military Affairs Com¬
was
evident that the
had the tacit approval of
measure
the
War Department and
agencies, if not the Navy.
other
"Secretary of the Navy Forres¬
tal opposed immediate consolida¬
tion of the military services in an
before
appearance
group,
adding
prepared
thought
to
a
the
that he was not
whether he
say
post-war
merger
desirable.
"The
Hill
and
The
measure
of
secretary
civil
was
life
confirmed
proposes
Armed
would
by
by
President also
the
a
Forces.'
be
chosen
President
the
would
Senate.
be
au¬
thorized to appoint civilian under
defense
of
phase
the
of
"The
lieve
to
solved
was
disastrous
the
group's
does not end
its
the
in
result
study,
the
of
but
investigation.
committee
that
consider
does
time
is
detailed
not
be¬
opportune
legislation
Rent
ceilings would be adjust¬
showing that they are
substantially higher or lower than
prevailing rates, or if landlords'
able upon a
costs
or
taxes
were
increased sub¬
power,
workers.
regulation would be abolished
as
House
to
to
Brown
and
that many more will
learned before the
shooting
war
be
stops."
May Cotton Consumption
Report
The
ington
Census
Bureau
at
Wash¬
June 14, issued its re¬
port showing cotton
consumed in
the United States, cotton on
retained
as
Present
wage
Stabilization
provision
Act
would
of the
be
left
substantially unchanged, the
con¬
ferees rejecting a Senate amend¬
that would have cancelled
ment
War
Labor
Board
control
over
increases in wages up to $37.50
hand,
spindles for the
month of May.
In the month of
May, 1944, cot¬
ton consumed
amounted to 831,889 bales of
lint.and:-120,831 bales
of lmters
as
a
week.
Regarding the action on the bill
by the Senate on June 9, it was
H4r659 bales
of linters
during April this year,
and 902,301 bales of
lint and 98,linters
in
May last
1°
the
31.
10
months
cotton
8,412,168 bales
952
of lint and
bales of linters in the
sponding period
There
and
ending with
consumption was
was
399,321
a
2,110,581 bales
bales
corre¬
year ago.
of
of lint
linters
on
From
a
the
vices of June
Associated
14,
we
Press
ad¬
quote the fol¬
lowing:
Nearly all the House Republi¬
cans
joined with Administration
forces against the textile pricing
change,
which
beaten 87
was
The Administration
gave
to
conference
in
dozen
price
a
Those
would
to
in
as
the
bills.
and House
regarded
tionable
half-
a
on
changes
law
separate Senate
and
provision
objec¬
most
Administration
the
facilitate
action
court
against OPA regulations and price
orders and cut down the liability
of violators to fines and damages.
Another
change that the Admin¬
istration
strongly
would
opposes
abolish the present "highest price
line"
has
limitation
sought
its
amendment.'
lint and 469,459 bales of linters
prices
lines
on
U. S. Not Bound By
May 31, 1943.
On hand
at
in public storage
were
by
to
by
which
control
restricting
OPA
clothing
retailers to
they traditionally sold.
on
and
which
compares
with
22,411,922
active cotton spindles during Apr.,
1944, and with 22,777.078 active
cotton spindles
during May, 1943.
Monetary Conference,
Morgenthau Says
and
May 31, 1944,
9,582,675 bales of lint
compresses
there
There were
22,387,784 cotton
spindles active during May, 1944,
of
in
approval to the parity-or-penalty
?f inters compared with
9,341,781 bales of lint and
1,096,-
bales
Democratic leaders still faced
fight
Bankhead-
the
May 31, 1944, which compares
2,221,800 bales of lint and
440,497 bales of linters on Apr. 30.
1944, and with 2,320,197 bales of
1,106,-
586
out
cottonamendment
hand in consuming establishments
on
level.
with
87,622 bales of linters, which
compares with 10,276,595 bales of
lint and 88,264 bales of linters on
April 30 and 9,666,982 bales of
lint and 75,924 bales of linters on
May 31, 1943.
year.
provides
aimed at
guaranteeing parity prices for all
farm products by penalizing proc¬
essors who fail to pay them.
191.
compared .with 776,-
bales of lint and
struck
wrote
on
and active cotton
00/
but
wholesalers and manufacturers.
port states.
"The committee feels that
many
lessons are being learned in this
retailers,
bill
Senate
1945, the House bill would extend
the act only to June 30, 1945. In
passing the bill June
14, the
solidation, if, indeed, such consoli¬
dation is ultimately decided to be
a
wise course of
action," the re¬
"highest, price line"
the
Wage Stabilization Act to Dec. 31,
stantially.
The OPA's
employees up to the $37.50 weekly
While
for the extension of the Price and
which would undertake to write
the pattern of any
proposed con¬
Mav
.
'Department
The
-from
House
fact
the United States could 'be made at
conference which meets meets at Breton Woods,
No commitments binding on
the world monetary
N. H., on July 1, said
Henry Morgenthau, Jr., Secretary of the Treas¬
June 19, it was disclosed in a special dispatch to the New York
"Times" on the same day from Chicago, which also gave other re¬
ury, on
about the conference as follows:
made^
for stabilizing currencies and es- Roosevelt, who in turn will subtablishing a world bank will be mit the matter to Congress," thq
subject to Congressional approval Secretary said,
as
far
as
this country
is conThe personnel of the American
cerned, he said.
delegation has been completed
marks of Mr. Morgenthau
Whatever agreements are
"The
will
be
results
of
referred
the
conference
to
President
and
or
will
so,
be
announced
in
a
day
Mr. Morgenthau disclosed.
Volume
Number
159
THE COMMERCIAL & FINANCIAL CHRONICLE
4292
From
Council To Maintain
policies in the past, for Mr. Roose¬
velt to
Will
whether little nations
say
have
representative vote
proposed international coun¬
on
a
cil
or
a
will be 'subordinated to the
Big Four.'
"3.
Criticism
of
Senator
the
Ball
have
isolationists
so-called
employed to oppose any effective
'world cooperation' in Mr. Roose¬
velt's declaration against 'a superwith
State
its
police forces
own
other
and
paraphernalia of coer¬
power.'
"4. An assertion by Senator La
•Follette (Prog., Wis.), who holds
strong nationalistic views, that the
cive
President's
•aims
outline
'fails
mention
to
this
the
most
namely,
organiza¬
proposed
should
tion
security
question,
-important
-whether
of
established
be
and
•the United States committed to it
.prior or after the time when the
broad, general terms of the peace
are
known to the Congress and
the country.'
/
"5.
General
jectives
of
Democrats
ment of
approval of the ob¬
the
most
by
plan
cautious endorse¬
and
its principles by
Repub¬
licans."
1; The
President's
statement
of
June .15 follows:
Text
Statement
of
"The conference today with
of¬
ficials of the Department of State
;i on the post-war security organiza¬
tion program is a continuation of
conferences which have been held
.from time to time
18
during the past
These
months.
have enabled
conferences
to
give personal
.attention to the development and
me
of the post-war work the
Department of State is doing.
"All plans and suggestions-from
progress
organizations and individ¬
have
been
carefully
dis¬
.groups,
ual's
I wish to
cussed and considered.
'emphasize the entirely nonparti¬
san
All
nature of these consultations.
of the post-war pro¬
aspects
have been debated in a co¬
operative spirit. This is a tribute
gram
to the
political leaders who realize
that the national interest demands
national
a
program
has
teamwork
now.
Such
the
over¬
met
whelming approval of the Ameri¬
can
•
people.
"The maintenance of peace
all
peace-loving nations. We have,
'therefore, sought to develop plans
for an international organization
comprising all such nations.
The
and to assist the creation, through
"international cooperation, of con¬
ditions, of stability and well-being
for
peaceful
and
friendly relations among nations.
necessary
"Accordingly it is our thought
that the organization would be a
representative
with
body
broad responsibilities for promot¬
international
cooperation, through such agencies
ing and facilitating
as may
be found
necessary
to con¬
sider and deal with the problems
of world relations.
"It is
our
that
fully representative body of
all nations, which would include
the
the four major nations and a suit¬
able number of other nations. The
'•Council would
peaceful
concern,
settlement
itself with
of
interna¬
tional disputes and with the pre¬
vention of threats to the peace or
breaches, of the
peace.
"There would also be
possible
will become
present enemies
once our
defeated
are
effective
and
ar¬
to prevent
them from making war again.
rangements are made
the hope of a
peaceful and advancing world will
rest
upon
the willingness and
ability of the peace-loving na¬
tions, large and small, bearing re¬
"Beyond
that,
commensurate with
their
individual ' capacities,
to
work
together for the mainte¬
nance of peace and security."
In the Washington accounts to
the New York "Times" by Charles
sponsibility
Hurd
it
commendation of the
"teamwork"
leaders
President
stated
was
Roosevelt's
shown
political
by
refer¬
ence to the groups of Senators and
Representatives who have', been
kept fully informed of the devel¬
oping stages of the'plans.
f
"An
hour
before • issuing
his
statement, Mr. Roosevelt confer¬
apparently
in
red
office
his
was
a
with
Secretary
Hull, Edward R. Stettinius Jr.,
Under-Secretary of State; Dr. Leo
Pasvlosky, State Department ex¬
pert on economics and geography,
and
Dr. Isaiah Bowman, Presi¬
dent of Johns Hopkins University
and
special
State
for the
went to
consultant
Department, who
London with Mr.
"Also present,
Stettinius.
in
private
a
ca¬
pacity and not for the State De¬
partment,
Cross,
Norman H. Davis,
was
Chairman
the
of
who
national
primarily
court
of
with
justice
inter¬
to
justifiable
deal
dis¬
men.
abroad
in
both
We have in mind that American
boys are being killed in this vast
had
funny
with
Earlier,
Mitchell's sister had served with
and
was sponsoring.
The Leftist
propagandists told us in no short
order that he was not a "Liberal"
and therefore
that
>out
down
the "Liberal"
as
Tito.
proved
Now it has leaked
Hitler's
•
Tito
on
who
were talking with him and, Titohe fled to Italy.
It develops that
Tito, regardless of how long the
pretense will be kept up, had
nothing at all. The Reds, the Left¬
ists
are
Washington about this.
But
bearing more importantly
upon the point of Mr. Roosevelt's
intimate knowledge of world af¬
fairs, is the question of Russia's
attack
Teheran
them
on
people
we
wouldn't
.
heavens
they
gotten
on
Taylor was in
Italy in November, 1942, and was
asked by the President to return
to his old position after the lib¬
eration of Rome, it was disclosed
Press advices from
the same day.
dispatches said it
.
The
expected that Mr.: Taylor
would
see
Pope Pius XII and
was
Luigi Cardinal Maglione, Papal
Secretary of State, on that day.
NLRB Rales For Wagner
facts
when
what
regulating unions
an
employer of
collective
bargaining obligations
under the Federal Wagner Act,
National
the
Relations
Labor
June
9, according to
Associated Press dispatch from
Board
an
law
rules
Washington, which further stated:
The
decision
involved
the
re¬
enacted
Florida.; statute
requires,
among
other
cently
*
that
in
launched
a
You
the
drive
to
know
want
Procope
such
mankind? ' Why,
of
pointed
out,
at
that the Germans
from
away
were
where
700 miles
Russians
the
attacking, that
attacking just Finns.
they were
This was.
indeed, an awful thing for him to
be pointing out, when we were
being " given to' understand that
the Russians were opening up a
were
"second" front.: There is
no
lot
of
indignation in Washington
about his recall. He didn't have a
service;
press
just
he
logically
to his friends,
innumerable.
were
We
are
sure
what to say
incident,
lives
tified
union
because
the
cer¬
union
■representatives had not been li¬
censed as required by the state
law.:'
Finding that the company's re¬
fusal
was
an
unfair
labor
prac¬
tice, thq<NLRB ordered the com¬
the
tpf(bargain, on request, with
Florida
Workers
Citrus
Union,
we
talked
which
don't
without objection.
With his approval
on
lution the President said:
House legislation were comprom¬
ised on June 7, it was noted in a
resolution
Washington dispatch to the New
York
of
"Times," from which
we
also
quote:
The
adopted directs
merely that an investigation shall
be made, instead of imposing on
the Secretaries of War and Navy
a
measure
as
mandate that court-martial pro¬
ceedings
shall be started,
House had provided.
The
House
had
voted
as
the
only
a
three-month extension; the Senate
a
year.
six
Conferees compromised
on
except
that
American
the probabil¬
ity that the court-martial would
be held before the November elec¬
An almost solid
doesn't
a
statutory
and
any persons
involved in the Pearl
Harbor catastrophe of Dec. 7, 1941,
and
directing the Secretary of
War
and
the
Secretary of the
Navy to make an investigation of
the facts surrounding the catas¬
trophe and
proceedings
the facts
commence
against such persons
as
justify.
may
Secretaries
of
and
War
Navy have both suggested that I
withhold
my
resolution,
on
investigation
directed
from this
the ground that the.
and action therein
approval
might require
them
to
their
present as-^
signments 'numerous
officers
mony.
ful
The War and Navy
have
Departments
opposed holding Pearl Har¬
bor trials in wartime, and the new
legislation extends again the stat¬
ute of limitations which already
had been extended for six months
past Dec. 7,1943. The two officers
have waived the statute.
"
•
#
*
.
withdraw
whose
services
E.
Hancock, Republi¬
can of New York, one of the con¬
ferees, said that unless the com¬
promise was ratified by the House,
"the guilty persons will go free
tomorrow."
prosecution
also
division
a
roll call
was
called.
But when
a
of
the
ceedings
would give publicity to
matter which national
quires
and
war,
still
be
to
security re¬
withheld
from
the enemy.
If there were any doubt in my
mind that the resolution might re¬
such
action
by the Secre¬
Navy as would
interfere with the successful
duct
of
the
withheld
I
war
approval
my
con¬
would
havq
from
the
resolution.
ever,
I am confident, how¬
that the Congress did not in¬
matter
be
or
investigation of this
proceedings should
any
conducted
in
a
manner
which
would interrupt or interfere with
the war effort.. On the strength
demanded, the result
in favor of accept¬ •of
this
confidence
I
ing the report.
proved the. resolution.
was
was
assign¬
the ground that such pro¬
on
tend that the
The report was voted down on a
voice vote, and by 100 to 89 when
.<
such
in
ments are needed for the success^
quire
*
from
taries of War and
Clarence
213 to 141
Senate House Committee Ordered To
have
ap¬
The
rightly oryrongly, built
great symbol of a Free
The story is -that- FD
like
him
because
he
thought he was another "Joan 'de
Arc" when, of course that is what
FD thinks he is.. The result is that
The Joint Senate-House Committee
tory, Chairman Doughton (D., N. C.), of the House Ways and Means
Committee
said
"we
want
to
be«>-
ready" for speedy adjustments.
any
question of partisanship in
The joint committee action re-: the conduct of this post-war tax
called
recommendations
of
the study."
Baruch-Hancock
report,
which
said:
'• '
,
now for future action
reducing
taxes
from
war
to
peace-time levels, thereby pro¬
viding
necessary
incentive
for
initiative and enterprise and stim¬
"Prepare
ulating employment."
committee,
comprised of
and Republican Sen¬
Democratic
ators and
House members,
issued
its statement shortly after Repre¬
man
of
a
(R., N. Y.), Chair¬
Special Republican Con¬
Bard Nominated To Be
Navy Under-Secretary
Ralph A. Bard, now Assistant
Secretary of the Navy, was nomi¬
nated by President Roosevelt to
be
Under-Secretary of the Navy,
post left vacant when James
V. Forrestal moved up to succeed
the late Frank Knox, said an As¬
sociated
Press
dispatch
from
Washington, on June 19, which
also had the following to say:
the
Mr. Bard's elevation leaves va¬
cant the
said Mr. Roosevelt would await
recommendation
said.
.
of In¬ pany's contentions
were
from
a
Secretary
Forrestal before filling that posi¬
tion. Mr. Forrestal recommended
Mr.
tempt'the'W'Hting now of actual
tax legislation to fit the post-war
periods ! We" must know the rev¬
•
enue needs, the level
of the na¬
tional income and the^yield from
accepted, this income by the taxes now in
place of Assistant Secre¬
tary. Presidential Secretary Early
both the French and Germans are
-
Internal Revenue ordered
on
June
15, an immediate study of post-war taxation, said an Asso¬
ciated Press dispatch from Washington on that day, from which the
following is also taken:
While holding out no promise of any lowering of taxes until vic¬
on
shooting our boys over there. God
help us, and we say that in all
seriousness.-
Study
Posi-War Taxation
gressional Committee on Taxa¬
tion, announced his group would
hold public hearings on. a post¬
war1 tax program "aimed at re¬
ducing the present tax burden by
approximately one-half."
Representative
Doughton
de¬
clared today:
',
"It is utterly impractical to at¬
was,
all
Republican
bloc contended yesterday that the
Democrats sought to prevent dis¬
closures by Pearl Harbor testi¬
Mr.-Roosevelt's professed intimate
are
into
months
The
of the bill removed
tion.
six
other provisions sthat might pre¬
vent the trial and punishment of
months.
Republicans in the House fought
the conference report.
Adoption
sentative Reed
up
reso¬
I have
being lost because of it.
We bring it up only as it bears on
man
of the
today approved the joint
passed by the Congress
extending for the further period
The
know
about the De Gaulle
andAllied
Congress
by the House
June 6 by a vote of 305 to 35; dif¬
ferences between the Senate and
,
French^
bargain with the
won¬
recalled; there is
wonder that there should be a
was
refused
to
7, 1941, particularly relating generally to Admiral
Congress completed action on the resolu¬
on June
7, it was passed b>^
Senate on Jipie 5 without a
The Senate adopted the report
an
he
parties,
cocktail
knowledge of world affairs.
licensing
Dec.
on
record vote and
that
great
of union
agents.
The company, Eppinger
& Russell, of Jacksonville, had
the
things,
tion
the
France;
makes
enemy
is,
going
was
irrefutable
are
Finland.
on
attacks:
Stalin
landed
we-
Russians
no
relieve
trophe
Kimmel and General Short.
the Eastern front.
der that he
Act Over State Law
-of
on.
landed in Europe on the
we
Press
state
name
could
together
to attack
A
tell us pbout
simple-minded
understand.
A
asked what in the
us
front,
cannot
Natur¬
things.
some
with matters at Pearl Harbor preceding the catas¬
persons connected
got
couldn't
because
when
Mr.
President Roosevelt approved on June 14 the joint resolution
adopted by Congress extending for six months the period of time
in which court-martial proceedings could be instituted
against all
: i
Roosevelt
and
Western
on
that
heard
have
we
really, - Stalin
coordination
city
Ever since
Finland.
upon
C.
Taylor,
President
Roosevelt's special representative
to the Vatican, arrived in Rome
United
in
shamefaced
little
a
possibly
One
thing, we were assured,, was that
they, had gotten together on the
Myron
Associated
swept
captured
newspapermen
Back In Rome
in
forces
recently,
three American officers and three
American
lot of
Myron C. Taylor Is
19.
con¬
Inpeople
have sway in our Government, we
switched 1 over to * the Stalin-ap¬
much
as
have
June
should not
we
tinue to furnish him supplies.
of
on
men
whom " the
ally, they
Roosevelt Administrations."
our
a
had recognized Miklate Billy
we
hailovitch
together
and
was
knowledge of
had
with
him.
affairs"
world
dis¬
Hoover
to
"intimate
an
Red
missions sent
It
Italy.
experience that
escaped
various
the
striving for such
are
big things.
For example, it was
quite shocking for Washington to
hear that Tito, the real rugged
leader of Yugoslavia, had really
been run out of that country and
American
headed
armament and peace
pany
an
with
manipulators
"All this, of course,
which
further thought
organization would provide
for a Council, elected annually by
the
of trafficking
tion when necessary.
of the organization would
purpose
he to maintain peace and security
'fully
*'
manipulation but we suppose that
is of no consequence when big
that
and
security must be the joint task of
•
Approves Extending Time For Trials
Of Those Connected With Pearl Harbor Disaster
(Continued from first page)
pacities, adequate forces to meet
the needs of preventing war and
of making impossible deliberate
preparation for war, and to have
such forces available for joint ac¬
President
the
(R., Minn.), an
exponent of all-out collaboration,
for 'using some of the language
•by
President
Washington
Peace—Superstate Out Ahead Of The News
(Continued from first page)
2615
Bard's
Mr.
is
a
promotion, Mr. Early
Bard, who is 59 years'old,
of Cleveland.
Much
native
of his
business
career
before
en¬
Navy Department on
Feb.
15, • 1941, was devoted to
financing ancf developing smaller
manufacturing concerns. He was
organizer of the Chicago firm of
tering
the
"
Organizations
affiliate. the result would be, in effect, a force.
'•
"But we want to be as near
Congress, the Board said, did not nullification of the Board's certi¬
"We are not thinking of a super¬ intend
to
fication
subject Federal laws
by operation-of the Flor¬ ready as we can."
Such an interpreta¬
state with its own police forces "to the varied and perhaps con¬ ida- statute.
The joint committee voted to
be
;and other pharahernalia of coer¬ flicting provisions of state enact¬ tion would
contrary to the increase its membership by two Hitchcock, Bard & Co.
His Navy work has been con¬
cive power. We are seeking effec¬ ments."
plain language - of the (Wagner) Republicans, so as to "give the
cerned chiefly with labor relations
The
decision
tive agreement and arrangements
upheld - Frank Act and the many decisions of majority and the minority (par¬
and
similar
administrative
acChief Trial
Examiner, the Board and courts construing ties) eaual representation on the
through which the nations would Bloom,
committee
and thereby
remove tivity.
maintain, according to their ca-' whose report said: "If the com- it."
dustrial
putes.
■
•
-
2616
THE COMMERCIAL &
Political Peace Offensive
FINANCIAL CHRONICLE
Iceland Becomes
Hope Expressed By Roosevelt Of Cooperation Of
Adopted By Socialist Parly ndependent Nation
At the Socialist
party's national convention at Reading, Pa., on
June 3, Norman Thomas, Socialist candidate for nomination for
President succeeded in bringing the convention to his views regard¬
ing foreign policy and political collaboration on the home front, it
is learned from a special dispatch to the New York "Times" from
Heading, Pa,, on June 3.1
<*>
According to the account "the imperialism' along America First
greatest victory for Mr. Thomas lines, as the only alternatives to a
in the formulation of the platform
political peace offensive. In advo¬
was
the
adoption of his plank cating the peace move it recom¬
voicing a demand through the mends that during the armistice
United Nations for 'an immediate
Axis
political
quered
the
offensive based on
peace
offer
of
armistice
an
"Times"
advices
went
from
and
into the |amby foreign digni¬
United Press dis¬
nations
taries,
said
from
patch
a
Thingvellir, Iceland,
17, which added:
Dreyfus, Jr., Amer¬
ican Minister, acted as the repre¬
on
June
Louis
G.
sentative
of
President
at the ceremonies.
con¬
disarm,
of
he
form
on
recalled
that
Roosevelt
In his address
Iceland
"kindled
Europe, or several such all lands where free men as¬
semble."
"While stating that the peace Federations,
to
supplement
a
could not be won by 'any appease¬ world federation, adopt a hands"It is indeed a great moment
off policy of internal affairs of that I
ment of Nazism or of any other
bring you this message from
liberated
nations, settle boundary President Roosevelt," he said. "In
aggressive imperialism,' this sec¬
tion condemns demands for un¬
disputes, either by negotiation or that strange mutation of events
conditional surrender of the Axis plebiscite
and
guarantee
self- shaping the heroic history of Ice¬
government of lands occupied by land, it is again a terrible world
powers. It specifically accuses the
Roosevelt administration, in Japan and to colonial territories war that has
given impetus to the
adopting that slogan, of 'prolong¬ under white rule.
desire of the people of Iceland for
"The United Nations are also
ing this war and inviting the next
independence.
by underwriting with the lives of called upon to follow the disarm¬
"Today the United States and
our
sons
ament of the enemy by 'ending
the
restoration
and
Iceland are associated to preserve
maintenance of the British, Dutch their own competitive armaments
that freedom so dear to both of
and
and French empires in the Far
military
conscription
and
us, which insures to every man
East
and
the
Balkanization
of working out international guaran¬
the inalienable rights with which
Europe between Moscow and Lon¬ tees of mutual security.' Funda¬
we are endowed by God.
In this
don.'
mental to this peace plan is recog¬
instance, the cooperation is the
"The plank stresses^'an uneasy nition of the
rights of all peoples direct result
of the responsibility
and impermanent triple alliance'
to self-government and
self-de¬
assumed on July 7, 1941, by the
of the major powers 'with China
termination of form of governGovernment of the United States
as a poor
relation,' or 'isolationist I ment."
ation
to say:
of
,
at
the request
Government."
Taft
Mr.
Opposes Commitment By I!. S. On World
Currency Plan
that
American
money down a sewer."
involvement
would
"like
be
pouring
publican Post-War Advisory Com- ' countries, so that we would be
mittee on Finance and the
Repub- putting up the money."
lican Steering Committee of the
"Senator Taft,
who has been
Senate, told a reporter that he was mentioned as a possible choice for
opposed to the principle of setting one of four
fund
any
"to
which
we
con¬
body else dispenses it."
ther
He fur¬
declared.
"Question
ization
is
of
only
rehabilitation
after
the
stabil¬
currency
incidental
of
the
to
foreign countries
If
war.
you
stabilize
separate
agreements
with each country.
"It appeared today
that Senator
Charles W. Tobey of New Hamp¬
shire would be the choice despite
reported Administration
attempts
currency without taking all of the
other
steps necessary to get a
to
country
He is the ranking minority mem¬
ber of the Banking and Currency
exporting basis, as
the
Treasury's plan apparently
contemplates, it would be like
pouring money down a sewer."
As
on
an
indicated
we
in
these
Steering
col¬
Woods, N. H.
and
an
President Roosevelt sent
noted
that
the
phasized
reached
be
The
$8,000,000,000
at
11
tenders
bills
mature
offered
conference
at
would
the
united
contribute about
to the fund.
States
about
rest
to
$2,500,000,000
made
up
by other
tions in accordance with
a
Senator
effect
all
nations
Taft
would
said,
be
the
compli¬
per
on
of
discount
per
State
of
are
as
on
a
congratulated
Icelandic
Hull
Vilhjal-
Minister
of
si
<vkvt'>d
There
ilar
■
to
message
•
issue
of
a
no.
I
the
Republic of
on
plishments under
"I
need
not
the
of
organized labor to the
tion
of
will
"I
the
Iceland and
prosperity
ness
these
this
message
is
occasion
in
historic
of
liabilities
.
Union
Treaty
on
facturing
a
referendum
amount of liabilities
had
day
in
larger
Manufacturing
month
amounts
the country
a
failures
Wholesale
from
•
'
a
June
$1,001,087,000.
sim¬
15
in
ment
in
26
with
missioner,
Bank
announce1?
Com¬
14
in
issues
1946,
Bonds.
were
one
against 9 in
as
$102,000
Federal
Reserve
that
the
Districts, it
Richmond
failures
more
divided
Philadelphia,
Reserve
and
San
Districts
had
in
May than in
April, the Minneapolis and Dallas
Districts repeat the performance
of
last
month
failures,
do
and
Kansas
not
port the
the
fewer
report
Chicago
the
and
City Reserve Districts
<
of
f
same
re¬
number, while all
remaining
failures
Districts
in
May
Federal
redeemable
show
than
in
Rhea
said
that
these
bonds
will
be redeemed for cash without
exchange
offering
This information
able
by
Chas.
Agent ».for
Banks.
the
of
was
R.
an
securites.
made avail¬
Dunn,
Fiscal
Federal
Land
of
the
in
the
is
that
did
not
report
Cleveland,
any
Atlanta,
Districts
had
fewer
failures,
Chicago,
City Reserve
liabilities
in¬
pay¬
amount
1, 1941. These payments,
Department's announce¬
ment, represent the entire amount
the
due from the Government of Fin¬
land
on
June 15, 1944 under these
agreements. •'
May War Costs Higher ;
j
United States
war expenditures
month
of
May
$7,918,000,000, an inT
crease of 5.7% or $425,000,000 over
expenditures in April, the War
during
the
amounted to
June 14.
Board
reported
The Board added:
on
The
$7,948,000,000 expended in March
remains the peak for monthly war
expenditures so far.
WPB gave the following data on
war
expenditures:
The average daily war expendi¬
in
May, $293,300,000, de¬
tures
creased
2.1% from the daily rate
April of $299,700,000. The daily
rate is based on the 27 days in
May and the 25 days in April upon
which checks were cleared by the
Treasury.
in
„
From July 1, 1940, through May
31, 1944, the United States Gov¬
had
is
re¬
of May
said
$192,000,000,000.
considered
15
semi-annual
interest
ernment
is
expended
for
war
These
figures include checks
cleared by the Treasury and pay¬
able from
net
war impropriations, and
outlays of the Reconstruction
Finance
Corporation and its sub¬
sidiaries.
Monthly expenditures and the
daily rate from January,
remaining districts had more. 1941,
through
May,
1944,
are
<S>shown in the following table:
volved in
the
May than in April and
UNITED
STATES
average
WAR; EXPENDITURES
MONTHLY
AND
•
DAILY) RATE
.Janiaarv, 1941—May, 1944
(in Millions of Dollars)
■7 Oil
after
July 1, 1944, while the other
is dated July 15, 1934, due
July 15, 1964 and is redeemable
on
and after July 15, 1944.
Mr.
June
on
purposes
involved
on
of $148,455.06 from
ities
and
issue
sum
April. When the amount of liabil¬
issue be¬
on
Treasury
Production
is
country
July 1, 1934. due July 1;
and
world
enth semi-annual annuity due un¬
the postponement agreement
up
with 20
liabilities
the
Cleveland,
Both of these
4% bonds,
are
happi¬
own
der
the lia¬
and
compares
May
and
Francisco
the call for
redemption of two issues of out¬
consolidated
our
continued
$134,750 under the Funding
Agreement of May 1, 1923, and a
payment of $13,695.06 as the sev¬
$249,000 liabilities,
St. Louis and Kansas
standing
eco¬
of
$135,000 in April to
May,
In .the retail
May, which
the
Fed. Farm Loan Bonds
Land
the
progress, which
the Government of Finland, rep¬
in¬
unan-i
declaring
republic.
Rhea,
and-to
resenting
last
failures
creased, from 9 to 11
into
abro¬
To Redeem Two Issues of
E.
attaining
social
essential to
so
The
34, involving
$1,293,000
liabilities,
compared
with 37 in April with $2,676,000
is' found
republic, the Althing. Iceland's
bdl
in
and
ceived the
of
numbered
When
and
which
legislative, body, formally
gated the union treatv and
a
to
Treasury Dept. Receives
is
against $57,000 in April.
approved establishment of
passed
and
Funds For Payment
Finland Debt
liabilities involved in May than in
bered
Executing the mandate of la^t
voters
forward
higher in number but lower in the
were
exception of the manu¬
group which had fewer
in
May than in April.
added:
month's
look
can
than in April.
Business insolvencies
May, according to Dun & Bradstreet, are totaled 148 and involved
$2,697,000 liabilities, as compared with 131 involving $3,524,000 in
April and 281 involving $2,550,000 in May a year ago.
April
dispatches
that
problems
involved
with $318,000 liabilities in April.
Commercial service failures num¬
Republic of Ice¬
,
out
New
us.
in
bered
Icelandic history please accept my
sincere felicitations on the estab¬
of the
and
Business Failures Again Up
>
in
Ice¬
landic nation."
"On
face
Fascism
stamped
peace."
$338,000 in April to $903,000
%in
May. Construction failures num¬
my
of' the
Secretary
Hull's
given below:
be
world.
people
lems
from 56 to 63, and liabilities from
best wishes and those of the peo¬
States, for the
continued
all
confident that the Amer¬
am
nomic
is
trade section insolvencies
election
your
of
cooperation of the
organized workers of this country
in the solution of those new
prob¬
preserva¬
May business failures
amount
hope
continued
American
in
of
will
this
then
ican
tremen¬
democracy
our
fervent
a
vestige
every
from
leadership.
your
stress
contribution
con¬
nation's life.
our
is
Nazism
its disbursements. You have every
reason to be proud of its accom¬
$150,000
heartiest
my •
ple of the United
ing? dated
0.376%
maturity of
bills
the amount of
"It
pioneer in its enlightened policy
making public each year an
itemized account of its income and
dous
can
membership
free people that before very
long
of
bilities
the high office of President of
Farm Loan
-'••••:!"'>«?
approximately
was
riod of
a
a
liabilities.
and
(49% of the amount bid for at
the low price was
accepted.)
"In
been
found-that outside of the districts
approximately
annum.
Union.
organization has
the
are immigrants or the children of
immigrants — in this critical pe¬
bor and management and has been
Iceland.
Cordell
"Please
accept
congratulations on
W.
annum,t./;
"Your
Workers
.
imously
.
per annum.
the only gilt edged security.
Banks
for, $2,173,813,000.
accepted,
$1,211,580,000
discount
United
effect, our dollars
would be backing all of the other
to
Low, 99.905, equivalent rate of
"The only thing anybody in the
world wants now is dollars." he
asserted.
and
High, 99.909, equivalent! rate Of
discount
approximately^ 0.360%
States, by using dollars, would put
in
22
Federal Reserve
bids:
participants.
the practical
that
June
Range of accepted ucohipetitive
"While this would be calculated
make
dated
19.
0.375%
na¬
cated formula.
to
President
of
Thor.
mur
or
Treasury
Average price 99.905, equivalent
rate
$1,000,000,000, with the
be
91-day
accepted in full).
Great Britain would
Garment
people
on
of your union—so many of whom
great stabilizing and constructive
force in the ladies' garment in¬
dustry. It has pointed the way to
effective cooperation between la¬
any
$1,200,000,000,
of
(includes $55,091,000 entered
fixed price basis at 99.905
put about $1,250,000,000 and Rus¬
sia
the
Total applied
experts of 34
associated nations in
April, call for the United
to
mes¬
16, said that Iceland had formally
abrogated
the
Danish-Icelandic
Sept. 21, 1944, which were
on
June 16, were opened
Total
monetary
and
first
Secretary
similarly
AssociatedPress
that
details of this issue
follows:
"As announced by the
by
be
19
The
The "Times" further said:
Treasury,
plans, e.greed to in principle
the
June
ap¬
the
for
to
em¬
June
on
thereabouts,
agreement
Congressional
a
from Reykjavik. Iceland,; on June
Secretary of the Treasury
Treasury has
any
policies.
Republican
is
said
to
Committee
announced
was
the
to
June
his
Treasury
Bill Offering
it
that
subject
proval.
of
the
as
Result Of
on
fund
"Times"
Deal
the
Ladies
I know that
war.
American
tinue to count
officers and delegates to the 25th
convention
of
the
International
districts
lishment
to
provide a
gold base for the currency of each
participating nation. In the New
York
and
the
glad indeed to send along
greetings
to
you,
your
fellow
am
considered it is found that all the
land."
The proposals to be dis¬
cussed, it is understood, will be a
$10,000,000,000 international bank
to finance reconstruction and de¬
velopment;
New
of
place."
ence
July 1.
stabilization
of
because
have endorsed him for the confer¬
1, p. 2282, an interna¬
tional monetary
conference, called
by President Roosevelt, will be
Bretton
criticisms
him
Committee
umns, June
held at
by-pass
days of global
to
;
\
make
Press,
Britain and Russia and to prevent
Congressional places Foreign Affairs.
on the
President
Roosevelt's1
delegation to the meeting,
suggested, instead, that the United follows:
States
Associated
sage on June
17 congratulating. April except the manufacturing
Sveinn Bjornsson upon his election and construction
groups.
Senator Taft, who heads the Re-<$-
up
"I
the
follows:
as
Nazi occupation.
According to Associated Press advices from
tribute all of the money and some¬
cording to
read
occupying the island to protect the failures
North Atlantic seaway to Great:
When the
Washington June 10, from which the foregoing is taken:
,
a
The increase in the number of failures in
May over April took
the, place in all the divisions of
tradef>into which the report is divided'
Harbor with the
referred
before /.Pearl
ernments,
any commitments on a world cur¬
stabilization program at the United Nations monetary conferwas again evidenced on June 10 when Senator Robert A. Taft of
declared
Dreyfus
Icelandic
which resulted in American troops
Opposition by Republicans to
Ohio
the
of
Nazism,"
in
letter to President David Dubinsky of the International Ladies
Garment Workers Union, read at the organization's 25th
convention, at
Boston on May 31. The
letter, ac-<$>-
agreement between the two gov¬
rency
once
Confidence was expressed by President Roosevelt that the Amer¬
ican people can look forward to the continued
cooperation of organ¬
workers in the solution of new problems which will face us
with the stamping out of
"every vestige of Fascism and
ized
welcomed
was
ily
new
peoples of the Axis nations.'"
The
withdraw
territories,
Unions In Solution Of lew Post-War Problems
proclaimed a free
and independent republic, on June
17, by that country's parliament,
was
flame"
of
governments and restore loot.' the
representative
"The United Nations, for their government in the tenth century
part, would help set up a Feder¬ —the flame that "has spread to
the
to
forces
Iceland
Thursday, June 22, 1944
Monthly
1941—
1st
■
,
'
dG
cpenditures
quarter monthly average-^.—,—.—
2nd
quarter
3rd
quarter
monthly .average,____:
monthly average
4th
quarter
monthly
average
1942
12-month
total—
1943
12-month
total
Number of Days
Checks
were
Cleared
Daily
Rate
$684
25
897
26
1,253
26
48.2
„—<-
1,797
25
71.9
52,406
310
169.1
—
85,135
312
272.9
7,416
...
$27.4
34.5
1944—j
January' 1
February
n
—
——
March
April
May
—L
—
-
26
285.2
7,808
25
312.3
7,943
27
294.4
7,493
25
?P9.7
7,918
27
293.3
jVolumi
159
Steel
Output At Higher Rate—Lull Follows Persecution Of Minority Groups By Nazis
Deplored By President; To Harbor Refugees
Buying—Backlogs Gositisiue To Increase
Heavy
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4292
"Highlighting developments industrial-wise this week was the
WPB plan for reconversion to the production of essential civilian
durable goods," the "Iron Age" states in its issue of today (June 22),
further adding:
•
list that details civilian products according
The list is in three parts as regards the
urgency of demand and the items<^
are
shown for three levels of
"Uncertainty as to war needs
and the fact that steel producers
supply.
"The first level is the program have such heavy order books that
"The plan involves
v
a
to their relative urgency.
*
which WPB is anxious to get into
deliveries
production
end of the year
the
to
the past fortnight.
Procedures
in
for
orders
working under the re¬
blueprint have been
possibly conflict with
will be permitted.
"While
eases
the
war
critical.
"Initial
situation
carried
power to increase
foundries.
the
50%
to
in
success
far
naturally
called for a period of readjust¬
ment, which would have been
more pronounced except for con¬
These
tinued
factors
heavy shell buying.
cent cancellations have been
but more
output of
of
are
which
have
been
rush for castings brings
the question of wages. Washington instructions are expected to
result in higher wages, even to
the extent oL breaking up the
Little Steel formula; widespread
and
quickly
attained
facilities'
.grants and as much special con¬
tively moderate, however.
sideration
makers
"This
"So far
from Selective Service
possible.
as
the
•
on
reason
steel requirements
that
it
has
"In
marked
situation
contrast
rela¬
with
the
pig iron and
scrap Supply is no problem and
both, are supplying melters with
all needs.
Production and ship¬
ments
a
are
stocks
are
or
year ago
in close balance and
no
being accumulated by
melters."
,
invasion activity has had
little effect
for
,•
Re¬
light
expected as the war
picture develops.
"Many steelmakers believe the
aircraft program has passed its
peak, a belief supported in a
measure by recent cancellations,
some
up
Boards
in
delivery > promises
ahead.
do everything in their
<
40%
Europe has
resulted in caution in buying al¬
though the trend "started before
the
invasion,
following
heavy
buying early in the year, which
some
structed to
been
ventories.
needs
products, such as
aluminum and magnesium which
were
released for non-military
production recently, other indus¬
trial phases and items, instead of
easing with regards to supply, are
tightening. Foundries are in this
Category. Production of castings
has definitely fallen to the critical
stage and Washington is giving
the problem its undivided atten¬
tion.
Regional offices of Wash¬
ington agencies have been in¬
on
has
some pro-
Although, ton¬
nage is light some deferment of
shipments has appeared, indicat¬
ing a disposition to narrow in¬
manufac¬
set up, but it is definitely under¬
stood that no production that will
.
close
and in
needs.
conversion
,
run
dqcts into next year, has brought
a decline in buying.
"Actual tonnage going on mill
books has not declined markedly,
due to further heavy shell and ar¬
tillery buying, but the number of
orders is off appreciably. In some
instances tfye drop in number of
turers
,
now
quickly as possible,
since it represents the minimum
rationing
and replacement
re¬
quirements. The second level fig¬
ure represents the hoped-for pro¬
duction where rationing efforts
slip. Level No. 3 is the optimum
output demanded, taking into con¬
sideration prewar demand and the
current estimated replacement
as
Liberalion Of Rome
been
at
peak levels for months.. In the
past week there has been no def¬
inite change in the volume of
orders
panies have heavy carryovers on Allies on June 4 and D-Day op¬
plates and sheets, and within the erations on June 6, stating in his
future
near
carryovers
are
ex¬
pected to mount on such items as
large-sized bars and semi-finished
that
remarks
"the
House
should, I think, take formal notice
of the liberation of Rome by Al¬
lied armies under the command of
•steel.
•
initial
"WPB this week pointed to
Alexander, with General
Clark, of the United States serv¬
ices, and General Oliver Leese in
Armies respectively." He went on
to say: "This is a memorable and
the current trends in the market
glorious event which rewards the
indicate that there
intense
any
no,
fear of
of curtailed steel
Steel mills are care¬
recurrence
operations.
command
of
fights
the ' 5th
of
months in Italy". .
"This entry and
the
.
and
last
8th
the
liberation
fully watching their inventories in
of Rome
order
power to defend it from hostile
air attacks and deliver it from the
to
keep them at optimum
not excessive levels, and on
but
means we
shall have the
concrete
a
way,
"Congress has repeatedly mani¬ that our kind of world, and not
fested its deep concern with the Hitler's, will prevail.
Its purpose
pitiful plight of the persecuted is directly and closely related to
minorities in Europe whose lives our whole war effort.
are each day offered in sacrifice
"Since
its
establishment
the
on the altar of Nazi tyranny.
War
Refugee
Board,
acting
"This nation is appalled by the
through a full-time adminstratiye
systematic persecution of help¬
staff, has made a direct and force¬
less minority groups by the Nazis. ful
attack on the problem.
Op¬
To us the unprovoked murder of
erating quietly, as is appropriate,
innocent people simply because
the board through its representa¬
of race, religion or political creed
tives in various parts of the world,
is
the
blackest
of
all
possible has actually succeeded in saving
crimes.
Since the Nazis began the lives of innocent
people. Not
this campaign, many of our citi¬
only have refugees been evacu¬
in
zens
all
walks
of
life
and
of
all
political and religious persua¬
sions have expressed our feeling
of repulsion and our anger.
It is
a
matter with respect to which
there is and
be
no
opinion among us.'
*
can
division of
"As the hour of the final defeat
of the Hitlerite forces draws clos¬
the fury of their insane desire
wipe out the Jewish race in
Europe continues undiminished.
er,
to
This
is but. one example: many
Christian groups also are being
murdered.
Knowing that they
have lost the war, the Nazis are
determined to complete their pro¬
gram
of
extermination.
mass
This
program is but one manifestation
of
Hitler's aim to salvage
military defeat victory for
orinciples which this war
destroy
unless
we
shall
fought in vain.
of the
from
Nazi
mdst
have
and
barbarous
activity
Nazis
deavored
tion
to
alleviate
the
condi¬
of^the persecuted peoples. "In
January of this
year
I determined
that this Government
should
in¬
tensify its efforts to combat the
Nazi
terror.
Accordingly,
I
es¬
tablished the War Refugee Board,
composed of the Secretaries of
State,
board
Treasury and War.
This
was charged with the
re¬
early' homs of this morning, the
firsti of -a- series of landings in
force upon the European continent
has taken place! i
"In this case, the liberating as¬
sault fell upon the coast of France.
"The battle which has
ated
from
territory, but
have been taken
to protect the lives of those who
enemy
measures
many
have not been able to escape.
"Above
all, the efforts of the
brought new hope to
the oppressed peoples of Europe.
This statement is not idle specula¬
board have
scrap
brokers
are
items
having
"Recently the facilities for the
of refugees who have already
escaped to that area and are ar¬
riving daily, particualrly from the
Balkans countries, can be prompt¬
ly removed to havens of refuge
elsewhere, the escape of refugees
care
to
that
from
area
now
be¬
gun will grow constantly in scale
and in intensity for many weeks
to
come and I shall not attempt to
speculate upon its course, but this
I may say: Complete unity pre*
German-occu¬
pied
territory will be seriously
impeded.
It was apparent that
prompt action was necessary to
meet this situation.
Many of the
refugees in southern Italy have
been and are being moved to tem¬
porary refuges in the
territory
of other United and friendly na¬
tions.
However, in view of the
number of refugees still in south¬
ern Italy, the problem could not
be
solved
unless
temporary,
havens of refuge were found for
of them in still othfer
some
areas.
In view of this most
urgent situa¬
tion, it seemed indispensable that
the United States, in keeping with
tion. From various sources I have our
heritage and our ideals of
received word that thousands of
liberty and justice, take immedi¬
people, wearied by their years of ate steps to share the responsi¬
resistance to Hitler and by their
bility for meeting the problem.
sufferings to the point of giving
"Accordingly a r r a n g e ments
up the struggle, have been given
have been made to bring im¬
the will and desire to continue by
mediately to this country approxi¬
the concrete manifestation of this
mately 1,000 refugees who have
Government's desire to do all
pos¬
sible
aid
to
and
rescue
the
op¬
pressed.
"To. the
ordinates
Hitlerites,
and
their
sub¬
functionaries
and
satellites, to, the German people
fled
from
homelands
their
to
southern Italy. vUpon the*termin¬
ation of the war, they will be
back
sent
These
to
their
homelands.
refugees
are predominantly
children.
'TJiey will
and
women
be placed on their arrival in a
have made clear vacated, Army camp on. the At¬
determination ,to punish all lantic
coast, where they "will re¬
participants in these acts of sav¬ main under appropriate security
agery.
In the name of humanity restrictions.
we, have
called upon them to
The Army will take the neces¬
spare the lives of these innocent
sary security precautions and the
people.
camp will be administered by the
"Notwithstanding this Govern¬ War Relocation
Authority. The
ment's unremitting efforts, which War
Refugee Board is charged
are continuing, the numbers actu¬
with overall responsibility for this
ally rescued from the jaws of project."
death have been small compared
w.'Wi
1
with the numbers still facing ex¬
tinction in German territory. This
is due principally to- -the fact that
our enemies,
despite all our ap¬
peals and our willingfifess to find
havens of refuge for
tl^l oppressed
The New York State Court of
peoples, persist in thjejr fiendish
Appeals ruled on June 15 that a
extermination campaign and ac¬
building service worker employed
tively prevent the intended vic¬
by a landlord whose tenants are
tims from escaping to« safety.
engage in production of goods for
Nazi
yoke,
we
our
-—
—
N. Y.Oossr! Of
Appeals
Uphlds Wage Penally
"In the face *bf this1 attitude of
enemies, we must not fail to
advantage of any oppor¬
tunity, however limited, for the
our
take full
rescue
of Hitler's victims.
confronted
with
most
a
We
are
urgent
dealers and famine with which it was threat- vails throughout the Allied situation.
armies* There is a brotherhood in
difficulty in ■ ened.
"Therefore, I wish to report to
"However, General Alexander's arms between us and our friends you today concerning a step which
disposal."
of the United States.
prime
object
has
never
been
the
I
There
is
have
just taken in an effort to
The American Iron and Steel
liberation of Rome, great, as are complete confidence in the su¬ save additional lives and which
Institute on June 19 announced;
the moral, political and psycho¬ preme
commander, General Eisen¬ I am certain will meet with your
that telegraphic reports which it
You will, I am sure,
had received indicated that the logical advantages of this episode. hower, and also in the commander approval.
Allied forces with the Americans of the
expeditionary force, Gen-- appreciate that this measure is
operating rate of steel companies
in
the
van
are
not only consistent with the suc¬
driving ahead eral Montgomery,"
having 94% of the steel capacity
nprthward in relentless pursuit of
In his further address on June cessful prosecution of the war,
of the industry will be 97.3% of
the enemy. The destruction of the
6 the Prime Minister reminded, the but that it was essential to take
capacity for, the week beginning
enemy's armies has been through¬
June 19,
(fbmpared with 97.1% one out the aim, and they are now be¬ House that it is "a most serious action yyijtboubdelay..
time we are, entering upon, and
week ago, 98.4% one month ago
"Even before the Allied land¬
ing engg&ed at the same time we enter
and 97.6%
one
year
ago.
The
upon it, with our great ing ipf Itajy- /there
had been : a
along the whole length of the line allies all in
good heart' and in substantialn-movement of perse¬
operating rate for the week begin¬
as they attempt to
escape
to
the
good friendship."
ning
June' 19
is eauivalent to
cuted peoples of various races and
many
Allied
stream of
and to all other peoples under the
but, in co-operation
with other governments, has en¬
five
;
action,
again, in
once
General
the
fact that- ferrous, scrap inventories,
were
approaching the 4,000,000ton low of a few years ago when
steel production was curtailed for
lack of that material.
However,
is
States:
inhuman
Churchill Declares
which, with most compa¬
Before the House of Commons
nies, -are running ahead of actual
production. Backlogs continue to on June 6, Prime Minister Win¬
Churchill
addressed
two
increase and the carryover situa¬ ston
tion has not been bettered to any-' statements to the members bear¬
extent. Practically all steel com-; ing on the capture of Rome by the
The
landings swelled this
fleeing and hunted peo¬
ples seeking sanctuary behind the
guns of the United Nations. How¬
ever, in view of the military sit¬
Indicating anew the fact that the United States "is appalled by uation in
Italy, the number of
the systematic persecution of helpless minority groups by the Nazis,"
refugees who can be accommo¬
President Roosevelt in a message to Congress on June 12 announced
dated there is relatively limited.
that "arrangements have been made to bring immediately to this
The
Allied
military forces, in
country approximately 1,000 refugees who have fled from their
view of their primary responsi¬
homelands to Southern Italy."
The President further stated that
bility, have not been able, gener¬
these refugees "will be placed on<f
ally speaking to encourage the es¬
their arrival in a vacated Army sponsibility of taking all action
cape of refugees from enemy ter¬
with
the
successful
camp on the Atlantic Coast, where consistent
ritory. This unfortunate situation
they will remain under appropri¬ prosecution of the war to rescue has
prevented the escape of
ate security restriction."
"Upon the victims of enemy oppression the
largest possible number of
the termination of the war," said in imniment danger of death and
refugees.
Furthermore,
as
the
the President, "they will be sent to afford such victims all other
number
of
refugees
living in
back to their 'homelands.'1*
The possible relief ana assistance.
It
southern
Italy
increases, their
President's -message to Congress, was intrusted with, the solemn
care
constitutes
an
additional
as given the Associated Press ad¬
duty of translating this Govern¬
and substantial burden for the
vices from Washington, follows:
ment's humanitarian policy into
military authorities.
"To the Congress of the United prompt
thus manifesting
"This Government has not ,only
made clear its abhorrence of this
Memorable Event,
2617
.
interstate
is entitled to
commerce
if
overtime, is
paid at the end of each work
period, according to an Associated
Press dispatch from Albany, out
June 15, which continued as fol- !
penalty
damages
not
lows:
No written opinion was given
by the court in upholding unani¬
.
.
1,742,900 tons of steel ingots and
castings, compared to
1,739,300
tons one week ago,. 1,762,600 tons
one month ago and 1,690,100 tons
one
year ago.
"Steer' of Cleveland, in
-
its
sum¬
of the iron and steel mar¬
kets, on June 19 stated in part
mary
as
follows:
north.
On June
"We must, await further devel¬
opments in the Italian theater be¬
fore it is possible to estimate the
magnitude or the quality of .the
gains, great and timely though
they are.
' «
"I have also to
announce
to the
House that during the night and
mons was
8
the House
of Com¬
warned by Mr. Church¬
ill to guard against over optimism
in the battle of Europe and against
"the idea that these things are go¬
ing,to be settled in a rush. Al¬
though great dangers lie behind,"
he declared, "enormous exertions
lie before us."
nationalities
into
This movement
this
was
country.
undoubtedly
mously
Appellate Division rul¬
an
Associate Judge Harlan W.
ing.
Rippey did not take part in the
decision.
The ruling may
for
service
der the Fair Labor
The
action
William J.
their
people
could
centuries-old
tolerance
and
hot forsake
tradition
of
humanitarianism.
by
penaltiesiun-
standards' Act
of 1938.
all attempts by the Fascists to stir
intolerance, the warm-hearted
dollars
employees .for
overtime wages and
York
Italian
million'
several
building
prompted by the fact that, despite
up
affect outstand¬
ing claims through New York City
night
City
was
begun in New
Municipal
Court
O'Neil, employed
watchman
from
Oct.
by
as a
24,
1938, to Aug. 30, 1940, in a build¬
ing
operated
Savings Bank.
by
the
Brooklyn
THE COMMERCIAL & FINANCIAL'CHRONICLE
2618
I Unchanged
Fairchild Retail Prices June
113.4.
163
computed bond
given in the following table:.
1, 1944 the Fairchild Retail Price Index has re¬
This is the fourth consecutive month that it has
March
Since
mained at
Moody's Bond Prices And Bond Yield Averages
Daily
Averages
responding month last year. As compared with May, 1933, the index
Shows a 63.4% increase. The comparison of the present index with
Jun
also indicates gains which while not as
period are neverthe¬
that of other base periods
marked
less
There is a 29% gain over the low of 1936,
of 1937, and a 27.6% rise over the low of
quite substantial.
17.4% gain over the high
1939-1940."
advices
The
there
Fairchild's
from
also state: "In previous months
changes in the individual commodity indexes that were
change in the composite index. This is
were
;
;
not sufficient to warrant a
time, however, that there was no change recorded, by any
major or minor group of items in the index. Furs had been ad¬
vancing constantly since April, 1943. In the past 13 months furs'
increased 7.1%. Although this gain is negligible by comparison with
the increases of other periods (117.2%
above May, 1933, 49.4%
1936, 22.3% above the high of 1937, and 61.6% above
period) it nevertheless shows the largest gain
recorded by any one item since the General Maximum Price Regula¬
tion was put into effect in March, 1942.
May
doubtedly been experienced as a result of the deterioration in qual¬
ity. It is difficult to indicate exactly the extent of deterioration or
hidden advances.
Producers and distributors are becoming much
more concerned over the fact
that consumers are becoming more
selective in their purchases.
While it is too
soon
for any consider¬
change in quality due to consumer demand to be perceptible,
there are indications in various specific industries of more concern.
able
This has been strengthened by the
invasion.
FAIRCHILD
THE
PUBLICATIONS
JAN.
RETAIL
PRICE
1933
Apr. 1,
1944
1944
1944
1944
Composite Index-..
69.4
113.0
113.4
113.4
113.4
113.4
Piece Goods.—.—
65.1
112.2
112.2
112.2
112.2
112.2
Men's Apparel—
Women's Apparel-
70.7
105.3
105.3
105.3
105.3
105.3
71.8
112.6
113.7
113.7
113.7
113.7
76.4
108.1
108.2
108.2
108.2
108.2
70.2
115.5
115.6
115.6
115,6
115.6
—c-
i
Infants' Wear
—_
-
•Home Furnishings————.
-
Woolens.
,
Cotton Wash Goods
Domestics
84.7
84.7
84.7
84.7
69.2
108.0
108.1
108.1
108.1
68.6
——.
Sheets—
Blankets & Comfortables
57.4
—.
143.8
143.8
143.8
126.8
126.8
126.8
126.8
135.0
134.9
134.9
134.9
134.9
59.2
91.1
90.4
90.4
90.0
90,0
75.5
140.5
140.5
140.5
140.5
140.5
Corsets & Brassieres—
Furs—
83.6
111,2
111.2
111.2
111.2
111.2
—
—
Underwear—,
Shoes
——
i
,
——
Underwear
*
-^.—
Shirts & Neckwear—
Hats & Caps
—
Clothing incl. Overalls
Shoes
—
—
—
66.8
137.9
144.5
145.0
145.1
145.1
69.2
102.7
102.9
102.9
102.9
102.9
76.5
92,4
92.4
92.4
92.4
92.4.
64.9
108.1
108.1
108.1
108.1
108.1
69.6
114.8
114.8
114.8
114.8
114.8
74.3
99.1
99.3
99.3
99.3
99.3
69.7
94.3
94.3
94.3
94.3
94.3
70.1
106.0
105.9
105.9
105.9
105.9
76.3
109.6
109.6
109.6
109.6
109.6
Infant's Wear
Socks
-
Underwear,
—r
Shoes——
:
——
V4.0
114.6
114.9
114.9
114.9
114.9
74.3
103.7
103.7
103.7
103.7
103.7
80.9
106.0
106.0
106.0
106.0
106.0
69.4
129.2
129.4
129.4
129.4
129.4
Floor Coverings
79.9
146.9
146.9
146.9
146.9
Radios——
50.6
66.8
66.8
66.8
66.8
—
Furniture——-
——
Uuggage
17
120.01
112.19
118.40
116.61
112.00
102.63
105.86
113.70
117.20
112.19
118.40
116.61
112.00
102.63
105.86
113.70
117.20
112.19
118.40
116.80
112.00
102.63
106.04
113.89
117.20
112.19
118.60
116.80
112.00
102.63
105.86
113.89
117.20
119.87
112.00
118.40
116.61
111.81
102.46
113,70
117.00
young or too- old, to play a part
12
119.88
112.00
118.40
116.61
111.81
102.46
105.86
113.70
117.20
10_
119.88
112.19
118.60
116.61
111.81
102.46
105,69
113.70
117.20
9
119.88
112.19
118.60
116,61
111.81
102.46
105.69
113.89
117.20
in a
nation-wide, p e r c h
world-wide, vigil of prayer
8_i
119.88
112.00
118.60
116.61
111.81
102.30
105.69
113.89
117.00
great crusade sets forth.
112.19
118.40
116.80
111.81
102.46
105.86
113.89
117.20
"If from every place of worship,
119.90
112.19
118.40
116.80
111.81
102.46
105.86
,113.70
117.20
119.92
112.19
118.40
116.80
111.81
102.63
.106.04
113.70
117.00
1143
120.02
112.19
118.40
116.61
111.81
102.63
105.86
117.00
from home and factory, from men
and women of all ages and many
119.99
112.19
118.60
116.80
111.81
102.46
105.86
113.89
117.00
races
119.75
112.19
118.40
116.80
111,81
102.46
105.86
113.70
117.00
cessions
117.00
26—1111
119.66
112.19
118.40
116.80
19—
119.59
112.00
118.60
116.80
12——,
119.48
112.00
118.60
116.80
102.13
105.86
113.89
116.80
101.64
105.52
113.89
116.80
113.70
116.41
•
104.83
24
116.41
119.86
111.62
118.20
116.61
111.44
119.81
111.44
118.20
116.61
111.44
119.68
111.44
118.20
116.41
111.25
100.81
104.66
113.70
116.22
119.86
111.44
118.20
116.61
111.44
100.81
113.89
116.41
120.14
111.44
118.20
116.61
111.25
100.65
104.66
104.66
113.70
116.41
113.89
116.22
both
111.44
118.20
116.41
111.25
100.81
104.48
113.70
116.41
111.25
118.20
116.61
111.25
100.49
104.31
113.70,
116.41
120.21
.111.25
il8.20
116.41
111.07
100.32
104,31
113.50
116.22
119.47
111.07
118.20
116.22
111.07
100.16
104.14
113.31
116.41
1944—;
120.44
112.19
118.80
116.80
112.19
102.63
106.04
113.89
117.40
1944——
119.34
110.70
118.20
116.22
110,88
99.04
103.30
113.12
116.02
120.87
111.44
119.41
117.00
111.81
99.36
103.47
114.27
117.40
116.85
107.44
116.80
113.89
108.88
92.35
97.16
111,81
114.46
Research
Reserve Bank of Philadelphia, ad¬
dressed on June 20, a joint meet¬
28
1943—:
1943
.
1 Year Ago
1943
19,
120.15'
110.52
118.60
116.02
111.07
97.94
102.30
113.50
116.41
118.34
106.39
116.22
112.93
107.44
91.19
95.47
110.88
113.99
1942
20,
(Based on Individual Closing Prices)
1944—
Daily
Averages
U.S.
Avge.
Govt.
Corpo¬
Bonds
Corporate by Groups*
Corporate by Ratings*
Aaa
rate*
Aa
P. U.
R. R.
Baa
A
Indus.
1.79
3.05
2.73
2.81
3.05
3.59
3.39
2.96
2.78
1.79
3.05
2.72
2.81
3.06
3.59
3.40
* 2.96
2.78
1.80
3.05
2.73
2.82
3.06
3.59
3.40
2.97
2,79
1.80
3.05
2.73
2.82
3.06
3.59
3.40
2.97
2.79
15—
1.80
3.05
2.73
'2.81
3.06
3.59
3.39
2.96
2.79
14
1.82
3.05
2.72
•2.81
3.06
3.59
3.40
2.96
1.82
3.06
2.73
2.82
3.07
3.60
3.40
2.97
1.82
3.06
2,73
2.82
3.07
3.60
3.40
2.97
1.82
3.05
2.72
2.82
3.07
3.60
3.41
2.97
2.82
3.07
-
19-
17
16
-
;
'
12
—_
10
-
3.05
1.82
8—
2.72
3.60
3.41
2.73
2.80
2.79
,
2.79
Dr.
2.79
2.96
search Continue After the War?"
and Mr. Everett R. Smith, Direc¬
tor of Research, McFadden Publi¬
2.82
3.07
3.61
3.41
2.96
3.07
3,60
3.40
2.96
2.79
cations,Inc., on the subject, "Marr
ket Changes and Some Trends to
1.82
3.05
2.73
2.81
Watch."
2.80
,
3.07
3,60
3.40
2.97
2.79
2.73
2.81
3.07
3.59
3.39
2.97
2.80
2.82
3.07
3.59
3.40
2.97
2.80
1.81
3.05
2.72
2.81
3.07
3.60
3.40
2.96
2.80
1.83
3.05
2.81
3.07
•
2.80
2.80
Bank
2.81
Group on the subject, "Research
Library—Cadaver or Catalyst." :
3.60
3.40
2.97
1.84
3.05
2.73
2.81
3.07
3.61
1.84
3.06
2.72
2.81
3.07
3.62
3.40
3.40
2.96
12—
1.85
3.06
2.72
2.81
3.07
3.65
3.42
2^96
2.81
1.85
3.07
2.73
2.82
3.08
3.66
3.42
2.97
1.86
3.07
2.73
2.82
3.08
3.66
3.43
2.97
1.83
3.08
2.73
2.83
3.08
3.67
3.44
2.97
2.83
1.82
3.08
2.74
2.82
3.09
3.68
3.44
2.97
2.83
2,96
,
2.83
.
the
breakfast Group meet¬
June 20, Miss Joan Hol¬
land, Librarian, Federal Reserve
19
2.73
At
ing
on
The
2.83
and
2.82
3.09
3.69
3.46
2.96
2.84
2.74
2.83
3.10
3.70
3.47
2.97
2.84
Problems.
24_
1.82
3.09
2.74
2.82
3.09
3.70
3.47
2.96
2.83
17—
1.80
3.09
2.74
2.82
3.10
3.71
3.47
2.97
2.83
a) Library Publicity
10
1.81
3.09
2.74
2.83
3.10
3.70
3.48
2.97
2.83
Speaker: Miss Katharine D.
1.80
3.10
2.74
2.82
3.10
3.72
3.49
2.97
2.83
1.81
3.10
v
2.74
2.83
3.11
3.73
3.49
2.98
2.84
1.87
3.11
t
2.74
2.84
3.11
3.74
3.50
2.99
2.83
Frankenstein,
Manager,
Library Research Depart7
<
Low
-
—
1944—_
1.87
3.13
2.74
2.84
3.12
3.81
3.55
3.00
2.85
1944——,
1.79
3.05
2.71
2.81
3.05
3.59
3.39
2.96
2.78
1943—
2.08
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
1943——
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
f4
k 2.72
2.85
3.11
3.88
3.61
2.98
2.82
3.31
4,33
3.12
2.96
1 Year Ago
1.84
1943-
19,
2 Years
June 20,
Aj^o
3
^ l*
' '
1
1.94
1942-
3.37
-
•
'
"
3.01
*
4,04
prices are feomputed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to show either the average
;evel or the average movement of actual price quotations.
'They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
coupon,
)f
yield averages, the'latter being the true picture of
(n
the issue of
tThe latest
Librarian,
•' ? over
Central Industrial—
West Central—
——
Southern States
Rocky Mountain
Pacific Coast
■
Total United States
-
•Decrease under similar week in
*1,9
*0.2
4.8
5.7
4.4
7.2
3.9
6.3
5.7
8.2
Week Ended—
4
March
—.
11
March
18
March
25
April
1
8.7
10.4
9.4
*3.6
*11.2
*8.2
16.5
15.7
16.0
14.5
4.6
5.5
5.6
7.6
1943.
April
8
1944
1943
3,946,630
3,944,679
3.946,836
3,928,170
4,409,159
—
4,408,703
4.361,094
April 15
4,307,498
April 22
4,344,188
April 29
May
6
May 13
4,336,247
—
—
,
May 20
5.1
6.3
4,464,686
4,425,630
4,400,246
2.7
*8.5
DATA FOR RECENT WEEKS
March
May 27
*1.2
Statistics
3.889,858
3,882,467
3,916,794
3,925,175
3,866,721
(Thousands of
% Change
over 1943
+ 13.1
complete list of bonds used in computing these indexes was published
14, 1943, page 202.
'19*32 '
1929
+ 11.5
1,687,229
3,357,032
1,514,553
+12.2
3,345,502
1,480,208
1,679,589
+ 13.3
1,465,076
1,480,738
1,469,810
1,633,291
+10.0
3,348,608
3,320,858
3,307,700
+10.7
3,273,190
1,699,822
+ 12.1
3,304,602
1,454,505
1,429,032
1,683,262
1,688,434
3,903,723
+
8.5
3,365,208
1,436,928
4,238,375
1,698,942
3,969,161
3,992,250
+
6.8
3,356,921
1,435,731
1,704,426
+
6.3
3,379,985
4,291,750
+
7,6
3,322,651
1,425,151
1,381,452
1,705,460
3,990,040
4,144,490
3,925,893
+
5.6
3,372,374
June 10
1,435,471
4,264,600
1,689,925
4,040,376
+
5.5
3,463,528
June 17
1,441,532
1,699,227
4,287,251
3,433,711
1,440,541
1,702,501
3,457,024
1,456,961
1,723,428
May 27
June
3
—
June 24
4,098,401
4,120,038
+
4.6
"Four years ago our
nation and
people,
(j
on
(referred to in
June 6, called upon his
resolute,
dedicated,
burned like a bright flame, lit
surely from those unseen fires
which nothing can quench.
"Once
more
the
1,615,085
has
to
School of Business Admin¬
istration,
Boston,
Massa¬
chusetts.
King's message, broadcasts
1,696,543
1,537,747.
4,233,756
4,245,678
The
throughout the British Empire as
recorded by the National Broad¬
1,709,331
1,702,570
ture
Speaker: Miss Margaret Stir¬
ling,
Head,
Cataloguing
Department,
Baker
Li¬
brary, Harvard Graduate
!
issue.
empire stood alone against an
overwhelming enemy with our
backs to the wall, tested as never
before in our history, and we sur¬
vived that test.
The spirit of the
K
fication of Business Litera¬
subjects to offer up "earnest, continuous and widespread prayer"
throughout "the present crisis of the liberation of. Europe."
The
President's invasion prayer was given on page 2387 of our June 8
'
1942
VI
and
/
•
d) Flexibility of the Baker Classi¬
action of President Roosevelt,
The Associated Press said in part:
1,538,452'
* 12.3
line with the
casting Company and reported by
Kilowatt-Hours)
3,392,121
3,357,444
+ 12.2
In
Han7
Speaker: Miss Corrie Cloyes,
Economic Editor, Publica¬
tions Unit, Bureau of For¬
eign and Domestic Com¬
merce, Washington, D. C.
Jan.
these columns last week) King George
Central
New York.-
pany,
kwh. in
JuneS
'
Bank & Trust Com¬
c) Government Publications
the bond market.
King George Asks People To Offer
Continuous Prayer in Crisis Of Liberation
Library
New York.
'
♦These
\33A%
Special
b) Personnel In-Service Training
Speaker: Miss Ruth Miller,
•
I
2.84
on
The speakers were:
ment,
Batten,
Barton,
Durstine & Obsorn, Inc.,
"
2.0
morning the Financial
Groups held a
same
Advertising
2.74
June
June 10
the
3.09
High
2.7
Chicago, addressed
3.09
110,6
*1,2
of
1.83
110.6
June 17
program were Dr.
Hovde, Consultant,
Bureau of Foreign and Domestic
Commerce, Washington, on the
subject, "Will the Boom in Re¬
1.83
110.6
,
same
T.
6——————
High
Geographical Divisions-
the
ers on
Howard
Mar. 31——
Low
Malor
Special
phia in annual conference on the
subject, "What a User Expects of
a Special Library."
Other speak¬
symposium
94.9
Middle Atlantic—
the
2.81
2.73'
—
of
2.72
3.05
1——
Groups
2.73
3.05
-
tising
3.06
1.82
21
93.5
New England
Bopp, Director of
Statistics, Federal
3:05
1.81
Apr. 28_
94.9
PERCENTAGE INCREASE OVER PREVIOUS YEAR '
R.
and
1.82
5IIIIII
May 26——
93.5
the corresponding week a year ago, an increase of
4.6%.
output for the week ended June 10, 1944, was 5.5% in excess
of the similar period of 1943.
Karl
1.82
32
Hear Bank Economist
Libraries Association at Philadel¬
MOODY'S BOND YIELD AVERAGES
20
Financial Librarians
ing of the Financial and Adver¬
2 Years Ago
28_.
The
not
120.26
/an.
Institute, in its current weekly report,, esti¬
mated that the production of electricity
by < the electric light and
power industry of the United States for the week ended June 17, 1944.
was
approximately 4,287,251,000 kwh., compared with 4,098.401,000
future
predictions of an
ancient song may be fulfilled:
»
"The Lord will give strength
unto his people, the Lord will
give his people the blessing of
peace/' (Psalm 29, Verse 11.)
;
120.44
66.8
The Edison Electric
in the
and
the
remote,
3
146.9
Electric Output For Week Ended June 17,1944
Shows 4.6% Gain Over Same Week Last Year
occupations, our internrise, then, please God;
now
10
/an.
■
and
25
Feb.
25_
of subgroups.
111.81
111.81
100.98
6
Mar. 31—
'eb.
arith-
113.89
116.41
94.9
are
105,86.
116.41
93.5
indexes
102.30
111.81
113.70
94.9
Major group
113.70
105.17
♦
the
119.90
101.14
■
as
7_
113.70
Jun
a n c 6
5——
113.70
June
"At this historic moment surely
one
of us is too busy, too
not
6——
105.17
93.5
weighted aggregate,
105.86
105.34
June
•
#
119.95
120.01
—
105.52
High
'at
*'
119.87
—
101.47
Low
forth to
free.
14
101.31
110.6
averages
117.40
101.47
94.7
a
117.40
113.89
111.62
93.5
Note—Composite index is
113.89
105.86
111.62
110.6
metic
106.04
102.63
111.62
60.1
—
102.63
112.00
116.41
Electrical Household Appliances—72.5
China
81.5
—
112.19
116.80
116.61
Men's Apparel
Hosiery
116.80
118,60
9_
126.8
72.9
Aprons & House Dresses
-
118.40
.112.19
116.61
Women's Apparel
Hosiery.-
112.19
120.10
118.40
108.1
65.0
diers and airmen who go
set the captives
120.05
19
118.40
High
prayer; thereby we can fortify the
determination of our sailors, solr
Indus.
118.40
1
most
P.U.
111.62
143.8
143.8
R.R.
111.81
84.7
.
Baa
111.81
Piece Goods
Silks
A
119.75
1, June 1,
Mav
Mar. 1,
1943
Aa
119.48
INDEX
June 1,
174
Corporate by Groups
Corporate by Ratings"
Aaa
119.35
3, 1931=100
May 1,
rate*
5
Copyright 1944 Fairchild News Service
.
Corpo-
21
Low
"A continuation of restricted fluctuations in retail prices is ex¬
pected, according to A. W. Zelomek, economist under whose super¬
vision this index is compiled."
Govt.
Bonds
earnest,
effectively enter into the
suffering of subjugated Europe by
Apr. 28
above the low of
"While the index remains unchanged, invisible gains have un¬
Avge.
up
continuous and widespread, pray¬
er.
We who remain in this; land
can
20
;
the first
the low of the pre-war
U.'S.
crisis of .the, liberation of Europe,
-there-'may -be 'Offered
.
-
(Based on Average Yields)
15-
that of the increase above the 1933
as
are
MOODY'S BOND PRICESf
1944—
said the announcement on June 15, which further
stated that "the current index is 0.4% above the index for the cor¬
been at this level,
bond yield, averages
prices. and
Moody's
For The Fourth Consecutive Month
Thursday, June 22, 1944
be
faced.
supreme
test
This time the
victory for the good cause,. Orice
again what is demanded from.us
all is something more than cour¬
age;.more than -endurance.
We
need a revival of spirit, a new un¬
conquerable resolve. After nearly
toil and suffering we
that crusading im¬
five years of
must renew
pulse
war
win the final
which we entered the
and met its darkest hour,
#
"That
we
matched
of
call my
*
may
with the
destiny,
*
*
be
new
Tuesday, June
worthily
summons
people to prayer and dedi¬
"I
%
hope throughout the present
249.4
249.t
250.6
Friday,
250.0
June
Saturday,
16
June
Tuesday, June
17_;
250:0
250.0
-
20_
1
Two weeks ago, June 6—
Month
Year
1943
ago,
ago,
1944
May 20,
June 19
High, April 1
Low,
>it
'
Thursday, June 15-
Monday, June 19
I desire solemnly to
at
13, 1944—,
Wednesday, June 14
cation.
challenge is not to fight to sur¬
vive but to fight to
on
Moody's Daily
Commodity Index
Ja,n.
2
u
—
250.0
251.0
250.i
243.7
249.3
240.2
High, March 17
251.5
Low,
247.0
Jan.
5
-
Volume
THE COMMERCIAL
Number 4292
159
SEC Finds
the
to
industry
"American
that
effect
as
whole
a
is
financially prepared to reconvert to peacetime production and also
to
undertake considerable expansion without recourse to outside
2619
Promote Officials Of
Living Costs In Large Cities Up 0,6% From
March I5-April 15, Labor Dept, Reports
Industry Prepared To Reconvert To
Peace Production Independent Of Outside Funds
Advices
& FINANCIAL CHRONICLE
Atlanta Reserve Bank
"Prices of Living essentials went up 0.6% from March to April,"
Secretary of Labor Frances Perkins reported on May 22. She stated
that "Half of this rise was due to the higher excise taxes effective
conveyed in an analysis of the current assets April 1. Higher prices for food and furniture were the other principal
and liabilities of corporations in the United States made by the Se¬
reasons for
the advance.
Living costs in April were 23.5% above
curities and Exchange Commission.
The Commission reported on January, 1941 and 26.3% higher than in
August, 1939." Miss Perkins
June 9 that "at the end of 1943, American corporations were in as
also added:
favorable a financial position as they had ever been in their history.
"Retail food prices advanced 0.4% during the month. Food prices
Their net working capital,1 which was at an unprecedented level,
are still 4.3% lower than a year ago
and 5.9% below the peak last
was in extremely liquid form with cash accounting for a very sub¬
May.
stantial proportion of the total." The Commission also said:
"The rise in food costs during the month was due chiefly to
"It is estimated that the increase in working capital during the
higher prices for fresh produce. The greatest increase was reported
four-year period from the end of 1939 to the end of 1943 amounted for
onions—averaging about 21%, and in two cities more than 80%.
to $17,000,000,000, a rise of nearly 70%. Of this increase $9,500,000,New crop onions in retail stores on April 15 which had been shipped
<000 took place in the two years since our entry into the war. In addi¬
from farms before April 1 were not subject to price ceilings. Ceilings
tion, during these four years, almost entirely since the end of 1941, were effective for new
crop onions shipped after April 1.
Prices of
'corporations paid off close to $1,000,000,000 of long-term debt and
apples, oranges, cabbage, lettuce and sweet potatoes rose seasonally,
accumulated a post-war credit of over $1,000,000,000 in refundable
ranging from 3% for sweet potatoes to 10% for cabbage. Green beans
taxes. Further substantial refunds may accrue to corporations in the
were up contra-seasonally by more than 8%
after declining sharply
•reconversion period as a result of the carry-back provisions of the
earlier in the year. Carrots dropped 16%.
present income and excess profits tax laws.2
"Small declines in meat prices occurred during the month, with
The advices from the Commission further state:
the gradual improvement in supply which later resulted in the relax¬
"The net working capital of United States corporations from
ation of meat rationing. Supplies of fresh fish were larger and prices
'1939 to 1943 is given in the following table:
'
of
sources
funds,"
are
dropped over 5%. Egg prices continued to decline seasonally.
"After an increase of 1.6% in the first quarter of the year, cloth¬
(Billions of dollars)
!
1939
1940
1941
1942
24.6
27.5
32.1
36.5
"The
increase in working capital during this period is attrib¬
dividend
also reflects to some extent depreciation and de-
It
'pletioh charges 3 in excess of expenditures on plant and equipment.
"The most striking changes in current assets and liabilities from
the end
of
the
1939 to
of
end
1943
the increase
were
in cash
from
$10,900,000,000 to $22,600,000,000, the increase in United States Gov'ernment securities from $2,200,000,000 to $16,000,000,000, and the in¬
crease in Federal income tax liabilities from $1,200,000,000 to $15,900,000,000. The major part of these increases occurred after the end
of 1941. The increase in U. S. Government securities, almost entirely
■short-term, approximately offset the increase in Federal income tax
liabilities. Most of the increase in cash, on the other hand, represents
'a
net
growth in liquidity.
"Up to the end of 1941, the increase in working capital took the
•form of inventories, reflecting a rise in the level of business. At the
end of 1941, net working capital of $32,100,000,000 was comprised
mostly of inventories amounting to $25,600,000,000, leaving other net
liquid assets of only $6,500,000,000. Since our entry into the war,
however, these net liquid assets exclusive of inventories have in¬
creased to $14,700,000,000 while inventories have
remained rela¬
tively constant.
composition
which
There has of
of inventories
been
course
since
a
with
1941
drastic
rose
of the disappearance
41.6
utable for the most part to retained profits after taxes and
disbursements.
only one-tenth of 1% in April, principally as a result
of lower price lines. The largest increases were
for women's inexpensive rayon dresses, percale house dresses, and
ing costs
1943
:
change in the
inventories,
munitions
comparatively small in that year, amounting to close to
$10,000,000,000 at the end of 1943. About $7,000,000,000 of such muniinventories are not readily convertible to civilian production
and, therefore, 4m view of war contract termination provisions, might
were
girdles, men's and women's felt hats, and business shirts/with scat¬
tered increases for shoes and men's work clothing.
During
for example, prices of women's percale house dresses
the average 23%, men's woven shorts 18%, women's
cotton
nightgowns 16%, and women's spring coats 14%. In particular
stores prices have advanced by much more than this, with unusual
increases of 100% or more for some kinds of clothing.
"House
furnishings
in
a
29% higher than at the end of 1942 and early in
1943 when springavailable. Price increases have
by OPA because of higher production costs. In some
allowed
cases,
more
"Costs
changed
expensive coverings were used.
of
over
fuel, electricity and ice on the average remained un¬
the month. Sharp reductions in electricity rates oc¬
cities—10.4% in Savannah and 5.3% in Seattle. Effects
be
considered
more
in
the
nature
of receivables
from
the
As Would be expected, manufacturing companies showed the
largest increase in working capital over this period, amounting to
COST
Railroads accounted for another $1,200,000,000, util¬
ities for $300,000,000, and trade for $3,500,000,000.
Percentagewise,
railroads showed by far the largest increase over the period, amount¬
ing to 300%. The other major industrial groups had increases in
working capital of 50% to 70%.
Generally the increases during the
into the war were greater than in the two
Virtually all corporations for which, data were
available had increases in working capital over this period and
gen¬
erally will be able to finance internally a high level of post-war
production. There are, of course, individual companies which are not
in as favorable a position.
two years after our entry
preceding
years.
"The
attached
table
shows
working capital of all
corpora¬
tions in
the United States on which the above discussion is based.
"Similar data will be released quarterly in the future. Tables
showing
more detailed data on current assets and liabilities for
various indus¬
trial and size groups of corporations
registered with the Securities
and
Exchange Commission
"CURRENT
ASSETS
be obtained
may
AND
LIABILITIES
1939:
U.
S.
(Billions
•Cash
request.
Government
dollars)
1942
1943
banks,10.9
13.1
13.9
17.5
22.6
securities—2.2
1.9
3.9
10.2
16 0
Other
accounts
and
notes
Inventories
Government.
_
—
—
fOther current assets
.1
.5
2.8
3 6
22.1
23.9
27.5
24.3
23.7
18.0
19.8
25.6
27.3
26.9
1.4
1.5
1.4
1.3
1.3
60.3
72.8
83.4
94.1
.3
.4
1.4
1.6
21.9
22,6
25.6
24.7
25.5
1.2
2.5
7.1
12.1
15.9
6.9
7.4
7.6
8.7
9^5
30.0
32.8
40.7
46.9
52 5
24.6
27.5
32.1
36.5
41.6
__
receivable
„l„
'
Total
assets—
current
54.6
—
Current Liabilities:—
Advances
'Other
and
prepayments, U. S. Government-
and
notes
Federal
income
lOther
current
Total
.Net
•1941
U.
__
accounts
payable
liabilities—:
tax
liabilities
—_
—
liabilities-——
current
working
"All
-
capital
——
S.
corporations excluding banks and insurance companies.
Data for 1939arc
based primarily on statistics of income.
Data for 1942-1943 are estimates,
flncludes marketable securities other than U. 3. Government.
fFor 1942 and 1943 includes provisions for renegotiation not reflected in Federal
Income
Current
tax
liabilities.
Tax Payment
In
1943
Act of
also
includes
1943,,
„
taxes
withheld
from
employees
under
the
(bo
.
The above estimates are based on data compiled from many dif¬
sources, including data on corporations registered with the
,•
ferent
Commission.
are
Because
of the
nature
of
the
figures, these estimates
1941:
1942:
.may
assets
less
all
current
liabilities
including provisions
2—Though much less important, the unamortized
also provide a basis for refunds,
portion
4—S7.0
value
billion
would
nishings
laneous
100.6
100.4
100.8
100.1
101.9
109.9
104.9
122.2
110.9
108.0
Rent
Aug.
100.3
104.3
97.5
Jan.
15
100.8
97.8
100.7
105.0
May
15—.—
116.0
121.6
126.2
Sep.
15
117.8
126.6
125,8
1943:
Apr,
15
1944:
Mar.
15
Apr.
—
____
15_—
,
106.2
123.6
111.4
124.1
140.6
127.9
108.0
107.5
124.8
114.9
134.1
136.7
108.1
109.9
129.0
119.1
124.5
134.6
136.9
t
109.9
133.0
120.7
PERCENT
OF
represents the book
value
of
probably be somewhat higher.
such
of
for renegotiation.
emergency
with
All
Bank
Institute
American
the
of
Bank¬
and the Graduate School of
Banking at Rutgers University.
ing
Promoted from Counsel to Gen¬
eral
Counsel, Pollard Turman, a
graduate of
Emory University,
engaged in the practice of
law in the city of Atlanta before
was
coming to the bank.
Henry Frazer, formerly General
Assistant, has been made Assistant
Manager
of
branch.
He
came
1923
and
in
Y.
Chapman,
since
Bank
bank
years
with the At¬
1935, has been
General
formerly
the
of
He
branch.
Orleans
New
the
many
Cashier
Assistant
made
with
for
of the Havana agency.
manager
L.
Birmingham
the
was
was
Assistant.
He
educated at Tulane University
was
and is
a
graduate of the American
Banking,
Institute of
Pennsylvania Reaffirms
Policy Against
Branch
At
Banking
hearing held
a
Pa.,
Harrisburg,
+
3.1
+
+
6.6
+
5.0
+
7.6
+
8.3
4.8
+
8.8
+
8.8
Association
+
7.3
+ 10.7
8.5
—
1.6
15,
1942
to Apr. 15,
1944
1941 to April 15,
1944
+ 23.5
+ 37.6
+35.9
+
3.0
1944
+ 26.3
+ 44.0
+36.5
+
3.6
based
on
changes
in
the
cost
+
ings
laneous
1.3
9.0
+ 32.9
+ 18.4
12.7
+ 32.2
+
20.2
at quarterly dates:
fChanges through: March 15,
March
15, June
Pittsburgh,
tion
of
goods
purchased
by
wage
lower-§alaried workers in large cities.
tRents surveyed
had been aroused in banking
3.5
—
15,
15,
great deal of interest in the
2.2
t
May
are
case
House
furnish- Miscel-
and ice
Clothing tRent
Jan.
to Apr.
delphia banks.
0.1
+
indexes
15,
1944.
throughout
lars, are:
state,
decisively
has
eloquently
reaffirmed Penn¬
opposition
branch
to
banking.
quota," Mr. Gamble
the Treasury would
somebody's
"and
said,
to
like
have
all
E
Bond
buyers
just how their purchases are
credited against State and County
know
Alabama, 102; Arizona, 32; Ar-&
kansas, 56; California—northern, Virginia, 81; Wisconsin, 298, and
453; southern, 512; Colorado, 84; Wyoming, 17.
Alaska's
quota
is
Connecticut, 442; Delaware, 54;
$3,000,000;
District of Columbia, 107; Florida, Hawaii's, $22,000,000, and Puerto
137; Georgia, 144; Idaho, 28; Illi¬ Rico's, $7,000,000. The coming War
nois,
1,107; Indiana, 281; Iowa, Loan Drive is the first in which
202; Kansas, 124; Kentucky, 118; Puerto Rico has had a quota as¬
Louisiana, 126; Maine, 64; Mary¬ signed to it. i
land,
228;
Massachusetts,
828;
It was further announced;
Michigan,
526;
Minnesota,
246;
In
order
to
insure
adequate
Mississippi,
56;
Missouri,
315;
time for local issuing agents to
Montana, 41; Nebraska, 106; Ne¬
execute the millions of series E
vada,
15;
New Hampshire,
39; bond orders
placed with them,
New Jersey, 635; New Mexico, 21;
and for series E sales proceeds to
New York, 4,801; North Carolina,
reach
the
Treasury, Fifth War
148; North Dakota; 39; Ohio, 797;
Loan
108;
Oregon,
125;
Pennsylvania, 1,082; Rhode Island,
37;
the
by
as¬
of individual bank
decision
This
sylvania's
Alaska, Hawaii and Puerto Rico have reported final plans for raising
the national quota of $16,000,000,000 during the Fifth War Loan,
which opened Monday, June 12, Ted R. Gamble, National Director of
War Finance announced on June 8. State quotas, in millions of dol¬
action
boards.
and
Columbia,
in
stand against
Similar
been taken
of the group and county
and by scores
Fifth War Loan Bond Campaign—War Finance
its
banking.
previously
most
.
convention
a
May 25, by resolu¬
reaffirmed
branch
had
Sept. 15( Dec. 15,
at
on
sociations
kato,
sup¬
0.1
5.7
1939
was
+
0.3
+
and
area
+
+
1944
15,
Darby
Upper
8.8
1944
15,
''These
Banking Board found that
The
the
0.1
0.6
15,
Aug.
the matter also said:
7.0
+
to Apr.
to Apr.
+.
An announcement in
6.3
1944
1943
1942
-
Darby Township,
Upper
0.4
15,
15,
15,
15,
in
denied.
4.3
1944 to Apr.
Apr.
Sep.
Tennessee,
133;
Texas,
,
inventories; the actual termina¬
the
he has devoted himself
chiefly to the credit work of the
institution.
He is a graduate of
circles, throughout the State of
Pennsylvania because of the his¬
toric position against branch bank¬
ing.
The Pennsylvania Banker's
Food
items
Date—
464; Utah, 46; Vermont, 30;
Vir¬
ginia, 157; Washington, 228; West
will
count
sales of
series
E.
series
C
Savings
Notes
from
through July 31. Subscrip¬
June 1
tion
and
from
since 1918,
A
electr.
facilities
property retirements
3,
plied with adequate banking fa¬
cilities, and that no need existed
for additional branches of Phila¬
CHANGE
Fuel,
Mar.
Miscel¬
123.8
90; South Carolina, 58; South Da-
3—Taking into account adjustments in connection
"capital outlay charged to current expense.
tion
fur¬
and ice
Clothing
93.5
Oklahoma,
1—Current
With
Vice-President.
were
House-
electricity
Food
98.6
reports
subject- to revision.
June
V. K. Bowman, former Assistant
Vice-President, has been made
fices
Fuel
War Finance Chairmen in the 48 states, the District of
1941
U. S.
CITIES
LARGE
-
Director Announces State Quotas
1940
Receivables from
.J
All items
CORPORATIONS
1939
hand and in
on
S.
of
Assets—
IN
1935-39=100*
•
15
1939-1943
,
Current
U.
OP
on
LIVING
"
■
earners
the
OF
Indexes,
"
group.
$10,700,000,000.
of
also quote;
we
of higher mine prices allowed by OPA were felt
cities for the first time in April.
Date—
"Although practically all industry groups shared in the rise qf
working capital, there was considerable variation from group to
which
retail coal prices
Govern¬
inventories.*
as
from
learned
is
"Constitution"
on June 6, in
before the Sec¬
retary of Banking and the full
in some
membership of the Pennsylvania
"Miscellaneous goods and services rose 1.3%, chiefly because of
Banking Board, the petitions of
the higher excise taxes on motion picture admissions, railroad trans¬ the Philadelphia Saving Fund So¬
portation and cosmetics, and higher postal rates. Only a few other ciety and the Western Saving
Fund Society, to open branch of¬
changes were reported."
curred in two
on
■tions
ment than
it
promo¬
of the bank,
the
Atlanta
officials
room
filled furniture of this type was last
been
tion of four
during the month, as
3.1%
costs advanced
suites with steel springs became available
number of cities. Prices for suites of lower-medium quality were
upholstered living
President of
Bank of At¬
lanta, has announced the
lanta
"Clothing costs averaged 7% higher than in April, 1943.
the past year,
have risen on
W. S. McLarin, Jr.,
the Federal Reserve
F
books
and
for
G.
other
Bonds
War
&nd
Loan
issues will be open from June
12
through July 8.
"Every bond sale counts towards
quotas.
"Sales to the millions who buy
bonds
the payroll savings plan
on
generally are credited according
to
the
employees' residence or
of work.
Series E Bonds
bought at banks, building and
offices, re¬
place
loan associations, post
tail
and theaters
stores
are
cred¬
ited to the county and State where
purchased.
Many radio stations
detailed geographic tab¬
ulations of sales resulting from
special bond broadcasts.
prepare
"Direct
and
credited
on
sales
Federal
by
the
Reserve
Treasury
Banks
are
to
registration addresses
the bonds.
Purchases by men
and
women
in
the
armed
forces
the War and Navy pay reser¬
vation plan are spread throughout
on
the
country
according
tration addresses
on
to
regis¬
the bonds."
THE COMMERCIAL & FINANCIAL CHRONICLE
2620
Thursday, June 22, 1944
the middle of
31, there were 1,065 bond issues,
As of the close of business May
aggregating $93,271,754,989 par value listed on the New York Stock
Exchange with a total market value of $93,849,254,814. This compares
with
total
aggregating $95,013,084,742 par value;
$95,305,318,075; average price 100.31, on April 29.
bond issues,
1,074
market value
The
and industrial groups
-April 29, 1944-
-May 31, 1944-
Average
Average
State,
U.
(lncl.
Government
S.
103.31
76,925,561,425
——
78,511,722,966
103.22
Automobile
Building
equipment-
and office
Business
Chemical
Electrical
—
......
Land and
realty
and metals
Mining (excluding iron)
Paper and publishing
—
10,951,140
35,261,577
92,403,666
33,674,486
—
630,818,625
——
;
Petroleum
7,809,000
102.75
merchandising
Rubber
13,313,500
101.63
106.50
15,937,500
106.25
103.42
47,205,750
102.84
101.38
48,604,865
103.05
264,936,923
106.23
—
Textiles
—
.
•
12,048,270
91.56
36,221,831
102.23
70.56
91,965,493
70.40
103.68
33,592,142
103.43
Farm products
104.13
628,983,958
7,942,239,451
13,035,983
103.82
104.19
Commodity Groups—
All commodities—
,
Communications
utilities
Miscellaneous
U.
companies
S.
U.
S.
Foreign government
Foreign companies
All listed
+0.9
Foods
105.4
105.2
104.9
104.6
110.9
+0.2
81.77
Hides and leather products
117.7
117.7
117.7
117.6
118.4
0
94.48
Textile products-
97.3
97.3
97,3
97.3
96.9
0
0
+
Fuel and
83.7
83.7
83.9
83.7
81.4
O
0+2.8
*103.8 *103.8
*103.8
103.9
0
0
115.6
115.0
110.4
+0.1
105.4
105.4
100.2
0
172,938,845
Housefurnishing goods
———106.0
106.0
106.0
106.0
93.3
93.3
93.3
91.7
0
0
+
1.7
3,172,989,517
108.76
3,214,915,688
108.62
*114.4*113.8*113.6*112.8
114.8
+0.5
+1.4
—
0.3
60,899,841
108.91
60,093,250
107.36
93.5
92.9
+0.1
+0.2
+
0.9
*101.1 *101.1 *101.0
100.7
—0.1
0
+
0.3
Metals and metal products
*103.8
1,175,375,890
112.46
1,168,707,388
111.27
101,098,158
69.97
102.047,996
70.63
85.25
145,440,067
81.93
31,350,550
106.17
31,149,780
105.49
14,793,435,799
92.55
14,680,029,085
91.07
1,373,532,064
68.50
756,725,526
91.81
1,362,668,879
760,897,145
67.86
91.03
93,849,254,814
100.62
95,305,318,075
100.31
gives
us,
a
Semimanufactured articles—
Manufactured products
All
commodities
other
farm products-.
All
61,277,620.583
95.76
Aug.
62,720,371,752
99.35
31—
96.08
Sept. 30—
80,149,558,292
99.37
62,765,776,218
96.18
Oct.
30—
90,501,768,934
99.45
64,843.877,284
96.48
Nov.
30—
90,076,888,558
99.02
Nov.
30-
64,543,971,299
96.11
Dec.
31
90,274,071,634
99.38
Dec.
31—
70,583,644,622
96.70
Jan.
31—
90,544,387,232
99.78
71,038,674,932
97.47
Feb.
29—
96,837,573,171
100.21
Feb.
27_
71,346,452,852
97.79
Mar. 31—
95,713,288,544
100.32
Mar.
31-
71,575,183,604
98.24
Apr.
29_L
95,305,318,075
100.31
Apr.
30-
71.857.596.488
98.69
May
31—
93,849,254,814
100.62
81,048,543,830
99.47
Other
farm
Year
1939-
Year
1940—
Year
1941-
Year
1942
,
Export
OF
THE
—
or
Period
Blister
836,074
818,289
814,407
134,152
159,485
+ 17,785
1,033,710
1,001,886
48,537
142,772
—41,417
1,065,667
1,545,541
307
75,564
-
1,152,344
1,135,708
1,635,236
65,309
1,206,871
1,643,677
52,121
i—
5 Mos. 1944_
479,283
472,887
703,985
37,074
105,589
129,631
55,097
100,077
147,135
1943—
100,456
97,413
98,867
98,333
141,111
53,726
J'45,844
1943—
102,589
97,274
129,212
1943—
99,340
102,136
138,881
52,027
1943-
98,568
104,644
115,850
52,121-
July,
Aug,,
Sep.,
Oct.,
Nov.,
Dec.,
1943—
1943—
of
crude
—
47,148
Jan.,
1944.
95,424
92,781
101,779
Feb.,
Mar.
1944.
95,713
87,128
124,532
1944_
101,289
99,118
156,083
Apr.,
1944.
92,779
95,280
155,877
38,382
May,
1944.
94,078
98,580
165,714
37,074
"Mine
or
smelter
production
(■Beginning
March,
domestic consumption,
tAt
refineries,
consumers'
stocks
on
at
1941,
or
plants
—
.
36,489
37,259
'
and
COPPER
+)
Refined
130,270
•
16,713
67,208
renewed
on
in
exchange
warehouses,
of
Labor
Statistics'
index
1,371
+
534
7,882
+
5,315
1,304
—
2,796
4,879
—
6,076
94
+
2,643
6.321
+
8,585
9,311
+
2,171
770
—
2,501
1,123
—
4,502
1,308
but
not
including
0.9%
jrm?uo
At 125.0% of the 1926 average,
more
than 2%
3
Prices for farm products
ftn^prganas a result of higher quotations .for
the index for farm products is slightly
higher than at the
same
time last month,
although it
is 2% lower than in mid-June of last year.
"Led
increase of 1.9% in prices for fruits and
vegetables,
average prices for foods at the primary market level rose 0.2%. Quo¬
tations
at
by
were
l!
foodso.l
materials.-!
0.8
Cereal
0.4
Dairy products
products
0.2
u
on
lower for fresh milk in the Chicago
market, for bread
Cincinnati, for flour, and for fresh pork and dressed poultry. Since
to
Domestic
—
Foreign
♦Lead
—
in
to say
for
From
appears
the
July
July
silver
lower.
allocations
has
scrap
——
sumers
yet
reached the trade, but it is known
that some fabricators plan to re¬
American
tistics
.
strike
of mine
v
in
workers
smaller properties
situated in out¬
districts continued produc¬
lying
ing. The feeling persists here that
the strike will
be
of short
dura¬
tion, and the lag in production is
not
expected
market
for
to
lead
influence
one
way
or
the
the
Receipts
scrap
as
of
lead
in
ore
and
by smelters in this country,
reported by the American Bu¬
reau
of Metal
Statistics, in tons:
Sta¬
Metal
11,662,000
April
last
<
in
ounces,
7,574,000
year
against 1,988,—
ounces,
in April last year.
ounces
March
April
38,894
35,951
2,999
3,174
z
41,893
39,125
3,854
3,793
45,747
•42,918
Columbia Announces
Business Mgt. Course
1
ore,
Expansion
of
the
graduate
bourse in business to afford
more
thorough preparation for the
man¬
agement of business and economic
re¬
affairs
July
bia
zinc
by
announced
was
by
Dean
School
Busi¬
of
Timed to benefit returning vet¬
and war workers, according
far has been
to
factor
It. is
erans
Dean, Calkins,
production
a drop in
resulting from man¬
shortages. Competition in
disposing of intermediate grades
the new twowill begin in 1945,
designed especially for the
graduate of the liberal arts or
power
technical school, and will lead to
has
Administration.
may
been
At
year
be offset by
a
increasing.
is
der
be¬
special
a
tween
the
arrangement
American
and
British
governments, those attending
meeting were informed*.'
the
the
ronment
will
be
chosen
a
field
direction
under, the
member of the faculty.
by the faculty of the educational
requirements
for
business
economic
and
the
conduct
affairs
explained.
"Our
ness
the future
[ well
in
meeting busi¬
problems of
economic-
depends greatly
day for those problems.
We
fectively than heretofore.
-
"The
follows:
June
July
52.000
52.000
52.000
,9
52.000
52,000
52.000
Aug.
52.000
52.000
52.000
the
52.000
52.000
technical
June
.14
52.000
52.000
52.000
tin,
held
at
to
our
needed
more
ef¬
educational
develop
the
stu¬
rapidly and to exercise
highest possible
degree of
52.000
52.000
52.000
or
99%
pound.
is
given
sibility
13
Chinese,
be
dents' capacity to assume
respon¬
Juhe
51.125c per
educations is
can
object of
program
June id—;
June' l2_j.
52.000
are
convinced that more thorough and
tin
as
how
on
educate the youth of to¬
we
purposeful
was
in
.
,
success
and
and that it
8
of
the post-war years," Dean Calkins
The
June
in the
required
mains
pound,
envi¬
economic
"The; program has been develoned after two. years of study
1
price situation in tin re¬
unchanged,. Straits quality
for shipments, in cents per
Man¬
techniques,
and
of
offset higher
costs by improvements in recov¬
ery. Patino Mines recently shipped
fairly large tonnages of tin con¬
un¬
in'
courses
agement
first year. During the second year
the student will specialize in a
to
centrates to the United States
degree, Master of Business
Full details of the program will
announced in the fall.
Essen¬
tial
a
attempting
program
new
be
meeting of stockholders of
Patino, it Was stated that costs of
mining and concentrating are con¬
tinuing to increase, principally for
labor and materials. The company
■
Universtity
ness.
con¬
moderate,
with previous months,
and producers believe a decline in
the sales volume is probable. This
June
other.
of
Production
Stocks of silver at refiner¬
5,154,000
000
during, April contained
2,656 metric tons of tin, which
compares with 3,154 tons in March
and 2,906 tons in Febrary,
was
week.
in
which
Exports of tin concentrates from
lead
Bureau
ies at the end of April amounted
to
Bolivia
domestic
and
7,141,000
foreign sources, the
totaled
ounces.
Tin
fairly active during the last week,
and buying is certain to continue
at a good rate until shortly before
the date set for allotting foreign
metal by the Tin-Lead Division
for July delivery.
Sales for the
last Week amounted to 7,782 tons,
against 8,369 tons in the preceding
The
and
from
obtained
was
reoorts,
March
'
Lead
for
in
so
duce operating schedules because
of vacations and repairs.
Demand
1'V
sources
from
ounces
compared
on
.not,
ounces
domestic
:
Interest
will
Word
an
under
Robert D. Calkins of the Colum¬
150,000'4 t6'ns;' with
somewhat
silver
Refinery output of silver in the
United States during April totaled
10,212,000 ounces, of which 3,071,-
Zinc
present indi¬
month
for
market
unchanged last week at 23
members of the flatware manufac¬
o.l
fineries/.
that the deliv¬
current
around
tons,
♦Scrap smelted in connection with
plus some scrap received by primary
copper
London
——
on
and July will
large in the distribution
as
94,078
pro¬
turing industry.
0 3
—
mines
adequate supply
existing regula¬
tions presents no problem of any
consequence,
WPB officials told
c.2
—
and
paint
number of
in
Maintaining
of
Grains
to whether June
hold
an
The
The New York Official for foreign
silver continued at 44%c.
1944
Paint
in primary Mexico was called on
June 8, and
brought the
virtually all of the large.non-fer¬
of the 1926 rous metal
operations have been
0.4%." The closed down since that date. Some
largely
cows, steers, and sheep, for cotton and wheat, and for eggs,' appies,
onions, and sweet potatoes. Lower prices were reported for rye,
heavy weight hogs, live poultry and white potatoes in most fftarkets.'
rose
as
loom
eries
610
2,664
commodity prices
during the week ended June 10. "The increase
all-commodity index to the level of a year ago, 104.0%
average.
In the past four weeks the index has risen
*<"Farm products and foods.
1.9
.
influence
no
The record deliveries of
15,047
5,133
—
markets
ized: markets
,
6,396
—
3<y
+
1943
year.
was
INDEXES FROM
10,
Totals—
cations, it
of
Department's announcement added:
+0.1
Other
part:
of the metal.
Advancing prices for agricultural commodities, particularly
fruits, vegetables, and livestock, accounted for a rise of 0.1% in the
Bureau
0
1.0
selling pressure." The
10,255
•
Wholesale Prices Dp 0.1% In Week Ended
June 10, Laker Dept. Reports
.
0.6
96.9
established last month brought up
the question in producing circles
and custom intake including scrap,
deliveries of duty paid
foreign copper for
in
+
1,0
major non-ferrous metals here.
Quicksilver dropped $10 per flask
13,188
16,636
warehouses.
or
0
'
during May amounted
with 105,227 tons in Mry<3>
A strike of mine work¬ Lead in ore:
shipments,
includes
consignment
their
45,800
—
*98.6
copper
last year.
in Mexico had
—48,671
+
—0.1
for
Silver
Metals—Copper Tonage Delivered
May A Record—Quicksilver Price Drops
—12,172
+
ing
Markets," in its issue of June 15,
stated: "More copper was delivered to domestic consumers
during
May than for any other month on record. The total, 165,714 tons, is
expected to mark the peak' in monthly deliveries for the war.
The
previous peak was 165,503 tons, in December, 1942. Domestic produc¬
•
Decreases (—)
992,293
1,016,996
1.9
——
——.—.
ers
Stock Increase (
End of
1,194,699
98.9
'
SUBGROUP
Copper
1943-
Year
1.6
+
domestic
quicksilver
1943 was 146, which
compares with 184 in the preced¬
"E. & M. J. Metal and Mineral
tRefined
to Customers
IN
products——.—————
(In Tons of 2,000 Pounds)
tDomestic
1942.
ducing
Decreases
In
INSTITUTE
Refined
*99.5
*98.7
1944 TO JUNE
:
poultry—;
publication further went
"Crude
0
of
is officially placed at 51,929
against 50,846 flasks in
year
000
The Copper Institute on June 14 released the
following statistics
pertaining to production, deliveries and stocks of duty-free copper:
Stocks
0
the
deriva¬
quicksilver
flasks,
Non-Ferrous
Summary Of Copper Statistics
Duty
3,
Meats
tion
Deliveries
*98.7
.
vegetables
and
compares
Production
5.1
to
have been released by the Bureau
of Mines, and the record for the
Increases
and
Livestock
1944—
MEMBERS
4.9
in
unsettlement
for
Final figures covering
\
*98.7
JUNE
99.23
31—
BY
+
+
$100
tives, brought on the latest sharp
reduction in prices. The peak in
prices named here during the war
period was $208 per flask, late in
99.64,
80.704,321,646
80,352,221,151
80,109,269,964
REPORTED
continued
market
$
Oct.
STATISTICS
*99.6
than
Price
Sept. 30_.
1943—
other
1
$
July
+ 0.7
—0.1
from
over the slow
production, and
Disappointment
The
*99.6
*99.5
PERCENTAGE CHANGES
price of bonds
$
31___
*101.0
93.6
104.3
0.1
ranged
rate of decline in
than
—
commodities
93.6
♦Preliminary.
two-year compari¬
Market Value
1943—
93.7
farm products and foods
Average
Price
93.3
Raw materials
—
as
per
tity.
0.4
115.7
June 30—
Free Copper
0.6
105.3
July
COPPER
5.0
115.8
95.50
OF
—
—
105.3
95.64
SUMMARY
+0.8
+0.1
Building materials
59,112,072.945
Latest
2.0
Chemicals and allied products
lighting materials
ship¬
flask, according to quan¬
per
output
—
105.47
59,257,509,674
May 29-
+2.1
103.75
29—
30_.
0
102.58
June 30—
Aug. 31—
1943
127.6
Anthracite
31-
6-12
1944
+0.4
*122.4
ofL
was
Coast
Pacific
1941.
5-13
1944
+0.1
*123.7
151,331,718
$
6-3
1943
104.0
1944
*103.6'
*123.9
86.61
Average
U. S.
1944
*103.9
36,312,500
of the total market value and the total average
listed on the Exchange:
Jan.
1944
*103.9
6-12
104.63
son
May
1944
*104.0
5-13
*125.0
Fruits
Market Value
5-27
$100
as
$105
Percentage change to
June 10, 1944 from-6-3
the
Quotations
'
" '
'
103.02
following table, compiled by
1942—
1944
105.42
——
bonds-
The
10,
36,618,750
172,753,535
—
companies
JUNE
89.91
abroad—
oper.
ENDED
19,132,873
408,179,512
businesses
Miscellaneous
Total
—
Miscellaneous commodities*.
(operating)Gas and electric'(holding)—
electric
WEEK
"•■■■-
/
6-10
Utilities:
Gas and
FOR
70,701,421
18,431,775
483,095,709
—
—
PRICES
Metal
for prompt
week
from
flask, New York
basis, and several sellers named
this figure on quantity business.
(1926=100)
92.58
84.10
low
:■
,
104.33
Shipping services
Steel, iron and coke__^.
WHOLESALE
v
69,359,683
:«-»»■
-
from June 3 to June 10, 1944.
102.32
96.13
fered last
ment
101.50
20,300,000
102.93
106.54
8,163,831,134
13,143,874
Railroad
Tobacco
13,295,750
15,975,000
44,366,625
48,421,816
256,702,579
——-
Machinery
Retail
102.63
101.49
20,275,000
equipment
Financial
Food
7,799,500
—.
downward.
move
following
following tables show (1) index numbers for the principal
of commodities for the past three weeks, for May 13, 1944 and
June 12, 1943, and the percentage changes from a week
ago, a month
ago, and a year ago and (2) percentage changes in subgroup indexes
99.00
7,425,000
Amusement
the
into the market in
come
weeks', offerings remained
plentiful and prices continued to
groups
companies:
S.
contained
fair volume of busi¬
a
recent
The
Y.
N.
etc.)
Cities,
$
$
$.
U.
Price
Market Value
Price
also
has
ness
During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Statis¬
tics will attempt promptly to report changing prices. Indexes marked
(*), however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete
reports.
price for each:
Market Value
announcement
Though
Note:
governmental
with the aggregate market value and average
Group-
Department's
Quicksilver
'
notation:
following table listed bonds are classified by
In the
'
May prices for foods have advanced 0.8%. However,
they are 5% lower than for the corresponding week of June, 1943.
"Industrial commodities. Except for an increase of over 3% in
prices for rosin, which brought the index for building materials up
0.1%, and lower prices for anthracite in some areas, industrial com¬
modity markets remained steady during the week."
Market Value Of Bonds On N. Y. Stock Exchange
competence
and
sighted statesmanship in the
duct
of
affairs.
business
and
farcon¬
economic-
Volume 159
THE COMMERCIAL
Number 4292
'
U. S. Department of the
The Solid Fuels Administration for War,
tons, as against 11,87.0,000 tons in the preceding week, and
tons in the corresponding week of last year.
Cumulative
Market Transactions
In Govts. For
11,651,000
The weekly wholesale commodity price index, compiled by The
National Fertilizer Association and made public on June 19, advanced
output of
to 137.3 in the week
1944, totaled 284,817,000 tons, com¬
soft coal from Jan. 1 to June 10,
2621
National Fertilizer Association Commodity
Price Average Advances
Weekly Goal And Coke Production Statistics
Interior, in its latest report, states that the total production of soft
coal in the week ended June 10, 1944 is estimated at 12,460,000 net
& FINANCIAL CHRONICLE
ending June 17, the highest level in 13 weeks.
A
month ago this index stood at 137.2 and a year ago at 135.1, based on
the 1935-1939 average as 100. The Association's report continued as
follows:
May
During the month of May, mar¬
ket
transactions
in
direct
and
guaranteed securities of the Gov¬
ernment for
Treasury investment
in 1943, a gain of 8.5%.
and other accounts resulted in net
sales of $9,965,000, Secretary MorPennsylvania anthracite for the week ended June
The farm products group was the primary cause of the increase
genthau announced on June 15.
10, 1944, according to the U. S. Bureau of Mines, amounted to ap¬
in the all-commodity index number. Lower quotations on wheat and
In April there were net sales of
proximately 1,326,000 tons, an increase of 122,000 tons (10.1%) over
the preceding week.
When compared with the output in the cor¬ heavy-weight hogs were not sufficient to offset higher quotations on $16,511,300.
The following tabulation shows
responding week of last year, there was an increase of 9,000 tons, or cattle, lambs, ewes, rye and timothy hay. However, the grain group
0.7%. The calendar year to date shows an increase of 8.0% when reached a new low for this year as heavy selling occurred with a the
Treasury's
transactions
in
pared with 262,509,000 tons in the same period
Production of
period of 1943.
compared with the corresponding
reported that the estimated production
in the United States for the week ended June 10, 1944,
The Bureau of Mines also
of beehive coke
tons when compared with the output
for the week ended June 3, 1944; and was 15,100 tons more than for
showed
the
of 20,900
increase
an
corresponding week of 1943.
PRODUCTION OP COAL, IN NET TONS
ESTIMATED UNITED STATES
Week Ended
Bituminous coal
and lignite—"
average
"Subject
June 12,
1944
1943
1937
1,498,000
1,898,000
2,064,000
1,942,000
weighted as 0.7 of a
tMay 30, Memorial Day,
current adjustment.
to
June 12,
11,870,000 11.651,000 284,817,000 262,509,000 205,839,000
2,077,000 f2,082,000
__
* June 10,
1943
1944
1944
Total incl. mine fuel 12.460,000
Daily
June 12,
June 3,
June 10,
-January 1 to Date-.
—
two years:
offset
May
and white potatoes, thus causing the
advance fractionally. The sharp advance in the price
of potatoes was still under the price of the corresponding period of
last year.
Prices for spot cotton reached new highs for the season
to date, following a slight reaction on the first announcement of the
invasion of western Europe. All other group indexes remained at the
higher prices for
previous week's level.
During the week nine price series advanced and five declined;
in the preceding week there were five advances and six declines; and
in the second preceding week there were 11 advances and only two
Compiled
Week Ended
J June 10,
SJune 3,
•'
June 12,
June 10,
12,
%
June 15,
Each Group
1943
1929
Bears to the
27,308,000
26,216,000
32,987,000
30,612,000
Total Index
1,326,000
1,204,000
1,317,000
29,493,000
fCommercial produc.
1,273,000
1,156,000
1,264,000
28,315,000
Foods__
25.3
ations.
3,047,300
3,580,700
3,464,100
136,100
130,300
151,200
ISubject to revision.
fExcludes colliery fuel.
Btate sources or
■
BY STATES
State—
405,000
133,000
229,000
4,000
5,000
4,000
3,000
80,000
85,000
121,000
125,000
-1,000
1,000
1,407,000
1,522,000
482,000
532,000
62,000
41,000
32,000
20,000
162,000
181,000
Alaska—-———
Oklahoma
Colorado—™——
Georgia and North CarolinaIllinois'——
Indiana
___ _
Iowa
_________
/
'■
41,000
14,000
V- 24,000
•v*82,000
a
0
<•
909,000
Kentucky—Eastern
Kentucky—Western—,
Maryland—
-387,000
,
'
100,000
4,000
22,000
44,000
37,000
71,000
New Mexico
27,000
,
3,000
'
;
—
Ohio
—
Pennsylvania (bituminous)—.
„
17,000
15,000
621,000
252,000
419,000
3,162,000
768,000
1,758,000
151,000
36,000
95,000
•
—
i
115,000
114,000
389,000
401,000
2,240,000 \
1,100,000 t
Wyoming—
—
iOther Western States—;——
151,000
25,000
221,000
166,000
i
31,000
19,000
1,133,000
1,498,000
467,000
40,000
79,000
*
a
1,000
Pennsylvania anthracite.
Total, all coal—
—
12,575,000
3,015,000
6,696.000
1,204,000
1,369,000
136,000
969,000
13,074,000
13,944,000
3,151,000
7,665,000
11,870,000
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
Mason and Clay counties.
fRest of State, including the
Panhandle District and Grant, Mineral and Tucker counties.
§Includes Arizona, Cali¬
fornia, Idaho and Oregon.
"Less than 1,000 tons.
tlncludes operations on
on
the B.
in Kanawha,
& O.
164.7
144.1
143.7
144.4
146.0
130.1
122.8
132.2
130.1
152.1
151.1
7.1
Metals
104.4
104.4
104.4
104.4
6.1
iMilding materials
153.4
127,7
153.4
153.4
127.7
152.6
126.6
Fertilizer materials
117.7
117.7
117.7
117.7
.3
Fertilizers
119.7
119.7
119.7
119.8
Chemicals
and
drugs
For Week
construction volume in continental U. S. totals
Private construction for the week declined 61% from a week ago
Public construction is 16 and
38% lower, respectively, than a week ago and a year ago,
decrease in federal volume.
bring
"Indexes
Farm machinery
104.4
104.4
104.3
104.1
137.3
137.0
137.2
135.1
combined
1926-1928
on
base
<
/
Jep
Total U. S.<'Construction
Private Construction
Construction
Public
State
and
Municipal
Federal
'
In
week
___
the
are
drainage.
_______
classified
in
$44,234,000
6,250,000
37,984,000
3,671,000
34,313,000
construction groups,
waterworks,
sewerage,
'J.June 8, '44
""'$42,923,000
.
'14,961,000
n\27,962,000
*
7,256,000
20,706,000
.
RECEIVED,
$29,222,000
5,791,000
-23,431,000
7,877,000
15,554,000
and
earthwork
and
Increases over the 1943 week are in waterworks, sewerage,
bridges, industrial buildings, earthwork and drainage, and Streets
and roadsl Subtotals for the week in each class of construction are:
waterworks, $1,382,000; sewerage, $1,179,000; bridges, $841,000; indus¬
trial buildings, $1,717,000; commercial building and large-scale pri¬
vate housing, $1,650,000; public buildings, $7,046,000; earthwork and
CRUSHED,
106.7,
10,
___—____
October
1,000,800 sold
November
No
sales
or
purchases
December
No
sales
or
purchases
1943—
January
March
90.300,000
„
and June
400,000 purchased
—
35,200,000 sold
145,768,000 sold
—
___—
67,757,200 sold
.___
15,800,000 sold
1944
United States
1943
3,915,188
On hand at mills
Aug. 1 to May 31
1944
1944
4,344,561
1943
178,749
175,924
357,922
340,097
336,806
337,757
Louisiana
205,634
204,697
165,415
Mississippi
708,850
165,194 .*
741,804
11,904
1,155
27,541
1,605
23,354
1,480
669,814
710,539
50,576
37,506
North Carolina—___.
224,027
270,662
215,967
270,052
9,125
2,267
Oklahoma
110,490
218,877
109,841
222,194
2,441
1,147
261,092
256,752
251,373
250,472
59,652
82,839
58,500
80,171
Arkansas——
372,240
470,897
354,282
440,793
California
124,435
157,761
129,726
136,215
Alabama
-
Arizona
;
South Carolina
196,478
>
~ 9,613
3,059
41,925
22,721
6,397
523
205,349
192,379
203,810
6,692
1,486
Tennessee
279,622
381,954
267,386
377,431
Texas
909,886
1,011,476
927,410
1,016,616
133,096
15,502
27,145
13,710
27,815
7,755
All other states—____
"Includes. 1,560
hand
104,860
144,792
and 9,897 tons
destroyed
107,034
at mills
229
but not 90.336
81,928
and
tons
Aug^ 1 noi; V|^,816 and 56,860 tons reshipped for 1944 and 1943 respectively.
: ,'v
.
" " "
/
"J
'
■
li
'
MANUFACTURED, SHIPPED OUT, AND ON HAND
Produced
Shipped out
On hand
Aug. 1 to
Aug. 1 to
Aug. 1
May 31
•1 *'
; •
'.Season
December
4,800,000 purchased
February
March
April
May
11,500.000 sold
—.
__
16,511,300 sold
—„
Senate
"Work
Group Shelves
or Fight" Bill
The
Brewster-Bailey work-orbill, introduced about
the end of April as a possible sub¬
be-drafted
for
the
Wadsworth
Military
Affairs
cided
discontinue
to
subject.
ald Tribune" from its
decision
along with its
panion piece
in
second time that the Congress,
tertain any
The
interment notice, !posted
inconspicuously on a Senate bul¬
letin board, said merely that the
hearings on the Brewster-Bailey
bill
been
had
the
signed by Sena¬
Reynolds, Chairman
which
had
Committee,
relegated the Austina similar posi¬
previously
Wadsworth bill to
tion in limbo.
action
the
on
referred to
times
war
at the
threat of being
49,345
but
36,321
bers of Congress.
26,343
____}
44,118
135,927
1,048,266
U,142,381
1,070,250
22,134
1,107,685
$170,623
bales)—)
43,295
556
229
14,106
1,305,813
1,096,839
252,269
Aug.
1,
tlncludes
warehousemen
3,734,000
and
August 1,
tTotal
and
second
and
1943
and
3,150,000
44,354,000
and
and May 31,
pounds
4,484,000
66,027
270,593
547
21,456
21,465
32,479
31,615
1,093
46,673
60,590
44,009
16,770
61,350
22,884
held
pounds
by refining and manufacturing
in transit to refiners and con-
1944 respectively.
?
•
.
.*
A
;
8,073,000 pounds held by refiners, brokers, agents and
refineries and manufacturing-establishments and
2,820,000 pounds in transit to manufacturers of shortening, soap, etc.
and
3,196,000
at
1943,
places
other than
and May 31,
linters produced
includes
77,699 bales mill run.
cut and
1944, respectively.
Does
include
winterized
cut, 786,493 bales second cut
Total held includes 54,836 bales first cut, 99,424 bales
-j,*
1,154,221,000 pounds of crude
oil."£ ()
„
*
SV}.
Exports and Imports of Cottonseed Products
In the interest of national
has
discontinued
until
defense, the1 Department of Commerce
notice the1 publication of statistics
further
concerning imports and exports.
work
drafted into Army and Navy serv¬
ice battalions, came unexpectedly
was
welcomed by most mem¬
to discontinue
000, and is 139% above the volume for the corresponding 1943 week.
The week's new financing is made up of $6,477,000 in state and muni¬
cipal bond sales, and $540,000 in corporate security issues.
New construction financing for 1944 to date totals $436,116,000,
and is 12% below the $496,337,000 reported for the 24-week period
in
1943.
C.
Johnson,
hearings, and thus
table the bill, was not taken at a
meeting of the full committee. The
majority of the committee, though,
he said, had made their feelings
regarding the bill amply clear to
the Chairman.
Neither-of
measure
the sponsors
of the
Senator Owen Brew¬
—
ster, Republican, of Maine, and
Josiah Wi Bailey, Democrat, of
North Carolina—was in Washing¬
ton
But it
today.
recalled
was
that they said recently that their
legislation could be passed only if
President Roosevelt
it.
To
Mr.
date
refrained
drainage, $1,594,000; streets and roads, $6,348,000; and unclassified
construction, $7,465,000.
-•
r
New capital for construction purposes for the week totals $7,017,-
Edwin
Senator
Democrat, of Colorado, a commit¬
tee member, said that the decision
oil.
278,189 bales first
16,363 bales mill run.
from
not
bill
*65,050
880,598
13,826,000
some¬
force 4-F's into
894,977
"Includes
bill,
the 4-F
as
because it would
1,744,161
23,644
sentence an¬
one
was
tor Robert R.
of
"in¬
discontinued
definitely." The
nouncement
2,078,255
1942-43
1 1943-44
1942-43
Hull fiber
} 1943-44
(500-lb. bales)
(1942-43
Grabbots, motes, &c.j 1943-44
(500-lb. bales);
f 1942-43
at
present, will not en¬
form of work draft.
1,924,476
(running
bill
least for the
1,774,964
(tons)
the
inclusive com¬
effect told the
18,542
Linters
inter
to
more
190,100
11,964
Hulls
Washington
May 31
$333,162
1,218,038
reported
bureau, which further said:
1943-44
1942-43
1
j
de¬
hearings on
was
in advices to the New York "Her¬
1942-43
) 1943-44
pounds)
pro¬
Committee
This
1,195,426
(tons)
service
posal, met the fate of its predeces¬
sor on May
30, when the Senate
1,350,389
§1,086,038
(thousand
Austin-
dormant
national
*23,283
Cake and meal
'
9,965,000 sold
———
34,460
1207,409
310,191
1,185,521
1,341,483
purchases
$9,924,000 sold
105,100,000 sold
___
1'1943-44
oil
or
1944—
January
(thousand pounds). V 1942-43
oil
'
; V 1943_44
Refined
sales
$5,000,000 sold
Novembev
The
On hand
May 31,;
No
chiefs of the armed forces for the
May 31
1943
'
4,448,454.3,825,215
2,651,600 sold
;
October
the
(TONS)
sold
72,927,750 sold
1
_
April
$14,500,000 sold
___—_
February
The
ON HAND
AND
Crushed
Aug. 1 to May 31
June 15, '44
gains over the preceding
bridges,
June
Receipts To May 31
♦Received at mills
State—
§Produced
June 17, '43
September
months ended May 31, 1944 and 1943.
COTTONSEED
cut
construction volumes for the 1943 week, last
>
107.0;
13, the Bureau of Census issued the following statement
showing cottonseed received, crushed, and on hand, and cottonseed
products manufactured, shipped out, on hand, and exported for the
week, and the current week are:
V
1944,
17,
■
On June
1944 volume to $829,378,000 for
result of the 61% decline in federal work.
Civil engineering
June
-
establishments
decrease of 52% from the $1,712,510,000 reported for
the 1943 period.
Private work, $192,575,000, is 12% below the 24week period last year, and public construction, $636,803^00, is 57%
as a
were:
105.2.
Cottonseed
due to the
the 24 Weeks, a
lower
.
'
sumers
The 'week's construction
8,446,000 sold
4,500.000 sold
—:
stitute
"
Jrude
$29,222,000 for the week. This volume, not including the construc¬
tion by military engineers abroad, American contracts outside the
country, and shipbuilding, is 32% lower than in the preceding week,
34% under that reported to "Engineering News-Record" for the cor¬
responding 1943 week, and 5% below the previous four-week mov¬
ing average. The report made possible on June 15 went on to say;
under the week last year.
127.7
All groups
Items—
and is 7%
!
.3
.3
Engineering Construction $29,222,000
Civil engineering
130.1
—
COTTONSEED PRODUCTS
,■
199.6
130.1
100.0
on
Civil
199.7
132.2
Georgia.
*
Total bituminous & lignite—
202.3
164.6
16,000
25,000
115,000
440,000 ./■■
198,000 '
2,273,000
•
1,000
•
•
29,000
24,000
—
tWest Virginia—Southern
tWest Virginia—Northern——
t>
2,000
3,000
—
1
33,000
lignite)—
;
24,000
8,000
34,000
705,000
126,000
Utah
Virginia
Washington—
"
2,946,000 r
Tennessee—_
Texas (bituminous &
"
32,000
North & South Dakota (lignite)
152.2
205.0
152.5
668,000
167,000
3,000
——
159.0
155.0
152.9
74,000
229,000
68.000
Michigan
156.7
154.9
25,000
.
"
967,000
Montana (bitum. & lignite)
163.1
156.0
244,000
93,000
400,000
40,000
5,000
32,000
i—
—
144.9
163.1
547,000
276,000
■
145.1
145.2
144.9
132.2
19, 1943,
•
Kansas and Missouri
■
1943
139.3
Textiles—
1937
1943
1944
1944
138.5
162.5
Miscellaneous commodities
5,
398,000
Alabama
( Arkansas and
June
5,
1944
138.2
8.2
1.3
June
Ago
Jun. 19,
Ago
May 20,
145.4
Fuels
Week Ended
May 27,
Year
Livestock
10.8
to revision on
of final annual returns from the operators.)
June 3,
1944
August
August
September
Grains
17.3
railroad carloadings and river shipments
receipt of monthly tonnage reports from district and
•
_____—
Cotton
(In Net Tons)
subject
Association
1944
Cottonseed Oil____
(The current weekly estimates are based on
are
250,000 sold
2,295,000 sold
July
138.7
Farm Products
23.0
truck from "authorized oper¬
§Revised.
washery and dredge coal, and coal shipped by
ESTIMATED WEEKLY PRODUCTION OP COAL,
and
—,
Fats and Oils
total
States
$16,625 purchased
—_
July
June
INDEX
Week
Week
Jun. 17, Jun. 10,
Group
Beehive coke-
♦Includes
<
Latest Preceding Month
^
1944
•Total incl. coll. fuel
United
1942—
June
—
1943
1944
1944
Penn. anthracite—
PRICE
1935-1939—100*
Calendar Year to Date
June
Government securities for the last
May
.
COMMODITY
by The National Fertilizer
(In Net Tons)
/
\
)
WHOLESALE
WEEKLY
PENNSYLVANIA ANTHRACITE AND COKE
OP
PRODUCTION
ESTIMATED
eggs
foods group to
declines.
'
working day.
downward trend in prices reflecting greatly improved crop yield
prospects. The foods group registered two advances and two declines!
However, lower prices for flour and fluid milk were not sufficient to
from
came
out for
Roosevelt
has
indorsement
of national service legislation, be¬
yond that in his annual message
to
Congress
on
any
the
state
of
the
Union last
January, when he
ditioned
request for such legis¬
lation
a
on
home-front
the
passage
measures
have been enacted.
of
which
con¬
other
never
2622
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, June 22, 1944
•
•
»
|
Daily Average Crude Oil Production For Week
Ended June 10,1944 Declined Only 259 Barrels
The American Petroleum Institute estimates that the daily aver¬
age gross crude oil
production for the week ended June 10, 1944 was
4,522,500 barrels, a decrease of only 250 barrels per day when com¬
pared with the output in the preceding week and 63,100 barrels
less than the daily average figure recommended by the Petroleum
Administration for War for the month of June, 1944.
The current
figure, however, was 534,700 barrels per day higher than reported for
the week ended June 12, 1943.
Daily production for the four weeks
ended June 10, 1944, averaged 4,518,000 barrels.
Further details as
10
New York
duced
and pro¬
(a new record)
mately 4,670,00 barrels of crude oil daily
1,586,000 barrels of kerosine;
14,220,000 barrels of gasoline;
4,996,00 barrels of distillate fuel oil, and 9,008,000 barrels of residual
Stock
volume
the
Exchange and the New York Curb Exchange and
round-lot
of
members of these
a
June,
figures showing the volume of total round-lot stock sales on the
Short sales
transactions
stock
for
the
all
of
account
exchanges in the week ended May 20, continuing
series of current figures being
published weekly by the Commission.
for the
of
account
members
(except odd-lot dealers) during the week ended May 27 (in roundlot
transactions) totaled 1,571,894 shares, which amount
of the total transactions
the Exchange of
on
16.43%
was
4,782,560 shares.
This
with member trading during the week ended May 20 of
compares
1,289,965 shares, or 16.15% of the total trading of 3,993,920 shares.
New
the
ended
Curb
York
On
Exchange, member trading during the week
shares,
May 27 amounted to 277,670
Exchange
public on
June 13 a summary for the week
ended June 3 of complete figures
showing the daily volume of stock
volume
the end of that week
86,911,000 barrels of gasoline; 8,403,000 barrels
trading
kerosine; 33,669,000 barrels of distillate fuel, and 51,221,000 barrels
of
of
of the total
13.99%
or
for
Curb
of
account
STOCK
OIL
Oklahoma
Kansas
as
a
Total
Round-Lot
Stock
Sales
the New York
on
Transactions
BARRELS)
IN
A.
Stock
of
Account
for
TRANSACTIONS
4 Weeks
Week
Allow¬
Week
Change
ables
Ended
from
Ended
Ended
June 10,
Previous
June 10,
June 12,
—
dations
begin.
June
June 1
v
332,000
332,000
t330,350
274,000
269,600
|258,750
1943
334,650
—15,600
275,100
305,700
100
1,000
2,100
+
650
91,400
90,100
149,400
+
1,250 :
148,000
131,800
447,900
+
10,700
435,800
228,950
+
4,500
140,000
123,500
for
Except
North
West
Texas
92,150
Texas
:
Texas
—
East Central Texas..
145,000
East Texas
360,550
.—
Texas—
Southwest
:'
—
362,800
3,400
309,200
for
of
Account
Odd-Lot
the
+
1.
Transactions of
they
2,039,000 $2,042,059
_
528,450
+
4,900
522,900
380,200
+
23,350
2,010,100
1,495,800
73,550
+
400
73,500
85,850
Coastal
Louisiana-
Total
Louisiana—.
350,000
288,750
+
3,250
285,100
240,850
78,000
395,000
362,300
+
3,650
358,600
326,700
77,991
80,650
+
200
80,600
73,800
Mississippi
43,300
+
1,500
41,600
52,650
,
42,000
Alabama
i';"
.....
Florida
■
100
•
;o;;
....
Illinois
Indiana
'
•*>
registeredpurchases
50
220,000
201,750
14,000
12,250
J—'U—.
W
:
—
—
on
226,800
250
12,600
14,050
246,950
——-
23,870
——
213,180
126,084
Short sales
32,350
JOther sales
150,550
^Kentucky
23,000
Michigan
51,000
...-•
Wyoming
Montana
24,400
7,400
New Mexico
Total sales
several
fields
shutdowns
for
cown
.eing
to
the
§849,200
were
7
net
only,
basic
and
smie
not
to
no
allowable
exempted
for
from
definite
7,200
—
108,100
97.15Q
1,650
3,682,600
3,214,300
837,600
+
are
of
as
for
to
835,600
250
—
15
for week
June
the
entirely
1
1,400
Round-Lot
4,518,200
1
days,
7:00
calculated
entire
and
ended
month.
on
a
30-day basis
With
the
RUNS
AND
TO
1.
STILLS;
UNFINISHED
PRODUCTION
FUEL
Sales
the
on
New
York
of
Account
for
Curb
Members*
is
3.23
GAS
OF
OIL
Exchange
(Shares)
AND
(Figures in Thousands
of
STOCKS
DISTILLATE
JUNE
10,
OF
FUEL
of
for
Stock
•
128,200
128,260
"short
163,420
exempt"
are
than
round
a
lot
reported with
are
Bureau
Account
t%
,
.
on
64,240
——
3.410
—
Total sales
operated
were
number
gate
2. Other transactions initiated
on
at
time
some
of
The aggre¬
active
spindle
Total sales.
315,634,608 for last month and 10,576,746,785 for May, 1943. Based
on
an
activity of 80 hours per
week, the cotton spindles in the
29,045
—.
800
25,720
——
2.80
26,520
———„—....
United Stateswere operated dur¬
ing May, 1944, at 119.0% capacity*
This percentage compares, on the
same
basis, with 124.9 for April,
122.0 for March, 123.3 for Febru¬
ary, 124.0 for January, and 134.1
for May, 1943. The average num¬
Other transactions initiated off the floorTotal
purchases———.—
39,000
Short sales-;——————
JOther sales————.
950
44,720
—
Total sales,——;—~i_——_
'f.':1':
4. Total—
4.27
45,670
;uxi>:
purchases——-—
132,285
J——_
JOther sales—
AND
-j——,——a
5,160
ber of active spindle hours per
spindle in place for the month was
432, compared with 400 for last
140,225
—
'■<
1944
13.99
145,385
month and 451 for
C. Odd-Lot Transactions for Account of SpecialistsCustomers' short sales
—
....
§Customers' other sales——.
was
10,060,478,468, compared with 9,-
the floor—
Total purchases——
Short sales-,—
JOther sales
6.92
73,195
—
an¬
in place in the United States
777,078 for May, 1943.
*
69,785
—/
Census
that accord¬
during the month, compared with
22,411,922 for April, 22,568.308 for
March, 22,513,300 for February,
22,217,994 for January, and 22,-
specialists in stocks in which
.————
the
May 31, 1944, of which 22,387,-
784
.
992,590
Members:
of
of
June 19,
on
hours reported for the month
3.
re¬
ing to preliminary figures, 23,312,010 cotton spinning spindles
;
985,795
_
Short sales——
FINISHED
barrels, of 42 Gallons Each)
60
..._
—
marked
The
registered—
JOther sales—
Total
Figures in this section include reported totals
plus an estimate of unreported amounts and are
less
were
—.——
Transactions
and
TotalforWeek
Short sales—
GASOLINE;
—
......
Cotton Spinning For May
16.43
1944
""
Total purchases——
of certain other fields for which
the entire state was ordered shut
OIL, WEEK ENDED
Sales
tSales to offset customers' odd-lot orders,
and sales to liquidate a long position which
791,440
—
are
best
as
GASOLINE,
RESIDUAL
♦Sales
dates
down
459,889
$15,755,749
ported with "other sales."
6,795
Transactions
they
of
leases, a
sRecommendation of Conservation Committee of California Oil Producers.
CRUDE
B. Round-Lot
and
exception
456,033
To^al sales
112,550
Stock
Total sales
-
1944.
8,
sales—
Round-Lot Purchases by Dealers:
Number of shares.
5.06
678,890
—-
JOther sales
3,987,800
June
a.m.
other
780,454
—_
——:
Short sales
773,500
during the month being specified; operators only
suits their operating schedules or labor needed
total equivalent to 7 days shutdown time
during the calendar
shut
operate
month.
,
20,900
8,400
♦Customers'
"other sales."
Total Round-Lot Sales:
anowaoies,
as snown
anove,
represent
tne
include amounts of condensate and natural
do
exemptions
were
ordered
days,
required
21,300
500
+
4,522,500
i«"u
which
61,000
94,700
108,200
tOklahoma, Kansas, Nebraska figures
is
49,700
82,800
/
|
3,684,900
4,585,600
oil
shutdowns
1
8,750
113,000
and
gas derivatives to be produced.
JThis
A.
21,750
300
3,856
nounced
'vj;.
Total United States
Includes
—
21,300
f '
849,200
of crude
21,100
sales——,
10ther sales
182,900
—
Total purchases
Short sales__:
'v
3,736,400
California
1.
79,350
1,600
—
81,250
113,000
Total East of Calif
production
70,200
2,000
—
50,200
■
1,550
—
20,100
94,000
——
Colorado
^
68,300
"'
short
Number of Shares:
Total—
WEEK ENDED MAY 27,
7
8.14
237,050
Total purchases
Total
17,352
Customers'
Round-Lot Sales by Dealers-
3. Other transactions initiated off the floor—
Transactions
73,600
17,229
Dollar value
371,490
—.———.
-
(Not incl. 111., Ind.,
Ky.)
sales..—
Shore
Eastern-—'
:
other
Customers' total sales
the floor—
purchases
Total sales
208,800
123
♦Customers'
56,330
—
8,600
—
v
sales—
—315,160
JOther sales—
50
+
'
short
407,420
>—
—
JOther sales_—.i—
100
500,889
820,320,946
Customers' total sales—
Total sales—————'—
4.
Arkansas
17,931
V-
—
'
Other transactions initiated
206,350
for Week
Number of Shares:
are
Total
V'' '
—
——
(Customers'sales)
Odd-Lot
JOther sales
334,900
2,036,400
North Louisiana..—
Total
.
—»
Customers'
specialists in stocks in which
Short sales
2.
1944
Number of Orders:
Dealers and Specialists:
Total sales
Total Texas.
June 3,
Members,
of
Accounts
ODD-
Odd-Lot Purchases by Dealers—
t%
4,573,610
Short sales
312,950
Coastal Texas.
2,050
Dollar value
4,782,560
Transactions
Round-Lot
Total
Panhandle
Ended
Number of shares-
208,950
——
THE
Odd-Lot Sales by Dealers
and Round-Lot Stock
27, 1944
—
—
Total sales
B.
332,300
—
—
JOther sales—
850
—
1*900
1,000
:——
1944
Week
1944
was
FOR
STOCK EXCHANGE
Week
(Shares)
TotalforWeek
Short sales———
♦P. A. W.
Exchange
Members*
Total Round-Lot Sales:
Actual Production
Recommen¬
——
Nebraska
(FIGURES
PRODUCTION
♦State
shares
the
on
LOT ACCOUNT OF ODD-LOT DEALERS
AND SPECIALISTS ON THE N. Y.
(Customers'purchases)
WEEK ENDED MAY
CRUDE
AVERAGE
248,425
account
lots
Exchange, con¬
tinuing a series of current figures
being published by the Commis¬
sion. The figures are based upon
reports filed with the Commis^
sion by the odd-lot dealers and
specialists..
14.62% of total trading of 849,800 shares.
whole, and do not reflect conditions on the East Coast.
DAILY
of
members
odd-lot
Stock
York
exchange of 992,990 shares; during the May 20 week
the
,
of all odd-lot dealers and special¬
Number of orders——
The above figures apply to the country
oil.
fuel
residual
that
on
for
transactions
.
in storage at
fuel oil during the week ended June 10, 1944; and had
Trading
and
made
Commission
New
Stock Exchange
the
on
Securities
The
ists who handled odd
shown separately from other sales in these figures.
are
Trading
reported by the Institute follow:
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
NYSE Odd-Lot
Trading On New York Exchanges
The Securities and Exchange Commission made .public on
May, 1943..
0
....
43,869
...—
■
therefore
on
a
Bureau
of
.§Gasoline
v',;.
Potential
District—
Rate
/
basisTotal purchases——.
v.*
Production
^
Daily Refining
Capacity
Mines
Crude
Runs to Stills
at Re-
JStocks
fineries
Finished
of Gas
ofRe-
Includ.
and Un-
Oil and
sidual
% ReDaily
% Op- Natural finished Distillate
porting Average erated Blended Gasoline Fuel Oil
iana
Gulf,
Gulf,
♦The term
firms
Oil
Louis¬
inland Texas-
these
percentages the total
total round-lot volume
includes
JRound-lot
sales
short
included
are
with
only sales.
90.3
2,466
97.9
7,239
38,228
18,105
15,379
associate Exchange members,
which
'
their
members'
of
on
purchases
the Exchange
and
for the
sales
reason
•
Is
that
_
..
exempted from restriction by the Commission's
are
"other sales."
ISales marked "short exempt"
2,518
Dems. Lose House Majority
including special partners,
partners,
twice the
Exchange volume
rules
Louisiana-Arkansas,
and
their
I
30,998
—
"members" includes all regular and
calculating
compared with
the
North
and
tin
Fuel
•Combin'd: East Coast
Texas
Total sales—.—>—
JStocks tStocks
,
43,869
v,
are
For the first time in 13 years,
the Democrats lost today an actual
majority of the House member¬
ship with the election of a Re¬
publican in the Nineteenth Illinois
district.
included with "other sales."
District No.
130
83.9
94
72.3
311
1,879
910
248
47
87.2
50
106.4
141
1,207
400
,182
Ind., 111., Ky
824
85.2
780
94.7
240
19,742
4,902
3,130
Okla., Kans., Mo
418
80.2
356
85.2
1,209
7,817
1,452
1,371
Rocky MountainDistrict No. 3
—
District No. 4
California
13
17.0
12
92.3
35
141
58.3
106
75.2
395
817
89.9
806
98.7
2,149
67b„OT
5
31
2,424<L0<^ 333
589
r;M,562
30,291
15,547'.'
Total U. S.B. of M.
basis June 10, 1944-
4,908
87.2
4,670
95.2
14,220
t86,911
33,669
Total U. S. B. of M.
basis June 3, 1944—
Washington in the New
"Times," which added: j
York
4.908
87.2
4,620
94.1
13,680
87,084
32,586
50,238
week
the
ended
June
produced during
10, 1944, which compares with 1,477,000
barrels, 4,890,000 bar¬
barrels, respectively, in the preceding week and 1,413 000 barrels
3,498,000 barrels and 7,597,000 barrels, respectively, in the week ended
June 12, 1943'.
Note—Stocks of kerosine at June 10,
1944, amounted to 8,403,000 barrels
as
against 8,216,000 barrels a week earlier and 7,072,000 barrels a
year before.
and 9,157,000
outstanding
on
a
Bank of New York
total of $150,700,000 of open
May 31, 1944, the bank announced
This compares with $171,500,000
outstanding
on
-Following
!
29—:
—
——
—
.
-
April 29,
29—
Jan 31
150,700,000
—
-
-
30
Sep 30
Aug 31
30
Apr
Mar 31
213,700,000
Feb
27_
208,900,000
Jan
30.
202.000,000
Dec
203,300,000
Nov 30—
187,800,000
Oct
31
169,500,000
156,200,000
149,800,000
143,300,000
Sep
30
159,600,000
—
—
-
———
—
178,900,000
200,600,000
209,100,000
—
—
220,400,000
1942—
;
Nov 30
-
July 31——
30
Jun
$
May 29—
171,500,000
1943—
Dec 31
Oct
'
1943—
194,800,000
-
31
Aug 31
229,900,000
-
30
260,600,000
-
-
271,400,000
281,800,000
-
297,200,000
.
July 31_
Jun
the membership.
vacancies.
_
305,300,000
—
There
three
are
"
"Joseph W. Martin, Jr., Repub¬
lican
leader,
have
the totals for the last two years:
$
May 31—
Mar 31
Feb
are
—
line-up became 216
Republicans and
212
four minor party members.
Thus,
the Democrats have exactly half
on
1944, and $159,600,000 on May 29, 1943.
Apr
3,794
10,934
81,234
30,773
67,309
request of the Petroleum Administration for War.
tFinished
74 679000
barrels; unfinished, 12,232,000 barrels.
JAt refineries, at bulk
terminals,'in'transit
and in pipe lines.
§Not including 1,586,000 barrels of
kerosine, 4,996,000 barrels of
gas oil and distillate fuel oil and 9,008,000 barrels of residual fuel oil
the
June 13..
3 944
basis June 12, 1943.
rels
market paper
dealers show
new
Democrats,
Outstanding
Reports received by the Federal Reserve
from commercial paper
51,221
U. S. Bur. of Mines
"At
Commercial Paper
an
from
"The
1
indicated in
was
Press
account
Appalachian—
District No. 2
This
Associated
.
315,200,000
no
declared
that
'we
intention, at this time, of
trying to reorganize the House /
He added, 'The trend is still to¬
ward' the Republican
party.'
"Should
control
Mr.
the
Martin
Speakership.
"In
Republicans
take
through the Fall elections
the
is
1
s
a
t e*d
for
the
.
Illinois election
Rolla C. McMillen
today
was elected to
the vacancy caused
by the death
of William H.
Wheat, Republican.
No Democrat sought the seat.
Volume
2623
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4292
159
Total Loads
Freight Gar Loadings During Week
Ended June IG, 1944 Increased 63,421 Gars
ended June 10, 1944,
874,193 cars, the' Association of American Railroads an¬
nounced on June 15. This was an increase above the corresponding
week of 1943 of 19,707 cars, or 2.3%, and an increase above the same
294
339
365
261
718
582
707
2,910
2,609
677
721
749
1,350
1,247
12,720
12,769
12,416
9,228
9,806
3,731
4,102
3,796
5,613
4,101
Atlantic Coast Line
Clinchfield
Columbus & Greenville
of 1,980 cars
loading
products
alone, grain and grain products loading for the week of June 10, to¬
of 5,354 cars above the preceding week
but a decrease of 1,589 cars below the corresponding week in 1943.
•
•
February
1943
March—-
of
of
Week
196
207
654
478
3,326
3,740
4,379
4,554
Norfolk Southern-, ——,
1,179
1,183
1,880
1,737
1,433
407
340
318
1,190
966
358
500
10,841
11,519
:—
—n
10,363
11,288
10,186
8,592
7,473
23,580
21,199
22,898
26,343
22,535
Tennessee Central
760
549
590
819
899
Winston-Salem Southbound
149
106
89
993
858
121,335
119,079
120,990
118,794
114,408
19,753
19,428
20,966
12,975
11,705
System
.
—
2,183
17,865
9,868
9.928
3,179
3,219
3,587
3,384
29,343
27,457
28,603
Western——
:
1,222
1,364
492
727
8,525
9,742
11,362
9,044
400
432
550
66
101
22,977
25,390
24,792
7,397
6,289
439
443
535
839
925
2,373
3,093
3,409
42
31
2,220
1,928
1,934
1,995
2,802
5,423
6,569
6,954
7,524
2,614
3,345
10,502
10,429
10,427
5,664
126
97
232
643
522
2,597
2,518
2,500
3,569
4,035
134,951
134,313
135,845
66,165
60,123
—
-...
Chicago, Rock Island & Pacific
23,601
23,027
11,794
11,870
2,936
3,193
3,755
4,059
488
454
704
57
65
18,851
17,416
15,650
12,062
11,282
3,176
3,143
2,221
840
617
-
12,091
11,958
11,771
12,328
12,235
5,976
2,708
2,575
1.846
7,183
768
792
2,325
2,047
3,799
3,130
3,038
5,762
6,077
Denver & Salt Lake
717
715
568
19
22
Fort Worth & Denver City_
Illinois Terminal
967
1,065
1,149
1,485
1,958
2,029
1,548
1,685
2,174.
1,807
Missouri-Illinois
1,183
Nevada Northern
1,834
Chicago & Eastern Illinois
Colorado & Southern
1942
3,531,811
3,858,479
3,055,725
3,122,942
Denver & Rio Grande Western
3,446,252
3,363,195
3,311,637
810,772
667,609
854,689
North Western Pacific
874,193
854,486
832,635
19,290,966
18,471,252
19,365,070
Southern Pacific (Pacific)
_
The following table is a ummary of the freight carloadings for
the separate
railroads and systems for the week ended June 10, 1944.
Dufing the period' 77 roads showed increases when compared with
the corresponding week a year ago when the coal miners were on
Union Pacific
System
1,262
2,011
120
75
1,022
758
665
4
7
7
0
0
32,765
29,248
13,143
13,784
304
295
225
2,116
1,624
13,862
12,.736
12,680
17,194
17,322
519
576
6
3
1,972
2,008
2,191
4,247
3,808
121,678
114,866
97,919
Utah.
Western Pacific—
i
343
548
.968
1,923
1,148
32,250
Toledo, Peoria & Western
Total
95,639
LOADED
FREIGHT
AND
(NUMBER OF CARS;
RECEIVED
FROM
CONNECTIONS
Burlington-Rock Island—
WEEK ENDED JUNE 10
Total Loads
Railroads
.
Eastern
District-
267
Ann Arbor
Bangor & Aroostook
——,
Boston & Maine—
U
—
2,249
1,899
23
39
35
1,155
1,013
1,020
2,261
—
5,932
6,412
6,236
12,505
9,880
7,686
7,569
8,063
11,225
11,363
—
—-—
Grand Trunk Western—
Maine Central-.
^
297
1,749
1,835
1,152
1,302
320
292
319
2,438
1,978
13,513
13,572
13,261
16,572
16,984
3,884
4,023
3,826
215
193
2,075
2,067
■
2,403
6,613
.
New York Central Lines
Hartford—,
Hartford-
New York, Ontario &
293
9,445
—,
—
Montour.
N. Y., N. H. &
Western
2,512
1,744
.
110
344
;
118
7,845
7,154
217
2,868
1,886
1,767
1,724
1,042
Wheeling & Lake Erie;—
2,304
325
322
2,422
25
197
44,264
53,504
48,076
9,911
10,208
9,534
18,749
16,508
—
————:——
14,095
2,883
6,505
2,526
Western——516
Western7,572
Pittsburgh & Lake Erie—.——
Pere Marquette—'—-————
4,757
943
Pittsburg & Shawmut——
359
Pittsburg, Shawmut & North
1,487
Pittsburgh & West Virginia
—.,—
15,459
2,298
54,146
N. Y.,.
Y., Susquehanna &
Wabash——
8,713
5,824
2,868
6,691
—
—
9,030
2,138
50,390
1,391
,
New York, Chicago & St. Louis
Rutland—
.
-
-
1,339
1,138
3,639
1,997
7,140
7,208
15,886
15,099
: 535
499
2,253
1,533
7,134 V
8,092
9,227
8,737
5,224 '
5,603
7,898
6,411
792
36
25
1,072
416
1,317.
378
336
5,594
-5,160
-
398
276
309
1,204
2,537
3,762
364
1,091
896
4,964
12,053
12,516
-
5,823
5,827
5,253
4,265
163,688
165,276
-155,010
227,329
4,636
'
————
30
20
12
'69,030
68,998
5,362
5,033
2,828
3,625
4,586
307
400
384
3,142
1,297
Midland Valley
—;
Missouri & Arkansas————_
Missouri-Kansas-Texas Lines
637
—
—
167
1,15
429
6,068
4,937
5,105
16,770
15,641
19,178
78
16,064
77
8,777
7,890
9,112
8,393
3,258
3,469
2,847
12,631
13,329
9,682
7,263
4,925
4,511
58
-
St. Louis Southwestern—.
Texas & New Orleans—
—.
Texas & Pacific——-——
,4,293
4,193
98
115
'
24
23
30
'5
74,054
70,132
65,318
Wichita Falls & Southern
.
•
352
127
Weatherford M. W. & N. W.—
*
399
619
587
162
7,098
Quanah Acme & Pacific
St. Louis-San Francisco—
281
6,624
3,935
;
Missouri Pacific
231
298
City Southern—
!
year's
1
47,55?
Bessemer & Lake Erie——,
6.262
Baltimore & Ohio—_—...
Cambria & Indiana——
———
CentralR. R. of New Jersey
—
Cumberland & Pennsylvania
Ligonier Valley,—__ ————
—
875 :-
43,297
-
7,026
608
1,214
997
40,269
29,226
27,369
"
6,919
2,349
1,714
297
*4
4
1,669
i,5oa-»
2,068
3
6
7,470
7,087.
6,974
19,885
20,236
*327
Buffalo Creek & Gauley
$3,601,936
an¬
lunch¬
eon of the 1943 campaign.
In that
latter year, the total raised by the
Fund was $4,334,298.
302
.
with
nounced at the third report
give herewith latest figures received by
us
paperboard industry.
members
of
,
this
Association
industry, and its program includes
member of the orders and
the
represent 83%
production, and also
advanced to equal 100%,
of the total
statement each week from each
a
activity of the mill based
are.
on
so
a
figure which indi¬
the time operated.
in summing up the progress of
campaign.
"We must do all
These
PRODUCTION, MILL ACTIVITY
'••''•••
have.
we
certain
—and
This
that
Orders
Received
651
623
50
51
325
275
10
12
March
11
195
112
38
51
March
18
1,174
1,129
738
3,962
3,536
March
25
1,741
1,750
1,604
2,671
2,916
March
Production
Orders
Tons
be before the end
of the year.
"We cannot take
an
active part
in the invasion of Europe, but we
can have a part in
supporting the
home front.
It is up to you and
to impress
me
Let's
this fact
and
men
upon
that The
see
of
women
the
our
Greater
New York Fund observes the year
of D-Day by 'going over the top."'
Reports of the campaign's prog¬
in the boroughs, were sub¬
by the borough chairmen
ress
mitted
follows:
as
Charles
Vice-President
Trust
of
Company,
Manhattan;
J.
the
Stewart,
New
York
$3,137,908
James
for
Lundy,
A.
President of Lunco, Inc., $221,934
for Queens; William C. Thompson,
Vice-President of The Bank of the
Manhattan
the
Company, $116,377 for
Philip
A.
Benson,
Bronx;
President
Bank
of
of
the
Dime
Savings
Brooklyn,
$460,331 for
borough and Dr. John-- MrAvent, of the Staten Island Com¬
doubles last year's total of
$46,683.
Lumber Movement—Week
Ended June 10, 1944
According to the National Lum¬
ber
Association,
Manufacturers
lumber shipments of
porting
Trade
the
to
524 mills re¬
National Lumber
Barometer
4.4%
were
be¬
low production
for the week ended
June 10, 1944.'
In the same week
new
of
orders
0.7%
these
mills
were
Unfilled
reporting mills
above production.
order files of
the
at
the
rate,
equivalent to
current
shipments
of
reporting identical mills ex¬
production by 6.6% ; orders
by 10.3%.
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
of reporting mills was
36.6%
greater; shipments were
35.7% greater, and orders were
51.9% greater.
ceeded
Tons
Memphis Branch
An
announcement
June
13
by
C. M. Stewart, Vice-President and
Current Cumulative
Secretary of the Federal Reserve
650,606
95
94
152,627
144,761
655,682
95
94
136,105
150,940
639,537
95
94
In accordance with the recom¬
613,978
97
94
mendation of the Board of Direc¬
141,959
607,537
93
94
144,422
635,727
94
94
143,883
636,176
92
94
4
146,926
_
Percent of Activity
Remaining
Tons
1944—Week Ended
168
help make
goal is attained
our
it must
as
will
Of St. Louis Reserve Bank
Unfilled
Period
551
to clean
we can
such remaining assignments
up
Asst. Mgr.
STATISTICAL REPORTS—ORDERS,
239
the
He said:
that they represent the total
1
.
far this
so
referred to by Mr. Baker
For the year to date,
from the National
Paperboard Association, Chicago, U\., in relation to activity in the
The
achieved
success
year was
and gross stocks are
32 days' production.
industry.
672
goal for the entire year and
compares
reporting softwood mills, unfilled
orders are equivalent to 41 days'
figures revised.
Weekly Statistics Of Paperboard Industry
208,058
Allegheny DistrictAkron, Canton & Youngstown
000
production
We
Mr. Baker pointed
out, is 89% of the Fund's $4,500,-
amounted to 118.7% of stocks. For
=
.
Previous week's figure.
Note—Previous
figures
Cornwall
85
4,006
979
cates
Total-
7,812
2,375
2,649
•
:
Monongahela
275
13,067
1,326
Detroit & Toledo Shore Line
Lehigh & New England
Lehigh Valley
1,341
359
14,538
33
Detroit, Toledo & Ironton———
Lehigh & Hudson River-:
1,338
1,173
5,984
1,478
—
—
385
1
442
4,332
2,320
,
Litchfield & Madison—
32
Delaware, Lackawanna & WesternDetroit & Mackinac
Erie—
875
6,092
1943
——
Central Vermont
Delaware & Hudson-—
239
1,061
7,065
1944
262
5,474
2,574
Louisiana & Arkansas
1,305
Chicago, Indianapolis & Louisville——
Central Indiana
1942
1943
1,077
5,702
International-Great Northern—•
Kansas
Connections
259
2,527
3,479
896
2,809
3,191
1,245
267
434
5,933
17,817
127
9,759
7,272
5,186
7,755
561
Gulf Coast Lines
Kansas, Oklahoma & Gulf
Received from
Total Revenue
| Freight Loaded
•Vi
1944
the
of
munity War Chest, reported $88,961 for Richmond, which almost
Southwestern District—
'
REVENUE
Baker,
Board
that
"
-
This figure,
city.
26,326
—
__
Bingham & Garfield——
of. May———i—
Strike.
340
305
1,014
8,600
.
—;
2,872
2,813
20,405
3,506
Dodge, Des Moines & South—
:
3,397
2,807
21,723
...
Stewart
the
at the Commodore Hotel.
eon
The
Peoria & Pekin Union-
-
803
1,153
297
3,130
Chicago, Burlington & Quincy—
Chicago & Illinois Midland
4,209,907
Total
142
141
166
Mississippi Central
;
Nashville, Chattanooga & St. L.—
Central Western District—
3,174,781
June
of
Alton
3,92^,981
June
J.
Chairman
Bank of the Manhattan Company
at the Fund's third report lunch¬
Atch., Top. & Santa Fe System
3,073,445
weeks
Chairman
11,845
Total—
4,068,625
4
4,262
18,467
Spokane International
3,135,155
weeks
weeks of April-—-—
4,502
11,704
Spokane, Portland & Seattle
_—.
of
4
5
Week
3,159,492
„
476
business
3,796,47?
—
2,947
635
.
1944
of
2,642
426
15,806
Northern Pacific
.
weeks
1,214
342
4,224
Minn., St. Paul & S. S. M.;
All districts reported increases compared with the correspond¬
ing week in 1943, except Eastern & Pocahontas. All districts reported
increases compared with 1942, except Pocahontas and Northwestern.
4
87
1,147
26,946
Superior & Ishpeming—__—
Minneapolis & St. Louis—
amounted to 15,177 cars, an increase of 506 cars
preceding week, and an increase of 1,383 cars above the
corresponding week in 1943.
—;—
126
26,245
Lake
Coke loading
January
33
3,523
Green Bay &
above the
of
38
24,469
Great Northern
loading amounted to 83,001 cars, an increase of 3,438 cars
above the preceding week but a decrease of 4,346 cars below the cor¬
Weeks
1,894
27,766
Ft.
Ore
5
1,469
4,037
Elgin, Joliet & Eastern
products loading totaled 47,826 cars, an increase of 8,444
cars above the preceding week and an increase of 3,528 cars above
the corresponding week in 1943. •
!
640
2,112
763
28,338
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range:
Duluth, South Shore & Atlantic
Forest
.
640
25,261
Chicago Great Western
14,143 cars, an increase of 1,488
cars above the preceding week, and an increase of 1,252 cars above
the corresponding week in 1943. In the Western Districts alone load¬
ing of live stock for the week of June 10 totaled 10,163 cars, an in¬
crease of 947 cars above the preceding week, and an increase of 1,294
Cars above the corresponding week in 1943.
;
v
120
136
Louisville & Nashville
Chicago & North Western—
Live stock loading amounted to
.
2,495
99
Northwestern District—
taled 29,336 cars, an increase
employee groups
amounting to $4,023,511 for the
intensive Dart of the 1944 citywide appeal, the largest sum ever
raised in a like period by The
Greater New York Fund, were
announced by General Campaign
Gulf, Mobile & Ohio
Illinois Central System
Total
cars
responding week in 1943.
:
Seaboard Air Line
above the preceding week but a decrease of 1,571
below the corresponding week in 1943. In the Western Districts
cars
,——
Southern
in¬
43,895 cars, an
totaled
Georgia:
Georgia & Florida
Piedmont Northern
corresponding week in 1943.
grain
1,633
264
Richmond, Fred. & Potomac
amounted to 182,601 cars, an increase of 12,636 cars
preceding week, and an increase of 12,088 cars above the
and
1,885
2,954
300
47
Macon, Dublin & Savannah
Coal loading
6,788
384
1,762
business
from
and
concerns
504
—
Gainesville Midland—,—
Loading of merchandise less than carload lot freight totaled
104,156 cars, an increase of 7,076 cars above the preceding week, and
an increase of 5,393 cars above the corresponding week in 1943.
Grain
-
Campaign Total
Subscriptions
307
257
Florida East Coast
totaled 383,394 cars, an increase of
above the preceding week, and an increase
above the corresponding week in 1943.
'
•
crease
-
_
Record
1,618
402
Charleston & Western Carolina
;
cars
above the
—
Durham & Southern—.
"
Miscellaneous freight loading
23,045
_
Central of Georgia
increased
7.8% above the preceding week which included holiday
cars, or
Greater NY Fund Gets
1943
1944
1942
295
41,558 cars or 5.0%,
May 30.
on
1943
Atlanta, Birmingham & Coast.,
Loading of revenue freight for the week of June 10,
63,421
Connections
Alabama, Tennessee & Northern
Atl. & W. P.—W. R. R. of Ala
Loading of revenue freight for the week
1942 of
Received from
1944
Southern District—
totaled
week in
Total Revenue
Freight Loaded
Railroads
Revenue
•!>
Bank of St. Louis, says:
"**
Long Island
—
-
Penn-Reading Seashore Lines
Pennsylvania System
_
Reading Co.
Union
(Pittsburgh),!,
Maryland
__
_
_
Western
—
.
~
:
—,
Pocahontas
85,754
83,616
68,765
14.145
14,127
28,645
20,315
18,830
21,151
7,259
4,192'
3,898
4,122
11,647
195,150
Total
*
87,492
,15,321
186,764
-
183,504
175,828
60,967
23,595
-
7,842
10,710
160,006
District—
Chesapeake & Ohio
Norfolk & Western
—
——
29,787
29,804
29,069
22,298
22,510
23,474
4,914
4,930
4,559
56,999
57,244
57,102
14,255
10,928
7,917
7,068
2,164
2,133
24,336
20,129
•
April
1
April
8
April
15
138,724
•
—
tors of the
Memphis Branch of the
Federal Reserve Bank of St. Louis,
bank has
Clopton Anderson as
Assistant Manager of the branch
April. 22-a——
—
138,712
158,871
610,555
98
94
the Board of the parent
April
—
147,768
156,041
601,880
98
95
elected
628,495
May
29
13—
May
20
May
27
June
144,921
-
———
3
June, 10
98
95
620,728
95
95
157,370
602,062
97
95
155,105
582,090
96
95
93
95
96
95
158,534
6
May
__
_
138,501
150,435
170,421
152,461
144,384
%157,794
.
1
599,322
584,083
Notes—Unfilled orders of the prior week, plus orders received, less production,
not
a
147,604
necessarily
equal the unfilled
orders
at the
close.
Compensation
H.
effective
entered
do
for delinquent
reports, orders made for or filled from stock, and other items made necessary adjustmehts of unfilled orders.
•
Mr.
Anderson
the employ of
the Mem¬
June.
8
phis Branch in 1919, and has been
serving
as
a
department head
since 1925.
He is a graduate of
the American Institute of Bank¬
ing.
12624
THE COMMERCIAL & FINANCIAL CHRONICLE
He retired in 1941 after being con¬
nected with the bank 53 years.
Items About Banks , Trust Companies
M.
17
after
long illness.
a
Mr.
made
was
He
Union
Vice-President in
of
member
a
New
15
York
the
announced
election
has
Treasurer
of
been
the
sion
bank's
is
con¬
the
of
management
investments.
Mr.
where
he
was
the
United
the
by
Y.
partment
State
Banking
announced
16
June
on
Manufacturers
Safe Deposit Co.,
Street, New York, were
authorized to change the location
branch
offices
822-824
from.
East Tremont Avenue to 749 East
Tremont
Avenue,
after Jan. 1, 1945.
of
one
The
Bronx,
on
or
N.
Y.
State
Banking
announced on June 16
that the Modern Industrial Bank,
of
Avenue, Brooklyn,
application for permission
open
branch
a
524-528
at
Broadway, New York City.
the
cost of the
our
of
the
Civil
War,
died
on
will
Adam
the
at
N. Y.
Born in
He
97
was
years
Yonkers, N. Y.,
on
old.
Sept.
26, 1846.
Mr.
Tompkins became President
of the
in
Greenburgh Savings Bank
1912.
The
bank is
celebrating
its
75th
anniversary this year,
having been founded in 1869. He
was
a
former Vice-President and
director of the Dobbs Ferry
Bank,
former director of the First Na¬
a
tional
Bank of Hastings, and a
former Treasurer of the
Hastings
Savings and Loan Association.
of
Rudolph Stutzmann, President
the Ridgewood
Savings Bank,
announced
that John
F.
McClos¬
key, who heads the Seal-Lock
Burial Vault, was elected a trustee
of the bank at the June
meeting
of
the
Board of Trustees of the
After attending St. John's
bank.
College
he
became
Assistant
Superintendent
of
St.
John's
Cemetery, of which his father,
John McCloskey was
Superinten¬
dent.
Subsequently he became
Superintendent and held that post
until 1942 when he assumed his
present
position of Lay-Super¬
visor for Cemeteries of the Brook¬
lyn Diocese.
Mr. McCloskey be¬
associated with the bank at
time when it is celebrating two
comes
a
important
one
events
in
its
with
to more
and
than 72,000 depositors.
on
a
Hills
time
as
Inn,
the
the
institution
Eastern
present
depositors.
member
more
Mr.
of
the
with
fact
serves
that
over
savings of
the
of
than
over
64,000
Schneider
is
of
par
a
and
comprises all the savings institu¬
tions
of
man
of
and
from
the
executive
1935
counsel.
He
was
special
director
a
of
for
each
re¬
three
officers
and
and
on
June
the
Assistant Trust Officer and Harry
H. Salk Assistant Cashier of the
American National Bank & Trust
Co.
of
Chicago at the meeting of
the board of directors
Mr. Herbert went to
Herbert
June 14.
on
Chicago from
tors.
of
the
17
fol¬
direc¬
of
All other officers of the two
banks
were
elected to the
execu¬
tive staff of the emerging institu¬
tion, which will be known as the
J ohn
Birckhead,
A
Assistant
ing
graduate
a
of
The
He
lecturer
as
City
in
has
also
at
directors:
J.
the follow¬
W.
C.
Commercial National Bank, effective
June
5, according to the
Beall,
T. Earle Bourne, James A. Dono¬
hoe Jr., Gratz E. Dunkum Jr., H.
Lewis Flemer, John
"
Directors of the Fulton National
Bank of Atlanta passed a resolu¬
tion on June 8 to sell 5,000 shares
of additional
will
stock which
common
increase
the
capital of the
$1,000,000 to $1,500,000.
resolution, according to the
bank from
The
Atlanta
that
"Constitution,"
provided
present shareholders be
titled to subscribe to
for
new
stock
now
owned.
of
dent
each
en¬
share of
one
two
shares
F. W. Blalock, Presi¬
the
bank,
that
said
the
stock would be offered to the
new
shareholders
at
$150
share.
per
ning School of Business.
his
July
10
duties
new
American
National
Eve¬
He will
with
the
Bank
on
following completion of
1944
resident
session
The
of
Graduate School.
is
Salk,
native of Chicago,
a
graduate of DePaul Univer¬
a
sity and Chicago Law School.
He
has
the
been
associated
American
National
of
the
real
estate
with
Bank
1937 and will continue
as
loan
since
manager
of
its
crease
to
$1,500,000.
has
been
now
After this increase
made,
preferred stock
totaling $450,000 will be re¬
tired.
The resolution will
t}e pre¬
sented to stockholders for ratifica¬
tion
at
a
held
at
12
special
noon,
meeting to be
July 14, in the
main office of the Fulton National
Bank.
U. S. To Lend Silver To
division.
He is a director of the Chicago
Mortgage Bankers Association and
Chairman
This action, it is added, will in¬
the surplus from $1,050,000
The
College of New York
assume
the
served
economics
legislative
com¬
India Under Lend-Lease
Announcement
agreement
mittee.
States
The recent transfer of $1,000,000
from undivided profits to the
surplus in less than 10 years.
Manufacturers National began op¬
erations Aug. 10, 1933, with a sur¬
plus of $1,500,000.
Additions of
$500,000 to surplus were made in
each of the three years of 1934,
lend
will
of silver
was
June
14.
on
account
of
Manufacturers
National Bank of Detroit was the
seventh
increase
in
the
bank's
of
a
whereby
to
lend-lease
the
the
United
Govern¬
ment of India 100,000,000
sur¬
plus
joint meeting of stockholders
of both banks elected
National bank under the title of
a
surplus account.
elected
was
board
Trust
Knoxville, Tenn., a State
member bank, has converted into
Association.
merged institu¬
fraternity,
Bank &
;
of
versity by the American Bankers
Mr.
Chairman
The Commercial
Co.
Capital
McKee, dean of the local
banking
is
Graduate School of Banking, and
since 1942 has been a member of
the faculty of that school for bank
tions.
H. H.
reports
Trust Co.,
Louisville, Ky., a State member,
has changed its title to Kentucky
Trust Co., effective as of June 16.
Of this amount $100 will go into
the capital account and $50 to the
lowing final approval of the mer¬
by Comptroller of the Cur¬
rency Preston Delano.
George A.
Didden Jr., former President of
National
Capital,
was
elected
President of
System
officers conducted at Rutgers Uni¬
East
announced
Reserve
that the Kentucky Title
of
directors
National
The Board of Governors of the
Federal
Reserve System.
elected
was
employ he entered in 1929 follow¬
ing graduation from The College
of The City of New York.
Mr.
of preferred
of June 14.
as
Board of Governors of the Federal
Thomas J. Herbert
320,000; 110,000 shares-of common
stock, $660,000; surplus, $1,000,000;
undivided
profits, $221,000; re¬
for retirement
Merchants
&
Orfordville, Orfordville,
of
Wis,,
reports
System
Farmers
the
Bank
committee,
1944
to
New York, where he has served
for the past 15 years with the
City
Bank Farmers Trust Co:, whose
and
Queens,
Richmond
Nassau,
Counties.
E.
ounces
made at Washington
known at the
lend-lease
all
It
was
same
also
made
time that total
shipments of silver to
countries
date
to
amount
.
to
about 4,000
short tons, these ship¬
having been intended for
coinage uses.
According to a Washington dis¬
ments
industrial and
.
and
Business
Trust
Co., held on June 20, 1944,
Douglas McKee, Vice-President of
the company, and in
charge of its
Jamaica office, was elected
tee of the
company.
a
trus¬
tually,
quarters
Bank
The Board of Governors of the
Reserve System reports
Williamson, N.'Y.,
son,
bank,
Central
N.
Y.,
merged
was
Co.,
Rochester,
State. member
effective June
the
into
13.
merger
316-318
Booth,
as
normal
they
S. E.
as
presented in the
are
course
of business.
both
State
member
banks,
have
consolidated under the charter of
the former institution and with
Bank.
In
connection^ iwith
lished
at
Lincoln
learned from
the
Board
Federal
change
branch
a
an
of
Park.
This
is
announcement
by
Governors
Reserve
was
the
estab¬
was
of
System.
was
Harrison
President
board
former
of
730
dena,
the
Marine Trust Co., died on June 15.
B.
and
Riley,
Chicago
on
formerly
Chairman
June
Title
of
&
the
Trust
16 at his home
Prospect Boulevard, Pasa¬
Calif., at the age of 81.
later.
of
tion,
and to help to keep prices
in this important United
Nations
supply
base
and
war
stable
theatre.
The
a
change in title to Wayne County
consolidated
for India's expanded war
produc¬
the
The
effective June 5.
Government
of
India
has
agreed to return the silver to the
United States after the end of the
war
on
an
ounce-for-ounce basis.
The silver bullion will be
sup¬
plied to India from the large
stocks of United States
free silver.
ver
the
will
The
Treasury
shipments of sil¬
not
impair in any way
supply of silver required for
purposes in the United
domestic
Bank
office
Ave.,
be stamped with the new name
that city
Batavia
and
approximately 4,500 de¬
of East Washington will
retain their passbooks, which will
and manager of its
successor, the
of
discontinued
The Ecorse Savings Bank of
Ecorse, Mich., and The State Sav¬
ings Bank of Lincoln Park, Mich.,
bank,
branch
75,
be
Pennsylvania
Co., died
T.
Even¬
positors
at
Herbert
be
The
In connection
a
to
business concentrated in enlarged
offices
of
National
Capital at
soon
Trust
a
State
a
continue
it is contemplated
that
of the East Washington
will
Federal
that The State Bank of William¬
will
transacted at both offices.
72,000 depositors
of the
From 1907 to
capital funds will aggregate $3,consisting
of
440,000
of
preferred
stock, $1,-
Funeral
the
May 31, 1944.
on
stockholders will
share
one
President of the Bank of Batavia
and in addition has financed
capital stock,
value of $6 per share,
to $165,000 to stock¬
that
Reserve
Ford, Ernest
Herrell, William N. Payne Jr.,
patch to the New York "Times"
Trustees and officers present were William Thompson and Lambert
June 14 the announcement was
An addition of
Charles A. Van Inderstine, James~ -C. Turner, all formerly with the 1935 and 1936.
contained in a joint statement by
A. Stewart,
1940.
.Henry L. Genninger, East Washington Savings Bank; $1,500,000 was made in
Secretary of the Treasury Henry
additions
of
$500,000
Blanz,
Thomas
A. Further
Joseph E. Schwab, Lewis C. Beil- Wilfred H.
Morgenthau,
Jr.,
and
Foreign
Cantwell, Mr. Didden, Mr. Dono¬ came in 1942 and 1943. Then, on
man, August J. Schneider, Harriet
Economic Administrator Leo T.
M.
Murray,, William J. Kubat, hoe, Edgar T. Gaddis, W. P. C. June 9, 1944, directors authorized
Crowley, as follows:
Russell A. Atkinson, Homer N. Hazen, Francis J. Kane, Adelbert an increase of $1,000,000, which
The United States Government
the
present
Bartlett, John Bossert, Dr. George W. Lee, Mr. McKee, James L. Par¬ brings
surplus to
Hills Iler, Charles
All surplus additions has agreed to supply the Govern¬
Jacob, Charles sons Jr., William A. Simpson, J. $6,500,000.
ment
of India
under a
special
Oldenbuttel, Carl L. Otto, Bryer Elbert Tune, Arthur B. Walker have been transfers from un¬
lend-lease agreement with
H. Pendry, Richard V. Schnibbe and Howard B. Yost, all formerly divided
profits.
Total
100,capital
funds of the bank increased from 000,000 ounces of silver to be used
with
and Dr. Philip
the
old
National
Capital
Embry Smith.
to
maintain
an
Bank.
adequate supply
$5,250,000 on the opening day to
of coinage for the
large numbers
Morris E. Marlow was made an $11,131,014.14 on June 9.
At a meeting of the Board of
of United Nations forces there and
advisory member of the board.
Trustees of Title Guarantee
Kings,
Suffolk
That it has
$50,000,000,
27,500
Cashiers.
banking organizations and is
Chairman of Group V of the Sav¬
ings
Bank
Association,
which
Secretary
common
common
institution
over
of
a
fraternal, civic
many
established at Williamson.
by
was
District
resources
$67,000,000 and
munity has been the keynote of
now
shares
with
dividend
Savings Bank, and has held all
National Capital Bank. They are:
positions from office boy to Presi¬
S. Dolan Donohoe, Robert V. Meldent.
He
has
witnessed
the
lefont and T. Earle Bourne, Vicegrowth of the institution from de¬
Presidents; S. Wilson Earnshaw,
posits of about $1,500,000 in 1904
Cashier; James H. Heelen and
to the
with
the bank's endeavor.
Forest
Mr. Schneider
ings Bank completed 23 years of
serving its depositors.
From its
modest beginning in a renovated
store property, service to the com¬
been successful in this is revealed
on
Washington Sav¬
ings Bank of Washington, D. C.,
institution.
employ of the bank as
on June 15,
1904, at
became
ment early this year.
testimonial dinner
June 15.
boy
member
On June 18 the Ridgewood Sav¬
meeting held
the consolidated
officers marked the
Forest
known
of which is its 23rd anniver¬
and the other its growth to
$50,000,000 in deposits belonging
special
stock
a
were
that
he
of
Bank
supplement
history,
sary
Co.
ger
entered the
office
in¬
com¬
with Chicago Title & Trust
Chicago Title & Trust Co. con¬
tinuously from 1906 to his retire¬
New
Schneider Jr., President
Roosevelt Savings Bank,
the
Hills,
an
case
bonds."
war
occasion with
which
son,
to
consolidation of that
on
1
The Board of Governors of the
Federal
Co.,
and
pany
$50,000.
additional
an
more
guaranty system in the Midwest.
In 1901 he became Vice-President
of the Title Guaranty & Trust
$1.
stock, $360,000, and other reserves,
has just celebrated his 40th anni¬
June 18 at the home of his son-in-
Avenue, Hastings-on-Hud-
invest
or
authorized
bank
the originator of the title
was
Street
Holton
the
of
From that
January of this
abstract and title companies
cago
and
committee
State Bank.
year he
closely associated with Chi¬
was
of
a
serve
depositors' individual invest¬
law, Frank F. Crossman, 618 Warburton
early abstract firm.
time until
to
611,000,
serv¬
the
of
$2,000,000
en¬
13 the stockholders of the
Hudson Trust Co. of Union City,
N. J., confirmed the declaration
depositors, I expect that the
ment in
of
In
war.
value
to
shares
patriotic civilian
activities, but also put their sav¬
ings in uniform to help finance
of
voted
After giving effect to the
increase in common stock,
the
23 years this
volunteer their
also
had
owned.
various
Trustees
Ward
our
Directors
ceive
in¬
first opened its doors to
and
in
versary
Tompkins, President
of the Greensburgh Savings Bank
in Dobbs Ferry, N. Y., and a vet¬
eran
our
the
from
The
President, Rudolph
"When
down
buildings
amounting
holders of record
to.
war
ices
Pitkin
W.
guaranteed
consistently ad¬
Today our people not
only help produce the implements
hered
our
De¬
partment
to
or
write
directors
June
instrumentalities.
Stutzmann, said:
stitution
bank
*
an
its
bank's
$5,500,000
filed
States
community.
In
policy has been
De¬
55 Broad
1697
in
In
over
the pubjic the trustees set its
pur¬
pose high—unselfish service to the
N.
The
have
we
of
At
with us."
Rhodes
a
that Manufacturers Trust Co. and
of
this
Parker
scholar.
The
portfolio
own
board
Chicago and
employ of Handy & Co.,
$7,000,000 in the surplus merged companies.
1929 he was President; from 1929
of the bank, raising this account
33%
from
$21,000,000 to $28,- to 1931 Chairman of the board of
directors; from 1931 to 1935 Chair¬
000,000.
$32,500,000 in securities issued by
Missouri and also Oxford Univer¬
sity
During
purchased over $9,000,000
saving bonds and stamps.
our
graduate of the University of
a
them.
was
crease
These investments represent about
65%
of
the
funds
deposited
with the Treasurer's Divi¬
in
war
Guaranty Trust
Co. of New York where he is
nected
us,
Assistant
an
of
youngest
Parker, Jr., as a Vice-President.
Effective July 15, Mr. Parker will
be in charge of the investment
portfolio and the municipal bond
department of the bank. For some
he
States.
period of war our people have, in
addition to saving regularly with
S.
years
savings
Ridgewood Savings Bank has the
distinction of being one of the
on
and
largest bank in Pennsyl¬
revealed
yesterday
the announcement by Evan
Randolph,
President,
that
the
institu¬
our
of deposits among all the
banks
in
the
United
Charles
of
est
vania,
with
ranks 58th in the amount
now
unusual
step taken by the
Philadelphia National Bank, old¬
First Vice-Presi¬
people in the fact that
tion
the
Continental Bank & Trust
of
June
An
growth, said:
"There is eloquent
testimony of the thriftiness of our
League and Bankers clubs.
The
Co.
a
was
4,500
more-
dent, in commenting on the bank's
serving in the Credit Department.
1928.
than
more
gage loans.
Herman Ringe,
Howell entered the employ of the
Chase National Bank in 1902, first
He
of
purchase
homes through conservative
to
came
tered the
an
Hadden Howell of Hacken-
sack, N. Jf, a Vice-President of the
Chase
National Bank,
died
on
June
1882 he
Thursday, June 22, 1944
services
will
be
held
in
and will be announced
Mr.
Ovid, N. Y.,
Riley
on
was
born
July 1, 1862.
at
In
Edward H. Williams, 76, who in
1940
retired
as
Vice-President
a
of the Marine National
Bank,
which
years,
died
2508 E.
kee.
he
served
for
51
Friday at his home,
Newberry Blvd., Milwau¬
He
was
a
director
Marine bank and
a
tor
of the
and
Exchange
member
of
the
former direc¬
advisory
States.
Silver has been
supplied under
lend-lease from time to time to a
number of other countries for in¬
dustrial and coinage
purposes es¬
sential
amount
to
of
the
war.
silver
The
shipped
total
under
lend-lease to date to all countries
is approximately 4,000 short
tons.
|
,
@FedFRASER