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Final
ESTABLISHED
Edition
-
Volume
161
.
New
Number 4382
In
OVER 100 YEARS
3
Sections-Section 2
Price 60 Cents
York, N. Y., Thursday, May 3, 1945
Copy
a
President Truman Addresses
The Financial Situation
Steps that have been taken to ameliorate the food, par¬
ticularly the meat situation, may or may not save the OPA
and the present personnel of that organization.
Only time
Says We Must Work and Live to Guarantee Justice for All, and That All
will settle that question.
There can be "no doubt of general
dissatisfaction with the situation as it has developed in the Begins With Differences of Opinion and Moves on as the Differences Are
San Francisco Conference
food markets of the country.
people is great to seek a
permit itself to be appeased by the decapitation of some Serve and Not Dominate.
can
to
individuals upon whom politicians decide to
It is possible, too, that arrest and severe punish¬
fix blame.
operators may relieve public
measure of relief will be pro¬
ment of a few black market
tension—and of
vided
that
course
a
by what has been done to alleviate the general sit¬
uation.
permanent solution of the
applied, and that none
applied under the existing system.
What is certain is that
no
food situation has been found and
be either found
can
.
more
or
one
or
fully as important is that many of the other "pro¬
grams" of the day are subject to fundamental weaknesses
identical with those which afflict the price control and
What is
No hope of permanent success lies in any
of these economic planning and control programs. The public
will do well to make a full and accurate diagnosis of the food
situation.
Otherwise, important lessons to be learned there¬
from will be wholly missed.
rationing system.
President Harry S. Truman,
of the
session
April
livered
man
in the street is all too inclined when
he finds,
example,, that the so-called legitimate markets contain
inadequate quantities of food items he wants to assume that
plenty of these things can be had in some mysterious "black
market." He is likewise apt to assume that by some sort of
hook or crook someone, somewhere has obtained many more
(Continued on page 1976)
sleeve.
which
he
the
principle of
"justice for
all" and urged
the delegates,
a
■
of
better
world,"
to
build
"a
manent
these
per¬
follows:
'
revival of
address
the
has
experienced
a
old faith in the ever¬
an
lasting moral force of justice. At
no time in history has there been
important Conference, nor
more
necessary
more
behalf
of
an
to
you
most
a
appointed
Roosevelt
Delegation
able
,
under
your
have
a
choice between the alter¬
of inter¬
the establish¬
natives: the continuation
national Chaos—or
ment of
world organization for
a
enforcement of peace. '
the
be
to
are
Confer¬
the architects of
of this
:
•
Purpose of Conference
is
It
the
not
Conference
the
of this
treaty of
purpose
draft
to
old
peace
members
You
in
term.
It is not our
a
of that
sense
assignment to
(Continued on page 1980)
A World Court Essential to
Future
represent
to
Who Observed the League of Nations in Action, Asserts Its
the United States.
I have com¬
Spiritual and Mechanical Short¬ plete confidence in its Chairman,
comings.
Says Simple Voting Procedure Is Not Essential When the Secretary of State Stettinius, and
Great Powers Are United on a Course of Action.
Urges Use of Force in his distinguished colleagues,
Mr. Wilson,
;
can
all.
ence
hearty welcome.
President
crush
American
the
extend
I
unchecked, would ultimately
all civilization.
We still
if
flag.
They
gave
their lives, so that others
might live in security. They died
to insure justice.
We must work
and live to guarantee justice—for
serving
which
opening today.
you are
On
meeting, than
in San Francisco,
one
destruction, modern warfare,
Franklin
remember
other" courageous champions, who
also made the supreme sacrifice,
you
brutality
ever-increasing
With
and
,
world
The
of
text
all to clear. ; ;
foresignt
*
of
Each
might come."
Its significance is
history.
recent
ideals.
This Confer¬
its existence, in a large
Roosevelt.
lives
full
magnitude of the problem before
We do not need far-sighted
vision to understand the trend in
his
perpetuate
determination
and
President Truman
to
to the vision and
of
part,
those
that this moment
The
high
owes
ence
gave
trying
while
life
monu¬
their
conflicts, must realize the
world
Roosevelt's Ideals
and
opinion
torture
Franklin D. Roosevelt gave
of
ferences
their
of
us.
dif-
overcome
worthy
really
We, who have lived through the
and the tragedy of two
ciples, which benefit all mankind.
a
is
sacrifice.
We must make
certain, by your work here, that
another war will be impossible.
gr.eat
today in spirit—I earnestly ap¬
"architects
as
which
peal to each and every one of you
to rise above personal interests,
and adhere to those lofty prin¬
people,
Committee
us
shall know
humanity is to achieve
just and lasting peace.
Let us labor to achieve a peace
if suffering
They have my confidence. They
have my support.
;:
In the name of a great human¬
itarian—one who surely is with
stressed
future.• By your labors
our
at this Conference, we
Gov¬
Gilder-
Dean
and
Stassen
delegates in
this
By HUGH R. WILSON*
Eaton,
Representative
assembled
a
Chief, Foreign Affairs Section, National Republican
Former U. S. Minister to Switzerland
and
ernor
a
Why the League of Nations Failed
rests
In your hands
world.
the better
!-v-"jv
radio
a
<♦>-
at the opening of the first plenary
of the United Nations on
Conference
Francisco
address to the
who
for
San
de-
25,
ment to
Black Markets
The
Progress
Adjusted
The prospensity of the Ameri¬ Through Reason and Mutual Understanding. Asserts We Must Build a Better World
scapegoat, or at the very least and Prove That Right Has Might.
Reiterates Statement That Large Nations Must
Efforts Failed Because It Had Both
Secretary
former
Hull,
Cordell
Back Up Decisions, but Points Out Need for a Definite Code of Inter¬
Senator Connally, Senator Vannational Law.
Calls for More Flexibility in the New International
denberg,
Representative Bloom
to
Former Enemy
Organization and Holds That All Nations, Including
States, Should Have Right to State Their Grievances.
--3'.:
GENERAL CONTENTS
American Minister to Switzerland. During
American delegate on many conferences called by the
For 10 years I was the
this time I was
League of Na¬
of the League
gift
of
Of
Lord
Ramsay
our
far more than
vinoff, of the Soviet Union, with
his strange guttural pronunciation
of English, enjoying the conster¬
nation among other delegations he
caused by his boldness. Good men
that of a mere
they were, struggling wholeheart¬
machine func-
edly to bripg about a better order
tioning, my
vivid recollec¬
among
Government
their
of
pro¬
ceedings.
The
spectacle
was
but
struggling
against formidable odds to fore¬
stall the disintegration of Europe
of the
tion
is
men
involved.
Of Briand,
France,
Hugh
R.
Wilson
his
great
shaggy
droop¬
from his lips, with his golden
head, inevitable cigarette
ing
*An address by
the
Columbia
and
Mr. Wilson over
Broadcasting Net¬
work, April 21, 1945.
states,
the
With these and
world.
of the world's fig¬
ures I worked and hoped.
Thus
I watched
the activities of the
many
of
with
Washington
others
League during its period
its
of hope,
period of slowly waning con¬
fidence,
and
disillusion.
its
I
period
of utter
endeavored
con-
Ahead
of
is
It
the
1974
News
Bond Prices and Yields... 1984
Items About Banks and Trust Cos.. 1988
Trading on New York Exchanges.. .1985
NYSE Odd-Lot Trading...
1985
Moody's
of
Trade
a
in
rendered
ices
s e r v
Commodity Prices, Domestic Index. 1985
Weekly Carloadings
....1987
Weekly Engineering Construction.. .1986
Paperboard Industry Statistics
1987
Weekly Lumber Movement.......... 1987
Fertilizer Association Price Index... 1985
of
proud to asknowledge him as one of the great
living humanists, proud to join in
tribute to a great New Yorker,
Archbishop Francis J. Spellman.
As
our
Weekly Coal and Coke Output...... 1984
Weekly Steel Review...
.....1983
Moody's Daily Commodity Index...;1984
Weekly Crude Oil Production.......1986
Non-Ferrous
Metals Market,.......1986
Deposits in
of
March
Profits
1944
of
d i
s
t
r
National
which is
i b uted
most sorely
Price
Index
at
*1927
for
*1927
March* 1928
Receipts to March 31..*1928
N. Y. Reserve Banks in
*1928
•These Iter"! appeared in
"Chron¬
it
where
was
needed,
of those
all,
icle" of April 30, on pages
indicated.
modern
more
as
of a lesson
the world, but
warfare
has
ren¬
awful than ever. The
now
proceeding
San Francisco will answer
*
Thomas
E.
Devrey
at
the tre-
he
An address by
Governor Dewey
brought
spiritual
be¬
of the
Society,
at the 48th Annual Dinner
American Irish Historical
comfort to millions of human
ings.
old
deliberations
who benefited.
Above
as
re¬
gardless of the
creed, race or
color
at
demonstration
ing
dered
Bank
seeing
horrors of war.
He
Biltmore
April 28,
■
(Continued on page 1979)
of
ity
which
Banks
mercy
the opportun¬
first hand the
They give shock¬
the Archbishop had
and
battled
suffering.
citizen,-
""During his pilgrimage of
the
where
were em¬
men
practical help
Finished Steel Shipments in
Cottonseed
the earth,
i ting
........*1926
1944
Retail
s
generous,
Dec. 30.....
Fairchild's
i
fronts
Americans we are proud
fellow
..1984
Weekly Electric Output
Reports on Insured
FDIC
Condition
v
he
risk
traveled
over
tribute to the services
New York. They are
privilege to take part in paying
this war by the Archbishop of
be-
d mea¬
surement
in
has
International Law.
of Hague Tribunal.
y o n
sonal
1974
Review
General
Holocaust." Says a Court
World Court to Be
Bring Down on Us Another
words. At per¬
State
International Or¬
an
Represents Rule of Reason Over Force, and That a
Effective Must Have an Established System of
Regular Featurea
From
of
ganization at San Francisco to Promote Peace, Holds That Unless a
World Court, as "the Conscience of Mankind" Operating Under a Code
of International Law Is Established and Maintained, International Dis¬
Stresses American Origin
able, reserved in speech, now at
San Francisco.
I think of Lit-
to
order
of
and
meetings, of
the Assembly
and Council
inform
born
Robert Cecil
MacDonald, the
former looking like a benevolent
vulture, the latter renowned for
the rolling periods of his speeches.
Later Anthony Eden, handsome,
oratory.
numerable
in
heaven
.....'.1973
Situation.,
Financial
and
voice
tions, and attended
in-
Page
-
of the State of New York
Deweyr Though Urging the Creation
Governor
putes "Will
Editorial
DEWEY*
By HON. THOMAS E.
Governor
,
Hotel,
New York City,
1945.
(Continued on page 19(78)
THE COMMERCIAL & FINANCIAL CHRONICLE
1974
V-E Day Tax Relief
From Washington
Ahead of the News Plan Under Shrdy
The State of Trade
...
interest in
the tax relief legisla¬
pending in the Congres¬
sional joint committee on internal
amazing calm, and a refreshing one, has come over Washing¬
Presidency rescinded a lot of
An
tion
The ascension of Mr. Truman to the
ton.
plans of Washington correspondents to attend the San Francisco con¬
wouldn't likely think this to
taxation
for
post-war
by his discussion of the
subject with Chairman Robert L.
number of them have come
'a large
•
writers,
sobsisters and the
that
is
a
j
ma¬
idea
The
this
of
that, with
was
J
a
Presi¬
new
there
dent,
d
n
e
o
House where he is still
the Blair
things
crack¬
ing around
him, and any
the
example,
was
s
u
this
living, and a "little, old woman"
described
has been
she
as
in the
stepped up and said:
your hands, I
Missouri," or something
number of ed¬
newspapers,
itors who had
"I
planned
to
have
men
sent
!
the
on
Bargeron
San
Francisco
keeping of
ington would
front,
not
in Wash¬
men
have
been
the
had Mr. Roosevelt been Pres¬
case
ident.
Although
he
had
only
planned to go out there and make
speech and return to Washing¬
ton, perhaps after vacationing on
a
the way, as we understand, he
planned to do, his presence at the
conference would have been
over¬
all and that
was the place for
gatherers to be.
*iews
ace
Truman, he is neither out
presence, nor is he out
there in any dominating spirit.
The conference is something he
in
have
would
This
effect.
that
impossible around Roosevelt.
Why the Secret Service men let
been
her do
this, we don't know, except
that they figured here was a noncontroversial man, and the strife
We learn from
who
ators
Republican
visited
have
sen¬
him
that
among the things he plans is a
return to the two party system on
the
commissions and agen¬
many
cies
around Washington
legislatively require that.
set-up
which
Roosevelt
it
commission
or
the
an
set
was
the
was
variable rule that when
or in
created,
up,
of those already
case
that they
in¬
agency
sponsibility
caused
to
be
circu¬
the country that an
end of hostilities in
Germany had
over
People were celebrating
everywhere. In front of the White
come.
House
hundreds
singing
"God Bless America."
Newspaper
.extras
were
the street. Truman
were on
went into the
three of the majority
Mr.
Truman
assured
has
the
Re¬
publican senators that this will be
So there will be
out.
cut
all
the
over
cancies
It
place
occur
would
on
fast as va¬
these agencies.
as
be
not
changes
complete
round-up of the Washington pic¬
ture, however, to overlook the
apparently
intimate
visit
with
a
House, after having
been out all the
afternoon, just iiim of former Senator Schwellenas a family
may have been spend-' bach of Washington, now a Fed¬
ing the afternoon at a Country eral judge. Schwellenbach is not
Club, and seeing the situation, an ideologist of any kind; Tru¬
decided he would call his
neigh¬ man's appointment of him to an
bor and find out. This he did and
office
finding the "gossip" had no foun¬
dation, he called in the newspa¬
the Left nor
visiting with the
ington judge has caused a
of Washington eyebrows as
and told them that it did
permen
not, and, having
to do, went on
nothing
was
night work
doing it. There
some
sensational
or
dra¬
would
swinging
But
neither
mean
to
Right.
Wash¬
his
friends.
The
lifting
to Mr.
wonder
what the President's tastes
Wallace
the
is
are.
for Small Business
correspondents
stayed away from the San
Francisco conference to cover by
way of the tremendous changes
who
which
a
President, might be
make. These gentle¬
new
expected to
find
men
write
it
about
nothing
settled
quite
difficult
anything.
spectacular. A
down
There
calm
to
is
has
the Potomac.
on
conference. It seems to
be his
attitude that there it is out
there,
in all; its
pageantry,
for which he
but
on
was
pageantry
responsible,
whom he considers to be respon¬
men
to take
to whom he has
sponsibility
are
care
of it. Those
delegated this
were
seem
of
business
do the
aid
post-war
in
£-3, which
the
to
small
May issue of the
job.
Whereupon, he has been quietly
Tribune"
April
on
linian
later
told
the
reporters,
Press
states
1 from
Washington on the same date, that
Treasury and the joint Con¬
length
of
ments
by
Reich
Government
down "all
prevent
from
should
small
front
small
a
a
nesses
have
a
credit and the
In
man
of
his
access
establishment of
to
a
as
soon
and
as
burden
other
on
income
taxes
and
the
ease
small business.
and
"
*
market to drive up
out
Steel
and
yet
coupled with good
cam¬
change
in
state
steel
work
out
for
ments
basis
a
viduals,
of
tax
adjust¬
corporations and indi¬
indicated
that
it
and
might be possible to: bring about
tax relief for the
some
V-E
tween
the
,
<
Day
Pacific
and
war.
.«■:']'£S f-
*
,
period be^
the end of
The legislation under considera¬
tion is the result of recommenda¬
tions made by Congressional and
Treasury tax experts after a nine
months' study, as reported by the
Associated Press from Washington
paign, which has reached
of
utter
collapse
with
a
the
moralization
of
Fascist-Italian
resistance.
all, .the
has
for
taken
than
aspect
de¬
German
picture
Nations
the
on
and
in
All
United
brighter
With
a
before.
ever
the European war out of the way,
much of their efforts can now be
concentrated
the
on
in
war
the
the changed status
Undersecretary of
war,
War
nounced
Robert
tion
P.
that
of
made
Patterson
reduced
in
materiel
possible
an¬
consump¬
Europe
isting orders for certain important
items
within
the
Such
items
Setting
abolition
of
definite
a
of
the
date
for
needed
for
corporate excess
profits tax, giving industry
ance
chief
assur¬
peace-time pro¬
Refunding
$1,500,000,000
about
profits taxes for 1942-43 in
excess
lump
specified date,
rather than by the present plan
of
paying in instalments.
The
sums
taxes
10%
refunded
be
to
of
a
on
represent
paid in, against
total
the
which bonds have been issued.
Giving
credits,
for
payment,
taxes
current
on
additional
excess
paid since 1943 rather than
issqing bonds for future redemp¬
I
tion.
Permitting corporations to esti¬
not
name
however,
about
rather than
claiming refunds after
of losses.
occurrence
Encouragement 'to
Service ;:
This
busi¬
small
increasing the excess
profits exemption from $10,000 to
$25,000.
Senator
Robert
A.
Taft
(Rep.-
Ohio), who is the second ranking
Republican
Senate
on
Finance
the
tax-writing
Committee, took
tion
in
Europe,
according to the Associated Press
in
advices
from
Washington;
April 25, which state that the
Senator told reporters: - "I don't
see
possibility of
tax re¬
ductions except of the most minor
any
nature
any
long as the war with
Japan continues," and stated that
he
as
based
his
conclusion
esti¬
on
of
the
Army
should
10,
be
that
and
of these items
many
Mr.
come
out of
which
that
Germany
and
on
the
fact
the
present' tax system is
yielding the Treasury about $45,000,000,000 annually.
Phillips Stettinius Aide
WPB
the
of
rate
minimum
eral Eisenhower to
was
to
the
be special as¬
Secretary of State
announced
April
on
He
will
assist
partmental
of
the
top
Mr.
in
matters
officials
are
from
on
23
Wash¬
to say:
handling
while
of
the
by
'
de¬
many
State
in San Francisco.
Phillips veas formerly UnderSecretary of State.1 '
shell
our
similar items
peace-time
so
important to
L
despite
expectations
the
on
amount
books
for
of
future
shipment will eventually be
can¬
celed.
ton¬
Restoration
of
some
allotted railroad carbuilders
nage
for the second
quarter,
been severely cut,
which had
apparently has
been made.
Unauthorized coal strikes in
weeks,
have
to
the
magazine
extent
some
re¬
adds,
-enlarged
steel mill backlogs at those plants
most
severely affected.
Carnegie-*
Illinois Steel Corp., at Pittsburgh,
because of these stoppages, suf¬
fered
and
ingot loss of 83,000 tons
an
loss
a
ucts
of
ham
more
in finished steel
82,000 tons.
pig
At
prod¬
Birming¬
than 40,000 tons of steel
mere
iron
is
than 58,000 tons
have
aLready
been
foregone
a
"The
levels
present
in
order
The Maritime Commission's
covering 106
that
items.
Following the collapse of Ger¬
Mr. Krug added, the coun¬
try will have a "mixed economy"
Washington
say
high priority rating simi¬
a
to
such
a
be ad¬
is
preparing
plans
give essential civilian
will
needs
.
from
WPB
which
lar
may
notice of further trimming.
that
the
economy.
was
ship¬
consequence
considerable
Reports
boosting production
textiles, lumber, forest products
and
letup of
steel,
a
vance
of
necessity
week
actual
has been reported in pressure for
program
The
emphasized
Pittsburgh
past
of
in¬
cancellation of 30 tankers out of
eco¬
production.
Chairman
at
the
ahead
No
ments.
•
used
It
is
for
not
action will
urgent
war
that
expected
materialize until
the full effects of cutbacks already
made and those contemplated • are
known.
many,
—the
all-out
goods
essential
production
the
to
of
war
defeat
of
Japan and the making of essential
civilian products.
Outlining the
the
.
be
to
steps
Mr. Krug set forth
taken toward its
1. Meet the military needs for
the
Japanese
war
full
on
schedule.
2.
Help essential normal pro¬
duction such as railroad equip¬
3.
Guide
production
war
offset
local
where
to
possible.
4.
unemployment
industrial
Aid
reconver¬
sion.
5. Assist
non-war
6.
See
urgently
needed
production plants.
to
it
that
fair share -of vital
there
is
a
materials for
7.
Eliminate
as
panies
and
production
quickly
In stating the
as
possible.
con¬
'
board's responsi-
com¬
both from the automotive
appliance
field,
the
trade
weekly points out.
The State of.
Illinois has asked for bids on the
first
highway
more
An
years.
from
100
than
steel in
the
project
involving
tons
structural
of
than two and
avalanche
automotive
prevented
only
allocations
for
by
of
a
half
orders
industry
the
fact
materials
for
is
that
the
resumption of passenger car out¬
put have not yet been made.
The end of June will see few
wide strip mills
carrying any im¬
portant tonnage of steel plate, the
trade magazine reports.
of
canceled * Maritime
Removal
tonnage
-will, with some
mills,
jeopardize
present
near
capacity operating rates. Because
from
of
schedules
the
plate
small manufacturers.
trols
Some sizable post-war inquiries
have been received by steel
more
and the oil industry.
appointment
of " William
Phillips, former Ambassador to
Italy and political advisor of Gen¬
much
high.
industry will need
$41,000,000 in new construction
and $60,000,000 in tools alone to
ment, farm machinery, utilities
The
still
though
to
an
volume and steel output continue
House post¬
that
back
was
conclusion,
Iron Age," that the
industry will soon feel the
impact of cutbacks and changes
in
military
programs,
even
economics committee, Chair¬
J.
A.
Krug of the WPB
stated
get
volume
,
a
of
re¬
steel
the
Appearing before
dwindling,
Chicago
states
be
after
than,16%...
man
"The
fast
Order
It
ex¬
could
volume
Iron Age"
lost.
16% overall reduc¬
estimated
no
heavy
sion cancellations reported to
volve 100,000 tons of plates.
of
Germany is defeated,
abrupt cutback after
VE-Day will be substantially less
war
is
ingots and
Bruce,
to
procurement
have
that
so
the
or
in view of the Maritime Commis¬
cent
Forces,
procurement.
May
by
estimated
in
in
Ma¬
that
said,
these cutbarcks would
nomic
of hostilities
he
According
grees.
the
which
cut.
of
would be cut back in varying de¬
to
Representative
Daughton's prediction of the pos¬
sibility of cutting taxes upon the
exception
be
disclose
Forces
study,
production of
by
nesses
did
three-quarters
made
taxes,
would
Director
Army is reviewing production on
about
2,000
items,
comprising
their
current
orders
Bruce,
teriel of the Army Service
perts
from
In
of the other items
any
which
on
mate losses in advance and deduct
credits
artil¬
this connection Mr. Patterson did
completed
tax
60
to
include
lery and mortar ammunition.
Howard
duction planning.
30
next
the
little
exception to this trend, especially
tonnage
days.
the
had
com¬
the steel trade for the past week.
demand
for
steel
plates,
ex¬
reduction of
a
news,
steel
most
The
that
following
proposals:
among
and
orders,
has
24 that evidence indicates that the
are
week,
come,
activity
war
steel
on
and
Reflecting
of
effect
now
to
ported in its current summary of
Hie
Pacific.
port
April 12, and although the re¬
has not been made public,
the
Associated
Press again
ad¬
vised from Washington on April
Italian
the
drive
or
Industry—Cutbacks
ing
of
see
the
prices
reflected
climax
to
competition."
panies
Chairman, "are working
together in harmony" in trying to
the
seize
don't
lowed closely upon the approach¬
also
Department
to
arrest
certain
controls
is
ington, whiqh went
tax
inventory
speculators
past
profits tax
war
tinue
that
other fascist officials of Italy fol¬
the Associated Press
possible after the
lighten the
reform
excess
making
gressional committee, of which he
sistant
Make Governmental research
Repeal the
the
of
ray
small
producer
doesn't
get
squeezed out in reconversion," he
concluded, "we will have to con¬
little
with
loans to small business.
4.
week
the
any
:
"for
occurring
fulfillment:
Government agency to guarantee
3.
remain
bility
execution, of Benito Mussolini and
small busi¬
reasonable
and
of the
to
be
parts
brought under control.
first year after the end of the war
business
business
new
only
now
the
banished
z
the
choice.
2. See to it that
other
and
in
and
Holland
of
pockets
France
Ger¬
the
in
areas
the
belief.
this
resistance
redoubt
man
state¬
within
confirmed
Scattered
great
fact,
In
week
same
the<$
that
any
officials
are:
arbitrary barriers" that
entering
for
time.
break
Wallace-suggests
Germans
last
board's policy,
members, largely ' available to small business.
They
choosing. But they
good body to him to
"Herald
The 81-year-old North Caro¬
could
war
Wednesday of the
on
the
mates that the cost of government
will be at least $75,000,000,000 the
that the four points
says
which Mr.
Representatives.
a
Commerce Henry
"Readers Digest," states the Asso¬
ciated Press at New York, April
re¬
not of his
to be
for
gram
of the U. S. Senate and the U. S.
House
Means Commit¬
Washington to -the New
Associated
a
not
something having been wished
him, and he has delegated
sible
*
A. Wallace has presented his
pro¬
1.
ately backing off of anything that
might, take the spotlight off the
Proposals
Secretary of
The
explanation of Mr. Tru¬
man's aides is that he is deliber¬
the
of
for
cessation
Truman's
Similarly, there has been no¬
thing sensational or dramatic for
Washington
York
24.
a
matic about the way he did this.
,
vices from
^should have, in the case
five members, "not more
of
than
party." This
meant that there would always be
here, can't escape the impression
a minority element to watch the
that he isn't the slightest worried
conduct
of thesfe
agencies. Mr.
.about what the conference does.
Roosevelt laughingly got around
The
most
striking example * of
this by appointing New Deal Re¬
this
was
seen
last
Saturday
rnght.
A striking display of irre¬ publicans to the minority jobs.
has delegated to the proper men,
and anyone who sees him around
lated all
House Ways and
C.)
Soviet forces
hope
on
was over.
Before
With
there
from
am
to
from their home offices.
men
This
Carlisle
these
shake
to
want
(Dem.-N.
tee, when the latter called at the
White House, according to ad¬
are
other day, he
walking across the street to
For
-would be trem
in
people
waking
up
every
morning looking to see what he
intends to do, or say. He is taking
on
all callers. Strangely enough
he seems to have plenty of time
to do this. The Secret Service has,
to some extent relaxed its vigil.
country
have remained
home.
million
135
some
lists
ou rna
Dough ton
contemplating other things. The
inescapable impression is that he
is taking it quite easy, that he
doesn't consider everybody of the
jority of the
Washington
at
out there. But
from other fields, such as feature
>•
-
The fact
like.
taxation
because there are so many newspapermen
be the case,
now
revenue
ference. The reader of the newspapers
The meeting on Wednesday of last week of President Truman
and high ranking officials of the Army and Navy at the
Army's
Pentagon Building headquarters lent much support to increasing
rumors that the war's end in Europe was
only a matter of days, if
not
immediately imminent.
The junction of the American and
;
President Truman evidenced his
CARLISLE BARGERON
By
Thursday, May 3, 1945
finishing
reduction
bottlenecks,
will
not
the
make
possible
of
an
a
complete substitution
equivalent sheet tonnage,
(Continued
on page
1981)
'
Volume
WPB Announces Changes
in Controls Affecting
Civilian Production
W,;
,
f>
;
•
,
(
,
will free
materials,
*
formal announcement of the end of the
Without waiting for a
sultant increase in the number of ' rubber products, many chemicals
troops in the Pacific theatre.
' ; and certain other strategic ma¬
will
continue
The reductions in military pro-' terials
extremely
grams
1
1975
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4382
1'61.
short, and this situation may Con¬
plant tinue throughout the Japanese
large amount of
a
manpower
and
Demands on these
facilities.
war.
re¬
ally given to approved construc¬
tion.
WPB
also
provided for the as¬
an AA-3 rating for
the procurement of machine tools
.and
other
capital
equipment
of
signment
'
the War Production Board has announced important
changes in its policy of controls affecting civilian production, accord¬
European
war
*
both from our own popu¬
from abroad, will, in
ing to advices from Washington to the New York "Times," on April 27, the aggregate, be greater than the
28 and 29.
Earlier in the week, J. A. Krug, War Production Chief, capacity
released.
And
even
appearing before a House post-war economics committee said that, though these demands cannot be
as
his
own
"speculation," war*
made fully effective immediately,
procurement contracts might be merous radical production read-, it will not be possible to turn the
'
V
J" "
'
civilian
expected to be cut back 15% in justments.
economy
completely
Even in such products as tex¬
the next three or four months and
loose.
Controls can and will be
estimated
that
would
down
be
production
war
its
of
60%
to
where requirements do not
tiles,
appreciably
decrease "
increase in
and
may
categories
basis, the
some
present level within a year or 15
months, the Associated Press re¬
even
ported from Washington, April 25.
That report stated that Mr. Krug
said that WPB is ready to wipe
but controls as soon as possible
problem will be eased to the ex¬
tent that workers released from
and,
at
dustry
the same time, aid in¬
through its reconversion
period with the allotment of es¬
sential supplies and materials. ^
First job, he said, will be-to
assistance
priority
grant
on socalled "bottleneck items" to help
the 72 industries which went into
production to convert to the
peacetime production
war
minimum
essential
Industry will need $41,000,000
in new construction and $60,000,-
rate* of
economic
"minimum
the
get back to
alone to
000 in tools
production," he said. *
After the collapse of Germany,
he said, the country will have a
""mixed
economy" — the all-out
production of war goods essential
to the defeat of Japan and the
making of essential civilian prod¬
ucts. The Associated Press states
Krug outlined as WPB's
that Mr.
policy:
the military
the Japanese war on
2.
essential
Help
such
duction
full schedule.
normal pro¬
equip¬
railroad
as
utilities
machinery,
farm
ment,
needs for
and the oil industry.
war production to off¬
unemployment where
3. Guide
;
local
set
reconversion.
industrial
Aid
urgently needed non-
Assist
5.
war
tile mills.
See
it that there is a fair
to
small
share of vital materials for
remain
Eliminate
quickly
eight
some
as
revealing
report,
page
-
of the plans on
and conversion
the cutback
now un¬
program
according to the "Jour¬
Commerce" from Wash¬
der way,
nal
of
ington, April 26, which gave the
from
excerpts
following
the re¬
port:
the
and
production
coming V-E Day
favorable
the
With
trend
adjustments, a consider¬
not only in the
critical classification, but in the
more
inclusive national produc¬
program
able
of
as
tion urgency
list, will be required.
in
progress.
The national produc¬
tion urgency list serves primarily
as a guide for labor referrals and
Studies along this line are now
includes
a
number
of
important
not
among the critical programs sin¬
gled out for special immediate
■"must"
programs
action.
Even
if
that
V-E
are
Day
is
de¬
layed, it is probable that such pro¬
as
ties
accelerated
an
into
rate
of
manufacture
for
nents and for
one
or
rently critical programs will still
deserve that designation. The na¬
ture of the production problems
will have changed.
Total muni¬
cornpo-.
medium artil¬
ammunition,
arms
tanks have been considerably
duced.
The
further,
one-front
on
a
schedule.
war
schedules
of
duction
gone
aircraft
of
re¬
already
have
and
types
three
put
forces have
air
requirements of the Pacific
plus
are
for
(as,
be
war,
transportation
example,
highly fluid,
schedules
great
very
no
quantitative estimates of the re¬
leased capacity can be made.
In
components and basis materials in
$56,000,000,000
of munitions in the. year begin¬
ning July 1, 1945—just about the
same as in the calendar year 1943
than
less
and
Should
10%
shift
the
be
war
some
to
below 1944.
a
one-front
completed by July 1, the
will be reduced to about
$48,000,000,000,
a
reduction
of
program
about
14%.
Major changes in programs over
the remainder of the year if the
theatre should
European
in
inactive
will be
the
next
become
months
few
allowing for the ex¬
pansion in non-military produc¬
tion. The primary task, therefore,
be
to
munitions
off
make
sure
production
below
that
does
continuing
total
not
rpili-
needs.
In addition, it is
likely that battle experience and
the resultant changes in strategic
and tactical needs will dictate nu¬
tary
business
terminated
are
known
on
speaking, if
additions
new buildings or
required) no ap¬
no
were
is said to be
President Truman
the
whole
situation
regard to reconversion to
surveying
with
production
with the
hostilities, beginning
with the gradual steps which V-E
peacetime
cessation of
Day will make possible,
earlier, the
WPB was
revoke as
many
as
65 of its controls re¬
stricting civilian production with¬
reported
was
week
ten
or
be
un¬
(generally
sary.
this
ward
"Times" states, that the
now
in a position to
a
installed
be
plication under L-41 was neces¬
production of a par¬
product
which
would
otherwise
compete with
war
production for critical ma¬
It
could
der Direction 2 to L-41
for the type
limit
pointed out that if
equipment acquired un¬
agency
der FR-24
civilian
ticular
laxation will
more
The
capital
forbid the
or
in
be
were
"L" orders, w;hich
as
cur¬
will
controls
rapidly as war condi¬
permit."
Generally the controls which
as
pro¬
portionate ^o
nitions
days. This re¬
augmented fur¬
a
has
end
of
series
been
conferences
ministration
and
and to¬
holding
with
Federal
ad¬
agency
leaders, the New York "Sun" re7
ports from Washington, April 27.
is
It
also
announced that
man¬
agement and labor of the automo¬
the drop in the mu¬
programs,
with
facturers
more
than
enough
on
margins than in the past, the ef¬
fect will be magnified.
An
announcement
by
J.
A.
April 27 revealed that
operation of the Spot
Authorization Plan, for approv¬
Krug
on
complete
production through
regional offices of
WPB, had been restored. Civilian
production under spot authoriza¬
tion procedure may now be au¬
civilian
increase
slightly from present levels, would
decline slightly instead. Ammuni¬
tion would show' approximately
the
same
and
type of change. Combat
vehicles,
instead of
Group I and II labor
without the unanimous con¬
thorized
areas
on
a
horizontal
would slide off- sharply.
plane,
In other
except ships, the declines
would be greater than now sched¬
groups,
uled.
The
ship
now
program,
from
scheduled to drop about 35%
the second to the fourth
would not be
Within
quarters,
course,
categories,
broad
these
ing
there
of certain spare
cannon
recoil mechanisms now
at
and
scheduled
$54,000,000 for the fourth quar¬
The fourth
quarter schedule for tanks, just
ing in the schedules.
curtailed
this
month
from
9,107
to
hand,
requirements
Urgency
Production
the
the particular lo¬
Committee for
with
greater
Chairman
York
"Times"
He
facility, the New
Washington April
28
report stated, some of the
more
important being the ap¬
pointment of J. A. Krug's execu¬
tive officer, John D.
Small, as
WPB
chief
of staff,
a
position
for
light-
vacant
has been
which
since the
resignation early this year of Ar¬
thur Bunker. Mr. Small, who oc¬
cupies
important post bearing
an
flow of
future
was
not to be expect¬
available
idle
the ' procedure
under
ever,
spot
How¬
of
studies
make
economic
and
marketing problems relating to
the
disposal
of
Governmentowned steel and aluminum plants.
steps ' toward
re¬
civilian production
indicated with the WPB's
Additional
of
sumption
were
ington, April 29, that WPB field
were
ready to aid appli¬
offices
"bottleneck" ma¬
other capital equip¬
needing
chine tools
ment
or
minor
and
projects.
construction
as
ure,
"Times"
Washington,
from
which
labor
from
spare
.
would
jobs
be
WPB
phasizes
the
that
will
was
a
rela¬
tively minor addition to, or al¬
teration
of,
the
applicant's
market.
em¬
of
in Europe on schedule and
cloth, insect repellants and some
other
products actually will be
increased by the shift to a onefront
war
basis, with the re¬
military operations in the Pacific.
Because of these heavy demands
tion
supply situation for textiles,
leather, lumber, forest products,
lotment
the
close.
of
and
Awards
achieve¬
passenger
safety among the transit com¬
panies of the United States and
Canada.
Presentation of the 1944 awards
was
made at
a
dinner meeting at
Charles
Waldorf-Astoria.
the
Gordon, managing director of the
American
Transit
Association,
welcomed the assembled delegates
and
In the course of his
Mr.
Gordon
revealed
guests.
remarks,
in
the
1943
national
transit
industry safely carried 300,000,000
passengers
fatality,
or
Wallace J. Falvey,
President of
the American Museum of Safety,
and
chairman
of
the ATA
Com¬
Awards, made the indi¬
presentations and gave a
short history of the ATA Awards,
dating back to 1914 when Anthony
N. Brady Memorial Medals were
on
vidual
on
offered.
ATA's
Committee
Accident Prevention took over
Ned
the
H.
Dearborn, President of
Safety
Council,
National
closed the ceremonies with
a
brief
First," in
The project was no more than
which he
made the point that
"The real problem now facing us
was
needed for production "at
is that of gaining nation-^ide ac¬
the minimum economic rate."
It was not designed for re¬ ceptance of safety as a part of the
placement or improvement of design of daily living. To gain
existing facilities which were such a degree of acceptance," Mr.
Dearborn
continued, "the most
adequate though less efficient.
The product made by the ap¬ important people, the most influ-f
plicant for new construction ential organizations, and every
was
generally one needed in safety agency, governmental and
the civilian economy.
private in the country, must be
tory
with
traffic
in
ment
came
recognition
accelerated
a
Upon approval of the applica¬
the agency will assign to it
Controlled Materials Plan al¬
erence
"First
address,
plant.
be very gradual
pace
in
sponsorship in 1941.
heavy trucks, heavy-heavy trucks,
cotton combed goods, insect screen
keeping
who
those4
were
first
The construction
in
view of the urgent necessity of
maintaining all military produc¬
tion needed to complete the vic¬
controls
silver
petition and fourteen Certificates
of Honorable Mention were given
moved.
the
relaxation
Six
Competition.
tarding resumption of manufac¬
restrictions were re¬
ture when
released
announcement
.
would
manufacture of civilian goods
The
preliminary to
starting
production and delay
result in "unduly" re¬
civilian
as
demanded by a starving
on April 25 honored 20
winners in its 1944 Annual Safety
Canada,
mittee
>
The construction was a neces¬
sary
April
absorb
which met the following
conditions:'
military pro¬
were reduced and also use
materials and facilities for
war
grams
the
industry
help
transportation
be even better for 1944.
state, was intended by its
originators last summer to be the
principal bridge between all-out
war production and complete re¬
conversion to civilian goods.
It
Was felt then that the regulation
could
local
the
industry in the United States and
the
its
preparedness to ap¬
WPB-617 applications for
construction of, and to assign
known
program
authorization proced¬
advices to the New York
The spot
Associa¬
approximately
prove
duction of civilian type goods.
stocks will be permit¬
American Transit
The
for every passenger
operated in excess of
half a billion passenger miles per
passenger fatality, and looked to
ted to be used for authorized pro¬
excess
Safety Awards for 1944
that
;
preference ratings for, any proj¬
ect not interfering with the war
and
American Transit Assoc.
plaques were presented to the top
companies in five classes of com¬
41, covering construction projects
for
reconversion,
WPB
made
procedure.
and
automotive
Award
those
Issuing Direction 5 to order L-
authorization
CIO,
the
significant appointments
by the Surplus Prop¬
erty Board naming Dr. J. R. Mahoney
and Samuel Moment to
Other
were
copper,
allotments under the
ferred
in
ficials.
aluminum, will not be
immediately
for
de¬
and
steel
Workers,
unions
and auto body building industries;
of
.
Controlled materials,
ed.
Automobile
other
90%
cants
•
discussions
with representatives of the United
Program Readjustment Commit¬
tee, joins Hiland G. Batcheller,
chief of operations, and Mr. Krug
as the three top-ranking WPB of¬
concerned.
indicated that a ready
civilian production in the
Production.
his
representing
as
announcement, according to New
York "Times" advices from Wash¬
Krug
Labor
tion,
reconversion
Krug advised, .which
policy places all areas throughout
the country on the same footing
as far as
spot authorizations are
Mr.
cality,
for
continue
will
director of the
on
27,
changed.
would be much
sharper
changes
in
individual
segments. For example, the criti¬
cal field artillery items, consist¬
of
in
of
sent
motor
holding
and
district
near
scheduled to
Aircraft,
6,191, would go down to 2,986.
Military dry cell batteries would
be more than cut in half, and so
would field wire.
On the other
even
restrictive
eliminate
tions
than
follows:
as
into which they can be
economy
from
sun
glasses, through
sprinkler parts, to water me¬
ters.
The separate actions were
taken, the WPB explained, "to
general, however, the initial
tailment
the
proviso, however, that the
application satisfy, similar criteria
to those for construction requests.
terials.
and other utilities).
With post-V-E Day
still
re¬
controls
fire
civilian requirements
closely related to the
those
which
WPB
lesser
covering products and commodi¬
satisfaction
assure
the
28,
its
of
40
through the issue of Direction 21
Priorities Regulation 24, with
to
ties
continuing military needs and
any suddenly developed new
ing
call for pro¬
ter, would be almost wiped out,
with less than $1,500,000 remain¬
When
slack
of
assembly operations: inventory
production will be dropping.
requirements
for
any
special classes of military items
increase sharply, there should be
;a certain
amount of slack in the
tions
will
of
to
voked
suffi¬
a
of control must
measure
maintained
April
ington,
hand to finish the
were initiated in many cases. V,"remaining portion of their con¬
With
the
changing course of tracts, and procurement will stop.
the war in Europe, the trend is
In many others procurement of
now
the other way.
The Army; components and materials will be
has adopted a policy of canceling cut
sharply below the level of
plant expansions that will not be consumption until inventories are
needed for a one-front war and;
brought down into line with the
that
cannot
be
completed
by lower production schedules. And
Sept. 1, and it is\ adjusting its to the extent that manufacturers
procurement schedules,
accord¬ anticipate further cutbacks and
ingly.
Planned peaks for small operate on narrower inventory
dry cell batteries, field
two others need
no longer be classed as critical.
After V-E Day, few of the cur¬
wire, and
gifted,
cient
New
ther
by last night's announce¬ tive industry, New York "Times"
advices from Washington, April
because of in¬ ment of the complete restoration
of the "spot authorization proced¬ 28, mention, will meet with Henry
ly upward.
Schedules for small ventory absorption.
arms
ammunition, planes, medi¬
The degree of curtailment in¬ ure"
permitting peacetime pro¬ P. Nelson and D. Alan, Strachen
um artillery and mortar ammuni¬
duction on the basis of local sup¬ in Detroit Monday.
Mr. Nelson
creases progressively down through
recently was appointed "Coordi¬
tion, tires, tanks, trucks, dry cell, the subcontracting chain, from plies of materials and facilities.
The Board also announced per¬ nator of Reconversion in the au¬
batteries, and other items were end-product factory to new mate¬
industry"
and
Mr.
jumped sharply.
To meet these rial producer. In many cases pro¬ sonnel changes designed to en¬ tomotive
stepped-up programs, new facili-j gram cutbacks will leave manu¬ able. it to cope with adjustments Strachen is WPB Deputy Vice-
at
February, the changes were most¬
revision,
grams
never
length
any
every
changes
Present
production controls
possible.
The Board's chief of operations,
Hiland G. Batcheller, released an
as
programs
for
fixed
considerably relaxed, but
to
York "Times" advices from Wash¬
successful prosecution of the war
month sees extensive
procurement plans are
adjusted
to
inventories,
issue
rates and plans of campaign. Dur¬
ing the past fall and winter, be¬
ginning even before the battle of
the Ardennes Bulge and continu¬
time;
manufacturers.
7.
'
.
munitions
The
even
production plants.
6.
plants
war
willing to go back to the tex¬
are
lery and mortar ammunition, and
possible.
4.
other
and
shipyards
war
and
.
.
Meet
1.
one-front
a
ing
country.
the
to
on
lation
according
Meanwhile,
sources,
symbol and an AA-3 pref¬
rating, the treatment usu¬
Things
enlisted behind the effort. So must
business
press,
and
the
magazines
cluded.
industry, and the
motion pictures, the
and radio," he con¬
THE COMMERCIAL & FINANCIAL CHRONICLE
1976
ABA Enrolment
The Financial Situation
Trade Pact Extension
Up in
Hearings
As the House
Ways and Means Committee public hearings on
legislation proposing to extend the Reciprocal Trade Act for three
Past Six Months
(Continued from first page)
Thursday, May 3, 1945
The constantly expanding serv¬
years (with an amendment granting the President broad new au¬
other¬ that the testimony at the re¬
ices
thority to lower duties) finally got under way, it became apparent
provided
for
the
smaller
Having cent hearings on the meat sit¬ banks of the
nation, through the that Congress was facing the biggest tariff battle in years, according
been convinced of such things uation,
for example, con¬ country bank
to reports by the Associated Press from
program
of
the
Washington, April 20. As the
as these it is but an
Bankers
contin- i>easy step firmed the experience of ev¬ American
Association, day-to-day proceedings
Republican
opposition
to tials. Its purpose has always been
to
the conclusion
that
the ery housewife that the diffi¬ are reflected in the enrolment of ued,
336 new member banks since the
giving
additional
duty-cutting —and must continue to be—to
difficulty lies in poor or in¬ culty was not merely lack of
opening of the fiscal year on Sept. authority grew more and bring about a reduction or elim¬
equitable management on the points, unlawful prices, in¬ 1, 1944, according to Robert L. more intense so that, according ination, on a reciprocal basis of
part of those who do the con¬ equitable distribution, but of Dominick, Chairman of the As¬ to the Journal of Commerce from mutual benefit, of excessive bar¬
and
continuing sociation's Organization Commit¬ Washington, on April 25, Rep. riers to trade which impair the
trolling and that an adequate a definite
John
tee.
On March 31, 1945, active
Dingell
(Dem.,
Mich.), well-being of "all countries and
remedy lies in replacing in¬ shortage of the total amount
bluntly accused the
thus
points (counterfeit
wise)
than
dividuals
he
or
has.
who
have
been
of meat available. It likewise
found
Republicans
paid membership in the Associa¬
of
tion reached
15,561.
Mr. Dominick, who is also Vice-
"filibustering" the bill, which
undermine
peaceful
friendly relations
and
nations.
among
unless extended expires on June The action of the
wanting in wisdom or appeared that the old saw
Congress on
executive ability — together, about civilian consumption in President of the Traders Gate City 12, and threatened a motion to your bill is therefore one of the
curtail the protracted
National Bank, Kansas City,
question¬ decisive
tests
of
whether
the
this
Mo.,
country being greater in
possibly, with alterations in
a report to the
membership for ing of witnesses evident in the United States is prepared to as¬
the
machinery of enforce¬ than ever before in history the first six months said, "the hearings to date.
sume
its share of the responsi¬
There sim¬ percentage of members has now
ment perhaps even in policy. was abandoned.
Eighty requests or more for bility for creating the basic con¬
hearing are on the committee ditions
reached
Such conclusions as these ply is not enough meat to go
95.6%—obviously
the
^ipon
which
enduring
docket, the Journal of Commerce peace depends.
would be most unfortunate. around, and whatever defects highest percentage in the history
states, and after the first week
of the Association.
This compares
As President Roosevelt pointed
Of course there is incompe¬ there may be in control of dis¬
with 93% on March 31,
1944, and questioning of only four wit¬ out in his message to Congress
tency in control personnel tribution is at bottom largely against 94.7% on Sept. 1, 1944. nesses had been completed, so on March 26, 1945, we cannot, in
that Committee Chairman
and organization. There can a result of that simple fact. The addition of these new mem¬
Roberts^the difficult period immediately
Doughton (Dem., N. C.) said that
bers reduces the non-member list
be little doubt that substan¬ Yet it appears well estab¬
ahead, have an effective trade
38% since Sept. 1.
In the whole steps would have to be taken to agreements program unless the
tial, perhaps even the larger, lished that there is no short¬ country there are now
speed up the hearings by impos¬
act is strengthened and brought
only 523
ing of limitations on questioning
part of current supplies reach age of livestock on the farms. non-members,
exclusive
of
up to date as your bill proposes.
the
consumers
markets" at
through "black
one
the other
or
stage of distribution—if
includes
"black
as
one
markets"
The trouble
animals
are
converted
seems
simply not being
into
first
grade
for the tables
meat
ians in amounts
not
to be that
of civil¬
nearly
only such markets as are
specially organized and regu¬ adequate. At some stage in
larly operate for the purpose the production process ' the
of
profiting by avoidance, mechanism simply does not
evasion, or violation of law, function adequately.
Now
but also ordinary dealers and even in times of total war,
distributors who do not at all production depends upon
times comply with all orders whether a profit can be made
issued by public authorities. or at the very least, whether
In
degree or another this
may quite warrantably
one
fact
be
laid
the
at
regulators.
door
We
can
of
the
scarcely
doubt that with the ultimate
in
obtainable
wisdom
and
understanding
existing
con¬
trols
would
than
be
less
they actually
More
Basic
onerous
a
the determinant
volume of
cerned
this, the fact
re¬
knowledge
yet reached the point where
can
control
process
a
enter, the
so
exercise centralized
In
i.e.,
first
a
as
the
con¬
production
oc¬
thing
beef—
as
well
fatted
the
items
of
may j control produc¬
tion are the relation between
price of feed and that of
of
production, price, "finished"
distribution, and still difference
beef
animals; the
and
between the price
have the economic mechan¬ of
range animals and that of
ism function in a
way to meet "finished" beef animals, the
the needs of the
public half difference between "finished"
as
well as is
ordinarily the beef animals and the price of
when
case
these
both
members
members
picture
a
and
non-
their
of
the
the
banks
District
members
ers
in
thirteen
of
Columbia
of the American
Association.
member
100%
states
of
the
The
100%
of
and
are
Bank¬
fourteenth
group
was
registered after the completion of
the report, when Wisconsin State
Vice-President George D. Pren¬
wired
witnesses
headquarters that the
by holding night
or
sessions.
dell
ways
Secretary of State Cor-
Hull, whose name must al¬
be thought of in connection
Reciprocal Trade Pacts, ad¬
dressed
letter
a
to
the
House
Committee to convey his opinions
which ailing health prevents him
from
expressing in person.
The
text of the letter, as given
by the
Associated Press from Washing¬
ton, April 18, follows:
My Dear Mr. Doughton:
I very much regret that this
year I cannot personally attend
committee
your
trade
hearings
agreements
the
on
I
act.
want
State had been enrolled.
Congress Members to
Indeed,
you
affairs
it
has
always
been.
with
the
coming
total
as
of
ize the full
group
atrocities it
was
on
April 24, which added:
Members
of
trade
the
forces
of
ag¬
the
which
arrived in France by plane on
April 23, include Representative
Dewey Short, Republican, of Mis¬
souri; Representative R. Ewing
Thomason, Democrat, of Texas;
Senator Walter F* George, Demo¬
crat, of Georgia; Senator Alben
W. Barkley, Democrat, of Ken¬
tucky; Representative James W.
Mott,
Republican,
of
Oregon;
Representative James P. Richards,
group,
benefits
agreements
them
to
further
of
reciprocal
and
through
the
cause
of
world peace is greater than ever
before.
stated in Associ¬
ated Press advices from Paris
has
have used up a
we
the
which
agreements
States
authority under the
law
and
change
have
barriers to
give
original
obtained
valuable
the
already made,
major part of
in
ex¬
relaxations
of
our
exports, which will
renewed benefits in the
us
post-war years. But we must now
go
further.
In
the
conditions
which
confront
confront
must
us
after
us
have
the
and
now
will
the war,
additional
we
au¬
thority which your amendment
provides in order to make the act
an
adequate instrument for ex¬
panding our foreign commerce
and
world
trade
in general.
Praises House Bill
Neither
the
original act nor
bill contemplates any in¬
discriminate slashing of tariffs.
your
•
destruction
gression, the opportunity to real¬
A
the
to
know, however, that the
program today is just as central
to my thinking on international
single non-member bank in that
In
United
Former
na-
ional Association functioning well
in every department."
At the present time
of
with
of American Senators
and Representatives left Paris by
plane on April 24 for Germany
to investigate German prison
camp
which
the
to
for that mat¬
class,
beef—some
sent
being
far
at all.
such
"Under the
presidents have been able to pre¬
tice
production is
even,
In
Complex Factors
and human wisdom have not
man
or
whether
ter,
Defects
mains that human
avoided.
result of them all
net
curs
are.
be
can
every production
number of factors
Yet when due allowance is
made for all
loss
even
branches." He added:
presidency of W. Randolph Bur¬
gess, our regional and state vice-
Back in 1917 and again in 1920
I
pointed
the
in the
out
countries
of
the
House
world
that
were
in
danger of sinking into a chaos
of unfair competition
and eco¬
nomic
warfare
posed
the
unless
measures
taken to
were
stop it, and I pro¬
the Congress advise
that
President to
tional
call
conference
an
to
interna¬
work
out
ways
of reducing old trade bar¬
riers
and
preventing
new
and to agree on rules of fair
petition in
tions.
commerce
Instead,
factors
the
will
tained
fore
for
our
contain
all
the
con¬
consultations, be¬
among the
depart¬
the
government
that
of
know
the most about commercial
questions, and for public hearings
at which any citizen may submit
facts
and
arguments.
ministrators
of
the
The
act
ad¬
will
still
b*e required, under your bill, to
give due consideration to all in¬
I
terests.
best
the
carried
be
to
have
that
dence
national
careful
same
in
the
complete
act
out
will
it
in the
and
scientific
has been
last
confi¬
continue
wholly in the
interest
and
which
out for
are
beef at wholesale; and a num¬ Democrat,
of
South
Carolina; tariffs in 1921 and 1922, and again
permitted to proceed "upon ber of other items which have Representative Edward V. Izac, in 1930; other countries began to
Democrat, of California; Senator try to fence out
their own," as it
imports and the
werfe, sub¬ to do with labor costs and the Elbert D.
Thomas, Democrat, of world started down the road of
ject only to so-called natural like. In the distribution
Utah; Senator Leverett Saltonstall, commercial conflict that
proc¬
helped
law. It may be conceded that ess there are
of
other factors— Republican,
Massachusetts; bring on this war.
full
action,
ments
com¬
na¬
still
provisions that it always has
ner
among
bill has been adopted
your
act
ones,
raised
we
When
eleven
man¬
carried
years.
Although I shall not be with
you
this time during the Con¬
gressional
consideration
of
the
trade agreements program, I shall
follow the discussions in the Con¬
-
in times of "total war"
measure
dinary
omy
the
some
of control of the
processes
of the
or¬
such for
example
ference
between
as
the dif¬
wholesale
and
retail
prices, inter-re¬
gional prices and varying
the transportation
costs.
All
econ¬
unavoidable—since
are
ultimate
economic
object
system
of
Senator Kenneth S. Wherry, Re¬
publican, of Nebraska; Senator C.
Wayland Brooks, Republican, of
Illinois, and Representative John
M. Vorys, Republican, of Ohio.
General Dwight D. Eisenhower
had urged that members of Con¬
Agreements With 28
In
1934
cided
to
world
to
the
United
States
de¬
to
use
go the other way, and
its influence to persuade
other countries
new
Countries
with absorbing interest and
high hope that, in this crucial
decision, we shall again let the
gress
with
to
take
Under
course.
the
the
know that
play
our
we
will not fail
full part in bringing
about the conditions necessary for
prosperity and
Sincerely
a
lasting
peace.
yours,
same
CORDELL HULL.
trade
such these /various factors,
and gress make an inspection of Ger¬
agreements
act
we
have
suc¬
During the course of the hear¬
meeting others which might be listed, man prison camps.
ceeded
in
reaching agreements ings Rep. Bertrand Gearhart (Rep.
the economic wants of the must be in
with
twenty-eight countries to Cal.) assailed the most favored
working relation¬
public, but of winning the ship to one another or else adjustments is normally that our advantage and theirs. But nation principle as a means by
international
relations
had
al¬ which the United States granted
war—without
in
the
the rank and file
least the process of
get what
production and
ready deteriorated to such an ex¬ a concession to one nation and
damaging the argument that distribution of beef will not they want badly enough to tent
that, against the setting of then permitted it to benefit all
in
such
times
interference proceed
and in trade wars and depression. Hitler nations indiscriminately, except
smoothly and effec¬ pay the cost of,
should never
had come into power in Germany Germany, Italy Russia and
go beyond the tively.
Japan,
That is as true in amounts fixed by their wil¬
and the Japs were in Manchuria. for which
he said this country
absolute minimum, that such times of war
as
in times of lingness to buy at such prices.
got nothing in return, the Journal
We
shall
soon
interference should be ended
£iave another
It is fashionable
of
Commerce
peace.
today to re¬ chance to make a
reported
from
peace. This time
as
bel at these automatic
soop as militarily feasible,
Now
proc¬ we propose to make one that will Washington, April 25, to which
ordinarily, these mat¬
and that while such minimum
Cooper (Dem.-Tenn.)
We know that it cannot be Rep. Jere
esses, but man has not yet last.
ters
readily
adjust
them¬
replied by pointing out that the
of interference continues the
learned to keep the
lasting unless it embraces not
selves when left to their own
economy
principle of "Most Favored Na¬
economic system can not be
m
balance nearly as effec¬ only political and military affairs tion" was first
devices.
The over-all
applied by Charles
but also arrangements to provide
regu¬
Evans
expected to function in a lator is
Hughes as Secretary of
tively as nature does.
the essential prerequisites to eco¬
price, or rather prices,
State under
normal
times
is
not
at
that of
way.
Not
Enough Production
Let it be
carefully observed
for there
volved.
of
these
are
That at bottom is the meat
many prices in¬
The end of product
so-called
automatic
difficulty today, and there is
wholesome food for post-war
thought in the fact.
nomic
prosperity and to main¬
taining and improving standards
of living in our own and in all
countries.
program
The
is
one
trade
of
agreements
these essen¬
licans
on
Journal of
told
by
Harding. The Repub¬
committee,
the
Commerce states, were
the
their
Democratic
leagues that their attitude
was
col¬
not
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4382
Volume
161
shared by
a whole.'
the Republican party as
farmer
year
One of the early witnesses was
Assistant
Clayton,-
L.
William
years
ing to the Associated Press from
Washington, on April 18, told the
committee that failure to continue
easily lead to a third world war.
Many nations will be unable to
repay
the United States for goods
ton
said,
and, unless steps are
to permit eventual re¬
reduced
payment through exports to this
country, there will be a two-fold
We'll lose the money
1.
as
the
after
world agreements
war."
set up
■
On
of his testi¬
third way
the
the Herald Tribune Bureau
reports from Washington, April
21, Mr.
Clayton promised the
committee that as director of the
mony,
trade
reciprocal
he
program,
short
in¬
important witness was
Wickard,
Secretary
of
Another
Claude
whose re¬
given here as stated
by the Journal of Commerce from
Agriculture,
marks
some
of
are
agreements are in force
twenty-six countries.
Of
these, fifteeen have granted duty
reductions or larger
quotas on
pork and pork products and three
others have agreed not to increase
Dairy products have
received concessions from eleven
their duties,
preparations thereof from
twenty, wheat flour from twelve,
rice and rice flour from ten.
If
all the concessions on farm prod¬
ucts now in effect had been in
effect in 1937, they would have
and
applied to 48%'of the total value
of
our
exports of
agricultural
products in that year.
These do
not
include the
concessions on
industrial
farm
which
products
use
agriculture is effici¬
enough to face reasonable di¬
rect competition from abroad. We
fear only
destructive or unfair
ent
competition,
I, do
would
i
.
not
;;
mean
V.
i
to
say
that I
advocate removing all ta¬
protection from farm prod¬
ucts, or even reducing all duties
extent permitted
under the Trade Agreements Act.
the
fullest
Some farm
produced
products could not be
without
maintained
The
their pres¬
Even so, I am satis¬
to
facts are known
agreements organi¬
in which the Department
that
the
these
trade
as
increased
of
cause
Government
the
create
an
legislation
consideration,
by
the
and
in¬
and
proposed
President Roosevelt
by
say
problem of maintaing
would be far more
serious.
Imports of agricultural
products can never seriously en¬
danger the domestic market for
our own farm products.
Even in
those years in which we had the
greatest imports of farm products
counted as competitive, such im¬
larger
the
domestic prices
ports never supplied more
or
11% of the domestic
than 10
market.
years
of prosperity
for the farmer.
In the years of
the depression the share of im¬
ports fell to 7%.
Of course, the
These
were
I
L
,
i
Associated
Washington, April 19, and
stated that
improved economies
other
would
nations
American
for
markets
in
result
goods and not in destructive com¬
petition.
Despite Republican claims to
contrary, sunoorters of the
the
legislation,
according
to
Associ¬
ated Press advices from Washing¬
April
expressed confi¬
appeal of Cordell
the
stand
taken
by
19,
dence that the
and
Hull
President
sufficient
Truman
strength
President
new
first
1'
•
reported
Press
from
ton,
a
had
to
rallied
assure
the
in
his
victory
him its genuine
to
us a
opposition"
conclusion, in es¬
just, honorable and
tablishing
a
permanent peace, and in so read¬
justing the economic processes in¬
cident to the post-war period as
to
ness
and
the dangers, of the current mechanistic
proach to future world problems!
*
further, that a copy
of these
to the
resolutions be transmitted
family of the late
Roosevelt and to
I-
'
President
President Harry
Spending Slash
Seen After V-E Day
Leaders Warn of Grave Army
Commodity Shortages
has been sounded by
(American, British
and
Canadian)
Production and
Resources Board, in a report of
A warning
FIG Banks Place Gebs.
A successful
offering of two is¬
the Federal
Intermediate Credit Banks was
concluded April 18 by Charles R.
sues
of debentures for
Dunn, New York, fiscal agent for
the banks.
The financing con¬
0.80% con¬
solidated debentures dated May 1,
1945, due Nov. 1, 1945 and $29,900,sisted
000
of
$22,260,000
0.87 V2%
tures dated
consolidated
deben¬
May 1, 1945, due Feb.
Both issues were olaced
at par.
Of the proceeds $46,140,000 were used to retire a
like
1, 1946.
amount of debentures due
1945
and
money.
total
Combined
the
world-wide
■
textiles,
to pos¬
shortages of
coal and trucks so acute as
the
jeopardize
sibly
peace,
sociated Press advices from
April 25, and con¬
state,
ington
As¬
Wash¬
another cause
alarm, but it did not explore
that problem.
It
pinch is
"as
so severe
affect
to
conditions upon
can
peace
secure
a
of the
the building
kind of economic
which
May 1,
$6,020,000 was for new
As of May 1, 1945, the
of debentures out¬
amount
$287,080,000.
tions, it
be
by J. A.
The reoort was signed
War
Production
Board
Chairman; Oliver Lyttleton, Brit¬
ish
Minister of Production, and
Munitions
Howe, Canadian
Krug said there is no
easy
solution" of the
"quick or
shortage
problem in sight and added:
"It is only fair
that we give this
warning and point up its
tions to
implica¬
everyone."
"We
Predicted
a
the report:
shortage of
amounting to
world
cotton textiles alone
1,250,000,000 yards a year.
Said only
handle
one-third of Europe's
available to
tremendous
supply
trucks
the
are
problem resulting from
of rail transportation.
Termed
disruption
liberated areas desper¬
ately short of coal, with stockpiles
both in this country and in the
to less than
month's supply at the end of
United Kingdom down
one
March.
from Washing¬
awaiting
are
the
of
final de¬
a
bright
the western front.
be
sudden
a
the
picture
on
If there should
in
victory
indications
Europe
the
that
are
re¬
ductions under last year may run
into many
was
billions."
also reported by the As¬
Press
sociated
coincidental
that
with Mr. Snyder's statement came
an
announcement
from
Under-
Secretary
a
War
of
Patterson that
"substantial" cut in Army sup¬
ply orders would be made during
the next 30 to 60 days, tjhe cur¬
tailment
to
result
from
Reduced
consumption of certain items for
the European theater and revised
requirement estimates.
However,
Mr. Patterson said that ,the re¬
"w'ill not affect tjie con¬
provision of ample sup¬
duction
Among other things
pre-war
of Army appropria¬
an Associ¬
termination," he said, "as to how
much the Army will seek as a
It
Krug,
D.
appro¬
stated in
was
Press report
ated
founded."
C.
Department
tee in charge
result
overall
and widespread
the
however,
said,
War
in
priations may result from earlyvictory in Europe, according to
Representative Snyder (D., Pa.),
Chairman of a House subcommit¬
mentioned the gen¬
The Board
for
of billions of dol¬
reduction
A
lars
ton, April 25.
■
Minister.
Truman."
;
ap- ?
say
prosperity.
"Resolved
S.
and to the
possible happi¬
bring to our nation
world the greatest
so
conceptions—or should we say misconceptions.
How constructive he might have been had he in ;
this instance employed his vast influence to lead his <>
followers to understand the shortcomings, not to
?'
victorious
standing was
congressional battle.
i
,
pledges
would,
freedom
and
sympathetic cooperation in bring¬
ing the present war to a prompt
tions."
in
-
which is .'under
and
dorsed
to
seems
eral food scarcity as
tion
economic fric¬
international
maintenance
matter of regret
that the titular
often fails to be real¬
istic and constructive, and never seems to have
a
mind of his own free of bondage to popular
It
leader of "the
symbol
throughout the world;
'
*"
tinue:
duce
will
and
we
Dewey.
great responsibilities of the office
to which he has been called, and
the
and
discrimination
expension of reciprocal trade, re¬
late
E.
atmosphere
agreements
with
provisions for the elimina¬
of
The
international rule by force
conductive to the
of
friendly
rela¬
"3. Trade
tion
good
democracy
of
have made little progress away
alone."—Thomas
process,
from
April 19, Senator
Barkley,
the
majority
leader,
called a conference of Democratic
Senators
which unanimously
leadership had become a
The other mat¬
They will be essential for many
legal
outlined by
Roosevelt,
including
program
"Resolved further, that this con¬
ference tenders to the family of
the late President its deep and
abiding sympathy in this'hour of
their great bereavement;
"Resolved further, that this con¬
ference expresses its confidence
in the new / President, Harry S.
Truman, who has assumed the
low.
of
continue to bear them in mind
But if we do not lift our eyes and our hopes
higher level of settlement of disputes by
the
to
Washington,
inter¬
shortages, surpluses
we
essential.
are
years.
it
expansion
other dislocations which fol¬
and
the
riers,
made
pending legislation.
Later that day, according to an
Associated
Press
report
from
isolationist tendencies which lead
to
ters
tool for creating post¬
a
jobs through the
foreign trade.
war
will supplement price sup¬
ports by expanding foreign mar¬
kets. If foreign markets should be
restricted by increased trade bar¬
gram
Truman
adopted the following resolution:
"Resolved, that the conference
of the majority of the U. S. Senate
of
shares
with the
people of the
"2. The lowering of trade bar¬
nation and the world the profound
riers so as to permit a maximum
sorrow
caused by the death of
of freedom in private trading is
President Frankljn Delano Roose¬
the
surest
way
to
discourage
velt, who hid for 12 years been
greater government participation the acknowledged leader of this
in foreign trade, and to combat
nation,
and who through that
time,
that
sents, in truth, the ultimate ideal.
respectively.
President
especially at this
the country,
to
sure
clearly after war. ...
"In my opinion the court [Permanent Court of
International Justice] of which we hear so little,
is the heart and soul of all our efforts.
It repre¬
majority lead¬
and House
cally -the
reciprocal trade agree¬
is of vital importance
act
to make
known, the "Times" report states,
that he would support energeti¬
or
President
Truman,
Associated Press ad¬
vices from Washington, April 23,
zation
of Agriculture is represented, and continue the reciprocal trade act
that
every
proposed concession for three years beyond June 12,
will
be carefully considered in with added authority to cut du¬
ties 50% under the rates prevail¬
the light of these facts.
ing Jan. 1, 1945.
The present act
Farm Prices
empowers cuts up to 50% of the
Provision
has been made by rates
prescribed
in
the
1930
Congress for the maintenance of Hawley-Smoot act.
farm prices, particularly in the
Nelson A. Rockefeller, Assist¬
ant Secretary of State, who is in
years of transition from a war to
a
peacetime economy. Far from charee of Latin-American affairs,
being in conflict with such legis¬ urged passage of the legislation in
lation the trade agreements pro¬ testifying before the committee,
fied
Senate
proposed new tariff trim¬
ming authority:
"1.
theirs if
Speaker Sam Rayburn and Sena¬
and Repre¬
sentative John
W. McCormack,
the
ments
struggling people that the millennium will be
only they will hate their neighbors. . . .
"We know these things today.
The problem is
to
tor Alben W. Barkley
annually "they may well
provide work for about 5,000,000
American
persons."
He
gave
these reasons for urging approval
of
by promises of re¬
will not
the President conferred with
big four Democratic leaders
in
Congress,
Senator
Kenneth
McKellar, President of the Senate;
be
$10,000,000,000
at
na¬
ideologies,
19,
more
at
protection,
in anything like
least
ent volume.
can
exports
and fertilized
hatred
false
how
seen
guaranty that other forms of the Fascist creed
spring up with new poisons, new promises
no
according to
special advices to the New York
"Times" from Washington, April
President
their
■
riff
to
substantial
have
We
venge, lull entire peoples into mistaken beliefs.
The death of National Socialism as a world power is
legislation appear,"
Press report con¬
over
them foment the conflict of rival
seen
in
sown
now.
seen
tionalisms.
The following day,
Reasons
that if
said
We have
Associated
ers,
Wallace's
to make
tinued.
vention in domestic economies be¬
products as raw material..
American
the
one
how easy it is for men of ill will
capital out of the misfortunes of nations.
"We have
the
agreements
a
to take action is
willing to consult with him "at
any time where prospects of dif¬
principal post-war objective
—full productive employment or
about 60,000,000 jobs."
■.
leaf
tobacco
from
fresh, dried and canned
fruit from twenty-six, vegetables
countries,
eleven,
serious
our
He
Trade
with
no
contribution to the obtainment of
April 24:
Washington,
make
can
prob¬
told the President that they were
declared:
he
be had in
Ohio; White of Maine, the minor¬
leader; Wherry of Nebraska,
the Republican whip; Austin, Ver¬
mont; Bridges, New Hampshire;
Bushfield, South Dakota; Millikin, Colorado, and Brooks, Illinois,
ferences
"I believe the trade
program
vantage.
every
to cut tariffs, accord¬
that
stated
can
country's
believe
product.
powers
the
out
present in
eagerly and overwhelmingly for a world security
organization.
The visible evidences of suffering
and devastation are before us with awful intensity.
The mood of the world today is its one hope of being
saved from a repetition of this holocaust.
The time
giving indica¬
ity
ing to the Associated Press, from
April
23,
which
Washington,
ad¬
sell
never
dustry
American
for- diplomatic
would
new
date, thus
understanding and foresighted provision. The delegation,
consisting of Senators Taft of
Commerce Henry
Wallace urged the continuation
the nation's trade policies, with
of
on
lems with
Secretary of
A.
that
working
injury has been done in any agri¬
cultural
House
I
that
shows
White
Machina
ex
of those crucial periods
history of mankind. I am profoundly con¬
vinced that a free, secret ballot taken all over the
world would reveal the earth's population voting
Republican
eight
the
tertain that accord
this
assures
to
of
at
at
are
in the
a
tion of the hope he is said to en¬
safely be
procedure
record
the
debts."
to repay our
of
not be reduced
concession.
proposed
received
Truman
"We
April 18, according to Associated
Press advices from Washington as
1930 rate,
consideration
careful
"irritations and
bitterness" among other nations
which will say "you welched on
us and made it impossible for us
We'll
2.
Senators
all, and the trade agreements
organization has in many cases
refused to make any reduction.
I
am
satisfied
that
the
trade
extend¬
first
President
at
credits to other nations "as
happened
that
mean
of the
25%
to
but others should
consequence:
ed
not
does
extent. Some duties may
.
now
a
delegation
all duties will be reduced to
Pax
Congressional Leaders
my
express
This
force.
immediately after the war, Clay¬
taken
Truman Confers With
approval
of
the
proposal to extend the
authority granted under the Trade
Agreements Act to possible reduc¬
tions up to 50% of duties now in
wish to
I
tariff policy might
the reciprocal
of
when he had 93%
$6,000,000,000 market.
State, who, accord¬
Secretary of
much better of in the
was
of prosperity when he had
90% of a $12,000,000,000 market
than he
was
in the depression
;
1977.
tinuing
port for further efforts in Europe
and
in
until: all-out
Pacific
the
victory is assured."
'
The
Army
nounced
previously
suspension
of
bad
an¬
construc¬
tion of munitions and tank plants
which could not be
completed and
put into operation by fall, the As¬
sociated
The
Press
Army
announced
output.
report
Air Forces
a
continued.
aljso hiave
reduction in aircraft
-
& FINANCIAL CHRONICLE
THE COMMERCIAL
>978
disputes, will we ever reach the
goal.
A World Court Essential to Future
,
.
Preponderance of
Peace
mendous
whether
question
we
Pope Pius XII in his Christmas
of last December warned
that: "There lies on all
message
mankind
social
and
and
We
organization
shall
be subject to concepts of
basic justice. Some people doubt
—wrongly, I believe—the capac¬
ity of such an organization even
international
the
peoples the duty of
doing everything to ban wars of
aggression, once and for all time, to " make revisions aimed at an
as
legitimate solutions of inter¬ ever improving world order.
We are in this confused island
national disputes and as a means
of realizing national aspirations. of time because the pace of world
That duty brooks no delay, no events just now is so great as to
procrastination, no hesitation, no make constructive thinking most
subterfuge." The Pontiff said fur¬ difficult. Yet we need right now,
ther: "If ever a generation has more than ever before, a clear
States
had to appreciate in the depths
its conscience the call to
war'
it
is
'war on
present
the
certainly
of
picture of exactly where we are
going and of the ultimate ideal
generation. It has passed through
indescribable
atrocities
intensely that the recollection
through
so
of
horrors
their
remain
must
main
the
of hu¬
the
who cherishes
one
a
sense
divided
be
into
The first will
deal with the preamble and state¬
ment
of
principles, the second
with the assembly and its powers,
stamped in its memory as the pic¬
ture of a hell against which any
manity desires more than any¬
thing else to close the door for¬
will
conference
four
Francisco
work of the San
The
and deeper
than mankind has ever
before encountered.
It has lived
achieve.
to
The World Court All Important
of blood and tears wider
an ocean
seek
we
steps.
third
with
Permanent
the
Court of International
The newspapers
and
Council
the
with
fourth
Justice.
and radio have
been filled with debates over the
'■
V-'-': '
'
Pope Pius voiced statements of principles. We have
the aspirations of all men of good heard much of the problems of
will and welcomed the proposal voting
in the assembly, of the
ever."
'
In such words
of
organization for the main¬
an
of peace,
tenance
authority
vested by
one
with
consent
common
supreme
with
power
to
of isolated or
and
smother any threat
collective aggression. With
humil¬
membership
veto powers of
members of the Council. We have
heard
of sanctions and
employment of ar¬
mies, navies and air forces to keep
the peace. But in all this discus¬
the
cisco
achieve
toward
real
progress
effective instrument to
an
of the world.
We are at present in one of
those crucial periods in the history
of mankind. I am profoundly con¬
vinced that a free, secret ballot
the
preserve
all
taken
have
heard
nothing
about
the
Court of
International Justice.
the
over
would
world
we
In
peace
.
use
ultimate
sion
may
endless debates about pro¬
cedure, the
ity and earnestness we pray that
men and women at San Fran¬
the
and
<
opinion
my
which
hear
we
heart and soul
It
ideal.
Permanent
.
the
Court,
little,
so
all
of
The
essential.
are
practically
is
ulti¬
the
other
matters
They will be
essen¬
in steel
sources
nations
hold
preponderance
oil
or
their
or
ability
sium,
or
navies
or
robot bombs.
ments
of
magne¬
high principles
chanics
of
debate
build
to
me¬
or
procedure
unless mankind
day to recognize that
all peoples, great or small, have
rights—Costa Rica as well as the
some
comes
to
higher level of
international morality. The large
and
powerful nations must ac¬
knowledge the principle that as
all
individuals
equal
are
before
State, all nations
before the law of na¬
equal
are
tions.
This international court will in
_be
sense
substitute for the
organization
now
being
drawn together at San Francisco.
Rather, it will be an integral part
of it just as the judicial system
is a part of our national govern¬
ment.
What we hope for first is
the fusing of mankind's aspira¬
tions into an international charter,
defining principles of conduct as
no
a
world
basic
as
the
to
world
Constitution
our
Commandments
organization
Ten
the
and
basic
are
Then, as the years
body of international law
will develop around that charter.
The Assembly and the Security
Council
of the world
organiza¬
pass,
will
arrive
conference
decisions
at
which
will
in
establish
with
have
made
The mood of the
its one hope of
being saved from a repetition of
from
international
this holocaust.
problem
and devastation
are
before
our eyes and our hopes
higher level of settlement
of disputes by legal process, we
the
us
awful intensity.
world today is
action
is
The time to take
alone.
progress
rule
away
by force
//;'////
Let
look
us
under
now.
little
of
law,
tonight
this
at
field
of
within
operation
of
the
the framework
ternational
of
course
the
in¬
will
There
charter.
then
morality and the
Court will deal, not only as in the
past with disputes on marginal
matters, important as they may
be, but with problems basic to the
integrity of world order.
settlement,
international dis¬
A
*
We have
ill
of
men
how easy
seen
will
to
The
it is for
make
problem of
is
men
capital
ciety,
out of the misfortunes of nations^
there
We
the
age-old.
have
foment
them
seen
the
when
was
time
have
there
how
seen
false
ideologies,
in hatred and fertilized by
promises of revenge, lull entire
peoples into mistaken beliefs. The
sown
death
of
world
National
is
power
other
forms
of
Socialism
no
the
as
a
guaranty that
Fascist
creed
will not spring up with new poi¬
new promises to struggling
people that the millenium will be
sons,
theirs if only they will hate their
neighbors.
The
inevitable
result
of
false
ideologies is
a teaching that leads
put material values
above spiritual values to place the
power of the State above the dig¬
nations
to
nity of the individual, of the fam¬
ily or the community—of God
Himself.
The result is
which
aggressors
know
these
as
military
means
come
again plunged into
We
nation of
surely
as
night follows day
aggression will
a
and
a
today.
sure
that
continue to bear them in „,mind
clearly after the war. We need
above
all
things to bear con¬
we
stantly
in
mind
exists for the
that
the
individual, to
State
secure
higher
and
But
by the
history
organized
recorded
already
was
than
court
claw.
earliest
so¬
arose,
an
above the physical force of
individual. The opinion of the
ministered
the
kind
some
of
justice.
society became more highly
developed, so did the legal rights
of individuals, and
disputes were
taken
as
matter of course to the
a
established law courts of the
com¬
munity.
course
our
own
certainly
with all
war
in
we
need
a
policeman
community and most
we
need
a
policeman
adequate force
the world.
to prevent
But above
policeman there must be
of justice.
It
of
of
is
is
for this
that
the
the
San
reason,
fourth
the
court
a
that
I
major
be¬
part
Francisco
conference,
which we have heard so
little,
the part which will
finally de¬
termine
ceeded
whether
in
we
have
suc¬
starting down the true
road to the final abolition of
For the World Court is the
his welfare, his freedom and his
science
opportunity.
war.
con¬
under
A Timje for Historic Decisions
Just
■were,
now
a
we
small
all
inhabit, as it
island in time, a
breathless period of confusion and
decisions. Widely differ¬
historic
ing views
status of
are
current
about
the
of
mankind,
determining,
principles of justice, the
disputes which otherwise would
bring down on us another holo¬
caust.
It
reason
over
will
not
fully,
only if
represents
be
rule
by
rule
force.
of
This
achieved
perhaps,
we
the
work
for
today, not
decades, but
toward the
nations, about economic | cept of judicial settlement
down laws with
will
non¬
of
all
the
John
United
his
Hay,
ment
to
draft plans for a
questions of agree¬
as
may
territorial
or
was
of
at The
It
deal in
which
Court
the
the
grew
of
Arbitration
Hague, which, as ex-Chief
Hughes has pointed out,
Justice
not
was
effort
Court
was
a
a
court at all but
panel.
register of persons from
a
which nations
wishing to arbitrate
pick arbiters of their choice.
Because
of
Theodore
this
defeat
Roosevelt
President
in
1907
in¬
structed the
delegates to the sec¬
Hague conference to propose:
ond
"a
permanent
judges
who
court
composed of
judicial officers
are
each
of
system
will
be
a
in their
other.
rela¬
Included
international
code
of
morality,
protecting minorities, safeguard¬
ing small nations, and emphat¬
ically
outlawing
the
horrors
against civilians which have re¬
r
cently been revealed
marched
armies
as our
through- Germany.
in
a
It cannot be perfected by a
stroke of the pen or the enactment
of a statute. Law is, of necessity,
slow
growth if it
is to endure.
It requires constant
first
correction
mistakes, constant
ing
conditions
civilization.
and
Our
of
chang¬
of
progress
domestic
laws
in, intent and purpose, noth¬
ing but constantly moving at¬
tempt at a code of fair dealing
are,
individuals.
among
law strives for fair
International
dealing
among
nations.
by
under
a
entire
time
the
to
judicial
methods and
of judicial respon¬
sense
sibility."
The
first
Permanent
Justice
Court
still
for
To begin with, it was
adaptation of the basic idea of
an
our
years.
own
Federal
the realization of
turies
is
of
exists,
although it has not functioned
seven
of
back
great
in
the
system.
a
It
dream of
minds.
Its
ers
history of ancient
Court
disputes between foreign¬
according
toms.
was
cen¬
origin
Rome when the Praetorian
settled
to
their
country, the settlement
dispute by force is not re¬
garded by Americans as any set¬
there
own
cus¬
at
all.
In
can-and
attitude
the
will
long
be
run
other
no
world.
by the - peoples of the
Force is necessary in orr
der
back
to
law.
But law
and the ultimate
up
must be supreme
of
success
of
gree
to
achieve
upon
depend
the de¬
we
achieve
acceptance
the
for
efforts
our
will
peace
fourth
Francisco
of our San
agenda —the establish¬
permanent court of in¬
a
ternational
where,
ities
part
justice.
Men
every¬
overwhelming
in
in
major¬
nation,
seek the
of all dis-r
every
peaceable settlement
It is time we gave the ex¬
pression of the conscience of man¬
putes.
kind its proper place in the estab¬
lishment
of
the 't international
court. By all means we must set¬
tle, in the best possible way, all
the matters of procedure and
use of power. But all
these must
ultimately
be
subordinate
to
peaceable settlement under inter¬
of
mankind
The
Hague
Court of American
Origin
The Permanent Court of Inter¬
national
in
Justice
established
was
1922, according to plans drafted
by
commission
a
Root
was
of
which
of
Theo¬
idea. In
that
ate
in
on
its
In
is
court
Elihu
picture again.
Root
not
a
of
court
a
be
increasing acceptance of
interpretation of in¬
the
justice.
We
be¬
can,
must, in order to
we
pre¬
civilization, learn to accept
decisions of
disputes
this
between
in
court
all
peoples
and
countries.
Only by pinning
our ideals and
this, the highest
aspirations, can we achieve
lasting peace, inspired by God
our
to
purposes
of all
•'
origin."
1929
American
in¬
an
court's
the
the floor of the Sen¬
"this
to
but
be
must
we
court ;which is
arbiters
ternational
cause
December, 1925, Senator Irvine
Lenroot, of Wisconsin, pointed out
correctly
must
serve
embodiment
that
subscribe
to
of
aspirations of
again have
judges. As they build on the pres¬
ent substantial body of interna¬
tional law, there can
and there
Elihu
Roosevelt's original
once
means
ternational
Substantially
member.
a
the
was
This
the
or
will
prepared
panel
entered the
The opposition had
a
in the
reason
of
men.
succeeded in
preventing any par¬
by the United States.
ticipation
Mr. Root submitted
a
vising
of
the
statute
plan for
the
re¬
court.
modification
some
adopted.
it
was
Hoover
President
know,
In
ratified.
never
spite of this, the Permanent
Court of International Justice de¬
important
many
cases.
It
weakness, this court handed down
decisions
of
which
averting
tween
wars:
means
be¬
one,
and
Bulgaria in
between
France
1925;
and
the
were
two
Greece
another,
Turkey in 1927.
Truman Confers
Plans for Economies
President Truman has been hav¬
ing
under
treaties.
The
been
lengthy series of discussions
a
Senate
with
deci¬
court's
codified by legal
New York
"Sun"
went
to
on
say
the
created
substantial
body
already
of sound
inter¬
national law.
All
our
arguments
court
non-partisan.
for and
in
have
the
been
against
inter¬
strictly
For years the plat¬
forms of both major political par¬
have been unequivocally in
ties
favor of it.
that Mr. Truman
impression of having
information
concerning public expenditures at
his
command
ideas
and
of
having
very-
about
the possibility
accomplishing large economies
of
without any interference with the
war
program.
Mr.
;
Truman
discussed
with
Senators Bankhead and McKellar
the
question
ture
the
of
whether
Rural
Department,
to
con¬
Electrification
in
the
or
Agricul¬
set it
up
as
independent agency, the Newr
York "Sun" report continues. The
an
participation
national
Washing¬
The report
considerable detailed
Administration
an
from
ton, April 25, stated.
tinue
form
co¬
operation in the accomplishing of
broad economies, a report to the
ing
result
finance
view to closer
a
Scholars and the volumes contain¬
the
House
and
leaders with
fixed
/
It laid
down important
prin¬
ciples which established valuable
precedents. It rendered service in
sions have
on
and
Secretary
Stimson
signed
the
protocol but the Senate, as we
In
1935
a
distinct
ma¬
Senators
said
they
had
not
ex¬
their
pressed
opinions, but had
sought to get the President's view
on
the matter, and Mr.
Bankhead
that the President had not
added
yet made up his mind and needed
jority of Senators wanted to rat¬
more
ify—the vote
lem.
affirmative
International
own
of any
been defeated.
their
causes
Amend¬
ment and revision to meet
our
defining the obligations of nations
Law cannot be established
day.
be
would
highest use to which sover¬
eignty can be put.
Certainly in
devote
building the ideal of
themselves
with
that
a
the
trial and decision of international
cided
tions
against
which
judges can
principles of
adjudicate by the
ordinary justice.
This
national law
is of fundamental importance that
we realize today, that
despite its
in
one
no
war ;
competent
and nothing else, who are paid
adequate salaries and who will
plementing the fundamental prin¬
ciples, defining how nations shall
conduct
a
dispute
a
ment of
\
that
Permanent
independence
integrity."
That
William McKinley,
acting in 1899.
Out
in¬
State,
of
all nations "except¬
relate to or in¬
among
ing such
States
Secretary
of
tlement
Presi¬
a
international justice. Then at last
we shall have a system of law im¬
a
Of
eventually
Assembly and Council will lay
the
law
As
in
System of International Law
ma¬
jority
of
the
community
was
brought to bear and,
however
crudely, some kind of court ad¬
lieve
things
The problem is to make
In primitive
attempt to put the moral teach¬
ings of religion and forces of law
world
war.
of
between
arguments
no
tooth
conflict of rival nationalisms. We
peace
the
since
recent times
court to decide
of
It is conceivable that
putes.
Dangers of Fascism
of
structed
With
peaceful
of
record in favor
on
disputes
more
dent
it
the
develop
principles
overwhelmingly
In
;
dore
will
history.
earliest days of the republic.
justice
which
of
peaceful settlement of in¬
ternational
patterns of procedure and juristic
to
and
world security organization.
The visible evidences of suffering
States has been
of the
a
do not lift
eagerly
a
we
light
For the Government of the United
American life.
ing
for
if
the
to
emerge a body of interna¬
tional law based on fundamental
But
years.
in
strange
could
tial
many
by a small but exceedingly vocal
minority. /"The opposition seems
a
the law of their
1935
over
that
so
start
can
court
defeated in
was
volve their political
leads
exercised
nation
World Court
President
which
tively
another
Britain.
States, Panama as well as
Russia, Belgium as well as Great
The hope of the world
today is to get on a staircase
Court
The last attempt to bring about
American
participation
in
the
United
reveal the earth's population vot¬
for
An International
1
All state¬
and
will be worthless
tion
of
the
our-efforts.
in truth,
represents,
mate
overwhelming
overlook
to
few
power in this world.
But the
rights of nations must not forever
depend
upon
their natural re¬
which
extent
the
folly
a
of
differ
to
concepts.
about
even
be
that
fact
an
(Continued from first page)
have really learned that lesson.
would
It
the
Few Nations
a
U. S. and
Thursday, May 3, 1945
was
votes
52 to 36. But the
were
less
than
the required two-thirds.
principal argument of the
opposition was that taking part
the
Court
would
sacrifice
our
sovereignty.
Now I don't know
any one in this country who wants
to
scuttle
United
the
States
sovereignty
of
of the
America.
Sovereignty,
in the
light
history, is the right to
modern
inherent
greatest
power
good
to
for
achieve
the
Long
to
a sore
consider
soring of what
use
the
greatest
number.
It
should
be, and we
hope it eventually will be effec-
prob¬
was
the spon¬
termed
in
a
recent
tion
our
Congressional
investiga¬
"adagio dancers hired to run
planned economy and amuse
citizens in raid shel¬
frightened
ters,
hiring
cover
of
the
spot in the Govern¬
ment for its conduct in
One
in
time
soending
electric
for
a
the
REA
ming.
ex-conv;cts
perpetual
millions
plants
few
is
on
to
handfuls
due
to
motion"
for
a
and
run-down
furnish
of
dis¬
light-
villagers,"
real
trim-
THE COMMERCIAL
Volume 161" Number 4382
& FINANCIAL CHRONICLE
should have access to the
Organi¬
zation for the statement of griev¬
and for
ances
On the
this deterioration.
the
.meeting
at
of
causes
of
eve
Francisco
San
called to build the framework of
a
international
new
well
is
it
take
to
organization
of
stock
the
and failures of the first at¬
errors
this
nizes
of
the
mechanisms
of
make it go.
isms
may
factors
without
fail
are
that the League failed
beings failed, and
that maybe when you got a dif¬
ferent kind Of human being you
years
ago
because human
make
could
I
Now
that
convinced,
am
have
we
human
being
a
to
this
of
lessons
function.
however,
League
a
*
different kind of
deal with.
The
are
deeply
war
Certainly if the United
learned.
States is any criterion, our people
far
are
realistic,
more
far
more
understanding, and far more reso¬
lute in our determination to co¬
operate in an international under¬
for the maintenance of
peace.
We are far surer that such
is the only hope of peace and that
taking
this
if
effort
allowed
is
fail
to
again, this will be a grim world
indeed for our children.
By the
And
subject.
A mechanism, is a dead
thing.
It has reality only, when
it is kept alive by enthusiasm,
faith, and a
determination to
ment
cisco
than
Whatever docu¬
it work.
make
from
issues
San Fran¬
the
meetingJs far less important
the
state
mind
of
the
of
peoples of the United Nations, and
mind.
the duration of that state of
A
whether
document,
Covenant,
Agreement or Organization is but
the first step. Peace can be main¬
tained only at the cost of effort;
by
by
and persistent, year
month by month, day
painful
year,
day.
I
not
going to talk of phras¬
eology and texts.
We have a
competent group of jurists and
draftsmen in the American dele¬
am
need,
We
gation.
concentrate
therefore,
the things
on
we
to
want
the
mere writing of those things into
binding obligations.
There has
to bring about rather than on
been vociferous discussion on the
number of votes that delegations
may
The same discussion
in the Senate in 1919 dur¬
have.
arose
ing the debate on the ratification
of the Treaty of Versailles,
And
yet in the entire
history of the
will
be
may
fact
analogy of the use
^
a
affairs,
J - Another
law, and the individual knows
what he may or may not do, with¬
in what limits he may act.
Not
so
in international affairs, there
generally accepted body of
To replace this
international law.
and starting from scratch,
to speak, .we will have to re¬
lack,
international law the ad
hoc or spot decisions of the Or¬
ganization when they abe promul¬
gard
as
The Organization will suf¬
through the
gated.
fer in its earlier years
lack
of
and
codified
not of
In in¬
procedural affairs.
question
rather of who votes how than of
ternational
life
it
is
a
great
powers
course
was
were
divided, that
abandoned.
Defects of League of NationsNo w
for
chanical
the
structural
deficiencies
of
or
the
me¬
old
decisions. Certainly
weakness.
There can,
populations find it natural to
bow to the law and to accept the
ian
nual
The requirement that the metals
ington Ave., New York. The usual
convention
is part of
year
which
Senate bill
a
authorizes
the
continued
of
construction
nullified
and
cepted,
the
such
for
the
bulwark
of
the
status-; quo.
At least itwas the- legal
bulwark
legal bulwark could
prevent the explosion. Any frame¬
no
In the
of the other commodities
the
maintenance
but
of Commerce" states.
ex¬
not
This
Covenant
Finance Corporation
subsidiaries, the "Journal
its
expressly
rigidity made
Council
and
mere
meeting of the organization,
370 Lex¬
held in its headquarters,
cal
payment of subsidies from July 1,
1945 to June 30, ,1943, by the Re¬
treaties, but this possibility was
by the unanimity rule
for all decisions of the Assembly
elected unanimously
were
subsidies be paid for another fis¬
cific provision for reconsideration
It is true that Article 19 made spe¬
They
for one-year terms at a brief an¬
case
affected,
Norman
butter, flour, rub¬
ber, petroleum and others, the bill
because
restrictions.
Chandler
Los
the
of
"Times" was re-elected
Secretary and Edwin S. Friendly,
Angeles
Vice-President and General Man¬
ager
of the New York "Sun," was;
Treasurer.
re-elected
Elected to fill the expiring term
meat,
as
omitted
was
wartime travel
of
of
directors
M.
E.
were
Antrim,
is merely permissive and author¬
izes the payment of over-all sums
"Tribune"; J. S. Gray, publisher of
of money for
the Monroe,
each of these
com¬
Business
Manager of the Chicago
Mich., "News"; F. I.
of the Hamilton,/.*
Ont.t'"Spectator," and William F.,
modities in the next fiscal year,
Ker,
j However, concerning high cost
production, of the three metals,
Schmick, Business Manager of the
which
Baltimore "Sun."
subsidized
are
through a
Plan," the bill
publisher
i
"Star-Telegram," to
Government subsidies
Both
Overemphasized
Force
But I don't want to overempha¬
size
I
the
feel
factor
that
it
of
force.
has
been
Indeea,
already
overemphasized in our public dis¬
cission and perhaps as well in our
private negotiation. It would be
employed in ,the last event in any
case. Force must be there poten¬
tially, but its use would mean that
to
considerable measure the
a
had failed,
shine
in what to
ma-
and had failed
is its primary func¬
me
tion. That function is conciliation.
As L watched
flux.
Continuous
If
our
shall endure it must be
that
tuted
it
in
machine
so
are
consti¬
adapt itself
can
these shifting
this
simpler the form, the more flex¬
ible the design, the greater the
hope that our new structure shall
serve its purpose and shall endure,
The American delegation to
f
San
Francisco carries with it the hope
and prayers
of the American peo¬
ple. We wish it well, we pray for
its success.. We believe in an- in¬
ternational
body organized for the
preservation of the peace and for
the well being of the world; This
is what our boys have been fight¬
dispute had reached
of a threat to the
peace. In other words,, when firm
positions had been taken by the
place when
tense, that there was lively
on both sides with
was
state brought this mat¬
ter to the attention of the League,
no
did- any state
call for that con¬
sultation
provided
under
the
Washington treaties to which we
nor
in the United States were a party.
The
dispute
Ethiopia
as
Italy and
not brought
between
well was
Mussolini
his
was
far
advanced
on
plans for conquest.
Disputes are far easier, to settle
in their earlier stages. If you are a
sensible man, you don't wait for a
disease to reach a point where an
operation is necessary before you
consult a doctor. You go to him at
of illness. In
dispute with a
symptoms
way
a
better treated
before the symptoms have become
aggravated, and before the illness
can
be
has festered. Thus in my
opinion,
encouragement should be
given at San Francisco for the
raising
of grievances no matter
what their origin. The great states,
the small states, the neutral states,
every
yes even
the former enemy states
would add tremendously to
wages
the
cost
of
contracts, Judge
war
"State-Times"
and
the
of
"Advocate,"
Fort
Worth,
Tex.,
Ted
succeed
Dealey of the Dallas, Tex.," News."
'•
•.
elected for
were
one
year.
:!'
?
■
Koop for Censor Post
has
Announcement
been
*
"•
;
/
made
by Director of Censorship
Byron
of Theo¬
dore F. Koop as Assistant Direc¬
tor in charge of the Press Divi¬
sion, effective May 1, to succeed
Jack H. Lockhart, who is return¬
Price of the appointment
ing to active newspaper work, ac¬
cording to v Associated 'Press ad¬
vices from
Washington, April 25,
Editor of the Memphis "Commer¬
the Undersecretary.
• v.R. R. Sayers, director of the Bu¬
reau of Mines, then told the com¬
sorship
the
of
Prompt extension
flour
subsidy program,
already has
passed
the
which
mittee that the nation's easily ac¬
cessible
v
Assignment of 50,000 German
prisoners of war to locate and re¬
move
hidden mines and boobytraps in France was
recommended
by a French Army expert, ac¬
cording to Associated Press dis¬
Paris
from
patch
April 24,
on
which added in part:
would cost
lives, and said he hoped
'/the, majority of them will be the
same
Germans who sowed
this
$0,000
deadly crop."
dren Blown to Pieces
in
ing
Woods,"
Plow
depleted at such
were
being
rapid rate that
a
"we will have to adjust our indus¬
try
account of it. I believe there
on
be
costs
considerable. changes in
of
will
goods made from metals
after the
ing
because
war
easily
our
future
we
are
ore,"
mined
the
In
los¬
he
the
not
too
distant
country will feel the
pinch of short supplies of coking
coal, he said, because of iron
depletion.
ore
which went
<
t6 state:
on
Lockhart,- who
Managing;
was
cial Appeal" when he joined cen¬
will
with
John
Editor
three years
associated
Executive '
than
more
ago,
directly
be
H; Sorrells,
of
the
Scripps-Howard
Newspapers, with headquarters in
New York.
X,':'''"'."1---/
Asso¬
of
the country and with
the Na¬
tional Geographic Magazine.
He
joined
censorship
three
weeks.
after Pearl Harbor, and had served
since then as special assistant to
Koop
with
served
Press
ciated
in
in
the director
the
various
parts
charge of admin¬
istrative, liaison and other activiHe
ties.
cently
was
as a
in uniform until re¬
Naval Reserve Officer.
William C. Keeley, War Produc¬
pointed to headlines, becom¬
ing commonplace in the Paris
and provincial newspapers, report¬
ing such tragedies as "Five Chil¬
He
When
reserves
ore
added.
He estimated the job
While Play¬
'Farmer Killed
Mine"
and
Hits
Killed, Twenty Injured as
Old Ammunition Cache Explodes."
"Seven
many mines were placed
sheer viciousness" and not
Board
tion
official,
and
John D.
Goodloe, general counsel for Re¬
construction Finance Corp., each
told the committee that they did
believe
not
provisions
the
of
non-cancellable
the
affecting
bill
lead and zinc were neces¬
but neither actively opposed
copper,
sary,
this section of the bill.
As passed
Patton and Hodges
Made
Four Star Generals
•
The
nominations
of
George
S.
Courtney
H.¬
Hodges for promotion to the rank
of full general from that of Lieut.- General were confirmed by the
Jr.,
Patton,
and
Senate, according to United' Press '
f He said
by the Senate, the bill would re¬
report from Washington, April
"for
payment of
subsidies until June 30, 1946, the
which also stated that the follow- '
producers of copper, lead and zinc
regardless of whether the higher
Lieut-Generals: Joseph
military: considerations, and
would be a five-year task
for
.
paid would have to be continued
until after Japan had been de¬
feated.
The following account of
a part of the hearings was given
by the "Journal of Commerce":
,:
Not only is the War Department
a
large purchaser of subsidized
products, but any elimination of
subsidies on cost of living items
which had the effect of raising
directors
succeed
House but which has been delayed
In the Senate, was also urged by
a
date that the situation in that area
being
to
of that ideal,
the proportion
parties to the dispute, and when
tempers and public opinion, had
become already inflamed. In the
case
of Manchuria the-Japanese
fell upon the Chinese in the Au¬
tumn of 1931, And yet every for¬
eign office interested in the area
had known for years before this
now
pre¬
Elected
who
Patterson said.
the
,
Price
ing for, and the meeting at San
Francisco will bring about, God
willm**, the practical realization
proceedings in
:he
League
of Nations I was
struck by the fact that the attempt
at conciliation nearly always took
same
be no body of law that
will prevail without the ultimate
sanction of force.
Municipal law
has that force behind it and civil¬
partment representatives.
Honea
the
a
opposed by State De¬
was
ing this, added:
(Dem.,
April 25, Undersecretary of War
Robert P. Patterson said that the
neighbor
was
Ariz.),
McFarland
.
merce" states from Washington on
as
They must know what are exactly
the new obligations they are un¬
dertaking.
discussed deficiency, and
that most generally accepted, was
the lack of force at its disposal
I believe,
W.
'
"Sun," in report- :
to
rapidly
as
the limits upon their
untrammelled activities.
Covenant of the League. The most
that
Ernest
The New York
relationships and to
evolution. To this end the
know
must
first
to back up its
Wash¬
succeeding George C. Biggers of*
the Atlanta "Journal," and B. N.
States
the
widely
Commerce,"
resigned were Charles P.
Manship of the Baton Rouge, La.r
til blood had been shed and until
nearly always prevailed, when the
heard.
be
ever
elected Vice-President.
of
ington, April 22, which stated that
the
bill, sponsored by Senator
of
was
During
hearings
before
the
House
Banking
and
Currency
Committee, the "Journal of Com¬
the great powers were
a
course
of action, that
course
that
appeal for revision of existing
would
Howe
miums shall be non-cancellable.
to the attention of the League un¬
When
united on
impossibility
practical-
was
W.
David
Burlington (Vt.) "Free Press"
international relationships
cast.
how many votes are
all members of the Council. There
treaties
retired.
has
"Journal
sembly of precedent so that states
period
importance,
accepted by a
majority of the assembly, but by
an
to
suc¬
will have, as individuals have, a
behavior pattern duly prescribed.
the existing conditions. In all this
international
be
to
passed
the
sent
Publishers Association,
ceeding Linwood I. Noyes of the
Iron wood
(Mich.) "Globe," who
provides that "all classes of
as¬
1 am not aware of a
single instance where a case was
solved by simple voting proced¬
ure.
I am speaking now of mat¬
of
amend¬
26
paper
jn the framework of the Organi¬
zation itself. Life is an evolution,
such codification and
will be
lowing the Senate debate through
ters
had
ments
Article
been
elected
"Premium
dissatisfaction
years,
Under
mote.
effort, has
Senate and
war
the
newspa¬
President of the American News¬
for
needed
Scripps-Howard
April 26 was
on
in the relation between states, or
League of Nations procedure fol¬
20
weakness of the League
generally work for the maintenance of
peace
accepted body of law and prece¬ must
recognize the possibility of
dent.
One of the most urgent
change, whether that change lies
tasks
of
the
new
Organization
a
lead and zinc,
regardless of whether the higher
the
House, according to advices in the
The League's Rigidity
machine lay in its rigidity. The
j possibility of amendment was re¬
of
no
of high-cost copper,
the
t
have to admit that
complete. Our
we
pers,
Presidency
William G. Chandler, Executive
30, 1946, for the production
priced production be
%
internal life is governed by a body
so
function
this
of
June
by
the analogy is not
is
that
Legislation requiring the con¬
tinued payment bf subsidies until
ment.
ternational life to its use in inter¬
nal
it
to
see
ANPA
Urged in Hearing
is duly incorporated in the docu¬
that
profound
we draw
the
of force in in¬
When
difficulty.
the price, if indeed it be a
price, that we have to pay for
such cooperation.
One more word
before I leave this phase of the
pay
the
to
as
here lies
yet
hitherto
we are
There
tialiii the ^plication
possible
token,
recog¬
deficiency
none
far readier to
same
program
the
that
Delegates to San
Francisco will regard this func¬
tion as the primary purpose of the
United Nations Organization, and
potentiality of force is essen¬
on
and honest effort to
The worst of mechan¬
succeed if those two
present. I wrote some
will
good
will
hope
and exercise of force, there
be
the
League
application
divergencies of opinion as to the
can
efforts
Oaks
force if necessary.
scope
The
its
and makes
provision for the eventual use of
be avoided in the second.
political objectives failed through
causes both spiritual and mechan¬
ical.;
It is not always possible to
divorce the two; indeed, the best
in
when such becomes essential. The
Dumbarton
tempt in the hope {.hat they can
•
force
of
use
Subsidies Extension
the
on
part oLthe Member States to bring
about 'conciliation.
I profoundly
(Continued from first page)
scientiously to find the
endeavor
an
1979
that it
to
remove
the last
are hidden
in
beaches and besides
country roads.
:
said
He
fields,
of them.
they
quiet-
along
addition
.In
to
the
known
to have
the
continued
priced production
the
war
was
needed for
effort.
Mr..Keeley said that elimination
of the non-cancellable provisions
said
production
of copper, lead and
that in all probability
neutral¬
zinc,
ize. 20 mines in a day in
ordinary
maximum output will be required
he
estimated
there
are
potentially
shells beneath the soil,
250,000 unexploded but
dangerous
and
aerial
110,000
unexploded -heavy
bombs—a
800,000 tons.
total
of
Oscar
W.
confirmed
as
L. Collins,.
Griswold,
Lucius
I>.
Clay, Geoffrey Keyes, Edmund D.
H.
Campbell. Jr., Wade H. Haislip
Reybold.
frbm the bill would not discourage
been planted
(a team of two men can
cases),
been
had
ing
25,
Gregory, Walton H. Walker, Levin
than
more
100,000,000 mines the expert
are
quire
about
•
and
until the end of the
war
with Ja¬
and Eugene
the
$560,000,000 provided for this
purpose
in the Senate bill would
probably have to be revised up¬
ward as a result of the Office of
Expressing his personal opin¬
Price
Administration's
ion, he said that he opposed sub¬
meat
subsidy
sidies for high cost mines after the
amount of the increase
final
revealed
pan.
-
victory.
Touching
on
subsidies, Mr.
the subject of meat
Goodloe said
that
are
enlarged
program.
The
wohld be
by OPA witnesses, who
scheduled
to
sessions, he said.
appear
at later
THE COMMERCIAL & FINANCIAL CHRONICLE
1980
Pope Asks Prayers
For Equitable Peace
President Truman Addresses
San Francisco Conference
In
dated
All
energies and its labors exclusively
to the single problem of setting
up
the essential organization to
keep the peace. You are to write
applies
sole
de¬
the
the
fu¬
not only possible, but
is far
than
drawing boundary lines
map,
fair
estimating
or
Differences
tions, or placing reasonable limits
upon armaments.
Your task must
between
be
reasonable
main..
completed first.
for years to come.
If we should pay
among
for
would draw down upon us the
bitter wrath of generations yet
unborn.
We
/
must
rifice
the
merely
who
flower
of
check
to
in
continue
not
every
domination.
to
madmen,
those
world
plan
age
The sacrifices of
our
youth
today must lead, through
efforts, to the building for
tomorrow of a mighty combina¬
your
tion of nations founded upon
tice for peace.
Justice
remains
that
alone, will
;
tremendous
peace
^
power
settlement
permit
any
of nations, to
If
our
enemies,
namely,
makes right."
To
"might
this
promise,
tainly do, we
days ago, I told the Con¬
gress of the United States, and I
repeat it to you:
now
"Nothing
the
is
future
more
We
of
peace
the
to
world,
must
we
do
not
war,
to sustain
to
want
must
we
live together in peace.
With firm faith in
die
to-,
to
our
hearts,
better
world—one
in
dignity of
man
As
a
special responsibility to enforce
peace, their responsibility is
the
based
ing
the
upon
obligations rest¬
states, large and
all
upon
small, not to
.
force
use
in
relation, except in the
defense of law. The responsibility
of the great states is to
serve, and
not
dominate
the
peoples
of
Divine
ation
of
that
guidance, friendly
and
find
doubt
us
an
cooper¬
hard
work, we shall
adequate answer to the
problem history has put before us.
Realizing the scope of our task
and
the
imperative need for
cess,
we
proceed with
and determination.
suc¬
humility
By harmonious cooperation, the
United Nations repelled the on¬
slaught of the greatest aggrega¬
tion
ever
of
of
military
force
that
assembled in the long
was
history
aggression.
Every nation now
fighting for freedom is giving ac¬
cording to its ability and oppor¬
tunity.
We fully realize today that vic¬
tory
in
united
in
war
effort.
peace
ceive,
an
requires
a
mighty
Certainly, victory
calls for,
and
must
re¬
equal effort.
Commons
Press
in
London
the
went
income
of
the
A
principle
applies today to nations. We were
claims.
both
countries
have
all and
as
a
our
tax
The
the
'
Signed
"
Pope
v
April
on
details of this issue
5-cent
postage
the
on
April
25,
and
the
Gill, person¬
Banking and Investment
MacCoy,
Director of Publicity,
Harry J. Miller, Statistician.
and
President
issue
was
bought by Secretary of State
Stettinius for the stamp collection
of the late President Roosevelt.
The sheets of blue
stamps with a
quotation by Mr. Roosevelt, "To¬
ward
the
United
25, 1945," will be
Nations,
April
sent to the Pres¬
ident's widow to be added to the
famous collection at Hyde Park.
.
At
Washington,
United
Press
according
to
from there,
report
usual
fixed price basis at 99.905 and
ac¬
heavy demands
President
visit
Staff
of
other
the
Average price 99.905, equivalent
of
discount
per
approximately
annum.
Range of accepted
competitive
bids:
armed
High, 99.910, equivalent rate of
Low,
approximately
0.356%
discount
approximately
0.376%
'
which
there.
represented
the
issue,
first
sale
of
and
officials,' thereby
and anticipation throughout
capital, a report from Wash¬
ington to the New York "Times"
stated
April 25.
on
V/ith the Pres¬
according
to
the
report,
were
Fleet
of the amount bid for at
the low price was
There
accepted.)
t.
maturity of a simi¬
lar issue of bills on May 3 in the
was
amount of
Admiral
Ernest
J.
King and Fleet Admiral William
D. Leahy.
They were together
hour and 35 minutes.
no
spite
of general
official
statement
conjecture,
of
of the conference
pose
President
Secretary
"Times"
Stimson
report
with
the
pur¬
made.
with
White
hour, the
an
also
mentioned,
meeting was con¬
his
Pentagon
in
for
noon
but whether this
to the
the
was
conferred
subsequent
was
visit
not disclosed.
On the
same day President Tru¬
signed his first appropriation
bill, one providing $1,342,958,105
for the Treasury and Postoffice
Departments for the fiscal year
1946, according to the New York
man
per annum.
a
$1,315,758,000.
"Times"; also a $2,373,837,128 de¬
ficiency bill for operating ex¬
Government for the
fiscal year ending June 30.
Nazi Prisoner Labor Value
German
atrocities
were
de¬
nounced in
no uncertain terms by
Acting Secretary of State Joseph
C. Grew when he announced that
a
special
sion
State
to go
was
investigation
there
and
United
of
prisoners
states
internees
war,
report
a
New York "Times,"
Mr. Grew said that the
Department had been kept
fully,, informed
but
States
of
the
to
April 27.
State
Department mis¬
to Germany on an
of
the
treatment
"that
a
warranted.
officers
of
the
atrocities
special
inquiry was
The foreign services
who
are
to
visit
the
are
stamp
services
at
the
nected
99.905, equivalent rate of
mans
new
a
Pentagon
atmosphere of excite¬
an
House this
have been held by the Ger¬
the
the
his
on
paid
ment
The
oners
of
to
ranking
creating
In
camps
block
Truman
Building, where he conferred
Army headquarters with Chiefs
an
cepted in full).
from
a
Pentagon
day filled with
a
Staff;
applied for, $2,048,660,000.
accepted,
$1,314,334,000
(includes $49,536,000 entered on a
April 25, President Truman bought
Postmaster General Walker
at
Total
Na¬
first
com¬
Blod-
Total
as
stamp
United
Malbone
Secretary Stimson, Joseph C.
Grew, Acting Secretary of State;
Gen. George C. Marshall, Chief of
are
follows:
Stamp Commemorates
new
F.
Division of the WFC includes F.
Russell Esty, Deputy Manager; C.
ident,
(61%
on
ciated Press report from that city
treaty has been signed with
United States, he
disclosed,
-
Banks
30.
with the
tions Conference at San Francisco
has been issued, states an Asso¬
alone
where
basic
pontificate.
our
commemorating
with the view of
providing relief
from
double
taxation
in
cases
same
the
San Francisco Conference
$24,000,-
self.
that
$1,300,000,000 or there¬
91-day Treasury bills to
May 3 and to mature
Aug. 2, 1945, which were offered
on
April 27, were opened at the
Reserve
Syndicate
In addition to Mr.
penses of the
on
Man has learned long
ago, that
it is impossible to live unto him¬
This
you
convey
Rome, Saint Peter's,
New
brought
in $5,268,000,000
during the year—
$68,000,000 more than the previous
year—Sir John said, lauding the
pay-as-you-earn plan as a "great
boon to the employee."
A
we
Pius Twelfth."
which in the 1944-
tax
30
dated
Federal
Dealer
include
surprise
about of
be
-
M. Marks & Co.; Ranald H. Macdonald, of Dominick & Dominick;
John R. Montgomery, of Blair &
Co., Inc., and Mason B. Starring,
of Graham, Parsons & Co.
time,
tenders of
the
to
April
on
climb
gett, of Spencer Trask & Co.;
Laurence M. Marks, of Laurence
the
Secretary of the Treasury
0.375%
of
"In
000,000 for the first time in his¬
tory.
The
and
fifteenth day of April, Sunday of
Good Shepherd 1945, seventh year
Through taxation and savings,
he said, at least 42% of the entire
oersonal income
in
Britain has
been marshalled to meet Govern¬
exceeded
The
announced
sales
directing the invest¬
banking end of the drive;
Breaking into
per annum.
Associated
which
Philippines
Tyd¬
Senator
Treasury
Bill Offering
charge
celestial gifts and
of our benevolence,
Apostolic benediction.
to say:
ment expenses,
45 fiscal year
lie
un¬
God
pledge
Exchequer, told
24,. according
from
dealt
reported by the Associ¬
was
Bond
$1,000,000,000 mark.,
Broker
mittee
a sure
ated
Press
to
be
leaving
for
Manila within two weeks to study
the islands' economic condition.
discount
hope
that
April
on
advices
ings
War
approaching
Japanese
to the
Committee
nel of the
them, and especially to
during
roughly 50% of the expenses year
by
year.
Sir
John
Anderson,
to
of
tolerable
wishes
independence
Independence Act,
rate
and
be
to
As co-author of the
worthy of eternal hap¬
individually,
spent $109,600,000,the
war,
paying
Chancellor of the
become
all mat¬
are
have
success."
faithful entrusted to your care. To
British War Costs
Britain has
those who
To these
Mother
will
with to make
and to all those others
benevolent
;
Results Of
for whom the present conflict has
been a source of suffering, may the
hortations
undertake
our
steps in His
righteous path of peace.
000
ones
indepen¬
devastation, lack of
government
which
nearer
while other members of this
accom¬
...
civilian
ters
planes
talked
best
successful
a
investment
the
ment
lack of tax revenues, lack
of shipping and the restoration of
wars.
you,
venerable
brothers, with the task of com¬
municating
these
paternal
ex¬
re¬
May He lead
the
with
to
is
of
before
We
date.
the
be
the establish¬
see
finally
hospitals.
"We
which
those who gave their lives
this moment might come.
own
new
be
it,
of
Stephenson of Gold¬
Sachs & Co., is Chairman of
man,
van¬
would
piness.
heavy duties, we beseech Al¬
mighty God to guide us in build¬
ing a permanent monument to
world."
None
about
are
and
warrant
will
could
we
than
than that
"Journal
F. Kenneth
calling
later
trade,
con¬
just.liberty after, the
a
make one
our
inter¬
national
we
expect to
sufferings
spected.
"While these great States have
men
grant the strength of that Chris¬
tian patience whereby the acutest
world—a
new
how
"The ruin,
the
concede celestial consolations and
eternal
dominate the world.
of
seeds
and
most
along the hard road
will find our way
to a secure
peace, for the ultimate
benefit of all humanity.
a
the
in
happy
we
We must build
these
not
sure
am
ultimate
dence.
sincerely
we
since therein
of
ment
us
victory,-
Let
I
plish
again their homes, or those
who as prisoners in concentration
learn
the
to
reason
carry
will
conditions
that
given:
once
war,
I found
enacted
sooner
over
text
refugees or exiles for a long time
anxiously have been waiting to see
sick
permit.
already
independence
which
and
camps
the military sit¬
as
when
God
must
spiracy
powers
for
who willingly respond to our ex¬
hortation not to forget the sad
condition of those who either as
cer¬
nations, which had to muster the
force necessary to defeat the con¬
Axies
as
the
law
"We further desire that all those
pro¬
we
far
the
this
peoples.
hidden
that
deny
obliged to
will
July 4, ,1946, and
The follow¬
from
excerpt
an
quished,
once and for all, re^
order, and prove by our
acts conclusively, that
right has
might.
than continued cooperation of the
of
is
harmful both to victors
or
the
verse
to
essential
the
her, the Associated
attentively ponder be¬
that
anything which
might surpass the limits of jus¬
tice and impartiality would cer¬
tainly sooner or later be most
vide the necessary means to refute
it.
Words are not enough.
If
Nine
and
are
Progress
the
fast
as
uation
York
banking campaign will be depicted
in a giant billboard, to be erected
at the Sub-Treasury, which will
show
the
"Tokyo
Armada" of
as
sider
decisions, we will be forced to ac¬
cept the fundamental philosophy
of
New
toward
fore
disputes
nation,
The
capital
during
continue to abide by such
we
gether in
Cooperation Essential
of
as saying:
working on some mat¬
ought to help improve
are
the
Commerce" in reporting this, said:
out
ri¬
and
vent and intense prayers and that
children particularly
attempt to
settle their arguments with bombs
and bayonets.
submit.
we
"We
ters which
of
the Seventh War Loan Drive.
the
"For
nations.
Without
this,
cannot exist.
We can*no
group
,
greatest
earth.
power on
To
the
jus¬
the
longer
sac¬
youth
our
quoted Senator Tydings
desire that all elevate to God fer¬
essence of our problem here
provide sensible machinery
to
Presi¬
Washington, April 25, which
President is anxious to
of the letter
long
regimented without protest.
The
the
Banking
Division
their
self-imposed
quota
from
$600,000,000 to $1,000,000,000 for
and
ing
longer tol¬
no
that
Director of the
Investment
nearer
discord
Press statement says.
our enemies
demonstrated
the
thought is
found
and
and
War Finance Committee,"470 Wall
Street brokers and dealers boosted
American
future
all
of
with
matter
luncheon given by Fletcher
a
Gill,
ippines
for
be
dom
the
of
expediting Philippine indepen¬
from
month of May implore the Mother
of Divine Wisdom to bestow super¬
natural assistance to those
upon
whose decisions rests the cause of
is
we
Pontiff appealed for pray¬
the
part of all peoples
consecrated to
disaster which follows when free¬
which the entire world will suffer
lip
service
to
inspiring ideals, and
later do violence to simple justice,
and
years,
clearly
discussion
Truman
already given consider¬
able study to the question, accord¬
ing to an Associated Press report
Pope drew attention to the
appropriateness of addressing sup¬
plications to the Virgin Mother
during the month of May, a time
limits, such disagree¬
recent
45-minute
a
At
L.
the economic position of the Phil¬
cause
within
held
Territories and In¬
on
Affairs, stated that he had
dence
V.
erated. Honest minds cannot
powerful mandate
people.
They believe
we will fulfill this obligation. We
must
prevent, if human mind,
heart and hope can prevent
it,
the repetition of the disaster from
a
our
merely
if
Senate
dent had
stated
The
men,
the
of
7th War Loan Goal
(D.-
given to the need for wiping out
any
through reason and mutual under¬
standing.
have
18.
Tydings
Wall Street Brokers
the terms of peace are
being determined consideration be
begins with differences
of opinion and moves onward as
the
differences
are
adjusted
In
hold
Rome
that when
actually wnolesome. All
are
on
from
valry.
between
fact,
of
the
everywhere, the reports continue,
progress
dren.
We
meet
reports
The
nations, will always re¬
In
ments
We represent the overwhelming
majority of all mankind.
We
speak for people, who have en¬
dured the most savage and devas¬
tating war ever inflicted upon
innocent, men, women and chil¬
from
to
entrusted
April
ers
Mutual Understanding
on a
be
Chairman
Committee
making of
just and wise peace, Associated
on
establish must be ade¬
we
Millard
President
Md.)f
of
Press
quately prepared
challenge.
repara¬
had
a
complicated
more
sular
will
lasting
ization
April
an early end¬
the war and for Divine
guidance for the men to whom
must
That
of human
field
every
Senator
City,
fervent prayers for
order
in
that
security, men of
good-will must unite and organ¬
ize.
Moreover,
if our friendly
policies should ever be considered
by belligerent leaders, as merely
evidence of weakness, the organ¬
The construction of this delicate
machine
in
For
objective, at this
cisive gathering, is to create
structure.
We must provide
machinery, which will make
ture peace,
certain.
concede
endeavor.
the fundamental charter.
Our
will
have good neighbors, we
also
be
good neighbors.
to
devote its
Vatican
ing
We
during the war.
dare not become isolated in peace.
tories, boundaries, citizenship and
reparations.
This Conference will
isolated
not
specific questions of terri¬
from
Freeing Philippines
Discussed by Senators
15, addressed to Ro¬
man
Catholic bishops throughout
the world, Pope Pius XII
urged
(Continued from first page)
settle
letter
a
Thursday, May 3, 1945
where internees and pris¬
Tomlin
Edwin
Bailey,
first-hand
A.
who
Plitt
and
will
obtain
information of the
tire situation.
.
E.
•
..,
en¬
Major-Gen. A. L. Lerch, Army
Provost-Marshal General, said in
in article made public on April 24
that German
prisoner of war la¬
into a business
which nets the Government
$100,000,000 annually.
bor
has
grown
Associated
Press
advices
from
New York reported:
Major-Gen. Lerch said that pri¬
contractors
paid the Gov¬
vate
ernment
more
last
for the
year
prisoners
the
War
saving of
in
than
use
$22,000,000
of
country, while
Department realized a
over
$80,000,000 in
done by the prisoners at
stallations.
Prisoner
totaled
work
work
for
10,181,273
for
19,569,719
German
this
contract
man
work
Army in¬
contractors
man
days
oi
employers and
days for the Army,
the General added.
.Volume 161
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4382
coverings
The State of Trade
such
and
(Continued from page 1974)
despite
steel
the
overwhelming
The
silver
rose
week,
in
up
eign silver continued at 44 %c and
70%c. for domestic silver.
producers
delay
as
fulfilling
its
long
overdue
promise
to adjust steel
prices.
The
Iron
and
Steel
Advisory
Committee, it is known, has been
told by OPA that the whole prob¬
will
settled
be
price adjustments
May 1.
Whether
holds
but
by
this
remains
good
upward
about
or
on
promise
be
to
seen,
actual commitment to this
an
effect
has
OPA
put
Official
turned
ures
ending
April
26,
Institute
that
announced
Steel
and
last
Tuesday
the
operating rate of steel
companies (including 94% of the
industry) will be 95.8% of capac¬
ity for the week beginning April
30, compared with 93.2% one week
This week's
ago.
represents
operating rate
increase
of
2.6
an
11,
25
week of last year.
same
While small failures with liabili¬
ties
under
last
$5,000
week's
amounted
failures
from
the
.
the
week
totaled
ation
ended
864,0-33
This
17,672
cars,
the
Railroads
an¬
increase of
was an
2.1%
or
for
21, 1945,
Associ¬
April
cars,
American
of
nounced.
freight
the
above
preceding week this year and an
increase of 25,326 cars, or 3.0%
above the corresponding week of
1944.
Compared with a similar
period of 1943,
900 cars,
increase of 69,-
an
8.8%? is shown.
or
Electric Production—The Edison
Electric Institute reports that the
output of electricity increased to
4,411,325,000 kwh.
April 21, 1945,
4,332,400,000, kwh.c in the
preceding week. r: Output for the
week ended April 21, 1945, was
approximately
in the week ended
from
1.5%
above
that
for
the
sponding weekly period
ago.
than
in
one
year
output of
168,400,000 kwh. in the week end¬
system
ed
April 22, 1945, comparing with
197,000,000 kwh. for the corre¬
week of
1944,
or
de¬
a
14.5%.
of
crease
Local distribution of electricity
amounted
to
for
163,800,000
kwh.,
196,500,000 kwh.
with
compared
the
corresponding
Coal, Coke and
coke
.
daily
tion
of
week
last year, a decrease of
duction—For
16.6%.
Crude Oil Pro¬
weekly
and
coal
production
statistics
and
average crude oil produc¬
figures for the week
April
21,
1945,
ended
subsequent'
see
of this section.
pages
Lumber
Shipments
—
The
Na¬
tional Lumber Manufacturers As¬
sociation
that
lumber
shipments of 471 reporting mills
were
4.2% above production for
the
were
ended
new
10.1%
Unfilled
more
reporting identical
ceeded production
by
to
mills
8.4%
ex¬
and
15.2% above output.
ran
Compared to the average
corre¬
1935-39, pro¬
reporting mills was
C.S%
greater,
shipments
2.7%
greater, and orders 11.1% greater.
sponding
Paper
duction
week
of
of
Production—Paper
for
the
week
pro¬
and
was
in
one
Wholesale Commodity Price In¬
dex—The
daily
price
index
of
wholesale
commodities, - compiled
by Dun & Bradstreet, Inc., showed
a mixed trend the
past week. The
index registered 176.67 on April
24, compared with 176.63
earlier
172.28
and
at
week
a
this
time
last year.
Food Price Index Unchanged—
A drop of one cent put the Dun &
Bradstreet
wholesale
for April 24 back to
food
index
$4.10, the
po¬
sition it occupied for eight straight
weeks prior to the rise
in the
week
of
April
17.
The
current
figure contrasts with $4.02 for the
1944 date, or a gain of 2.0%.
Only
potatoes
advanced
during
sheep and lambs
the week, while
declined.
The
index
represents the sum
total of the price per pound of 31
foods in general
Retail volume
use.
in
almost
every
tinued to set the pace, men's wear
and shoes were in favorable de¬
mand.
Seasonal
items, including
plants, garden implements, and
household equipment, were
pur¬
chased in large numbers.
Food
volume
aided by the
was
slightly
improved selection of fresh
etables.
Movement
uneven in those lines where lim¬
ited assortments prevailed.
Women's ready-to-wear and
cessories
sold
ac¬
well, with
suits and pastel toppers in chief
Dark
and
in
sheers
very
shoes
were
as
were
bought heavily. All types of mil¬
linery—small white hats, large
brimmed black, and flower hatswere
not
ago.
popular.
Fur
scarfs
selling as favorably as
-While
volume
in
were
a year
men's
clothing and furnishing stores de¬
clined sharply below the previous
week, it
Piece
heavily
more
above
goods
as
also
year ago.
sewing
to
sell
gained
Ribbon depart¬
increased
more
Retail
furniture
demand for staple
production for | merchandise, but dealers could
the same period was reported at j offer little selectivity due to poor
98% of capacity, or an increase; deliveries.
Hardware, household
for
of
paperboard,
one
point
over
the
previous 1 items, and furnishings marked
week.
a
good
volume.
a
year
and
ago
Some
canned
items
Summer
nounced
increased.
in
noted
No
meat
and
sup¬
Retail
volume
estimated
was
for
the
7% to
above
year
A
degree of
to
conservation
characterize
and
Orders
of
lisher
staple
to
for
dry
goods
and
par¬
country-wide basis,
Federal
the
dex,
21,
April
in¬
creased
by 3%,
to date
wholesale
noted
a
Some
volume
week,
was
buyers
sible
ih
cuts
allotment
the
week
was
tions
greater
for
M-388
given
the
over
from
According to the
serve
Bank's index,
with
a
few
up
floor
union
its
of
final
succeeds John
is
v
now
on
Frank
Wood, who
military leave.
Mertens has been law
Mr.
retary
to
State
Justice
Isidor
sec¬
Wasser-
vogel of the Supreme Court here
since
January, 1942.
Mr. Mertens
ant
was
a
Prior to that
Deputy Assist¬
District Attorney, attached to
the Rackets Bureau, when Gover¬
Thomas E. Dewey
was
Mr.
Mertens
School
in
on
born
in
New
1934.
1944
fine
ounces
1,029,398
965,569
969,017
Silver
The
method of quoting sil¬
the London
market an¬
new
in
ver
25V2d per
cash
price
two
showed
compared
at
months' delivery,
slight advance as
a
with
per
fixed
was
.999 fine for both
ounce
and
this
1944, came
2, 1945, when
Jan.
on
the
old
price
standard
ounce
of
our
in
arms
the
,
V Nothing can
.
the
an
per
.999 fine.
Throughout
the
first
three
months of the year the price re¬
mained unaltered at the new
figgure and there was no change in
market conditions.
Supplies
con¬
tinued to be made available at
the official price by the authori¬
ties
and
small
offerings were
forthcoming
sources,
the
from
silver
quarters
still
being
served
for
essential
production
from
both
strictly
re¬
the
requirements
industries,
war
of
In Bombay,. prices
showed a
fairly wide variation, but both the
highest
and
lowest;»for
three
.
months
under
corded
in
Rs.
review
January,
133.2.0
119.12.0
and
re¬
highest
the
100
per
were
the
lowest
tolas, giving
sterling equivalents of about 64d
and 57J/2d per ounce .999 fine re¬
spectively.
to
the
Sales
otherwise
of
be made
Reserve
the
silver
to
pears
main
have
to
of
India,
feature
been
the
con¬
in the market
Bank
the
war
ap¬
periodic
news
from
V
common
veteran armies to
our
Senate Extends Draft
thiumph in Ger¬
\
Law for One Year
Churchill, in a
President Truman and
Stalin,
comradeship and
with
inflexible resolve to fulfill
and
purpose
In his
order
of
our
Let
the foe."
duty.
our
march forward upon
all
the day, as re-s¬
ported by the Federal-Communi¬
cations
Stalin
of
(.925
Minister
victorious
Commission,
broadcast
from
Marshal
Moscow,
April 27:
"Long live the victory
of
the
freedom-loving
nations
over Germany!"
General
Bradley,
to
our
own
troops said, according to the Asso¬
ciated
Press
from
Germany,
April 27:
"The people of Amer¬
ica, who armed you, have had
great faith in, you.
You have
justified that faith,
as you
will in
the battles that follow."
The
Senate
on
April
24, by
a
voice vote, passed a bill to extend
the Selective Service Act to one
beyond the expiration date
May 15, after adopting an
amendment, by a roll call vote
of 50 to 25, that 18-year-olds must
year
of
have
six
fore
combat.
end
months
of
training be¬
The
proposal
to
the
drafting of men over 31
May 1 was rejected.
after
The
measure now goes back to
House, which had previously
passed the bill in its present form
the
without the amendment.
The Senate also voted down
on
April 23 an amendment requiring
a
year's training for boys under
20, after Gen. George C. Marshall
in
letter
a
to
Senator
Thomas
(Dem.-Utah), Chairman of the
Senate Military Affairs Commit¬
tee,'strongly opposed any Senate
action
that
would
compel
the
Army to train all draftees under
Offices
Appropriation
Congress has sent to the White
House a $3,000,000,000 independent
offices
ing
was
May 20, 1910.
He
was graduated fromWesleyan Uni¬
versity, Middletown, Connecticut,
in 1931, and from Harvard Law
City
Press
/. /
From
York
comparison:
ounces
1,029,384
February
was
said the United
Press
reported
from
London,
April 27:
"We meet in true and
Attorney
New York City.
January
given be¬
1945
fine
on
District
of New York County.
August, 1934, to January,
1938, Mr. Mertens was associated
with
McLaughlin & Stickles of
*
;*
.
Rs.
Associated
Allied
Prime
.
York
said:
bivouac
their victorious purpose to
many."
Appointed to
Banking Department
New
their
who
victory."
weaken
or
purpose
ierfens
the
of
is
the various fronts.
pursue
15%.
of
the purpose of
•
„
will not miss.
Marshal
Counsel
1945
reactions
rose
of
,
by
divide
in
Superintendent
months
low, together with the figures for
the corresponding months of 1944
for
tinued
message to
Bell,
ex¬
from there on April 27,
said, among other things:
"The
For the four
April 21, 1945, sales
by 6%, and for the year to
V.
the
to
weeks ended
Elliott
the
February
heart of Germany has a meaning
for the world which the world
the preceding week.
date by
and
report
department
of 6%
un¬
gold output of the Trans¬
for
who
was un¬
Federal Re¬
gain
sacred
a
was
words ' of
is
cording
City for
the weekly period to April 21,
1945, increased by 19% above the
same
period of last year.
This
compared
meet¬
From Washington came a state¬
ment from President Truman, ac¬
sales in New York
store
the
Blagonaroff,
the last march to
display fall
goods"
from
"free
in"
people
"Torgau
derstood, planned to
lines
these
to
the
A
mass
reported to the
as
General
to prepara¬
date of
apparel manufacturers, it
held,
were
pressed
effective
Tuesday past.
on
the Soviet Union
All
April 28, and the greatness of the
pos¬
of
River,
the
event
quotas
part
Elbe
leaders
New York "Times" from Moscow,
by manufacturers due to growing
lumber shortages.
In the apparel
trades
the
of
Allied
Russia
sig¬
ings
actively
sought goods through fear of
banks
Eisenhower
of Soviet
of
over
apparent in the past
was
though
•
the
forces
world gave voice to the deep
nificance of
this
moment.
began marketing
of
their
surplus
stocks.
letup in retail furniture
some
the
and/, the
dealers
as
vaal
ounce
history took
General
of
command
with
good volume
volume
The
23V2d
place with the meeting of the
Anglo-American armies under the
slight increase in
grocery,
remained
calculated.
was
effect
A great moment in
York retail trade
A
at
official
on
of business.
gold
168/~per fine ounce,
which figure the above amount
fine), which is equal to 25.38d
by 14%.
last week reflected
bar
the
any
Allied Armies Meet
and for the year
Here in New
£241,-
England's buying
nounced at the end of
a
of
ceding week.
ended
April
at
at
nomic Administration.
a
3% in the pre¬
For the four weeks
21, 1945, sales in¬
gain
a
for
changed
into
for
the week ended
1945.
This compared
ago
with
Board's
rate
Bank of
for
Greece is prohibited. Publications
containing technical data
must
comply with
the licensing
re¬
quirements of the Foreign Eco¬
taken from
as
Reserve
unaltered
was
718.
January
article
V
18% ahead of that of
were
year
'
on
sub¬
or
Forwarding or remailing
of
printed
matter
furnishings, and de¬
delays, coupled with low
inventories, remain
a
pressing
sales
publisher,
firm.
livery
store
England
agent in this country
or
a
(b) Other articles conforming
the conditions applicable to
printed matter, mailed directly
by a publisher or commercial
and women's
Department
Gold
The amount of gold held in the
Issue Department of the Bank of
to
men's
problem to most retailers.
fraction) is restricted to:
agent
scriber in Greece.
volume.
being filled only
are
tially
and
rate
(a)Periodicals and
newspa¬
mailed directly by a pub¬
sales
orders
letter
pers
closely
approximated those of last April.
Relatively heavy demands on the
part of small retailers boosted the
number
the
ounces or
trading in the week past. It was
interesting to note that despite
this year of a number
medium-priced
goods, wholesalers'
and
packages prepaid
of postage (50
for the first ounce, 30 for each
additional ounce) may not contain
merchandise of any kind.
The service for printed matter
(rate of postage, V/z$ for each 2
shortages
of
mailed to Greece
Letters
at
con¬
wholesale
the
once,
The
ago.
tinued
at
ted.
Regional percentage
increases were:
New England, 3
to 7; East, 10 to 14; Middle
West,
6 to 10;
Northwest, 4 to 8; South,
9 to 13;
Southwest, 5 to 10; Pacific
Coast, 7 to 11.
a
effective
(includ¬
ing Crete) is increased to 4 pounds
6 ounces.
Registration is permit¬
country
11%
of
that,
matter
plies.
Montagu
Co., London, written under date
April 3..
&
maximum weight limit for letters
as
well as for articles of printed
was
poultry
bullion letter of Samuel
ton
still
improvement
April 21 information
on
We reprint below the
quarterly
an¬
has been received from Washing¬
but the rate of turnover has
scarce
Silver Markets
Postmaster Albert Goldman
was
were
English Gold and
For Greece
slightly above the previous week.
nor
reported
volume.
stores had
a
continued
home
popularity.
ments
sales
was
steady with
Banking Department. Mr. Mertens
dressy 6nes
as
Up Mail Weight Limit
pur¬
descrip¬
sellers.
Play
of all
good
well
were
occasion
also
were
departments.
every
cotton dresses
tions
figurines,
Banks, announced on May 1 the
appoitment of William Mertens,
Jr., as Deputy Superintendent and
sales
for
ceramic
chased in good quantities.
Food
distribution
remained
veg¬
especially
was
gadgets,1
selected
May 15 to June 1.
line for the country as a whole
last week pointed up.
Although
women's
wearing
apparel con¬
ended
90.7% of capacity, as
against 87.4% of capacity for the
preceding
week,
the American
Paper and Pulp Association's index of mill activity disclosed.
As
April 21
the
week
Brisk
of
duction
previous
basement
///;/
Cana¬
no
corresponding week of 1944.
noted
r
a
the
demand.
amounted
numbered
were
1945,
'
For the year-to-date shipments
orders
There
mills
files
order
115% of stocks.
in
last week and
as
21,
than production.
failures
service
same
for these
April
orders
four
compared with one
Concerns failing in
as
ago.
comparable
dian failures against three in
reports
week
while
year
50%
and
In the construction
ago.
two, the
25%
the
were
commercial
■
reports
sponding
week,
week
corre¬
Consolidated Edison Co. of New
York
there
same
'
,
a
previous week
between
were
the
a
\///v\;':;"v
■
revenue
those
Manufacturing, wholesaling and
retailing all showed a decline in
field
of
also
year ago.
week of 1944.
;\'/////■■,'/
below
they
half
about
to
pared
Railroad Freight Loading—Car-
dipped
number,
of steel
loadings
week ago,
a
approximately half the
were
in the
lower
ago.
remained at
more
unchanged from
is equivalent to
ingots and castings, com¬
1,707,100 net tons last
week and 1,782,300 tons ope year
Brad-
failing this year.
Large failures involving liabili¬
and
to
&
Dun
concern
points from last week's rate, and
1,754,700 net tons
week
compared
as
and
Iron
the
with 24 last
week and 41 in the corresponding
week a year ago.
For every two
concerns failing in the comparable
week of 1944, there was only one
ures
products.
American
for¬
street, Inc., reports, with 20 fail¬
ties of $5,000 or
The
in
down
industry claims to be losing
money on 70% of its carbon steel
The
for
—Commercial and industrial fail¬
record.
on
York
Business Failures Drop in Week
at OPA's
arms
in
lem
New
25V2d.
at
The
price relief was
interest in the steel in¬
this
dustry
unchanged
was
for
need
of prime
Silver—The London market for
sheet
backlogs.
and
plant stands, flower pots,
as
1981
from
appropriation bill, accord¬
to Associated Press advices
Washington, April 25, which
sum included $17,-
added that the
for
20
at
least
to
help
States,
and cities draw up
counties
plans for job-
giving post-war public works.
year
in this
country.
However, General Marshall did
that as soon as military con¬
permit, the
Army will
adopt a policy of sending over¬
seas no soldiers younger than 19.
say
ditions
President
500,000
one
rectly
Truman
expressed
had.
his
indi¬
desire
to
have the bill extended for another
year
in its present form.
Commerce Chamber
Congressional Group
Against Use of
Anti-Trust Laws to Gontrol Railroad Rates Approves Reserve Cut
NY State Chamber Warns
approved legislation to reduce
reserve
requirements of Federal
Reserve Banks, according to an
Associated
Press
report
from
has
"Recently
Justice has
Department of
attacked the railroads
the
laws,"
violating the anti-trust
for
report said.
"A suit filed in
Nebraska
during
August,
1944,
the
charged that 47 railroads, and 90
railroad' and
banking
officials,
restrain
monopolize transportation in
in
were
and
This ac¬
United, States.
Western
tion
to
conspiracy
a
followed
was
26,
Su¬
March
on
United States
preme Court agreeing to consider
the State of Georgia's complaint
that the railroads have violated
the anti-trust laws by conspiring
to
establish and maintain rates
which discriminated against Geor¬
1945,
gia
the
by
used
to undermine state regulation of
railroad rates, although such reg¬
ulation is made by an experienced
laws had already been
administrative
Federal
which
port, which will be presented by
Arthur M. Reis, Chairman of the
Internal Trade and
Improvements, at the meeting of
the Chamber on May 3, continued:
considered
principal objections to
cooperative price fixing aimed at
by the anti-trust laws, i.e., unrea¬
"It has always been
the
sonable and discriminatory prices
competition is not present,
public is pro¬
tected by the power of the Inter¬
state
Commerce Commission to
when
avoided and the
are
rule
the rates, prohibit ex¬
discriminatory charges,
upon
cessive
or
decision
The
reasonable,
and
action
an
alleging
viola¬
tion of the anti-trust laws in the
concerted
and
consider
may
results
discrimination
whether
from rates
established, appears
foreshadow a use of the anti¬
to
so
trust laws to control railroad rates
and
destruction
a
authority
tory
of
of
the
regula¬
Commis¬
the
sion."
make
give the railroads the desired
ex¬
emption from the anti-trust laws.
A
second
report
committee opposed
the
"to
ence
freight
cr
secure
rates
political
the efforts of
Governors
Southern
through
method
legislation
when
maneuvers
and
available
is
Confer¬
.favorable
more
established
long
Interstate
Reis's
of Mr.
' judicial
the
through
Commerce
a
Commis¬
sion."
Orders
have
End
revoked
been
by
the War Production Board fixing
quotas for production of telephone
instruments and limiting installa¬
tions
of
new
tele¬
telegraph and
ities
said
that
as
telegraph
to
install
the
revocation
materials
operators
new
are
means
available
will
facilities
free
be
to
meet
all requests for service, according
to the Associated Press.
Cancellation
strument
was
of
telephone
production quota order
explained by Edward Falck,
There
funds
of public
were
Fair Trade Goimcit
Trade Council announced the ap¬
at least 42 such cor¬
pointment of Dr. Gary
porations, with outstanding loans
of nearly $7,000,000,000 and a net
deficit in excess of $14,000,000,000
as
of Sept. 30 last, the report
The
extent
ernment
organization.
with
loaned
sum
Senate
April 26 passed legis¬
on
Committee
gold reserve
in
the
Federal
Reserve
25% of their deposits and
lation which cut the
ratio
Banks
Associated
The
Washington:
The
Banks
Federal securities
against Federal Reserve notes is¬
sued
by
the
Federal
Reserve
agents. 'iy.p-s
.
2. Repeals the 1933 authoriza¬
for
of Federal
issuance
bank
Re¬
been is¬
have
of such notes
lion
.
About $600 mil¬
gold backing.
no
sued.
the
Repeals
3.
in
lion
S.
U.
authoriza¬
1933
of up to $3 bil¬
tion for issuance
high command
has been dependent upon avail¬
able merchant shipping," Mr. Tay¬
"greenback" notes.
used.
This authority was never
lor stated
able
with
serving
in the
Bankers Division
1945 ap¬
of the Greater .New York
Fund, met at the Pine Street of¬
fices of George J. Leness, partner
in the firm
of Merrill, Lynch,
Fenner and Beane, Divi¬
sion Chairman, to complete plans
Pierce,
participation in the ap¬
Board
the
Manhattan
the
of
Chairman of
Bank
the
of
Company, New York,
general campaign Chairman and
Harry M. Addinsell, Chairman of
committee
executive
the
of
the
gigantic
our
shipping effort.
"Only recently
of
services
armed
our
overseas
the
oa
corrected
were our
attained
brought
near,"
objectives
stated,
"Journal
which
that only
and
seas;
was
The
ciuota
has
the
addressed
Section,
nance
group.
:V
,
Division, which topped its
in the
1944 appeal, already
organization
completed
for
year's campaign, which begins
May 2 with a dinner at the Hotel
Astor, at which Governor Thomas
E. Dewey will be the principal
according
Commerce"
of
that
continued
pointed
408
voluntary
hospitals,
health and welfare agencies which
the Fund helps support, serving
The
2,500,000
appeal to business concerns
employee
asks for
as
persons
a
groups,
the
Fund
minimum of $4,500,000
business's share.
Franking Privilege
for Mrs. Roosevelt
The Senate-approved bill
Mrs.
Franklin
D.
giving
Roosevelt
the
franking privilege for free use of
the mails, a traditional Congres¬
courtesy
to
Presidents'
to
bill
ment-owned
have
of
corporations and said
said.
"As
soon
conditions
as
permit they will be supplemented
with
fleets
new
liners."
advertised
war.
full
my
goods
effectively
more
statutes
and
to
to
under'
creating
a
understanding of
consumer
V
\
is
Congress Must Set
accounting
exemptions from
any
Prisoner Treatment
budgetary requirements
and fraught
unnecessary
with.
No agency should be per- f
danger.
mitted to account only to itself for
the use of public money. Without
adequate supervision and control
its objectives may depart widely
from Congressional intent. Legis¬
be
enacted to
Brigadier General R. W. Berry,General George C. Mar-
Ian a^e
rem¬
shall, placed squarely
to Con¬
up
the question whether atro¬
against United States pris- j
gress
cities
of
oners
in
war
Germany should;
bring lower standards for German
prisoners in this country.
General Berry, Deputy Assistant
Chief of Staff, on
ABA
Machinery for
House
inquiring into alleged "coddling"
of
German
prisoners
that
the
Elections in Absence
Army
Acting to
the
49
assure
continua¬
elect
representatives to the councils of
is
spite
of
meeetings,
from
session in
"
the wartime ban on j
the
Administrative
of
Committee
the
York
New
adopted
in
to
treat
accordance
If
Convention.
change, it must
a
Congress, not by the
the United Press
reported
Washington
on
April 26.
:
mm
1
#
Meat Situation Critical
in
Association
be
to
be made by
the American Bankers Association
in
Geneva
the
there
Army,
bound
prisoners
with
ABA members
of the
states
legally
is
German
of their opportunity to
April 26 told the'
Military Affairs Committee '
meat
situation
States
threatened
The
an
United
arrangement for election of mem¬
of
seller's'
a
the principles of Fair Trade."
during an emergency, such as a
war, the use of this device with
tion
he
turn from
helping the manufacturers
branded,
these
be justifica¬
in
"are looking for post-war opera¬
tion on our various trade routes,"
we
increasingly
tion for Government corporations
tory ships and the large fleet of
designed
troop
trans¬
that
American
operators
as
Their
system.
become
privilege to devote
a
better
specially
which
on
buyer's market after the
a
operate
of Conventions
vessels
will
It is
edy this situation."
report,
he
had
prices
These laws'
effect on our
commercial
to
Senator
may
advantages of
stabilizing
a
evident
Govern¬
there
45 states'
of
resale
value
in conclusion:
"While
learn about the
time to
regulate
to
books
whole
to
approved
report
will be
operated when peace comes."
It
is to the C-type vessels, new Vic¬
type
war
in
the
to
come a
be-1
major issue, and Chairman'
bers of the ABA Executive Coun¬
Elmer
Thomas
cil and of its nomination commit¬
the
Appointments to Small
tee, and of a vice-president from
each state for each of its four
Committee
Business Committee
divisions.
brightly
painted
The
appointment of ten new
to
the Department of
Commerce Small Business Advis¬
ory
Secretary
announced
April 18 from Washington by
Committee
Henry A. Wallace
the
Associated
ther
by
was
Press, which fur¬
said:
The
members
new
are:
Ivan
Allen, Sr., wholesale office sup¬
plier, Atlanta; Vincent L. Browner,
retail grocer, Des Moines, la.; W.
E.
These
are
the National
Bank
members
banker,
Shawnee,
Holland, head of
an
engraving company, Kansas
City; E. H. Lane, furniture, Alta¬
Vista, Va.; A. W. Lutz, wholesale
grocer, Wilmington, Calif.; John
R. Pinkett, insurance, Washing¬
ton, D. C.; Walter Ringer, gar¬
ment manufacturer, Minneapolis;
Division, the State Bank
Division,
the Savings Division,
and
the
The
Division.
Trust
Executive
is
the
of the Associa¬
body
governing
tion, consisting of 124 bankers, 97
of whom are elected by member
institutions, 12 of whom are ap¬
pointed by the president and 25
of whom
are
ex-officio members.
states
be
to
are
24
from
members
Twenty-seven
Lou
Morris
elected
to
the
council this year.
New York
nle,
Rosenthal,
importer,
City, and George Rup-
milk
processor,
Shawano,
Benito
The
total
number
of
members
of the Committee which Mr. Wal¬
established
vices
now
16.
on
March
2
is
met
his
end
by execution by Italian Partisans
who shot him, his mistress, and a
dozen other members
cist
of the Fas¬
party, a report to the New
"Times" from Milan, April
29, stated. The body of
was
dumped
dictator
Milan and
and
had
the former
with the
at
left there to be reviled
onto
a
public
square
disfigured by the people who
been brought to ruin by his
power.
to
the price-control
the
Senate
to
amend
try
extension bill if.
the Office of Price Administration !
provide immediate relief
does not
packers from present reg¬
ulations, the
United Press re-,
ported from Washington, April 28.
The
Administration's
10-
new
point program has been criticized :
the committee
to
bring
quate
to
ciated
Press
as
being inade¬
relief,
said
the Asso-1
Washing-'
from
ton, April 27.
?/;
———
•Legislation extending the draft
law
and
triction
including
on
Senate
a
the combat
use
of
re-
18-«
year-old inductees until they have;
had at
least six months'
which
the
York
lust for
4
Mussolini
that
said
steps
of
Investigating'
No Combat for 18-Yr. Olds'
Mussolini Executed
others
Wis.
take
.
E.
S.
will
(Dem.-Okla.)
Food
Senate
to meat
Council
Harbor,
Okla.;
lace
April 25,
The
Byrd's
statute
trade-marked products.
out post-war plans."
Mr.
the
"a large proportion of fast, post¬
widows, was passed by the House,
according to Associated Press ad¬
from Washington,
carry
American
the
that
out
the
to
a
corporation
lation should
Merchant Marine already contains
on
speaker.
enterprise
this appointment, he
standardized
Government-pri¬
of
type
vate
and
who is serving
the Fund's, Fi¬
of
Chairman
hybrid
establish
Committee.''
Industries
"Although Fair Trade laws are:
type of
Government
Federal
was econ¬
American business still has much'
and ex¬
scope
•
For ten-
said:
,
First Boston Corp.,
as
this
of
laws and
1
Fleet Admiral
Ernest J. King declared that 'lack
of ships was one of our pre-war
weaknesses,' retarding the impact
ports
•
Stewart Baker,
J.
of
eventually
peal
peal.
because
fensive
Taylor
Investment
the
successful of¬
a
military
executives,
banking
America has been
that
when this
Plans for N, Y. Fund
our
maintain
to
and
Inv, Rankers Finish
Fifteen
of
"strategy
Institute's
In accepting
investigation of the
an
at¬
an
omist for the American Petroleum
Government
agency is timely if not overdue,
particularly in view of the recent
suggestions of the National Re¬
sources
Planning Board that the
which ap¬
in the "Journal of Com¬
merce."
Pointing out that the
peared
require
which
notes
statement at
a
New London, April 25,
pledge
tion
Merchant
American
Institute, in
Marine
thority of Federal Reserve
serve
Frank J. Taylor, Pres¬
the
of
ident
legislation also:
1. Extends indefinitely the au¬
to
shipping
stressed by
The
victory of
facilities was
importance
adequate
35% of deposits.
to
tent
Emphasize War Rote
of Americans Shipping
reported
Press
"Clearly
prior to 1943, he
years,
was ap¬
on
14.
growth in number,
in circulation.
notes
March
on
industrial economics.
on
1944."
was
Dr. Leslie is
torney and a recognized authority
Gov¬
compete
agencies
as
gen¬
eral charge of the activities of the
private enterprise is shown by the
fact that "this
Leslie
Executive Vice-President in
said.
these
which
to
j
£
The directors of American Fair!
ing loans of all of the 14,553 banks
in the United States as of June 30,
sional
in¬
Dr. Leslie to Direct
since
their inception, pay no taxes and
largely are immune from Govern¬
ment restraint.
?-:Hr
000,000,000
approved by the Senate Banking
since
The WPB's Office of War Util¬
that*®*-
out
Gold Reserve Ratio
and
June, 1943.
pointed
report
proximately 28% of the outstand¬
In its
users
The
these corporations, into which the
Government has put about $37,-
Similar legis¬
goes on to say
essential
Associated
the
bonds,
report of the Executive Committee of the Chamber of
State of New York which will be acted upon at
of the
Commerce
the annual meeting on May 3.
reported by the Asso¬
ciated Press from Washington, as
from
specified
and
against the deposit of Gov¬
lation
typewriter service, according to
advices by the Associated Press
to
issue
business
Press report states.
annually, must
obtain
$22,500,000
this
year
through voluntary contributions.
Washington, April 27, which
that installation of
new telegraph and teletype serv¬
ice had been limited by Order U-6
to
notes
permanent their authority
ordinary Federal Reserve
ernment
this
Phone Output Quotas
banks
Bank
of
is urged in a
Senate Passes Cut in
The
report approved the bill in¬
by Representative Bulwinkle (HR2536)
which would
the
of
Reserve
to issue
notes
for their
troduced
in
legislation also removes the
Federal
terials, he said.
fixing of freight rates,
apparently
uniform minimum of 25%
authority
therefore that the courts may en¬
tertain
a
The
prescribe rates which are just
and
certificates
in gold
to
present law, the banks
must maintain gold reserves equal
to 40% of notes in circulation and
reasonable and
non-discriminatory rates, the re¬
35%
lawful money against deposits,
gold certificates against combined
note and deposit liabilities.
Under
Defending the necessity of co¬
certificates
gold
and
tion
ma¬
from
roads to establish
that
and
manpower
of
against
by Congress of the huge network of Govern¬
corporations, many of which operate over a wide range'
activity involving the expenditure of billions of dollars,
Financial control
ment-owned
low¬
or
of 2,720,000
available
be
present level
Federal Reserve notes in circula¬
applications for
service, current production sched¬
ules will supply only 1,220,000 in¬
struments this year.
Elimination
of
quota
restrictions will put
manufacturers in a position to in¬
crease their output to the limit of
agency
operative action among the rail¬
on
said
He
total
in
their
from
40%
telephone service."
that with an estimated
and has long
functioned for that
Committee
the
for
purpose."
created
was
meeting
a
as
would
reserves
ered
"step toward
present unsatisfied
director,
demand
The anti¬
citizens.
its
and
•
trust
OWU
Under the
Washington, April 23.
measure
trust statutes.
Urges Congressional
Corporations
Financial Control of Govt.
The House Banking Committee
laws to control railroad rates
of the Interstate Commerce
Commission, a report made public by the Chamber of Commerce of
the State of New York on May 1 urged Congress to enact legislation
which would exempt Commission-approved rate making agreements
and the railroads making them from the application of the antiWarning that use of the anti-trust
destroy the regulatory powers
could
Thursday, May 3, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1982
unanimous
House
voice
training,.
approved
vote,
has
by
a
been
completed and sent to the White
House, according to
Press
report
April 27.
from
an
Associated
Washington,
*
Volume
Number 4382
161
THE COMMERCIAL & FINANCIAL CHRONICLE
Steel Qufpyt Again Increased—Producers
German Radio Reports
Await Pattern of Cutbacks in War Needs Adolf Hitler Dead
"Last minute developments in the steel picture early
this week
heavy steel order volume
materials would be changed substantially in the near future,"
gave evidence that the characteristics of the
for
war
Truman Asks Wallace
Hamburg radio announced
May 1 that Adolf Hitler died
Fred M„ Vinson
To
The
on
1983
Broader Trade
Study Patents
An
investigation directed by
Secretary of Commerce Henry
this afternoon and Grand Admiral
Karl Doenitz proclaimed himself
to
the
new
fuehrer by Hitler's ap¬
pointment and said that the war
was
drop in order vol-^—t
I
; 1 ■'——*
lime is expected to be only ternthe first three months after V-E
Day.
;
porary during the period in which
would
Wallace.
cutbacks
German
states "The Iron Age" in its issue today (May 3), which further says:
"The steel industry as a whole early this week had accepted VE-Day
as
••
foregone conclusion.
a
"While
the
implemented, .the
pattern of finished steel
whole
are
production and shipments will be
different
somewhat
than
it
was
when heavy war production pre¬
dominated.
Obviously, first call
the nation's steel supplies will
on
requirements needed to fin¬
go to
the Pacific
ish
War.
It is in
that
segment of steel supplies over and
above
those
needed
for
War
where
the
anese
the
Jap¬
greatest
"Reduction in
requirements for
ships and tanks and the more re¬
cent cuts in aircraft are fairly well
.
established
and
to
future
Other programs
of less
importance also seem to be on the
wane, but much room still is left
for
uncertainty especially with
regard to heavy shell work, which
assurance.
dominates
now
materialize.
program.
•
"A
"Actual reconversion in the steel
mills
presents
difficult
prob¬
The major stumbling block,
lem.
no
which will be
temporary, centers
the unbalance of steel product
on
schedules
penions
because
of
sus-
cancellations.
and
order
The
Armed Forces will
move
slowly at
first
in
sharply reducing their
needs, but within the next three
months
itary
secondary
a
cutbacks
wave
of mil¬
expected
is
by
authoritative quarters.
many
civilian
ordinary
items
steel
entire
the
cutback
recent
made
certain
in
because of changes in the war sit¬
cer¬
tain further broad details will be
Latest information
indicates substantial reduction
from steel is the almost certainty
types
that
M-4
tanks,
shells.
be
to
than
more
half
released
farm
by
will
backs
to
go
turers.
steel
military
industry
civilian
and
manufac¬
that these
will be given about 1,-
500,000 tons of the steel to be
leased
during
the
re¬
three-months
of
artillery
and
mortar
"Evidence
is
increasing
that
providing machinery for
tion
of
this tonnage does not give rise to
available only late in the year or
hopes of large scale civilian
activity in the near future.
"While the automobile industry
;
"Steel
production
deliveries
early
had
next
in
sheets
little
products
Plates
year.
are
can
August
and
sold
war.
show
some
July
are
after
soon
European
change and in
be
but
toward
well
the
is reported to have already placed
on an if-as-and-when basis
end of the year and in some cases
for approximately
sheets, there is little indication in
into next year by some pro¬
ducers.
Shapes are holding up
the
unexpectedly
orders
trade
tonnage
and
Jmand. for
heavy
such
soon
be produced.
can
backlogs
how
to
as
300,000 tons of
Sheet
sheet de-
current
war
purposes
to pose
are
produced
"The
,
week
in any quantity in the
steel
was
price situation this
slowly moving toward
the point of actual announcement
by OPA of permissible increases.
OPA has approved a hike in many
steel
be
prices but its decision must
with
cleared
the
"higher ups"
Government.
ment
is
An
in
announce¬
about May
by
15."
general
American
Iron
that
telegraphic reports which
received
that
it
the
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 95.8% of
capacity for the week beginning
April 30.
1945, compared with
93.2%
one
week
ago.
96.9%
and
99.5%
one
ago
the
one
year
operating rate for the
beginning April 30 is equi¬
valent to 1,754,700 tons of steel
week
ingots
and
1.707,100
774.900
castings, compared to
tons
tons
one
one
1,782.300 tons
week
month
one year
1,-
ago,
ago,
and
ago.
"Steel" of Cleveland, in its sum¬
of the iron and steel
mary
kets,
mar¬
April 30, stated in part
on
as
follows:
"Steel
keen
producers
await
pattern of cutbacks in war pro¬
grams,
following official
tion of
a
predic¬
curtailment within
<
has
adopted
of
leagues, with respect to the intro¬
cording
of
to
from
major legislation,
an
Associated Press
Washington,
also
states
similar
a
April
that
method
in
will
ac¬
German
McCormack
19,
the
be
(Mass.):
It is antici¬
pated that where practicable, Mr.
Truman, who has had ample op¬
portunity
hero's
a
history
death.
has
In
departed.
proud respect and grief
we
standards.
our
to
three
unofficial
Press
portunity
learn
the
value
of
men
have
states,
will
be
received
the
assurance,
that
a
Associ¬
full op¬
afforded
them
for
discussing in advance major
legislation, in the hope that thus
a
maximum of cooperation be¬
tween the executive and legisla¬
tive
branches
may
be achieved.
of
the
Government
Barkiey
made
public
President
study patent
cooperation with the At¬
torney-General, Stabilization Di¬
rector Davis, the Office of Scien¬
tific
Research
and
Development,
Patent Planning Commission.
The letter to the former Vice-
President follows:
"My dear Mr. Secretary:
"Much has lately been said and
written
to
suggest
that
the
pat¬
ent statutes do not in all respects
the
serve
constitutional
the
promote
unlawful
forces.
contravention
of
the
of
laws.
I
take
command
of
the
over
all
supreme
branches
of
the
German armed forces, resolved to
continue
the struggle
against the
Bolsheviks until the fighting
men,
until the hundreds of thousands
of families of the German east
saved from
are
bondage and extermi¬
nation.
I
fight
bound
am
far
as
impede
me
and
to
continue
viks.
to
long as they
in the continuation of
as
struggle against the
Bolshe¬
The situation demands that
who
you,
have
already achieved
such great historic deeds and who
longing for the end of the
are now
war,
in your
persevere
uncondi¬
tional readiness for action.
I
demand discipline and obedi¬
Only by unquestioning
ence.
pliance with
com¬
orders will chaos
my
and downfall be avoided. Whoever
his
evades
coward
a
duty
and
German
this.,hour
at
a
traitor,
brings down death
on
"I
believe
welcome
executive
or
women
for
is
he
enslavement
and
children.
For every single one of you the
oath of loyalty to the Fuehrer is
transferred straight to my person
as
the Fuehrer's appointed suc¬
arts, and that
been
anti-trust
of the
our
people is at
Lincoln President
Leroy A. Lincoln, President of
Metropolitan Life Insurance
Co., has been renominated for
the
President of the Chamber of Com¬
of
merce
for
a
State of New York
the
second
one
summoned
a
confer¬
President, the Associated
Press account stated.
year,
it
on
April 29 by
Tomlinson, Chairman of
Nominating Committee,
in
E.
the
making
public
1945-1946
tions
are
the
fiscal
slate
year.
for
The
the
elec¬
being held at the 177th
annual meeting on
John D.
May 3.
Rockefeller, Jr. headed
list of three new Vice-Presidents
nominated
for
four-year terms.
Named with him were George W.
Bacon, Chairman of Ford, Bacon
&
Davis,
and
James
G.
Blaine,
Midland
Co., New York.
of
the
as
the
Govern¬
of
the
patent
anti-trust
laws
ance
Society of the United States,
Scarborough were
and William B.
renominted
for
Treasurer
and
Assistant
Treasurer, respectively,
and B. Colwell Davis, Jr. for Ex¬
ecutive Secretary.
Peter Grimm, President of Wil¬
for
Chairman
Committee
to
was
Sons,
of
the
succeed
was
named
Executive
Robert
nominated for
F.
one
sev¬
departments of the Govern¬
fort
to
this
no
concerted
ef¬
subject.
formulate
policy
a
upon
"Will you please undertake such
study and submit to me your re¬
port
and
recommendations
re¬
specting the legislative proposals
you think I should lay before the
Congress.
In so "doing will you
please consult with the AttorneyGeneral, the director of Economic
Stabilization, the director of the
Office of Scientific Research and
Development
and
of the National
the
Chairman
Planning Commis¬
sion."
Policy Surrender
Life
render
values
paid
out
country-
available have doubled in the
intervening
April
on
it
years,
26
by
was
the
reported
Institute
"This
The
February total of surrender
values
paid
in
by
out
companies
total for the
ing,
the
nation's
about
was
%
the
$210,979,000, an increase of
$5,661,000 over February, 1944,
due in large part to the increased
were
benefits
claims.
fits
paid
under
war
to
$106,100,000,
more than 7%
over the previous
February and one of the largest
on
wartime
remove
is
country
tU
also
com¬
opposed to a contractive,
It is committed to take
as
step
necessary
to insure
the war there will be
after
ments,
and
because
of
record.
tre¬
our
pro¬
ductive
capacity,
the measures
pertaining to broad economic for¬
eign policy now before Congress
of great importance."
are
Mr. Vinson envisioned post-war
exports
double
any
fig¬
pre-war
saying "our post-war objec¬
tive of
high level of prosperity
employment will neces¬
a
full
sitate exports of at least
$10,000,000,000," the Associated Press re¬
ports.
V.
Moreover, he said, "imports of
$6,000,000,000 to
$8,000,000,000
will
be
neces¬
the magnitude of
to support the level of post¬
sary
war
prosperity that
all want."
we
Netherlands Lend-Lease
u
*
Pact Extended
A
$242,000,000 lend-lease agree¬
ment with The Netherlands which
extends existing arrangements
whereby the kingdom supplies
lend-lease, was announced
oy the government on April 30,
according to an Associated Press
dispatch on the same day from
Washington which also had the
following to say about the an¬
reverse
The
' :
?
announcement
noted
that
The Netherlands East
Indies, still
largely held by the Japanese, "are
destined
to
be
battlegrounds."
After
liberation
they will
be
available
bases
as
in
sources
and
supply
Japan,
it
fighting
'added.
The
announcement
made
was
by Joseph C. Grew, Acting Sec¬
retary of State; Henry Morgenthau, Jr., Secretary of the Treas¬
ury, and Leo T. Crowley, Foreign
Economic Administrator.
The
statement
said
'
arms
and
munitions will continue to be sup¬
plied by the United States as
straight lend-lease under previous
terms.
Supplies listed under the
agreement include
new
terials
for
civilian
The
ment
ed by
the
war
use
and
ma¬
essential
raw
supplies.
The month's death bene¬
amounted
it is feasible to do
mendously expanded wartime
corresponding month
Total payments to policyholders
and beneficiaries during February
death
as
productive jobs for every one who
is able and willing to work.
"Because
of
these
commit¬
1941.
pre-war
to
mitted to the goal of an expand¬
of
Life Insurance.
life
soon
nouncement:
wide'during February amounted to
only
$16,828,000,
the
lowest
monthly total since the '20s, al¬
though aggregate policy cash val¬
ues
committed
restrictions and controls.
insurance policy cash sur¬
statement
..
said
the
'<
agree¬
only supplies need¬
the Dutch in prosecution of
and none has been in¬
covers
war,
cluded for
Payments
the
for
first
two
months of the year were
$452,136,000
in the aggregate; of which
$221,196,000 were death benefits,
$34,876,000 were surrender value
payments and $196,064,000 were
direct payments to living policy¬
holders for maturing endowments,
disability, annuity payments and
policy
dividends.
.
Both
endow¬
ment maturities and
ments
the
were
up
annuity pay¬
about 10% above
corresponding
about 7% and
Barstow Smull
up
renominated.
as
and
Thus far the
ment have made
is
country
to relax and
so,
be appropriate.
eral
of three members-at-large of the
committee; Leon O. Head and J.
were
just
ures,
months
Graham, Vice-Presi¬
Equitable Life Assur¬
"This
the system of free enterprise," Mr.
Vinson said.
"It is our intention,
and
the
William J.
dent of the
to what kind of leadership to ex¬
pect from the United States."
post-war
economy,
to¬
gether with specific proposals for
such legislation as may seem to
announced
was
Roy
a
of
term
to
as
that
German soldiers! Do your duty!
stake.
guide
world
a
revealing
throughout the
of
purposes
cessor,
The existence of
constitute
people
every
laws and their relation to the pur¬
to
gress does about the measure "will
economy.
Congress would
effectiveness
Washington, April 25,
Congress that an expanding econ¬
omy for the United States depends
largely upon our foreign economic
policies. He said that what Con¬
to
might be able to give in pre¬
senting the results of a full and
objective study of the operation
poses
vices from
in
assistance
branch
Reconversion,
legislation extending and broad¬
ening the reciprocal trade act, ac¬
cording to Associated Press ad¬
misused
the
the
sue1?,
and
of
monoplies
ment
and
Against the British and Ameri¬
useful
and
Vinson, Director of War
appeared before the House Ways
and Means Committee in support
purpose
progress
have
liam A. White &
designed to bring support to
new
from
Fred M.
Mobilization
which stated that Mr. Vinson told
the
patents
Loree who
Democratic Senators to
the
which
support
Trust
ence
in
uses
in
supreme commander of the armed
Hill sentiment.
ated
House
science
President of the Marine
The
letter
to
compromise, may be expected to
yield to their appraisal of Capitol
,
White
The Fuehrer has designated me
to be the head of the state and
re¬
employed through Speaker Rayburn (Tex.) and Majority Leader
with
interest development of the
Truman
system
Senator
15%
Sep¬
and
working through
Senate Majority Leader Barkiey
(Dem., Ky.), who also holds the
respect of his
Republican col¬
The
ago.
be
advices
Value Down in Fek
President
House
had
month
August
can
Barkiey Assuming
Leadership in Congress
which
indicated
met
of the greatest heroes of
NY Ghamber Nominates
Steel
and
has
one
tember.
April 30, announced
on
in
to
and
in absence of
well
construction and
obtained
port
The
also
are
sold
duction
expected
Institute
Bars
a
future.
near
January.
as
ideal
great
so
serious prob¬
lem, if automobile sheets are to be
as
late
as
his
the nations of Europe from
bolshevism, he has given his life
civilian
period after VE-Day. The balance
amounting to more than 1,200,000
tons of stdel may be available for
.other than -essential needs, but
the end of the
to
save
resump¬
limited
least
at
automobile
any
Faithful
railroad
equipment, agricultural
machinery, oil and utilities will
benefit first from any appreciable
easing in war requirements, with
special attention also directed to
Press
and the Chairman of the National
The Fuehrer has fallen.
the
cut¬
railroads,
It is estimated
consumers
the
the
implement
other essential
of
by the Federal
rades:
in
some
The
broadcast
Communications Commission was
given in the New York Times on
May 2, as follows:
German armed forces, my com¬
cans
for
Associated
Washington announced:
asked Mr. Wallace to
lower
leveling of needs, but
leaves
a
tremendously
heavy
schedule, which, as long as it is
maintained, not only will con¬
sume large quantities of steel but
will have special bearing on cer¬
tain types of steel products, in¬
cluding
bars,
seamless
tubing,
shapes and rails. Definite pro¬
grams for the future are difficult
a
monopolies
April 26 by the re¬
on
a
dicated
pressure
forces,
started
by the north German radio net¬
With
soon.
armed
unlawful
support
work and reported
types of shells, of about 10%, in¬
revealed
day
May 1 by Doenitz to the
on
the misuse of patents
on
quest of President Truman to Mr.
The text of the order of the
issued
him
/
uation but it is believed that
"Probably dashing cold water
on any hopes for immediate largescale production by manufacturers
of
gage
prospects with reasonable
change in production patterns will
•
particularly with
steel
ship construction
producers believe they can
regard
continue.
Wallace
Urges
Policy
year,
policy
about 3%.
period of last
dividends were up
disability payments
post-war relief. In ad¬
previous reverse lendlease arrangements, The Nether¬
lands
government
will
supply
strategic war materials from The
dition
to
Netherlands
East
Indies
such
oil and rubber.
as
-
Supreme Court to End
Current Term May 28
The Supreme
on
April
end its
May
Court announced
that it planned to
current
28,
for the
30
when
summer.
term on Monday,
it would adjourn
showed
Moody's Bond Prices And Bond Yield Averages
the
prices and
bond
computed
Moody's
given p
following table.
bond yield averages
April 14, 1944; but was 40,000 tons less than for
corresponding period of 1944.
the
are
.
■'
„
.
LIGNITE
u. s.
Week Ended
Yields)
1945—
Govt.
Daily
Bonds
Averages
May
.
122.36
Avge.
Corporate by Groups*
R. R.
P. U.
Indus
Corporate by Ratings*
Corpo
A
Baa
115.24
120.84
118.40
115.24
107.09
112.19
114.27
118.40
115.43
107.09
112.19
122.38
115.24
120.63
28
122.38
115.04
120.84
118.40
115.24
106.92
112.19
114.27
114.27
27__
122.38
115.24
120.84
118.40
115.04
107.03
112.19
114.27
25i
115.04
120.84
118.40
115.04
106.92
115.04
120.84
118.40
115.24
106.74
112.00
114.27
112.00
114.27
120.84
118.40
115.24
23
122.38
115.04
120.84
118.60
115.04
106.56
111.81
114.27
2i:
122.44
115.04
120.84
118.60
115.04
106.56
111.81
114.27
201
122.44
115.04
120.84
118.40
115.04
106.56
111.81
114.27
122.50
115.04
120.84
118.40
115.04
106.74
111.81
122.53
115.04
120.84
118.60
115.24
106.56
111.81
114.27
114.27
X817—-
'
106,74
122.53
115.04
120.84
118.60
115.04
106.56
111.81
•
122.51
115.04
120.84
113.60
115.04
106.56
111.81
114.27
113.60
115.04
106.56
111.81
114.46
:"fV 19—
16
—
14l__
131
122.59
-
115.04
120.84
1944
1945
1944
1,299,000
1,322,000
(■Commercial produc.
1,287,000
1,247,000
1,269,000
17,598,000
16,894,000
20,341,000
19,527,000
18,141,000
17,234,000
146,400
1,739,000
2,466,200
1,167,300
shipped by truck from
revision.
^Revised.
authorized
total
States
♦Includes
120.84
118.40
115.04
106.56
111.81
114.46
115.24
106.56
111.62
114.46
120.84
115.04
106.56
111.62
114.46
119.20
106.39
111.44
114.46
119.20
ments and
and
colliery
WEEKLY
115.04
122.21
122.21
115.04
120.84
118.40
115.04
120.84
118.40
115.04
106.39
111.44
114.46
119.20
115.04
120.84
118.40
115.04
106,39
111.44
114.46
119.20
State
sources
7.\ Apr. 14,
115.04
120.84
118.40
115.04
106.39
115.04
121.04
118.40
115.04
106.39
111.44
114.46
114.85
121.04
118.40
114.85
106.04
111.25
114.27
119.20
122.04
122.00
114.85
120.84
118.40
114.85
106.04
111.25
114.27
119.20
114.85
121.04
118.40
114.85
106.04
111.25
114.27
119.20
Arkansas and Oklahoma
114.85
106.21
111.44
114.27
119.41
Colorado
■
V
121.04
115.04
120.84
118.80
114.66
106.39
111.07
114.46
119.41
Georgia and North Carolina
114.85
120.63
118.60
114.66
106.21
110.83
114.46
119.41
Illinois
110.70
114.27
119.61
Indiana—
114.08
119.41
fowa
Kansas and Missouri—
122.19
122.05
j2-
115.04
114.66
106.21
114.46
113.60
120.43
23--i-
121.92
114.66
120.02
118.60
114.46
106.04
110.52
121.97
114.46
120.02
118.60
114.27
105.69
110.15
114.08
119.41
161—
114.27
119.82
118.40
114.08
105.69
109.97
114.08
Kentucky—Eastern
121.58
119.20
9—
121.33
114.08
119.82
118.00
113.89
118.80
2.
120.88
113.89
119.41
118.00
113.70
105.17
109.24
113.89'
118.60
113.70
105.00
108.88
113.70
118.60
26-—
105.34
114.03
109.60
19,.—
121.09
113.70
119.20
118.00
121.25
113.70
119.00
118.00
113.50
104.83
109.06
113.70
118.40
121
113.50
104.66
108.70
113.89
118.20
'
120.66
113,50
119,00
117.80
115.24
121.04
118.80
115.43
107.09
112.19
114.46
119.61
High -1945-
122.59
120.55
113.50
118.80
117.80
113.31
104.48
108.52
113.70
118.20
1945—
5»
J
Low
1 Year Ago
1944-
1,
May
119.34
111.62
118.40
l,a943—
109.79
118.00
115.43
111.62
101.31
105.34
113.70
116.41
110.52
97.00
101.31
113.12
115.63
116.41
118.34
'
2 Years Ago
May
__
U. S.
Govt.
Daily
Bonds
Averages
Avge.
•
Corpo-
(bitum. &
Baa
P. U.
...
3.05
2.94
on
Panhandle
2.73
2.89
2.62
2.73
2.88
3.33
3.33
3.05
2.94
2.69
the
2.73
2.89
3.34
3.05
2.94
2.69
and
2.73
2.90
3.33
3.05
2.94
2.73
2.90
3.34
3-06
2.94
2.89
3.35
3.06
2.94
2.61
2.73
2.89
3.35
3.06
2.94
2.68
2.90
2.61
2.72
2.90
3.36
3.07
2.94
2.68
2.90 |
2.90
2.61
2.72
2.90
3.36
3.07
2.94
2.69
3.36
3.07
2.94
2.69
2.61
2.90
2.61
24—
1.64
2.90
1.63
1.63
-<
1>
1.63
20—;
1.63
2.90
2.73
2.90
2.61
•17:-
1.62
2.90
1.63
-16—
14—
13—
1.62
12
.
Stock
1.62
2.90
'■
'
2.90
2.94
3.07
3.35
2.69
2.90
2.72
2.89
3.36
3.07
2.94
2.90
3.36
3.07
2.93
2.69
2.72
2.90
2.61
2.72
3.36
■
3.07
2.94
3.36
2.90
2.61
2.68
3.07
2.93
2.69
Exchange Closed.
2.90
2.90
2.61
2.73
2.90
3.36
3.07
2.93
2.69
1.63
2.90
2.61
2.73
2.89
3.36
3.08
2.93
2.69
.10—
1.63
2.90
2.61
2.73
2.90
3.36
3.08
2.93
2.69
9_
1.64
2.90
2.61
2.73
2.90
3.37
3.09
2.93
2.69
7-
1.64'
2.90
2.61
2.73
2.90
3.37
3.09
2.93
2.69
6—
1.64
2.90
2.61
2.73
2.90
3.37
3.09
2.93
1.65
2.90
2.61
2.73
2.90
3.37
3.09
2.93
39,000
4,000
60,000
94,000
general
21,000
32,000
Union.
33,000
1,774,000
2,826,000
47,000
2,000
2,000
3,000
134,000
105,000
146,000
25.000
27,000
1,423,000
2,198,000
1,137,000
179,000
f
1,000
849,000
978,000
112,000
179,000
10,270,000
7,720,000
11,710,000
4_
'1.65
2.90
2.60
2.73
2.90
3.37
3.09
2.93
_
—.
;
—
lignite.
1.66
2.91
2.60
2.73
2.91
3.39
3.10
2.94
2.69
& W.; C. & O.; Virginian; K. & M.-; B. C. & G,;
and Clay counties.
fRest of State, including
Grant, Mineral, and Tucker counties.
^Includes Arizona
and
its current weekly report, esti¬
The Edison Electric Institute, in
production of electricity by the electric light and
power industry of the United States for the week ended April 28,
1945, was approximately 4,415,889,000 kwh., which compares with
4,336,247,000 kwh. in the corresponding week a year ago, and 4,411,325,000 kwh. in the week ended April 21, 1945.
The output of the
week ended April 28, 1945, was 1.8% in excess of that for the same
that
mated
the
2.61
2.73
2.91
3.39
3.10
2.94
2.60
2.73
2.91
3.39
3.10
2.94
2.69
2.60
2.72
2.91
3.38
3.09
2.94
2.68
Jentral Industrial
»,ii6,—
1.65
2.90
2.61
2.71
2.92
3.37
3.11
2.93
2.68
West Central
9
1.66
2.91
2.62
2.72
2.92
3.38
3.12
2.93
2.68
Southern States
2.93
3.38
3.13
2.94
2.67
•tocky Mountain
?acillc Coast
2.63
2.72
Feb; 23
1.69
2.92
2.65
2.72
2.93
3.39
3.14
2.95
2.68
16
1.69
2.93
2.65
2.72
2.94
3.41
3.16
2.95
9
2.94
2.66
2.73
2.95
3.41
3.17
2.95
2.69
2.92
2
1.73
2.95
2.66
2.75
2.96
3.43
3.19
2.95
2.3
1.0
0.0
1.77
2.96
2.68
2.75
2.97
3.44
3.21
2.96
♦3.4
*5.2
1.7
0.3
0.8
2.97
2.69
2.75
2.97
3.45
3.23
2.97
8.7
7.7
8.3
7.7
4.9
7.2
•0.6
*3.8
"::v 5.7 :?,E;
I
1.74
2.97
2.70
2.75
2.98
3.46
1.79
2.98
2.70
2.76
2.98
3.47
*2.3
•Decrease under similar week In
3.22
>
2.97
2.96
2.74
DATA FOR
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1.62
2.89
2.60
2.71
2.88
3.33
3.05
2.93
2.67
'I Year Ago
1.86
1.86
3.08
2.83
2.73
3.67
3.67
3.08
,,
'
3.43
2.97
2.83
1,
3.18
1.98
2.88
2.75
3.67
3.94
3.14
prices are computed from average yields on the basis of one
3.00
2.87
"typical" bond
maturing in 25 years) and do not purport to show either the average
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
coupon,
averages, the latter being the true picture of the
tThe latest complete list of bonds used in computing
of yield
the issue of Jan.
14,
pay"
1943, page 202.
bond market.
__
Jan. 20
?eb.
.
3
"
4,539,083
+
4,531,662
+
4,523,763
+
over
4,538,552
'
__
+
4,532,730
4,472,293
_
4,511,562
1944
circumstances.
Government
justments
—
—
net tons, a decrease of 8.5% when compared
with the 198,972,000 tons
produced during the period from Jan. 1 to April 22, 1944.
Production of Pennsylvania anthracite for the week
estimated by the Bureau of Mines,
increase of 42,000 tons,
(3.2%)
over
was
ended April
1,341,000 tons, an
the preceding week.
When com¬
pared with the output in the corresponding week of 1944, there was
increase of 19,000 tons, or 1.4%.
year
to date shows
13.5% when compared with the same period in 1944.
Bureau also
hive coke in
The calendar
reported that the estimated production of bee¬
the United States for the week ended April 21, 1945,
costs to the
subject to approval
of the Stabilization Director.
cents
one
and
:L
1932
1943
week after
3,952,479
1,598,201
1,736,721
The
directive
said
3,974,202
1,588,967
1,717,315
ments
higher
lower than these
1.2
3,976,844
1,588,853
1,728,203
limits
"may be
Board
finds
1,578,817
1,726,161
1,545,459
1,718,304
0.9
3,948,749
1,512,158
1,699,250
the adjustment follows
0.7
established
fined
March 17
4,397,529
4,400,246
—
0.1
3,946,836
1,514,553
1,683,262
March 24
4,401,716
4,409,159
—
3,928,170
1,480,208
1,679,589
1.8
3,889,858
1,465,076
1,633,291
—
0.9
3,882,467
1,480,738
1,696.543
0.6
—
r
0.2
+
3,916,794
1,469,810
1,709,331
4,344,188
+
1.5
3,925,175
1,454,505
1,699,822
unusual
+
1.8
3,866,721
1,429,032
1,688,434
to
contained
the
holiday,
no
week ended Jan. 6.
an
of
and
already
well-de¬
or
on
4,336,247
ago
the
one cent per hour,
reclassifications and job
re-evaluations except in "rare and
1%,
4,307,498
the
'clear
if
amount
The limit of
or
4,415,889
Year
the
the area."
4,411,325
New
that
practice' in the industry
4,332,400
year
approved
3,960,242
3,939,708
1,687,229
4,408,703
that adjust¬
0.3
1,706,719
+
or
0.6
1,702,570
a
years'
1.2
1,537,747
week
five
1.7
1,538,452
available for
after
are
of service
service.
1929
1,519,679
same
year
1,733,810
3,946,630
the
cents
1,602,482
3.944,679
comparison is
one
weeks
two
3,892,796
4,361,094
hour
6
hour for the second
per
0.2
4,329,478
an
and
third shifts, respectively. The
0.5
4.321,794
industries
cents
shift
second
+
7
4
be
to
are
the
+
4,444,939
April
where
cases
or
affected the ad¬
are
are
4,464,686
Note—Because
In all
prices to the public
4,425,630
Percentage
stabilizing
below the limits under certain
or
4,472,110
3
re¬
wage
4,446,136
4,473,962
March
"Times," in
adjustments such
as
night shift premium pay, but
permits exceptions either above
on
March 10-
Feb. 24
the
cases"
also
that
extent
was
relaxed
"rare and
un¬
usual" will be interpreted to mean
"exceptional
of intra-plant
cases
inequities."
American
corresponding week of 1944 was 12,210,000 tons. The total production
of soft coal from Jan. 1 to April 21, 1945, is estimated at 182,011,000
The
adjust¬
The directive sets up
1 imits
8
total
decrease of
"fringe
porting this, said:
April 14
production of soft coal in the week ended April 21,
1945, is estimated by the Bureau of Mines at 10,920,000 net tons, an
increase of 650,000 tons, or 6.3%, over the preceding week, according
to the United States Department of the Interior.
Output in the
a
to
on
3,952,587
4,524,134
4,505,269
-
—
March 31__
these indexes was published
Weekly Coa! and Coke Production Statistics
an
which
wage
non-basic
or
April 28__.
21, 1945, as
26,
authority
levy rigid regulations
April 21,
The
Board
stabilizing limits for vacations
4,567,959
4,576,713
.
1944
4,427,281
4,588,214
Ian. 13
Feb. 17
1943-
*These
(3%%
April
on
the
to
gave
and
(Thousands of Kilowatt-Hours/
4,614,334
.
?eb. 10
2 Yc&rs1 Ago
In
*0.9
previous year.
RECENT WEEKS
1945
6
Jan. 27
f
*6.0
0.6
?
% Change
Week Ended—
/an.
1945-
•
1.5
2.73
3.24
LOtf 11945-
May
*2.2
*1.6
1-8
2.72
1944—
by William H.
operations by their nature are not
necessarily continuous the penalty
pay on the employer is 4 cents and
9.4
10.6
7.6
2.72
1.75
1,
the
to
for the third, which is the present
WLB policy.
In industries where
1.2
*3.0
3.8
Total United States
2.71
26
19
May
»■
issued
was
Labor Board
War
for
April 7
*3.4
few England_„_
2.68
1.72
April 14
April 21
April 28
Viiddle Atlantic
2.90
High
directive
ations
Week Ended
2.91
' 5
"Fringe" Pay
A
Shift differentials in
Major Geographical Divisions—
2.91;
_
On
with necessarily continuous oper¬
PERCENTAGE INCREASE OVER PREVIOUS YEAR
.
1.65
>>,:Vl2—
,
WLB Powers Extended
week last year.
1.66
Jan.
American
Pan
ments.
1,000 tons.
Output for Week Ended April 28, 1948
Exceeds That for Same Week Last Year by f >8%
1.66
1.69
the
of
Davis, Director of Economic Sta¬
Electric
:..-,2
'
2
Dr.
The New York
Mar, 31-i—
*'
335,000
in Kanawha, Mason,
District
2.69
.
151,000
211,000
2.69
3„
'23_
a message was read
L. S. Rowe, director-?
Spirit;
from
624,000
335,000
26,000
2,116.000
lignite)
"Less than
2.69
-n—
1
gratitude for Pres¬
Amer¬
3,000
2.69
5-
1
Correia, dean of the
corps,
who
consular
also expressed
28,000
55,000
& O.
B.
Oregon.
2.69
2.72
2.61
:
-
2.73
2.61
1.62
*•
■
\
2.61
19-.
-18—
:'
'
.
.
York
New
ident Roosevelt's great Pan
2,69
2.61
2.90
1.64
2i—
and Dr. Oscar
2.69
2.73
2.89
1.64
■mi
Roosevelt
of
2.69
1.63
\t'-'*23—
who paid tribute to
the late President
to unite the Americas,
efforts
the
ican
tIncludes operations on the N.
and
2.61
25—
-J
of Costa Rica,
940,000
2,260,000
—
the
the lun¬
at
343,000
484,000
——_.
...
2.68
2.61
27i-..
,
144,000
spoke
274,000
._
Total bituminous &
Indus.
2.89
fi,,26_r.
who
cheon, according to the Journal of
Commerce, included Senor Fran¬
cisco de P. Gutierrez, Ambassador
452,000
33,000
fWest Virginia—Southern
2.90
2.89
world-changing significance of
30,000
Virginia—
1.63
:
:
Corporate by Groups*
R.R.
finally
123,000
585,000
Utah
1.63
1.63
—
40,000
(lignite).
Pennsylvania (bituminous)
30—
>
32,000
Ohio
28
May,; 1]—
Apr.
.
A
Aa
483,000
lignite)—
North & South Dakota
more
or
they
their achievement." he said.
bilization,
■
Aaa
rate*
1.444,000
New Mexico
iOther Western States..
Corporate by Ratings*
the United Na¬
dozen
a
before
5,000
60,000
{West Virginia—Northern.—.
1945—
6
o
244,000
—
Wyoming
(Based on Individual Closing Prices)
hold
to
conferences
143,000
Washington
YIELD AVERAGES
MOODY'S BOND
the delegates of
tions
760,000
372,000
38,000
—
Texas (bituminous &
■
"Even if it should be necessary
30,000
Michigan—
Tennessee.
■
..
:
1,122,000
34,000
Maryland
Montana
i'"r
1,000
1,297,000
Kentucky—Western
;
143,000
_
*
;
81,000
101,000
336.000
Feb.
Jan.
6,000
68,000
126,000
iisU
118.60
122.25
—
16
6,000
6,000
63,000
—.
—
122.47
23-
370,000
121,000
V- 136,000
Alaska—
..Apr. 15,
1944
Apr. 7,
1945
.
1945
State—
Alabama
production methods can meet
reasonable competition...
Others
Week Ended—
122.01
2—
Mar. 31—
receipt of monthly tonnage reports
annual returns from the operators.)
of final
or
or
the
and river ship¬
from district
railroad carloadings
based on
are
on
manufactured goods under
our
agree on a sound plan of post-war
security, the time and effort spent
would be more than justified by
STATES, IN NET TONS
subject to revision
are
111.44
119.20
la¬
any
COAL AND LIGNITE,
BITUMINOUS
OP
119.20
114.46
BY
122.19
r
coal
and
{Subject to
fuel.
weekly estimates
current
(The
122.20
5_
(,3—IIII
f
coal,
PRODUCTION
119.20
118.40
dredge
and
tExcludes
68,500
119.20
118.40
106,400
washery
ESTIMATED
120.84
2:::::::
.
1945
1945
Apr. 22,
Apr. 21,
Apr. 22,
§Apr. 14,
Beehive coke-
115.04
122.36
"United States industry and
bor have little to fear from foreign
of
Calendar Year to Date
1,341,000
Penn. anthracite—
115.04
9
we
to buy
us
excellence and relatively low costs
Tons)
"Total incl. coll. fuel
122.59
115.04
foreign producer
a
"anything
force
mass
122.45
122.59
in which
way
do not want."
1944
Apr. 24,
1937
12
r
Net
Week Ended
3-Apr. 21,
11
10—
"that
be flooded with
competition," he continued. "The
■
>perations.
Stock Exchange Closed.
appre¬
quarters
some
markets will
can
Apr. 22,
PENNSYLVANIA ANTHRACITE AND COKE
(In
United
114.46
reflected
this
in
'
119.20
115.04
"
.
1,712,000
ESTIMATED PRODUCTION OP
119.20
119.41
122.25
24.
.
-
1945
"Revised.
119.20
119.41
119.41
119.20
119.20
119.20
119.20
122.34
122.25
1
112.00
"Apr. 21,
;
12,210,000 1 82,011,000 198,972,000
2,035,000
1,920,000
2,066,000
10,270,000
1,820,000
average
119.20
,26-
:
10,920,000
fuel-
including mine
Daily
119.20
114.27
Apr.
.
Total
119.41
119.20
119.20
Aa
Aaa
rate*
Jan. 1 to Date——
—
1944 '
1945
1945
lignite-
Apr. 22,
Apr. 14,
Apr. 21,
Bituminous coal &
that
cheap goods from abroad; the an¬
swer
to this is that there is no
COAL AND
BITUMINOUS
OP
TONS
NET
IN
stated
hension
our
<
PRODUCTION
STATES
UNITED
ESTIMATED
-
(Based on Average
t
compared with the output
increase of 37,900 tons when
an
for the week ended
MOODY'S BOND PRICESt
;
Thursday, May 3, 1945
COMMERCIAL & FINANCIAL CHRONICLE
THE
1984
At
a
Industry Prepared for
Mcody's Daily
Competition, Hasler Declares
Consular Corps,
Commodity Index
luncheon
Frederick
in honor of the Latin American
E.
Hasler, President of the Pan American Society, spoke
at length on the excellence of American production methods and
manufactured goods and their relatively low cost making it possible
Tuesday,
to meet reasonable
Saturday,
which appeared
Monday,
April
Tuesday,
May
mentioned
that
competition, according to a report of the luncheon
in the "Journal of Commerce", April 26. The report
Mr.
Hasler
had<3>
:
discussed the role of the recipro¬
opposition in Congress to the bill
cal trade agreements
to
and the good
neighbor policy in the Americas,
and
had
would
remarked
probably
1
be
that
there
considerable
strengthen the Trade Act. Ac¬
cording
to
excerpts
from
the
speech included in the Journal of
Commerce
report,
Mr.
Hasler
Thursday,
Friday,
24^
April
Wednesday,
April
1945
25_.
256.7
_
______
__
April
April
256.7
256.6
27
256.6
April 28
256.6
30,
_____________
1
256 8
256.7
weeks ago, April 17_
Month ago, April 2
255.3
Year
249.4
Two
1943
ago,
High,
Low,
1944
High,
Low,
May 1,
Aoril
Jan.
1944
1
2
April 30_;
Jan.
24_
256.3
249.8
_______
240.2
256.8
252.1
Volume 161
Number 4382
Trading
THE COMMERCIAL & FINANCIAL CHRONICLE
advanced
New York Exchanges
on
The Securities and Exchange Commission made public on April
25
figures showing the volume of total round-lot stock sales on the
York Stock Exchange and the New York Curb Exchange and
New
the
volume
of
round-lot
transactions
stock
for
the
account
of
all
members of these exchanges in the
week ended April 7, continuing
figures being published weekly by the Commis¬
are
shown separately from other sales in these
series of current
a
sion.
Short
figures.
sales
fractionally.
changed.
All other groups of the index remained
'
"
-
■
1985
During the week
5
'"•••
*
;
'
•
un¬
price series in the index advanced and
declined; in the preceding week there
5
were
clines; in the second preceding week there
advances
and
4
5 advances
were
4
and
construction
leased
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Corp.
Compiled by The National Fertilizer Association
1935-1939=100*
cific
Latest Preceding
..Week
_
Each
Group
B^rs tothe
Group
Total Index
Apr. 28,
v:
25.3
and
Ago
Apr. 21, Mar. 31,
1945
Farm
1945
1945
141^
141.6
145.3
146.1
163.1
Products
163.1
163.1
159.6
167.0
166.5
165.6
155.5
Cotton
212.8
211.4
206.4
200.5
Grains
163.1
163.5
162.9
164.8
Livestock
H
10.8
2
Fuels
160.8
Miscellaneous
—
Commodities
160.1
159.9
145.0
130.4
130.4
130.4
130.1
133.7
—
133.7
133.7
132.2
Stock
Sales
the
on
Transactions
for
New
York
of
Account
Stock
Exchange
Members*
and Round-Lot
(Shares)
156.8
156.6
156.0
104.7
104.7
104.7
104.4
Building Materials
154.4
154.4
154.2
152.4
125.4
125.4
125.4
127.7
118.3
118.3
118.3
117.7
119.9
119.9
119.9
119.7
104.8
104.8
104.8
104.3
140.3
140.3
1-3
•
Chemicals
.3
WEEK
APRIL
ENDED
7,. 1945
Short sales
All
•Indexes
for
the
Odd-Lot
Dealers and Specialists:
1. Transactions of
*
Fertilizers—;
Farm
100.0
.
3,776,330
Transactions
for
Except
.3
3,656,470
___________
Total sales
Round-Lot
of
Accounts
April 29,
Members,
Account of
groups
351,060
50,530
,
Short sales
8,900
109,210
Total sales
3.41
118,110
-
Short sales
Total sales
trial
76,630
Round-Lot
Sales
Stock
the
on
for
WEEK
New
of
Account
ENDED
York
Curb
"Farm
Exchange
ani
Total for week
Total Round-Lot Sales:
i%
•
Total sales
■
_—1,117,290
_______
_
:
_
Transaction
for
_
1,129,115
_
._.
I
they
registered—
purchases
are
Total
•
1
92,205
.
tOther sales
_
Total sales..
Lr,'
Total purchases
Short sales
floor—
the
on
___
3,200
tOther sales
i
,.
_
"Industrial
2.70
34,675
Total sales
>
Total purchases.
Short sales
_
31,165
*
-
...
for
Total
43,865
The
purchases
Short sales
158,715
14.10
Labor
■
...
and revision
Total sales
35,141
"members'
their
and
tin
calculating
with
compared
the
Exchange
rules
short
included
are
these
twice
volume
tRound-lot
Includes all
including
partners,
the
percentages the total
total round-lot volume
of
on
.
members'
sales
which
"other
"short
are
purchases
the Exchange for
restriction by
and
the
sales
reason
is
that
as
included with
same
has
commodity price index, compiled by The
high level of 140.3 for the week ending April 28, 1945,
for the two preceding weeks.
A month ago the
held
index stood at 140.0,
average as
The
100.
farm
The indexes
and a year ago at 137.0, based on the 1935-1939
The Association's report continuel as follows:
products group reached a new all-time peak in the
now 7.4% higher than it was a year ago, but only
latest week and is
0.7% higher than it was at the beginning of this calendar year.
during the week
was
small.
of commodities for the past
three weeks, for March 24, 1945 and April
14, 1945 to April 21, 1945.
WHOLESALE
The
All commodities
a
small
rise
with higher
offsetting lower prices for lambs.
mixed.
Declines in
corn
The cotton index advanced
quotations for cattle
The prices for grains
Farm
FOR WEEK
ENDED
APRIL
21,
t
4-14
3-24
4-22
1945
1945
1945
1944
105.5
105.1
105.1
103.6
4-14
3-24
specialists.
1945
1945
0.1
+ 0.5
+
127.2
127.0
122.9
+ 0.5
+ 2.0
+
104.5
104.4
+ 0.2
+
1.1
+
118.3
118.3
118.2
117.6
+
99.1
99.1
99.2
99.2
97.3
84.0
84.0
83.9
83.7
were
There
was a
small
'
The textiles
group
Customers'
short
sales
143
1.8
•Customers'
other
sales
19,852
0.2
0
0
+,
0.5
total
sales—_
19,995
0
+ 0.1
+
2.1
104.3
103.8
114.6
94.9
95.5
0
0
106.2
106.2
106.2
106.2
—0.1
Customers'
Number of Shares:
0.6
106.0
0
0
+
94.6
94.6
94.4
93.3
0
+ 0.2
+
117.3
116.1
116.0
113.0
+
94.8
94.9
94.9
93.5
—0.1
+
102.0
101.9
101.8
100.9
—0.1
+ 0.1
+
1.0
100.3
100.4
100.3
100.3
99.4
—0.1
0
+
0.9
99.5
99.5
99.5
99.4
98.5
+ 0.1
+
1.0
Semimanufactured articles
Manufactured products
+ 0.3
0
+ 1.5
All commodities other than farm
__
—
products and foods
sales
total
sales
4,727
APRIL
"515,767
520,494
Dollar value
$20,280,109
Round-Lot Sales by Dealers—
Number of Shares:
Short
PERCENTAGE CHANGES IN SUBGROUP
14, 1945 TO APRIL 21,
INDEXES
0
FROM
—
1.0
Livestock
0.7
128,500
Number
and
128,640
sales
Round-Lot Purchases by Dealers:
!
poultry
Cement
♦Sales
0.2
o.l
I
marked
ported with
181,460
shares
of
"short
exempt"
0.2
-
-
are
re¬
"other sales."
tSales to offset customers' odd-lot orders
o.l
and sales to liquidate a long
Decrease
Peroleum and products
140
sales
Total
1945
Anthracite
0.4
sales
tOther
Increases
.
'
other
Customers'
1.4
101.9
sales—__
4.2
94.8
.
short
•Customers'
14
117.7
Customers'
0.2
94.6
—...
Miscellaneous commodities
•
"
0.6
116.9
,
'
(Customers' sales)
Number of Orders:
is
offsetting higher quotations for potatoes.
$25,005,391
+
94.9
products
—
+
104.3
Grains
566,155
—
_
0
117.0
vegetables
shares—-.
+ 0.1
94.9
farm
19,052
of
—0.1
104.3
Fruits and
Total
For Week
0
117.0
also
1945
orders
value
Y.
0
94.9
products
N.
EXCHANGE
of
Number
Dollar
1.2
104.3
Raw materials
THE
(Customers' purchases)
5.4
104.9
117.0
Housefurnishing goods..
ON
Odd-Lot Purchases by Dealers—
128.9
105.5
Building materials
Chemicals and allied products
THE ODD-
FOR
OF ODD-LOT DEALERS
SPECIALISTS
Number
1.9
105.7
lighting materials
Metals and metal products
decline in the index for foods with lower quotations for oranges more
ACCOUNT
Odd-lot Sales by Dealers
1944
+
83.9
—
.
TRANSACTIONS
STOCK
4-22
118.3
products
Fuel and
odd-lot dealers, and
the
Week Ended April 14,
4-7
Commis¬
the
with
filed
by
STOCK
129.5
Textile products
Other
than
special¬
series of current figures
a
1945
Percentage change to
April 21, 1945 from—■
'■
1945
—_______
Hides and leather
'•
105.6
products
than
more
and wheat and a slight advance in rye prices
resulted in the grains index declining slightly.
account
odd-lot
The figures are based upqi}
sion
LOT
PRICES
—
Foods..
slightly and it too reached a new high point; the livestock subgroup
showed
for
Stock Exchange, con¬
York
sion.
All commodities other than farm
advance
for the week
ists who handled odd lots on the
New
reports
22, 1944, and the percentage changes in subgroup indexes from April
Commodity Groups-
Commodity
Average Remains at Same High Level
The weekly wholesale
it
.
con¬
(1926=100)
National Fertilizer Association and made public on April 30, remained
the
VV—
complete reports.
more
"other sales."
are
summary
a
of all odd-lot dealers and
in its
following tables show (1) indexes for the principal groups
the Commission'*
National Fertilizer Association
at
changing prices.
required by later and
sales."
exempt"
Exchange
public
on
April 14 of complete figures
AND
exempted from
made
showing the daily volume of stock
and for pea size
preliminary and subject to such adjustment
as
4-21
that
areas
Department included the following notation
,
Price
ended
Trading
and
Securities
April 25
reported
includes only sales.
with
{Sales marked
partners.
1937, 1938 or 1939."
prewar years,
transactions
considered
be
The
regular and associate Exchange members, their
special
with
overweighted
being published by the Commis¬
48,354
•The term
tabulation
tistics will attempt promptly to report
0
Total purchases.
firms
actual work.
advance of
our
tinuing
must
...
were
'■■■
48,354
—...
While
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
Odd-Lot Transactions for Account of Specialists—
Customers' short sales
figures include no deferred re¬
pair, maintenance and moderni¬
zation projects, demand for which
will be very heavy.
They include
only moderate amounts of such
small new private building proj¬
ects as are not usually planned
Commission
Minor increases
Note—During the period of rapid changes caused by price
168,890
{Customers' other sales—
gasoline, lower prices
report:
10,175
--
shortages rather than to
lack of demand or to dearth
of planned projects. Our recorded
The
In addition to the sub¬
prices for cement in certain local
149,645
tOther sales
definitely be due to
material
and
man¬
NYSE Odd-Lot
anthracite coal."
3.32
Total—
4.
construction
post-war
power
reported in prices
were
during the week.
decrease for natural
occurred in
40,665
Total sales
will
1.2% above this time
quicksilver and second grade maple flooring.
3,200
—
tOther sales
O.
stantial
Other transactions initiated off the floor—
3.
was
changes
31,475
«—
and certain fruits,
eggs
"..
'
Commodities—Few
of industrial commodities
.
prices for
Since the third week of March the general level of food
last year.
26,275
_
—
ago.
for wheat flour in the Kansas City
prices has risen slightly more than 1% and
8.08
90,350
Other transactions initiated
2,
market.
86,575
-
—
_
the lower
lower quotations were reported
3,775
-
.
,
In addition to
week.
•
Short sales
a year
the increases in quotations for fruits and vegetables and
higher prices for rye flour and for wheat flour in the Buffalo market,
average food prices in primary markets increased 0.2% during the
Members:
of
Account
in
is defintely
public proj¬
ects
which may take sometime
for adequate financing, the $2,379,518,000 of new private proj¬
ects in the design stage is con¬
siderably greater than the actual
volume of private work in the 37
states contracted for in any of the
"Led by
Transactions of specialists in stocks in which
1.
delays
revival
these
on
much in
approximately 5.5% above the level of
Round-Lot
B.
Products
rose
reported for eggs and oranges.
Prices for potatoes were lower
Chicago market and quotations for sheep went down.
In the
past four weeks prices for farm products have advanced 2% and were
Short
tOther sales
•»
figures,
Thomas S. Holden, President of
F. W. Dodge Corp., said:'"Any®
Commenting
were
(Share*)
1945
7,
important changes reported in indus¬
and Foods—Average market prices for farm
0.5% during the week mainly because of higher quota¬
wheat, rye and corn, for calves and cotton, for apples and
potatoes in eastern markets, and for onions.
Seasonally lower prices
Stock
previous
year.
in the
Members*
APRIL
no
tions for
15.91
605,390
Transactions
were
commodity markets."
products
Total sales
substantial decline in prices for natural gasoline in the
a
The report continued:
528,760
+___
37 eastern states for any
peacetime
any
596,660
Short sales
Total
re¬
This volume
volume of contracted work in the
Ended April 21, Labor Dept. Reports
Oklahoma field there
3.25
139,640
Total purchases
tOther sales
wartime
post-war
planned
work
is
measurably greater than the total
temporary
Total—
'
after
lifted.
are
cept for
122,440
;
■
■■■'
time
sonable
now stands at 105.6% of the 1926
average.
It was 0.5% above
four weeks ago and nearly 2% higher than at this time last
year.
Ex¬
106,060
17,200
tOther sales
:V'.
to be ready for bids within a rea¬
and
index
Other transactions initiated off the floor—
purchases
137.0
109.3,
1945,
commodity prices at the
primary market level advanced 0.1% during the week ended April 21,
the U. S. Department of Labor said in its
weekly announcement is¬
sued April 26, which went on to say:
"Higher prices for cotton and
grains, for onions and for calves largely accounted for the rise.
The
139,540
purchases————_____—.
JOther sales
Total
140.0
1945, 109.3; April 21,
The Bureau of Labor Statistics' index of
9.25
the floor—
on
April 28,
Wholesale Prices Up 0.1% for Week
347,640
Total
were:
1944, 103.7.
297,110
4.
000, have progressed to the de¬
sign
stage,
representing
more
nearly the .volume of work likely
of
.
Other transactions initiated
combined—
1926-1928 base
on
fact
strictions
specialists in stocks in which
Short sales
3.
—
Machinery
immediate significance
more
the
that 30,217
of these
projects, amounting to $7,231,295,-
Odd-Lot
they are registered—
Total purchases
2.
Drugs
Of
is
119,860
mother sales
B.
and
Materials
.3
Total for week
Total Round-Lot Sales:
Fertilizer
:
re¬
the corporation's field
country.
152.2
Metals
6.1
Stock
Textiles
7.1
Bound-Lot
8.2
in
seen
staff, the estimated total cost of
the projects being $14,813,613,000.
These projects were reported for
the territory east of the Rocky
Mountains, and consequently do
not fully
measure
the potential
post-war volume for the whole
1944
•
is
today by F.
W. Dodge
Up to March 31, 90,700 spe¬
projects
contemplated for
ported by
138.6
145.3
demand
post-war projects re¬
on
post-war execution had been
Apr. 29,
145.3
Oils
Cottonseed Oil
23.0
Year
Ago
141.6
Food
Fats
with member trading during the week ended March 31 of
1,395,912 shares, or 15.41% of the total trading of 4,528,270 shares.
On the New York Curb Exchange, member trading during the week
ended April 7 amounted to 318,535 shares, or 14.10% of the total
volume on that exchange of 1,129,115 shares.
During the March 31
week trading for the account of Curb members of 421,760 shares was
18.12% of the total trading of 1,163,970.
Month
.'Week
.v.!-/
by Dodge
Mounting evidence of post-war
6
statistics
compares
A.
Demand Seen
de¬
declines.
•
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended April 7 in roundlot transactions) totaled 1,202,050 shares, which amount was 15.91%
of the total transactions on the Exchange of 3,776,330 shares.
This
Total
Post-War Construction
•
less
"other
than
a
sales."
position whicli
round lot are reported with
Thursday, May 3, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
1986
,839
Daily Average Crude Oil Production for Week
Ended April 21,1945, Decreased 13,150 Barrels
The American Petroleum Institute estimates
that the daily aver¬
crude oil production for the week ended April 21, 1945,
was 4,797,915 barrels, or
13,150 barrels per day less than produced
during the week ended April 14, 1945, and 29,885 barrels less than
the daily average figure recommended by the Petroleum Administra¬
tion for War for the month of April, 1945. The current figure, how¬
gross
age
in the
week
ended
April 21, 1945, averaged 4,793,650 barrels. Further details as reported
by the Institute follow:
*
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,676,000 barrels of crude oil daily and produced 14,677,000
barrels of gasoline, 1,494,000 barrels of kerosine, 4,576,000 barrels of
distillate fuel and 9,303,000 barrels of residual fuel oil during the
week ended April 21,1945, and had in storage at the end of that week
51,617,000 barrels of civilian grade gasoline, 43,487,000 barrels of
military and other gasoline, 7,688,000 barrels of kerosine, 28,219,000
370,565 barrels per day in excess of the production
ended April 22, 1944. Daily output for the four weeks
ever, was
barrels of distillate fuel and 40,492,000
DAILY
ables
from
Ended
Begin.
Apr. 21,
Previous
Apr. 21,
Apr. 22,
April 1
1945
Week
1945
1944
367,500
269,400
;
368,300
335,550
5,000
268,150
263,800
50
950
1,200
91,100
+
f900
—
V'/f/>yV (.... "
:j./
Panhandle
North
90,000
Texas——
18,568^000
8,492,000
10,076,000
Municipal-
week
classified
construction groups,
gains over the preceding
buildings, "earthwork and drainage, and unclassified work.
149,800
143,850
374,000
127,250
sewerage, $864,000; industrial
362,300
ing and private
Subtotals
arje: Waterworks, $493,000;
for the week in each class of construction
486,500
East
Central Texas—
145,550
145,850
East
Texas
378,100
378,800
352,150
352,150
293,050
earthwork and
—
—
565,250
565,050
518,800
unclassified
2,170,550
2,167,650
1,910,350
buildings, $2,244,000; commercial build¬
housing, $385,000; public buildings, $13,441,000;
Southwest
Coastal
Texas
Texas
Total Texas
2,170,000 42,170,278
—
mass
drainage, $6*69,000; streets and roads, $4,414,000; and
construction, $9,822,000.
New capital for construction purposes for the week totals $6,444,-
It is made up of $1,674,000 in State and municipal bond sales,
$4,770,000 in corporate security issues. New construction financ¬
ing for the year to date, $278,693,000, is 24% below the $365,635,000
reported for the corresponding seventeen weeks of 1944.
000.
and
Coastal
Louisiana
—
r
•
Total
V
•
76,150
282,500
■
Louisiana
366,050
360,000
80,317
79,900
53,000
52,400
Alabama
52,100
42,850
205,000
206,850
12,500
,.
11,400
——
'
■
+
19,600
195,300
201,700
300
11,300
13,850
—
"E. & M. J. Metal and Mineral
stated:
Eastern—
(Not incl. 111., Ind.,
Ky.)
Kentucky
68.200
64,150
32,000
25,750
Michigan
47,000
43,300
fairly
—
—
100,000
23,000
105,000
-
2,800
20,450
24,350
47,700
48,500
300
106,000
98,700
50
19,800
21,500
—500
9,400
8,200
104,600
112,050
3,883,800
3,593,450
909,750
833,900
—
+
104,750
105,000
72,500
—10,100
9,050
Mexico
65,350
+
19,800
10,500
Wyoming, ———4.
1,500
—
106,050
Montana
Colorado
New
Tonnage of
Foreign Lead Allocated—Spanish Mercury Up
50
'
'
50
—
to
"With
of
Calif
3,881,715
3,909,000
California
§918,800
918,800
■
—16,750
916,200
,
3,600
+
liberal last week in allocating foreign metal for May delivery
Between 22,000
and 23,000 tons of lead will be released,
or virtually as much
as in recent months.
Copper and zinc were
quiet, compared with the rate of activity that obtained earlier in the
year, reflecting falling production 3>consumers.
i.
4,827,800
♦P.A.W.
recommendations
4,793,650
—13,150
4,797,915
and
4,427,350
state
allowables, as shown above, represent the
production of crude oil only, and do not include amounts of condensate, and natural
derivatives, to
gas
be
produced.
-
-
tOklahoma, Kansas, Nebraska figures
are
fThis
.
April 1 calculated on a
the entire month.
With
is
the
net
basic
allowable
for week ended 7:00 a.m. April 19,
1945.
of
30-day basis and
Includes shutdowns and exemptions for
the exception of
several fields which were exempted
entirely and of certain other fields for which
shutdowns were ordered for from 2 to 14 days, the entire state was ordered shut down
for 6 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
operate leases, a total equivalent to 6 days shutdown time during the calendar month.
^Recommendation
of
cluding
smelter and
RUNS
AND
TO
as
Conservation
STILLS;
UNFINISHED
Committee
PRODUCTION
GASOLINE,
(Figures in
OF
GAS
RESIDUAL FUEL OIL,
of
California
Oil
OIL
GASOLINE;
Producers.
AND
STOCKS
DISTILLATE
WEEK ENDED APRIL 21,
thousands
of
barrels of
in
Figures
estimate
this
of
42
section
FINISHED
FUEL
AND
of
publication further went
in part:
age
739
porting
99.5
erated
of
plus
are-therefore
an
on
a
basis
of Resi¬
Mili¬
Inc. Nat.
& Dist.
dual
tary and
vilian
Blended
Fuel Oil
Fuel oil
Other
Grade
5,650
6,038
6,766
Gas Oil
1,962
Ci¬
7,490
Appalachian—
76.8
105
71.9
307
375
188
1,114
1,187
District No. 2
81.2
57
114.0
175
113
160
580
863
87.2
741
86.5
2,845
3,621
1,834
6,504
78.3
372
79.3
1,377
1,779
1,157
1,775
59.8
248
75.2
1,008
311
756
1,237
7,508
1,686
89.3
1,139
92.1
3,601
6,128
5,648
10,023
5,553
Louisiana Gulf Coast-
96.8
193
74.2
536
1,609
1,489
2,498
2,320
Nfo.
55.9
86
68.3
220
720
236
943
1,940
54
(nd„ 111., Ky._
Texas
Gulf
Texas
La.
Coast
& Arkansas™
District No. 3
17.1
12
92.3
38
11
37
20
District No. 4
72.1
99
62.3
309
315
612
459
2,061
85.5
894
89.9
2,299
7,587
22,337
11,568
4,271
California
.
Total U. S. B. of M.
basis April 21,
basis April
14,
85.5
1945
86.1
4,676
4,770
14,677
87.8
28,219
14,270
40,492
27,886
43,487
41,538
51,617
52,485
44,925
0. S. Bur, of Mines
basis April
22,
♦Includes
remains
till
■tocks
f iclude
the
13,636
and
name
grades,
of
indeterminate
the
as
finished
producing
to
30,156
ultimate
on
which
title
has
and
company;
and
use,
week, compared with 11,949,000 barrels
gasoline
any
4,443
aviation
in
currently
rasoline this
1944
already
a
36,808
unfinished,
solvents,
ago.
or
title
barrels
51,334
to
naphthas,
11,795,000
year
passed,
51,599
which
blending
Demand for copper has
rsidual
fuel
1.442,000
cek
week
and
by
to
which
the
accentuate
drop
Rhodesian
in
copper
of
month
30,000
for
tons
some
However, the
a
more
or
time
to
come.
supply has
reserve
been reduced since the first of the
gain in stocks in the
hands of the Government may be
and
a
desirable.
."
Fabricators
tons
of
consumed
April 22,
Note—Stocks
of
1944.
.
kerosine
against 7,562,000 barrels
a
at
April
21,
1945,
amounted
week earlier and 6,802,000 barrels
to
a
7,688,000
year
before.
barrels,
as
week.
Allocation certificates
released
WPB
by
for May
were
ship¬
metal, permitting consumers
fully 80,000 tons next
month, or virtually all that they
absorb
to
for.
asked
whether
the full
will
for
call
quantity allocated, owing
to cutbacks that have
in
doubt
Producers
consumers
work
war
occurred in
Consumers engaged
recent weeks.
reducing their
buying is
are
inventories.
Reduced
expected to center largely in high
grade. Galvanizers would like to
expand production, but find it dif¬
ficult
obtain
to
additional
ton¬
of steel at this time.
nages
Tin
of
Exports
tin
concentrates
from Bolivia have increased
slight¬
ly this year, contrasted with 1944.
Shipments
during
March
con¬
tained
3,032 metric tons of tin,
against 2,230 tons in February and
3,154 tons in March last year*
Shipments in the first quarter of
1945 contained 9,354 tons of tin,
against 8,692 tons in the same pe¬
riod last year.
The higher price
now
being paid for Bolivian tin
concentrates
maintain
was
to
necessary
mine
production,
ators claim.
oper¬
Authorities here hope
that the
higher settling basis will
to increased production and
lead
171,558
The market stituation continues
Straits quality tin for
shipment* in cents per pound, was
unchanged.
nominally
April
May
June
52.000
52.000
April 20
52.000
52.000
52.000
April 21_.
52.000
52.000
April 23
52.000
52.000
52.000
April 24
52.000
52.000
52.000
52.000
52.000
52.000
was
divided into 185,000 miles of
field
wire; 64,000 miles of assault wire,
and 18,000 miles of heavy wire.
ticipated.
liberal
foreign lead for May
many
About
who
observers
the
left
were
only
out
an¬
con¬
in
the
obtaining metal were those
who did not file their applications
on
or
before April 18.
Between
22,000 and 23,000 tons of foreign
metal will be
that
distributed, indicat¬
will
consumption
maintained
70,000 tons
been
Chinese,
be
at
a
slightly less than
month. The stockpile
reduced
to
Quicksilver
Except
the
lesser
a
de¬
than predicted, the tonnage
amounting
to around
65,000 tons. The supply-require¬
ments picture in lead is not likely
to
this
summer.
A
possible further recession in mine
should be offset by
increased imports. Argentine lead
concentrates will be
shipped to
output
here
the United States
March established
statistics
was
high, but
well below the quantity re¬
ceived
in
that
new
month
from
pro¬
Consumption of refined copper,
on the fabricators' statistics,
based
and
deliveries
to
consumers,
as
reported by Copper Institute, dur¬
ing the first three months of the
current year, in tons:
Consumed
by
Fabricators
January
in the
near
March
172,585
218,488
536,977
March
showed
that
maintained at
about the same daily rate as in
the preceding month. Shipments
during March of metal refined in
this country totaled 47,249 tons,
against 44,213 tons in February,
according to the American Bureau
Production in March
amounted
48,029 tons, against 46,616 tons
February.
Production during
the first three months of 1945 to¬
taled
143,744 tons, against 153,394
period last yeyar.
tons in the same
Totals
Stock
of
refined
copper
in the
hands of fabricators at the end of
March
amounted
to
380,197 tons.
for
prospects
on
the market passed through
quiet period last week.
Spot
was
available
at
prices
metal
ranging from $156 to $159 per
flask,
depending
on
quantity.
Nearby quicksilver was offered at
$155.
Pacific
The
unchanged,
sold up
so
market
Coast
was
with most producers
far as April and May
concerned.
business
was
shipment
metal
June
quotable
was
at
$151, f.o.b. Coast, with producers
inclined
not
ducers
force sales.
to
for
look
heavy
tion of quicksilver
Pro¬
consump¬
this summer.
Spanish metal was advanced to
$155
per,
duty
flask,
paid,
New
York, May shipment from abroad.
Importers believe that the second
uled
to
Spain,
from
consignment
that
leave
sched¬
country
on
April 20, consists of between 4,000
and 5,000 flasks.
7.
Silver
The
London
silver market
was
lauiet and unchanged at 251£d. The
New York Official for foreign sil¬
ver
continued
at
44%c., with do¬
mestic metal at 70 %c.
.
:
were
of Metal Statistics.
in
165,387
171,558
for
operations
Fabricators
153,904
week
the
The United States lead refinery
to
145,904
for
sales
based
continued expansion in consump¬
fu¬
amounted to 4,026 tons.
Delivered to
490,849
___
February.™
Lead
for
by
steady,
hand
deteriorate
the undertone of
quicksilver was
most
operators
as
that
market
viewed
gree
on
99% tin, continued
pound.
or
at 51.125c. per
a
were more
cold in
has
_
52.000
tion,
Lead
ing
;
April 25
ture.
a
follows:
as
52.000
April 19.._
members
Production
industry.
during
March,
against 165,387 tons in February
and
143,739 tons in March last
year.
The tonnage consumed in
copper
oil produced
during the week ended April 21, 1945, which compares with
5,006,000 barrels and 9,137,000 barrels, respectivly, in the previous
1,519,000 barrels, 4,560,600 barrels and 8,622,000 barrels respectively, in the
the
sumers
re¬
being
are
fabricators,
business.
the
barrels,
ended
tends
moder¬
war
unfinished
military forces
pay actually have in custody in their own or leased storage. tStocks at refineries at
►vuk
terminals, in transit and in pipe lines.
§Not
including 1,494,000 barrels' of
kerosine, 4,576,000 barrels of gas oil and distillate fuel oil and
9,303,000 barrels of
of
delivery than
ated, owing to reduced
quirements. Inventories
These figures do not
which
activity at brass mills, and inabil¬
to obtain larger tonnages of
to
expand on galvanizing,
the market for zinc presented a
calm appearance throughout last
increased
March
officials informed
in allocating
ducers and the Metals Reserve.
85.5
1945
WPB
WPB officials
16,684
Rocky Mountain—
.lV7/',
steel
record of 267,000 miles,
say
Copper
.
year
Distriot No. 1
Inland
to
rate
and
totals
tStocks
92.3
on
fStocks fGasollne Stocks
Pro¬
at Ref.
ity Re- Aver- % Op-
Okla., Kans., Mo
con¬
arriving in this country and im¬
ports from other major producing
areas are being maintained.
From
present indications, unless civilian
consumption of copper is stepped
up, the stockpile will grow at the
Mines
duction
to Stills
Capac- Daily
Coast
a
in
wire
22% to
is
SGasoline
% Daily Crude Runs
Refining
East
the hands of
ication
the
at
$155, May shipments. No reason
was
given for the move."
The
new
1945
reported
amounts
Bureau
OF
gallons each)
include
unreported
—
Dlstrict—
stocks
have dropped to less than
70,000 tons.
Spanish quicksilver
was raised from $152 per flask to
reduced
CRUDE
in
ex¬
concentrates),
working
of copper commun¬
Production
WPB disclosed that
at brass mills.
sumers,
■■■
.
declining rate of
a
Markets," in its issue of April 26,
importations of lead increasing, WPB officials were
stocks of tin in
Total East
•
larger exports to this country.
Non-Ferrous Metals—Substantial
100
300
15
——«,—
Illinois
79,550
300
——
Florida
80,400
200
+
;
Mississippi
650
—
358,650
366,050
80,000
—
400,800
300
Arkansas
Indiana
70,900
295,000
;V ■'
'
-;
295,150
71,050
Louisiana
North
of
view
4,568,000
commercial and public buildings, earthwork
and drainage, streets and roads, and unclassified construction.
In¬
creases
over the
1944 week are in waterworks, sewerage, public
489,500
Statis¬
of
<
ity
22,524,000
in sewerage,
are
150,000
Texas
Texas
West
and
In the
89,500
4273,150
1,000
Nebraska
$26,737,000
8,169.000
„
Federal
—30,950
4347,350
274,000
Kansas—
367,500
Construction-
Apr. 26,1945
$32,332,000
5.240,000
27,092,000
Apr. 19,1945
$22,181,000
6,131,000
16,050,000
3,040,000
13,010,000
Apr. 27,1944
Ended
April
1945 volume to $520,-
week, and the current week are:
S.
-
ment
higher
lower,
from the $595,16*2,000 for the period in 1944.
Private work, $157,643,000, is up 25%
compared with a year ago, but public construction, $362,943,000, is
down 23% as a result of the 27% drop in federal volume.
State and
municipal construction exceeds its seventeen-week 1944 total by 15%.
Civil engineering construction volumes for the 1944 week, last
State
Change
dations
.....
respectively, than last week and last year.
The current week's construction brings
#-
586,000 for the seventeen weeks, a decrease of 12%
Public Construction
Week
Ended
Recommen¬
Oklahoma
Public construction tops a week ago by 69%, and is 46%.
Private construction is 14 and 36%
than in the week last year.
Week
4 Weeks
Allow¬
•P. A. W.
-
,
Private Construction—..
Actual Production
♦State
engineering construction volume in continental United
$32,332,000 for the week.
This volume, not including
by military engineers abroad, American contracts
outside the country, and shipbuilding, is 46% abpve the total for the
preceding week, 21% above the corresponding 1944 week s volume,
but 8% below the previous four-week moving average as reported
to
"Engineering News-Record."
The report issued on April 26,
follows:
Bureau
v
Zinc
In
totals
as
Dominion
tics reports.
construction
continued
pounds in. January last year,
the
Engineering Construction Volume
$32,332,000 for Week
Civil
States
the
Total U.
(FIGURES IN BARRELS)
PRODUCTION
CRUDE OIL
AVERAGE
barrels of residual fuel oil.
Civil
Production
of
lead
in
Canada
during January amounted to 25,623,743 pounds, against 35,189,468
pounds in December and 32,710,-
Extend SWPC
Through 1946
Legislation
of
the
to
extend
Smaller War
the
life
Plants
Corp.
until Dec. 31, 1946, and make it an
independent Federal agency, has
been
completed by Congress and
sent to the White
House, the Asso¬
ciated Press reported from Wash¬
ington/ April 19.
-
Included is
an
amendment, the report states, pro¬
viding that the President,- instead
of the WPB Chairman
shall
board
name
of
SWPC's
directors.
as
formerly,
five-membef
Volume
Number 4382
161
THE COMMERCIAL & FINANCIAL CHRONICLE
Total Loads
Revenue
Freight Car Loadings During Week
Ended April 21, 1945, Increased 17,872 Gars
'
freight for the week ended April 21, 1945,
;totaled 864,063 cars, the Association of American Railroads announced
on April
26. This was an increase above the corresponding week
Loading of
revenue
•'of 1944 of 25,326
in 1943 of 69,900
3.0%, and
cars, or
increase above the
an
week
same
8.8%.
cars, or
'
Miscellaneous
•of 788
above the preceding week and an
cars
above the corresponding week in 1944.
Loading
:
of
'an
less
merchandise
than
carload
totaled
freight
lot
decrease of 940 cars below the preceding week but
increase of 6,607 cars above the corresponding week in 1944.
113,662 cars,
Southern District—
a
Coal loading amounted to 165,134 cars, an increase of 10,883 cars
[above the preceding week but a decrease of 8,788 cars below the
.corresponding week in 1944.
Grain and grain products
1,550
loading totaled 51,309 cars,
increase
an
above the preceding week and an increase of 13,333
cars
corresponding week in 1944. In the Western Districts
alone grain and grain products loading for the week of April 21
totaled 33,830 cars, an increase of 584 cars above the preceding week
.and an increase of 10,028 cars above the corresponding week in 1944.
above the
cars
Connections
loading amounted to 15,401 cars, a decrease of 21 cars
: below
the preceding week and a decrease of 143 cars below the
corresponding week in 1944. In the Western Districts alone loading
: of livestock for the week
of April 21 totaled 11,662 cars, a decrease
of 416 cars below the preceding week, and a decrease of 114 cars
(below the corresponding week in 1944.
•
\
•
.
,
,
,
loading totaled 42,544 cars, an increase of 1,176
'cars above the preceding week but a decrease of 951 cars below the
•'corresponding week in 1944.
Forest products
loading amounted to 61,147 cars an increase of 2,313 cars
above the preceding week and an increase of 1,016 cars above the
Ore
1945
1944;
Alabama, Tennessee & Northern
441
265
268
341
Atl. & W. P.—W. R, R. of Ala-
825
741
738
1,263
775
711
13,693
13,348
14,652
3,939
3,602
4,345
2,656
1.579
11,412
5,615
530,
2,508
4,773
Sons for
496
418
392
1,460
1,913
pension of the firm from the NA-.
1,775
1,607
1,545
2,642
3,232
242
245
310
260
241
130
128
128
761
7031
2,538
4,327
2,684
1,381
Atlanta, Birmingham & Coast
Atlantic Coast.Line
,
Central of Georgia
Charleston & Western Carolina—
Clinchfleld
,
Florida East Coast
Gainesville Midland—
11,588
58
39
40
175
1,245
1,334
2,363
361
358
730
710
4,045
4,294
20,467
4,789
16,276
12,183
1,264
4,940
29,784
27,882
3,859
26,428
25,509
24,808
24,242
171
Coke loading amounted to 14,458 cars an increase of 1,923 cars
the preceding week, but a decrease of 286 cars below the
corresponding week in 1944.
"
^
above
.
All districts reported
week in
1944 except the
increases compared with the corresponding
Pocahontas and Southwestern. All districts
reported increases compared with corresponding week in 1943 except
! the Pocahontas.
1943
1944
-
3,001,544
Weeks of
3,049,697
4,018,627
3,916,037
764,763
787,985
Week
of
of
February
March
April
7
14_.
Week
of
April
Week
of
1,235
firm to terminate the suspension
23,313
21,694
27,264
24,5111
761
System
680
463
on the ground of heavy losses and
disruption of its sales organization.
1
Winston-Salem Southbound
403
.
574'
772
963
154
154
116
1,299
1,024
132,129
Total
124,904
120,771
127,950
123,955
Chicago & North Western
Chicago Great Western
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha..
Duluth, Missabe & Iron Range.
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern
Ft. Dodge^ Des Moines & South
19,037
2,978
18,161
2,374
2,490
3,167
20,167
19,949
10,206
3,217
20,002
3,116
10,130
3,463
3,640
3,894
19,201
20,227
12,055
182
202
800
560
481
578
598
11,139
11,287
9,225
14,085
18,337
8,572
8,285
434
394
471
18,702
Great Northern
20,027
12,445
/ -\r 442
*427
.
fer
502
1,325
422
50
2,105
2,402
6,091
5,214
2,990
9,122
5,598
5,612
157
93
803
795
2,497
2,641
2,160
3,464
3,208
117,860
116,260
97,240
65,797
66,518
8pokane, Portland & Seattle
21,475
22,796
3,058
2,779
3,949
426
495
467
17,745
17,544
3,138
2,496
1,075
12,551
10,854
12,595
14,749
2,908
2,547
2,967
708
700
5,166
2,413
3,242
3,173
3,117
6,329
481
758
619
,
22
783
945
1,653
1,373' to
1,865
2,242
2,119
926
1,017
1,061
421
541
2,036
2,094
118
104
743
785
1,041
788
692
19
3
7
0
0
31,090
29,436
29,105
15,425
15,424
301
305
387
2,317
2,033
opinion
suspending the firm that "a case
to g> i> 00
13,314
13,277
18,538
15,355
543
has been made for the revocation
516
601
2
5
1,875
2,011
1,943
4,699
3,928
;
.
798,683
780,908
794,163
North Western Pacific
3outhera Pacific (Pacific)
Union Pacific System
Utah——/ '
h.
*
"
Western Pacific
■
suspension are no greater
might be reasonably ex¬
pected."
116,094
118,406
107,730
.
.
101,485
Boston <fc Maine_.
Central Indiana—
2,018
1,252
850
343
6.913
5,900
15.817
15,281
1,292
1,697
V 2.073
2,320
38
1,377 ; '
•
Central Vermont—
1,458
28
_—-—-
1944
1,575
1,129
Chicago, Indianapolis & Louisville-
1945
311
7,252
i/..
1943
263
2,203
Bangor & Aroostook
1944
252
;
1,018
43
■/:/; 30
1,053
2,299
.'//
-
.
45
2,390
256
.863
400
7,306
7,488
2,794
2,676
2,437
4,378
4,654
Kansas, Oklahoma & Gulf
Kansas City Southern
154
284
351
274
5,297
6,093
5,742
2,306
2,796
3,668
3,318
2,840
2,830
2,652
1,054
...
Louisiana & Arkansas
—
Litchfield & Madison
300
375
309
1,447
Midland Valley
485
695
657
393
89
187
153
208
6,301
6,227
6,385
16,329
16,493
16,919
1,087
5,129
22,520
—
Missouri & Arkansas
Missouri-Kansas-Texas Lines-
Missouri Pacific
Quanah Acme & Pacific.
495
405
As stated in the
4,599'
21,722
—
5,095
4,780
6,502
13,794
12,724
123
89
376
7,823
7,663
7,255
12,472
10,891
3t. Louis-San Francisco
8,506
8,100
8,379
12,123
260
246
117
112
St. Louis Southwestern-
3,712
3,193
3,589
8,237
7,196
1,700
1,736
1,729
1,387
1,292
Texas & New Orleans..
11,287
12,645
447
350
344
3,464
3,003
Texas & Pacific
5,607
6,107
Wichita Falls & Southern—
68
Weatherford M. W. & N. W
34
72.530
Detroit, Toledo& Ironton
Detroit & Toledo Shore Line——-
13,573
13,343
11,954
17,624
17,756
(Grand Trunk Western
4,245
4,136
3,684
9.140
8,757
Lehigh & Hudson River—(
Lehigh & New England
156
187
239
3,315
2,148
1,591
1,556
1.725
263
11,620
5,486
8,914
8,287
101
81
42
127
14
20
24
9.0S5
6,707
12,397
32
74,193
72,109
77,881
/ 73,464
cago
managers
were
guilty of
fraud and violation of SEC regu¬
2,263
2,091
4,407
3,447
6,397
6,645
294
362
8,487
Maine Central
Monongahela
—
lations in dealings with the Board
of Missions of the Methodist Epis¬
copal Church South and others
making to them sales "at prices
greatly in excess of prevailing
market prices."
17,101
2,442
5,867
Lehigh Valley
Total
2,608
2.662
2,480
30
52,017
49,921
52,137
53,255
10.860
9,744
18,872
(Included in Baltimore & Ohio RR.
revised.
figures
56,043
11,052
year's
21
New York Central Lines
N.
♦Previous week's figures.
Note—Previous
956) E. H, Rollins and
suspended from the NA¬
SD for 60 days because it found
was
that the firm's St. Louis and Chi¬
5,415
4,187
.
3,364
2,096
84
"Chronicle" of
March 1 (p.
Sons
9,859
232
Delaware & Hudson——
15
innocent persons in the Rol¬
organization "we
afforded
Rollins an opportunity to present
evidence that Dryden and Rawls
had been separated from the or¬
ganization and thus make revoca¬
tion of its registration unneces¬
sary."
2,365
3,131
Delaware, Lackawanna & Western..
Detroit & Mackinac
registration under Sec¬
(b)" of the act, but that
order to avoid
hardship on
in
456
7,064
International-Great Northern-
Connections
414
Gulf Coast Lines.
Received from
1945
—
further
its
lins
Burllngton-Rock Island.
Total Revenue
Freight Loaded
Eastern District—
.
Ann Arbor
stated
in
of Rollins
week ended april 21
.
mentioned
was
tion
127,471
commission
The
it
many
Total Loads
'
its
than
and received from connections
Railroads
; •"
5
of promoting fair treatment
public investors by members of
registered securities associations.
of
Southwestern District—
■
as
1,372
Missouri-Illinois
.
>
of
remedies
expulsion;
1,937
Toledo, Peoria & Western
(number of cars)
and
905
Peoria & Pekin Union
revenue freight loaded
alternative
2,472
.
838,737
following table is a summary of the freight carloadings for
railroads and systems for the week ended April 21, 1945.
During the period 79 roads showed increases when compared with
the corresponding week as year ago.
:
; •
the
on
4,169
12,069
3,223
City
are
of the
13,957
57
19,439
789
Illinois Terminal
These
"There would be no point in ap¬
plying these remedies if they had
66
no
effect. We thought, and we
12,004
still think, that the sixty-day sus¬
1,029
pension was the least that could
13,299
7,086, be imposed
with due regard to
2,145
the public interest. The losses es¬
6,121'
timated by Rollins as being due
35
15,698
3,950
Bingham & Garfield—
Chicago, Burlington & Quincy..
Chicago & Illinois Midland—
Chicago, Rock Island & PacificChicago & Eastern Illinois
motion.
consequences
mean
24,238
'
the
natural
suspension
Central Western District—
Atch., Top. & Santa Fe SystemAlton
adversely
15 (a) of the securities exchange
act, and were also recognized by
Congress when it determined up¬
4,245
10,199
235
be
remedies contemplated by Section
891
9,686
loss of business and that its
a
denying
2,577
*898
6,532
Northern Pacific
the
affected," the commission said in
59
1,864
Spokane International
decision
its
organization would
6,182
6,575
2,073
Ishpeming
Minneapolis & St. Louis
Minn., St. Paul & S. S. M.
rendering
91* the
96
:
2,403
—
Lake Superior &
In
Commission stated that: "In decid¬
ing that Rollins must be sus¬
pended from the NASD for a pe¬
riod of sixty days, we of course
13,471J
recognized that Rollins would suf¬
3,200
Northwestern District—
Fort Worth & Denver
The
Cecil
Louis
9,407
351
Denver & Salt Lake—„—.
the separate
Walter
manager of its St.
12,703
1,934
Denver & Rio Grande Western-
12,176,000
Meantime
8,928
1,624
410
_
846,391
12,654,258
the
1,202
12,284
4,574
1,101
Nevada Northern
12,545,085
in
Hawls, the
406
470
4,874
1,166
Richmond, Fred. & Potomac
864,063
April 21
February
22, suspended the firm for a period
of 60 days, with the condition that
11,083
218
3,095
Piedmont Northern
Seaboard Air Line
3,845,547
789,019
3,158,700
3,154,116
Weeks
on
&
sus¬
483
278
3,302
1,103
Norfolk Southern
2,910,638
Weeks of January
H.
11,131
210
402
3,055,725
4
4
5
of E.
termination of the
a
531
158
12,065
1,032
3,733
_
Colorado & Southern.—
1945
Rollins
petition
2,587,
jf
...
the
11,783
25,708
225
Mississippi Central
Nashville, Chattanooga & St. L.
Bay & Western.
Exchange
19 denied
office, and Percy Dryden, manager
of its Chicago office be separated
from the organization. Both of
these officers have resigned, and
on April 13, the Commission heard
oral arguments on a pled of the
Macon, Dublin & Savannah
Green
The Securities arid
Commission on April
SD. The Commission
1,929
438
Illinois Central System
Louisville & Nashville..
Southern
1,633'
1,248
Georgia™
Georgia & Florida
Gulf, Mobile & Ohio——
Total
[ corresponding week in 1944.
Suspension
1943
.
Livestock
Reduce Rollins
1944
Tennessee Central
of
SEC Denies Plea to
Received from
1945
Durham & Southern
an
cars,
Total Revenue
Freight Loaded
.
increase
increase of 14.538 cars
freight loading totaled 400,408
Railroads
Columbus & Greenville
,
Loading of revenue freight for the week of April 21 increased
.17,672 cars, or 2.1% above the preceding week.
1
*
1987
19,853
Montour
.
Y., N. H. & Hartford—;
New York, Ontario & Western
New York, Chicago & St.
N.
981
1,015
3,554
3,401
6,522
15.417
15,922
436
511
2,482
2,133
8,389
7,982
7,777
8.972
7,856
5,355
5,062
4,696
8,767
7,647
819
847
739
14
248
314
333
225
244
1,062
?
Y., Susquehanna & Western
Pittsburgh & Lake Erie■
Pere Marquette—
1,089
6,574
391
1,295
1,005
3.414
2,771
6,605
Louis
——
Pittsburg & Shawmut
Pittsburg, Shawmut & North
Pittsburgh & West Virginia—
.
:
.
15
herewith latest figures received by us from the National Ended April 21,1945
Paperboard Association, Chicago, 111., in relation to activity in the
According to the National Lum¬
paperboard industry.
ber
Manufacturers
Association,
The
members
375
482
336
1,126
1,026
Wabash
6,837
5,414
5,453
11,879
12,177
Wheeling & Lake Erie—
6,283
5,697
4,435
4,990
4,109
167,226
162,525
156,426
235,608
235,589
781
744
826
1,215
1,145
46,227
44.999
40.338
28,618
6,658
2,658
1,378
2,148
t
f
307
t
t
Cambria & Indiana—
1,672
1,653
1,843
15
9
January
Central R. R. of New Jersey
6,775
7,497
6,856
22,369
20,283
56
35
January
January
13
20
January
27-
of
this
28,805
6,174
Rutland—;
—
Akron, Canton & Youngstown
Baltimore & Ohio
Buffalo Creek & Gauley
—
member of the orders and
'.
Cornwall...
489
19
637
166
222
247
11
10
96
128
122
49
a
represent
production, and also
Pennsylvania System.
Reading Co..
Union (Pittsburgh)—
Western
1,451
'
■
1,256
,
1,225
4,962
3,538
2,001
1,787
90,031
84,330
16,069
15,816
16,701
20,375
14,625
13,019
177.800
177.071
2,645
1,662
2,606
77,483
64.057
68.652
14,426
30,740
29,572
7,099
7,174
3,975
4,356
20,880
4,008
192.608
Maryland
*
189.840
173.518
of
the total
Orders
Pe™«
.
6—
February
3
Percent of Activity
Tons
Current Cumulative
125,882
150,011
532,194
80
80
95
87
39
150,876
February 24
March
503,240
94
159,885
152,075
510,931
95
565,064
92
SI
149,590
151,307
149,816
560,960
553,609
93
92
93
$2
145,541
131,989
'
152,755
529,238
97
150,486
558,285
96
152,611
580,804
94
93
——
129,948
153,625
557,986
March 24.
137,911
158,551
162,386
537.005
99
549,631
10©
34
203,891
146.832
604,720
92
158,938
604,214
97
.28,624
21,238
28,956
21,695
28,580
Norfolk & Western—
22.363
9,061
4,270
4,750
8,261
1,895
162,040
564,631
98
95
54.239
54,921
55.693
28024
23.430
•
7,587
4,377
Virginian
Total
15,702
13,948
identical mills
ex¬
94
125,708
7
April 14
Chesapeake & Ohio
reporting
ceeded production by 8.4%; orders
94
159,733
April
District—
of
days' production.
year-to-date, shipments
94
178,483
32
For the
93
177,711
rate, and gross stocks are equiv¬
alent to
93
181,377
March 31
Pocahontas
reporting softwood mills, un¬
orders are equivalent to
days' production at the current
89
——
-x—
3—
were
For
91
148,139
—
March 10.
mills
these
filled
524,308
204,550
—
of
orders
mills amounted to 115% of stocks.
Remaining
—
—.
4.2%
10.1% more than production. Un¬
filled order files of the reporting
Tons
189,769
—
___
February 10
February 17
new
Production
Tons
...
were
production for the week
April 21, 1945. In the same week
above
131,901
J
Barometer
Trade
149,921
.
March 17—.—
Total—
porting to
Unfilled Orders
Received
■
1945—Week Ended
of 471 mills re¬
the National Lumber
lumber shipments
a
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
36
Ligonier Valley
Long Island
Penn-Reading Seashore Lines.
83%
statement each week from each
figure which indi¬
cates the activity of the mill based on the time
operated. These
figures are advanced to equal 100%. so that they represent the total
industry.
STATISTICAL
Cumberland & Pennsylvania
Association
industry, and its program includes
Allegheny District—
Bessemer & Lake Erie.
Lumber Movement—Week
Weekly Statistics of Paperboard Industry
We give
April 21—
95
93
by 15.2%.
'
Notes—Unfilled orders of the prior week, plus orders
Teceived, less production, do
not necessarily equal the unfilled orders at the -close.
Compensation for delinquent
reports, orders made Lor or filled from stock, and other items made
necessary adjust
ments of unfilled
orders.
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
8.9%
2,7%
of
reporting
greater;
greater;
J 11.1% greater.
mills
shipments
and
orders
was
were
were
THE COMMERCIAL & FINANCIAL
1988
ing to the New York "Journal of
Items About Banks, Trust Companies
John
T.
President of
Madden,
be added to
the banking day in force at the
main office, 51 Chambers Street.
This will mean that instead of
of
closing at 3 o'clock p. m., the main
Bank, Dallas, Tex.
weekly
would
soon
until 6 p. m.
Mondays and Fridays.
be open
office will
on
This
the
decision
result of
bank's
as
10 weeks' survey
a
which
during
reached
was
the
habits
of
were
the
closely
customers
studied.
"The added hours will be a con¬
to
depositors
our
and
neighbors," Mr. Madden said, "a
great many of whom now work
unusual hours owing to the de¬
Our
of war-time.
like
that
revealed
serving
concern
its
bank
has
these
were
tween
other
every
public,
the
hours,'
'rush
the
noticeable
and
be¬
1
and
most
and
noon
survey
o'clock,
during the last hour before clos¬
discovered
the week
Mondays and Fridays.
"The new hours will go. into
effect on Monday, May
14, by
which time all arrangements will
have been completed."
ing.
Furthermore,
we
that the busiest days of
were
"V./>
At
meeting of the Board of
a
Directors of Bankers Trust Com¬
of
pany
City,
Y.
N.
Raymond B. Gahs
May 1,
elected an
on
was
has
bank at
Astor
Company with which bank
had
Gahs
since
employed
been
has
Gahs
Fifth
the
associated
been
of
office
Avenue
urer
in
had
charge
February, 1938, and has
of the
War Bond
Drives at the Fifth Avenue office.
The Board
of Trustees of Cen¬
Hanover
and
Bank
Trust
Company, New York City, elected
the following men Vice-Presidents
at
a
meeting held on May 1:
George K. Boday, John J. Collins,
Jerome A. Thirsk, Harry A. Trautmann, Peter Van Brunt and Rus¬
A.
Thrisk, formerly a
vice-president of Sterling National
Bank, will be located at the 34th
Street and Madison Avenue office.
Van
Brunt, recently re¬
leased from a special assignment
in the U. S. Navy, will return to
the Main Office
George K.
of
the
Church
Messrs.
on
C.
Alexis
Foster,
senior
a
tional
Mr. Foster held the
of
Vice-President
National
States
W. A. Bostwick
bune."
Wills
Mr.
of
Officer.
Trust
and
Street
Madison
and
at
of
the
the
41st
Avenue
of¬
fice.
Geoghegan was
Vice-President,
David R. Hutton, Assistant Sec¬
retary, Miss Camille B. Rispole,
Assistant Trust Officer, and Mrs.
Renee
D'A.
Spears,
Assistant
S.
Kleeman,
President
York,
announces
that
a
clearance
department has been inaugurated
at the 57 William Street office of
the
institution, to supply facilities
to brokers and dealers, and that
Mathew T. Ryan has been elected
Assistant Secretary and Assistant
Treasurer,
in
charge
of the
de¬
partment.
Kleeman,
President
of the Colonial Trust Co. of New
York, has announced the appoint¬
ment
as
of John
C. Jester of Dallas
Assistant to the President.
Mr.
John
G.
by the
late
Cincinnati, who
term
the
on
re¬
was
two-
a
Cincinnati
most
nonto
continued
also
in March in response
to
needs; zinc shipments
new record level. Lum¬
a
Output of stone,
month last year.
clay, and glass products was main¬
tained at the February level.
In
machinery industries activity
little change in March.
the
showed
curtailment
further
to
decline owing
continued to
tions at
of
opera¬
Aircraft pro¬
shipyards.
duction
equip¬
transportation
6f
Output
maintained
was
the
at
February rate.
"In most nondurable goods in¬
dustries
and
February to
the
at about
was
little
March
showed
output
change from
level
same
in
Pierson
food, textile, leather, and
products were at the lowest
for the
war
period.
The
as
shortage of carbon black has con¬
limit production of es¬
tinued to
New
of
became
in
the
He
1934.
of
York
director
a
rubber
and
First
National Bank in 1931, was made
Vice-President
of
bank
the
in
1934, and President in 1944.
facturing facilities are being ex¬
panded for output of this critical
In the chemical indus¬
material.
try, production of explosives and
arms
ammunition showed
small
less
for
the
of
his
reemployment
ical
plants
was
about the February level.
on
the National Bank of Detroit, De¬
former
troit, Mich., has been elected a di¬
rector of the Reserve City Bank¬
demobilization
from the armed services in "a po¬
with
sition and
able
what
to
he
had
tained
employ"
a
he
Valley, Vice-President of
immediate
every
salary
Association of Detroit.
ers
remained
in
W. L.
our
Hemingway, President of
Mercantile-Commerce
today
by Land Title Bank & Trust Co.,
nounced the
Philadelphia, Pa.
among
making
the
Trust Co.,
first
self
month
the
life."
first
dition
he
will
receive
will
immediately
"Department
adjusted
Butler, formerly Associ¬
Officer, was made Trust
George
In
department, was made
usual
National
reinstate
Bank,
Portland,
Ore.,
Loan
ers
recently
War
named
Association' in
This
Oregon.
all
of
of
whom
the
above
dent
Randolph
the
of
Robert
National
years
Philadelphia,
direct
spondent
Bank
for
up
a
Burgess, Presi¬
Lithuania
E.
and
Williams,
United
Alton,
after
crop
year's
last
record
to market before the
1945
in
the
same
of
period
a
Lake
the
year
ago.
shipping
to his
position
as
Vice-
States
National
Bank
in
of
chief
the Air Corp's contract retrain¬
ing
and
to special duty
settlement
as
division.
of
I
other
termination procedure.
farm
higher in the third week of April
than
during March.
Wholesale
as
a
show
commodities,
group,
have continued to
slight increases in recent
weeks.
industrial
around
by
dollars during the fiveperiod ending April 18. Ex¬
reserves, which were
at a
million
week
cess
temporarily high level in midMarch largely as a result of the
reduction of Treasury deposits at
the Reserve Banks in anticipation
of
tax
subsequently
than a bil¬
collections,
declined again to less
dollars.
lion
in
increase
An
and
Treasury
deposits
other
at
Federal Reserve Banks in the lat¬
ter
and
part of March and early April
resumption of the currency
outflow caused
funds which
drain
a
was
on reserve
offset by a fur¬
ther increase of nearly 600
dollars in Reserve
million
Bank holdings
of Government securities.
"At banks in 101 leading
Government security
cities,
holdings de¬
clined
during the five weeks end¬
April 18 by 660 million dollars.
Bill holdings were reduced sharp¬
ed
reflecting to a considerable
extent declines in the holdings of
ly,
Chicago banks associated with the
Illinois tax date. Certificate hold¬
while
generally
declined
ings
holdings continued to rise.
Loans to others than dealers for
bond
and carrying
purchsing
million
180
Govern¬
securities were reduced by
ment
dollars
and commer¬
cial loans declined by
230 million
dollars.
Congress Hears Plans
To Aid Small Business
Small Business Committee hear¬
ings in both the Senate and House
are continuing, according to Asso¬
ciated Press advices from Wash¬
ington, which state, April 17, that
Secretary of Commerce Wallace
told the Senate
committee that
"an
export trade of well over
$10,000,000,000 is a possible post¬
and
the
for
goal
war
that
one
United
be
can
States
achieved
if
taken," con¬
ceding, however, that small busi¬
proper measures
had
ness
to
was
a
get
are
lot to
House
an
.
„
'
i
accord¬
committee,
Associated Press report
Chicago, April 27, was told
from
Leslie
by
if it
overcome
significant share of
a
Oester,
J.
farm
ma¬
chinery dealer and Mayor of Men-
111.,
dota,
spokesman
testified
who
as
a
for the National Tax
Equality Association, that
than
30,000
cooperatives
more
competing
"virtually tax
with
heavy
tax-paying
free"
businesses.
the
report
from
Mr.
were
small
Oester
asserted,
that
freedom
states,
payment of Federal income
operatives to expand at an annual
rate of 33% during the war years,
while 1,350,000 independent, taxpaying small businesses have had
to
close
their doors forever."
"The list
these
now
qf businesses in which
tax-free
engaged,
cooperatives
are
plan to enter
is the list of all the
or
Credit
"Banking developments during
March and early
the latter half of
A.-.*.,'!
of member
300
reserves
increased
after the war,
.
Bank
In
that capacity he conducted schools
for
business
men
on
contract
livestock, and
products were
"Prices of cotton,
some
prices of
While in the Air Corps he was
assigned
>■
de¬
taxes "has made it possible for co¬
Commodity Prices
three
Portland, Ore.
Poland,
President
M.
President and Trust Officer of the
relationship with the
Foreign Trade in Mos¬
portions of Finland, Estonia, Lat¬
David
wheat
move
opening
A. B. A.
in the Army Air Corps, has
returned
corre¬
making service possible not
throughout
the
Soviet
Union, but also in the liberated
via,
the
season.
Exchange
"Required
banks
ing to
and
increased
shipments of most groups of com¬
modities except coal.
In recent
weeks, as a result of special ef¬
to
both
dividuals.
early
March
in
part of April, reflecting
forts
circulation
April.
The slackened rate of ex¬
pansion in both deposits and cur¬
rency was due primarily to tax
payments by businesses and in¬
The
rise
at
cur¬
creased in the latter part of March
but
resumed
their
growth
in
foreign trade.
decline.
by W.
ar¬
Pa.,
set
large, after allow¬
usual post-Easter
Shipments of ore have also been
much greater
due to an early
which Mr. Rice
has held this position.
The ap¬
pointment was made on April 24
have
Bank & Trust Co. of
has
the
for
loan drive during
war
rangements.
Corn
to
as
harvest, grain loadings have
been in much larger volume than
will be the third consecutive
the
Land Title has 97 employees in
The
rose
average
sales continued
to
Milton W. Rice, Assistant VicePresident
of
the United
States
em¬
notified
224% of
compared
with 212 in February and 200 in
index
1935-39
the
date.
tax
deposits
leading cities and
in
rency
15
demand
in
banks
"Freight carloadings continued
reflect continuous
been
in
and the Board's seasonally
crease
Assistant Cashier.
Chairman of the American Bank¬
services,
sales
the coupon
ad¬
was
the
store
further sharp in¬
a
ance
rec¬
to
main¬
;•••.
Charles E. Ellison Jr., Manager of
F.
plan and mark his personnel
as
was
Distribution
March showed
the veteran in its group insurance
ords
April and crude
production
tained in record volume.
January. In the first half of April
vacation.
also
petroleum
and
March
in
increased
for
pay
the
wage
Torrey, for¬
merly
Assistant
Trust
Officer,
was made Associate Trust Officer;
he
leave
work.
when
the
Should
month's
April
the early part of
and
officers
bank's
the
Officer;
leave
a
in
following promotions
ate Trust
"to accustom him¬
pay
civilian
to
as
rate
negotiations interrupted
Output of an¬
John P.
reengaging the return¬
the bank will offer
lower
operations.
Joseph A. McCarthy, Trust Of¬
ficer, was elected Vice-President;
veteran
the
contract
staff:
announcement
Percy C. Madeira Jr., President of
on
&
Bank
St. Louis, Mo., has an¬
of
week
ated with the March
Adjusted
-
March and declined further in the
first
ably influenced by the large vol¬
ume of Treasury receipts associ¬
of bituminous coal
slightly
a
thracite
at¬
announced
were
at
was
mine
compar¬
might have
in
recent
other chem¬
maintained at
than
increase.
months and output at
"Production
F.
D.
Provisions
and civilian tires
products, but manu¬
was
Corp., which was acquired
the
Commercial Investment
such
civilians1 of
for
sential military
Treasurer."
Jester will be stationed in Dallas, the institution, announced, accord-
of
year
a
production, however, was 12%
ber
level
Trust
cow,
S.
as
smaller in March than in the same
paper
only
Arthur
to
rose
same
metals
military
goods
by
Assistant
armed forces.
Arthur
chosen
previously
President of the Midland Accept¬
Florence
"Miss
made
was
ance
ployment during his stay in
of the Colonial Trust Co. of New
Production
increase
Gutting;
the
Mr.
The
Mr. Madeira said that the bank
division
the
as
board.
"Tribune" also said:
give him double
located
level
about
available
Pierson
year
Vice-Presi¬
is
Bostwick
Mr.
month's
is
April 27 by Presi¬
appointed last Jan. 1 for
bank
the
the
credit
tion continued to rise and was at
Bank of
Vice-Presi¬
is
Treasurer
and
and
York
New
the
by
bank will
and
according to the Board's
average,
seasonally adjusted index.
"At iron and steel mills produc¬
President of the Second National
April 27
"Herald Tri¬
the Manhattan Co.,
bank
1935-39
March, 1944.
Owing to in¬
creased military purchases in re¬
cent
months, however, supplies
of
Co., Bronxville,
board of directors of the Bank of
Mr. Harrison is attached to the
was
Ray M. Gidney of the Fed¬
Mr.
decline
Assistant Treasurer.
the
of
236%
was
Reserve to fill the unexpired term
directors of the
as
Trust
Bronxville
with full
on
on
the Federal
of
Cleveland
of
month,
directors of the Cleveland Federal
The election of R. G. Wills and
him
New York,
branch
the
of
directors
eral Reserve Bank.
1930.
diately
26,
F.
Abbot
Goodhue,
President, announced the appoint¬
ment
of Byron
L. Harrison as
Cincinnati, Ohio,
of
Bank
announced
dent
city.
same
connected with the Calvin
was
Bullock firm since
Office, 70 Broadway.
personal
Reserve
Denver,
Bank,
that
of
Co.
of
board
Cincinnati
United
Colo., and President of the Bank¬
Trust
Bank
the
to
positions of
the
and
April
Chemical
the
with
years
son,
Wall Street.
Trautmann
the
12
Appointment of Waldo E. PierPresident of the First Na¬
One
Bullock,
Calvin
of
firm
which
preceding
the
of
level
ment
Land Title Bank, said that imme¬
of
with Gold¬
year
ex¬
and
meeting
a
Sachs & Co. in New York,
man,
ecutive of the New York banking
ing
a
served
Bank & Trust Co. of New York."
Welles will continue at the Main
Following
v-;
.
"He
and
Office
Street
Collins,
in charge
is
of
Pitts¬
Bank,
added:
corre¬
ticipate with them "
In
June 4.
Boday
recently
burgh, Pa., it was reported by the
Pittsburgh "Post Gazette," which
wish to have us par¬
spondents
employee
>
sell Welles.
Peter
such
the
Vice-President
National
First
the
Davis' has
B.
elected
been
deposits or loans in
of those out-ofNew York banks which keep ac¬
counts with us, unless
"Output at factories and mines
was
maintained in March at the
ferrous
James
interdrive pattern, were consider¬
Industrial Production
ago.
with
relations
the
territories
the
similar
New
of
State Bank of the U. S. S. R."
Co.
in
for
commercial
dent
Jerome
have
opinion of our management it is
inconsistent with the principles
for which this bank stands to seek
Treas¬
Assistant
elected
was
only,
banks
Bank
York, Chase
National
Bank, Guaranty Trust
Co. and the National City Bank
Texas
Trust
Colonial
for
business
from
seek
will
Jester
"Mr.
Bank
Amalgamated
serve
also said:
Bank,
Co., Guaranty Trust
the
and
•.
,
,
€>-
National
correspondent relationships
with the Bank for Foreign Trade,
Moscow, while the Federal Re¬
stitutions of the State.
dent
tral
Co.
with the financial in¬
association
year.
have
Mr.
closer, and we wish, through
with
Express Co., Manufac¬
Trust
turers
growing
banks have been steadily
April, issued on April 25 by the Board of Governors of the Federal
System.
Industrial activity was maintained at a high level
in March.
Value of retail sales was at a record for this season of the
Reserve
The Board's report
Chase
American
pointment as his Texas assistant,
Mr* Kleeman stated:
"Colonial
Trust Co.'s relations with Texas
through¬
his entire length of service.
out
ap¬
N. Y., was announced on
Bankers Trust Company
He
Jester's
of general business and financial conditions in the
United States, based upon statistics for March and the first half of
Summary
Russian banks.
"The
in March Reported by
have
banks
relationships
correspondent
;..
<
t
commercial
Thursday, May 3, 1945
,
Federal Reserve Board
only
which
"However, several leading New
York
the
1910,
Mr.
with
,i; ^
■
In announcing Mr.
He
since
Company
with
coming
Mr.
both in country
and as a bank ex¬
aminer; for 11 years he was an
officer
of
the
Dallas
National
experience,
and city banks
Mr.
the time of its merger with
Trust
Mr. Jester has had many years
with
associated
been
Trust
Bankers
1917,
delphia
banks.
ers
Vice-President.
Assistant
Gahs
bank in Phila¬
has established a
correspondent relationship with a
Soviet banking institution.
the
ently
Texas
Jester, to develop still further our
venience
mands
with
business
institution's
\
Industrial Activity
Commerce," which also said:
'
"The Corn Exchange is appar¬
York
and will look after the New
Emigrant Industrial Savings
Bank, New York, announced on
April 30 that three hours twice
the
:
CHRONICLE
-Frkllrmrincf
iiciial
enterprises
little
their
in
business
which
men
tax-paying
have
made
livings," Mr. Oester said.
@FedFRASER