The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
In 2 Sections-Section 2
YEARS
ESTABLISHED OVER 100
Edition
Final
<L
ommetciaL
Beg. U.
Volume 160
New
Number 4330
Office
Pat.
Price 60 Cents
York, N. Y., Thursday, November 2, 1944
a
Copy
Enterprise and
The Profit System": Roosevelt
"I Believe in Free
The Financial Situation
'
A strange
and certainly a dangerous political mythology
developing in this country in recent years under
careful cultivation of influential public figures.
There
has been
the
S.
is usually a
substantial element of fantasy in popular politi¬
cal or economic ideas, but somehow we appear to have out¬
done ourselves of late in transforming discredited doctrines
Peacetime and Proposes That
Chicago Address Predicts Full Employment for 60,000,000 in
President in
Help Finance Expansion of Our Industrial Plants. "Through Normal Invest¬
ment Channels."
In Earlier Address at Philadelphia He Points to Allied Miltary Successes as Evidence
that New Deal Administration Had Taken Defense Preparation Measures Before Pearl Harbor.
Government Do Its Part to
into
popular battle cries, and in misusing analogy and meta¬
phor to reach patent absurdity.
;
The President's address Tn Chicago late last week fur¬
nished
one
lowing
Take the fol¬
shining example of this,, process.
,.V:;
passage:
;■
of
the Union, !I outlined an economic bill of rights on which a "new
basis of security and prosperity can be established for all.",; And
I repeat it now:
}
;
.
:
right of a useful and remunerative job in industries, in
the farms, or the mines of the nation;
" ,
The right to earn enough to provide adequate food and clothing
and recreation;
.
■:
;
The right of every farmer to raise and sell his products for a
return which will give him and his family a decent living;
The
shops,
on
at
our
1948)
'
■
One
CARLISLE BARGERON
By
;
thing seems to stand out clearly as the
not
If Roosevelt gets a fourth term, it. will be
A Dewey victory, on the other hand, may
reach the proportions of a landslide.
This writer, after as careful a
study as can be made, alter conversations with politicalj leaders,
editors and political writers all over the country, believes Dewey
by
narrow
a
squeeze.
We
will win.
~~1
thermore, that
his
victory
easily
may
such
embrace
States
border
Maryland,
West Virginia
as
Missouri.
and
.
All eyes are
focused
upon
this
Pennsylvania,
particu¬
larly upon the
City of Philaphia. We have
and
emotions
which
and
heard
The
one.
issues
are
LU.th in democracy.
And there is
is
.v
racial
the
read
rumors
the.
that
Re¬
publican or¬
Carlisle Bargeron
ganization in
Philadelphia is laying down, if it
is
not deliberately
scuttling
Dewey.
This writer has had con¬
siderable to do with the campaign
this
in
particular
city,
and
you
take his word for it that the
can
rumors
have
not
the
slightest
:
Republicans
The
faced
outset the fact that it
at
the
is difficult
ward leaders in heavily
populated cities worked up" over
Presidential elections.
They are
concerned with the patronage that
to
get
goes
fights'.
four years
licans
of
with mayoralty and State
This is no more true of
ago,
had
when the Repub¬
in registration
lead
a
200,000 votes, by. 176,000.
This
time the Republicans have h reg¬
istration
of
lead
There
250,000.
will, however, be the same dou¬
ble crossing, or rather jumping
.'our
'years
ago.
Nevertheless,
confidential figures of the Repub¬
that
Roose¬
lican
leaders -show-
velt's
margin will be held down
to
90,000 at the utmost, and may
60,000,
be held down to as low as
These
same
confidential
on page
1
v.,.-.
have
laws about
ever
listened
have
l
people to throw the present
will
able
be
say,
even
Tonight, tonight I want to talk,
security
(Continued
on page
1950)
.
In Chicago
Program Based
Governor
CONTENTS
Page
■
........
...
cratic
1945
.
as
Washington
of
Ahead
........
;
the
Moody's Bond Prices and
1957
General
quoted
.
Deposit
credit
Insurance
for
Act,
the
and
from
a letter sent out by the National
Campaign
headquarters
in Little
Thousand Club" special
.
.1958
Industry Statistics..... 1959
Weekly Lumber Movement
claiming
promising contributors to the "One
privilege and prestige by
party leaders. In a later address at Syracuse,
N. Y., on Oct. 28, Governor Dewey promised, if
elected, to remove farm curbs and to establish
a policy of abundance "and not a chattering fear
of
production."
The full texts of Governor
Dewey's Chicago and Syracuse talks, as recorded
by the New York "Times," are as follows:
.1946
Carloadings..;..... ,1959
Weekly Engineering Construction.
Paperboard
of
Rock, Ark.,
Review..
Commodity Prices, Domestic Index. 1957
Weekly
the
of
accused
Presidential nominee
Roosevelt
Democratic
State of Trade
;
forth in a Demo¬
Stated that this measure was, in fact, sponsored
by Senator Arthur Vandenberg, Michigan Repub¬
lican.
In attacking the honesty and integrity of
the New Deal administration, Governor Dewey
Yields..1956
and Trust Cos. .1960
Trading
GOP
The
enactment
,
.1945
Trading on New York Exchanges'/. .1957
NYSE Odd-Lot
speaking at Chicago on Oct. 26,
Deal administration's definition
campaign document that defined "politics"
what, when and
President
...............
Items About Banks
E.; Dewey,
"the science of how who gets
why."
Regular Featurea
News
Abundant Production.
of the art of government as set
•'
:
Financial Situation...
on
Thomas
scored what he described as the New
Editorial,
.......
1958
Fertilizer Association Price Index... 1956
1956
Weekly Coal and Coke Output..
Thomas E. Dewey
m
.,1955
Weekly Steel Review
Governor
Moody's Daily Commodity Index.,. .1956
Weekly Crude Oil Production.......1958
Governor
Non-Fferrous Metals Market.........1958
Market
Value
Bonds
of
Sept. 30
.;.
on
good to come again to Chicago
great Governor, .Dwight
NYSE
*190.4
......
Dewey's Chicago Address
Green, fellow-Americans:
and to be the guest of your
Green. It's also good to hear from every
one that he, together with your next Senator, Richard Lyons, will be
overwhelmingly elected on Nov. 7.
It's
Weekly Electric Output.1957
at
satisfy
from Little
incompetent
"those
say
GENERAL
-
to
Chicago Tribune."
Address GOP Presidential Nominee Quotes Letter Issued
Rock, Arkansas, National Democratic Headquarters in Which
in effect, just "Privileges" Are Promised Contributors to the Democratic "One Thou¬
A,
sand Club."
At Syracuse, N. Y., Governor Dewey Advocates a Farm
this:-.
Front
we
The
in Government":
And what do they say?
Well, they
.
socfal
ex¬
Again Restore Honesty and
to, various Re¬
Administration out and put them
in.
lot of
a
"But," they whisper, "we'll do
in such a way that we won't
lose the support of even Gerald
Nye or Gerald Smith—and—and
this is very important—we won't
lose the support of -any isolation¬
ist campaign contributor.
Why,
it
seen.
publican orators who are urging
the
I
—r~
passed
have
"Will
But I must confess to you that
this is the strangest campaign I
.
Bankers'. Dollar
Acceptances
at
Gross
and
RR.
Net
June
appeared in our
on pages
,
indicated.
'
*
•
.
Y
here last -June, A®—•—-
was
—
—
'
gained force 1 now. jt has become an irresistible
J -1
sweeping
onward
toward
daily■'
to restore honesty and com¬ tide,
*1905. petence in our National Govern¬ victory for a free America in No¬
The strength V>'f that
ment.
All over the country that vember.
issue of
(Continued on page 1952)
movement has taken hold until
-
v
'
I
great- campaign has
Earnings for
.C.... .7. .*1905
August Hotel Sales
Oct.,. 30
Since
*1904
.Sept. 30
calcula1954)
a
the
and labor and farm relief and soil-
-
*These items
(Continued
for
experience m political cam¬
paigning,
J
.
;
.
cellent
and I have
—
,
to Roosevelt which occurred
of that, either."
these Repub¬
say
have really begun to
foundations of a lasting
world peace; if you,elect us, we
will not change any of that either."
lay
certain amount of pre¬
•
over
foundation.
a
the
■
fight¬
crackpots
ington
I have had some
As you know,
on
campaign is. moving.
There are population- groups in
Philadelphia with which he has
lot the slightest influence regard¬
less of all the persuasive means
which ward leaders usually have.
I
Roosevelt carried Philadelphia
any
orators, "it is time
change."
They also say in effect:
| blunderers and bunglers in Wash-
shake that faith.
ful enough to
com¬
factors
change
"Therefore,"
.-■•
force and there^——
no
combination of forces power-
no
They
are
pletely over his head as
and
known, which is
lican
greatest'war of all history-—and we are also
President Roosevelt
engaged in a political campaign.
We are fighting this war and we are holding
this election — both for the same essential reason: because we have
—
Philadelphia than of any other
city
where
ward
politics
are
lighly organized.
But the heat,
:o to speak, has been put
on the
Philadelphia boys by the higherups, and there is not the slightest
ioubt that they are doing every¬
thing that can be done. However,
there perhaps has never been a
campaign
in
which
the
ward
leader will play less of a role than
fur¬
think,
not to
previous in saying Governor Courtney,
too
I
paign comes to a close:
ever
ing its way to victory," and they
"if you elect us we promise
say,
friends of Illinois, Indiana and Wisconsin:
The American people are now engaged in the
my
•
Presidential cam¬
has
Senator Lucas and I think I am
Mr. Mayor,
vious
.
quarrelsome, tired
they have built the great¬
military machine the world
"Those inefficient and worn-out
experience in war
From Washington
:
Ahead 01 The Mews
same
est
Chicago Address
President Roosevelt's
also had
'
"Those
old men,
recorded
herewith:
by the New York "Times," appear
.
n
And they go on to say:
Chicago and Philadelphia speeches, as
This, let it be noted in,passing, is not the first gross mis¬
Rights by the politicians in recent
months.
The most notable prior case is found in the socalled GI Bill of Rights.
It is obvious, of course, that this
.
He
collective bargaining. The Government,,
said, will do its part to help finance
industrial expansion "through normal investment
channels." In a previous address at Philadelphia
on
Oct. 27, Mr. Roosevelt devoted his remarks
mainly to the defense of his preparation policies
before Pearl Harbor. The full texts of both the
of the term Bill of
on page
people."
of the Four Freedoms
the President
business man, large and small, to trade in
atmosphere of freedom from unfair competition, from domina¬
tion by monopolies at home or abroad;
The right of every family to a decent home;
The right to adequate medical care and the opportunity to
achieve and enjoy good health;
The right to adequate protection from the economic fears of
old age, of accident, of unemployment;
And last of all the right to a good education.
(Continued
28, President Roosevelt^
—
and always have," conservation-—and many others—
and we promise that if elected we
will not change any of them."
fixed by
The right of every
,
principles
the
Oct.
on
predicted that wage controls will be removed
the end of the war and that wages will be
an
use
Chicago
believe that private enterprise
employment to
full
give
can
in
believe in private enterprise
"I
and
January, in my message to the Congress on the state
Last
and he added
reiterated
v-
Field
Soldier's
At
declared that "I
.
+
CHRONICLE
THE COMMERCIAL & FINANCIAL
1946
Ryan President of
f
Hotel Sales ianagers
Drifting With the Tide?
have astonished the whole
We
founded
enemies with
our
our
world and
stupendous
con¬
Royal
war pro¬
W;
Director of
Hotel
elected Presi¬
Ryan,
Sales and Advertising of the
duction, with the overwhelming courage and skill
New
of
dent of the New York
fighting men—with the bridge of ships carry¬
ing our munitions and men through the seven seas
—with our gigantic fleet which has pounded t"he„
enemy all over the Pacific and has just driven
through for another touchdown.
Yes, the American people are prepared to meet
the problems of peace in the same bold way that
they have met the problems of war. . . .
To assure the full realization of the right to a use¬
our
ful and remunerative
ciation at
of
.
Directors
in¬
elected
Frank
President Ryan, who is also
chairman of the program commit¬
tee.
'
tee for the national convention of
hotel
be
has
not
yet
round-table
a
The
travel.
be
been
an¬
discussion
annual
on
,>
:
Legislative Committee Appointments
banks continue to have the
President of *>~ ~
Bank, Cape ings & Commercial Bank, WashGirardeau, Mo., has been named ington, D. C.; Francis H. Beam,
National
City
Vice-Chairman to succeed Charles Vice-President,
T.
National
O'Neill, Vice-President of the
Co., Char¬
National Bank & Trust
lottesville, Va., Who relinquished
the post
with
the
because of preoccupation
presidency of the Vir¬
Bank, Cleveland, Ohio; Claude E.
Bennett, President, Tioga County
Savings & Trust Co., Wellsboro,
Pa.; C. Francis Cocke, President,
National
Exchange Bank,
First
Va.;
Edward
Elliott,
ginia Bankers
Association. Mr.
Harris has been a leader in Asso¬ Vice-President, Security-First Na¬
ciation
activities in
behalf of tional Bank, Los Angeles, Cal.;
Leon Fraser, President, First Na¬
country banks.
He has been a
Bank,
New
York, New
member of the Executive Commit¬ tional
tee of the Committee on Federal York; A. George Gilman, Presi¬
Roanoke,
Legislation and a member of the
Commission on Country Bank Op¬
erations, and he has been a wit¬
ness for the Association testifying
at
hearings
the PCA
Cooley
before
the
Committee of the House
on Agriculture, and at
Committee
other hearings.
John
dent
N.
Thomson,
Vice-Presi¬
and Cashier of the Bank
of
Centerville, Centerville, S. D., has
been appointed by Mr. Burgess to
the
Chairmanship of the Sub¬
Agricultural Credit
Federal Leg¬
islation to
succeed Mr. O'Neill,
who continues as a member of this
subcommittee.
Mr. Thomson was
a
member of the subcommittee
committee
on
of the Committee on
at
and
Eugene Abegg,
skilled labor,
costs,
and
roads
to
higher wage and tax
the inability of the
obtain
equipment
new
of
materials for maintenance
and
equipment in
use,
also restricted
as
The roads are
to charges with
in
result
Marking
twelfth
the
Dr.
revenues
ing such
way,
In
the
the
of
averaging
Railway Economics, told
the Interstate Commerce Commis¬
sion,
Monday of last week, that
on
the
railroads in the reconversion ancl7
.
restoration
increases
rate
of
wages
are now
statements
sub¬
tables
and
industries,
were
not
on
a
He
general
in
Bureau
of
taken from
were
Revenue
Internal
Commerce
the
car¬
the Interstate
Commission, in which
two
of
fixed
$125,000,000,000,
he
taxation
and
charges
said, and the Chicago Bank's ob¬
putting
jective for the next decade will
be to put the credit facilities of
and the railroads on a
the
1943
in
savings and loan institutions
the
forefront
expansion.
of
"We
resource
every
this
housing
will
marshal
and
machinery
that the Federal Home Loan Bank
system
pew
the
has to
promote
vigorous,
loan programs on the part of
member
institutions," • he
pointed out. "We must put the full
toward
contribution
the,-effect of higher:
and prices and will aid the
nance, employment and adequate
'" being service."
'7-7% % v
obtain adequate relief.
'
Foreign Trade—On the foreign
and steps
seeking
freight
return
net
they pay have gone up more than
25% since 1939.", Giving effect to
least
restoration "will be a,
a
moderate
post-war periods in meeting their
problems of improvement, mainte¬
occurring,
part than ever before in the main¬
tenance of a national income level
at
of
With a.' decline in traffic volume
important facts of. fixed
October 22 of the opening
charges and taxation are treated
of, the Federal Home Loan Bank
Parmelee,
in
,of Chicago. A. R. Gardner, Presi¬ differently... Dr.
dent, told the 456 member savings, refuting the claims made by the
OPA, also stated before the Com¬
building and loan associations in
Illinois and Wisconsin, that the mission that the roads "are actu¬
phase, the bank is .now7entering, ally carrying freight at less than
will, be its most decisive and crit¬ average pre-war charges despite
ical. Housing must play a larger the fact that the wages and prices
sary on
advance in
average
an
about 4.7%,:
Parmelee concluded by say-:
freight
offsetting
to
reports, while those for the
anniver¬
of the
which will-
increases,
suspended
777"7..-v
V--
;;
restoration
freight and passenger
rates, which at present are no
higher
than
before
the
war.
respect
riers from reports of
fairly
parable basis, he showed
was
and
industry
of
profits
the
com¬
that the
profit index for the railroads
463, taking the low-profit
1936-39 as5 100, compared
period
with
index
an
of
531 for
manu¬
mining; 591
for
transportation and public utilities,
and 433 for, trade.
While the gain
in other' .industries had to; some
extent
been
due
to
increased
facturing
and
Russia,
front
trade
diplo¬
under
has
been
granted authority to buy machine
tools in this country to the tune
of $10,000,000 monthly for a 12-
matic
negotiations,
month
period, according to the
Age."
This business is
"Iron
roughly about one-fourth of cur¬
shipments.
rent total machine tool
have not yet
Russia is securing
bids for a complete steel
Although
been
orders
placed,
data and
mill, the ingot capacity of which
will be about 8,000,000 tons an¬
nually.
7'7777/,'
'
Receipts —Tax
Tax
Cigarette
in September,
20,000,000,000 cigarettes
compares, with 1 22,500,000,000
a
year ago, the Bureau of Internal
Revenue reported.
Tax receipts
were
$70,000,000, a decrease of
$9,000,000 from last September.
Revenue stamps to the number of
purchased
stamps
for
last,
391,500,000
bought for cigars,
were
525,900,000 in
ago.
The
above figures approximate civilian,
consumption and do not include
cigarettes
and
cigars •. for
the
with
compared
September
year
forces, lend-lease, and the
armed
Red
a
Taxes
Cross.
11,500,000
distilled
paid
were
gallons
on
domestic
of
to
Total"
internal revenue receipts in Sep¬
tember were $5,057,000,000, an in-;
spirits,
7,200,000 gallons
of
crease
in
contrast
a year ago.
$443,000,000
over
Sep¬
August
September the total receipts
were
$10,428,000,000, an increaseof $2,142,000,000.
tember,
1943.
For July,
and
War Effort
Advertising—Domes-
Tic, daily and Sunday newspaper
sayings and loan credit
prices, the, gain in railroad earn¬ (advertising in support of the war
behind the building of new homes
ings was due solely to the in¬ effort amounted to $57,969,242 in
force
of
that the
so
construction, industry
unprecedented job in
demonstrating the ability of the
will
free
do
an
enterprise
system
to
create
,
,r:,
creased amount of work they had
called
been
upon
to
rates
railroad
since
perform,
were
higher than before the war.
no
the year
American
ended July 31, last, the
Newspaper Publishers'
reported
the
past
Association
,
,,
-
industries, Mr. McNutt
minimum
national
$125,000,000,000 annual
income
and
Vice-President, Bank of America full! employment is for
N.
T.
&
S.
A., Los Angeles, Cal.;
relatively
credit
to
be expanded and risks to b£ taken
Presi¬
D. J, Needham, general counsel, in the lending field commensurate
dent, Illinois National Bank &
Trust Co., Rockford, 111.; F. G. Ad¬ ABA, Washington, D, C./ Secre¬ with the meaning of the term* 'en¬
dison, Jr., President, Security Savterprise'," he said.
tary.
®
mittee are:
."
seeking'
•
a
country bank problems.
Members of the Executive Com¬
substantial expenditures
carriers to place their
properties in condition after' the
;week.
Topping a list of 42 dif¬
jobs.":
•
.
,
.. ''
dent, Maiden Savings Bank, Mai¬
5Touching unon gross revenues ferent war support projects were,
In its first 12 years the Chicago
den, Mass.; R. E. Harding, Presi¬
Tor 1944, Dr. Parmelee estimated
war
bonds, which totaled $26,bank advanced $176,167,403 to as¬
dent, Fort Worth National Bank,
they
would run about $9,450,- 101,024 in advertising space for
Fort Worth, Texas; Clyde D. Har¬ sist the savings and loan associa¬
000,000. an increase of close to the 12 months' period.
The re-'
ris,
President,
First
National tions, first in a recovery and then $2.000,000,000J above
those
in port, says the ANPA's bureau,
in a wartime job,-he pointed out,
Bank, Cape Girardeau, Mo.; H. J.
1942. but net income.after charges covers war effort support in ad¬
that
the
next
decade
Livingston, counsel, First National saying
in the year will decline below
vertising columns' only, with news
should
see
several
times
this
Bank, Chicago, 111.; Haynes Mc~
that of 1942 by about $252,000,000. and editorial matter not included.
amount advanced to supplement
Fadden, Secretary, Georgia Bank¬
Net earnings have shown a con¬
Labor Forces Decline in Sep¬
locally available funds.
He said
ers Association, Atlanta, Ga.; Lee
tinuous
decline for 16 months tember—
that these member institutions are
Discussing
man-power
P.
Miller,
Vice-President, Citi¬
and, according to Dr. Parmelee, a
better equipped to do a lending
last week/Paul V. McNutt, War
zens
Fidelity Bank &Trust Co.,
decline in operating revenues will
Manpower
Commissioner,
re-;
Louisville, K.v.; Charles H. My- job than at any time in- their
spon occur, with estimated freight
,
vealed a drop of 1,000,000 in the
lander, Vice-President, Hunting¬ history. .•
revenues for 1945 20% below 1944,
nation's labor force in September.;
'P'The Federal Home Loan Bank
ton National Bank, Columbus, O.;
and substantial reductions in pas¬
of' Chicago
Describing the decline as a "seri-,
moves
toward the
R. E. Reichert, President, Ann Ar¬
senger revenues as well.
"On the ous development" in view of in-;
post-war period with a conviction
bor
Bank,
Ann Arbor,
Mich.; that the
basis of these reductions the final
creased production requirements,
only way the nation can
net income for 1945 would be ap¬
John N. Thomson, Vice-President make
in certain
good on the challenge to a
and Cashier, Bank of Centerville,
frequent attendant
Washington
conferences
on Centerville, S. D.; P. R. Williams,
fast year
maintenance; and
improvement
work has been postponed, neces¬
In
the
•
,
of labor and ma¬
considerable amount of
a
war.
try
Harris,
D.
First
terials,
Among
obstacles.
properly comparable basis.
Bank Harks 12th Year
;
and the shortage
them may be listed the dearth of
other
problems.
:
result of heavy war traffic
a
surmountable
is
it
market analysis,
their
discuss
$350,-
to
!
sitating
by the
as
is,
pointed out that figures for indus¬
major atten¬
tion of the American Bankers Association in Washington, it is indi¬
cated by the appointments made by ABA President W. Randolph
Burgess to the Committee on Federal Legislation for this year. Frank
G. Addison, Jr., President of the Security Savings & r Commercial
Bank, Washington, D. C., continues as Chairman of the committee.
Clyde
As
.
to
1942
$902,000,000
in
000,000 in 1945,"
this accomplish¬
being
carried
through in the face of almost in¬
Splendid
fol¬
mitted by the OPA in an effort
lowed by a luncheon and an after¬
to show that railroad profits had
noon
session, during which the
advanced
more
than
those
of
sales managers will have a chance
politically advisable to give expression to it:
Beyond that few thoughtful men are ready to go.
.'
and the civilian needs
war
ment
reau
On Mon¬
Sunday evening.
on
discussion
think it
the
in which we
are now
engaged.
In truth, the
carriers are bearing a double bur¬
den: that of meeting the exigen¬
on
will
banquet
day morning there will be a panel
,
ABA
of
this global struggle
nounced, but the convention will 4.7 % which the Commission sus¬
open with a luncheon on Sunday,
pended in May. 1943/Dr. Julius
Dec. 10. That afternoon there will
H. Parmelee, Director of the Bu¬
demand in 1940 for 50,000 airplanes.
77;I believe in exceptional rewards for innovation,
skill and risk-taking by business.
:
'
*
—President Roosevelt.
The interests of country
ship-^
for
ports
far-flung fronts
taken to
ters
.
Banks Reflected in
the
ous
about my
interests of Country
scattered
to
to the
carriers will be affected in a seri¬
Chicago Dec. 10
the chair and briefly
outlined that program. Headquar¬
free
Perhaps the most encouraging thing about this :
"credo" us the fact that the President appears to
widely
ment
ation to be held in
enterprise—and always have.
profit system—and always have.
I believe that private enterprise can give full
:
.
J
employment to our people.
If anyone feels that my faith in our ability to pro¬
vide 60,000,000 peace-time jobs is fantastic let him
remember that some people said the same thing
.
in vain if our country's transportation system failed
challenge of moving troops and supplies of war to our
and 11, took
I believe in the
,
have'been
the Hotel Sales Managers' Associ¬
should be
^
Sales
Walsh, Sales Man¬
ager, McAlpin; Frank Law, Direc¬
tor of Sales and Advertising, Ronay Hotels; John Fenchen, Sales
Manager, Pennsylvania, and Joe
P. Hoenig, Sales Manager, Wal¬
dorf-Astoria,
Charlie Kane, host
at
the
luncheon,
presided
and
called on Robert Quain to give the
report of the nominating commit¬
.
believe in
I
First- Vice-
Kane,
all
to meet the
of the nation.
cluded
small, must be
encouraged by the Government to expand its plants,
to replace their obsolete and worn-out equipment
with new equipment and, just as an aside but pretty
important, the rate of depreciation on these new
.
•
eloquent testimony of the great work they are performing within the
of our national economy.
Stupendous as our industrial
production is, and so vital to the success of our war effort, it would
framework
cies of
Treasurer,
example, business, large and
accelerated.
Charles
of
V
have given
■_
.>/. • ",777.
In the present war the railroads of the United States
*■'
Second
Vice-President;, William
Buckley, Sales Manager, Commo¬
dore, Secretary, and Larry White,
Sales
Manager,
Drier
Hotels,
that the Government do its
plants and facilities for tax purposes
Biltmore,
the
Sales,
part in help¬
ing private enterprise to finance expansion of our
private industrial plants through normal invest¬
For
Other officers elected
The State Of Trade
V'
Manager of the Governor Clinton,
\
ment channels.^
Governor Clin¬
William Brown, Director
President;
men.
I propose
at the
Hotel,
ton
were
employment, an adequate pro¬
.
a
Oct. 23
on
A,.-I foresee an expansion of our peace-time produc¬
tive capacity that will require new facilities, new
plants, new equipment—capable of hiring millions
jobs.
Chapter of
Managers' Asso¬
luncheon meeting held
Sales
Hotel
the
gram must, and if I have anything to do about it,
will, provide America with close to 60,000,000 pro¬
ductive
Yorker,' was
Thursday, November 2, 1944
,
$350,000,000.
proximately
with operating rev¬
other words,
enues
estimated,at a level slightly
operating rev¬
income of
of 1942, the net
the carriers
tion
the
than
higher
enues
In
of
would .show a reduc¬
more
than 60%, or from
said the loss of man-power repre-,
sents
quit
students
vacation
and
jobs
teachers
and
who
women
workers who left the labor forces
to
become housewives.
The
em¬
civilian labor force.. in
September was estimated at 52.(Continued on page 1949)
ployed
yolume 160
1947
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4330
the
comes
industrial Activity Down Slightly In September
Recognition of French Provisional Gov't
de Gaulle
Federal Reserve Board Reports
■
•
"Output at factories and mines in September and the early part
October was maintained close to the August level.Value of
of
department store sales continued to show increases above last year.
There were mixed movements in commodity prices with a sharp
in
decline
,
the
price of steel scrap,"
the summary of
according to
general business and financial conditions in the United States,' issued
by the Board of Governors of the^
*
Federal
Reserve
System, based wheat, and good pastures, will go
upon statistics'for September and far to prevent too rapid marketa
the first half of October. : The ingsof livestock. Commercial truck
Board's summary,, issued Oct. 27, crops for the fresh market will
not only exceed 1943; production
continued:
*
but appear likely to exceed the
Industrial Production
1942 record by
about' 11%; de¬
"Industrial production in Sep¬ ciduous fruit production is about
tember was 231%! of the 1935-39 20% above 1943, and citrus fruit
average, according to the Board's production may equal or possibly
seasonally adjusted index, as com¬ exceed that of last year in spite
:;
pared with 232 in August and 230 of recent storm damage; %
i
step, Associated Press ac-^
Washington, Oct. 23, President
stated:
/ .1
"Activity
in ,• most
industries
manufacturing durable goods
showed slight decreases in Sep¬
tember
and there were further
Bank Credit
;
:
administration'
civil
the
dertake
Allies
its
by
that
of
public:
'
United
TP. The
and Russia at
taneously
the
"Provisional Gov¬
a
as
ernment."
steel led to
increase in
some
in the five weeks
ended
Oct.
18,
production
and
demand:
fourth quarter.* Air¬
craft production and output in the
automobile industry were main¬
and
individuals, Whicp decreased
in the latter part of
allocations for civilian
during the
September at the
level of the preceding month.
"Output of textile and leather
products continued to increase in
September from the reduced Julylevel.
Shoe production advanced
to the highest rate reached since
the spring
of 1942.; Output of
manufactured food products, as a
tained
during
group, was
the
of
maintained at the level
preceding month after al¬
change. But¬
lowance for seasonal
ter
production
continued
last
below
15%
about
year.
Hog
slaughter declined further in Sep¬
tember,
while
cattle slaughter
continued to increase more than
is usual at this "season and reached
a
record rate for the wartime
period—about 50% above the 19351939
average.
Beverage distil¬
leries resumed production of al¬
for
cohol
industrial
purposes
in
deposits of business
somewhat
of nations
own
all metropoli¬
rency
with
mas
may
large outflow of cur¬
have been associated
purchases of overseas Christ¬
gifts during the period.
101 cities
"Reporting banks in
reduced their Government securT
ity holdings during the five weeks
ended Oct. 18 by about $900 mil¬
by declaring
zones,
such control
or
affairs,
v
its
over
the
and
facto
de
and
accompanied by sim¬
powers was
It
China
had
Oct.
on
similar
a
Government
large seasonal increase and were
14% larger than a year ago. In
the first half
of October sales rose
sharply and were
16% above the
high level that prevailed in the
corresponding period last year, re¬
flecting in part the greater volume
of Christmas shopping prior to the
overseas
mailing deadline.
freight
September and the first
"Carloadings of railway
during
million above
pre-drive level in June."
about
slightly lower
than a year ago owing to decreases
in shipments of raw materials,
half of October were
Frenchmen
known that
had
weeks to
formally
course
has
was
Br'ainard,
teller in the Money De¬
He
was
of
Manager
Credits, Loans and Discounts
Department when he was granted
leave
July
12,
1944,
to
work
examination staff
early part of September and there of the Board of Governors of the
were
scattered increases during
Federal. Reserve System.
this period in wholesale prices of
Mr.
Emde was graduated
in
industrial products. Prices of steel
from
ceiling
levels
by
1926
magna
Cleveland
his
LL.B.
' cum,
Law
degree
mitted to the bar.
1939.
and
Agriculture
and
'from
received
was^
ad¬
Between 1917
the time he joined
eral Reserve he was
the Fed¬
employed in
1944 ; will several Cleveland financial inwith 1942 when the largest solutions.
Mr. Emde is'an asso-
'Crop
mk
laude
School,
$3.40 per ton, or 18%, to the low¬
est prices
offered since August,
,
production
in
history was harproduction is estinated at 3.2 billion bushels; this,
roduction
ested.
m
Corn
ciate
member
the
of
Morris Associates,
a
Robert
national or-
ogether with other feed grains, ganization of bank credit men.
of
the
will
uni¬
fication of 'French people and mo¬
bilization of its forces for further
State
is
nouncement of
Gaulle
de
"Times,"
"
lows:
States
;
has
French
de
today
facto
Soviet Tass
fol¬
: Y''1
leader¬
ship of General de Gaulle as the
Provisional
French
Government
Republic.
the
of
A communica¬
tion in this sense Has today
been
addressed to the Provisional GovY
Mr.
ernment.
will, if
Jefferson
agreeable to
Government,
>
Caffery
the
Provi¬
the
duties of Ambassador to France.
sional
This
United
action
harmony
France
on
States
assume;
the part
of the
Government
in
is
with its policy toward
publicly
enunciated
as
h;om time t<? time by the Presi¬
dent and the
Secretary of State.
,As the Secretary of State in his
speech of April 9, 1944, stated, it
was
always
the
thought
of
the
and
also take
we
Russian
on
rec¬
English by the
in
and
France."
Opposes Inieremplre
Trade Alliance Which
British Advocate
Robbrt H.
Patchin, President of
Lines, states that Brit¬
ish advocacy of an interempire
trade
alliance
excluding
the
United States may force this na¬
tion to
"prove to Britain" the
the Grace
before
House
a
reci¬
tariff
worldwide
of
were
expressed
Plan¬
Economic
ning subcommittee in Washington,
on Oct. 27,
it is noted in United
Press advices from Washington on
that day from which
the follow¬
ing also is taken:
"Britain's
power
the world's
as
largest single purchaser of prime
commodities," he said, "would be
used
as
a
trump card or lever to
other
members
the
of
empire preferentially to purchase
British goods."
; ^
U
would
"This
than
clear
be
nothing less
league cutting
economic
an
world's
the
across
tijade
adding
routes," Mr. Patchin. said,
that "the United
States would be
the outside."
The United
States, Mr. Patchin
said, should advise Britain that
the plan will not work either to
"benefit
the
monwealth
of-the
Com¬
British
the
world
or
as
a
whole."
"We will have to prove to Brit¬
ain," he said, "that our way is
better, that a nation of her trad¬
ing traditions and skill has more
to gain in
an
expanding world
economy, and that an expanding
American economy will offer her
a larger export market."
Communications
Commission:
,
On
of
23
Oct.
representative
the
Union
Soviet
the
in
France
[Alexander E.l Bogomoloff, made
the
following
statement
Minister
ABA
Agriculture Group
To Qoifer at
and recorded
agency
Federal
the
by
an¬
recognized the'
authority estab¬
lished in (Paris under the
the continued, full
on
transmitted
as
the
Af¬
to
of, Foreign
Memphis
C. W. Bailey, a country banker
for 40 years and President of the
First
National Bank, Clarksville,
Tenn., since 1920, has been ap¬
pointed Chairman of the Amer¬
ican Bankers Association's Agricul¬
tural Commission to head up the
Association's national program for
/' Y
'<'•
service to agriculture, it has been
"The Soviet Government deems
announced by W. Randolph Bur¬
■
it necessary to inform you
.
following:
United
The Government of the
the
the
of
ognition of the Provisional Gov¬
ernment of the French Republic,
recognition of the
as
the Pro¬
York
Government
Republic, in its efforts to
the Soviet Union
regime
New
the
Extraor¬
Plenipotentiary
in
Ambassador
as
dinary
on
elected representatives,
duly
vices from Washington and given
in
the
of
and
representa¬
Soviet Union, Bogo¬
a
the following statement issued by
ex¬
-
tive
French Republic
appoint
moloff,
ex¬
; Soviet..
...
Department's.
differ¬
the
people through the action of their
From the "Times"
was un¬
Action
Soviet Government here¬
"The
by announces its decision to rec¬
ognize the Provisional Govern¬
pression of the will of the French
count
the
w ee n
Pending
friendly cooperation of the Gov¬
ernment of the United States.
to
pected in about ten days.
The
occasions.
prosecute the war until final vic¬
tory and to lay the foundation for
the rehabilitation of France, can
said the
reopening business
consideration.
der
been made known on
ent
Provisional
officials
b et
expression .of
an
has
fairs:
a
from the
powers
three Allied
induce
people's will at the earliest
possible date, following the re¬
patriation of French prisoners of
war
and deportees in Germany,
contained in Associated Press ad¬
a
reduced
Treasury
United States and France
announced
as
recognition of
contribute to the still closer
by the
the
at
out
and
by the inclusion of
valiant forces of
thorities to seek
Mr. Emde started with the
Reserve Bank on June 14,
tors..
products were higher in the
October than in the with the bank
and nonferrous metal scrap,
worked
which
The intention of the French au¬
French
Special arrange¬
being
are
and
Paris
resistance within France.
French
third week of
however, declined; steel scrap was
ments
now
the
of
leaders
the
by
is
reconstituted
strengthened
Chairman of the Board of Direc¬
Commodity Prices
scrap
1940.
in
obligations
assumed
in
cert
deposits
gold
during
which
been
visional Government of France, as
partment.
grains and some other
1,
Oct. 25 by George C.
the
"Prices of
Nov.
effective
on
of the assumed loss of
Belgium
Paris
of Cleveland,
Reserve Bank
eral
recent
demonstrate their desire
functioning
Nicaraguan Government. • .
to Associated Press
advices from Washington, Oct. 23,
immediately after announcing
recognition the United States un¬
tain
They have
free.
are
Government
of
According
question
Assistant Cashier
well
as
the
Provisional Government of France
merits
opportunity
the
communications
George H. Emde
of the Fed¬
Promotion of
that
of procity. His views
majority
vast
to have the duties and
had been
lift the attachment.
Emde Ass't Cashier of
increased load¬ Federal
products and other 1920, as
ings of war
finished goods.
their
Cleveland Reserve Bank
in part by
offset
farm
$280
the
Today
administration
3.
to
entirely
decided upon by New Zealand and
cause
of
conduct
French authorities.
recognized the de Gaulle regime,
and that
the
zone
responsibility therefore will
a
matter for
the
be
24
made
later
was
interior
the administration of the territory
September after turning out an to a billion dollars.
thorities predicted the early un~
exceptionally- large
amount of
"Commercial loans at weekly
freezing of $1,000,000,000 of
whiskey and other distilled spirits
reporting banks increased steadily French assets in this country, in¬
during August.
during September and early Octo¬ cluding about $900,000,000 credited
"Crude
petroleum production
ber. Loans to brokers and dealers to the Bank of 'France as well as
continued to rise in September,
in securities increased somewhat,
heavy private holdings. The Bank
while output of coal and other
reflecting in part large flotations of France assets are presently un¬
minerals showed little change.
of new corporate issues during the der attachment
by the Bank of
period. Loans to others for pur¬ Belgium in New York State be¬
Distribution
chasing and carrying
fact
de
the
,
Treasury
"Department store sales in Sep¬ securities, although declining
tember showed about the usual
steadily, were in mid-October still
dations of the Provisional French
Government,
its wish to
authority headed by Gen¬
Gaulle covering the ad¬
ministration
of
civil
affairs in
eral
bill holdings de¬ dertook several adjustments to
clined by $370 million and cer¬
bring its relations with the new
tificate holdings by $530 million.
France in line:
These sales were largely made to
1. The State Department anJ
meet the currency drain and in¬
nounced that business and profes¬
creased reserve requirements. Dur¬
sional people who can show a good
ing the same period the Reserve
military or civilian need for their
BankS purchased $680 million in
passports will be permitted to go
Government securities. Excess re¬
there although transportation fa¬
serves continued to fluctuate dur¬
cilities are "extremely meager."• r
ing this period at a level of close
2. Diplomatic and financial au¬
lion.
solidation of the democratic foun¬
ment of the
French
Western
the
Recognition by the three great
v
increased
unusually
Government
proceeds from the fact of the con¬
and
between
Commander
except
front combat
into
September partly as a result of ilar action of other nations, in¬
payments, increased again in cluding Canada, Australia, Brazil,
October.
Currency in circulation Peru and Venezuela.
:
five
Soviet
this
agreements were entered
the Supreme Allied
policy
Eisen¬
to this admin¬
over
virtually
France
tan
D.
Dwight
tax
by $660 million in the
weeks ended Oct. 18.
This
and
the
with
•
for
Great Britain.
States
this
of law
accordance
In
order.
Y
General
2,
exercise leadership
establishment
the
in
the
as
National
of
Committee
Liberation' to
is
known
then
ganization
regime
Gaulle
de
and
country
French
(EWT) simul¬
General
President
Britain
States,
noon
recognized
which
of
,
continued
Drive
Loan
In
Government would lock to the or¬
"
their
ip the non-combat area to be an "in¬ France and other related sub¬
large declines in production of large volume during the latter terior zone."
That includes the jects.
aluminum and magnesium.
Steel half of September and the ,first capital of the Provisional Govern- k In accordance with the proce¬
output averaged 93.4% of capac¬ half of October, and U. S. Gov¬ ment, Paris. ■'
-V'VVV
' dure envisaged in the Civil affairs
ity, somewhat below the August ernment deposits at banks de¬
Not; since German invaders en¬ agreement, an "interior zone" has
rate, but showed an increase-dur- clined.
Time deposits at weekly veloped the shattered nation in been established to include a large
ing the first three weeks of Octo¬ reporting banks in 101 leading the summer of 1940 had France part of France, including Paris.
ber.
Easing of military demand citiec rose by about $300 millioi) attained such stature in the family The
agreement provides that in
War
de¬
struggle
against
the
common
this'
enemy—Hitlerite Germany.
marked the renaissance of the Re¬
istration
by the Treasury
of funds received during the Fifth
"Expenditure
Frenchmen themselves should un¬
y
actions
Two
that
himself
and
counts from
hower turned
in July.
United
by U. S., Britain, Russia and fliers
Recognition by the United States of the French Provisional Gov¬
ernment under the leadership of Gen. Charles de Gaulle, was an¬
nounced at the State Department at Washington on Oct. 23 by Edward
R. Stettinius, Jr., Acting
Secretary of State.
The announcement
stated that Jefferson Caffrey, will, if agreeable to the Provisional
Government, assume the duties of Ambassador to France.
Incident
to this
above-mentioned
cisions of the Governments of the
been inf ormed by the
of
United
the
Governments
the
to
establishment
of
zone
under
of
on
internal
an
of
control
Administration.
also
said
agree¬
f;France, including Paris,
the
been
ernments
■
informed
of
the
French
,
by the Gov¬
States
United
the
and Great Britain that simultane¬
ously
with
this,
both
the
Governments would make
laration
on
the
the, Provisional
France.
gess, President of the Association,
who is also Vice-Chairman of the
Board
of
Bailey
Soviet
ihaintaining
toward
a
said
dec¬
recognition
Government
of
of
a
Union, invariably
friendly attitude
France, wel¬
democratic
Bank
New York.
Mr.
preside when the
will
Commission
holds
its first meet¬
ing of the Association year at
Memphis, Tenn., on Nov. 15 and
16.
...
This meeting will be an execu¬
tive conference at which bankers
will discuss the financial problems
to be met by
agriculture and the
services which banks will render
to
farm
munities.
customers
in
President
their
com¬
Burgess,
Dr.
Harold
Stonier, Executive Man¬
ager of the ABA, and Dr. Van B.
Hart, Extension Professor of Farm
Management,
of
"The
of the National City
New' York,
.
has
Government
Soviet
"The
the
an
authorities
with French
ment
has
of America
that
came
'■
Governments
States
Britain
Great
and
of the
v' '
Government
'
Soviet
"The
New York
College
Agriculture, Cornell University,
are
among
the
extended
speakers announced.
list of
COMMERCIAL & FINANCIAL
THE
1948
•'
has
semblance
-;;?./ ?
(Continued from first page)
possible
no\
re¬
Bill
the
to
to
the first ten Amendments
demand these
to
the Constitution.
we
to
demonstrate
an
Indeed,
in¬
is
difficult
understand
to
thought of
connecting the two, and still
why
any one ever
difficult
more
to
understand
why the utterly false and
really quite misleading nick¬
name
"took
ever
hold"
in
many quarters where it must
be known that the whole pro-
ernment
which must
to
state
the
in
socialism,
business
use of the
"right" is perfectly ab¬
surd.
"The right of a useful
and remunerative job in in¬
dustries, im shops, on the
matter, that this
nation"!
of the
mines
What
furnish
to
it
earthly
things do not
—
-
since
grow
trees or float aboufei
within reach-bf
But
mean¬
such
wild
ation
on
all^*
enunciated, has
right.
No one seems to
be left against whom to exer:
cise this putative right.
Of
the
of
war
of
to
and
Oct
those
now
serving among the blew; Deal
storm troops would promptly
and glibly reply that the in¬
dividual has "a right" to de¬
mand :buch things from' his
government. But the govern¬
ment, after all, is but a repre¬
bers
of
15
breath with the Bill
of
Rights. These vague asser¬
tions could be taken to mean
that
a
Department
was
es¬
office,, Jn .tAlbany,: and -by
in New York City
Washington,
partment of Commerce, and Act¬
ing Commissioner C. R. Beardsley, New York City Department
Commerce.
of
;
;
socialistic state should
be established in this
Labor
spread
the 30 hour week to
on
employment
creasing
apparent
and
in¬
on
and a
keener realization of their impact
on
employment and real wages."
According to Herbert L. Car¬
penter, Vice-President of Com¬
and
merce
wages
Industry
Association,
the term "Small Business"
repre¬
sents the typical and individual
American'
The
business
or
Industry.
business
smaller
interests
.
tential subcontractors to
team
up
arming the nation for defense.
on
We
held
had
the active
them
Commerce
in key spots and
cooperation of the
and
Industry
Assoc-
ation and the New York City De¬
partment of Commerce;
Now
help to hundreds of business
cern's. ?. ■
•'
•
as
con¬
..
"It is true that many problems
of small business are national in
but this does not mean that
depend on the Federal
scope
we
can
Government for their solution.
/'
taxes.,
slowdowns, shop rules
arid featherbedding.
We need less
well as re¬ prior to the
war, represented at
gional offices throughout the State. least
70% of the business of the
Long before the war our Depart¬ United States
and, probably the
ment introduced 'war production
same percentage of
the employ¬
clinics'
which
brought together ment of men and
women and our
large prime contractors and po¬ invested
capital.
He added:
Committee,: and its manufacturers begin to think in
Chairman, Herbert L. Carpenter, terms of reconversion, we are as¬
Association
Vice-President
and sisting them with information on
Director and President, Carpenter plant
locations,
markets
and
Container Corp. of Brooklyn. Also sources
of
materials., •» -Through
present were Benjamin H. Gor¬ our research and business service
we
provide
practical
don, Regional Business Consult¬ facilities
ant, United States Department of
Commerce; Commissioner M. P.
Catherwood, New York State De¬
reduce
must
as
the
In
"With
the
coming of Victory,
the future prosperity of America
and the ability to
employ th^rnixlions now
engaged j.n civilian
production and those " who come
back from the
those
fighting fronts and
released from the
will,be dependent
ture
strength and
in
plants
the fu¬
war
upon
opportunities
smaller industries and bus¬
our
inesses.
At least 50% of all of our
forces must be absorbed
armed
by smaller business, industry and
agriculture.
If our tax laws and
controls
are
promptly adjusted to
encourage private
enterprises, em¬
ployees and employers who went
from
private
great
war
industries
plants
will
to
factor in
the
retuim
their old activities and be
a
to
great
future
our
addition to the need for clarifica¬
Emphasizing th'e especial inter¬
of the Department of Com¬
tion
est
of
Federal
*
habit
is
much
more,
same
sort of
now—with the
open
appears
to
be
Republican
President himself
in
And
Presidency
the
running
a
close
race
to
above 1940,
"
gations, selecting and developing
with the War ne\v. products, using new tech¬
preparing a niques and materials? relief from
series of 19 books on the estab¬
taxation, maintaining low produc¬
lishment; of various businesses. tion costs and securing new.mar¬
"In
cooperation
Department
"They" Have Moved to
Washington!
particular
ment
a
be 30 to 45%
making use of precisely
of folly.
•And this
want
/
this type
<
will
,
deepest regret
said—the
who
of the Advisory Committee
retail store or mechanical on Technical Industrial Develop¬
shop or go into agriculture range ment and the recent organization
up ;to 3,000,000, and pointed out
by the Commerce, and Industry
that, aside from the normal need Association of a program for the
for more mew enterprises, if the
protection of small business in
country is, to solve its number the metropolitan area
are
ex¬
one problem—unemployment—we
amples of the initiative and im¬
must expand in every direction.
agination needed."
He further stated:, /
;
"Ne.W York City is a commun¬
"The war has taught us our ca¬
ity
of 'small
manufacture and
pacity to produce and our ability business" Said
C,. R. Beardsley,
to provide full, e m p 1 .o y m e n t
Acting
Commissioner,
City
of
through such, high levels of pro¬
New York Department of Com¬
duction. "Our volume of output
merce.
-After the war their prob¬
for the first peacetime year should
lems will be—clearing war obli¬
wide¬
nonsense.
workers
war
we
are
And I, think they should be help¬
ful
also'to
the
established
small
case
.
,
same
and
mem¬
is enterprise, The field offices of
but
an
illustration.;
Many the Department of Commerce
more could as
easily be cited. here in New York and in other
This persistent habit, not only leading cities? welcome visits from
all business men. We are equipped
of public officials .but of a
to
give
small enterprises
great many others who should much helpful information.1 They
know much better, of looking are - imbued' with the philosophy
sentative of the people who
of the entire Department that the
to Washington, much as the
success of small business will play
are said to hold this
"right?! public had
foolishly'grown to a large part in the overall success
The statement of the Pres¬
look to the, "they" of Wall of our nation in the • peace to
ident may then be stated in
•"
•Street, in: the foolish 'Twen¬ come.";, y v■•'?' 1
another way, to wit: • "The
Discussing the small business
ties, is another case in point.
program
and; activities /of the
people of the * United States Twenty
years' ago
all too State of New York Department of:
have the right to demand of
many of us formed our judg-„ Commerce, Commissioner M, P.
themselves a useful and re¬
merit of the future
by refer¬ Catherwood saickT ■■■>>'/ \
munerative job in industries,
ence to what
"Small Business is,big business
"they'V(iri Wall
on the farms, or in the mines
Street) were doing, or. were
of the country."
Stated in supposed to be
whether the Federal Govern¬
doing5 or plan¬
this way, the proposition be¬
ning to do or. were; likely to ment has in reality become
comes
patently absurd. " '•>
do. "They" have now moved; Omnipotent ?' meanwhile will
It is perhaps possible, by to
Washington^ D. Cc Ask- the occur to him. The notion that
reading certain implications man in the street what he the Government can do what
into such statements to- make thinks bond
prices or inter¬ it wishes forever, with the
a semblance of' sense of them
business
est rates, as
community is ap¬
examples, are
—but the implications are not
likely to be two years from parently in process of becom¬
pleasant and they certainly now or six months from now, ing another of the current po¬
litical myths.
should not be mentioned in
and all top often he will be¬
the
main
business-
were
Our
branch offices
appeared in
26, page 1837.
Present at the club
—-—
tablished to aid private enterprise.
The work is carried out by the
which
of
issue
our
smaller
:
State.
transition
•
the
protect and advance the
reference
is, however, that the
candidate for the
eyeryybnp, according to
most
to
interests
ment
must avoid
employment
and purchasing power. This would
policies and a include also at least
half of those
not
be
so
concerned.
If merce in the future of small en¬ change in attitude by the federal in our armed forces
who must be
such nonsense were confined terprises both established and new, government, however, there re¬ absorbed in existing and new and
the Secretary on the Radio Busi¬ mains a tremendous field in which
expanded small business enter¬
to the New Deal menage and
ness
Forum stated that the De¬ intelligent, progressive action by
its hangers-on, we should find partment is actively engaged in states, communities and business prises, including agriculture."
the situation less distressing. providing practical aids. He said men is essential.
predictions that service men and
"Governor
The fact
Dewey's
appoint¬
the air
the doctrine
course,
of
and Industry Committee, or
garfized under the auspices of the
Commerce
and Industry Assoc-
can
-
end
ness
be attached to spread than that. For a good
while past, it. has appeared
such a sequence of words?
that few aspirants for public
If every man has "a right" to
office have felt, that
they
any such thing,, then there
could possibly succeed with¬
must be something or some
out
indulging in much the
one who is under obligations
ing; really,
Commerce
,
term
the
the
here, the biggest paymaster in the
Earlier, Mr. Taylor met at the
University Club with members of
the Metropolitan New York Busi¬
If only the President re¬
They must
indulged in such
likewise know, if they pause peatedly
for a moment to consider the dangerous twaddle we should
farms,or
survive;. the
the
small
,,
intelligence, must know that equivalent.
'
most of these "rights" do not,
Widespread Folly
and in the nature of the case
could not, exist.
Can
wish to take the risk and go into
business for themselves?"
the
or
of
and difficult
reconversion.
between
lead
end
free enterprise system
our
Oct. 25, at
on
the hoped for lasting peace? And
what about the thousands of serv¬
ice men and' war workers who
merely a cheap trick obligation of seeing to it that
to obtain the
good will of the all men are accorded * the
men in the armed services.
privileges cited in his "eco¬
nomic bill of rights" — sup¬
Rights?
plying what private industry
But to return to the Pres¬ fails to provide—he, possibly
ident's
"economic
bill
of without
realizing it, is in
rights."
The President, and reality proposing a program
should suppose every one
else with better than Simian
of
ties
cedure is
we
Station WMCA
xxver
lie the uncertainties
the
assume
equipment and seek
only reasonable profits. Govern¬
Secretary of Commerce, Wayne C. Taylor, in
emphasis
Business Forum
the
of
must
efficient
use
and Industry
which time he said:
"We must have a thriving small business population if we are to
reach our post-war employment goal after the war.
But ahead of us
things of it. If
something of
m e a n t,
the
should
of
broadcast
Association
"rights" begin to have a
meaning—although it would
be difficult to exchange, such
"rights" for bread.' But we
have no such system in this
country now and we, for our
part, do not believe that the
American people want any
such system.
If the President
means
merely that the Gov¬
consistency between the two.
It
is
sort
stressed by Under
was
a
the foundation
as
Manufacturers
everyone.
fit Bommeree and Indoslry Form
business
Small
that
assume
this
difficult
inner
all
over
economic processes and activ¬
ities and grant each individ¬
ual in the land the right to
of
Rights sacred to Americans,
nor is it in
any way analogous
it would not be very
take
would
which
Thursday, November 2, 1944
Importance ef Small Business Stressed
The Financial Situation
law
CHRONICLE
kets."
added
He
that
contrary
to the
impression that many firms
leaving New York .City," "we
are
had
have
an
these
are
increase
of
225
in
Most;
of
1944.,
small firms."
months
eight
of
Answer-
Life Insurance Death
Benefits Dp
Life
13%
insurance
payments
to
death
American
benefit
families
during
August
increased
13%
over
July payments due to in¬
creased
war
normal
downward
deaths, reversing the
trend
for
that
month, the Institute of Life Insur¬
ance
reported
gust
payments
which
was
Oct. 26. The Au¬
on
were
peak month of last
normally
months
August
yea^?" although
is
among
t.he
For
eight months, death ben¬
.
of'lowest mortality.
the first
efit
$103,802,000,
only slightly below the
payments
were
$809,445,000,
compared 'with $758,278,000 in the
same period of 1943.
"In
in
spite of the sharp increase
war
death claims since the be¬
ginning of the battles of France
Germany and the new attacks
and
im the
Pacific, the death benefit
payments
fori the
first
eight1
months have increased over the
previous year -only by about the
to. what help
same
proportion as, the .increase
can be given small manufacturers
in total life insurance, in
iri terminating war contracts 'and
force,"
preparing for regular peacetime the Institute reported. -"This re¬
production, Mr. ' Beardsley said flects some improvement
duriiig
"the greatest problem will be to
{he 'year in home? front death
secure prompt- settlement of sub¬
contracts.
Prime co ntr actor. s claims, offsetting, in part, the war
i
n'gthe question
as
should deal with the Procurement
which/ issued,
office
Both
can
the
orders.
and
subcontractors
aid, themselves by learning
prime
procedure."
Queried as to how small firms,
especially new; ones cap obtain
the required
,
(financial*:backing,. the
must
s,
Total payments to
and
,
policyholders
beneficiaries in August were
$199,500,000, compared with $200,094,000 in August last year, while
the
.eight-months total this
Commis¬ $.1,666,124,000, compared
"any person or firm
be i ready ' to ■ demonstrate
sioner said,
deaths,"
616,523,000 last'
year.
year
is
with $1;-
The
other
ability; and 'prospects and' prove iterixs showing! increases are, divi¬
character,. .The G? I.iBilf of Rights dends V policyholders, up 7% or
will aid ; ex-service men. ? The about the same proportionate in¬
American' Bankers' ^Association, has
hedn
the
to
studying' this* problem Xvith
purpose of making
small business every
available
possible policies,
banking aid."
On
costs
crease.as totab insurance in
subject of getting low
without reducing wages, he
the
hod the following to say:.
foi-ce;
payments-of maturing endowment
ments,
render
up
up
10%; and annuity
5%.
values
withdrawing
pay¬
Payments of ..sur¬
to
their
policyholders
policies
com-
increased. ' To ftinuenfet ;a record low rate,'this
things that not one candidate in this maintain'employment, we need a year's: total thus far
being '25%
the Federal Government will
wider ;and i deepen < foundation of
under last1 year arid well under
national
election. campaign
purchasing income.
The point is
want them to be.
All too has as
half the 1941, .total for, the same
T HoW disheartening to note'
gin by stating what he
country1 often
yet had the...courage to
no
question
as
to
expose
these foolish notions!
'-"Wages11 can"
overlooked.
we
can
thatmby cooperation
real wages for
increase
period.
il
f;
"Volume 160
*
Bureau of Mines basis)
approxi¬
Instructions to Bank Examiners fo Facilitate'
mately-! 4,662,000 barrels mf crude
'
;
from
the
York
decrease of 1,000,000
August and 2,000,000 from
2o0,000,
a
222,600,000 kilowattrhours for the corresponding
week of 1943, or a decrease of
have occurred in the past
22.7.%.
weeks, but the trend is. still
few
definitely
downward,
of the
steel market the past week.; De¬
creases, however, are hot marked,
and show a leveling off on an or¬
derly. basis. Production directives
of the War Production Board also
tend to. be on a. downward slant.:
"Iron Age" in its summary
in order, vol¬
slow decline
The
relatively
high steel ingot rate,, served to
with
coupled
ume,
a
backlogs.
168,300,000 kilowatt-
amounted to
hours, "compared with- 206,400,000
the
for
kilowatt-hours
corre-'
sponding1 week of last year," a de¬
18.5%
crease of
:.
.
•;
:■/
.
.
f RR. Freight Loadings—Carloads
freight for the
week
ended;/Oct.' 21/ totaled
905,941 cars, the - Association of
ings
of
revenue,
,
This.* was
Railroads
announced.
increase of 7,291
cars, or 0.8%'"above the preceding
week this year and 522 cars, or
satisfactory
in
reducing
certain
This
was «,-especially
-
4/^
.
American
help most mills make
headway
'
Local distribution of electricity
!
the
states
of
output
with
compares
fluctua¬
tions in the volume of new steel
Industry—Sharp
orders
<:
172,100,000 kilowatt-hours in the
Week ended Oct/ 22, 1944,. and
July peak.
Steel
,
system
sy.
reports
y
e
(Continued;from page* 1946)V
-
0.1
%
an
•
■■>
corresponding
true of the sheet business;: One
week of 1943.: / Compared with a
large - sheet <;- producer , the - past
week indicated that its production Similar period in 1942, an increase
.directive on sheets, if put on the pf 2,679 cars,:or 0.3%, is shown. -,
t
yearly basis, would match its best
pre-war year's sheet output, -re¬
trade'journal,
ports the
goods continues at a high
on the war
has
the
quickened
week,
1943.
tempo
about post-war planning,
the magazine discloses, but under
the
passing
tons,
The
encouraged
by
contract. com¬
tons,
0.6%,
or
week.
tion of consumers' goods.
sponding
steel
shell
the
in
some
the yean
was
recently cut back in order
to get
it in step with the produc¬
shell-making .machinery.
It
of
tion
Requirements
by
5.5%.
year-end
the
Estimated
present; they will, however, not
hit the peaks originally estimated.
The heavy ammunition production
cember will
of
the
reported
1944
when
for
with : $52,-
total,
December, *//y
With respect to
•
to
the
compared
the
week
"Iron
silver
in the
tight railroad car.situation
at one mill and an increased pro¬
-
7.8%; below production for
contributing to. a; somewhat.-im¬ the./week ended Oct.' 21, - while,
new
orders of these mills were
proved delivery situation in' tin
:
plate.
'
•
.
+;.//
;.•>
231 % .'-less
- •
the
The-"Iron Age" composite price
'>:■/' _' -;. ://'// /./:.
week's
steel
companies {including - 94%. .of the
operating
rate
industry) will be 94.4% of capac¬
30,
as
jboard,
production
for
period
was
to
the
reported
.
Business
f
failures
Crude
greater.
Oil
of
■/
-.
—
available
to
in various terms and
to
"12
15
from
hi
11 against
week
and
There
States for
were
Retail
While
the
country
the
to
one
as
a year
that
real
retail
movement
•
in>;
chases
for
clined
With
to'moun+;,
;
abroad
de¬
-
;
.
_
•
"•
and novelties were
however; inventories were
in
growing
was
spotty,
noted in
/■/
De-
volume.
sweaters,
neckwear.
:
a ,year qgo.
vegetables'
were
sought, and
the volume genex^ally good.
Retail
volume
was
estimated
over
*,
Daily
the
same
to
for
the
country
be
8%
to
12%
period,of 1943, with
percentage increases
New England, 8 to 10%;
East, 11 to 15%; Middle West, 6 to
10%; Northwest, 8 to 10%; South,
.
13: to
15%;
Oct.
'Reasonable
normal
value" required by the
law, Gen¬
eral Hines said.
Assuming that the appraisal is
satisfactory, the lender will for¬
which
ward the necessary papers,
are signed by the veteran, to the
designated agency, which will rec¬
ommend to the Veterans' Admin¬
the
the loan
whether
istration
meets
requirements of the Act qnd
the
The
Regulations.
will
Administration
Veterans'
approve
or
disapprove the application,
where
appxmved will issue
and
the
guax-antee certificate, x-epre-
the
senting
If the
of
obligation
issu¬
the
guarantee is disapproved
by the Veterans' Administration,
still make the loan
the lender may
Affairs; without the guarantee, if he
the
18
so
de¬
sires.
When
guarantee is approved
a
by the Administrator, the veteran
and
lender
notified
are
and
the
loan is closed.
by
arrangements under the bill. I
Washington Bux^eau, said
:r;
'• %'V1 ■' 1
iii ■ part:
The
that
a
veteran who desires to buy
build
to improve an
existing dwelling, will proceed in
the usual manner, as he would if
or
G.
no
Bureau
Vetex-ans
the
loan
of
regulations provide in effect
a
I.
home,
bill
or
in
were
Over 1,000 Banks Join
ABA in Past Year
The additional services
existence.
and the
is, he will go to his bank, leadership given to banks by the
Bankex's
Association,
building and loan company, or Amex*ican
other lending agency or individual especially in the legislative, agriThat
lender
and .: discuss
Should
he
his
plans.
cultural/and
in
reflected
be
insux*ance
the
annual
fields,
is
i*eport of
inexperienced in
matters, he may go to the the Organization Committee which
appropriate Federal agency for lists 15,419 banks, or 94.7% of all
institutions
in
the
advice.
country,
as
% / v'.. ■, d-., .
such
.
General Hines
members of the Associatioa at the
there seems' to be
close of its fiscal year August 31,
pointed out that
some prevalent
misconception as to the loan' guar¬
antee provision^ of the Act, which
does not pi*ovide for direct loans
The report made by Robert
1944.
L.
Dominick, Chairman of the
Committee, / who
is also Vice-
over
1943,
year
was
Early
to Oct.- 21,*
also noted:
shoopiiig
Christmas
last
volume
of
week
retail
.
1,944,
to
swell
the
here
trade
New York the past week.
in
.
Gains
stores varied considerably
among
the
of
President
salqs for the
Worked
.
regional
average gross crude oil production,
follows:
for the week' ended Oct. 21/ as
with 96.3% ohe week estimated by the American Pe¬
This weekls operating rate troleum Institute,. was 4,744,900
5 This
an
represented
is equivalent to 1.707.200 tons of barrels.
steej ingots and castings, /com- increase of 18,350 barrels per day
of
mula
New York "Journal of Commerce"
,
wex*e also popu¬
while / handkerchiefs
and
.gloves, sought as- gifts, offered
;•/
prices in many sections to¬
day do not qualify under the for¬
[The text of the "'G. I. Bill of
Readjust¬ Rights" was given in our issue of
1944, generally known July 13, page 202, and in these
as
the "G. I. Bill of Rights."
In columns Oct. 19, page. 1732. Men¬
reporting
this,
advices
to
the tion was made of an explanation
Faille/box bags
and
It is obvious that various:
market
from its
/
/
normal
'Reasonable
ment Act of
with, the sale of 'fur-trimmed
lar, :
its
501' of the Servicemens'
pur¬
dresses and sportswear were lead-
.
Veterans'
ans' Administration to veterans of
In the apparel field,, millinery,
coats
on
of regulations concerning the
guarantee of loans by the Veter¬
expiration of the
.and
;ers,
of
mine
ance
considered '; good/ though
;
of
announced
Statior ery
!
and then the lender
to
have an
appraisal
the property to deter-
made
consti¬
the; present war for use in the
sales. 'purchase of homes under Section
apparel
soldiers
lien
estate
real
forward
the
Christmas
the
the
rather
ministrator
retail
sections of the country mild
Simultaneously,
lender ' concerning
the
United States.
Administration
Brig. Gen. Frank T. Hines, Ad¬
Despite the dip in
retarded
con¬
tutes the bank's primary security."
buying the past week, the
was good.
In
some
:
facts,
loan
than
volume of business
weather
estate, they will not be
Bradstreet
&
disclosed in its summary of
trade activity.
secured
are
such
second
by liens upon
their recent
from
Dun
these
it does
as
Administration
Veterans'
The
long
so
aggregate exceed the
Vetei*ans'
.
levels,'
the
Act, for the reason that the Loan
Guai^anty Certificate issued by the
the
for
whole held up well
extent
some
though
Section 24 of the Federal Reserve
Trade-
volume
national
enable
to
sidered real estate loans subject to
the limitations and restrictions of
past week,'retail sales broke
high
the Administrator
participate effectively in
even
loans
ago/
Wholesale
a
thereof
this portion of the 'G. I.' progi-am,
this office has taken the position
week
a
order
banks to
two Canadian failures,
and
amount
Veterans'
"In
amounted
or mox^e
wholesale
full
forth in the above-mentioned Reg¬
ulations. / /
■ :/•'/'-■/'•/
10 in the preceding
18 "a
year
earlier.
compared
with
earlier, and three
the
Affairs,'. subject to
qualifications 'and exceptions set
Insolvencies with lia¬
bilities of $5,000
the
in
value."
of
preceding
week,. '"and compared with 34 a
year
ago,
according to Dun &
Bradstreet.
of
various amounts
proceeds
guaranteed by
Business
—
United
the
remainder
the
cover
have
the week ended Oct. 19 decreased
production" of
Production
This $2,000 guar¬
made
be
can
maxi¬
a
.
Failures
in
a
20% of the purchase price or cost,
but not more than $2,000, and may
same
94%
at
for. little variety,, and men's clothing
order, showed iitile change from,; the
shipments 13.6% greater, and or¬
■
of $2,000.
purchase price or cost of construc¬
tion, the veteran may borrow from
a
lending agency a maximum of
capacity, against 96% in the pre¬
ceding week. :
/;
compared
ago.
Oct.
index/:of
94 % of stocks. level/existing^
1935-39;
of
ders 0.7%
of
ity for the week beginning Oct,
the veteran
As for paper-
reporting mills was 21.7% greater,
Iron and Steel
Institute announced last Monday
the
cipal loan' to
provides in effect
'prin¬
be
can
the Veterans Ad~
pro¬
to- date, shipments of v .Total food:sales : were little
reporting identical mills exceeded •changed; with groceries and pro¬
production by. 3.0% and ordex^s visions moving in steady volume,
while
sugar, /and /some
dairy
ran. 5.5% above output. / - i
Compared to the corresponding products fell short,.: Fx-esh ■ fruits
'
that
amount
antee
{/.For, 1944
The. American
that
period/. Unfilled
files ..amounted to
has
dropped eight' cents this week to
$15.67.- However, this has been a
period
of
readjustment;
with
prices ; in
Boston ' rising while
dropping in several other market
for heavy ireltirig steel scrap
districts.
.same
total
mum
production
than
the
that in any case wherein a
88.8% of capacity.-
scarce;*
at
Servicemen's
of the
505 of Title III
with the output dime' limit for mailing,.but Yule
Oct. 14," last. purchaser of other .kxnds began
.
III
Readjustment Act of 1944. Section
ended
.continued
guaranteed by
Title
Veterans Administration.
the' guax*antee provisions,
the
/;,/,
of capacity,
Association/reports that lumber mand " was: /noted" • in
and
shipments of 507 reporting mills blouses,-- scarfs
•were-
duction directive-at another*, both
der
week ended Oct. 23 last year, was
source,
44% cents,,
'with domestic silver at 70%r cents;
important factor in- this phase of
Lumber Shipments — The .Na¬
the steel industry. - Other steel {
market factors include the easing tional - Lumbey / Manufacturers
'•
91.6%
at
was
improvementThe New York Official for foreign" 'deliveries/''" :/••
Age," that
Under
ihfox*ms
to
the structural j "" Silver—The London market' for
'silver /was unchanged at 23%d/
military business; will continue an
covering home loans to
veterans by lending agencies un¬
veteran is in need of a second loan
ing week of 1943.
/. .•!
by
Affairs
Paper, and Pulp Asso¬
v mill- activity
disclosed.,; The rate during the
;
same
"Regulations have been issued
by the Administrator of Veterans'
American
-
42,800 tons from the correspond¬
steel situation,;it.is: Apparent, .ac¬
cording
the
Examiners
con-
Production—Paper
ciation's
increase of 3,700 tons
an
Bank
$2,000 maximum.
There was, however, a decline of
000,000 scheduled for completion
in November and $62,000,000 in
;t.
by
showed
De¬
comprise around 30%
for November and
program
National
to
agency to be made or guar¬
anteed or insured by it, and the
'//-/-•
production
instructions
./..
eral
corre¬
.
Comptroller's
/•
against 94.7%, (revised) of capac¬
ity"; in :f.he preceding week, the
of bee¬
hive coke in the United States for
the. week ended Oct. 21, 1944, as
expected to be higher than at
are
V'/::'
facilitate
participation in the making of home loans to veterans
not
of
last
year
11,467.000 net* tons,
while output for Jan. 1 to Oct. 21,
1944, totaled 506,405,000 net tons,
as against 480,201,000 tons
in the
same
1943 period, or a gain of
increase
program
end of
the
before
time
the
Delano issued
designed to
ministration is limited to
duction for. the,week ended
to
in
Production
Paper
21;
preceding
the
in
tons
Examiners
qualified veteran
for the purchase or construction
of a home is approved by a Fed¬
..
week
amounted
C
i
Indications point to an
11,875,000
The
follow:
a
as
Bank
under the so-called G. I. Bill.
The above fig¬
the
National
all
'
with
compared
to
country
whole, - and do not. reflect
ditioiis on the East Coast.
report
pletion and cutbacks in the face
of no important shifts to produc¬
cipply
ures
26 Comptroller of the Currency Preston
to
National Bank
63,944,000 barrels of
residual fuel oil.;
Oct.
instructions
oil
fuel
barrels
late fuel, and
of the Solid Fuels
day
finds manufacturers more Administration placed bituminous
nearly
squared
away
in their •production for the week ended
plans* r even
though
they are Oct. 21 at 11,800,000 net tons,
locked in the files. This situation representing a decrease of 75,000
is
On
placed at 5,030,residual
and
8,889,000
Participation by Banks in Loans Under G. L Bill
during the
week ended Oct. 21, 1944.
Stor¬
age supplies at the week-end to¬
taled 78,366,000 barrels of gaso¬
line; 14,455,000 barrels of kero¬
sene; 48,360,000 barrels of distil¬
1944 calendar year to
The
barrels
at
or
-
corresponding period of 1943.
each
of
12,000
:
date, however, shows an increase
of
5.1%
when
compared
with
heard
surface
000
0.9%
corresponding week of
hnd
-
under the
slightly the past week, and less is
the
distillate" fuel oil
qf Mines imports production
.1,285,000 tons, a decrease.of 33,000
tons-'(2.5%).-from the preceding
Action abroad
fronts
daily and produced 14,559,000
barrels of gasolihe.v Kerosene out¬
put totaled 1,344,000 barrels, with
Coal Production—The U. S..Bu¬
Pennsylvania
anthracite - for
week
ended " Oct.
21, • 1944,. at
agoj actual output of steel
war
level.
above ..." the /
oil
of
/ y
for steel deliveries- existent a few
months
•
reau
I Despite the easing of pressure
for
1949
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4330
Traders
Gate
City National Bank, Kansas City,
Mo.,
thai during the past
states
1,004
year
added
to
629
new
the
members
we»-e
Association's
rolls
delinquent
banks were regained.
The total
active membership of the A. B. A.
and
resigned
or
now represents over 98% of all of
to1 20% for indi¬
the
banking
resources
in
the
vidual establishment^, states the
.United States;
;
New York "Times.";
/
/. Fully 80%. of the-new members
and
ranged
up
-
,
Members of the Fashion Origi-
Southwest, 5 to 9%, naters/(jGuild
displayed
10 to 15%.
/ ; spring i hhes to crowded
«
and Pacific Coast,
their
country
the commit¬
.and adds that
there1 are now only 771 non-mem¬
ber banks/
"Twenty years ago/'
are
tee's
banks,
report
says,
show¬
Demand for apparel..and some: rooms,'land allocations on orders
pared with 1.732.000 net tons last from the preceding week, and 1
will be the rule.
A tight Situation the
week and 1,743,000 tons one year :36,400 barfelst in excess of the .textiles ..-in the; wholesale field
report continues, "there were
ago. i*
' -•/••.v.- </:!;//; :'r
fdaily/A ayerage , -figure / feconx- iraised the volume slightly o/er'b continued in/staple textile mer¬ 32.339 banks in the /country,
/)■//
. ' '
' 68.05%' of which "were A. B. A.
Electric Production —^ The Ed'iV .mexxded. by--.the:: Petroleum Ad - ;year ago, but deliveries were still chandise.
.
'
r
Electric Institute reports- that
son
the output of electricitv
.
iministration/
for
-
:War '-
for
decreased impntb ,of 'Octqber,. 1944.
,
•
governed- by allotments. ,.:. 1'
the
When
;
Department
store
sales
on
According
a
with the correspond?, country-wide basis, as taken from
21. ting week last year, crude oil pro¬ ;the Federal Reserve' Board's xnduction- was .335,150. barrels per .ddx,-were 8% "ahead of a-year ago
from .4,354,575.000
kwh. in ' the
day higher, f Fpr the four weeks for the week ended Oct. 21.< ■ This
preceding* week, » The latest figjendod. Qct.-2.1; 1944. .daily, output compax*ed With; a* revised figure of
pres- ; approximate • a ; declines off
!,%% from-the level-of one year averaged. 4^31,050.-barrels../ ,. ,'y ;17%-:|n the preceding week.: For
to.
.
.
kwh:
:
r
,
-
approximately
in
the week
4.345,352,000 .compared
aarC when output;,reached
Consolidated Edison Go, of New
Tromy refining / dom^ itbe^four/weeks/ ended- Oct.*
?«amies/Indieate/'that the* industry i 1944/ sales ihhreased by 13%.
:4>415,f; f/Reports
405.000 kwh.
•
.
ended Oct.
<as: a/ whole-ran* fox
,
stills >■ (on ■
? ?'
i
'
a
'
21;
A
-Increaserxh department- store
serve
to j the, Federal Re¬
)
Bank's
stox*e sales
index,
department
in New York
Citv for
the weekly
creased
period to Oct. 21 in¬
by 6%
over
the< same
As
members.
number
had
been
94.7%
induced
August 31,, the
in the/country
to 16.147,
and
members.
in
The high
percentage
were
increase
of
banks
of
of
mem¬
clearly- demonstrates
that
com¬
pared- with 9% in-the preceding ithe A. B. A. today offers services
and
national
leadership
which
week.
For the four w«»eks ende^
period
of last
Oct. 21 sales
year.
rose
bv 12%.. and for
the vear to Oct. 21
■bj/
9%.
bers
This
they improved
-
-
bankers everywhere
*u>»aL *0
their
feel
are
:
being"
{
bene-;
interest and well-
•
CHRONICLE
THE COMMERCIAL & FINANCIAL
1950
can
"I Believe in Free
The Profit
to
System"
The
about the future of
America—about this land of
ours
know
there
For
it.
are
example,
American
,
those that know it best
.
I
quickly
have
as
possible.
astonished the whole
farmer.
It goes
ment "can and will assist and-
both ways.
confounded
and
ene¬
our
And the well-being of
as a
touchdown.
other
V,
t
"
,
.
Yes, the" American people are
prepared to meet the problems of
peace in the same bold way that
they, have met the problems of
war."-,';./
•'
;
.'
//.
For the American people are, re¬
;
solved
that
women
return home from this
they shall
when
come
possible place
our
and
men
war
back to the best
the face of the
on
earth, they shall come back to a
place where all persons, regard¬
less of race and color or creed or
place of birth, where they can live
in
peace
dignity
r—
pray as
million; peacetime jobs is fantas¬
/ /:/ '/-',./'/'/"• //;,;/'/';; ./' tic, let him remember /that some *
/The Americaii farmer is a great people said the same thing about;
producer and he must have the my demand in 1940 for fifty thou-;
;;/
means
/.;,/ ;*.
also to be' a great con¬ sand 'airplanes; -/
I believe in exceptional rewards sumer.
For more farm income
for/innovation, skill and risk-tak-/
means:; more jobs everywhere in
big by, business. / //
', /: /■/;/',/./
the nation.
/' /• / //'■■/.'/
they wish
—•
'
• ■
; -
v'
Last January, in my message to'
.
'
en¬
courage
this,
as
"Let/us
private industry, to do
it has for many years,
back for
the
Congress oh the state of the;
Union, I outlined an economic bill
-of rights on which a "new basis,
of security and prosperity -can be
established for all."
And I re¬
/'; /■' /'.:' ////
peat .it nowt
look
,
moment to
a
,
•
-
.
„
.
.
half billion dollars.
ness
is given /every facility
to
./And, this year—in 1944—it will buy
government-owned
plants/
be " approximately
thirteen and equipment, inventories./ The spe¬
one-half billion dollars.
/
cial credit/ and capital require-
"
to finance expansion of and you will foresee opportunities
i vate industrial plants for more millions of jobs,//
/'
through normal investment chan¬ / And with all that our economic
free from; terprise
«-
/.
world.
| My friends, think of these vast
I propose that the Government 'opportunities, these vast possibil¬
and honor and human
do its part in helping private en¬ ities for industrial expansion/—
free to speak, free to
want and free* from fear.
our
pr
I
.
take
it; that
the
American
Worn-out
with
equipment
equipment and, just
as
Three years
new
ago,
destinies of the Republican
back in: 1941;
,
"
to
enough
earn
to
That means more
jobs, jobs for
provfde adequate food and cloth¬ the worker, increased profits for
ing and recreation;
'
the1 business man and a lower cost
to the consumer, /
The
:
/;
right of every farmer to
raise and sell his products for a,
In 1933, When my administra¬
/eturn which will give him and tion took office, vast numbers of
iiis family a decent living; /;;//; our industrial workers; were un¬
our- plants
and pur
The right of every business man, employed,
large and small, to trade' in an businesses were; idle, our mone¬
tary and banking system, .was in
atmosphere of freedom from un¬
fair competition, from domination ruin, as we know, our economic
by monopolies at home or abroad; resources were running to waste.
,
,
,
* The right of
decent home;
every
family to
But by
a
bor—we
1940—before Pearl Har¬
had
increased
our
em¬
ployment by 10,000,000 workers.
We had converted a corporate Joss
opportunity
to
of $5,500,000,000 in 1932 to a cor¬
achieve and. en joy good health;
porate
profit
(after .taxes)
of
The right to adequate protec¬
nearly $5,000,000,000 In the black
tion from the economic, fears of in
1940. /'.."
/
•/
old age, of accident, of unemploy¬
Obviously, to inqrease jobs after:
ment;
■'',//.. ://■'■/;,.../.' this
war we shall have demand,
And last of all, the right to a we'll
have to -r take care of ah in¬
good education.
creased demand, for our indus-r,
/The right to adequate medical
the
and
care
t
v,
•
.
.
■
rights; trial and. agricultural production
They spell security. And not only here at home but abroad
what
Now,
mean
?
after this
war
Will
is
those
won we
must be also.
;
' ; /.;;' • /;;/
prepared to move forward, in the
And L and sure that every man'
implementation of these rights, to; and, woman in this vast gathering
new goals of human happiness and here
tonight ,will agree, with me
well being.
in my conviction that never
again
Some
people, I need not
name
some people have sneered
these ideals as well as at the
them,
at
ideals of the Atlantic Charter, the
ideals of the Four Freedoms. They
must
we
in the United States at¬
tempt
to isolate ourselves
the rest of humanity.,
from
Yes, I am convinced thdt, with
Congressional approval, the for¬
said that they were dreams eign trade of the United! States
starry-eyed
New
Dealers— can be trebled after the war
that it is silly to talk of them be¬ providing millions of more jobs.
cause we cannot attain these ideals
Such cooperative measures pro¬
tomorrow or the next day.
vide the soundest economic foun¬
/have
of
—
'
But I think the American peo¬
ple have greater faith than that.
I know that they agree with these
objectives
—
that
they
demand
them—that they are determined to
get them—and that
ing to get them.
The
they
American * people
dation
for
a
that's what
and
ing peace.
When
we
we
.
,
tomorrow,
things.
.
we
think of many,
<
One of them is the American
habit, the habit Of going
right/ahead and accomplishing the home—in our cities, in - our vil¬
impossible.
lages, on our farms.. Millions of
We know that and other people our people have never had homes
good
results.obtained
its creation.
r
I
believe
the United
make
the
.
than justify
■;///;/;.;// ;//
forests, and
more
■;
dohgress
that the
For
;
water.
/
■/;/ ;./;v
example, the work of the
Tennessee
of
our
business
go-;
are
enemy of the free enterprise system who pays lip service^
to
free
farm:, program,
wardtoward
and we look for¬
^
competition
but
also;
anti-trust
prose¬
cution as a "persecution."
You
know it depends a good deal on
Whose baby has the measles.
labels
This
s
.
every
man
and the American worker and
American, farmer
they 'fbrm
;
has demonstrated that*
war
Valley Authority that when the American business
States should I by law we've read: about is closely related
committee permanent/ to,) our / national farm policy, - ouf
/ Yes, America must remain/the
land of high wages and; efficient
production, Every-full-time job in
an
work
the;
together
unbeatable team.
*
/ •We know
that, you and I — our
develop¬
Allies know that—and so do our
ments
that :/1
recommended
in
enemies.
;/, :■
/. /'■,■■/;/:.■;/ >: /"
America must provide enough for other- places
the valley of the
That winning team must keep -.:
a decent
living. And,that.goes for Missouri, the valley of the Arkan¬
together after the war and it will
jobs in mines, offices, or factories, sas and the Columbia River Basin
Win many; more historic victories
stores,
canneries. — .everywhere out on the fan coast.
/
/ / ; of
similar
.
Where
men
ployed.:
and
women; are
•
^
peace,
'em¬
V
>,;} '/;. / /,' /
And/1 incidental!y,
and
as
an
aside; I cannot resist the tempta¬
.
peace
for
our
country,
>
victory for the cause of secur-:
ity, for decent;standards of living
here and throughout the World!
\
a
During the war. we have .been tion, to point to the gigantic con-,
compelled to limit wage and sal¬ tribution to our war effort/made
We Owe it to our
fighting men,
ary increases for one-great objec¬
by the power generated . at TV A we owe it to/their ' families, we;
tive — to prevent runaway/infla¬ arid Bonneville and Grand Coulee. owe it to
all of / blir people* who
tion.
You all know how success¬ But do you remember. when the have
given so much in this war—*
fully we've held the line by. the building- of -rthese r great public we owe it to our children to
keep
way your cost of living has; beerr works was iridiculed as New Deal that winning
team/together. /,
We
are
kept down for the necessities; of "boondoggling"?.; ,And
A:iid,/as/1' remar kefefehe/futurc/;'
life.
Sometimes, as even I know, planning, almost ready to put into of
America, like its past,/must be!
that doesn't apply to.the luxuries effect, ' developments
at; Grand made by deeds not'words."
; : rv
Coulee which will provide irriga¬
of life. ..'
,/". /;;' //'-; /'//• ; //'/
; ' America has always been a land;:;
tion ; for many / thousands,
tens oi
action—a land of adventurous ,J
However, at the end of the war
of /thousands, of acres—providing
there' will be more goods .ayail/
pioneering—a land of growing and
fertile, land for settlement-r-setbuilding. ' ■■'/■(/■
able arid it's pnly common; sense
tlement * I; hope—by: many of our
w
Aiid ; America must always ' be '
to see to it that the workmg mah,
returning soldiers and sailors.
/ such a land.
is paid enough and that the farm-,
;
•" ^■" - / i:'v ■/■ /'
/^More.."bwndoggling!!". '/>;• /
ers
earn
The/ creed, the breed; of opr
enough to buy; these
And this Administration has put
goods,. and keep
our
factories into; the law of the land the democracy is '.that liberty is ac-/
running..
'/'",■ ■. / //'/' .'/, v .' /, farmer's long dream of. parity quired, liberty ,is kept , by men;
and women who: are;
And it's a simple fact,, likewise; prices; '
strong ahd
:
self-reliant and possess such wis¬
that a greatly increased; produc¬
We propose, too, that; the Gov¬
dom as God gives to mankindtion
of food and fiber ^ on the ernment will cooperate when; the
farms can be consumed by the weather will. not—fc>y. a genuine men, /and. women .,who, are just,
men and women who, are
under¬
people who work in industry only crop insurance program.
standing/and generous, to othersif those people who work in in¬
This 'Administration has adopt¬ men and
women who, are
capable
dustry haye enough money to buy
ed—and will continue—the. policy of, disciplining themselves;
/; /
/food and clothing.
/
..■/■>.
For they are the rulers and
of. giving, to as! many, farmers as
they
For, if industrial wages go down;
possible.; the chance of owning must rule themselves.,
I can 'assure
you that farm "prices'
■
.
^
.
^
>
.
,
"
will go
After
,
think of the America
of
a
lasting peace,
want.
And, after
this war, we do not intend to set¬
tle for anything less than a last¬
are go¬
have
small
of
Party. found
an
,
right
ihents
bill of rights, like the sacred Bill farmer does* not want to go back ing to be met.
nels./,;''
/.,.//■./
.;/
For example, business, large and bf Rights of our Constitution/ it¬ to/a Government owned by the .;/: And small business will: con-small, must be encouraged by the self, must be applied to all our moguls of 1929—and let us bear tinue to be protected from selfish,/
Government, to "expand its plants, citizens, irrespective of race, or it, constantly in mind that those cold-blooded monopolies and car- the tels.. Beware, beware of that pro¬
to
replace their obsolete
and creed or color.
/-/'"/ V. same : moguls still control
aside I appointed a Fair Employment / • Yes, we must continue this Ad¬
The right of a useful and. re¬
Committee
but pretty- important; the rat A of Practice
to
prevent ministration's policy of ■ conserv¬
munerative job in industries, in
depreciation on these new plants discrimination in war industry and ing the enormous gifts with which
shops, on the farms, or'the mines and facilities 'for tax purpbses Government
abundant
Providence
has
employment.
The an
of the nation;
/
/ /
work of that committee: and; the blessed our country, our soil, our
should be accelerated.
V; /
1
The
enterprise—.
back, let us look ,/ We shall lift / production ; and"
1932, a year price control as soon as they are/
no
longer needed, encouraging
i For
those
very
low-income of unhappy memory. All of us
groups that cannot possibly af¬ remember the spreading tide of private business to produce/more/
of the things to which we're ac¬
ford decent homes at this time, farm foreclosures; we remember
the • Federal Government/should 4-cent hogs, and 20-rcent wheat, customed and also/thousands of
new
things,
in ever-increasing;
and will continue to assist.local and 5-cent cotton.
;;
Housing Authorities in meeting ; I'm going to give you very sim¬ volume, under conditions of • free
and open competition.
that need.
///
.;/,//
ply some figures of recovery—
This administration has been
In the future America we are quite a while
ago—and I am sure
mindful from its earliest days/
talking about, we think of new you will pardon me if I quote
and will continue to be mindful,
We've got to go out, we've got highways,
new
parkways.
We them'correctly.;•'/
/;,'•..;./ /
of the problems of small business
think of thousands- of new air¬
to;go out and do something.
For, as I remarked in Fort
as well as large.
';-/., ;. ./
To assure the full realization of ports to service the new commer¬ Wayne this afternoon, it was my
Why, small business played a
cial and private air
travel which habit to quote figures correctly
the right to a useful and remuner¬
magnificent
part
in
producing
is bound to come after the war. >
even, when-' I was Governor of the
ative
employment, an adequate
thousands of items needed for our
We think of new planes, large
State' of New York many years
program must, and if I have any¬
armed force.; When the war broke
and small, new cheap automobiles,
thing to do about it, will, provide
ago///;//;';; ///-.r;'//.,
out it was mobilized into new pro-.
In those days, 1932, the Ameri¬
America With close to sixty mil¬ ;with low maintenance and operat¬
duction. /Money was loaned for/
ing 'cost.'
•1
'/// //■
lion productive jobs.
can •farmer's net income was only
machinery. Over one million con - /
j We think of new hospitals and two and; a
quarter "billion dollars. tracts and subcontracts: have been/
I foresee an expansion of our
new health clinics.
"/'/:,
In 1940—a year, before we were
peacetime productive capacity That
distributed among sixty thousand
;
We think of a new merchant
attacked —' farm; income in the of
will require hew facilities, hew
the smaller plants of our na/
marine for our expanded ."world
United
States
was
more
than tion,
plants, new equipment—capable trade.;
•: ■' .'/.
/'//'-,/" //."/'/./":"'■;///'■;
/ ;///■/ r/
doubled—-it was up to five and a /'/We shall make sure small busi¬
of hiring millions of men.
the nation
whole is synonymous with the
mies
with our stupendous war
production, With the overwhelm¬ well-being of each and every one
ing courage and skill of our fight¬ of its citizens.
ing men-—with the bridge of ships
Now. I have the possibly oldcarrying our munitions and men fashioned theory that when you
through the seven seas—with our have problems to solve, when you
gigantic, fleet Which has pounded have objectives to achieve, you
the enemy all over the Pacific and cannot
get very far by just talking
lias just driven through for an¬ about them.
World
sell
corners.
,
a
total of food production which is
one
of the great wonders of the
«
We
having; to
always have/ ::;
• ■ ;/'"'• -' ■/■//
I believe in the profit system—:
and always have.
*
:
/
': ' /
I believe that private enterprise
can-give full; employment to our"
people.
/•';/:/'//■';/'" ■;/,
If anyone feels that my faith:,
in our ability; to provide sixty •
,.
'
of
on the street
believe in free
.and
farmer has met
American farmer has achieved
instead
,
apples
that'challenge triumphantly.
Despite all manner of wartime
difficulties—shortage of farm la¬
bor, /new farm machinery — the
today worthy of American standardswell-built homes with electricity
and plumbing, air and sunlight.
-—this land of unlimited opportun¬ of all—the Nazis and the Japs.
The demand for homes and.our
Now this economic bill of rights
ity. I shall give the Republican
campaign orators some, more op¬ is the recognition of the simple capacity to build them call for a
fact that, in America, the future program of well over a million
portunities to say—"Me too."
of the worker, the future of the homes a
year for at least ten
/ Today everything we do is de¬
/ •/ '
;/'
voted to the most important job farmer lies in the well-being of years. / /;
Private industry, private indus¬
before us—winning the war and private enterprise; that the future
of private enterprise lies in the try can build and finance the.vast
bringing our men and women
well-being of the worker and the majority of these homes. Govern¬
home as
you
farms
farmer has been called upon
farJ and away/the biggest
do
production; job, food production
job/in all its history.
/
;.
(Continued from first page)
simply to
Thursday, November 2, 1944
down, too.
the
war,
/
we,
•; »•
their
/
own
farms;
And; that;
shall,/of
means,
/
•
something to
remove
the - control/of .those
veterans , who, .left / their
And leave their determina-%
farms; to Tight fbri their country.
tion to free collective
bargaining
And /after ./this war is ' erided
between trade uniqns- and em/
tiiep wpl" come the time whenThe
ployers. ■ • ,■
,;/
course,
,
wages
1
I
I believe in
believe/ in
our
democratic faith,
' the. future
of
country which ;has; given eternal
,
'.■./////
Ahd
must
we
in the cities in this war
remember
that
returning, seryi,ce;'men .cap grew
the ""Amen- Their/ own; apples i on
.their ;
own-
-
strength/and, vitality to that faith:':
v
Here in' Chicago you know a1
.
,
,
our:
lot; '
abqut thatyitality;;
■/
Ahd. asri say-good .night/o
I-iSay it in
.
.*
a
/spirit; of /Earth"
you,
—
a
;
■
spirit of qonfi/':\:
■/'
not going to turn the
We
are
"clock back.
•
/ :
•
,
■/:/'
:
with
teamwork with our Allies, fantastic, but the results were not
has involved innumer¬ impossible to those,who had real
Our
spirit of hope, a
:clence. / V-' ■■'/• "
in this
able intricate problems that
be settled only around the
could
con-,.
faith in America.
I
won't go
We
are
gether.
/
;
/,//; ■/■'/"
..
Roosevelt's Address at
<
,/-/;/
My Friends.
glad to come back to
Philadelphia and today is the an¬
niversary of the birth of a great
I
-
am
American
-fighting
Roosevelt.
;
,
'
-—
Theodore
'
;
would
.velt
to
Navy Day—
Roose-
proud
happy and
be
Fleet
know that our American
;today is greater than all the
of the world put together.
5
cele¬
This day, his birthday, is
brated every year as
and I think that Theodore
•
navies
And when I say all the navies,
am including what was—until
three days ago — the Japanese
J
fleet.
.
////'■
/;/
■•
Z ■////
that's pretty seri-;
conclusion
Do you know,
the only
Because
to be drawn
from that is that we
losing this war. If so/that will
news to most of us—and it will
are
be
certainly be
the Japs.' 1
news
to the Nazis and
armada
planned far in advance. You
can't imagine how tired I some¬
times
get when
I'm told that
something that looks simple is
going .to take three months, six
a
Administration, 12 years ago
to rebuild the
Navy, which had
started
I
United
States
been whittled down.
the
//■/ /
'
\
/
Some¬
ing arrows
times
sailors
be
have to
on
the maps/the plan¬
.'■■
;
.
;/'■
'
It has meant
planning in terms
of precisely how maiiy men will
be needed, and how many ships,
warships,
cargo. ships,
landing
of
any nation gone into
thoroughly trained, so
thoroughly equipped, so well fed,
so .thoroughly
supported as the
battle
I
ning. ■///"•. '•'
bombers, how
how much
equipment, and food, what types
sailors of equipment down to the last
so;
craft;
Navy
how
many
soldiers
and
suffered from American
f; Since Navy Day a year ago our
.armed forces — Army, Navy and conspicuously during three Re¬ fighting/today in Europe, Asia and
/:;/ '/
Air
have
participated in no publican administrations was a the. Pacific.,
Why/in his report to the Secre¬
fewer than 27 different D-days —' drastic false economy which not
,27 different landings in force on only scrapped ships but even ;pre-; tary of War in 1943, over a year
vented adequate target practice,
ago, .General Marshall wrote:
. ;
enemy-held soil.
/T;/ Every one of these landings has adequate maneuvers, enough oil ".: "In matters of personnel, mili¬
A A;'-- tary .intelligence, training, supply
been
an
incredibly • complicated or adequate supplies. v.//*
Indeed it reached the point that
and
preparation of war plants,
and hazardous undertaking, as you
on
some
vessels the crews,;.who.; sound
principles, good policies
; realize, requiring months of most
at
least
were
patriotic;
those had been established in the prep¬
careful planning, flawless coordicrews "chipped
in" to buy their aration/for just such an emer¬
nation, and literally split-second
own
brass
polish to keep the gency as arose."
timing in execution. The larger
.operations required hundreds of bright work shining. V ; V//v////''• / After we were attacked by the
What
Commander-in-Chief.
That does not mean merely draw¬
3,500,000
The quality of our American
fighting men is not all a matter
of training or equipment Or or¬
ganization. It is essentially a mat¬
of spirit.
That spirit is ex¬
ter
,
And
the Delaware.
gressors
to do.
men
on
have more than
fighter
many
planes,
fact
more
The record will show that .when'
warships, thousands of smaller
we
were
attacked in December,
craft, thousands of airplanes and
.hundreds of thousands of men.
i '41, we had already made tre¬
And
every
one
of these 27 mendous progress toward build¬
D-days has been a triumphant ing the greatest war machine the
/; / ;/.
.success.
//■/■'// world had ever known.
Take, for example, just the other
I
think
it
is
a
remarkable
.achievement that within less than day, the ships of Admiral Ilaifive months we have been able to sey's powerful Third /Fleet that
helped to give the Japanese/Navy;
carry out major offensive opera.tions in both Europe and; the the worst licking in its history/
Every battleship
in his fleet
Philippines;— , 13,000 miles ^part
.from each other.- //; /•'/• .//■ //*; was authorized between 1933 and
1938. ? Construction had begun/on
\ • ; And, speaking of the glorious
all of those battleships • by / Sep¬
Japanese;and Hitler and Musso¬
lini had declared war on us, some
,
people in this country urged that
we
go on the defensive,; that we
pull in our fleet to guard this
continent—that we send no forces,
overseas.
'
*. //; /; •:;, - •. /t
'. "That policy was rejected. In my
first war message to the Congress
less : than
a
month after Pearl;
.
.
.
■
.
the ' Philippines, 1
,{/ operations in
;
wonder whatever became of the
-suggestion made a few weeks ago
that I had failed for political rea' sons to send enough forces or sup;
.
•/
tember, 1940, well over a year be¬
fore Pearl Harbor, :
All
of
but
two
cruisers
fleet
were
of: the
greatiforce'
Admiral
Halsey's
authorized-
between
in
..
,our"/armed
in
half of them
young
forces,
overseas.
multiply that eleven
million by their families and then:
friends you have the whole Amer¬
ican people personally involved in
this war, a war that was forced
on
us, a war which we did our
utmost to avoid, a war that camb
upon us as inevitably as an earth¬
quake.
I
think
particularly
of
the
you
mothers and wives and sisters and
sweethearts of the
There are great
gallant
And, incidentally, it has meant
the
getting them, getting all of them
of
men
in service,
numbers of these
who do not have
women
satisfaction
the distraction,
or
plants. But they
right place at the right
have the quiet, essential job of
time..
•
./■ ./'■/'/'
•
keeping the homes going, caring
It has
meant establishing for
the
to
our
jobs
in
war
for the children
Army and Navy supply lines
over
women
this
earth.
It
has
meant
estab¬
has
T,/ •,/•/.;/■
meant
./";•
moving
•
;
a
the old folks.
I hear very
great many of these
who live in loneliness and
anxiety while their
lishing the lines of the Air "Trans¬
port Command, 150,000 miles of
air supply systems running on the
clock. /;./■■
or
Mrs. Roosevelt and
56,000 miles, more often from
than twice the circumference of
extending
It
:
<
.
million
elevjen
than
When
.
-
of
Americans
cartridge.
—
:
forget that
by resisting the ag¬
to the last ditcn, gave us
Allies,
our
pressive of their faith in America.
The most important fact in ou/
national life today is the essential
Well, that's part of the job for
months
'
nearly,
operations had to
be
in
/'"■
,/Z '///
our
Navy and over 100,000
I like a thing called the record./
women.;' / ■/.
And the record will show that
Never/before in history, at least
from almost the first minute of our history, have the soldiers and
this
these
of
All
lot of those landing craft
we
it.
must never
we
into, battle.
it up.
have been built not very far away
from here
and beat them to
And
in the war against Japan, but time to train our men and prepare
their equipment before they went,
every
day that goes by speeds
disappointed.
Sometimes I have to go along with
the estimates of the professions.
a
militaris¬
our
go
50,000 other ships/ in¬
landing craft.
As you
know,
the best of
on
final, decisive phase—
Germany itself.
on
Well, it's true we will have
much longer and. much farther to
of
cluding
on
tic
enemies, the best that they can
put forward; they can take them
the attack
they ought to be known.
In 1940 we had a regular army
of
approximately
250,000
and
.a'
reserve, including the National
Guard; of 350,000.
Today there's a bit of a differ¬
We have 8,000,000 in our
National Government who have ence;
the confidence and respect of the Army, including 126,000 .women.
American people.''
:
>vAr And here's a piece of news—more
In fact, he went on to describe
than half of our Army is overseas.
Now in the Navy in 1940 we had
your
present Administration as
"the most spectacular collection 369 combat ships, 189,000 men.
of incompetent people who ever
Today we have more than 1,500
held public office.";*;
:
,
; combat vessels supported by an
ous.
take
Sicily and
in
landings
reached the
on
very/long with these figures, but
7
Philadelphia
//;/;'
the
Italy and finally in France itself.
And so the war in Europe has
war
going
forward, my Terence table by those who have
■
•'friends, forward with the fight- final authority.
The other
day, I am told,; a
'ing millions of our fellow coun¬
Republican
orator
trymen.
We are going forward. prominent
And that tonight is my message stated that, I am quoting, "there
•to you — let us go forward to¬ are not five civilians in the entire
Z
1951
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4330,
,Volume 160
away.,
■
I can speak
something of
'// parent with
supplies
battleline
.
as
men
are
far
•
who knows
feelings of a
one
the
sons
who are in the
overseas.
I know that,
these lines at the rate of
Yegardless of the outcome of this
almost
3,000,000
long
tons
a
election; our sons must and will,
month.
Well, I don't grasp them go on fighting for whatever length
completely, but I'm beginning to of time is necessary for victory.
along
r
understand what
.
that means, re¬
And,/when this great job in
576 cargo ships to leave winning the war is done, the men
ports with, supplies
every of our armed forces will be de¬
quiring
our
month.
■
// :
moving
mobilized; they will be returned
more than to their homes
just as rapidly as
14,000,000 barrels of gasoline and .possible.
wage this war in
'
oil a« month, requiring ,156 tanker
-a defensive spirit.
The War Department and the
As our power;
And all those Navy Department5 are pledged to
and. our resources are fully mo/ sailings a month.
bilized, ".we shall carry the attack ghips and all those tankers were that. I am pledged to that. The
built in American shipyards.
.very law of The,land, enacted by*
against -the enemy—we shall hit
So,, to sum it up, I think that the Congress, is pledged to that.
him and hit him again wherever;
we
can
say that the
production And there are no strings at/
and; whenever we can reach him;
We must keep him far from our necessary to equip and maintain tached to the pledge.
our
vast force of fighting/ men
While this agony
of the wai
shores,/for we intend to bring this
.battle tov him on his own home on. global battlefronts is without .lasts, the families of our, fighting
Harbor, I said this:
"We
,..
://>-/"
;
It has meant
cannot
;/ plies to General MacArthur.T /.//
A ; Now, of course, I realize that in 1933 and 1940 and construction on
men can be certain that their boys
■this political campaign it is con- -all but- one of them had begun; grounds." -; /
'
/ J parallel.:' v-_, •'/ - •■•//"'/'* ,://Z:////
/
I need not repeat the figures. "are being, giveif, and always will.
.sidered by some to be very im¬ before Pearl Harbor,.?
All the aircraft carriers in that ///And that, my friends, is the pol-| The facts speak for themselves. be
given, if it's possible, the best..
polite to: mention the fact; that
icy we have successfully followed.
.They speak with the thunder of equipment, the best arms, the best
there's a war on.
;/;;;//////// fleet" had been authorized by the
In ; our ; over-all
strategy, we
current
> Administration / before
Tens of thousands of guns on bat¬ food, the best medical care that
iBut the war is still on and 11
planned our war effort in three
Pearl Harbor, and" half of them
tlefields all over the world. They the resources of the nation and
.//million American .fighting men were
phases: •
./
.V '/■;/:.; ■/;4";
actually under construction
speak with the roar of more than the genius of the nation can pro■know it—and so do their families.
/The/first phase could/be called
before Pearl Harbor. '* ';; /,r /, • - !
a million tons of bombs dropped wide. '
A //
•And in that war I bear a respon"plugging' the line" That meant
There's the answer—just a little;
And I am not engaging in undue
by our Air Forces.
;;/•//./.. i
visibility that I can never shirk and
stopping; the Germans and stop-;
part of it, once and for all—to a
The whole story of our vast ef- .boasting when I say that that is
; -never, for one instant, forget.?.
ping the / Japs from expanding
Republican candidate: who saicl
the best in the world.
4 For the
Constitution
of the
their conquests to/such points as for in this war has been the story
that this Administration had made
Take health as an example. The
achievement, the
United States says —- and I hope
Australia and the British Isles, for of.incredible
"absolutely no military prepara¬
health of our Army, and Navy,
story of the job that has been
you'll pardon me if I quote it cor¬
tion for the events/that fit/now. England Then was still very vul-1
and Marines and Coast Guard is
done by an Administration which,
rectly
the Constitution says the
nerable to invasion.
:.
claims it foresaw,'/** TT /' * ':
I am told, is "old, tired and quar¬ now better than it was in peace¬
President shall be Commander in v
after
Pearl
Why, less than three months be¬ T Within a month
time.
/ /
■
'./;/
' ./
-Chief of ; the Army and Navy of
relsome."
fore Hitler launched his murder¬
Harbor/ * American Expeditionary
Although our forces have been
the United States. And I am not
And while we have been doing
Forces
were
moving across the
ous assault against Poland the Re¬
fighting in all kinds of climates
supposed to mention that either.
that job we've constantly investi¬
publicans in the House of Repre¬ Pacific; many thousands of miles
and exposed to all kinds of dis¬
; { ; But somehow of other it seems
gated and publicized our whole
sentatives, your House; my House, to/Australia and across the Atlan¬
eases, the death rate from disease
to me that this is a matter of con¬
management of the war effort.- I has
voted 144 to 8 in favor of cutting tic/more/thousands of miles to
shrunk, shrunk to one-twen¬
siderable importance to the people
Northern Ireland and England. call particular attention to the tieth of one per cent —in other
the appropriations for the Army
lof the United States.
' :;A.;
painstaking and words less than one-seventh of the
Air Corps.:. ;;> ; •/.' -.4A"A;-A;/:/i Our Air Forces went to the-south-; thorough /and
-.
You know it was due to no acciwest Pacific, to India, to China, completely .nonpartisan work of death rate from disease for men
;; You know I often ■ think/ how
#
"dent and no oversight -that/ the
Hitler
and
Hirohito ,Vmust/:haye and the Middle East and Great; that Committee of the Senate that In the same age group in civilian
;
"framers of ' our " Constitution, in
Britain,
: •■'/■••■:;
; / was organized and presided over life. That's something To think
laughed in those days.
A/l/s;/
this city! put the command of our
;
:
But they're not laughing ,now;
In the first phase we furnished; by Harry. Truman.
over and repeat to your neighbor.
armed forces under civilian, auIn the spring of 1940,; before we arms " to the British that helped
I am very certain that the Tru¬
And the mortality rate among
'•.^■;-Ahbrity.A'v,''iv'':"'VA'J
were
atta.cked, I called for . the? Them;/toT stop: - the Germans in man Committee has done a job the wounded, people who've been
-r'-And as aresultit'sthe'dutyof
production of 50,000 airplanes — Egypt and. arms to the Russians that will live in history as an ex¬ wounded in battle, is less than 3%
A'.the Commander in; Chief to;apand that same Republican candi¬ that helped them to stop the Ger¬ ample of honest, efficient govern¬ as
compared with over 8% in the
pdiht; the Secretaries of War and
date spoke. scornfully, of such, a: mans at Stalingrad,
ment at' work.
last World War.
/
Navy; and the Chiefs of Staff .And
i/ Our own; and our own growing
But there's one thing I want to
I've chosen Navy Day today te
V • q feel: called upon; to' offers no proposition,, calling if 2a publicity
stunt" and .saying i it /would - take ■forces stopped the Japanese in the say—and it can't be told in fig¬ talk
about
the
eleven
million
T5
apologies - 'for my f selection1: ofures.
four years,to reach such a goal, ;.. Coral Sea and at Midway.
Americans in uniform who with
r'', '/' /
••■■
;■ . • ;
Henry' ' Stimson, - the • late - Frank?
I want to express the conviction- all their strength are engaged in
But we have / since '?• produced / The second phase was the shat¬
Knox -and Jim Forrestal. or • of
tering of the enemy's outer; de¬ that the greatest of our past Amer¬ giving us a' chance" to achieve
more than two hundred and forty
; J Ad miral Leahy, General Marshall;
•■-•
Fifty ^thou¬ fenses, establishing bases from ican heroes, the heroes of Bunker peace through victory in war.
Admiral King! andr General. Ar- thousand airplanes.
sand had been laughed at.1 - But which/to launch our major at¬ Hill and Gettysburg, in this State;
These men could not have been
mold.'
../-4
and San Juan Hill and Manila
tacks.- j,
/
/
Furthermore, the Commander in today we have attained a producr
armed/ they could not have been
That phase began with the op¬ Bay and the Argonne—would con¬
tion ; rate ofnine thousand per
equipped as they are, had it not
Chmf^ha*.final responsibility for
erations in New Guinea, in the sider themselves honored to be:
how
our
resources. month, more than a hundred thou¬
been for the miracle of our proassociated with our fighting men
sand a year.
.,»? Solomons and in North Africa. It
dution here back home.
jshall. be distributed as between
And we've tr aine d • 850,000 ..continued through all the oper¬ of today.
-our land forces, our sea forces and
I think that the production thai
!*
Those
boys hated, and these
American boys i to be the pilots, ations, ". in
places
with funny
our air forces, and as; among, .the
has flowed from this country to
the navigators, the . bombardiers, names, the' Marshalls, the Gilberts, boys hate, war.
•.<: different
.theatres of operations,
all the .battlefronts of the world
The average American citizen is
the Marianas, the Carolines, the
'and also what portion .of these aerial, gunners and other members
has been due to the efforts of
of their crews.
/Ak'-ir.i.:-, Aleutians and now the Philip-, not a soldier by choice. But our
.great resources ■ of ours, shall be
(Continued on page 1952)
/pines,' And it went on in-Europe boys have proved that they can
I admit that the
/Allies.
■
-
.
.
.
.
.
.
,.
.
.
.
..
-
■
.
- v.
.
'
.
,
.
.
■
'
1
^
.
-
.
,
..
,
.
.
,
..
,
.
v.
turned
..overr
to our
/•
•
/figures seem;
.
THE COMMERCIAL & FINANCIAL CHRONICLE
1952
"I Believe in Free
Again Restore Honesty and
Integrity in Government": Dewey
(Continued from
1951)
page
American business and American
labor
and
working
American
together
team.
as
dividual.
;
.
the American people this whole
greedy, power-hungry assortment
Will get a resounding "No" next
movement does not lie in any in¬
patriotic
a
It
springs from
an
ur¬
this gent conviction in the minds of
their auspices, our people.
And the business men, and
meeting
under
is
the business
of America have
The
\
women
a
had
vital part
■
'
■
The New Deal began
of our country have
Well,
for
has
once again, he
it and here it is.
the
A few months ago Mr. Roose¬
velt drew up a list of New Deal;
;
by casting
great
a
there to
exploit for its own po¬
litical ends the plight of millions
of American men and women for
many
unfortunately
some
peace.
These
politicians are stating
that the Republicans in the Con¬
gress would cooperate with a Re¬
publican President in establishing
a
world organization for peace
,
while at the
time; they are
same
clearly intimating that they would
not cooperate towards the same
end in the event of a Democratic
'
victory.That, coming in the closing
phase of the campaign, seems
to
me
deliberate
a
I
effort
,
ernment which can carry
through
of us
for world cooperation to prevent
inde¬
and
to
the hopes of all
success
to
ican
people will take kindly to
this policy of "vote my way or I
won't play."
May this -country never forget
that, its power in this War has
come from the efforts of its cit¬
izens.
living
in
freedom
and
equality.
May this country hold in piety
.
As
ward
comes
in
an
war
our
high
duty
the
marshal
ever
fought at greater cost
before in our history
faint-hearted.
ways
good definition when Jef¬
pronounced it.
And I am
old-fashioned enough to believe
that it's still a good definition
today. ' ;
;
''. ■
was
give its support to those who
have engaged
with
in the
us
war
against Oppression and who will
continue with
for
a
vital, creative
And
so
I
peace.
God
say
bless
the
United States of America!
Reduced Insurance Fees
to
Franklin D.
Canada and Newfoundland
Postmaster Albert Goldman
nounced
has
:
Roosevelt.
gets what, when and why;"
an¬
arouse
the
nered at election time.
want to go
v
1,. 1944,
applicable
to
the
.
why
a
insurance fees
Canada
and
•
There's the practical reason
we
find working together for
fourth
term- the
bosses
the
of
corrupt big- city machines,. Sidney
New¬
1933,
2,
rious
and that's why it's time for
change.
Time and again this Adminis¬
tration has sought'to do by sub¬
terfuge what it did not dare to
do directly.
You remember Mr.
Roosevelt's attempt to pack the
Supreme Court.
He had a Con¬
far will avoid
so
situation."
passed
the
Roosevelt
credit for it.
I
composed
of his own supporters, but that
was not;. enough.
He wanted an
obedient
Supreme
Court — one
gress
overwhelmingly
-
which would follow his advice to
knew
no 'such
proposal
would. succeed, if presented in a
He.
"reform" the courts,
He solemnly,
to
this
the
(including
Supreme Court was
Hillman's
act
as
and
members
of
vV;;-
That's the end of the President's
'
Then the letter continues: It ex¬
plains the idea behind this plan of
opponent.
This is what it
my
'
; ;
organization
undoubtedly will be granted spe¬
cial
privilege and prestige by
patty leaders.
These
members
and I quote:
says,
"Members
this
of
will
be
called
into
conference
from time to time to discuss mat¬
ters
Mr.
of
national
importance
and
to assist in the formulation of Ad¬
he
claims ministration policies."
Those are the words of the let¬
''yyy'-vP"-.'y/
say
that other ter. It continues:
Administration
chairman
in
For
"To be eligible for -membership;
the One Thousand Club will
the require
of
Federal
Deposit Insurance Cor¬
poration wrote to Senator Van¬
the
a
contribution.of $1,000 to
National
Democratic
paign Fund."
There,
in
Cam¬
/
denberg in 1934 and he said: "I
crude,
unblushing
to be the father of words is the ultimate expression
Deposit
Insurance, of New Deal politics by the theory
consider you
the
Federal
Act."
-
-
;
.
y,v.y
Deal.
on
the
This is the
:
and
of
as
now
a
candidate for
voice
a
"in
the
formulation
:
t
,
make
me
one
thing clear
:right
now.
In the new Adminis¬
tration
that takes .office next
<
:
:Jan.
there
20
will
be
special
privilege for sale to anyone at any,
price..
no
;
-
There will be 110 spe¬
cial privilege for individuals,, for
.
groups
-
United
Administration
Let-
Office.";
he's, running; for
the
who holds the
policies" for
$1,000 on the barrel head,
And
that's another reason why it's time
for a change.;.
■■.
•
And to make that doubly
impressive, he said to his neigh-:
bors on the evening before he cast
his'f ballot' in that election that,
this, and again I quote: "Is the last
time,, -very obviously,. thatU will;
So,
of
man
,
same man
is over there will be another Pres¬
do this
The
highest office within the gift of
people, at a confer¬
ence in the White
House, sponsors
an idea to sell "special privilege"
who, when
he ran for:a third term, said, I
quote him again:; "When that term
ident."
policies."
the American
my
.-V-'-1'
President
States.
who when
White House to
the
"special
And the sponsor of this idea is
ran for
a
second term/ said:
"My great ambition oil Jan. 20,
1941, is to turn over this desk and
in
sale
frankly stated in that letter to be
he
chair
for
tion of Administration
y
successor,"
offers
priviJ ege," including special priv¬
ilege of assisting in "the formula¬
the words "falsification" and
same man
Administration
drive; this
bluntly
Yet» my; opponent, who claims
man did,
This is the
the line to finance the fourth-
term
.;;;
"false witness."
gets what, when and
For a thousand dollars laid
why."
credit for what another
uses
"who
of
;
Once again, we find that social
progress is not the property, of
any one party or of any one man.
Certainly it is not the property
of the tired and worn out New
for any section of
or
a
,
our
people,".; ,
;; ■
'<
/
■
When that new
Is it any wonder; that When the.
takes office, ;eyery American will
White 'House
speaks
the , first
fourth term.
"
Administration^
the
•
people
ask; is
be-iWhether'the new? is; good
Labrador)
,
•
again, stand equal in the eyes;
not.
t>f the Government of the 'United ;
or bad,.
Political Action; 3Com-: hind iri its Work;
Is it any' won-:
Btit the Chief but, "Is it true?"
mittqe and Earl-Browder and hiss Justice of the United Statesnailed! der that the "Christian -Century,''I
will be reduced. Accordingly; the Communist
an outstanding religious-phblica-i
Party.
;
that
one
personally."' He an¬
tiorl- rCad; by' thousands.qfGqd-;
new insurance fees* will
be, as,f pi-.,
They're working together t0! nounced that ''the Supreme Court
perpetuate my opponent in office is frilly abreast bf its work": and, fearing merf and women Jhr this,
passed this sober,
for 16 years because they think he?eited the figures to prove it.
; ) country, has
Canada—Limit of indemnity—
judgment on the presentAdmiriisthey, know the answer to the ques¬
The Senate Judiciary Cpmmitr
foundland
to
•
have acknowledged the truth.
example,
States
now
:
of
members
President
statement.
se¬
of
United
Congress.'"
Congress
spite
in
glad
am
sent in ,a message to the Congress
of the United States in >yhich he! question'
said the
But
bill
and
a
good
thousand
banded together, from all
the
the
he
a
be
one
tected, are presented factually to
amendment
proposed
would
list of
liaison to see that facts relating
to the
public interest are pro¬
"H "I
war,
There, in brief, is the practical straightforward manner. ,.- So he
Oct. 25, information
lesson on 12 years under the 'New
disguised it in a "lengthy plan to
received from the Post
Deal.
June
this
commented, quote:
it
a
At
continues,
letter
a
what Mr. Roosevelt
On
a
on
been
did, then.
Committee.
the
think
over
wrote to Sen. Carter Glass as fol¬
We don't
back to that after the
'I
persons
pre-'
Banking Act of 1933.
see
the
idea to have
the Federal Treas¬
on
ment to the
Now let's
con¬
Congress; and I quote, "not to:
permit doubts, as to constitution-'
ality,
however reasonable,"
to
It reads:! stand in the way of his designs.;
\
"Politics is the science of how who
Office Department that, effective
Nov,
a
Now; let lis see how' the New
Deal's most vigorous supporters
define the art of government as it
has developed these past 12 years.
Here is the opening sentence of
a fourth-term campaign pamphlet
of which two million copies have
been
distributed
on
; behalf
of
in the struggle
us
"should
been
uncovered, .and he said:
"Personally, I am not greatly dis¬
turbed by these stories."
Instead
of government consisting "in the
art of being honest," my opponent,
gave a government as the science
of
"who
gets what, when and
why."; v;'-■';;; ;• "y'.!;; y; yy
y
The tragedy was1 that the needy
suffered, so votes could be gar¬
for
ferson
al¬
country
"
ury."
Senator Vandenberg again
proposed, the bill as an amend¬
of the worst of these scandals had
,''V'
its
Finally/ may this
sible drain
country."
But my opponent's conscience
was not aroused. Instead, he made
a speech in Kentucky, where some
for which we have fought abroad.
than
:
of
"the President
the whole idea
and I quote his words: "an impos¬
science of the
whether we shall
America the principles
We have
had
White
the
President,
Hannegan, Chairman of
meeting,"
viously opposed
"Funds
decide said,
to
Roosevelt
the
at
between
tee, and Edwin W. Pauley, Treas¬
urer
the
Mr.
a
the Democratic National Commit¬
_
1932.
conference
Robert E.
was
record and it's the
Whole record.
Senator Vanden¬
berg first introduced a bill for
deposit insurance in December,
For the
appropriated by
the Congress for the relief of those
in need," this Senate committee
said; "have been diverted . , ,
to political ends."
The facts, it
inevitable victory, it be¬
judged on the principles by which
they live. Thomas Jefferson de¬
righteous
fined the basic principle of gov¬
wrath against those who would
ernment this way. He said: "The
divide it by racial struggles.
whole art of government consists
And may it lavish its scorn upon
in the art of being honest."
That
■'
it
Here's
whose five members were Demo¬
to¬
moves
deposits
club," the
continues,, "originated at a
House
and
Mr.
opposed it and fought
against it every step of the way. r
purpose
crats.
election
in
save
world
this
our
bank
idea of such
recent
Federal
j,/:!.. -.'■;■■■
•
"The
letter
Republican,
igan,
a
Roosevelt
WPA and
.
of
sponsored
•
join the One Thousand
Club.
lows, and I quote him: ;
must, therefore, aghin ex¬
rush men as Welfare will not cer¬
press to you my definite feeling
tify. Have looked into the affair that the
Vandenberg amendment
—has nine votes in family."
must be rejected in toto, even as
: The whole story was set forth
revised, and I again repeat, no
by a Seriate committee, four of modification of this
strument for their own' selfish in¬
May
on
butions to the New Deal.
sordid
high moral principles
for
freedom, for justice and for. in¬
and steadfast faith those who have
tegrity.
Without these/ America
battled and died to give it pew would
become
an
empty husk,
opportunities;; for
service
and With these, America is' the land
growth..
,;.V
of opportunity, of faith and of
May it reserve its contempt for freedom. ,y,'-V ■'
:
'
those who see in it only an in¬
Governments, like people, are
terests.
women
relief in State after State were
shaken down for political contri¬
,.
think that the Amer¬
do not
to you to
Sen. Arthur Vandenberg of Mich¬
on
of buying votes
with this money which belonged
to the needy, people were added
especial interest in this campaign wholesale to the WPA payrolls
because they know that the de¬ before election only to be brutally
cision they make will determine thrown off after the votes had
the kind of, a country their hus¬ safely been counted.
Take, for example, the follow¬
bands, brothers, sons and sweet¬
hearts will return to when the ing instructions given to' a direc¬
tor
of
WPA by
a
Democratic
war is over.
They know, too, that the de¬ county chairman in South Dakota.;
They read,: "Please place; this
cision we make next November
7th will determine whether Amer¬ man on WPA on the "special set¬
up, you have that takes care of
ica is to have the kind of Gov¬
place political future wars. And women are also
advantage not only above devo¬ deeply concerned in this cam¬
tion to country but also above paign
because the fundamental
issues of this campaign are moral
our very deep desire to avoid the
death and destruction that would —the simple questions of honesty
and good faith.
be caused by future wars.
fensible
Men and
who
man
insurance
Whom in peacetime it never,suc¬
ceeded in providing jobs.
Governor Bricker and I appre¬
there
are
deeply
the
great
work
Republican politicians, in ciate
doing in this cam¬
and'out of Congress, who are in¬ women are
troducing a very ugly implication paign. They have again shown an
into this campaign — an implica¬ active and public-spirted citizen¬
tion of profound concern to all ship.
They will, I hope, take an
Americans
regardless
of party increasing part in our national
who believe that this war must leadership in the years to come.
The women of America have an
be followed by a just and lasting
But
the
Cam¬
It begins: "This is an invitation
national
The truth is that
Administration.
Democratic
finance directors..
this
of
National
paign Headquarters, Little Rock,
Ark., and signed by H. L. McAlister and Sam J. Watkins, State
.
honesty
.
16, 1944, a week ago last Monday,
It is written .on the letterhead of
asked
-■,
vital part
a
Republican over the country are meeting to
business men who have placed perfect their plans to get out the
largest possible vote.
patriotism above party.
are
.
7.
to his
necessary
>
in advancing this aside the platform it had adopted achievements for the benefit of
in this war. They
"have displayed the highest type cause. Today, throughout the na¬ in this very city 12 years ago. the
newspapers.
Almost the first
of patriotism by their devotion, tion, there has been a splendid That was the platform that was
achievement for which he took
of women's con¬ called a solemn "covenant, with
their industry, their ingenuity and demonstration
credit was the Federal
Deposit:
their cooperation with their Gov¬ tribution to public affairs and of the people" and which Mr. Roose¬ Insurance
Corporation for insur¬
their faith in America.
And to¬ velt promised to support 100%.
ernment. '■
'.*• .:,V '•
ing bank deposits.
This is a
I am proud of the fact that in night, Republican women in cit¬ You know what happened to that, matter that
goes right to he heart
The New Deal went on from
areas
all
this Administration today there ies, towns and farm
of the
had
'
men
Nov.
are
maintenance in
power."
;
But deception is not the only
racity had to be corrected by the political- stratagem that this Ad¬
Chief Justice of the United States; ministration has employed, in its
is now talking in this campaign effort to perpetuate itself in power
about "fraud" and "falsification." for 16 straight years.
Listen to
He
implies
that
others
have this brazen piece of business.
I have here a letter written Oct.
adopted
his
devious
methods.
(Continued from first page)
farmers
"their votes
stopped—and that's another reason
why it's time for a change.;
!
Now, my opponent, whose ve¬
"Win
Enterprise" Says FBB
Thursday, November 2, 1944
once
States.
We will :"on"ce ;'again
rer/1
store'hondsty arid integrity to" the
White, House, so ' that its .Spokdh,.
word, can, he trusted.,V " ; "
In. the years fhatrlie, ahead thei%
United'States...must, give: leader-,
ship 'to the worldljif we; are rto
tration;and Iread. it:; vy „y t }}'/ j realize the aspiratiop ,of .^ople
tion of "who gets what; when and
tee. afmajority of whose members!
for
an .1 enduring
"From- -the VetV ^-beginning; :Mr; everywhere.
why." What it is they expect to were' Democrats;- denounced: "this*
get, the American people are not plan as; "a proposal-that violates! Roosevelt has used deception as: peace. How-.can we 'giyeJija^i.;Ati^
supposed to ask or know.
When every sacred tradition of Amer¬ a major: political stratagem until
and why they expect to get it is ican
democracy."
And the Con¬ today he has lost-the; moral con¬ ship when our, own,'Government
very clear.
They expect to get it gress rejected it. r
1
■» f fidence of the nation;.
Even, in the! has lost the moral confidence, of
.in the next four years as a reward
But fime/and mortMify and 12 tanks; of thbse .bldq^ which repre-: the^pqtiqp?^-, How,: can. > such i -an for their services in behalf of the years. in office ? have'fenabled Mr)' sent his
followers hii 6uppcw-t rests, Ad|rilri istratipn;. :giye strong ;and
fourth term and at the expense qf Roosevelt to pack the xciurts: with' not
upon tli^if confidence, in;'his effective representation to Iher iiir..;
the American people,
terests pf the American people
New Deal; appointees. <;The very integrity "but
'tipq^y, the / cyJiiCal
But the American' people wilt preservation of-our
liberty de¬ "assurance'that he will Serve, their 'any where? ..How can., we hope.: to. {
have a different answer.
From.T.inanas .that;MvthiS":. practices M;Interests; because," It' concludes; ;J?olye the fmassive social- and eco- /
.
,
Not
oyer
$5, .fee,. 3
cents;
from
$5.01 to $25, 10 cents; from $25,01
to
$56, 15
cents;
from $50.01
-
<
,
•
.
..
to
$200, 25 cents.
Newfoundland
<
,
,
,
(including Lab¬
.
rador)—Limit of indempity—Npt
over,
$5, fee 3 cents; from
^5.01 to
$25, 10 cents; from $25,01 to $50,
15
cents; from $50.01- to
$100^
.
}
25
.
cents;.
,
tv
'
.
.
Volume 160
Number 4330
THE COMMERCIAL & FINANCIAL
nomic problems that will confront
the American farmer
is the larg¬
corn, he goes to the
still another office.
us in the post-war
years with ah est purchaser of the products of
Administration which has forgot¬ our • mills and factories.
Every
ten that "the whole art of Gov-,
American, regardless of his busi¬
consist in the art of be¬
ernment
ness
Let
resolve
us
put
here
end to
an
and
cynical theory of "who gets
what, when and why." We need
a
house-cleaning of the followers
of that practice who for 12 years
sible
Cabinet
ablest
country.
•make
of
We need
once
men
the weather
to
But
nation,
7
77/;' ."7'.
levels
we
before
the
on
trying days
years
on
country. Millions of
our
farms
fighting
are
sons
on
farm
over
we
the
to
age
or
;■
The
told
and
have
full
just
in
country,
fair
this
it had
ad¬
under practical and
administration free
War
he
Food
had
of his
appointed
take
to
food
situation.
of
them
loans,
nomic
Referring to
otherwise."
/.'■•"-'■/'///
-
an¬
But
been
commodities
own
words-
has
in
America
have
standard
have had
more
to
of
had
consume
other nation, because
any
duced
the
living, we
than
we pro¬
We must again have
to push forward as
forefathers, pushed
beyond
the
more.
courage
our
not
day.
prosperity, mil¬
our war
in
America
still
get
the
to
scarcity theories and
of those New
peacetime years.
We must
forward and develop the great
economy
go
American
an
market
products
for
farm
our
through
improved
for the American people.
diet
if
we can
keep set on this ob¬
jective, we shall need, not a re¬
duction, but an increase in food
production.
or
to
We must not go back
dismal
those
days
when
the
middle aged, when
was
ica were living at an undernour¬
surpluses by means of / ished level.
uses developed
Let's have an end to these gen¬
through con¬
"The control and disposition of
com¬
plained that I didn't tell the whole
further
story about that executive order.
new
I
the
nearly
main
seeks
a
eight
reasons
still
Now,
years
that
was
10,000,000
unemployed.
my
He
for
asks
there
on
that
And
the program which failed.
a
war
to
it took
as
get
a
decent
war
to
mal
to
do
a
just
find
that
I
haVe
public//responsibility
authority/ not only
get jobs.
assumed
while
cover
new
profitable
■/.
.
the
,
bona
to
of
the
life
we
7
need
a
Government
in
and
for existing crops.
principle
fide- "farmer-owned
-
abundant
production,
For this
dis¬
new
and
the
Washington whose primary in¬
is not in fighting within
itself, and not in teaching people
how to feed a family of five on a
relief income of $700 a year.
■'>.//,/ terest
/ //;
.
research
crops,
uses
"Support
a
fear of
exceed manageable pro¬
"Intensified
big job and
deliberately prevented from
doing it.
Here is what he said:
"I
and
portions..' .'.V :•/
about
by a Government which for eight
long years promoted a chattering
.
in production of any
given basic crop only if domestic
surpluses should become abnor¬
two
direct result of
a
.
justments
created
Within
then
It took
prices
as
drafted
was
better than
or,
order
conflicts.
eralities
research/vigorous develop¬
foreign markets
i
ad¬
ment of
it, that War Food Administrator,
Mr, Chester Davis, resigned.
He
what does he offer for that future?
Nothing different
executive
usual
months, and
straight
in the White House.
years
stant
happy to accept the invita¬
That
the
opponent
16
am
tion, and here's the rest of it.
Americans
vote of confidence
record.
And to cap
We
American
two families out of five in Amer¬
in
Were
physical
or
Deal
eco¬
assure
inflation
New Deal
1940, the New Deal had still failed
battle-
wages without undue
shrinkage from the present scale.
back
surplus
war
without destroy¬
.
during the change¬
It is go¬
ing to take ingenuity, teamwork
and the unhesitating will of Gov¬
ernment to maintain
prices and
war to peace.
shrinking
of
,
frpm
continued produc¬
tion and without benefit to specu¬
to achieve anything like fair prices
for farm products.
And one of
from
.
over
enough of the right
things to eat. - We have still fur¬
ther to go.
We must never go
comparison with
"Disposition
It will not be easy to main¬
balance
do
thereof,
other
will
as
third.
tain
lions of families
labor, business and industry.
'7;.; /7.7/71" ing markets
opponent
my
such
and equitable in
in one job.
men
combination
means
and against
farmers have
increased food production by oneour
lative profiteers.
There it is in his
two
V
a
with
efforts
obstacle,
Despite
income to agriculture that is fair
de¬
opponent
my
or
together
heroic
the frontiers of their
protection of such price by means
of
support
prices,
commodity
Administrator,
,
By
money
every
from
of farm programs.
"An American market price to
the
American
farmer
and
the
in
April 19,
on
powers
experienced
regi¬
mentation and confusing Govern¬
ment
manipulation / and control
maze.
order
of that plat¬
form read, in part, as follows*
"A Department of Agriculture
exercise any and all of the powers
vested in the other by statute or
the
Well, the simple
that is after
to
office
in
of
under
unqualified pledges
clared, and I quote him, "that
they shall each have authority to
on
hope
result
executive
word may once
trusted when it's issued.
To that end my party in its na¬
night in St. Louis I
an
spoken
be
tional convention adopted a plat¬
form to which I am pledged. The
ren¬
better
its
more
over the job
of the Secretary of
Agriculture in handling our criti¬
we
prices
any
other
whom
7'v/77
there
is
to
bureaucratic
a
about
new
as
employment
and
it
use
1943, dealt with the
strong, vig¬
a
happy
of the services
why
restore
that
er¬
the SCS.
or
which my opponent,
war.
depression
inevitably to
have
to
are
factories
swer
handicaps. Shortage of farm help
and shortage of equipment have
increased the' burden.
of
many years
the nation
the farms.
the extra work, with¬
regard
in
can
in
both
must
over the world. Fathers,
mothers, sisters and brothers have
taken
office
that
leads
he
If
Iron ts all
out
learned
New Deal?
over
so
assorted
vantage than going from office to
cal
orous
have produced
the farms all
And
a
unemployment and misery in the
city lead to misery on the farm.
Governor Hicken-
our
for
it is so important,
efficiency as well as
integrity to our Government, so
by these agencies are very
important. But the farmer's time,
it seems to me, is important too.
the
prices
entered the
depression
Fellow-Americans:
war
As
to
That's
to
OCD, the USES, the
Now many
nation,
committed
violated.
dered
avoid these
that- the
saw
we
We've
looper, Mayor Kennedy, Senator
Marvin, Commissioner Dumond.
These
the
of
must
the
at
other
WFA, the DSC
: :
price fluctuations.
achieving
/l^/7/.
Address
you,
.7
have
may
rands
to
major farm products must be sup¬
ported against the substandard
Dewey's Syracuse
■
Thank
sake
we
we. are
Now
Governor
the
proposition
/://
.,/
he
national
a
broken his prices
and
can
extreme
coun¬
for special
./U'
for
we
government
,f;
service
and. until
man,
example of the fact that
years in this country we
had an unmanageable sur¬
plus of promises; promises lightly
made, sketchily kept, or openly
get permission to buy farm ma¬
chinery. And since he is in town
the
to
We cannot control the weather.
believes
and
practices, in
public and in private/the art of
being honest. •
With such a government, quar¬
reling and bickering will come to
an end and victory on every front
will be speeded.
With faith in
our future we can and will bring
home 10,000,000 heroes promptly
after victory—home to an Amer¬
ica with jobs and opportunity for
..,
produce
entire year's work.
an
that
all.
can
his_ hired
12
have
use
to
the point where he has a loss for
try. We need the kind of governbment in which there will be no
a
may
and then
destroy his entire
and well
may
surplus has
of America and in
or
He
crop/
responsive to
We need
in Washington who believe
place for deception
privilege. We need
auto
selective
panding industry with real
for real jobs.
for
this election was
drawing near,
he went to the
county war board
He
control.
own
maximum and find that
the
the unlimited future of this
the
to
his
about'
government
the people
stamp,
for
beyond his
this
more
the
office
post
the Secre¬
who.
another
rubber
a
or
or
The hog market scandal is just
truck
a
the
plant wisely
respon¬
in
women
permit, to the OPA for
nomic Stabilization
boot permit. He goes to the
triple
A for his lime and
phosphate, to
will of the people.
the
in
composed
and
men
a
He goes to the ODT for
or
105,1
tary of Agriculture
farmer deals with elements wholly
nation's capital.
our
We need then to creat
in
bility of agriculture.
Unlike
other
producers,
now
government by
the
have infested
triple A
employment, has a direct
interest in the prosperity and sta¬
ing honest?"
to
CHRONICLE
of
Before
lies
us
the
immediate
practical
prospect and reality of
jobs—the
business
of
making
and
'
over
broad farmer-operated cooperatives. •'
it all, has been the inexcusable
From the very beginning of the food
policy, but day to day ac¬
things and doing things—real jobs
'- "Consolidation
attempts at increased regimenta¬ New Deal farm
of all Govern¬
programs
for real money, real prices in a
put tions,
is
being - exercised else¬ ment farm:
tion by New
Deal theorists in forward
credit under a non¬
by
the
farmers
have! where."
real market.
/ "'■/:, '/
/.
y
■;';,";;///./•;/■/
Washington.
partisan board."
been set up, only to be exploited
So we lost a first class
This must be the fundamental
As one who has worked with
man,;
The Republican platform goes
for political profit and to gain
and another man was put in the
which provides three square meals
our
own
farm leaders day and control
on to pledge:,
over the operation of our
:
a
job, but the chaos rolled on and
day for bur people, as well as
night to achieve the success of farms.
v"'>■ / //;77v77'7'' 7-;7,-7 on.
/ "To make life more attractive cars,
There's1 still more to this
washing machines, radios,
our
farm manpower service, our
For example, one of our most
on
the family-type farm through'
story "of two men in one job. The
tractors, high-line power,
run¬
emergency food commission and
important needs is to preserve, White House cabal has been
development of rural roads, sound ning water, education and all the
the farm machinery repair pro¬
try¬
restore and build up our soil re¬
extension of rural electrification
undeveloped realities which lib,
ing to get rid of Harry Slattery,
gram, I have come to feel that of
sources.
The Soil Conservation the
Rural Electrification Admin¬ service and elimination of the just within our reach.
all the heroes of this war, the
basic evils of tenancy.
Service has done a good job in istrator.
To these fundamentals a pro¬
Finally they offered to
American farmer has received the
some parts of the
country.
But create a new job
"Serious study and search for a ductive and a prosperous
least credit for the most tremen¬
for'him, at the
agricul¬
this program will fail if it is used
same salary and at
,the taxpayers' sound program of crop insurance ture is essential to the future of
dous job ever done.
'
as
an, excuse
for regimentation
expense,
He was asked to under-- with emphasis upon establishing America.
That
future
Now the war is drawing ever
we
can
and wasteful bureaucracy.
lake a special study of rural elec¬ a self-supporting program.
■
/ and will achieve by the construc¬
closer
to
its
conclusion:
With
Now let's be specific.
Take, for trification in foreign lands./ No,
"A comprehensive program of tive
program
I
have
outlined
mighty triumphs in Europe and
no, not in China, this time, but
the Pacific, our fighting men are example, a farmer not far from
soil, forest, water and wildlife, since the beginning of this cam¬
here.
He signed up with the Soil
in war-torn Europe in 1943.
,/
conservation
and
bringing victory nearer every day.
development paign, from Philadelphia to Seat¬
Conservation Program.
Within a
As you know, a change of admin¬
But Mr. Slattery stuck to the with sound irrigation projects, ad¬ tle and from Seattle down through
period of four months fourteen
Los Angeles.
istration next Jan. 20 will not in¬
job.
So the Secretary of Agri¬ ministered as far as possible at
different
Government
agent s culture
We have stated a complete and
volve any change in our military,
appointed k deputy Ad¬ State and regional levels." /
7/
travelled to this one little farm
a
command.' But it will bring an
constructive program and from
ministrator and gave orders to
To these pledges we stand com¬
of forty-five acres to tell how that
our
end to the bickering, chaos and
the entire REA staff that hence¬ mitted
opponents we have
heard
and while this program is
job should be done. Several came
forth they should all report to
confusion in our national capital.
comprehensive, we may be i sure nothing except that they offer us
many times.
And when he got
four years more of themselves.
the
.'It will bring a stronger, a more- all
Administrator
through his that the farmers of
through,, the farmer paid for
j our country,
united
nation
We have a definitive .program
backing up
deputy. The deputy moved in and can be relied upon to
our the actual
propose
work, and he also paid
rwhich- can achieve5 our1 objectives,'
/fighting men without division and in taxes for the thirteen unneces¬ took charge,/firing people right sound, measures to meet
any/new
and left. So just at the time when
warring at home.
'/v
And in .cbing so, we must J £gain;
kind
of
j sary Government agents. ,.
emergency ■ which- may'
the -REA should be getting ready arise.
restore the/freedom of the indi¬
It will, be a signal to all, the
As the /farmers of my own
That sort of thing would never
to do a big post-war job
■world that /free government is.
provid¬ State who are here today know vidual farmer from dictation arid
happen if local people had any¬
control by his own Government.
strong
and able
to
strengthen/ thing to say about it, if State and ing electricity to the farms of this so well, your next administration
country it has been torn to pieces may be counted on to welcome,; The farmers of our country have
itself still further, right in the
county with Federal aid were per^
.
.
•
,
.
,
,
.
,
•
midst of total
war.
It will mean
mitted to share in the
.quicker victory.- And it will mean
administration "> which /does
not,
fear the peace, one,.which will
bring ' our fighting ./men home
pro m p
ing
that
Federal
job;of
programs
by conflict arid confusioh between
see-,
'the usual two
adapted to local needs.
been
so
This,has
well demonstrated by the
successful work by the
old.
t'j:: -/
for
cfedit
resisting the temptation
to
talk
at. length
about these
things.
Time doesn't permit dis¬
is
also
of
the
utmost
•
Will
it
mean
a
the sub-standard prices
.ers were
.
t
im-
■
1940?:
to
row
some
money
he;
may
go
to
.
I
■
>
*
1 -.
•
-
years
It must not mean, these
,
/"
■
;
(:7
v
of agriculture.
market
a
which
We
can
on
•
-
Tim farm ?>>d food orohlemc of
the United States are insepara¬
until all
a
.
7/
the-paint he can't
afford to *put on the barn. /
/
ble.
happened to sup¬
this year in the hog
market and the egg market, for
•
.
ciation and
cussion of what
our
■
.
broken
in
frontiers
new
their
productive power.
It is our sol¬
emn duty to ecrnal their contribu¬
tion by going forward with a pro¬
ductive, a growing and a secure
America.
7
'
:
L
-
port prices
a
farm-, National Farm Loan
Association,
after.ejght the Farm' Production Credit As¬ example. .But/one thing islvery
of the,New'flea 1 sociation, the. Farhi Security Ad- clear; when Government' makes
,
welfare
must ;have
am
ministration,' the Officer of the
pledge to -euoport a price the
things; We can and must do better (Enjergehcy Crop; and Seed Loan, farmer hak a
.right to, know who
•if we are to have a free and proor; to the Regional Agricultural
responsible, whether it's the
,gressive America.. y ';!*
7- Credit Corporation, If he wants OPA or the War Food Adminis¬
Few people seem to realize*that a seal-up loan on his wheat ortrator or
the Director
of Eco¬
"
cific
.w.«rr
in- t
still receiving
peacetime
in
return
change.
a
■
.mean; the, same collapse;of nrices, portance.
And .once
again. •> we
which, occurred under a Demo-/ find a swarm of
duplicating agen¬
cratic Administration -after
the; cies.- If the farmer needs to bor¬
war?
\
level .down..
/; j Government * assistance in farm
•
such' programs.
job.
.pay a fair price and the farmer
That's, why we .must and,-.will have an
adequate
need a responsible Cabinet in this /income.
He must not again find
country,/ And that's .why it's tirqe it necessary,; to, live on his depre¬
,
It's twelve .years
one
spreads confusion, from the Cabi¬
net
that' .even the New Deal should
have found,
opt /about it. by now.
.
men
fusion /from the Cabinet level up.
And the ,Secretary of Agriculture
lapd grant
11 y?/whenvictory, .r is, colleges and. the extension service
.achieved.,A *Lf4• W-v
n
7}
;• •?.. Now what will
peace mean to
odr farmers?
Will' it mean just
continued efforts to control their
; livt's
from Washington?,.5
Will It'
in
177
Here, we have I a broad/for¬
/The White House, spreadsi.com.
ward-looking policy for/the sr>e~/
were
and
Neither will be wholly solved
our peoole are well fed.
agriculture
our
is
stabilized
on^a'par
We
with industry and labor.
can
have fully. employed
ABA Trust Conference
The
26th
Mid-Winter-,
annual
Trust * Conference
' of
the.
Trust
Division of the Afneric'an Bankers
Association
York
will
be
in
held
New
City at the Waldorf-Astoria,
February 6-7-8, it was announced
on
Oct. 21 by Fred¬
erick A. Carroll,
President of the
iri New York
agriculture with fair prices ?"d.a ■.Division.
real
market
if we
have
three
Mr.
Carroll,
is
Vice-
President and Trust Officer of The
saua^e,
meals
a
people.
That
r5n
through
a
fully
day
for
all
om:
be obtained only
employed,
ex¬
National
Shawmut
ton;'Boston, Mass/;
of Bos¬
Bank
.
i
,
i
;
THE
1954
Conference with Other American Nations
By Argentina in Note to Pan American
COMMERCIAL & FINANCIAL
Sought
arbitrary exclusion of which one
of its members is at present the
object.
There
Union
on which the
Government does not
leave any possibility of
New 3c.
Placed
Argentine Government, in a note to the other American wish to
erroneous
interpretation.
It re¬
nations, made public Oct. 27, indicated that it had requested the
fers to
the repercussion of the
Governing Board of the Pan American Union to call a meeting of
the 21 American Republics with a view to discussing with these present impasse upon Argentine
Stamp Issue
•
nounced
Oct. 21 that
on
a
new
,
commemorating the
beginning
of the Motion Picture Industry in
cent
stamp
tation." '
i'--..-'-
'■777;,
communi¬
Unquestionably, the most ade¬
cation such as that reported in
quate instruments of such pro¬
the
press
is
received, either
cedure are consultative meetings
through
a
government which of
Foreign Ministers, as provided
.maintains relations with the Ar¬
for by the Lima Conference, since
gentine Republic or through the
to
have, systematic
recourse to
Pan American Union, the Govern¬
consultation without any confer¬
ment of the United States will, of
ence
would involve altering the
coui^se, exchange views with the
spirit of the pact.
government of the other American
It
is
therefore
opportune to
republics before taking any de¬
seek, within the framework of
cision."
;/
that a
"In the event
..
It
<
.
be noted here
may
President Roosevelt
Sept. 29
sued
statement with
a
that on
is¬
regard to
policy of the United States
Argentine Government
criticizing it for what he termed
the
growth of Nazi-Fascist in¬
fluences developing in that coun¬
the
toward the
time when Nazi
defeat in Ger¬
try at the very
forces
are
facing
many.
Below we give
Argentine
the other
anent its
the text of the
Government's note to
American Governments
request for the confer¬
United Press
Aires Oct. 27
and published in the New York
("Times":
; 7/7'-<-. :,;V:
The Argentine Government has
been following with concern the
situation that has been created
for the concert of American na¬
ence
given
as
in
advices from Buenos
attitude assumed by.
some American Governments with
respect to Argentina.
7 The present state of things
creates divisions that are incom¬
patible with the traditional spirit
of
brotherhood
existing among
nations
bound
by
proximity,
origin, and ideals* It foments an
artificial atmosphere of disunion
heretofore unknown.
Above all,
it implies for the future a lasting
distrust that seriously threatens
the
spiritual solidarity of the
tions by the
American nations.
In
;
view
of this
delicate situa¬
tion, the Argentine Government,
conscious that reason is on its side,
unhesitatingly reiterates its deter¬
to
America; would be placed on sale
125,000. So 011 the 90,000 figure
Dewey would carry the State by
of
the
to
country
American
mean
of
would,
This
35,000.
lead
a
of
course,
that the outcome insofar as
is
Pennsylvania
concerned,, will
22, when
not be known until Nov.
soldier Vote
the
is
counted.
The
soldier vote is estimated at slight¬
ly
200,000
than
more
of
which
55,000 will come from philadelr
phians. All of the available infor¬
mation indicates the vote of the
armed forces to be divided on the
same
On
lines
this
hold
would still
around 20,000.
Dewey
State
the
by
thing is clear and certain,
One
and
lost
the back-home vote.
as
basis
Roosevelt has
into the
and with a few
that, is .that
the
power
to
come
late
speeches,/to completely rout the
Republicans as he did four years
ago.
It is this winter's opinion
that his only effective speech of
this campaign, the only one that
accomplished anything, if it did,
was the Chicago speech in which
he went all the way on promises,
campaign
60,000,000 jobs, for example.
At
and in the lower left-hand corner,
State Hull
the same time, there was the clear
neutral marked "First Day Cover Motion implication in this speech of.the
7;v7;
nations had been
warned they Picture Stamp."
Government over-all control that
Postage stamps and personal
would lose American friendship
the
Republicans have been at¬
for years to come should they give checks positively will not be ac¬
tributing to the New Deal.
77)
sanctuai-y to Hitler or other Axis cepted in payment of the new
Sidney Hillman has been Roose¬
stamps required for affixing to
leaders after the war.
velt's greatest single liability, and
of
Secretary
above,
disclosed
on
Sept. 28 that
.
,
He
mentioned
several
govern¬
former neutral
ments of neutral or
states, notably Sweden, Turkey,
Switzerland and Spain, as having
All
covers.
such
returned, unfilled.
The
of
letter
ordei's: will be
7
77
instructions
;
at
'7'
the
same
time,
his
greatest
The Democratic or¬
ganization is shot to pieces pretty
much 7 throughout : the
country,
single asset.
and
remittance should not be sent un¬
agreements,
an
either given assurances
would not
flee into their
v
■
.
,,
nations and peoples
making such great
sacrifices in the fight against the
Nazis and Fascists. This was made
clear beyond
all doubt by the
cause the exceptional moment
through which the world is pass¬ great spontaneous demonstration
of
public feeling in Argentina
ing, requires equally exceptional
comprehension and generosity of after word was received of the
her
best
toward an understanding on
honorable basis. On July 26
the
Argentine
Foreign
Office spirit.
We
voiced its decision to maintain as
doors
with
Philadelphia
that they der separate cover, but should be outside of the South, of course,
permit Axis nationals to enclosed
with
the
package
of Hillman's
CIO-PAC
has
done
borders or that they covers. When these items are sent
adequate solution to the present
what organizing job has been donC.
differences. This course would be were fully aware of the problems
separately, an unwarranted bur¬ And in the industrial centers he
justified by the traditional Argen¬ such action might provoke, but den is placed on the post office, to has
unquestionably done a bang
tine attitude favoring legal and said that Argentina was one of
identify the particular package up job of registration.
The gen¬
peaceful solutions of conflicts and the nations that at that time had among the many thousands that
tleman, however, is in for a tre¬
the present lack of any other in¬ not been heard from.
According are
being handled at the / same mendous shock as to the numbers
ternational organism.
to Associated Press accounts from
time.
7 / 7 "777 C'7- '7r~v7--'7/''' of this registration he will lose 7
In accordance with the above Buenos Aires Sept. 28, the For¬
in; the polls.: His. .own / garment
considerations, the Argentine eign Office there announced that / Envelopes for covers should not
in
Philadelphia are a
be smaller than 3 x 6 inches and workers
Government has the honor'to in¬ Argentina had informed Britain
form you that it has today Re¬ that
war
criminals
would
be sufficient space must, be allowed shining; example.7 Unfortunately
for
the
stamps .and
postmark. lor Sidney a good half of these
quested the Governing Board ' of barred from Argentina and would
the Pan American Union to call be
prohibited from
depositing When, a block of stamps is re¬ workers are Italians arid they are
the address should be off the Rosevelt 7 reservation in
a meeting of Foreign Ministers to
funds or acquiring property there. quested,
consider
the situation that has
The following is P r e s i dent written well to the left to allow droves. ; In fact,: the Republicans
been created.
Roosevelt's statement of Sept. 29, space for the stamps. Each cover will get more than 50% of thes
7 7
In such a meeting, all American as
reported in the New 7 York should bear a pencil endorsement Italian vote in Philadelphia.
Of more importance, however',
7..77.77.:^7:7'7 7 in the upper right corner, to show
countries, without exception, "Times": :-7.'■
I have been following/ closely, the number of stamps to be af¬ is the fact that the workers whom
would have a chance to expound
their
viewpoints.
They would and with increasing concern the fixed thereto. ,77,77 777-'" ■> 77 ^ • Sidney expects to deliver, the CIO
war plant workers, are to the ex¬
thus have all the necessary ele¬ development of the Argentine sit¬
This civilized nations, there can be lit¬ tent of 80 or 90%, newcomers to
ments
of judgment to act with uation in recent months.
full knowledge of this case.
industry with no backgrpund in
situation presents the extraordi¬
tle hope for a system of interna¬
A correct statement of the prob¬
unionism, no concern in it.. They
nary paradox of the growth of tional
security, theoretically ere-,
lem
ought to take into account Nazi-Fascist influence and the in¬ ated to maintain principles for come from our farms, from the
only the overt acts that mark a creasing application of Nazi-Fas¬ which our peoples are today sac¬ South, the .Middle West. , They
country's
international conduct, cist methods in a country of this rificing to, the limit of their re¬ look'upon their union dues as k
and not any intentions attributed hemisphere, at the very time that
They have no particu¬
sources, both human and material. pure tax.
those
forces of oppression
and
to one party or another.
lar feeling of resentment against
In this connection I subscribe
In
making this proposal, the aggression are drawing ever closer
paying it because they are making
wholeheartedly tb the words of
Argentine Government .is fully to the hour of final defeat and
plenty of money.
These people
Prime Minister Churchill in the
conscious of the unique impor¬ judgment in
Europe and else-;
have had to register in order to
House, of Commons on ;Aug.72,
•
tance of its action. It is not usual where in the world.
remain in good standing with the
when he declared that: "This is
The paradox is accentuated by
for a country to wish to consider
union and hold their jobs. To get
not. like some small wars in the
jointly with its peers a fundamen¬ the fact, of which we are all
them to the polls and vote them
past where all could be forgotten
tal aspect of its international con¬ quite aware,, that the vast major¬
Hillman's way is another thing.
and forgiven.
Nations must be
duct, but Argentina can do this ity of the people of Argentina
To the extent they will vote they
judged by the part they play..Not
without impairing her dignity.
have remained steadfast in their,
will vote their past predilections.
dnly belligerents, but neutrals,
in their own free, demo-,
In the first place, because such faith
will find that their position in the
an
attitude would coincide with cratic traditions and in their sup¬
Pan
diplomatic traditions of
rights loyalty and frankness. As she has
honor nothing to hide, she has nothing
to fear.
In the second place, be¬
safeguard the
it has the
to repi*esent.
But that does not
prevent it from making clear
again that it is not closing any
mination
7 (Continued from first page)
.
show Dewey coming down
tions
15th anniversary of the
for the first time on Oct. 31, at
"international conduct," ruling out, however, internal order.
As
has just been stated, this
any "negotiations" on her internal affairs.
The desire for the con¬ Government would welcome with all stamp windows in the main
lobby of the General Post Office,
as
ference is due, it was noted in>—
—
~
~"
Associated
Press
advices
from countries, the problem remains cordiality any initiative tending 33rd Street and Eighth Avenue,
unchanged. In view of this, the to increase collaboration among and at all stations in Manhattan
Washington Oct, 27, to the situa¬
the nations of the continent.
But and the Bronx. First day cancel¬
tion created by the almost solid Argentine Government, giving
it deems that in no case could the lations in
new proof of its spirit of concord,
connection with this
American front of nonrecognition
addresses
your
Government to adoption of measures of internal new issue, will be furnished at
of the militaristic Farrell regime
explain to it the means that, in order connected with the juridical the Main Lobby, General Post Of¬
in the South American country
institutional regime of the
its judgment, could, even today, and
fice.
;7
These advices also said:
7; -"'7'77 7 77.7.777,
insure the indispensable unity of country be the subject of inter¬
For the benefit of out-of-town
"Officials of the [Pan Ameri¬
national negotiation.
That would collectors or local collectors un¬
the American family.
can] Union said the organization's
An alleged failure to fulfill its set a dangerous precedent against
able to call in person, and who
Governing Board,
composed of
international obligations is being the
reciprocal respect that all desire first
day cancellationsof
representatives of all the Ameri¬
invoked against Argentina, and, States owe each other.
the new stamp on Oct. 31, 1944,
can
governments, would take up
Finally, the Argentine Govern¬
given the nature of those obliga¬
the request Wednesday.
arrangements
have been made
tions, this represents a problem ment trusts that the fraternal in¬
"The United States member of
whereby they may send a limited
that concerns not only one coun¬ tentions that have inspired the
number of addressed covers, not
the Board is Secretary of State
considerations
will be
try or group of countries but the above
in excess of ten (10), to the Post¬
Hull, a leading advocate of the
shared by all American Governentire continent.
master at New York 1, N. Y., with
policy of diplomatic isolation for
After
long and strenuous ef¬ rrients and that the meeting here¬
a cash or postal money order re¬
Argentina."
forts, the Pan American mechan¬ by proposed may succeed in guar¬
The
State
Department
an¬
mittance to cover only the cost
ism has succeeded in establishing, anteeing mutual concord and re
nounced on Oct. 28 that "no com¬
of the stamps required for affix¬
precisely for cases such as this, spect among the nations of the
munication has as yet been re¬
ing. The envelope containing the
as
a
formula for unified action continent. •7 \
ceived by the Government of the
should
be- addressed,
In addition to the statement of request
and guarantee of equal treatment,
United States."
The Department
the procedure known as "consul¬ President Roosevelt, referred to "Postmaster, New Yoi*k 1, N. Y."
added:
Washington
Ahead Of The News
3-"
Governments her own
.
From
Sale Oct. 31
on
Postmaster Albert Goldman an¬
is a point
Argentine
The
Thursday, November 2, 1944
CHRONICLE
port
of the
who have been
entwely un¬
Retirement Policies Up
the part' they, have
:7 Retirement inconie policies, de- 7
chosen to play in the "crisis of
signed to provide specific income
the war."
77'77777.77,,77;77>• at,: retirement, age, have greatly '
7 l have considered it important
increased in popularity in the past .
to make this statement of the por
years,
purchases this; year >
sit ion of the Government .of the few
world cannot remain
affected
.
by
.
-
United States at this time
because
.
running double the number -dur-->
it has come to my attention; that
,,■
.7
ing the first war' y.eaL. according
the - Nazi radio beamed • to ? Latin
policy of the Government
to .a. survey on 19.44 .buyers, made
America, the pro-Nazi • press 7n
most critical periods in the his¬ of the United States toward Ar¬
long as compatible with the dig¬
Argentina, as. well as a few irre-i by the Life Insurance. Sales / Re¬
nity of the country, the concilia¬ tory of humanity. The peace and gentina as that policy has been sponsible individuals and groups
search Bureau.- At the same time; •'
tory spirit that has moved it.
It harmony that should be its fruit developed in consultation with the in : this and certain other, repub¬
cannot grow among division or other
American
republics, has
says the Bureau, the average size
said then:
rancor.
The great and arduous been clearly set forth by Secre¬ lics, seek to undermine the posi¬
of the retirement-rincome policies
"Under such conditions we can
tion of the American republics
problems that all nations will tary Hull. There is no need for
wait with calm and firmness, cer¬
and
our
associates among the bought has increased 40% ^ with
have to solve require the decisive me to restate it now.
-r .
tain of the justice of our position
United Nations by fabricating and the result that total amount of life
collaboration of all.
The Argentine Government has
and the rectitude of our conduct.
circulating the vicious rumor that
From
such collaboration, Ar¬ repudiated
solemn inter-Amer-: our counsels are divided on the insurance of this type being pur¬
Thus, in defending its own right,
ican obligations on the basis • of
chased this year is nearly 715%
we
are making
the best contri¬ gentina, feeling the full respon¬
course of our policy toward Ar¬
which the nations of this hemi¬
bution to strengthening the juri¬ sibility of the hour, does not ex¬
greater than in the first war year.
gentina. .,. : ■ (7.i,
*«•■;.•• 7 .
dical order as a universal and pect for herself any advantage, sphere developed a-system oh de¬
| In our issue of vOct., 5. (page Purchases; of this type of insureither from the material view¬ fense to meet the challenge " of
irreplaceable standard of dealings
represent
approxi- '
■
-l 1509) we' referred to the /action a.rice' now
point or the political. But she be¬ Axis aggression.
an
v
are
V".
at the end of one of the
liberation of Paris.
.,
.
The
,
.
.
among
states."
Unless we now demonstrate a of the State Department in: cut¬
mateiy one-eighth of all ordinary
that similar lieves that in.the American com¬
munity no authentic, stable order capacity to develop a tradition fof ting off United States shipments life insurance purchases by. adults,
conciliatory efforts have been fre¬
< •
quently made in other American can be created on the basis of the respect for such obligations among . out* ofvArgentina;j 1 i,-:
In
spite of the fact
■
■>
Volume 160
Number 4330
THE COMMERCIAL &
Sfeel
FINANCIAL CHRONICLE
Churchill-Stalin Oonversafions
Qtifpf Off l^-iarkei Regains Sons
Of Its Wartime Tempo-Needs Still Are Heavy
-
1955
Poland and
on
Infernal'! Business
Conference Announces
Bulgaria- Churchill Statement
''The steel market in the past few weeks has regained some of
Conferences
betweeen
Prime
Minister
Churchill
and
Premier
Marshal Stalin, begun at Moscow Oct. 9, were concluded on Oct. 18,
a few months ago before cancella¬
number," "The Iron Age" states in its issue of today at which latter date a communique regarding their meeting stated
(Nov. 2),-further adding in part as follows: "This change, which re¬ that "important progress was made toward solution of the Polish
flects the ease with which steel companies were able to plug up holes question, which was closely discussed between the Soviet and British
with additional business subsequent to cancellations, is just another
Governments."
On Oct. 27 Mr. Churchill in a<s>
signpost
exhibiting
the": mixed^——
;
—:
—
trends which have been existent tons one week ago, 1,719,600 tons statement to Commons dealt with ing (Oct. 20) was
reported to have
in the past month.
his conference with Premier Sta¬ been confident that the London
one month ago, ana 1,743,000 tons
lin, referring to it as "highly sat¬ Poles would give him a mandate
/
"That the peaks were reached one year ago.
"Steel"
of
Cleveland,
in
its isfactory" but stated that a solu¬ for constructing a unified Govern¬
in steel ordering some time ago
summary of the iron and
steel tion of the Russian-Polish dispute ment."
vyas still evident this week when
had not as yet been reached.
The Churchill-Stalin commun¬
As
order
volume, although heavy, markets, on Oct, 30, stated in
to this United Press advices from ique indicated that
:
'
agreement was
represented a slightly lower level part as follows:
In spite of expectations that in¬ London
Oct.
27
reported
the reached on main points in the
than was the case in August and
Prime Minister as saying:
Bulgarian armistice
terms
and
September. Furthermore, the steel creasing quantities of steel would
its wartime
tempo reminiscent of
tions increased in
.
ingot rate dipped this week and be available for civilian goods
the orderly decline probably rep¬ following cancellation of landing
mat tonnage and expected reduc¬
resents
the attuning of
current
order volume
tion in
shipbuilding, War Produc¬
tion Board sounds a warning that
war requirements
are still heavy
at
and
backlog to ac¬
tual production schedules. There
evidence,
was
least
of
some
ingot rate
time
however,
the
was
that
decline
in
and that the end of hostilities may
the
make
to
necessary
further
be
due to the unusual
than
away
had
:
.
in thinking with re¬
strikes, which spect to the end of the European
this week were cutting into steel war has caused renewed efforts
output at Birmingham and Buf¬ to provide necessary supplies for
the armed forces, notably in heavy
falo.
: .•! "The
much tossed about steel' ammunition,
heavy trucks • and
shell program seems slated for an other land equipment.
Need for
extra stimulus in December and landing barges and maritime re¬
and also due to
effects
of
the accumulative
outlaw
in the first quarter of 1945,
quirements for the European thea¬
Octo¬
have
ter
ber shell requirements were about
213,000 net tons. At present, No¬
invasion
vember
However,
and December
needs
are
about 302,000 net tons. However,
there,is a good chance that' by
much
it will offset to
in
ness
the
mill
.markets.
for the former declines.
in
terial.
amount
easier
in
for
V t'
than
recently
demand
better
materially
of
tightening,
in
December
steel in the period of unrestrained
are
than
shrink¬
show
but
though
still
possible.
are
are
being
filled rapidly and some producers
is being voiced that with the huge
are
back to
late February ; and
predicted, the
increase in refrigerator and other March deliveries.
electric appliance production and
Although ■ September pig iron
the required tonnages for canners
output at 4,987,645 net tons, was
automobile output
.
>
:
other
and
rolled
tin
capacity
crowded
at
plate users, flat
; will
be
over¬
222,577 tons smaller than in\September
points. kNew
customers using sheet steel in ci¬
vilian goods production are con¬
tacting mills which have previ¬
ously, not shared in their business,
some
evidently with
their
on
initial
the
civilian,
order, to
goods
output
for
steel,
after
First
basis
steel
within
for-this
period.
shipments will
begin
year,;
year
early
production
excess
in V the
overcoming the later decline.
Results Of
Treasury
s a Bill Offeriig
J
:
The
Feb.
melting
on
trial
scrap
took
burgh, the material coming from
districts. The "Iron Age"
composite price this- week
up 8c. a gross ton to*$15.75 a
gross ton, due to a slight decline
at Pittsburgh and a firmness in
heavy melting steel price at Phila¬
delphia."
•;
t.,
outside
scrap
was
.
The
■
American
,
Iron
and
Had
■
received
indicated
that
the
operating rate of steel companies
having 94% of the steel capacity
of
the
industry will
be
94.9%
of
capacity for the week beginning
Oct. 30, com Dared with 96.3% one
week ago, 95.6% one month' ago
and 100.0%
one • year ago;
The
operating rate. for the week be¬
ginning Oct. 30 is equivalent to
K707.200
castings,
tons
of
steel
compared
•
ingots and
:to
1;732,400
question
of
The
the
Poland
joint policy in
a
also stated in
was
the
United
States
first
bassador W. Averell Harriman.
The communique
two
are
eastern
with
of
Government, represented by Am¬
is
the
concerning the
Moscow meetings of Prime Minis¬
frontier
Russia
Churchill and Premier Stalin
ter
the
and
added
as
reported in Associated Press
advices from Moscow Oct. 21, and
Poland in the north and west.
given in the New York "Times,"
the
to
line,
This
is
it is called, and
as
territories
new
the
first
to
be
issue,
and
follows:
the
/
Meetings
second is the relation of the Polish
Government with the Lublin Na¬
from
tional
Churchill
Liberation
Committee.
these
two
Oct.
9
to
and
18
between
Mr.
Mr.
Mr.
Molotoff,
political and
assisted
by their
military advisors.
Secretary of the Treasury
parties.
We
cussion
with
and
to
mature
1, 1945, which were offered
27, were opened at the
Oct.
Federal Reserve Banks
The details
Oct. 30.
on
of this issue
follows:
are
as
the
heads
of
the
of
recent
of the
several
Marshal
preters
wish
I
present.
I
had
we
events
^and conclusions
Quebec conference
portant progress
could
solution
reached
it will
be
on
the
of
was
the
made toward
Polish
question,
discussed be¬
Polish Government and with the
President of the National Council
and chairman of the Committee
great disappointment
a
to all sincere friends of Poland if
good
a
arrangement
which
made
form
will
cannot
enable
be
him
to
Polish government on Po¬
a
of National Liberation at Lublin.
These discussions have notably
narrowed differences and
dispelled
soil, a government recognized
misconceptions. Conversations are
by all the great powers concerned j
and indeed by all those govern¬ continuing on outstanding points.
lish
of
ments
which
the
recognize
now
Polish
United
Nations
only
the
Government in London.
The
Although I do not underrate the
which remain, it is a
and
Soviet
Russia
and,
I do
not
doubt, the United States, are all
firmly agreed in the recreation of
of
march
east
Europe
and
agreement
main
was
points
events
in south¬
fully considered
reached
was
in
the
on
Bulgarian
and
Liberator
With
Russia.
armistice terms.
The two Governments agreed lo
joint policy in Yugoslavia
designed to concentrate all ener¬
gies against the retreating Ger¬
pursue a
National
respect to the Moscow
con¬
ference between Messrs. Churchill
and
it
Stalin
is
the
in
noted
that
month,
Premier
Mikolajczyk of the Lon¬
regime,- who flew to
from
London
invitation,
on
Oct.
conferred
12
upon
arrival with British Foreign Min¬
ister
Eden
Anthony
later
and
sponsored
Liberation with which he failed to
0.375% per annum.'
Range of accepted competitive
bids:'-.
ister
of
Polish
the
and with members
High, 99.913, equivalent rate of
approximately
0.344%
Committee
discussions
per
differences
annum.
Low, 99.905, equivalent rate of
discount
approximately
'••••;• wWi
per annum.
,
0;376%
•/. : ' • -
■
(54% of the amount - bid for at
the low price was accepted.)
was
a
maturity of
ilar issue of bills
amount of
on
a
sim¬
Nov; 2 in the
$1,214,112,000.
;
V
movement.
■
tion for themselves after the wav
of
course
recognized as in¬
is
alienable.
The meeting took place with the
knowledge
and
United States
was
approval
of
the
Government, which
represented at the
conversa¬
tions by the United States Ambas¬
sador
at
Moscow,
Mr.
Averell
Harriman, acting in the capacity
of observer.
Accompanying the Polish Pre¬
of
mier
from
London
Foreign
Tadeusz
reach agreement two months ago. Minister^
Romer, Prof.
The '
communique
of
Messrs. Ladislas Grabsky and Gen. Jabor,
Churchill and Stalin referrecLto deputy chief of staff of the Polish
consultations with the Prime Mini-' Army.
i
discount
Thefe'
Committee
Lublin
Liberation
The right of the Yugoslav
peo¬
ple to settle their future Constitu¬
Polish
Moscow
by
earlier
be
to
cludes
approximately
coun¬
to assist him.
They
representatives of
business • from the Al¬
organized
lied
and friendly nations of the
world, who are to-assemble at the
Westchester Country Club in Rye,
N.
Y., Nov.
conditions
10-18, to discuss the
under
which
interna¬
tional trade may be resumed. The
International Business Conference
called
was
the
by
Commerce
of
the
Chamber
United
of
States,
the National Foreign Trade Coun¬
cil, the American Section, Inter¬
national
Chamber
and
National
the
Commerce
of
Association
of
Manufacturers.
The Chairman of the Reception
is Thomas J. Watson,
Committee
President
of
the
International
Business Machines
"I
am
Corp. He said:
optimistic in regard
very
to this international
is the first
meeting
as
it
to be held where
one
the
four important American or¬
ganizations have joined as spon¬
I
am
be.a
the
sure
great
forerunner
Conference
the
and
success
of other
tion
Committee:
Vice
-
international
Willis H.
Booth,
Guaranty 1 Trust
York;
Frederick
C.
President,
added to Russia, as participants in
the International Business Confer¬
of the
dispelled miscon¬
result
'
early
was
an
fusion/ of
Lublin
Premier
Polish
indication of
the
London
factions.
Stanislaw
conference
the
up
results
with Premier
of
Sta¬
from London Oct. 27 said in part:
"I am quite sure" that no final
advices from Moscow said:
"There
summing
lin, the Associated Press advices
Under date:of Oct. 21 Associated
Press
In
the
that
"notably
and
Lublin
••
his
an
and
Polish
Mikolajczyk,
who left for London Friday morn¬
can
heads
of
be
the
obtained
three
have
met
they
may
until
the
governments
together,
trust
as I earnestly
do before this year
is out."
"At
ident
countries.
Farm Families
Buy More Life Ins.
Farmers and farm families have
greatly increased their purchases
of life insurance since the start of
the
and
war
nearly
insurance
for
account
now
one-fifth
of
all
sales
of
ordinary
the
com¬
panies reporting to the American
Service
Bureau.
The Institute
of
Life Insurance reported on Oct. 26
that estimated on this basis, total
life -insurance
farm families
"Reflecting
on
by the
75% above
now
totals.
pre-war
tions
purchases
are
the
condi¬
better
the farms of America and
the growing appreciation of the
importance of life insurance to the
security of the farm, the, farmers
of the country will this year pur¬
chase well
lars
half
over
billion dol¬
a
of life insurance," the
said. "This is an addi¬
worth
Institute
tion to the estates owned by these
farm
families, accomplished out of
year's greater farm income
and reflects the greater thriftiness
the
with
;
their
which
war
farmers,
prosperity
are
taking
today than
in the last war."
Marshal Stalin and I
conscious
not with
that
us,
the
were
deeply
President
was
although in this
case
the
American
observer, Averill
Harriman, the accomplished; Am¬
bassador
of
the
United
States,
made
us
feel at all times the pres¬
of the great
ence
He
maintained
republic."
that
"over
an
astonishingly wide area" Britain!
and Russia found themselves "in
full
agreement."
He said that Russia and Britain
had reached "a very good working
Quebec," he said, "the Pres¬
and
absence
satellite
were
narrowed
stated
and
ceptions."
•:
Government
and
life
mans and
bring about a solution
strong, free, independent, sov¬ of Yugoslav internal difficulties
ereign Poland, loyal to the Allies by a union between the
Royal
and friendly to her great neighbor
Yugoslav Government
and
the
fixed
discount
business, in this
are
welcome
ence at RyC, the'toll call total of
solution of these problems.
It \yhich was closely
tween the Soviet and;British Gov¬ nations now stands at 48. The in¬
certainly is not for the want of
ernments.
vitations were addressed to top¬
trying. I am quite sure, however,
They held consultations both most organizations of business or
that we have got a great deal
with the Prime Minister and Min¬ business-in-exile
nearer
to it. I hope Mikolajczyk
throughout the
ister for Foreign Affairs of the world with the
exception of Axis
will soon return to Moscow and
Britain and Russia before -meeting
the chief members of the Russian-
of
will
very
Total applied for, $2,240,896,000.
Total accepted, $1,311,028,000 (in¬
$50,437,000 entered on a
price basis at 99.905 and
accepted in full).
"
'
Average price 99.905, equivalent
try who
Stalin,
\r -'A '-:..v' talked with other leaders of Great
,
Reception Com¬
with
some
43
war An western
New
Europe.
Utmost Co.,
long talks
confidence was expressed in the Crawford,
President, Thompson
and
the
future progress of Allied opera¬ Products, Inc., Cleveland, O., and
Foreign Secretary was every day
tions on all fronts.
Thomas W. Lamont, Chairman of
working on these and
cognate
Free and intimate exchange of Board, J. P. Morgan & Co., Inc.,
matters
with
Molotov.
Two or
views took place on many
•;
political New York.
three times we all four met to¬
With the acceptance of Turkey
gether with no one but inter¬ questions of common interest. Im¬
had
I
with
Stanislav
2
of
them
held
Soviet Government.
don
Nov.
leaders
meetings in which all will par¬
The unfolding of military
plans ticipate."
together
The following are Vice-Presi¬
and saw them separately, and, of agreed upon at Teheran was com¬
dents of the United States Recep¬
course, we were in constant dis¬ prehensively reviewed in the light
series of conferences with both
a
be
dated
its
together
will
and
of
mittee
sors.
Stalin
Oct. 29 announced the
on
Chairman
Marshal
ancillary points — on
main points—we held
necessary
held at Moscow
were
The International Business Con¬
ference
Eden, repre¬
senting the United Kingdom, and
On
those two points apart from many
abouts, of 91*day Treasury bills to
Steel" rate
Institute
on
Oct.' 30 announced
that telegraphic reports which it
It
a
announced on Oct. 31
that the
y.-- tenders of
$1,300,000,000, or there¬
grade indus¬
place at Pitts¬
issues.
Curzon
pursue
approval
sur¬
comfort to feel that Great Britain
period last
comparable
"Scrap market trends were sub¬
stantially unchanged this week.
Large purchases of railroad heavy
better
to
difficulties
month after V-E Day and
will mount steadily thereafter]
and
be
compared with 45,907,337 tons in
a
,
critical
of
indeed
46,836,301 tons,
was
a
European victory are appearing.
Large automotive steel users are
detailing requirements on a weekby-week
month
first
as
needs
would
despair.
this sphere there
In
to
Yugoslavia.
to
the
regular customers. Initial commit¬
ments
months
nine
in
themselves
establish
the
was
1943, aggregate output for
June,
getting
period of
eye
in
and
to fall below 5,000,000 tons since
to
an
books
matter
cided
have de¬
governments
a
signs
deliveries
in sheet schedules,
'
Belief
war.
.
ma¬
active and while
Plate backlogs
eased
some
worry
is developing
availability of flat rolled
production after the
are
fidence.
render
their
hope reinforced by con¬ the communique that the meeting
To abandon hope in this took place with the knowledge and
words of
ing steadily. Sheet deliveries have Jell .theHouse
of
the
over
uses,
are
are
plates.
;•
post-war
needed
"'fV;' .-''L
sheets
"On,the heels of reports cover¬
ing potential flat rolled steel de¬
for
workers
Plate needs
structural they
v.-;
A factor
change is shortage of the
processing lighter flat-rolled
>
mand
this
additional
extent easi¬
and
Pacific
capacity from plates to .sheets
strip continues as demand
and
as
some
plate
that.,the
completed.
theater needs
now
been
..
Meanwhile reconversion of strip
325,000 tons
or possibly
350,000 tons. Original
estimates on requirements made
some time ago. had
brought out a
figure of about 450,000 tons a
month by January, 1945.
If the
heavy ammunition program begins
•to expand, as now seems likely,
as
has
believed certain to,mount, ii
are
/December shell steel needs might
expand to
lessened,
that
mo$t urgent and burning
question was, of course, that of
Poland, and here again I speak
been
thought.
Change
repairs
The
Reception Committee
of
I
felt
very
Russia.
agreement"
about
Greece,
Ro¬
mania, Bulgaria, Yugoslavia and
Moscow Hungary.
much
At
the
-
prices
Moody's computed bond
given in the following table.
and bond yield averages are
;
- ;
•
MOODY'S BOND PRICESt
(Based on Average Yields)
U. S.
1944—
Avge.
Govt.
Daily
Corporate by Groups'
Corporate by Ratings*
Aa
A
Baa
Corpo¬
R. R.
Aaa.
rate'4
Bonds
Averages
p. U.
Indus.
113.31
117.20
119.55
112.56
118.40
116.61
112.93
103.47
107.62
30——
119.48
112.56
118.40
116.61
112,93
103.47
107.62
113,31
112.56
118.40
116.61
112.93
107.62
—
119.36
113.50
28—
119.33
112.56
118.40
116.61
112.93
107.62
113.50
116.61
112.93
107.62
113.50
117.20
107.44
113.31
117.20
31
—
228——
'
119.61
112.75
118.60
116.80
112.93
13—
119,61
112.75
113.60
117.00
112.93
103.47
103.47
103.47
103.47
103.47
103.64
103.64
103.64
103.47
103.47
103.30
103.47
103.47
103.47
12.
STOCK
26
119.31
112.56
118.40
25———
119.39
112.56
118.40
116,61
112.93
24
119.48
112.56
118.40
116.61
112.93
'
•
'
116.61
112.93
119.55
112.75
118.60
21—-
119.55
112.75
118.60
116.61
112.93
20—
—
119.55
112.75
118.60
116.80
112.93
/—I
119.58
112.75
118.60
116.80
112.93
23—1——
•
"
19
'
18-.———
119.58
112.56
118.40
116.80
112.93
17-1
119.58
112.56
118.40
116.80
112.93
16„—
119.61
112.75
118.60
117.00
112.93
■■
'
'
,
'
■
14.
calendar
-
'.
Week Ended-
1 to Date—-—
January
—
Oct. 14,
"
Oct. 23,
107.62
113.50
117.40
113.50
117.40
107.62
113.50
117.40
107.44
113.50
117.40
107.44
113.70
117.60
107.27
113.70
117.40
107.27
113.70
117.40
107.27
114.08
117.40
107.27
114.08
114.08
107.27
114.08
117.20
119.61
112.75
118.60
117,00
112.93
117.00
112.75
103.30
107.09
114.08
10——
118.60
112.75
103.30
107.09
114.08
pet. 23, /"
1944
1943
1944
1,285,000
1,318,000
1,297,000
117.20
§Oct. 14,
53,032,000
-
9—
.
119.52
112.75
118.60
117.00
117.00
112.75
107.09
117.20
112.75
118.80
114.08
119.52
103.30
7———
103.30
106.92
114.08
50,467.000:
48,448,000!
<
50,912,000*
1,245,000
;
41,611,000
39,530,000
4—
119.52
29
112.75
118.60
117.00
117.00
112.56
103.30
106.92
118.60
117.00
112.56
103.30
106.92
112.56
103.13
106.74
117.00
112.56
103.13
106.74
114.08
112.56
118.60
119.50
112.56
118.60
119.22
112.56
118.60
119.42
112.56
118.80
117.20
112.19
119.48
112.56
118.80
117.20
119.81
8_—i
112.56
118.80
117.20
;
106.74
114.08.
117.00
106.74
114.08
117.20
md
103.13
106.74
114.27
117.20
103.13
106.74
114.27
117.00
112.00
103.13
106.74
114.27
117.23
103.30
,106.74
114.27
117.20
112.37
103.30
106.92
114.08
112.37
103.30
106.92
114.08
117.20
119.84
117.00
112.56
118.80
117.00
112.19
106.74
114.08
117.23
120.08
103.30
4——
118.60
116.80
112.19
103.13
106.56
114.27
117.00
118.60
117.00
112.19
103.13
106.56
114.27
112.19
117.40
118.80
revision
state—
,
'7 ;/r'
'
120.10
112.56
112.56
118.60
117.20
112.19
103.13
106.39
114.08
117.46
120.23
112.56
118.60
117.00
112.37
102.96
106.21
114.08
117.40
120.27
116.80
112.00
102.80
106.04
113.89
117.40
118.60
112.37
120.15
Georgia and North Carolina.—
Indiana...,
112.19
118.40
116.80
111.81
102.30
105.86
113.89
117.00
Kansas and Missouri.
111.81
118.40
116.61
111.62
101.47
105.34
113.70
116.41
Kentucky—Eastern
—.
119.68
111.44
118.20
116.41
111.25
100.81
104.66
113.70
116.22
Kentucky—Western.:
111.25
118.20
116.41
111.07
100.32
104.31
113.50
116.22
120.21
Maryland—.....
118.20
116.22
111.07
100.16
104.14
113.31
28—;
111.07
116.41
119.47
Michigan
112.93
103.64
107.62
114.27
117.60
Montana (bitum. &
v—*
-
L
—-
lignite)—.
1944—_
HOW
120.44
112.75
118.80
117.40
119.20
110.70
118.20
116.22
110.88
99.04
103.30
113.12
116.02
New Mexico
1944—
High
99.36
103.47
114.27
117.40
North & South Dakota (lignite).
97.16
111.81
114.46
Ohio
120.87
119.41
117.00
107.44
116.80
113.89
108.88
•
1943,.
Low
111.44
116.85
1943—
High
111.81
92.35
:
Oct.
120.27
119.20
116.61
111.25
98.83
103.30
117.38
1943.
30,
111 07
107.44
117.00
114.08
103.70
92.50
97.31
113.89 ' 116.80
2 Years Ago
1942.
31,
Oct.
114.27
112.00
(Based on
U. S.
1944—
Averages
/
V
.
R.R.
Baa
A
Aa
Aaa
rate*
Bonds
Corporate by Groups*
Corporate by Ratings*
Indus.
P. U.
3.03
2.73
2.82
3.01
3.54
3.30
3.03
2.73
2.82
3.01
3.54
3.30
3.01
3.54
3.30
2.98
2.79
2.79
88,000
174,000
162,000
959,000
873,000
310,000
190,000
35,000
,
Texas
32,000
Utah
'
man
74,000
spectively, for the entire Aviation
Section of the New York Board of
657,000
646,000
3,075,000
2,350,000
128,000
125,000
135,000
115,000
3,000
6,000
§Other Western States
,,
....
28
'» 1.88
27
,1.89
2.82
.2.73
3.03
3.03
2.73
2.82
3.01
3.54
3.30
2.98
2.73
2.82
3.01
3.54
3.30
2.98
2.79
3.03
Total bituminous & lignite...'
Pennsylvania anthracite....—
,
19,000
,*
44,000
1,965,000
945,000
568,000
Bauer is also chairman, are:
195,000
153,000
ter Van Hoesen of R.
1,301,000
3.03
2.73
2.82
3.01
3.54
3.31
2.99
2.73
2.82
3.01
3.54
3.30
2.98
2.78
3.62
2.72
2.82
3.01
3.53
3.30
2.98
2.78
2.72
2.82
3.01
3.53
3.30
2.98
2.78
Oregon.
3.31
2.98
2.78
1.86
3.53
3.01
2.81
3.02
2.72
3.02
2.72
2.81
3.01
3.54
3.31
3.03
2.73
2.81
3.01
3.54
3.32
2.97
2.73 '
2.81
3.01
3.55
3.32
2.97
2.78
—
.3.03
1.86
i7_
2.72
2.80
3.01
3.54
3.32
2.78
1.85
3.02
2.95
16—
3.02
2.72
2.81
3.01
3.54
3.32
C.
A.
of
Brown
C.
Powell
H.
&
Co., representing the Steamship
Freight Brokers Ass'n, Inc., and
'
.
1.85
Herman
National Fertilizer Association
2.79
13
—
12—
3.01
3.54
3.32
2.95
2.72
2.30
3.01
3.54
3.32
.2.95-
2.79
3.02
2.72
,2.80
3.02
3.55
3.33
2/95
2.79
3.02
1.85
1.85
io—
3.33
2.95
2.80
2.72
3.02
EXCHANGE CLOSED
STOCK
—
11—
:•
■
GonimotlHy Price
Dorf of H. S.
S.
Dorf &L
representing the New York
Customs Brokers Ass'n, Inc.
Co.,
2.79
1,85
2.95
14——
'
.
"'
1
2.78
1.86
'
.
warding
Co.;
representing
the.
Freight Forwarders Institute, Inc.;
2.77
1.86
2.97
19.———
18„s—-
of the International For-;
Schroff
11,085.000
3.03
"Less than 1,000 tons.
F. Downing
Co., representing the New York
Foreign Freight Forwarders and.
Brokers Association, Inc.; Karl G.
9,867,000
1,218,000
11,825,000
1.86
20—
.
merce
&
1.88
3.02
Metropolitan Air Com¬
Committee, of which Mr,/
Wal¬
30,000
1.88
1.86
as
2,155,000
25——.i
—
the Aviation
New York
23—
21..
'7;' 7' 7;7,;.
members of the Port of
Section
13,126,000
12,865,000
tIncludes operations on tne N, & W.; C. & O.; Virginian; K. Iss M.; B. C. & G.; and
,n the B. & O. in Kanawha, Mason and Clay
counties. tRest of State, including the
Panhandle District and Grant, Mineral and Tucker counties,
glncluots Arizona and
~
J /•;
103,000
13,193,000 i."
Total, all coal.—.—
'
Cooperating with
331,000
24——-
.
Trade.
378,000
366,000
32,000
2,110,000
1,003,000
182,000
1,000
11,620,000
1,245,000
11,875,000
1,318,000
and Executive Secretary, re¬
106,000
138,000
2.79
'
1.89
26—
•
"Guia" magazine;
558,000
2,820,000
/
of
16,000
56,000
382,000
31,000
2,012,000
1,045,000
190,000
1,000
/
——a.,—.
Virginia—Southern.....
jiWest Virginia'—Northern
—,
Wyoming
;
E.'
Publisher
and
Committee
Corp.; /J.
77,000
31,000
142,000
Virginia
Chairman, Publications;
37,000
3,000
52,000
4,000,
a—————-
_
Machines
Sitterley,
88,000
36,000
(bituminous & lignite).^
t
Gilbert F. McKeon, Manhattan Storage & Ware- /
house Co., representing warehouse :
interests; John F. Budd and Dan¬
iel H. Ecker are assisting as Chair¬
2,965,000
Tennessee
2.79
1.88
2.99
30—
384.000
48,000
2.79
VI.87
2.99
31-
Oct,
1,184,000
474,000
58,000
tWest
Avge,
Corpo¬
Govt.
Daily
1,424,000
Eastern
and
Business
1,000
667,000
Washington....
AVERAGES
Individual Closing Prices)
MOODY'S BOND YIELD
1,335,000
,524,000
42,000
151,000
943,000
363,000
33,000
3.0U0
100,000
'
263,000
32,000
—
Pennsylvania (bituminous)—^
1 Year Ago
168,000
962,000
380,000
35,000
a,bud
105,000
—
25..J
109,000
170,000
1,000
1937
,
Air Line Oper¬
American Air¬
lines; J. T. .Wilson, Chairman,.
Shippers Committee and Worlds
Trade
Manager,;
International
3,000
94,000
147,000
1.000
v
1943
275.000
de^
Traffic Manager of
Oct. 16,
7,000
.150,000
1,000
1,345,000
552,000
47,000
163,000
...
119.66
Mar. 31——
.
Illinois
1J9.35
—
,
'
7,000
93,000
1944
98,000
Iowa
117.20
'
'
Oct. 16,
7,COO
;•
' :;
Oct. 7,
1944
358,000
370,000
Arkansas and Oklahoma^^——
120.18
26.
Jan.
,
,
.
J. Lyall, Chairman,
ators / Committee
from district and
Week Ended-
——-—
Oct. 14,
.,
—i—
Colorado.———
14
Feb.
/-
.?:■
77,
Alaska
112.37
28
railroad carloadings and river shipments
receipt of monthly tonnage reports
the operators.)
on
Alabama
21——-
Apr,
1
■
117.20
118.60
118.60
subject to
are
"u
117.20
112.56
(The current weekly estimates are based on
Christopher
are:
Groot, U. S. Representative, Pan-^
American-Grace Airways; Herbert;
.V, ./
.<
itate sources or of final annual returns from
112.00
/<.
Interna-;
tional Trade. Consultant, is Chair- ;
man
and whose Aviation Section
§Revised.
(In Net Tons»
....
103.13
11——
May
2,810,900
truck from authorized
by
the Air Commerce Com¬
the Aviation Sectioa of;
which George F. Bauer,
members
V
103.13
112.56
June 30.——
mittee of
COAL, BY STATES
ESTIMATED WEEKLY PRODUCTION OF
;
,
112.56
119.84
112.75
tExcludes colliery fuel.
operations.
112.37
119.89
—
apd
116.80
25———.
July
coal shipped
JSubject to revision.
coal
6,423,000
5,967,900
165,800
119,300
.
dredge
and
117.20
-
18_——
Aug.
washery
117.20
117.00
118.60
112.56
114.08
119.50
;
:•
7 123,000
total
States
"Includes
117.20
119.45
15—L—
■
made by
117.20
112.56
114.08
119.48
United
117.20
112.56
118.60
114.08
119.43
~~—
112.75
1,265,000
1,234,000
Beehive coke-
117.20
2—7—
■
6ep.
tCommercial produc.
of
users
as
and by repre¬
houses, foreign freight forwarders,
pustoms brokers, banks and sim-;
ilar groups which'may be able to
render
services • to
supplement
those of the; air. carriers. Arrange- ;
ments for
the event are being 1
1937
" '
1943
■
retailers
and
sentatives of motor carriers, ware¬
Oct. 23,
Oct. 23,
,
on
air cargo transport
117.20
112.75
behalf of pro*-,
presented
ducers
-Calendar Year to Date——-
1944
JOct. 21,
Viewpoints will
be
i.-v,
■
Oct. 21,
Penn, anthracite—
,
_
28, the theme of which
of Coordination."
ANTHRACITE AND COKE, - ■
Week Enried-
—
"Total incl. coll. fuel
119.52
-
v.(In Net Tonsj
117.20
103.47
'
ESTIMATED PRODUCTION OF PENNSYLVANIA
1
;
117.20
107.27
—
current adjustment.
"Subject to
will be held in the Hotel Astor on
November
-1937
362,038,000
1,452,000
7'■'. '. ■ 77
.
spon¬
by the Aviation Section of
New York Board of Trade;
the.
Oct. 23,
"Oct. 21,
Oct. 23,
and lignite—
1944 '
1944
1943 "
1944 1943
Total incl. mine fuel 11,800,000 11,875,000 11,467,000 506,405,000 480,201.000
i
Daily average
1,967,000
1,979,000
1,911,000
2,022,000
1,908,000
Oct. 21,
Bituminous coal
conference
luncheon
A
sored
will be "Air Commerce—A Matter
COAL, IN NET TONS
ESTIMATED UNITED STATES PRODUCTION OF
117,20
107.62
Aviation Conference
that the estimated produc¬
tion of beehive coke in the United States for the week ended Oct. 21,
1944, showed an increase of 3,700 tons when compared with the
output for the week ended Oct. 14, 1944; but was 42,800 tons less
than for the corresponding week of 1943.
The Bureau of Mines also reported
"
CLOSED
EXCHANGE
,,
-
,
2,1944
N: Y; Board of Trade
5.1% when
date, however, shows an increase of
to
year
compared with the same period of 1943.
117.20
1
11———
.
1943- there* was
of
week
117.20
27——
Oct.
compared with the production in the corresponding
a decrease of 12,000 tons, or 0.9%.,
The
When
week.
Moody's Bond Prices And Bond Yield Averages
Thursday, November
FINANCIAL CHRONICLE
THE COMMERCIAL &
1956
2.79
9.J—i—■—'
1.85
3.02
.2.72
2.80
3.02
3.55
,3.02
2,7 r
2,80
3.02
3.55
2.79
1.85
2.95
:;7—*/—,
2.72
2/80
3.02
3.55
3.34
'2.79
3.02
2.95
1.85
2.80
3.03
3.55
3.34
2.95
2.79
3.03
2.72
,
index Recedes Slightly
%
/
weekly wholesale commodity price index," compiled
National Fertilizer Association, and made public on Oct. 30,
(
The
American Sav.-Loan
by The
marked
;
institute Conference
3.03
2.72
2/79
3.04
3/56
3.35
1.83
3.03
2.71
2.79
3.05
3.56
3:35
2.94
3.03
2.71
2.79
3.06
3.56
2.94
2.80
1.84
3.35
Jits first recession in 10 weeks, dropping to 139.7 in the week ending
Oct. 28 from 139.9 in the preceding week.
A month ago this index
The 1945 national conference of
stood at 139.3 and a year ago at 135.4, based on the 1935-1939 average the American Savings and Loan
as 100.
The Association's report went on to say: ,
,
Institute will be held, in Cleve-.
The weekly wholesale price index receded fractionally as the land, February 23 and 24, J. E.
result of lower prices in farm products and industrial commodities. Barry, Oklahoma City, President
the
Institute,; < announced on
The foods group continues to advance as higher prices for eggs, dried of
8—
3.03
2.71
2.79
3.06
3.56
3.35
2.79
1.81
2.94
prunes,
1---—J-,,".
'
1.86
15——_—
•
2.95
22——C—:
*
-
3.35
2.94
2.79
The farm
3.34
2.95
2.79
6-
~
'
1.85
37—777
1.85
2.,—-—
.1.84
5
*
29—
Sep.
;
,
2.80
3.03
3.55
3.34
2.72
2.80
3.03
3.56
3.35
2.95
2.79
2.72
2.80
3.03
3.56
3.35
2.95
2.79
2.81
3.03
:3,56
3.35
2.95
2.80
3.03
2.72
2.79
"
3.02
1.81
3.03
2.72
1.79
3.03
1.79
3.04,
1.79
3.03
18——
/
11
—
4
■
-i—-
>
July 28—v—
■
21——
2.71
1
V
3.05
3.55
3.04
3.55
2.80
3.04
3.55
334
2.95
2.79
3.05
3.55
3.35
2.95
2.79
3.05
3.56
3.36
2.94
2.80
3.05
3.56
3.36
2.94
3.37
2.95
2.78
2.80
2.72
■
2.79
2.78
2.72
1.81
1.81
'
■
2.79
:
2.71
3.03
Aug, 25—i—
2.79
2.72
3.03
.
1.84
_
2.95
3.03
<3.03
1.85
;
3.33
2.81
2.72
/ 2.80
<
:
2.79
,
and cottonseed oil more than offset lower prices for potatoes. Sept. 30. Junior as well as senior
products group dropped somewhat due to lower quotations executives of savings and loan
grains group.
However, rye prices continued upward stimu¬
associations and cooperative'banks
lated by expectations of a considerable increase in demand for that
make up this gathering, it was
grain for distilling purposes after Jan. 1. Lower prices on different
.
in the
grades of wheat and on oats caused the grains group index number
to decline.
Lower prices on lambs and ewes were not sufficient to
1.78
3.03
2.72
1, 2.79
3.05
3.56
1.78
;3.03
2.72
2.80
3.04
3.57
3.38
2.95
2.78
3.04
2.72
2.81
3.06
3.58
3.39
2.78
offset higher
1.79
2.96
J tine 30—
1.84
3.05
2.73
2.81
3.07
3.61
3.40
2.96
2.80
increase in the
May 26——
3.07
2:73,'7
2.82
3.08
3.66
3.43
2.97
2.83
28——
1.86
1.83
3.09
2.74,
2.83
3.10
3.70
3.47
2.97
2.84
Mar. 31—*
explained,. since it. is under
slightly lower, causing a fractional decline in the textiles group.
Scrap steel prices continued to decline but not sufficiently to change
the metals index number.
The only other group index to change was
i4_—•_*
Apr.
1
1.81
3.1.0
2.74
2.83
3.11
3.73
2.98
2.84
25——-
3.49
Feb.
<1.87
3-11'
2.74
2.84
3.11
3.74
2.99
2.83
28—J— -
3.50
Jan.
2.85
3.13
2.74
2.84
3.12
3.81
3.55
3.00
1.77
3.02
2.71
2.78
3.01
3.53
3.30
2.94
2.77
3.31
2.81
2.96
3.23
4.25
3.93
337
2.93
1943-—
2.08
1.79
3.09
2.80
3.07
3.79
3.54
2.94
2.78
1943—
Ago
2.68
1943-
1.82
3.11
2.69
2.82
3.10
3.82
3.55
2.96
2.81
2.05
3.31
2.80
2.95
3.24
4.24
-3.92
3.06
2.94
1944.,
Low
High
Low
1.87
1944_j—
High
'•
1 Year
Oct. '30.
2 Years Ago
Oct: 31,
1942
—
basis of one "typical" bond
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
of vield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was published
in the issue of Jan. 14, 1943, page-202.
1
' V,' / -%
coupon
anthracite coal.
,
.
in the
Administration for. War, U. S. Department of
the Interior, in its latest report, states that the total production of
soft coal in the week ended Oct. 21, 1944, is estimated at 11,800,900
net tons, a decrease of 75,000 tons, or 0.6%, from the preceding^ week
In the corresponding week of 1943, output amounted to 11 467 000
tons. Cumulative production of soft coal from Jan. 1 to Oct. 21, 1944r
totaled 506,405,000 tO'is, which compares with 480,201,000 tons in the
corresponding period last year, a gain of 5.5%.
:v
:
According to the U. S; Bureau of Mines, output of Pennsylvania
anthracite for the week duded Oct <-,21, 1944,,/was .estimated:, at
1285 000 tons, a decrease of 33,000 tons (2.5%)/ from the preceding
.
'
•
7
■
,
.
1
(
:
sponsors
some
>.p.
Total Index
'
■<
11944 )
1944
143.3
145.1
144.4
and
expects to
conference
on
services
soldiers and
25 0
;
Cottonseed Oil
Farm
—
'i165.4
205.5
161.6
1.3
Fertilizers—^——i--
/
'■
146.1
159.6
161.3
192.2
'
Farm machinery—————
All groups
combined—,/—
"Indexes on 1926-1928 base
154.9'
1944-^^—i—,_7'■
161.4
1159.5
148.7/
Tuesday, <;6ct. 24:
Wednesday,, Oct. ,25—L_f— /_!:—•
131.2
130.1
122.8
Thursday. Oct. 26—
133.4
132.2
131.4
Friday,
155.4
155.4
150,7 '
Saturday,
104,4
Monday,.Get.
•
werei OcL 28-,<
104.0
104.1
154.0
.154.0
152.5
126.1
127.7
,1264.
126.1
118;3
118.3
119,9
104.7 "
104.7
139.9
139.2
'
.'104.7
.
,
.
117.7 /
118.3
119/9
.
...
.
.
119,8 •;
104.2/
'
135.4
105.5.
248.5
248.8
248.5
•
Oct.- 27/—
248.4
-249j1
„
248.B
jVfohfch ago,, Slept. 36,„-7Z7j-7—77, 252.1
Year
a&p;:
'Oct:/''i943:_'J-7L7rr7--7. .,246.6
1943 Hlgtt,
139.7
_i_u—
Tuesday,^ Oct. r3l/-——
,' 248.(5
Two 'weeks ago, Oct.'lL———249.0
"April T7—Al7_l77/
7;
249.8
i»'240/2
1914, 108.8r/Oct. 21; 109.0, and Oct. 30,, '.1944'Higli^ sept; -'30/7:-i;i-7'-'!;7J--7**';' 252/1
/.
•'
Low; Jan.; v5-l/i—:. 247.0
' ''
- '■ '
•/' " '
■'
'
..
194. ;
Commodity index
/
; "154.9
!
158.5
119.9
Fertilizer materials-/—'—
i ;
|
1944..
154-0
,
—
.3
100,0
>1943
142.6'.' -139.8
104.0
Building materials—.—
Chemicals and'drugs.
.3
.3
Jjcjans^b;:
133.4
7.1
.
sailors, including the
162.7
Miscellaneous commodities.—.—
loan
Agd
Oct, 30,,
207,5
'
——
8.2
"'
and
returning
155.0
Livestock
17.3
6.1
to
130.4
'
10.8
Sep. 30,
«164.3
165.8
203.4
Pi'oductS-^—T—
.<
concentrate
savings
Gl I. Bill*veteran8'
Year
144.1
'160.7 1
163.1
156.2
Sf
'
—
Fats and Oils__
;
.
Ago
21,,
M43.5
F00dS_
i.23.3
Oct,
Oct. 28,
Group
Bears to the
oj
Week
Week
23rd year of
night .school for.
portion of its next February
'
Each Group
Solid Fuels
'
cities
.
%
The Institute,
in its
WEEKLY
■<
)•
now
association
WHOLESALE COMMODITY PRICE INDEX
Compiled Uv The National Fertilizer Association
' '
1935-1939=100*
<
,
Month :
Latest Preceding
the
educa¬
savings and loan staffs in 70-odd
' .'7
v~
national
organization of the savings
activity,
price series in the index advanced and 9 deweek 8 scrios advsncGd and 7 declined^ and
second preceding week 3 price series advanced and 5 declined.
•
The
.
the
loan business.
which is
During the week 8
:/•.
Weekly Goal and Goke Production Statistics
and
result of lower quotations on
J.
1
tional
market trended
clined* in th6 prccGding
from .average yields on the
maturing in 25 years) and do not purport
i
The raw spot cotton
which declined as the
the fuels group
prices are computed
"These
(3% k
live fowls resulting in an
prices on cattle, calves, and
livestock group.
auspices, of
tVolume 160
Number 4330
Tradiitg
Exchange: Commission made public
figures showing- the volume
New York
the
Stock
of
round-lot
total
sales
stock
0.1%
Oct. 25
on
stock
transactions
for
the
the
on
of
account
lambs
were
exchanges in the week ended Oct. 7, continuing
figures being published weekly by the Commission,
are shown separately from other sales in these
figures.
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Oct. 7 (in roundlot transactions) totaled 1,892,322 shares, which amount was
18,18%
of the total transactions
"■«
•
,
•••_"'
V '
'
V
C
'
vl
pine lumber
.;■■+'
.'-'
WEEK ENDED OCT. 7, 1944.
!>'
"
lighting materials group."
tOther sales
Round-Lot
Transactions
for
Except
Dealers
■V'v
for
of
4,927,950
—.
the
Odd-Lot
Accounts
of
they
.
-.v
Total purchases--.—,—-—'-*..—,-—-—•
>
Short sales
7
.
■""
;Total purchases
'
"
Short sales
fOther
attempt
•
—
sales—;.-——*——
312,840
■:
changing
report
prices.
6.39
PRICES
7
FOR
:7:v
WEEK
ENDED
OCT.
21,
10-21
10-14
10-7
9-23
1944
1944
1944
1944
Commodity GroupsAll commodities
_—
?OOdS__
' 7
Total
Round-Lot
—L—
Stock
Sales
rJ.Transactions
,
^
the
New
Account
of
York
Curb
Members*
Exchange
and
7,
Account
for
of
Total
7',255
Total—
:•4.
—
+ 0.6
+
' 1.9
83.8
83.8
83.7
81.8
—0.2
—0.1
+
2.2
.77.)
,7
-
;
.'77;
.'"V
.•
.
V .!
.
.
t
Total sales..—--7'.^..—•-i———
^
3.32
rules
are
short
ical,
insurance
1.8
0
0.5
93.4
93.4
93.4
93.3
92.9
113.2
113.2
113.7
113.3
112.1
94.7
94.6
94.6
94.1
92.8
*101.2
*101.2
''101.1
100.3
*99.7
*99.7
—2
commodities
*99.7
ot her
v--''1
than
*98.9
' *99.6
+
—0.1
+
+ 0.6
+
2.0
0
+ 0.1
+
0.9
'
L
other.than
commodities
+ 0.1
0
+ 0.1
■"
1.0
"
•
;
V
98.6
0
+ 0.1
+.
1.1
97.5
0
+ 0.1
+
1.4
;•
*98.9
*98.9.
7
-.
'f»A
,'"i
poultry
'
7"
•
.
I; j
.;
*■"
s
j
9CT.
21
FROM
■1944
0'.0
Iron
and
0.7
:
Lumber
.
Decreases
*7;,;
l.^ Fruits
sleel_^_i7.7___-
0,2
.^7---—-7-*-,--
'-'V "7"■
•
0.4
The Edison Electric
and
vegetables—.
power
v
0
only
which
"short
exempt"
on
sales.
are
included,with "other sales,"
{Sales marked
total'of
0.3
t
of. electricity by
industry of the'United States
for the week ended Oct.
28, 1944
approximately 4,358,293,000 ■ kwh.,
are
;
r
included
7;
with
'"j
purchases
,
and
for the
;•
«
,
sales'
reason
is
that
;
j?.,
'7*
V '
the Commission's
;/
57,' •.
PREVIOUS YEAR
Major Geographical Divisions—
New England
Middle
Oct. 28
)ct72t
*1.1
-
Atlantic—7
Industr'ial77.*._.7J,._77j';.N'i 7
West Central..
Southern States
0.1
-p'.
,v
*5,6
*0.5
Wholesale Prices Unchanged for Week
Ended October 21, Labor
5.4
*5.0
2.6
at the
in'its report of Oct.
'
:
"
- "Farm products and foods advanced 0.1% as a result of higher
prices for grains, cereal products and eggs. Prices of livestock and
poultry and fruits and vegetables declined. In industrial commodity
_
markets increases occurred in
prices for linseed oil, rosin and mer¬
cury.
Scrap steel markets continued! weak; With little demand. In
the past four weeks the
all-commodity index has. shown little net
change.
It is up 0.1% to a point 0.9% higher, than at this time last
The Labor Department's report continued: 1
1
year.
r,.
\
"Farm Products and Foods-—Led by increases of nearly 4% for
rye, more than 1% for
wheat, oats and tobacco, together with higher
under
\
similar week
in
3.5
25
a
made
summary
transactions
for
odd-lot
tinuing a
being published by the Commis¬
sion, The figures are based upon
reports
filed
with
the
sion by the- odd-lot
specialists..
AND
OF
FOR
ON
14,
of
*0.6
0.8
8
Number
Dollar
"
Total "
July 15
___-__.--_.7-
July 22
July 29
Aug.
5
;
of
of
_—._:
,
-
5.3
3,940,854
3,919,398
0.5 t f
4,377,152
'4,380,930
4,390,762
4,196,357
4.4
3,6^5,645'
1,440,386
4,226,705
1,732,031
3.9
3,649,146
1,426,986
1,724,728
2
9
1943
1942
.SeDt. 16
Sept.
1932
Oct'. 21:
Oct. 28
Nov.
4
1,419,704
3,5^5,387'- 1,433,903
t;
1,711,625
HI lri27,225'
4,240,638
3.7
3.637,070
1,415,122
3.0
3.654,795
1,431,910
4,264,824
1,733,110
4-
4.4
3,673,717
1,436,440'
1,750,056
4,322,195
+
2.2
3,639,961
1,464,700
1,761,594
4.350.511
4,229,262
4.358.512
4,359,610
+
1.5
3.672.921
1,423.977
1,674,588
.4,365,907
4,359,003
4,375.079
7
Oct. 14
_:u_77ll__
i-_
I
sales
122
..
4,341,754
4,382,260
4,415,405
4,452,592
4,394,839
4,354,575
4,345,352
4,358,293
4,413,863
r~c
"+
0.0
3,583,408
.
1,476,442
,
1,806,259
*
.•
,
13,804
13,926
Number of Shares:
1,592,075
4,377,339
—.^4-
23
sales
1929
1,341,730
4,287,827
4,227,900
Sept. 2,Q
Oct.
4,184,143
3,424,188
3,428,916'*
4,414,735
,
'
sales
1,729,667
over
4,418,298
.
short
other
Customers'. total
1943
4,110,793
4,451,076
Aug.26
Sept.
Sept.
...
.
*Customers'
Kilowatt-Hours)
4,399,433
Aug. 19
13,904
•
387,20(5
816,526,051
_•
shares
value
(Customers'sales)
71 % Change
4,415,368
Aug. 12
for Week
,
orders__.
j
Customers' short sale's.,.
" '
jbfC(ist<hner$' o^ter,sttleptU!{f\4
Customers'
total
sales
Dollar:value
' 3, 963
332, 360
336,323
$12,095,927
Round-Lot Sales by DealersNbmber of Shares:
Short
'
sales
70
•■Other.sales
Total
93,520
sales
0.8
3.756.922
1,490,863
1,792,131
0.4
3,720,254
1,499,459 '
1,777,854
0.2
3,682,794
1,505,219
1,819,276
.^'0.8
3,702,299
1,507,503
1,806,403
1,528,145'
1,798,633
1.6
3,717,360
3,752,571'
1,533,028
2.1
3,774,891
1,525,410
1,824,160
1,815,749
3,761,961
tSales to offset customers' odd-riot order
and sales to
liquidate a long position whic
i3 less than a round lot are
reported wi(
1,520,730
1,798,164
"other
+
—
—
0.6
93,51
Round-Lot Purchases by Dealers:
Number of shares
♦Sales
marked
ported with
"short
exempt"
127,4)1
are
r<
"other sales.,"
sales."
,
I
'
Number of Orders:
,1944
_7_i__
■
;
.
!
-
,
"
(
1943.
M.
Y.
r
1944
Sales by Dealers
(Customers' purchases)
Number
ODD-;
N.
EXCHANGE
Odd-Lot Purchases by Dealers—-
'
July'
THE
Odd-Lot
4,327,359
,
July. 1
THE
and
ODD-LOT DEALERS
SPECIALISTS
STOCK
Commis¬
dealers
*4.2
*1.6
the
011
Stock
Exchange, con¬
series of current figures
,*10.3
*2.0
account
special¬
ists who handled odd lots
New York
5.7
*12.6
*0.5
Trading
of all odd-lot dealers and
7.9
*11.8
WEEKS, (Thousands
„
22 i .East
at
Exchange
public
on
for the week
ended Oct. 14 of complete figures?
showing the daily volume of stock
Oct.
2.8
*2.1
...
,
Week Ended—
pro¬
and
Customers'
primary market) ievel! Mr the week tended October; 21 remained un¬
changed from the preceding week at 103.8% of the 1926 average it
.
Securities
Week Ended Oct.
*.3.4
.
*0.0
'
Dep't Reports
.
Association
LOT ACCOUNT
*
*10.9
V
.7
DATA FOR RECENT:
u|Tfie Burgaif.pf ^abop Statistics' index of commodity prices
dental
NYSE Odd-Lot
0.5
1.6
3.4
"
pacific Coast...........
♦Decrease
and
40th Street, New1 York City,
Oct. 7
1.0-
*6.8
1.8
Rocky Mountain__7__'
,'v
*0.6
,
sales."
■
Oct. 14-*
,2.9
■
Totai;tJnited"Stat^s77L-__
indicated by the U. S. Department of Labor
26, which further said:
'
"
'
medical
Bankers
W eek Ended—L——-—-——7
'
was
.merchandising mater¬
STOCK' TRANSACTIONS
PERCENTAGE INCREASE OVER
■
—m
Central
;i
•' :*•,
restriction by
"other
compared with 4,452,592,000
7 ;
"'7
from
the electric light and
kwh. in the
V
the Exchange
.
exempted
to
The
corresponding week a year ago, a falling off of 2.1%, The
output for the week ended Oct. 21, 1944, was 1.6%. below that! in the
similar period in 1943. /
-p 7 ;
77/ vb't7
.57,482
members'
ation
0.1
;
Institute, in its current weekly report, esti-
that the. production
mated
14.60
•
57,482
volume
motion and
0.1
Dropped 2.1 % BeEow ifte Same Week in 1943
I
purposes.
,
* 77>,
Electric Oisfput for Week Ended Oct, 28, (944
'y
through
care
these
public, adver¬
tisements, and other helps are
available
from "the" Advertising
Department
of
the
American
1,0, Other foods
Clothing'
:7.;.;7
; Cereal products/U^i.iA
,.
paint inaterials7--.i,_»_7 i_
and
for
fessions and to the
PERCENTAGE. CHANGES IN SUBGROUP INDEXES
'7
surgical
ial, suggested methods of present¬
*98.8
artd7tilef;;7-2i777.77..7-A_;..;_**'70.8
farm
produ^ts™^.*.*—^,,^ 0.8
and
and
Rather, it is expected to supple¬
ment them,
Literature describing
the
Blue
Triangle
Plan,
note
forms, doctor's agreements, pro¬
Commission
;'' '
.''
,40,627
includes
sales
now
4.6
;
.
volume
competitor
3.3
,
,*The perm /'member^". Includes ,all regular'and; associate Exchange members, their
and'their partners, including special partners.., ,7.
' 1.7;
u.t. ,«7.
JRound-lot
or
+
firms
Exchange
substitute for
a
0
was
7_—
round-lot
be
of any of the various methods
0:
'
—
the total
Blue
Triangle Plan is not intended to
104.2
Paint
'
Total purchases—.—.—
twice
specific purposes^
108.1
.
216,875
calculating-'these'percentages'the
those
106.1
217,010
———
tlnii
to
is pointed out that the
106.1
7:,,v';;;.
Cy Odd-Lot Transactions for Account of Specialists—
Customers' short sales.'
compared with
It
106.1
17.005
Total sales—
banks
0
-■4-H
'
...
.199,870
{Customers' other sales—-
dental
+
Brick-*'
46,000
1——'.1.—il—....
.7
■;
and
+
.
54,670
A—7.
•;
medical
represents an adaption
personal loan service of
0
5,200
50,550
Short sales'— .1 j.
of
and
the
—0.1
''
'
7.74
\v;. .t;).'
'4.550
.
———
bills
of
"■+0.3
:■:C5CT.". 14V, 19'14 TO
•
the
1.4
Increases
;
42,735
purchases—.—1—7——L——.
—
The Blue Triangle Plan, it is ex¬
plained, is a low cost plan for the
0
»
v
fOthersales——7
11-
0.9
—
'
,
+ 0.2
37,535
,
r
—0.1
'f vf:
..
.
55.940
;
_i.u——t—
Total purchases..——.—I—
•
+ 0.2
+ 0.1
of
Associa-
100.3
farm products—-
f
Total sales——
''
0
97.1
Departments
Bankers
112.6
Other
sales^.*-—
Short sales
JOther sales
.
American
tion.
103.8
'
." .*''
'
104.8
118.4
98.3
83.6
farm products and foods—
123,590
*.Total sales———————
Total
•'}7
104.3
116.5
98.8
Other transactions initiated off thelloor-
+
Advertising
the
as¬
Credit
i04.9
Livestock
"7 7
—0.4
104.1
116.8
98.8
116,335
sales'—.
purchases..——_L__
'7.
+ 0.1
103.8
Consumer
115.9
All
2., Other trahsdefions initiated on jhe jfl6orr
3.
'+• 0.1
the
103.9
All
v
■"
0
116.7
Manufactured products———. *101.2
106,400
■'
Short sales...
of
and
104.9
.
j other
+ 0.1
98.9
lighting materials—
;7. :
40ther sales—-.***—
7 r
Association had the active
sistance
0.9
116.7
Semimanufactured articles
.
-•j-
+
♦Preliminary.
purchases^—I_r.——*4,
Total
mittee of the Massachusetts Bank¬
ers
104.9
Members:
.•'Short sales—
.
0.1
r
103.9
Raw materials——
7
:
'
>;
122.7
:
—
registered—
are
122.8
1943
.
through
Associations,
104.9
Transactions of specialists in stocks in which
tnev
123.3
Miscellaneous commodities
7, 1944
;
_v -
87 Round-Lot Transactions
r.
0
122.7
1944
states
Bankers
Housefurnishing goods-.-—-.
Stock
(Shares)
1,485,930'
\ ,,r;'■'■■■■. 1.
102.9
10-23
9-23
other
products.——. *103.8 *103.9 *103.9
116.3
Building materials—
116.1
116.1
18.18
Total for week
-.—.—trn.19,115
—'———.
1,466,815
f Other sales—
*103.7
products
of
State
available to the public of provid¬
ing in advance for hospital, med¬
?uel and
919,822
WEEK ENDED OCT,
® h pi t.s afe s,*
*103.9
—
Textile products
monthly re¬
is endorsed
by both societies.
The Blue Tri¬
angle Plan is also available to the.
a
and
Chemicals and allied products—
i
on
for
Total Round-Lot Sales'.
A.
*103.8
Metals and metal
'7' Total sales—
•
;
Hides and leather
lOther sales.i—845,262
7
1944
—.; 122,8
farm products™—
872,500
74,560
—.—
Short sales
10-14
1943
3.32
.;;;v;vk-V-Ti'v
Total purchases
■:'7'7 7
10-23
*103.8
*
on
basis,
payment
Percentage change to
•
Oct. 21,1944 from—
,
v.;
1944
(1926=100)
;
—
4. Total--
new
evolving it, says the announce¬
ment, tfre Consumer Credit Com¬
v."
VV'.;
7
of. income
banks
more
vV",
out
their
and (2) percentage changes in sub-'
a year ago
indexes from October 14 to 21, 1944.
V ■'./
purchases-—127,390
'".v.-Short sales—-v-———i—-,■. 24,630
7 »i'
fOther sales.
175,232
199,862
a
In
(1) index numbers for the principal
off the floor—> 7
Total sales—
the
at
up
credit
payment
Indexes
required by later and
as
•Total
■i;.
-7
preliminary and sub¬
as
>A5;-.V*"
WHOLESALE
Total
opening
sachusetts Dental Society for fi¬
nancing medical and dental care
its
303,600
Other transactions initiated
3.
to
.
month ago, and
group
9.240
sa^es
promptly
317,030
'
notation in
1944 and October
ago, a
:
,
of commodities for the past three weeks, for September 23,
23, 1943, and the percentage changes; from a week
groups
8.47
the floor—'
on
—
,7,
,/
;'77-' The following tables show
40,690
407,120
2. Other transactions initiated
i
•
1
following
(*}; however, must be considered
complete reports.
2—— .7 7366,430
Total sales
of
while
operation with the Massachusetts
Medical
Society and the Mas¬
the fuel and
.
the
428.080
—•
.
TOther sales.
:
V./
'
7^-7
ject to such adjustment and revision
;
.
registered—
are
will
marked
Odd-Lot
j
1. Transactions of specialists in stocks, in which
for the decline in
Department included
-7''v
:
Members,
and Specialists:
:,v';
.
Account
people
time
same
field
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
,;-
'
tistics
B.
.
L-.
——
t.V
'"vr'.
•
■
Labor
advices:
\%
108,810
4,819,140
————-.
;
The
;,V "
Total for week
..,
Short sales-———————.
To.tal sales
'' '
;• '
of
number
September. Lower
sales realizations for gas accounted
./
,
■
greater
development in
service for banks,
This decline more than counter-balanced an increase of about,
was announced on Oct. 20.
This
6% in quotations for mercury'and caused the metals and metal
prod¬
ucts group index to drop 0.1%.
Average prices for building materials program, which is called the Blue
Plan, is a state-wide
rose 0.2% with higher
prices for rosin and linseed oil and for common Triangle
project evolved by the Massachu¬
building brick in some areas.
Slightly higher prices Were reported
setts Bankers Association in co¬
for some types of yellow
at the end of
,
Total Round-Lot Sales:
sachusetts this month, and which
expected to make medical and
dental care available to a
ing.
Xoi"i*'Kouml-L6t Stock Sales on the New: York Stock Exchange and Round-Lot Stock
w„> Transactions for Account of Members* (Shares)
A.
important
plan for health financing
by the banks of Mas¬
new
is
buy¬
Exchange, member trading during the week
ended Oct. 7 amounted to 433,885 shares, _or 14.60% of the total
volume on that exchange of 1,485,930 shares; during the Sept. 30 week
trading for the account of Curb' members of 367,325 shares was
15.18% of total "trading of 1,209,860 shares.
•'
A
launched
,
most
"
Announced for Banks
,"
"Industrial commodities—The
On the New York Curb
-
iedical Sewbl Care
addition, cotton declined 0,3% and quotations
industrial Commodity markets during the Week was a decline of near¬
ly 6% in scrap steel prices because of light demand and selective
Exchange of 4,927,950 shared.
This
compares with member trading during the week ended Sept. 30 of
1,472,376 shares, or 18.47% of the total trading of 3,984,720 shares.
•*
In
cows.
week ended Oct. 23, 1943
the
on
and
lower for onions and
potatoes.
"Higher prices for flour and eggs accoujited for the increase of
0.1% in average prices for foods' during the week '-bruits and veg¬
etables declined 0.3%. Since the
corresponding week of September
food prices have declined 0.4% and «^e nearly 1% lower than for the
these
Short sales
Plan fo Finance
of the 1926 level.
Livestock and poultry declined
result of a'sharp decrease in prices for live
poultry and for
as a
all
series of current
a
1957
122.8%
to
1.6%
Exchange and the New York Curb Exchange and
volume, of round-lot
members
of
FINANCIAL CHRONICLE
prices for steers and sheep, for imported wool, for hay and for
eggs
and apples, average prices for farm
products in primary markets rose
New York Exchanges
on
The Securities and
,
THE COMMERCIAL &
1
THE COMMERCIAL
1958
Increased'18,350 Barrels
Ended Oct. 21,1044
The
Alufcrw^
estimates that the daily aver¬
week ended Oct. 21, 1944, was
Petroleum Institute
crude oil production w+he
age gross
probably go to the military, and
there will be nothing more than
OiviE
Engineering Construction
$22,174,009 For Week
Week
Oaify Average Crude Oil Production for
Thursday, November 2, 1944
& FINANCIAL CHRONICLE
is
Tin
engineering construction volume in continental United
$22,174,000 for the week. This Volume, not including the
construction by military engineers abroad, American contracts out¬
side the country, and shipbuilding, is 7%. higher than in the preceding
Civil
States totals
18,350 nereis per day over the
preceding week and 335,150 barrels per day in tn*ooqS 0f output ir. week, but 31% lower than in the corresponding 1943 week, and 30%
under the previous four-week moving average as reported to "Engi¬
the corresponding week of last year.
The current figure wa* also
neering News-Record." The report made public on Oct. 26 con¬
36,400 barrels higher than the daily average figure recommended by tinues
follows:
; P, ■/.-v,,;-; •
V; V :( + '
Private cimdruction for. the week is 114% higher than a week
the Petroleum Administration for War for the month of October, 1944.
barrels,
4,744,900
increase of
an
an
the Institute follow:
Further details as reported by
4,731,350 barrels.
1944, averaged
weeks ended Oct. 21,
Daily production for the four
that the in¬
refining companies indicate
Reports received from
Mines basis approxi¬
mately 4,662,000 barrels of crude oil daily and produced 14,559,000
barrels of gasoline, 1,344,000 barrels of kerosine, 5,030,000 barrels
of distillate fuel oil and 8,889,000 barrels of residual fuel oil during
the week ended Oct. 21, 1944, and had in storage at the end of that
week 78,366,000 barrels of gasoline, 14,455,000 barrels of kerosine,
48,360,000 barrels of distillate fuel and 63,944,000 barrels of residual
fuel oil.
The above figures apply to the country as a whole and
stills on a Bureau of
dustry as a whole ran to
conditions
do not reflect
ago,
756,000 for the 43 weeks, a decrease o$ 44%- from the $2,681,752,000
reported for the period in 1943. Private construction, $313,849,000,- ks
17% lower than a year ago, and public construction, $1,192,0.07,000/is
down 48% as a result of the 54% decline in federal volume.
State
engineering construction volumes for the 1943
week, and the current week are:
. -t-:; :
CRUDE OIL
AVERAGE
Total
U. S.
Public Construction
and
October
Kansas
'
Panhandle
North
_■
\(
Y+-—
98,800
495,600
149,500
149,600
371,350
371,250
334,400
336,250
East Texas
Texas——
Southwest
148,550
492,800
Central Texas—
East
98,800
148,800
Texas____
Texas_—
Texas
West
344,000
273,000
950
+343.350
—— 1,900
1295,650 7
+ 27,750
1950
343,000
269,400
340,000
274,000
1,000
Oklahoma
Nebraska
Ended
Oct. 21,
1944
Previous
Week.
537,700
Coastal Texas
539,000
2,133,350 :
,r: 2,133,000 +2,134,113
Total Texas——
r-
-
—
Municipal——_
^—A
-
+
Oct. 19,1944
$20,812,000
4,414,000
16,398,000
5,297,000
11,101,000
,
2,139,050
In
.
Louisia
Coastal
396,000
„
362,600
—
80,295
350,000
Louisiana-
Total
80,650
—
52,700
+
'
Arkansas
78.000
——
Mississippi
Alabama
46,000
•—
Florida —
;
-
—
6,900
49,200
47,200
,<
300
250
50
190,700
—14,350
200,050
223,750
50
12,950
13,350
650
67,800
73,200
.
.
12,550
+
67,650
13,500
=■■■
—
'
205,000
.
Indiana
■
'
____
V—.
Illinois
80,750
78,450
200
\
.: ,
:
-s-'
Ky.1
.
.
72,500
—-_
25,000
28,650
+
3,900
26,700
24,150
60,000
44,300
r—
7,900
49,450
54,400
95,000
99,400
550
98,850
104,050
22,000
22,450
+
100
22,400
21,350
8,500
9,600
+
350
9,150
7,200
110,000
104,900
+
950
104,750
112,550
Kentucky
Michigan
—
Wyoming
Montana
Colorado
—
—
——J——
Mexico
New
+
classified
the
3,823,500
3,849,500
+
14,650.
885,000
Total East of Calif.
895,400
+
recommendations
^P.A.W.
785,300
4,731,350 4,409,750
represent the
not include amounts of condensate and natural
state
and
and do
derivatives to be produced.
production of crude oil only,
gas
3,624,450
889,250
+18,350
4,744,900
4,708,500
Total United States
3,842,100
3,700
—
allowables, as
shown
At
Oct. 26,1944
$22,174,000
9,442,000
12,732,000
4,350,000
8,382,000
above,
'•
,
v.
;+
/
jNot yet available.
CRUDE
TO
RUNS
AND
STILLS;
UNFINISHED
PRODUCTION
GASOLINE,
GAS
OF
OIL
STOCKS OF FINISHED
AND
GASOLINE;
AND DISTILLATE FUEL
"Though domestic mine
stated:
(Figures in Thousands of barrels of 42 Gallons
'v+;
"
...
;
"
'
•
*
'
.
'
,,
Y-
output of copper has declined this
high level has been the steady flow of copper into this country
from foreign sources.
Earlier in the year the import situation was
at
a
viewed
uncertain,
as
because
'
'
oi®
possible shipping complications?
Copper fabricators at present are
consuming more scrap. Shipments
of lead during November are ex¬
tons.
to hold
Call for
70,000
at around
zinc
prompt
for
shipment was noted last week.
Quicksilver on spot advanced $2
flask."
per
The publication fur¬
in part:
ther went on to say
;
.
Except for some
in prompt shipment copper,
ness
buying during the last week was
on the light side.
November re¬
quirements
have
of
most
consumers
covered and a lull
been
in
buying was expected.
Consumption of copper by
fabricators
during September
amounted to 129,444 tons,
accord¬
that
industry.
138,285 tons
in August this year and 155,907
tons in September last year. Fab¬
This
the
of
compares
copper
with
'
at Re-
Capacity
tial
Finished
Includ.
and Un-
of Gas
of Re-
sidual
Fuel
Daily
Oil
a
*
North
Gulf,
iana
Louisiana-Arkansas,
and
96.0
36,121
7,296
26,298
22,278
90.3
2,418
130
83.9
104
80.0
.47
87.2
58
123.4
161
1,320
200
824
inland Texas-
85.2
751
91.1
2,671
16,332
6,922
4,033
80.2
380
90.9
1.415
6,816
2,424
1,635
17.0
12
92.3
.38
62
2,518
Appalachian—
District No. 1——
District No. 2——
Ind., 111., Ky
Okla,,
Kans.,
418
Mo
327
2,316
308
549
-
152
Rocky MountainDistrict No. 3
13
—
.
14
30
141
J——
58.3
102
72.3
1,388
388
580
817
District No. 4
California
end
of September totaled
325,181 tons, against 336,567 tons
month previous and 384,807 tons
basis Oct.'21,
1944.
Total U. S. B. of M.
basis Oct. 14,
89.9
837
102.4
2,312
14,011
11,565
34,928
4,662
95.0
14,559
178,366
; 48,360
""
63,944
339,
1944.
♦
■
,,
87.2
4,908
"
'
^At
the
.
■
4,589
93.5
request of the Petroleum
4,181
14,442
12,678
■
178,866 •; 47,335
68,423
Administration for War.
43,120
64,365
64,816
fFinished, 65,136,000
unfinished, 13,230,000 barrels.
fStocks at refineries, at bulk terminals, in
in pipe lines.
§Not including 1,344,000 barrels of kerosine, 5,030.000
barrels of gas oil and distillate fuel oil and 8,889,000 barrels of residual fuel produced
during the week ended Oct. 21, 1944, which compares with 1,352,000 barrels, 5,398,000
barrels and 8,827,000 barrels, respectively, in the preceding week and 1,440,000 barrels,
barrels;
transit
primary and sec¬
A statement
actual
on
consumption of. primary
tin has
publication.
smelter at
The
Texas
City js
more
at the rate of slightly
than 30,000 tons of tin a
year,
with
output
the
of
most
Grade A metal.
There
last week.
ments
tin
v
price develop¬
Straits quality
no
were
for
shipment,
in
cents
per
strong price situation.
During
last week some business was
the
placed at $112 per flask, and yes¬
this
quarters
tations ranged
per
flask,
an
Should
more
than
from $112 to $114
advance of $2 com¬
with
pared
little
as
As the week ended quo¬
nominal.
week
a
previous.
further
develop
prices
strength, the possibility exists that
in this
again
production
,
will
Mexico
trade believes.
country and
increase, the
(
V
Zinc
'
Silver
by
Metals Reserve Co: at the end of
June amounted to 210,000 tons,
Stocks
slab
of
zinc
owned
Trilsch, of
Tin, Lead, and Zinc Division,
according to Myron L.
the
60,000 tons of the
About
WPB.
was
market for
London
The
silver
quiet and unchanged at 23 Vfed.
The New York Official for foreign
continued
silver
at
44%d,
with
domestic at 70%£.
Prime
zinc
in the stockpile consists
of
production that has occurred
resulted largely from
manpower shortages, Mr. Trilsch
told galvanizers recently.
The American Smelting & Re¬
this
year
fining Co. has been
exploring the
question of erecting an electrolytic
zinc plant in the Tacoma, Wash.,
area.
A decision to act on the
findings of the
Gold
The cutback in
Western.
company's investi¬
gators may be reached
end of the year.
before the
The location is
Production of gold
States during
399
ounces,
in the United
August totaled 79,-
against 84,537 ounces
in the
841
preceding month and 103,ounces
in August last year,
the
American
Bureau
Metal
of
Statistics reports.
Production for
the first eight months of 1944 was
estimated at 669,496 ounces, which
with 965,046 ounces in
January-August period last
compares
the
year.
favorable for treating both domes¬
tic and foreign*
concentrates.
preceding'week, there
was a steady demand for prompt
shipment zinc during the week
Lumber Movement Week
As in the
that ended
yesterday.
Ended October 21, 1944
According to the National Lum¬
ber
Manufacturers
Association,
•
lumber sbipments»of 507 mills re¬
■
Nickel
porting
to
the
National
Lumber
Production of nickel in Canada Trade Barometer were 7.8% be¬
Canada
low production for the week ended
during August amounted to 22,685 is being maintained at a high
Production dur¬ Oct. 21, 1944. In the same week
tons.
Output for the first eight level this year.
new
orders of these mills were
months of 1944 was 188,837 tons, ing August was 23,846,740 pounds,
23.7% less than production. Un¬
against 194,271 tons in the Janu¬ against 23,410,619 pounds in July
filled order files of the reporting
of the current year and 21,334,008
ary-August period of 1943.
mills amounted to 94% of stocks.
pounds in August last year. Out¬
For reporting softwood mills, un¬
Lead
put for the first eight months of
was
186,031,271
pounds, filled orders are equivalent to 37
Total
requests for November 1944
lead
not
were
recorded
as
large as those
but this
October,
for
Lease business, according to
authorities.
and
in the week ended Oct., 23, 1943,
affects finished gasoline.
Note—Stocks of kerosine at Oct, 21, 1944 amounted to 14,455,000 barrels, as
against 14,472,000 barrels a week earlier and 11,037,000 barrels a year before.
4,717,000 barrels and 7,685,000 barrels, respectively,
((Revised in Oklahoma, Kansas, Missouri area and
—
should
—
Lendtrade reports.
for No¬
domestic and foreign
vember
amount
to
70,000
preliminary esti¬
mates.
During the
first nine
months of the current year ship¬
ments
averaged close to 68,500
tons,
tons
based
a
on
month.
Domestic
against 195,390,390 pounds in the
January-August period of 1943,
the Dominion Bureau of Statistics
Cadmium
Shipments
lead
87.2
4.908
U. S. Bur. of Mines
basis Oct. 23,-1943-
for
year ago.
probably reflects reduced
Total U. S. B. of M.
ondary tin.
Production of copper in
Louis¬
Gulf,
the
normal
was
period of the month.
a
♦Combin'd: East Coast,
Texas
at
Oil and
% Op- Natural finished
porting Average erated Blended Gasoline Fuel OH
% Re-
Rate
District—
fineries
JStocks tStoeks
Distillate
Crude
Runs to Stills
Poten¬
tStoeks
volume
in
metal
::+'
additional busi¬
..
ricators' stocks of refined copper
Production
Daily Refining
both
embraces
.
V'.;Copper
branch
Each)
in this section include reported totals
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis
Figures
SGasoline
Consumption of tin
during the first half of 1944 was
44,668 tons, but this large figure
terday this figure was viewed in
owing chiefly to labor shortages, the over-all supply picture
remains comfortable.
A contributing factor in maintaining supplies
ing to figures circulated by
21, 1944
r.RESIDUAL FUEL OIL, WEEK ENDED OCT.
.
generally
than
better
anticipated.
most
26,
Mineral Markets," in its issue of Oct.
& M. J. Metal and
"E.
.
ended 7:00 a.m. Oct. 19, 1944.
tThis is the net basic allowable as of Oct. 1 Calculated on a 31-day basis and
includes shutdowns and exemptions for the
entire month.
With the exception of
several fields which were exempted entirely and of certain other fields
for which
shutdowns were ordered for from 1 to 15 days, the entire state was ordered shut
down for 7 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases,
a total equivalent to
7 days shutdown time during the calendar
month..
Imports maintained
High Level—Quicksilver Price Again Rises
figures are for week
fOklahoma, Kansas, Nebraska
somewhat
construction groups, gains over the
Non-Ferrous Melals-Copper
pected
California
the Tin, Lead, and Zinc
rector of
Division of WPB, were viewed as
operating
year,
Eastern-—
(Not jncl. 111., tfnd.,
year, the statistics of the industry,
disclosed by Erwin Vogelsang, di¬
sufficiently high to create a firm
359,950
50
,_i
—-
—
(
279,000
362,750
600
;
amounting to some 50,000 tons a
to
80,950
289,400
289,750
-
and tin contained in concentrates
week, last
1,891,900
73,350
600
—
stockpile of 123,000 tons
hand, and imports of tin
not been released for
'
72,850
a
on
With
of tin
preceding pound, was nominally as follows:
Oct.
Nov.
Dec.
week are in bridges, industrial and commercial buildings, and un¬
October
52.000
52.000
52.000
19___
Ended
classified construction.
Increases over the 1943 week are in bridges, October 20
52.000
52.000
52.000
Oct. 23,
and industrial and commercial buildings.
Subtotals for the week in October 21
52.000
52.000
52.000
1943
52.000
52.000
each class of construction are: waterworks, $681,000; sewerage, $142,- October 23-_Y 52.000
326,500
52.000
October 24___
52.000
52.000
284,750 000; bridges, $1,191,000; industrial buildings, $5,133,000; commercial October 25
52.000
52,000
52.000
1,700 building and large-scale private housing, $3,574,000; public buildings,
Chinese, or 99% tin, continued
$4,681,000; earthwork and drainage, $222,000; streets and roads, $2,88,100
at 51.125p per pound.
,
138,300
637,000; and unclassified construction, $3,913,000.
354,050
New capital for construction purposes for the week totals $13,Quicksilver ';-YYY
135,250
867,000 and is made up entirely of state and municipal bond sales.
368,700
Supplies of spot and nearby
The week's new financing brings 1944 volume to $1,645,488,00.0 for the
288,150
519,350
43 weeks, a total 46% below the $3,043,250,000 reported for the period quicksilver appear to be in firm
last year.
v'p
P- %% ''v
' hands. Buying interest remains
4 Weeks
Change
from
Week
Ended
Oct. 21,
1944
ables
begin.
Oct. 1
datiorts
-
•
'A
Week
Actual Production
Allow-
*P. A. W.
Recommen-
BARRELS)
28,1943
$31,985,000
4,428,000
27,557,000
3,777,000
23,780,000
Construction-.
Private Construction
State
PRODUCTION (FIGURES IN
*State
•
Oct.
-
Federal
DAILY
total by 20%.V
municipal construction tops the 1943 period's
Civil
the East Coast.
on
and 113% above a y©ar ago. Public construction, however, is 22
lower, respectively, than last week and last year.
The current week's construction brings 1944 volume to $1,506,-
and 54%
and
civilian
presently allowed lor
'
needs."
sales
for
the
week
that ended yesterday amounted to
2,618 tons, against 10,753 tons in
The decline
the preceding week.
days'
production
at
the
current
rate, and gross stocks are equiva¬
lent to 37 days' production.
For the
year-to-date, shipments
Consumption of cadmium is in of reporting identical mills ex¬
excess of production, according to
ceeded production by 3.0%; or¬
WPB, which is reflected in a de¬ ders by 5.5%.
cline in stocks on hand.
Cessa¬
Compared to the average cor¬
tion of hostilities in Europe is not
responding week of 1935-39, pro¬
expected to change the (demandsupply picture much. Some cut¬ duction of reporting mills was
present needs will occur, 21.7% greater; shipments were ;
believes that the serv-!
13.6% greater; and orders were
ices will absorb such metal.
Ad¬
0.7% greater.
ditional use after V-E day will
backs in
but WPB
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4330
Volume 160
1959
Total Loads
Freight Gar Loadings During Week
Ended Oct. 21, 1944 Increased 7,291 Gars
Total Revenue
Atl. & W. P.—W. R. R. of Ala
0.1%, and an increase above the same week in
2,679 cars, or 0.3%.
v'Jj.Jj
- /
:
Loading of revenue freight for the week of Oct. 21 increased
7,291 cars, or 0.8% above the preceding week.
Miscellaneous freight loading totaled 418,624 cars, an increase
695
778
1,418
1,196
Under
12,368
11,248
9,957
10,569
recently
3,493
3,855
4,479
4,803
4,416
Clinchfield—
of 522
1943
cars, or
1942 of
,
•
cars above the preceding week, and an increase of 11,642 cars
corresponding week in 1943.
v
Loading of merchandise less than carload lot freight totaled 108,-
of
3,636
above the
decrease of 1,054 cars below the preceding week,"but an
increase of 2,088 cars above the corresponding week in 1943.
Coal loading amounted to 171,810 cars, a decrease of 2,836 cars
below the preceding week, and a decrease of 313 cars below the cor¬
032 cars, a
V
Grain and grain products loading totaled 56,718 cars, an increase
of 6,721. cars above the preceding week but a decrease of 3,047 cars
below the corresponding week in 1943. In the Western Districts alone,
grain and grain products loading for the week of Oct. 21, totaled 34,534 cars, an increase of 2,784 cars above' the preceding week but a de¬
crease of 5,773 cars below the corresponding week in 1943.
Livestock loading amounted to 26,561 cars, an increase of 347
cars, above the preceding week but a decrease of 1,189 cars below
the corresponding week in 1943.
In the Western Districts alone
loading of live stock for the week of Oct. 21 totaled 21,457 cars, an
increase of 255 cars above the preceding week, but a decrease of 1,334
JJ.
responding week in 1943.
■
Georgia
:
382
436
429
1,688
1,674
1,809
3,007
2,387
375
340
537
300
201
Durham & Southern———
148
109
119
Florida East Coast.——
652
1,356
786
Columbus & Greenville—:—
■
week in 1943.
below the corresponding
'
J
■
73
-
^
36
40
88
1,439
2,352
3,265
479
331
667
612
4,100
30,532
24,376
4,485
32,044
25,879
4,147
3,972
18,511
11,390
5,344
Illinois Central System
30,547
™
Louisville & Nashville
25,643
_
below the
products loading totaled 42,570 cars a decrease of
preceding week and a decrease of 1,242 cars below
ing week in 1943.
j:"
■
preceding week, but a decrease of 739 cars
above the
;; J-J
of 599 cars
below the cor¬
amounted to 14,580 cars, an increase
Coke loading
responding week in 1943.
174
218
764
733
220
565
532
3,657
3,792
4.841
1,200
1,255
1,840
369
311
1,410
1,136
Chicago Great Western.—
511
Elgin, Joliet & Eastern
21,735
15,023
15,113
I
2,795
2,406
3,731
3,562
j
24,043
22,213
22,803
11,061
11,234
3,611
28,057
4,373
4,431
206
269
$0.01-$2.50
606
$2.51-$5
.08
11,139
$5,01-$10
$10.01-$20
$20.01-$40
,11
.13
.15
.25
$40.01-$60
.18
.30
.20
.34
—.22
.37
655
1,270
1,011
499
9,687
9,142
10.244
10,086
447
451
569
10J
26,908
25.245
6,959
5,473
—
Great Northern..
—__
711
578
1,417
3,053
57
64
3,017
2,913
Minneapolis & St. Louis——
2,570
2,394
Minn., St. Paul & S. S. M
7,705
8,901
7,425
3,219
2,963
14,348
14,691
13,920
6,347
4,973
Pacific-—
——
203
108
259
435
'2,609
2,534
3,451
3,392
141,682
143,519
145,749
69,623
67,642
Spokane, Portland & Seattle—,—
Total——
Central Western District—
560
523
54
55
22,352
15,602
13,712
2,997
3,094
22,612
2,585
837
782
350
Chicago, Burlington & Quiircy—
Chicago & Illinois Midland—
5,254
the present rates
2,305
cents to 75 cents.
3,174,781
Denver & Rio Grande Western.
5,315
4,757
5,541
7,092
5,760
North Western Pacific
877,942
".J 912,348
901.251
•--905,941
903,262
Toledo, Peoria & Western
2,662
1,655
stantial reductions in fees
2,022
2,439
2,107
1,322
1,362
669
467
1,543 :*■,
Southern Pacific (Pacific).
905,419
1,481
1,935
registered domestic collect-on-delivery mail of the third and fourth
classes. Th<*new sliding scale will
836
Peoria & Pekin Union_^_—
898,650
17
1,368
1,308
Nevada Northern
'35,860,873
table is a summary of the freight carloadings for
railroads and systems for the week ended Oct. 21, 1944.
During the period 58 roads showed increases when compared with
the corresponding week a year ago.
J;. ;>••• J
Utah——_
617
.
•
,
2,098
2,146
81
127
1,075
956
1,165
850
801
6
14
27
0
33,751
31,558
34,043
15,074
477
435
20,488
22,536
2,044
19,731
————J,-_
..
353-?
—
24,400 .v"
Union Pacific System-.—__
The following
486
2,229
2,350
141,394
146,589
10
116,424
150,420
Total
18,305
5,492
353
•
1,840
4
571'
1
2,281f"
•■—
Western Pacific—
0
14,936
•
•
3,837
102,804
the separate
.
'
,
i
NUMBER OF CARS)
Gulf Coast Lines
:
J.J'':Railroads
•
District—
Eastern
inn
Arbor-
JJJJ' -'JJ";-'/
282
367
1,562
1,289
3,357
1,754
437
188
7,124
6,621
14,479
1,425
1,490
2,009
49
43
6,768
1,426
•V
50
43
1,090
Delaware, Lackawanna & Western—
7,607
354
363
370
14,384
Trun?:
944
1,340
5,232
5,363
4,432
3,225
3,343
3,691
J—Arkansas-^r^—-----
3,080
3,901
'328
2,583
1,312
2,803
323
V- 772
790
538
282
191
217
578
389
6,541
5,099
18,753
20,195
6,183
19,597
2,739
12,208
10,956
10,823
320
Midland Valley—
J.
Missouri & Arkansas-^———
172
755
Missouri-Kansas-Texas Lines.—
Missouri Pacific
—
:
6,144
6,723
19,084
...
18,365
157
102
88
Quanah Acme & Pacific
1,419
305
10,736
8,580
10,357
8,982
9,024
3,610
St. Louis-San Francisco—--—
3,484
3,351
6,406
6,110
5,402
5,257
St. Louis Southwestern——
104
11,753
6,149
14,579
138
5,691
5,268
7,936
6,867
1,257
Wichita Falls & Southern—.—
93
99
136
70
51
2,589
2,490
Weatherford M, W. & N. W._—
37
12
20
38
47
12,410
17,186
19,115
4,739
7,971
7,720
78,439
76,496
77,751
70,838
68,940
:
j; 371
-
Texas & New Orleans
Texas & Pacific—-.
—
/
2,488
2,412
148
216
225
jehigh & New England———,—
2,199
1,978
2,237
1,671
jehigh Valley
8,888
9,179
12,693
14,237
Jaine Central—-:—
2,280
2,322,
3,701
4,472
Jonongahela-——'.—
5,889
6,053
5,968
2.317,
rate
special
mail
weighing
The fee
13 cents.
to
other than first-class mail
ing
pounds
two
mail.
other
and
two
less will be raised from
or
cents
10
delivery
letters
for
first-class
pounds
;
raised from
less
or
cents to
15
on
weigh¬
will
be
17 cents.
Economies
brought
about
by
simplified methods and the greater
volume anticipated through lower
fees are expected to place all pos¬
tal
special services on a self-sus¬
basis, Postmaster Gold¬
taining
man
said.
1,583
8,698
patronage.
be increased on two
225
1,401
3,834—
3,88.9
2,409
12,351
1,831
:
13,400
Western-—
85
7,451
564.
2,120
letroit & Toledo Shore Line—.
4,152
486
.
of
classes
The
2,395
3,416
253
14,237
•
,
316
2,016
'
Jetroit, Toledo fe Ironton——
2,055
1,002
6,166
letrolt & Mackinac————
16,516
.
6,399
1,069
4,859
J 8,122
.————
lelaware & Hudson—————
,
for registered
mail
which
charges
limited
3,183
5,189
2,571
Litchfield & Madison
379
ihicago, Indianapolis & Louisville——
Centra 1 Indiana——————
Jrand
VI
1943
a
2,619
6,556
275
City Southern—.
Louisiana &
1944
1942
1943
1,867
———
Jangor & Aroostook-.—————
ioston fe Maine—-—————
Central Vermont—
Kansas
Connections
Freight Loaded
1944
in
Rates will
201
6,294
Kansas, Oklahoma fe Gulf™
Received from
Total Revenue
J
J 'J7
678'
177
■
2,603
—.
International-Great Northern--..
Total Loads
to 90 cents/ There will be an in¬
crease
has
326
un¬
from 15 cents on values of
$2.50 or less to 60 cents on values
of $150.01 to $200, as compared
with the present scale of 24 cents
Southwestern District—
824
on
range
collect-on-delivery
Burlington-Rock Island-
JJJ
RECEIVED FROM CONNECTIONS
WEEK ENDED OCT. 21
LOADED AND
FREIGHT
.
include sub¬
The revisions also
12
927
1,054
909.250
'
ranging from 50
2,379
*
—
4,410,669
REVENUE
A fee of 25 cents
charged for insurance from
$50.01 to $200 as compared with
12,679
3,487,905
.
from' 30
will be
3,480
906,357
.
values
for
and
to $50.
$25.01
5,295
4,456,466
...
cents
less; from
cents for values from
15
cents to
$25,
3,122.942
35,143.162
to 3
cents
cents
10
to
14,040
4,423,427
,;
to
$5.01
1,511
'
■
cents
2,951
3,579,800
■
10
13,575
week?.of July.—;-~—
August.
*■
reduced from
1,428
weeks >of September..
-
fourth-class domestic mail will be
2,685
weeks of
.
.
.19
.22
>
Fees for insurance of third- and
13,935
5
-J-——A—36,103,46G
$80.01-$100
1,406
4
r»..*
———
3,155
Missouri-lHinois_;_—
Total
$60.01-$80
13,128
3,431,395
.
Fee
$0.10
.14
$0.06
Colorado fe Southern—:
4,003,393
of October 21—.
Present
Fee
Chicago, Rock Island & Pacific-
3,455,328
3,554,694
Week
Nov. 1
Money Order
Chicago & Eastern Illinois^—
1942
4,343,193
7T>
4,160
4,586
3,763
3,705
3,582
23,373
Bingham & Garfield—
3,403,512
14.—
Revenue
schedule, with fees as
fees:
new
from
14,000
1G,375
24,463
25,330
27,775
Atch., Top. & Santa, Fe System.
June—i—_.
7
the
when
for mail valued at $5 or
Illinois Terminal-.-
October
26
effective Nov. 1 and present
510
2,590
Spokane International—
Fort Worth & Denver City
of
1,050
-
2,299
Denver fe Salt Lake——
Week
901
711
1,339
Bay & Western
Lake Superior & Ishpeming——
4,139,395
Week of October
March
Act of 1943 became effective.
99
25,176
'
.
Dodge, Des Moines & South_t.._.
3,311,637
of
mon¬
21,251
3,114
Duluth, South Shore & Atlantic
4,209,907
weeks
legislation,
1,013
4,204
3,363,195
May—
new
116,413
24,135
3,440,252
4
Under the
ey-order fees will be rolled back
to the level which existed prior
1,127
3,577
4.068,025
5
932
118,311
23,882
weeks of April—
of
964
9,788
106
Duluth, Missabe & Iron Range——
5
weeks
New
127,420
Chicago, St. Paul, Minn. & Omaha..
weeks
4
the
1
165
—
4
3,135,155
Oct.
123,216
Chicago, Milw., St. P. & Pac._—
3,159,492
of
8,279
24,510
The
February.
March—.
of
weeks
3.796,477
January—
of
issue
its
21,954
3,531,811
3,055,725
3,073.445
3,924,981
t
8,739
Northwestern District-
Northern
into
144
-
——
Chicago & North Western
Green
put
Tribune," reporting
the changes in postal fees, said:
to
.
in special
be
121,464
Winston-Salem Southbound™—
Total—
will
3,858,479
1943
1944
of
9,835
24,727
563
684
Tennessee Central
780
10,788'
23,070
an
rates
York "Herald
10,667
23,981
438
431
8,766
24,014
—
4,511
20
Southwestern. ;,,jJ JJ;:V
Eastern, Allegheny, Centralwestern and
Weeks
In
2,173
407
while
effect.
.
reported decreases compared with the corresponding
week in 1943, except the Allegheny, Centralwestern, and Southwest¬
ern and all districts reported decreases compared with 1942 except the
8
increase
delivery
964
System.^.-——
and
mail
mail
263
Richmond, Fred. & Potomac
insured
of
case
12,121
3,662
Seaboard Air Line
time fees will be lowered
same
the
17,084
Piedmont Northern—;
Southern
bill
a
collect-on-delivery
Norfolk Southern
Nashville, Chattanooga & St. L—
of
unregistered
206
....
Mississippi Central.:
All districts
v
in
352
Macon, Dublin & Savannah—.
the
115
1,258
*
Gulf, Mobile fe Ohio
Ft.
431 cars
the cor¬
responding week in 1943.
A
v
V
Ore loading amounted to 67,046 cars, an increase of 309 cars above
the preceding week but a decrease of 6,678 cars below the correspond¬
Forest
1,555
1,324
__
Georgia
provisions
tive on Nov. 1, the Post Office
Department recently indicated, At
509
1,201
313
Gainesville Midland—
Georgia & Florida
821
.
the
signed
by
President
Roosevelt, a reduction in fees for
money orders will become effec¬
1,382
1,779
Charleston fe Western Carolina—
'
cars
'
779
Atlantic Coast Line™™
Central of
3,076
2,805
814
642
794
And Other Rates Nov I
346
9,869
Atlanta, Birmingham & Coast
revenue
Money Order Fees
1943
344
362
273
319
Alabama, Tennessee & Northern-
3944
1942
1943
1944
Southern District—
freight for the week ended Oct. 21, 1944 to ¬
taled 905,941 cars, the Association of American Railroads announced
on Oct. 26.
This was an increase above the corresponding week of
Loading of
Connections
Railroads
-'
New
Received from
Freight Loaded
•'
Revenue
J
jehigh & Hudson River————.
/I o n t o u r
_
__ ,
————
—
_
-
_
2,335
2,493
51,803.
54,582 J
•9.309
10,200 ft
—- -—
r ~
2,346
.
21
53
54,651
55.692
17,011
50,235
Savings Bank Deposits
19,900
'
Jew York Central Lines—
J
Weekly Statistics of Paperboard industry
'
J. Y.. N. It. &
Jew York,
Jew
Hartford
—-
1.113
York, Chicago & St. Louis-—-—
J. Y..
7,308
529
5,416
798
971
Ittsburg & Shawmut——-
2,880
2,742
14,824
17,139
382
1,965
7,565
8,438
6,239
8,087
20
23
3 OJi
401
463
236
251
1,136
1.236
1,040
2,795
2,852
388
371
1,212
1,187
6,847
7,403
6,381
13,156
13,947
5,453
5,532
5,139
4,401
4,38.7
165,918
172,649
- 165,167
223,450
236,018
North—,
Pittsburgh & West Virginia———
tutland-——T-——.
»ittsburg, Shawmut &
•
v
Vheeling & Lake Erie————
387
give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
J
The
of
members
this
—
—
Association
represent
83%
of the total
Unfilled
«fe'Youngstown-i.—:—-J
Baltimore fe Ohio—-
6,112
6,755
1,763
272
1,672
6,690
302
306
6
1,750
1,858
...
10
7,507
7,801
19,024
Cornwall
.
'
632
543
—
Cumberland & Pennsylvania———
Ligonier Valley
Long Island—.
.
•
..138
—
July'
5
July
20,021
July
1,416
J
22
July
August
2,015
2,000
2,547
2,743
86,512
84,796
67,106
68,204
' ,16,141
.15,0.91
14,345
.28,546
27,168
'.20,257
' 3,973
20,526
21,013
5,981
7,889
4,360
3,739
13,236
11,758
Benn-Reading Seashore LinesPennsylvania System™
'
Reading Co
(Pittsburgh)
,
Maryland—
—
,
.
'
Total—
.
Pocaliontvis
.
194,213
192,977
186,118
,,
171,850
175,247
Chesapeake & Ohio
28,734
:
;
Virginian—^
28.096
13,383
27,496
13,360
20,943
22,447
22,255
8,092
7,107
4,128
4,625
4,717
2,346
2,787
55,168
54,468
23,821
24,254
94
91
94
152,402
590,263
94
94
:'-™j-
157,720
570,626
160,568
604,299
158,849
585,316
-
"J
140,338
,
.
•
first nine
announced, to
$642,800,588 for the period Jan. 1
to Sept. 30 and makes a new rec¬
ord of amount due depositors of
At the same time,
$6,809,873,861.
accounts
have increased by
new record high of
open
94
203,029
96
.
94
96
94
6,433,673 with the month of Sep¬
tember showing a gain of 2-3,712.
.
136,936
155,516
562,744
95
156,921
534,174
96
94
173,065
155,820
549,114
97
94
a
94
128,596
to
August 19
September
September
September
September
2
9
16
—
123,758
554,352
158,178
525,730
97
125,258
161,114
486,818
94
80
129,481
96
160,952
159,114
482,896
95
94
217,096
30.
:™_
7
October
14^
October
$642,800,588 in de¬
with increases of $378,568,800 in deposits and 171,534 in
accounts for the same nine-month
158,946
96
94
period of 1943.
154,719
541,424
523,875
96
94
499,929
94
94
partial
156,269
131,988
—
23—
94
94
1
September
The gain of
posits and of 203,029 in accounts
21_
_
___—
™
.
139,347
133,028
.
Notes—Unfilled orders of the prior week, plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
compares
figures
Preliminary and
the first 15
for
days of October indicate that
not
'!
the
96
V.
August 26——.—!
October
District-
Norfolk & Western
August 12_^
60
586,103
157,041
*
5__;
95
586,379
147,478
195,161
„
29—
16
40
.
95
98,235
145,775
139,743
v
544,454
145,317
8™™_—
July
Current Cumulative
155,170
152,954
•
15
4,085
J
in
total increase, it is
Percent of Activity
Orders
Remaining
Tons
Tons
1
63
Tons
Received
1944-Week Ended
•5
■
41
8
(136
1,364
Period
3,624
227
221
.106
1,412
1,945
87,350
1,747
.
43
690
-178
J
J
—
-
v
Production
Orders
1,281
30,222
5,397
——
Central R. R. of New Jersey—j——-
Western
1,280
28,635
—.
Gauley—
Cambria & Indiana—————.
Union
781
40,255
—
—
Bessemer & Lake Erie
Buffalo Creek &
802
45.645
785
47,492
10.4%
creased
months of this year, according to
.
Allegheny District—■
Akron, Canton
Up m
Deposits in the mutual savings
banks of New York State have in¬
each
figures released by the Savings
indi¬
Banks Association of New York
cates the activity of the mill based on the time operated.
These State on Oct. 24.
The gain of
figures are advanced to equal 100%, so that they represent the total
$93,182,226 in September, second
industry.
J
•
largest individual monthly gain in
STATISTICAL REPORTS—ORDERS. PRODUCTION, MILL ACTIVITY
saving's bank history, brings the
program includes a statement each week from
member of the orders and production, and also a figure which
industry, and its
<
Total
In N. Y. Stale
We
7,592
792
,
2,270
7,915
8,027
5,858
1
950
7,973
:•
658
7,862
Susquehanna fe Western———
Pittsburgh & Lake Erie———™—
•ere Marquette,———————
9,967
1,464
7,401
Ontario fe Western—--—.v
year's figures revised.
481
313
■'■
"•
Note—Previous
month will
ments of unfilled orders.
ings" period.
again be
a
this
heavy "sav¬
New
John
B.
Manufacturers Trust Co. of
York
that
announces
the
formerly
Paddi, who was
49 years ago,
Mr.
bank.
Brooklyn
in
born
credit training
with the National Association of
received his early
Credit
where he
Men,
em¬
was
for four years, and with
the Knox Hat Co., with which he
ployed
for
affiliated
was
Upon
War
World
of
in the
enlisted
Paddi
Mr.
I
year.
one
outbreak
the'
Navy, where he served as Chief
Petty Officer for two years. Mr.
Paddi began his banking career
with the former Montauk Bank
of Brooklyn, and
for seven years
he
served as
Cashier of that bank.
1928
in
ending
Assistant
ab¬
sorbed
by Manufacturers Trust
Co., in a merger during 1928, Mr.
When the Montauk Bank was
Paddi
elected
was
Assistant
an
institution
and placed in charge of its office
at Fifth Ave., corner Union St.,
Brooklyn.
In 1935 Mr. Paddi was
Secretary of the latter
Oct. 26 in the Hendrik
Hudson
Louis
Stokvis
(Edward Stokvis, Ex¬
of R. S.
Sons,
Inc., of New
General Manager of
Vice-President
&
Holland,
Rotterdam,
in
domiciled
R.
S.
of
formerly
Zonen,
&
Stokvis
bank depositors
in
York, foreign de¬
returned
from
business
trip
a
to
Argentina,
Chile,
Peru,
Uruguary and Ecuador where he
of
board
and
Handelmaatschappij
V.
N.
National
Chase
and
N.
Curacao,
'
studied
financial
and
con¬
The
Co.
Continental Bank & Trust
New York
of
the
announces
Sime
as
Assistant Secretary to serve in
the
David
of
foreign deparment at the main
office, 30 Broad Street. Mr. Sime
been
officer
an
it opened
Prior to that he
here.
the
with
Bank
of the
York agency, since
of China, New
was
Hanover
Central
Bank & Trust Co. and the Nation¬
al
National
officer
foreign department of the
C.ity Bank and
an
was
controlled
partments.'
William Schurer, Newark bank¬
on
ing
of
integrity
the
American dollar."
the
set
up
most complete
and
organization
in war
This in¬
cludes
the
representative ABA
Committee on Treasury War Bor¬
rowing,
the Sub-Committee on
War Bond Drives, and a nation¬
drive
bond
experience.
organization which includes
wide
Chairman in each of the States,
elec¬ er and Chairman of the Essex
the
District
of
Columbia
and
tion, Mr. Kleeman said:
"Mr. County Sinking Fund. Commis¬
sion,, died on Oct. 27; he was 87 Hawaii, as well as local Chair¬
Edward Stokvis is a member of
men; also special representatives
the
distinguished Stokvis firm, years of age. Mr. Schurer began
Plans for the opening of an
of the mutual savings banks.
The
established in Europe over 100 hi% banking career in 1874 with
additional office of Bankers Trust
of
this representative
the State Trust Co. of Newark, members
years ago.
This company and Rs
Co. of New York in Rockefeller
correspondent,
Lindeteves-Stok- according to the Newark "News" group will work closely with
Center, at the southeast corner of
which, m reporting nis ueath, State and local Treasury War Fi¬
vis, have long been leaders in
51st
West
St.
Rockefeller
and
Plaza, in the International Bldg.,
were announced on Oct. 28.
Sub¬
formal approval by the
State Banking Department, Bank¬
ers Trust Co. will lease a total of
ject
to
feet, with 5,500
square feet on the street
level.
Howeth T. Ford, Vice-President
of Charles
F. Noyes
Co., Inc.,
10,000
square
represented the bank in negotiat¬
which includes
occupied as an air¬
plane showroom.
The plans call
lor the remodeling of the space
into a complete banking office.
ing
A
lease,
the
£pace
now
structed
the
at
51
at
floor
banking
of
con¬
Rockefeller Plaza,
51st
of
corner
corridors
be
will
entrance
new
opens
the
The
St.
on to main
International
The interior of the bank
Bldg.
will be
pleasantly modern in de¬
sign, with safe deposit facilities on
the premises.
In making public
plans for this additional office,
£3. Sloan Colt, President of Bank¬
Trust
ers
Co.,
."This step
established
said:
the
with
conforms
a
discussing Mr. Stokvis's
In
of the
Dutch colo¬
the industrial development
Netherlands and the
business
The
possessions.
nial
In
1860 Stokvis & Zonen first intro¬
duced to the markets of Conti¬
nental Europe many products of
American industry, and through
was
the
established in Rotterdam.
the
friendship
intervening
com¬
years
ties : of
with
American exporters and import¬
pany's
increasingly
The
New
York house,
Edward Stokvis makes his
become
have
ers
close.
where
headquarters,
organization
own
its
developed
soon
individual business, particu¬
petroleum
refining equip¬
larly in the purchase of
and
producing
; generator
sets,
and machine tools,
and
electric
ment,
Diesel engines
manufactured in this country,
by the Stokvis firm
marketed
in
Latin America.
"Lindeteves-Stokvis
also
has
substantial business
policy of Bankers Trust Co. in m thus country, and has bpen
maintain i n g
fully-equipped
working closely with the Dutch
branches in strategic business lo¬
authorities in the planning of the
cations,
adequately manned by
resumption of export and import
responsible officers. With offices trade with the Netherlands East
now
located at Fifth Ave, and
Indies
as
soon
as
the area is
44th St., and at 57th St. and Madi¬
again free.
,v
■■
son Ave., the bank will be in a
"Edward Stokvis received his
,
position to render even more in¬
tensive service in the heart of the
business district.
mid town
great
Center
"Rockefeller
section
of
the
world, with
1,324
is
cross-
a
of
industry
the
14 buildings housing
firms
30,000
employing
Ten thousand people, or
a third of this total, are employed
in the International Bldg., where
our
office will be located.
This
people.
new
office will provide complete
banking, trust and investment ad¬
visory
individual
with
service,
attention given to eadh
It will enable us
requirements.
to
broaden our
services to
the entire midtown
The
main
in
office
addition
to
cover
of
Bankers
16 Walt St.,
the
fore
training
coming
New
to
expects to become
citizen
a
in
early
He
York.
United States
Inci¬
1945.,
dentally, Mr. Stokvis has received
that the Paris and Brussels
word
of
houses
his
company
un¬
are
which
Co.,
ing
Bank¬
consolidated
Bank
National
Second
the
with
was
and the German Bank to become
what
known
then
was
the
as
President.
was
This
which
of the Board.
elected
Lt. Col. Jay Cooke was
Pa., at
Philadelphia
Philadelphia,
of
Bank
meeting of the Board on
Col. Cooke returned to
a
30.
Oct.
The
of
director
National
from
110th
Infantry, 28th Division.
He was
severely wounded in action. Col.
Cooke is known in banking circles
America
early
October
in
He is a
throughout the country.
grand¬
direct desccndent—a great
Jay Cooke who formed
the banking firm of Jay Cooke &
of
credited
Co.,
Government
Federal
&
and upon the merger of
Edward B. Smith,
Co.,
firm with
partner in
enlarged firm of Smith, Bar¬
became
he
Co.,
the
the
partner in Chas. D. Barnev
a
that
&
during
From 1924 to 1935 he
Civil War.
was
with financing the
He resigned from the
devote his
to public affairs.
& Co.
ney
a
firm in .1940 in order to
entire time
W.
President
Folts,
H.
of The
Bank of Austin,
National
Austin
Nov. 1 that
formerlv as¬
sociated with E. J. Roe & Co. of
Texas, announced
Donald
connected
Austin National Bank,
Antonio,
San
on
James,
D.
is
now
house; struck by a bomb early in
supervising the bank's investment
portfolio.
While the bank will
not operate as a dealer in secur¬
ities, the expanded facilities will
war,
was
not seriously dam¬
aged."
Stanley L. Yonce. a member of
the
executive
staff of Bankers
Trust
age
Co.
25
of
of 49.
of
a
also been elected Director and ap¬
Vice-President
be
The
available
customers
of
to
banks
the
bank,
other
and
and
also
bank.
r
which
Mr.
where he
the
bank
since
1930, when he became its Chicago
uptown representative, joining the bank's
James
State
has
Departments.
been
engaged
Mr.
in the
securities business in San Antonio
and Austin since 1927.
contests, special,
promotions, raido programs, pub-*
licity, direct-mail selling cam¬
for
displays
and
exhibits,
advertising, and other
paigns,
newspaper
merchandising
This
ideas.
sales
will be done by members of bank
staffs,
instructions
ferent issues of
In
dif¬
to
as
bonds.
war
previous
received
have
will
who
complete
drives
bond
war
than 80% of bond sales have
more
been handled by the banks.
This
includes sales by non-bank agen¬
cies
processed
The
manual
from
through
contains
Secretary
the
of
The letter states:
"In five
have
letter
Treasury
the plan
endorsing
participation in the sales
Morgenthau
effort.
banks.
a
loans the bankers
war
rendered
the
country
a
known
was
in
for some
This experience,
their customers.
well
as
of other
that
as
selling
has shown that the best
groups,
way
to sell bonds is to have folks
ask
other
to
folks
buy
them.
are
pointed Assistant General Man¬
ager.
In L934 he- became Senior
Assistant General Manager, and
in 1941 was named General Man¬
of
and
He has been associated with
the bank since 1896,
assistance to the Sixth War Loan
ager.
:
trust
of
directors
The
Westminster
Oct. 3
appointed A. W.
Beamand to be the bank's New
York representative, in succession
Bank, Ltd., announced on
they have
that
M.
to
C.
at
the
Parker, who will retire
of
end
the
present
year
occupying that post for the
after
past 25 years.
Mr. Beamand en¬
tered the bank in
in
communities,
that
if
it
*
have
unique position
a
and
I
be
a
their
in
confidence
will
every
certain
feel
tremendous
bank, whether large or
will do what
small,
banks
many
already done—solicit every
of
one
its
depositors face
larger
to face."
iiEler Heads iroasj V
Of N. Y. Savs. Eft.
1909, and after
At
Savings
1914, attaining the rank
of Captain in the Army, and later
Group
annual
the
years' service in London
branches joined H. M. forces in
meeting of the
Officers' Associa¬
L,
a
few
August,
h
pilot in the Royal Flying Corps.
further
The bank's announcement
says:
"Shortly after his return to
in 1919 Mr. Beamand
the
bank
was
transferred to the bank's for¬
eign branch, where he has served
ever since and has held many re¬
sponsible posts. including that
of
and during the
that of Chief of the
Chief Arbitragist,
present war
Control
Regulations
Department.
Mr. Beamand's ex¬
Exchange
perience is by no means limited to
exchange and to dealing, for he
has
a
full
knowledge of both
American and English banking,
and
has
the
known
the bank's
ious
gives
also
manual
suggestions
Bankers
curity transactions with the var¬
with
well
Manager of the local branch
before joining the head office ex¬
ecutive in 1923, when he was ap¬
the
at
also
learned
jv'h"nrj-'
years
well
attack
is
Burns
Montreal
is
this
,;V D
to out-of-town dealers having se¬
heart
Montreal
The
New York, died on
Mr. Yonce had been
the
viduals,
of
the great service in providing leader¬
"Gazette" ship and in the sale of bonds to
active combat duty with the
with
the
Burns, General Manager
of Nova Scotia, has
pointed
"
sub¬
a
quota$14,000,000,000, particularly the
$5,000,000,000 earmarked for indi¬
Bank
said:
delity Union Trust Co., of
a
D.
the
from
delity Trust Co. to become the Fi¬
he was.Chairman
H.
of
out' with
work
the banks sell
help
for bank
he
merged in 1921 with the Fi¬
was
officials and assist them in
nance
company
Union National Bank of which
damaged, and that the Rotterdam
Oct.
area."
Trust Co. is located at
and
customer's
in
international
trade in the Rotterdam, Brussels
and Paris houses of his firm, be¬
early
v.
the
became
headquarters of the State
son—
been doing a
.■% '■
bank
the
Later
established 30
was
originally to facilitate
the
activities
of the European
offices.
However, the New York
ago,
years
A'
said:
that
of
said that in order to achieve
objectives
the
American
strongest
to
stantial part of the national
these
had
adopt
and
report¬
communities.'
scoring in
banks
To
the
* '
Association
to
quotas
neighboring banks such a plan for
competitive quotas, the manual
suggests a report form and gives
instructions for its use.
i'
further, Mr. Bur¬
Commenting
sales
spirit of friendly compe¬
a
and
For
the Treas¬
boys at the front and safe¬
up our
guarding
banks
asks
also
-
The
tition by means of group
bonds is
committee
during which
time he has served in various de¬
foster
on
A wide distribution^ of war
our best way of backing
ury.
Boston, "Boston, Mass. Mr. Pater¬
son has been connected with the
1917
manual
individual
for men released
substantial demands
Bankers
since
,
through personal interviews.
from the armed forces will make
on
I.
possible distribution by banks of
war.
bonds
among
individuals,
de¬
and
contracts,
mobilization pay
gess
George M. Paterson, was elected
Oct. 24, Assistant Cashier of
The National Shawmut Bank of
payments
termination
ment,
Bank of America for twelve years.
bank
methods for
and will
expensive .mat¬
ter even after peace with Ger¬
many is
established.
Munitions
for
the
Japanese war, mainte¬
nance
of pur military establish¬
St.
of
It includes plans and
promoting the widest
Louis, Mo.
"Bankers
Bank
National
Boatmen's
of New
Bank
City
War Bond
on
Drives, the Chairman of which is
Tom K. Smith, President of the
continue to be, an
appointment
has
the Sub-Committee
manual, Mr. Burgess, who is also
Vice-Chairman of the board o.t
the
ditions.
prepared under the supervision of
■
the
with
enclosed
letter
a
York, New York, said:,
know that the war is,
now
W.
community.
a
In
Brazil,
trade
President of the American Bankers Asso¬
Sixth War
months'
three
Oct. 26 the
on
bank's
the
to
directors of
York,
manual to
has
partment,
in the
announced
ecutive
New
of
Bank
President
Co. of New
Trust
Colonial
election
of The
thoroughly than
more
Loan," outlines plans for face-to-face selling contact with
and others, indi-f
Vidual bank quotas, and a system the fulfillment of the sales pro¬
of scoring and' reporting on the gram.
The
campaign handbook was
Vice- progress of the drive among banks
2nd
Albarracin,
President
organizing
are
Oct. 24, in announcing the mailing of a war bond sales
the banks.
This sales handbook, entitled "Banks and the
on
with
associated
was
the nation
of
said W. Randolph Burgess,
ciation,
After
artilleryman.
an
he
war
Organizes for Sixth War Loan Drive
banks
before for the Sixth War Loan Drive, which begins on Nov. 20,
ever
Kleeman,
S.
Arthur
at
first
the
until 1930.
the club.
dressed
In
University.
1917
of
ABA
The
a
the Northern Trust Co. of Duluth
Roosevelt,
The
dub
now
has
237 active
members and 46 honorary
(re¬
tired) members, of which three
are
trustees of the bank.
Two
hundred and forty-five members
were
present, and the meeting
was conducted by Fred A. Buck,
retiring
President. • Russell F.
Thomes was elected President of
the club for the coming year.
The
entertainment took the form of a
minstrel show, / in' which the 25
initiates, those who joined the
bank's staff in 1919, formed the
chorus.
Songs and lyrics were
written for the occasion by John.
McLaughlin, member of ASCAP,
who acted as coach.
William S.
Gray, President of Central Han¬
over, was guest of honor and ad¬
Vice-President.
governing board of the mortgage
management division of Manufac¬
turers Trust Co., New York.
the
Hotel,
the
of
York,
President
of the Prudential Savings Bank,
has been elected a member of the
class
was
York was held
Trust Co. of New
Room
He
World War he served in the U, S.
of the Quarter Century
Club of Central Hanover Bank &
of
Goess,
the
1942.
Mr.
Lutherville,
1895.
of
Brown
meeting
personal and
departments
established
by
Manufacturers
Trust Co. that year, and a year
later
was
elected an
Assistant
V.
July 9,
on
Army as
on
in
born
was
member
dinner-
annual
fourth
The
the
Frederick
branch
a
loan
of
head
made
modernization
Md.,
is also main¬
tained in London at 26 Old Broad
Street.
■' ■ ;
\ 1
'' :
offices,
Assistant VicePresident, who has been in charge
of its personal loan department
since
the
inauguration of this
service about nine years ago, has
been elected a Vice-President of
Paddi,
Yonce
in
here
office
main
Companies
Items About Banks, Trust
Thursday, November 2, 1944
COMMERCIAL & FINANCIAL CHRONICLE
THE
i960
ents.
advantage
of being
have been
Bank
on Oct. 19, Clinton
Miller, Assistant Secretary of
Bank of Brook¬
lyn, N, Y., was elected President
of.. ' Group
V.
The
Brooklyn
Group V
the Dime Savings
"Daily
Eagle," in reporting this,
added:
"Other,
officers
Vice-President,
cher,
elected
Charles
Assistant
Hamburg
were
Hasloe-
Secretary
Savings Bank;
of
the
Secre¬
tary, George Hendrickson, Assist¬
ant
Secretary of the City Savings
Bank; Treasurer, Roger A. Saxton,
Jr.,
Assistant
Secretary
East New York
"The
Savings
of
the
Savings Bank.
Bank
Association, Group V, has
Officers'
a mem¬
already to many of bership of more than 300 and rep¬
American correspond¬
He is thus well equipped
undertake
tion
the new duties
to
resents the Mutual
in
Kings,
Queens,
Savihgs Banks
Nassau,
Suf-
which1 folk and Richmond Counties, New
assigned to him."
York."
@FedFRASER