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In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
Final
d
an
Financial
Reg. U. S. Pat. Office
Volume
New
Number 4398
161
Early Senate
Approval of United Nations Charter
prepared statement presented to the Jflouse
Military Committee, General George C. Marshall
brief
a
Post-War
Copy;
a
Truman to Seek
The Financial Situation
In
Price 60 Cents
York, N. Y., Thursday, June 28, 1945
Expresses
expression to his personal views concerning President, in Addressing Closing Session of San Francisco Conference,
compulsory military service as a post-war peace¬ Confidence That Overwhelming Sentiment of the People and of the Senate Favors
time policy." In view, first, of the influence any opinion of
Immediate Ratification of Charter Designed to Perpetuate World Peace.
Calls Upon
the General's is likely to have among the rank and file, and,
second, of the typically circumscribed perspective revealed United Nations to Remain United and Urges Removal of Artificial and Uneconomic
recently
gave
universal
in this utterance of a
that the
.
;
Conference on International Organization^
try every one of you can find
in session for nine weeks at San Francisco, came to some of our citizens who are sons
United Nations
The
which had been
policy of
June
government (in the post-war years) is a matter of urgent
necessity at this time.
.
"A large standing army is not an acceptable solution
for three reasons: Its cost would be prohibitive, the neces¬
ident Harry
Therefore
C h
of
the world must
and not
as
a
remote potential.
"Whatever military
thorough understanding of
as
<
the practicability of obtaining
scientific research."
>
highly respected and exceptionally capable pro¬
fessional soldier is probably rather naturally quite unaware
(Continud on page 2880)
;
7'
Destruction oi
Germany's War-Making Potential
Baruch Urges
With Russia on Major Peace Problems to Allay Soviet Fears,
and Advocates Raising Human Standards All Over the World as "a
Bulwark of Post-War Economic Policy."
Agreement
economic
po¬
military
M.
the
Mr.
ad¬
vocated
the
as
in¬
and
i c a 1
power"
neans
sure
1.
with
"No
Bernard M.
more
It is the heart of the makng of the peace; it is the heart of
he keeping of the peace.
"What is done with .Germany
lolds the key to
:an
and
the
eontkiue to
if feet
whether Russia,
United
get along.
States
It will
profoundly the jobs
and
2.
what
is
to
be
done
Germany.
Break
Baruch
night
Britain
of
settle¬
definite
earliest
The
ment
as a
of
"a
important
question ever will come before
/x>u," Mr. Baruch said, "than this
ine—of how to prevent the re¬
vival of Germany's war-making
peace,"
Germany's Futrl'e
Settle
peace."
sure
follows:
"over-all
tech n
Baruch then listed 14 rec¬
ommendations for "a
disintegration
Df
Germany's
dustrial
\
omy."
Preside nts,
strongly
traditional war econ¬
Germany's
man" of t w o
the
and
demilitarize
taken. to
measures
states¬
"elder
peace
policy
reparations
man
every¬
economic
can be
the light of Ger¬
the
solved except in
gression,"
Baruch,
of
German
Dominance
this settlement
once and for all
Economically,
must
break
dominance, of Eu¬
Her war-making poten¬
Germany's
rope.
tial must be eliminated; many
of
her
plants
East
shifted
friendly
and
and
countries;
factories
West
all
to
other
heavy industry destroyed;/the
Junkers
estates
broken
up;
her
exports
strictly
a^et.s
imports
and
controlled;
German
business
orcaniza-
and
prog¬
in
-
the
The
final ple¬
the
the Conference,
of
session
at
speaking
President Truman
intended to trans¬
mit ' the "Charter- to the "United
States Senate af once," and ex¬
pressed confidence that the over¬
whelming sentiment of the people
of the United States and of the
members of the Senate was in
of
voiced
the hope that the governments of
the participating countries at the
Conference would also speedily
immediate ratification
the document.
(Continued on page 2883)
Mi;. Truman
Truman's address, as
the United Press,
is
patriotic Americans who stem
and
from the countries not
reported by
follows:
represented
this
Conference.,
We are grateful to you for com¬
ing. We hope you have enjoyed
at
as
Chairman and delegates to
Mr.
its
and
Conference on
International Organization:
the United Nations
stay and that you will come
again.
You assembled in San Francisco
your
.
nine
weeks
high
the
with
ago
of hope and confidence of peacecircumstances when this Confer¬ loving people the world over.
Their confidence
in you has
ence
opened made it/ impossible
deeply regret that the press
I
for
to be here to greet you
me
in
I have asked for the priv¬
ilege of coming today, to express
on
behalf of the -people of the
United States our thanks for what
have done here, and- to wish
Godspeed on your journeys
home;
yV: /-;'■■■< 'v ' - '■
Somewhere-.'" in. tliis broad coun¬
you
you
r-r'
been fulfilled.
Charter of the United Na¬
The
person.
have just signed
tions which you
which
His¬
tory will/honor you for it. Be¬
tween the victory in Europe and
the final victory in Japan, in this
(Continued on page ,2884)
is
a
solid
structure
build
we can
a
upon
better world.
From Washington
Ahead'©I the Mews
/,/-:/'^:
By CARLISLE BARGERON
GENERAL CONTENTS
contrivances ever to be devised in any
One of the cutest
Nation's
the U, S. Senate known as the B2,
H2 bloc.
It is composed of four Senators, Burton and Ball, Republi¬
cans, Hatch and Hill, Democrats, who have hit upon their combina¬
tion as a means of making themselves heard in a world of clamorous
voices.
According to the high-brow writers, they are bringing a
lawmaking machinery is that in
Editorial
Page
Situation;.,
Financial
............2877
Regular Features
From
Washington
News
Ahead
of
the
scientific
......2877
/
and Yields.... .2888
Items About Banks and Trust Cos..2892
Trading on New York Exchanges.. .2889
Moody's Bond Prices
NYSE Odd-Lot
for none of the
problems
ag¬
Bernard
Military Affairs Committee on
objective of "the elimination of
where,
for
tential
in¬
for
that this historic meeting
accomplishments
have
taken place in our country. And
that includes the millions of loyal
proud
Britain, France and ;China), and
a majority of the other 45 of the
United Nations, a United Nations
Interim Commission will be estab¬
lished. The full text of President
President,
Two Presidents Tells Senate Military Affairs Com¬
This Is Only Way for a Sure Peace. Urges an All Embracing
everyone,
;
world."
Economic Advisor to
livelihoods / of
r
nations
50
ress
favor of
Germany's
United
declared that he
This
Appearing before the Senate
June 22, holding hearings with the
e
"a great
human
nary
Begging the Question
Charter
and se¬
curity
and
appropriations necessary.
"I know of no system other than universal military
training that will meet the requirements I have just out¬
lined, together with an effective program for industrial
mittee
t
some
Pending approval of the
by the Big Five
(the
States,
Russia,
Great
parley.
peace
the annual
mobilization and continuous
r
a
strument
must have a
system we plan we
S.
daughters, or descendants in
degree, of your own native
land. All our people are glad and
and
of
the various delegations
constituted the final act of the
which by
agreed on by
the
delegates
support our determination to maintain the peace,
recognize our military power as realistic
"To
endorse the Charter, signing
praised the
found. -
other solution must be
some
•
Truman, in
which
he
ranks could not be hired in time of
and it would be repugnant to the American people.
peace,
—n
on*>
fol-
26,
lowing an ad¬
dress by Pres¬
to fill its
men
close
a
this
sary
of All Peoples.
professional soldier, we feel it desirable Trade Barriers in Interest of Raising Living Standards
inquire with particular care 4 into what it is
General is saying.
!
"A decision regarding the general military
to
Trading.............2889
1
State
Review .
.2878
Commodity Prices, Domestic Index.2889
Weekly Carloadings.....,........... .2891
Weekly Engineering Construction.. .2889
Paperboard Industry Statistics
.2891
Weekly Lumber Movement... . a. ..2891
General
Fertilizer
Association Price
Index...2890
.2388
2887
, .2888
Oil Production.......2890
Weekly Coal and Coke Output.
Weekly Steel Review.
Moody's Dally Commodity Index..
Weekly Crude
Metals Market.
2890
Weekly Electric Output
.2888
Market Transactions in Government
Bonds During May...;*........, .7; ,2878
Nan-Ferrous
Commercial Paper Volume (May 31).2888
General Crop Report as of May l..*?836
New York State Bank and Trust
Companies'
Deposits, Resources
Decline in First Quarter...
*2835
Federal Debt Limit at April 30....*279S
Treasury Note Exchange Results.. .*2796
FalrchiLd's Price Index (April)
*2796
Consumer
Credit Lower in
April Rayon
Dept. Stoz'e
In April
1
e
April..*2796
Shipments.
*2796
Sales In N. Y. District
*2833
.'.
Engineer'g Construct'n (May) *2833
Values (Apr. 30) *2833
NYSE Share Values at April 30
*2834
NYSE and Curb Changes in Stock
Holdings (May 161
..*2*m
Labor Dept. Hours, Earnings (Jan.) *2833
Copper Statistics Report (May 11).*2834
March Hotel Sales........
J..*2834
Cotton Production During 1944.... *2834
Cottonseed Receipts to. April 30, . .*2835
Non-Farm,..Mortgage Financing in
First Quarter... a.. .
*2835
ap¬
h
do.
to
tive
doubtful
people
to
offering
men
yet.
start¬
out
a
of
couple
ago
to
peace
a
organizawith
an
Carlisle Bargeroo
force which would
set in motion upon order of
executive director of the in¬
be
the
police
ternational peace
of Mr. Roosevelt who was
to
accomplish where
Wilson failed.
path
interna-
tional
as
Connecticut.
They
tion
public life, even such able
Senator John Danaher of
Their opposition to
the war had proved ineffectual,
and
you
would think that the
world-minders,
with two wars
thriving, would have been forgiv¬
ing.
But no, if these isolationists
were
permitted
to
live, they
would be a stumbling block in the
out of
take
able
get
organization. At
that time, there were
supposed to
backward-
influential set of
hell-bent
Woodrow
agitators
and you would
have thought there was no room
v
looking isolationists in tms coun¬
prominence
were bent upon wreck¬
the world's peace hopes, as
they p^e sneoosed to h°ve done
after World War I, with objec¬
three
,
*These items
appeared in our issue of
June 25, on pages
indicated.'
-
ing
tions
our
to
our
giving
sovereignty,
powering ot an
away
any
ot
which the em¬
international or¬
ganization to declare war
would
establish
particularly
to
else
anybody
for
be
NYSE Bond Issue
try who
pretty crowded
This school was
with
Civil
an
forward-looking
people as Sidney
Hillman's
CIO-PAC, in the '44
Presidential
campaign,
insisted
that all isolationists should be run
can
their
years
that such
minded
world
At least,
ed
would
reason
a
it hasn't been
as
that there
expected
knockdown and drag
a
this issue, something
politically tear our
country to pieces.
It was for this
that
wearied
take.
was-
be
out fight on
it
highly
something
war
It
would
i s 1 amatters,
g
is
Trade
of
pro a c
in
amateurs
it,
are
as
Senators
Ball, Burton and Hatch.
But they
nevertheless did it through the
of
device
onto
linking
Senator
standing
leader.
as
Hill
and tying
who has a
up
Hill,
assistant Democratic
was
astute
enough
(Continued on page 2886)
The State of Tirade
Words—And Their Meaning
cannot
"We
for
a
1
I
'the craven
If
we
kind.
faint-hearted or
the way, then our power
...
have used it in two world
wars—in the service of law and justice and human
freedom—in other words, in the service of peace on
"We shall use it as we
•:
and theirs—will be used and
used only for that high purpose.
Our military
power exists.
It will be a threat only to the violators of international peace and justice."—Joseph C.
Grew, Under Secretary of State.
;
a
Associated
The
individual
Touching
-.///'/
;J
//y.
■
cent of your net
be drawn back 150 miles in Ger¬
to have occurred to Mr. Grew,
fear it does not often enough occur to many
It does not appear
and
we
laboratories
Yet such
producing area of Ger¬
the food
is in the Russian zone arid
its products are being used by
Russia. Asserting that the Soviet
many
people.
and deeply significant
is an obvious
still
just
.fact!
.
Life Insurance Fends Due to
Inv. in Govts, and Lower Open Market Dates
Lower Earnings on
interest earned last year on invested policy¬
the life insurance companies of the United States
was 3 19% the Institute of Life Insurance reported on June 20.
This
compares with a rate of 3.29% in the previous year and represents h
new low point.
"Last year's decline in the rate," the Institute said,
"was due primarily to the continued flow of life insurance funds into
The
net rate of
holder funds by
United States
Government securi-^
-
~
~
^
.
the low interest rates has tended downward with only
slight halts for more than twenty
available on new issues and openyears, and this long-term decline
market securities generally." The
nas been largely responsible for
Institute further says:
the increases in policy costs over
"Holdings of war bonds and
the past fifteen years. Average life
ether United States Government
insurance costs today are mater¬
securities increased $3,680,000,000
ially higher than at the low point
in the year, bringing to almost
in 1930, although even now they
$10,000,000,000 the aggregate gain
are
not far from the 1920 level,
in
holdings of these securities
improved health among policy¬
since the start of the war. Gov¬
holders
and
reduced
operating
ernment securities of all types—
expenses having offset some of
Federal, State and local—-at the
the earning rate decline."
j
year-end
accounted for about
45% of total life insurance assets
compared with 40 % the year be¬
New Life Ins. Pension
fore and not much more than. 25%
at the end of 1941.
ties and to
,
public
utility and industrial securities to
take advantage of lower interest
rates continued on a large scale
during the year, the SEC report¬
ing that about 80% of all corpo¬
"Refunding
Trusts of Over
of railroad,
More than
a
$% Billion
quarter of a billion
dollars of new life insurance pen¬
trusts
sion
for
year
were
set up last year
employee groups, the peak
for this type of retirement
plan, according to a survey made
of refunding out¬ by the Life Insurance Sales Re¬
search Bureau.
The 1944 pur¬
standing issues. As a consequence,
the interest return to the life in¬ chases of life insurance pension
trusts were 20% greater than in
surance companies on their hold¬
the previous year, said the Insti¬
ings of business securities which
were.
substantially
maintained tute, which added:
rate
financing during the year was
for the purpose
the year tended down¬
Securities
maturing or
called for redemption prior to ma¬
'This
during
ward..
turity could only be
lower rates.
replaced at
:
,
relatively
new
type
of
pension plan has been developed
largely within the past ten years,
especially during the past three
war years.
It .has enabled many
"*"Real estate mortgage holdings employers to set. up for their em¬
accounted for 16% of total assets ployees plans for supplemental
retirement funds, above the level
last year, as compared with 20%
in 1941.
The interest return on of the Social Security benefits,
this.type of investment has been giving a more satisfactory income
aggregate on which to retire.
reasonably well maintained.
"The average life insurance unit
5 "Life-insurance
costs remained
practically unchanged last year in in the pension trust plans set up
spite of the decreased earning rate.
This was largely because of the
relative stability of mortality and
because of other income from such
sources as sale of real estate and
securities at a level above ac¬
quisition cost.
The earning rate
in
1944
which com¬
ordinary
life
insurance
policy -of $2,137
among the
companies surveyed.
Pension trust policies represented
about 4% of all ordinary insur¬
ance purchased in the year."
pares
was
with
$4,529,
an
average
,
other
Reich, he said the
line
States must stand
"The United
American
of
withdrawal
troops
the Continent would result
from
1
in 'anarchy."
McClellan
warned
build
to
years
troops
we are
a
must be kept there until
certain German war indus¬
ernment ..:
is' * another
the
important
Electric
Sylvjania
this
time," McClellan said.
:
force, "so that we will not be
;
atthe
post when
markets starts."
j
Market Transactions
!■' 'Govts.' -in lay
•
month
the
During
Steel
May,
in■. direct
i
guaranteed securities of the
and
in net
production
of
the
With
hand,
more
war
third
ma¬
quarter
with
and
steel
plentiful in the third
civilian
the
fore
much
demand
be¬
beginning of the fourth
quarter.,
vy y. .y-;-y.
yy-yy
..
available non-rated
steel may not be shipped until
after July I, non-rated steel or¬
Although
ders which
the
ish
expected to furn¬
are
cushion
military pro¬
were on the
upgrade this week.
The upsurge
in
such
business,
quotes
the
left
for
grams
continued
steel,
as
cut back
are
magazine,
Scrap
all
covered
especially
of
types
sheets.
markets
the
past
week
were
stronger in practically every
area,
from Washington as to the availa¬
bility of civilian steel in the third
quarter, and an apparent epidemic
of outlaw steel strikes combined
and it
was
believed by most
suppliers that inventories in
cases
were
invest-' this past week to complicate the
steel market picture," states "The!
Iron Age", in its current survey
sales of $34,400,000, Secre¬
resulted
The
bit
many
low
too
'
American -Iron
Institute
that
little
a
for comfort.
Government for Treasury
ment and other accounts
Simultaneous
week.
at
be
mum
in the steel ingot rate, a slight
increase in the volume of rated
steel
orders,
conflicting reports
;
of
Industry--"A
.
race
were
was
expectancy
scheduled
quarter, the supply will probably
not anywhere near satisfy mini¬
sag
1945, market transaction
.
the
the
may
Products,
ety, however, be discussed at
which cannot with propri¬
some
still
trickling inr
steel officials fate of the
opinion that while civilian steel
Inc.", urged clinic members to use
1945 as the year in which to re¬
build and revitalize their sales
"There
reason
at
mos.t
point,
Don G. Mitchell,
VicePresident; in charge of sales of
!
y
the
in
remote
cancellations
Lending support to Mr. Smith's
try is not to be reconstructed, arid
until there is a satisfactory gov¬
an¬
industry
which
this
almost
plating replacements, while the
remaining two-thirds have never
had a mechanical refrigerator.
He said American
machine.
war
Ger¬
that
steel
terials.
planning to buy a mechanical
refrigerator after the war; only a
third „of that number are contem¬
within fen
dangerous new
is
"The Iron Age" notes.
with
in
period.
surveys,
are-
begin
could
many
same
cancel¬
meetings in three or four cities
were expected to take a heavy toll
according to
Mr. Smith, showed that some 32%
Recent
use
appears
cutbacks
higher brackets, and that
8,000,000 families topped the
some
levels
civilian
for
time,
for
slowness
program
mill
quarter
The
for
remains
the
too,
awaiting
to
that $2,000 level in the
declaring
he / said,
firm,"
;
■
why substantial steel
reason
third
6,000,000 families moved up from
below the $1,000 annual income
everything behind that line."
•
mar¬
that demand
war
reach
tonnage
this
by district
tonnage
Then,
lations
1944, he pointed out that almost
of the occupied
sheet
with which
Citing the growth in family in¬
comes between January, 1940 and
Union is getting the larger share
>'/■;,
''
:
that
be
available
for
the third quarter
heavy and
heavy.
as
Russians "may start to communize
y
-in
use
rated
developed by
engineering de¬
carefully, just as
thoroughly, and recognize that
the customer will be boss."
markets
Mississippian said most of
V
,
reports.
Steel >observers
that sheet carryovers are
claim
•
The
.
Washington
not borne out
are
ket
All the fine plans
and
would
civilian
•
.
re¬
close to 300,000 tons of sheets and
strip
to a line agreed upon with partments will prove futile, Mr.
Russia!'
;V
\', Smith warned, unless "you study
such terms as "law," "justice," and
freedom" may mean quite different things
to different
-
Reports from
many
others, that
"human
somewhat dimmed.
sales, if any, goes
into market studies?"
some
previous weeks, and this recovery
order books in a
stronger position.
Thus, current
hopes for sizable civilian steel
supplies in the third quarter are
greater knowl¬
joined McClellan in
urging that American troops not
saw
has placed mill
consumer
into engineering, laboratory
ing he had '"a fine trip," indicat¬ Work and product design, but
ing he might, have a.statement asked:. ,;"Po you know what per¬
later.-
begun
*
week
past
the
once
are
in the volume of rated or¬
over
the low- ievel of the
ders
companies."
upon a
repairs
covery
goes
Eastland
.
The
automatically for you or for any
other
because
down
are
where needed.
peace-time, goods "will not work
Byrd confined himself to say¬
>
for
demand
ferred
decisions
these
of markets, he said most
likewise
companies can readily determine
Twhat percentage of its net sales
said:
military power—ours
units
edge
Press
Some repairs and rehabili¬
diately, and "strikes have hastened
a
dressing the clinic, added that de¬
"We found out that the German
they had the troops, ammunition
and food they would be' at our
throats again tomorrow."
1
which we cannot serve our own
highest interests.
; :
"We are about to enter into a compact with the
other peace-loving
nations to make' sure that
rate.
be
to
one
prediction of the disap¬
pearance, of the sellers' market
for the next two years, Everett
R. Smith, director of research of
Macfadden Publications, Inc., ad¬
people definitely know they are
whipped, but we also know that if
earth, without
the
be
equipment will be another factor
which will tend to lower the steel
customer
tation must be undertaken imme¬
In
bad thing in Europe
and perhaps are setting up some¬
thing just as bad."
1
instead of a blessing to man¬
the
.
pleased and that a "tremendous
selling job" will be needed if in¬
dustry is to maintain jobs.
Socialism,"
Mr.
Revercomb told newsmen. "We've
destroyed
was
where
will
again
State
or
trade paper
'''.V
The absolute necessity for long
postponed repairs to steel mill
that the biggest post-war
tribution
the
points,
points out.
brought out
industry
problems will lie in sales 'and dis¬
distribution,, it
six
to
meeting of-the National Associa¬
tion of Manufacturers clinic on
Ark.), B'yrd (D., Va.),
Eastland (D.,Miss.). All Eur¬
"is sweeping toward Commu¬
nism
sometimes ranges from four
according to speakers at a recent
Clellan (D.,
ope
However,^which
key to the problem.
party included Senators RevW. Va.), Gurney (R.,
S. D.)r Stewart (D., Texas), Mc¬
should ever become
would become a curse
In other
The
and
would enjoy a greater, prosperity than ever
employment must be the first requisite to its attainment.
quarters the factor of greater production is stressed as the
before full
ercomb (R.,
The road will
to the best
as
of. coping with the post-war problems which will grow out of
eventual return to a full peace-time economy.
By some we are
told' that if our country
expressed concern over
prospects of stabilization on the
Continent, \ some foreseeing : an*
other attempt on the part of Ger¬
many to rise and others finding
a4 spreading of Communistic in¬
fluence, .the Associated Press re¬
ported from Washington, June 14.
.
be hard.
our
Europe,
everywhere in the world, and
thereby to fortify ourselves.
"The problem of the exercise of power over a
defeated enemy is complicated in the extreme but it i
is relatively simple compared with the problem of
blending the power of friends and allies.
"General Eisenhower developed a successful pat¬
tern for doing this in wartime.
We shall have to ;
cynical at any step along
way
recently returned from a tour of
the friends of peace
in recent months
Much discussion has taken place
Committees,
Affairs
Naval
and
Power cannot for a moment be left idle like
money in an old sock.
"It must be used constantly and wisely to fortify
it in creating peace.
I
Members of the Senate Military
great.'
learn how to do
lH"
C
d
by European Picture
what
fear of being
moment surrender to
Winston Churchill called
Thursday, June 28, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
2878
announced
and
Steel
last Tuesday
the
operating rate of steel
'
i
companies {including 94% of the
rate1
industry) will be 91.5% of capac¬
June. .15.
the past week was. estimated at
ity for the week-beginning June
90 % vof capacity, up slightly from
The following tabulation shows
25, compared with 88.8% one week
last week's figure.
The* low level
the
Treasury's
transactions
in
ago.
This week's operating rate
apparent, last week was due in represents an increase of 2.7%
Government securities for the last
part to heat and steel strikes in from
last
week's
rate
and' is
of the- steel trade.
Morgenthau
tary
announced
on
'
'
steel
national
The
ingot
.
two
years:
•
■.
1943—'
July
—
October
November
—
,
December
;
2,651,600 sold
No sales or purchases
$5,000,000 sold
4,800,000 purchased
1944—
$9,924,000 sold
<
105,100,000 sold
11,500.000 sold
16,511,300 sold
9,965,000 sold
20,500,000 purchased
January
February
March
April
May
June
:
18,484,000 sold
18,992,500 sold
28,100,000 sold
July
August
September
0
5,900,000 sold
October
November
12,000,000 sold
December
March
April
May
*hess than
—
:
2,940,000 sold
55,600,000 sold
34,400,000 sold
$50,000 sold,
.
not
or
>
'
several
have occurred in
recent weeks indicate a restless¬
among
ness
the
which
workers
rank ; and. -file'
may
increase
in
The
in the number of steel
intensity remains to be seen.
increase
attributed by some as
result of the end of the Euro¬
strikes
the
is
and concern over the
probable decline in the take-home
pay, the magazine states,
in months to come the national
steel ingot rate is expected to be
more
erratic than at any time
pean
war
equivalent to 1,675,900 net tons of
steel ingots and
castings, com¬
pared
1,626,500
net tons
1,714,300 tons one
■
yy
to
week and
ago.
last
year
;
.;
Railroad Freight Loading—Car-
loadings
the
of
week
totaled
tion
of
This
cars,
preceding,
4,819
freight for
16, 1945,
the Associa¬
June
872,674 cars,
American Railroads
nounced.
11,611
revenue
ended
cars,
or
was
a
1.3%
an¬
decrease of
below
the
week this .year and
or 0.5% below the cor¬
responding week of 1944.
Com¬
pared with a similar period of
The loss in 1943, an increase of
4,388 pars,
in the past few or 0.5%, is shown.
years, due to warm weather, was
Ete^tric Production—The
Edinot as great as in normal periods,
~
~~i.ac
JUVA1"
but the experience this year may ■ son Electric Institute" reports tha
revert to the average normal iosi,
,
(Continued on page 2887)
juvrv
J
the
which
steel production
$67,475,000. sold
48,131,000 sold
February
:
Since the war began.
J945,
January
areas.
strikes
15,800,000 sold
August
September
some
Whether
,.$145,768,000 sold
67,757,200 sold
X.
Jujie
wo
vwv
ww
***
[Volume 161
THE
Number 4398
2879
CHRONICLE
COMMERCIAL & FINANCIAL
agricultural products which can
be prodiiced in this country.
He
tsaid he saw, no reason Why the
make
a
great mistake to set up
"You
know," he declared in an
$8,000',- interview, "the Republican party
000,000 to any country/' he said. ; doesn't seem -to have learned a
*
;
• •
Majority Leader Barkley (Ky.) thing.
United
States
should
"import
\ '
A signal victory for the Truman Administration was
"The
Republican
party will
put in that there had been no
on June 20 when the Senate passed by a vpte of 54 to 21 legislation
Argentine beef so that we can sell
never get back into power and it
Government loan to Russia, al¬
to extend for three more years the Reciprocal Trade Agreements
them automobiles."
though
some
private advances doesn't deserve to get back into
Law after defeating all restrictive amendments, according to the
"I'm opposed to foreign trade in
is
Associated Press from Washington on that date.
The measure as principle, so long as we can get may have been made. He said he power if itOnce forever against
in a while we
did not know what Russia might something.
passed includes the power so desired by the Administration for the along without it," he added.
should
favor
something
that's
ask.
President to cut tariff rates by as^~
:
.
'
' ^
~ '• On June 2, according to an
George asserted that Britain manifestly for the good of the
much as 50%. Already authorized . worked out at Bretton Woods, Associated
Press
report
from was the
This is no time for
only major nation, other country.
under the old law to cut import'and
tne Export-Import Bank Washington, on that date, Senator
'
•
than
the
United States, which static minds."
duties in half, the President will J under enlarged powers which will
He said the "lobbyists" repre¬
George expressed hopefulness of
be sought
might stand against collectivism
fc>6 empowered under the new
sent industries which have • ob¬
Senate approval of the legislation. and declared there is "unmistak¬
;
Making the point that foreign
legislation to reduce th'em an¬
He
acknowledged,
however, able evidence" that Britain is be¬ jected to the reciprocal trade
purchasers of United States goods
other 50% below the rates pre^that the committee might knqpk
agreements.
must be able to pay for them with
ing moved in that direction.
vailing on Jan. 1, 1945.
Tobey forecast that there would
out
the
controversial provision
He.
quoted
Prime
Minister
goods as the trade agreements
The President himself had said
be "at least six or seven Republi¬
which would enable the President Churchill as saying Britain will
program contemplates,
but that
that renewal.and strengthening of
can votes" for the trade program,
to cut individual import duties an
not give up its right to "safeguard
restoration of foreign' productive
the Trade Agreements Act
was
nevertheless.
our balance of payment by what¬
additional 50%.
'
facilities' will have first to be
"of the first order of importance
Senator
Brien McMahon (D.,
The - 50%
proviso won House ever means are necessary."
achieved, Mr. Clayton testified
for the success of my administra¬
That amounted, George said, to Conn.), adding his urging for a
that credits will have to bridge
approval, after a, heated fight, by
tion." And, as the Associated Press
restoration of the tariff^cutting
the gap.
Noting plans to extend a vote of 212 to 181. In view of a declaration that "State control
pdinted out, President Roosevelt credit facilities through 'the Bretthat vote, Senator George ex¬ of commerce will be the rule of power said that the clause was
too was a hearty endorser of the
necessary to carry out the Admin¬
ton Woods bank and the enlarged
pressed the belief in an interview the future if it is necessary" to
trade program initiated by CorExport-Import Bank, Mr. Clayton that the House would not agree preserve the balance of payment istration's program of world co¬
dell Hull in 1934.
>
operation, the United Press re¬
added that credits will have to to elimination' of the provision if to. the British Empire.
\
The House had approved the
Senator O'Mahoney (D;, Wyo.), ported from Washington, June 14.
be
extended
as
well' "through voted by the Senate.
additional rate cutting power in
; "If
nations cannot co-operate
other sources, private and gov¬
; Senator George told reporters: who had proposed an amendment in matters which directly affect
passing the bill extending the
to require Congressional ratifica¬
ernmental."
i
"I do not think there is the
reciprocal
trade
program
,for
tion before any trade agreements the economic well-being of their
Mr. Clayton was questioned as
slightest possibility the legislation
three more years.
;
■
' 7
become
effective,
asked
how people," he added, "then we are
to Russian plans for launching an
can
do
any
possible harm to
The
Administration had suf¬
immediate program for expanding
George would protect American deceiving ourselves if we believe
American producers and manu¬
fered a temporary setback in the
they can co-operate in an inter¬
industry,
■ ■. • ■
' •1;[. ■ ■,
annual steel production from 10,Senate Finance Committee, where
facturers, and there Is a chance of
,"I believe the President of the national security organization to
three Democrats jumped the party 000,000 to 60,000,000 tons: Senator it doing considerableJgood.".
maintain the peace."
David I.
Walsh (Detrv Mass,),
United States will look at these
fence to line up with a solid Re¬
Senator Owen .Brewster, Re1 The Senate Committee finally agreements and not approve them
who raised the question, .cited a
publican representatidn and de¬
phblican, of Maine, opposed the
"high authoritative Government approved the three-year exten¬ if there is a deleterious effect on
lete the extra authority, 10 to 9. :
method of negotiating
official" as his source and men¬ sion of the Trade Agreements Act, American industry" George re¬ present
trade agreements
because Con¬
( In the House Democrats^ had tioned that the figure equals total but rejected any tariff-cutting au¬ plied.
•-\
made
the
legislation largely a
thority for the President beyond
O'Mahoney came back with the gress is not given an opportunity
American production " when the
to pass on the^p. He said a "bunch
partisan issue as they pushed the
war began.
7'
'• 7.
;-■" :L* that first enacted in 1934, which assertion that it was not a ques¬
measure through without amend¬
of stuffed stooges" in the State
permitted cuts up to 50% in the tion of anybody's goodwill but of
Mr. Clayton disclaimed knowl¬
ment.;,
Department draft the agreements
edge of the " program, 7although rates of the Hawley-Smoot Act of Congress surrendering a power
t
Senate
Democrats
lacked
an
and that it is impossible for Sen¬
1930, and in that form debate on reserved to it ; in the Constitu¬
Senator O'Mahoney said, it had
equivalent
working margin of
ators to find out who they are.
the measure started on the floor tion—the power to fix tariffs.
also come to his attention,
party superiority, however,' and
; Senator Claude Pepper, Demo¬
"The great issue of our time is
of
the
Senate, the Associated
"At the very time when Russia
some Democrats .were cool to the
trade
but
totalitarianism," crat, of Florida, pointed out that
is expanding her - steel produc¬ Press advised from Washington on not
legislation.
they
were
responsible to the
tion," Senator O'Mahoney said, June 12. Senator Walter F. George O'Mahoney continued. "If there
Asked his view, Senator John¬
President.
■
:
(D„ Ga.), Chairman of the Senate Was ever a time when the elected
"our production, which we exson (D., Colo.), a Finance Com¬
i Senator Brewster countered that
panded:to help Russia with tanks Einance Committee, immediately spokesmen of the people should
mittee ; member, bad commented
the" President
simply indorses
and guns and munitions, is fall¬
opened the fight to restore the ad¬ not surrender their power this is
"what comes up from below."
that he had opposed, reciprocal
*
ing off.
And the State Depart¬ ditional tariff-cutting Presidential the time."
trade agreements in the past, ac¬
| "I don't believe," he added,
Barkley,
in
opposition
to
authority.
.
ment is asking for authority to
"ihat the President really has
cording to the Associated Press
; When
the measure to extend O'Mahoney's amendment, said it
negotiate agreements and reduce
time to pass on such items from,
from
Washington, on May 30,
tariffs 50% below present levels the tariff bill came to a vote on took 30 months to enact the Hawwhen hearings on the legislation
my state
as seed potatoes and
without knowing what other com¬ June. 19, according to the Asso¬ ley-Smoot bill and that submis¬
blueberries." 7
•
opened
in the Senate Finance
ciated Press on that date, the Sen¬ sion of thq trade agreement to
peting countries are; planning." >
Committee.
r *■
1
■ : *
ate
r e j e c t e d
would promote
log¬
its ' committee's Congress
Mr. Clayton took the position
/■ Senator ' Radcliffe
(D.,
Md.),
to strike from the rolling.
that most foreign countries would amendment
said he was for "the general the¬
\
On
June
13, Senator" Smith
bill power for the President to re¬
be engaged in reconstruction and
ory
of reciprocal trade agree¬ restocking problems for some duce tariffs 50% under levels of (R., N. J.), reversed his previous
ments," but that another 50% cut
Jan. 1, 1945.
Nine Republicans position and, according to. the As¬
years to come and would not pos¬
in tariffs "might be pretty dras¬
Press,
announced his
sess. surpluses out of which to ex¬
joined with 37 Democrats and sociated
Action to enlarge and decentral¬
tic."
<
port to the United States or any Senator La Follette (Prog., Wis.) support for the legislation giving ize the Penal Division of the Chief
% Senator Taft of Ohio, chairman other country. Both Germany and to aggregate a 47 to 33 margin in the President additional tariffCounsel's Office of the Bureau of
of the Republican steering com¬
Internal Revenue, was announced
Japan, .powerful competitors, in favor of giving the President the cutting powers.
mittee, said he thought virtually
He said in a Senate speech that
the pre-war period, will undoubt¬ desired authority.
on; June
19 by Secretary of the
all
Republicans
would oppose
Voting in opposition were eight as late as May 17 he had opposed Treasury Morgenthau, who statea
edly be "industrially impotent for
granting new tariff-cutting power.
Democrats
and 25 Republicans. the additional rate reducing au¬
many years following the end of
that the purpose is to enable tax
He added that there would not be
Six pairs were announced, thus thority called for in a House-ap¬ fraud cases to be reviewed more
this war," he said.
much opposition, however, if the
proved bill extending the Recip¬ expeditiously before being sub¬
When Mr. Clayton replied that putting on record 92 of the Sen¬
administration would be agree¬
rocal Trade Agreements law an¬
Russia, would probably noty be ate's 96 members.
mitted to the Department of Jus¬
able to only a year's extension of
Not
recorded
were
Senators other three years.
able to expand her capacity for
tice.
The Treasury advices state:
the present law.
In
urging restoration of the
"many years to come," Senator Connelly (Dem., Texas) and Van"At present cases prepared in.
| Republican . leaders indicated Bailey interpolated: "That's the denberg (Rep., Mich.), attending clause which the Senate Finance
the field pass through offices of
that they would pursue a strategy
had
deleted, ' Smith
the San Francisco United Nations Committee
way they, talked about her fight¬
the Penal Division in Washing¬
of trying
to avoid letting the
said that he had become "satisfied
ing capacity.
But she certainly Conference, and Senator Hart
ton, D. C.
measure become a partisan issue.
that
full consideration will be
(Rep.,
Conn.), suddenly called
built that up fast enough."
"Under the new plan the Penal
They argued that in fact it was
Several other witnesses besides home by the death of his son, and given to the present situation of
Division will have ten field of¬
our
American industries and to
Senator Scrugham (Dem., Nev.)
a local issue which each Senator
Mr. Clayton were heard.
fices.
Five of these offices will
their adequate protection.".!
must decide on the basis of how
'
«
Russell B, Brown, general coun¬ who is ill.
be
established
immediately, in
trade agreements might affect in¬ sel for the Independent Petrol¬
Debate continued on the meas¬
"What we are faced with in in¬
New York City, Philadelphia, Chi¬
ure on June 20, in order to dis¬
dustry in his own state.
ternational affairs," he said, "is
eum Association of America, said
cago, Kansas City and San Fran¬
f The Senate Finance Commit¬ the trade agreement program has pose of several other amendments, 'the immediate setting up by the
cisco.
Other cities in which Penal
and ended, with the legislation be¬ other United Nations o£ their fu¬
tee's first witness was Assistant encouraged the large exporter and
Division
offices will be estab¬
Secretary of State Will S. Clay¬ "injured" the small independent. ing passed and sent to the White ture trade policies, and I feel
lished will
be announced later.
House as the Administration had that the United States would be
Brown asserted that monopoly
ton, who told Senators, according
Thereafter fraud cases prepared
asked for it.
under a very distinct handicap if
"is being embedded in the oil in¬
to the Associated Press, that the
in the field will be reveiwed ;in
(House passage of the measure our executive and his aides, who
Administration needed new tariff dustry as a natural consequence
the field with only general, super¬
cutting power to promote world of the. State Department's policy." was reported in the June 7 issue are to represent us in negotiating vision in Washington.
;
of the "Chronicle," page 2535.)
trade agreements, should be de¬
"economic liberalism and free en¬
John G. Lerch, counsel for toy
"An additional Assistant Chief
Russia's
"powerful influence," prived of the necessary weapons
terprise." He said, "Nations which manufacturers, questioned the
Counsel will be appointed to head
act
as- enemies
in the market constitutionality of Congress del¬ George said, will make for a col- they will need to maintain our
the reorganized and decentralized
lectivist economy in international
position.
place cannot long be friends at egating tariff rate making to the
Penal Division."
i'
trading "unless we have some¬
the council table."
"Unless the additional margin
executive branch of the Govern¬
Secretary
Morgenthau
also
i
Senator Joseph C. O'Mahoney ment. He asked that a provision thing to offer when we sit down for cutting duty rates is available
stated:
to our negotiators," he said, "they
<D.-Wyo.)y although not a Finance be inserted guaranteeing an in¬ to bargain" with other nations.
His appraisal of the prospect
Committee member,
joined the dustry the right of appeal to the
"The purpose of this reorgani¬
might not have sufficient conces¬
brought a question from Senator sions to offer to win the conces¬ zation is to enable the Penal Divi¬
group, according to the "Journal Supreme Court on this question.
Langer (R., N. D.) as to why the sions we seek."
of
Commerce," and asked Mr.
sion to handle more cases and
E. L. Tobert, representing the
United States should lend Russia
handle them more expeditiously.
'Clayton if he believed the State
Senator Tobey (R., N. H.), an¬
Onondaga Pottery Co., Syracuse,
money if the Soviets have a dif¬
With enlarged investigative forces
.Department should ask Congress N.
grily told the Senate that "five
H., asked special consideration ferent system of enterprise.
we expect more cases.
.for authority to make trade agree¬
We want
fat lobbyists" and one of his own
for handicraft industries.
Saying
George replied that he did not
ments without Congressional re¬
leaders were employing to give every Case intelligent,
the wage rate in the American know that loans had been made to party
viewThe Assistant Secretary of
pressure
to
defeat
reciprocal thorough consideration, but we
pottery industry is three and one- Russia. He went on to say that if
State based his affirmative reply
trade legislation,
Tobey backed want no bottlenecks anywhere.
half times that in England and loans were made, it was his own
on the
ground that it "relieved
extension of the trade program, The Penal Division will have more
many times that of other coun¬
opinion
that the initial
fund
They will be in the
Congress of political pressures."
including authorization for 50% lawyers.
tries, he asked "a fair opportunity should not be more than $1,000,field, with the investigators whoMr. Clayton's testimony devel¬
cuts in tariff rates.
to build a fine china industry in
000,000, and that it should be adr
are
preparing the cases.
I am
oped the fact that' the Govern¬ this country."
Later Tobey told reporters that
.
ministered by an American agen¬
confident that the new system
ment is planning
on additional
the Republican leader he referred
cy
in a-way to safeguard the
Carl H. Mote of Indianapolis,
will eliminate lost motion and add
foreign loans beyond those now
to is "one of the leaders right
'Tariff Extension
Legislation Sent to-White House
loans
of
$6,000,006,000
or
achieved
'
.
"'
...
.
•
•
•
.
.
.
.
.
.
•
Treasury to Enlarge
Penal Division
*
.
...
projected through the Interna¬
tional
Reconstruction • Bank,
*
/
head
of
the
Guild, opposed
National
Farmers .American
importation of any
"I
economy.
think
this
country
would
here in the
Senate."
to
.
..
administrative efficiency."
,
THE COMMERCIAL & FINANCIAL CHRONICLE
2880
Forresfal
ituation
begged the basic tary experts, far from being
question at issue in this mat¬ of special value, is of neces¬
ter. That question is whether sity somewhat suspect.
The
we should lay a post-war in¬
natural, or at any rate the
ternational or world course usual, desire of the profes¬
which
would
oblige us to sional soldier is for a large
maintain
to
an
actual
military military establishment.
which, when compared
We
are
,/;•
opposed to such a
anything this country has post-war policy, first of all,
maintained
before
ever
in
because
it
down
comes
to
peace-times, could not be de¬ something almost if not quite
scribed as less than enormous. indistinguishable
from the
"To support our determina¬ old "power politics" which
tion to maintain the peace," the American people have so
the General apparently be¬ often
and
so
justly con¬
,
lieves
no
leave the demned. Many who argue as
doubt, first, that General Marshall appears to
intend to strike down any
we
following is the text of the statement by Secretary of the
on June 16, to the Congressional committee
determine the advisability of legislation for
compusory military training in peacetime:
'
*
Other witnesses who have appeared before this Committee in
favor of universal and compulsory military training for all physically
which held hearings to
think,
to forget that we
seem
which
breaks
the are not the only great power
and second that we in the world, or fatuously
have the military power actu¬ suppose that all the other
ally in existence to do so. great powers share our ideal¬
This, of course, is the old, old ism (if that is what it really
idea of a Pax Romana or Pax is) about world affairs, and
able
youths after the
of this
reasoned
have
and
been
exhaustively and carefully with
the subject and I think it would
be
not
profitable
a
committee's
time
I am, therefore,
going to confine myself to a few
main propositions:
First,
extreme
also
us
derlying all plans for military
preparedness in the post-war
years is precisely this: Shall
are
quite in accord with
and means
of
shall
we or
we
not enter into
such undertaking?
any
to the ways
as
giving practical effect to
our ideals. Of course, nothing
is further from the
truth,
as
events of recent weeks
many
Such
attest.
being the case it
possibly is more than doubtful wheth¬
er we could have our way at
aware of the possibility that
he would be promptly asked many points no matter how
to be more specific concern¬ large and powerful a military
ing the size of our post-war establishment we maintain
military
establishments, after the war.
quickly admits in his formal
An Expensive Program
Genera 1,
The
one
destructive
of the
tlement
terms
of the
peace it will be impossible to
determine thA strength of the
post-war military forces to be
maintained on an active sta¬
until
tus. We shall not know
then
just what our military
obligations
or
requirements
are,to be." Yet, in the next
breath, the General adds that
"whatever the terms of peace,
the
.fundamental basis of our
defense
must
universal
be
military training." Obviously,
he
fallen
has
into
a
rather
apparent non sequitur or else
he means to imply, as the
In any
event, if we are to
undertake to inject ourselves
into world politics in what¬
ever
part of the globe they
may be active at any given
moment, and undertake to
make ourselves effective by a
constant
might,
showing of military
we
shall find the pro¬
inordinately
cedure
General
sive.
expen¬
Marshall
ap¬
would cost more than
means
to endanger
as
itself.
a war
terrible
The
driven home
to
the nations of Europe in terms
cf
of
cost
was
war
demolished cities, cities that once
the pride of
civilization, of
breakdown, of disloca¬
tion of vast segments of popula¬
were
transport
We have not had these dis¬
tion.
asters visited upon us,
but we are
receiving daily reminders of the
bitter price of war in the lists of
of
best and finest blood, the hu¬
casualties, casualties which
our
are
Marshall, Admiral King, General
Arnold, and their commanders in
the field who have been
charged
with the terrible responsibility of
securing victory for one nation—
are agreed unanimously that this
country must retain its military
of
some
power,
in
some
it in being and
quickly capable
One part of that
reserve
of effective use.
readiness they
plan for univer¬
sal military training of our physi¬
and
preparation
consider to be
a
They have sub¬
cally able youth.
mitted powerful arguments on
behalf
to
committee.
your
its
Can
of
course
would
not
be
the
cas^'with purely military af¬ garded
fairs.
to
we
feel quite as
entitled
anqpinion as the very able
General
now
with whom
we
brpad
tional
question
policy
is
one
of
which
the advice of mili¬
commonplace, but
to
have
been
lost
sight in the past few
to
The Real Problem
American
people would
be well advised not so
to
be
studying
ways
much
and
But
children.
been
have
..
I think all will agree
United States must be
Second,
the
that
ready to
swiftly
act
to
restrain
the development of any aggressors
of
the
of Hitler, Mussolini
Japanese.
The world
type
the
and
knows that this nation hates war
—if fact, the nations who
invoked
in 1931yin 1939, in 1940, and
force
1941
of
abhorrence
now
must
The
war.
know with
viction that,
much
world
equal con¬
hate war,
as we
ready to wage swift and
are
we
counted upon our
knew and
effective
against
nation
which tries to overthrow rule by
war
law and justice,
any
replacing it with
by force.
Proponents of military training
asked whom we
to
fight.
Quite
frequently are
are
preparing
simply,
we are
going to fight any
international ruffian who attempts
his will
on
the world by
would
reach
upon
it
will
flection
—
sober re¬
be
time
enough to consider the sort of
Gen¬
recommendations
that
profession¬
soldier, makes at this time.
whether
Militarism
ticed here
road
or
abroad is not the
to peace.
great
prac¬
weight
Neither is a
of armament.
We must not become victims
of
our
professional soldiers.
surrender the
or
protecting
are
is
means
ourselves until
that
sure
world
the
we
the
of
rest
ready for peace.
I be¬
lieve they believe as I do, that the
means to make war should-be in
the possession of the nations who
hate
war.
Seventh,
training
universal
dees
military
conflict
not
with
the plans that are now in process
of development at San Francisco
that
and
ftuure
will
the
be
meetings
subject
of
statesmen.
of
Quite the
contrary, I believe, as
Acting Secretary Grew, that
does
America's readiness to accept her
responsibilities
in
underwriting
the
peace
of
expert testimony and go back to
the
surest
guaranty of maintain¬
ing
peace.
If Hitler and Musso¬
lini
had
discard
the comfortable inertia and blind
complacency which
20 years
practically extended an invitation
to Mussolini, Hitler and the Japa¬
nese
lords
war
if they chose
to
to?
for
the world
run
I
quite
say
do
act
so
survive
scarcely deserve to
we
as
nation.
a
support for
military
training comes not from any mili¬
tary cult or a feudal system. . It
comes
from men like Marshall,
are
are
warriors
war
as
who
they view
because
great inter¬
a
national
game. They hate it as
possibly more deeply
then you or I.
They are deeply
conscious, and I sometimes think
much
known
he did.
We
v*
are
than most of us, of what
so
as
'•".'•••'••V.'
•.
law-observing
and
people,
yet
we
and the police still
a
law-respecting
need
police,
have
to
to
with
deal
murder
and
Are
we
that nations can over
become
amenable
to
a
suppose
night
social and moral
the
remove
than
for
force
any
the individual nations
with
within
force
borders?
own
which will
sense
need
dispense
can
their
International
agreements, treaties, documents of
world
order, it
to me,
seems
are
and
meaningless
unless
country is ready to back
this
them up.
Peace without the
(Earlier
to
means
force it must remain
and
more
be
will
other crimes of violence.
Fourth,"
They
world
lieve either would have acted
re¬
your committee and
to the American people that if we
spectfully to
the
that this country
prepared to fight I do not be¬
was
men
gainsay the statement that if
there
is
any
way
possible of
avoiding a repetition of what we
In
the
their
not willing for us either
to disarm
found.
in his senses
will
al
that the time has come when
for
empty
one
least
eral Marshall, the
years.
reply to General Mar¬
na¬ shall, we venture to suggest
bors must decide, and that in
so
re¬
seems
that
they; along with their neigh¬
doing
was
which
differing. Moreover we
must remind our readers
this
are
as
once
without
mud and
war
the
the
such
conscience
in
we
en¬
dream.
a
Congressional
hear¬
ings on peace-time draft were
ported in the June 21 issue
the
"Chronicle,"
re¬
of
2770.)
page
great blessings we enjoy in terms
of fundamental liberties in
the
American
They
system.
are
steeped, all of them, in the history
of
that system;
they are thor¬
that the people are
of power and that
they must remain so.
They are
not—and,- as they say in military
communications,
repeat
not —
thinking of the creation of either
a military staff or a military ma¬
oughly
aware
the final
chine
will
..^hat
dominate
this
country*
■
Fifth,
it
is
that
obvious
until
military
training
is
tried all of the arguments pro and
con
on
this very moot question
remain
military
Urges Reten fa Slates
mpioyisenl Service
In
unresolved.
training.
I
favor
Equally
sin¬
witnesses have opposed it be¬
fore this
committee.
The only
Glass,
find out whether
universal military training is de¬
we
can
sirable
is to try it.
There is, in
opinion, considerable public
misconception of what is involved
my
in the enactment of
viding
statute pro¬
universal
military
Many are inclined to
for
training.
it
view
a
as
irrevocable
an
somewhat
similar
should
step
to
I
be
prohibition.
pointed out
that any law which provides for
universal military training is sus¬
it
think
ceptible of repeal at any time. It
'S
not, as in the case of pro¬
hibition, a constitutional amend¬
requiring
the
long
and
tedious
machinery
of constitu¬
ment
tional change to secure its revoca¬
A universal military service
tion.
Act
can
revoked
be
by
Congress just as speedily
of
it is
Act
as
enacted.
Committee
tion
I have
trips, as anyone normally
would, I fnade it a point to talk
as
much as possible with
the
soldiers and sailors who are fight¬
those
ing this
in the ranks.
lieve
I
am
making
no
statement when I say that
war
I be¬
over¬
poll
of the fighting men in the service
would be preponderantly in favor
of
universal
These
men
military
have
seen
a
training.
war—war
Senator
of
Carter
the
Senate
Appropriations, the
on
Commerce and
industry Associa¬
New, York
on June 21
amendment to the Fed¬
eral Security Agency-Department
an
of Labor Bill to provide that the
Employment
Service,
loaned
by
the States to the Federal Govern¬
ment,
be
returned
to
the
States
immediately.
Thomas Jefferson Miley, Secre¬
tary
of
the
Association, wrote:
of peak war¬
production, the problem of
"With
time
the
passage
recruitment has been transformed
into
of trying to
one
making
time
areas,
the
over
movement
be
to
placements.
control
labor
find jobs and
Any war¬
and
manpower
which
necessary
in
is
found
individual
could continue to remain in-
War
Manpower
Commission.
We believe that the return to the
States
ice
of the Employment Serv¬
would, in fact, strengthen the
prosecution of the
"The
wide
war
variations
effort.
in
local
conditions and the need for local
control and local employer inter¬
est point to the great
of the
importance
return of the administration
of the employment
individual
States.
aries
offices to the
the
not
been four times
on
fairly extensive trips to the
battle fronts in this war, and in
Sixth,
to
Chairman of
>
cere
way
letter
a
urged
universal
will
n
source
t
truth which
are
not Junkers seeking to
militarize a nation.
They are not
lose; No
can
we
v
a
it
they
through for the last
fouryears that way should be
afford to
to impose
American
want
more
that
material
people would force. We should make that de¬
be willing to put into it.
He termination clear—by deeds as
public is rather likely to as¬
would, accordingly, turn to well as words—to any frustrated
sume he implies, that what¬
paperhanger anywhere who may
compulsory military service. be dreaming of world dominion.
ever the specific terms of the
The fact of the matter is,
peace,
we
must undertake
Third, the military leaders of
however, that any savings in this
nation—namely,
General
some
sort of world
super¬
cost by this alternative would
vision which would in any
be far more apparent than means
of
accomplishing
event
require
very
large
real.
The
cost of training
grandiose post war peacepeacetime military strength
and preparedness — or that large numbers of youths, and preserving schemes but to be
of keeping them up to the
the American people have al¬
giving prayerful attention to
minute in military matters— the extent of the world com¬
ready reached such a decision.
to say nothing of equipping mitments
they are to enter,
*
We Doubt It!
them, and maintaining ade¬ the world obligations they are
Now, for
our
part, we quate reserves of equipment to assume, and the nature of
doubt very much whether the —would be enormous. There the international policies they
American people have come simply is no way of maintain¬ are to undertake. When they
to any: such conclusion, and ing
in readiness any such have given these matters the
we are very certain that they
military force as General consideration they deserve—
would fee unwise to adopt any Marshall seems to have in and have reached the conclu¬
such policy. On this point, as mind except at ruinous cost— sions we feel certain that they
the
in
under
war
Arnold,
Halsey,
Nimitz,
King,
Eisenhower, Bradley, MacArthur
—Americans to the very core of
their being, all of them the prod¬
uct of the American way of life.
man
rule
well aware that a stand¬
ing army adequate for such a
purpose would be too expen¬
sive, by which we suppose he
pears
in history,
wars
proportions
......
statement that "until the set¬
completed,
have just
we
successfully, the first half of
of the most bloody and most
and
of such
an
the
of
use
repeat what
to
they have said.
civilization
in
closely
cogent arguments.
impressed particu¬
larly by the papers submitted to
you by the Acting Secretary of
State, Mr. Grew, and by the Sec¬
retary of War.
They have dealt
I
peace,
form, and the basic issue un¬
worst,
war
tropic sun,
and war in the arctic.
They do
not want it again and they do not
of
completion
have presented
war
power
Britannita
slime,
.
must
we
world in
naked
glamor,
Navy James Forrestal,
that he has
its
at
Urges Universal Military Training
The
(Continued from first page)
force
Thursday, June 28, 1945
and
The
benefici¬
taxpayers should
needlessly be separated in
time and. distance from those who
make
the
policies
minister them
once
"Because of the
coordinating
of
who
are
offices
administering the
employment
bene¬
fits, the Employment Service
under
ad¬
made.
importance of
employment
and the offices
payment
and
they
Federal
now
administration
should be returned to state juris¬
diction immediately."
Ekge Army Budge! for Defeating Japs
Seniles House by Appropriations Gem,
Passed by Koasa Urges Earty lifting
Broad Amendments - h: ■■ •» - - :t of Wartime Controls
Price Control Extension
:v. v.,,
ing the Committee for Economic
Development, a nation-wide or¬
giving the Secretary of Agriculture veto powers over virtually all
decisions, it was reported to the New York "Times" on that
versions
passed by the two legislative
existing between the two
as
bodies.V
.'
which Admin¬
istration leaders fought hard but
unsuccessfully to beat down Was
Representative Andresen
(R., Minn.), giving authority an,d
responsibility to the Secretary of
of
Agriculture over every regulation
concerning every
agricultural
commodity and food product, as
legislation
reported. Opponents of
which was passed
155,-argued that it might
15, Marriner S. Eccles,
Chairman of the Board of Gover¬
On June
give the Secretary power to over¬
even a directive of the Pres¬
■;'/
.
;
Bank¬
ing and Currency Committee, had
urged the importance "of passing
this
legislation without the
Wherry or other crippling amend¬
tem, addressing the House
ride
ident.
of the Federal Reserve Sys¬
nors
'
as
*
Pacific
no
the
shortage
selective
The net result
of
service.
that the divi¬
was
sions
in
combat
were
under¬
manned, low in fighting power."
idea
An
daily in
of
devastation
the
can
expect from
skies
to drop Japan
bombs in the blackened with Super bombers
and
was
1942 to 1945.
vehicles,
in the fiscal year
on
contrast
In
need for them
from
men
this
victory, con¬
trols should be removed by admin¬
istrative
action only, wherever
the
continuous
a
start¬
final
after
of
It disturbed morale se¬
We suffered also from
riously.
almost
July 1. That figure com¬
pares, Marshall said, with 1,555,000 tons rained upon Europe from
until six
the present
From
\yar
tons
2,700,000
ing
follows:
1.
disclosed
plans to use 1,000 B-29s
the
in Italy.
.
head of the Air Forces,
Rubicam's
months
C. Marshall,
H. H. Arnold,
George
Army
Chief of Staff, and
specific propo¬
sals for ending wartime controls,
the Associated Press stated to be
Inflation
the amendment,
to.
Far East
com¬
Warns of
S. Eccles
Marriner
S. White,
211
the
controls,
to
stimulus
a
Mr.
as
terrible^
anything which had befallen
Nazi Germany.
From the Asso¬
ciated Press we quote:
The testimony of Generals of
reduced "as
purchasing power
and
to
business expansion" as
soon
as
danger of inflation has
been
averted,
the
Associated
Press reported from Washington,
economy
that taxes be sharply
pleted.
OPA
June 22.
than
June 20.
amendment
finally
is
during
tee
but
not until "it can be done without
jeopardy to any phase of war
production,"
and recommended
wartime
Senator Wherry designed to
guarantee farmers and stockmen a
"cost-plus" price formula. ' There
was
no
such provision
in the
House bill.
Thus there is every
likelihood of stiff bargaining tac¬
tics between the two Houses be¬
power to cancel existing
ceilings and regulations, the
"Times"
correspondent, William
well
Japan would be far more
by
fore
victory over Japan by "an
Associated Press reported
Highest Army officials told the commit¬
three weeks of testimony that the coming devastation of
bill, which has an Army promise to speed
overwhelming application of force," the
from Washington,
to the Adminis¬
concern
This was an
tration.
The amendment
that
of
source
Appropriations Committee completed hearings on
floor a $38,500,285,951 War Department supply
House
Planning that his group recom¬
mends earliest possible lifting of
The measure was sent
of the many differences
date, by special dispatch from Washington.
Senate for ironing out
The
and sent to the House
ganization of business men, told
the House Committee on Post-war
food
to conference with the
represent¬
Rubicam,
Reymond
June 23, 356 to 12, to extend for one year
and included in the extension an amendment
The House voted on
the Price Control Act,
2881
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4398
161
Volume
to
previous
war
given by Arnold, .who listed
destruction in Europe ber
tween D Day and V-E Day: 108,railroad
000
armored
86,000 motor
buildings, 8,000
vehicles and tanks, and
cars,
17,000
the generals left much of
their closed-door testimony in the
8,000 horse-drawn vehicles.
printed record.
against
years,
longer ex¬
The
voted
funds
by
the com¬
represented a cut of $586,-
mittee
"We
and will do the
can
same
that
Japan," he said, adding
during
the calendar year
1946
three
times
the
ton- V
bomb
ists.
During fighting ..each such
Ad¬
810,000
from
budget estimates nage that rocked Germany in any
suspension must be justified by and a reduction of $9,692,492,313
ministration supporters fought off
one year will quake Japan, Max-,
ments," and added, "It would be cut-backs
or
surpluses
which from
successfully,
by
Representative
money
made available to imum bombing capacity will be,
better never to pass the legisla¬ make
facilities,
materials
and the
Jenkins
(R., Ohio), would have
Army
during the current reached in March and April of
tion than to deceive the public
man
power adequately available fiscal
ended the power of the Office of
year.
Of the total, $21,376,- next year, when the rate will be
by passing it in a form that would over full military needs.
:
Price Administration entirely by
283,400 represents new appropri¬ 166,000 tons monthly, he disclosed.
prove unworkable and thus inef¬
2. As controls are interdepend¬
seeking to give the Secretary of
ations,
$8,885,501,051
is
made
Gen. Thomas T. Handy, Deputy
fective."
Following are excerpts
Agriculture control over produc¬
ent, their administration suspen¬ available from previous appropri¬
Chief of Staff, told the committee
from Mr. Eccles' statement:
sion must be effectively co-ordi¬
tion, processing, distribution and
ations, and $8,238,501,500 repre¬
that Japan's Navy still must be
"It would make just as much nated.
Piecemeal action by sep¬ sents recoveries because of can¬
price of food, and leaving to the
reckoned with and her productive
OPA only the routine mechanism sense to scrap or cripple the Price
arate agencies subject to conflict¬ cellations or reductions of obliga¬
capacity still, is "considerable,"
of Rationing. This amendment was Control Act at this stage Of the
ing pressures would not produce tions approved for prior years.
adding: "In relation to the size
in line with the recommendations fight
against inflation on the an orderly demobilization.
Ade¬
The Committee, cautioning that
of the forces in combat, the cost
of former President Hoover who home front as it would- to lay
quate powers have been given to "the battle of the Pacific is still of
the Japanese war, in terms of1
had suggested them in a letter to down our arms now that final the director of mobilization and in its initial stages," with many
man power, materiel
and dollars,>
victory is in sight on the battle reconversion to control such sus¬ mileposts yet to be passed on
Mr. Jenkins.
will probably exceed all precer
"The Secretary of Agriculture," front. The safety and security of
the road to Tokyo, cited this tes¬
pensions.
dent."
Hoover said, according to the As-: this nation depend upon winning
timony from Marshall;
Another, amendment which
sociated
from
Press
Washington,
"should be not only food
administrator, as the President
has already announced, but in my
view the Secretary of Agriculture
should also have physically trans¬
ferred to him all of the price and
June 21,
other
and staff of
powers
which
OPA should
OPA
products,
the me¬
rationing. That the
continue."
amendment was defeated
This
by
betrayal
of all of our armed forces and
countless millions of loyal Amer¬
icans who have faithfully sup¬
feed,, except
chanical job of
20 votes.
a mere
adopted on
a roll-call vote, 200 to 164, which
'Times" correspondent White de¬
scribes * as hardly less damaging
than the Andresen amendment to
the Administration's plan of price
control was one offered by Rep¬
resentative Dirksen (R., 111.), to
grant to any complainant against
an OPA ceiling or order the privi¬
an
into court to seek
injunction.
amendments
were
adopted, according to the
"Times"
report,. neither
being
strongly opposed by the Adminis¬
tration.
One, by Representative
Patman (D., Texas), was intended
as a compromise to offset hostil¬
ity to the OPA.
It would relax
other
Two
upon
major
inspection
Federal
meat
ported the price control measures,
vexations and irritating as this
of
our
'
restrictions
plants to permit the
formidable as
any
confronted
us.
They have made mistakes, as
who
been
that
have
not
has
not
"sanitary," whether
Federal
they were under
inspection.
This change,
resentative
supported by Rep¬
P. Anderson
Clinton
(D., N. M.), soon to become Sec¬
retary of Agriculture, as one in¬
tended to make the. distribution
system more flexible and help
immediately the metropolitan and
industrial centers, was passed by
372 to
3.
Another
amendment, by Repre¬
sentative Bates
(R., Mass.), sub¬
stantially the same as one
already
passed by the Senate and direct¬
ing the Administration to seek to
guarantee to the producers as a
group a "reasonable" profit on the
products of cattle, sheep and hogs,
separately considered, was ap¬
proved 249 to 128.
The measure which had been
passed by the Senate contained
only one change which was a
ever
in
these
years
of crisis?
Subjecting
achievement.
nificent
people to price and
rent controls and rationing, all of
which are interferences with our
million
140
daily lives and cherished freedom
of action, is one of the most diffi¬
cult tasks
imaginable in "a de¬
I
mocracy.
officials
with
in- close
am
have
who
contact
and reconversion
trols not clearly necessary
;
that' date.
beyond
for
the
would have believed
these
war
years
in
194'/
created
have
could
we
in
the inflationary
high explosives that have accu¬
mulated and yet protect the home
front as well as has been done.
we
extended beyond
that date only for "such wartime
controls as may be plainly needed
to hold inflation in check dimmer
the remainder of the transition
period. The legislative authority
should not, however, be exercised
except as determined by the di¬
rector of mobilization and recon¬
be continued or
though perilous then—to
approximately 250 billion at pres¬
ent, and is still mounting.
This
huge debt has its reflection in a
corresponding
accumulation
of
spendable dollars in the hands of
the public while the supply of
many
civilian
goods
and
continued to shrink.
'Inflationary
services
has
High Gear! Declines to
Mew Decision in
grow
June
On
19
the United
States
Supreme Court refused to recon¬
sider its recent ruling that bitu¬
coal
minous
miners
are
entitled
portal-to-portal pay.
The As¬
sociated Press reporting
this from
to
said:
"The Jewell
Ridge Coal Co., loser in the de¬
cision, had questioned the qualifi¬
cations of Justice Black to s't in
the case.
The company said he
Was
formerly
associated
with
Washington
Grampton
deal, of course, with effects,
causes.
To get at the
causes
we
should have imposed
line
not
with
greater taxes or greatly econ¬
omized in war and other expendi¬
far
tures,
thus
and services
use
leaving
more
with less excess money in
hands of
not been done, we
to maintain
hold
the controls essential
back
the
enormous
increasing inflationary
controls,
rationing
necessary
the
As this has
must continue
the public.
to
measures
goods
available for. civilian
tinues, and as long as we continue
to deal with effects rather than
Price and wage
and
other
to hold the
peace."
conditions of
little
is
"There
-
of military se¬
to the general nature of
plans for the coming year,"
crecy as
our
the
declared.
general
five-star
Pacific are
be intensified to the maximum
The
Board
York
18
June
Exchange
of; the
of Managers
Exchange!
Cotton
the
elected
■,
on
Exchange
Secretary and Assistant Secretary
for the 1945-1946- term, according
to
an
announcement
Lordan,
Assistant
to
by Fred P.
the Presi¬
dent, New York Cotton Exachnge.
C. Figgatt,
Tinney
"The offensives in the
the
to
member of
a
elected
Board
of Managers, was re-:
Secretary.
He has held
that office since 1940 and has been
our
most pressing
fnter tlfeert-
and
a
and
man
every
every
weapon
practicable."
Vice-President
Club,
an
of
the
employee
City Bank
organization
his
nSI ??l°f the National City Bank and
strength of 6.968,000 by, Gity Bank Farmers Trust Co., and
30, 1946, Marshall said that was elected to the oresidency of
Reiterating
Army
June
future
circumstances
mit additional
a
reduction
500,000-man
may
European
He cannot, he
tion force.
per¬
that association in 1942.
demobilizations and
in the size of the
occuoa-
ioscow Trial of 10
empha-
ofany"givendate"nal
PoleS TeimitiateS
•
;f
said, "we!*
The trial in Moscow of the 1-3
have the great imponderable
at J Polish underground leaders 'aecused of subversive activities:. be-<
the moment as to whether or not
hind the Russian Army's- lines in
Russia will center the war with
Poland ended summarily yvith the
Japan." That, together with the
conviction and sentencing or 12 of
possible accomplishments of Chi¬
the men, acquittal of threfe, land
nese
forces, he added, "presents
something for us to consider in postponement of the trial.of jone
who was ill, the Associated Press
our approach
to final victory in
reported from London; June £1. • '
the Pacific.
"For
example,he
original calculations on the
of the Army, Marshall
testified, "We were under very
heavy attack for having too large
an
Army, if you will recall, bv
the newspapers and radio broad¬
casters
of those days,
and we
trimmed our estimates far too
In
strength
pressures." deeply."
"We
were
short
in replace¬
(The "Chronicle" reported other
witness' testimony on June 21, ments. and. that had avery seri¬
ous effect in delaying operations
I rt&Ht
page;2767.)
Exchange, Mr. Scanlan for¬
problem. merly was affiliated with the City
material, as Bank Farmers Trust Co. for ap¬
well as the
psychology of the proximately
20
American people, demand that we i feaving"the'bank to
is
Economy in lives and
swift,^ powerful offen-j pioy 0£ ^ New York Cotton Exsive, forcing a victory at the earl-, change, he was-in the investment
lest possible date. We aim to use I division.
In 1934 he was elected
liners' Fay Base
greater, not less, as the war con¬
with basic causes.
New
mount
...
dangers
delayed by optimistic er¬
rors of judgment or impatient de¬
mands for a return at home to the
to the
legislation record in the Senate".
forget that the national debt has
already risen from less than 50
billions
in
1940—a
figure that
HY Cotten
fic
perspective and to
the line is
costly mistake;
..-
successfully, if not perfectly,
tend to lose
a
degree possible.
Air .strikes of
constantly increasing power will a member of the Exchange since
'nc:'V' ":L ' '
devastate the Japanese war-mak¬
Sept. 3, 1915.
John J. Scaiilan, a
Rubicam
admonished : against
ing,; facilities and defenses and member of the Secretary's staff
"ending controls too early" and
since March 5, 1945, was elected
pave the way for invasion.
also a "type of extremist" who
"A swift redeployment against Assistant Secretary.
A newcomer
will want to "cling to controls."
our remaining enemy in the Paci¬
version.
Harris, lawyer, who
argued for the United Mine Work¬
ers.
It also cited Black's labor
"As time passes and
held
be
injustice to our men in
the Pacific, to relax now in opti¬
mistic estimates of the situation.
The final victory on the battle¬
fields will be ours, but it must
hideous
a
not be
,/
Legislative authority should
4.
would
"It
mobiliza¬
should re¬
view all controls and should, not
later than six months after vicr
tory, remove all remaining con¬
tion
respon¬
economic stabil¬
I know that
without exception they will wel¬
come
the day when the danger
on the home front has passed and
these protective controls can be
laid aside, together with the de¬
structive instruments of war. No
sibility
ization program, and
that
culture to be.
as
Seeing only the imperfections, we
sometimes lose sight of the 'mag¬
one
or
his staff and
in the field, composed main¬
ly of volunteers, are often criti¬
cized, unsung heroes of this war.
The
problems they have faced
army
produced in plants de¬
clared by the Secretary of Agri¬
meat
Bowles,
"Chester
movement in interstate commerce
of
wartime regimentation
economy inevitably is.
after final
Within six months
3.
victory, the director %ol
necessary
have
Another amendment
lege of going
To lose the battle
both fronts.
her at home would be a
concerned in any way
are
with animals and animal
including
on
ceived
ten
the
years
the ^Polish,
commander,jwlio re¬
Okulicki,
General
home army's
heaviest
senteriCe
cording to the Associated
June
of
in prison, testified,vac¬
Pfess opt
19, that the Sunreme Polish
in London had told4
Commander
him
that
Russia
intended t<>^ab¬
sorb Poland and had
,
to take his
helo
armv
preserve
dence.
ordered^him
underground to
Poland's indepen¬
,
for
Bnsiness-
Reconversion Aid Asked for Small
WPB Sums
materials below
with¬
scarce
many
certain maximum quantities
applying to WPB for authori¬
out
zation.
Up Steps Necessary to
"3.
Steps which have been taken by the War Production Board tp
the reconversion period were indicated to the
%id small business in
certain
from
v.'
..
.
small plants
Exemption of
restrictions
authorization
the
in
increased
of
pro¬
Committee on June 18 by J. A. Krug, Chair¬ duction. The most important of
told the Committee that "a square deal, and these is the exemption of plants
a fair deal"
for small business is the Board's aim "as the country employing 100 or fewer persons
from the requirement of a man¬
adjusts to the needs of a one-front war and resumes large-scale
power check in tight labor areas
civilian production."
prior to authorization of expanded
In a report to
the Board on 9>~
to small business, the staff would
civilian production.
June 18 the Smaller War Plants
like to present a set of proposals
"4. Limitation of manufactur¬
Corporation pointed out the need
which may be used as a working ers' stocks to a
practicable mini¬
for Government aid to small busi¬
It must be kept in mind mum working inventory to pre¬
basis.
ness men, similar to the kind ex¬
Senate Small Business
of the WPB, who
man
.
tended
'
farmers,
to
help them
to
through the difficulties of recon¬
version, according to an Asso¬
ciated Press report from Wash-
ington, June 18, which added
Mr. Krug received the report
that
just
to
that
committee in an effort
Senate
fear
its
expressed
WPB's
reconversion
allay
policies
smaller
would "seriously endanger
businesses throughout,
this coun¬
try." The Associated Press added:
"Mr. Krug told the Senate's war
investigating committee that pref¬
granted little firms in
erences
restoring
peacetime
production
have helped to give small busi¬
chance for pros¬
perity and success it has ever en¬
'the greatest
ness
joyed.'
quickly got an argument
Wherry (R., Neb.),
called Mr. Krug's statement
"He
from Senator
who
'only
a
promise/ Senator Wherry
small business was
declared
un¬
the future, afraid of
■Government controls, and in 'the
certain
most
of
position
precarious
it has
been in.'
ever
"The
major
Committee's
fear
apparently was that small firms
would be squeezed out of access
to
raw
materials.
The SWPC's
report, issued by Chairman Maury
Maverick, on the other hand, laid
greatest stress on the need for
its
financial help.
"Given
an
;
opportunity., to
ex¬
pand," Mr. Maverick reported to
Mr. Krug, "small business
can
furnish the jobs which we will so
desperately need."
,
"Mr.
Maverick
recommended:
Financial,help at reasonable in¬
rates,J technical
aid
in
streamlining small factories for
civilian manufacturing, the dis¬
terest
are
only proposals of
do not in any way
of
thinking
the
represent
the
edly develop its own program as
a. result of these sessions.
employment restrictions
"1. All
materials
producers of raw
be "eliminated,
on
including
ceilings, in order that
should
manpower
to as¬
air available labor be used
mooting the needs of civilian
sure.
producers as well as of war in¬
dustry during the reconversion
period.
should be
reviewed at the mill level to as
sure that large factors in raw ma¬
terial markets are not indulging
orders
Purchase
"2.
pre-emptive buying. (This can
only be effective if-a WPB rep¬
resentative is placed at the point
of each principal
raw material
and standardized component pro¬
ducer to review order boards to
in
against
guard
ing.)
pre-emptive buy¬
limiting ware¬
house stocks should be eliminated
Restrictions
"3.
permit these distributive or¬
ganizations to carry as much in¬
ventory of raw materials, com¬
to
ponents and parts as is possible.
In addition, the WPB should take
positive steps to assure increasing
stocks for raw material ware¬
standardized compon¬
houses and
ent distributors.
"Small
Result of
Reconversion Programs" in which
Staff
issued
a
report
controls should be
enforced rigidly. WPB must pro¬
vide a staff to make frequent spot
checks of the inventories of the
■
materials and
components to make certain that
inventory controls are observed.
Regulation No. 27
amended to permit
"5. Priorities
be
should
on
indicate
Committee
a
fear
of small producers
throughout the country that 'openending' of CMP, which is sched¬
uled for July 1, 1945, will place
them in an unfavorable position
as
far as material supplies are
concerned.
They express a feel¬
on
the
part
large producers will be
able to purchase copper, steel and
aluminum under more advantage¬
ous
conditions than they them¬
a
"Furthermore, Priorities Regu¬
"Furthermore, the definition of
small
firms
in this
regulation
should also be
*
"The' Committee
*
Staff
is
con¬
result of its investi¬
gation that margins being allowed
vinced,
as
stated in terms of
For example, it could
be made to apply to all firms do¬
ing a quarterly business of less
than $100,000 and/or employing
100 persons or less.
employees.
"6. WPB should be
sue
urged to is¬
proposed Priorities Regu¬
its
quickly as pos¬
lation No. 25-a as
sible—and
certainly before
CMP
open-ended with respect to
steel.
This regulation should be
is
implemented before final openof CMP in order that
small
firms
doing
more
than
ending
suppliers delivery schedules.
#
No. 27 should be
lation
ing that
selves, and indicate that it is pos¬
sible that big business may be
able to. exclude smaller manufac¬
turers xrom basic metals and parts
a
for
civilian production in 'steel'
supply^or the third quarter of
worth of business per
quarter can be in position to ob¬
tain some assistance for their op¬
$100,000
his
In
Senate
advices
Small
June
Business
18
to
the
Commit¬
taken to assist small business:
situation must be taken immedi¬
assistance
"Suggested Action:
While the
Committee staff expects
that these
hearings which the Committee is
now
holding will develop addi¬
tional information which will permit
a
tee,
as
Chairman Krug summed up
the steps WPB has
follows
"1. Issuance of Priorities Regu¬
lation 27 to give blanket priorities
until
December
smaller manufacturers,
ately.
full analysis of the current
reconversion program as it relates
which
distributors.-;
31
to
which will
give them preference in obtaining
production materials 6ver larger
plants reconverting to general ci¬
vilian production."
"2.
Small-order
J allocation
small
•'
*
exemptions
controls,
businesses
to
which
place
in
allow
orders
* *
-
;
<
producing over $50,000 per quar¬
ter to obtain priorities assistance
bottleneck items.
on
"
Maintenance, of
"7.
watch
a
•
'careful
compliance with WPB
over
generation" was the assertion made at Portland, Ore., on
June 25 by President Truman, who added that "they fought to save
it, now they fight to maintain it, and that is their duty." The Presi¬
dent's, remarks-were addressed to patients of the veterans' hospital
and followed a tour of the wards.
He spoke from the steps of the
next
orders, thus preventing a dislo¬
cation of supply for the honest
with
hospital,
the
about
clustered^
patients
him
reported
by the Associated Press follows:
grounds
hear
to
The text of his address
"It has been
/
as
privilege for me
a
today to have had the opportunity
to
.through
go
as
of the wards
some
institution.
this
in
This
strikes
real hospital—one of the
a
sort that
all hope will be the
we
"I
am
much'interested, of
very
in the welfare of the men
course,
fighting to save the coun¬
try and the men who have fought
to
are
reflection
no
Veterans'
Bureau
But
out
the
on
fought- in
of the
head
who
want
we
is.going
who
is a
man
a
war—who
the
big users of metal are
being started and will be in¬
after July 1 (the date
steel
will be " made
tensified
which
on
of
started,
already
investigation,
An
involved in
concerns
large
contract
cancellations or
cutbacks to see that orders for
such
the
General Bradley,
in
ablest
;
have that
we
of
one
that
commanders
materials
ordered
tracts
v
it;
are
the treatment to which they
entitled,
they
now
going to run
They fought to save
want
fight to
duty.
to
maintain it, and that is their
who
crippled, those
are
wounded, those who are
are
in
incapacitated
other
any
way
that thdy
Nothing is too
must have the training
entitled
are
to.
good for them. Both the wounded
veteran and the veteran on his
feet have just as much to give to
their country
as
they gave in war,
I know they are going to do
and
'•
just that.
"Thank you a lot for the
privi¬
lege of being with you."
that we
going to try to give the vet¬
erans
generation the vet¬
war are
this country.
to
want also
I
but
Portland
From
" "I want to say to you
are
of this
erans
we
have in this war.
.available without CMP tickets).
"8.
think about. I think
man
war.
"Those who
"We are trying now to reor¬
ganize the Veterans' Administra¬
tion along modern lines, and it is
stands what the front-line soldiers
now
other
the country*
save
front-line soldier add who under¬
on
they., are citizens of the United
States just as I am.
They are
fighting for- a principle.
Now
they want to come back here and
put that principle into effect by
being
first-class* citizens
them¬
selves, just as we did after the
"In the next
majority of manufacturers' by an
unfair
few.
In
addition, / spot
checks
bring it home to the veterans that
usual thing in the country.
who
"6. Provision for manufacturers
left at 11:49
"
(Pacific Coast
m.
a.
June
Time)
I
:
President
the
the Security
25 for
Conference at San Francisco.
';
properly and promptly
are
on
con¬
cancelled.
of activities in
total volume
the
major production industries
construction, which will
nine
and
in
prevent
these
industries" from
draining all the .supplies in the
free
market at the expense of
production. w
-
Krug
committee,
the
told
who
manufacturers
produce
less
$50,000 worth of their own
products per quarter receive a
preference rating of AA-4 and
assistance
in
obtaining
needed
controlled materials
(Z-3 allot¬
than
In
symbol).
ment
this way the
is
given
smaller; manufacturer
preference in getting on the order
books
of suppliers over
larger
plants reconverting to general unprogrammed civilian production.
"In
the special as¬
to
contrast
The
ing symbols which was introduced
in May among the banks of the
Federal Reserve and branch cities
regulation gives to
manufacturers after July
advantage
special allotments.
Krug, in speaking of
and labor' affected
is
now
being introduced to the
15,000 banks of the nation through
a booklet entitled "Check Routing
Symbol/"
Production
approximately 82% of
manufac¬
the total number of all
turing plants and that they pro¬
duced
about 13%
of the total
value of manufactured products.
About 19% of the total number
of
wage
employed in all
earners
manufacturing establishments are
represented
in
$50,000
the
pbr
quarter figure."
who is also Vice-President of the
"The
WPB
these
the
were
Chairman
possible
if
percentages
said:
also dis¬
spread in
the order
manufac¬
$100,000 pro¬
extended to cover
turers
with
up
to
They would
of the total
number of manufacturers, 20% of
the total value of production and
represent 28% of the total of wage
earners
employed.
In terms of
quarter.
comprise 88%
duction per
then
steel, however, a doubling of
dollar limit would
a
the
probably mean
seven-fold increase in the quan¬
affected. For
said, WPB is
to such an in¬
crease, since this inflation in rat¬
ings might nullify the benefits for
tities
this
of
materials
he
strongly opposed
reason,
Bank
Mercantile-Commerce
Trust
and
Company, St. Louis, Mo.,
new
system of check
the
symbols was developed
period of years by the
a
Committee
Collections
on
Reserve
Federal
committee
of
System
the
and
a
representing the Com¬
The routing
_
bank
drawee
is
located,
Federal
Reserve Bank
serving
the
availability
drawee
after
been received
serve
Bank
below
or
and
check
by the Federal Re¬
printed
ABA
transit
right corner
of checks.
was
Krug pointed out that the
two special exemptions—one cov¬
ering
small-order
allocation
exemptions
in
controls and the other
exemption
of
produc¬
tion authorization--were designed
while the two-front war was still
in .progress,
but are being con¬
tinued.
Both primarily benefit
small business and contribute to
administrative simplicity.
They
,
ducefs
from
to
work
the
to
free small pro-
burdensome
greatest
paper
possible
extent.
"The
WPB
Chairman also em¬
phasized that both exemptions are
being
raised
liberalized and have been
substantially for
the materials
allocation."
1940 output.
Over 13 pounds
of welding wire
made last year for each ton
were
steel
finished
of
produced. This
second highest,
being exceeded only by the 1943
ratio of over 17 pounds of wire
ratio' is
per
the
also
ton of finished steel.
The
of
output
welding
before the
more rapidly
steel
wire increased rapidly
war
and
rose
even
during the war period. From 1932
to 1940 the output rose an average
of
30,000,000 pounds per year.
then, the average increase
been 173,000,000 pounds an¬
nually—six times the prewar rate
Since
has
of
growth.
v
Tinman Favors Control
Of Gov't
Corporations
President Truman has expressed
approval
of
legislation
de¬
signed to place budgetary controls
of Congress over Government cor¬
porations,
United
the
Press
re¬
ported from Washington, June 12,
and continued:
plants
small
from some restrictions in
designed
shipbuild¬
year
four times
his
designed to assist.'
"Mr.
are
of
the drop in welding
the smaller plants that the regu-
laton
output
Iron and Steel In¬
has
branch. It is
bank's
the
the
branch
or
bank,
the
number in the upper
the,
The WPB's advices also
the
by
Federal Reserve district in which
Requirements Plan, manufactur¬
ing establishments with annual
sales of less than
$200,000 ac¬
counted for
today
nell, Chairman of the Commission,
the
record
1943
The lower volume of
ing last
William A. McDon¬
by
,
in connection with the
mailed
Commission.
the
and data collected
manufacturers
The system
symbol is a
series of digits which indicate the
explained that
according to the 1939 census of
this order (PR-27)
the
1,166,400,000 pounds, according to
the American
mainly accounted for
wire output.
Despite the decline, however, the
1944
production is the
second
highest for this wire and is nearly
mission.
business
pounds in 1944, a drop of 20%
000
from
stitute, which further announced:
the
of
Bankers Association.
over
and will not have the
/
production of steel
welding wire declined to 932,400,-
American
Commission
said
Output
Estimated
according to reports re¬
by the Bank Management
ceived
routing
of new ci¬
vilian-production will be unrated
I, 1945, the great bulk
in those 36
ment from the banks
cities,
smaller
"Mr.
system of check rout¬
new
sistance " this
of any
From Peak
Symbols indorsed
has received enthusiastic endorse¬
"Under Priorities Regulation 27,
Mr.
Welding Wire Down
ceilings over
"9. Maintenance of
cussed
erations if it is needed."
inadequate and pre¬
sent a danger to small business.
The same is true in the case of
other materials, components and
parts and the committee staff be¬
lieves fhat action to correct this
this year are
wholesalers and retailers
do not apply to smaller
large
"this country in
That the veterans of this war are going to run
the
me
inventories of
controlling
,
doing
firms
encourage a
of ma¬
of two limitation
Retention
"5.
orders
"4. Inventory
larger users of raw
and
in short supply.
terials
other
amended
to provide that allotments granted
it said in part:
to small concerns are given equal
"Reports which have been re¬ treatment with all other nonceived by the Senate Small Busi¬ military allotments.
ness
hoarding
fair and even distribution
'
quarterly business
of not more than $100,000 to use
tribution of usable Governmentthe preference and allotment as¬
owned plants largely to small and
sistance it provides. The regula¬
medium business and a stronger
tion
should also
permit small
anti-trust policy."
firms coming within its scope to
Under date of June 14 the Sen¬ use at least an AA-3 preference
ate
Small
Business
Committee rating, and possibly a higher one.
Business Prospects as a
vent
which will undoubt¬
Committee,
appeared before the.
after he had
these
that
the staff and
Thursday, June 28, 194$
FINANCIAL CHRONICLE
THE COMMERCIAL &
2882
many
of
still under general
Representative Carter Manasco,
Democrat, of Alabama, Chairman
*
of the House Committee
utive
a
Expenditures,
on
Exec¬
public
letter from Mr. Truman, who
made
said he wanted "to eliminate any
misunderstanding
tude
on
the
as
to
atti¬
my
Byrd-Butler
Billj"
which would impose such controls.
"I
heartily favor this proposal,"
the President said.
"It is a longdelayed forward step applying the
doctrine
sound
budget,
and
as
of
an
executive
enacted in the Budget
Accounting Act of 1921, to the
many
important Government
porations which have since
upon
the scene."
cor¬
come
THE COMMERCIAL &
Number 4398
jVolume 161
ferences, agreements can be
Destraction oi
Germany's War-Making Potential
Baruch Urges
(Continued from first page)
tions
-
all
over
X rooted out.
the
'
world
;
>
■
-
:
'
"
>
Priorities for Peace
•>
priorities for-peace
to the peoples Germany tried
to
destroy, to build up the
strength of the United Nations in both Europe and over
seas
while
reducing
Ger-
3. Through
•
•!
"
;
■
r
;
...
'
+
V
all
free
of ambiguity.
"Before the war,
ests in this country
.<
her
by
University
Others Planned
acquired the
greatest respect for the manner in
which Russia kept all contracts
and observed all credit arrange¬
ments.
Our admiration has been
increased
Bussiasi Institute Formed at Columbia
business inter¬
incomparable
Through a grant of $250,000 from the Rockefeller Foundation,
University has established a Russian Institute, first of a
Columbia
of six regional institutes which will arise on Morningside
Heights for the study of the life and thought of principal areas of
modern world, it is announced by Dr. Nicholas Murray Butler,
President of the University. The British Commonwealth of Nations,
group
the
accomplishments during
the war.
It would be tragic for East Asia, Latin America, France,—
—
—•
The Parker School, under the di¬
.the Soviet at .this -point to permit and Germany will constitute the
the American free enterprise
of
Professor Huger
doubts of their motives to mar fields of interest of the five other rectorship
system in a world drifting to this splendid record—tragic for institutes.
These
institutes, Dr. Jervey, will have a staff of spe¬
cartelizations of various kinds both them and us—since it would Butler pointed out, will develop a cialists of its own and will stand
'
'
,
...
other economic matters
into
a- coherent "whole
which will meet this one decisive test—how to preserve
and
2883
FINANCIAL CHRONICLE
pro-
military
highly trained corps of American at the apex of the training pro¬
statement Mr. teachers and administrators with gram for those students who pri¬
war only Baruch stated that "in making my
special knowledge
and under¬ marily desire active as contrasted
to plunge into economic war?
recommendations I have sought standing of the political, economic with scholarly careers in the in¬
,• many's
overall industrial and
ternational field."
only to stimulate action so that and social problems of peoples
technical power.
Only when
Raise Living Standards
will
shape the course of
we
will exercise the leadership who
;«
such a new equilibrium is es13. Raising human standards all
which is ours.
I would not want world events.
,:
tablished will it be safe to re
over the world must be a b.ulFormation of a School of Inter¬
to see that leadership which we
:
admit Germany to the family
wark
of post-war economic have held for 150
years now lost national Affairs, under the Direc¬
of nations. *.
V'J
policy. I would insert into all to others or wasted through, dis¬ torship of Prof. Schuyler C. Wal¬
financial
and
economic ar¬ use.
Full Soviet Agreement
lace, which will function in close
Although President Truman an¬
rangements we make a de¬
"A
vastly
better world lies association with the institutes,
4. That this German settlement
nunciation
clause
giving us ahead if we use the intelligence with the Parker School of Ad¬ nounced on June 13 that the time
.be used as a basis for a comand place for the forthcoming Big
■.j
the right ' to terminate any
vanced
and with other
; ) .prehensive,
all-embracing / agreement which results in j and gifts of nature that have been faculties Studies, University which Three meeting had been arranged,
of the'
bestowed upon us.
We can't live
■'.. agreement with Russia on the
he did not reveal when or where,
lowering of wages or length¬ alone/
Be sure of that.
Let us provide specialized training in the
U major peace
problems.
By
ening of hours—an undercut- then encourage and help those international sphere, was also an¬ and it was not until June 15, ac¬
tackling
immediately
and
!
ting of human standards.
,
.' who live with us to live our way nounced. Through the School of cording to an* Associated Press
! - forthrightly the question upAffairs, the large dispatch from London, that the
—not to- copy our way in detail, International
Determined Preparedness V
permost in the Russian mind—
place was disclosed when Clement
but to stand with us on the broad existing resources of the Univers¬
security against Germany—I
R. Attlee, leader of the Labor
14. Finally, we must see the peace
base, of expanding human dignity ity in kindred fields will be ex¬
j'.Y believe we can arrive at full
through with speedy ratifica¬ and freedom."
V : panded, and integrated with the Party, stated that the conference
understanding with the Soviwould be held in Berlin.
tion of the United Nations Or¬
new
program, greatly increasing
; ; : ets.
If it is not possible, the
He made the disclosure in a
ganization and with a deter¬
Columbia's usefulness as a center
sooner we know it the better.
mined, enduring program, of
letter accepting Prime Minister
of international studies, Dr. But¬
All Agreements Public
Churchill's invitation to attend
preparedness, 'including uni¬
ler explained.
versal military training, ade¬
"I regard this whole undertak¬
the
"prospective
conference in
5. This agreement with Russia—
quate stockpiles of strategic
ing,"" said Dr. Butler, "as one of Berlin."
as
well as agreements with
war materials, unflagging in¬
outstanding importance*hot only
To demonstrate that the forth¬
other nations—to be in writing
tensive research, and the many
in the history of Columbia Uni¬
\
and promptly made public in
coming election represents a Conother things indicated by a
Seven of the divisions , in the versity and its worldwide rela¬
servative-Laborite split on domes¬
full detail.
This has been a
modernized mobilization plan Greater New York Fund's Ex¬ tionships, but in the history of
tic issues but does not involve any
I
People's War.
Let it be a
designed to convert our na¬ changes Group went over the top higher education generally. It is
major foreign policy, * Churchill
People's Peace.
' Yv?V?
tion in quickest order to the before the close of the 1945 cam¬ constructive and forward-faeing,
announced
previously that
he
General Staff for Peace
conditions of any possible war paign's/intensive period, it was and points the way to what will
had invited Attlee to attend the
announced by Harry M. Addinsell, soon be recognized as a dominant
j-..*- in the future.
8. Tighten our peacemaking ma¬
VyY'YY
Big Three meeting with him.
chairman of the Executive Com¬ Worldwide interest in the field of
chinery here at home to give
Churchill made this move appar¬
The logistics of war and the po¬
mittee of the First Boston Corp., government,
us
the effect of a General
economics and the ently to insure that any decisions
tentialities
of
yet
unheard-of
and head of the Fund's Finance intellectual life."
j
Staff for Peace, charged with weapons for destruction are such
taken by President Truman, Pre¬
Section, at the third city-wide re¬
The Institutes will be staffed by
*• drawing up a master plan for
mier Stalin and
himself would
that we must shorten the lag in
port luncheon held June 8th at groups
of outstanding scholars hold in Britain whatever the re¬
I
the peacemaking so America any - future war mobilization or
the Roosevelt hotel.
They are: who havO specialized in one of
sult of the election.
j — can exercise the leadership risk defeat.
*
- /
Curb Exchange, Produce Ex¬ the pure or applied sciences of
\which is her heritage.
Regarding
post-war? relations
However, Harold Laski, Chair¬
change,' Stock Exchange, Invest¬ human conduct with special ref¬
with Russia, Mr. Baruch was em¬
man of the Labor Party, made it
v
ment Bankers, Investment Trusts, erence to some specific geograph¬
Free Look-See in Europe
phatic In his advocacy of mutual Investment Counsellors and Un¬
clear last night that Attlee's at¬
ical area. Some of these scholars
7. America's role in dealing with frankness and understanding.
listed Brokers.
The chairmen of will be drawn from the present tendance would not necessarily
.Y Russia should be one of toler; "Relations with the Russians,"
bind the Party to any Big Three
these divisions were among the staff of the University; many will
; v
ance and fairness.
Coopera- he pointed out, "may continue dif¬ 69 who received
Laski declared in an
"•
distinguished ser¬ be recruited from other institu¬ decisions.
j
tion is a two-way street.
I ficult for a time, not only in Eu¬ vice
citations, presented at the tions. Each institute will be sup¬ interview that it was necessary
j - would like to see this simple rope but on other fronts. Again luncheon by General Campaign
that the Big Three be aware of
ervised by a director who also
j
rule laid down: what we per- X point out, we should not be sur¬
Chairman, J. Stewart Baker, will be a professor in an appro¬ this position—that Attlee would
j - mit the Russians to do, they prised that Soviet suspicions have chairman of the board of the
be present as an observer but that
priate subject-matter division of
permit us to do. There should survived our fighting together
he "can hardly be responsible' or
Bank of the Manhattan Company. the
University. Prof. Geroid T.
| i.be a free look-see for all the against the common enemy. When Announcing the award-winners,
accept responsibility for agree¬
i United Nations
throughout one reviews recent world history, Mr. Baker, summing up all the Robinson, at present chief of the ments which from British aspects
Russian Division of the Office of
Europe,
- -'..v.
■
: Y;
one finds
considerable cause for
have
been
Concluded
by
borough and section reports, an¬ Strategic Services in Washington, will
Churchill as Prime Minister."
suspicion between Russia and the nounced total city-wide subscrip¬ has been
More Recognition for Russia
appointed director of the
Western
democracies—on
both tions of $4,038,297 received during
An announcement from Prime
Russian Institute, which will for¬
8. The United States should use sides.
After the Red revolt in the intensive period of the eammally open on July 1, 1948. Tlie Minister Churchill's official resi¬
her offices to persuade those
1917, the Czarist powers made paign. With the campaign's over¬
dence
later
confirmed that the
new
school of International Af¬
nations who still refuse
to three major attempts to reconquer
all $4,500,000 minimum goal yet fairs will
begin work on the same meeting would Joe held in Berlin,
recognize Soviet Russia to Russia, efforts largely armed and
to be achieved, all the chairmen
the Associated Press reported, and
date.
'
:v
Y ,
clo so.
■■
■■-.■■ ,Y.'
supplied
by
the
British and and their committees pledged
.The announcement from Co¬ a spokesman added that although,
French.
The deepest significance Continued
efforts
until
every lumbia states that a survey indi¬
Security Above Reparations
a date had not been fixed for the
of the Munich pact was the exclu¬ prospect in their respective' fields
cates that the British Common¬
meeting it is likely to be held be¬
9. Reparations should be fixed at
sion of Russia.
It is not that all has been given an opportunity to
wealth, French and German Insti¬ tween July 5, the first date of the
the
maximum within Ger¬ of Russia's acts were justified,
participate in the appeal.
tutes can
be created from
the forthcoming British election, and
many'capacity to pay, con- but it is important that we under¬
Arthur A. Ballantine, President
ranks of the present teaching per¬
July 26, when the election results
!
sistent'with security and not stand the Russian point of view. Of the
Fund, commended the Ex¬ sonnel of the University, but that are to be announced.
i
to
undercut living standards
"On the Russian side there must changes Group for its outstanding
by forcing exports.
Russia be equally sincere efforts to un¬ performance in the campaign and material additions to the staff will
be necessary before the Russian,
and other countries are en¬ derstand us.
Parcel Post To Philippines
The Russians must for its generous support of the
Latin-American, and East Asian
titled
to
labor
reparations,
He
also
extended
his Institutes can
appreciate that refusal .of Soviet Fund.
Postmaster Albert Goldman an¬
begin operations.
particularly if they will in- authorities. to permit free access thanks to the business firms and
nounced on June 20 that informa¬
From the Rockefeller Foundation
v
elude in their labor battalions
to the countries of Eastern Eu¬ their employee groups for the con¬
tion has been received from the
the University will receive $50,000
the principal warmakers—the
rope has a most adverse effect on tributions towards assuring ade¬
Post Office Department at ^Wash¬
a
year for five years to finance
Y
Nazis, the Gestapo/ Junkers, American
public opinion and will quate care' for New Yorkers in the
that
effective at ; once,
beginning period of the Rus¬ ington
Y
the General Stafft geopolitikjeopardize any program for the heed, through the 40 local hospi¬ sian Institute..
fourth-class
or
parcel-post mail
■
ers, war industrialists, war fireconstruction of these countries. tals, health and welfare agencies
service to the Islands of Leyte,
The purpose of the Russian In¬
nanciers—leaving the ordinary Another cause of suspicion has
participating in the Fund. These
stitute, it is .stated, is "to train Luzon, Mindoro, and Samar in the
peasants and workers.
been a tendency for the Russians agencies ~ must obtain $22,500,000
American specialists on Russian Philippines, will be resumed, such
to act unilaterally in many coun¬ in voluntary contributions to pro¬
Long Occupation Vit&l
affairs, and to engage in research service being limited to parcels
tries,
Such actions irritate us vide their services this year. The
designed to promote a better un¬ of fourth-class matter not exceed¬
10. We must ready ourselves for less because of our interests in
Fund,-directing its appear exclu¬
derstanding of the Soviet Union." ing 11 pounds nor 18 inches in
X
a long occupation of Germany
those countries than because we sively to business concerns and
length or 42 inches in length and
It is added that "While the new
—as long as it takes for her
a
moral
feel
responsibility to employee groups, seeks a mini¬
School, drawing upon and supple¬ girth combined, and not more
spiritual and economic rebirth. those peoples which we cannot mum of $4,500,000 as business's
menting
or
expanding existing than one parcel per week n\ay be
shirk.
On our part we must shift
/
University
facilities, will train sent by the same sender to the
Supreme European Council
Mr. Baker pointed out, at the
our peacemaking machinery into
same addressee.
The advices fur¬
men of affairs during the first two
11. Create a Supreme European
high gear and avoid delays which third report luncheon, that, while years, the Parker School, founded ther state.
.}
Reconstruction Council to co¬
that/event marked the close of
may prompt unilateral action.
"The eighth zone rate of post¬
at Columbia
in 1931 under the
ordinate the many aspects of
the intensive period of the Eighth
"The pledged word kept is the
will of the late Edwin B. Parker,
age for fourth-class matter will
European reconstruction with
Annual. Campaign, the appeal will
best antidote to suspicion.
Above
internationally known jurist, will be applicable. Parcels must com¬
the German settlement, repacontinue until December 31. He
concentrate upon more advanced
ply with the export-license re¬
everything else, there must be the
said that the $4,038,297 reported
/ rations and other problems.
most
meticulous observance on
work in this field.
quirements
of
the
Foreign
as
of June 8 was 89.7% of the
Positive Foreign Economic Policy our part of all our obligations
"All the courses organized in Economic Administration. ; Until
goal and was raised in five weeks
further notice, such fourth-class
with the Soviets, written or im¬
12. Develop a positive American
of intensive campaigning, leaving the school and in the regional in¬
or parcel-post mail is not to be
plied, while insisting firmly that
stitutes will be available to the
foreign economic policy bring¬
only 11% to be obtained in the
insured."
they do the same.
By doing our
.Parker Scnool
for this purpose.
ing tariffs, monetary agfeeremaining seven months of 1945.
homework before going- to con¬
d.
..
—to Stateism—so we can
jobs for all?*
settle' the shooting
Vide
react
Shall we
against all who want Peace.
In .concluding his
•
Big Three Meeting to
'
Be Held in Berlin
,
<
.,
'
.
-
,
,
.
•
Exchanges
iroijii Tcps
Quotas Before Close of
N. Y. Fund
Appeal
"
,
-
,
,
.
.
-
''
•
'
-
'
•
'
•
..
-
3
1
*
!
ments,
foreign credits,
cartels
*'
"
*'
*
k*f-f
■■■«+
«• 1
••
THE COMMERCIAL & FINANCIAL CHRONICLE
That principle is the guiding
spirit by which it must be carried,
out—not by words alone, but by
continued concrete acts of good
ter.
Truman to Seek
Early Senate
Sppreval of United Nations Charter
(Continued from first page)
is
There
time
a
for
making
time for
a
The time for action is
tion.
ac¬
now.
tions which came to you in the Let us, therefore, each in his own
form of daily problems and dis¬ nation and according to his own
putes about such matters as new way, seek immediate approval of
itself.
boundaries,
war
criminals, the
War Not Inevitable
his Charter—and make it a living
form of government of some of
It was the hope of such a Char¬
:hing.
:
'
\' ■■
the European countries—in spite
I shall send this Charter to the
ter that helped sustain the cour¬
of, all these, you continued in the
United States Senate at once.
I
age of stricken peoples through
task of framing this document.
am
sure
that the overwhelming
the darkest days of "the war. For
These problems and scores of
sentiment of The people of my
it is a declaration of great faith
others, which will arise, are all
country and of their representa¬
by the nations of the earth—faith
difficult.
They are complicated.
tives in the Senate is in favor of
that war is not inevitable—faith
They are controversial and dan¬ immediate ratification.
that peace can be maintained.
gerous.
If we had had this Charter a few
of all wars, you
victory against war
most destructive
have
won
a
-1
ago—and above all, the will
it—millions
now
dead
would
would be alive.
If we
should falter in the future in our
will to use it, millions now living
will surely die.
It
has
already been said by
years
to
use
that this is only a first step
many
united
with
But
solved
and
even
+
-
U
spirit we met
more
difficult
during the war.
And
with the same spirit, if we keep
to our principles and never for¬
sake our objectives, the problems
and
face
now
those
to
come
will also be solved.
We have tested the
principle of
co-operation in this war and have
found that it works. Through the
That is true.
The important thing is that all
our thinking and all our actions
pooling of resources, through joint
be based on the realization that it
and combined military command,
is in fact only a first step. Let
through constant staff meetings,
us all have it firmly in mind that
we
have
shown
what
united
"we start today from a good be¬
strength can do in war.
That
ginning and, with our eye always united
strength forced Germany
on
the final
objective, let us
to
lasting peace.
a
of
Constitution
The
own
my
country came from a convention
which—like this one—was made
of delegates with many differ¬
ent views. Like this Charter, our
Constitution came from a free and
sometimes bitter exchange of con¬
flicting opinions.
When it was
adopted, no one regarded it as a
perfect document. But it grew
and developed and expanded. And
up
upon
and
a
it there was built a bigger
better, a more perfect union.
force Japan to
The
like our own Con¬
stitution, will be expanded and
improved as time goes on. No one
claims that it is now a final or
perfect instrument. It has not
been poured into any fixed mold.
Changing world conditions will
^require readjustments—but they
will be the readjustments of peace
a
and not of war.
now
have this Charter
at all is a great
wonder. It is also
for profound thanksgiving
a cause
God,
Who
has
far in our search
Almighty
to
brought
for
us
so
through world organi¬
peace
zation.
There were many who doubted
be
countries
differing so much in race and re¬
ligion, in language and culture.
agreement could
reached by these fifty
that
■.
differences
these
But
ever
all
were
forgotten in one unshakable unity
of determination to find a way to
times of peace.
What was done on
relief at Atlantic
City, food at Hot Springs, finance
at Bretton Woods, aviation at Chi¬
cago, was a fair test of what can
be done by nations determined to
live
.co-operatively in a world
where they cannot live peacefully
any other way.
the
subject
What you
San
war.
the
all
and
disputes, and different points of
view, a way was found to agree.
Here in the spotlight of full pub¬
licity, in the tradition of libertyloving people, opinions were ex¬
pressed openly and freely. The
faith and the hope of fifty peace¬
ful nations
Differences
This
overcome.
laid before this
were
forum.
world
arguments
Charter
were
not
was
the work of any single nation or
of nations, large
group
It
the
was
result
give-and-take,
of
of
small.
or
soirit
a
tolerance
of
for
the views and interests of others.
It
proof that nations, like
men, can state their differences,
can face them, and then can find
was
ground
common
which
on
That is the
stand,
essence
to
of de¬
that is the essence • of
keeping the peace in the future.
By your agreement, the way was
shown toward future agreement
in the years to come.
mocracy;
Main
This
Objective—Peace
Conference
its
owes
suc¬
largely to the fact that you
have kept your minds firmly on
cess
the main
obiective.
You
single job of writing
lion—a
yen
In
Charter
staved
spite
on
of
for
a
had the
constitu-
peace.
And
nomic
many
distrac-
have accomplished in
well
how
shows
co-operation
been
have
learned. You have created
a
great
instrument for peace and security
and human progress in the world
The world must, now use it.
shall
betray all those who have died in
order that we might meet here in
freedom and safety to create it.
If we seek to use it selfishly
for the advantage of any one na¬
tion or any small group of na¬
tions—we shall be equally guilty
of that betrayal.
If
fail
we
The
will
to
we
of
use
this
determination
firm
A just
and lasting peace cannot
be attained by diplomatic agree¬
ment
alone, or by military co¬
operation alone.
Experience has
shown how deeply the seeds of
valry and by social injustice. The
Charter recognizes this fact for it
has
have
cial
must
No
one
can
or
of
we
Four Freedoms
all strive. The
field
economic
others,
y.
document
this
Under
all
in
as
'
'; /;..
/y
;
have
we
good reason to expect the framing
of an international bill of rights,
acceptable to all the nations in¬
volved. That bill of rights will be
as
much a part of international
life as our own Bill of Rights is a
part
of our Constitution.
The
achievement
human
and
rights
to
and 'fundamental
Unless
freedoms.
those
the
observance of
dedicated
is
Charter
can
we
attain
objectives for all men and
everywhere—without re¬
gard to race, language or religion
we
cannot
have • permanent
peace and security.
;
women
—
With this Charter the world can
begin to look forward to the time
when all worthy human beings
in¬
be permitted to live decently
as free people.
The world has learned again
of
individuals, must
that nations, like
the truth if they
have
and
read
for constant and thorough
interchange of thought and ideas.
For there lies the road to a better
and more tolerant understanding
agency
please.
reasonable
must
among
nations and among peoples.
Military Victory Not Enough
All
Fascism
Mussolini.
the seeds
did
not
die
spread by his disordered
mind have firm root in too
fanatical
with
Hitler is finished—but
It
brains,
is
many
easier
to
destroy con
is to kill
the ideas which give them birth
and strength. Victory on the bat¬
tlefield was essential, but it was
not enough. For a good peace, a
lasting peace, the decent peoples
remove
tyrants and
centration camps than it
price
come
of
the
mined
spirit
earth must
to
strike
which has
remain deter¬
down the evf
hung
over
the
of these
their
own
tried to divide us.
war.
example
They failed.
again.
the
strong nations of the world should
lead the way
That
years
American market should
Such
vided.
be pro¬
period is held
a
on<5>
least twenty
entry to the
nec¬
to permit the Filipinos to
essary
rehabilitate the country
and then
plan for the orderly transition to
a
foreign country status, if this
should be determined upon as the
ultimate goal.
Filipino business men, Mr. Rid¬
continued, point out that in
the past they fell in with plans
of
powerful
American
groups
wishing
to
exclude
Philippine
products. Back in the 1930s' they
der
hestitated
to
oppose
plans
complete political autonomy
cause
independence was a
litical
sacred
economic
for
be¬
po¬
Now that
cow.
of
consequences
the
inde¬
to international jus¬
principle of justice is
the foundation stone of this Char-
(
.
But they will try
graphically to the populace, it is
hoped that broad support can be
obtained for Philippine status ap¬
proaching that of a British do
minion.
:
'''•/• - /.///'
As a territory of the United
.
.
States, Mr. Ridder explained, the
Philippines became a food im¬
porting country, marketing their
major agricultural products here.
They enjoyed profitable markets
for their sugar, coconut products
and abaca, while importing cheap
rice from
continental Asia.
As
a
result, the Filipino standard of
living was much higher than, in
neighboring Asiatic countries. But,
all
that
has
been
changed by
Japan.
Currently, the restoration of the
sugar economy is stymied by the
uncertainty over the future tariff
treatment of Philippine products
by the United States. This raises
the question for the ordinary la¬
boring man as to whether tariff
preference is not more important
than
independence, Mr, / Ridder,
added/: :/•/ ' .
' /' V////V''../':
The Japanese forced the Fili¬
pinos to grow rice instead of sugar.
This was done to adapt the Phil¬
ippine economy to the co-pros¬
perity program, under which the
islands
would grow their
own
food and also supply rice to Ja¬
pan. " The
Filipino
found
his
standard of living sharply lowered
make
hate
one
one
ally suspect the other,
the
other, desert the other.
I speak for every
of you when I say that the
But
This
know
I
switch
in
esson
occasion
from
to
sugar
an
object
what
independence
means, showing what loss of his
profitable market in the United
states
for him individually.
means
Commenting
ditions
in
Ridder
said
present con¬
upon
the
Philippines,
Mr,
they are des¬
perately short of all types of con¬
sumer
goods.
Prices for many
common
they
six
can
that
household articles, when
be found, are five to
times
those
prevailing here.
ship¬
ping is needed to relieve dire dis¬
tress, he added. However, it is
A minimum of 50,000 tons of
obvious
that at least this
amount
will be required every month for
a
minimum
restoration
of
the
Philippine
Dock
economy.
and
warehouse
facilities
are
lacking, but every effort is
being put forth now to build
additional docking so that goods
can
be unloaded
directly from
ocean-going vessels, instead
of
having to use barges or small ves¬
sels.
Warehouse
sort
also
will
promptly
shelter
be
of
erected
some
just
as
this can be done.
However, the shipping stringency
makes broad resumption of trade
impossible for many months to
as ;
come,..
Freight Traffic Volume
Declined I A% in iay /■/
The
volume
handled
May,"
1945,
miles of
of
freight
Class
by
I
traffic,
railroads
measured
in
in
tons-
J;
revenue
freight/amounted
63,400,000,000 ton-miles, ac¬
cording to a preliminary estimate
based
the
of
on
reports received from
,
by the
Association^
American Railroads. ' The de¬
railroads
under
crease
Revenue
May 1944
ton-miles
1.4%.
was
of
service
performed by Class I railroads in
the first five months of 1945 was
1944, but 3V2%
greater
than
the
corresponding
period two years ago.
/
•
.
The
following table summarizes
revenue
months
(000
'/•'.■
ton-miles
,
of
for
1945
the
first
and
1944
omitted):
/
' •'
•
.
?!'■
..
1945
1944
Change
176,732,142 132,459,451 —3.1
*61,600,000
£0,288,986 +2.2
163,400,000
64,270,148 —1.4
1st 3 mos/
Mo. of Apr.
Mo. of
■■
May
Total 5 mos,
301,732,142 307,018,585-—1.7
"■Revised estimate,
tPreliminary estimate.
again /the
The Bureau
Monument to Roosevelt
gallant
leader
in
this
second
world struggle worked and fought
and gave his life — Franklin D.
Roosevelt.
By this Charter you have real¬
objective of many men
vision in your own countries
who have devoted their lives to
ized Jhe
of
the
cause
of
world
organization
for peace.
Upon all of us, in all our coun¬
tries, is now laid
transforming
into
words
which
you
the duty of
action
these
have written,
decisive action rests the
hope of those who have fallen,
those now living, those yet un¬
born—the hope for a world of free
upon our
countries—with
decent
standards
ol'
living—which will work and
co-operate in a friendly civilized
community of nations.
This
rising
Let
new
us
the
an
is
foundations.
strong
upon
not
fail
chance
world-wide
create
structure of
rule
to
to
of
enduring
guidance of God.
peace
grasp this
establish a
reason
peace
—
to
under
of
the
Censtis an
that, accord¬
ing to preliminary figures, 23,148,386 cotton spinning spindles
nounced
By this Charter you have moved
toward the goal for which that
V
17/10% ' under
ocas
shows
•
to
continuity of history k
divide and conquer
was—and still
They still try to
Thus, he has had
surrender—or after.
is—their
plan.
the
rice.
five
supreme
They are trying even now. To
with
pendence have been driven home
They will not be divided by prop¬
aganda either before the Japanese
—
It is rather world for the last decade.
The forces of reaction and tyr¬
powerful na¬
tions to assume the responsibility anny all over the world will try
for leadership toward a world of 'to'keep the United Nations from
! remaining united. Even while the
peace. That is why we have here
the Axis was
resolved that power and strength military machine
should be used not to wage war, being destroyed in Europe—even
down to its very end—they still
but to keep the world at peace, and
By
Commerce
truth, learn and teach the truth.
We must set
up
an effective
accomplish its
free from the fear of
of
Journal
18, think at
of preferred
United Nations will remain united.
free
military nations, now
trained and equipped for
But they have no right to
duty
the
June
would be
hear the
know
dominate the world.
the
to
may
powerful
war.
basic
which
large and powerful nations'of the
leadership in
this
that is.
fully
people as
the world
world must assume
purpose.
Out of this conflict
living
possible
may
be
For freedom from want is
of the
one
toward
deny ourselves the
a
many
raised.
nation, no regional group,
should expect, any special
what
as
throughout
privilege which harms any other
nation.
If any nation would keep
security for itself, it must be ready
and willing to share security with
all. ' That is the price which each
nation will have to pay for world
peace.
Unless we are all willing
to pay that price, no organization
And
removed—to
be
the end that, the standard of
to
for world peace can
should
barriers
recognize—no
how great our strength—
we
for conflict.
causes
Artificial and uneconomic trade
all.
license to do always as we
provided for economic and so¬
cial cooperation as well.
It has
provided for this cooperation as
part of the very heart of the entire
compact.; ■ /'--//vy/-'.;-.,
'.v:.S
It has set up machinery of in¬
ternational cooperation which men
and nations of good will can use
to help correct economic and so¬
Price of Peace
all
matter
that
us
planted by economic ri¬
are
war
the free peoples who have created
it.
The job will tax the mora1
strength and fiber of
Social Justice
and
Economic
require the united
will
and
it,
use
successful
strument
tice.
that job.
the
Fail
these lessons of military and eco¬
We
of
Out
of
Francisco
,
end
also
have
had experience, even while the
fighting was still going on, in
reaching economic agreements for
Must Not
This Charter,
we
surrender.
Nations
United
Subject to Change
That
United strength will
to surrender.
march forward.
Joseph E. Ridder, publisher of the Journal of Commerce, who
just returned from a five weeks' visit to the South Pacific
under Navy auspices, reports that the recommendations of Senator
Tydings, in his survey of the Philippine situation, for a free trade
breathing space of only three to five years is a great disappoint¬
ment to Filipino business men, who, Mr. Ridder says, according
has
~
problems
we
Filipinos Said To Be Disappointed With
:/
TydingsPIIan for Islands
will.
plans—and there is
Thursday, June 28, 1945
June 21
on
in place in the United States
May 31, 1945, of which 22,167,-
were
on
678
were
operated
at
time
some
during the month, compared with
22,158,674 in April, 22,232,168 in
March, 22,223,848 in February,
22,260,628 in January, 1945, and
22,384,986 in May, 1944.
The ag¬
gregate number of active spindle
hours reported for the month was
9,634,335,228,
with
average
in
place,
of
416
compared
9,021,492,660,
390 per
an average of
spindle in place, for lr-st
month
and
place,
10,057,547,582,
of
average
an
an
spindle
per
for
431
May,
1944.
activity of 80 hours
cotton
spindles
States
were
in
an
spindle
per
in
Based
on
week,
per
the
United
operated during May,
1945, at 114.8% capacity. The
cent.,
was
on
116.9
March,
for
the
same
for
April,
122.2 for
per
activity basis,
121.8
February,
for
119.7
January, 1945, and 119.0 for
May, 1944.
>
41
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4398
iVolume 161
288S
6PA
i
(the so-called Wagner. Act)
tions Act
terned after the Railway
proposed in a bill, pat¬
are.
jointly by Senators Hatch (Democrat) New Mexico, Ball (Rep.) Min¬
nesota and Burton (Rep.) Ohio, which would vest all labor concilia¬
tion and mediation in a new Federal Labor Relations Board.
A
practices ^
labor
unfair
separate
tions of the present National La¬
bor Relations Board.
Together
they would supplant the War La¬
bor Board and the Conciliation
proceedings, temporary
sory settlements.
Service of the Labor
dent
from
present
Federal labor jurisdiction is that
the legislation provides for leav¬
ing a great many labor disputes
func-
over
One
Department.
The sponsors
of the new measure,
original Congressional
three of the
States
United
of
advocates
par¬
from
Federal
said Associated Press advices from
putes
involving
Washington
dicated
June 20, which in¬
on
in
Hatch
Senator
ex¬
an
planation prepared for the Senate,
as
saying, "we propose that the
last surviving field in which civil
warfare is tolerated shall be trans¬
ferred* into
industrial
of
field
a
This is
through
done
or
distribution of
or
goods
after termination
interstate shipment
or
their
of
importation."
legislation directs the pro¬
The
posed new unfair labor practices
tribunal to study the need for ad¬
peace." From the Associated Press
we also quote:
The bill would do a drastic re¬
ditional
write job on principal sections of
the present Wagner Act.
For in¬
employer
legislation
to
assure
"democratic
control
tion of labor
organizations and of
in
opera¬
organizations engaged
collective bargaining."
said that the pro¬
Senator Ball
stance, the closed shop would be
and
union is (1)
the "freely chosen representative
of 75 % of employees involved, (2)
its agreement with management
is approved by 60% of employees
involved, (3) its membership is
open to anybody hired by man¬
agement, and (4) its members are
posed revision of closed shop re¬
removable from membership only
dividuals."
legal only where
on
a
charges and after a fair
written
:v' l:
hearing.
'■
Senator Hatch said that neither
labor
management had been
nor
consulted beforehand, nor had
bill
submitted
been
Truman.
'
"X would
warn
the
President
to
■
o.
■
the extreme par¬
tisans of all economic
groups," he
would eliminate the
possibility of a monopoly on em¬
ployment opportunities by assur¬
ing that every union with a closed
shop contract would be "an open
union, with membership available
on a fair basis to all qualified in¬
quirements
Government," Mr. Ball de¬
clared, "can not in all conscience
permit (job) opportunitis to be
"The
by labor organiza¬
tions whose leadership and poli¬
monopolized
But it offers to
disputants in the field of labor
relations an opportunity to sub¬
mit their disputes to the decisions
of public tribunals with a pros¬
pect of justice equal to that now
held forth by the courts."
The further Associated Press ac¬
by this bill.
counts
vices
given in Washington ad¬
the
New York
"Sun"
as
to
ship on an arbitrary basis."
bill
the
said
authors
The
was
drafted from initial recommenda¬
of
headed
volunteer
a
by
Donald
committee
who
the
formerly served as head of
National Recovery Adminis¬
tration.
legislation proposes com¬
pulsory arbitration of all labor
grievances arising from conflict¬
ing
interpretations
of existing
The
contracts
disputes
all
of
and
would re¬
sult in hardship to the public.
"The right to strike is expressly
preserved," Mr. Hatch said. "But
it is assumed, on the basis of rail¬
road
experience, that the need
for
striking will be practically
Where work stoppages
rare
been
strikes
and
eliminated
be
a
There has hot
occurrence.
a
will
major strike on the rail¬
Railway Labor Act
roads since the
was
.
cedures
the legisla¬
could be held
in
provided
either
and
liable for unfair labor
practices.
The proposed new labor rela¬
tions
board
could
require dis¬
failing
putants,
submit
their
arbitration
in
mediation, to
to
arguments
board
or
to
an
fact¬
a
finding
commission. Its recom¬
mendations the parties are ex¬
pected, but not required, to adopt.
But where the board might de¬
termine
volved,
ing
in its important
role of helping keep world peace.
three
All
public
such
coal
or
the
in
floor
Senate
the
took
Senators
today to
ex¬
plain features of their bill.1 Sena¬
tor Burton asserted that, in addi¬
tion to leaving to
which
putes
local,"
are
the States dis¬
"predominantly
involving
controversies
domestic service and
labor,
employers of less than 20 workers
are
excluded from the scope of
their
proposal,
Mr.
just
and
said
Burton
a
lasting
it
not
was
among
peace
nations.
"We also have
duty to
a
secure
just and lasting peace among
ourselves," he told the Senate.
a
Criticism
lation
from the three labor
came
June 21, it
groups on
that
on
the proposed legis¬
on
reported
Associated
Washington, which had
date
Press from
was
the
by
has
„
the
leadership of
the big three labor organizations
so quickly taken a stand together
in opposition to legislation.
AFL
Labor
"with
William
President
will
all
the
strength,"
oppose
its
Green
Federation
American
the
said
of
measure
and
re¬
marked that the American work¬
ers
"who have served their
faithfully
so
hardship
is
in¬
as disputes involv¬
milk production or
throughout
the
and
war
coun¬
well
so
will
resent
this attempt to infringe upon
their
fundamental
their
reward for
as
victory,"
L.
John
freedoms
Lewis,A United
Workers, said "no
sane
his
is
liberties
willing
to
visionary
sacrifice
freedom
and
Mine
American,
matter how great the
no
oromises,
for
a
pretended square deal under com¬
pulsory arbitration, the verdict of
which is backed up by a court de¬
cree
which in effect and operation
means
economic
nothing
■Philio
more,
regimentation—
nothing less."
Murray, President of the
CIO, also issued
a
ing that "of all the
soon
as
statement
say¬
measures ever
any
have
Commerce"
of
from
the
crease
subsidies
come
debt,
veterans of
required to pay
food bills after they
our
will be
war
part of our
recommendations, as
to
the
New
York
"Journal
these
taxpayer's pocket, who
is also the consumer, they do not
alleviate
anything.
If they in¬
with
in¬
way
As
out of the
this
reported
be
home
come
from
war."
He praised the farmer for per¬
its
forming
"extraordinary job,"
an
but said that there had been
takes office
as his new Secretary of Agricul¬
ture and War Food Administrator.
Mr. Truman added that it would
low:
declines in
straightened out under
contemplated program under
Marvin Jones, retiring Food Ad¬
ministrator,' as well.
staff
crat
Anderson, Demo¬
Clinton P.
of New Mexico,
1. The Secretary
Hoover
that Mr.
Hoover had
The
quote further said, in part:
cnoference, at¬
tended by his host, Governor Mon
C. Wallgren, and by United States
Senator Warren G. Magnuson of
Seattle, the President also:
Expressed confidence the Sen¬
ate
would
ratify
the
Bretton
"At
the
press
world
Woods
agree¬
gratification over its
and
ments,
monetary
4. The Secretary should have an
advisory committee representing
the Army, Navy, Lend-Lease and
relief allocation and buying.
5.
Greater
co-operation
through
creation
as:
of
Livestock
,
Told
reporters^ the San Fran¬
Nations Conference,
United
cisco
...
.
a
6.
"If
not
only
already
packers,
and
with
■
President
flatly in favor
came
out
be
be
required to
other licensees.
li¬
deal
President
said
he
had
no
immediately in
mind and denied reports he waa
getting rid of Interior Secretary
changes
L.
Ickes.
[In response to
said he still had
nothing on reportsY>f a change in
the State Department, headed by
a
question,
he
Commenting
on the reciprocal
legislation, he said—permit¬
ting
direct
quotation—that
it
"places the United States squarely
behind the principles of interna¬
tional trade cooperation."
"Trade
cooperation, however," he
4/1.
"must go hand in hand with mon¬
etary and financial cooperation.'
He said he had talked with Sen¬
with Alaska's
Governor, Ernest Gruening, about
the
Alaska
there is
of which
600-mile gap to be fin¬
a
He
ished.
valley
Highway,
referring to the
Trench route northward
or
was
through British Columbia, consid¬
erably west of the present Alaska
highway.
military
said
it
Mr.
Trumar
essential
absolutely
that it be considered a part of
was
post-war
good
program;
project
and
that it
he will
is
a
a
sup-
nort it."
Packers
of
problem of industrial rela¬
is unquestionably the
most bald-faced attempt to de¬
stroy labor unions and nullify the
basic
constitutional
rights
of
tions,
this
workers."
(
,
should
be
markup
given an
their
over
subsidies
to cover their
reasonable profit. No
need be paid.
10. Commission
and whole¬
men
salers should be given
their usual
trade commissions or a markup
over prices paid by them.
11.
Retailers
should
their
usual
commodities
labor
be
cost of
rent,
over
to
given
cover
and
should
one
markup
profit, "and this too
probably be averaged over
month's business."
"Under
this
simplified method,
the retailer can charge what he
pleases for luxury meat, but he
would be
compelled to reduce the
price correspondingly on neces¬
sity meat in order to keep within
his average monthly markup cov¬
ering all products in which he
deals," Mr. Hoover stated.
12. The Secretary
should instruct the
of Agriculture
The eleventh
various
trade
own
point, it
trades.
was
noted
by observers here, is very similar
to
the
maximum
price
plan which OPA has imposed
over the strenuous protests of the
clothing industry.
Regarding Mr. Hoover's pronosals, special advices to the New
June
"Times"
20
Calling
average
from
Washington
said:
for
revolution"
an
"administrative
to
bring about more
equitable distribution and proper
pricing, Mr. Hoover said:
"In frantic
supposeu
efforts
-
the
the
coercion
useful
more
cooperation with producers,
distributors and
"Price
consumers.
in
■*'
and of inflation
•
is
control
times of scarcity
necessary
The question is
pressure.
of
one
method."
Hoover
Mr.
said
that
his
plan
would do the following things:
The
"a.
people will get their
products for lower prices
they are paying today if
animal
market
subsidies
and
taken into account.
"b.
Trade
will
'
are
•
in
flow
long as they do not
their average 'mark-up.' ;
so
tees
no
to
hold
the
ceiling prices, subsidies
can
it
to
see
local famines.
"d.
normal
exceed
There
that
;• *»«..
-
will
be
there
>.'
-.
no
are
~..
need
i
for
subsidies.
Production
"e.
will
increase*
"f. It will require a minimum of
policing by the Government."
"That this plan
and
of organization
administration
shown
by
the
works
experience
was
of
the
last
war," Mr. Hoover said, add¬
ing, "That the plan now in use
has failed requires no demonstra¬
tion.
-
"Without
difficulties
reform
will
our
domestic
increase", and the
hope of aid on meats and fats to
women
children
and
abroad
be¬
hopeless."
comes
The
former President said
that
the existence of black markets in
and
meats
city,
every
of
a
fats,
was
except milk, in
sufficient evidence
breakdown in control of dis¬
tribution and price.
"A large part of the civilian
consumption," he asserted, "is in
fact being dealt with at prices up
to 100% above the supposed ceil¬
ing prices.
A survey within a
week by the New York Board of
Trade states that from 50 to 85%
the
of
meat
and
fat
in
■
this city are in effect black mar-
1
ket
like
supplies
operations. An economic force
that cannot be caught by a
policeman."
Mr.
committees that it is their respon¬
sibility to police their
or
where
machinery is
ill-advised concepts
organization has
upon
where
considered
animals,
costs plus a
York
introduced in Congress addressed
to the
:
their
Edward R. Stettinius Jr.
ator Magnuson and
9.
over-riding
cost
British Columbia Governments.
Harold
floors.
of post-war-com¬
pletion of the Alaska Highway in
cooperation
with
Canada
and
The
should be directed to pay no more
than the agreed ceilings nor less
the
six
over
and
"c. The National War Commit¬
7. The Secretary of
than
lie
done," all
commission pending upon the demand for each
should
retailers
and
men
this
channels, for the dealers can vary
the prices between products de-
Agriculture
delays over technical mat¬ by
agreement with the War Live¬
ters, seems to have accomplished stock Committee should set
ceiling
its purpose and that he will leave
and
floor
prices upon various
by plane Monday to address its grades of cattle, hogs, poultry,
closing session;
eggs
and dairy products to be
Assured questioners he had no
paid to farmers at the nearest
plans for lowering the age for dis¬ point to production.
charging soldiers, adding that it
8. Packers and commission men
is a matter strictly for the mili¬
the
based
and
of Animal Prod¬
after
tary;
And
agencies,
black
ucts Retailers.
divided
been
National War Committee of
Commission Men, and a National
ers, a
legitimate
all
of
causes
seven
than
censed
>
.
Growers,
He added:
whole price-control
National War Committee of Pack¬
Authority;
-y
has
A National War Com¬
mittee
War Committee
:
com¬
mittees
yesterday of legislation
to extend the reciprocal trade pro¬
gram; '/
Indorsed a measure calling for
creation
of a
Columbia Valley
approval
with
trades
such
of
-
de- d
ization where the control of food
appoint
farmers and the legitimate
considerable
a
broadly in the method of organ¬
»
.
show
"The
than
ucts.
House talk
:
and
Administrator of Animal Prod-
an
been
helpful in his recent White
on the subject."
•
:
advices
from
which we
very
powers
3. The Secretary should
He
down.
broken
tribution had
other
allocating and buying of major
animal products for
the armed
forces, Lend-Lease and relief.
that food controls over meat dis¬
added
and
of
2. He should have control of all
questioner he had not
yesterday's statement of
a
former President Herbert
crease.
price
OPA,
concerned
with
meat, except the "mechanical job
of rationing."
the
seen
would
the
have been
"He told
and
of Agriculture
sharp
the animal population
that- 1945
meat
production
should have transferred to him all
trade
the following to say:
Seldom
as
in
amounting to millions of
dollars.
Mr. Hoover's
straight¬
Representa¬
automatically
Cabinet
...
employers and employees
would have the same legal obliga¬
tion to exhaust all peaceful pro¬
Both
tion
the nation strong
try
passed."
the
stressed
need for industrial peace to make
Richberg,
R.
Washington attorney, who helped
draft the Railway Labor Act and
all
Senators
The
farm
stated:
tions
do
bership and which deny member¬
declared, "that none will' be satis¬
fied
not
represent at least a
substantial majority of their mem¬
cies
farmers
which
OPA
Washington bureau June 20 fol-
tive
end products
to
and other pow¬
the
cluding feed, except the mechan¬
ical job of rationing," which he
said, should be left with the OPA.
shortage
meat
the
said
out
ened
handling
consumer
transfer
the
of
concerned
are
advices added:
would
eliminate
jurisdiction
dis¬
"local
staff
and
animals and animal products,
"He
concerned, to
are
and
him "of the price
a
press
narrowing interstate and foreign
commerce,
as far as labor rela¬
tions
ministrator
reas¬
plan for single control oyer
prices and food, but did not dis¬
close how it would function. The
on
proviso
a
spoke
ers
to the States to handle.
a
he
Press
suringly of the food situation and
said the Administration is at work
compul¬
departure
world organization
to prevent wars, said their new
plan would avert the serious dan¬
ger of a knockdown, dragout fight
between management and labor in
the immediatev post-war period,
ticipation in
on June 20 on
extending
Emergency Price Control Act for another year.
A 12-point
program was proposed by Mr. Hoover, his suggestions calling for
the designation of the Secretary^'—
—: <
; /
— •
of Agriculture as War Food Ad¬
are being given to
processors and
According to the
prices.
Associated
a
the
Olympia, the first out¬
House, the Presi¬
forecast a single control over
food and
in
Ohio with the start of debate in the House
side the White
continued operation of public utilities, it would have power to en¬
force, through judicial contempt
take
would
tribunal
Secretary of Agriculture
by former President Herbert Hoover toward
present critical situation affecting meats and fats
letter ,to Representative Jenkins
(Republican) of
the
made
was
ference at
~
"
~~
™
~
remedying
by President Truman at Olympia,
Wash., en route to the San Fran¬
cisco Conference.
At a press con¬
Labor Act, submitted to Congress June 20,
to
Recommendations
improvement in the meat
situation was promised on June 21
An
the National Labor Rela¬
Material revisions in the workings of
letter,
Mr.
Jenkins, after reading the
expressed the hope that
Hoover's
recommendations
would
to
receiye
which they
the
were
consideration
due.
Although there was strong op¬
position to the pure and simple
extension of OPA among House
Republicans, they
conceded,
nevertheless, that Congress must
in the end approve continuance
of
the
price control system to
avoid
inflation
and
confusion.
They, therefore, aimed to concen¬
trate
on
seeking approval
amendments which
OPA policies.
of
would reform
THE COMMERCIAL &
2886,
Thursday, June 28, 1945
FINANCIAL CHRONICLE
cratic government
Truman Asks Congress for New Legislation
Washington
From
On Presidential Succession
Ahead Of The News
(Continued from first page)
to lend the trio his name because
Ball and Burton, two Republicans,
were playing the New Deal game.
After lending his name, Hill didn't
work, but Ball, Burton and
went around the country
do any
Hatch
seeking
'to
narrow
were so
the people to
who didn't realize
shrunk and who
minded as to still
arouse
danger of those
world had
the
talk about a
nation's sovereignity.
In; view of the sort of peace
organization that has finally come
out of San Francisco, it would be
has > been
what
What
wrought is something
the imost
rabid
to know just
became of this movement.
interesting
isolationist
can
Insofar as ratification
of this pact is concerned, there
seertis to be no reason why those
support.!
isolationist
able
been permitted to re¬
the job.
There has been
have
not
main
a
should
Senators
on
In
of
>
delegates,
our
•
who
was
now
authority for the
Yalta formula
veto power was
statement that the
the
embodying
prepared by Mr. Roosevelt him¬
self
It seems that neither Roose¬
«.
Stalin ever
idea of
any; nation sacrificing any of its
sovereignty,
Mr.
Roosevelt's
wild-eyed
followers
notwith¬
Churchill nor
velt,
seriously entertained any
that of the Presi¬
selection next to
and Vice President can be
accurately said to stem from
dent
most
the
people
governing
office of
President was enacted in 1886.
Under it, it was pointed out by
the President "in the event of the
death of the elected President and
Vice President, members of the
Cabinet successively fill the of¬
fice."
The
order of succession
now
is the Secretaries of State,
Treasury and. War, the Attorneystatute
to the
succession
General, the Postmaster-General,
the Secretaries of the Navy
and the Interior. Under the pres¬
and
Edward R.
order
ent
Stettinius,
line for the
Presidency, in the event that Mr.
Truman failed
to complete his
Jr.
would be next in
Their shouting became term. Under the President's pro¬
ioud that "isolationist", Van- posal, Sam Rayburn (Dem.) Texas
denberg made a complete flip- would be the Successor-Designate.
flop, arid came to saying that The President's Message, sent to
there was. a lot of bunk about Congress shortly after he started
standing.
so
of a nation's sov¬
Then when he gets
kan Francisco he found
flight to Olympia,
referred to the Judi¬
the importance
his
ereignty.
Wash,
was
ciary
Committee.
to
out
such
that
all-outers
Stassen
as
have become "realists."
Indeed,
we heard Stassen in a radio
de¬
the other
bate
Senator
would
tional
Styles
vote
to
night, demand of
Bridges, if he
give
an
interna¬
organization authority to
troops where it wanted
non-stop
The
message
follows:
To
the
Congress of the
S"fcclt0S**
I
think
United
'''
that this is an appro¬
priate time for
re-examine the
the Congress to
question of the
The ques¬
Presidential succession.
tion is of great importance now
having a veto because there will be no elected
power.
Such a proposition seem¬ Vice-President for " almost four
ed to be shocking to Stassen. But years.
The existing statute governing
it is what he was advocating just
a
few months ago.
In view of the succession to the office of
was
enacted in 1886.
what has happened at San Fran¬ President
cisco, one wonders just what all Under it, in the event of the death
the murderous shouting the past of the elected President and Vicetwo years has been about.
President, members, of the Cab¬
The turn of things, however, inet successively fill the office.
send
to,
our
without
our
not dampened the yearning
self-expression on the part of
Messrs. Ball, Burton and Hatch.
They
say
nothing more about
has
for
their
world
organization.
is an "accom¬
which their active
peace
that
late
President,
within my power to
in the 13 eldest age groups
Tempore of the Senate,
of State, Secretary of
the Treasury, Secretary of War,
of
be
General,
Postmaster
General, Navy Secretary, Interior
Staff said
that Russian forces should "re¬
main on a level commensurate
With our country's greatness," and
added, "We cannot rest on our
Secretary. '■.
Action
■
.(./
v.
on
the bill
the Associated
Press reported from Washington,
June
22, stating that Chairman
Green (D., R. I.)
of the Senate
Privileges and Elections Commit¬
of Senator Bridges,
which is to review the bill
decided to wait a
week in order to give committee
completely
tee,
every two
said that it was
the President
members more time to
From the Asso¬
demobilized.
quote:
Soviet Chief of
The
v
postponed
was
men
ciated Press accounts we
Attorney
laurels."
planned demobilization,
The
almost certain to be—
completed by the end of
is
and it
if
Soviet—
accepted by the Supreme
would be
this year.
study con¬
stipu¬
General Antonoff did not
late exactly which ages the 13
agreement stitutional questions involved.
V
On June 25 legislation putting classes would cover.
politically with the Chief Execu¬
Marshal
Stalin
was
present
the Speaker of the House next to
tive. Only one-third of the Senate,
the Vice-President in line of suc¬ when the proposal was disclosed.
however,
is
elected with the
cession for the Presidency was
The
Moscow radio
said that
President and Vice-President. The
introduced by Representative HatSenate might, therefore, have a
generous
cash payments were
ton
W.
Sumners, Democrat, of proposed for released. Soviet sol¬
majority hostile to the policies of
The broadcast, heard in
the
President, and might
con¬ Texas, Chairman of the House Ju¬ diers.
ceivably fill the Presidential of¬ diciary Committee. While the bill London by the Associated Press,
fice with one not in sympathy provides that the speaker or those reported the. folio wing:
with the will of the majority of following him should serve only
Rank and file soldiers would
until the next general elections,
the people.
get one year's extra pay for each
there is likelihood, according to
Some of the events in the im¬
year of service.
The rank and
the
Associated
Press,
that an
peachment proceedings of Presi¬ amendment will be sought in the file of special units receiving
dent Johnson suggested the pos¬
higher rates would get six months'
House proposing that he fill out
additional pay for each year of
sibility of a hostile Congress in
the unexpired term of the Presi¬
future
service.
seeking to oust a Vice
dent.":
■///'
V.-.p'
President who had become Presi¬
Sergeants of all arms would re¬
Noting that interest had lately
dent pro Tempore of the Senate
ceive six months' pay as a bonus
been aroused in Congress in legis¬
become the President.
This was
for each year of service.
Officers
lation
which would clarify the
one of the considerations, among
line- line
of
succession to the would be paid two months' addi¬
several others, which led to the
Presidency in any emergency, the tional salary for one year of serv¬
change in 1886. ■
^
: *'/■*;■
Associated
Press reported
from ice, three months' pay for the two
No matter who succeeds to the
Washington on June 16, that a years, four months' pay for three
Presidency after the death of the House subcommittee/recently ap¬ years and five inonths'ipay .for*
elected President and Vice-Presi¬
;...
.* proved a bill by Representative four years.r,
dent, it is my opioinn he should Kefauver of Tennessee which, if,
The law would require councils
not serve any longer than until
adopted/ would remove all doubt. of the people, commissars, factory
the next Congressional election
Mr. KefauVer's bill would provide managers and other responsible
or until a
special election called
that, if neither a President nor groups to provide employment for
for the purpose of electing a new
Vice-President could serve, the those demobilized not later than
President
and
Vice - President*
office would go to the Secretary one month after their return and
This period the Congress should
of\State and then pass through in positions not lower than those
fix.
The individuals elected at
the Cabinet in this order:
they held before they joined the
such general or special election
Secretaries of the Treasury, of army.
V ' ■/"/ >
! ;>
/•;
should then serve only to fill the
War, the Attorney General, the
Local authorities and collective
unexpired term of the deceased
Postmaster General, Secretaries of farms would be obliged to help
President and Vice-President.
In
Navy, Interior, Agriculture, Com¬ returning
service
men
restore
this way there would be no inter¬
Usually it is in
dent.
.
.
ference with
the normal four-year
interval of general
tions.
national elec¬
v-y.'
'I
Labor.
merce,
recommend,
take
would
the office only
Representatives
over
until the House of
could meet and elect a President.
Press June
is
likewise said:
"The
same
studying a bill by Representative
Monroney
of
Oklahoma which
would
the
put
House in the
line
sion
of
Speaker
the
Presidential succes¬
right
by the German occupation. Provi¬
sion would be made for supplying
to
Vice-
the
after
quire the Speaker to resign his
Congressional post and take over
the
office immediately
executive
President and
Vice-President be unable to serve
both
should
the
through death or lack of
qualifi¬
cations.
after he
Presidential oath
while Congress is in recess,
taken
and
the
the President pro
tern of the Sen¬
ate would become
he would
President—but
hold the office only long
meet and
who would
enough for the House to
elect
Speaker
a
—
promptly resign and become
Pres¬
theory behind
"The
the Mon¬
bill is that it would always
roney
keep in
both
Agency said
Bank would be
of 5,000 to
obliged to issue loans
10,000 rubles [about $415 to $830
at the diplomatic exchange rate]
to demobilized soldiers for resto¬
ration of dwellings damaged in
occupation areas.
General Antonoff was quoted as
having said that the demobiliza¬
tion had been planned so normal
railway transport could be
and
tained
main¬
created for re¬
jobs
turning soldiers.
Army command in Si¬
The Red
ing
continuing training fight¬
reserves
ditions,
the
under battlefild con¬
radio said,
Moscqw
according to the Federal Commu¬
J
nications Commission.
j - The .'broadcast
Gen.
.
Kurhanoff,
quoted
Lieut.
identified
as
Commander of the Siberian mili¬
tary /area,
as
having
expressed
pride in the performance of "hun¬
ident.
man
News
Tass
beria is
"Should the Speaker die
has
.
The
*
Monroney's bill would re¬
> •:
that the All-Union
President.
"Mr.
soldiers dwellings and
former
fuel.
16,
subcommittee
Associated
The
damaged
their farms if they were
line
in
officer
Cabinet
The
■
therefore, that
the
Congress
enact legislation
Each of these Cabinet members placing the Speaker of the House
is
appointed by the President of Representatives first in order
with the advice and consent of of succession in case of the re¬
the Senate.
In effect, therefore, moval, death, resignation or in¬
by reason of the tragic death of ability to act of the President and
the
Presi¬
Speaker of the House,
Secretary
it now lies Vice-President.
Of course, the
nominate the Speaker should resign as Repre¬
minds and energies can file away,
person who would be my imme¬ sentative in the Congress as well
diate successor in the event of as Speaker of the House before
as they move onto something else.
Having settled the peace of the my own death or inability to act. he assumes the office of President.
I do not believe that in a de¬
If there is no qualified Speaker,
world,, they have now come for¬
mocracy this power should rest
or if the Speaker fails to qualify,
ward 'with a proposal to settle
with the Chief Executive.
then I recommend that the suc¬
industrial strife in this country.
In so far as possible, the office cession pass to the President pro
It may be that Ball is conscienceof
the
Senate, who
stricken, because he was one of of the President should be filled Tempore
by an elective officer. There is should hold office until a duly
the original revolutionary news¬
no officer in our system of gov¬
qualified Speaker is elected. If
paper guildsmen.
be
neither
Speaker nor
ernment, besides the President there
There are a lot of people who
and Vice-President, who has been President pro Tempore qualified
would like to see industrial peace.
elected by all the voters of the to succeed on the creation of the
But they aren't likely to get it in
then
the
succession
country.
The Speaker of the vacancy,
this
proposal.
Its main defect,
House of Representatives, who is might pass to the members of the
like. most similar enterprises, is
elected to be the presiding officer Cabinet as now provided, until a
that it seeks to solve a situation
elected in his own district, is also duly qualified Speaker is elected.
which has been created by laws,
If the Congress decides that a
of the House by a vote of all the
by heaping more laws on top of
Representatives of all the people special election should be held,
it. -Congress'
right to pass the
then I recommend that it provide
Wagner Act was its avowed pur¬
for such election "to be held as
only real argument that could be
pose of stopping industrial strife
Soon after the death or disqual¬
in
interstate
commerce.
What made against this, is that the ification of the President and
average worker couldn't finance
the act did was to bring about a
Vice-President as practicable.' The
rival
labor
organization, which the litigation. But the unions are method and
procedure for holding
now
plenty well heeled to take
has increased, not decreased the
such special election should * be
If you reduce the
strife.
The way to straighten out care of this.
law to
this simple proposition, provided now by law so that the
the mess would be to modify the
election can be held as expedi¬
Wagner Act to provide simply there could be little of the forcing
tiously as possible should the con¬
of men into unions as is now the
that any man discharged for be¬
tingency arise.
longing to a labor union would case; the closed shop would not
In the interest of orderly, demo¬
be the rule of the land.
have redress in the courts.'
The
Apparently
plishment"
Mr.
dent pro
and always at the same time
and Vice-Presi¬
years,
as
themselves."
existing
The
the
A
Representatives.
house is elected
new
Soviet in the Great Hall of
the Kremlin, it was announced in
Moscow, June 22, according to
Associated ; Press
advices from
there on that date. General Alexei
Antonoff,
Chief of1 Staff, who
made the announcement, said that
the Council of People's Commis¬
sars
had proposed that millions
preme
Bridges's measure, after the Presi¬
dent and Vice-President,
would
be:
of the Su¬
ly opened 12th session
Senator
under
succession,
discussed during the recent¬
to be
(Republican) New
Hampshire, introduced a bill fol¬
lowing substantially the Presi¬
dent's suggestions, said the Asso¬
ciated Press, which added: "The
of
scale de¬
large
mobilization of Russias armies are
Bridges,
line
for
Proposals
19, 1945.
following the submission of the
President's ;< message,
tl^e original all-outers, who
couldn't, tolerate anyone to the
uontrary, be h^e Republican
or
Democrat, and whose views Ball
reflected, is
The White House, June
person
of
one
Millions From Army.
:*•' v
/
Demobilize
Soviel Nay
important sub¬
HARRY S. TRUMAN
to Congress on June 19 asking for the re-examina¬
question of the Presidential succession, President Truman
"it now lies within my power," to nominate the
who would be my immediate successor in the event of my own
death or inability to act. "I do not believe" he added "that in a
democracy this power should rest with the Chief Executive*
In so
far as possible, the office of the<S>
of the country. As a result, I be¬
President should be filled with
lieve that the speaker is the offi¬
an
elective
officer."
In rec¬
cial in the Federal government
ommending legislation placing the
whose selection, next to that of
Speaker of the House as "first in
the President and Vice-President
order of succession in case of the
can
be most accurately said
to
removal, death, resignation or in¬
stem from'the people themselves.
ability to act of the President and
Under
the
law of
1792, the
Vice'• President,"
President Tru¬
President pro Tempore
of the
man said:
Senate followed the Vice-Presi¬
"The Speaker of the House of
dent in the order' of succession.
Representatives, who is elected in
The
President pro Tempore is
his own district, is also elected to
elected as Senator by his State and
be the presiding officer of the
then as presiding officer by the
House by a vote of all the Rep¬
Senate. But the members of the
resentatives of all the people of
Senate are not as closely tied in by
the country. As a result, I believe
the elective process to the people
that the Speaker is the official
as the
members of the House of
in the Federal Government whose
I Urge the Con¬
early consider¬
pointed out that
preyentqd the all-out peace or¬
ganization with his insistence that
the
ffive^ major nations have a
vetq power. Commander Stassen,
one
ject;
message
a
tion of the
apparently
that Stalin
of, propaganda,
lot
inspired, to the effect
gress to give its
ation to this most
the Presidential
of
thousands
soldiers" in the
many
war
of
Siberian
against Ger¬
and adding that "the war in
Europe is over, but military and
voted upon
and by the political schooling and the train¬
which represents all the ing of fighting reserves does not.
.who
by
House
chair a
dreds
people."
has
been
the people
cease
for
a
moment."
Steel
State ©I Trade
(Continued from page 2878)
/
..
electricity increased
approximately
_4,348,413,000
kwh. in the week ended June 16,
the output of
to
j
from 4,327,028,000 kwh. in
preceding week.
Output for
the week ended June 16, 1945, was
1945,
the
1.4%
the
for
that
above
corre¬
sponding weekly period one year
ago.'
/'/;■'
Consolidated Edison Co. of New
.
.
.
output of
the week
comparing
with 163,400,000 kwh. for the cor¬
responding week of 1944, or an
York
reports system
170,500,000
kwh.
in
ended June 17, 1945,
increase
4.4%.
of
Local distribution of electricity
amounted
kwh.,
168,400,000
to
with 159,400,000 kwh.
corresponding week of
last year, an increase of 5.7%.
• '
;
wholesale hardware distributors
in the United States showed good
1945,
April;
in
gains
last
over
year, "Hardware Age" currently
reports in its every-other-Thurs-
the
month last year.
same
sales
lative
for
months of 1945
the
were
Cumu¬
four
15% greater
first
than last year.
Based
April reports from a
on
majority of the wholesale hard¬
ware
distributors in - the United
,
States,
sales
month
7%
were
last
the
over
Cumula¬
tive sales for the first four months
Production—Paper
Paper
week
the
for
pro¬
ended
92.8% of capacity, as
against 87.9% of capacity for the
preceding week, the American
Paper and Pulp Association's in¬
disclosed. As
dex of mill activity
for
paperboard,
the
for
production
r
period was reported at
same
increase of
the previous
97%. of capacity, or an
four
points
over
17/v ';: v.;—
week./*
i'/.-y:;'
/-•■'.
y-
Slight
Increase
in
Business
Failures—Commercial and indus¬
ir
the week ending
trial failures in
June 21
rose
last
in
the
reports
Dun
ber
but
they
numL
weeks,
to the highest
Bradstreet, Inci,
third below the
&
a
were
seven
number in the same week a year
Concerns failing numbered
17, as compared with 13 last week
and 25 in the corresponding week
of 1944.
/
/'■■/:
Large failures involving liabili¬
ties of $5,000 or more fell from 11
ago.
a
week ago to eight in the week
just ended, a little over half the
15 in last year's comparable week.
Small failures, however, increased
sharply to more than four times
their
number
in
the previous
week
and
almost
equaled
the
number- in
the
corresponding
week of 1944.
; .' ••
v•>-vh
■
*
/■ >•/.
.■■■>
both
manufacturing
and
retailing.
Concerns failing in manufacturing
were
twice their number in the
The
increase
occurred
in
concerns failing
retailing rose from seven last
week to nine this week.
In no
prior week and
in
trade
industry
or
failures
as
high
group
in the
as
were
same
week of last year.
week
last
made
cutbacks,
steel
shell
substantial
"While
was
re¬
Price In¬
dex.— Movements
in the
daily
wholesale commodity price index,
Wholesale Commodity
compiled
by
Bradstreet,
Dun &
Inc., were narrow during the past
week.
The index closed at 177.45
the
177.50 on the
previous day. The current figure
compares with 172.12 on the cor¬
responding day last year. Under
the leadership of rye, all domestic
grain markets displayed renewed
strength during the week.
Corn
June
on
war-time
was
19,
after repeating
high
of
with prices
close to ceilings.
Strength
in strong demand,
at
or
in
wheat reflected reports of car
shortage
and
to
the new crop
large grain and
Europe.
move
of
reports
flour exports to
High Level
Food Price Index at
another cent for the
week,
the
Dun
&
Bradstreet
wholesale food
price index for
June 19 went to $4.11, equaling
the 1945 high mark touched on
Feb. 13 and April 17.
This repre¬
sents a rise of
2.5% above the
$4.01 recorded on the correspond¬
of Year—Up
ing date
with
prices
eggs,
a
year
Compared
ago.
previous week, higher
listed for rye, oats,
sheep and lambs.
Declines
the
were
occurred
The
in
index
flour and
steers.
of 1945
were
year.
6% greater than last
were
as of April 80
3% lower than for the same
date
last
Inventories
year.
at
total of the price per
foods in general use.
ficient for needs, though the sit¬
uation
mov¬
for various sizes and types as com¬
ing to civilian manufacturers. On
the other hand the WPB position
this week is that the supply of
pared with the 'straight run' war
stantial
quantity would be
will
material
rolled
flat
ease
somewhat
during the latter half
of the third quarter when mili¬
tary cutbacks are expected to be
reflected
at
stantial
mill
in
levels
quantities.
sub¬
how¬
Issue,
ever, has been taken with WPB
Chairman J. A. Krug's estimate of
orders.
April
Hardware
Sales
Well
retail
hardware
dealers
and
is
fairly tight,
inven¬
no
buyers
for shipments earlier than
the late third quarter or early
fourth
quarter except for spot
openings. Judging from past steel
market history, however, the de¬
sire of nonrated buyers to stand
having placed
for both men and women, in ad¬
dition to
on
better
year.
.//
r
Retail
;,■
;i.;_
Wholesale .Trade-
and
Hot weather the past week gave
impetus to retail
country
as
buying for the
whole and sales to¬
a
continued high.
Marked ac¬
tivity in the buying
of sportswear
tals
equipment sales, helped
to increase the volume above that
of last week-
Shortages of staple
goods, the lack of low-end apparel
merchandise,
portedly
with
re¬
quality in the
articles, and lay¬
coupled
poorer
higher-priced
offs in
some
sections of the
coun¬
deliveries.
nonrated
"The
held
shell
the
"•
lived
affected.
Noted
program
shell
*
further
try continue to be reported as af¬
that
fecting retail* activity.
Volume,
however, continued well above
would
be
the
West
finished
closer to
the
estimated at 11 to 16% above
that
of
last
Regional
year.
per¬
New
England, 7 to 11; East, 14 to 18;
Middle West, 12 to 16; Northwest,
6 to 11; South, 10 to 15; South¬
west, 8 to 12, and Pacific Coast,
increases
centage
were:
13 to 18.
the
In
25
announced
•
iiTq ff
a
f
capacity for the week beginning
June 25, compared
with 88.8%
one
week
91.0%
ago,
one
iponth
The
the week be¬
ginning June 25 is equivalent to
1,675,900 tons of steel ingots and
castings,
compared to
1,626,500
tons one week ago, 1,666,800 tons
95.7%
ago and
product
one
of
one year ago.
rate for
operating
month ago, and
1,714,300 tons
one
volume
approximated last week's level,
large-scale buying continu¬
with
apparel market.
being ordered
as much as possible, but the sup¬
ply is limited. Fur coat demands
are averaging the high 1943 level
in
ing
the
fall
Coats and suits
a
as
metal' markets
cery
and
remaining
under
supervision
Government
were
The
wholesale
volume
dollar
slightly
textile
The
result.
featureless.
are
above
since shortages
last
gro¬
only
was
year's
in the basic
level,
com¬
still prevailed.
sales on "a
country-wide basis, as taken from
Department
Federal
store
Reserve
Board's
dex for the week ended June
in¬
16,
sioned
few
a
weeks
scrap
occa¬
ago,
now
standing at $19.17. Finished steel
composite is $58.27, semi-finishecl
steel at $37.80 and steel-making
pig iron $24.05."
Income Tax
on
Secretary Morgenthau
forces
tions
June 13 that
on
on
Their income tax
which
were
an¬
addi¬
an
obliga¬
postponed
be¬
Thq
action is intended particularly to"
help servicemen who stop in the
of
cause
United
while
service.
overseas
States
for
few
a
route from the
en
to the Pacific theater of
extension
is
amendment
months
European
the
The
war.
'in
embodied
to
an
income
tax
regulations and was issued by
Commissioner of Internal Revenue
t
outlook <^s
"Present
to date by 12%.
third
for
some
Notable strength was evidenced
trade here in New York
the
past week and percentage
plates, reinforcing bars, some wire
products, alloy and perhaps carbon
gains ranged
around
bars in smaller sizes.
for the year.
Food sales at retail
in retail
the
highest
quarter
be
unrated
steel
in
There may
fair
Joseph
D.
approval
Nunan, Jr., with the
the Secretary.
The
of
Treasury announcement adds:.
"Specifically, the
tion
postpone¬
ment granted an overseas
will
man
been
for
continue
back
in
regula¬
new
provides that the
service¬
until
the
he
United
has
States
continuous period of five and
calendar
months
'(not
a
one-half
counting the month in which he
returns). In other words, an'overserviceman will not lose his
seas
tax
postponement
this
country
while
route
en
if
for
a
to
he stays in
short period
another
Over¬
assignment.
seas
"The
decided
.
time
new
allowance
after
upon
was
consultation
with the War
Department regard¬
ing the approximate time which
may be spent in this country on
furloughs and in retraining camps
by servicemen being transferred
from
Europe to the Pacific. For¬
merly, the regulations cancelled
the tax postponement of an over¬
seas
serviceman after he had been
back three and one-half calendar
months.
$1,500
')*■;
/
"The tax laws
of
exempt the. first
active
service
therefore
and
women
most
owe
of
forces,
pay
each member of the armed
and
enlisted
no
taxes."'
men
•
,
Walter H. Bennett Resigns
As Officer of
Emigrant
Industrial Savings Bank
tonnage of plain
sheets, particularly
nine to 11-gauge, as a result of
substantial reductions in landing
mats.
However, this tonnage can
not be readily applied to automo¬
T. Madden, President of
Emigrant Industrial Savings
Bank of New York, announced ;on
June 26 that as of July 1st, Walter
H. Bennett will resign as an of¬
ficer of the Emigrant Industrial
buying continued active,
the number of buyers'
biles and other" civilian products.
Savings
Producers
to be associated with
arrivals was below the total for
the last two weeks. Deliveries are
appreciable quantity of light sheets
with
spotty.
shortage
oranges.
kets fall
although
expected
concern
store
even
heavy
slightly below the previous
were
week,
wholesale field,
ceiling prices, steelmaking
having regained the loss
Overseas Forces Granted
of the industry Will be 91.5% of
use.
year
of
.
Extension
Steel
and
year ago.
Many of the contracts can¬
"Steel" of Cleveland, in its sum¬
that of last year.
celed in Pittsburgh were trans¬
Ready-to-wear items had the ferred to plants in the West. The mary of the iron and steel mar¬
outstanding turnover of the week. bomb program shows no signs of kets, on June 25 stated in part as
Summer apparel purchasing was easing up. During the third quar¬ follows:
at peak levels, rwith unrationed ter more than 200,000 tons of pipe
"Much doubt is expressed by
shoes, playshoes, and beachwear have been slated for bombs, while steel leaders over recent reports
the most active features.
Cotton in the fourth quarter the amount that substantial
tonnages of un¬
dress buying was high, especially may approximate 232,000 tons.
rated steel will be available In
"That oil companies may still
for the, teen-age group, with de¬
third quarter.
They doubt seri¬
find it difficult early next year to
mand for women's sheers exceed¬
ously if there will be anywhere
ing the supply.
Washable hand¬ obtain what supplies they desire
pear enough steel to meet recently
bags sold well; millinery depart¬ is seen in a contemplated upping announced quotas on such civilian
ments,
however,
reported
the of the bomb program in the first products as mechanical refrigera¬
week
quiet
as
compared
with quarter of 1946 to perhaps 270,000 tors, washing machines and elec¬
other recent .weeks.
Buying of tons of pipe, and in the second tric stoves, even though priority
novelty jewelry, hair ornaments, quarter of that year, subject to assistance is given.
gloves, and cosmetics has been considerable change, the alloca¬
"Estimates
of
unrated
steel
tion might possibly run as high
well maintained.
available in third quarter have
Housefurnishing
articles
sold as 400,000 tons. Pipe requirements
run as high as a million tons, last
well where
supplies permitted. for bombs are in the three or four
week, a WPB spokesman being
Glassware and crockery stocks in sizes commonly used by oil com¬
quoted as stating 'free' steel for
panies.
most sections are insufficient to
"Headed by automotive require¬ the third quarter would be double
fill the heavy demand.
/
/ -r/
the amount previously expected—
With the sudden appearance of ments unValidated orders contin¬
1,000.000 tons instead of 500,000.
hot
weather,
the
demand
for ued to increase in volume this
past week.
Aside from a few Producers, however, assert that
canned fruit juices has left retail
from a practical standpoint no¬
shelves quite bare. / The demand large consumers, most individual
nonrated orders are considerably where near this quantity can be
for
eggs,
butter and meat re¬
smaller in size than the indus¬
expected.
They point out that if
mained
only partially satisfied,
demand were heavy for plates and
although the butter situation has try's average during the war pe¬
riod.
As these orders find their reinforcing steel and certain other
eased slightly.
Fresh fruits and
items and if raw steel could be
vegetables are appearing in satis¬ place on mill schedules, a climb
spared to meet such a demand
factory amounts.
Duckling con¬
'free' steel might be reasonably
tinued to be the most available
preceding week.
For the four
weeks ended June 16, 1945, sales heavy, but such prospect appears
meat in many communities.
Retail volume for the country increased by 12%, and for the out of the question.
was
prices
steel and iron products are all, at
operating rate of steel companies
having 94% of the steel capacity
in
source
th^ past.
composite
tional extension has been granted
to overseas members of the armed
cutback
the
"Average
order at all."
June
on
taking on
they have
inquiry
Iron
an
American
the
nounced
the plan of moving
was
contracts
order
in
of
been unable to meet in
that telegraphic reports which it
had received indicated that the
this week with
producer
that
the backlog of even un¬
orders is better than not
Institute
,
spotlight at Pittsburgh
practically every
of heavy shells being
short¬
realize
they
on
The
cutbacks
contract
because
be
will
sidelines
the
on
"Despite the differences in esti¬
mates, it may possibly be that the
full force of past
and present
military cancellations may reach
the mills in one lump during the
third quarter.
Such a condition,
envisioned by some, would substantially change the reluctance of i
steel
mills
steel mills t.n give rnmmitmpnts
to ffive commitments
were
said
are
hope
rated
on
now
to be convinced that there is little
being
Collection per¬
accounts receivable
in April than last
year.
easing in labor supply in¬
be able to
dicates foundries may
increase output soon,
some
"Unrated
third quarter.
centages
the
Above 1944—Sales of independent
The
opportunity offers.
"Pig iron supply continues suf¬
Louis, were being replaced by rated orders involving rails and
structurals, there was still difference of .opinion in the steel industry
and in Washington as to the availability of the greatly sought-after
St.
300,000 tons of sheets to be avail¬
able for nonrated business in the
modities
the sum
pound of 31
represents
including
barbed wire.
.
failure
Canadian
One
ported, the same as last week and
the same as the
corresponding
week of 1944.
items,
fence and
plan appears to
continue releases of this kind as
Seen
product-sheets," states "The Iron Age" in its issue of today tories being built
day market summary.
Returns
by producers or
„
melters, Buying for third quarter
from
1,103
independent
retail (June 28), which further states in part as follows:
Most steel centers were of the#
is close to the tonnage covered for
hardware stores, in all parts of
in production costs is expected
the
second quarter, with slight in¬
nation, showed
that April opinion that it would be late third
to become more pronounced, the
creases
noted
sales averaged 13% over those for quarter and probably early fourth
here
and
there.
quarter before sheets in any sub¬ reason being that orders will call Some
same
June 9, was
wire
Civilian Situation in Third Quarter
steel
for
the
1 on platesj rein¬
forcing bars and mesh and some
to be lifted July
Operations at Higher Rate—Tight
■
compared
duction
2887!
fHE COMMERCIAL & FINANCIAL CHRONICLE
Number 4398
Volume 161
wholesale
volume
There was
a
marked
of eggs, potatoes and
In the wholesale mar¬
become
the
prime
retailers,
and
many
to
of
for
representatives
plan to
serve
Bank's
store sales in
to
the
index,
Federal
Re¬
by 15%, and for the
13%.
rose
year
an
Automobile build¬
a
Bank
but will
He
consultant.
tinue
as
will
member of
a
continue
the bank
also
as
con¬
the Board
Investment Committee.' Mr. Ben¬
in
"Even
department
New York City for
where
available,
as
household
of
steel
priorities
in the
case
producers
appliances,
believe
are
of certain
there
will
be
a
"Meanwhile restrictions
ing further eased
ucts
to
1
which
are
on
in
of Trustees
nett became
1923.
Jan.
1,
are
some
be¬
'prod¬
tapering
cle-
mand, with production directives
and
a
Chairman of the
Trustee of the Bank
He was President from.
1931
to
which time he
Dec.
was
31, 1935, at
elected to the
Chairmanship of the Board.
served
congestion of orders.
the preceding week.
For the four
weeks ended June 16, 1945, sales
date bf
for
source
quarter.
re¬
weekly period to June 16,
1945, increased by 22% above the
same
period of last year.
This
compared with a gain of 20% in
pared with a gain of 14% in the
time.
no
John
the
however, may be able to de¬
velop excess steel in gauges and
finishes they need, in sufficient
quantity to help a little in third
the
1945, increased by 19% and com¬
some
see
ers,
turn to New York next month.
According
a
gauge
as
jHe
Chairman of the Board
.until Japuary 1st of this
year,
and
resigned from that office at that
time
to
become Chairman
Executive Committee.
of the
:-;F
Moody's Bond Prices And Bond Yield Averages YetmnsAidTroasnry
.Weekly Goat and M@ Prodocfiion Statistics
<
17, 1944.
from Jan. 1 to June
2195—
1945—
U. S.
Avge.
Daily
Govt.
Corpo-
)0
•
122.95
115.82
120.84
119.20
122.95
115.63
120.84
119.20
115.63
122.93
115.63
120.84
119.20
11—
122.93
115.63
120.84
,119.00
122.83
115.63
115.63
115.63
115.63
115.63
115.43
115.63
115.63
115.43
115.43
107.62
107.62
107.44
107.44
107.44
107.44
.
115.43
115.43
115.43
115.24
107.44
107.27
107.09
107.03
112.19
114.85
112.19
114.66
119.41
112.19
114.46
119.41
112.00
114.27
OP PENNSYLVANIA
ESTIMATED PRODUCTION
119.41
115.04
115.04
115.04
115.04
107.09
106.56
106.56
106.39
(In Net Tons)
,1 1
C
§ June 9,
1945
June 17,
1944
1,282,000
1,231,000
1,304,000
1,252,000
} June 16,
;
1945.
't-Perea. anthracite—
1,298,000
1,246,000
♦To'tiaMncl. coll. fuel.
fCommercial produc.
1944
1937
30,456,000
29,238,000
114.85
114.85
114.66
114.66
114.46
106.04
106.21
106.39
106.21
106.21
111.25
114.27
111.44
114.27
111.07
114.46
110.88
110,70
106.04
110.52
2163—
23,163,000
.
from authorized
washery and dredge coal, and coal shipped by truck
tExcludes .colliery fuel. tSubje.ct to revision.
§Revised
^Includes
>,,xr
operations,
"i''
j.a
OP BITUMINOUS COAL
WEEKLY PRODUCTION
ESTIMATED
NET TONS
BY STATES, IN
1,732,100
3,575,100
2,773,200
147,500
133,200
131,400
total
States
■'
June
UT'Tl
•
1
" v
Alabama——————•;
-120.84
115.63
120.84
119.00
115.63
120.84
119.00
119.00
122.67
115.63
120.84
119.00
122.45
115.43
120.63
119.00
122.36
115.43
120.63
119.00
122.23
115.43
120.63
119.00
122.23
115.43
120.63
119.00
118.80
120.63
118.80
11-
120.84
118.40
122.38
115.24
120.84
118.40
122.38
115.24
120.84
118.40
122.44
115.04
120.84
118.40
27
*_.
120.63
13
122.59
115.04
120.84
118.60
6
122.21
115.04
120.84
118.40
122.01
114.85
121.04
118.40
122.19
115.04
121.04
118.60
122.25
115.04
120.84
118.80
122.47
114.85
120.63
118.60
122.05
114.66
120.43
118.60
Mar. 31-.
_.
—.
121.92
23—_.
feb.
118.60
114.46
115.43
112.75
115.24
112.75
115.24
112.75
115.43
112.75
115.43
112.75
115.43
119.41
112.56
115.24
119.41
112.56
115.24
112.56
115.24
112.37
115.24
119.41
119.41
119.41
112.37
115.24
119.41
112.56
115.04
112.37
115.04
119.41
119.41
119.20
119.20
112.37
115.04
112.37
115.04
112.37
114.85
114.85
112.19
114.27
Foreign Wars of the United States
have just concluded a series of
conferences with Secretary^ Mor¬
114.46
111.44
114.46
June
nel, at which plans were made to
attract returning servicemen who
can qualify for many of the 11,000
new positions open as a result of
the accelerated tax drive.
Presi¬
dent Truman has given his com¬
119.20
119.20
plete approval to efforts to make
these
114.46
114.27
119.61
Service
114.08
119.41
Cohn,
113.89
118.60
^Director, and Milton D.
National Commander, the
Disabled American Veterans; Col.
John
113.89
119.41
118.00
113.70
105.17
109.24
116.02
121.04
119.41
116.02
115.43
119.61
118.80
117.80
113.31
108.16
104.48
112.93
113.50
108.52
113.70
118.20
112.37
118.40
117.00
112.00
102.30
106.04
113.89
117.40
120.44
110.70
118.80
116.22
311.25
98.09
102.46
113.70
116.61
2 Years Ago
June
1943
26,
_
1945
.
10,
MOODY'S
(Based on Individual Closing
403,000
7,000
1945-
U. S.
6,000
Avge.
91,000
88,000
Govt.
Corpc-
93,000
Daily
124,000
105,000
127,000
Prices)
356,000
6,000
Bonds
Averages
rate*
Indus.
P. U.
R. R.
2.68
3.27
2.88
1,000
1,000
3.01
«
Carolina———
IlllnbiS——-————•——•
1,511,000
25—
1.60
2.86
2.61
2.68
2.86
3.27
3.01
2.88
2.68
1,272,000
23—
1.59
2.86
2.61
2.69
2.86
3.27
3.01
2.88
3.02
2.88
American 'Legion,
Ketchum, National
2.86
1.60
drive and the
Treasury's personnel needs to the
memberships,/ and to returning
servicemen generally.
2.69
2.61
,
2.85
M&jiylJind-^-—.
New Mexico
2.61
2.69
2.86
2.85
2.60
2.68
3.28
3.02
2.88
2.68
veterans'
968,000
3.28
3.02
2.88
2.68
ment's desire to
371,000
27,000
3,000
2.86
2.61
2.68
1.59
2.86
2.61
2.68
2.86
3.29
3.02
2.89
2.67
18—
1.59
2.86
2.61
2.68
2.86
3.29
3.02
2.89
2.68
3,000
16—t
1.59
2.86
2.61
2.69
2.86
3.29
3.02
2.88
2.68
91,000
15-
1.59
2.86
2.61
2.69
3.29
3.02
2.88
2.68
38,000
14—
1.59
2.86
2.61
2.69
2.86
2.86
33,000
13-—;.
1.59
2.87
2.61
2.69
2.87
3.29
3.03
2.89
3.30
3.03
2.89
20—
390,000
90,000
"
20,000
27,000
\
33,000
(lignite)——"
1.59
19
40,000
980,000
-
116,000
—
North & South Dakota
2.86
1.59
3,000
Michigan————
:
Molilalia (bitum. & lignite)——
1.59
21—
363,000
—,—
22—
151,000
994,000
Kehtucky—Eastern—
Kentucky—Western—;— —._
46,000
114,000
2.85
2.86
39,000
.
■
"
.
3.02
3.29
2.68
2.88
2.68
.
'
2.68
797,000
Washington-—
11———
1.60
2.87
2.61
2.70
2.87
3.30
3.03
2.89
2,68
150,000
9——
T.60
2.87
2.61
2.70
2.87
3.30
3.04
2.89
2.68
1,000
2,000
8——
1.60
2.87
2.61
2.70
2.87
3.30
3.04
2.89
2.68
111,000
132,000
385,000
1.60
2.87
2.61
2.70
2.87
3.30
3.03
2.90
2.68
353,000
1.61
2.87
2.61-
2.70
2.88
3.30
3.04
2.90
2.68
2.90
2.69
1,000
iU" 711,000
'
27,000
184,000
181,000
"operations Vn the
2.88
2.62
2.70
2.87
3.31
1.63
2.88
2.62
2.70
2.87
3.31
3.04
2.90
2.69
1.64
2.88
2.62
r 2.70
2.88
3.31
3.04
2.91
2.69
1—•
1.64
2.88
2,62
2.70
2.83
3.31
3.04
2.91
2.69
2.71
2.88
2.88
3.31
3.05
2.91
2.69
stantial
3.32
3.05
2.92
2.68
pay
,
.62
2.88
1.64
25——
1.64
)-
Apr. 27
2.71
2.89
2.61
2.73
2.88
3.33
3.05
2.89
2.61
2.73
2.89
3.33
3.06
1.63
4—.
2.62
1.63
11
2.83
1.64
18
.12,352,000
11,235.000
N.*
1.63
4_^
overtime payments for the various
positions range from $311to $628
a year at present rates; and it was
pointed out that pending salary
legislation would provide sub-t,
:
.
5——
May
& W.J C. & O.; Virginian; K. & M.j B. C. & G,;
and. on the B. & O. in Kanawha, Mason, and Clay counties.
TRest of State, including
§ Includes Arizona
the Panhandle District and Grant, Mineral, and Tucker counties,
find Oregon.
*Less than 1,000 tons.
Includes
2.89
2.61
2.73
2.90
3.33
3.05
1.63
-
2.68
2.68
being set up to aid in qualifying
servicemen, esoecially those car¬
rying
2.73
3.36
3.07
2.94
2.72
2.90
2.S0
2.69
2.69
3.36
3.07
2.93
2.69
2.73
2.90
3.37
3.09
2.93
2.69
2.94
2.69
2.68
2.68
1.66
2.91
2.60
2.73
2.91
3.39
3.10
1.65
2.90
2.60
2.72
2.91
3.38
3.09
2.94
1.65
2.90
2.61
2.71
2.92
3.37
3.11
2.93
9——
1.66
2.91
2.62
2.72
2.92
3.38
3.12
2.93
2——.
1.69
2.92
2.63
2.72
2.93
3.38
3.13
2.94
2.68
2.67
Feb.
23—
1.69
2.92
2.65
2.72
2.93
3.39
3,14
2.95
2.68
Jan.
26——
1.77
2.96
2.68
2.75
2.97
3.44
3.21
2.96
2.72
1945^-
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1.59
2.85
2.60
2.68
2.85
3.27
3.01
2.88
2.67
1.78
3.04
2.73
2.80
3.06
3.58
Mar. 31-;
in its current weekly report,
the production of electricity by the electric light
The Edison Electric Institute,
ao
that
mated
esti¬
and
for the week ended June 23,
3945, was approximatly 4,358,277,000 kwh., which compares with
4,325,417,000 kwh. in the corresponding week a year ago and 4,348,413,000 kwh. in the week ended June 16, 1945.
The output of the
week ended June 23, 1945, was 0.8% in excess of that for the same
power
industry of the United States
High
1945—
Low
PREVIOUS YEAR
Weok Ended
—
Majoi*
June 26,
New
England
June 26,
movement of actual price quotations.
They merely serve to
llustrate in a more comprehensive way tne relative levels and the relative movement
>f yield averages, the latter being the true picture of the bond market.
the
average
tThe latest complete
list of bonds used in computing
Pacific Coast——
under similar
5.8
*1.0
*3.5
*0.1
*1.7
*4.3
*4.1
14,
-
1.4
1.5
i.4
"0.3
week in previous year.
RECENT WEEKS
by the Federal Reserve
1944
4,464,686
over
1944
market paper
000
•
on
June 15.
1,537,747
3,946.836
1,514,553
1,480,208
1.8
1,465,076
1,679,589
1,633,291
May 31-1
3,882,467
1,480,738
1,696.543
Apr 30-"—
——
Following are the totals
4,361,094
4,307,498
+
0.6
3,916,794
1,469,810
1,709,331
Mai" 30—
4,344,188
+
1.5
1,454,505
1,699,822
4,415,889
4,336,247
1,429,032
1,688,434
5
4.397,330
May 12
4,302,381
102,800,000
118,600,000
Feb 28
June
9
+
1.8
4,233,756
+
3.9
3,903,723
1,436,928
+
1.5
3,969,161
1,435,731
1,704,426
+
3.1
3,992,250
1,425,151
1,705,460
+
0.9
3,990,040
1,381,452
1,615,085
1.4
3,925,893
1,435,471
1,689,925
Oct
+
1.5
4,040,376
1,441,532
1,699,227
Sep 29—
June 16
June 23—,.——
_
+
1.4
4.098,401
1,440,541
1,702,501
;
+
0.8
4,120.038
1,456,961
1,723,428
July 31
.
■4,110,793
1,341,730
1,592,075
Jun 30
4,291,750
4,203,502
4,144,490
4.327.028
4,348.413
4,358,277
^ne 30_.
-
146,700,000
157,300,000
162,400,000
:
Nov 30
+
4,245,678
4,264,600
4,287,251
4.325,417
4,327,359
■
must
Denmark,
not exceed two
may
For the pres¬
the Netherlands
in weight.
for
exceed
not
one
ounce
iii
weight.
compared with $118,600,-
Moody's Daily
i
Apr
Mar 3ii
Feb
I94.soo.ooo
213.700.000
208,900,000
-
29
31
Tuesday, June
150,700,000
171,500,000
-
29—
Jan
Commodity index
<6
1Q44
May 31
1,698,942
4,238,375
4.377,221
.
—
3,925,175
3,866,721
4,329,605
—
■
Bank of New York
of $102,800,000 of open
Belgium)
for
letters
ent,
for the last two years:
$,
1945—
4,411,325
*2—
prepaid at the rate of 30 cents per
half
ounce
or
fraction thereof.
.
-
0.9
3,946,630
4,321,794
4,332,400
June
airmail
ounces
$150,700,000 on May 31, 1944, the bank
1,683,262
3,928,170
3.889,858
0.2
—
announced
3.944,679
0.1
—
—
-
1929
outstanding on May 31, 1945,
April 30, 1945, and
1,687,229
0.5
4,408,703
_
accepted for dispatch by
to these countries when
be
1,702,570
0.2
+
4,400,246
1932
on
1,538,452
+
4,425,630
1943
dealers show a total
from commercial paper
(Thousands of Kilowatt-Hours*
4,409,159
May 19-
Outstanding
*3.3
4,401,716
May 26
will
Letters
Switzerland.
and
way
Letters
,
Commercial Paper
6.8
7.0
0.9
4,397,529
April 28
tp*
5.2
5.0
the issue of Jan.
4,329,478
May
air¬
resumed
be
Switzerland
17
_
will
France, Luxembourg,! Norway and
24
_
immediately,
effective
service
Belgium, Denmark, France Lux-f
embourg,
Netherlands,
Nor¬
3.9
1945
_
that,
mail
by Post¬
C. Walker
0.0
4,472,110
4.446,136
April 7
April 14—.—
April 21
master General Frank
2.7
% Change
March 31—v-
issued
announcement
2.0
tn
Reports received
—
DATA FOR
di¬
June 23 to an
rected attention on
2:6
1.5
/Total United States-
these indexes was published
1943, page 202..
Air Mail To Continent
Postmaster Albert Goldman
0.9
3.2
•
'Week Ended-—
or
this phase.
2.2
—
Mountain————.
--♦Decrease
maturing in 25 years)
organizations
national
will cooperate in
jobs,
the
disabilities,. for
the
and
are
2.8
.Central--—
Rocky
2.82
2.97
3.60
3.87
yields on the basis of one "typical" bond
and do not purport to show either the average
prices are computed from average
coupon,
programs
*0.2
*—:—_—
Southern States"
3.10
2.84
2.71
3.13
1.82
1943-
•These
training
Special
0.6
-
—
Centfal Industrial———
Wes t
2.78
2.96
3.39
-
*0.3
*1.3
Middle Atlantic
2.2
1944_
2 Years Ago
June 2
June 9
June 16
June 23
Geographical Divisions-
:
—
>
1 Year Ago
evel
PERCENTAGE INCREASE OVER
—
16
3%%
week last year.
—
23—
for Week Ended June 23, 884S
base
2.94
2.61
'
the
over
2.93
2.61
2.90
increases
levels cited.
2.94
•
2.61
2.90
1.64
13
2.90
1.62
20
6—
Eledric Ouipiit
qualify for the
to
positions, for which there is a sal¬
ary scale of $2,600 or $3,200, plus
overtime, for agents; $2,000 plus
overtime
for
deputy collectors;
and $1,440 and $1,620 and over¬
time for clerical workers.
The
3.04
7
6
1,056,000
159,000
[TUt^i bituminous & lignfte^L—- J/'|2,070,000
give servicemen
2—
■■
2,274,000
1,066,000
2.61
2.87
1.60
12—
28,000
2,032,000
1,108,000
;—..
24,000
2,064,000
—
Virginia—Southern——
tWest Virginia—Northern
*—.
t West
Wyoming——-—
S Other Western States--
2.87
3,032,000
142,000
362,000
———
(bituminous & lignite)—
Texas
2.69
2,658,000
137,000
PennsylvanFa (bitumlnous)i——'r>
Tennessee
644,000
2,980,000
130,000
'
chance
every
Depart¬
the
of
leaders
the
assured
officials
Treasury
40,000
125,000
——.
3.29
34,000
Missouri-
service
and
publications
46,000
Kamsas and
Vet¬
Legislative Representative,
of Foreign Wars.
2.69
511,000
the
erans
2.68
473,000
561,000
June 26—
Taylor, Legislative
Thomas
Omar B.
Director,
the story of the tax
Corporate by Groups*
Corpora te by Ratings*
Aaa
Aa
A
Baa
1,430,000
Colorado—j.————————
Mr. Morgenthau
W. Rice, National
Millard
were
and
representatives
veterans'
The
programs of these organizations
will begin immediately to carry
AVERAGES
BOND YIELD
1944
.
.u'O"
; \V:'.:
conferring with
120.26
-
available to vet¬
positions
erans,
119.20
119j41
119.41
119.41
120.55
1944
26,
and
Wilson, Director of Person¬
T. F.
119.20
111.81
Bell,
genthau and with Charles S.
his administrative assistant,
119.20
114.27
Legion, the Disabled Ameri¬
Veterans, and the Veterans of
can
119.20
111.81
Ameri¬
National officials of the
can
119.20
120.88
1945—,
1945_
of Internal Revenue.
119.20
112.37
123.05
26—
/an.
120.02
114.66
375,000
Oklahoma———-
Georgia and North
115.63
122.81
115.43
112.75
119.20
119.41
119.41
119.61
119.41
119.41
119.41
115.43
112.75
The
June
June 2,
9,
1945
Arkansas and
119.20
115.43
112.75
-Week Ended-
V
•,
120.84
112.93
1 Year Ago
ship¬
district
)•
115.82
115.24
end State sources
ji
119.20
115.43
uOW
weekly estimates are based on railroad carloadings and river
subject to revision on receipt of monthly tonnage reports from
or of final annual returns from the operators.)
(The current
ments and are
119.41
120.84
115.43
High
AND LIGNITE,
119.41
120.84
115.82
122.29
26,935,000
25,588,000
Beehive cokeUnited
June 19,
Jnue 17,
16,
120.84
115.82
122.81
—
20——.
1945
115.82
122.26
4pr.
24,128,000
119.41
122.31
——-Calendar Year to Date——
June
120.84
18.——.
,
————Week Ended———
1
115.82
May 25——
"
/,.
{
119.41
122.97
411—
ANTHRACITE AND COKE
119.20
121.04
123.05
8—
adjustment,
fSubject to current
*Revised.
-
12,070,000
2,012,000
11,850,000
1,975,000
119.20
120.84
123.02
oilmi
1944
1«45
1944
12,173,000 273,717,000 295,891,000
2,029,UdU
1,92*,000 ' 2,000,OuO
1945
1945.
cdal & lignite-
120.84
116.02
123.05
-
9_
fJune 16,
115.82
115.82
123.02
—
16
Jan. 1 to Date
June 17,
—
!June 17,
*June 9,
June-16,
7
Total)" including mine fuel,Dail£ average
——
1
119.41
119.41
12—
119.41
122.97
18
BITUMINOUS COAL AND
Week Ended
v
•
.Bituminous
-
.
UNITED STATES PRODUCTION OP
LIGNITE IN NET TONS
ESTIMATED
ik
119.41
115.43
14
119.20
120.84
123.02
20
corresponding week of 1944.
'
115.43
112.93
108,16
108.16
108.16
107.80
107.98
107.98
.107.80
107.80
107.80
107.80
107.80
107.80
107.62
107.62
107.62
107.62
120.84
115.82
122.97
21-
reported that the estimated production of bee¬
hive coke in the United States for the week ended June 16, 1945
showed a decrease of 1,800 tons when compared with the output for
the week ended June 9, 1945; and was 16,100 tons less than for the
Representatives of three major
organizations of veterans have
pledged to Secretary Morgenthau
the support of their groups in the
Treasury's
accelerated
drive
against tax evaders, and specifi¬
cally have accepted major roles
in aiding the recruitment of addi¬
tional employees for the Bureau
,,
112.93
116.02
115.82
115.82
115.82
116.02
115.82
115.82
115.82
115.82
115.82
115.82
115.82
122.93
23
Th Bureau also
f* '
R. R.
13
anthracite for the week ended June
of 1944.
P.
Corporate by Groups*
P. U.
Indus
Corporate by Ratings*
Aa
A
Baa
Aaa
rate*
122.93
25—.
pare4 with the output in the corresponding week of 1944 there was a
decrease, of 6,000 tons,-or 0.5%.
The calendar year to date shows a
decrease of 20.8% when compared with the corresponding period
'U,
Bonds
June 26__
Production of Pennsylvania
'V
(Based on Average Yields)
averages
16, 1945, as estimated by the Bureau of Mines, was 1,298,000 tons, an
increase of 16,000 tons (1.2%) over the preceding week.
When com-
Z'.■
1
!1
MOODY'S BOND PRICESt
|
V,v J
bond yield averages are
prices, and
following-table.
<iven in -the
11,850,000 net' tons, a 'decrease of 220,000 tons
from the preceding week and 323,000 tons less than in the corre¬
sponding week of 1944.
The total output of soft coal from Jan. 1 to
June 16, 1945 is estimated at 273,717,000 tons, a decrease of 7.5%
when compared with the 295,891,000 tons produced during the perioc
1945, is estimated at
bond
computed
Moody's
week ended June 16
total'production of soft-coal in the
The
-
Thursday, June 28, 1945
CHRONICLE
COMMERCIAL & FINANCIAL
THE
2888
Jan
31
—
1945
19,
—
Wednesday, June 20
June 21
Friday, June 22
Saturday, June 23
Thursday,
"Monrtav,
June
—_
;
;
1
258.7 j
25
Tuesday, June 26—
jg^4
Dec
30
31—.
L,
■
—
31
——
166,000,000
166,900,000
141.700,000
140,800,000
140,900,000
.142,900,000
136,500,000
1943
Dec 31
Nov 30
.
Aug 31
July 31-.
Jun 30
202.000,000
203,300,000
187.800.000
-
Oct 30
Sep 30—
1
—
169,500.000
156.200,000
—
:
149,800,000
143,300,000
Two
Year
1944
1945
_
weeks ago, June 12
Month
ago,
May
Low,
June
Jan.
12
24—
256.6
258.0 J
257.4M
26
247.3^"
ago, June 26, 1944
High, Dec. 31
Low, Nov. 1
High,
257,4
257.4
257.3
257.4
256.3
=.
—
:
254.4
—
245,7
258.0
252.1
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4398
[Volume 161
and
week
Exchange Commission
The Securities and
sheep.
Since mid-May average prices of, farm products have |
and were 6.6% above the level of the corresponding |
increased 1.2%
Trading on New York Exchanges
made public
I,
2889
on
June
of
a
"The
Sestaie Group Votes To
year ago.
higher quotations for fresh fruits and vegetables and for
showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended June 2, continuing
a series or current ngures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
eggs raised the general level of food prices in
figures.
Restore OWI Fends
natural and manufactured gas were
and lighting materials group index.
20 figures
Trading
Exchange for the account of
Stock
the
on
primary markets 0.4%
during the week.
Higher prices also were reported for rye flour.
Food prices were 0.8% above the level of a montn ago and 2.7% above
members
important changes
commodities.
lower
Slightly
reported in
were
sales
realizations
tor
not sufficient, to affect the fuel
Slightly higher prices for com¬
mon brick were offset by, lower prices for turpentine to leave the
building materials group index unchanged.
Average prices of all
commodities other than farm products and foods were at the same
with member trading during the week ended May 26 of
2,086,834 shares, or 14.97% of the total trading of 6,971,070 shares.
On the New York Curb Exchange, member trading during the week
ended June 2 amounted to 451,265 shares or 14.35% of the total
-volume on that exchange of 1,572,235 shares.
During the week ended
compares
level
as
month ago, 1.0% above
a
The
Labor
mid-June of last year."
the following notation in its
Department included
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report changing prices.
The in¬
dexes must be considered as preliminary and subject to such adjust¬
ment and revision as
Sales on the New York
Transactions for Account of
Round-Lot Stock
Total
JUNE
ENDED
WEEK
Stock Exchange and Round-Lot
(Shares)
June
225,610
PRICES
1945
1944
1945
1945
106.0
106.1
105.8
103.7
0
+ 0.2
——
131.0
130.7
130.8
129.5
122.9
+ 0.2
+ 1.2
107.7
107.3
107.5
106.8
104.9
+ 0.4
+ 0.8
118.3
118.3
118.3
117.7
O
0
99.1
99.1
97.3
0
0-
+
84.5
84.7
84.6
83.7
0
—0.1
+1.0
104.8
104.8
104.8
104.3
103.8
0
+
0.5
Total sales
«
:
-
;
Building materials—
Textile products
—
Fuel and lighting
initiated on the floor—
Total purchases
.
—
—
■
7.46
573,890
266,930
—
materials—
funds
OWI
for
that
6-17
1.8
other
Short sales—
The
FEPC
was
-
{Other sales
|
246,040
1.3
—
fottlll sales
WW. 04-
^
3.62
274,040
PIT- -n. 1-—T
Total purchases
117.3
117.2
115.8
0
+ 0.1
95.3
94.9
94.9
95.5
0
+ 0.4
106.2
106.2
106.2
106.2
106.0
0
0
+ 0.2
Executive Order
+ 1.4
employment
94.6
Raw materials—
Short sales
20,050
331,592
118.9
3.67
351,642
Total sales—
147,720
—
1,051,852
,
Sales
on
the
JUNE
102.0
102.1
102.1
101.0
0
—0.1
+1.0
100.6
100.6
100.5
99.5
0
+ 0.1
+1.1
99.7
99.8
99.7
98.7
B.
9,
1945
TO JUNE 16,
Other
0,9
farm
products.,
—
Brick
and
tile
Account of
Livestock
and
Oivil
.
;
■'
Short sales—
Total sales.—,
47,555
-—.
12,700
Short sales——
,
i
{Other sales
Private construction tops the 1944 week by 430%, but is 8% lower
than a week ago.
Public work is 40% and 3% lower, respectively,
C4,175
.......
3.96
76,875
Total—
4.
Total
Short sales...
Total sales
0
Customers' short sales..—w—.i.——.
„—.—
a
61,920
—
result of the 17%
Civil
and the
51,833
..
—
all regular
includes
1944 week
Total U.
Private
are
included with
"other
sales."
1
SSales marked "short exempt"
are
S.
Construction-.
Construction
Public Construction
State and Municipal—
Federal
______
included with "other sales."
by 22%.
are:
*6-21-45
calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales,
{Round-lot short sales which are exempted from restriction by the Commission's
tin
a year ago
State and municipal
engineering construction for the current week, last week,
and associate Exchange members, their
firms and their partners, including special partners.
rules
decrease in Federal work.
construction, $121,865,000, tops
61,920
,i
.
"members"
due to the decrease in Federal
v
;
.;V
ago,
year
brings 1945 volume to $829,615,weeks, a 3% decline from $857,353,000 reported for the
period last year.
Private construction, $242,165,000, is 24% higher
than in 1944, but public construction, $587,450,000, is down 11% as
14.35
253,195
.-'
Total sales
a
000 for the 25
Odd-Lot Transactions for Account of Specialists—
♦The term
and
The current week's construction
228,190
—:
Total purchases..—
ago
.
25,005
.......——<—
{Customers' other sales—.
week
a
198,070
—
.{Other sales
O.
than
volume.
■
purchases—...
however,
vote.
an
influential
the
Southed
predict,
ApproprkK
Senate
full
6-14-45
6-21-44
$59,216,000
$27,975,000
19,644,000
$41,873,000
18,001,000
23,872,000
12,173,000
11,699,000
for the FEPC when it
siders
the
3,400,000
24,575,000
39,572,000
5,186,000
34,386,000
War
the full
v
v
,
In
Unchangedh :
Week Ended doe IS
The
Bureau
of Labor
Statistics'
index
of
■
commodity prices in
primary markets remained unchanged during the week ended June
16, at 106.0% of the 1926 level, said the United States Department of
Labor on June 21, which reports that the index was 0.2% above a
month ago
and 2.2% higher than in mid-June of last year.
OWI
allotment
would
Products
and
New
Foods—Average prices for farm products
increased 0.2% during the week as the result
of higher quotations for
most grains, for eggs and for certain fresh fruits and vegetables.
In¬
creases were reported in prices of corn, rye and wheat, while a slight
decrease
was
of'seasonal
shown for barley.
Eggs increased over 2%
adjustments in ceiling prices.
as
be
these
generally higher as were lemons, onions, tobacco and cotton.
were
Sub¬
stantially higher quotations were reported for white potatoes in New
York markets and for sweet potatoes.
Quotations for livestock
generally lower with declines of over 4% reported for cows as the
result of increased marketings, and lesser
declines for calves, steers,
gains
matters
h
NYSE Odd-Lot Trading
The 'Securities
Commission
June 20
a
and
made
Exchange,
public < i on
for the week
summary
ended June 9 of complete figures
showing the daily volume of stogjt
transactions for odd-lot account
of all odd-lot dealers and
special^
ists who handled
odd lots ofFrhe
New
Exchange,^con¬
Stock
York
tinuing a series of current figures
being published by the Commis¬
sion. The figures are based uporj
filed
reports
sion
by the
specialists.
STOCK
LOT
with
the
odd-lot
Comi$js+
dealers
FOR
ACCOUNT OF ODD-LOT
SPECIALISTS
STOCK
Week
ON
DEALERS
THE
Ended June 9,
N.
of
1945
Total
of
shares
struction
in
Construction
$31,776,879
1944
■
Customers'
short
sales__—
♦Customers'
other
sales
26,523
total
sales^___
26,711
Customers'
Customers'
short
sales
♦Customers'
other
sales—..
total
Customers'
Dollar
7,055
738,045
Planning
Volume
$21.3
Plans
are
under
way
745,100
$26,158,554
'V
Round-Lot Sales by Dealers—
Number of Shares:
;
sales
sales
Total
Billions
or
sales
value>
Short
completed
on
post-war projects valued at $9,149,624,000, 43% of the total
volume proposed, and on $1,389,290,000 worth of projects all financing
arrangements have been completed.
1945.
188
Number of Shares:
sales
'
181,620
by Dealers:
Number of shares
♦Sales
ported
marked
with
i.tpj
:15Q
.
181,470
Round-Lot Purchases
the
14,
/.rtoo*
I
(Customers' sales)
Number of Orders:
period.
and recorded engineering projects proposed for con¬
June
d»:'
Odd-Lot Purchases by Dealers—
post-war years total $21,262,593,000 according to
reports to "Engineering News-Record" in the period from January 1,
through
26,567
795)391'
value
{Other
Postwar
For Week
orders
Number
for the week totals $9,966,of $6,506,000 in state and municipal bond sales,
reported for the 25-week
Identified
Y.
purposes
$3,490,000 in corporate security issues. The week's new financing
brings 1945 volume to $532,885,000, a total 21% above the $439,838,000
ODD-
THE
EXCHANGE
Number
Dollar
and
,
!
TRANSACTIONS
AND
over
and
1943
were
groups,
and
conference!
thrown into
Odd-lot Sales by Dealers
construction
capital for construction
It is made up
000.
the result
Prices for apples
classified
,
with the House.
20,696,000
the preceding
week are in sewerage, bridges, commercial and public buildings, and
streets and roads.
Gains over the 1944 week are in bridges, indus¬
trial and commercial buildings, earthwork and drainage, streets and
roads, and unclassified construction.
Subtotals for the week in each
class of construction are: Waterworks, $599,000; sewerage, $638,000;
bridges, $776,000; industrial buildings, $12,753,000; commercial build¬
ing and large-scale private housing, $3,990,000; public buildings, $8,305,000; earthwork and drainage, $317,000; streets and. roads, $6,178,000; and unclassified construction, $8,317,000.
The advices further stated:
"Farm
the
;
•
committee
the Senate approve the FEPC al¬
lowance and the more generous
3,879,000
*Current Week's Statistics.
tfiq
con+
Agencies Bill ito¬
morrow.
(Customers'purchases)
Wholesale Prices
that
failed to win approval of the Sen-r¬
ate
subcommittee
by only one
Should
ing 1944 week, 1% higher than the previous four-week moving aver¬
age, but is 29% under the 1945 high of a week ago according to,
"Engineering News-Record.'? The report made public on June 21, went
on to.say:
' v
2.50
34,800
-
TPtal purchases-i—
'
•'
learned,
was
tions Committee will approve,
the country, and shipbuilding, is 50% greater than in the correspond¬
33,400
Other transactions Initiated off the floor—
8.
,,
It
0.1
paint materials
engineering construction volume in continental United States
$41,873,000 for the week. This volume, not including the con¬
struction by military engineers abroad, American contracts outside
1,400
——
{Other sales—————
i
and
Civil
43,725
Total purchases
•
Paint
totals
7.89
141,520
Other transactions initiated on the floor—
2.
be¬
The
House declined to give the agency,
any money on the ground that it
lacks statutory authority.
that
For Week of Jane 29 ^
10,905
130,615
—
discriminations
of race, color or creed.
This led
Engineering Gonstraction $41,873,£90
106,790
»
\frar
prevent
money
]
—————....
Total sales-
1.0
poultry.
to
subcommittee member to
Decreases
Members:
are
{Other sales—.-
0.2
__
0.1
-
1,572,235
———
for
0.5
Grains
-ti——
cause
established, by
Roosevelt by
Budget Bureau for the FEPC had
,
1,544,210
—
registered—
Total purchases.
they
r
Other foods
.
t%
28,025
;
1945
President
late
the attempt to amend the bill, tp
include $599,000 approved by n the.
Increases
1.5
Transactions of specialists in stocks ib which
1.
1.0
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
„
.
Fruits and vegetables———————
and Stock
Total for week
Transaction
Round-Lot
+
'
1945
2,
A. Total Round-Lot Sales:
Total sales
1.7
93.7
99.7
JUNE
York Curh Exchange
Members* (Shares)
New
of
Account
for
WEEK' ENDED
Short sales
+
94.8
'
{Other sales——.
+ 0.5
95.3
f..
,
5.2
0 "
95.3
14.75
1,199,572
Total sales.
Stock
+
100.6
products and foods
t
—
Transactions
0
+ 0.9
1,007,743
Total purchases,.——
Round-Lot
0
+ 0.2
All commodities other than farm
4. Total-
Total
93.3
113.1
102.0
Manufactured products——
All commodities other than farm
products—
{Other sales
94.6
117.9
94.6
118.8
95.3
Semimanufactured articles
197,903
{Other sales
Short sales
94.6
119.0
—
the
—0.2
'
—
.—
117.3
95.3
Miscellaneous commodities
initiated off the floor—
3. Other'transactions
117.3
+
would
In another action on a $900,000,000 supply bill for nearly two
dozen
war
agencies the Senate4subcommittee voted by a narrow
margin to accede to House refusal
to give any funds to the Fair Empi oyment Practices Committee.
Chemicals and allied products—
28,000
—:——
.—
of
operations in
provisions
Housefurnishing goods-—-—.
!'
it
■
,m
have to be made to carry on work
the OWI is doing in Europe.
+ 1.0
—
been
Europe.
General of the Atrny
Dwight D. Eisenhower had ymt-
+ 0.5
99.1
84.5
99.1
products—
Hides and leather products
had
House cuts which eliminated
all
+ 2.7
118.3
Farm
Foods
for
beginning,
year
$13,000,000.
the
+ 6.6
—„
Metals and metal products—u—
99,670
474,220
$39,750,006
the
for
A $42,000,000 Budget Bu¬
in effect asked reconsideration
542,910
——
2. Other transactions
5-19
6-9
the
Marshall, Army Chief of Staff, had
+ 2.2
-
by
General of the Army George C,
1944
106.0
All commodities-
{Other sales—
.
6-17
1945
in stocks in which
Total purchases—
Short sales
|
5-19
6-2
6-9
1945
*
June 19.
recommendation
ten
1945
they are registered—
I
to
1945
6-16
Commodity Groups—
sub-
restore
House Appropriations Committee,
and the House slashed it further
June 16, 1945 from—
and Specialists:
'
16,
to
cut
scaled down to $35,000,000 by the
Percentage change to
for
1. Transactions of specialists
WEEK ENDED JUNE
on
approved
OWI
reau
(1926=100)
Transactions for Account of Members,
the Odd-Lot Accounts of Odd-Lot
Except
FOR
voted
amount
closed session, the subcom¬
a
July 1.
past three weeks, for May 19, 1945 and June
7,480,600
■ ■' "
Dealers
I
the
9, 1945 to June 16, 1945.
WHOLESALE
Tot/ftl sales
,
At
mittee
7,254,990
{Other sales
B. Round-Lot
Washington
17, 1944, and (2) the percentage changes in subgroup indexes from
tV
Total for week
Short sales
required by later and more complete reports.
tables show (1) indexes for the principal groups
The following
of commodities for the
1945
2,
A. Total Round-Lot Sales:1 r
,
Stock
Members*
Appropriations
has
the
of
House from the appropriation j:or
the Office of War Information, the
Associated Press reported from
advices:
of 522,570 shares
May 26 trading for the account of Curb members
was 14.89% of the total trading of 1,788,081.
-
Commodities—No
prices of other
(except odd-lot dealers) during the week ended June 2 (in round
lot transactions) totaled 2,207,315 shares, which amount was 14.75%
of the total transactions on the Exchange of 7,480,600 shares.
This
Senate
most
mid-June, >1944.
"Other
A
committee
245.170
"short
"other
exempt"
are
re¬
sales."
{Sales to offset customers' odd-lot orders
and sales to
is
less
th«>Ti
liquidate
n
J "other salea"
round
a
long position which
lot
are
reported
with
*
Thursday, June 28, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
2890
allocation v controls
Daily Average Grade Oil Production for Week
Ended June 16, IMS Hits Dew Peak
oil production hit a new
crude
Gross
peak in the week ended
according to estimates by
the American Petroleum Institute.
This was an increase of 34,950
barrels per day over the output in the preceding week and a gain
of 320,114 barrels per day when compared with the production in
the week ended June 17, 1944., The current figure was also 28,764
barrels in excess of the daily average figure recommended by the
Petroleum Administration for War for the month of June, 1945. Daily
production for the four weeks ended June 16, 1945 averaged 4,866,815 barrels.
Further details as 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¬
mately 4,915,000 barrels of crude oil daily and produced 15,132,000
barrels of gasoline; 1,580,000 barrels of kerosine; 5,342,000 barrels of
distillate fuel, and 9,252,000 barrels of residual fuel oil during the
week ended June 16, 1945; and had in storage at the end of the week
46,370,000 barrels of civilian grade gasoline; 41,134,000 barrels of
military and other gasoline; 8,512,000 barrels of kerosine; 30,397,000
barrels of distillate fuel, and 39,482,000 barrels of residual fuel oil.
1945 at 4,888,364 barrels per day,
June 16,
CRUDE OIL PRODUCTION
DAILY AVERAGE
Actual Production
Week
Change
•State
Allow¬
•P. A. W.
Recommen¬
dations
Begin.
June
June 1
Oklahoma
Kansas
Texas
'.j'■
-V-
149,400
447,900
17.3
10.8
7.1
6.1
2,178,300
8.2
2,036,400
69,700
299,350
74,050
362,800
298,950
Mississippi
—.——
250
80,300
42,950
Fertilizer
Fertilizers—
.3
Farm
50
205,650
12,400
700
*.**.*.__***.
Illinois
200,000
Indiana
200,250
750
199,750
13,000
11,800
200
11,850
64,200
28,000
64,750
2,500
63,550
29,600
600
28,650
All groups
49,450
1,250
47,750
50,200
113,500
107,850
500
107,400
84,200
*._*»—
(Not inch 111., ind.,
Ky.)
Kentucky
.
.'I--—
MiOhigan
Wyoming
.—*..-—__
.
—
—__
New Mexico
20,300
11,150
21,300
107,950
+ 28,650
3,925,015
3,718,050
6,300
941,800
850,200
~6GG
11,550
10,500
105,000
Colorado
103,850
20,300
23,000
Montana
————-U—
103,750
105,000
3,941,564
,
'
8,150
tribution.
July
shipment
!
.
•
zinc for.'
slow last
for
Inquiry
'
was
4
*■ :•'■■■*.
*
products, except - ex- a
immediately,, on condi¬
,
with
terfere
the
of
filling
in¬
au¬
107.0.
1944,
,
'
:
•
1945,
130.4
133.7"
157.2
104:7
154.4
.125.4
118.3
119.9
.
141.7
104.4
140.7
1
130.1
132.2
104.8
*
.1944
139.2
145.1
163.1
156.5
206.8
159.9
146.7
137.3
153.0
104.4
153.4
127.7
117.7
119.7
16,'
1945, 110.4; and
di¬
specifically
been
have
they
rected to fill.
This "open-ending"
advance of the July
1 date set for releasing aluminum,
18
in
days
steel,
and
copper
on
unrated
orders, was accomplished by :
Amendment 4 to CMP
1.
Regulation
'-'..-v.
r'
'
.
.Tin
The
changed.
or
..
remains
situation
tin
un¬
Quotations for Grade A
tin continued at
pound.
J ...
-•
Straits quality
52c. per
June
110.3; June
August
July
June 14**^***,
■! 52.000
52.000
52.000
June 15___.__
52.000
52.000
52.000
June 16
f
•
thorized controlled material orders
52.000
52.000
52.000
June 18__„„_„
J.
M.
&
Metal and
52.000-
52.000
52.000
52.000
52.000
June 20
Quiet-Quicksilver Off
Mineral Markets," in its issue
52.000
June
Metals—Restrictions on Use of
Non-Ferrous
"E.
,
75% of production, the remainder
to be set aside until about the
15th of the month for general dis-
tion -that such action does mot
1945
142.6
145.3'
163.1
167.4
215.5
163.7
161.0
s
104.8
141.6
combined——
1926-1928 base were: June 23,
on
Zinc Removed-Copper
Eastern—
•
24,
69,200
19,250
47,000
—
a
plan, that they hoped to put into
operation in August, which would
continue allocation of zinc up to
trusions,
Year
Ago
May 26, June 24,
1
125.9
118.3
119.9
Machinery——-,-—++ 104.8
./
June
, ,
100
15
52,000
79,450
51,350
450
14
Florida
Materials—-—.—L--—
.3
'■Indexes
600
78,700
78,786
400
Alabama
100
—
allocation. '
proposed
have
aluminum
155.4
153.8
125.9 *.
118.3
.119 9
Building Materials—_
Chemicals and Drugs-*.*—*.*.——
288,750
369,050
100
368,000
400,800
80,000
53,000
—
,
h68.0
Products.——-
**.
360,000
.
1945
144.0
145.2
163,1
168.1
216.2
166.0
161.5
132.0
133.7
157.3
108.9
.-
145.2
163.1
-u—214.8
——166.1
Livestock————a—161.6
Fuels———
—
L~. .... 132.0
Miscellaneous Commodities—-*~i133.7
Textiles—-157.1
Metals
108.9
528,450
356,700
563,150
69,050
!
:
1945;
144.0
/
—*
Grains-*—*.-*.—*.-
100.0
Arkansas
Oils-
.3
Total Louisiana
.\:+V
•;
/;•
and
Farm
145,000
360,550
378,700
•
■
■<
June 16,
June 1(
June 23,
June 23,
,
23.0
312,950
139,050
,
2,180,450
2,170,000 $2,171,706
Coastal Louisiana
•-
Food
92,150
^
officials
.
of
industry
the
WPB
^
■
Cottonseed Oil——
563,050
'
Louisiana
North
Group
the
284,200
154,250
are
free¬
moving slowly in regard to
by WPB to permit auminum pro¬
ducers to fill unrated orders for-
•
v:\
•
Latest Preceding Month
Week
Week
Ago
1.3
Total Texas
Fertilizer Association
Compiled by The National
264,750
377,600
—-
Texas
'
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Fats
357,700
Southwest Texas
Coastal
v;
.
\j
•
Cotton—
—
*
Texas
*■+
+
25.3
496,450
Washington
in
authorities
;
advances.
total Index
1,000
Though the industry believes
the supply situation in zinc
is easing in virtually all directions
and
is. anything but .tight, the
that
in the index declined and •
A
Aluminum
advanced; in the preceding week there were 2 declines and 7 ad
The Controlled Materials Plan
vances; in the second preceding week there were 6 declines and 8 was partly "open-ended" June 13
331,950
900
been revoked.
week.
remaining groups in the index.
During the week 2 price series
1944
90,000
than
more
of the
+25,100
*
quotations
cot,ton
386,350
154,650
Central Texas—*
East
offsetting
slightly higher prices for rye and choice cattle.
The building mate¬
rials group declined because of a decline in the price of gravel at
St. Louis.
The textiles index also declined slightly.
The price of
oranges advanced but this was not sufficient to raise the index for
the foods group.
Scrap steel also advanced slightly but not enough
to affect the index for metals.; There were no price changes in any
lower
with
fractionally
June 17,
16,
the
declined
The farm products group
advanced.
1,050
—
+900
V——-
Panhandle Texas
West
ing
Bears to
497,550
139,900
1,000
——
report went on to say:
Three of the composite groups of the index declined during
Each Group
1945
Week
+275,150
rNortft Texas
East
June
Previous
sures, has
%
90,000
—_**..
Nebraska
'
16,
1945
+386,350
380,000
269,400
370,000
274,000
June
,
be
commodity price index compiled by The
public on June 25, declined
fractionally to 141.6 in the week ended June 23, 1945, from 141.7 in
the preceding week.
The index had advanced for five consecutive
weeks before this recession, reaching new high peaks for each con¬
secutive week.
A month ago the index stood at 140.7 and a year ago
at 137.3, based on the 1935-1939 average as 100.
The Association's
Ended
Ended
-
b, which restricted use of zinc in
manufacturing home canning clo-
Slightly
The weekly wholesale
latest week and none
zinc
slab
on
retained, according to
WPB. Direction 3 to Order L-103-
will
National Fertilizer Association and made
Week
4 Weeks
from
Ended
ables
Declines
<*#
1935-1939=±=100*r "
(FIGURES IN BARRELS)
Commodity
Fertilizer Association
52.000
52.000
52.000
Chinese, or 99% tin, continued
at 51.125c. per pound.
of June
developments in non-ferrous metals, with
in news that originated in Washington*
The gold mining order was revoked. by WPB, effective July
1,
and restrictions on use of zinc were removed.
Congress voted to
extend the Premium Price Plan for a year, along With the non-
21, stated:
"The week's
few exceptions, centered
Quicksilver
The
April statistics of the Bu¬
reau of Mines placed consumption
of quicksilver at 7,500
flasks, a
new
monthly high. The gain in
consumption
has
cotinued
through May and June, yet the
market appears to be amply sup¬
features of the bill1^
lated shrinkage in consumption
orignally demanded by the Senate.
that th6 l£ad restrictions have implied with metal, owing to larger
Total United States
4,859,600
i \ 4,888,364
+34,950 4,866,815 4,568,250 By a vote of 47 to 33, the Senate,
on
June
19 voted to give the I posed on manufacturers, observers
believe.
Even should stocks of imports, and the price situation
•P.A.W. recommendations and state allowables, as shown above, represent the
President the power to
reduce
remains unsettled. During the last
lead increase during July, which
production of crude oil only, and do not include amounts of condensate and natural
tariffs by 50%. In the New York
week spot metal sold at $148 per
gas derivatives to be produced.
is highly probable, the industry
market the call for copper and
tOklahoma„ Kansas, Nebraska figures are for week ended 7:00 a.m. June 14, 1945.
looks for no important change in flask, a decline of $1. On forward
zinc for July shipment remained
business prices ranged from $146
$This is the net basic allowable as of June 1 calculated on a 30-day basis and
the attitude of WPB officials in
Includes shutdowns and exemptions for the entire month.
With the exception of inactive. Requests for foreign lead
to $147.50 per flask.
regard
to
releasing
additional
several fields which were exempted entirely and of certain other fields for which
were smaller. Quicksilver declined
Total East of
California
.
3,912,600
Calif
+
946,800
8947,000
947,000
—
for from 2 to 14 days, the entire state was ordered shut
definite dates during the month being specified; operators only
required to shut down as best suits their operating schedules or labor
operate leases, a total equivalent to 6 days shutdown time during the calendar
shutdowns were ordered
6
for
days,
down
being $1 per flask, despite record con¬
needed to sumption." The publication fur¬
no
month,
v
CRUDE RUNS TO STILLS;
■j
Committee of California Oil
SRecommendation of Conservation
UNFINISHED
AND
>
OIL AND DISTILLATE
GAS
totals plus an
therefore on a
SGasoline
Pro¬
% Daily Crude Runs
•'
Capac- Daily
of
at Ref.
Gas Oil
tStocks tGasollne
of Re¬
Mili¬
Stocks
Ci¬
ity Re- Aver-
East
& Dist.
sidual
tary and
vilian
erated
Blended
Fuel Oil
Fuel oil
Other
Grade
735
92,9
1,742
6,928
5,966
5,050
8,308
236
1,684
1,227
•
,
*
76.8
81.2
District, No. 1
District No. 2
:Ky
-
Okla., Kans., Mo
Inland Texas
Texas
Inc. Nat.
age
99.5
Coast
Appalachian—
Ind., 111.,
% Op-
porting
District—
Gulf Coast—_
Louisiana Gulf CoastNo. La. & Arkansas
104
55
80.0
337
440
117.0
174
88
86
508
892
87.2
78.3
719
395
83.9
84.2
2,625
4,029
2,170
1,198
6,925
13,211
2,275
7,221
59.8
236
89.3 1,190
96.8
271
55.9
84
71.5
96.2
1,465
1
1,669
485
902
4,960
5,362
1,286
9,804
882
1,665
1,103
2,330
4,545
2,108
66.7
240
1,455
191
162
1,753
38
21
32
10.
72
563
690
1,699
District No. 3
California
*
-
21,673
10,410
3,706
17.1
72.1
12
127
92.3
90.1
384
85.8
987
99.3
2,300
301.
8,356
of
copper
ials up to a
close
to
mater¬
30-day inventory sup¬
ply without WPB
authorization is
Formerly Direc¬
tion 2 to Order M-9 limited such
acceptances to 150 pounds (copper
now
permitted.
content) per quarter.
M-9
has
'
,
i
'
*
that any person
could
keep on hand; (3) a prohibition
of melting or processing copper
base alloy scrap by persons other
engaged in production
.
compared with 12,202,000 barrels a year ago.
These figures do
not include any gasoline on which title has already passed, or which the military forces
may actually have in custody in their own or leased storage.
tStocks at refineries,
at bulk terminals, in transit and in pipe lines.
§Not including 1,580,000 barrels of
kerosine, 5,342,000 barrels of gas oil and distillate fuel oil and 9,252,000 barrels of
residual fuel oil produced during the week ended June
16, 1945, which compares
with
1,488,000 barrels, 4,842,000 barrels and 9,382,000 barrels, respectively
in the
preceding week and 1,295,000 barrels, 4,827,000 barrels and 9,182,000 barrels, respec¬
tively, in the week ended June 17, 1944.
Note—Stocks of kerosine at June 16, 1945, amounted to 8,512,000 barrels, as
against 8,563,000 barrels a week earlier and 9,120,000 barrels a year ago.
gasoline
this week,
produced
refineries
Domestic
materials or copper
85.6 4,915
90.5
15,132
30,397
39,482
*41,134
46,370
basis June 16, 1945
controlled materials; and (4) re¬
'
•'
*
Total U. S. B. of M.
85.6 4,827
88.9
15,256
30,339
38,996
40,865
47,031 strictions on use of scrap by util¬
basis June 9, 1945_
ities. Restrictions on use of fired
U. S. Bur. of Mines
14;i70
34,079
52,668
37,056
47,269 cartridge cases, and the accept¬
4,741
basis June 17, 1944
♦Includes aviation and military grades, finished and unfinished, title to which
ance of delivery of scrap by scrap
still remains in the name of the producing company;
solvents, napthas, blending
dealers
have been removed
by
stocks currently indeterminate as to ultimate use, and 11,573,000 barrels unfinished
'
dispatch
prices, but state that they
meet foreign competition.
said
will
with 9,188 tons in the
preceding week.
Gold
As a result of cutbacks in Army
Order L-208, limiting produc¬
contracts, civilians will get about
tion
of
gold at mines in the
3,000,000 collapsible lead tubes in
United States, has been revoked
the
current quarter, WPB
an¬
nounced June 14. Lead quotas for 5y the War Production Board, ef¬
fective July 1, 1945.
The order
dental cleansing preparations for
was
issued on Oct. 8,
1942, to
the
second
quarter have
been
conserve machinery and
supplies,
lifted from 20% of the amount
for more vital war materials, as *
used in the corresponding period
of 1944 to 25%.
The' quota on copper and zinc.
Gold mines may not be in a
tubes for rubber and pyroxylin
cements
has
been raised from position to get into full produc¬
tion quickly owing to the exist¬
40% to 50%.
been
of copper raw
'
Francisco
producers disinclined to name flat
of
ence
other
limitation
orders,
amended
including P-56, and the manpower
45,848 tons of refined lead during
to eliminate (1) a restriction on
shortage at the mines. However,
May, which compares with 46,511
copper-clad and copper-base al- tons in April, and 45,903 tons in amendments to such regulations
are being considered in Washing¬
oy-clad steel scrap; (2) a limita¬
May last year, the American Bu¬
tion on the quantity of self-gen
ton to provide for a higher rating
reau
of Metal Statistics reports.
Order
than those
Total u. s. B. of M.
for
deliveries
100,000 tons. Fabricators are still
engaged in the process of reduc¬
ing their inventories.
erated scrap
Rocky Mountain—
District No. 4
1,628
952
3,993
104.2
buying
Purchase of copper raw
tStocks
duction
to Stills
Refining
Copper
Unless
July picks up soon, the
next month may drop
In this section include reported
estimate of unreported amounts and are
Bureau of Mines basis—
'
to say in part:
on
during the last
week involved 6,083 tons, which
lead
of
Sales
San
A
supplies.
compares
FUEL AND
Figures
'
went
OF FINISHED
PRODUCTION OF GASOLINE; STOCKS
GASOLINE,
ther
Producers.
RESIDUAL FUEL OIL, WEEK ENDED JUNE 16, 1945
(Figures in thousands of barrels of 42 gallons each)
:
■
cancellable
WPB.
Lead
lead re¬
quested by consumers for July
shipment was smaller than in re¬
cent months, probably by several
The tonnage of foreign
thousand tons.
This reflects a be¬
shipped 40,585 toris
against 44,179 tons in the
The refineries
in May,
gold mines
Stocks at the
preceding month.
refineries at
for
for
maintenance,
repair, and equipment.
"
,
Silver
the end of May to¬
The London silver market was
which compares
month ago and quiet and unchanged at 25V2dr
tons at the beginning of The New York Official for foreign
taled 38,488 tons,
:
with 33,234 tons a
19,536
silver
1945.
Restrictions
the
on
removed
been
have
use
June
nounced
will
a
be
14.
The
effect
of
it was stated officially,
to
give
zinc
purchasers
"hunting license," as zinc con-
tinues
in
tight
443/4c.,
with
-
supply.
To Head WPB Unit
re¬
1 to that order, WPB an¬
this action,
at
of zinc
through
vocation of Order M-ll-b and Di¬
rection
continued
domestic metal at 70
Zinc
It has been announced that John
H.
Martin
been
made
of
Racine,
chairman
Wis.,
of the
War
Production Board's committee
,
on
production
readjustment
which
handles military cutbacks, accord¬
ing
to
the
United
Existing Washington, June 19.
Press
'
has
from
43
i'|
"V
'
>!'
i.
'
y
1- '
Freight Gar Loadings During Week
Ended June .16,1945 Dropped Over 11,600 Gars
Revenue
872,674
nounced
cars,
June 21.
on
week of, 1944 of 4,819
321
2,681
Atlanta, Birmingham & Coast-
1,180
845
746
1,450
announced
10,978
12,524
13,130
9,576
9,700
3,674
3,941
5,484
tenders of
3,831
Atlantic Coast Line—
401
419
459
1,762
1,733
2,969
2,953
be
Columbus & Greenville...—....
Durham & Southern—
258
243
329
248
265
105
124
102
557
695
Florida East Coast——.........
1,000
Georgia
Weeks of
4
Weeks
Week
.
■
Total
630
4,036
4,403
28,576
3,512
25,349
4,341
27,843
16,775
16,318
26,529
25,252
25,042
12,236
12,277
211
—
165
199
1,023
973
,
"
833
9,659
7,749
24,645
21,474
——
543
687
563
734
827
'Winston-Salem Southbound——
129
130
100
Total
iiii.ii,.I,
i,,.I...
"""
.
19,465
15,296
2,264
2,878
3,393
22,174
21,105
19,899
11,192
3,671
3,365
3,155
3,943
11,918
3,227
10,735
3,491
27,544
27,881
27,422
600
263
(51% of the amount bid for at
1,177
1,023
1,230
521
511
8,249
9,740
11,917
Ann Arbor—..——
Chicago,
8,531
381
434
441
115
90
22,954
26,203
8,908
6,715
lar issue of bills on June 28 in the
—-
402
492
438
979
853
2,522
2,673
3,410
71
46
2,031
2,150
1,912
2,604
2,416
8,01(K
Bay & Western
6,755
7,021
3,117
3,228
^arii4
11,352
Ishpeming
•
Delaware,
29,103
Brie
Lehigh & New
19,507,680
18,718,365
pf the freight Cjarloadings for
New York
Connections
Rutland
316
2,538
24
44
"45
34
2,388
2,328
14,205
12,106
10,962
10,143
8,061
1,023
6,651
.' 8,209
-286
206
.
•
152
130
1,780
1,904
1,178
1,271
338
301
2,363
13,203
3,928
13,428
3,912
2,595
17,136
209
194
'•
17,207
8,339.
8,101
2,772
2,225
2,142
*2,794
1,675
9,208
9,216,
12,156
2,420
7,647
2,644
50,830
9,308
1,390
6,672
2,962
five
546
802
2,576
3,629
3,275
7,910
5,848
730
675
61
1,589
1,096
1,310
2,136
1,770
*2,106
1,148
2,270
1,846
*2,065
1,930
1,176
1,048
522
488
1,444
1,779
2,070
111
138
laws
778
940
1,076
643
728
and at the
3
O
7
0
0
34,624
33,647
32,897
15,309
12,779
381
317
232
2,375
2,335
15,665
14,405
12,919
19,980
16,138
620
...
Missouri-Illinois,
...
526
404
7
9
2,179
5,201
3,991
125,456
110,770
97,171
North Western Pacific—.
Peoria & Pekin Union
..
Toledo, Peoria & Western
Union Pacific System—
Utah
1
Western Pacific—.—
Total.
2,124 ' *"
2,124"
137,580
130,996
334
423
1,041
5,617
5,146
2,265
3,318
3,200
2,849
3,842
"This is another of
242
261
244
4,959
Louisiana & Arkansas.—.
6,213
6,001
2,851
1,593
3,884
4,102
295
246
340
660
630
714
125
138
167
304
6,875
16,672
7,002
6,246
5,433
16,591
17,397
18,425
tually
19,879
Missouri Pacific—.—
Quanah Acme & Pacific
138
Texas & Pacific——
221
7,731
14,317
13,578
5,746
5,096
4,929
5,868
8,330
8,573
131
141
101
90
88
33
30
18
29
29
71,203
76,092
75,229
70,399
71,751
Wichita Falls & Southern
Weatherford M. W. & N. W
!
1,049
•'
„
6,241
382
t
'
419
■
'
889
9,580
■7; 675
8,432
23
206
358
1,183
3,174
2,682
5,713
Erie——
•
:331
1,214
1,208
12,239
13,096
6,087
.5,396
6,584
4,650
4,271
164,012
170,216
226,603
-232,050
.
.
.We give herewith latest figures received by us from the National
Paperboard Association, Chicago, III., in relation to activity in the
paperboard industry.
Allegheny District—
The
members
this
of
734
698
846
1,344
1,262
46,924
47,722
43,250
29,005
29,740
5,418
6,897
Cumberland &
Pennsylvania System—
Reading Co
*
—
(Pittsburgh)
Western Maryland
Union
■
20,100
19,343
54
53
y
UiJ\)
295
16
production, and also a figure which indi¬
based on the time operated.
These
advanced to equal 100%, so that they represent the total
are
9
178
152
67
54
1,108
4,500
STATISTICAL REPORTS—ORDERS, PRODUCTION, MJLL
*
.
1,831
1,744
1,753
2,293
2,512
88,280
88,852
82,949
63,613
68,875
15,238
15,304
14,690
27,055
28,055
16,345
19,562
12,374
6,850
7,977
3,900
4,064
4,210
12,865
12,507
iqdl-wppV
Week
DistrictChesapeake & Ohio
Norfolk & Western.
177,394
96
93
152,611
558,285
580,804
94
93
153,625
££>57,986
95
93
203,891
..146,832
159,733
158,938
125,708
...
March 24—;—
—
-
t-
April 14
April 21
—
Way
28,698
28,864
29,840
14,747
14,363
21,378
22,282
23,053
7,425
Tons
.
4,542
4,890
2,456
158,551
537,005
99
549,631
100
604,720
92
94
97
55,688
57,783
24,628
25,072
For
94
production at the current rate, and
stocks are equivalent to 31
days' production.
gross
\
162,040
564,631
98
95
158,854
546,311'
99
95
161,764
605,892
97
95
153,111
602,717
94
95
158,532
565,867
97
95
157,794
532,257
°97
95
168,204
153,359
546,211
93
95
Compared to the average cor¬
189,674
2
June 16—
159,228
575,167
97
95
129,618
159,230
537,182
96
95
responding
week of
1935-1939,
production of reporting mills was
10.8%
greater; shipments were
For the year-to-date,
:
—
reporting identical mills ex¬
ceeded production by 6.7% ; orders
"
Unfilled orders of the prior week, plus orders received, less production, do
unfilled order*.
shipments
of
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for pr fined from stock, and other Items made necessary adjust¬
ments of
Unfilled
129,327
'
not
54,513
production.
order files of the reporting mills
reporting softwood mills, unfilled
orders are equivalent to 37 days'
94
604,214
In the same week new
14.1%
of these mills were
than
amounted to 112% of stocks.
94
162,386
orders
more
be¬
June
152,208
126,285
——
9
Notes
5.9%
142,36?
—._
5.r.—
May 19
2,149
•
Percent of Activity
Current Cumulative
8,560
4,437
were
223,162
——...
April 28—....T—
June
—
Total.
Remaining
Tons
150,486
129,948
137,911
178,483
—
March 17——
May 26
Pocahontas
^^uction
Tons
177,711
.
1
March 10-
March 31
Barometer
16, 1945,
ACTIVITY
Unfilled Orders
181,377
PnrW
Ended
March. 3——
June
Virginian
Orders
.
May 12
169,920
Agent-in-Charge in the dis¬
in which he normally files
Trade
•
,
„
4,690
187,010
agreement
low production for the weelt
1945
1,765
196,095
an
According to the National Lum¬
Manufacturers
Association,
lumber shipments of 456 mills re¬
porting to the National." Lumber
the activity of the mill
figures
•
104
189,299
Total.
246
3
627
.
1,676
,
Long Island
....
Penn-Reading Seashore Lines.
531
171
Pennsylvania.
Llgonler Valley.
6,712
468
;
Cornwall
1
such
points
desiring
ber
member of the orders and
2,314
15
7,245
1,659
„■
<
2,143
1,626
6,595
7,058
1,313
—
obtain
businessman
Ended June 16, 1945
Association
represent 83% of the total
industry, and its program includes a statement each week from each
•
.
& Youngstowru
Ohio—..——
Bessemer & Lake Erie..—
Buffalo Creek & Gauley
Cambria & Indiana—
Central R. R. of New Jersey.
Baltimore &
a
Lumber Movement—Week
industry*'
Akron, Canton
V
after
his income tax returns.
cates
160,562
v
adopted
2,377
>339
373
was
should consult the Internal Reve¬
,
15,882
2,211
9,584.
1,440
5.685
tlncluded in Baltimore & Ohio RR.
figures revised.
15,334
26
366
year's
trict
219
6,238
,
to
♦Previous week's figure,
Note—Previous
that
out
nue
347
>,
—
3,850
1,083
—.
Total—
18,773
1,001
plan
except on
,
mutual advantages as a result of
it."
„=■
y,K- ' '
•
55,869
7,372
5,016
rates mu¬
by him *ahd
look
we
3,587
1,001
5,147
upon
and their representatives, and
forward - to substantial
men
.53,449
17,825
5,01"
7,755
;f 7,222
specific
The Treasury Department
1,961
de¬
consultations with many business¬
8,668
6,637
"This
252
8,731
3,524
5,615
—.—
131
8,762
3,499
10,163
Texas & New Orleans
65
8,9,06
agreed
for at, least five years,
his own request.
«V
393
3,452
...
•
the Bureau will not be disturbed
2,799
9,784
St. Louis-San Francisco.—..
St. Louis Southwestern
that
surance
5,508
430
•
preciation rates and methods. The
new plan carries this policy a step
further by making it possible for
a-businessman to get written as¬
342
Missouri-Kansas-Texas Lines..
>
and regu¬
the statutes
permit.
avoid unnecessary changes in
11,364 f
3,309
,
certain
and
time to be of all
"It is already the policy b£ the
Bureau of Internal Revenue to
1,111
Litchfield & Madison——
definite
same
as
lations
2,672
Midland Valley
———_
Missouri & Arkansas——
steps to
our
application of the tax
more
insofar
4,489
3,040
of
possible assistance to businessmen
2,360
1,437
'
the
make
397
;
period pf
treatment
known Commissioner Nunan said:
39
'995
5,098
International-Great Northern.
Kansas, Oklahoma & GulfKansas City Southern——
the
depreciation deductions for
purposes of the income /tax, and
excess profits tax.
In making this
6,998
2,510
3,621
City
on
years
525
Illinois Terminal
91
10,084
obtain ad¬
a
their
627
Fort Worth & Denver
317
26
2,194
6,552
2,479
56,826
9,995
1,667
6,559
557
can
for
assurance
vance
2,776
311
50,377
1,
856
Denver & Salt Lake
16,0.94
6,383
——
Total..
.1,117
'4,957
8,048
—
Wheeling & Lake
1944
1,536
14,602
Pittsburg &
Wabash
1945
1,544
,
244
335
/ 2,904
Shawmut
—
Pittsburg, Sha wmut & North—
Pittsburgh Sf West Virginia...
878
21
which businessmen
Southwestern District—
1,882
—
—
3,155
Burlington-Rock Island
•2,260
Central Lines—
3,098
Gulf Coast Lines
{8,405
H. & Hartford——
;—
New York, Ontario & Western—
...
New York, Chicago & St, Louis—
N. Y.r, Susquehanna & WesternPittsburgh & Lake Erie
—
Pere Marquette.....
12,002
3,239
Denver & Rio Grande Western-
•
Received from
*195
N. Y., N.
12,806
"
4,037
Montour.
17,930
Colorado & Southern
Nevada Northern
12,763
—
18,736
11,941
4,184
3,055,725
854,486
.
;
June
Joseph D. Nunan,
Jr., Commissioner of Internal Rev¬
enue,
authorized a plan under
67
19,492
[
Income, Profits Taxes
12,420
414
4w
85
4,805
2,480
^
3,995
616
14,368
1,731
River
England
Lehigh Valley—.
Maine Central
Monongahela
14,937
2,896
455
}
Depreciation
'
2,423
247
Lehigh & Hudson
25,092
3,461
...
Bingham & Garfield.
12,514
13,974
—
27,233
3,904
356
Alton—
tv
mi
^
On
2,686
936
Grand Trunk Western—,
65,087
12,142
1,107
Detroit, Toledo & Iron ton.—,
Detroit & Toledo Shore Line-
y3",256
136/037.---*72/588
2,290
6,335
1,401
!
2,975^^.2,808
134,294
$1,314,043,000.'>-
Deductions in Case of
.
13,311
4,949
»
536
Illinois.—.
40
Lackawanna & Western——
572
4,350
Chicago & Eastern
1,074
Detroit & Mackinac—,
5,885
154
Eases
Central Western District—
6,913
1,390
—
7,187
310
134,506
amount of
_
2,793
Atch., Top. & Santa Fe System^
954
——
8,773
11,581
—.—,———
C-..„
868j286
■
21,996
Total—
877,493
i
—
Spokane, Portland & Seattle,
6,988
Indianapolis & Louisville——
per annum.
—
Spokane International
j 1,303
'
Central Indiana...—
Central Vermont—-—.-—
Delaware & Hudson.—;
discount
the low price was accepted.)
There was a maturity of a simi¬
Chicago, Rock Island & Pacific-
1943
;
, •
Low, 99.905, equivalent rate of
approximately
0.376%
20,189
2,910,638
-
0.364%
approximately
2,333
Northern Pacific
Total Loads
Bangor & Aroostook,
Boston & Maine..—..
High, 99.908, equivalent rate of
19,050
Minn., St. Paul & S. S. M
873,174
273
114,478
per annum.
Minneapolis & St. Louis.—
667,609
1944
approxi¬
bids:
114,488
discount
Lake Superior &
810,698
'
116,555
120,316
125,011
""—
■
Chicago & Illinois Midland
Freight Loaded
discount
per annum.
Range of accepted competitive
1,063
*
Green
1943
Total Revenue
of
rate
mately 0.375
'
Elgin, Joliet & Eastern
Moines & South
*3,441,616
306
lent
8,306
3,154,116
.
Total
price basis at '99.905 and ac¬
cepted in full.)
Average price, 99.905, equiva¬
20,842
1,097
as
are
fixed
10,232
Chicago, Burlington & Quincy..
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
v
(NUMBER OF CARS).WEEK ENDED JUNE 16
•
1945
1,260
426
the week ended June 16, 1945.
During the period 61 roads showed increases when compared with
the corresponding week a year ago.
r
Eastern District—
355
Ft. Dodge, Des
872,674
Railroads
377
9,835
railroads and system for
the separate
4,391
1,615
22,608
Southern Pacific (Pacific)
r
593
1,596
25,151
3,152,879
3,363,195
a summary
452
4,616
1,448
10,277
Tennessee Central—
June 25.
on
applied for, $2,256,345,000.
accepted,
$1,317,766,000
(includes $63,855,000 entered on a
1,139
10,749
Great Northern..
19,491,762
table is
195
3,320
Duluth, South Shore & Atlantic
884,285
The following
216
1,342
579
to mature
and
Total
406
Richmond, Fred. & Potomac
Seaboard Air Line...—._—...
Southern System.
—.
28
The details of this issue
.
3,180
—
the
follows:
348
Norfolk Southern———.—
Piedmont Northern—.—
dated June
Federal Reserve Bank
3,401
2,121
Mississippi Central
Nashville, Chattanooga & St. L—
that
Duluth, Missabe & Iron Range,
837,520
■
789
5,084
Louisville & Nashville
3,845,547
Week of June 16.-——.-—-
364
—
25
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha.
3,916,037
Week of June
403
Chicago Great Western.
3,275,846
2.-.-—-----
of June
416
Chicago & North Western.
3,452,977
of May.—,—.———
124
1,181
2,637
1,049
Northwestern District-
3,374,438
4,018,627
April.—
132
2,456
Macon, Dublin & Savannah..—..
except
3,158,700
3,001,544
3,049,697
Weeks of March_...^_.—
34
—.—
Gulf, Mobile & Ohio—.
Illinois Central System
Northwestern and Southwestern.
Weeks of February..^—w—
ft
4
1,689
52
1,343
Georgia & Florida
Central-
4
1,559
983
50
—
June
Sept. 27, 1945, which were offered
on
June 22, were opened at the
1,211
Gainesville Midland
compared with the correspond¬
of January...—.—
....—
on
$1,300,000,000 or there¬
90-day Treasury bills to
about of
1,803
Clinchfleld
loading totaled 45,370 cars, a decrease of 1,177
cars below the preceding week and a decrease of 2,740 cars below
the corresponding week in 1944.
Ore loading amounted to 74,845 cars, an increase of 2,104 cars
above the preceding week but a decrease of 8,255 cars below the cor¬
responding week in 1944. . ,
<
,
Coke loading amounted to 13,100 cars, a decrease of 1,488 cars
below the preceding week, and a decrease of 2,076 cars below the
corresponding week in 1944.
\
;
,
Weeks
Secretary of the Treasury
1,724
Charleston & Western Carolina—
Forest products
4
The
4,841
1,674
to 14,683 cars, an increase of 215
cars above the preceding week and an increase of 775 cars above the
corresponding week in 1944. In the Western Districts alone loading
of live stock for the week of June 16 totaled 10,426 cars, a decrease
of 155 cars below the preceding week, but an increase of 488 cars
above the corresponding week in 1944.
; i.
; •
1944
Offering
420
2,404
1,279
Livestock loading amounted
1945
Sill
1944
284
573
s
the Eastern, Pocahontas,
1945
254
719
Central of Georgia.
0.5%. Loading of revenue freight for the week of June 16 decreased
11,611 cars, or 1.3% below the preceding week.
Miscellaneous freight loading totaled 392,344 cars, a decrease of
7,070 cars below the preceding week, but an increase of 5,247 cars
above the corresponding week in 1944.
Loading of merchandise less than carload lot freight totaled.106,417 cars, a decrease of 1,819 cars below the preceding week, but an
increase of 1,746 cars above the corresponding week in 1944.
Coal loading amounted to 173,015 cars, a decrease of 2,265 cars
below the preceding week, and a decrease of 7,087 cars below the
corresponding week in 1944.
.
Grain and grain products loading totaled 52,900 cars, a decrease
of 111 cars below the preceding week, but an increase of 7,571 cars
above the corresponding week in 1944.
In the Western Districts*
alone, grain and grain products loading for the week fo June 16
totaled 36,788 cars, a decrease of 331 cars below the preceding week,
but an increase of 7,237 cars above the corresponding week in 1944.
reported decreases
1943
1944
437
798
week in 1943 of 4,388 cars or
All districts
Connections
1945
Southern District-
Results Of. Treasury
Received from
Alabama, Tennessee & Northern.
Atl. & W. P.—W. R. R. of Ala....
week ended June 16, 1945,
the Association of American Railroads an¬
This was a decrease below the corresponding
cars, or 0.5%, but an increase above the same
ing week in 1944 except the Southern, Northwestern and
western. ~ All districts reported increases compared with 1943
Total Revenue
Freight Loaded
Railroads
.
Loading of revenue freight for the
totaled
2891'
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4398
161
Volume
:
by 10,1%,
12.0% greater; orders were
greater..
36.9%
The election of G. Allen Patter¬
Companies
Items About Banks, Trusi
regular meeting of the
National
At the
son
Board of Directors of the
the
City Bank of New York held on
June 26, DeWitt A. Forward was
appointed a Senior Vice-Presideni;
and Leo N. Shaw, Vice-President
Brooklyn, N. Y.
Mr. Raber was
formerly Auditor Of the bank, and
is succeeded to that position by
John J. Miller.
:
;
'
;
of
Deputy Manager Overseas Divi
sion. Mr. Forward has been with
following
1916
since
bank
the
graduation from Colgate Univer
sity and most recently as Vice
President in charge
of western
business of the bank. He was for
of the National
branches in Brooklyn, tak
ing over that territory when Peo
pies' Trust Company of Brooklyn
was
merged with National City
He has had a broad banking ex
merly in charge
City
across the country anc
June 25 was elected a member
pprience
on
Trustees of Col
Board of
of the
He is also a trus
tee of the Dime Savings Bank of
Brooklyn and Director and Vice
President
of the National City
gate University.
in
Shortly after, he
spent some time in Russia and
ffom Amherst.
of the United
staff there. -/ He
Consul
Vice
was
Consular
States
The
Davie
traveled back and forth between
in connec¬
announced
20
June
on
by
Miller, acting President of
the bank.
The Pittsburgh "Post-
this
Gazette,"
from
which
learned, also said: "
Patterson
was
is
a
Savings ; Bank, ■ Albany'; ples-Pittsburgh Trust in 1929. He
announced on June 20 was named Auditor in 1936 and
by
the
Albany "Times-Union," Treasurer in 1941.
which also said that: Mr.1 Davie,
who
has been Executive Vice-*
Admission of the Farmers &
President
since
March
1, 1944; Citizens Savings Bank Company
of Germantown, O., to member¬
succeeds Henry D. Rodgers, who
ranging up to 65 cents an hour for
some
special industries, special
advices to the New York "Times"
from
N, Y., was
June 20.-
retired
two
Davie
Mr.
ago.
years
had
previously
10"years as senior exami¬
of the Second Federal Reserve
served
ner
district, of New York City.
Bank
Earlier in his career he served
National
and also
the staff of the Irving
on
in New York City
Bank
ship in the Federal Reserve Sys¬
tem was announced on June 20
by Ray M. Gidney, President of
Federal
Reserve
Bank of
the
Cleveland.
Reserve
&
Company was
capital
000 and now has a capital
000. It serves the village
ized in 1904 with a
of
Manufac¬
Co. of
the
Trust
Traders
&
turers
Buffalo, N. Y., and the First Na¬
tional Bank of Kenmore, N. Y., on
June
approved the merger of
1,9
This
institutions.
the
which
effective
is
merger
bilization, reported the director's
views as an authorized spokes¬
organ¬
of $25,of $35,of Ger¬
He
man.
that
later
added
the
proposal had been under study by
OES for
some
time.
*
■<
-
Davis' proposal would no
Mr.
only raise the national minimum
in the textile industry from
wage
cents
an
hour to 50 cents, but
provide special premium levels as
high as 65 cents an hour for such
troublesome
industries
manufacturing.
' '
textile
as
:
The meeting was called specifi¬
cally to exchange views on the
mantown, located about 15 miles
of Dayton, and an ad
southwest
populace
jacent trade
5,000.
estimated
at
for
Pres¬
Germantown bank
"Albert Rettich has been
of -the
ident
problem of increasing textile pro¬
duction but Mr. Davis' suggestion
a
substantial wage increase for
workers
textile
appeared
be
to
the most concrete result.
and a director for
His proposals, according to the
Other officers are R. A. "Times," to some degree dupli¬
Emrick,
Vice-President;
T. K. cated the wage demands of the
Major Clifford L. Strang re¬
in 1920 to reenter the service of
Zehring, Cashier, and H, JL Max- CIO Textile Workers Union of
cently retired army officer has
the National City Bank of New
son, Assistant Cashier and Secre¬
America. Outlined by George Balresumed. ,his .former position as.
York.
He is known, throughout
tary.
Directors are the officers danzi, Executive Vice-President of
President of the First Trust Com-'
and R. Ireland, who has been a
the world as a foreign exchange
the union, these demands fix a
pany. of Tonawanda, N.' Y., and
member
of
the
board for 35 minimum textile
expert.
-'".v / j"
wage of 65 cents
Executive Vice-President of theSiberia and Petrograd
Bank Commissioner.
State
his government work
and returned to the United States
with
tion
a
meeting held on June 21
25 years.
Committee of
of New
Executive
the
of
Company
Trust
Bankers
Curran was elected
Officer, and Ar¬
York Hugh F.
Trust
Assistant
Gardner was elected
thur
Assist¬
Company
years."
hour and
an
.
flat increase of 10
a
cents an hour throughout the in¬
"Globe-Demo¬ dustry. The AFL union, the United
reported that Textile Workers of America, seeks
following the purchase of about a minimum wage of 75 cents an
election of Lawrence E, 90% of the outstanding stock of
hour, and "appropriate" increases.
as
Vice-President of the' Jefferson Bank & Trust Company
The differential of 10 cents an
"
The
Martin
Louis
The / St.
19
June
of
crat"
Shawmut Bank of Bos¬ of St. Louis, Mo., by Thomas T.
hour between the CIO and the
Mass., was announced on Poleman and associates, it was
AFL requests is partly explained
June
22 by Walter S. Bucklin,. announced that Mansfield C. Bay,
by the fact that the AFL group
President of 'the' institution, ac¬
formerly in the lumber business, is composed largely of skilled tex¬
cording
to
the
Boston
"News had been elected President, suc¬
tile
workers
who
customarily
Bureau."
Mr. Martin joined the
ceeding O. H. Moberly, who is re¬ would earn more than the un¬
bank in 1928; was elected Assist¬
tiring/
skilled employes in the CIO union.
ant Cashier in 1938 and Assistant
It is further stated A. N. BergUnder the Fair Labor Standards
National
Vice-President.
ant
of North
Tonawanda, N. Y., it is learned
from the Buffalo "Evening Ne'ws.''
Trust
State'
Corsa
appointment of John T.
Assistant Vice-President
as
York was am
June 2Q by John C
of the Bank of New
nounced
on
President of the in¬
Corsa had been
connected with the National State
Bank of Newark since 1940 ip the
position of Vice-President.
Traphagen,
Mr.
stitution.
advancement
of H. O.
JSversmann from Assistant ViceThe
^
Vice-President and
John
C.
Bancroft to Assistant
Vice-President
were
announced
to
President
by the bank on June 12.
Two
bank
new
Badie
officers elected to the
June
on
12
were
R. Peter
Assistant Treasurer and
as
W.
Howard
Green
as
Assistant
Secretary.
A. J. Ralph, heretofore
Vice-President in the
Investment Department of
of America at San Fran¬
Henry
Bond
Bank
Vice-President in 1942.
Bailey
George
-
•
feld, formerly Cashier, was elect¬
ed
Vice-President and Cashier,
Vice-
Bacon,
Merchants
Na¬
tional Bank of Boston for the
past
President
quarter of
of
a
the
century, died on June
of 58.,
•
17 at the age
re-elected to the
of the board
are:
Mr. Poleman, Mr. Bay, P.
Walker
MacMillan,
George
N.
and
also
was
board. New members
Edmund
T.
Allen,
Calfee and R. W.
At a meeting of the Board of Poertner,
an
Assistant Cashier.
Directors- of the- First
National Mr. Moberly's name also is inBank of Jersey City held on June cluded;among the new directors.
20, Kelley Graham, President, an¬ Mr. MacMillan was elected First
nounced the promotion of Harold Vice-President. The bank's condi¬
E.
McCausland
from
Assistant tion statement of Dec. 31, 1944,
Cashier to Assistant Vice-Presi¬ as listed in G. H. Walker's Man¬
Meissner,.
Creighton
B.
.
Assistant
Mr. McCausland is in charge
dent.
of the Bergen
In
Square office.
item
appearing in our is¬
of June 21, page 2780, it was
an
Act, better known as the WageHour Law, any
has been pro¬
Vice-Presi¬
moted to the rank of
President.
sue
stated that the Germantown Trust
the
that
stated
action
taken
was
well known, in by the National Bank of Germantown
and
Trust
Company
of
banking and investment circles on
both coasts, his experience in the Philadelphia, located at 5500 Ger¬
mantown Avenue. It happens that
field dating back to 1919.
Mr.
Ralph
is
there is
DeCoursey Fales, President of
Savings in the City
he Bank for
the apointment of William F. Ferguson
s
Vice-President and Robert F.
lorchant
as
Treasurer
of the
f
New
York
announces
ank, effective July 1.
uBon
was
heretofore
f
the
bank and has
mfploy since 1907.
ras
previously
'reasurer and
Mr. Fer-
Treasurer
been in its
Mr. Marchant
the
Assistant
has been a member
f the staff since
1927.
in
increase in the na¬
would have
approved by the Secretary
New York "Times"
states;
For premium wage levels
in other industries, the increase
be
to
of Labor; the
would
have
first
be
to
recom¬
special committee
comprising management, labor
and public members, and then ap¬
proved by the Labor Secretary.
mended
by
a
Davis
with union
members today, according to Mr.
Emerson, that low wages for tex¬
tile workers were one of the key
Mr.
agreed
Capital, $200,000;
undivided profits,
problems, "if not the key prob¬
$134,954; deposits, $8,118,374.
lem," in the whole difficulty of
ual, showed:
surplus
and
a
Germantown Trust Co.
Philadelphia, but it
recruiting employes and put the
Hugh Cuthrell has been elected
Savings Bank
F
Brooklyn, N. Y. Mr. Cuthrell
Vice-President of the Brooklyn
nion Gas Company*
1 to the
been appoint-
are
giving
herewith the advices issued by the
National Bank of Germantown &
tion
Company regarding its ac¬
June 13, which also in¬
on
cluded
the
announcement
declaration of
of
the
dividend, its 259th
consecutive semi-annual dividend.
The Board of Directors has this
declared
day
259th
dividend
a
consecutive
semi
-
(the
annual
$1 per share
on the capital stock, payable July
2, 1945, to stockholders of record
June
30,
1945.'
or
Checks
will
be
Pacific
The Board authorized the trans¬
of
profits
ation.
Action
Expected
$300,000
from undivided
increasing the
to surplus,
'i
on
Business'Tax Helief
/
Passage of the so-called Interim
Tax Bill, providing some $5,500,000,000 in refunds for business
concerns/ introduced by Chairman
Robert L. Doughton (D., N. C.) of
the House Ways and Means Com-4
mittee,
June
on
the "Journal
18, according
to
of Commerce" from
Washington on that date, seemed
likely before Congress adjourns
the
for
after
summer
on
week for working
June 15.
H.
without
public
hearings,
Calif.
S.
A.
Heatley and
Jr., were named As¬
sistant Vice-Presidents.
"Chairman
the
Doughton
measure
both
be
can
Houses
Leather Bureau,
on
director is Chairman
of
Imperial
Oil,
Ltd., and President of its sub¬
sidiary, International Petroleum
Co., Ltd., and is one of
leading oil men,
Canada's
wages
was
act and added that the agency
lative
new
said the problem
not one
which the WPB had authority
of increasing
Royal Bank of Canada has been
announced, according to the Tor¬
onto "Globe and Mail" of June 20,
President
director
Clothing and
Kenneth W. Marriner,
of the WPB Textile
also had not
"The
recommended
a wage
stock and 3%
actual on the "A" stock and "B"
shares, in respect of the year end¬
ing Sept. 30,' 1945, subject in each
case
preference
to
the
deduction
tax at 8/7 s.d. in the
dividends
terim
June
were
of income
The in¬
payable on
£,
15, 1945, to stockholders
on
the register
and
shareholders
May 25, 1945.
Congressional leaders are aiming
an adjournment for the summer'
by July 10 at the earliest and
July 23 at the latest.
at
.
"The interim
provided
of refunds from
taxes.
Origi¬
nally they were to be paid in thepost-war period to provide aid to
companies having to reconvert
their plants.
for
measure
speed-up
a
war-time
"In
business
the
addition
to
faster refunds,
would
measure
increase
the
$10,000 exemption from
profits taxes to $25,000.
present
excess
"Members
of
the
Ways
and
Means Committee yesterday com¬
pleted a study of the bill, together
with a report recommending its
The report was writ¬
by congressional and Treasury
tax experts.
enactment.
ten
"While
vote
a
the question
on
of public hearings was not taken
directly,
to
the
committee
tion
of
the
,
■
vote
Reed
ments
the
any
Representatives
Y.)
(R., N.
Va.)
(D„
and
measure
amendments.
to
did
proceed today with considera¬
plan
Robertson
and
to
offer amend¬
the amount of
increasing
profits tax exemption
figure over $25,000. They
excess
some
have
not
decided
the
on
-
exact
figure.
"Members of the committee had
feared
there
would be
a
demand
for public hearings and had fore¬
that
cast
the
bill
fore the
public
most
if
hearings
held
were
could not be passed be¬
July adjournment. Since <
hearings are not likely, *
members
are
bill will get speedy
confident
the
approval."
The
Chinese
said
on
Ministry of Fi¬
June 25 that Gov¬
ernment
sale of gold would bdA
temporarily
suspended
starting
that day.
Associated Press ad¬
vices
from
Chungking, Jfcne 25,
reporting this, added:
"Hitherto
more
than
80,000,000,000 Chinese dollars have been
recalled
from
circulation
through
;
-
•
.
on
/
fect of helping curb inflation.
"In
ness
view of the present tight¬
of money and in order that
the Chinese
currency
bilized,
sale
the
S. G.
of
can
gold
be sta¬
will
be
suspended until August, by which
time shipments from the United
States will be available.
"These
200,000,000
Bank
by
mid-July.
before
the sale of gold, which had the ef¬
Gates, Chairman of Tecale(Dominion, Colonial and Over¬ mit, Ltd., has been appointed a
Director of Westminister
Bank,
seas) have declared interim divi
dends of 4% actual ,on the cumu- Ltd., of London,
The Directors of Barclays
believes
enacted
nance
to
and
on
China Suspends Gold Sales
Appointment of R. V. LeSueur
to the Board of Directors of the
which further said:
th&
as
"Wall Street Journal" reported
June 21, and continued:
by the WLB for 55 plants,
In the South, he added, this wage
was reduced to $25 to $26 a week.
a
O. Elmer,
House
42 hours, even
ized
Taplin on June 14 was
Vice-President of the
American Trust Co. of San Fran¬
W.
named
a
the
committee had decided to proceed
with consideration of the measure
with the recent increases author¬
mailed.
position of Assistant to surplus to $2,500,000.
"Chronicle"
cisco,
We
Lapham,
of
Francisco, Calif., it was an¬
in
the
San Francisco
J.
fer
John W. Raber has
San
A.
nounced
action referred to.
dividend) of 10%,
trustee of the City
incor¬
was
Lewis.
Director
rect to have associated it with the
Trust
chairman, organized recently to
study the textile production situ¬
tional minimum wage
Executive
industry in a poor position to
American
compete for manpower with other
dent, and henceforth will divide Co. of Philadelphia had trans¬ Steamship Association, and Charles war industries.
his time between the bank's New ferred
$300,000 from undivided Page, Vice-President of Johnson &
Mr. Baldanzi, of th£ CIO union,
York office and the San Francisco
profits to surplus, increasing the Higgins of California, were elect¬
headquarters,
according to an¬ latter to $2,500,000. This was an ed to the Board of Directors of interposed to point out that the
nouncement by L. M. Giannini, error, since it should have been Crocker First National Bank of average textile worker earns $29
cisco headquarters,
submitted to the inter¬
be
,
ton,
The
would
for three years
r
At
These mat¬
ters, the WPB textile chief said,
,
June. 30 : has
previously been approved by the
Bank
Citizens Sav¬
ings Bank
and Phoenix National Bank.
.
40
Farmers
"The
loaning officer at the Chatham
as
the
from
advices
state*
*•*
'
increase to the WLB.
on agency committee, of which he is
stated
Washington
At a news conference which im¬
mediately followed the meeting
Thomas I. Emerson, general coun¬
sel of the Office of Economic Sta¬
.
Member banks in the
Fourth District now total 713. The
Wage Rise
Addressing a gathering of CIO and AFL textile unions' repre¬
sentatives and high-ranking members of the armed services, the War
Production Board, War Labor Board, War Manpower Commission
and his own agency, Economic Stabilization Director William H,
Davis suggested a major revision in the basic wage law, the Fair
Labor Standards Act, stating that he favored a 50-cents-an-hour
minimum
wage
and minimums ——
—-——•
Albany
Stockholders
National City
1916 following his graduation
Mr. Shaw came to
■
the
O.
J.
Mr.
Company.
Safe Deposit
of
national
promotion of James Rv bank examiner for six years and
to the Presidency of the became Assistant Auditor of Peo¬
given the additional title
was
Peoples-Pittsburgh
Trust Company, Pittsburgh, Pa.,
was
Davis Favors linn
Vice-President and Treas¬
as
urer
President, G. W. Felter of
Greenpoint
Savings
Bank,
the
Thursday, June 28, 194$
FINANCIAL CHRONICLE
THE COMMERCIAL &
2892
lotted
out of
ican
for
a
shipments
American
the
purchase
total of
dollars
will
total V
dollars
of
al-5
gold
500,000,000 Amer¬
which
loaned to China."
are
being
@FedFRASER