The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Final
Edition
New
Number 4178
157
S.
U.
Reg.
Volume
launched in 1933 and the
years immediately following with a great deal of emphasis
upon "objectives." These objectives, though always so vague
as to be almost
meaningless, were often in themselves unob¬
jectionable,
The people of the country were in a rather
desperate frame of mind and business leaders for the most
part in an apologetic; mood.
There was, accordingly, so
much acclaim for "objectives" and so little hard-headed
study of ways and means that the New Deal swept every¬
thing before it and initiated a movement that has done incal¬
culable damage to wage earners, employers and the public
the
were
war
address at the dinner of the New Jersey Bankers'
Association, held in New York at the Hotel Pennsylvania.
Senator
critical of the Administration's labor policies, and
particularly with the stand in dealing with John L. Lewis, President
cated
that
measures
for victory in
war,
he
necessary
the
would
great difficulties in opposing such proposals
public opinion is the fact that the
subject is so intricate and proposed remedies apparently so
simple. The man in the street-—yes, and more than a few
solid business men who have had no occasion to familiarize
themselves with the innumerable factors which govern the
(Continued
\
^:
Enterprise Is Dangerous
America's Post-War Dilemma Is To Face Realism
assertion
The
Crawford, NAM Head
decision for the
that "the big post-war planning
people is whether they want to-continue to emasculate
economic system into a nondescript, unworkable combination of
impossibilities, or whether they want to get back to
the proven work¬
ability of free competitive enterprise," was made by F. C. Crawford,
President of the National Association of Manufacturers, before the
Economic Club of Chicago
also
is
Products, Inc., declared in his
dress that "the
;
ad-
to
the
is
"Even
mine
demo
era
i
lemma
a's
t
o
easy
around
tried to
of
which
of
F.
C.
gamble
great
we
war,
can
Crawford
the rigors
depression by political tinker -
the
six
years began when Madame Per¬
kins condoned, with
the acqui¬
escence of the President, the sitpast
coal
operate
the
seize
To
mines.
industry
an
however,
Government,
circum¬
except to
the
not a
by
is
solution of labor controversies.
is
It
entirely possible
and probable
that John L. Lewis prefers to see
the coal mines of America nationcontinued
on
1891)
page
Americanism Stands For Fieedem
And Brotherhood Of Plain
Vice-President
on
May 17 that
the
of the world, wher¬
ever they may be,"
and that "the hope and glory of America is in
the future and not in the past."
Speaking before
American
York
City's
have
retarded
with
duction
occasioned
a
our
military
pro¬
which have
loss of nearly five
strikes,
Pearl
million
man-days
Harbor,
reaping
the
Administration
is
the reward of its own
since
New^
Vice-
that when
victory is won the people of the
Western Hem¬
will
isphere
have
an
op¬
portunity
the
set
t o
exam¬
the
ple
for
people
"ideals
its
of
de¬
\and
and tol¬
mocracy
peace
a
erance
good
bo
r
-
in
n
d
neigh-
1 ines s."
Mr.
"
Wallace,
asserting
"
sure
that
the
have
not
been
sacrifices
in
made
~
~
pf today
vain."
The Vice-President related some
of
his
experiences
of
tour
on his recent
Latin-American
seven
countries and emphasized that we
in the United States possess no
monopoly
ican."
on
the
name
•"
■
.
"Amer¬
:
•
"
Mr. Wallace pointed out that
over¬
by
seas
ways': by
which
Park,
Central
President Wallace said
destroyed by any one of three
excessive and exorbitant
taxation;" by senseless, unneces¬
sary regimentation, and by Gov¬
ernment competition with private
business, and suggested a sevenpoint program at the end of the
war to prevent this.
declared
estimated 1,000,000 people at the "I Am An
an
Day" exercises in
>
.
Wallace
A.
welfare and the brotherhood of the plain people
in
was
Henry
"Americanism in its deepest meaning stands for the freedom and
declared against
its extravagance in spending and
for ineptness
of a growing bu¬
reaucracy.
In its account of what
Senator
Byrd had to say, the
"Times" stated:
People-
Hope And Glory Of America In The Future, Not The
Past, Says Vice-President Wallace
also
oroblem,
it
within the last several
only
was
that most of Us began to
appreciate "what it really means
to be an American, what it really
means
to enjoy the blessings of
freedom and democracy," adding
that the nation has rededicated
years
itself to the age-old
fight to keep
the fires of freedom burning.
In
that "we have
part, he said:
English-speaking Amer¬
only half the Americans
ideals will be¬ of the-New World, The other half,
whether they speak Spanish, Por¬
come the guid¬
Henry A. Wallace
ing
stars
of tuguese or French, whether they
nations everywhere on this globe," speak Quechua, Aymara, Guarani,
stated that "then only can we be
(Continued on page 1891)
faith that
"We
some
these
day
icans
are
From Washington
GENERAL CONTENTS
and
must
of
two
not practice the es¬
trying
to make
an
economic emulsion out
incompatible theories-
private enterprise
and
State
so¬
"Our
Page
.1881
Situation
War
and
By CARLISLE BARGERON
American
Investments
Foreign
Inferences Drawn
tween
Are
a
nation
(Continued
of.
on
of
Estimates
National
In¬
Giving Away Our Gold?
We
camp
of
the
........".......;, .1881
Moody's Bond Prices and Yields.. . 11892
Moody's Common Stock Yields.... .1892
Items. About Banks and Trust ,Cos.. 1896
NYSE Odd-Lot Trading
.Y..1892
wives
,
From
Washington. Ahead
News
.;......
.
.
State
General
Review
of
.
Trade
.W.,
are
. and
following their
running
down the country
from, camp
husbands
and
in
babies
with
some
others mot
the
Also
.1882
Prices, Domestic Index. 1894
Weekly Carloadings .....
, • 1895
Weekly Engineering Construction .. .1892
Paperboard Industry Statistics... ,,. .1895
Weekly Lumber Movement..........1894
Fertilizer Association Price Index. . .1893
Commodity
(Continued on page 1896)
millions of
sured
to camp,
their arms
so
apparent,
off the trains.
was
Tunis
and
Mr.
sabotaged.
Roosevelt
went
attention
fact that their
there in Africa.
the air and called the
of the miners to the
sons
It
wore
has
over
been
periods
which
of
not
a
excitement
to
is
"in Washing¬
ton who does not know
Bureaucratic
has
never
V
report that there
newspaperman
cial,
through
have ever gone.
we
This is
for
an
that offi¬
Washington,
instant
been
:
that the boys in
—this
on
up
commentators as¬
Tunisia
before \ they got to
Bizerte—were being
these
us
worry
soldier^
those
followers,
who
would have to keep
1891)
be¬
things in America-at-war is that
for the past several weeks has
been whether we had a coal strike or not.
Commentators went on
the air to assure us that if there were a coal strike there would
have to be a dim-out all over the country and that the business of
railroad travel would be cut down to the point that even the little
Regular Features
-
strob<*'..uidi->
page
lies
One of the funniest
people think that the great
...
Some Questionable
'
1)
(In Section
Special Articles
Weekly Ccal and Coke Output.. .1894
Weekly Steel Review.......,.'
...1893
Moody's Daily Commodity Index.. : .1892
post-war, choice
Ahead Of The News
Editorials
escape
cialism.
escape
it
noted, that he, in addition to criti¬
cizing the Roosevelt Administra¬
tion for its handling of the labor
reckoning with the facts.
agreeable
economics," and he added:
"We
of
the
"We
ortho¬
dox
of
15,
come
capism
years
seeking
Times "
May
Harry F. Byrd
From
pones
realism
of
the
detour
after
idea
ing the right way to a better post¬
war
world, and not just a com¬
fortable
experiment
that.. post¬
d is
York
New
"
the
in
fect
for
tracks
"We'd better be sure we're plan¬
that
face
its
paying the grim fiddler—Mars.
gath¬
c
was
quoted to the
foregoing
ef¬
period in which, having ac¬
a
wastage
Crawford
i
The
Senator
pleasant sacrifice-free post¬
cepted
to¬
private
enter prise."
m e r
for
the
and
in
recourse
no
b y
waste, y
The
war
ward
"A
now
in
"Realism must discedit any
attitude
post-war
c
gov¬
autocracy and
inflation.'
the
of
ering
t i
of
ernment
Financial
uncer¬
told the
stances had
»o u r
c r a
form
the universal sacrifices vital
to
victory
by
log-rolling
and
'special - privilege - playing-with-
tainty of Gov¬
ernment's real
Mr.
and
.
tend to under-
decade in history.
we- seek
to
es¬
cape
pros¬
perity in
post-war
cold
nation
the first static
-
greatest draw¬
back
continued
since.
President
war
program
ing in economic fields and stopped
the
-
..
ever
"The
earlier ♦>
Mr. Crawford, who
President of Thompson
month.
this
the
to
"In the labor difficulties
American
our
labor
"In
latter part of his
speech Senator Byrd said that the
private enterprise system could
Uncertainty Of Govt. Attitude To
Declares
the
poli¬
my judgment
difficulties
that have
cies," he said.
been
labor
they
and
1937,
not contribute
be
Private
which do
cies
indecisive
and
weak
During: the
1882)
page
on
oppose
domestic poli¬
certainty of difficulties in the international
exchange markets in the early post-war years and so highsounding and altogether desirable do the "objectives" sought
appear to the uninformed that we have a situation in which
these fantastic plans gain substantial momentum while even
the skeptical usually find it necessary to begin their objec¬
tions with an avowal of sympathy with "objectives."
;
to
support President Roosevelt in all
thorities of the
\
intended
he
while
Currency "Objectives"
,
tion
seize
indi-^
of the United Mine Workers,
in
strikes
have continued without interrup¬
Byrd, who was
same
these in the court of
Extravagance, Ineptitude
of Virginia, in an
danger exists today in respect of
Among the multitude of post-war plans
the suggestions of Lord Keynes of Great Britain, and our
own Treasury,
Department, that a new type of super-stabili¬
zation fund (or bank) be organized for the purpose of man¬
aging world currencies after the war seem now to be gain¬
ing headway for about the same reasons which made possible
the New Deal and its fiascos,; So conscious are financial au¬
as
Enterprise, Senator Byrd Urges;
preservatioin of the free enterprise system after <^down
offered on May 14 by Senator Harry F. Byrd (Dem.)
post-war planning.
One of the
Copy
a
Measures for the
■
Popular Misconceptions
Price 60 Cents
Decries Administration
alike,
Precisely the
2
Office
Tat.
Preserve Free
The New Deal program was
International
2 Sections-Section
York, N. Y., Thursday, May 20, 1943
The Financial Situation
.
In
ESTABLISHED OVER 100 YEARS
one
of
the
greatest
worried about
a
stoppage of coal
production. The effects of such a
stoppage and the real ways in
which to deal with it have never
single time been uppermost
minds of our rulers. The
at
a
in
the
situation has been such that few
(Continued on page 1892)
a
verdict of a relatively free- market: what the pal^ work, and Federal volume.
Private, however, is 43% under
relationships of the various currencies should be at last week. Comparisons with the
point in time, and, second; know when to act and act 1942 week reveal public work
of
vance
The Financial Situation
"true"
any
(Continued from first page)
.Thursday, May 20, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
•1882
(
effectively to prevent precisely the type of errors which for
exchange markets—are easily led to suppose so
long obscured the true international financial situation
that what is needed is an "international currency" and that
during the 1920's. It is a part of the Washington blind faith
all that is required to have one which will work is to set up
in "managed economy;" and. a phase of that faith which
machinery for its creation and "management." Reasoning
simply staggers our imagination.
:TA ■
by false analogy, they see the dollar, for example, in use in
No one can doubt that disorganization, not to say chaos,
*48 States of the American Union and can not, or do not,
ill the international exchange market immediately .after hos¬
understand why similar procedure-could not - be made - to
tilities cease will, present itself as a danger of first-rate
work in the same way the world over.
The error is one
be found
with the foolish notion that the cure for war is to
;v.;
•
of the world.
"United States" of Europe or
a
■
V \1 Stabilization By Fiat
.
What many
-
r j
;
v^v
•
■
apparently unable to under¬
stand is that neither a domestic banking system nor any
international banking or currency system which will serve
of them
are
and
•
■
in
absence
the
full
of
consideration
of
the
legitimate and needed functions such systems must perform
is foredoomed to failure, and in failing is very likely to do
incalculable harm.
An "international currency," or some¬
thing which performs similar functions, would without ques¬
tion be a good thing to have, but what is far more essential,
•and what, for that matter, is a prerequisite for the estab¬
lishment
maintenance of such
pared with the like week a year
according to the- Federal Re¬
currency.
currencies)
conditions
a
world currency
(or perhaps
its equivalent in practice would present no
or
insuperable difficulty.
Indeed, it would almost certainly
gradually evolve as time passed. For many years prior to
1914 we had such a currency in the pound sterling.
To be
sure, it was technically ,the currency only of one country,
but in effect it served as an international currency and
'served well.
It evolved out of a complex set of circum¬
stances
quite without international prompting.
Unfor¬
tunately, even prior to the outbreak of World War I, the
conditions which had given rise to and permitted the gradual
perfection of this international currency had begun to dis¬
appear.' They had not changed so greatly prior to the out¬
break of hostilities in 1914 that the handwriting on the wall
had become clear to a great many, but it is now evident that
the change had begun. A very substantial part of what was
left
of these
of the
conditions
and
circumstances
conflagration which followed, ^
'
Supply)
viewpoints from which"this' problem (of civilian
be approached. Neither questions the propriety or neces¬
may
sity of acknowledging the first call of the armed forces
duction and
as
start,
a
of every
resources
school of thought maintains that
one
quickly the minimum civilian
and
proceed to -reduce
at once in the
character. With this
pro¬
our
ground
should determine
requirements of absolute necessities
internal
our
hope and
we
on
common
this bedrock
to
economy
basis
belief that the particualr production facilities
manner-
at
some
time be useful in further in¬
But
habit,
creasing production for
allies;
our
thought maintains that all reasonable needs
out question but that once
should be taken to
armed forces and those of
our
"The other school of
promptly
as
possible and with¬
as
this is under way every reasonable step
the absolute maximum production of con¬
assure
goods for civilian consumption from the remaining manpower,
sumer
"Which
of
these
finally establishing
civilian economy
'
|
machinery and materials.
schools
two
and
."slowly, giving place to new."
wise, efforts were made for a decade
of the
to re-establish the old
war
Many thought it
institutions
or more
system
as
after the close
it had existed.
being accomplished, but underlying
a dismal
failure.
Many of these conditions underlying the failure
were
the result of plain blunders in the management of
world affairs; others were the product of world economic
; evolution.
But at any rate the struggle to, re-establish, a
world currency in effect failed.
It is evident enough now
conditions
That
our
were
was
inexorable and the attempt was
should
concern
have
been ; with
the
of
thought
will
be
underlay all this work in the purely financial field;
should have been taken to avoid the essentially
artificial props to the old system; and that attention should
care
have been directed at the evolution of such modifications
of the old
system
as
duction of consumer,
our
steps to assure the absolute maximum pro¬
goods -sonsisfehKwith the •requirements of the
military forces, is believed to be preferable. One of the objectives of
military campaigns is to weaken
many
of the
omy
destroy the civilian
or
Isn't the protection of
enemy.
our
own
also
econ¬
of prime
importance?"—From the annual report of Allied Stores Corporation.
There is
need to
no
gild this lily.
nomics made necessary.
We
failed
to
>'
understand
this
"
,
cardinal
truth
in
those
and the danger is that we shall make precisely the
again. We shall be all the more likely to fall
into this grievous and costly error if the rank and file of the
people are encouraged to believe that by some form of bank¬
ing magic these often disagreeable and painful readjust¬
ments can be avoided. We can think of no more misleading
slogan for the popularization of false thinking about these
matters than the term "international currency" or "Bancor"
years,
same
or
error
in steel production and electric power distribution
lowering of the weekly business index figures. How¬
there were no sharp declines, and most industries continue to
We have
no
reason
to
believe that those
in
our
own
Treasury Department who have formulated the American
what it
aware
an
international stabilization fund—for that is
is
group
of
a
First among
their infirmities, it seems
body of men—yes, even a
politically chosen—can, first, determine in ad¬
strange faith that
men
some
interesting item from Wash¬
ington is the fact that the Gov¬
ernment
000,000
more
the
current
fiscal
than $189,000,000 for
for
year—more
each
of
the
317
July 1.
One
spending rate today
than
$60,000,-
war
ah'
stands
days
last
since
v/L'y
expenditures for
slightly more
than $20,000,000,000 for the corre¬
sponding period, a daily rate of
about $64,000,000.
:
'
ago
year
purposes
were
yThe Government's expenses for
all
this year,
purposes
oublic
debt
including
exceeds
retirements,
$65,000,000,000, against about $25,The
a
year ago.
tremendous
•
is
bill
war
beingipaid
in: part from taxes,
but mostly from borrowing,
The
Treasury
has
than
more
cash
a
balance
of
$14,000,000,000,
while
year ago the balance was only
about
$2,500,000,000.
However,
this
divergence does not mean
a
that
the
Treasury is nearly
today than it
times better off
a
year
ago.
six
was
•-/
;
Opposes
Post-War Planning
:
For Industry By Govt.
Lammot
the
du
Board
Pont, Chairman of
of
the like week last year, and.-*
:...
——■-—?fr*~——comparing with 3,866,721,000 kwh.; 1,685,000 net tons of output in the
in the previous week, according to' same period of 1942.
E.
executives, at
Baltimore, on
May
8,
de¬
in
.
the Edison Electric Institute.
geographic
regions
the largest being
oyer a year ago,
32.9%
in
gain
the Pacific Coast.
on
ibid-Atlantic
; V-'
13.3%.
The
States
'
New
All
showed gains
Was
^,/.j
Consolidated Edison Co. of New
output of elec¬
the week ended May 9
tricity in
173,600,000 kwh.,
was
of 18.3%
over
a
distribution of
year
increase
an
Local
ago.
electricity was up
20.4%. from last year.
.'
;
y
\
freight
May 8 totaled
according to reports
filed
the
revenue
for the week ended
with
Association
American Railroads.
of
increase
from
the
fewer than the corresponding
in
week
1942,
under'the
same
ago.
This total
age
cars
was an
week this year, 22,735
preceding
cars
27,768
This
of
and 20,598
period two
cars
years
123.4% of
was
aver¬
loadings for the correspond¬
of the 10 preceding
ing, week
and
to
Steel
the
American
Institute.
This
Iron
com¬
with 99.4% in the previous
week,
a
decrease of 0.8%, while
The
week,.
99.1 %
and
tons
in
■-A
the
the
operating rate was
production 1,716,100
week
figures
a
were
tables,
creating
demands
of
nation's
upon
metals
and
a
the
metal-work¬
clared
this
campaign,
the
•
"Iron
The review anticipates the tele¬
scoping of certain programs and
the enlargement of others, with
expert
shipments
expected
to
change in some respects. Changes
in military strategy, however, are
a
in¬
dustry after
war, .ac¬
Ass
o c
i
an
ted
a
Press dispatch
from
more
Balti¬
May
on
8, which went
to
on
say:
"Any corpo¬
likely to cause serious
ration or inproblems immediately.
•; > V }i
.dividual
is
Right now, says "Iron Age," the
steel, industry is
attempting to justified in
not
de
Pont
not
for
'■ %t'%' cording to
>
du
that
should
Tunisian
.
I.
Co., Inc., at
government
plan
Age" states.
&
meet¬
ing of several hundred industrial
ing industries, have been necessi¬
tated - by. the conclusion of
the
seen
.
.
JK
•
meet the
new
48-hour week order;
to get set for a possible walk-out
at the coal mines at the end of the
current truce; to continue expe¬
diting its lagging expansion pro¬
to
grams;
to
perfect
ments
the
for
workable, and
in depart¬
production
operations
feeling
pressure.
in
more
severe
;
continental
the
week
construction
United
totals
States
$90,019,000.
This, not including construction
by
military combat
engineers,
contracts
outside
the
country,
is 26% above
week,
but
60%
gin
a
week
month
ago,
99.2%
and
gains in
ago as a result of
both State and munici¬
Gale
of
the
G.
campaign to
Gettys, also
Board
Industrial
"It
took
the
to throw out
Pont
a
*':"
of
the
Information
propaganda campaign being waged
by the Administration."
.•
for
Public construction climbs 31%
"
.
Committee, has described earlier
in the meeting as "a
$98,000,000
preceding
over
what
member
the
"Engineering News-Record."
Pont
interference,"
educational
an
offset
shipbuilding,
>orts
du
expansion
own
•"■";•/'■:
■.
Photo by
• —
•
He urged manufacturers to be¬
and
lower than for the 1942 week, re-
Lammot
without government
he said.
„
Wm. Shewell Ellis studios
himself,
de¬
termining
his
National
engineering
„
for
manning
make the Central Ma¬
Plan
Civil
according
pares
time
variance
terials
appears
be found elsewhere.
$
An
Nemours
to be considered by its authors—are un¬ output is scheduled at 1,707,400
of these elementary facts. Their shortcomings are to net tons, against 1,721,300 last
to us,
like period last year
the
operate at high levels. '%>%;%•'• ;:;j-y-v
'//•'
-L/YhV".;'
Production of electricity for i the week ended May 8 amounted
to 3,903,723,000 kwh., an increase of 16%- over output of 3,365,208,000
Steel operations this week are
estimated at 98.6%
of capacity,
Faith In "Managed Economy"
scheme for
ever,
years.
"Unitas."
36%
up
corresponding 1942 week,
in
the
four-week
period
the
■
a
Carloadings of
eco¬
City apparel
were
Du Pont Head
816,551 cars,
inexorable changes in underlying
like
by;25%.^v;/>%y*V1
in
followed
is a highly important decision. The latter approach,
conditions Yorkreported
which
that
the
with
the week
in
000,000.000
.
over-all policies and objectives regarding
our
that of taking all possible
resulted in
yield
Valiant, if not altogether
tradition
custom,
ended
weeks
four
Sales of New York
war
r-.
Past Blunders
the
compared
topped
two
are
Declines
-
8,
and
"There
the victim
was
May
over
of the armed forces should be met
a
Given these
<
for
Store sales were up
Board.
13%
stores
such
currency, or a
serve
.
released will in -some
a
ago,
■
practical
substitute, is a set of world conditions and a pattern of world
economic behavior which render it possible to have and keep
or
'•'/
y;-■■
Department store sales on a
country-wide basis were up 12%
for the-week ended May 8, com¬
\
importance. He would be bold indeed who denied that some period a year ago.
Department store sales in New
sort of cooperative international action will be necessary
York.
City in the week ended
during a brief transitional period. But we submit that the May 8 were 7% larger than in the
sooner the matters over which these schemes of Lord
like 1942 week, and in the four
Keynes
and our Treasury Department would have the politicos rule weeks ended May 8 scored a gain
of
9%
over1 the4 corresponding
can be left and are left to the market's own
determination,
period last year, according to the
the better for all concerned, i ■
rNew York Federal Reserve Bank.
practical purposes adequately is, or can be, created by arbi¬
trary fiat.
Banking and currency systems are facilities to
-promote production and exchange of goods and services.-To
•serve their purpose they
must evolve from the economic
milieu in which they are to operate. • Either created from
without
83%.
down
tion
;
in
lower and private construc¬
59%
international
a
said.
12
years
reaction
against
tional
country
prohibition," Mr. du
"It took eight years
the
polls
by vote to set in
New Deal, but na¬
show that now is a
favorable time to begin educating
the public in the need for free
enterprise."
Volume
Economists
Oppose Green Bit! As Converting
Siiver Certificates To Irredeemable Currency
ities,
equipment,
and
the re¬
negotiation and termination of
contracts, and the study of these
subjects will have particular ref¬
amendments to the
the effect of converting our $1,703 -
Green
Silver
000,000
into
certificates
"The
also
calls
attention
to
a<S>
—~
signed last November I purposes—for
example, as bus:
by 54 members of the Economists' bars in electric plants—, and that,
Committee
taking exception to while employed in this manner,:
provision
The
letter
of
bill, S.35, amended, which requires
that the Treasury may not sell its
would be
silver
Provision
industrial
for
otherwise—at
use—war
made
71.11
than
less
or
well
might just as
vestment.
.average
our
the silver not
held as secur¬
now
ity for outstanding silver certifi¬
cates
per
ounce as of October,
This is another victory for
fine troy
1942.
the
approximately 48.5 cents
is
silver
"This
be
It
denominations can
issued to meet any demand of
public; for
money
paper
has
also
in
it
the
tificates
of
These notes
retired.
are
in the im¬
period is of di¬
interest not only to business
mediate post-war
"Federal Reserve notes in one-
the
of Great Britain's social security
plan, in an interview in New York City on May 15, disclosed that
he is working on another program dealing with the problem of pro¬
viding maximum employment after the war, said the New York
"Times" of May 17, from which we also quote as follows as to what
■•.<;/"<
he had to say:
"He
expressed confidence that®5
security plan would be hope
adopted in Britain after the war able,
and
praised
the
proposed ex- may
panded social security program that
social
are
While
plan, the
our
(Planning
sources
—in
Board.
differing from his own
security
American social
rect
management but also to public of¬
ficials and to labor leaders."
Prof.
Melvin
T.
Copeland,
program,
di¬
Business
paper.
,
had
which
would
In Decem¬
ber, 1942, the Treasury and Board
of Governors of the Federal Re¬
responsible
government,
not bankrupt, would issue to the
"No
System, by a devious manip¬ people a paper money carrying a
ulation,
issued
$660,000,000
of promise to deliver upon demand
Federal Reserve bank notes which what the government cannot de¬
are
unsecured.
Now this Green liver and does not intend to de¬
serve
the means by
which $1,703,000,000 of silver cer¬
silver bill provides
,
tificates
be
can
irredeem¬
made
liver.^Consequently this /provision;
of
Green
the
bill
should
be re¬
vised."
able paper money.
"Congress should never permit
.
this provision to
become law.
No
responsible government, not bank¬
rupt, would issue to the people a
carrying a promise
demand what the
government cannot deliver and
does not intend to deliver.
Our
paper
Problems Under
money
to deliver upon
Study
At Harvard School
f f
'
earnest consideration."
,
The
:
tivities
-
following is the statement
economists re¬
of the 54 monetary
ferred
to
Mr.
by
Tetter:
of
can
be directed' to d study
problems,' Therefore
post-war
Business
Harvard
School has
as¬
in
his
.>-■
Inflationary Grists
j
Over Says W. Wheeler
C.
Willard
Wheeler, of Sales
Traffic Digest, in an address last
month
the
at
convention!
Spring
of the American
Marketing Asso-»
ciation, at the Hotel Biltmore, said
that the price inflationary crisis
is really over and that "deflation¬
ary forces are already ip action,"
'mittee
on
Banking and Currency,
provision which would
.convert silver certificates into an
carries
a
"We
the passage of a
which
will
place the
approve
/measure
Economics, to the'new finan¬
study.
From the announce¬
ment we also quote:
cial
"Prof.
^irredeemable paper money.
;
Treasury's hoard of silver at the
Ebersole
will
be
reserving
nqnconsumptive
uses,
what is necessary
to meet the na¬
for
fractional
tion's
demands
done
further, by banks. Prof.
Abbott is to investigate Jhe needs,
preparations and financial capa¬
silver coin and silver dollars.
as
the
tificates
behind
silver
is
silver
withdrawn,
thoroughly investigated. Research
certifi¬
Green bill provides that
against silver cer¬
may be
loaned by the
the silver held
tificates
for
nonconsumptive
problems
cer¬
corres¬
Government
and-
But,
a
"The
conditions
which
ponding amount of these
cates should be retired.
,
School research, a firsthand study
of the subject is being made, Pres¬
ent
can
be
foreseen
wiR
be
agents of the School will get in¬
directly from business
formation
itself.
It
financial
is
recognized
problems
bound to federal
items
are
that
all
closely
policies, particu¬
larly those of taxation, the dis¬
posal of federally owned commod¬
more
there
are
my
workers
'Why ask us to buy
for
so
lot that I
many
adequate,
than
factories,
tank
bonds
war
of
piles
Stock
are
in
saying:
are
consider
what is being done, and. what can
'disposal of industry—war indus¬
bilities of corporations.
•
tries first, civilian industries sec¬
"As usual in Harvard Business
ond—for consumptive as well as
.
is mostly over except possibly
improvement in make-shift
up
for
Even
ness
Tooling-
tons of steel production.
set-ups.
""""1 "November 25, 1942.
Finance, and Charles Cortez Ab¬
"The Green bill, S. 2768, now
bott, Associate Professor of Busi¬
-pending before the Senate Com-
people
on
the
same
ques¬
emphasized the
prob¬
lems without waiting for the end
"As regards his social security
plan for Britain, Sir William em¬
of the
the
conflict.
"Military
not
an
to obtain valuable information in
this country.
"
'Every country has the double
job of conducting the war and
making plans for peace,' he said.
'Close mutual understanding be¬
phasized its practicability from
viewpoint of economics and
finance as well as its social jus¬
more
many
am
tanks when
of them on the
in danger of losing
Mr. Wheeler
urged that a com¬
the association
mittee be set up by
to
promote the victory merchan¬
bond plan, under which the
dise
public would buy bonds today for
the purchase of products in the
post-war period.
. ^
•
Panama Transfer
President
Roosevelt
Bill
signed on
May 3 the joint resolution trans¬
ferring to Panama certain United
properties and facilities in
that country.
" :
States
the British public. ' The
provides
for
compulsory
contributions out of earnings, but¬
tressed
sure
by taxation, that will in¬
and child
against almost
every man, woman
Great
in
Britain
all forms of personal want or in¬
security. Sir William thought that
95% of the British people were
for the plan and said that he was
recently assured by a friend that
the
figure
was
"more
like
99.44%."
A
reference
social
the
to
security plan
Beveridge
appeared
in
25, page 768, in
an address by Louis H. Pink, from
which we quoted.
/ issue of Feb.
our
.
Hemes! Ms Plans
people of the United
States and the peoples of the Brit¬
To
ish Commonwealth is
particularly
important. As democracies they
have a special, common interest in
showing that democracies can add
security to freedom.'
"As
explained
by Sir
opportunities for employment, in¬
volving trade, industry and fi¬
nance, and which call for consul¬
tation between nations and 'those
problems which call for positive
cooperation.' The most im¬
Keep World Peace
John
J.
Bennett, former State
General, in an address
Attorney
the
to
graduating class of Man¬
the Bronx on
hattan
College in
16, stressed
May
United
action
maintain
of May
the
in
peace
The
world.
the' need' for
nations to
the
by
post-war
"Times"
York
New
17, in noting this, further
indicated what Mr. Bennett had to
follows:
say, as
"
:
v<
"Some definite mechanism must
be
set
keep the peace.
It
in effect, the United
To keep the
to
up
should
be,
States of the World.
such an organization must
After the war there
be
a
world-police force.
This world-police force should be
the agent for this world organi¬
peace
have power.
must
close
zation."
portant of the latter, Sir William
said, ''is the prevention of any
repetition of world wars.'
tion, he said that it "would con¬
sist, at first, of the United Na¬
"The methods for
dustry and trade
organizing in¬
as to main¬
so
not
productive employment need
be the same in all countries
but
must
tain
related
be
other,"
in
William
Sir
"Action
to
to
regard
one
an¬
declared.
all
these
problems of all groups should be
planned and the plans to a very
large extent decided on during
the war. Otherwise they will |not
be ready in time.
•
,
"The
plans, and particularly
those which involve consultation
positive cooperation between
nations, must be based not simply
on
agreements between govern¬
ments but on widespread mutual
or
job?'"
plan
the
tween
William,
"While retail prices will main-; post-war problems fall for prac¬
purposes
into three main
tain the appearance of inflation tical
for some time," he said, "they too groups: Problems of social secur¬
must follow eventually.
We will ity with which each nation can
on
its own
lines 'without
look back on the Spring of 1943 as deal
the real beginning of a deflation¬ regard to what other nations are
doing' and which for purposes of
ary period in prices."
international
collaboration need
Mr. Wheeled pointed out that
no
more
than exchange of in¬
the major inflationary pressure on
formation; problems of providing
prices arose from four steps of
signed two members of the senior
?
questions about the views of
British
among
faculty, J. Franklin Ebersole, Con¬
verse
Professor of Banking and
Spahr
<■"'
world and answering so far as we
can
tification, and discounted reports
of any serious opposition to
it
A study of industry's financial
the .post-war
'certificates' would carry problems - during
period in relation to efforts to
a government certification; as do
ensure steady employment during
our Federal Reserve bank notes,
of what is in fact not true.
Our reconversion and demobilization
has been started by the Harvard
; country will have fallen upon sad
days indeed if our Congress can Business School, it was announced
on May 15.
It is indicated in the transition into a war economy-—
no longer be counted upon to end
>the issuance of paper money which announcement that' although" the plant construction, tooling-up, in¬
carries upon its face a deliberate teaching facilities of the Business ventory building and actual pro¬
School have been given over com¬ duction. At every step, he pointed
; falsehood.
"Last
government
and
business
November,
when
this pletely, for the duration, to" in¬ out,
same
provision appeared in the struction of men in uniform as¬ competed with each other, but
signed to the school by the armed that condition is fast fading into
.'Green bill, S. 2768, then being
,
*:
considered by Congress, 54 mone¬ services, and to the War Produc¬ the past.
tion Training Course, sponsored by
"Construction
is
tary economists protested as vig¬
practically,
government's
Engineering, over," Mr. Wheeler continued.
orously as possible the passage of the
and
Management
War "We now read about cancellation
.such a law. Since that protest is Science
.again applicable, we send you a Training Program, a substantial of projects for alcohol manufac¬
Icopy for your information and part of the school's research ac¬ ture and for the extra 6.000,000
silver
»
people of many different stand¬
points in the United States on the
main problems of the post-war
the
.
according:: to
the
New
York
"Times" of May 1, which further
reported Mr. Wheeler as saying:"
Post-War Financial
hope of finding out by
questions the views of
School's research, is chairman
tee
.;;
the
own
need of discussing post-war
have the advantage I of
His activities and those of his- col¬ stops should be made now. Other¬
been
removed:; from -the " Green being anchored. to gold and of
being maintained on a parity with leagues, in a school geared to war wise, they will not be made at all
| bill, S. 2768, last December. The
training activities, are expected to or made badly in a hurry."
reinsertion of these words means it by a system of redeemability,
"His own contribution to such
ease" business
conditions
indirect, which operates help
that silver busbars can serve as though
after V-day. When the war ends,: plans, he said, will be made in the
through a reserve of gold certifi¬
"security' for silver certificates
it is believed, industry should be new report upon which he is now
cates held by the Federal Reserve
outstanding and that silver cer¬
ready to act immediately. There engaged, working from an office
tificates can become inconvertible banks and which are redeemable
is a growing appreciation that it in London, financed by private
by these banks. in gold - for the
paper money.
of exportation.
Silver should solve its own problems contributions. He explained that
"This is another one of those purpose
in preparation for this report he
certificates under the Green plan and not rely upon federal aid.
step-by-step measures to convert
was seeking to assemble data from
would not be convertible, directly
an
ever
mounting proportion of
or indirectly, either into our over¬
Government, industrial, labor and
cur outstanding paper money, into
other sources, and that he hoped
valued silver or into gold.
an inconvertible
control'
'or
words
-
tions.";"'"';''/
Government. ;,
"Sir
William
victory is a means,
end," he said, "and the
of plans for dealing successfully with
Massachusetts State Commit¬ many
of the urgent
problems
on
Post-war
Readjustments which will arise when fighting
Harvard
of
rector:
—
that both my wife and I are
both to listen and to talk—
do something to bring about
mutual understanding.
We
here in the hope of doing so
presented to Congress recently in
the report of the National
Re¬
also
the business structure
Employment
Sir William Beveridge, author
and smaller sized
has
How Program
on
To Provide Maximum Post-War
given
dium
and two-dollar
be
Beverage Working
to the position of me-; Sir William said, was more com¬
concerns.
prehensive
in
principle,
going
been pointed out that
beyond his program by embracing
sound and adequate financing of
proposals for post-war action by
be ;
V-
place.
those familiar
financial problems of
Among
business, there is general agree¬
ment that special attention must
small denomination as silver cer¬
bloc.
bill
mines or
cessible
the
with
certificates against
although the
cost to the Treasury of
employment, in¬
maintain
Sir William
his
capital and .ways must be found
of equity in-!
silver held in
in any other inac¬
•cents per fine ounce,
■
to increase the flow
silver
of
issuance
the
for
.
dustry must have ample working
government certifica¬
is i in fact not true.
a
,1
.,
"To
what
of
tion
teaching
announcement
school's
v
states:
the same time serve as
it may at
May 14 to the security for the silver certificates
members of Congress follows:
;} outstanding or to be issued. - "
these
conditions, ; the
"On May 11 the Senate Banking vi "Under
and Currency Committee voted to silver 'certificates' would become
in
silver.They
.report favorably the Green silver irredeemable
Spahr's
•
question. { Mr.
in
study
financial
School
dustry.",;
statement
the
Harvard
the
and will be made available to in¬
National Committee
letter
of
man.
will be used in post-war
by Walter E. Spahr, Executive Secretary of the Econo¬
on Monetary Policy.,
Dated May 14, the
sentatives
business
results
■
Business
irredeemable paper currency"
House of Repre¬
an
members of the Senate and
has been addressed to
mists'
have
"will
Bill
of silver
the
to
erence
A letter in which it is asserted that committee
1383
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4178
157
understanding
between
the peo¬
ples for whom the governments
profess to speak.
This is true,
above
all, of democracies like
those of the United States and of
Britain since it is of the essenct
of
a
democracy
ment may
"That
thqt its govern¬
possibility makes it vital
policies agreed upon which
will be carried through irrespec¬
of
changes of
government—
policies approved by the people
as a whole and based upon mutual
of
later,
and,
tions,
this organiza¬
regard to
the
others
also." '"
"We
it to
the millions
who are engaged in war
men
to
day,
died
\
v.
owe
the
of
to¬
who have
millions
will die before it is over,
or
and to the mothers
of the genera¬
unborn, to put forth
effort to abolish war."
tions
yet
every
Paraguayan War
Debt
Canceled By Brazil
In
"good neighbor" gesture,
May 5 canceled the 71-
a
Brazil
on
year-old debt of Paraguay, con¬
tracted as a
the
war
indemnity after
termination of hostilities be¬
the two countries in 1872.
tween
reported in a specal
dispatch
by
Frank
M.
Garcia from Rio de Janeiro to the
This
was
cable
New
York
"Times,"
which
fur¬
ther said:
President
"The
debt
after
of
Brazil,
Dr.
announced the
cancellation
immediately
Getulio
change.
to have
tive
With
Vargas,
General
Higinio
President of Paraguay,
Brazil for
a
Morinigo,
arrived in
visit of state.
"Originally amounting to about
action
on
the
$150,000,000, the debt in the past
authorizations
71
years
had grown to about
kunderstanding. Private individuals
approved were reported in these
*—if they are people able, as I $1,600,000,000."
columns May 6, page 1,696.
Congressional
legislation and the
1884
THE COMMERCIAL & FINANCIAL CHRONICLE
fixed
Partial Text of Dr. Anderson's Address Analyzing
(given in these columns May 13,) of
Anderson, in which he analyzed the
Morgenthau Foreign Exchange Stabilization plans, we
are giving here in
part, text of Dr. Anderson's address, which was
delivered in Los Angeles on May 11.
(Balance of the article will ap¬
pear in our issue of Thursday, May 27.)
The summary appeared on
of
of
May
our
unalter-i
by
instability.. in .foreign
ex¬
change, just as the international
.
is badly
crippled by violent fluctuations in
plans have provisions for
the
the
prevent
movements.
these
fluctuating
which
capital
:: '■
.
The
the fund.
They are to
also to discourage the ac¬
cumulation
of
for¬
unnecessary
them
would
not
of
resources
which
funds
the
of
countries.
dealing
held in the
them
in
a
with
tal
later.
notably
-
,11.
The
fixed
relation
Morgenthau
the
plan
reserves
the
of the United States
power
this connection.
To
sell
member
countries'
obligations
owned by the fund,
provided that the Board represen¬
one
of
of
Bank
country
any
whose currency the fund requires.
13. To invest any of its cur¬
rency holdings in government se¬
currencies, bills of exchange
curities. and
prime
commercial
^
and
government
securities
]\v:. of member countries; to ac- paper of the country "of that
currency," provided four-fifths of
,/.
cept deposits and to earthe members vote approval.
V
mark gold; to issue its own
14. To
lend
to
any
member
V > obligations and to discount
v
or
offer them for sale in country its local currency from
act
as
countries, and to
clearing house for
a
,
the settling of international
;-j
.
movements of balances, bills
of
The
exchange
Keynes
bank
plan
75%
of
the
of that
by the fund, again
held
country
currency
with, the United States veto pow¬
reserved.
•" W,
er
and gold."
15.
would
To
levy
member
upon
the same general powers,
except that I do not find it stated
countries
a
expenses
of
in the Keynes
limited to one-tenth of 1%
have
issue
may
and
plan that the fund
its
obligations
own
offer them for sale in
.
16.
currencies
buy
and
these
sell
rates
which
at
it
the
a.
will
b.
of
ury
rate
4.
sell
the
to
treas¬
member country at a
exchange
determined by
the fund currency of any mem¬
ber
country
which
the
fund
holds.
There
•
fications
limit
to
this
on
the
various
are
quali¬
designed
power
transactions
current
on
fin¬
to
ancing adverse balances of
ments
pay¬
capital transfers.
But
with
5,
the
approval of
four-fifths of the member votes,
the fund may sell foreign
ex¬
change
to
a
member
country
:?
adjustment of foreign
or
debts.
When
a
creditor
coun¬
try is
"getting fed up," and the
fund's holding of the currency of
the creditor country drop low, the
fund may make representations
to the creditor country in the ef¬
fort
to
■
get
of
more
its
money.
This
Section III, 6, is to be read
in connection with Section VI, 7,
to
which
I
shall
refer
below,
which makes it the duty of mem¬
ber countries to adopt appropri¬
ate
out
legislation or decrees to carry
its undertakings to the fund
and to
facilitate
the
activities
of
,
,
:v:■
Member
quired
to
the
consent of
of
the
the
Board
But
ments.
'-o
the
fund
countries
agree
that
* are
they
re-
will
nevertheless,
may
with the approval of the member
of
the
Board
representing the
country
concerned,
sell
securities
or
rectly to
the public
tutions of
The ;
its
own
securities it holds di¬
member
foregoing
insti¬
to
or
countries.
powers.
States
what
do
to
fund
of
and
could
United
the
that
the
,
,
,
.
a
unit
of
value, a new
in terms of which the in¬
new
money,
ternational bank's accounts
it
are
to
kept.
The Keynes plan calls
"Bancor," probably a combina
tion of the word "banco" and the
French
with
makes
ever
for
word
one
else
very
it
provision, VI, 7, there is
vote
and
the
on
fourrequired,
no
fund
part of
the
Are
British
What
called "Unitas."
a
United
terms
unit
is
But this is given
States
units—bancor
fund
or
fund.
is
be given
by
the
dollars.
are
these
of
unitas
I may say that
good
a
for
for
The
to be
The
kept
international
the
the
Keynes
Morgen¬
Keynes
hidden
many
the
proposals,
the
minds
of
there
bancor
policy.
in
purposes
clear
purposes
authors
the
authors
changes
of
American
the
plan.
Both; the plans
plans in my opinion.
Both of them grow out of long
trepds in Keynesian thinking and
in British monetary policy. I be¬
lieve that both plans grow out of
long discussions by the British
financial experts and the repre¬
British
sentatives
of
the
United
States
Treasury, that the ideas came
from England and that our Treas¬
ury has accepted them in major
part, though not in all.
I shall
discuss
these
hidden
later point.
a
discuss
the
purpose—that
change
of
and
obvious
keeping
fixed
rates
ex¬
the
among
currencies of the different nations
is
rather
a
■
And
a
Objective
Stabilize
Exchange Rates
selling
er
An American export¬
goods
for
France
to
French francs obviously wishes to
know how many dollars he is go¬
ing
to
for
get
his
paid
the
contract.
in
If
francs at
months,
when
francs
and
he
the
is
is
end
afraid
that the francs will be worth very
less
many
three
dollars at the
than
months
they
end
are
of
to¬
day, he will hesitate, or he will
the French importer to pay
ask
him in dollars.
But if the French
importer is afraid that the dollars
will
be
francs
very
three
much
months
higher
later
tries,
merely
financial
and
disease
defers
in
when
goods, he also will hesitate, if he
is a responsible man.
Interna¬
commerce
the
masks
the
was
why
disorder,
these
fundamentals must be dealt with.
The Weak Pull Down
The
Keynes
plans
in
propose,
the Strong
Morgenthau
and
substance,
pooling of the financial
of
the
different
of
the
World, putting the strength of the
strong-
countries
weaker
them
behind
countries
that
so
strong.
appear
the
all
of
All of the
•
and
violent
a
cisely
that
is badly crippled
and
if
and
long
the
is
process
enough,
good
as! bad
comes
Bad money be¬
good
money—
continued
be¬
money
bad
as
money.
A
Oarin«r
Ho»se
1921—
That
Could Not Clear
;
These Keynes and Morgenthau
proposals look very novel today,
/■
The fact,
is however
proposals *
that similar
made during the
were
boom
and
thev
cial
that
At
depression of
time,
however,
not made by the finan¬
were
authorities of strong
One
Tittoni
of Italy,
govern¬
Signor
from
came
country finan¬
cially weak, with heavy govern¬
ment
deficits, with
an
adverse
balance
of
growing
with
and
a
trade, with
volume
a
of
very
a
serve.
He
proposed
a
exchange clearing house,
clearing
house
various
rapidly
notes,
gold re¬
foreign
bank
weak
a
single
controlled bv
governments,
the
which
would monopolize all foreign ex¬
change
transactions.
It
was
suf¬
ficient then to point out, however,
that the analogy with a clearing
house could not apply.
ing house is
banks,
vent
is
able
to
clearing
an
A clear¬
association of sol¬
one of which
every
meet
house
its
deficit at
The proposal was
cash.
clearing house that
a
*
See
''Artificial
Condemned—Outline
mental
Solution,"
letin,
Vol.
II, No.
could
Stabilization
change
Chase
the
with
to create
day
every
of
a
not
of
Ex¬
Funda¬
Economic
1, January,
1922.'
Bui■
to
pre¬
postwar
exchange
fundamentals
necessary
re¬
iV:;;;/;;;;/
Keynes and Morgehthau
als
and
propos¬
in
exhibiting their vices,
weaknesses and
dangers, and I
wish to give an outline account
of it here.
Financial Demoralization of Con¬
tinental Belligerents in 1919-20
The picture
Europe after
1918
lie
debts
the
had
Armistice
been
in
created
dur¬
the governments had
war;
from
taxed
done
the Continent of
on
roughly this: great pub-
was
had
the
people
people, but
the
and
had
both
inadequately.
They
leaned heavily on the state
banks of issue, the central
banks,
and the central
banks, responding
had
to
Similar Plans Prenosed in
had
This episode is of high
signifi¬
cance
in
understanding
the
borrowed
as
the
the
forms."";
ing the
eve.
The
foreign
delayed
good, bad, and hopeless,
good
We
due
thing.
in
foreign exchange market
as
resources
violent boom
a
crash
masked
look the
comes
atten¬
boom of 1919-20 and the crisis of
1920-21
were
due
to
artificial
moneys,
level in the
in
reason
scant
gave
a
resources
countries
clear¬
Exchange
further
a
he
just gone through
l
of
Foreign
the expense of the cash
of the strong countries.
in
coun-
when
the
posals
for
bolstering
the
ex¬
change rates of weak countries at
98.6
facts
and
time
make
tion and little respect to the
pro¬
funda¬
the moneys of the unsound
he must buy them to pay for the
a value, to be set
Governing Board later, tional
1921
governing the values of
ment.
Now, obviously, it is a desirable
thing to have stability in foreign
exchange rates, from the stand¬
point of easy flow of foreign
commerce.
There
ex¬
.
to
of
which
mentals
on
keep things straighth.
strength
the
We knew
.
sick patient
in
fed
Postwar Boom and Crisis of
1919-20 Due to Artificial Sup-
that they will
deterioration
a
on
had
we
The
futile
so
dollars
would
and
record fixed rates among sound
and unsound countries,
regardless
1920-21.
Avowed
market
performance.
rigging of the foreign ex¬
postwar
-
foreign
a
greater
a
depending
us,
machinery.
port
fluctuations
the temperature of
to
machin¬
a
the
that it will alwavs record
the
when such
many
ances
eminently desirable.
temperature of 98 6 in the hu¬
man body is eminently
desirable,
but a Tiggins of the thermometer
of
of
weaknesses in Europe were cor¬
rected,
no
such
international
machinery would be needed, be¬
cause
the existing financial ma¬
chinery:-of the foreign exchange
are
at
purposes
But first I wish to
avowed
the
causes
the other hand that if the
funda.causes
of the exchange
A
in
the
of
Treasury
are
in
rates
hand that
one
mental
,
,
Fixed
If
Corrected
crash, with
loss
into the
of
of
government
;
European ex¬
corrected, the time
were
less
how
of the weak country
its strictly monetary
as
r
Needed
Are
the
on
would
ery
or
finan¬
are
Keynes plan, though I am not so
sure that they are understood by
three
books of the fund
to
before?
of
It is 137 1/7
grains of fine gold, equivalent to
in
What is it designed to ac¬
complish?
What is the, need for
Why did we never have it
ery?
it?
that what¬
definite meaning.
ten
the purposes of this
super-national machin¬
makes
new
well
as
are
be
plan
the
government
;
;
fundamental
come
of
Plans—
Purposes Hidden and Avowed
elaborate
would
cur¬
complex
the
supply
paying Eu¬
New.. Machinery
changes
the
than
include
change markets
States.
Plans
Both
the
of
veto
no
United
to
is, it isn't gold. The
Morgenthau
of
ces
regardless
he
sure
which
ex¬
the weakness of the
instability of
a
get
that
fixed point only
a
dollars for
unless the
your
fluctuating
lies
would
maintain
exchanges.
We knew
of
say,
and
there
Congress would be under obliga¬
fifth
one
rather, that
the symptom
complex of causes,
a
weak
tion to do it. With respect to this
gold, "or"
however, which
context,
a
than
so
a
Both plans propose to introduce
the
decrees to carry out its undertak¬
of the world.
statement,
compression of the United States
Treasury proposal, ojmits a num¬
ber
of
qualifications
on
these
thau
the fund.
8.
fiscal agent
predominantly
member
govern-
by
-
be
6 and 7.
Stabiliza¬
representing the coun¬
try in question; and
any
international bank
c.
to
facilitate transfer of capital or re¬
payment
or
member
account, and to
prevent the fund from being used
for
only
owned
To
any
of
deal
Treasury
with
power.
and
of the
of member governments;
the Central Banks, only
vote, which gives the
United) States a veto power. The
3
shall
tion fund
Changes in
be made only by
Keynes plan does not include this
fund,
through:
four-fifths
veto
rather
us
the
the
recognized
could
Fundamentals
attacking
are
because behind the
But the
that the
Nq
fluctuating
instability in
rather
those
make
Europe
We
bank
a
in
which
con¬
attacking
are
causes,
the
gold.
can
operating .the
The fund
buy and sell one member's cur¬
rency for another and the rates in
local
rata share of the
pro
quota of each country.
mem¬
ber:; countries. ; ;
2. To fix rates at which it will
you
Morgenthau plan
makes it the obligation of mem¬
ber countries (Section VI, 7) "to
adopt appropriate legislation or
the fund, for one year or less, up
to
Let
cause.
veto,
Congress
loans."
ropean
and
you
symptom
and
unlimited
as
bank
"in
Statesj would
change rates at
t;
instability
starting point,
a
mean
weak
this
bank
a
if the United States would
■
fixed in gold, and
rency
the
as
United
of /which /has * good
.
exchange
the
minority, but it
certain points,
.
.,;V member
the
one-fourth vote could interpose
would
advances from the
or
Symptoms,
country.
exchange
instability
is
a
symptom. The currency instabil¬
ity is the cause. ' If you attack
States
ings to the fund and to facilitate
fund," which
at
Underlying
The
the
the activities of the
described
deposits
money, is due to an
the money of the weak
the
alteration in the rates
an
Strike
con¬
buying and selling of for¬
eign exchange, and should buy
foreign exchange at a fixed rate.
the
Than
has
a
tell
Central
"To buy, sell and hold gold,
a
on
one
which
plan
United
do¬
proposals of
exchange bank
were;
trol of
days
that
the
instability
in
exchange between coun¬
of
money
that the United States with
rediscounts
plan provides
rates
tries
exchange, a four-fifths vote
be required, which would
tative of the country in which the
are to be sold approves,
and to use its holdings to obtain
securities
(Section III) that the fund shall
have the following powers:
1.
have
the
votes, still
provides that
mean
12.
Morgenthau Bank
The
shall
fund
leave
the
or
There
international
which should have exclusive
We
either
for
But please observe in this
shall
keep
to
.
to borrow the currency of
member
country, but • the
Morgenthau
Powers and Operations of the
,
Plans
nection
arrange¬
Morgenthau
business
Disorder
hopeless min¬
a
and
in
place
Causes of Financial
the
leave
bad
a
cur¬
merchant.
con¬
powers,.
is
Rather
vote of one-fourth the to¬
a
any
coun
to
as
in
power
another.
.
also
The
would
the
would
United States in
countries," and to hold
which is
Keynes plan,
and I shall discuss it more fully
or
In
voting
plan
the
differ¬
different
way
for/:
Keynes
balances
war
plan.
ments
proposal
in
such
Keynes
member
basic
currencies of the
•
The
United States not contained in the
extraordinary
veto
in
the
Morgenthau plan
safeguards for
some
ority.
with central
banks
or
government financial
institutions, is to buy and sell the
tries
of
The
them for 23 years subject to cer¬
tain
qualifications.
This is an
only
bank,
na¬
-v ••)••• •
-
countries "abnormal
international
This
own
'
The fund is to buy from the
9.
con¬
by the central banks
stabilization
ent
are
their
by
governments
prevent
essentially similar
results.
They have in common
the following points: Each would
create a great international bank
(whether, you call it fund or call
it clearing union doesn't matter)
the
balances
tionals.
their giving us
tributed
tains
agree
foreign
exchange
stabilization
plans are in essence very similar
and their objectives are essential¬
ly the same. The differences be¬
tween
do.
eign
Morgenthau
and
cur¬
clear.
an
such
for the world, and to tell the gov¬
ernments
of the world what, to
joining
.
Keynes
domestic
foreign merchant
mestic
\
the
do
to
pages
address follows:
of
The country whose
is weak and slipping
rency
Morgenthau plan'
Super-National Brain-Trust with
given in these columns April
;
1300 and 1305, while the currencies which they need, all ■;«/'v: ': Authority
Both plans set up a super-na¬
Keynes plan was referred to on foreign exchange and gold they
page 1388, in our April 15 issue.
acquire in excess of the amount tional Brain-Trust which is to
The first half of Dr. Anderson's they possessed immediately after think for the world and to plan
8,
value
rency.
to
of the country
commerce
offer to sell to the fund, for their
own local currency or for foreign
were
.
tion
issue. ♦>
13
the
not
preventing
the
withdrawal
of
capital previously placed in for¬
eign countries.
Both plans con¬
template
international
coopera¬
and
1755
page
"but
restricting - capital ; • movements
from country to country, and for
In addition to the summary
the address of Dr. Benjamin M.
Details
gold
<
.Both
Keynes And Horgenihu Stabilization Plans
Keynes
in
ably."
Thursday, May 20, 1943
the
needs
war
of
the
govern¬
ment, had issued bank notes in
gigantic
quantity.
They
had
ceased
to
at the outbreak of the
redeem
these
bank
war
notes
in
gold.; They had fluctuating irre¬
deemable paper money.
The re¬
vival of production and
export in
great
industrial
countries
was
sadly hampered by this. An agri¬
cultural country can resume its
activities
as
men
go home to their
farms, despite bad public finance
and
bad money, but great indus¬
trial countries are
heavily handi¬
capped by
What
sation
such
was
of
situation.
a
called for
the
state
bank
was
public
from
the
great
increase in
balancing
a
ces¬
borrowing
of
issue,
taxation
and
a
a
of
budgets,
together
the fixing of a gold
parity
with
for
the currency and a
resump¬
tion of gold payments at that
par¬
ity.
In
some
cases
might
have
been
most
cases
the
new
lower
pars
be
to
case
old
par
restored.
and
would
have
In
much
had
adopted.
the
But
in
any
fundamental corrections
called for
cutting public expendi¬
cessation of borrowing, a
balancing of budgets with taxes,
tures,
and
a
cessation of the
printing of
bank notes.
But this
The
was
finance
a
very
ministers
hard
of
way.
each
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4178
Volume
157
country
were
The
first
that
struck
devastated
with
faced
by
they
war;
were
people. The people
were very reluctant to pay more
taxes
and
to
buy government
bonds.
The easy way was to ask
the state bank of issue to print
bank notes, and to use these bank
notes in meeting expenditures of
the state for pensions and unem¬
feed starving
less
Needed—
Help
Internal
Reforms
these
Now
needed
of the weak¬
We gave some
aid.
them
of
est
countries
outside
torn
war
distress
their
speedy outside
very
through Red Cross activities,
and we shall have to do this on
aid
scale again.
But they
needed, also, foreign loans care¬
great
a
fullysupervised by the lender
and
explicity
conditioned
on
t
drastic internal financial reforms.
have
said
his
to
could then
parliament and
minister
finance
The
his
to
people, "If
go
we
on
in
present course printing bank
our
notes, running gigantic deficits,
ruining our currency, ruining our
credit, leaving our industry no
good money to work with, watch¬
ing our productive activities dete¬
riorate as our finances deteriorate,
ultimate ruin is sure. If, however,
cut
we
raise
expenses,
our
taxes, tighten our money
and'stabilize
our
our
give
our
loans
gold into our cen¬
which will put
banks, which will give the
treasury funds to aid immediate
tral
and which will enable
get on a self-supporting
distress,
to
us
basis
again."
Germany
Given
Such; Help
in
1924, Hungary in 1925, Poland
in
1927—Amounts Needed
ii
,
These
after
Relatively Small
things were done
internal
currency
later
disorders
intolerable do¬
mestic
conditions.
When
the
German- mark had dropped to a
trillion to one, Germany submit¬
ted to the Daw£s Plan, submit¬
ted to outside supervision, raised
her taxes, cut her expenditures,
restored her currency to a gold
basis and started up again. Aus¬
tria submitted to a similar dras¬
tic
change of policy when the
crown had dropped to one four-
had brought about
teen-thousandth of ; its v pre-war
value in 1923.
Hungary, in con¬
sideration
of a
loan,
in ,1924
adopted drastic
of
to
in
exchange
foreign
markets.
Pegged Sterling from the Armis¬
Of
■
tice to March 20, 1919 and Sup¬
ported All Allied Exchange
Until July, 1919
prices
had
207%
of
had
we
prices
,
boom.
a
reached
Of
peak
a
prices
in
internal financial
reforms, stabilized its
currency
and submitted to foreign supers-
finances un¬
der Mr. Jeremiah Smith of Bos¬
ton. Poland in 1927, in considera¬
tion of a foreign loan, engaged
vision of its internal
a
similar
to
submitted
the figures were relatively
The biggest of these
moderate.
of
this
terrific
selling
Europe on credit to a new
lend our European Allies ten bil¬ •high of 248% in May of 1920.
lion dollars.
Approximately sev¬
Funds drawn from the United
billions of this had been loaned
en
time
the
by
Nearly
loaned
June
of
pean
Allies
were
also
from
the
of
used
they
But BUJions
porting
First Wasted in Sup¬
Foreign Exchange
in 1919-20
factor
in
But
these
remedies, you will
in 1924 and. 1927.
came-
their
Third,
recollection
that
had
was
way
so
currencies
in
the
.
terrific
had
England
ex¬
rV'pv'
She would have done far
better to have made her readjust¬
winter of
in the
ment
1918-19.
Much Smaller Loans, Conditioned
14
Financial Reforms, Would
on
an
Solved Problem
Have
Finally, :i-
balances
smaller
Europe
with discrimination and care, and
conditioned on adequate financial
and currency reforms on the Con¬
arising out of her exports to
Europe against unfavourable
tinent, would have turned to the
Continent of Europe up again, as
clearing, whereby (for
example) Great Britain could
favourable
due
balances
States
South
or
United
the
to
America
indeed
elsewhere.
How, indeed, car
'any country hope to start up
trade with Europe during the
riod
on
Very much smaller loans would
meant, for one thing, that
pe¬
have
Europe would have bought only
she
needed.
She
would
nice
what
England
if
the
proposed
or Morgenthau arrange¬
have
been
have
would
It
for
much smaller loans,
very
did turn the tide at a later date.
other terms?"
any
much
lent to
very
money
carefully supervised, given to the
weakest
countries
individually
or
relief and reconstruction
of
sums
very
bought
She would
materials.
She
bought other things"
foods.
have
had
would
not be¬
ing the boom of 1919-20, when
England was buying in the United
States with dollar obligations and
essential to set her industries go¬
government
of
a
When
reselling
and
sterling,
at, what
profit to the Con¬
lire, marks, and
As things were she gave
like
looked
exchange rates went low,
speculators and even financial in¬
tinent for francs,
stitutions
the
easy
ments had been in existence dur¬
amaz¬
Governments
the
the
than
finance
Keynes
days
pre-war
its
The
of
would
'offset
the
the peoples
industrial
of
the outside world would
losses.
•'
lateral
ex¬
Governments
used
as
evidently
is
end
beginning.
ministers
give everyone
the great assistance of multi¬
from?
country would let its cur¬
deteriorate
indefinitely.
rency
were
so
on.
bar¬
us
bought
have
raw
She would have developed
power
and her
to
export
and
would
have been in a position to send
us
a
back-flow of manufactured
ing.
industrial
her
power
her good dollar
in
and
exchange
the
pectation
the
ex¬
all
iustified.. .The
from
loans
balancing
was
our
looked
funds
Britain
in
increasing
a
and
Treasury
States
United
through J. P. Morgan &
handled
the
budget.
She
the
return
to
Confidence
high throughout
There
world.''
and
dation and reaction and to turn us
to
the
with
ened
Treasury
to European governments through
June 30, 1919.
This support was
enough to stop the postwar liqui¬
the
was
in New York
other
exchanges,
other exchanges
contin¬
ued
abnormally
strong.
Our
boom went on.
Exports contin¬
ued, not only to Britain but also
the
Prices
Continent.
in
the
United States continued to rise.
boom.
and our export bal¬
ances grew by leaps and bounds.
We continued to drain the coun¬
Our exports
The explanation
the
at
seven
beginning of 1919 approximate!"
hundred million dollars of Ameri¬
growing
ment.
rope
lion
cancelled
post-Armistice
the
writer
a
in
3.920
matter
ing
the
i,
"Three
the
Chase
Number
and
Debt
ket
Economic
1,
Oct.
finally became
most; Eu¬
This
to
but
to
he
use
pres¬
study
"ailed
Dollar
Float¬
it
exchange,
support
of Contin¬
was
a
internal
Feb.
of
*
28
point appears in
para-jrpphs I wrot?
This
some
very full
and
crisis,
Monthly,, issued by
for
them.,;
and
•
«
.
the
>.
postwar
hi
boom
Commerce
responsible
causes
■
finances
became
together w'th
Bulletin
of. the
our
Continental
1921, caUed "The Return to Normal" gives
account
to
exchange
rope's
Creditors
Private
came
by the financial
strength and prestige of Great
Britain. The boom went on until
at last the deterioration of Eu¬
Vol¬
1920,
which
foreign exchange mar¬
made direct shipments
we
of
ental
of
writ¬
was
BuVetin,
Bulletin
Economic
as
loans
The
lire
against francs and lire to France
and Italy, etc.
It was not a peg¬
ging
5,
B:llion
Europe
America."
Chase
when
re¬
billion
hundred mil¬
very careful
Half
a
of
three
contracts.
war
made
this
in
the
of
cancelled
ent
ing
At
not
over
half
a
needed
for
ume
contracts
war
between
the
New York
that
loans
previously made by our govern¬
The
a
of
out
and
•.
i
...
»
.n
*
in
pages" 19-20..
New
The episode
luxuries.
any
did nobody
good. It weakened the world.
(More Next Week)
Gleve, Reserve Bank
had
par.
concern
prudently remained net debtor tc
fund, then she would have
her profits clear of risk. We
should have given up goods, and
we
should have received in re¬
turn a share in an international
fund diluted and deteriorated by
bad
drachmae, bad francs ; and
her
She
got
power
Company and, second, to the con¬
tinuance of loans by the.
from reaction into a violent
to
drachmae as consti¬
the
and
lire
tuting liquidation in full for her
sterling and dollar obligations to
the United States, and she had
order.
-
of the weak countries
continued and although the ex¬
change rates went lower, they all
moved together, i; Sterling weak¬
the
from
of
go
regarding France, Italy, Belgium,
and virtually all the other bellig¬
erents of Europe.
But the buy¬
due, first, to the; actual, pegging
of exchange for over four months ing
drawn
was
financial
the
had
her
forward
gold at the old
.
funds
would
Of all the belligerents of Europe.
With which these, currencies were
artificially
supported.
ev e n
though not actually stabilized. *
The post-Armistice strength of
the foreign exchange rates was
with
currencies
countries
Great .Britain' only
financial
house
in
Government to European govern¬
ments continued to provide
the
as
rapidly and their ability to
buy from us would speedily cease.
the
,
that
weaker
world
them
on
down
Continental
countries.
But
the
Continental
currencies
continued to be far
higher in the foreign exchange
markets than
the fundamentals
of
changes
the
over
disposed to look
sharp droD in the price of sterl¬
a
ing
a
observe,
plan
some
and
the
goods in return for the needed
As it
obligations and foods and raw material.
would seek to
gains
and
believed- that
they her pretty good sterling for the was she sent us, through the
next postwar period—the actual
would come back.
goods we sent, and she got the whole of this period, a pitifully
pegging of exchange rates^by us¬
bad
francs, lire, marks, Greek small volume of goods, and she
Britain
Takes
Over
the
Load
ing funds
lent
by
the
strong
drachmae, etc., in exchange for bought from us a high percentage
When
Our
Government
country, the United States.
the goods.
Her expected profits of the manufactured goods which
Drops Out, 1919-20
Four months after the Armis¬
turned out to be losses.
But if she ought to have been producing
With
the
cessation
of
our
Our exports to Europe
tice J. P. Morgan & Company an¬
there had only been an interna¬ herself.
nounced
that
they
would
no Treasury loans to our European tional fund into which she could in 1919-20 ran very high in fin¬
including
longer buy sterling and there w?s Allies, it seemed a reasonable ex¬ have poured the francs and the ished - manufactures,
biWon' dollars.
good.
"This
strength
exchanges.
responsible. It
great
Morgenthau
plans
accomplish in the
and
■;
and
.
i
this
Continental
with
the
take
Section
of the Keynes plan offers as
undue
among
world.
lieved
in
what
exactly
the
of
come
another
of
well.
been
had in the first four months after
Armistice
the
moneys
the
ingly
supporting their currencies in the
foreign exchange markets.
We
the
rest
Continental
kept faith in
States
United
which
Treasury,
of
Euro¬
our
dollars
the
was
paper
receiving loans
million dol¬
Polish and
Hungarian loans were very much
smaller.
Outside help, outside
money,
conditioned on outside
supervision and drastic internal
reforms, did
Keynes
at
long
episode in mind.
changes which does not and can¬
not
exist today.
This was the
prestige of governments and of
drawn from the
United States Treasury, was buy¬
ing all the sterling offered in the
market and holding sterling at a
Others
the
strength
ing the dollars
rate.
did
There
pegging sterling exchange.
The
firm of J. P. Morgan, acting for
the British Government, and us¬
fixed
billion
Again, from
in
definitely
used
was
three
Where
this
Armistice
the
after
money
ly
was
In the first four
30, 1919.
months
Armistice.
more
the Armistic and
between
this
States
Treasury to support the
exchanges will account for near¬
the
of
billions
three
somewhere
Austrian,
at
Hidden
to
been
mately two hundred
position
it
:y,
had
quired
in
The
The
financial
worse
argument for the plan that
governments of our Allies
Our Congress in 1917
authorized the' Treasury to
had
lars.
Keynes's
Purposes
Did
repeat,
change markets.
influence
loans
by the United States Government
Dawes Plan loan to
1924, was approxi¬
the
Lord
Exchange
Good
that all this
Europe used in sup¬
porting the exchange did no good.
Continental
Europe was in far
:X: ;.:v
in Europe.
continued
was
balances
Germany
of
I
the
of
vember,
1918.
They
reacted
moderately down to March, 1919.
Then they turned
up under the
first
can
loans,
time
the
at
of
*
cases,
position by far than
been
One
No¬
house-cleaning and
clear.'
outside
financial
The point was that England had
control under the supervision of
try of goods, and at rising prices.
interposed
her
vast
financial
the Honorable Charles S. Dewey
Our export balance of January,
strength
and financial prestige
who left the United States Treas¬
1919, was 410 million dollars. Our between us and the Continent. *
ury to take the job, and who had
exports continued on a gigantic
England was buying goods here
power to countersign the expen¬
with sterling or with borrowed
I think
it proper to say that vir¬
ditures made of the proceeds of
tually all of the post-Armist'c loans wer*
dollars to sell on the Continent
the loan, to see that they were
used in
this way.
There was the need for
francs, lire and marks, and
used
for " the
purposes
agreed for dollars to liquidate the cancelled war
the
British
foreign
exchange
upon.
In all these cases, the contracts between European governments
and American industries.
But Europe had market
was
buying the francs,
loans did good, and in all these
in
had
Support
Second,
August of 1921, and the
Continent of Europe was in worse
financial
to
vast credit to
to 141 in
drawn
The
reality at the end of
No
the great collapse came,
commodity
prices
dropped from 248 in May of 1920
Commodity
rose.
pre-war
our
Armistice..
,r;,
course
course
of¬
money
faced
war.
Loans
American
with her rapid¬
us
paper
the
the
over,
Europe was flat on
from
increasing
ly
have
we and Brit¬
take readily
Then we and Eng¬
losses, the boom was
England.
land cut
its back, was buying without limit
of price or quantity all that she
could get
to
weak exchanges of the Con¬
tinent, until we ceased to be-will¬
ing to increase our holdings of
sterling or to increase our credits
The
her.
from
ceased
the
was
In the year and
back
Continent
Government
S.
TJ.
by
markets, Keynes
currency,
will
friends
outside
received
from
fered
Loans
dollars
592 million
Europe alone.
both
ain
to the
Help Conditioned on
in
on
in 1919 ana 1920.
rope
unendurable, until
sur¬
million dollars,
months, January, 1919, to
July, 1920, inclusive, we sent Eu¬
rope six billion 350 million dol¬
lars worth of goods more than we
strength of the foreign ex¬
change rates of Continental Eu¬
them.
Outside
of
Kind
go
borrowing
export
our
625
seven
undue
ployment relief and rehabilitation
of devastated areas.
The people,
in turn, could use the bank notes
in bringing in foreign goods, as
long as the foreign exchange mar¬
kets would take
to
with his reck¬
the central
bank and his reckless spending.
There were four causes of the
minister to
to
rose
of which
futile sup¬
a
porting of the foreign exchange
rates, which merely deferred the
problem and allowed the finance
demands for funds to
faced with
plus
eign exchanges, and billions were
wasted in 1919-20 in
In .June
scale.
help came in a form
directly at the for¬
the
problem of millions of soldiers
returning without finding imme¬
diate
work.
They were faced
with demands for pensions; they
were
faced
with
demands for
funds to reconstruct the regions
1885
print first in
for Commerce
the National Bank of
York, January,
1920,
bad lire.
Read¬
of the War
I Now there
are
a number
of
things to be said about this epi¬
sode. The first is that we should
have ..done
far better to have
taken our licking at the end of
the war than to wait for nearly
two years to get it.
Everybody
was
braced
for
reaction
and
liquidation when the Armistice
Should Have Had Our
We
justment at the End
came.
Our
hanks
were
it
was
when it came two years
Chairman
Doherty,
E.
Board of Directors of the
of the
branch of the Fourth
Pittsburgh
Reserve
Federal
(Cleveland)
Bank, announced on May 11 that
W. H. Nolte had been appointed
Assistant Cashier by the Board
an
of Directors of the main
Announcement
office.
also
was
made
May 11 by the Cleveland Re¬
serve
Bank " that Salmon Brown
on
appointed
been
had
Cashier at
that
Assistant
the Cincinnati branch
It was stated at the
of the bank.
bank
the scope
and volume
operations had increased to a
point which made necessary the
appointment of additional officers..
of
entered the employ¬
Nolte
Mr.
been
but nothing like as severe
severe
as
have
would
Readjustment
Reserve in May,-
ment of Federal
1920, and has been the
represen¬
branch of
auditor.
Mr.
tative at the Pittsburgh
later.
government ceased to
After our
the
support
creditors
in
exchanges, private
the United
States
provided an additional three and
a
half billion dollars*, to pour
into the vortex. We had immense
of bank credit in fi¬
export trade
on
and in financing the ac¬
main
the
Brown
office
is at present
employed as
in connection=with
and guarantees made under
credit analyst
loans
provisions
Regulation
of
V
to
facilitate war production.
expansion
the
nancing
credit
companying boom phenomena
the United States.
We had
frantic
reaction
the
had
have
occurred
come
following the Armistic.
had
an
immense increase
cultural debt in 1919
would
*
have
and
"Three
Floating
itors
in
E"o-iomic
1920.
'
a
would not
Debt
done
in agri¬
and 1920. We
far
Half
a
We
better
Billion
to
DoUar
of Eurone to Private Cred¬
T^ited States." The Chase
Bulletin, Vol. 1, No. 1, Oct. 5,
the
:*•
•<
••
Of
Hague Made Director
in Kansas City Reserve
speculation in farm lands,
centered in Iowa, that
,
\/
industries and our
financially strong.
New Brancli Officers
Robert
The Board of Governors
Federal
nounced
on
ment of Lyle
the
Kansas
L. Hague, of Chero¬
Federal
City,
portion of
31,
1945.
Class C Director
Reserve Bank of
for
the
unexpired
the term ending Dec.
Mr. Hague owns
operates a farm in
Okla.
an-,
May 10 the appoint¬
kee, Okla., as a
of
of the
System
Reserve
r
Bank
and
Alfalfa County,.
1886
THE COMMERCIAL & FINANCIAL CHRONICLE
x
Make American Labor Party Hal'l Third Party,
La Guardia Urges At HY. Executive Diper
Would Protect New Deal Social Gains; Wallace Speaks
For Tax Revisions ;;
Mayor La Guardia, in a speech at the dinner of the State Execu¬
tive Committee of the American Labor Party of New York at the
Hotel Commodore on May 16, urged the expansion of the State
American
Labor Party into a nation-wide third party to protect
the; social and labor gains made under the New Deal, said, the New
York 'Times" of May .17. Noting this, the "Times" said that the
Mayor, addressing Vice-President «>Henry A. Wallace, the other prin¬ in this country, andit that is to
cipal speaker, said that so long as formulate a program for the afterPresident Roosevelt remained at the-war period. That job must be
the head of the Federal Govern¬ approached intelligently and cou¬
ment these gains would not be jet¬ rageously. Great changes must be
tisoned, but he warned Mr. Wal¬ made and brought about in this
lace that right in the Democratic country. A new era is coming.
"Personally, I believe that these
party there was a movement to
oppose the President and
scrap can be brought about within the
of the
Constitution,
the New Deal. From the "Times" framework
we also quote:
taking
into
consideration - the
"Without mentioning the name power of amendment.
We must
of
A.
James
said
that
Farley,
this
the
Mayor
existed
movement
in this State, of which 'we had a
beautiful
example'
last ; year,
meaning the nomination of John
J. Bennett Jr. for Governor.
>
Wallace
"."Vice-President
dis¬
closed that the Federal Adminis¬
tration, through the National Re¬
sources Board and other agencies,
preparing a program of bil¬
lions of dollars of public works
to be put into effect after the war
to insure full employment in the
was
United States.
"With
is
employment, there
why any of the west¬
democracies should fear
ern
1
full
no reason
com-;
have uniform labor conditions and
uniform
throughout the
taxation
;'■ ,'vai;
country;
"As I recall
history,
.
great
'change in this country .has been
preceded by a third-party move¬
ment. A. third party might not be
needed if we could have a realign¬
ment of the two major
parties,
but there is no sigh that there
will be one so long as office and
power are the chief aims of the
major parties.
"No one can tell what will hap¬
pen. That's why I'm so impatient
waiting for a crystallization of
thought and leadership for the
change that is bound to come.
"Political parties now do not
differ on political issues but on
economic issues, on the handling
every
munism," the Vice-President said.
"With unemployment, it would be
impossible for Stalin himself, no
matter how hard he tried, to stop of which the future of the country
depends.
There are thoughtful
the growth of communism."
x
"Mayor La Guardia's call for men and women in every party
who realize this, but they are in
formation of a third party fol¬
lowed the speech of Samuel Shore, the minority. Leadership for them
the toastmaster, who said that the must be provided and I believe it
Labor party held the balance of must come from a third party."
>
power in New York State and that
it was time that it began to seek
power
rather than its balance, j.
"I sat at the feet of the senior
.
Senator; La
.
Follette
blessed
oh
Before
beginning his serious re¬
marks, Mayor La Guardia said
that it had been a long time .since
he had addressed a gathering of
any political party.- He said he
inemory," said Mayor La Guardia,
had been
who was
party, which
1936, as long
elected to the House of
Representatives
as a candidate.of
the La Follette Progressive party
ticket in 1924, "and at the feet of
the
venerable
*
Senator
George
Norris.
"I
remember
that
a
Senator
of
group
locally;
"It
occasion
one
Follette said
La
to
'You can't do that
us:
must spread out.'
you
to
seems
on
me
that the Labor
party has reached the stage where
it must spread out and organize
in other States. We have arrived
at the time when we must assume
responsibility for that balance of
power.
..-V.
expedient; The Labor party must
be a party of issues and policies
member of the Labor
organized in
he had been a
and added:
was
as
-
member of any party
don't
"I
know where
I
going
am
from- here."
country.
That would be all
right if the line of demarkation
between the two major parties
eould be easily recognized.
What
I fear is that, unless that is true,
we
may find' every four years
both major parties with beautiful,
acceptable platforms, and then,
nothing happens."
Turning to the
the Mayor said:
"I
.
you
in
can
are
your
The
assure
New
its
*
you,
Deal
a
is
more
than
a
present
Franklin
D.
standard bearer,
Roosevelt, has any¬
thing to say, we know that it will"
jettisoned.
not be
"There
is
now
being created a
distinct opposition to the New
Deal right in your own party. We
.
had a beautiful
example of that
right here in this State at the last
election.
law, We know as a result of our
experience with air power that it
is possible for the first time in the
world's history to establish effi¬
ciently and at a low cost an inter¬
national
police force. Without the
rule of law there will be the con¬
stant
of
threat
will feel the
and business
war
of inse¬
sense
same
curity which it felt because of the
war clouds which so often hung
during the years leading up
To oppose effective in¬
to 1939.
ternational action for peace would
low
be to
lay the groundwork for
the
in
employment
world."
un¬
post-war
...
1
Vice-President Wallace said that
all
of
classes
have
this
would
sacrifices
during
that
and
war
flation
Americans
make
to
would
"Most
curb
on
in¬
■
farmers,
workers and
patriotic.; If we
go down the road together in the
same i spirit
as
the magnificent
Russians and our other splendid
business
are
men
to create the maximum
are
num¬
ber of
not be forced to look
on
ernment .asS the; only
.
fh
energies.
^
concerns-
by
the gov¬
outlet for
established
Big
should not be
so
favored
taxation system that they
our
have the field for themselves for
all time to come."
Mr.
Wallace
'■<,
X
expressed
confi¬
dence that "men of good-will and
intelligence"
financial
would
problems
manage
so
as
to
our
in¬
employment
decrease it.
/
rather
than
;
,
"This
is
especially true," he
added, "if all of us realize that in
the long run there is- only one
type of deficit that is utterly and
terribly crippling and indefensi¬
ble, and that is the deficit that
from
comes
must
act
unemployment.
to
prevent
We
unbalanced
budgets from
trolled
would
But
attempt to balance the
budget by creating industrial and
an
unemployment could
economic collapse which
_
with respect
the views
on
of Dr. Benjamin M. Anderson
and Keynes foreign exchange sta--
to the Morgenthau
bilization plans (referred to in our May 13 issue,
page 1755) appeared
as follows in the
Chicago "Journal of Commerce" of May 13:
Dr. Anderson's
Speaking
before
,
for his severest criticism Were the
provisions
in
these
plans
liquidation of "abnormal
ances.";
British
for
bal¬
war
As a matter of fact, the
have
sion for
no
this,
proposal
so
particular provi¬
it is the American
which
at
Dr.
Anderson
is
Great Britain Would 1
By lorgenlhari
Stabilization Plan
Critics
the
of
as.
horrendous
Dr. Anderson
seems
things
to find.
United
States
But
balances
war
found
are
United States
the
are
and
ting Germany),
city of gold
;; But
currency
stabilization,
stressed
the fact that his government was
not committed to the plan.
"We want to see the goods of
.
as
irreconcilable differences
American and Brit¬
Sir Lambert
Conservative, sided with
but
Boothby,
Conservative, in the opinion
were
far apart.
"The United States having
ac¬
quired nine-tenths of the world's
gold is not likely to see its use
relegated
to
filling
teeth,", de¬
or
England
is in a different
situation.
The gold and foreign
exchange reserves which England
because
Kingsley Wood, Chancellor
of
the : Exchequer, > opening; ,debate on Lord Keynes' proposal for
of any scar¬
foreign exchange
assets, nor would their Unblock¬
ing leave us short of gold or for¬
eign exchange.
lateral
Sir
too
are
small
to
permit
restrictions
remove
on
withdrawal of funds of for¬
mass
The unblocking of
owners.
funds held in Britain is greatly, to
be desired from our point of view,
it
frees
for
money
that
trade
everyone—and
stake in
of
amount
purposes
we have
world trade.
a
for
vital
Sir
Belt, Conservative,
that
"after the war
balances
arising; mainly
from, purchasing
Russian, and
American
goods.
Under
the
American plan, Belgrayia would
make application to the interna¬
tional fund.
range to
The fund would
have £10,000,000 in
ar¬
cur¬
transferred from the Brit¬
rency
ish banks to the fund. There is
small
a
service
charge
for
this
transfer.
The
fund thengives
the Belgravian/Government
the
equivalent of £10,000,000 in Amer¬
ican
dollars
and
Russian
rubles
which Belgravia
purchases.
are
will
be
the
ficulty—as
we
compulsion
to
fund at all.
We
That
needs to pay for
The dollars and rubles
operation, it will be noted,
the
fund
with
a
wad
of
British paper money.
dominating
economic and financial power and
it
is
no
use
making proposals
-
The
British, he said, would not funds without any strain on their
view criticism of the Keynes plan slim
gold
reserves
or
foreign
as
"derogatory of international trade balances.
prestige."
Dr. Anderson doesn't like this
The Keynes plan, he said, would
fix the exchange values by agree¬
procedure.
He prefers to have
England "tell her creditors the
facts
and
let
her
ask
are—there
work
can
is
no
through the
settle
our war
balances directly with any coun¬
try in the world, and under the
plan would not have to use the
international
justments.
Under
fund
'
•
.
the
to
careful
Anderson,
for
such
ad¬
'-:1;
circumstances, it is
disappointing
and
find
notable
so
thinker
a
confusing
Dr/
as
the
issue.
The American proposal has
flaws;
and it is
necessary to point them
out
in
but
the
order
to
eliminate
them;
arrangement to handle
abnormal war balances is not one
of these flaws.:
The National City Bank of New
York, as.fiscal agent, is notifying
of Republic of Panama
35-year 5% external secured sink-?
ing fund gold bonds, series A, dud
May 15,1963, that funds have been
holders
received under fiscal agency con-*
tract of June
the
their
in¬
dulgence and let her make agree¬
the British did not think the ments with them." But England's
trading position of any country creditors already know the facts;
should be determined entirely by what they want is cash or inter¬
national balances, and it is to our
the size of its gold stocks.
:
22,1928, under which
above-entitled
issued, and
merit
on
bonds
are now
distribution
(a)
as
final
a
of
account
were
available for
the
pay-?
interest
represented by the May 15, 1940,
coupons pertaining
to the said
bonds, in the amount of $5.96 for
each $25 coupon and $2.98 for each
$12.50 coupon, and (b)
payment
est
bonds,
by
the
in
the
each
for
partial
Nov.
pertaining
coupons
$15.24
as a
account of the inter¬
on
represented
1940,
said
$25
to
The
distribution
the office
the
of
will
the
15,
the
of
amount
and
coupon
$7.62 for ech $12.50 coupon.
in the stabilization fund.
leaves
says
Pay On Panama 5s
handling
balances, which excited
DrrAndefsort 'uriduly, may be de¬
scribed by an example. Let us as¬
sume that the "Kingdom of Bel¬
gravia" has £50,000,000 blocked in
England, V and it wants to draw
£10,000,000 to; pay for adverse
trade
the stabilization
the Morgenthau pro-*
no such
thing.
The
members are willing and able to
settle these balances without dif¬
war
Under the
plan, the British and Belgravian
Governments
must, after three
which do not take her interests years, begin to buy back some of
this British paper money — the
into account."
British buying it back either with
Earlier, Sir Kingsley had told
Commons that both the American gold or such free currency as the
fund may wish to accept, and the
and British proposals had a single
Belgravians buying
back
their
goal: stabilization of international
share
with - their
own
paper
exchange and boosting of living
standards in all counties follow^ money. This buying-back process
may take
as
long as 20 years.
ing the war.
Over a 23-year period, therefore,
American financial experts dis¬
this hoard of British paper money
played considerable technical in^ is
liquidated, Belgravia has been
terest in the Keynes plan after
able to get at her war balances
discussing
it
informally
with in
England, and the British have
British experts, Sir Kingsley said.
been able to release their blocked
America
to
bal¬
balances should member countries
be unable to do so; but where
at
Alfred
plan,
war
fund stands ready with its mecha¬
nism to help liquidation of these
The American plan of
these
clared Sir Lambert.
predicted
we
through
eign
tieup with Great Britain
as a junior partner,. said
an As¬
sociated Press dispatch fr*m Lon¬
don on May 12, which continued
as-followsx ; •'
J','i'
assump¬
are forced,
abnormal
posal
Commons, in London, on May 12,
predicted that such a plan would
create 1 a
British-American
bi¬
the schemes
that
us
The
Morgenthau
our
fund.
to
that
is
the
balances" is quite important. The
countries in which large totals of
her
a
here
under
.?" ;
.x
ances
Treasury's financial plan for post¬
war world trade, in the House of
Ward,
gold,
release
such
no
those who have lent
or
...
veals
has
proposals,
us
their
directing his fire. Yet a quiet
reading of the American plan re¬
now
ish
Upsetting the British pound.
J ■:
Dr. Anderson goes on to say, "I
ask
by what right the United
States could refuse to pay in gold
those foreigners who have trusted
tion
not blocked because
Be Kit
Speech
the; Los
Angeles Chamber of Commerce on
Tuesday evening, Dr. Benjamin** •
■■—, 1 „;1
M. Anderson flayed the Keynes benefit
to help England make
and American currency stabiliza¬ these balances available to our
tion plans. What came in perhaps foreign trade
customers, without'
,
Britain (omit¬
The countries to
which those balances belong are
Allies, L feel confident that we
almost the rest of the world. The
shall win everything but the final
balances tied up in the United
clean-up on the Western Front in
States are no problem. They were
this year of 1943." / i
leading to uncon¬
inflation, which, in turn, ment, and while it did not rule
lead to economic collapse. cut
gold as an exchange medium
any
Editorial comment
The problem of "abnormal war
disaster
prevent
He added:
later.
a
also
we
Chicago Journal Of Commerce
pro¬
vided with power to enforce that
Sir Robert John Graham
period, if
Foreign Exchange Stabilization Ptans
American Plan Not So Horrendous, Says
law and
vices.
the post-war
On
international
an
on
duction of needed goods and ser¬
great job to be done' lead to
be
must
authority based
between the
commercial
a
There
sufficiently to place an incentive
on the investment of capital which
furnishes private jobs in the pro¬
"In
Declares Dr. Anderson Confuses Issue
be assurance of world-wide peace.
were no
_
"There is
^.;
capital
without which full employment
would be impossible, there must
tant to revise the taxation system
crease
philosophy. So long
,
of
in the post-war period to
prevent unemployment, Mr. Wal¬
lace said that it would be impor¬
works
<
Henry, that
going to find that right
own party before long.
plank; it Is
as
Vice-President,
flow
the
possible," with the aim of mak¬
ing world unity more ; than "a
pious, phrase," Sir Kingsley de¬
clared;:;.;'
:;'x:
Most
members
agreed
there
jobs for labor, it is impor¬
tant that rapidly growing enter¬
and not one of expedience and
prises should be encouraged by
personalities, x.■J '-r-Z-y/M'-;'' '..'I
policy
to
expand,
"I heard the Vice-President say government
especially when they start small,
this
afternoon that he was in
favor of
the two-party system. Enterprising young men eager to
serve
the public welfare should
There are millions like him in
this
equally devastatihg.
have
"To
each country exchanged as freely
While emphasizing the probable
need of a vast program of public
'
"We cannot afford to be merely
a
would be
Thursday, May 20, 1943
,
be
fiscal
;;
made
agent,
National
York,
City Bank of New
William Street, upon
22
surrender
of
the
May
15,
1940*
coupons, and upon presentation of
the Nov. 15, 1940, coupons, accom¬
panied by properly executed let¬
ters of transmittal.
Leon Henderson Joins
Research Institute
The Research Institute of Amer¬
ica
announces
son,
has
become
Board
in
that Leon Hender¬
former Price Administrator,,
of
Chairman
Editors
directing
the
and
,of
will
its
assist
Institute's
edi¬
torial policy.
The Institute, a private organi¬
zation,
has
was
main
founded in
offices
in
1935
and
Washington"
and New York.
ness
men
It supplies busi¬
and manufacturers with
business information and most
cently
has
been
re¬
specializing on
taxation,
social
war
controls,
security, and post-war planning,
J
Mr.
Henderson's resignation as
Price Administrator was referred
to in these columns Dec.
2252.
24, page.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4178
157-
Austin DeefareslasisEowerPcfilWiffBe
^
Exhausted Ueile$s ^Pap^Mtioii < ^okglizad
v
;>
Mim Assets Frozen
Declaring that the margin between manpower, needed and man¬
power available is dangerously harrow, Senator Warren R. Austin
.(Rep., Vt.) earlier this month called for enactment of the Austin-
.
.Wadsworth bill, of which he is co-author, before the exhaustion of
manpower.
In part, Senator Austin, addressing the meeting of the
National Association of Mutual Savings Banks in New York, said:
"The mobilization of all mobile .«
progressed
persons in America has
jhaltingly and with many unneces¬
sary
delays attributable to our
reluctance
to
accept
inevitable
Suspension of individual rights in
■
interstate
for
of seed
movement
ton for ginning..
-
!
;
cot¬
;,
_,
in
1942
calculated
is
at
5,720,000
?
.
65
pounds of cottonseed for each
and enemy-occupied nations
are
Or
vided by
4,765,000 tons
be
delivered
v
"Now
other
law.4;;y>.4 I-..V"
forced to take an¬
we are
step,
efforts
these
because
have failed to mobilize
our
mobile
Voluntary
population.
•methods
investment with Latin Americans
kind
1942
limited number and
a
nearly 25
finance
jobs, • and
only those
who are within reach of
people
indirect
sanctions.
method
The
of
dealing with manpower with¬
out
legislative authority cannot
Accomplish the registration, clas¬
sification, training, selection, as¬
signment, placement,
promotion
and
transferring which are es¬
sential
and
to
tity.
production
and
our
the
advance of exhaustion
manpower,
pool
where
we
cannot tap
additional
man¬
power can be found."
With
respect
'
'
the
to
bill, the
New York "Times" of May 7 said:
v
His
(Senator
Autsin's)
bill,
written jointly by the American
Legion and the Citizens Commit¬
years ago
and
here
industry
began
powerful
a
organiza¬
extending to the electrical
heavy goods industries, and
:
;
The
or
neutral "fronts"
ownership't
Axis! interest
crop
ness
over.-About half of
the
pro¬
1,500,000,000
enterprises
prises
these enter¬
been wound
have
taken
been
,
;;
285 busi¬
in
has
aver¬
whole,
should
to
tion centered in the chemical field
years
a
approximately
pounds of oil.
their
plants made available to
others engaged in the production
of
war
essential civilian goods.
or
volunteers
for
Service
given
any
plant,
factory, mine or industry
and, if failing to secure the re¬
quired number .of workers, then
invoke the labor draft.
!
t ''In the case of the mine strike,"
-
Final yield per acre, at
pounds, compares with 211
pounds for the previous year. The
increase in acreage in 1942 was
than sufficient" to
more
offset the
smaller .yield per acre.
A
total
of
land cotton
from
800
5,200
This
acres.
with 2,800 bales
from
30,400
of
bales
Is¬
Sea
harvested in 1942
was
compares
harvested in 1941
Poor yields
realized in 1941 were responsible
for the greatly reduced acreage
acres.
;
in 1942.
Calculated
the
at
season
aver¬
ment
700,000 bales of loan cotton from
the ,; 1942
crop; unredeemed ; on
,
April 11 The value of cottonseed
production, at, $260,773,000 brings
the total
value of the
$1,474,534,000.
called
the
to
operate
they
could
be
.
assigned
the
to
work."
J At
ier
day
that
under
terms
could
be
In
his
A
total
v
address
Senator
"I think that
opportunities
as
Austin
i
.
that
Record
as
leaders of thought
neighbors how nearly touch-and■
this Y manpower
question
is
right now.
It is dangerous to
go
postpone this legislation."
average
practically
State
yields
'f
Cotton Production In 1942
Crop Reporting Board esti¬
tivation
area
in
the
of
cotton
United
in
cul¬
States
on
July 1, 1942, to have been 23,302,000 acres, the area harvested 22,602,000 acres, and the lint yield of
cotton 272.5
investment.
needed
encourage
original
to
This
future
I also believe that
vestment.
is
in¬
they
need to work out a system of re¬
funding the defaulted bonds which
held
are
"Mr.
in this country."
Johnston
cently
said
from
returned
South
he
44
had
re¬
trip
a
to
America, where he visited
with the Presidents of
seven coun¬
of
crop
was
...
.
were
all
and
pro¬
were
pro¬
"I
business and church. He
been
that
in
vested
America
have
United
are
become' the
to
after the
permanent posses¬
sion of the American people.
patents cover some of the
latest achievements in the produc¬
dyestuffs, plastics, phar¬
maceuticals, electrical goods and
of
textiles.
They include many pro¬
which enabled the enemy to
terials.
Meeting In Detroit
development of the plants.
precipitation
and
below-average temperatures dur¬
ing September and later months
delayed maturity and resulted in
some
reduction from earlier pros¬
pects.
worms
homa
The
and
and
of
appearance
boll weevils
in
parts of Texas
considerable
reduction
in
leaf
Okla¬
caused
those
harvested
areas.
There was also some loss
Production in 1942 of 12,of mature cotton because of local
824,000 bales of 500 pounds gross
scarcities of labor for picking.
weight exceeded the crop of 1941
by 2,080,000 bales, or 19.4%, but
According to reports of crop
was
slightly below the average correspondents the reduction from
production of 13,109,000 bales for a full yield of all cotton from
the 10-year period 1931-40.
The various stated causes was 26.0%
■lint yield per acre of 272.5 pounds in 1942
compared with 38.6% in
for the United States is the high¬ 1941.
The percent reduction re
pounds
per
.acre.
is over."
269.9
orders
of
regarding
manufactured
articles, she said,'"under the guise
of simplification and pricing to aid
the
war
effort,
require
goods
labeling and standardization of
such type as to threaten eliminaJ
lion of brand names and trade¬
marks
and
put
out
manufacturers
of
and
business
distributors
who have spent years developing
quality product and promoting
mass production." "The
plan,"
a
she declared, "strikes at the
roots of American
*
Bureaucracy
Assailed As
She paid tribute to Capt. Eddie
"as one man who
dares to speak out fearlessly with
authentic facts" about conditions
band
Vivien
Kellems,
Connecticut
manufacturer,
speaking
before
Westchester
County
Federation
the battlefronts,
on
of
support
the
that
Blighting
very
business."
Rickenbacker
urged
his
of
women
and
suggestion
the
country
together to remedy current
The
Captain
suggested
evils.
calling the organization the Blue
V
of
Women's
Biltmore
Clubs
the
at
Hotel
last
month, charged the
Washington administration and its
agencies with attempting to domi¬
and
nate
control
life
over-all
detail
furtherance
in
Star Women of America.
:
next
year's work the program for
victory which Capt. Rickenbacker
has outlined?"
"Proper wartime restrictions we
accept," she concluded, "but
of
plan for Utopia,
y;
"Why not," she demanded of
clubwomen, "include in your
the
of
every
must
let
ac¬
us
see
that the
it
to
moment
cording to the New York "Sun" of
this
April 30, which further indicated
tate, every restriction on our free¬
dom, every rule, every regimenta¬
the speaker as saying:
fighting two wars—one
far-flung battlefronts all
the
over' the
the
world,
other
right
war
tion
"We're
on
out
is
over we
of
freedom
freedom
and
cast every
lives
our
more
once
President " of the Na¬ here at home. Our boys are wag¬
Association of Bank Au¬ ing the battle against our foreign
ditors
Comptrollers,
an¬
"National Audit-
and
gram,"
the
in
nounced
publication,
official
their
conditions of travel,
because
enemies,
win,
theirs
they
and
unless
but,
will
be
going
are
we
of
and
of
dic¬
restdre
equality
opportunity/'
Pyrrhic
a
President Proclaims
to
win,
victory.
also
June 14
They will return to find that the
y:
due
to"
war
before such
dow
50
a
Mr. Wal¬
meeting.
asked
has
of
each
that
the
organized conferences name a
delegate
V;' At
there
will
meeting.
this
attend
to
noon
Sept; 24, in Detroit,
be a meeting of the
on
give
year
one
State.
•
service to the
Nazis,'-she
of
:
Flag Day
President Roosevelt
May 4
on
pounds
•
previous record
per
■
1
acre
pro¬
,
ported for 1942 was less than for
any
year
since 1925 excepting
that reported for
1937.
Losses
shall liberate the world.
Organization
ference
is
a
and
Committee,
President
the
of
each
of
member
con¬
that
im¬
strength until total victory is
and peace assured."
"If
moves.
the
withering hand of con¬
to
trol lays its
blight
on
our
press,"
she declared, "everything we hold
dear dies with it."
She said that
the OPA and WPB for two years
have
Also
in
in
attendance
attendance.
will
be
the
National
Committeemen, repre¬
senting the Federal Reserve dis¬
tricts, and chairmen of the various
standing committees.
No
regional
conferences
sored by the National
spon¬
Association
been
threatening to cut the
amount of
newsprint allowed pa¬
pers
and magizines, adding:
"Of course,
no
one
bothered to
cut in newsprint was
necessary.
Nothing whatever was
said about the fact that the Fed¬
eral Government ordered 350,000,prove
that
a
are^
of
we
similar
that "they
be
arms,
the
portant committee, it is expected
will
in
Nations have pledged
another
our
mutual
charged, 'began their successful
campaign to control Germany by
■
since
brothers
"As
German
The
being held this Spring.
Mr. 000 pounds of paper for use in
Waldow, Hugh E. Powers, Cash¬ 1943, 60% more than the Govern¬
ier, Lincoln Bank and Trust Com¬ ment used in 1941; While news¬
duced in 1937.
pany,
Louisville, Ky.; John C. papers and magazines were cut
from insects, at 12%, were about
Estimates of planted and har¬
Shea, Auditor, Whitney National 10% at the beginning of the year,
vested acreage are in substantial average and compare with 20% Bank, New Orleans, La., and Ar¬
Losses because of ad¬ thur
R.
agreement with acreages meas¬ for 1941.
Burbett,
Comptroller, fice in Cleveland, Ohio, on May
ured by the Agricultural Adjust¬ verse climatic conditions were re¬ First National Bank,
Baltimore, 8, to complete plans for the An¬
ported at 11% compared with av
ment Agency.
The estimates of
Md., national officers of the Asso¬ nual meeting and discuss organ¬
erage losses from these causes of ciation, were scheduled to meet ization activities for the interven¬
production represent total ginat the national headquarters of- ing months.
nings enumerated by the Bureau about 18.5%.
est of record. The
was
OPA
and
troit,
that
Waldow, Comptrol¬
National Bank of De¬
A.
the
of
a
Risle Of
an
ler
and
they want
good neighbor policy
war
American
Bank Auditors To Hold
The
■:
standardization
here and
The
tion
great interest in
a
States
custodian.
the
enemy-owned
are
the American peo¬
can assure
continued
Those
as further evidence of
the attempt to hamper the press.
its
nationals and the nationals of
enemy-occupied
countries have
emy
tional'
areas.
of labor,
with the leaders
ple today that the people of South
patents
41,077
talked
and
Conference
,
proper
the
the
times, have not ma¬ very things they fought to exterm¬ proclaimed June 14 as
Flag Day
duced in only three States, name¬
terially improved since 1942, and inate—Fascism; Communism, Stat- and asked the
people to fly the
ly,: Virginia, Mississippi and sAr- because of the serious shortage of ism—call it any name you like—
Stars and Stripes this year along
kansas, ' but
with
near
record administrative men in banks and Was slipped in the back door and
yields in a number of other States the consequent difficulty for the fastened on us while they were .With the flags of the United Na¬
tions where feasible.
the United States average yield members to leave their
positions, gone."
■
*
Associated ' Press
was
Washington
higher than in any previous the Executive Committee decided
She cited as evidence of efforts
year.
-X }jff to follow the precedent of 1942 to develop the "over-all" 'plan advices, reporting this added: v 4
"We know that our flag is not
The 1942 cotton crop got off to and not hold a general conven¬ what she said was an effort to
an unusually good start;' The ef¬
alone," he said. "This
tion.
control the press; food control reg¬ fighting
fects of insect damages were held
year the flags of 32 United Na¬
However, an abbreviated an¬ ulations; the recent OPA plan for
tions are marching together, borne
to a minimum during July and
nual meeting will be held in De¬ standardizing manufactured arti¬
forward by the bravery of free¬
August by above-normal temper¬
troit, Mich., Sept. 24 to elect of¬ cles, eliminating brand names, and
men.
atures.
At the same time rainfall ficers and to transact such other Mrs. Roosevelt's
Together they are the' em¬
suggestion that
was
sufficient
and
timely
for business as would ordinarily come all youth should be compelled to blem of a gathering offensive that
Above-normal
The
of
She also cited the recent
controversy over admission of the
press to the United Nations Food
.
of your great
one
,is to point out to your friends and
mates
return
American
the
cotton
of 1942 was
yields somewhat
in
construed
,
in
than
the
other
a
patent applications owned by en¬
In terms of •A
Ottmar
season
crop
better
"strike-breaking" legislation.
said:, *
1942
cotton
\
The
duced
vigorously denied that the
measure
.
>
of
Senator
bill the President might have or¬
dered the miners back to work,
but he
1928.
Austin
a press conference held earl¬
the
1942
the most valuable produced since
unique
in
stated
least
negotiations with govern¬
procurement agencies.
age
dollars
volunteers
at
cilitated
1941.
200
crop to
for
the
owner¬
hand; I suggest
they set up some type of
insurance companies to guarantee
in
he-said, "the President could have
the mines under my bill.
If vol¬
unteers
did
not
respond, , then
in
the
added:
Custodian,
Included is the value of about 2,-
for
War
in
the Federal Government in Wash- '
ington alone, not counting the rest
actually used 115,4
545,000 pounds of the 350,000,000
pounds intended for the whole
of the country,
year."
the
prises to obtain loans and has fa¬
The
call
National
a
"On
is estimated at 75,300 bales com¬
pared with 59,800 bales produced
cotton
Act, would permit the President to
for
participate
and
that
tries
Egyptian
price
of
lint
cotton
sold cesses
on
mechanized
warfare
through March 31, the values of carry
cut
off
from
total lint production of the 1942 while
petroleum,
crop
is placed at $1,213,761,000. rubber and other basic raw ma¬
tee
they
ship;-; ;'.v.;
and
up
that
management
Leo T. Crowley,
has assisted the surviving enter¬
of
Production
quan¬
legislation,
such
Austin-Wadsworth.' Bill,
'enacted in
of
quality
Without
the
as
accelerate
increase
mills; for
economic in¬
launched
when German
an
country
to conceal true
duce
of
this
will
or
On the basis of
cottonseed
of
used American
been
"American business in investing
America must share the
in South
so
said, halted
and
age
oil'content?;
for the country as
can
government on enemy patents, the
vasion
that
oil
we
OWI
1942
to
"There is much
enterprises in these countries, said
Chicago/on May 10, which added:
•
Forthright action taken by the
the
Of
have
.
crushing,
Orders
Executive
and
reach only
entire
is
business
-
estimated
effort.
it
of joint
management
Associated Press advices from
the
said:
and
oil, which is greatly needed
war
of
control
do in South America to be of
assistance,
Property Custodian. ■/ ■ /4;;:v but we must do it in a measure**
Washington advices of May 5 to of cooperation with the' peoples it is a disgraceful fact that during
the New
York "Times" further of these Countries," he said.
the first three weeks of this year
table
the
"freezing" control
the
under
en¬
Eric A. Johnston, President of the United States Chamber of
Commerce, at Chicago, on May 10,' urged American businessmen to
seek ^ the participation of South Americans in the
ownership and
:•
direct
production
under
now
are
the
in
more
$7,000,000,000 of assets of
build
various orders, which are asserted
to be supported by penalties pro¬
that
5
emy
35 net pounds of lint.
Cottonseed
is an important source of vege¬
sanctions, and thence to
involuntary method, through
May
on
than
of cottonseed
productiori
the cause of ultimate preservation tons
compared with 4,788,000 tons
;of those rights.
In a word, wbj in 1941. This production is com¬
have progressed from the purely puted from lint
production, taking
.voluntary method to the volun¬
tary method accompanied by in¬
announced
-
Total
The Office of War Information
Alien
———~
—
Census with allowance
of the
Urges 0. S. Business lien Seek Sonfis faariean
Total fiver $7 Billicn Participation Jo. Enterprises k Their Counlries
V>
•
.
;
>
1887
United
one
A
teamwork
with
won
Allies is
our
the
President
said, which will bring victory in
a
great cause.
The United Na¬
tions, he said, face the future res¬
and
rededicate
them¬
olutely
perfected,
being
selves "to the achievement of per¬
manent
collaboration
among
tions and security for all
;
While
aside
as
14
Executive
Chief
year
has
Flag Day for
June
deserts
emblem
and
years,
the
that
this
said
flying. i in
jungles
'
set
been
"the Stars and Stripes
battle
na¬
men."
and
is
a
the
over
Arctic snows."
Today,
of
he
said,
it is
"a mark
hope to our allies and of
spair
to
our
found its way
enemy over
enemies,"
and
de->
has
"to the heart of the
Berlin and Tokyo."
THE COMMERCIAL & FINANCIAL CHRONICLE
1888
Every Citizen Must Support Mobilization Of : OlericaG Wages Rise *
Bei New York Area
Financial Resources, Bobbins Tells Bankers
Citing four
for the
intensive, prolonged and terrible struggles of modern war¬
fare," William M. Robbins, Chairman of the U. S. Treasury's War
Finance Committee, pointed out at a luncheon in New York on May
6 at the Waldorf-Astoria Hotel of the National Association of
Savings Banks, that when
ing."
war
Describing them, he said:
"We
'We had to assemble the gigan¬
tic
Mutual
those four tasks "were stagger¬
came,
We had to mobilize
industries
to
produce
our
had
XXX^'-XX;'
•
billion
18
do¬
our
dollars,
only
but
and
York
public on May 9.
It is
pointed out that although New
York City still is one of the few
in the country where man¬
areas
still is relatively plentiful,
power
'
and
survey reported that they
experiencing difficulty in se¬
curing clerical personnel.
The
.
.
Robbins
Mr.
mobilization
financial
America
because
wholly
it is for
dollars
machines and
us
our
"our
men."
Expressing the belief that "our
mobilization, if it is to
financial
.
Robbins said:
is
our
materials
raw
our
on
be
the land just
manpower
"It
by concentration of power#
won
is
not
•
rommnnitips
homp
It
vSnnoXe o^ni^^hmXnd
strategy. Today, when warfare is I
?°uw amf rceulafions made
closely geared to the production1 bv
hundreds
thouSnds
front, the rule applies equally to
ofmfles
Your communities
That is
of the oldest rules of
one
so
or
awav
to civilized
er
wo
ld-wide threat.
two
decency, and the few¬
the lives it will cost
us
in end¬
;X;/:"
;
the Government is
at
a
rate of well
dollars
a
dollars
1943
a
we
Maine,
in Oregon
spending
or
It will
Florida.
,
now
in
in
the
life and habits and philosophy of
X/X; %X
pointed out that
Robbins
Mr.
It won't be done in Texas
alike.
as
ing it."
in their own way.
No
commUnities ' will do it quite
resources,
,,
will end the
we
its local citizens.
"And
as
be geared to
XXXT\
200 million
over
mobilization
such
a
on
almost 7 billion
By the end of community level calls for comwill be spending nearly1
leadership, leadership of
day,
or
month.
month as we spent The kind that represents all eleper year m any peacetime year ments in the life of each commutaxes "ity.
You bankers are among
in
our
history, "Federal
those who can help m that leaderfrom
all
sources,
at
current
as
much
per
—^
Your
rates," he said, "provide for only
about
to
commands
word
re¬
Your reputation is known
spect.
third of estimated expen¬
a
fellows
your
neighbors.
and
the year.
Approxi¬
You have the ability to lead and
two-thirds of the funds
assist
them
in
a
democratic,
that are required must be bor¬
rowed.
About 70 billion dollars voluntary, spontaneous mobiliza¬
for
ditures
mately
raised by
in new money must be
borrowings from all
sources
dur¬
ceed
period
January
April amounted to 25
—
an amount well
them
goal.
over
drive,
com¬
if we suc¬
and
ultimate goals, there
savings accounts to
— we are asking
from
buy War Bonds
the assigned 20 billion dollar
"The
our
money
billion dollars
over
in
for
probably never will be.
We are
not asking
people to withdraw
raised during the
four-month
through
savings,
pulsory
ing the current year." In part he
money
to be no necessity
seems
continued:
"New
On the record to date there
tion.
April, Second War Loan
just ended, climaxed this
to
the
their
put
income
new
necessities
of
into
life
"■■XXX;. X:V
Bonds."
—1
reached
securities
goal of
that
Diplomats
our
outstanding
appear,
success,
ises security for the
"But these
that it promfuture.
gigantic figures alone
While
were
Ministers
do not tell the whole story.
the figures do convey the
on
May
4
the
Latin-American
j diplomatic representatives whose
i ranks
were
impres-1 mala;
raised
to
recently from
Ambassadors.
Adrian
Hector
Recinos,
David
They
of Guate-
Castro,
of
of a truly staggering finan-1 El Salvador;
Leon Debayle, of
mobilization, the fact is that Nicaragua;
Julian 'Caceres,
of
our mobilization has been partial,
Honduras; J. M. Troncoso, of the
and incomplete, despite the splen- ! Dominican Republic, and Andre
did work done by individuals and Liautaud, of Haiti. United States
sion
cial
groups
of individuals,
contributed
so
much
who have. Ministers
to
our
financing.
to
these
countries
rer
cently were raised to the rank of
' Ambassadors also.
war.
In
of
ing special work."
This
for
of
Salaries
book¬
Investigators To
Clseck Ceiling Prices
Prentiss
M.
Price Ad¬
May 13,
plans to hire 1,400 more investi¬
gators to help roll back the cost
of living and added that the OPA's
new
subsidy program
will
be
strictly experimental, according
ministrator
to
on
from
which
of
Job
be
the
to
advice
Press
Washington
on' May
13,
investigators
new
educate
innocent
vio¬
lators
of
wilful
chiselers, Mr. Brown said.
price
have
Aids
rules
and
estimated
punish
that
effec¬
tive enforcement, depending most¬
ly on
adequate
the cost of
cut
i By
careful
of
use
said
Brown
personnel, could
living 5 per cent.
enforcem<^fcXX and
such
subsidies
in
an
Mr.
—
interview, the
of meat, butter and coffee about
June 1 through subsidies was ex¬
perimental.
The future use of
subsidies, he indicated, will de¬
added to
•■
.
existing force of
an
ap¬
proximately 3,500XTheir salaries
taphone operators, telephone op¬
are
erators
budget, already approved by the
and
clerks
have
risen
X^X'T''
"In
making the survey, the As¬
Industrial Bureau did
include
any
administrative
positions or employees receiving
sociation's
not
than $60 a week.
more
The
•;
the
of the salary
level
of the
largest groups in
clerical positions in various in¬
dustries
average
were;
insurance compan¬
ies, $30.04, male, $26.42, female;
transportation companies, $36.04
male, $27.09, female; public util¬
ity companies, $36.28, male, $32.50.
female; trade (wholesale), $32.81,
male, $25.83, female; trade (re¬
tail), $30.31, male, $21.88, female:
importers and exporters, $36.62.
male, $27.21, female; manufactur¬
ing (New York City administra¬
tive offices)* $32.64, male, $28.14,
female; manufacturing (plant of¬
fices), $33.88, male, $23.88, fe¬
male; hotels, $24.15, female (male
not
tabulated
data);
due
to
incomplete
publishers,
printers and advertising agencies,
$25.72, male, $25.18, female; banks
and trust companies,
$38.94, male,
$25.01, female; investment bank¬
ing and brokerage, $34.31, male,
newspaper
$25.08, female; miscellaneous,
$28.83, male, $26.60 female.
"The
Commerce
salary
and
years
has
to
and
been
surveys
this
data
members
Industry
conducting
for many
has
proven
in
checking
salary rates against other
companies in the same industry.
Due to the recent wage stabiliza¬
tion
and
data
on
become
business
"A
regulations,
salary levels today has
extremely important to
manpower
men.
number
of
provided for in the next OPA
Congress.
With
for
submission
X XX-
-
.
x:
decrease
and discount on loans, a
of
$354,306,000
and
$25,078,000;
from interest and dividends on se¬
curities,
increase of $62,322,The principal op¬
an
000 in the year.
erating
$291,469,-
were
expenses
000 for salaries
and
cers
and wages of offi¬
of
employees,
$19,412,000
interest
over
savings de¬
time and
on
of $9,332,000
$99,944,000 paid in taxes, an
posits,
and
an
decrease
a
of $14,810,000.
increase
"Profits
on
securities sold dur¬
1942 aggregating $30,474,000
were
$49,509,000 less than in the
ing
preceding year, and losses and
depreciation on securities for 1942
totaling $73,253,000 were $18,881,000 less than in the year before.
declared
"Dividends
com¬
on
and
preferred stock in 1942
totaled $136,804,000, in compari¬
son
with
$117,970,000 in
1941,
and were 9.09% of common and
mon
preferred capital and 3.66%
of
capital funds. The dividends to
stockholders in 1942 were 56.22%
of net profits available. The remaining 43.78% of net profits, or
$106,539,000, was retained by the
banks in their capital accounts."
Success Of War Loan
Lessens Heed For
:%
to
X': ■-•'XX;
volunteers from local
boards the
Forced
Savings: FOR
ra¬
investigators will
President Roosevelt indicated at
changes
were
go
from store to store, checking
with price rules, ex¬
plaining how to correct the inno¬
his press conference on
the heavy oversubscription to the
cent
had
the willful
cases,
OPA
The
is
evi¬
prosecution in
X
putting out
simplified price lists so that store
and
owner
be
"The
now
housewife
of
aware
alike
legal prices.
combination
of
will
'
,.
under¬
standable ceiling
prices and vigi¬
enforcement,"
Mr.
Brown
said, "should hold the line, ex¬
cept in certain cases where sub¬
lant
sidies
required."
are
The OPA chief said he believed
than
better
most people realize.
the situation in food,
prices of such important
Excepting
he
said
factors
as
copper,
steel, iron, aluminum,
lead, cotton cloth, hides,
gasoline and crude
almost
held
oil had
without
the past year.
lessened
been
change
in
■
X
Comptroller
Preston
of
Delano
the
Currency
announced
on
May 17 that the 5,087 active
na¬
tional banks in the United States
and
possessions
reported
gross
on Dec. 31, 1942,
earnings of $962,-
837.000 for the calendar year 1942.
This represents
an
increase of
$37,174,000 over the gross earn¬
ings for 1941 of the 5,123 national
banks
ment
that
on
The
were
Dec. 31
in
active
of that year.
Comptroller's
further
opera¬
announce¬
reported:
final
that
Revealing
figures
showed sales of $18,300,000,000, or
more than $5,000,000,000 in excess
of the goal, the President declared
that, while the need for forced
savings had been reduced, the
oversubscription had not changed
the government's need for new
taxes.
In
his "January" budget
Mr.
Roosevelt
asked
collect $16,000,000,-
message,
to
in additional funds by tax¬
ation, savings or both, during the
000
fiscal year 1944.
Declaring that
a grand job had
the Treasury and
the public, the President analyzed
been
done
some
by
of the figures from the latest
campaign and said its
had
success
deferred from July until late Sep¬
tember or early October a third
some
Earnings
Higher In 1942
the
extent
some
need for enforced savings.
money
Nal'l Bank
to
May 7 that
War Loan
$13,000,000,000 Second
Congress
prices have been held in control
sonnel
send¬
preparing
dence for criminal
tion
managers, v. Before
and
errors,
made in the present survey in or¬
der to make it more useful to
per¬
ing
House
White
tion
reported for
xxxx
"The principal items of current
gross operating earnings for 1942
were
$432,388,000 from interest
1941.
compliance
showed
survey
weighted
figure of net profits before
$25,952,000
increase
1941; $89,added:XX:''-'vX'!X.^:XX^X 867,000 expended in the form of
Associated
an
will
Brown,
disclosed
keepers, ma^
also, in varying amounts.
of capital funds.
6.51%
less than the amount
More
«
females.
preferred
and
common
dividends for 1942 was
the
weighted average for pend on actual results of the trial
.X
typists was $25.62, and for next month.
The 1,400 extra investigators,
females, $23.47; in 1941, the fig¬
ure
was
Mr.
Brown
$24.61 for males, $22.36
explained, will be
their
President Roosevelt received at
therefore, the White House
borrowing program is an credentials of six
would
the
000, which was 16.17% of the par
and
1942
helpful
Present Credentials
13
billion.
"It
$13.85
to
$57,
with
weighted average at $27.72.
clerical
Latin-American
a
total of 18 billion dollars, as com¬
pared with our total
$30.21.
from
Association
period. Second War Loan sales of
Government
at
largest group
In 1941 the range was
000, and deducting losses and de¬
preciation of $170,326,000, the net
profits before dividends for the
year 1942 amounted to $243,343,value
male
something that can
be accomplished at Washington.
The mobilization must take place
produc-
our
or
or
,
$91,112,-
of
off
charged
stock
X; ;';XXXXXXc
investments, etc., pre¬
and
viously
would represent an individual do¬
average level of the
People like yourselves."
from every citizen in
draw
usual
spend look naturally for financial
successful, must manifest it¬
self at the community level," Mr.
we
the
He added that his recently an¬
"For instance, the Salaries of
stenographers
(female),
ranged nounced plan to seek a 10 per
from $15 to $58, with the weighted cent reduction in the retail costs
"People do not yet realize that
we
must draw financial support
as
result, it was' de¬
a
supplement
advice.
our
X
As
,
of the
to
money
People to whom workers
with more money than they can
He fur¬
ther said:
with
,
to
OPA expects to bring down the
ported in the Association's survey cost of living to the level of Sep¬
previous year. XT ;X'-'X-X tember 15, 1942, and hold it there.
daily
invest.
yet
with
as
touch
in
are
individuals
with
lagging
not
who
people
how vitally
to fight with
well
as
is
does
understand
necessary
our
that
stated
loans
are
two
three quarter
and
agricul-
our
with
cided
the
billion dollars,
announcement issued by the Sec¬
ture to serve both our armies and or 15% of the total, represented
retary of the Association, Thomas
our
civilians.
And we had to securities purchased by individ¬
Jefferson Miley,
uals.
states:-'X/
Only one and one quarter
mobilize our financial resources.
"The Association's survey
billion dollars, or 7% of the total,
in¬
"Of these four tasks none was
represented the purchase of E cluded reports from banks and
more obvious, more swiftly recog¬
Bonds, known as the people's trust companies, investment bank¬
nized, or more swiftly fulfilled,
bond.
X:X XX X-X". v■
ing and brokerage houses, insur¬
than the assembling and training
ance
companies,
transportation
"This is not a record to give us
of our fighting men.
Second only
companies, public utilities, whole¬
to that was the marshalling of in¬ satisfaction. We have a long way,
sale
and
retail firms, manufac¬
a very long way, to go before we
dustry.
turing concerns, importers , and
"There was serious delay in the come close to reaching the capac¬
to buy War exporters, hotels, publishers, ad¬
mobilization
of
industrial
and ity of the people
farm workers because the vital Bonds.", / XX • ;._iV;.v ;; XXX
VX-; X. vertising agencies and printing
companies. ,:/X >X.•' X X• X;>X
need was not so apparent, but we
Mr. Robbins declared that "to
"The weighted average salary
have begun to deal with it de-i mobilize our financial resources
level of the largest group of work¬
cisively.
There has been even we must mobilize more people to
ers
in all categories was $33.37
more serious
delay in the mar¬ ring door bells. More importantly,
for males, $27.32 for females, com¬
shalling of our financial resources however, we must enlist the com¬
pared with levels of $29.63 for
and we have only just begun their plete
enthusiasm
of
what
we
males and $25.29 for females, re¬
mobilization.".,;,;;X.
X:; ';X.A.- X f might call multiple contact people,
mestic economy
high
reported for the preceding year.
Adding to the net operating earn¬
ings profits on securities sold of
$30,474,000 "" and
recoveries
on
sirable.
of the 281 firms participating
171
in
drive
stimulate
to
X
New
of
made
"During the Second War Loan
we raised altogether about
coordinated machine.
"We
Association
of
asked
money
requires.
single, efficient,
a
tremen¬
Government today, so desperately
sorely
needed equipment, welding these
industries into
of
the
us;
but
we
have
not
raised
enough of the kind of money the
liver the actual blows against our
"enemies.
amount
dous
fighting forces that would de¬
raised
have
formation they believed most de¬
and low -range of salaries
a
figure to be known as
Salaries of white-collar workers
''salary level of the largest group."
in the five boroughs of New York It was the consensus of
opinion
City are in the ascendancy, ac¬ that the hight and low salary
cording to the annual survey of range did not give the true pic¬
weekly
clerical
salaries
com¬ ture, as the low would be the rate
pleted by the Industrial Bureau paid to beginners or a poor class
of the Commerce
and
Industry of
employee,
while
the
high
in which "a nation must marshal its resources
ways
Thursday, May 20, 1943
drive and had lessened to
extent the need for enforced
savings.,
Associated
Press
Washington
advices of May 7 reported the fol¬
lowing:
He informed
that
over
in
a
press
conference
approximately two
years
$10,000,000,000 has been nut
into the E type war bonds and 50,000.000
Americans
have
sub¬
scribed to them.
Asked
000
\
whether the
$5,000,000,-
oversubscription
made
any
difference in his program of
$16,-
000,000,000 in additional taxes and
enforced
quested
the
savings
of
President
firmative
which
Congress
as
in
replied
to
the
in
he
re¬
January;
the
af¬
savings.
It
for
the decreases the need for them very
year
1942 were $670,754,000 as definitely, he asserted.
Of course no one knows what
against $641,648,000 for the year
ers of a number of the
Net operating earnings for Congress - is going to do on tax
large com¬ 1941.
panies and asked for suggestions 1942 were $292,083,000, which was bills, he added, but, subject to
as to
the type of survey and in¬
$8,068,000 more than the amount events on Capitol Hill the enout
the
questionnaire,
the
Industrial Bureau representative
contacted the personnel manag¬
"Operating
expenses
Volume 157' 'Number 4178
He
is
need
certain
a
be put
can
Bankers' Dollar Acceptances
being. ""
emphasized,' however,
still
we
taxes.
more,
total
that
There
the
Treas¬
Roosevelt
goal
a
reported
30
more
•
commercial
banks.
The
The: average
people, he said, put $3,000,000,000
their savings into direct
pur7
chases
of
companies
which
and
1
Boston
2
3
savings
for
the
banks
savings
the
first
"V
8
St.
Dallas
.
12
San Francisco
204,000
712,000
—
organized
Total
for month
States
United
as
Young
Women's
ciation
Christian
Building,
Avenue,
Mrs.
610
Lexington
Roosevelt
said
she
approved of co-operation between
the youth of America and
Russia,
but added
that "when people are
working together they must be
honest; they • must tell exactly
where they stand and what
they
represent."
The
V
-
'■.£ ;• .7?-
•
in
Friday, when Miss Irene
Murray, the general secretary, ac¬
cused
•+.+
.31,259,000
Dealers'
,
schools.
40
Applications from about
such
and
delegates
rejected,
resolution to seat graduate
a
students
were
defeated at the busi¬
was
session yesterday morning.
Mrs.
Roosevelt mentioned the
ness
Yroung Communist League speci¬
fically in her talk. She said that
League members had the right to
voice
they
their
opinions,
to
were
but
continue
to
that if
live in
this country,
they must obey the
country's laws, and not advocate
overthrow
of
the
government
force.
,
"There
has
been
using people to
•
a
by
•
custom
carry out
of
the aims
the
young Communist groups
did
not
honestly declare
who
themselves
belonging to Com¬
groups, and that we can¬
tolerate in a democracy," she
as
munist
not
said. "You
can
.
:
•<
'
'
work with any one who
thing and does another,
or who
stays silent and does not
state his objectives."
can
never
one
The
United
States Student
of
bankers'
month since
■'
,
y2
'
ft
acceptances
1940—
1941—
31
.
V
v
$213,685,000
May
206,149,000
June
188,350,000
July-
181,813,000
176,614,000
Aug.
30—
Sept.
31_„
31__
Sept.
30
Oct.
31—186,786,000
_
__
31—
30—
$215,005.000
212,932,000
209.899.000
197,472,000
May
Sepgt
Oct.*
31—208,659,000
Nov.
Dec.
31
194,220,000
Dec.
1942—
Jan.
'31——_$212,777,000
Jan.
Feb.
28—-—
Feb.
211,865.000
31..—L_'217.312,000
Apr.
30
123 494 000
31-11—
118,581,000
116.067.000
118,039,000
1943—
.31—™—$197,278,000
28—-;—
190,010.000
31—12—_
182,675.000
Mar.
219,561,000
—
30
31
Apr.
'Ja'lV.
30—
$119,682,000
Feb.
27——
127,062.000
Apr.
30—128,350,000
tional
Student
Service,
in
which
Mrs. Roosevelt has been interested
since she withdrew her
support of
the American Youth
Congress two
years ago by declining to speak at
one of its gatherings. Mrs. Roose¬
denied
break
with
Congress
at
the
was
the
time
that
American
her
Youth
the result of charges
that the group was dominated
by
Communists, and insisted that her
principal disagreement with it was
on its stand against lend-lease aid
to Britain.
addition, contracts were awarded
during March, 1943 for the
Federally financed housing projects
containing the in¬
dicated number of
housekeeping units: Springfield, Mass., $625,000
for30° units; Burlington, N. J., $255,000 for 100 units;
Buffalo, N. Y.,
$377,000 for 116 units; Pittsburgh,
Pa., $1,800,000 for 448 units; Pottstown, Pa., $450,000 for 117
units; Detroit, Mich., $897,000 for 350
units; Ecorse, Mich., $406,000 for 150
units; Dayton, Ohio, $268,000 for
100 units;
Piqua, Ohio, $459,000 for 180
units; Sidney, Ohio, $306,000
for 100
units; Hastings, Neb., $1,159,000 for 682
units; New 'Castle,
Del., $779,000 for 370 units;
Wilmington, Del., $349,000 for 148 units;
following
162,849,000
30—
Bridgeport, Conn., 52 one-family
dwellings to cost
$235,000; Milford, Conn., 68
one-family dwellings to cost
$293,000;
Camden, N. J., 73 one-family dwellings to cost
$286,000; Pennsauken
Township, N. J., 74 units in two-family
dwellings to cost $235,000;
Perth Amboy, N.
J., 70 units in two-family
dwellnigs to cost $205,000; Philadelphia, Pa., 150
one-family dwellings to cost $567,000 and
three apartments
providing 100 dwelling units to cost
$173,000; Bellwood, 111., 49 one-family
dwellings to cost $249,000; Des
44
Plaines, 111.,
one-family dwellings to cost
$220,000; Detroit, Mich., 328 onefamily dwellings to cost $1,774,000 and 62
units in
two-family dwell¬
ings to cost $271,000;
Wayne, Mich., 62 one-family
dwellings to cost
$244,000; Akron, Ohio, 104
one-family dwellings to cost
$398,000;
Cleveland, Ohio, 55 one-family
dwellings to cost $268,000; Lakewood,
Ohio, one apartment providing 45
dwelling units to cost $190,000;
Newark, Ohio, 15 apartments
providing 60 dwelling units to cost
$195,000; Salina, Kans., 64
one-family dwellings to; cost
$211,000;
Wichita, Kans., 55 one-family
dwellings to cost $150,000, 180 units in
two-family dwellings to cost
$334,000, and 24 apartments providing
94
dwelling units to cost $204,000;
Washington, D. C., 36 apartments
providing 249 dwelling units to cost
$578,000; Marietta, Ga., 323 onefamily dwellings to cost
$1,044,000; Savannah, Ga., 154
one-family
dwellings to cost $312,000;
Baltimore, Md., 62 apartments providing
248
dwelling units to cost $645,000, and six
stores and mercantile
buildings to cost $106,000;
Norfolk, Va., 67 one-family dwellings to
cost $201,000;
Houston, Texas, two public works and utilities
build¬
ings to cost $3,350,000;
Marshall, Texas, 118 one-family dwellings to
cost
$271,000; Orem, Utah, 121 one-family
dwellings to cost $408,000;
Long Beach, Calif., 148
one-family dwellings to cost $437,000 and 28
apartments providing 120
dwelling units to cost $284,000; Los
Angeles,
Calif., 97 one-family dwellings to cost
$281,000, 30 units in two-fam¬
ily dwellings to cost
$120,000, 35 factories to cost
$396,000, and 15
public works and utilities
buildings to cost $237,000;
Portland, Ore.,
126
one-family dwellings to cost
$524,000; Seattle, Wash., 112 onefamily dwellings to cost
$455,000; Spokane, Wash., 97
one-family
dwellings to cost $357,000, and
Tacoma, Wash., 90 one-family dwell¬
"In
31______ 156.302,000
193,590,000
30—-
177,293.000
Washington, D. C., $376,000
Marcii
Building Consfruciisn Dollar Mme
In Urban Areas Declined
12% From Year
'
The dollar volume of
urban areas of the United
pared with the
kins reported
awarded for
same
on
started
States showed
decrease when
month of
May 1.
Ago
building construction
"A
a
72%
in
March in
com¬
1942, Secretary of Labor Frances Per¬
72%
decline in
the value of
contracts
Federally financed building projects in March
was ac¬
a similar drop in the value of
permits issued for pri¬
companied by
vate; work,"
she
said.
"New
non-residential
dropped 85%, as compared with decreases
building and 55% in alterations and
building
a
decline,
says
to cost
Bank' Hsils For month if
April
/%•+++•:
The Board of Governors of
the
Federal Reserve System issued
on
May 11 its usual monthly
summary of "bank debits," which we
give below:
SUMMARY BY FEDERAL
.
and
additions, alterations, and repairs registered
gains of
14%, respectively."
;
Changes in permit valuations and value of
and
1942 and
Federal
contracts
between February and
March, 1943 and between March,
March, 1943 in all urban areas are summarized
below:
Boston
Class of contsruction
All
Total
building construction-
New
residential
New
non-residential
—15.2
+
__
+ 14.0
Federal
Total
1942 to Mar. 1943—
Other than
Federal
Federal
+41.9
1.2 V-
—43.8
Additions, alterations and
■*Y 'repairs
Federal
—Mar
V;;
—47.0
—71.8
—71.8
—36.7
—60.2
—72.6
—54.1
—84.8
—84.5
3,571
r—75.1
—55.0
—52.0
dations for 2,080
persons.
"The Bureau of Labor
Statistics has revised its methods of
marizing reports on building permits.
a
Through January,
sum¬
1943, the
specified number of reporting
cities, which varied
from month to month.
Beginning with the February, 1943 compari-
1942
7.359
9,868
8,114
75,130
;■
52.289
9,115
1,515
7,397
12,889
10,208
6.806
1.604
1.986
5,727
5,825
u
4,786
28,625
21,566
5,385
4,464
1,299
Francisco
3,337
2,573
1,497
6,186
4,423
1,739
City
_
022
2,181
_
1,239
4,877
3,712
5,893
4,057
70.137
46.61.3
0*
tTotal,
274
centers
•.—
♦New York City
*140 other centers.——
1133
accommo¬
1,967
2.061
Minneapolis
Kansas
3.544...
10,414
1
Louis
—88.9
March, 1943 for dormitories providing
1943
2 459
5,187
„
2,793
17,657
2,511
._
Atlanta
San
1942 V
4,027
Richmond
Dallas
;
/.V+V'V +.'■ —3 Months
Ended—
April
April
April
29,267
.I.¬
___
Cleveland
—84.9
+23.1 +
From the Labor
Department's announcement, we also
quote:
"Permits were issued or contracts
were awarded for
15,538 fam¬
ily dwelling units in urban areas
during March, 1943. This was 13%
less than the total for
the previous month and
51% less than in
March, 1942. Almost 40% of the total in
March, or 6,201 units, were
in Federal
housing projects for war workers.
These Federally fi¬
nanced units show a
drop of 47% from the previous months
but a
144% increase from
March, 1942. The number of
privately financed
units in
March, 1943 were nearly 53% greater than in
the previous
month, but 68% less than in
March, 1942. Federal contracts were
also awarded
during
figures covered
1943
V
_
York
Philadelphia
+ 68.9
+30.8
DISTRICTS
dollars) V
April
71.8
+56.9
RESERVE
of
—
New
Chicago
—Feb. 1943 to Mar. 1943—
Other than
millions
Federal Reserve District—
St.
Percentage change from:
-
(In
.
■
struction
awarded
Ore.,
$100,000."
building
the Department's
"Between February and
March, 1943 the total valuation of build¬
ing construction fell off 15%.
The increase of 42% in the
permit
valuation of private
activity failed to offset the 47% decrease in the
value of Federal contract
awards. Valuations for all new
non-resi¬
dential building
dropped 44%, while those for new residential
con¬
1%
106
"Federal contracts were also
awarded for
dormitory accommoda¬
tions for 556 persons at
Bridgeport, Conn., to cost: $450,000; for 1,344
persons at
Stratford, Conn., to cost $1,038,000; for 70
persons
at
Winslow, Ariz., to cost $55,000, and for 110
persons at Portland,
of 60% in new
residential
repairs to existing structures."
registered
for
units; Arlington
County, Va.,
$452,000 for 200 units; Norfolk,
Va., $564,000 for 224 units; South
Norfolk, Va., $732,000 for 400 units;
Pascagoula, Miss., $348,000 for
225 units;
Winslow, Ariz., $175,000 for 84 units; Las
Vegas, Nev.,
$325,000 for 164 units; Marysville,
Calif., $200,000 for 100 units; Up¬
land, Calif., $322,000 for 100
units; Anacortes, Wash., $157,000 for
75 units;
Everett, Wash., $702,000 for 250 units;
Pasco, Wash., $430,000
for 200 units, and
Spokane, Wash., $1,801,000 for 912 units.
valuations
For the thirteenth
consecutive month the total value
of
construction work started
advices, which added:
March, 1943,
because of their confiden¬
were:
ings to cost $317,000..
i.i—$173,906,000
30
176,801,000
184,806,000
1941—
each
July
29—_
__
of the
of
.'.•••••
29
Nov.
31__
record
close
June
196,683,000
30
Oct.
a
the
1942—
31
July
Aug.
at
■
30
29
furnishes
us,
outstanding
May 31, 1940:
As¬
sembly, organized last September,
is an outgrowth of the Interna¬
1943
■;ft
who has
says
12,
Selling Rates
ft
ft
:,
ft
%
work with any one
the courage to stand up
and say what he
believes, but you
$99,479,000
.
ft
following table, compiled by
volume
Total__
_$1,031,000
BANKERS ACCEPTANCES MAY
%
Va
:
180
Dec.
Others—$38,370,000
>/a
120
The
of
PRIME
,;■
150
the
Young
Communist
League of attempting to take over
the conference by packing it with
delegates
sent
from
graduate
velt
14,256,000
$96,697,000
16,703,000
16,882,000
•
assembly came
at the opening of the confer¬
up
of
1,496,000
9,891,000
the
ence
•
315,000
for month—
ON
90
Nov.
April 30, '42
$68,740,000
11.614,000
12,990,000
26,268,000
;M 0,562,000
60
v.
fune
March 31, '43
Dealers' Buying Rates
30
May
credit
317,-000
B'lls
MARKET RATES
Mar.
problem of Communist in¬
filtration
,_r$61,109,000
Days
•
Asso¬
of
bills held by accepting
banks
Bills
Com¬
200 delegates and
observers from American
colleges
in an
afternoon session at the
$177,293,000
$48,943,000
year
13,178,000
24,837,000
Decrease
Addressing
$129,818,000
for
8,632,000
exchange
CURRENT
May 9, which had the following to
say regarding the meeting:
2,394.000
v
.
11,302,000
$70,824,000
on goods stored in
or
shipped
between foreign countries
munist youth
movements, said the
New York "Herald Tribune" of
>
nature
+
11,012,000
April 30. '43
;
Student
front for underground
a
to
Based
Own
750,000
184,000
•V*'\
'* -:
867,000
■
$128,350,000
$1,468,000
Decreass
__
recently
Assembly, on May 8, at their first
national
conference, against al¬
lowing the organization to be used
Vv •> '•' -v-ii*, j,
10,454,000
_
Domestic shipments
Domestic warehouse credits
Dollar
,s
• "i
-
Imports
Exports
Mrs. Franklin D. Roosevelt
2,526,000
204,000
'
according
the
5,147,000
676,000
•
-
Decrease
members of
2,806,000
1,604,000
2,564,000
4,961.000
722,000
...
10
Youth Beware Of Reds
2,597,000
4.679,000
__
11
Kirs. Roosevelt Warns
9,213,000
2,024,000
2,421,000
2,458,000
Louis
Grand
$31,271,000
110,096,000
i
1,787,000
Minneapolis
Kansas City
last
.
April 30, '42
?
$24,129,000
75,663,000
5,121,000
Chicago
December.
warned
March 31. '43
V
77.048,000
Richmond
7
of
STATES
DISTRICTS
$22,714,000
.
issued or contracts were
awarded in
except projects which have been excluded
tial nature
April 30, '43
i.. 1
"Principal Centers of various types of
building construction for
were
which permits
o
OUTSTANDING—UNITED
RESERVE
Atlanta
9
in
FEDERAL
_
6
The people, he said, thus
parti¬
cipated to a much larger extent,
almost double, in the Second War
than
—;
6
as
1
drive
ACCEPTANCES
....
millions of people.
Loan
follows:
Philadelphia
Cleveland
the President described
repositories
DOLLAR
New York
insurance
by
Bank's report
BY
$3,500,-
another
taken
was
Federal Reserve District—
4
bonds
was
Reserve
BANKERS'
of
000,000
April 30
$48,943,000 below a year ago.
comparison, only credits for exports and
domestic warehouse credits were
lower, whereas, when compared
with a year
ago, all branches were under the April
30, 1942 total.
completed
loan
campaign
from investors other than
came
on
In the month-to-month
$8,000,000,000
than
$13,000,000,000 in the
just
totaled
outstanding
that
of
all
cover
building construction in all urban areas
of the
States, which by Census
definition, includes all cities and
towns with population of
2,500 or more in 1940.
The principal ad¬
vantage of this change is that figures for
every month will be com¬
parable since estimates are made for
any cities failing to
a
report in
given month.
As in the
past, the value of contracts
awarded by
the Federal Government for
building construction will be combined
with information obtained
from the
building-permit reports. How¬
ever, because of the volume of
Federally financed construction at the
present time, the contract value of
such construction
will also be
shown
separately each month.
The volume of bankers' dollar
acceptances outstanding on April
$128,350,000, a decrease of $1,468,000 from the March 31
total, according to the monthly acceptance
survey issued May 12 by
the Federal Reserve Bank of New
York.
This was the first decline
in the total in the last four months.
The total amount of
acceptances
mustreceive, he said, and that
has not changed since the
monthly
total the Government
pays out is
running about true to the form
forecast in January.
Mr.
sons, the data
United
Outstanding
>%v:v;Y0ii April 30 Decreased To $128,350,000
that
ury
against
COMMERCIAL & FINANCIAL
CHRONICLE
1889
[forced sayings, subject
off for the time
THE
•Included
other
in
the
national
27,174
16.023
69,183
26.451
100.245
77,758
4,138
14,811
12,240
5,430
series
for which
12,050
137,319
37,533
centers—
tExcluding centers
16,196
184,238
covering
figures
were
141
:'
47,322
centers, available beginning in 1919.
not
collected
1942.
Record Steel Plate
;
Shipments
by the Board before May,
for
the month, the
said, totaled 1,121,just under the peak
announcement
Output In April
647
Steel plate production in April
reached an all-time high for a
30-day month
as
a
result
of
in¬
creased
rollings during the latter
half of the month, H. G.
Batchel;
ler, Steel Division Director of the
WPB,
try
informed the
Advisory
Steel
Committee
monthly meeting held
on
Indus¬
at
its
May 6.
of
tons, or
1,167,679
March,
ments
a
in
tons
recorded
in
31-day period.
Ship¬
April, 1942, amounted
to
895,971 tons.
Shipments by continuous strip
mills, converted to production of
steel plate, amounted to
535,548
tons in
302
April, compared with 563,in March, and
337,519
April of last year.
tons
tons in
bidder at a fixed price of
the conven-:
any one
President Hints Veto Of Pay-Go Measure
Thursday, May 20, 1943
CHRONICLE
COMMERCIAL & FINANCIAL
THE
1890
99.905 in addition to
competitive
y.V.
It was pointed out in Washing¬
Under-Secretary of State Sumner Welles declared earlier this
President Roosevelt informed Congress on May 17 that he could ton advices to the "Wall Street month that repudiation of the Trade Agreements Act in Congress
not "acquiesce in the elimination of a whole year's tax burden on Journal" that behind the move is
would strike "a heavy blow" at hopes for an everlasting end to war.
recognition of the fact that many
the upper income groups during a war period" and in effect inti¬
Speaking at a forum on peace problems at Toledo, Ohio, Mr.
smaller banks and other inves¬ Welles said:
' A
mated that he will veto the modified Ruml plan tax bill which has
tors who have not been interested
"If the United States repudiates, the Trade Agreements. Act,
been approved by the Senate.
The President, in identical letters to Senator George (Dem., Ga.), in competitive bidding for Treas¬ either
outright or by cripplingsury bills will submit tenders at a
Chairman of the Senate Finance
amendments, if it thus repudiates under which international coop¬
Committee,
and
Representative profits. It would also be at the fixed price assuring them. of a the idea of economic non-aggres¬ eration cannot survive.'"
GanceSliug Full Year's Tax Payments
man
they
greatest
Those who have always
■
at
tion
of
Needed
is
of
millions
and
men
women
to
"I
am
you
transition,
but there
I
beyond which I cannot
burden
groups
acquiesce in the
of a whole year's tax
cannot
elimination
on
the
during
income
upper
a war
period when
1 must call for an increase in taxes
whole country is eager,
and
savings from the mass of our
people."
•
, ' 1
■
Result Of Treasury
Ever since 1941 the Treas¬
;
the
whole
genthau
lation
would
19,
the
of
distribution
tenders
1943,
which
The details
thousands
income
groups.
Such
would be enriched by "the
cancellation
of
taxes
already
ooo.
upper
would
tion
give to
cancella¬
equaling less than
of $2,000 a year a
of
taxes
four weeks' income after taxes; a
with
man
income
an
receive
would
a
than
more
since
increases
of
$100,000
cancellation
all
of this issue are
may
into
dollars
1943
does
enrichment
discount
per
income
for
from their
would have permanently
escaped tax on 1942 income.
"A
to
of the proportions
program
reach
into
down
far
the
income
Tax rates for taxpayers
scale.
the
to finance the war and
inevitably
inflation must
curb
already
in
income
groups
are
high that substantial
upper
so
additional taxation cannot be im¬
posed
of
The
these
upon
effect
groups.
remission of
the
taxes
contained in the Senate bill would
therefore
be
a
transfer of
sub¬
a
stantial part of the cost of the war
the
from
•middle
upon
income
upper
and
•
accepted
the
to
lower income
$906,813,000
—
peace."
accounts
Press-
Toledo, Mr. Welles' address
reported as follows:
Under
The
what
to
of war
just, a work¬
a
he
"the
groups
whom tax increases must be
Others, includ¬
chiefly imposed.
said, recalling that Hitler
renounced the principle of
most - favored - nation
treatment
and embarked on a system of biT
had
"based on barter,
and
'compensation'
marks and political pressure."
:
trade
lateral
'blocked'
amazing
•
"Admittedly the United
our
most fortunate taxpayers
have
been relieved.
anti-windfall
so-called
"The
provisions of the bill do not go to
the heart of this basic inequity.
they would reduce the
of forgiveness, the
Although
total
amount
would
reduction
inequitable
at
made
whose
be
expense
businesses
located by
made
It
way.
the
have
in
an
would be
of people
been
dis¬
much as it
would be at the expense of those
who
have
the
war
been
as
enriched
by
States
its increased tariffs helped
to create conditions in Germany
and elsewhere which led to the
had by
more
and
acceptance of Hitler
of criminal racke¬
ready
his
gang
and
of
approxi¬
discount
might
even
prove
tragic if thoughtless people should
confuse or becloud this issue."
Mr.
Welles termed "economic
non-aggression
of the amount bid for at
the low price was accepted.) .-
rocal
trade treaties with
tries.
;'vV:A''
maturity of a simi¬
"If
There
lar
was
issue
a
of
bills
on
May
3
in
Middle West Oil Refineries
On Quota
it
countries,
encircling
Germany,
within
the
German orbit.
They
"every other
it and we may in some degree have helped
conditions to prevent Hitler from drawing
within his own encircling power
trade warfare which brought
some
of the countries that he
countries to the verge of ruin
the early '30s, into conditions hoped to absorb."
he declared,
country will repudiate
will drift back into, the
of
in
for
War Harold L. Ickes has acted to
meet
a
developing
crude .oil
27 coun¬
repudiates the
doctrine of economic non-aggres¬
all
Basis
country
our
sion,"
of $701,811,000,
amount
pacts" the recip¬
instead of
may have
helped to some extent to ease
the situation of some countries
toward which Hitler directed his
economic and political aggression.
They may have helped to pre-r
vent some from falling completely
European
Administrator
was
announced
Private
Q
on
G.
W.
Enterprise Will Flourish Under
Planned Economy, Says Baumhogger
Baumhogger,
Corp., speaking on
President of United Cigar-Whelan Stores
May 10, at a war
council of the Associated Chain
Waldorf-Astoria, said that retailers should pre¬
a progressive decline in crude oil
pare for a "long period of planned economy" after the war by orr
inventories and to assure war re¬ ganizing now in groups powerful enough to demand a voice in the
rate of fineries of the minimum amounts reconstruction program, according to the New York "Herald Tribune"
0.376% of crude they need to produce the of May 10, which went on to say:«-
approximately
action
The
maximum
annum;
Average price—99.905. Equiva¬
lent
rate
of
discount
approxi¬
per annum.
is
expected to halt
Drug Stores at the
its purpose
will
expressed the
private enterprise
"flourish"'under the "right
kind
of
planned economy," but
neither the New Deal nor
products,
tane
aviation
gasoline.
It is estimated that on
Mr.
Baumhogger
100-oCt opinion
including
A
the basis
of giving full employe
kind of a
"this nation
quantity of petroleum
war
that
a
ment.
"Under the right
planned economy," he contended,
will have the highest
standing of living it ever has
quotas all refineries now that
had."
v.
operating can operate at a level industry by themselves would be
of at least 80%
of the normal able to do the job.
He likened the nation's econ¬
rate of the 18-month period, July
the amount of $703,107,000.
1, 1941-Dec. 31, 1942, and war omy to that of a great chain store
As to the previous week's offer¬
plants which require more than system in which the operations
ing of $900,000,000 of 92-day bills, 80% of the normal rate to main¬ are planned by and for those
dated May 12 and maturing Aug. tain maximum production of war working
for the firm, and, to
John L. Lewis, President of the
12, the Treasury disclosed the fol¬ products can receive additional which they contribute their ideas
United Mine Workers of America,
lowing results on May 10:
:
crude necessary to maintain, such and suggestions.
on
May 17 sent Harold L. Ickes,
Total applied
for—$1,509,316,- maximum production, Mr. Ickes
"Perhaps the Government can
Solid Fuels Administrator, a tele¬
000.
be persuaded to adopt a similar
stated,1 f>. -"/>:
,■■ ■w;; ^
v"1 ;:
gram advising him that the mem¬
Total
accepted — $906,987,000
The decision to allocate speci¬ policy," he remarked.
The operation of the economy bership of the W. M. W. of A. will
(includes $80,741,000 entered on a fic amounts of crude to individ¬
continue at work under the exist¬
fixed-price basis at 99.905 and ac¬ ual refiners was prompted by the can't be left to the > executive
branch of Government or to Con¬ ing retroactive extension agree¬
cepted in full).
fact that District
Two refiners
ment
until
midnight,
May 31.
Range of accepted bids:
gress-alone, he >continued, but
are processing from 30,000 to 50,Thus a second general work stop¬
High—99.912. Equivalent rate 000 barrels more crude per day these, in collaboration with in¬
of discount approximately 0.344%
labor
and
agriculture, page by the nation's coal miners
than can be supplied by local pro¬ dustry,
at midnight, May 18, the deadline
must work together to perfect a
per annum..
v.
duction plus imports; from other
of
the
first 15-day truce, was
Low—99.904. Equivalent rate of
balanced
planning
policy.
He
districts, the Petroleum Adminis¬
averted.
%
'
discount
approximately
0.376% trator said.
suggested
that this
group
be
Mr. Ickes, in his telegram, also
called the "Council of the Na¬
per annum.
:
v
"The result has been a progres¬
"A V ^
"v-TV.; A/, A;-;': further stated in part as follows:
Average price—99.905. Equiva¬ sive decline of crude oil inven¬ tion."'
lent
rate
of
discount
approxi¬
If retailing wants to nave
"As I told you at our confer¬
a
tories to the. lowest level in re¬
voice in this council, Mr. Baum- ence on Sunday, May 2, the Presi¬
mately 0.372% per annum.
•
cent years," he stated. "Further¬
dent's executive order does not
(29% of the amount bid for at more, indications are that unless hogger asserted, it will have to be
xxxv.
xxxxxi.
„.xxxxx
give me the power to negotiate
the low price was accepted.)
this decline is halted the rate of organized so strongly that it can
a
contract with the United Mine
demand representation.
There was a maturity of a sim¬ withdrawal from inventories may
Workers, nor do I have the power
"I don't believe in a totalitarian
ilar issue of bills on May 12 in double within the next 12 months.
to institute collective bargaining
amount of $704,732,000.
"We are forced to the expedi¬ economy or one planned wholly
conferences
between
the
mine
"If workers "and the owners of the
With this offering of bills dated ent of restricting crude runs in by bureaucrats," he declared.
is represented 0on the
the Middle West, largely by rea¬ retailing
mines. In addition, as I have said
May 12, the Treasury introduced
son of the fact that
the State of council it may be the potent and from
a change in procedure in bidding
the
very' beginning,
any
Illinois no longer is able to pro¬ constructive factor it should be in contract must have the approval
for the weekly issue in a move
planning the post-war economy."
of the War Labor Board."
designed to distribute these se¬ duce that quantity of raw petro¬
Conceding that the New Deal
that
it
would
otherwise
curities
more
widely
among leum
For further reference on this sit¬
"might have saved the country
smaller banks. Future weekly of- have been able to supply had its
uation, see the May 6th issue of
once
prolific oil fields been de¬ from a fate worse than the New
the
"Commercial and Financial
ferings until further notice will
Deal itself," Mr. Baumhogger said
veloped in accordance with sound
include
provision
(36% of the amount bid for at
low price was accepted.)
There was a maturity of a sim¬
ilar issue of bills on May 19 in
of these
the
Coal Strike Truce '
Extended To May 31
•
.
those
now
on
the battle
fronts, would later be obliged to
shoulder the burden from which
ing
Trade Agree¬
to operate," Mr,
Welles
Secretary, referring
called
long before the
ments Act began
lit vv
May 14.
annum.
Low—99.904. Equivalent
that they
necessary
rate
as
for—$1,565,710,-
per
change the result
nor
was
fortunate
High—99.910.
Equivalent rate
of discount approximately 0.352%
would
liability
their
detract
not
Associated
In
from
Equiv¬
price—99.906
Petroleum
Range of accepted bids:
pay just
as many
the Treasury in 1943
of
account
on
applied
mately 0.373%
"The fact that the upper
creating
able and a lasting
,
~
basis,
to the war effort,
groups
r
accepted in full).
financial contribution
thus escape
for
shortage in the Middle West- by
placing all refinery, operations in
that area (District Two) on quota
tax
war
and
1939,
on
%■■'/;>/
Total
equaling 20 months' income after
taxes.
The
latter
would have
canceled
~
(including $93,495,000 entered on
a
fixed-price basis at 99.905 and
;
The Senate bill
man with an in¬
a
world of the scourge
and
sion
are that Hitler had
blueprints of aggres¬
facts
his
in foreign
17
v
Total
groups
come
May
offered
were
follows:
owing *by them.
on
for
May 14, 1943, were opened at the
Federal Reserve banks on May 17.
and in an unjust
discriminatory enrichment of
of taxpayers
in the
and
the
$900,000,000
of 92-day
Treasury bills to be
dated May 19 and to mature Aug.
This cancel¬
result in a highly
cost of the war
announced
that
year's taxes.
inequitable
this
."The
drawn
teers who termed themselves the
Government
of Germany,"
Mr.
3^..I0
osophy
and techniques
opened Welles said.
"But
our " trade
of a AVfeiViiilMW and
legitimate
Total applied for__$l,388,528,000 new vistas KJ X
ViOlUO
U.
agreements program was an im¬
Total accepted
901,706,000 (peaceful economic 'lebensraum'
plicit recognition of our former
Range of accepted bids:
i
..'for Germany if Hitler had chosen shortsightedness
and
evidenced
to make that country one of the
High—99.935 Equivalent rate of
an
honest desire to re-establish
family
of nations which were
discount
approximately
0.257%
honestly seeking to remedy past greater
opportunity
per annum. 1
'
trade for all nations,
including
mistakes and safeguard peace."
Germany. ;
Low—99.905 Equivalent rate of
......
:
He added that it would be "un¬
discount
approximately
0.376%
"Our
trade
agreements with
alent
Secretary of the Treasury Mor-
inflation.
for
the hopes
(49%
bill, however, pro¬
cancellation of a
"The Senate
vides
will have
peace
mately 0.373%, per annum.
recommended
provisions designed to this end.
Such provisions would help hold
the line against
of which
May
Average
has consistently
ury
it
stuff
per annum.
put
on
a
pay-as-you-go
basis at the earliest possible mo¬
taxes
ment.
destroyed the
is made, it
struck a heavy blow^ at
of mankind for ridding
will have
sion,
now so
~
limits
go.
I am sure the
to see our
as
eager,
the
ease
are
armed forces.
our
writing
am
should be substantial adjustments
to
in
given
also
,
.
allegation" that the trade agree¬
ments program "had the effect of
can
sign.
I have recommended previous week's offering of $900,encircling Germany," said in his
pay-as-you-go taxation.
I have 000,000 of 91-day bills, dated May
prepared address:
not insisted upon any particular
5 and to mature on Aug. 4, 1943,
"Far from restricting or encir¬
formula for transition to a pay-aswhich were offered on April 30, cling Germany, the trade agree¬
you-go basis.
I believe that there was issued by the Treasury on
ments program by its very phil¬
tax.
income
the
relief
payment
on an
"
"* '
•
making known this week's
offering of $900,000,000 bills, the
Treasury also stated that 92-day
Treasury bills will be offered for
the next 13 weeks with a view to
bringing the payment date for
the new issue on Thursdays in¬
stead
of
Wednesdays,
thereby
In
t
taxpayers on a pay-asbasis by means of collec¬
the source and current
you-go
6f 1%
annual basis, /
that
giving an additional day between
you may know my views and in the
opening of tenders and the
the
hope ' that
a
bill may be payment date.
*
worked out in conference that I
The
following
regarding the
"I
passed by the House and the Sen¬
ate
contain
certain
provisions
putting
had large
get the greatest windfall
and they are untouched by the
anti-windfall
provisions of the
Senate bill.
,■ V
;
incomes
recently
bills
revenue
just arrived at
earning capacity.
have
cause
Lasting Peace
'Heavy Blow' At World Hopes For
return of about %ths
increased since 1940
of the war, but be¬
their
ter follows:
"The
because
not
a
on
basis.
people whose
many
incomes have
House
the
of
-
of
expense
C.), Chair¬
Ways and
Means Committee, contended that
cancellation
of a whole year's
taxes "would result in a highly
inequitable
distribution of the
cost of the war and in an unjust
and discriminatory enrichment of
thousands
of taxpayers
in the
upper income groups."
Mr.
Roosevelt
reiterated his
support
of
the
pay-as-you-go
principle
and
expressed hope
"that a bill can be worked out in
conference that I can sign."
The text of the President's let¬
(Dem., N.
Doughton
bidding
tional
„^v.,
(
a
for receipt of
war1 tenders for $100,000
or
less from conservation principles."
that, nevertheless,
it had failed in
Chronicle."
;* -
».1C.,—imgifta.i'A",,
(.3
Volume
Number 4178
157
THE COMMERCIAL & FINANCIAL
CHRONICLE
Uncertainty Of Govt, Attitude To Private
Enterprise Drawback To Post-War Prosperity
(Continued from first page)
viduals
own
and
free
to
their
out
carve
future
through jobs, freedom
opportunity under the Amer¬
■"We need
'equality'
under State socialism.
"Freedom
.
ises
jobs.
prom¬
It
our
freedom
unnecessary
lives in peace;
ernment
regulations of our daily
comings and goings. It holds out
a
vision of opportunity to move
ever
upward to new and higher
standards of living for America.
"That is the spirit that built
America!
"It
for
be
the
happier
a
and
afterward."
,
In
Mr.
the
of
his
observed
industrialists
Government
to
remarks
that
"in¬
urging the
plan
buttressing
the private
"2.
the
into
will
successful
job-making
of
permit
tax
production
making
and
A
far
at
is
possible,
relationship
system which will
provide adequate funds for work¬
and
which
encourage a
expansion, but
not go so far as to
speculative boom.
will
"5.
The
formulation
of
a
na¬
tional labor relations
policy which
will
restore
industrial harmony
and
increase production.
"6.
Avoidance
in
management
/.
"There
is; only
one
way
to' and Government policies of rigid¬
reach
a
better
in wages
and
post-war world. ity
prices,
and
Unless
cient
man
make
we
of
use
enterprise,
private
with
its
encourage¬
individual to exert
the
to
effi¬
most
through
resources,
ment
the
national and hu¬
our
his utmost in production, we can¬
not
expect
1
economy.
•s
better
a
peacetime
',
•
"How different
an
"7.
rigidity
between
outlook
now
A
controls and regulations.
"We recognize that unless there
is
concluded
a
hears
the
Pres¬
in which
peace
exist
tional
and
existence of
trial
steps
ought to be put to
in the post-war era, per¬
good use
haps by requiring that the youth
of America give one year's serv¬
ice to their country.'
If Govern¬
ment is to operate these
plants
of
sound
world
the
seven
them¬
job of domestic
each
are
trial
working
on
organization in this country
be
doing some post-war
thinking.
.v.
"Without
might
what
be,
believe
I
these
want
to
even
programs
to
list
what
I
management's obligations
to be:
Keep enterprise free and
competitive, avoiding all forms of
monopoly and price-fixing.
"Eternally try to
goods cheaper—this
amental
key to the
re¬
passing the
eco¬
Government. Post-
is
pany—new
kets and
products,
jobs.
own
com¬
new
training ground for youth, what
they make, we wonder, - and
will they compete with private
enterprise and private labor?
i
"Government planners, we are
told," have still other
post-war
interest
corporation—half-private,
half-Government.
who
guess
will
partner in such
"There
Government
tatives
be
the
hand
and
glove with Gov¬
bring about a better
to
post-war world—not just criticize.
and
labor
represen¬
corporation
on
There
of
boards
proposals for
are
joint labor-management operation
of
industry, and, in fact,
ef¬
superim¬
every
fort
has
been
pose
this
as a war measure.
made
to
;
"Talks of 'guaranteed jobs' and
huge spending programs by Gov¬
ernment
shake
confidence
in
a
good future."
Incident
to
other
Indian
they
speak,
tongue—whichever
they are all good
remarks
to
as
addition
to
these
management
that it is
sure
sugges¬
should
make
planning the
proper
post-war products, that it is plan¬
ning better products and that it
is
taking advantage of present
to
op¬
potentia
survey
foreign and domestic markets
distribution' methods."
I.
attitude
past.
We
to the
the
all
can
better
will
living
to
the
the
Government's
toward
hookworm
tion
which
Americans
that
"Prime
inspired
Minister
and
the
hospitals.
If
British
confi¬
war
toward
recently:
the under-nutri-
or
produces tuberculosis.
meant to
were
period.
look
we
backs
fear of malaria
no
disease and
publicly rejecting any thought of
a
complete peacetime overhaul¬
ing of English economy."
He
quoted Mr. Churchill as saying
We
be free
hunger. This is
jobs of the post¬
do
can
that
job
upward
and
future
and
put
the
into
the
hard,
work which lies
"And all
must
beware of trying to
society in which nobody
counts
for
anything except the
politicians and the officials, a so¬
ciety where enterprise gains no
reward and thrift no privilege.
.
races
in the world
people would be the last to
governed by
a
.
.
our
conr
bureau¬
Freedom is in their blood."
true
Americans know
this
and
and
the
made
radio
them
"Since
have
airplane
indubitably
one.
the
epoch-making voy¬
age of Columbus, currents of cul¬
ture
and
of
immigration have
flowed from the Old World to the
New.
In both North and South
America, whether
we
now
have
Old
come
World,
originally from the
which has been the
operation
of
the
Treasury will
the bill.
ultimate
case.
decision
in
the
Lewis
Any
compromise or
Lewis will render
to
control
of
difficult,
will
inflation
if
not
mean
much
the
more
impossible.
wholesale
a
sur¬
It
demand
increased wages and will
ing.
increasing the
Another
consequences
start
of
which
disaster.
inflation
may
of
'■
re¬
cost of liv¬
spiral
then
the
have
national
a
'
(
"A
surrender
or
compromise of
vital principle by the United
Government to John
L.
States
Lewis
would
be
declaration
a
sought
complete
of the
ers
American
tion
government
tive
by
instead
regimenta¬
people and
executive direc-
of
by
government
Congress.
"To
support this I need only to
call attention to this vast bureau¬
which has been built up in
cracy
Washington, which
in
has
tentacles
and
corner
of
said.
"This regi¬
nook
every
America,"
he
mentation has become
in red tape and
constitute
so
involved
inefficiency
the
of
one
obstacles to the
early winning of
the war."
1
to
as
major
'
■
i
Senator
Byrd characterized the
reports required by the many!
questionnaires
as
"fantastic."
The
Office
tion,
Price
of
Administra¬
he said, has issued
instruc¬
tions,
regulations and interpreta¬
tions in five volumes, comprising
by actual count 11,000,000 words,
and has issued
nearly 3,000
ques¬
tionnaires.
"One large manufacturer stated
to
the world that America is
unable
control its internal affairs at a
that
time
reports," Senator Byrd added. "It
is,
indeed,
bureaucracy
gone
to
of
the
has
greatest
.peril
the
war,
New World
tribution
men
ican
at
their
boys
even
*
.
They
health
their
*
the
are
to
who
It
this
the
would
fighting
it
his
cost
$500,000
a
organization
these
to
year
prepare
are
fighting
so
abroad.
It would prove
that John L. Lewis is more
power¬
ful than the
Government of the
United States.
"No nation
vital
terests
the
of
to
interests
his
vital
of
our
the
full
most effective
"Twice
in¬
in
ahead
nature
any
controversy
conse¬
utilization
war
two
of
effort.
John
years
victories
won
of
country.
damaging
very
Lewis has
his
the
his
compromise of
whatsoever
in
this
to
place
followers
needs
have
affecting
and
Any
quences
bitter and
matter
production,
selfish
own
a
if it permits
any citi¬
war
a
win
can
hy
Government and gained all of his
In this day of the
most
desperate peril this country has
over
demands.
faced,
victory?
will
he
my
has
State.
third
a
is my constitu¬
many
coal miners in
Perhaps I should speak
and
lives,
in
911,000,000 pounds, he said,
while estimates for 1944
range as
*
appropriated
more
when
great
cost
with $220,000,000,000
and $108,-
war,
000,000,000
requested,
the
first
$40,000,000,000.
answer
Deal
when
that
was
was so
World
He
War
said
the
the
New
took charge of the Govern¬
nearly 10 years ago it adopted
ment
a
settled policy the spending
public money on the assump¬
that
money
borrowed and
spent was a means to promote
as
of
tion
prosperity.
"For
10
years
indulged
we
in
the costly experiment of
spending
for
spending's
sake,"
he
con¬
tinued,
to
"of
to
sums
borrowing
be
colossal
spent without
benefits
regard
services
or
received,
all of this to increase the
purchas¬
ing power of the public by spend¬
ing borrowed money, to lift our¬
selves by our bootstraps.
It has
failed
as
failed
such
any
since
has
program
the
beginning
of
time."
point program for the preserva¬
tion of the free enterprise
system
after the
/
total
this
Points in Senator Byrd's seven-
"John L. Lewis
ent and
win
v
Senator Byrd said he had asked
himself many times why the cost
Amer¬ already
support
bravely
con¬
of human¬
cause
splendid
energy, and
that cause.
In
and
home
ever
of
making their
the
to
culture.
young
are
to
Teu¬
have
contributed
ity in the whole world.
giving
with
ideas and
faced.
ever
fortitude
spirit
streams
race,
new
ideals and this
war
follow:
1. Provision of
employment for
returning soldiers and reasonably
constant
employment
for
40,000,000 workers.
high
as
1,417,000,000
pounds.
"Today we say with pride and These
figures compare with 1942
humility that we are Americans,
production of 291,000,000 pounds
knowing in our hearts that Amer-. of
2. Reduction
of
every
non¬
essential Government expenditure
to
keep down the
icanism
which
stands
in
for
welfare
the
its
the
and
plain
wherever
deepest
meaning
freedom
and
the
they
of
the
and
1941
production
87,000,000 pounds.
"A
of
world,
be."
may
aircraft,
of
the
brotherhood
people
great increase has occurred
also, Mrs. Roosevelt
said,
in the
number of planes
being delivered.
He believed the unit
output in the
United
US Plane
States, like the poundage
production, now exceeds that of
Oatput Tops
all
Rest Of World: FDR
other
countries.
May
11
that United
production
now
a
said
States
on
plane
surpasses the rest
combined and
there
marked shift to
heavy
bombers, long-range fighters and
cargo aircraft to help implement
production
from
sive.
"Asserting
ence
do
not
the
cited
confer¬
production figures
afford a true picture of
at
a
press
that unit
extent
of
U.
S.
output,
he
production totals in pound¬
age to illustrate the nation's
cendancy in this field.
as¬
"Output this year is expected to
the
switch
defensive fighters and
sive.
heavier types, he said
the four-engined bomber program
is
pace on
running
ahead
of
"Mr.
nage
a
Roosevelt
creased
war."
six
months
3.
believed
ton¬
mated
the
debt
a
assessed
of
the
property owned
by
means
of
vast
or con¬
loans,
by the Senator at
a
esti¬
value
$60,000,000,000.
4.
Removal of
from
(
the
Government
business
and
the
private
turning back to private
owners
mines
seized
and
industries
of
on
account of labor difficulties.
Dismantling of the vast bu¬
of
reaucracy
civilians,
as
eral
more
more
many as
6.
7.
plane and the
weight
has
been
in¬
substantially during the
again,
twice
Liquidation
trolled
of
tem
each
balanced
than
of
all
the
property
in
America and 75% of the country's
intrinsic wealth.
;
/
measuring
on
be
than 3,000,000
three times
than
in the last World War,
Preparation
after the
future
reach
value
S. plane output because
better
work
average
about
schedule.
rod of U.
the
could
more
5.
"An illustration of the stepped-
debtr
would
estimated
$300,000,000,000 before the budget
light
bombers, longrange
fighters
and
big
cargo
planes, with the thought of go¬
ing more and more on the offen¬
up
Reporting his remarks, United
Press Washington advices stated:
reflected
bombers to heavy
the Allies transition to the offen¬
public
he
amount of
"The President
emphasized that
the striking increase in
tonnage
Roosevelt
has been
speak
English or French or Spanish or
"How reassuring and stabilizing
.Portuguese; we are the blending
that must be to Englishmen to of
many
national
and
racial
know that the government heads streams.
Our
ideas
and
ideals
planning an upset in the
concept of their basic economy.
these
new
people
here
of the world
The
national
a
Slavic,
from
other;
population.
Latin,
in that future, New World
and Old Worjd cannot live
apart
each
the
"The future control of inflation
is
linked
inseparably with the
terrible
>'■
Semitic
President
i Continuing, Mr. Crawford said:
not
The
and
come
practical
;
are
various
tonic
our
ahead.
our
culture and
outward
that,
a
cracy.
In
south,
of the main
if
sent to be
Four
projects are carried out, the
Latin-American child of the year
dence in the post-war outlook by
Gf all. the
the
conditions.
the
roads, airports
one
"We
apply
this means
drainage of swamps, production of
cheap quinine and the building of
from
build
hopefully
Freedoms to bring about complete
productivity of labor in terms of
to
Churchill
look
day when the American of
future
private
enter¬
prise, Mr. Crawford took occasion
state
know
that the hope and glory of Amer¬
ica is in the future and not in the
or
engendered by
in
occur
mines the National
will
of
producing
new
ideals.
Americans
true
post-war
of
greater concessions from
Government than from pri¬
vate
industry.
If
losses
then
and
"Now, here in this hemisphere,
these
you
2,000 need have
era
fountainhead
than
the drawback to prosperity in the
uncertainty
secure
the
expressed the opinion that
of the influential New Deal¬
of
are
such
his
ernment, he can then mobilize his
voting strength and can probably
Byrd
many
tinal
ernment.
a
or
opera¬
attacking the Roosevelt Ad¬
mad."
a
"But all
situation
nationalizing and
tion of the coal mines
by the Gov¬
In
on
ministration bureaucracy, Senator
encourage Hitler and
the Japs,
who would believe that
after all
America does not have the intes¬
have
too.
Many of them
longer and prouder lineage
which
If John
a
the
our
ship, to avoid basic disunity in
making recommendations to Gov¬
Americans,
lands
1
the
ward the Government today is
greatest menace that exists
home front."
nation
(Continued from first page),
any
employer—the
America,
softly of him, but his attitude to¬
"Business leaders should exert
the utmost in business statesman¬
Americanism Stands For Freedom, Welfare,
And Brotherhood Of World's Plain
People
or
of
bring about
can
in
defense
Azteca, Mayan, Tarascan,
by the Gov¬
good labor record.'
zen,
senior
a hybrid set-up.
proposals to
put
are
directors.
It isn't hard to
for
any
a
plans for the $15,000,000,000 worth
of Government-owned war plants.
"It has been proposed officially
that we have a new type of dual
a
Lewis
mar¬
new
Managers of enterprise should
work
las
sult in
Every business should have
"4.
new
Government
fund¬
of the
a
will
peacetime plan for its
a
have
for
the
success
operated
"As he himself expressed it: 'We
better
make
system.'
"3.
and
render
as
Will
(Continued from first page)
alized
pay
attempting
portunities
nomic buck to
Economic De¬
should
"In
of
cannot
am not
United
definite post-war suggestions. But
this is not enough.
tions,
habilitation.
"Now, I
velopment
interna¬
ideals, the
our
outlined
selves dfc
Committee for
economy
whole
picture is conducive to the
ident say: 'The camps and indus¬
plants
a
the
the
States Chamber of Commerce and
the
ernment
;.v
reappraisal of the rela¬
tionship of Government and in¬
dustry to eliminate unnecessary
can
"Management
of
them.•
type
exists.
'
avoidance
and
"I.
credit
ing ' capital
idly
any¬
the 'primrose
National Association
The
suggest
currency
as
stabilized currency
with other countries.
A
every
prepare
of Manufacturers
invest¬
>
stabilized
so
for
distri¬
private
a
"4.
that
Every indus¬
laws
rewards
ment worth while.
"3.
en¬
hC;'/?
/'
Formulation
which
utmost
free and steady
a
capital
enterprise.
■
be better advised to
ment to build a program to sup¬
port and encourage private enter¬
prise so there won't have to be
unnecessary
Government spend¬
ing." He went on to say:
for
of
enterprise system by a
huge spending program, we would
help Govern¬
foundation, Gov¬
industry could plan:
Policies
flow
else to
one
path.'
home, and
of
thing would
one
couragement of
world
better
:
course
Crawford
stead
;
,
foundation
sure
on
a
ernment and
bution,
can
bedrock
planning for the post-war
"1.
but
individual
"Management cannot sit
by and dare Government or
the
much at this time to
so
"Upon such
Gov¬
glory,
and
Enterprise, Byrd Urges; Decries
Administration Extravagance, Ineptitude
they
plan
interest
now
of
Executive,
America.
offers
freedom to live
from
No
sound
...
for enterprise
than
more
we
ture.
Preserve Free
every
ernment.
contribute
security
of
other
which
minimum
realization
intend to build the fu-
ican formula of free enterprise, or
fruitless
employment,
economic
and
the
ernment.
Chief
our
statement
a
of
group and every citizen that
must not await some
super
must accept
re¬
sponsibility for their own plan¬
ning, as well as helping our Gov-
from
ment
out
to
Churchill-like state¬
a
plenty is going to come not
only out of national teamwork but
1891
war
war
for
immediately
a
balanced Fed¬
budget.
Simplification of the tax
so
that
the
great
sys¬
burden of
taxation this country must pay in
the years to come may be col¬
lected
on
a
basis
justice and accuracy.
of
scientific
THE
1892
COMMERCIAL & FINANCIAL
Moody's Bond Prices And Bond Yield Averages
'
Moody's
given in the following tables:
follows:.
The current week's
■
PRICES!
BOND
MOODY'S
U. S.
Avge.
Daily
Govt.
Corpo-
Bonds
rate*
Aaa
119.34
110.15
118.40
115.63
119.28
110.15
118.20
115.63
119.27
109.97
118 00
115.63
1943—
18
May
,
17
-
15
♦
,
/
>
101.97
113.12
116.02
101.80
113.12
116.02
ence
101.80
113.12
,116.02
101.80
113.12
115.82
.,
119.27
109.97
118.00
109.97
118.00
115.63
119.26
109.97
118.00
115.63
119.13
109.97
118.20
115.43
119.06
.109.97
118.00
115.43
8 ■;
119.06
109.97
118.00
115.43
7
.
119.03
109.79
118.00
115.43
.
118.95
109.97
118.00
115.63
118.54
109.97
118.00
115.63
118.37
109.97
? 118.20
115.43
14
>
13
.
.
12
.
ii
r
'
.
10
'
4 -it
5
.
3
-
A
<
109.79
118.00
115.43
110.52
118.34
.
4
110.70
110.52
110.52
110.52
110.52
110.52
110.52
110.52
118.34
.
6
'!3'
>li";
Baa
97.47
97.47
97.47
97.47
97.47
97.47
97.47
110.70
110.70
115.63
119.33
'V
109.79
118.00
115.43
110.52
117.48
109.60
117.80
116.93
109.60
117.80
115.43
118.00
109.60
117.80
115.43
115.43
109.79
118.36
12
116.87
109.24
117.60
116.97
109.42
117.80
110.52
110.52
110.34
110.34
115.43
115.43
5
115.43
117.60
109.42
116.86
26 .j.
117.11
109.24
117.60
115,43
110.15
19
Feb
117.11
109.06
117.60
115.24
110.15
109.97
109.97
117.13
108.88
117.60
115.24
5
117.09
108.88
117.60
115.04
Jan. 29
11
—
112.93
116.02
Total
101.64
112.93
115.82
Private Construction—,
112.93
115.82
Public Construction
101.64
112.93
State
Federal
101.64
112.93
115.82
115.82
101.47
112.93
115.82
101.47
113.12
115,82
101.31
113,12
115.63
113.12
113.12
115.63
100.98
113.12
100.65
113.12
115.63
113.12
115.63
100.32
115.63
100.16
112.93
115.43
100.16
113.12
115.43
100.00
112.93
115.43
99.68
112.93
115.43
99.36
112.93
115.43
99.04
95.47
95.01
94.86
94.71
112.75
115.63
117.04
108.70
117.60
115.04
109.79
94.56
99.04
112.56
110.15
118.40
115.63
110.70
101.80
116.02
116.85
107.44
116.80
113.89
108.88
97.16
111.81
114.46
1943—
97.47
92.35
118.41
107.62
117.20
114.27
108.88
92.64
97.47
112 19
114.66
High 1942„
1942—
115.90
106.04
115.43
112.75
107.09
90.63
95.32
Low
Low
1 Year ago
2 Years ago
.#
.
106.39
'•!
.
.'*•
.
'
;
; i v:
,/...
^
••
YIELD
BOND
(Based on Individual
u. s.
Govt.
Bonds
1943—
112.75
110.70
96.85
• ,v'7 * ' •
AVERAGES!
113.50
P. U.
R. R.
Baa
A
Aa
Aaa
-K
-.
Corporate by Groups
Indus.
2.73
2.87
3.13
3.91
3.63
3.00
1.92
3.16
2.74
2.87
3.13
3,91
3.64
3.00
2.85
1.92
3.17
2.75
2.87
3.13
3.91
3.64
3.00
2.85
•:
.
3.00
2.86
14
-
1.91
2.87
10'-%—,
1.93
.v. 7,
3.17
3.65
3.01
2.85
3.92
3,65
3.01
2.86
3.93
3.66 ;
3.01 ;
2.86
3.65
3.01
3.14
2.88
3.14
1
:
—
3.14
3.14
2.88
3.14
3.93
2.75
!
2.87
2.88
2.75
3.18
.
2.87
2.74
3.18
1.98
3.92
3.14
2.75
3.17
1.98
3;,-—„
,
....
2.75
3.17
1.98
______
3.17
1.97
Iirill.
4
eased, looked upon the whole sit¬
uation as purely a sporting con¬
3.65
3.91
2.75
2.88
3.14
3.94
,
,
:.
3.65
3.01
, v
3.66
3.00
:
3.67
3.00
3.00
2.86
3.01
3.66
3.92
;
'2.86
:
3.93
2.86
v
3.94
1.99.
3.19
2.75
2.88
3.15
3.96
3.69
3.00
2.86
3.98
3.70
3.01'
2.87
3.14
3.96
3.69
3.00
2.87
on
3.14
3.99
3.71
3.00
2.87
had
2.77:.
3.14
2.88
4.01
2.77
2.88
3.15
4.02
3.74
3.20
2.76
2.88
3.15
4.02
2.06
3.21
2.06
2.87
vote.
2.88
wont to say
2.77
,
2.88
3.16
4.04
3.75
3.01
2.88
2.77
3.22
2.89
3.16
4.07
3.77
3.01
2.88
2.06
3.23
2.77-
2.89
3.17
4.08
3.79
3.01
2.88
2.06
3.23
2.77
2.90
3.17
4.09
3.81
3.02
2.87
—
2.06
3.24
2.77
2.90
3.18
4.10
3.81
3.03
2.88
—
5
Jan. 29
2.08
1943
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
1.91
1943——.
3.16
2.73
2.87
3.13
3.91
3.64
2.99
2.85
2.14
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
High 1942
1942
1.93
3.30
2.79
2.94
3.23
4.23
3.91
3.05
2.92
1.98
3.36
2.85
3.00
3.30
4.27
3.97
3.12
2.98
Low
1
1 Year ago
18,1942-
May
2 Years ago
1.93
May 17, 1941-
3.34
2.99
?.G2
3.37
4.32
the "Roosevelt-hater"
Just as certain people were
2.88
r
3.02
3.13
3.95
New Deal gain
split
3.01
3.00
3.74
....
as a
the basis that the controversy
3.00
3.73
3.20
3.21
,2.07-
—.J',
ii
Low
3.14
2.89
2.88
__—.
19
High
2.88
2.76
2.07
it
to analyze
2.76
——
26
,
3.19
2.76
today or is he down.
D. up
levity has even gone so far
for some of the correspondents
3.19
2,07
.
5
Feb
day after day, laughingly, is John
Lewis up today or down, or
L.
2.08
3.19
was
They have asked one another
test.
2.04
——'
19
-12
that they wholly dis¬
approved of Roosevelt's domestic
policies but they certainly did
like his "foreign" policies, con¬
sidered he had really been a mas¬
ter man in these latter, so there
were those who now argued that
while
disapproved
they
every¬
thing F. D. had done, they were
certainly for him as against John
L. Lewis. Really, the issue, this
great issue, split our people, inso¬
far as Washington was concerned,
all over
the lot,
Your corre¬
yields on the basis of one "typical" bond
spondent ran into folk who didn't
(3%% coupon, maturing in 25 years) and do not purport to show either the average
like either F. D.'s domestic poli¬
level
or
the average - movement of actual price quotations.- They , merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
cies or his so-called foreign poli¬
of yield averages the latter being the true picture of the bond market.
cies, but who certainly admired
tThe latest complete list of bonds used in computing these indexes was published
him on his policy towards John
In the issue of.Jan. 14, 1943, page 202.
*
••••':
•'% ••
•These
war-time
prices are computed from average
maintenance
costs.
advices
from
Press
Washington,
reporting
loans, he said, would be
made by the RFC Mortgage Com¬
the
and
board
that
that
have
John
now,
"They would
and
with
deal
to
tion of the national emergency.
its flexibility
because
Really,
your
correspondent
understand, on a simple
issue
of
this
kind,
why
the
"Roosevelt-hater"
vote
should
doesn't
have
the
Obviously,
split.
been
would
Roosevelt-haters,
they
as
are
be
4% interest
against 'im¬
carry
made
proved real estate with
lished
net
cluding
been restored.
had
and would be for the dura¬
pany
earning
Moody's Common Slock Yields
•Yearly average yields in the years
monthly average yields for 1941 will be
1942 issue of the
MOODY'S WEIGHTED
1929 to 1941 inclusive and
found on page 2218 of the
"Chronicle."
AVERAGE YIELD ON 200 COMMON STOCKS
Average
Industrials
•O'
'
■
April,
■
May,
June,
July,
August, 1942
:t
(25)
Banks
(15)
(25)
Yield
Insurance
GO)
(200)
.
<!,.
■
(!,
■
8.9
8.3
>
c/e
%
6.1
5.3
-
f/r
7.8
6.7
7.8
8.2
5.7
4.9
6.9
6.4
—
7.8
8.4
5.6
4.3
6.6
—-
6.1
7.7
8.2
5.5
4.7
6.4
6.0
7.5
8.0
5.1
4.7
1942—
1942 —
5.8
7.3
7.9
4.9
4.5
7.0
7.2
5.0
4.4
5.8
7.1
5.2.
4.5
7.2
5.0
4.2
November,
1942.—
5.5
8.0
1942—.
5.3
8.6
1943—
February,
1943 —
March,< 1943
April, 1943 — __
not
not
of
is
5.0
7.9
4.7
<■'
4.5
6 8
6.6
5.7
6.8
-
.
4.5
4.1
5.4
6.3
7.3
4.5
5.9
'
4.4
4.1
5.1
6.2
4.0
4.1
3.9
4.8
3.9
5.8
"
4.8
Qosiliitsfslal U. S. Gonstraclion $01,019,889'
'
Far
sort of a
whether or
production
coal." A little thing like that
the
we
so
Weekr 26% Above Week Ago
construction in continental U. S. for the week
totals $90,019,000.
This volume, not including the construction by
military combat engineers, American contracts outside the country,
and shipbuilding, is 26% above the preceding week, but 60% lower
than in the corresponding week last year as reported by "Engineering
News Record" on May 13.
Public construction climbs 31% over a
week ago as a result of .gains jn both State £nd municipal work, and
Civil engineering
of
question
would have
a
we
and service stations, re¬
hotels, and business proper¬
ties generally.'"
sort
NYSE Gild-Lol
Trading
The
Deal Propa¬
Securities
and
Exchange
gandists, should want to encour¬ Commission made public on May
15 a summary for the week ended
age any sort of opposition to him:
providing, of course, that it does May 8 of complete figures show¬
called
New
the
by
with the war. And
interfere
almost the very
from
has
be¬
ginning been apparent that inter¬
ference has never been in any of
ing
the
daily
transactions
of
count
specialists
hereabouts. on the
Oh, there has been a lot of propa¬ change,
ganda against Lewis to the effect current
minds
political
the
he
that
was
sabotaging the war
quite seriously,
but this has been,
the
in
nature
of
smear
a
As
cam¬
;;:
paign against him.
-
Snufy Smith of comic strip
STOCK
LOT
First, at a time when the
ington
who
New
handle
York
TRANSACTIONS
Y.
which
FOR
Ended
(Customers'
1943
Total
'
of
Ordersl.^1.v.^»^:VM
Number
of
Shares
Dollar
(Customers'
'
'
Sales)
%■.
thing being quickly
settled by Lewis and Ickes, the
subsequent comment that Lewis
had won on that basis; then the
of the whole
working
on
Roosevelt by
of the
Mr.
Harry Hopkins and others
Palace Guard that Lewis
could
possibly be permitted to win.
we
had the authoritative
Then
story
that
John
L.
had to
deal
And
John said, he wouldn't deal with
•the Board. And the more John L.
held out and people came to say
that they didn't blame him be¬
cause the Board had no authority
of its own, the Board, itself, up
and said, that that was a fact and
with
it
fig¬
gatherings denouncing Lewis and
calling him unpatriotic, is pre-ar¬
ranged. Make no mistake about
that.
It's part of the bunk of
war.
the
was
War Labor Board.
terribly
embarrassed.
Sees No Further Cuts
In
31,887
Customers'
Dollar
Number
of
Short
International
May 11 that
position to
even more newsprint in
for the use of United
Co.,
Paper
the
said
on
his firm now was in a
produce
Canada
States
In
advices,
May II, he
reported
as
"We
are
normal
Canada."
New York
was
further
now
Mr.
of
a
%%%■'
shares____^_,
odd-lot
orders,
re¬
fSales to offset
and
sales to
are
reported with' "other sales."
Moody's Daily
Commodity Index
Tuesday, May, ll.._
Wednesday, May 12_
Thursday, May 13—:
Friday, May 14—
May
15-
Monday, May 17
Tuesday, May 18
245 .
I ~~~
245*4
244*2
—I—243 7'
" ~ 244*2
——I. ~ 245*4
245*6
246*5
247*3
232*S
weeks ago,
Two
1942
High,
in
1943
"and
273,329
are
long position which is less than
a
round lot
producing 65% of
said,
221,109
*Sales marked "short exempt"
ago,
Cullen
569
220,549
V;,Total sales
Year
volume
:%%%%,■;
%
_—
Round-Lot Purchases by
Dealers—
Month ago,
saying:
newsprint
Shares:
'
Saturday,
newspapers.
Associated Press
893^81Y
901,036
24,699,074
sales
tOther sales
liquidate
considered until the
1944, Richard J. Cullen,
/.
7,219
value
customers'
tion would be
:•
sales
ported with "other sales."
Newsprint Output
President '. of,
total
32,126
.
.:
Round-lot Sales by Dealers—
;v
Predicting that no further cuts
in American newsprint consump¬
middle of
239
::
for
uratively stuck in his pocket he
takes
up
the campaign to get
Lewis. All of this stuff about CIO
at
30,230,272
________
Number of Orders:
.
America
33,172
972!o06
Value
Odd-Lot Purchases by
Dealers—
■
,
for Week
purchases)
Number
Wash¬
ODD-
DEAL¬
THE
EXCHANGE
May 8,
Odd-Lot Sales by Dealers:
inflation, they
With this money
it.
vertises
Ex¬
THE
ON
means
earnings
creased
lots
odd
ODD-LOT
OF
STOCK
Week
slip him, so to speak, a dollar or
so on the side. That is, they order
a 48-hour
week in the steel in¬
dustry
ac¬
and
Stock
SPECIALISTS
AND
N.
is screaming
government
off its head about
stock
odd-lot
dealers
ACCOUNT
ERS
emphasize the great political
play of the whole thing, there is
the performance of Phil Murray.
of
the
odd-lot
continuing a series of
figures being published
by the Commission. The figures
are based upon reports filed with
the Commission by the odd-lot
dealers and specialists,
fame, would say, it takes the rag
offn' the bush..
~
To
volume
for
all
Number
have had the spectacle
in¬
privately-owned
stores,
gasoline
important.
Thus
not
■
get some
political Washington,
official and
6.1
5.5
December,
January,
he
that
velt
policy towards John.
The devel¬
opment of this policy in the past
few weeks is what has fascinated
6.3
—,
September.
of the wind, it was
corners
manifestly essential to Mr. Roose¬
'
rk
1942
1942
1942
October,
(125)
7.7
194 J
Utilities
Railroads
four
estab¬
an
capacity,
-
Month—
fur¬
this,
Customers' short sales
greatly in¬
•Customers' other sales.
the steelworkers.
The question of the ef¬
Customers'
total sales.
This being the case, with his
Number of Shares:
ficiency of this move is highly
policy towards John L. Lewis debatable. Anyway, Phil looks
Customers' short sales
scattering his opposition to the
upon it as a handout and so ad¬ j,/\; •Customers' other sales
L. Lewis.
June 11,
re¬
ther stated:
restoring
about
would
Lewis
it
3.15
2.00
the
of
regulations, to help
insurance,
interest
taxes,
charges and
Associated
funny hocus
lot of
a
people,
not
2.88
_—.
because
pay
7,v.
waiting
2.87
2.75
,_r—
the horizon."
see on
strictions and
the an¬
nouncement went out to all the
as
3.18
9
;%
flexibility
is F.
1.98
26
crisis
first
the
since
then
The
3.67
16 wj.—«:
•
I
and municipal bond sales.
was
2.87
22
Mar.
paper,
power
Board's
2.86
,
30
Apr.
the
Washington correspondents have,
ever
3.91
3.14
3.18
"stop" John L. Lewis.
That
being the situation,
2,-86
3.14
'2.88
to
2.86
2.88
2.75
was
3.00
2.88
3.17
Roosevelt
3.00
2.74
1.94
5
%"
2.86
not Franklin
3.64
2.75
1.93
-
3.64
or
3.64
3.00
1.93
8
(Continued from first page)
talked about the
in this vein. From the
beginning the question has been,
in political Washington, whether
3.91
;
3.13
'
3.17
,
total
the
weeks of 1943 totals $489,-
pocus
Washington
3.91
3.13
2.87
2.75
1.93
11
■
2.75
1.92
12
3.17
3.17
3.91
3.13
2.87
2.75
3.17
1.92
—
13
v
3.16
1.91
to bring about a cut in
production of writing
and that is the only change
fine paper
the week totals $3,-
;
problem
15
—
.:
with $6,785,328,000 reported for
if any one ever
Corporate by Ratings
rate
•
2.85
18
,
62,417,000
There
From
Closing Prices)
17
May
,
202,126,000
286,000, a figure that compares
twenty-week period in 1942.
>
.»:
Corpo¬
Averages
'
Avge.
Daily
"
-
91.34
106.92
113.31
116.61
MOODY'S
'
110.88
96.54
92.06
107.62
113.12
'*
116.02
'
118.52
!
.
"Authorities in Washington are
considering altering the weight of
.
106.56
."
May 17, 1941—
$9.1,019,000
2,943,000
88,076,000.,
7,435,000
80,641,000
"The
,%
:•
117.88
May 18. 1942-
$72,237,000
5,208,000
67,029,000
4,612,000
■
251,000, and is made up entirely of State
The new financing total for the nineteen
112.75
109.60
May 13, 1943
construction, $61,677,000.
New capital for construction purposes for
115.43
119.34
113.31
1943.
High
well into next year.
May 6, 1943
gains over last week are
in waterworks, sewerage, bridges, industrial buildings, streets and Govt. To Aid Businesses
roads, and unclassified construction.
Increases over the 1942 week Affected
By War Rules
are in earthwork and
drainage, streets and roads, and unclassified
Secretary Jones is reported to
construction.
Subtotals for the week in each class of construction
have announced on May 12 that
are:
waterworks, $1,954,000; sewerage, $643,000; bridges, $458,000;
the
Government
would
make
industrial buildings, $1,340,000; commercial building and large-scale
loans on private business proper¬
private housing, $1,448,000; public buildings, $14,177,000; earthwork
ties which had lost their earning
and drainage, $631,000; streets and roads, $8,691,000, and unclassified
115.82
112.93
and Municipal-
company.
In the classified construction groups,
%
115.63
100.98
100.81
for. the 1942 week, last
i,
$229,877,000
17,371,000
212,506,000
10,380,000
Construction
S.
U.
stockholders of
of
meeting
He was optimistic
over the newsprint outlook.
"The power, labor and trans¬
portation situations (in Canada)
are in perfect condition to supply
an
undiminishing
amount
of
newsprint
to
American
news¬
papers throughout this year and
the
..
,
May 14, 1942
101.47
101.31
;•
week, and the current week are:
115.82
101.64
weeks.
engineering construction volumes
115.82
113.12
in the number of
Civil
115.82
113.12
96.23
95.92
95.77
95.77
9
Mar. 26
115.43
109.60
118.06
19
113.12
101.64
97.00
96.69
96.38
96.69
110.34
110.34
110.52
115.43 ; 110.52
118.00
118.22
ig
30
101.80
101.80
97.47
97.31
97,16
97.31
97.31
97.16
97.16
97.00
22
Apr.
Corporate by Groups*
R. R.
P. U.
Indus.
A
110.70
110.70
110.70
this statement
iiiterview following the an¬
an
nual
$1,381,-
of the nineteen weeks.
is 59% lower than the
$3,556,613,000 reported for the twenty-week period in 1942. Private
volume, $135,903,000, is 50% lower than a year ago, and public con¬
struction, $1,245,462,000, is down 60% when adjusted for the differ¬
Corporate by Ratings*
Aa
in
365,000, an average of $72,703,000 for each
On the weekly average basis, 1943 volume
.
(Based on Average Yields)
Averages
construction brings 1943 volume to
necessary."
Mr. Cullen made
The report continued as
■.
• •
* :',"*".
construction down 83%.
lower, and private
and bond yield averages are
bond prices
computed
to
production
this
raise
85%, if
59%
1942 week reveal public -work
Comparisons with the
could
43% under last
Private construction, however, is
Federal volume.
week.
Thursday, May 20, 1943
CHRONICLE
May 4
April 17—
May
Dec.
Z71Z
~~
18...
22
High, April 1
Low, Jan. 2
239 9
—
Low, Jan. 2—..
.
...
220*0
249 g
;
_I
240 2
Volume 157
Number 4178
THE COMMERCIAL & FINANCIAL
CHRONICLE
1893
general decline in farm products
Daily Average Crude Oil Production For Week
Ended Iflay 8,1 §43 Increased 101,858 Obis.
ties remained the
week,
gain of 101,350 barrels
a
day
per
Cotton, grains and
lower—10 important items declined while
only one advanced, the net result being a substantial
drop in the
farm product price average. Indexes
representing the prices of tex¬
tiles
476,150 barrels per day more than in the corresponding
last year.
The current figure,' however, was 276,900 barrels
below the daily average
figure recommended by the Petroleum Ad¬
ministration for War for the month of
May, 1943. Daily output for
May 8, 1943 averaged 3,941,150 barrels. Fur¬
ther 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 3,755,000 barrels of crude oil daily and produced 10,581,000
WEEKLY
Group
DAILY
The above
figures apply to the country
AVERAGE
CRUDE
the
on
OIL
Coast.
East
PRODUCTION
(FIGURES
estate
Week
ables
Ended
from
dations
Begin.
May 8,
r.
May
Oklahoma
1943
May 1
309,700
Kansas
1346,950
309,700
t293,050
Nebraska
2,400
+2,200
Texas
91,100
North Texas
V/est
Texas
East
Central
"A;
________
Texas..:
'•-I-'1 S
1942
1.3
2,200
3,750
1.00
91.000
134,200
Texas
+
12,300
217,500
Coastal
+
24,600
105,850
Texas
+
19,500
324,700
tl ,584,637
25,500
194,850
+
34,450
349,350
1,502,550
113,400
1,417,450
Farm
Arkansas
73,000
•:<
—
.
Mississippi
88,150
Electric
81,750
1,600
258,300
75,043
346,450
Indiana
Ind., Ky.)
Kentucky
.......
&
—
9,800
—
77,600
1,600
21,800
that
the
58,900
+
*
94,500
•
1,550
93,000
less
6,650
y
105,700
250
20,300
21,700
200
6,700
6,800
50
97,200
70,750
97,200
3,474,700
+
3,245,500
822,7700
§822,700
+
94,250
3,163,350
7,100
777,800
4,020,500
and
the
29,200;
allowables.
The
gasoline and
Kansas,
657,800
+101,350
3,941,150
6,300;
tThis
Includes
several
is
net
shutdowns
fields
Bureau
allied
of
Mines
reported the
products in February,
1943,
and
allowable
of
as
exemptions
were
ordered
§Recommendatton
for
1
May
the
calculated
on
month.
entire
31-day
a
With
the
basis
and
exception
of
CRUDE
RUNS
AND
TO
to
Conservation
STILLS;
UNFINISHED
GASOLINE,
RESIDUAL
Committee
PRODUCTION
FUEL
OF
GAS
OIL,
of
California
GASOLINE;
OIL
WEEK
Oil
Producers.
STOCKS
DISTILLATE
AND
ENDED
MAY
OF
Feb
plus
an
in
this
FUEL
AND
17.7
Feb
6
on
Bureau
a
reported
of Mines
A':yAAAAayyY '-A-. §Gasoline
''
A-
+
Daily Refining
at Re-
Potential
District—
tStocks
Finished
Runs to Stills
% Re-
Rate
A A;
fineries
Crude
Capacity
Daily
Includ.
% Op- Natural
are
,-yyAA'A -A'/
Production
tStocks
Oil and
porting Average erated Blended Gasoline
of Re-
sidual
Distillate
and Un-
tStocks
of Gas
finished
Fuel
Fuels
Oil
•Combln'd: East Coast,
Texas
ana
Gulf,
Gulf,
Louisiana
and
-
Louisi¬
North
Y-Y'.':.' :;Y
Arkansas
Inland Texas-
2,444
88.7
1,718
70.3
36,560
4,771
13,229
10,557
451
Appalachian
177
84.8
152
85.9
425
2,446
809
Ind., 111., Ky
Okla., Kans., Mo,
Rocky Mountain
824
85.2
762
92.5
2,417
19,098
3,930
3,100
416
80.1
345
82.9
1,074
6,694
1,632
1,498
147
48.0
80
54.4
252
2,005
334
521
817
89.9
698
85.4
11,729
51,450
4,825
86.2
3,755
77.8
4,825
86.2
3,849
79.8
____
California
Tot.
U.
S.
B.
of
U.
S.
B.
of
M.
•
basis May 1, 1943—
TJ. S.
Bur. of Mines
barrels;
and
oil
in
the
3,400
pipe
10,660,000
lines.
compares
31,663
90,029
1131,202
66,991
100,780
29,110
79,593
67,577
>._•
§Not
with
10,737
the Petroleum Administration
and 7,853,000 barrels
•which
t88,166
10,977
*
request of
unfinished,
1
10,581
-,"Y
•Y: Y
basis May 9, 1942—
♦At
21,363
M.
basis May 8, 1943.1
Tot..
1,642
barrels.
including
of
residual
3,629,000
for
tAt
refineries, at
3,795,000 barrels of
fuel
barrels
War.
oil produced in
and
8,314,000
bulk
gas
the
tFinished, 77,506,000
terminals, in transit
oil
week
and
distillate
ended May
fuel
8,
1943,
in the
barrels, respectively,
preceding
week
and
3,034,000 barrels
and
6,993,000 barrels,
respectively,
in
the
corresponding week last year.
HRevised upward in Combined Area (not East Coast)
due to inclusion of 411,000 barrels of certain
pipe line stocks now being reported
for
the
first
time.
>
Y
'AAA
1
National Fertilizer Association Decline In
Commodity Price Average
The general level of wholesale
commodity prices
was
generally
lower last week, according to the price index
compiled by the Na¬
tional Fertilizer Association and made public on
May 13.
In the
week eended May 15 this index declined to 135.4 from 135.8 in
the
preceding week.
It was 136.0 a month ago and 128.1 a year ago,
based on the 1935-39 average as 100.
Since the first of
there has
been
port continued
The drop
as
2.3%
increase in the index.
The Association's
re¬
follows:
in the all-commodity index
32.6
13
17.0
19.9
(Thousands of
Kilowatt-Hours)
% Change
r
_
1943
1942
over 1942
1941
3,960,242
3,474,638
+ 14.0
2,989,392
1932
1929
1,578,817
1,726,161
3,939,708
3,421,639
+ 15.1
20
2.976,478
3,948,749
1,545,459
1,718.304
2,985,585
3,892,796
3,423,589
3,409,907
3,392,121
3,357,444
+ 15.3
27
1,512,158
principally due to
a
as
equipment
is
driven
at
top
speed.
ore
quota following
late season
opening is not ex¬
pected to hamper output
greatly.
Although up to this time ore ship¬
ments
about
are
at
year,
and
naces
7,000,000
the
Erie
fur¬
at
reserves
Lake
tons
corresponding
docks
are
equal to last year's. Several fac¬
tors may cut this
tonnage loss as
the season advances.
"Controlled Materials Plan, now
in almost
complete control of the
situation, is working well and es¬
sential
needs
are
being met
un¬
1,699,250
Mar
_
_
6
._
Mar 13
—
Mar 20
Apr
_
.
_
17
24
May
3,946.630
3,944,679
_
_
_
_
8
—
„
_
1,519,679
1,702,570
1,687,229
+17.6
2,983,048
1,514,553
1,683,262
+ 17.4
2,975,407
1,480,208
1,679,589
+ 16.2
3,882,467
1,465,076
1,480,738
1,633,291
1,696,543
1,709,331
3,925,175
3,866,721
3,903,723
3,307,700
3,273,190
+ 18.4
2.959.646
2,905,581
2,897,307
+ 19.9
2,950,448
3,304,602
1,469,810
1,454,505
+ 17.0
2,944,906
1,429,032
3,365,208
+ 16.0
1,699,822
1,688,434
3,003,921
1,436,928
1,698,942
3,011,345
3,040,029
1,435,731
1,425,151
1,705,460
2.954.647
1,381,452
1,615,085
+ 16.9
3,356,921
A
+ 18.2
3,379,985
3,322,651
^
•
1,704,426
Steel Operalious
Lower—Supply Situation
Sialic Under CMP Control—New
"The
in
new
war
Ia'AAyYAAy'AAA
y':
A
1+v
stringency
in
bars
and
now
is
hotrolled
sheets. Large rounds and flats in
bars
well
are
covered
into
Sep¬
tember, with that month
tically sold out by some
ducers.
some
bars
for
smaller
pro¬
sections
bars
be obtained for
can
in
In
prac¬
July delivery
instances. Hot-rolled
alloy
are
available to
extent
some
August
delivery, with heattreated bars difficult to obtain
for
September shipment.
Some
makers have nothing to offer be¬
plant construction
and machine tool
output will not relieve the tight situation in
steel
supplies to any great extent, for the slack will be
absorbed speedily
by the need to keep the total war
program up to schedule,"'states
"The Iron Age" in its issue of
today (May 20), which further
goes on
to say: '
"Principal
centered
fore fourth quarter.
Buying Light
widely heralded reduction
der its provisions.
1,706,719
1,538,452
1,537,747
3,345,502
3,969,161
_
2.993.253
3,004,639
2,983,591
3,348,608
3,320,858
3,916,794
_
1
May 15
+ 14.2
+ 16.3
+ 17.5
3,928,170
_
10
Apr
__
3,357,032
_
3
Apr
_
_
_
Mar 27
Apr
"Some
the
/
sheetmakers
market
for
are
out
of
third
quarter on
hot-rolled sheets. Others are able
to take
A
u
sheets
business for July and
Galvanized
available for July de¬
some
g u st
are
livery by
shipment.
some
mills.
The
sheet
AVy-YVA-
situation is causing some shifts in
most, the steel industry S>
supply sources as customers find
expects only a slight and very picked
up recently, according to
their usual suppliers unable to
temporary easing of the pressure some sellers.
Also reflected in
serve them.
in
perhaps a few departments, recent
bookings by steel mills is
while in other major products- the
"Proof of the high rate of steel
the all-steel river
barge project.
industry's flexibility and its ca¬ Subject to
change, it looks as production is found in the Ameri¬
pacity to break records probably
though the third-quarter tin plate can Iron and Steel Institute s re¬
will be tested to the limit.
The production will run
about 700,000 port of steel ingot and castings
use of United States
materials and tons.
July has been tentatively production in April, which set-R
men so far in the war
new
may prove set up for
high
for a 30-day month
235,000 tons.
August
to be only a fraction of the to¬
with 7,374,154 net tons. The
will run about the same and
pre¬
Sep¬
tal needed for
vious high for a short month was
complete victory. tember may be about
230,000 tons.
Whether the announced review The
made in November, 1942, with 7second-quarter set-up was
of new construction will
succeed 685,700 tons.
179,812 tons.
With one less day,
in cutting off more than
April failed to reach the March
'paper'
"Over the nation, the steel explants is doubted by some offi¬
output of 7,670,187 tons. Facilities
pansion program probably will
cials at Washington, who
were
point to not
engaged in April at 99.3%
proceed fast enough to reach
the needed expansion in alum¬
of rated capacity.
the 1943 goal of 96,000,000 to
97,inum and
magnesium, 100-octane
"Removal
of
the
6%
000,000 net tons of capacity this
freight
gasoline, synthetic rubber, steel,
surcharge May 15 has made slight
and in vessel construction will year, but existing equipment may
in delivered prices of
be so exploited that total steel ca¬ changes
prevent any substantial reduction.
pacity at the end of this year will steel and iron products. The sur¬
The review of projects
may only run close to
94,000,000 or 95,000,- charge has been suspended until
result
in
taking some
of
the 000
the end of the
tons.
A
"At
,
'water'
out
of
construction
combination of
re¬
quirements.
"Third-quarter lend-lease
shipments
a
was
13 9
Feb
January
a
24.9
•
its
steel
situation, production being
at
the
highest practicable
last
.
in
and
level in view of
necessity for fur¬
nace
repair, which is increasing
date
totals
basis
iron
held
14.4
19.5
iron
on May 17, stated in part
follows: "Little change is
ap¬
parent in the general steel and
than
32.4
•;
Cleveland,
the
as
less
15.0
1,685,000 tons
markets,
9.5
'
.
of
17.3
32.9
1,716,100 tons
A A,:.
of
16.7
17.0
16.0
WEEKS
May 29
include
section
"Steel"
summary
13.0
14.4
,
year ago.
12.9
.
a
one week
ago,
month ago, and
14.3
12.3
ago
ago.
This
decrease of 0.8 point
the
April 24
month
one
year
1,707,400 tons of steel ingots and
castings, compared to 1,721,300
8.1
14.0
one
"Cut in iron
May 1
y
the
0.8% from the preceding week.
operating rate for the week
ended May 17 is
equivalent to
16,
'
that
or
128.1
May
99.1%
ago,
99.2%
tons
105.8;
YEARA
W-
,
18.2
May 22
estimate of unreported amounts and
therefore
.
8,
:>
Feb
May
FINISHED
1943
8,
A.
(Figures in Thousands of barrels of 42 Gallons Each)
Figures
May
3
32.9
Week Ended—
daily average produc¬
follows: Oklahoma,
exempted
for from 3
of
136.0
8.1
17.1
:
DATA FOR RECENT
Texas,
basic
which
were
135.8
13.3
14.2
Total United States—
as
entirely and of certain other fields for which
16 days, the entire state was ordered shut down
for 10 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
ate leases, a total equivalent to 10 days shut-down time during the calendar month.
shutdowns
A 104.1
PREVIOUS
,
16.3
^—
Rocky Mountain
(not including
the
115.3
104.1
3,544,350
103,100;
Louisiana, 20,400; Arkansas, 2,800; Illinois,
Illinois, Indiana or Kentucky), 10,000; Kentucky, 3.300;
Michigan, 100; Wyoming, 2,300; Montana, 300; New Mexico, 5,500; California, 43,000.
tOklahoma, Kansas, Nebraska figures are for week ended 7 a.m. May 6.
10,800; Eastern
119.8
104.1
May
9.9
Southern States
allowables
state
OVER
16.7
—
Central Industrial
West Central
condensate and gas fields.
natural
119.8
indicated
The
.
May 15
New
Middle Atlantic
2,886,550
+
775,000
4,297,400
recommendations
than
of
118.7
104.1
INCREASE
Major Geographical DivisionsEngland
94,500
+
—
20,500
y'y
'
Past records of production indicate, however, that
certain wells may be incapable of producing the allowables
granted, or may be limited
by pipeline proration.' Actual state production would, under such conditions, prove to
be
120.7
117.9
Week Ended
represent the production of all
petroleum liquids, Including crude oil, condensate and natural gas derivatives recovered
tion
151.8
126.6
117.9
received
on
represents
104.4
Institute, in its current weekly report, esti¬
of electricity by the electric
light and
Pacific Coast
from oil,
152.3
126.6
64,100
"
♦P.A.W.
152.2
'
Steel
May 17 announced
telegraphic reports which it
and
production
PERCENTAGE
modified) have
referred to a subcommittee
War Manpower Commis¬
week
119.5
y
or¬
that
.
11,200
1,800
105,700
Total United States
104.4
85,700
+
+
97,000
Mexico—.....
104.4
by
revi¬
the
149.5
'
23,150
7,400
.
23,550
60,400
24,600
Total East of Calif.
13,950
A
Montana
California
1,200
89,900
314,700
v'.:bV- :
74,050
62,100
Colorado
New
151.7
made
regarding
the industry will be
98.6% of
capacity for the week beginning
May 17, compared with 99.4% one
States for the week ended
May 15, 1943,
was
approximately 3;969,161,000 kwh., compared with
3,356,921,000
kwh. in the
corresponding week last year, an increase of 18.2%. The
output for the week ended May 8, 1943, was
16.0% in excess of the
similar period of 1942.
71,100
55,200
228,300
•
.
23,500 V"
At
128.1
151.3
135.4
,
92,200
......
Wyoming
5,300
+
72,050
-
1,250
+
!
15,250
yA,'yVAyAYyYV
v
__
Michigan
—
16,000
lncl. 111.
650
—
54,550
236,150
___
(not
130.4
industry of the United
power
executives
sion of the 48-hour
per week
der (which will be
of
Output For Week Ended lay ID, IS©
The Edison Electric
311,050
—
71,850
50,000
■_
133.0
122.2
130.1
117.7
combined—
152.2
122.8
119.8
groups
148.5
126.6
machinery—______
117.2
Skews 18,2% Gain Over Same leek Last Year
229,300
350
+
346,500
250,800
_
Illinois
Eastern
377,000
All
191.4
152.2
—
drugs^
"Recommendations
steel
ef¬
operating rate of steel companies
having 91% of the steel capacity
138.1
139.8
150.7
materials—
155.6
202.8
142.8
lost
in their
forts to maintain coal
stocks.
one
1,075,850
1,950
+
—
259,500
359,300
163.0
153.7
re-,
some
ground since May 1
one
229,950
•
87.000
Louisiana—
159.0
130.1
Fertilizers
mated
Total
159.0
105.5;
127,450
Louisiana
Coastal Louisiana
139.1
225.900
+
375,200
1,622,000
125.3
147.7
79,250
214,000
Texas
Total
139.1
147.8
186,200
124,300
__
139.9
147.9
144,900
339,300
Southwest
1942
122.8
materials
Chemicals and
Fertilizer
100.0
82,200
3,050
—
Building
.3
.3
50
May 16
1943
200.9
been
entirely.
Actually,
producers
of
steel
have
had
Ago
Apr. 10
1943
146.9
.
commodities-
—;
.3
226,750
•
i-V YA'YYY "Y
East Texas
North
May 9,
6.1
242,950
May 8
hasn't
moved
Institute
140.8
Metals
309.600
V +
131,900
Textiles
7.1
398,950
~
.-
Ended
23,200
—
Fuels
Miscellaneous
8.2
1943
Ago
152.1
___'
17.3
342,650
Week
104.4
Livestock
4,600
+
;
—.
shut-down
a
sion for consideration."
•
The American Iron and
Year
199.5
Grains
Week
May 8,
Week
379,000
*
.
Cotton
BARRELS)
Ended
Previous
379,000
.___
Panhandle
23.0
*
4 Weeks
Month
159.0
,
Cottonseed Oil
Farm Products
10.8
Change
Recommen-
IN
Fats and Oils
Actual Production
Allow¬
♦P. A. W.
Preceding
of the fact that the
threat
aware
of
of
140.0
Foods
whole,
as a
1
INDEX
1943
25.3
storage at the end of that week 88,166,000 barrels of gaso¬
line; 31,663,000 barrels of distillate fuels, and 67,577,000 barrels of
reflect conditions
increase
an
dispute, but the industry remains
been
PRICE
May 15
Total Index
May 8, 1943;
not
COMMODITY
Week
and had in
do
WHOLESALE
Latest
Each Group
Bears to the
barrels of gasoline; 3,795,000 barrels of distillate fuel
oil, and 7,853,of residual fuel oil during the week ended
and
by
Compiled by The National Fertiliser Association
1935-1939—100'"
•
residual fuel oils.
Lead
declines and 11 advances.
the four weeks ended
000 barrels
also lower.
were
oils, the food index advanced
to a new high point.
During the week 11 price series included in the index declined
and only two
advanced; in the preceding week seven declined and
six advanced, and in the second
preceding week there were eight
and
week
were
and fertilizer materials
in eggs and edible
the preceding
over
in the preceding week.
same as
livestock quotations
The American Petroleum Institute estimates that the
daily aver¬
age gross crude oil production for the week ended May 8, 1943 was
4,020,500 barrels,
the prices of industrial commodi¬
as
are
sharp rise.
rails
and
expected
steel
to show
Domestic orders for
other
supplies; have
capacity
plus
re-rating up¬
wards of old capacity
may be the
cause of the predicted
figure.
"Tension
industry
new
throughout
has
truce
in
been
the
the
steel
meantime
merce
by
coal
the
wage
the
and
Interstate
Commission
study of rates which
is
in
the
Com¬
making
a
may result in
extension of the date
or in drop¬
charge altogether if it
develops the carriers do not need
ping
eased
soft
year
new
the
the
the added revenue."
fir and oak lumber. ;.An advance
Weekly Goal And Coke Production Statistics
accounted for the increase in the
in its latest report, states that the total producion of soft coal in the
ended May 8 is estimated at 10,200,000 net tons, an increase
week
the
the
630,000 tons, or 6.6% over the preceding week.
Output in
corresponding week of 1942 amounted to 11,271,000 tons.
For
of
current
5.1% in excess
to May 8, production of soft coal was
year
of that for the
same
period in 1942.
of Pennsyl¬
The U. S. Bureau of Mines estimated that the output
anthracite
vania
for
the
ended May 8
week
1,056,000 tons, an
was
When com¬
of 1942, how¬
the preceding week.
increase of 54,000 tons, or 5.4% over
pared with the production in the corresponding week
ever,
there
during the same period.
decreased 13,400 tons
Net Tons
In
Bituminous coal
i;
.
month ago,
"v
a year ago:
May 8
1937
May 9
"May 8
May 9
1942
1943
1943
1942
10.200
9,570
11,271
214,145
203,741
1,700
incl. mine fuel-
1,595
1,879
1,974
1,866
—
169,764
1,570
(In
Penn. anthracite—
147,900
962,000
1929
1942
1943
1942
1943
1943
out
1942
*103.4 '103.5
98.6
+ 0.2
+0.2
+
5.2
♦123.9
*124.3
104.0
+ 0.4
+ 0.4
+
1C9.4
108.7
108.5
107.9
99.3
+ 0.6
+ 1.4
0
0
ada,
+ 10.2
118.4
118.4
120.2
96.9
96.9
96.9
97.3
0
0
81.5
81.1
81.1
78.7
+ 0.1
+ 0.6
*103.9
*103.9
*103.9
*103.9
103.9
0
0
110.4
110.3
110.2
110.3
110.0
+ 0.1
+ 0.1
+
Chemicals and allied products
100.1
100.1
100.1
97.3
+ 0.1
+ 0.1
+
Housefurnishing goods—
104.2
104.2
104.2
91.4
91.4
*113.2
'112.7
Building materials
—
All
3.7
+
104.6
0
0
91.3
89.9
0
+ 0.1
*112.5
+ 0.4
*112.7
99.5
92.9
92.9
93.0
92.6
0
*100.9
*100.8
*100.8
99.3
+ 0.1
other
*99.1
*99.1
*99.0
*99.0
*96.9
*96.9
*96.8
*96.7
1.7
+
+ 13.8
0.4
+
0.4
—
total--;..
States
2,286,600
2,872,200
2,896,400
151,300
By-product coke—
States
washery
v:,,;
ilRevised.
revision.
truck from authorized
available.
§Subject to
dredge coal and coal shipped by
colliery fuel.
tComparable data not
and
tExcludes
operations.
—.
foods
_
Thousands of
Net
1.7
monthly to a quarterly basis. The
revised order excludes from quota
97.4
+ 0.1
+
1.7
calculations
95.8
+ 0.2
+
Ll
May 1
h
April
1943
178
376
372
111923
412
26
59
##
3
5
5
6
6
■Alaska
Avge.
1
1937
1941
1942
Alabama—
May
May 3
May 2
Apr. 24
1943
State—
13
70
90
184
75
78
60
9
137
135
116
99
1
1
++
tt
1,350
1,469
1.168
374
573
481
538
443
289
209
49
55
47
41
22
Kansas and Missouri
166
163
140
109
63
Kentucky—Eastern
Kentucky—Western
693
900
974
247
832
620
278
285
203
349
158
188
31
38
44
9
15
52
6
8
3
92
88
46
Arkansas and Oklahoma
'
Colorado-
______
__
L
Georgia and North Carolina—
*
Illinois
Indiana
-x.
Iowa_
<
-
_
_
.
—
Maryland
___
Michigan
(bituminous
Montana
>
r_.
-
__
<
_
omitted for
514
100
138
r.
4
2
22
39
31
42
18
___
30
59
34
24
18
24
693
705
313
396
and
2,774
2,751
1,271
1,855
3,531
112
137
154
45
37
121
lig¬
nite).
.
7
5
G
6
.
20
16
been
war.
by
base
as
regulations, are now defined
employ more
those who do not
five
than
workers,
all
excluding
clerical help.
Quotations for silver were un¬
issue of May 13,
J. Metal and Mineral Markets," in its
of major non-ferrous metals scarcely changed
during the last week, but some of the minor items—beryllium ore
and tantalite—advanced in price to stimulate domestic output. Metals
Daily
The
Prices
daily prices of electrolytic
copper (domestic and export, re¬
finery), lead, zinc and Straits tin
posted higher buying prices for both minerals. were
unchanged from those ap¬
The Senate Banking and Currency Committee on May 11 approved
pearing in the "Commercial and
a
bill
authorizing
the sale of<^
Financial Chronicle" as of July
Tantalite
Treasury silver for domestic con¬
31, 1942, page 380.
The price schedule
sumption on the basis of 71.110 an
of Metals
ounce.
The measure was reported Reserve Co. for domestic tantalite
to the Senate on May 12.
Until ore has been increased so that the Pay On Minas Geraes 6V2S
Reserve Co. last week
the
compromise on price was
reached,
Senators
representing
New England States favored
sales at 500 an ounce."
The pub¬
lication further went on to say in
the
WPB
been
reports that 98,500 tons of
excessive copper in pri¬
fabricated
and
forms
under
allocated
the
above
former
price.
the
has
copper
to
a
the Metals Reserve Co. announced
week
both
will
it
that
as
purchase
City Bank of New
special agent, is notifying
holders of
Minas Geraes
State of
States
secured
high rate and, further
stimulate domestic production,
last
The National
York,
(United
Beryllium Ore
tinues at
and
mary
Ta205
tained
Demand for beryllium ore con¬
Copper
idle
producer will receive approxi¬
mately 500 per pound of con¬
"
;
766
1,930
— .
duration of the
the
amount of silver
the
manufacturers
in the
period to fill orders rated
A-3 or higher. ' Small manufac¬
turers, who do not operate under
used
changed last week, London con¬
tinuing at 23!/2d, the New York
Official at 44%0.
"The position
**16
620
.
—■
(bituminous
24
39
36
23
__
Pennsylvania (bituminous)
Texas
1,471
hi
"E, &
stated:
part:
___
_
Tennessee—
:
f
Dakota
South
and
(lignite)
ff
'
New Mexico
North
'
and
lignite)
Ohio—
/
of the Office of Censorship
production and shipments figures and other data have
certain
Tons)
current weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
and are
-Week Ended-
chases
quota
for domestic silver pur¬
for restricted uses from a
0.3
the
(The
ments
periods
+
tRevised.
Editor's Note.—At the direction
manufacturers'
changing
+
than
products
"
r
May
+ 0.2
Major Non-Ferrous lelaSs Hold Even
Course—Beryllium Gre Price Advanced
PRODUCTION OF COAL, BY STATES
ESTIMATED WEEKLY
(In
t
1,186,900 22,301,400 21,631,500
1.212,500
1,205,900
total—
♦Includes
United
amended
was
—0.1
Beehive coke—
United
M-199
Order
10,
Conservation
Silver
0
than
♦Preliminary.
at
Silver
0.4
—
104.?
92.9
___
.
other
commodities
—
91.4
+
*101.0
_.
farm products and
Quotations in
maintained
were
'
Miscellaneous commodities
commodities
York
$196 (a $198 per flask.
3.0
Metals and metal products
from
producing centers, Can¬
ai"4 Mexico.
New
0.4
100.2
—
bringing
1.5
118.4
__
materials
are
steady flow of metal
a
domestic
20.0
81.6
1,266,000 21,996,000 21,109,000 26,698,000
1i 1,215,000 21,116,000120,265,000 24,776,000
1,002,000
134,500
tCommercial production
1943
1942
1943
1943
1,056,000
1,014,000
'Total, incl. colliery fuel
May 11
May 9
1943
prices
Prevailing
5-9
96.9
farm
Calendar Year to Date-
May 8
May 9
May 1
4-10
118.4
All
Week Ended
2May 8
5-1
*124.3
—
Manufactured products
Net Tons)
5-9
■*124.8
_.
Semimanufactured articles
COKE
AND
ANTHRACITE
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
4-10
*103.7 '103.5
products
Raw materials
r
♦Subject to current adjustment.
4-24
1943
1943
All commodities
Fuel and lighting
January 1 to Date
5-1
5-8
Commodity groups—
Quicksilver
•
Percentage changes to
May 8, 1943 from—
■
L,
,
.'
,'
.
•
'
,
Textile products—-—
■
.
,
..
.
Hides and leather products
1943
Daily average
and
-
,
Foods
omitted)
——
May 1
May 8
and lignite—
Total,
(000
Week Ended
•
.
quantity "normally
producing a base box of
in
used
tin, saving
conserves
the
of
—
Farm
PRODUCTION OP COAL
UNITED STATES
ESTIMATED
:
-
;
(1926=100)
put of byproduct coke in the United States for the week ended May 8
showed a decrease of 6,600 tons when compared with the production
for the week ended May 1.
The quantity of coke from beehive ovens
process
60%
tin-plate.
:
V'"'--1 ' •. V: V',
•
Quotations for tin were un¬
During the period of rapid changes caused by price controls, ma¬
terials allocation, and rationing the Bureau of Labor Statistics will changed.
Straits quality tin for
;
attempt promptly to report changing prices.
Indexes marked .(*), shipment was as follows:
May
June
July
however, must be considered as preliminary and subject to such ad¬
52.000
52.000 ' ..53.000
May 6-justment and revision as required by later and more complete re52.000
52.000
52.000
May 7,---uU
52.000
52.000
52.000
ports.
WV;7';" vV: =: -•.■■■fiV :
May 8_—...—
52.000
52.000
52.000
The following
table shows index numbers for the principal May 10
52.000
52.000
.Y 52.000
May 1.1
groups of commodities for the past three weeks, for April 10, 1943
52.000
52.000
52.000
May 12——
and May 9, 1942 and the percentage changes from a week ago, a
that the estimated out¬
The U. S. Bureau of Mines also reported
The
continued to rise and textile soap declined."
decrease of 210,000 tons, or 16.6%.
was a
of over 10% in prices for whale oil
chemicals and allied products group
notation was made:
The following
■
>
Boxboard prices
index.
Division, U. S. Department of the Interior,
The Bituminous Coal
Thursday, May 20, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1894
of
external
6I,/2%
fund
Brazil)
sinking
gold bonds of 1928, due March 1,
1958, and secured external gold
loan of 1929,
series A 6^% bonds
due
Sept. 1, 1959, that funds have
been deposited with it to pay, in
lawful currency of the United
lots at its
417
409
316
recovery program for war use. Of
.Virginia
;
purchase depots on the basis of States of America, 15.05% of the
32
35
28
26
29
32
Washington
the remaining 50,000 tons of frozen $120 per dry short ton for ore face amount of the coupons due
2.256
V
949
1,256
♦West Virginia—Southern
2,332
1,697
1,976
material on hand, 18,000 tons con¬ containing 10% BeO.
778
488
500
The previ¬ Sept.
928
934
690
1,
1940,
amounting
to
fWest Virginia—Northern
116
sists
of assembled products not ous
76
172
127
164
■:•+•
64
Wyoming
price named by the Govern¬ $4.89125 for each $32.50 coupon
**6
1
tt
tt
tt
tt
tOther Western States.
suitable for copper scrap.
Early ment's agent was $83.30 per ton. and $2.445625
for
each
$16.25
estimates of frozen stocks avail¬ Under normal conditions, ore of
+coupon.
The notice adds:
Total bituminous and lig¬
able ranged from 200,000 to 250,- this
10.836
6,922
11,134
5,117
nite
11,840 •
9,570
grade sells at around $30 per
"The acceptance of such pay¬
1-974
1,419
1.002
1,321
1,097
1,135
jPennsylvania anthracite.
000 tons.
ton, f.o.b. mines.
ment is optional with the holders
According to "Foreign Com¬
Recently, newspapers gave wide of the bonds and coupons but pur¬
12,810
Total all coal
6,214
8,341
10,572
12,975
12,455
merce Weekly," published by the
publicity to a report to the effect suant to the terms of the Presi¬
♦Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Rho¬ that a "mountain" of beryllium dential Decrees of the (United
and on the B. & O. in Kanawha, Mason, and Clay counties.
tRest of State, including Department of Commerce,
the Panhandle District and Grant, Mineral, and Tucker counties.
^Includes Arizona
desia produced 20,992 long tons of ore had been discovered in the
States of Brazil, such payment,
California, Idaho, Nevada and Oregon.
§Data for Pennsylvania anthracite from pubcopper during January this year.
West.
No confirmation of this if
lished records
of the Bureau of
Mines.
HAverage weekly rate for entire month.
accepted by the holders must
Before the war, Rhodesian pro¬ news has been
♦♦Alaska, Georgia, North Carolina, and South Dakota included with "Other Western
forthcoming, and be accepted in full payment of
States."
ttLess than 1,000 tons.
duction
averaged around 17,700 authorities attach no significance
such coupons and of the claims
long tons a month.
to the extravagant claims.
for interest represented thereby."
Utah
_
_
..
62
...
30
206
87
138
128
.
204
.
70
small
and
large
249
___
'
■
.
'
The domestic market for copper
continued at 120,
0
The U. S. Department
of Labor announced
on
May 13 that fur¬
fresh fruits,
Sales
low
In addition to the sharp increases in
So
prices for fresh fruits and vegetables, rye advanced 4.8% and wheat
rose 2.2%.
Oats, on the contrary, declined 5.4%.
Slightly higher
prices were reported for hay and flaxseed and for fresh milk in the
Chicago market.
Livestock and poultry declined 0.8% as a result
of weakening markets for steers and hogs, and cotton was fraction¬
ally lower.
over
0.4%
20% higher than
On the whole, prices of farm products were
the level for the week ended
May 1 and
were
up
at this time last year.
"Led by an increase
cipally
about
Call
is
of
over
3% for fruits and vegetables, prin¬
apples, lemons, and potatoes, average prices for foods ad¬
during the week to the highest point in 23 years. Quo¬
lower for butter in the Chicago market, while prices
were
for meats remained firm.
of
95%,
for
to
week
previous.
the
have
extent
of
trade
the
for
lead
for the
lead
consumers
covered
been
believes.
June
shipment
increasing.
far,
of do¬
production
the
mestic lead from small properties
eligible for premium payments
has hardly been felt in the indus¬
try.
Labor shortages and lack of
equipment have been retarding
work on such properties.
Zinc
Except
vanced 0.6%
tations
needs
zinc
has
that
the
been
stockpile
increasing
of
mod¬
little
that
in
is
the
metal
interesting.
Prime Western
presents
.Some
is being exported
Consumption
slight increases of 0.1% in under Lend-Lease.
the average prices for fuel and lighting materials, building materials, of zinc in non-essential civilian
and chemicals and allied products.
Slightly higher prices for bitu¬ applications is being held down to
minous coal were reported for some areas.
In building materials a minimum. Quotations for Prime
Western continued on the basis
and supplies, lower prices for rosin, turpentine, and maple flooring
of 81/40, East St. Louis.
were more than offset by higher prices for certain types of Douglas
"Industrial Commodities: Thefe
were
of
deliveries
chromium,
be made without WPB
au¬
thorization.
Lumber Movement—Week
Ended May 8, 1943
Supplementary Or¬
According to the National Lum¬
M-18-a-l, effective May 7,
ber
Manufacturers'
Association,
permits deliveries of chromium
by
processors
and
dealers
in lumber shipments of 448 mills
quantities of 3,000 pounds or less reporting to the National Lumber
der
to
single customer
a
month,
the
provided
to be used for
in
any
one
material is
metallurgical pur¬
order also re¬
of
quantities
within this limit of the necessity
poses.
•
lieves
The
new
purchasers
of filing report
forms required by
It does hot, how¬
Order M-18-a.
relieve chromium
ever,
ers
from
Form
filing
consum¬
WPB-532
with the Bureau of Mines.
Steel
Division
—
of
Section
Chromium
The
.
erately from month to month, the
situation
Small
may
'
about 660 tons be¬
the
in
Chromium
Valley. Foreign
unchanged.
common
were
those
May
"Farm Products and Foods:
of
last week
vegetables, and eggs, brought the Bureau of
Labor Statistics' index up 0.2% during the week ended May 8.
The
all-commodity index rose to 103.7% of the 1926 average, the highest
level since early in 1925.
The Department's announcement further explained:
largely
was
Lead
During Week Ended iay 8, Says Labor Dept.
ther advances in primary market prices for farm products and foods,
alsb
copper
pointed
out
the
within
this
limit
amount to only 0.8% of the total
chromium shipped each month.
The supplementary order makes
no changes in the restrictions on
that
its
it
is
operating
electrolytic
3.1% for the week
8, 1943.
In the same
week
new
orders
were
0.4%
tion.
Co.
the
tin-plate
by
of
greater
Unfilled
these
than
mills
produc¬
order files
in
the
reporting mills amounted to 99%
of stocks.
For reporting softwood
mills, unfilled orders are equiv¬
alent to 38 days' production at the
current rate, and gross stocks are
equivalent to 35 days' production.
For the year
of
reporting
ceeded
ders
to date, shipments
identical mills ex¬
production by 15.8%;
by 19.0%.
or¬
:
v
Compared to the average
cor¬
pro¬
duction
Tin
Steel
pro¬
ended May
responding week of 1935-39
melting of chromium.
Bethlehem
exceeded
Barometer
duction
that
shipments
the
Trade
of
reporting
26.4%
reports
first of
units.
greater;
23.8%
greater,
20.8% greater.
mills
shipments
and
orders
was
were
were
Volume
Number 4178
157
THE COMMERCIAL
'{"'Railroads
ij
Total Revenue
District—
above the preceding week.
Clinchfield
decrease of 305
preceding week, but
below the corresponding week in
cars
a
1942.
Durham & Southern..
Grain and grain products loading totaled 45,615 cars, a decrease
of 982 cars below the preceding week, but an increase of 10,472 cars
above
Livestock loading amounted to 15,688 cars, a decrease of 25 cars
below the preceding week, but an increase of 3,998 cars above the
corresponding week in 1942.
In the Western Districts alone, loading
of livestock for the week of May 8,. totaled 11,939 cars, a decrease of
115 cars below the preceding week, but an increase of 2,917 cars
above the
corresponding week in 1942. L
Forest products
loading totaled 44,818
S
' '
.
cars,
'' ' '
1
above
,
the
preceding week, but
corresponding week in 1942.
v
Goke
loading amounted
,•
420
below the
cars
cars,
decrease of
a
decrease of 766
:
,
130
cars
below the
cars
1,691
1,703
1,775
2,326
3.100
304
231
175
183
205
662
1,244
2,042
1,255
2,061
988
36
103
84
1,169
1,108
2,505
2,573
415
365
552
594
...
___
_
...
_
3,648
3,913
except Eastern, Allegheny, Pocahontas, and Northwestern.
1&43
weeks
weeks
of
weeks
Mississippi Central
256
_
4,698
3,772
22,535
18.882
15,702
26,265
__
23,087
11,960
10 893
146
174
1,072
•
Piedmont Northern—!-
Three
new
2,270
the
1,307
10,982
10,866
10,675
8.311
8,728
23,817
24,762
23,953
24,783
732
617
793
1,013
103
164
952
941
114,901
119,219
113.32?
3,454,409
3,055,640
3,122,942
3,073,426
3,136,253
788,783
816,551
March
of
weeks
3,858,479
of
April™—
of
May
of
May 8—
1
_
12,629
2,948
3,105
succeed
11,353
9.651
liam
3,269
3,407
3.974
3,695
26,800
22,200
277
279
1.121
1,503
1,133
469
i)3.i
8,678
10,393
10,100
9,745
9,974
432
536
534
101
143
__
___
23,313
24,254
5.793
4,704
453
533
570
862
669
3,081
4,539
37
41
1,875
_
_
19,505
1,245
.
_
1,883
1,917
2.378
2,290
__
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
6,034
__
7,541
2.974
10,477
9,830
5,400
151
211
568
552
2,443
_
6,969
10,130
176
_
2,422
2,431
3,447
Spokane, Portland & Seattle
i
115.259
Western
133,912
136,311
22,094
21,325
21,048
3,058
2,979
3,196
Bingham & Garfield—
REVENUE"
FREIGHT
week last
LOADED
617
103
148
16,061
12,265
10,259
2,738
2,726
2,292
679
906
12,548
10,693
12,801
13,475
10,513
2,534
2,377
2,589
6,070
2,886
Chicago & Eastern Illinois—
737
786
679
2,314
£ 2,810
6,677
6,102
472
347
23
10
2,455
1,116
2,314
1,997
1,614
1,771
2,040
2,793,630
Nevada Northern,
858.911
794,299
North Western Pacific,,
339,286
837,149
Peoria & Pekin Union,,
(NUMBER OF CARS)-—WEEK ENDED MAY 8
•-:/
'
*
'•
• -
6.199
?
506
6,372
Boston & Mainr-
Louisville.
"s &
1,409
1,008
5,647
313
15,834
1,881
1,880
1,209
,,1,003
Delaware & H
345
13,808
31
Central Vermcn
6,829
Delaware, Lav'
<a
& Western™.!
7,3.18
v
Detroit & Mac'
-e
Line
•
58
2,152
1,396
;;
V
2,239
10,850
12.455
9,346
12,575
9,006
324
113
101
-
v.
1,738
3,260
1,405
1-244
280
396
2,222
Midland
14,806
3,854
15,103
3,771
6,242
.
16.641
18,333
7.852
1,732
12,822
486
243
3
3,210
3,987
110,545
113,751
99,335
76,676
:,V.'
228
212
4,890
2,636
2,477
3,105
2,049
3,073
1,815
4,102
3,064
York, O
York, C
'N, Y, Susqrr'''
1,175
1,160
2,515
Brady
and
Henry
C.
Brunie,
President
of
the
Empire Trust
Co.,
3,475
2,053
2,978
2,112
279
415
1,048
957
734
401
272
184
4,695
3,966
6,193
3,946
17,562
15,501
14,188
18,808
17,420
106
86
266
8,233
,
7,253
•365
8,351
372
7.633
3,270
3,040
2,420
7.494
5,790
9,505
6,882
5,373
4,628
7,735
6.432
162
38
49
13
25
9
48,609
70,028
59,754
4,428
.
Wichita Falls & Southern
3,833
147
Weatherford M. W. & N. W._„
21
33
73,718
Total
The
136
200
13,502
__
were pamed members of the
committee.
214
•167
Texas & New Orleans
4,174
•Previous
1,951
Note—Previous
2 156
3,064
2,286
63,839
V
3,641
6,963
370
following
chairmen
P.
Thomas,
committee
new
elected:
were
Eugene
Foreign Commerce
Laws; Theodore
and the Revenue
M.
Riehle,
Insurance;
Peter
Grimm, Taxation; Frederick Coykendall, Commercial Education;
Julian
and
S.
Myrick, Public Health
Welfare.
2,187
58
C-'- v;' 35
51,377
46,719
56,413
10.006
9,704
11,901
17,501
20,920
6,948
6,280
Myron S. Short Urges
Savings Bankers Prepare
year's figures revised.
Weekly Statistics Of Paperboard Industry
We
'
•
949
Louis-
.
week's figure.
323
2,443
45.752
1,008
1,031
2,009
7,561
,
6,538
14,596
472
565
-
3.431
14,975
473
1,708
7,272
8,001
8,205
7,422
9,238
4,906
5,443
7,068
7,236
881
874
513
32
407
505
231
318
from the National
us
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
38
335
give herewith latest figures received by
6,015
vestern-
Pittsburg &'
'•>rth.
Pittsburg, F- *
iia«—
Pittsburgh I
•7
1,110
1,162
1,229
1,593
3,532
3,095
300
370
638
988
1,045
.Wabash—
5,477
5.146
6,059
12,788
12,509
Wheeling fr
5,196
5,655
5,915
5,391
4,862
214,247
The members of this Association represent 83%
dustry, and its program includes
member of the orders and
228.175
Rutland—"
:
the
cates
figures
161 628
159,203
Total—
'•*.
178,697
are
Aileghcn
748
1,164
27,153
-
6,820
1,688
2,158
291
254
4
1
1,578
"sey.
ania.
1 980
2,044
6
15
6,910
7 414
8,593
21,212
20,098
665
Cambria &
'Cornwall^-
/,
765
728
210
299
'
55
133
72
130
1,216
Lines,
•Pennsylvani
Reading Co
(Pitts'
Western Ma
150
'
'
.
1,779
123
845
824
17
;
8
52
51
3,581
•
'
3,509
Period
Received
1943—Week Ended
Feb.
6
Feb.
84.257
60,673
67 826
Mar.
16,002
26,812
29,333
Mar.
19,846
7,231
7.504
13.464
Mar.
Tons
Current Cumulat
175,046
Norfolk & V
•Virginian,
18.90"
4,0r '*
-n
89
87
sights
87
next
142,932
445,982
91
88
147,085
454,308
94
147,830
480,802
146,062
498,927
93
149,096
504,414
92
150,754
93
47.79
488,197
95
90
511,220
S5
90
153,006
•;? 510.784
95
91
152,494
515,700
96
92
159,231
155,163
517,473
97
92
inspiring—to
147,212
135,924
525,287
89
92
the
165,871
153,934
522,336
96
92
Notes—Unfilled orders of the prior week, plus orders received, less
production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent reports,
orders made for or filled from stock, and ether items made
necessary adjustments of
2,049
22,915
unfilled
orders.
Mn
higher
war
in
the
bonds, and
time."
He
and
our
urged
development
deductions
153,030
May
ready
set
the
7,080
be
prepared to meet
enlarging
7,130
2,177
must be
we
quotas
to
war
"undoubtedly the
be
payroll
23 633
20.794
will
89
1
4.779
bankers
demands.
offering of
90
24
57 006
that
that
May
not
Total—
savings
at
89
13,786
-
Vice-
Buffalo Savings
stamps and
88
11,487
-
Executive
greater
Short said
87
Apr.
24,83°
and
meet
446,981
28.594
Pocahon'
Chesapeake
urged
164,805
10™
Apr.
9
and
153,260
Apr.
Apr.
to
439,304
-
Total—
Bank,
137,784
139,911
27,
9,924
Remaining
155,116
20
065
162.809
York,
bonds
Percent of Activ
166,885
13
"5, "60
4,250
Orders
to
City on May 6, Myron S.
President of the Savings
President of the
140,836
175,178
-
welcome
"go forward" in the sale of
172,412
158
14,672
22,124
187,874
Tons
of
Banks Association of the State of
New
156,628
6—
80,787
*53
These
Short,
141,435
27
2,535
°G2
operated.
address
ing of the National Association of
Mutual Savings Banks at New
169,417
20
3,237
2
his
delegates attending the meet¬
148,687
Feb.
Mar.
Production
.Tons
Feb.
1,650
180,781
In
the
Unfilled
1,543
3,357
time
.
Orders
.
Ligonier va
-Long Island
the
figure which indi¬
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
27,517
7 690
on
955
41,602
253
•Buffalo Crc
682
41,619
5,953
,
713
40,434
'.stown.
statement each week from each
a
For Greater Bond Sales
York
of the total in¬
advanced to equal 100%, so that they represent the total
STATISTICAL
Akron, Car?
a
production, and also
activity of the mill based
industry._
.
'Baltimore f
7
because
business.
Mr.
of
3,100
_
St. Louis Southwestern
12.008
2,370
Pere Marqw
Union
chairmanship
164
Quanah Acme & Pacific
1,379
304
^Pittsburgh f
Penn-Readi-
the
pressure
1,974
St. Louis-San Francisco—
14.424
.'estern—
New
•New
{Cumberland
G.
Jr., President of the Na¬
City Bank, who retired
187
171
—
1,937
5.355
7
CentralR.T:
Cur¬
5,199
Missouri-Kansas-Texas Lines
8,917
252
2,071
Bessemer &
the
and
William
3,836
Missouri Pacific
2,031
,,
"N. Y..N. H.
i
succeed
Co.,
of
7,655
54,725
New York Ce
•
from
of
Finance
383
.
Missouri & Arkansas
2,241
/.•
■
^Monongahela
;'
Brady,
Trust
Chairman
on
5,588
™i__™
696
9.398
210
■Montour—
.
Midland
Committee
to
Davis,
Secretary.
Blaine, President of
elected
tional
148
G.
in
Executive
as
B. Colwell
as
the
re-elected
was
term
Marine
was
Gwynne,
executives
States,
20th
rency
7,002
Texas & Pacific
the
4
1,651
130
Valley-
1,972
i
Lehigh Valley
.
his
James
8,873
2.036
16,980
1,753
_
_
8,149
-;r—
Lehigh & Nev
i.
lor
T.
Chamber
'
.Lehigh & Hud
'
13,954
294 '
2,948
11.553
Maine Centra
299
r
5,940
J
8,154
334
44
:
302
——
Erie——
Grand Trunk
19
1,777
'ton——
Detroit,- Tole-'
Detroit & ToW
'
1,540
1.304
2,046
■
1,307
7 ,36
Chtcago, IndlCentral India-;
,1942
8,769
1,806
Bangor & Aron
1943
Charles
of
United
0
District—■
Burlington-Rock Island
Gulf Coast Lines
Kansas City Southern
1941
434
the
Jr., continues
119,482
Litchfield & Madison
1942
•245
Col.
dean
Vice-President.
541
Connections
1943
•
elected
Execu¬
tive Committee.
471
14,519
was
Execu¬
were
131
248
Louisiana & Arkansas
Freight Loaded
"
.:
Di-
f.astern
-Ann Arbor—..
Tomlinson
430
12.090
Kansas, Oklahoma & Gulf-
Total Loads
E.
636
355
Laws,
the
members-at-large of the
124
2,043
Received from
Total Revenue
Railn
Roy
370
0
of
and
George McAneny, Richard W. Lawrence and
815
14
International-Great Northern
vy
Committee
1,139
27,631
'
L_—i,
Southwestern
'
Chairman
2,028
19
—.
Total
tive
Foreign Com¬
on
and the Revenue
elected
1,093
29,358
1943.
CONNECTIONS
Co., who
Chairman of the Cham¬
as
1,953
3
Treas¬
Robert F. Loree, Vice-President
the Guaranty Trust
of
'
Toledo, Peoria & Western
Utah
re-elected
&
Scar¬
Assistant Treasurer, re¬
1,270
31,070
B.
spectively.
1,036
/-\L
E.
Bank
William
1,149
1
Lewis
Hanover
2,012
,
Western Pacific-
-
FROM
and
urer
4,952
695
and
Gray, Jr., President
Co.^ and
borough were
1,903
3,691
_
;Ui>—I
Missouri-Illinois
•
RECEIVED
3,907
692
14,671
3,350,996
year.
AND
3,647
493
3,066,011
compared
9,629
18,018
Chicago, Burlington & Quincy.
Chicago & Illinois Midland
1,070
During this period only 55 roads showed increases when
with the corresponding
12,575
S.
Central
merce
973
the separate railroads and systems for the week ended May 8,
the
ber's Committee
59,786
District-
2,866,565
of the freight carloadings for
a summary
William
of
4,752
62.676
They
Wil¬
Milbank,
Graham
Trust
retired
921
13,812,063
3,215
Jeremiah
J.
Com¬
Vice-Pres¬
Pierson, whose terms expire.
3,397
Northern Pacific
Fort Worth & Denver City__—
Illinois Terminal™——
15,205,395
3
Executive
elected
four-year terms.
12,822
2,681
& South
_
of the
were
21,696
Elgin, Joliet & Eastern
Central
the
Chairman
2,282
12,732
table is
22,700
H.
Booth, Vice-Pres¬
Guaranty Trust Co.,
Spalding, of the
law
firm
of
Kelsey, Waldrop,
Spalding & Parker, the retiring
of
19,182
3,174,781
14,401.502
The following
Willis
idents for
18,619
Southern Pacific (Pacific)
Total
20,980
—
and H. Boardman
2,604
_
Moines
Co.;
ident
19,332
Chicago, St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic-
Denver & Salt Lake
February.
of
19,343
.
Vice-Presidents
Ecker, Chairman of
Metropolitan Life Insurance
mittee,
Denver & Rio Grande Western
1941
3,530,849
Week
.
1,386
1,046
418
114
.
May
on
II.
501
__
year' at
one
held
Chamber, is also President of the
Pan-American Society,
Frederick
District-
__
of
New
Mr. Hasler, who just
completed
his
first
term
as
head
of
the
402
10,961
Chicago & North Western
of
of
6.
4,177
545
Chicago Great WesternChicago, Mihv., St. P. & Pac
State
election
465
22,002
—
Chamber
the
term
a
5.048
547
Total
Ft. Dodge, Des
for
annual
167
375
Winston-Salem Southbound
Northwestern
York
the
Continental
was re-elected
the
1,204
351
_
of
3,363
4C0
..
Co.,
of
1,392
124,827
Southern System
Tennessee Central
President
Commerce
281
Richmond, Fred. & Potomac
Hasler, Chairman
President of the
3,571
3,256
>
__
Frederick E.
777
"
■:
_'_™j._™
Norfolk Southern
Colorado & Southern—
1942
January,
Week,
•
3,569
2,462
27,182
_
Alton
.
compared with the corresponding
1942, except the Central western and Southwestern, but all
districts reported increases above the corresponding week in 1941
4
1,698
243
cor¬
in
4
576
Bank & Trust
__
Illinois Central System
Louisville & Nashville
,
13,523
a
13,585 cars
All districts reported decreases
4
and
4.275
44
Florida East Coast
Total™
j
to
preceding week, and
responding week in 1942.
5
8,840
4,473
351
Spokane International
decrease of 19,824
a
below the
week
11,103
4,445
.
Green Bay & Western.
increase of 1,070
an
Ore loading amounted to 66,976 cars, an increase of
;
11,674
3,883
.
Great Northern
above the preceding week, but a decrease of 5,800 cars below the
corresponding week in 1942.
c
13,441
404
v
the
corresponding week in 1942.
In the Western Districts
alone, grain and grain products loading for the week of May 8 to¬
taled 30,498 cars, a decrease of 1,330 cars below the preceding week,
but an increase of 8,685 cars above the corresponding week in 1942.
cars
1,253
__
-
Seaboard Air Line
.
.
1,421
Nashville, Chattanooga & St. L
Coal loading amounted to 142,140 cars, an increase of 7,876 cars
above the preceding week,' but a decrease of 19,824 cars below the
corresponding week in 1942.
2,303
__
Columbus & Greenville
Macon, Dublin & Sa vannah-
above the
289
782
803
1,573
Charleston & Western Carolina
125
cars
410
4,181
Georgia
Georgia & Florida....Gulf, Mobile & Ohio
increase of 551
HasScr &pin Head Of
Commerce Chamber
14,044
freight loading totaled 389,666 cars, an increase
of 5,823 cars above the preceding
week, and an increase of 14,686
'cars above the corresponding week in 1942.Loading of merchandise less than carload lot freight totaled 98,an
1942
703
Georgia
Gainesville Midland
Miscellaneous
•
429
1943
-L 746
■
Atlantic Coast Line
Central of
816,551 cars, the Association of American Railroads announced
May 13. This was a decrease below the corresponding week of
1942 of 22,735 cars, or 2.7%, and a decrease below the same week in
1941. of 20,598 cars, or 2.5%.
Loading of xevenue freight for the week of May 8 increased 27,-
1941
802
_
Atlanta, Birmingham & Coast
hn
cars,
1942
.
Alabama, Tennessee & Northern
freight for the week ended May 8, 1943 to¬
taled
768 cars, or 3.5%
Connections
1943
Atl. & W. P.—W. R. R. of Ala
revenue
Received from
Freight Loaded
Southern
Loading of
1895
Total Loads
Frelg^S Oar Loadings During Weak
La 0
& FINANCIAL CHRONICLE
of
similar
plans to promote the fullest and
best
usage
of
savings.
remarked that "it is
in
of
people
sustaining
life
in
emergency."
be
and
partners
the
our
the
He
also
impressive-with
Government
democratic way
present
national
'
Thursday, May 20, 1943
THE COMMERCIAL & FINANCIAL CHRONICLE
1896
of the general
ful administration
Items About
At
the
meeting of the
regular
of
Board
Banks, Trust Companies
Directors
of
The
Na¬
tional
City Bank of New York
held on May 11, Samuel S. Church
and
Loren
A.
Erickson
were
ap¬
pointed Assistant Cashiers.
The New York Trust
Co., New
City, has received authori¬
zation from the
State
Banking
York
Department to increase its capita
stock from $12,500,000, consisting
of 500,000 shares
having a par
value of $25 each, to $15,000,000,
consisting of 600,000 shares having
a
value of $25 each.
par
Previous reference to the bank's
plans for this increase was made
in Our issue May 6, page 1696.
positors and had a deposit liabil¬
ity of $174,319,000.
"Joseph A. Broderick, former
Superintendent of Banks of New
York (1929-1934) and a member
of the Board of Governors, Wash¬
ington, D. C., of the Federal Re¬
System
(1936-1937)
has
been
President
since
October,
serve
1937."
William S.
The Chemical Bank & Trust Co
-
May 12
in the lobby
of its main office at
Broadway, a plaque in honor
165
of
members
295
the
who
.
are
armed forces.
short
address
staff
before
the
bank's
and
string ensemble and chorus pro¬
a musical background.
vided
At
meeting of war-work vol¬
Guaranty Trust Co.
-of New York on
May 13, Miss
-Madeleine Carroll, noted actress,
accepted from Eugene W, Stetson,
a
unteers of the
President of the company, a con¬
signment of knitted articles made
Seamen's
the United
•for
by
women
project
of
Service,
Vice-President of the Bank of the
Other recent out¬
put of the group, which numbers
hundred volunteers, was
•several
presented to prominent Red Cross
officials, who joined with officers
and staff* of the trust company in
and
Chairman
a
Advisor^ Com¬
former Presi¬
Brooklyn
He
mittee.
was
a
dent of the New York State Bank¬
Association and of the- Kings
ers
County Bankers Association.
banking
his
began
tional
a
Na¬
later
which
Bank,
as
career
Lincoln
old
the
with
clerk
burg Trust and, in 1908, became
Cashier
of
the
First
National
of
that
In
Brooklyn.
or¬
ganization he became Vice-Presi¬
dent and then President, until the
bank was merged with the Bank
of the Manhattan Co. in 1928. He
Vice-President of the merged or¬
ganization, retiring in 1938.
Bank,
Mount
the
for
Vernon, N. Y., has applied to
State
Department
Banking
permission to open and maintain
branch office in the Mount Ver¬
non
station
of
the New York
a
Railroad.
Central
Frederick James Hodson, former
Broadway.
Speakers representing the bank
and its employees at the informal
W. Palen Conway,
program were:
Chairman of the Board; Mr.
son,
of
Mrs.
Emma
Stet¬
F. Coghlan, Presi¬
Guaranty Club, and
Thomas
dent
the
Chairman of
Adams,
the Club's War Effort Committee.
Other guests included Miss
ington
National
of
United
of
Volunteers
Seamen's
the
Service.
The Federation Bank and Trust
;
Co., New York City, announced
on May 14 that William R. Bren¬
had been elected
nan
.Mr.
is
Brennan
Director.
a
of the
President
Brennan &
Sloan, Inc., New York,
general contractors. 4 >■;
The
East
River
Savings Bank,
New York City, observes on May
22
the
95th
anniversary of its
Officially opened for
business on May 22, 1848, the East
River
Savings Institution, as it
was
known until
1927, was the
in New
York City. Its original office was
at 145 Cherry Street. The bank in
noting the anniversary also says:
"The
;
first
President was also
of the renowned Chat¬
•President
ham
Bank, which
by
nucleus of eight members of
a
was
organized
the Board of Trustees of the East
River
Savings
Bank.
10
March
on
South Orange.
Mr.
Hodson, who was 73, had retired
from banking several years ago.
Stetson Elected Head
Shortly
Eight
Group
Bankers
State
and Bronx
who
was
the past fiscal year,
Group during
succeeds
H.
President
in New York
counties. Mr. Stetson,
Vice-Chairman of the
Donald
Campbell,
Chase National
the
of
Bank.
j
,
William Gray,
Jr., President of
Bank and
Co.,
was
elected ViceChairman of the Group, and Ed¬
the
Hanover
Central
Trust
F.
ward
Co., was elected
Trust
and
McGinley, Vice-Presi¬
Chemical Bank and
the
of
dent
_
Secretary
Treasurer, succeeding
James
Birmingham, Vice-President
the National City Bank.
B.
Newly elected members
of
of the
Group's
Executive
Committee
are:
Knight Woolley, partner of
Brown Brothers,
Harriman & Co.:
C. Brunie, Chairman and
of Empire Trust Co.;
vited the East River Savings Bank
President
its
business
until
Savings
the
when
1927
Bank
John I.
Downey,
Thereafter,
headquarters.
new
their
Avenue
Bank; Frederick E. Has-
at
East
opened
first
branch at 96th Street and Amster¬
dam
Avenue,
cated in
the
the
lower
bank
was
lo¬
part of Man¬
hattan, but with depositors scat¬
tered
throughout the city and
nation. /.
"In
Bank,
the
the
Italian
Maiden Lane
Savings
Savings
Bank and the East River Savings
Bank merged into one
giving
ice
a
from
1943
ler,
Chairman
Continental
and
Bank
William
President,
and
and
institution,
city-wide banking serv¬
five offices.
On
Jan.
1,
the bank served 190,086 de¬
Trust
Co.,
Gage Brady, Presi¬
dent, National City Bank.
Elected
to
membership on
Nominating
•
1932
President, Fifth
River
its
fair analysis of
a
declares
that it
just what
"By
not
its
men will rely heavily on the men
endangering its complete
of your profession.
I am, there¬
structure, then surely we are not
fore, very glad to have this op¬
discharging our responsibility in
portunity ,to 'f discuss "with you
helping to make the world a bet¬ some of the more difficult
prob¬
ter place in which to live.
lems which are likely to arise in
"It should be obvious to every¬
the administration of Section 722."
one that American business must
the
performance
war
only justified itself time and
again," Mr. Heimann says, "but it
has demonstrated that if we are to
the
meet
challenge,
post-war
American -business
tered
and
conversion
effect this
can
without
American business institution has
nurtured,
continued
,
with which it
reserves
of
speedy post-war reconversion to
production.
It is well to
a
peace
respect, confidence and co¬
operation of every living citizen
remember
of this
some
In
country."
his
continuing
American
business
of
praise
"the
day
business
has
were
of
tion
of
in
can
be
circumstances
trustee
insured
finances
that in the post¬
so
period its
it
and
will
by
in settlements under the termina¬
which
tories
have
erected
been
indirectly
through
Government finance
during the
war."
Another problem he dis¬
cusses is that when V-Day comes
directly
or
American
will
industry
be
brought face to face with a settle¬
for some $50,000,000,000 in
ment
unfulfilled
Hei¬
Mr.
contracts.
further said:
mann
"Chronicle.")
Miscellaneous
,
tion clauses in
contracts, it is
war
absolutely essential that prompt
adjustment be provided for and
that they not be allowed
they
as
did
World
War;
comes
most
to drag
during
the
first
When Victory Day
of
the
the
their
of
amount
capital
in¬
claims
are
these
Unless
contracts.
war
Business Held
Wallace
handled fairly and ex¬
peditiously,
American
business
will be compelled to sit idly by,
unable to respond to the nation's
peace-time demands by reason of
staggering outlays which will be
required of private enterprise to
having much of its capital frozea
in unadjusted claims.'
Says
Committee
York
Bankers
was
State
Adrian
M.
of
the
New
Association
Massie,
Vice-
Detrimental.....
Problems
Studies
FDR
Of Excess-Profits Tax Law
Urged By Paul
sions
issued, and that
copies are about to be made available, Randolph
Paul, General Counsel of the Treasury, stated that "the success
E.
with which the
signed to
visions
excess-profits tax will achieve the ends it
will depend
serve
upon
administered."
are
the
Certified
York
New
Public
Society of
Accountants
at
the
Waldorf-Astoria
May
10, and read in his absence
Hotel
Bill
.....
Peace
on
sibility which cannot be accepted
lightly," Mr. Paul added:
"If the relief which Congress
intended
rather
the
of Internal
Bureau
went
on
to
Counsel
say:
"As the House
-
Revenue,
'
*
of
.
Committee stated in its report on
the 1941 version of Section 722,
'The
failure
of
legislatioin of this type depends to a
considerable degree upon its in¬
success
or
of
for
than
growing
Partial
will
be
Text
of
Plan
thau
Cleveland
Dr.
with
which
his alternate.
Bank
Appoints
...
Bank
serve
,.
Kansas
City
...........
.....
v....
to
spread
an
the
"The
line
is
permitted
are
tax
avoidance,
our
we
shall
efforts to elim¬
722
will
not
But
recurrent
be
an
easy
'drawing the
difficulty in
those fields of the law where dif¬
Bank
Pool
in
Will
Production in
Auditors
tioit
Be
Ex-
.......v.................-..
.....
.
to
1887
1942......... 1887
Convene
in
De-
..........................
>
:
r 1
1887
Bureaucracy Rule Seen Destructive. 1887
June. 14 Named Flag Day...........1887
South
Urges
American
ticipation
Every Citizen
War Financing
Capital
Par¬
,..\1887
Support
1888
Must
,..
La tin-American
Diplomats
Present
Credentials
Clerical
In
New
Banks'
Earnings
Up
In
....................,,.
Adds
Additional
FDR Says War
Need
Mrs.
1838
Investigators. 1888
JL,oan Success Lessens
Saving
.......1888
for Forced
Roosevelt
Against Red
Steel
April
1888
Wages
Increased
York......................1888
1942
OPA
.....
Workers'
National
Record
.
Warns
Result
of
Plate
Sets
of Ruml Tax
Bill.. 1890
Treasury Bill Offerings.. .1890
Oil
Refineries
on
Basis
Sees
Tiade
Output
...;...,............,..... 1889
.
West
Quota
Youths
Influence............1889
FDR Hints Veto
.1890
Danger in Rejection of
Pacts
.1890
<
Says Private Enterprise Will Flourish
Under Planned
Economy..........1890
Coal Strike Truce Extended...
U.
Plane
S.
Output
Tops
World
i....
Rest
.1890
of
1891
...
degree produce ulti¬
Harri¬
War
vs.
Shaffner, 213 U. S. 579
(1841).
'
,
"Responsibility for the success¬
,
Newsprint Cuts.. .1892
-
Rules
..
...
Affected by
,v.....
..
.
.
.......1892
Pay on Minas Geraes 6'/as
Hasler
Again
merce
Urges
Heads
Body
N.
1894
Y.
Com¬
...:,.;...:/...,...,., 1895
Savings
Increased
Bankers
Bond
to
Prepare
Sales.
..1895
Stetson Heads N! Y. Bankers
Group. 1898
Savs
son
Further
Govt; to Aid Businesses
for
mate differences in kind.'
respon¬
Cotton
Sees-No
draw.
a
Insti¬
war.
line
ferences
a
to
wide¬
for
'excessive and discriminatory' will
Stating that "this is
them¬
between
eligibility
ineligibility for relief under
those
structures."
means
reestablish
instruments
costs of the
to
upon
years,
prewar
of
profiteering and to achieve
equitable distribution of the
one
ex¬
de¬
inate
Section
where the
well
as
were
.1886
.1886
Researach
188S
Manpower
Welles
and
is claimed to be
preservation
New
which
provisions
general, rather than in specific
Hence, the task of inter¬
preting the intent of Congress in
cases
Joins
hausted
Middle
in
tax
;
1885
Independent Labor
tute
Says
1885
Re-
......
...........,......
Henderson
lief
terms.
tax
Trust Co., as
Anderson's
...iV.....;.........1886
Reserve
Named, to
selves in the post-war economy.
"On the other hand, if the re¬
have failed in
specific
the
deprived
Congress in enacting Section 722
is reasonably clear, but in provid¬
cess-profits
ex¬
enterprise.
pressed during the
become
President
Manufacturers
Keep
Paraguay War Debt. 1883
Analysis of Stabilization Plans... 1884
Says Dr. Anderson Confuses Issue.. 1886
Great Britain Seen Hit by Morgen-
become
can
businesses,
businesses
as
telligent and sympathetic admin¬
istration.' The general intent of
ing 'for the many unforseen hard¬
ships which may arise under the
Excess-Profits Tax Law' Congress
was
forced to express its intent
law
tax
competitive
and
Ways and Means
is
taxpayers
instrument for the destruction
sistant
Chief
give
arbitrarily denied them, the
cess-profits
by Joseph G. Blandi, Special As¬
the
to
1883
Post..1883
............................,1883
Cancels
Brazil
Savs
an
to
der
was
with which these pro¬
success
Mr/*>
Paul, in indicating this in an ad¬
dress
prepared for presentation
before
the
1883
Signs Panama Property Trans¬
fer
Beveridge Working on New
War Program
Bennett
Urges
Action
to
Party
noting that regulations relating to the general relief provi¬
(Section 722) of the Revenue Act of 1942 have recently been
Co., with George W. Heiser, Vicethe
Post-War
.....................,....
LaGuardia Urges
In
1881
1881
Says Inflationary Crisis Is Over.... .1883
Pay On Panama 5s
those whose re¬
sponsibility it is to administer the
of
...
Stands
.............
....
School
Harvard
•'.?
devolve
President of the New York Trust
.
Opposes Govt. Post-War Planning..1882
Urges
Rejection
of
Green
Silver
Legislation
.1883
Hague
Fair Administration Of Relief Previsions
„
..........
Americanism
Freedom
for
in the
plants
United States will have more than
,
Byrd Urges Preservation of Free Enterprise .,...
..,. .1881
Uncertainty of Govt. Attitude
to
•
....
should not overlook the
one
1942,
Government officials that
our
*
the War Censorship Board.
first page of Section 2 in
on
27,
"Next, it should be remembered
volved in the goods in process on
"First, one need but consider
the staggering outlays which have
been made for the purpose of con¬
verting
peace-time
plants
into
war
production.
By the same
notice
(See
August
creased
of
at direction
under¬
take reconversion.
Sales........................
These statistics omitted from "Chronicle"
the
have
the
which
with
Zinc
solvency will
own
States,"
Mr.
Heimann
pointed out, "will be greatly in¬
fac¬
1873
Metals Market... ......1894
...
United
many
Page
Oil Production..
Crude
Weekly Electric Output........
1893
Bankers'
Dollar
Acceptances
Out¬
standing on April 30
.1889
March Building Construction...,,.. 1889
Bank Debits for April................1889
American Zinc Industry Summary.
*
Copper Institute Summary..........
*
Pig Iron Production.. ,.......
*
Daily and Weekly Copper, Lead and
j
these
funds
reserve
war
employed in war work,
plant capacity of
the
the
Weekly
•
Non-Ferrous
con¬
of
the
'
'
business
American
such
itself
through
(Continued from first page)
provide these proper
Man¬
of
agement
under
the
Sec¬
of
aspects
CONTENTS
GENERAL
for reconversion.
siders
and
set aside as reserves
business
the
Mr.
problems,
post-war
times
Federal tax law that
our
Heimann pointed "to the fact that
when Victory Day comes we may
have 10,000,000 men under arms.
major
and various
normal, profits."
722,
earnings by American
reserves
meant
the present war crisis.
In
considering some
taxpayers covered under
tion
depreciation on plants and
machinery as well as for innova¬
tions in production.
It is only
through a, more liberal interpreta¬
of business
baiting must go." He said that it
is high time for the American
people to recognize just what
American
normal
in
dis¬
address
for
business, Mr. Heimann
declared
that
of the
his
in
cussed among other things "classes
finance
can
Paul
Mr.
be allowed to establish reasonable
fos¬
be
must
the
of the New York
Association, com¬
banks
96
prising
Henry
conduct
Men,
Eugene W. Stetson, President
of the Guaranty Trust Co. of New
afterward, the Chatham Bank in¬
to
of 'Credit
Directors
York, and Chairman of the New
York Clearing House Committee,
has
been
elected- Chairman of
administer re¬
the Government to
Executive
Heimann,
contributel.
has
token
6f NY Bankers Group
founding.
fifth mutual savings bank
died
Co.,
Banking
at his home in
Directors and Mrs. Johnston King,
of
Vice-President
Newark
&
Essex
Assistant
former
Risley of the Red Cross Board of
Chairman
Wash¬
(N. J.) Trust Co. and a
Secretary-Treasurer of the
Fred-
ericka Farley, Red Cross Director
of Home Nursing; Mrs. Everett E.
ceed to
it
earners
Fleetwood
The
provisions
National lief
fairly and fully to those who
monthly
deserve it.
It is, therefore, highly
part that
important that businessmen should
said that understand the principles under¬
"it was not my thought to underlying Section 722 so that they
emphasize the great contributions reconvert from war to peace-time
may better appreciate the char¬
made
by other groups.
Since production. Unless private indus¬ acter and the extent of the relief
business, however, in the past has try is put in such financial con¬
which these provisions were de¬
been
frequently
unfairly
con¬ dition or is allowed to work to¬
signed to afford. For this knowl¬
demned," he said, "we should pro¬ wards that sound condition so
edge and understanding, business¬
H.
Association
We may also have 30,000,000 wage
Executive
appointed
then
was
accomplishments of American business in the all-out war
we revise our rating of business in general,
must also rest
In part upon taxpayers.
The
greater the number of unreason¬
able and exhorbitant claims filed,
the more difficult it will be for
relief
Manager-on-leave of the
in the Association's
"Business Review," released on May 17.
In stressing the
business has played in the present war effort, Mr. Heimann
Henry
was
merged with the Irving Trust Co.
He later worked for the Williams¬
Bank
The
effort necessitates that
strong and healthy, and be given
Brooklyn, Mr. Irish
A native of
ceremonies at the main office, 140
.
„
continued as
member of the
Co.* but
Manhattan
employees
as
the bank's War Ef¬
fort Committee.
on
his home in Brooklyn, N.
the
the
dedicatory
entire
the
staff
the
with
Percy H. Johnston
Board, made £
of
Chairman
of
serving
now
died
banker,
bank's
of New York unveiled on
Irish, retired Brook¬
May 14 at
Y.
He
was 74
years old.
Mr. Irish re¬
tired on Jan. 1, 1938, as Executive
lyn
Jtccompiisteesils Of Easiness !si War Effort
Deserve High Praise Of Nation, Heimann Says
Industry's War Effort Deserves
Prai.se
Paul
Calls
189S
for
of Tax Law.
Fair
v..
Administration
.....1896
@FedFRASER