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YEARS
OVER 100
ESTABLISHED
Edition
Final
d
ommezcial
Keg. U.
Volume 160
New
Number 4338
S.
2 Sections-Section 2
In
Office
Pat.
60 Cents
Price
York, N. Y., Thursday, November 30, 1944
a
Copy
Post-War Tax
Changes Proposed by Commerce
And Industry Association of New York
The Financial Situation
We thought it desirable to list in these columns last
week a number of instances of upside down thinkin'g in mat¬
ters that have to do with our relations with other countries.
Recommends Post-War Repeal of Excess Profit and Capital Stock Taxes Together
It seemed all too likely that these fallacies would be repeated
Wfth Reduction of Corporate Tax Rate to a Flat Levy Conformable to Normal Rate
so often that they Would become widely accepted, and then
Favors Exemption of Dividends From the Normal Tax and the Re¬
made the basis for policies which could not fail to do us and on Individuals.
the remainder of the world a great deal of harm.
peal of Tax on Intercorporate Dividends.
Urges Lower Taxes on Income From
,
For¬
domes¬ eign Investments and Post-War Graduated Tax Rates on Individual Incomes With a
tic affairs.
If the reader feels any doubt of it let him run Maximum of 50%.
Asks That the Presr wt 23% Normal Minimum Rate on Personal
over in his mind the sources of post-war wealth, or economic
Incomes Be Substituted by a Single Tax cf 16% to 20%, and Opposes Increase in
well-being, that he has seen or heard listed by men of in¬
Payroll Taxes. Calls for a Simplified Ti x Structure.
fluence
The
danger is
during,
great from foolish notions about
as
say,
the past 60 days.
He
can
if there
as
Prosperity?
scarcely have failed to hear these factors cited
nothing in the least inconsistent in their
were
supplies of all such things when the war is over;
It scarcely seems reasonable to regard both a
growth in our production facilities and a
Association of New York, Inc.>
Jefferson Miley, released a 15-point
Industry
through its Secretary, Thomas
underlying meaning: (1) An unprecedentedly large produc¬
tion equipment, (2) the degree in which upkeep, maintenance
and repairs of our industrial machine have been perforce
neglected and deferred during the war years, (3) the equally
large degree in which public facilities such as roads, streets,
public buildings, parks and what not have been permitted
to get into disrepair during the war, (4) the accumulated
shortage of many, many types of consumers' goods, from
clothing to houses, from shoes to cigarettes, from dolls to
automobiles, and (5) the extent to which the public has
accumulated cash or the equivalent with which to replenish
its
and
Commerce
The
Bases of
great
general deteriora-
(Continued on page 2380)
ciation by Messrs.
The
and
recom¬
as
artment,
members
ous
f
o
House
th e
Ways
.
tions
Committee,
rid to-* the
Joint
Cona
gves
sio
on
Rev-
Internal
Laurence A.
Tanzer
Tax¬
compiled by
The program,
ation.
Association's Committee on
Taxation and Public Revenue un¬
der the Chairmanship of Laurence
Arnold Tanzer, has been approved
the
Urges Further
At Town Hall Anniversary Meeting She
and Wider Application of
Extension of Social Security
Philanthropic Activities.
Nov.
On
of
to
social
reforms
made
of
i
n
Town
the
and
Hall,
f 1
uence
this
work
her
own
on
ca¬
he
and
we
exte nsion of
i t y
in the
Frances
E.
Perkins
pro¬
the progress made
fostering of social reforms
providing better health and
living
conditions, Miss Perkins
stated:
learned
has
had
a
to
know
on
a
Perhaps no system
greater effect on the
prevention of the untold suffering
from poverty than the whole Se¬
curity Program, the underlying
foundation stones of which are
now laid and upon which we can
more a
Congress
on
philanthropy
in America at the same
steady demand for govern¬
ment, or legislation—local or
eral—taking over some of
things which had been
Fed¬
"That
new
really
wasn't
and startling because we
tected.
"We
learned
what
had
to
these
developed
(Continued on page 2384)
Policy"
be
and
to
the question
of these
Taxation
plan
sons
to
hold with
and organizations
in the
subject.
the' place
in
should
there
a
tax
profits,
make
that
rations
be
Committee believes that no
such
So far as
be imposed.
should
tax
per¬
Federal taxation is concerned the
interested
(Continued on page 2383)
n
"They Should End With the War"
again to point
lend-lease aid rendered by
I take the occasion of this report
that
out
the
reverse
nations of the British
States is
only
a
Commonwealth to the United
part of the aid which we have re¬
ceived from the British in fight¬
The United States
greatly from re-
ing this war.
benefited
has
facts
forth in this report indicate.
lend-lease aid, as the
verse
set
But
total
prepared
have benefited far more,
we
and in
As
a
far larger sense,
from the
fighting effort of our allies.
I have stated in previous
lend-lease reports
and
as
the Con¬
has expressed itself in re¬
ports by its appropriate commit¬
tees at the time of the virtually
GENEilAL CONTENTS
Editorial
Financial, Situation......
• •
••••-.
Page
unanimous renewals of the Lend-
'2377
Lease Act in 1943 and
lease
Regular features
Moody's Bond Prices
Moody's
Common
October
and Yields....2387
Items About Banks
and Trust
Cos..2392
.2390
NYSE Odd-Lot Trading............
State
General
of
Trade
Review.
Weekly
Carloadings............
Weekly
Engineering
Pape.rboard
.2378
....
Index.2389
—
.2391
Construction. .2388
Industry Statistics..... .2391
.,..
.2391
Fertilizer Association Price Index..
.2388
Weekly Lumber Movement...'..
Weekly Coal and Coke
Output..,.2389
Weekly Steel Review—......
..2388
Daily Commodity Index.;.2387
.2390
Weekly Crude Oil Production
xmn-Pevroufi
Metals
Market
Weekly Electric Output.........
...
.2389
2388
under lend-lease.
account
on
reverse
We
action.
2390
Exchanges.. .2390
Trading on New York
and
not two sides of a
President Roosevelt
Stock Yields for
......................
to
your
gress
Moody's
done to stabilize employment
taxes
Revenue
Internal
National Planning Asso-
Commodity Prices, Domestic
forever.
build
anything
al¬
time that America was growing ready knew of it from these smad
into its enjoyment and into its ex¬ experiments often described and
endorsed by the League for Polit¬
ploitation of its great natural re¬
ical
Education,
and iT we
had
sources, and its great wealth, and
learned how old age could be pro¬
so
we began
to have more and
"This conception of
grew up
Monetary
the
respect
apply to corporations that do not
make profits as well as to corpo¬
"Fiscal
protec¬
prevention of poverty which
have
smaller scale.
and in
•
underlying
principles so that the whole
people of the United States may.
lave access to the techniques of
of phil¬
anthropic ac¬
c u r
certain
tive
scope
gram.
In recalling
for
into the laws of the country
tself
enlarge¬
ment
of
the
se-
and
"With
•
partment of the United States for
purpose of discussions which
the Treasury Department and the
staff of the Joint Committee of
of the Asso¬
the report on
these
taxes.
whether
"Winning the War and
on
;hat
ten
ther
social
mittee
of
repeal
immediate
the
Sys¬
Tax
Planning Com¬
ciation's Post-War
the Peace";
people and so we have
drift toward legislation —
labor legislation,
finally in the
ast few years, I am proud to say
ind extremely proud to have had
i part to play in it, we have writ¬
%called for fur¬
the
before it the report
;ity ordinances, and
City,
tivities
•
Oct. 10 and 19, to
ill of the
State, social and
of
New
in
reer
York
them available
the techniques of the
prevention of poverty and the pre¬
vention of ill health available to
ind making
by the found¬
ers
Post-War
Fiftieth Anniversary Founders gard to post-war tax plans which
Perkins, Secretary have been the subject of public
discussion.
The Committee had
an small scales by private enterarises and making
contribu¬
the
tions
-
Committee held meetings
consider rec¬
ommendations to be laid before
the Board of Directors with re¬
spect to the position which the
Association should take with re¬
on
the
on
City, Miss Frances
after
king
spea
of of Directors and
follows in full:
"Your
be¬
tem" prepared by the Division of
Tax Research of the Treasury De¬
16, at the Town Hall
Day celebration in New York
of Labor,
by the Board
had
also
the
1
n a
Committee
sources.
Committee
to
business; and the revenue derived
from them is apparently insignifi¬
cant. We recommend that the As¬
sociation reassert its demand for
used in part as a basis
for its discussions, a set of "Ques¬
Means
and
they are a constant annoyance
Development,
fore it, and
Com¬
mittee,
the
by
suggestions from vari¬
as
other
"The
the Senate Fi¬
nance
well
High
for
proposed
mittee for Economic
De-
Treasury
Plan
Tax
Committee of the Com¬
Research
the
to
Federal
Employment"
forth-
with
p
war
to be sub¬
mitted
excess-profits
capital-stock taxes—This As¬
sociation has repeatedly declared
itself as in favor of the repeal of
these taxes. They have no real
basis in reason for their existence;
and
Chr.
H.
"Twin
mendations
enue
Secretary Perkins Recalls Progress
Of Social Reform Movement
Beardsley Ruml
Sonne; the so-called
Cities Plan"; and "A Post¬
Plan last week.
are
Corporation. Taxes
A.
"1. Declared-value
Tax
Federal
under
We
are
reverse
1944, lend-
lend-lease
are
financial trans¬
not loaning money
receiving payments
are
not
lend-lease.
The
lend-
is, instead, a system of combined war
supply, whose sole purpose is to make the most
effective use against the enemy of the combined re¬
sources
of the United Nations, regardless of the
lease system
origin of the supplies or which of us uses them
against the enemy. ...
Lend-lease and
of combined
war
reverse
supply.
lend-lease
are
a
system
They should end with
the war.—-Franklin D. Roosevelt.
The bold face is
ours.
As to the rest of it
we
can
ing
as we seem
only hope that our
and as little self-seek¬
to be in these matters.
allies will prove as generous
—
Rum! Re-elected Head
Industrial
Activity Down Slightly In
Federal Deserve Board Deports v ;■
part of November, while commocl-w
ity prices were stable," said the banks rose sharply during the in¬
Board in its advices Nov. 27. The ter-drive'period and are about a
billion dollars greater than at the
Board continued:
beginning of the Fifth Drive. Re¬
-Industrial Production
serve funds to meet the increasing
compared with 231
requirements, as well as a -cur¬
rency
outflow,
were
supplied
largely through substantial addi¬
tions to the Government security
Output of durable
manufactures continued to decline
the. Reserve Banks;
holdings Were increased by over
slightly, while production of non¬
durable goods and minerals was
maintained at the level of the pre¬
three billion dollars between
"The Board's seasonally adjusted
of the
230%
was
in October
in
production
industrial
of
index
as
1935-30 average
"At
a
reserves,
7% below the peak
was
fairly rapid rate immediately
following the close of the drive
and other non-ferrous metals
per
continued
to
decline, wuth output! and
tailed
50%
than
more
three-fourths of -these excess re¬
the
from
About
dollars.
billion
a
,
generally
fluctuated
then
around
of aluminum and magnesium cur¬
held by country banks.
are
peak rates reached at the end of
last year.
In the machinery and
serves
transportation equipment indus¬
tries activity declined slightly in
cities, bill and certificate holdings
declined by around 2% billion
October.
production
October
from the
September rate which
was 10% above the pre-war level.
Output of lumber and also pulpwood has been limited during the
dollars
past two years because of the dif¬
ficulty of recruiting labor in these
dollars.
Lumber
showed
little
change
creased
declined
,
rm.
was
•
.c
farm
in
August to
what
u
the
over
dealers
can¬
November.
Other
chasing
carrying
of
Newsprint
a
greater
production
than seasonal increase in October,
began
to
or
early
increase
for
loans
Distribution
Department store sales increased
considerably in October and were
13% larger than last year, which
is
about
the
year-to-year
same
increase that has prevailed in re¬
cent months. In the first half of
November
sales
high level of
a
further
rose
exceeded by 8% the
and
exceptionally
ago.
year
"Railroad
freight traffic
was
maintained at a high level during
October and the early part of No¬
vember.
Bank Credit
,
"On
the
the
Sixth
eve
War
deposits and
of
the
opening of
Loan
Drive
currency
bank
securities
continued
handling
decline.
to
other
secur¬
deposits
in
annual
held
New
City
sonal
York.
urer
of R.
a c
the
who can exert suffi¬
cient pressure to obtain their de¬
mands. In the case, however, of
individuals seeking equitable ad¬
ized
Beardsley Ruml
Reserve Bank
P. B. Stull of
''' *
1
Wilmington; Del¬
in pay to cope with
excessive living costs, the formula
justments
Vice-President and Direc¬
tor of Hercules Powder Company,
elected
of
creation in 1942,
Co.,
"
prepares
membership op the Committee
at the annual meeting.
Mr. Wil¬
is
Board
ary
member, also of the Ex¬
a
ecutive- Committee
of
Chairman
of
NPA's
of
served
Trustees and
Board: for
the
thus
the
Results of Treasury
also
The
27
Nov.
on
cents
tenders of $1,200,000,000, or there¬
abouts,
rose."
1, 1945, which were offered
Nov. 24, Were opened at the
Federal Reserve Banks
Nov. 27.
details of this issue
The
arenas
follows;
Oct. Cotton
The
on
Consumption
Census
Bureau
total
circumventing the formula
5 to 7 cents an hour for
400,000 employees involve a
of 88 companies. Together
with
the
and
month of October:
In
the
month
of
1944,
October,
amounted
consumed
795,379
bales of lint
and
last year.
In the
thfee months ending Oct.
31, cotton consumption was 2,429,955 bales of lint and 372,215, bales
of linters compared with 2,562,335
nn,
»
,
l!
...
byj
cor-;1
*s 111
1944.
Range of accepted
bids:
\
*.
-
,
336,237 bales of,
^
corl esP°n(Lng pe-
t
a ^eai a^0,
competitive
approximately'
'" '
nificance
Low, 99.905, equivalent rate of
discount
approximately
0.376%
volved,
per annum.
them
(53% of the amount bid for at
the low price was accepted.)
imately
There,
ilar
was
issue
of
a
maturity of
bills
the amount of
30
the
a
7 cent
on
a
will
mark
the
in¬
hour basis,
to each of
an
mean
in
recent
months
as
the'ments
by around six
billion
dollars
between
July
12
and Nov.
15; this brought the total
outstanding to a level about a bil¬
On
at
hand
fore
the
Fifth
War
Loan
Drive.
deposits increased by about
a billion dollars. At country banks
outside the leading cities it is esti¬
mated
posits
that demand
and
time de¬
slightly more than three
larger than they
prior to the Fifth, Drive.
■Currency in circulation has in¬
billion
in
public storage and,
compresses
there
and
were
on
Oct.
1944,
31,
11,991,770 bales of lint
27,932 bales of linters, which
lion dollars above that reached be¬
Time
Oct.
on
In
statement issued by Irving
a
Chairman of the Board
S.
Olds,
of
Directors of
the United States
Steel Corporation, with respect to
Olds
"Money to pay increases
come
from
somewhere.
NWLB
the
Of MY Reserve Batik
compares
with
9,776,490
bales of
lint and 38,954 bales of linters on
Sept.
30
lint and
and
bales
of
53,336 bales of linters
on
12,273,785
Oct. 31, 1943.
dollars
creased by about 2.5 billion
the middle of June.
since
There
spindles
1944,
were
active
which
22,228,138
during
October,
with
compares
22,-
239,574 cotton spindles active dur¬
ing
September,
1944,
and
"As a result of the deposit ex¬
pansion, the average level of re- 22,599,574 active cotton
serves
required by all member during October, 1943.
cotton
with
spindles
was
arid
elected
decision,
Mr.
wide range of manufactured
a
articles requiring steel; (2)
by member banks in Group 2 as a
1 taxes made
higher
by
Class A director of the Bank,^ and
income
that Charles E. Adams,
substantial reductions in Govern¬
Chairman
necessary
the
industrial concerns;
by member banks in Group 2 as a
(3) fewer jbbs resulting from the
Class B director... Each was chosen financial weakening of private en¬
of
the
Air
Reduction
mental receipts from taxes on
Company,
Inc., New .York, N,.Y., was elected
for
a
term
of three
ning Jan. 1, 1945.,
are
were
Plainfield, N. J.,
directors
to
years
William
J.
Field, Class A director, and Fred¬
erick
E.
Williamson,
formerly
terprise."
.
Insofar
such
an
last
gress
Act
increased prices
by
manufacturers
$100,000,000
than
more
passed by Con¬
summer
textile
the
to
the
amendment to
Bankhead
the
Stabilization
a year.
exception
the
to
passage
that
mate
be
might
increase
the
much
estimates following
of the amendment
as
esti¬
ranged from $25,000,000 to
His
$150,000,000.
as
$50,000,000.
L
that
provided
amendment
The
on
each major cot¬
item,
separately con¬
ceiling prices
textile
the
In conceding that
conservative in his
cotton grower.
he
too
was
;
original estimate, Mr. Bowles ex¬
this "huge
pressed- the hope that
would not be passed on
consumers by the manufacturer.
charge"
to
Price Index—Com¬
Commodity
modity prices at the primary mar*
ket level were unusually steady
ended Nov. 18.
only 0.1% re¬
corded
in' three
groups—farm
products, fuel and lighting ma^
during
with
week
the
of
increases
terials
chemicals
and
and
allied
announced by
the V. S. Department of Labor in
its report released Nov. 23, which
went on to say"These slight
products—it
was
workers
wages,
the
as
the justification
for
contention
living costs
have
far
of
the
for steel
outstripped
since the official index, of
Bureau
reveals
.
the
that
the Federal Reserve Act.
It'remained
un¬
104ri % of the 1926
average.
Since 'about the middle
of October prices for these comchanged
at
0.3%
risen
have
,modities
1.5% higher than
time last year," j
'
;
point
Steel
;
Industry
—
to a
r
this;
at
1
/
"The
.com-,
plexion
of
steel. orders
has
changed considerably in the past
few weeks, and more changes are
expected in the distribution pic¬
ture during the first quarter of
i 943," stated "The Iron Age" in
its issue
of Nov.
23.'
In past
.
months
accent
programs
as
was
far
concerned,
was
shifted
to
only
on
many
war
steel supply
but
has
now
as
major war
Evidence
one
steel item—shell steel.
early this week was that the in¬
creased-shell program will not be
increase, the facts do not
out
bear
Union
Class B director, was held in ac¬
cordance with the requirements of
An item in the matter appeared
in our issue of Oct. 12, page 1610.
of
earning
begin¬
The election of
succeed
Bowles,
Price Administrator, reported that
all commodities,!
about $58,240,000 a year.
to
•
Pond, Adams Directors
pany,
;
the
hour. On a
basis it would increases did not affect the Bu¬
amount to $1,120,000, running up reau of Labor Statistics' index of
an
said,
31, 1944, which,
must
Treasury expended funds raised compares with 1,713,963 bales of.
Beardsley Ruml, Chairman-of- Whatever the source the public
during the Fifth War Loan Drive. lint and 213,429 bales of linters;
the Board of the Federal Reserve eventually pays the bill in one
on Sept. 30, 1944, and with 2,206,-;
"Adjusted demand deposits of
443. bales of lint and 432,408 bales' Bank of 'New York, announced on
way,;or another. This may come
individuals, partnerships, and cor¬
Nov. 17 that Harry H. Pond, Pres¬ about in one of several ways: (1)
porations at reporting banks in of linters on Oct. 31, 1943.
ident of the Plaipfi.eld,Trust Com¬ Higher prices for steel products
101 cities increased
creased
close of last week Chester
companies
in cost of approx¬
up
$28,000
40-hour
weekly
in
$1,210,155,000.N -;
for
award
the
sim¬
a
Nov.
on
3,
the decision's sig¬
To illustrate
;
■
Prices—At
Mill
Textile
is not
President, v.
0.364%
annum.
per
Jan.
to
however,
door,
The
inequities.
left to the discretion of
been
High, 99.908, equivalent rate of
discount
of existing intra-
retroactive
is
The
and
the remainder of the increase has
v.;.
.•
;
any
the year.
ton
closed to further adjustments in
the 17 cents an hour level, since
•
as
year,- and 846,993 bales of lint and
117,299 bales of linters in October,
.
:
of
the last six
months are expected to be slightly
below those of the first half of
in
goods
sidered, must reflect parity to
the
differentials
shift
plant / wage-rate
award
0.375% per annum.
Deliveries
said.
Department
durable
by
companies to negotiate
the .elimination
-
Average price 99.905, equivalent
of discount approximately
to
125,722
compared with
793,086 bales of lint and 121,430
bales of linters in September, this
!.
-
.
rate
cotton
bales of linters
in full).
of
rate
conces¬
dismissal pay or severance wages,
States, cotton on hand
active cotton spindles in the
the
order
vacations,
re¬
field, but this year
expansion will be
about the same in both fields, the
durable goods
other
cludes
cepted
issued
to
the
Total
port showing cotton consumed in
15
increase,
include,
Wash¬
the United
Nov.
on
gained by "bend¬
its
at
accepted, $1,202,980,000 (in¬
$63,971,000 entered on a
fixed price basis at 99.905 and ac¬
ington
to
or
Board
Total applied for, $2,061,528,000.
advanced
have
goods
rapidly in most' of the war
more
hour have not been met,
an
sions
;
,
the
17
of
demands
amounting
but the benefits
Treasury bills
91-day
of
workers
steel
the
that
some
also
durable
Mr. Bowles, it is reported, took
True,1 the full
Secretary of the Treasury
announced
durable
remainder
omy.
on
loans
that
power
well may wreck our whole econ¬
average
mercial
buying
inflationary
ing"
during the late fall. Com¬
by
impaired
to be dated Nov, 30 and to mature
creased
to present
potency of
The
raising pro¬
duction. costs and by building up
is
March
corporate issues, in¬
new
them
demands.
$94,000,000,000,. will
goods arid the'
non-durable goods, the
which
Department of Commerce recently
reported. The increase from'. 1943
will be about 7%.: Shipments of
groups,
wagestabilization machinery
our
.
organized
.enabling
fheir
preceding that of William. L.
Batt, the present Chairman.
term
other
to
door
as
of
represent
period than have those in the non¬
'
•
the way for an inflation¬
condition that may well tend
to make the plight of the Ameri¬
can people worse. By setting, the
formula aside it has opened - the
elected
was
;,
inherent in such a
decision
must
not
be
lightly
brushed aside. The Board's action
to
son
Shipments by manufacturers this
will be about $158,000,000,000,
year
an
The dangers
Charles E. Wilson, President of
General Electric
moderate relief from
even
intolerable situation.
especially active' in the
studies of post-war
Committee's
industrial reconversion.'
an
impenetrable barrier in the way
Mr. Stull, a member of the Com¬
mittee since its
rigidness that places
a
assumes
Viee-Chairman:
as
groups
possible detriment of all in¬
dustry and the American people.
Manufacturers' Shipments-
meet the demands of well-organ¬
of New York. ;'
was
the
the war are to
compensation to
further
receive
the formula is flexible enough to
of
,
benefits by
teiial
In-effect
formula.
bending"-the
,
by
this
in¬
the
risen.
about
by
the Board's decision,
particular group of workers
who have already obtained maThus,
upon
have
.
actual, wages
arid
65% above those paid in 1939.
no
accomplished "without even
was
d
Federal
aware,
43%
the NWLB stated that the advance
Company and
Chairman
shows
instances,
.
base, wages
ployees
pace
.
H.
a n
y
snail's
keeps
upward trend of prices,
in pay to the steel workers,
William H. Davis, Chairman of
■
M
.
In- commenting
the
is Treas-
segment
a
crease
Chair¬
for
man
wage
It was especially disconcerting to, those who
people.
change at all.
Ruml, who. has
acted as Com:
year,
the
or.Anmany
vember 17. Mr.
mittee
The result of the Board's action
the
„
that
income
with
No¬
on
borne
hardships
tions of
There were 1,976,720 bales of
time. Such holdings of pint and 211,930 bales of Kilters.'
and currency have in-1 on hand in consuming establish-;
previous
tee's
meeting
the
adjustments
of
formula.
privations and <$>:•—
; ■..
■
.
changing econ- the cost of living has increased
omy imposes,.
A condition where about 25%. In contrast to this rise
living costs skyrocket and per¬ it should, be noted that steel em-;
have
ah
Commit¬
«
CIO
Workers
surprising, but it was most disheartening to a large
not
of the American
ities, reflecting substantial flota¬
owned
indiyiduals, partnerships, and
porations were larger than at
sociation
the
1
a
As-,
Steel
"Little Steel"
the
above
was
pur¬
continued at about the level of the
preceding month.
"Output of coal and crude pe¬
troleum
was
maintained, while
production of iron ore continued
to decline seasonally.
o n
t i
a
Planning
National Wa°r Labor Board on Saturday, last, in grant¬
United
the
the
in
Government
Loans
for
ing
■
long anticipated has now come to pass with the action
was
taken by the
re-elected
was
following period
mainly at
Output of chemicals, rubber prodacts, and other non-durable goods
N
level^com-
a
ku|-
showed
consumption
and
brokers
to
food
fruits and vegetables.
of
parable to that prevailing prior to
the Fifth Drive, fluctuated some-
neries and" was' made possible by
^increased
'.
-
rise m
changes. The
manufacturing
•
-
million
purchasing or carrying Gov¬
securities, which had de¬
clined
after allowance for the customary
,
101
ernment
in
October, while output of manufac¬
tured
food
products
increased,
seasonal
800
around
by
"Loans
for
shoe factories
at
in
banks
riod-reflecting
"Activity at cotton textile mills
.
reporting
during the inter-drive pe¬
sales,- largely to
the
Reserve Banks,
as
member
banks adjusted their reserve posi¬
tions.
Bond
holdings were in¬
in
industries.
and
mittee
has been
"At
What
Chairman of the Business Com¬
a
Production of cop¬
year ago.
Member
15.
Nov.
prior to the Fifth Drive. Excess
which increased during
the War Loan drive, declined at
mills production in¬
slightly in October but for
steel
the month
of
and
12
July
bank
borrowings at the Reserve Banks
also increased as they had done
ceding month.
creased
of
portfolio
September.
Beardsley Ruml
as
The State of Trade
i- J
■ 0f HPA Business Gom.
"Output and employment at factories and mines showed little
change from September to October," according to the summary of
general business and financial conditions in the United States issued
by the Board of Governors of the Federal Reserve System, based
upon statistics for October and the first half of November,
"Value
of department store trade increased further in October and the early
Thursday, November 30, 1944
CHRONICLE
THE COMMERCIAL & FINANCIAL
.2378
of
Labor
that from
Statistics
January,
1941
at
the
the first quarter, but will gain
in
its
extra
in
steel
ently
expense
supplies
of
steel
from
rails
cutbacks
directives.
"Appar¬
clear track has been defi¬
plate
a
nitely established for first quarter
steel rail requirements,
which will
600,000 tons.
It is
(Continued on page 2386)
total
about
Volume 160
States
President Reports on
Reverse Lendlease Sid Received by II. S. From Britain
In
17th)
to Congress on Nov. 24 transmitting a report (the
lend-lease operations, President Roosevelt noted, that 15 of
a
message
on
the
from
British
Com¬
monwealth of Nations up to
June
had borne
"For
•v
the
One year ago
j
workable
building
a
that will endure
that
-a permanent and stronger United
Nations can provide in winning
'security from aggression, in build¬
ing the economic foundations for
a more prosperous world."
"
;i According to the President's
message to Congress, "one year
ago the Governments of the Brit•ish Commonwealth reported their
•expenditures for reverse lendpeace
shall need all the strength
we
lease aid to the United States, on
the
basis
v
estimates
of
carefully
from their
prepared
records, as
;totaling $1,175,000,000." They now
report, he said, "that by June 30,
1944
one year later — these ex¬
penditures had risen to ; $3,348,000,000 — almost three times the
previous total."
—
President
The
J.
that
observed
"reverse lend-lease has played an
essential part in the stupendous
job of preparing for and supplying
the
great
Allied offensives in
Europe."
He also said that "it
have required a thousand
ships to send across the Atlantic
would
what
received
we
for
our
men
lend-lease from
the United Kingdom," and he fur¬
through
reverse
ther stated that "we
thousand
these
use
ships instead
supplies and equip¬
for carrying
that had to
ment
able to
were
come
from the
United States."
The
indicated
President
lhjft
against Japan, United
forces have also received
"for the
States
war
increased
supplies
of
quantities
and services in the last six months
lend-lease
reverse
as
and
tralia
Aus¬
from
New
Zealand, and in
India." With respect to the Presi¬
dent's
remarks
that
lend-lease
and
reverse
lend-lease
"should
with
end
Press
the
Associated
war,"
from
accounts
Nov.
on
Washington
said:
24
*
President's
The
hailed
position was
Capitol. Chairman
the
at
Connally (Dem., Tex.), of the Sen¬
Foreign Relations Committee
said, "I am glad the President
ate
end it at the end of the
wants to
I have always said it
war.
should
be ended then."
Meanwhile, it
ish
and
was
learned, Brit¬
lend-lease
American
ex¬
lengthy secret sessions
virtually completed a
$3,500,000,000 program of lend-
perts
in
here
have
lease to Britain for 1945.
This program is built on the as¬
sumption that the war in Europe
will end at least during the early
of
months
1945
thereafter
and
lend-lease to Britain will be
justi¬
fiable to the extent that it helps
the British
is
This
\
fight the Japanese.
over-all
mated
in
reflected
the
of the
total
esti¬
new
about 50% of
rate of ship¬
ments which in recent months has
averaged between $10,000,000,000
and $11,000,000,000 a year.
program which is
the present annual
submission
the
With
of
the
President's report to Congress, the
Associated
Washington
British
a
advices
Press
Nov.
out
put
from
said: "The
similar report
24
a
few hours earlier covering about
statistics.
This
showed
the
same
that
th£ United Kingdom had sup¬
plied,
to
up
munitions
valued
services
and
June
and
that
30 this year,
other
at
goods
and
$2,437,062,000.
Australia, New Zealand
and India furnished $911 065.000—•
a
"The
for the
•30,
a
United
to
the
same
total
States
has
fur¬
United
Kingdom
period, ending "June
of $9,921,549,000 of
iend-lea^e and to aR the Allies
total of
a
$28,270,351,000 worth. But
London,
Nov.
,
24,
,
hundreds
barges, tugs,
India
increased
the
aid
lend-lease
rate
of
have
reverse
ported, their expenditures for re¬
received in the first six months of
verse
lend-lease aid to the United
it i was showed
reverse
significant increase in
a
lend-lease
aid
from
the
Mutual Savings
Banks
1944 has kept pace
we
with the rising
tempo of air, land and sea opera¬
tions
in
the
Burma-India
and
A significant pro¬
China theaters.
supplies
portion of the
we
have
received in India has consisted of
aviation
gasoline and other pe¬
products
drawn
from
troleum
British oil
resources
East
refined
and
in the Middle
at
the
British
refinery at Abadan. This gasoline,
lendlease, without payment by us, is
helping to power our B-29 Superprovided
to
us
as
reverse
Support 6th War Loan
"Again the
willingly take
nancing
our
effort,"
said
Roberts of
American people
their task of fi¬
greatest national war
up
Isaac
President
the
National
tion of Mutual Savings
W.
Associa¬
Banks and
President
of
The
Philadelphia
Saving Fund Society, commenting
upon the Sixth War. Loan.
"For¬
tunately we have the largest store
of day-to-day savings ever rec¬
orded, deposits in mutual institu¬
tions now approximately $13 bil¬
lions of dollars.
More than half
amount-, British
Commonwealth.
These
of this imposing sum already has
ing to $4,318,592,000 since the war, were the months when the final
been invested in Government se¬
began, - a - Government ■ report '.on. preparations were being made in Fortresses in their raids from both
curities and we will make an im"mutual aid'!, announced on .that the United
Kingdom for the lib¬ .China and India on the Japanese
day. The press advices .added: h eration of western Europe and for homeland and on such enemy- poidant direct contribution to the
success
of this Sixth War Loan by
Chief beneficiary has been: the the offensives aimed at Germany.
occupied strong points as Singa¬
the purchase of additional Gov¬
United States, which during the
In
these
six
months, United pore. It is also being used by the
ernment securities for our own
year from July, 1943, to June, 1944; States forces in the British Isles fighter and bomber planes of the
received from Britain alone, $2,- received the equivalent of almost Tenth
and
Fourteenth
United accounts." He added:
"Of
418,920,000 worth of goods, arid 3,851,000 ships' tons of supplies States Army Air Forces.
equal importance, every
.1 take the occasion of this report mutual institution is organized to
services, the report said.
■;. ;,V ',•/ from the United Kingdom under
In addition, during that .year, reverse
assist
in
wide public distribution
lend-lease, exclusive of again to point out that the reverse
alone, British ships brought to the construction materials and gaso-: lend-lease aid rendered by nations of the new War Savings bonds to
United Kingdom more than865,-.
line; compared with 2,950,000 tons of the British Commonwealth to individuals. Mutual savings banks
000 uniformed Americans,; includ¬ in the entire preceding 18 months. the United States is only a part have established special facilities
ing 320,500 carried on the Queen In/ monetary value, the supplies of the aid which we have received to advise the public and help in
Mary and the Queen Elizabeth.
and/services we received in these from the British in fighting this the accumulation of private funds
Next to the United States, the. six months were greater than for war. The United States has ben¬ for bond purchases, We are con¬
the Allies lend-lease aid
,
most aid was given to Russia —
$1,077,828,000 worth of goods dur¬
ing the year, including 1,042 tanks.,
Aid to other countries since the
the entire
efited greatly from reverse
preceding year. ''
By D-Day, United States armed
forces
had
reached the United
Kingdom in vast numbers. From
the day our first soldiers arrived
began included:
China—$36,200,000.
|
France- -Up to June, 1943—$54,-!
400,000.
Poland- -(Provisional) — $480,-'
and
000,000.;:
under reverse lend-lease. The per¬
war
Greece—$49,472,000.
:
• '
Czechoslovakia—$74,516,000. • I
Portugal—$44,532,000.
i
Turkey—$82,724,000. ;
/"•/
Aid given American forces, the!
report said, included petroleum'
products worth $235,528,000, air-1
.
in
1942, one-third of all supplies
equipment currently required
by United States droops in the
British Isles has been provided
of total United States
Army requirements in the Euro¬
centages
aid, as the facts set forth in
this report indicate. But we have
benefited far more, and in a far
fident
will
that
be
the
Sixth
War
Loan
assured
largely by the
savings of the Tittle man and lit¬
tle woman.' "'
: '
larger sense, from the total fight¬
ing effort of
As
I
our
Allies.
in
stated
have
previous
lend-lease reports
and as the Con¬
gress has expressed itself in re¬
ports by its appropriate commit¬
tees at the time of the virtually
unanimous
and
theater provided
by the
United Kingdom have ranged as
lease
63% in the case of quar¬
termaster supplies and 58%
for
reverse
pean
lend-
lease
in
1943
renewals of the
reverse
and
lend-
lend-lease
act
1944, lend-lease and
Support Remittances
To Italian Provinces
The Treasury and
ments
on
War Depart¬
Nov.. 24, announced that
support remittances may now be
sent
to
the
recently
liberated
Italian
provinces
of
Viterbo,
Teramo,
Rieti, Pescara,
Macerata, Grosseto, Chieti, Aquila,
sides of a financial transaction,
and
Ascoli-Piceno.
Remittances
We are not loaning money under
engineers' supplies.
of this type'have previously been
craft worth $43,060,000, guns and
Reverse lend-lease has played lend-lease. We are not receiving
authorized
for
other
liberated
mmunition worth $29,196,000, and. an essential
part in the stupendous payments on account under re¬
tahks and vehicles worth $9,-: job of preparing for and supply¬ verse lend-lease. The lend-lease provinces of Italy as well as
Sicily and Sardinia.
The Treas¬
620,000.
ing the great Allied offensives in system is, instead, a system of
combined war supply, whose sole ury Department's announcement
Othej^ items listed as having Europe.
added:
been
built
especially
for
the
It would have required a thou¬ purpose is to make the most ef¬
Americans or turned over to them sand
The amount which may be re¬
ships to send across the At¬ fective use against the enemy of
were 133 airfields, barracks, roads,!
combined resources of
the mitted and the procedures to be
lantic what we received for our the
railways, seaport facilities and men through reverse lend-lease United Nations, regardless of the followed are prescribed in Gen¬
hospitals with nearly 100,000 beds.! from the United Kingdom.
origin of the supplies or which of eral License No, 32A as amended
In addition to nearly $32,000,000
us
uses them against the enemy.
today by the Treasury.
Under
We were able to use these thou¬
worth
of food provided United!
Neither the monetary totals of this General License a maximum
sand ships instead for carrying
States troops in the United King¬
supplies and equipment that had the lend-lease aid we supply, nor of $500 per month may be sent to
dom, the report said bulk food-, to come from the United States.
the totals
of the reverse1 lend- any person in the designated provstuffs and raw materials amount-5
Without the reverse lend-lease lease aid we receive are measures vinces for his support and that
ing to $54,000,000 were shipped to aid that we received from the of the aid .we have given or re¬ of his family.
Existing proced¬
the United States, mainly frorn
United Kingdom,, we would surely ceived in this. war. That could be ures have not been changed by
British colonies, but paid for by'
measured
have been forced to delay the in¬
only in terms of the today's amendment and the re¬
England.
Included were 40,000 vasion of France for many months. total contributions toward win¬ strictions
against withdrawals
tons of
natural
rubber, largely Now that this
ning
victory
of each of the United from blocked accounts are still ef¬
campaign has been
from Ceylon.
Nations.
There
are
no
statistical
fective.
Remittances
to the areas
successfully launched and is on
The building program for air¬
the road .to ultimate success, it is or monetary measurements for the added by today's amendment wilt
ports, barracks and other quar¬ possible to include, in this report value of courage, skill and sacri¬ be channeled
through the Bank
ters was estimated to have em¬
facts about specific
and vitally fice in the face of death and de¬ of Italy.
Persons desiring to ef¬
ployed over 100,000 men.
-j important reverse lend-lease proj¬ struction wrought by our common
fect remittances to any area in the
In many cases, it was declared,;
.'!;
ects that could not previously be enemies.
United Kingdom production met.
liberated portions of Italy should
safely disclosed in a public report.
We in the United States can be
all the requirements of the United
consult their local banks.
For
the
war
justly
proud
of
our contributions
against
Japan,
States forces. It noted that spark
The Treasury has been advised
United States forces have also re¬ in men and materials and of the
plugs for certain types of Amer¬
ceived increased quantities of sup¬ courage and skill/and sacrifice of that the Bank of
Italy is estab¬
ican
aircraft were wholly pro¬
plies and services in the past six the men and women in our armed
vided, including 558,500 used here
lishing correspondent relationship
months as reverse lend-lease from forces and of all those others who
and another 600,000
shipped to
Australia and New Zealand, and have devoted themselves selflessly with certain banks in Baltimore,
America.
We Boston, Chicago, Cleveland, De¬
in India. These were the months to the war effort at home.
Britain
also produced 137,000.
in which the forces under Gen. can be rightly proud of and grate¬
troit, Milwaukee, Newark, New
jettison fuel tanks to increase the
ful
for
the
contributions
in
men
MacArthur were completing the
range
of U. S. fighter aircraft,j
Haven, New Orleans, New York,
New Guinea campaign and w.ere and materials of our allies and
50,000 pieces of armor plate, and
preparing to launch the campaign the courage and skill and sacrifice Pittsburgh, Providence, San Franduring the first six months of this;
for the liberation of the Philip¬ of their soldiers, airmen, seamen cisco, St, Louis, and Washington.
year
7,087,802 "Jerricans," con¬
and peoples.
■
/; ' /■
tainers
The correspondent banks will for¬
specially constructed to pines/' In. this war the United Nations
Our forces in the Pacific have
hold gasoline.
ward payment instructions to the
have
all
drawn
strength from each
received
1,850,000,000
The
President's
message
ad¬ already
Bank of Italy, and the Bank of
other—our
Allies
from
us
and
we
dressed to Congress on Nov. 24 pounds" of food alone from Aus¬
tralia and New Zealand, including from them. We can now begin to Italy will make payments in lire
follows:
•
see
the full significance of the
more than 400,000,000 pounds of
to the beneficiaries. To the Congress of the United
overwhelming power -that this
beef and other meats.
Treasury officials again empha¬
States of America:
steadily
closer
partnership
has
;Z Another important reverse lendI am submitting herewith my
created.
We already know how sized the fact that the regulations
lease 'program iu this theater has
17th report to Congress on lend-,
much it did to save us all from do riot authorize the sending of
been the production for our forces
lease operations.
disaster.
We know that it has
of landing craft,, small ships and
checks, drafts, securities, or cur¬
In 15 of these reports I have re¬
boats, for the campaign we are brought and will bring final vic¬ rency to Italy.
tory months closer than would
ported 011 lend-lease aid extended waging in the Pacific.
Tremen¬
by the United States.
One year dous numbers of these boats are otherwise have been possible.
high
as
lend-lease
are
not
two
Terni,
.
„
1
.
..
-
.
,
the twelfth lend-lease report
ago,
to Congress set forth the reverse
lend-lease
United
grand total of $3.348,12F000.
nished
from
stated that Great Britain has given
In
the Governments
on
of
tasks
to our forces many
coastaP steamers,
of the British Commonwealth re¬
'but that his latest report had to do
•stronger," he added.
over
of
lighters, yachts and launches.
39, 1944.
lend-lease aid extended by theUnited States, States, on the basis of estimates
with "reverse lend-iease aid re¬ carefully prepared from their rec¬
ceived by the United States from the British Commonwealth of Na¬ ords,
as
totaling $1,175,000,000.
tions up to June 30, 1944." The President described "lend-lease and They now report that by June 30,
reverse lend-lease" as "a
system^
——* 1944—one year later—these ex¬
of combined war supply." "They Mr. Roosevelt urged that no corn- penditures had risen to $3,348,should end with the war," he said, parisons
be made on a dollar 000,000—almost three times the
V- previous total.
'"but the United Nations partner¬ basis." .'
In
Associated
Press ■< advices,
The first six months of 1944
ship must go on and must grow
the reports
23 79
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4338
aid
States
Commonwealth
the
lend-lease
covered the
received
from
of
act.
the
bv
the
British
NaRons under
That
report
period up to June 30,
1943.
I now report on reverse lendlease. aid received by the United
vide in winning
security from ag¬
lendgression, in building the economic
combined
foundations for a more prosperous
scattered
across
thousands • of war supply. They should end with
world, and in developing wider
But the United Nations
miles of .water... More than 9,500 the war.
opportunities
for
civilized ad¬
of these craft had been produced partnership must go on and must
vancement for the American peo¬
and delivered by Australia alone grow stronger. For the tasks of
ple and for all the other peacein time for the. Philippines cam¬ building a workable peace that
loving peoples of the world.
paign and over I? 000 more are will endure, we shall need all the
FRANKLTN D. ROOSEVELT.
strength that a permanent and
on the way. Tn addition, Australia
and .New Zealand have turned stronger United Nations can pro- The White House, Nov. 24, 1944.
needed
for
operations
landing
on
and
supply
hundreds of islands
Lend-lease
lease
are
a
and
reverse
system
of
THE COMMERCIAL & FINANCIAL CHRONICLE
2380
r
■ -
.
(Continued from first page)
■
such
if
tion in
of
reasoning
valid, then it would pay
equipment at one and
time as encouraging were
signs of enhanced economic us to go at intervals through
well-being in tha... post-war the plants of the nation and
years.
As a matter of fact, it put facilities into disrepair in
might grow
may well prove that neither order that we
of them is.
An enlargement rich repairing
the damage
of capacity to produce, if the thus inflicted!
Precisely the
enlargement has occurred in same argument would apply
the capacity to produce the to the notion that the state
.things which the people want of disrepair found on the
and are willing to pay the roads and the streets of the
cost of production for; should country and cities, and in the
without any question be put public facilities throughout
down on the credit side of the the land is a potential source
ledger.
But is this the fact of wealth. There is evidently
of the matter?
It would ap¬ something quite radically
pear rather doubtful. In some wrong with this popular line
degree it has been, of course, of thought about such things.
the
same
but close examination of the
Poor Yet Rich
nature of the added facilities
is
likely to lead to the
very
conclusion that much of it is
of
worth
doubtful
in peace¬
time, and that next to none
will
it
of
in
what
worth
be
peacetime
it
cost
to
con¬
struct in wartime.
We
It is
that
,
fact that
the
less well sup¬
most of us are
plied with the necessaries or
life
luxuries of
the
than
is
usually the case can be re¬
garded as a source of wealth
economic well-being in the
or
make
now
can
foolish to
more
even
suppose
many,
Franklin
27
Nov.
RooseVelt
D.
the
suggested
under
post-war
universal
a
Exchange Commission on Nov. 21, at Phila¬
The Securities and
service
Exchange to extend unlisted trading privileges on six common stocks,
comprising the Lukens Steel Co. $10 par stock; Merck & Co. $1 par
stock; Northern Natural Gas Co., $20 par stock; Public Service Co. of
Indiana, no par stock; Warner & Swasey Co. no par common; and the
in common stock, $10 par
of occupation. This was the Puget Sound Power
These stocks are
disclosed in a press dispatch on; Co.
and
Nov. 27 from the Washington of¬ over-the-counter,
law
an
passing part of that year
army
fice
of
the
York
New
In answer to
tion
it
for
the
immediate
of
Dealers
Congress to
action
stocks
the
on
take
passage
service
law, Mrs. Roosevelt replied: "It is
universal
post-war
a
of
behalf
in
of
several
ques¬
whether she considered
to
as
wise
Association
of
value, of1*
and,Light | the
traded
in
Na¬
the
Security
itself and
the
companies
whose
involved contends that
are
the issues
are
not
sufficiently
securities
tive •in
the
warrant
trading
on
ac¬
market
to
the Curb. The
take
to
action
of
use
than
more
tion of these metals
frac¬
a
of social service work and
types
privileges, and which had not reg¬
can
we
produce. The plant that
has been brought into being
to
make airplanes must in
large part be converted ex¬
tensively if it is to be em¬
ployed in the manufacture of
other products, as it must be
now
if it is to be utilized advan¬
How much it will;
tageously.
cost
convert
to
it,' and how
much it would be worth
it is converted
time
can
part of
no
one
once
at this
An enormous
increase in plant
say.
war
has been created for the pro¬
duction of
It may
be doubted if any very mate¬
rial part of this will be worth
much of anything after the
war.
And so it goes.
The
explosives.
fact that
mere
have
we
ex-
whatever is necessary
to re¬
his
wardrobe,
his
fill
sires
a
And when he has done
fact.
of their securities are closely
even
individual, or
group of individ¬
single
a
for
a
cup¬
the
such
to believe
in any
come now
to
one
of the
most
of
commonly cited sources
economic well-being after
war-—the
the
current
large
economically
have
accumulated
the
of
stronger than before.
things
we
have much money
"
Facilities
Under-maintained
;
But it is merely foolish to
suppose
half
that
machines
and
the
assets much greater
same
The
to
The
like
the
are
than the
seems
be that since it will be
to
neces¬
picture thus presented to
unthinking is
it appears
unmask
in
It
it.
'
course,
almost
of
Plenty of Money
What
,
is
tervened.
the
Once
and
war
is
disap¬
rationing
pears, all these Toms, Dicks
and Harrys will go promptly
into the market and satisfy
What
their wants forthwith.
market?
will
whom
From
to repair or replace;all
has the cash he
he
a
of
guaranteed,
ployment
corresponding
and
since
brings
and economic
source
em¬
prosperity
well-being,
chines in need of repair
special
is
employment
of wealth.
ma¬
are
a
of
what is likely to
Armistice
on
the
day will be money.
shame to Simultaneous effort on the
is true, of part of the millions of holders
a
>
can
of the
-wants
funds
these
of
have what
good things
life—although
clear why
is
not
at# any time he is
the cash but
better off with
without
it
the
goods
than
he
would be with the goods and
minus
the
corresponding
But 'amount of cash.
hot
are
of
amounts
available in
trading on
market for
securities exchange.
open
in the
dealing
shares
as
a
for the same securities.
stocks, therefore," said
Lockwood,
"belong
oil
a
Stock Exchange. The record shows
conclusively that the public in¬
terest and the protection of the
investors necessitate the exchange
market. If unlisted trading priv¬
"Such
Col.
ileges
are
stocks
it
granted
not
difficult
is
these
to
to
that
see
the purpose
of Congress 'to create
of competition be¬
tween. exchanges as a group and
the over-the-counter market' will
field
fair
a
be created."
to Col. Lockwood on
answer
this point Mr, Thayer
attacked the
Commission
as
of : the
study
to over-the-
unfair"
and
"biased
trading,
counter
supported
and
position of NASD," f the principle that there must be
Thayer stated, "that there is! sufficient distribution of a securnot sufficient public distribution ity in the vicinity of New York
of the Lukens, Merck, Northern, to support the claim of a grant
Public Service and Warner com- of unlisted trading privileges on
mon stocks within the vicinity of
the Curb.
;
the
is
,
exchange
to
would
mean
up
of
a
necessity
merely
competitive
bidding
of what
supplies actually
Hopes America Will Act Differently This Time
The surest way of
We
should
be
wise,
per¬
haps, to reconsider the funda¬
mentals
been
on
which
running
But be that programs.
cur
we
preventing a third World War would be "by
this time," it was stated by David Lloyd
America's acting differently
George, Great Britain's Prime Minister in the First World War, in
an interview on Nov. 25, according to Associated Press advices from
These advices, as
London.
given in the New York "Times," went on
to say:
In
•
of his rare
one
press
inter-<3>~
views—he has not talked thus for
years—Mr. Lloyd
own expression
and vigorous, was asked
two
than
more
by
George,
still keen
his
have
post-war
holding that it would be the
only reliable means: of exorcising
the military spirit.
He said.that
he
with Germany
after the first World War, Rather
without
grimly and without hesitation, he
replied:
"America.
If they had kept to
German
bargaining instead of back¬
in
thought this could be done
arousing mass resentment
■
Germany,
show
would
Nations, things would have gone
differently."
•v.
of
earnestness
blunt
he suggested that Amer¬
ican-statesmanship
and
public
opinion would hold
national
been
outlook
made.
He
a
broad inter¬
after
held
peace
that
had
the
wish
perhaps be the great stabilizer.
and
On his
of
own
share in the prose¬
the
gigantic war of a
and in the shaping
generation ago
destinies
at
Versailles,
incisive:
the
"If I had my part to do
or
view, would
disarmament,
otherwise.
*
post-war
haze
of
too
into
far
prophecy."
the
Al¬
nations,
withheld
he
com¬
possible political, social
reorganizations of
on
economic
except for brief ref¬
in his own
future,
to
erence
portents
land.
"There will be
Mr.
Lloyd George, who will be 82 years
old next Jan. 17, was brusaue and
dra¬
been
though agreeing that great changes
were
undoubtedly in store for
ment
cution
it
the
by their masters,
venture
to
twilight
most
to
had
that
extent
problems
and "probabilities
generally, Mr.
Lloyd George said that he did not
a
commitments
States
war
Concerning
potential world community would
United
what
absolute
involuntary
the
intimating
Good Germans, in his
welcome
With
.
to
people
gooned into
ing out and leaving the League of
his reply,
Germany after this
war,
what had been the Allies' greatest
their
of
armament
mistake in dealing
of
existed.
.
Lteyd Seorge Contends Greatest Mistake of First
World War Was Action of U.Se in Leaving League
.
new
them for goods they have long
ordinary times that if he wanted and long been denied,
equipment when the
over,
that
that is, that
be most abundant
single individual
such
war
so rosy
1
■
a
sary
is
shares
"It
shortages has received the value of the
want, but
goods in funds with which he
the ban is lifted after the war.
and
in
Mr.
with which can
buy the goods if he wants
satisfy these wants when them. One
thing seems clear;,
wornout
machines in good repair.
popular notion
amount
sufficient
that
....
are
we
poses
Curb
In
a
pended many billions of dol- accumulations of "liquid sav- they buy—until they them¬
lars expanding our industrial ings," usually cash or. Govern¬ selves have made the
goods
ment bonds.
We are repeat¬
plant is absolutely no guaran¬
they all want?
But in the
tee that for peacetime pur¬ edly told in effect that we
process of making them each
""
distribution
public
regional market.
In the NASD brief, the vicinity
of the Curb was defined as "the
ever
the
time.
same
over,
procedure as that.
We
He
around New York to warrant the
ilies connected with the concerns,
these
being said is that
into being.
If this were not Tom, Dick and Harry, and all
true it would be a good thing
the
others, including their
to set aside a day each year
wives
and
children, ; have,
when every man would de¬
plenty of cash; what they lack5
stroy an appreciable part of
is
goods that they want..
all his belongings in order
that he might have the oppor¬ They lack the goods because
the war has interfered with
tunity to grow rich replacing
them!
Of course, no one is so supply and rationing has in¬
as
cient
particularly by members of fam¬
and
he is then
precisely where he
would have been to begin with
had no such shortages come
privileges
ground
be, the cold fact is
that what works in this way
for
to extend trading
object to this action on the
that considerable blocks
held,
to,
it may
as
uals, does not work that way
board, his garage, and all the for all the
people at one and
rest to their accustomed state,
foolish
trading privileges."
unlisted
added also that there is not suffi¬
year,
because
now
,
able
definitions of 'vicinity'to support
five boroughs of New York City,
but the hearings have been or an area within an hour's com¬
delayed from time to time.
1
muting distance of New York
during the period of occupation it
The Curb Exchange was repre¬ City," while the Curb contends
will be good to have a continuous
sented by its counsel, Col. William that it should include New York,
flow of
men."
She
commented
A. Lockwood, who requested that New Jersey, Rhode Island, Massa¬
further to the
effect that trips
the Commission should not only chusetts;
Connecticut,
Pennsyl¬
abroad would be of educational
permit unlisted trading on the vania and also Ohio.
value to the young men and "it is
Curb in the shares but should also
Col. Lock wood, in his argument
very
likely that if any of the include in its decision a statement
for the grant of "unlisted" trading
groups
volunteered
to go
any
advocating unlisted trading and on the Curb, referred to the study
place they might be sent."
"dual
listing" on regional ex¬ made by the Securities and Ex¬
Mis. Roosevelt has been in favor changes.
By "unlisted trading" is change Commission in which, he
for some time of including young meant trading on the Exchange contended, it was shown that in¬
of a security of a company, which vestors paid more a share, on an
women in a universal service pro¬
has not directly requested the Ex¬ average, than the highest prices
gram, assigning them to various
change for "listing" or trading recorded on the Curb Exchange
wise
If a man civic activity. Her comment on istered its stock for "listing." In
times as much alumi¬ post-war period.
the present case, several of the
num
and magnesium as we goes into the post-war period the Wadsworth-Gurney bill for
companies have objected to the
without an automobile when
could in 1939.
Some of the
compulsory service was that it left
listing of their shares on the Curb
he normally would have one,
increase in capacity can be
most of the decisions up to the Exchange.
a
house that is in need of
utilized in providing a peace¬
Chief Executive and she thinks "it
The NASD was represented by
major
repairs, or perhaps no is dangerous to leave so much to Stephen C. Thayer, who con¬
time
industry
with more
house at all, and fewer of the
tended that several of the com¬
the Executive—the law should ex¬
abundant
light metals.
It
panies whose shares the Curb de¬
other things considered essen¬
press what the people really want.''
would, however, be more than
reasonably comfort¬
foolish to suppose that ordi¬
able life, he is definitely the
nary
industry in ordinary
poorer,
not richer, for the
peacetime can make profit¬
alternative
has been pending for over a
case
many
tial for
r
—
under the
Curb
t
reporter's
a
tional
"Herald
Tribune," which also, said;
Battle for Trading
delphia heard arguments on the application of the New York Curb
on
possibility of young men who may
be called up for a year's military
service
Trading Privileges
on
Privileges in Common Stocks
Service After the War
Mrs.
Arguments
-Curb Exchange and NASD
Foreign Military
y
,,
line
a
$£C Hears
Mrs. Roosevelt Favors l
The Financial Situation
Thursday, November 30, 1944
.*
the
Great
Britain,
William
long
a
big change in
unemployment
situation in
the Sir
thanks to
Beveridge
plan for life¬
security." he said. "I
social
again, I should do precisely
the same—on the assumption that
America
would
stand
by
her
think this will be adbpted rather
wo**d."
Paper
over
He counseled
the complete dis¬
than
the
on
Government's
social security,
doesn't go far enough."
»*
■
>
•
a
}"i"
..
White
which
•
i,
»
i
Number 4338
Volume 160
1
•
.■
.
,
2381
FINANCIAL CHRONICLE
THE COMMERCIAL &
^
.j
,
•
■
.
Chicago Banks Provide
Uruguay's Suggestions! Regarding
Dumbarton Oaks World Security Plan For Small Business
Job to Shorten War
Fifty million dollars has been
criticism of the Dumbarton Oaks
Message lo fl. F. of L. by RooseveltUrges
Workers Stay on
-
What is termed the first official
must stay unceasingly at the production
world security plan by a small nation came on Nov. 9 from Uruguay,
war" was the assertion contained in a" which proposed instead that the League of Nations be revitalized.
message by President Roosevelt on Nov. 21 to the American Federa¬
Uruguayan Ambassador Juan Carlos Blanco presented the proposal
tion of Labor, at its annual convention at New Orleans.
At the same to the other American republics at a meeting of Latin diplomats
time the President told American workers that they have been dis¬
with E. R. Stettinius, Jr., Acting Secretary of State, it was indicated
charging their "high duty in a very, full measure," and "have done a
:in Washington " Associated
Press^
X
~~—-—
production job the like of which ♦*
accounts Nov. 9, which stated that j the Council, and would support
tance and concern to all of us, to
"we
That
job
can
and
we
the
to shorten
as
so
before."
sailors and
received at American -soldiers,
the convention from Gen. Dwight marines, who are winning it on
land
and
sea, and in the sKies all
D. Eisenhower, which was read
by Holt Ross, the Federation's over the world, to American work¬
ers,
to
American
employers, and
delegate to the recent meeting of
the British Trade Union Congress, to American farmers.
"It is the task of us at home to
who visited the general's head¬
the world has
seen
never
A message was also
r
undone so that our
quarters, according to Louis Stark,
leave nothing
who
fighting men may continue gain¬
ing
their glorious victories on
every front.
•
;
"We have been discharging that
special advices from New
in
Orleans to the New York "Times"
said:
Eisenhower
General
■/
Mr.
asked
high duty in a very full measure^
American working men and wo¬
Ross to tell labor "that the job is
done. We are not through
fighting, nor are they. We on the
battlefronts, and
they
at' the
benches, in the mines and in the
fields of America, must carry on
until the enemy is completely de¬
not yet
done
have
men
seen
never
production job
world has
a
which the
like'of
the
before. They have sup¬
plied our fighters with the finest
weapons
in
record
quantities,
with which they are
feated in battle. It is. therefore weapons
beating the enemy and with which
your battle as well as ours."
The same note of the urgency to they
will keep on beating him
remain on the job was sounded by everywhere they meet.,
"American employers with their
Mr. McNutt, who told the dele¬
gates that "Germany has not been ingenuity and drive and American
farmers
with their industry and
beaten" and that "a long war with
patience have shared with Amer¬
working men and women in
Japan looms ahead."
"For the Japanese, the end of
the war with Germany will mean
ican
getting so well done the job of
the beginning of Japan's all-out producing the weapons, materials
war with
us," he asserted. "Psy¬ and supplies needed by American
chology will fight for the Japanese fighting men. We have all worked
—•the psychology of good Amer¬ to that end and it has paid off in
icans—unless great American or¬ victories and the saving of lives.
ganizations like the AFL assume We can and we must stay unceas¬
the responsibility, as they will, of ingly at the production job so as
to shorten the war.
pointing out the facts."
"I
President Roosevelt's message to
the
convention,
"Times,"
given
as
the
in
follows:
cordial
and
convention
nual
that
ceedingly
of
I
"This
with
we
erations
the
win
can
a
peace
yet unborn.
extend
"Please
war
and
my
greetings
Agreement
hearing called on Nov. 21, on the Great Lakes-St. Law¬
rence canalization proposal
by Senator John H. Overton, Chairman
of the Subcommittee of the Senate Committee on Commerce, Secre¬
With
a
and Industry Asso¬
statement support¬
ing the View that the proposal should be regarded as a treaty
between
the United States and ♦■>-——:
■' '
Great Britain.
As opponents of Government and the Government
tary Thomas Jefferson Miley of the Commerce
ciation of New York, Inc., submitted a written
of
Lawrence
Lakes-St.
Great
the
properly be treated
can
the
between
agreement
Canada,
States and
or
a
treaty
and
States
one
with
writing
its
hope
the
With
treaty.
not
"5.
under
the
The. proposed
consideration
to
Government
sub-committee would deem it ap¬
commits this
substantial
and
permanent obligations to the Brit¬
was
explanation for
no
bureau it
was re¬
However,
statement.
latter
at
concern
being left out of the peace plan.
"The Council of the world or¬
post-war period, it was announced
16, by Howard W. FenChairman of the Chicago
Clearing House Committee.
This
action by the Chicago banks is in
line
with
the
program
of the
ton,
to
the International
Joint
High
which
Commission,
appointed jointly by this
country and the Crown—not the
Dominion, indicating that it was
was
then considered to
be
the two
i
be a matter to
disposed of by treaty between
sovereign nations:
"2. As late as
•
*
July 18, 1932, the
proposal was still regarded as a
treaty
subject;
treaty
was
*
On
signed
that: date a
both
American
the
Bankers Association outlined at a
meeting in Chicago. It
major step in im¬
plementing the constructive work
of the
Commission.
"The $50,regional
is regarded as a
000,0000 for lending to small and
governments have ex¬ ganization should have specific medium sized business concerns in
pressed agreement with the basic rules to guarantee the rights of the reconversion and post-war
objectives of the Dumbarton Oaks small nations, Uruguay declared. : periods," declared Mr. Fenton, "is
"These possible rules were sug¬
international "security agreement.
to assure adequate bank credit to
From these advices we also quote: gested:
every competent individual, firm
"1. Requiring special majorities
"Noting that suggestions on the
or corporation in this area.
If ad¬
for
important decisions.
ditional credit is needed it will
plan by some Lathi-America na¬
"2. According nations not repre¬
tions have been interpreted as at¬
the Council the right to
be
promptly provided."
Mr. Fen¬
tacking the Dumbarton Oaks plan,
sented
Mr. Stettinius
con¬
have 'voice but not vote' in Coun¬
repub¬
cil deliberations directly concern¬
prises 92% of all American enter¬
ing them.
prise, will have many new credit
lics
told his
news
Southern
the
ference that
just as much in favor of a
organization as any coun¬
are
world
"3.
asked
elected
tina, excluded because of its proNazi Government.
Latin-American nations
the
suggestion
Argentine
republics,
the replies
eral
•
he
but
views
request
has
,
on
not
personalities
and
a
did
re¬
the
y.et
industries
converting to peacetime
production,
large
segments
of
business and industry recovering
from the effects of priorities, ra¬
tioning and manpower restriction,
and business generally gearing its
which
Britain, the United States, Russia
the
of
points
Salvador,
and China failed to settle at Dum¬
present governments are
barton Oaks was how to liquidate
not
recognized by Washington,
the League
of Nations and the
were not represented at the Nov.
Theo¬
9 session, at which the suggestion mandates held under it.
the
old League .still
by Uruguay was presented, as to retically,
San
Associated
Press
the
following to say::
"The Uruguayan plan
lives.
had
.
deemed
reforms
fulfil'
world security'.
"However,
tional court of
;
League if the old
one
"If
of the world
will
order
a
;
unit where law and
sailles
should
fall into
and
against 'a super¬
force and
of coercive power.'
dignity.'
new organization'is. estab¬
supports maintenance of mili¬
tary forces by all member nations
'in. readiness
for joint
action
whenever necessary.'
"3. The League should guaran¬
lished, Uruguay declared its Exec¬
tee, 'even with arms, the integrity
the
new
organization which should
consolidate
human
"If
utive
'no
a
It
by
be" repudiated
in
Council
itself
'respect
for
should, provide
memorandum
that
a
mean
bad
or
of
are
benefit to the borrower,
no
the bank
viding
ers.
year
the community. Pro¬
or
no
story to bank¬
new
In
1940, the last, peacetime
of business, the records show
million
loan
billion dollars to
borrowers.
The
aver¬
American
$1,700.
was
United
the
of
banks
the
States loaned 39
age
small
for
credit
ample
business is
banking is determined that small
shall live and be given
business
the opportunity to grow and pros¬
Financing business is bank¬
per.
ing business."
Canal Zone Study
Group Of AIB Active
the
In
Canal
Panama
Zone,
where members of bank staffs not
the
provide
only
same
services
financial
but
also
wide variety of lan¬
and national customs, the
of
instruction
provided
institutions,
with
cope
guages
value
a
through courses of the American
Institute of Banking of the Amer¬
ican
Bankers
ognized,
Association is
rec¬
from
the
advices
say
Association.
L.
Ernest
instructor of
Sic cum,
Irwin, Educational Director of
the Institute, reported that 18 em¬
attacked.'
in
a
recent
letter
to
Dr.
William
A.
should be incorpo¬ ployees of the branches of The
organization."
Chase National Bank of New York
have recently completed the sec¬
ond part of the course in Funda¬
Soecial Delivery
mentals of Banking." He inquired
cooperation
but
rated in the world
basis,; the Uru¬
guayan Government Would accent'
the arrangement that Britain, the
United States, Russia and China
have olaces on the organization's
on
not
going to make
reckless loans. Such loans
"4. The Pan-American system of
or
added
does
are
the Cristobal-Colon Study Group,
nations which may be
members.'
'under present circumstances,
This
the frontiers of
threatened
of the rights and
for
differences in prerogatives' or
treatment among
for
offered in other modern American
Treaty.'
other elements
of force, the document
use
added,
to
state with its own police
"Doctrines of racial superiority
and the
were
"2. Uruguay is
y
.
demands
new
,
prevail,' the statement
declared.
court
the
ably advanced beyond the similar
institutions created by the Ver¬
League should 'make
new
to the interna¬
justice.' Dumbarton
juridical disputes, Uruguay main¬
tained, 'it would not be appreci¬
could
not be revived and modernized.
"The
what¬
distinctions between political
continued, Uruguay would accept
a new
to
that the banks
24
Oaks provided only for legal ques¬
tions to be settled by the court.
memorandum
the
.
•'
oppositions,
their nature, must of compul¬
sion be submitted
order that
apply and satisfac¬
the promotion
of
to
the Uru¬
conflicts among nations,
or
ever
which may be
expedient, in
able
it. be
activities
that
s
guayans: • "
"1. 'All differences,
it
'to introduce in
the League of Na¬
would be enough
.
'
"Other points made by
.
said
com¬
problems in the days ahead: war
whose
the
which
,
"Another
arid
say:
business,
available.
France.
completed."
Argentina
to
on
"Small
the
of
went
goods and services.
"Every credit facility and lend¬
"The Dumbarton Oaks plan left
unsettled the question of voting ing technique will be employed by
the Chicago banks in fulfilling
procedure on
the Council, al¬
their pledge to provide adequate
though it provided for six elected
credit to small -business.
Credit
members, four permanent mem¬
in the form best adapted to each
bers
at
the
start
and 'in
due
particular business will be made
course'
a
permanent place for
because the gen¬
of
exchange
'in order to avoid
contingencies contrary to the
rights
He said he could not dis¬
sponse.
the Council
ton
small nations.'
on
for
the nature of the
not disclose
number of nations
any
meeting of foreign ministers of the
American
Assembly.'
the
by
"4. Fixing the
on
correspond¬
ents there had been some response
from
the
'which will be
Executive Council
security proposals, nor has Argen¬
"Mr. Stettinius told
beforehand
Specifying
precise powers of nations on the
El Salvador has not been
for an opinion on the world
try.
on
temporary
Up
as
to other courses in which mem¬
bers
the
of
bank
staffs,
terested and requested
to
enroll
several
persons
outside
bank staffs in the
of the working
These
courses.
in¬
are
permission
prospective 'stu¬
'with conform to the increase jn the dents are either business men or
identical rights through designa¬ United States domestic special- rnembers of the Government's ad¬
British territory.,
• <
•,
r
tion by the asserpbly.'
■
'
*
•
"6. The
project surrenders to
delivery fees, the fee for special- ministrative staff. In earlier cor¬
the British Empire a voice in the
"Uruguay, it was stated, 'would
delivery articles addressed to Can¬ respondence, Mr. Slocum, who is
consider with the keenest sym¬
amount of water which the United
Assistant
Manager
of the
ada weighing up to 2 pounds is also
States will be permitted to with¬ pathy,' the inclusion of France on
increased
from
10 cents to 13 Cristobal Branch of The Chase
draw from Lake Michigan, which
tenth
of
the distance
also
lies in
of
the
directing
Council
„
lake
-
Credit
Business
of
Commission
•
Great Britain to
Small
Post-War
incorporate in the ish Empire. For example, it com¬
Fee To Canada
record its views as thus presented. mits this Government to huge ex¬
On Nov. 13 Postmaster Albert
security council.
;
In support of the Association's penditures 011 a; joint navigation
"The Dumbarton Oaks plan con¬ Goldman announced that infor¬
Stand for the treatment of the project, nine-tenths of which, be¬
permanent places on the
mation has been received from the
project as a" treaty,
Secretary tween the Great Lakes and the templates
Council for these four nations.
3\filey £ave six reasons. They are: open sea, lies wholly within the
Post Office Department at "Wash¬
"Normally,'Uruguay
suggested,
"1, The project was originally boundaries of the British Empire
ington that effective No; 15, to
nations
should
become
members
and
one-half
of
the
remaining
assigned bv the United States and
propriate
Nov.
on
American
"The
compact now
"There
ported that Mr". Stettinius asserted
on that day that all but two Latin-
posed compact as a treaty.
the As¬
view in
that
the
changed' since our own
Government designated the pro¬
has
resentative at the hearing,
submitted
a
called
The character of the project
"4;
United
between the
Great Britain.
the State De¬
specifically
document
which
form
which
in
United partment
.
the unlikelihood of having a rep¬
sociation
May, 1938, our State De¬
Canada,
by
should be considered in the
of
In
for ratification.
partment submitted another draft
of document to the Dominion of
in the
that
Senate
"3.
expressed itself as interested
hearing to discuss the ques¬
tion of whether the project is one
tion
and was submitted to
Canada,
the
the Associa¬
canalization project
na¬
the international or¬
Argentina has shown
torily
Should Be Regarded as Treaty, No!
that inspire
accomplish¬
its Washington
the structure of
SI. Lawrence Project
Latin-American
of
'which adhere to the ideals
tions
the
tions
N. Y. Industry Assn. Says
inclusion
Jn later advices (Nov. 13) to the
best
nual convention."
job is of first impor-
of
New York "Herald Tribune" from
which
wishes for a successful
meeting to those attending the an-
time.
war
so
with protection and well-being "of gen¬
be
cannot
impossible for me to do
this
at
so
won
ing and in the interest of safety,
ahead
makes it
is
I regret ex¬
that
an¬
in New Orleans, but the job
going
war
be
ganization.'
been
after the
Oak s'
to
subject
ments
Argentine
Americans,
and I
that such cooperation will
patriotic
of the American
Federation of Labor.
you
no
general
Dumbarton
of
continue
to
will be
third
the
was
the
on
cuss
there
for the
world which will be just and last¬
64th
address the
and
attend
invitation
'
held
let-down in this task by any group
know
"Thank you very much for your
sincere
that
know
session
the
available by the Chicago
Clearing House Association banks
made
for loans to small business in the
lies
entirely
within
the
United States.
and
"In view of all this," said Sec¬
retary Miley of the Association in
his letter to Senator
by our respectfully
urge
be handled in the form of
that the
a
treaty;
not
1
as
done in the
»+
past."
has
consistently
•
cents.
It is added that there is no
de-"'change in the fees for articles
prived of its Constitutional right
either to ratify or withhold its
Overton, "we
that the proposal
Senate be
-
•
• —
.
-•
.
1ft
^ghing .over 2 pounds up to 10
sounds, which is. 20 cents and over,
10 pounds, which is 25 cents.
National Bank of New York, en¬
letters written by
closed
several
bank
employees
benefits
they
their study in
the
analyzing
had received
from
the AIB group.
.
THE COMMERCIAL & FINANCIAL CHRONICLE
2382
Thursday, November 30, 1944
Report of Secretary of
Savings Banks OeloSier Oavis, Taylor and Mam Yield to President's
Commerce and Industry Association Deposits Increase
Request to Remain as Public Members of WLB
With
modernized format
and
i A gain ki deposits of
make-up streamlined to the
$87,050,30 i
Commerce and in October, second largest month¬
Industry Association of New York, Inc., issued on Nov. 18 the 47th ly gain of the year to date, brings
Annual Report of the Secretary.
Of manuscript size, the report is the total amount due depositors in
54 pages, departmentalized according to the respective activities of the mutual savings banks of New
the Association.
In cover and text stock, it is stated, it meets with York. State to another new high
of
WPB's war-time paper conserva-^
$6,896,904,925; ■ This deposit
tion policy.
In reporting on the direct benefits to the city and its gain was accompanied, according
year
to
President Neal Dow citizens. Realizing that the peak to figures released by the Savings
Becker., Secretary Thomas Jeffer¬ of war orders is passing, the War Banks Association,; by a gain in
Contracts Division has already in¬ the number of depositors of 23,son Miley said;
"The Association has truly exer¬ stituted a new program for the 768, bringing total accounts -open
The advices from
This program has to 6,457,478.
cised its functions as 'The Voice coming year.
a
a
latest in trade conceptions of an annual report, the
of
Business.'
There has been
two
phases.
One is to persuade
large manufacturers to place sub¬
no
phase of endeavor, even national
and international, where such af¬
fected New York City's business
and civic welfare, in which the
Association's voice has not been
of
ond
out
its civic
In
local
the
"that
by
tion's
further
will
be
virtue
a
reduction
of
facili¬
York City plants in
subcontracting
their reconversion
immediately upon the
service
sociation
to
has
As
a
di¬
our
of
heads
had
the
agencies clarify pians,
and directives in
connection with such problems as
contracts ^manpower, contract ter¬
war
policies,
'
there
rules
mination, reconversion, labor sta¬
15
about
to
membership
and to industry at large, the As¬
are," he said,
of the Associa¬
watchfulness
large
encourage
cessation of hostilities.
rect
io the Finance Committee of the
leading
City Council and to the Comptrol¬
"Indications
sec¬
Up
program
savings to the tax¬
payers of $5,266,043, direct results
of
Association recommendations
ler.
The
manufacturers
town
speeding
Miley
Mr.
matters,
a
-
of New
ties
stewardship in
the fullest sense."
pointed to
of
utilize
existence, the Association has
executed
phase is to
-
plants
replacement parts
or
for machines how in use.
For another year, in its 47
heard.
service
for
York
New
with
contracts
bilization, wage incentive plans,
points in the tax rate which will
foreign trade, veterans reemploy¬
save approximately $21,000,000 in
ment and civilian requirements.
taxes to property owners."
Mr.
"As a result of the work of the
Miley also says:
War Contracts Division, many of
"Recognizing that the vast real the city's small businesses, other¬
property of New York City, rep¬ wise bypassed, have been able to
resenting capital investments ap¬ stay solvent. To complement..the
proximating $16,000,000,000, was work of the Industrial Bureau, an
seriously
affected by
taxation, Industrial Relations Bureau was
main,
Owners Committee
Under the
a
was
Property
organized
relations
Because of the
and
ment in all
chairmanship of Robert
W, Dowling.
ling policies
been
city
It has
ably, demonstrated the need for
such a specialized service.
Enab¬
ex¬
endeavors in the interests of
taxation,
personnel" manage¬
their aspects. '
panding scope of the Committee's
ing,
zon¬
expenditures
it has set
up
have
accepted nationally,
"Continuing its efforts to
and so forth, the addition of a
Property Owners Bureau is con¬
templated."
ob¬
tain improvements in export con¬
trols, during the war, And the re¬
sumption of normal private trade
in
Despite the unpopularity of its
stand, he said
the Association
the
eign
post-war period, the For¬
Trade
of methods contained in the pro¬
Bureau
presented
specific recommenda¬
tions to various government agen¬
cies, particularly FEA and OPA.
As a result, definite action Was
posed referendum to grant
taken by the Government' toward
"without prejudice as to the merit
of the proposal" sought an opinion
through the Courts
to
a
bonus
closer
members of the Police and Fire
Department.
,referendum,
trary
that
the
written, was con¬
"On the surface," he
as
to law.
added,
stand
"the
referendum
warranted proposal.
was
coordination
in
operation of, its various agencies
with whose activities the business
community is directly affected.
The Courts upheld
Association's
the
However, In
pental and costly to the people
Bureau
it
ernmental
designed to benefit
alV other
to
as
well
Our
taxpayers.
and
"With governmental orders and
war
was
of,
restrictions regarding transporta¬
tion constantly changing due to
a
pffect, it would have been detri-
as
,
numerous
the legality
on
so
conditions, the Transportation
alert to analyze gov¬
was
forth.
and
directives
orders,
Congressional
legisla¬
Bureau of Research estimated that
tion which would have been detri¬
the
mental, to
initial
addition
the
to
City
Budget of $12,000,000 would have
been but one-third of the ultimate
York
.
the
interests
of
New
closely followed..
Of
signal importance was the Asso¬
ciation's
marshalling of
wide¬
spread opposition to freight rate
legislation affecting all northern
minimum tax addition." Mr. Miley
also had
The October
is
gain of $87,050,301
the following to say;
"Through the Association's lead¬
was
arid mid-western industries.
work of this Bureau,
Board.
system's rising $41,000,000 yearly
deficit with the gradual deteriora¬
Following
a
special
study
Association
the
forts
con¬
a
.'
..
to
!
..
continuing its
further
the
•
many
war
ef¬
effort,
foresightedly, the Association has
Research,
activated
:
"While
equipment,
ducted by our Bureau of
planned for the peace.
25-member
Post-War
bor¬
ough-wide Citizens Transit Com¬
Committee
planned
That the
Planning
well
is
at¬
chairmanship of tested by the national arid inter¬
Windels, whose objective is a national recognition, accorded its
Transit Authority.
46-page report, 'Winning the War
"An important phase of the As¬ and the Peace,' a program of legis¬
Paul
activities
was
a
lative action.
The report, the re¬
sult of 18 months closely coordi¬
nated
study by the Committee
com¬
prehensive study made of the 1943
federal
Revenue Bill.
Many of
the recommended reductions were
members,, all leaders in their
re¬
spective
en¬
The Association played
a
leading, part in actively coop¬
erating with the Government's
war
our
Bureau's War Contracts
Industrial
work
was
obtained,
of
war
fields
of
national
Fred I. Kent.
t
"Invaluable from
Division,-1 point
.millions of dollars worth
.
deavor, was compiled and edited
by the Committee Chairman, Dr.
agencies and with private in¬
Through
Frank
public
Board.
"He
it
deposit loss in October 1941,
shortly before the declaration of
mendation and the two AFL
agreed to stay until the elimina¬
in those
and
a
of $21,385,635.
war,
of
tion
Since Pearl Harbor the 131 New
York
State savings banks have
shown a net gain of 469,000 de¬
positors and $1,464,000,000 in de¬
a tremendous reservoir of
new savings, some of which will
go into building and home mod¬
ernization when building, is re¬
sumed. !: A survey conducted last
year
for the sayings banks by
Elmo Roper indicates that 24.6%
of the people who are putting
money into savings plan to. use
it
within five years'
time for
building, buying or remodeling
posits,
.
9%
additional
An
homes.
they wanted
said
vital
conservation. of
of
rection
things for bet¬
more
materials is the plan for sal¬
raw
Germany from the
they
could
.
leave
without
seri¬
affecting the work of the
organization."
■
:
Mr. Davis said on Nov. 13 that
ously
.
he had submitted
his
resignation
—to
on
Jan.
be
effective
possible—on
his
65th
10, if
birthday,
Aug. 29. According to the Asso¬
ciated Press, Mr. Taylor, former
General Motors labor umpire and
Economics
Professor
at
the
Uni¬
versity of Pennsylvania, submit¬
ted his resignation on Oct. 19,
hoping to be relieved by Dec. 1,
Board
would
decided in
not
make
October
any
recom¬
mem-'
bers refused to
war,
at least until such time when
or
The
Mr.
participate further,
particular discussions.
Davis,
Chairman of the
as
PresMent's Special Cost of Living
Committee, has been preparing a
separate report on this question,
and hopes to send it to Mr. Roose¬
velt by tomorrow.
'!■"■
;
While Lloyd K. Garrison would
be the only regular public mem¬
ber left on the Board after de¬
parture of Davis, Taylor and Gra¬
ham, and thus might succeed to
the Chairmanship, there are these
alternate
public members who.
might be named to full member¬
ship by. the President;
he
disclosed.
Dr. Graham, Pres¬
University of North
ident of the
Lewis
M.
ment is in the midst of
one
of its
time-saving
o
of view to the business man
has been the service of our Regis-
of
man
the
of Wisconsin.
most
Other
important phases—preparing
a: report to the President on the
members
four
are
labor,
worn
and mutilated
representatives and four manage¬
bonds and stamps an¬ status of the
wage-earner in the ment men. With the Board make¬
nounced on Nov. 21 by C. A. face of
increased, living posts and up, the controlling voice on mo¬
Dickerson, head of the Paper
determining scores of other de¬ mentous decisions,often has been
and Paper Products Division of mands
of
more
than
2,000,000 that of public members.
•
Treasury's
Office < of
Surplus
of
vaging
currency,
.
The Treasury Depart¬
Property.
ment's announcement adds;;
For many years, worn and mu-.
tilated currency, bonds and stamps
have been destroyed by inciner¬
The Treasury Department
ation.
is
installing
will
machinery which
new
the
macerate
old
currency
this process make avail¬
and by
able; for
^proximately five
re-use
of
tons
high grade pulp a day,
according to Treasury, of¬
which
ficials will add to the short sup¬
ply of
raw
materials.
that
nounced
\
office
his
an¬
is
now
ready to negotiate a contract with
interested parties for the purchase
of this
pulp. He stated that suf-
ficierit
time* will
closing
a
terested
be
allowed
for
contract so that all in¬
parties
make con¬
tact with his office in Washing¬
ton.
■
.
may
;
■
digests of Federal, State
resolutions
bills,
'
;
and
and city
new,
laws.
901' bills,
resolutions and laws. ' In
addition,
our
Committee
on
Twohy Sees Federal Heme Loan Bank System
Triple in Size 10 Years After War
:
Indications are that member savings! and loan associations of the
Federal Home Loan Bank System will triple in size in the first ten
after the end of the war, James Twohy, Governor of the Sys¬
years
tem, said on Nov. 4,
At present, those 3,700 specialized home-financ¬
ing institutions hold resources of approximately $6,000,000,000, in¬
cluding mortgages totaling more than $4,000,000,000 he reported;
1
"If, they meet their opportune
ities for service to home buyers of dollars in home mortgages will
in the decade after the war—and
further
Dickerson
Mr,
State
nation's, eco¬ >: "Member savings and loan asso¬
operating at ciations of the Federal Home Loan
near capacity—such a projection
Bank System have expanded their
of growth for those thrift associa¬ holdings of cash and government
tions
ernor
is/entirely reasonable," Gov¬
Twohy said. He likewise
stated:
p
"Nearly full employment during
,.
dustry and the
"As
a
to
commerce,
in¬
public welfare!
service to
the public. ,to
keep abreast of the complexities
and
ness,
the mounting tenor of busi¬
the Association conducted a
Weekly business forum over Sta¬
tion
is
WMCA.
now
This public forum
in its third year and was
.
the
first
of
our
economic
activ¬
ities, if irideed not the actual pace¬
setter. The first post-war decade
to be known as the
home-building era, as in the past
75 years we have had the succes¬
sive periods of railroad developirient, highway construction and
the popularization of the automo¬
may, come
bile.
...
'"Many projections of the hous¬
ing need have been made, ranging
believes that business is the foun¬
frorri one'to two million dwelling
dation of American
units
is
upon
business
the welfare of
that the welfare of every citizen
The As¬
•
sociation is dedicated to advancing
the welfare and the trade of New
York City."
:
-
-
-
-
years!
annually
over
the next ten
.Under the GL Bill alone,
whereby, the veteran can receive
100%-financing at
as
a
rate as low
to
$288,000,000 at the end
on June
$1,500,000,000
30, 1944. Reserves and undivided
profits increased from $304,000,000
tional
On that basis, sav¬
ings would rise to unprecedented
totals. Traditionally organized to
receive and invest the surplus
earnings of people, thrift associa¬
tions can count on a large share
of these savings and, at the same
time, a greatly broadened home
mortgage outlet for investment of
instituted because the Association
democracy./It
1940
lars annually.
! "After the war, in my
opinion,
home construction will be among
favorable
of
to
Legislation substantially... contrib¬
tion
bonds from
that period would mean a national
income of at least 125 billion dol¬
uted to
the; enactment of legisla¬
be used.
assuming that the
nomic machine is
the. funds.
and his family depends.
a
resulting in. lative Bureau in its reviews and
Davis,
urged the Board to recommend
abandoning the Little Steel for¬
George W. Taylor, and mula, which limits wage increases
P. Graham, three of the to 15% above the level of Jan./
members of the War Labor 15, 1941.
The labor groups in¬
sist that living costs have soared
stated that he appreciated as much as 45.3%.
'■
,
adopted.
dustry.
workers, mainly CIO members. ',
The AFL and CIO both have'
the service but he had requested
them
to
remain
and they had
mittee under the
sociation's
announced that
these gentlemen to wish to leave
Indicative of its work during, the
and
"The President
he would not accept the resigna¬
tions
of
Chairman
William H.
1943 and 1942 respectively,
tober
fiscal year was the review of 6,-
service
eating this, said:
the reasons which caused each of
The
of
nations until "the elimination of Germany from the war." The White
House statement of Nov. 16, indi-^-
compared with gains of
$33,398,836 and $10,090,932 in Oc¬
Through its
deficit was taken for the first Manager,, has been closely coor¬
time in the hectic 40-year history dinated with ODT, the Maritime
of the transit system.
Of. para-, Commission, the War Shipping
mount local concern is the transit, Agency and the Civil Aeronautics
ership, concrete action toward al¬
leviating the mounting operating
tion
them of their! duties at the conclusion of current wage deliberations,
have acceded to the request of the President to withhold their resig¬
be
to
public members of the War Labor Board, viz.*:
William'H. Davis, George W. Taylor and Frank P. Graham, who it
^was made knowri on Nov, .13, had asked President Roosevelt to relieve
Gill, former Chair¬
Cleveland Regional
ter living and to replace worn-out
Carolina, sent his letter of resig¬ Board; Dexter M. Keezer, former
equipment.
nation on Oct. 9, to be effective President of Reed College, Ore¬
at the conclusion of the present gon; Edwin E, Witt, Professor of
Economics, University of Wiscon¬
discussions.
Salvage Mutilated Currency wage
From the' Associated press we sin, and. Nathan P.
Feinsinger*
An interesting, move in the di¬
Professor
of Law at the University
also quote the Board at the mo¬
established dealing with industrial
trade conditions and other causes,
war-born in the
the Association further stated:
Three of the four
-
$431,000,000.
tions
are
now
Savings
associa¬
dedicated
needs
war
to
the
—
Series E War Bonds and
na¬
sale
of
stepping
up their programs of buying gov-!
ernment bonds for investment. But
at the same time they are
build-*
ing their liquid resources to, meet
the hugely augmented demand for
home loans that will be upon
after peace returns."
them
Vatican City Packages
Postmaster
A1 b
calls attention
e r
t
Nov. 13
on
.
Goldman
to the.
regulations concerning the mail¬
ing of gift packages to addressees
in Italy and Vatican City State
which provide that for the present
the
mail
service
restricted
delivery
to
to
for
those
packages is
addressed
for
Rome
City, Naples
City and Palermo City, Italy and,
Vatica City State. The announce¬
ment adds:
"Since
the
packages'
mail
been necessary
number; of
because
•
service
for'
established, it has
was
to" return
a
great
'parcels to the serider
they
were
addressed
to
4%, with payment spread over
places' in the Provinces of Rome,-
been estimated
Naples and Palermo'outside of the
20. years,, it
that irom
has
ten
to
twenty billions' cities mentioned above."
V053U»
t
Number 4338
Volume 160
opposition to the imposition of
payroll taxes for so¬
cial security purposes, at this time.
in
graduated surtax rates
reduced
top limit on surtaxes on
the existing
Proposed*by Commerce
Industry Association of New York
PosKWar Tax Changes
And
;
(Continued from first page)
with
individual
of
nature
franchise
taxes
should
ers
taxed
"
as
to
of
laws
the
which
states, under
corporations
the
At
hostilities.
that
time
the tax
be
.
.
,
,
"Assuming that the excess prof¬
tax will be repealed outright
;
its
the
after
termination
of
with
Adequate annual deprecia¬
allowed. The
chase
of
and
more
consideration
immediate
given
to
the present
.
take
effect
at
the
close
fiscal year following
of hostilities.
unused
of their
the cessation
and
the period for carry¬
the
lowest
taxable
income
replaced by a
of 16 to 20%,
be
tax
depending
,
This
rate
would then be geared in,
as
suggested above, with
the.normal tax rate,for cor¬
porations in order to avoid
;f ; '
'!•the double taxation of cor¬
porate dividends.
."
lowest taxable
bracket
should be substantially re¬
duced
throughout
the
y
range.
v\/vv:
-
vivors
prime requisite for the co¬
of
taxation
on
the:
three levels of government is the
establishment of a stable Federal
"A
ordination
"Approximately two billion dol¬
lars are collected by the Federal
Government annually in sundry
excise taxes.
Your committee rec¬
ommends that excise taxes be re¬
duced
in
the
C. Sales Tax
y;' '
.
"During the war period the sup¬
ply
civilian
of
.
decreased
goods
increased,
and the civilian demand
resulting in an inflationary threat
to our economy. Your committee
has: recommended and this Asso¬
ciation has advocated the imposi¬
tion- of a sales tax to close the
post-war period to
point which will not force an
in the income tax rates.
increase
questions of retention, aboli¬
tion or reduction of excise taxes
or
their rates should take into
consideration:
the
deflationary
The
inflationary
gap,-
If
sales tax
a
enacted, it would probably
not become law until some time
after the close of hostilities with
were
y' _'
Germany.
"At
with
the
-
cessation
Germany
civilian
should
and
the
will
threat
of
be
resumed
inflation
ment.
from
Chairman."
subscribes to
the recommendations of the
Post-War Report, viz.,
Kent
.
committee: Lau¬
Tanzer, Tanzer &
Arnold
Cleary, Root,
Clark, Buckner & Ballantine; Ray
R.
Dobson, George Rossetter &
Co.;
H. B. Fernald, Loomis, SufCharles W. Ger-
fern & Fernald;
Chairman
of
Board
Inc.;
Laurence
Graves, George Lange, Asst. Sec-:
stenberg,
Prentice-Hall,
retary Consolidated Edison Co. of
New York, Inc.; Godfrey N. Nel¬
son,
J, W. Oliver, Secretary, The.
Thread Co., Inc.; Paul L
Linen
Peyton, Breed, Abbott & Morgan;
Martin Saxe, Saxe, Cole & Ander¬
son; William J. Schieffelin, Walter;
A. Staub, Lybrand, Ross Bros. SiMontgomery; O. A. Taylor, VicePres., S. H. Kress & Co.; Wilmer
Zirkle, Zirkle, Breden & Co.
Estaie and Gift Taxes
committee
Arnold Tanzer,
Members of the
D.
I.
Labor Dept.
Reports
on
(1) that the
Factory Workers Hours
present exemption of $60,000 for
estate taxes should be increased And Earnings in Sept.
$100,000, and that the rates be
materially reduced; (2) that the
industries
gift tax be more clearly differen¬
week in
to
tiated from the estate tax
of hostilities
the production of
goods
point of productivity of revenue;
effect, and its adverse
effect on industry and employ¬
its nuisance
"Your
Taxation and
Mullaney; George E.
tendency of the tax; its optimum
■
"Laurence
•
rence
Excise Taxes
on
Public Revenue
Insurance, program.
II.
a
(3) Tax rates on incomes "above
the
ing, there be a Congressional in¬
vestigation to review and study
the problem of extension and fi¬
nancing of the Old Age and Sur¬
revenue
upon
requirements.
.
ing
forward one year's
losses
be
lengthened, in your
committee's
opinion,
from
the
•
through Federal encroach¬
ment should be opposed.
by tax¬
Wage earners in
manufacturing^
worked"a slightly longer
September, 1944, than in
year,
indicating'
ing gifts at rates sufficiently lower
that the observance of
Labor Day
than estate tax rates to encourage
as
lifetime giving; and (3) that gifts
made more than two years before
spread
this year, Secretary
of
Labor Frances Perkins reported
September
a
last
holiday
was
not
as
wide¬
this source will be materially de¬
death be freed of any question of on Nov. 22.
"The hours worked
present two-year period so as to creased. A sales tax, being a de¬ having been made in anticipation per week averaged 44.9 in Sep¬
measure,
would
be of death, and, further, such gifts
apply against subsequent earnings flationary
tember, only slightly less than in
against great variations in year for a period of four or five years. harmful at a time when industrial made within two years of death
August," she said.
Miss Perkins
to
year
earnings.
In order to
"Your
committee recommends and business enterprise is looking should be so freed unless the Gov¬
added:
maintain this protection it is rec¬ that the Association continue its for an increase in production and
ernment, can prove that they were
"Although each of the durableommended
that
the
provisions position in favor of the repeal of the creation of new and greater made for the purpose of avoiding
goods groups reported a shorter
permitting unused excess profits the tax on. intercorporate divi- civilian markets. Your committee, inheritance taxes.
work-week,
all but three of the
credits to be carried back for two dens and of the 2% differential in the interest of higher employ¬
non-durable groups had
longer
J. The Public Debt
years
should be retained even for consolidation of corporate tax ment of men and production fa¬
weekly hours in September thari
after
the repeal
of the excess reports; and oppose any taxation cilities immediately after the close
"It is estimated that at the con¬
Many plants in the
of hostilities, recommends that the clusion of the war the national in August.
profits tax, and that taxpayers be of undistributed profits.
Association oppose the enactment debt will amount to three hundred civilian goods industries, and in
permitted to use their unused
"4. Corporate income tax—Your
industries which are now recon¬
of a sales tax so long as the pres¬
excess
profits
credits
just as
billion" dollars.
Your committee
committee recommends that the
ent base for income tax is main¬
though the excess profits tax con¬
recommends that the Association verting to the manufacture of ci¬
Association oppose graduated in¬
vilian
goods,
reported holiday
tained.
tinued in effect.
advocate that proceeds from the
come
tax rates on corporations,
work. In the latter group are such
"Section
722 of
the Internal
sale, lease or disposal of war salv¬
and that- corporations be subject
D. Taxation of State and Local
industries
us
sewing
machines^
Revenue
Code, providing relief
age,
excess war equipment and
Securities
only to a flat rate corporate in¬
against cases of hardship, has be¬
government - owned
war
plants typewriters, clocks and watches,
come tax.
"Your
committee recommends
and
motorcycles,
bicycles
and
come enmeshed in a mass of tech¬
should be applied directly against
nicalities.
Your committee rec¬
"5. Foreign business — In order that on all future issues the Fed¬ debt
reduction, and that com¬ parts.
ommends that the principle of ar¬ to
stimulate foreign
trade and eral Government tax state and mencing lot later than two years
"This widespread work on La¬
riving at a constructive normal American influence abroad in the local securities, maintaining the after the cessation of hostilities bor Day accompanied by the pre¬
base period net income should be
post-war trade, your committee position heretofore taken by the the Government should provide mium payments is reflected in the
given effect, freed of the arbi¬ recommends that the Government Association.
for the reduction of the debt at 1V2%
increase in gross hourly
trary and technical rules now in adopt a tax program which would
the rate of not less than 1% a earnings to a level of $1,03.
Al¬
E. Inclusion in the Tax Base of the
the statute and regulations. Fur¬
give favorable tax rates to income
year. Surplus .revenues should be
though increased earnings were
Annual Net Rental of Ownerther, the committee recommends from foreign business.
For ex¬
used to reduce the debt, and if reported by each of the major
Occupied Homes
that there be vested in the Tax ample, the benefits now conferred
the national income will allow, manufacturing groups, the extent
"In
order
to
encourage
the the
Court the power of final > deter¬ by law on corporations deriving
amortization
of
the
debt of the increase varied consider-*
mination of the measure of relief substantially
all
their
income building and ownership of homes should
be
at
a
rate
greater ably. The largest percentage in¬
in
reviewing the action of the from foreign business might be and to avoid administrative diffi¬ than 1%.
crease
was reported
by the ap¬
Commissioner of
Internal Rev¬ proportionately extended to cor¬ culties, your committee recom¬
parel group which regularly in¬
mends that the annual net rental
enue.
:
K. Stability, Simplification and
porations deriving a substantial
creases production in September.
value ■ of owner-occupied homes
Integration of the Tax System
3. Corporate tax base—Income part of their income from abroad.
"Weekly earnings in manufac¬
should not be included in the tax
"The tax structure and tax pro¬
derived by stockholders, is now
B. Individual Income Tax
base.
taxed twice—once when the cor¬
grams should, in the opinion of turing industries averaged $46.25;
"The
Association has,, in the
poration pays a tax on its earn¬
your committee, be established, so
compared with $45.86 in August
F. Capital Gains and Losses
far as possible, on a permanent and
ings, and again when the earnings past, advocated the lowering of
$44.39 in September of last
"The capital gains tax is a di¬
individual income tax exemptions,
basis. Changes in income tax rates
ai/e distributed among the stock¬
rect and unwise restriction upon
year.
The increase in weekly"
holders as dividends. In order to which has been effected, in order
which
might' become necessary
the private enterprise system. It
should be made in the normal tax earnings over the year reflects a
avoid this duplication so far as that the Government might reach,
serves
to destroy incentive and
rather than in surtax rates. Any slightly longer work-week, cou¬
practicable, it is recommended through taxation, a. large number
prevent
freedom
of
transfers increase in tax rates should be
that the normal tax rate on cor¬ of persons not previously taxed
pled with an increase in gross
for the support of the Govern¬ necessary to keep the investment made effective for the following
porate income be fixed at a rate
portfolios of the nation in a sound taxable year and should not be hourly earnings of almost 4 cents.
equal to the rate of normal tax ment. In your committee's judg¬
condition.
Furthermore,
in the
"Anthracite miners worked, on
retroactive.
upon
individual
incomes,
say ment a tax on individual income
long run, the receipts from this
.20%, and that dividends be free is less deterrent in its effect upon
"Simplification of the tax sys¬ an average, slightly less than 40
tax are not an important item of
.of normal tax to the individuals production and the flow of ven¬
tem is essential to enable business hours per week, earning $47.45.
receiving them.
Thus, the stock¬ ture capital than taxes upon cor¬ government revenue. Your com¬ to expand.
The administrative
mittee recommends the abolition
Average weekly earnings in bitu¬
holder
would,
in
effect,
be porate profits, provided that the
should be clarified,
of the tax and, pending its repeal, regulations
minous coal mines amounted to
credited
with
the
corporate tax rates on the upper-income
and
procedures relating to tax
favors an immediate reduction of
tax
which
will
be treated as groups are sufficiently lightened
questions should be simplified so $50.95, $3.50 more than in anthra¬
the
tax
to
a
flat
rate
of
12V2%,
to give
encouragement to riskhaving been paid in his behalf.
far
as
practicable, particularly cite mines, for a work-week of 42
similar to the tax in force in 1921,
.This would be equivalent to a taking, and that the tax rates on
with respect to refunds of over¬
hours. Earnings in both coal min¬
the lower-income groups are not. accompanied by a 12 %% allow¬
withholding
tax,
on
behalf of
payments, coordination of settle¬
ance of caoital losses as an offset
so high as to limit consumer mar¬
the stockholder, on corporate net
ments of income and of excess ing industries reflected the pay¬
kets unduly.
Your committee is against ordinary inco,me.
•income paid out in dividends, to
ment of time and one-half for
profits taxes, etc.
not in a position to recommend
.the extent of the normal tax, leav¬
G. Social Security
"Your
committee recommends work done on Labor Day as per¬
a
specific
schedule
of
suggested
ing only surtax to be paid by the
"Social Security is not properly that the Association favor the ap¬
mitted
under
Executive Order
personal income tax rates.
How¬
stockholder.
a part of the tax structure.
Your pointment of a Congressional com¬
"The suggestion that some cor¬ ever, your committee recommends
l
9240."
committee reaffirms its position mittee to study the coordination
that, at the cessation of hostilities,
"The
excess
provision was included in
to protect the taxpayer
credit
the
profits tax
tinued
breaking
States
"Committee
.
for
of
single
-.
and repairs
removing inequities
law and to reduc¬
tion of rates commensurate with ing the war period.
"
y
any reduction in expenditures.
"The taxing of income on an
"To
avoid
complications
in annual basis works hardship with
computation
of the
tax,
your respect to business incomes which
committee recommends that the fluctuate from
year'to year; This
repeal of the tax take effect at the type of taxing results in a heavier
close of the calendar year in which tax burden over a period of years
hostilities cease for corporations for such
irregular incomes than
operating
on
a
calendar year for incomes which are stable. The
basis, and that for corporations present carryback of losses for a
on
a fiscal year
basis the repeal two-year period should be con¬
in
should
efficient
which were hot
taken care of due to the inability
to obtain material and labor dur¬
nance
Further, it is the recom¬
for
23%
bracket
.
hostil¬
should
credit
of
•
rapidly
stimulus for the pur¬
new
ments.
allows
which
tax
..be retained.
ability to amortize assets
provides a
1945, be suspended while the taxes
are in excess of current require¬
"(2) The' present combined tax
respect to depreciation and
should be
liberal¬
tion- rates should be
of
Any
interest.
of the fiscal powers of the
The present
the regular
amortization
ized.
down
mendation of your committee that
dependents. there be no federalization of the
exemptions for unemployment insurance program fiscal policy based upon economy
income "tax of and that, prior to the extension in
government and financed by a
$500 for each taxpayer and of the social security program or balanced budget.
for each dependent should
changes, in the method of financ¬
'no
■
the
equipment. Also, adequate tax de¬
ities, it is the recommendation of ductions should be allowed for
your committee that, meanwhile, accumulated
deferred
mainte¬
be
normal
are
repealed outright and
not be allowed to linger, as after
the
last
war,
even
at reduced
rates.
■' <'•>/
'
V
should
public
continued,- and that the auto¬
matic increases effective Jan. 1,
_
eliminating the present 3%~
.
..
extent
the
to
and
■
be
•
raised
be
addition, your committee rec¬
that the existing rates
integration of Federal, State
municipal taxation.. Burden¬
some double and simetimes triple
taxation is unfair and not in the
and
ommends
-rec¬
Personal exemptions should
(1)
In such cases
privilege
might
well- be
granted.,
• y
"It is the opinion of your com¬
licensed, and any approach to¬
mittee that no credit against tax
ward a Federal licensing system
of a stated per cent of the cost
for corporations should be avoidof
new
plant
and
equipment
ed.
■
' '
' "
should be allowed, since the de¬
"2. Excess profits tax—Follow¬
termination of what is "new plant
ing the Association's policy that and equipment" will not make for
the cost of the war should be
simplification in either the statute
borne through current taxation to
or the regulations, and such'credit
the
greatest extent practicable, might involve unfair discrimina¬
your Committee recommends that tion against existing plants. ,
the excess profits tax should not
"On the other hand, the com¬
be repealed until the cessation of mittee believes that the practice
left
be
further
ommends that:
,
be obtained.
can
In
of 50%.
incomes
committee
"Your
partnerships appears
Corporation income tax and the
excess
profits tax, while it con¬ impracticable from the standpoint
tinues in effect, should be the of administration, except in cases
in which the consent of the cor¬
only taxes imposed directly on
corporations. Any taxes in the poration and of all its stockhold¬
be
a
increases in
substantially
be
should-
2383
FINANCIAL CHRONICLE
THE COMMERCIAL &
law
t
■
,
_
.
•
porations be given the
option to
THE COMMERCIAL & FINANCIAL CHRONICLE
2384
steady income
that
and
to
men
no
fault of their
rarily
who through
that
too
tempo-
own were
the
of the
care
young; that the maintenance, of
the home; that some kind of pro¬
vision
for
maternity
that
care;
kind of
provision for keep¬
ing dependent children with, their
some
mothers
what
on
,
.
,
adequate public health care; in¬
adequate treatment and protection
for those who are feeble-minded
used to call
we
scramble
tem
which
a
tion.
...
has
its
as
tremendous
"We
have
character¬
produc¬
mass
that
learned
wages
must be maintained at least to the
point where the wage earner can
buy as the result of wOrk that he
has done/and the wages that peo¬
ple earn should not only be enough
to sustain
to be a
themselves, but enough
good market for the pro¬
duction
that
off
comes
lines
mass
our
not only of
washing
ma¬
chines, but of Just the common,
ordinary things of everyday life,
the canned goods, clothes and all
that sort of thing. We have learned;
production
automobiles
that that is
we
—
and
the
of
economy
we
had bet¬
sort
have and that
can
ter have' in America if
all
are
we
going to keep ourselves happy and
prosperous, and progressive, and
if we are
going to develop in the
the
future
kind
of
know
and
want
culture
we
can;
,
hospitals and nurses in areas
not now so served by their benef¬
icent and healing ways.
and
time
has
October.
in
The
President
requested that Mr. Hull de¬
his
fer
resignation, until Jan. 20,
"which
is
term."
At
the
end
the
of
third
our
time
same
the
President in his letter to Mr. Hull
says
make
to
more
realistic education
people. This is
for our country and now we are
already engaged in a great enter¬
prise of extending our philan¬
thropy. This is real work. Ex¬
tending our brotherly love to the
whole world and saying that what
happens in Poland; what happens
in Indo-China; what happens in
the islands of the Pacific; how
men
will love each other and
Trade
of
its first session."
44 cents
In
Associated
Press
to construct St. Lawrence Water¬
way
and power project," the tele¬
added:
'
"
"This Board, organized 1873, has
gram
,
approximately 1,500 members
resenting accurate
rep¬
section of
cross
business both large and small cen¬
tered
here
project,
.
New
in
which
York.
would
-
This
at
cost
a
minimum one-half billion dollars,
ultimately
may
amount.
It
help in the
war
twice that
possibly
effort. On the con¬
cost
could
not
trary it would divert;
men,
mate¬
of
material and sup¬
forces, and to our
Allies, • has been a miracle of
waterborne transportation.
Par¬
ticularly, in the Port of New York
plies to
men,
our own
the co-ordination of rail and keel,
of trucks and planes, lighters
car-floats, docks and warehouses
—and
especially of stevedores and
'ohgshoremen—has changed world
history, in the triumph of democ¬
racy over the Nazis. •
"The
canalization
Lawrence
of
Waterway
all the traffic will be
servicing
that would be entirely
armed
forces
Allies would be seriously
by
a
part-time
facility,
and
crippled
clogged
with ice for four months and
our
but
it would
side'—'a
about
the matter
"It is
no
military secret that the
Port of New
a
magnificent
York
war
has
rendered
service.
The
a
Not that
diverted, as
impossible,
'thorn
in
the
disturb-*
ing rate structures, diverting a lit¬
water, highway and air transpor¬
tation would suffer.
We cannot
In his comments in
be
festering
tle here and
Mr, Ely said:
St.
to be
the Port of New York.
whole co-ordinated system of rail,
-strengthen our position in post¬
war
by
undermining
existing
foundations of strength."
the
used
largely by tramp steamers, of for¬
eign registry, will definitely hurt
rials and money.
Ports along At¬
lantic
which
are
successfully
our
and
sore,'
little there and just
useful as a leaking valve
a
a
as
fine new balloon tire
to
job
a
stock
as
attendant at the Hyatt Roll¬
Three years later he stepped up
a
white collar job as Pratt's
assistant
J
-
Your health is honestly my
thought, and ' I
first
really • confi¬
on your feet
again in a relatively short time,
even
though you are limited to
special tasks and avoid the daily
am
dent that you will be
and
not
long afterward
-
sibilities of his Cabinet portfolio:
raise his
Hull
feels, Mr. Roosevelt
reported, that it also would not
be right for the country if he
were to remain on the job.
The President noted today that
Mr. Hull was coming along all
right physically but that it was
a
long process of recovery. He
recalled that it was necessary two
said in part:
Hull.
In his year at
ment he has
tration,
the State Depart¬
reorganized adminis¬
to London and
diplomatic mission, and
dashed
back on
a
if
a
in the Long-Island-
sons
Connecticut-Harvard-Wall
pattern.
In
the
1
.
his
of
letter
resignation to
Secretary
Hull
President,
,
said:
Street
.
' '•
It is witn inexpressible disap¬
pointment that I find it necessary,
for Considerations of health, to re¬
tire from public service.
;
I,
therefore,
with
tion
utmost
re¬
resigna¬
Secretary of State.
as
It is
my
that throughout my
me
20, which is the end of
term.
the Department
personal relations
have been uniformly and invari¬
State,
Perhaps
terms.
That
could
and
see
us.
:j':.
;
set
I shall continue to pray
you
as
the father of the
up,
that
United Nations may preside over
its first session.
That has noth¬
ing to do with whether you are
Secretary of State or not at the
time, but should go to you as the
person in all the world who
one
has
done
the
He has held
ber of other responsible
in
Roosevelt
1940 he
a
positions
Administrations,
In
joined the Council of Na¬
tional Defense. Later he
tive
num¬
was
ac¬
in
preparations to mobilize
American
industry.
Then came
the Office of Production Man¬
agement.
—
the War Production
Board's predecessor.
Before
reached
that,
one
in
1936,
he
relations among nations that even
though you may not remain in a
position of executive administra¬
tion, you will continue to help
the world with your moral guid¬
;
;
ance.
With
as
affectionate
my
ever
yours,
FRANKLIN D. ROOSEVELT.
that,
by
our
Christmas Greetings As
First-Class Mail
growing out of the foreign rela¬
tions of this country before and
during this war have been brought
formation received from the Post
completion; many
great questions have been faced
successfully; and many forward
movements of surpassing import¬
ance to friendly relations among
nations have been instituted.
to partial or full
the
As
draws
war
to
a
close
Corporation,
was
and
that
when
It is
considers himself prim¬
business man, and that's
the way he has worked in the
State Department. Before he ever
went
into
the
world of
Wall
he
wanted
to
be
a
preacher.
When young "Stet" was at the
v
-
-
.
tragedy to me
personally that I am unable to
continue making my full contri¬
supreme
a
bution to such
undertakings
great international
as
the creation of
the
post-war peace
the
solution
Postmaster
called
Albert! G
attention
Office
organization,
the
of
many
other
problems involved in the promo¬
and
the
final
of
a
full
and
complete, structure of
a
Department,
be
scaled
I
When
recover
strength,
my
your
possible
service in every
Sincerely yours,
.
lows:
.
'
■
;
hit
and
this
between
been
afternoon
wind
very
and
sad for
,
ing of our close relationship dur¬
ing all these 12 years. It is not
merely that our personal gela¬
tions have been so uniformly and
viding
fields, as it is the per¬
being able to
lean on you for aid and intimate
interchange of thought.
sonal feeling of not
is
we
have
road
especially true because
come so far along the
of friendly
nations
that
I
the
is, shown
The
sender's
charge
Office
relations among
have
counted
card
Department
■
..
,,
the
pro¬
return
the envelope."
on
Post
adds:
other
hand,
,
1.
printed
Christmas greetings mailed in
un¬
sealed envelopes at the third-class
rate which cannot be delivered
must
reason,
for
or
often
waste, thereby
pointment.
the
as
some
be
so
other
destroyed
causing disap¬
Greetings^ mailed
third-class rate
not
are
at
enti¬
tled to the free
forwarding priv¬
ilege
those
accorded
sealed
rate
ers
by
This
returned without
are
the
many
personal
a
directory service, and, if neces¬
forwarded without additional
charge; also, if undeliverable, they
invariably agreeable, or that our
so
having
sary,
joint work has, borne true success
in
written
permit¬
of the addressee
reply fol¬
vv
to contemplate the end¬
even
contain
otherwise
-
of
It has
water.
me
me
Washington,
•
that such greetings are dis¬
patched and delivered first, given
as
letter
in¬
ents
My Dear Cordell:
Your
to
addressed, because of the removal
CORDELL HULL.
President Roosevelt's
m a n
7
appeal which is, of course, more
highly appreciated by the recipi¬
"On
shall individually be always at
I d
advantages that will result, mail¬
ers should be urged to send their
holiday greetings at the first-class
rate of postage, explaining that
when so sent the greetings may
ofder under Jaw.
world
I
development
o
Nov.
on
D. C.: "That because of the many
tion of international co-operation,
has
a
Street,
mediately ahead,
he
33.
"Stet"
arily
with in the months and years im¬
had
posts—Chairman of :thb
Board of the United States Steel
regards,
,
our
ably agreeable and
of America's top in¬
dustrial
this
make
to
joint efforts, many difficult tasks
way.
■
most
have contributed to friendly
you
world for peace.
plan is his prime interest now and
it has top priority on the State
,
when the organ¬
United Nations is
the
of
of
before
some
on
come
m
Incidentally,
plex and difficult conditions and messages, not
problems which must be dealt ted, therefore
security
that
get your advice
things that will
the
months
time ' I
from time to time
you
there remains a vast area of com¬
Oaks
enters
two
means
and ' during
more,
headed
Dumbarton
third
our
sentiment
into this suggestion a little bit, but
it would give me great satisfaction
if we should round out the three
almost 12 years at
of
But I
so.
wish you would, as an alternative,
allow me to. accept it as of Jan.
of special satis¬
matter
a
faction to
to do
me
great plan for peace an effective
fact. In so many different ways
My dear Mr. President:
gret tender herewith
Secretary of State
as
want
you
ization
Big business was not new in
Stettinius' family—his father was
partner in J. P. Morgan & Co.
But Stettinius Senior refused to
Mr.
resignation
became Vice President of General
Motors.
he continued to bear the respon¬
University of Virginia he used to
go out in the backwoods to bring
"And, ' American business will enlightenment to hillbillys. An¬
be asked to pay
an
exorbitant other way he thought up to carry
price for this unneeded and aggra¬ out his social urge was to found
vating facility. In our war effort
a sum
ranging from one-half to pay for something that we do not
one
billion dollars is relatively need,, and that will only continue
small, but in the post-war era that to plague us and be of advantage
will seem an extravagant sum to to our competitors."
on
of
special
Depart¬
a
Bearing Works. The pay was
an hour,
er
accounts
long illness would be retarded if i
ministrator.
flow
President
now
State
the
at
room
negotiations with other
Governments on organizing the
re- *'■
consultant
ministry and into
Opposition to the St. Lawrence Waterway and Power Project Department list of jobs to be done>
has been voiced anew by the New York Board of Trade, its Presi¬
"Stet," as his colleagues call
dent Matthew G. Ely, having in telegraphic advices Nov. 20 to Sen¬
him, came to the State Depart¬
ators Wagner and Mead, of New York State, and Senator Overton,
ment from lend-lease, which he
in charge of the St. Lawrence project in the U. S. Senate, reiterated
organized and got rolling as ad¬
the objection of New York business to the project.
Stating , that
Board
then a Vice
General Motors and
Pratt,
that you as the father of the
United Nations may preside over
you
Waterway Project
came
tions is set up, I shall continue to
and I can live in
Mr. Stettinius, now 44, at 43 had
peace; so that in time to come we
been
Under-Secretary of State
will not have, to shudder over the
troubles of the men, Women and just over a year, and it seems vir¬
children in Poland exactly as we tually certain that the Senate will
do today when it is publicized, and agree with the White House that
he can take the place of Cordell
we see their pictures.
that
so
of the venture that it
to the attention of John Lee
success
pray
peOple live there; whether they
are
warm and clothed;
whether
or three years ago for the Secre¬
they have access to health and
culture, .and what international¬ tary to spend several months in
ism is going to be also matters to Florida.
He had to think of the Secre¬
us, but it is but an empty phrase
if it results only in political in¬ tary's recovery and take official
struments of keeping the peace responsibilities off his shoulders.
and security.
It should result in
In reviewing the activities of
philanthropic instruments of Mr. Stettinius, Associated.. Press
bringing the world together so advices from Washington Nov. 27
that
a
that "incidentally, when the ment.
\ '
r
'
'
Mr. Pratt talked him out of the
of the United Na¬ !
develop a hew from Washington Nov. 27 it was
type of education, and as Dr. stated:
The Chief Executive declared
Goodykoontz so well knows, and
ably said, and as you in yOur that Mr. Hull's doctors told the
Town Hall adult education have Secretary, and Mr. Hull felt, that
his
complete recovery from a
so well demonstrated, we have got
available to more
in his rattle-trap car he made such
organiaztion
"We have got to
For Defeat of St. Lawrence
York
condi¬
•*
,
broader
already know on a
we
The
spectfully petitions for the defeat
of any and all legislation designed
as
us.
,
li. Y. Board of Trade Petitions Senators
4'New
difficult
apd
this is all over the
have.
Then, of course, we must not for¬
get, even though we have done
so
well in the early part of the
twentieth century, that we have
only begun and that we have the
"We must know that poverty
future ahead of us. A great many
things still need to' be corrected anywhere is a threat to prosperity
in our life in this country. There and civilization everywhere. That
s still inadequate education;
in- is really what it means!"
we
Secretary of State, submitted
to President Roosevelt, because of ill health, has been accepted with
great and deep regret the President announced in a talk with news¬
the field of life
possible and that it could be en¬ scale."
dowed by a 2% tax, or even a 3%
Turning her attention to social
tax on the payrolls of the country, reforms in the future, Miss Per¬
and so we have developed a way kins remarked: "We have got to
by which the money is made and find, and find soon, some way to
turned over to be put into a fund make good medical care accessible
for that specific, purpose—preven¬ to everyone who needs it and that
tion of poverty.
not only by money endowments,
"We have learned through ex¬ but by actual location of doctors
istic
The resignation of Cordell Hull
complex
tions which still face
paper men on Nov. 27.
1
In making known the resignation of Secretary Hull the President routine of. department work. As
country. We
announced that Edward R. Stettinius, Jr., Under Secretary of
must find, the way. It is a part of
State, of today, therefore, you must de¬
vote all your
. ,,.i.
thought to getting
your duty to find the way
by has been nominated as Secretary.^————-—- . ■ Mr. Hull, who is 73 years of a
one-man
employment agency back on your feet, and on this all
which this slack can be taker! up
your friends will join in helping. '
and shall be taken up,, and by age, has been ill in the Navy Hos¬ •for his fellow-students.
which we can apply the remedies pital at Bethesda, Md. since some i
I will, of course, accept your
Scooting about Charlottesville
for themselves.; In
the Widows' Pension System, was
perimentation that it doesn't pay
in a great, rich country like this
to deplete the health and vigor,
and intelligence of our people and
our children by too long hours of
work, or by rates of pay which are
so
low that they keep the wage
earner from being a purchaser in
the market of an enterprising sys¬
>
Steltinius Named His Successor
,
employment/. We. or crippled, or unable to
of
out
learned
was necessary f
women
,
of
Movement Secretary of State HalL Resigns—
Recalls Progress of Social Reform
(Continued from first page)
Thursday, November 30, 1944
mailed
in
envelopes at the first-class
and, consequently, the send¬
in many cases never know'that
greetings
the
not
occur
mailed
were
addressees,'
if
the
sealed
not
received
This
would
greetings
at
the
were
dirst-class
rate,"
,
[A previous release by the Post¬
master
mas
on
the
greetings
subject of Christ¬
fqr
overseas
ap¬
peared in the "Chronicle" of Nov.
in carrying
;
•
V
this work through the final stage 9, page 2060.1
much
on
your
help
i
;
.
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4338
Volume 160
2385
President Roosevelt in
French Loan of
George Favors Lower Post-War
Taxes and Start on Reducing Public Debt Liberation issued
Senator
Message to CIO, Says
Must Keep on Producing for Fighters
We
The French Press and Informa¬
In greetings to President Murray at the opening of the annual
the
tion Service in New York made convention in Chicago on Nov. 20 of the Congress of Industrial
public debt when peace comes was called for by Senator George
(Dem.-Ga.) on Nov. 21 and, according to the Associated Press, he public on Nov. 13 the following Organizations, President Roosevelt declared that "we are united in
foresaw a definite possibility of lowering levies, beginning to pay from Paris Nov. 6 giving the text this nation, united'in a common cause against a common foe. That
the debt, and keeping the budget balanced, all at the same time. These of a communique from the Coun¬ unity of purpose has brought us victory after victory. It will continue
cil of Ministers of November 3, to do so until the war is won on all fronts. After that, it will help
press advices from Washington, as given in the "Wall Street Journal,"
post-war taxes and an immediate start on reducing
Lower
also
said:
"will
act
as
brake
definite
a
said,
Chairman
Committee
nance
on
high level of business activ¬
ity in the post-war period. As we
approach the end of the war, we
will see the absolute necessity of
any
easing the tax burden to prevent
its
serving
Mr.
brake."
as a
the public debt,
said, would indicate
Payments
on
George
business, better than anything
to
Earlier in
Fi¬
Senate
the
else, the direction the Government
may take after the war.
—Senator
"If
we
he said, "we
have got to prove it by meeting
expenses from revenues, and be¬
ginning to reduce the debt im¬
mediately aft£r the high expendi¬
tures
for
war
over."
are
The Senator went on to survey
financial
Government's
the
the basis of the best
available to a special
Senate Post-War Planning Committee which he heads.
look,
on
"The minimum
the
in
immediate
possible budget
post-war pe¬
asserted,
"would be
somewhere around $16 billion or
$17 billion. That presupposes the
most rigid economy in Govern¬
riod,"
he
ment.
"The maximum
probably would
run up to $21 billion or $22 billion.
Any budget as high as $20 billion
would, I should think, include a
reasonable
for
amount
It
tirement.
should
debt
begin
re¬
im¬
after the end of the
war,
on
a
scale commensurate
with budget demands."
Current revenues of around $46
mediately
billion
a
year
nearly
are
three
French
stated
that
"Upon the recommendation of
the Ministry of Finance, the Gov¬
George
the former 3% with which it will
European war definitely ap¬
proaching.
But Congress should
have its plans
ready for quick
action when the tirfie comes, he
added.
'
'
1'
,
Finance
The
-
.
■
who
Chairman,
pilots revenue measures in the
Senate, predicted "general revi¬
sion'' of the Social Security Law
Both the
Republican and Democratic Par¬
ties promised the act would be
the
in
next
Congress.
months
required in
Probably two or three
of
will
hearings
the House Ways
Committee
own
action
be
be
and Means Com¬
month in his
another
and
mittee
there can
before
for
benefits
new
on
people, Senator George de¬
more
clared.
"
Congress again will
freeze Social Security taxes at 1%
Whether
on
employees' wages and
employers' payrolls by the end of
the year rests largely with the
House. Unless Congress acts,.the
rate goes up automatically to 2%
each
Roosevelt,
"The
ceived
subscriptions will
in
cash
by
all
branches, banks, and
Government does
from
neither has the
hasn't
he
mind.
As for
Treasury.
made
his
up
big question, the Georgian
in
....
should
taxes
be
the'maximum. 1 levied at this time.
Saving Stressed As Sixth War
Loan Drive Appeal by Smith of ABA
benefits of war bond ownership, providing a pro¬
"
—
:—
other j mnal interview in merchandising
He pointed bonds to individuals.
"Basically the sales appeal is
the
Sixth War Loan Drive comes at the excellence of the investment
a
very
propitious time for the itself and the need to follow
There are
buying
of
bonds
by
farmers. through to victory.
Other
drives
have occurred at bonds for every kind of buyer and
times
when crops had not yet every investment requirement: for
and
for
many
endowment purposes.
that the whole period of
cash, and when
population was extremely
busy. "Also there is December 7,"
said Mr. Smith, "with its many
turned into
been
the farm
market¬
long-term investment, for
to
ability,
taxes, for, estates
pay
gifts, for maximum safety of
and
opportunities
principal, maximum yield, current
one
and
for
remembering
great reason why we are sav¬
with a vengeance." An arnouncement by the ABA on Nov.
ing
reporting the remarks of Mr.
Smith, also quoted him in part as
saying:
"The basic appeal to bankers in
21 in
.
of War Bonds is
encouragement
of the habit
the
selling
the
deferred
medium
short
income,
and
and
investment,
term
bonds which can be used
as
col¬
lateral for loans.
"It
more
is
they will
war,
War Loan Drive
gratifying
banks
than
to
know that
are
ever
to fix individual quotas
be helping to win the
the dangers of in¬
have taken
an
going
for them¬
outstanding part in
the sales effort.
to lessen
and to assist individuals
in building an investment backlog
for the years to come.
"A pre-drive poll of large and
"small banks throughout the coun¬
flation,
try shows a well defined trend
Joward face-to-face contact as the
best way to sell war bonds.
The
experience of banks in five pre¬
vious loans has
there is no
demonstrated that
substitute for the per-
nor
ts
for
since
According to lie¬
heretofore compiled by the
Government
country having
to
the
public
either sold by the
have
banks or
processed through the banks. I am
that
we
shall not only
maintain this record, but improve
it
in
that
ful and constructive
the
Sixth
War
Bond
meeting. I am
but official duties, which, as
know are heavy these days,
sorry
you
will
prevent
Washington to
Government
in
this
attend
your
con¬
vention and from accepting your
cordial invitation to address it.
"As
write
I
brave
all
giving
and in
are
on
that when
crushed
land
victors
well-being.
assurance
that
the
Nov.
sage-
2
the
to
New
and
men
on
women
assembly
lines, at machines, in
mines, at counters, in office work,
on farms, and those directing pro¬
duction have, almost without ex¬
ception, done everything humanly
possible to help our brave fighters
carry on against ruthless enemies.
They have supplied them with
matchless guns, tanks, planes and
ships in
record quantities
and
with
unstinted
and
ammunition
ample supplies.
job
workers, management
and farmers may well feel proud,
It has been
a
which
of
"That job is not yet
done, how¬
We
must, and I know we
will, keep turning out the weap¬
ever,
and
materials needed
time.
boys returned at the earliest pos¬
sible moment to their homes and
"And
we
to give them
propose
things,
do
for to
who have been
mes¬
peace
"American
fighters so that the war may be
shortened, lives saved and our
of peace
era
would be to break faith with those
wireless
all fronts.
ons
an
those
a
on
help us to win
that will endure for the
and
good will for all peoples for all
want
sponds to this confident appeal.
stated in
won
will
their sacrifices will not, be in vain.
for the most part upon
the way in which the Nation re¬
was
it
lasting benefit of mankind.
return to
can
and
peace
want
so
enemies have been
our
the
of
They
will
our
message
men
land, on sea,
air throughout the world
the
a
this
fighting
their
the
matter
leaving
from
me
Is
war
that
After
a
hearty greet¬
ings to the officers and delegates
attending your annual convention
and my best wishes for a success¬
the
of
success
until the
to Mr.
"Please extend my
They
ultimate
peace
Murray follows:
spontaneously contributed to the
military liberation, must also find
the means of a monetary libera¬
fighting
less
any
loved
ones.
"Very sincerely
fight
our
by our
your,
"FRANKLIN D. ROOSEVELT. '
.
York
"Times" from Paris that by means
of
Greater
great "Liberation Loan," Gen.
Charles de Gaulle hopes to be
a
to*, avoid
.
French
Sixth War Loan participation by the Illinois and Wisconsin sav¬
ings, building and loan associations surpassing performance in any
previous drive was foreseen by A. R. Gardner, President of the
Federal Home Loan Bank of Chicago, at a meeting at the bank's
recourse
.
Olrich Resigns From
offices
Treasury Post
Assistant
the
to
Nov.
the
Nov., 8 with the Chicago and Cook County Savings and
State
and
drive these
16
20-Dec.
charge of the Procurement Divi¬
institutions will topple their pre¬
sion
vious
was
announced by the Treas¬
Department
ury
Olrich
informed
genthau that it
he
return
Loan 14
ago,
even
though
the
goal this time is less than
national
it
of
War
results
The
then.
was
made
record
Third
the
months
essential that
Presidency
$45,235,000
during
Mr.
Mor-
Secretary
was
the
to
Nov. 14.
on
of
Munsingwear, Inc., of Minneap¬
olis, from which position he took
perience
iiy., handling their
of
bonds
to
leave
purchase
of
of
absence
to
come
Treasury last April.
the
to
tion is effective Nov. 27.
Mr. Ol¬
rich, it is announced, has had
re¬
sponsibility
the
unit
in
for
organizing
type
sumer
plus
of "disposing
by
declared
goods
in
have
it
made
to
months
much
very
his
upon
In
us.
has
been
tion
In
for Mr.
the
few
with
the
will
done
this
own
interest
at
the
and
sacrifice
to
at
the
ner,
latter
be.
own
which
figure
specially
urged
they
to
in¬
meeting with Mr. Gard¬
who is Chairman for the
Cook County and Chicago
and Loan Committee for
substantial
War Loan,
a
State
contribution
nance
to the nation in time of war."
Mr. Olrich
divided
.
At the
his
His has been
patriotic
in this dis¬
$27,414,408
crease.
has
of
was
War
$42.-
accountf and
$14,932,896 sold to the public, It
handle the tremendously difficult
He
associations'
participation
trict
obligations
loan
347,395
sion the
work.
war
drive, the Fifth
the
is
disposal
the
last
Loan,
veloping in the Procurement Divi¬
necessary
of
the
bought for their
extraordinarily able job in de¬
organization
and
prominently in the absorp¬
more
Treasury Department he has done
surplus
upon
the savings and loan
he pointed out, in
view of the Treasury's continued
desire to
have numerous indi¬
de¬
were
Chairman
Savings
the Sixth
Renslow Sherer,
of
Committee,
the
and
War
Fi¬
F.
M.
Knight, local Chairman, and other
members of the savings and loan
expressed great ap¬
G.
committee.
him by the
Erdmann, President, Bell Savings
and Loan Association; Joseph M.
ing the surplus disposal organiza¬
tion.
•
John
A.
Feaman, President, Illi¬
Savings and Loan
Federal
nois
Association.
.
The death occurred
on
Nov.
15
Prescott, Ariz., of Smith W.
Brookhart, for eight years United
States Senator from Iowa and one
of the foremost champions of the
American
farmer.
He
recently
became
at
patient
a
United
the
States Vetex-ans Hospital at
ple,
near
Whip¬
Prescott.
Brookhart, who was 75
Senator
years
of
souri,
and
age,
was
early
born
in
in Mis¬
studied
life
law, being admitted to the bar in
the
1892,- said
from
which
"Three
we
years
Associated
also
later
Press,
quote:
he
became
Washington County (Iowa) attor¬
ney. He did hot hold public office
again until 1922. when he went to
the Senate and immediately allied
himself with the Farm Bloc.
"He
was
an
early
advocate
of
recognition of Russia
and of co¬
operative farming. Although a Re¬
publican, he opposed the HardingCoolidve
Administration
on
some
legislation, and in 1924, when he
j sought reelection and apparently
j had
won by a close vote, his op! oonent contested it. The Senate
| finally decided in favor of Daniel
Mozeris, Secretary, Keistute Sav-j F. Steck, the Democratic: handl¬
ings and Loan Association; Ed- ( date.
Arthur
preciation of the free hand given
Secretary in establish¬
Czekala, President, Na¬
Savings and Loan Associa¬
tion;
Joseph
J.
Jaros,
Czecho
Slovakian
Savings
and
Loan
League; Col. John B. Reynolds,
President, Chicago Federal Sav¬
ings and Loan Association, and
at
emphasis
Special
urged
business
own
necessary
leave
he
that
J.
ward
tional
own
vidual purchasers figure more
regret
Fi¬
dicted.
associations,
War and Navy De¬
Secretary Morgenthau
velopments
an
Government securi¬
War
—rrtr-—•
Ex-Senator Brookhart Dead
sur¬
■
Olrich
and their
the
y
portfolios will
be felt in their larger scale ac¬
tivity this time, Mr. Gardner pre¬
con¬
the
partments.
said:
of
ex¬
sales
the sale of series E bonds will be
of the Procurement Division
charge
the public
for their
ties
His resigna¬
of
local chairmen
He said that in^-
Committee.
nance
in
Secretary
on
Committee and the
Loan
Resignation of Ernest L. Olrich
as
Participation of ill.-Wise. Savings
And Loan Ass'n Looked for in 8th War Loan
Belgian model,
to a forced
the
on
having
■levy.-,. ■ ■
or
devaluing
really fine
on
liberation
a
lasting
The President's message
forcefully and
so
personal expense.
Drive."
the
believes
distributed
convinced
restora¬
the
currency
by with¬
drawing from circulation a large
part of the notes issued by the
enemy during the occupation. The
Treasury, fully 80% of the bonds
been
social
the
shortened."
stabilize
"I
of
selves and take part in a friendly
thrift. There is no question about
our
armed forces winning this competitive
arrangement
with
war
but the military victory, is other banks in their communities
only part of the job. If we are also for
scoring and reporting during
to win the peace we must keep
our
economy
stabilized.
Banks the drive.
"In all previous drives, banks
realize that through their sales ef¬
forts in the Sixth
recon¬
the volume of Treasury
purchased, the Treasury has
been
replenished
considerably.
The purpose
of this loan is to
It
of planned saving for future use, will be an effective appeal in
the Sixth War Bond Drive, says Tom K. Smith, President of the Boat¬
men's National Bank, St. Louis, Mo., and Chairman of the American
Bankers Association Committee on War Bond Drives,
Millions of
dollars will be used to buy bonds, Mr. Smith believes, 'for the future
plans
to pay
bonds
•.OV-
gram
out
to fill
Of course,
to
and
currency,
menh
not seek
necessary
and
taxes
depend
education of children, self retire-
The
tion, but due to the funds realized
able
The long term
post
at
for economic
are
the war,
George recalled, has not been en¬
about"
a
freeze
and
thusiastic
500,000,000
Planned
all
manner.
immediate needs only.
great funds
re¬
Treasury
Treasury
off me
bonds
ior
be
in
and
offices in tne usual
"The
The
It will be
issued at par.
Senator
President
himself,
single fund.
one
that will endure <?>benefit of man¬ and that of all liberty loving peo¬
kind."
He further said: "Amer¬ ples so valiantly at such great
ican men and women on assembly cost in suffering, in wounds and
To do this means
lines, at machines, in mines, at in life itself.
counters, in office work, on farms that we here at home must per¬
and
those
mit
no
directing production,
letdown in our support of
have, almost without exception, those who are proving once more
done everything humanly possible that united free men in a vigorous
to help our brave fighters carry
democracy
can
always
prevail
on
against ruthless enemies." He over dictator ridden peoples.
noted that the job is not yet done,
"We are united in this nation,
and that "we must, and I know we united in a common cause against
will keep turning out the weapons a common foe.
That unity of pur¬
and materials needed by our fight¬ pose has brought us victory after
ers
so
that
the
war
may
be victory. It will continue to do so
tion.
1.
Jan.
on
form
struction.
broadened.
George
than double
be fixed by
the
the
asserted, is whether another $1,-
more
ernment decided to issue, starting
Monday, November 6, until a fu¬
ture date which will
to win
us
for
Liberation:
Ministry of Finance, the loan
of Liberation; this loan will be
3% perpetual, the same type as
times the minmum budget Senator
mentioned. And they are
of
Loan
adoption of a post-war
tax program
should be delayed
until Congress can sefe the end of
out¬
analyses
13th
He said
in earnest about no
are
spending,"
1944, concerning the issuing of the
November—-the
"prospects
for
any. substantial
change in tax rates for 1945 are
very remote." At that time, Asso¬
ciated Press accounts reported:
'
deficit
r~
——
—
taxes,"
"High
including
THE COMMERCIAL & FINANCIAL
2386
28.0%
industry) will be 96.3% of capacity for the week beginning Nov.
27,
compared with 95.4%
one
This week's operating
facilities.
This will mean a step- week ago.
up
of present steel rail output rate is equivalent to 1,732,400 net
that this tonnage will
be supplied
despite competition
with shell steel for hot topping
in shell
increase
An
duction
looked
is
month
steel pro¬
5,000
about
of
tons
a
starting in
for,
prospects that in
May of next year shell steel de¬
mand will exceed monthly capaci¬
ties for that item by some thou¬
sands of tons.
The rapid turn of
events abroad may require subse¬
quent changes in various parts of
the shell steel program.
For this
in
obstacle
that
believed
is
it
reason
the
and
full
of
way
any
rapid shell steel output will defi¬
time
nitely be removed until such
forces
armed
adequately met,
are
Makers
shell
of
well
as
the
of
requirements
as
steel
rails
and
steel
structural
as
see
heavy orders ahead for early next
This enthusiasm, however,
by some flat rolled
year.
producers, who have lost, and will
plate tonnage.
lose additional steel
Heretofore
contract
one
as
been two or
there have
canceled
three to take its place on
mills,
in all
case
this
but
areas
Pessimism
was
not
be premature, stated "The
Iron Age," since other areas indi¬
may
that
both
hot
shared
be
now
cold
and
sheet de¬
for
pressure
will
liveries
by
sheets,
rolled
whereas demand had been almost
for
entirely
Cur¬
former.
the
rently hot rolled sheets are some¬
easier
what
to
deliveries
from
supply
A
basis.
overall
better
of electricity increased
4,450,047,000
approximately
4,396,595,000
from
Nov. 18
in the
kwh.
ended
comparing
218,900,000 kwh. for the cor¬
with
responding week of 1943, or a de¬
of 17.2%,
crease
Local distribution of electricity
amounted
173,400,000
to
kwh.,
with 214,900,000 kwh.
corresponding week of last
contract reductions and can¬
other
and
com¬
new
mitments.
averaged
output
1944,
18,
4,731,750
barrels.
decrease of
year, a
17.9%.
Railroad Freight Loading—Car-
week
the
864,373
of revenue freight for
ended Nov. 18 totaled
This
announced.
Railroads
American
of
increase
an
was
of
Association
the
cars,
24,884
above the preceding
decrease of
17,914 cars, or 2% below the cor¬
responding week of 1943.
Com¬
pared with a similar period in
1942, an increase of 27,611 cars,
or 3.3%, is shown.
3%
or
cars,
week this year, but a
Production—According
Coal
to
reports, the House: Ways
Committee voted 15
latest
Means
9,
to
the
Friday last, against con¬
on
By
President to
continue United
The U. S.
States control of coal.
of Mines
Bureau
tion
of
recommendation
the
to
doing, it went con¬
so
reports produc¬
anthracite
ended Nov. 18, 1944, at
Pennsylvania
of
for week
1,249,000
tons,
an
increase of
91,000 tons (7.9%) over the pre¬
and an increase of
3% above the cor¬
responding week of 1943.
The
1944 calendar year to date shows
ceding week,
October
in
manufacturers
furniture
—Many
amount of
unusual
accepted an
bookings for future de¬
livery in anticipation of further
relaxations of Government con¬
Seidman,
&
Seidman
trols,
ac¬
trade, reported
countants for' the
Friday, last.
on
bookings, states
the
22% ahead of
October
above
source, were
ber-October
Septem¬
largest
the
September,
increase
in
the
his¬
The increase
1943, amounted
tory of the industry.
October,
to 35%.
' v
above
of furniture
Production
tober
was
month
1943
in Oc¬
5% above the previous
corresponding
the
and
period.
'
Output for the in¬
however,
a year earlier.
itial 10 months of 1944,
5% below
ran
Retail
and
Wholesale
Trade—
14,579,000 Volume of retail sales throughout
Kerosene out¬ the nation the past week were
put totaled 1,479,000 barrels, with placed at 7% to 10% above last
distillate fuel oil placed at 4,436,- year by Dun & Rradstreet, Inc.
000 barrels and residual fuel oil Early Christmas shopping again
barrels of gasoline.
8,824,000
at
during the worked toward increased sales,
18, 1944.
Stor¬ the major portion of the rise being
barrels
ended Nov.
age
barrels
14,137,000
line,
of
kero¬
48,017,000 barrels of distil¬
late fuel, and 63,301,000 barrels of
products.
Special
residual fuel oil.
ments,
Paper pro¬
duction for the week ended Nov.
18 was at 91.7%
of capacity, as
—
of capacity in the
preceding week,
the American
Paper and Pulp Association's in¬
dex of mill activity disclosed. The
against 92.3%
rate
died
"small
gift"
depart¬
accessories, lingerie,
and
partments did an
.
nov¬
cosmetics de¬
excellent busi¬
Sales of Christ¬
ness
in the week.
mas
cards, stationery and holiday
candles
in
were
showed
stocks
while
great
demand,
signs
of
quick depletion.
Mr. Smith
Nov. 17.
on
was a
the New Deal,
foe of
bitter
and
his long career had
preached states rights. He fought
vigorously for improvements in'
the cotton and agricultural fields,
which in his later years resulted;
in his appointment as Chairman
throughout
Com-'
Senate Agricultural
of the
from Washington
advices
Press
Associated
mittee.
Nov. 17 said:
'
SmithLever Act which curbed dealing
in cotton futures
on
commodity
"He
of the
author
was
exchanges. He proposed a cotton-,
pool plan, claimed the paternity
of the reduction-of-acreage idea
and was one of the first to plow'
under a proportion of his cotton,although as a Senator he could
not be paid for this.
1
that he
"A monument
of
was
proud
creating the'
Muscle Shoals,'
the legislation
was
Wilson
at
Dam
primarily intended to create ni-;
trate during the first World War;
but which later was said to be the
forerunner of the larger Norris
Dam and the whole TV A project.
,
the Harding Administra¬
During
tion, because of a deadlock, hewas elected Chairman of the im¬
portant Interstate Commerce Com¬
mittee."'.
"Senator Smith
served
had
longer
by last August
in the Senate'
other member in history'
years.' He was defeated for
renomination to a seventh term"
than any
—35
Olirt D. John¬
last summer by Gov.
Nov, 7.
"He won his nickname. Cotton'
Nov. tic china and glassware were
Ed
a cognomen he loved — by
year was 91.4% of capacity.
available and
were
bought up
paperboard, production for
campaigning on a platform prom¬
quickly, according to the trade re¬
assortments
Limited
of domes¬
ston, who was elected
during the week ended
23 last
As for
the
;
jewelry
elty
food
of
sales
stimulated
sene,
Paper Production
Thanksgiving holiday
tion of the
also
The anticipa¬
this factor.
due to
("Cot¬
Smith, 80-year-old Dem¬
ocrat from South
Carolina, and
veteran of 35 years in the Senate,
ton Ed")
oil daily and produced
supplies
at
the week-end
totaled 78,741,000 barrels of gaso¬
trary
cellations
Nov.
weeks ended
daily
for the
only to rise again, appear
some
day higher.
per
324*450
For the
week
finally and definitely run
production picture is mixed with
barrels
compared
the past
nearing completion are not being
Otherwise
the
war
oil production was
crude
mately 4,567,000 barrels of crude
the
kwh. in
Nov.
19, T944,
to have
renewed.
week
corresponding
of
output
system
reports
181,300,000
dustry.
rapidly
with the
last
year,
compared
week
York
ments, written off many times in
Contracts
When
Reports
from
refining
com¬
panies indicate that the industry
as a whole ran to stills (on a Bureal
of* Mines
basis)
approxi¬
sidering legislation reviving regu¬
lation of the bituminous coal in¬
course.
1944,
when output reached 4,513,299,000 kwh.
Consolidated Edison Co. of New
ago,
this item.
their
by
four
and
require¬
recommended
figure
preceding week.
The latest fig¬
ures
approximate a decline of
1.4% from the level of one year
be found in the substantial
decline in delivery complaints for
Commission
daily
War for the month of November,
may
Maritime
350 barrels in excess of the
average
kwh. in the week ended
Bookings in October
Durant
Ellison
Senator
tober last year.
Furniture
'
"Cotton Ed" Smith
10,069,332,601 and 432 in Oc¬
and
>
Electric Institute reports that
to
sign that sheet
generally
are
an
the
by
the Petroleum Administration for
loadings
now.
the part of some
on
American Pe¬
troleum
Institute, was 4,738,850
barrels.
This represented an in¬
crease
of 11,450 barrels per day
over the preceding week, and 18,estimated
Edi¬
Production^—The
the output
the
flat rolled makers as to the future
cate
son
the wide
is
ago.
Electric
shared
is not
strip
year
with
January,
1,734,200 tons one
week and
last
Daily
crude oil production
week ended Nov. 18, as
the
for
1,716,200 net tons
compared with
—
Death of Senator
place, compared with 9,380,598,254
and 404 hi September this yeat
average gross
and castings,
of steel ingots
Production
Oil
Crude
expected
tons
greater,
greater, and orders 21.0% greater.
(Continued from page 2378)
levels," the magazine observed.
reporting mills was
shipments 34.8%
of
duction
The State of Trade
Thursday, November 30, 1944
CHRONICLE
—
period
same
was
reported at
96% of capacity, unchanged
from
week.
the previous
Silver—The London market for
silver
the past week was
changed at 23V2d. The New
Official
un¬
York
foreign silver con¬
44% cents, with domes¬
tic silver at 70% cents.
.for
tinued at
Output
Meat
1945
the
of
Predictions
Estimate—
Agriculture
Department place 1945 meat pro¬
duction
at
2,000,000,000
pounds
about 8%—as a
livestock
liquidation.
less this year—-or
of
result
Curtain
view.
and
de¬
drapery
partments revealed a sales volume
10%
better than for the same
period a year ago, notwithstand¬
ing shortages in many popular
items.
The turnover was rapid
and unit sales high.
A
sales volume was
high
also
departments,
woolens and cottons
noted in piece goods
with
silks,
in the rise.
It was re¬
that the "sew-at-home"
trend evident of late in women's
sharing
ported
apparel
was
mainly accountable
for the upturn.
cotton farmers
unceasing ef¬
of helping the
ise
of the South and by
his promises by
forts to carry out
legislation."
After
fifteen-minute
a
session
eulogies of
Senator
Senate ad¬
journed on Nov. 20 until the next
day, said special Washington ad¬
vices to the New York "Times" on
devoted to
Smith, the
entirely
Nov. 20,
which also stated:
"Although a funeral service was
held yesterday in the former Sen¬
ator's home town of Lynchburg,
S. C., his confrere. Senator Burnet
R. Maybank, told the legislators
Department's well above a year ago the past that, as there had not been time
1946 is ex¬ week.
The bulk of trading was for an official group to attend, a
The in reorders of holiday lines where committee named informally by
by the Navy Bureau of Yards and an increase of 7.3% when com¬ pected to drop still lower.
continued heavy
demand,
it
is
Docks' award of 500 two-story
still possible.
In apparel lines, Vice President Wallace had made
pared with corresponding period
felt, will operate to hold meat
the trip to Lynchburg for that
barracks requiring 26,000 tons of of 1943.
especially,
a
policy of longer
prices
close
to
ceiling
levels.
structural steel.
Increases in cer¬
The report of the Solid Fuels
range
purchasing instituted to purpose. He thereupon submitted
Army of
634 of the 1,226 Bailey bridges
scheduled for 1945 output is offset
36,000 tons,
tain
Administration
Cancellation
bomb
the
by
and
armor-piercing
or
placed bituminous
shot contracts which will involve
production
tonnages of both carbon and
alloy
magazine.
Iron
Age"
reported,
the
WPB
will
shortly issue letters of intent for
production of 700 locomotives for
Nov.
steels
sharp increase over the output
noted by the
were
On the export front, "The
use
The War Depart¬
in France.
ment
and
soon
to
WPB
the
grant
French
use
Advices
sources
to go
The order
permission
ahead with this order.
for passenger
expected
are
and freight cars for
has been held up.
French
official
from
in this country last week
indicate
France's
that
comeback
industrial
depends entirely upon
the rehabilitation of its main rail¬
road lines
ing links.
as
well
as
interconnect¬
Until such time
as
her
for the week ended
18 at 12,180,000 net tons, a
in
the partial-holiday week preced¬
ing, which totaled 10,660,000 net
Production
tons.
showed
when
the
by
reported
than is
generally expected.
Most
scrap
markets
followed up last
in
price
Some
with
areas
heading
this week
week's advances
increases.
further
claim that prices are
for
ceiling
the
Iron Age" steel scrap
"The
level.
com¬
posite price is up $1 a gross ton
this week to $17.08 a gross ton.
Steel
Institute announced last Monday
The
that
American
the
Iron
operating
and
rate
of steel
companies (including 94% of the
same
source,
tons
400
of
decrease
a
with the output
11, last.
also
a
decrease
of
compared
for the week ended Nov.
week of 1943.
In view of the urgency of
the
case
permission on French
purchases may materialize sooner
Meat
production
for
1945 is ex¬
pected
to
total
24,500,000,000
pounds, dressed meat basis.
Wool
Septem¬
consumption
of
Consumption
ber—Domestic
was
51,000 tons for the corresponding
Lumber
Shipments
—
The
Na¬
tional Lumber Manufacturers As¬
sociation
reports
that
lumber
of 503 reporting mills
were
4.2% above production for
the week ended Nov. 18, while
shipments
new
orders
of
these
mills
are
equivalent to 34 days' production
for the same period.
Unfilled or¬
der Tiles
amounted to 87 %
of
stocks.
For 1944
to
date, shipments of
reporting identical mills exceeded
production
ran
3.9%
2.7%
and
above output.
Compared
by
to
orders
the average cor¬
responding week of 1935-39, pro¬
#
overcome
ed
apparel wool, on a greasy shorn
totaled 80,451,000 pounds
basis,
slow deliveries prompt¬
placements of many large in¬
itial spring
in
to
ing steel centers, will make slow
put.
the
week
of
last
year last September, as compared with
12,974,000 net tons, 90,431,000 in August and 88,519,000
while output for Jan. 1 to Nov. 18, in September, 1943, the New York
Exchange
reported the
1944, totaled 553,630,000 net tons, Cotton
an increase of 6.9% over the 517,past week.
For
the
first
nine
months of
796,000 tons mined in the same
1943 period.
this year consumption on a greasy
basis
totaled
786,279,000
Estimated
production of bee¬ shorn
hive coke in the United States for pounds, against 863,980,000 pounds
the week ended Nov. 18, 1944, as in the 1943 period.
amounted
There
in regaining regular out¬
corre¬
to
forecast, production in
sponding
transportation system is restored,
France's industrial cities, includ¬
progress
the
in
According
Wholesale volume likewise was
furnishing
week. Replace¬
ment demand of holiday items ran
markets the past
-
supplies were inade¬
Glassware and cooking
but
quate.
utensils were especially
Cotton shag rugs
popular.
for bedrooms
bathrooms sold well,
while hampers, vanity tables and
as
well
chairs,
as
kitchen
stools
and
22,279,574 active in September this
was
also noted.
and 22,599,574 in October last
Retail
trade
"Times,"
18%
to
according to the New
the gain ranging
ago,
year
York
for some stores.
assortments
were
more
or
Merchandise
still favorable, but shortages
are
expected
to
mid-December
are
,
markets
Wholesale
that
acute in
already mak-?
grow
ing their appearance.
of
-many
were
not
old
in New York
them
placing
in
than
orders
ones.
more
were
con¬
in checking deliveries on
cerned
.J
new
:
The garment
ther steps by
trades awaited fur¬
the OPA in
making
low-prjced clothing available, fol¬
lowing announcement of dollars*
and-cents
and
ceilings
women's
for
Orders
children's
on
low-end'
infants'
apparel!.
spring
continued heavy,
According
store
to
Bank's
serve
suits
:
the
Federal Re¬
index,
department
sales in New York City for
the weekly
creased
period
period to Nov. 18 in¬
8%
by
over
of last year.
the
same
This
comr
pared with 10% in the preceding
week.
the
year.
Active spindle* hours in Oc¬ past week made good progress
Department
tober totaled 9,486,971,017, or an despite bad weather.
average of 400 hours a spindle in store volume was well ahead of a
year
respect of his memory.
other lacking in buyer attendance, but
unpainted furniture were ordered
freely.
Deliveries on all woodenware generally are scheduled for
from four to six months.
consumption, on a
Percentage increases on a re¬
scoured
basis,
was
43,575,000
pounds, against 48,746,000 pounds gional basis for the week were;
New England, 9 to 11%; East, 5
in August and 47,230,000 pounds
to 10%; Middle West. 6 to 8%;
in September, 1943.
The figures
Northwest, 7 to 9%; South, 9 to
for nine months were 431,298,000
pounds last Sept. 30 against 455,- 12%; Southwest, 6 to 9%, and Pa¬
cific Coast, 10 to 15%.
735,000 pounds in the 1943 period.
Department store sales on a
Cotton Spinning in October—
country-wide basis, as taken from
The
cotton
spinning
industry
the Federal Reserve Board's in¬
operated in October qt 117.4% of
dex, were 12% ahead of a year
capacity, compared with 122.3%
ago for the week ended Nov. 18.
in September this year and 129.5%
This compared with .9% in ..the
for October, 1943, the Census Bu¬
preceding week.
For the four
reau
disclosed recently.
weeks ended Nov. 18, 1944, sales
Spinning spindles in place on
increased by 10%. A 9% increase
Oct. 31 totaled 23,138,762, of which
in department store sales for the
22,228,138 were active at some
time Un the month,
as
against year to Nov. 18, 1944, over 1943,
September
ment in
orders.
Quiet ruled in house
high,
proposing adjourn¬
the resolution
For the four weeks ended
Nov. 18 sales
the year to
by 9%.
rose
by 10%, and for
Nov. 18 they improved
Volume 160
And
Government
workers, I don't overlook all the
other people in the city who make
it possible for them to come here
•
MOODY'S BOND
'
Return from
(Based on Average Yields)
1944—
u, s.
Avge,
Govt.
Dally
Averages
Bonds
Corporate by Groups'*
Corporate by Ratings1
Corpo-
Aaa
rate*
R. R.
Baa
A
Aa
119.86
113.12
118.80
117.60
113.31
103.97
108.16
113.70
118.00
Nov.
7
113.12
118.80
117.40
113.31
103.97
108.16
113.70
118.00
dent
Franklin
25-
119.93
113.12
118.80
117.40
113.12
103.80
108.16
113.70
117.80
112.93
118.60
117.20
113.12
103.80
107.98
113.50
117.80
24-
119.93
23
Stock
22-
119.95
2ll
119.95
Closed
Exchange
112.93
118.60
117.20
113.12
"103.80
107.98
113.70
117.80
112.93
118.60
117.20
113.12
103.64
D.
Hyde Park, N. Y., home on
Nov. 9 for Washington, where he
was
given a signal welcome on
Nov.
10, despite the rains and
113.50
117.80
107.98
113,50
117-80
107.80
113.50
117.60
winds of the day.
stated:
119.97
112.93
118.60
117.20
113.12
103.64
107.80
113.50
117.60
Hyde Park
situation.
17_,
Standing beside Henry L. Stimson, Secretary of War, and James
V.
Forrestal,
Secretary of the
tions face us.
112.93
119.92
107.62
103.64
113.12
117.00
118.60
113.50
117.60
Before leaving
Nov. 8 the Presi¬
on
119.86
112.75
118.40
117.00
112.93
103.47
107.62
113.31
117.60
dent, commenting
1514-.
119.80
112.75
118.40
117.00
112.93
103.30
107.62
113.31
117.40
the
13-
119.80
112.75
118.40
117.00
112.93
103.30
107.62
113.31
117.60
U_
Stock Exchange
117.40
Closed
election,
have
again
the result of
that "we
on
asserted
demonstrated
world that
democracy is
the
to
living,
a
118.40
117.00
103.30
107.62
113.31
112.56
118.40
116.80
112.93
103.30
107.62
113.31
117.40
vital force."
112.56
118.20
116.80
112.93
103.30
107.62
113.12
117.20
contained in
116.80
112.93
103.30
107.62
113.31
117.20
distributed by Presidential Secre¬
crysanthemums at the foot of the
tary Stephen Early, as follows:
"For the first time in 80 years
marble sarcophagus.
Exchange Closed
119.67
112.56
4_
119.55
113.40
117.20
112.93
103.47
107.62
113.31
116.80
112.93
103.47
107.62
113.31
117.20
118,40
116.80
112.93
103.30
107.44
113.31
117.20
1-
119.55
112.56
118.40
116.80
132.93
103.30
107.62
113.31
117.2Q
Oct. •27_
119.33
112.56
118.40
11C .61
112.93
103.47
107.62
113.50
117.20
119.55
20-
112.75.
116.80
107.44
103.64
112.93
116.80
118.60
113.50
119,61
112.75
118.60
11700
112.93
103.47
107.27
114.08
117.20
6...
119.52
112.75
118.60
117.00
112.75
103.30
106.92
114.08
117.20
29_.
119.50
112.56
118.60
116.80
112.56
103.13
106.74
114.08
117.00
22-
119.22
112.56
118.60
117.20
112,37
103.13
106.74
114.08
117.20
15_.
119.42
112.56
118.80
117.20
112.19
103.13
106.74
114.27
117.20
119.48
112.56
118.80
117.20
112.00
103.13
106.74
114.27
117.00
1-
119.81
112.56
118.80
117.20
112.00,
103.13
106.74
114.27
117.20
Aug. 25_.
119,89
112.75
118.80
117.40
112.19
103.30
106.74
114.27
117.20
119.84
112.56
1.18.60
117.20
112.37
103.30
106.92
114.08
11-
119.84
'112.56
118.60
117.00
112.37
103.30
106.92
114.08
4-
.120.08
,112.56
118.80
117.00
112,19
103.30
106.74
114.08
117.20
C
—.
'
18-
■
116.80
112.19
103.13
106.56
114.27
117.00
116.80
112.00
102.80
106.04
113.89
117.40
26„„—:—.
119.66
112,19
110.40
116.80
111.81
102.30
105.86
113.89
117.00
113.70
116.41
113.70
116.22
118.40
116.61
111.62
101.47
111.44
118.20
116.41
111.25
100.81
104.66
I
democracy
is
in
power
man.
;
.
win the
120.21
111.25
118.20
116.41
111.07
100.32
104.31
113.50
116.22
111.07
118.20
116.22
111.07
100.16
104.14
113.31
116.41
President
:A
120.44
113.12
118.80
117.60
113.31
103.97
108.16
114.27
118.00
Washington
ciated Press said:
119.20
110.70
118.20
116.22
110.88
99.04
103.30
113.12
116.02
120.87
111.44
119.41
117.00
111.81
99.36
103.47
114.27
117.40
1943——
11G.85
107.44
116.80
113.89
108.88
92.35
97.16
111.81
114.46
119.69
110.52
118.40
115.63
110.88
98.73
102.96
113.31
115.82
Ago
with
in
'
116.78
107.27
113.89
117.00
108.70
96.69
91,91
.
111.81
114.46
by
from
a
the
back
of
seat
U. S.
1944—
Avge.
Govt.
Daily
Corpo-
Bonds
Average1*
27—
25—
24
rate*
1.85
28—
:
■
3.00
open
and
Individual Closing Prices)
Corporate by Groups*
Corporate by Ratings*
Aaa
Baa
A
Aa
2.71
2.99
2.77
R. R.
3.27
3.51
half miles of cable and rope
a
Indus.
2.97
2.75
1.85
3.00
2.71
2.78
2.99
3.51
3.27
2.97
2.75
1.84
3.00
2.71
2.78
3.00
3.52
"3.27
2.97
2.76
1.84
3.01
2.72
2.79
3.00
3.52
3.28
2.98
2.76
2.76
The rain petered out to a
zle
3.01
2.72
2.79
3.00
3.52
3.28
3.01
2.72
2.79
3.00
3.53
3.28
2.98
2.76
20_:
1.84
3.01
2.71
2.79
3.00
3.53
3.28
2.98
2.76
18-—-
1.84
3.01
3.00
3.53
3.29
2.98
17—..—-
1.84
3.01
2.72
2.79
3.00
3.53
3.29
2.98
2.77
1.84
3.01
2.72
2.80
3.00
3.53
3.30
2.98
2.77
ward R. Stettinius,
16—.
1.85
3.02
2.73
2.80
3.01
3.54
3.30
2.77
President
1.85
3.02
2.73 *
2.80
3.01
3.55
3.30
2.99
2.78
pledge
3.55
3.30
2.99
2.77
3.30
2.99
"2.78
15
—
14
13
1.85
11
Stock
10—
9
3.02
2.73
2.80
'
3.01
2.59
Exchange Closed
to thank the
3.02
2.73
2.80
3.01
3.55
1.86
3.03
2.73
'2.81
3.01
3.55
3.30
2.99
2.78
3.00
2.79
Federal employees to
chief regardless of party af¬
of
''
filiations.
2.81
3.01
3.55
1.86
3.03
2.73
2.81
3.01
3.55
3.30
2.99
2.79
Sill:I~~
1.87
3.02
2.73
2.81
3.01
3.54
3.30
2.99
2.79
1.87
3.02
2.73
2.81
3.01
3.54
3.30
2.79
spot Jan. 2,
3-
1.87
3.03
2.73 *
2.81
3.01
3.55
3.31
2.99
2.79
Executive
2.81
3.01
3.55
3.30
2.99
2.79
where
2.82
3.01
3.54
3.30
2.98
2.79
nearly
3.03
Stock
—
1.87
1—
2.74
■;
3.03
2.73
2.99
27.
1.89
3.03
2.73
20.
1.86
3.02
2.72
2.81
3.01
3.53
3.31
2.98
2.78
13.
1.85
3.02
2.72
2.80
3.01
3.54
3.32
2.95
2.79
G.¬
1.85
3.02
2.72
2,80
3.02
3.55
3.34
2.95
2.79
3.03
2.72
2.81
3.03
3.56
3.35
2.95
2.80
29.
1.84
•
'
'
and
Wallace
Senator Harry S. Truman,
Exchange Closed
rode with the Chief
White
the
to
Roosevelt
night-long rain almost stop¬
ped as the President paused to
the
to
and
crowd
1.86
3.03
2.72
2.79
3.04
3.56
3.35
2.95
2.79
3.03
2.71
2.79
3.05
3.56
3.35
2.94
2.79
briefly into radio microphones at
1.83
1.84
3.03
2.71
2.79
3.06
3.56
3.35
2.94
2.80
the station.
1.81
3.03
2.71
2,79
3.06
3.56
3.35
2.94
2.79
tem
1.81
3.02
2.71
2.78
3.05
3.55
3.35
2.94
2.79
those very
18.—
1.81
3.03
2.72
3.04
3.55
3.34
2.95
1.81
3.03
2.72
2.80
3.04
3.55
3.34
2.95
2.79
11
1.79
3.03
2.71
2.80
3.05
3.55
3.35
2.95
2.79
formal
1.79
3.04
2.72
2.81
3.05
3.56
3.36
2.94
2.80
crowd
July 28."——
1.19
3.04
2.72
12.81
3.06
3.58
3.39
2.96
2.78
June 30,
ber
..
4_
2.79
J
—
May 26—
Apr.
28—..
Mar. 31
1.84
3.1)5
2.73
2.81
1.86
3.07
2.73
2.82
1.83
3.09
2.74
2.83
.
2.79
3.07
3.61
3.40
2.96
2.80
3.08
3.66
3.43
2.97
2.83
3.10
3.70
3.47
2.97
2.84
3.10
2.74
2.83
3.11
3.73
3.49
2.84
25—,
1.81
2.98
Feb.
28—
1.87
3.11
2.74
2.84
3.11
3.74
3.50
2.99
Jan.
2,83
3.13
2.74
2.84
3.12
3.81
3.55
3.00
2.85
High
Low
High
Low
1.87
1944—.
1944—-
1943
1943——
:
1 Year
Nov.
27,
Nov.
28,
"This is
home
come
me
2.77
2.99
3.51.
3.27
2.94
2.75
-—a
2.96
3.23
4.25
3.93
3.07
2.93
remember.
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
1.86
3.14
2.73
2.87
3.12
3.83
3.57
2.99
2.86
2.96
2.80
3.24
4.28
3.96
2.93
you
(3% ',;.- coupon,
or the average
movement of actual price quotations. They merely serve to
comprehensive way the relative levels ancl the relative movement
yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was published
level
illustrate in a
of
in
more
the issue of Jan.
have given
that I
shall
in
that
Washington
the
I
and
"Times"
in
ndianapolis announced price inreases to subscribers on Nov. 27,
(afternoon)
raised
price a cent to 5 cents
and. the carrier price 2 cents to 20
cents a week.
The "Star" (morn¬
single
INDIANAPOLIS, Nov. 27 (AP)
daily newspapers
copy
ing) increased single copy price 1
cent to 5 cents and the weekly
carrier price 5 cents
to 35 cents.
ccording to Associated Press ad- 'This includes the Sunday edition.
ices from that city, which said
The Sunday edition was raised to
lounting production costs were
iven as the reason.
The "News" 15 cents from 12 cents a copy.
wel¬
a
city
to
in
the
first
is
resi¬
Russ
on
the last
of
I go back—
Young (District of Columbia
and I go back, I
Commissioner)
think—to Cleveland's first admin¬
we are
the
to be here and say one word
to you
ment
—
especially the Govern¬
workers—for
time,"
declared,
he
"we
that it must not hap¬
not say
again.
pen
"This time
"We
we
shall
God—it
time
that—under
happen again.
say
not
leave
cannot
we
the
making
alone.
This
who have fought in
the
battles—we, the comrades of the
Unknown Soldier, veterans of two
terms
of
formulate
the
enduring peace.
It
help
will
wars,
an
be done only
by those pf
us
who know the horrors of war." '
The President's re-election
noted
in
our
Nov.
9
was
issue, page
2017.
all
packages so far in advance
delivery date. We do so
the
only because it has to be done.
The job is a tremendous one, but
that it
confident
are
we
will
because we know from
done
be
ex¬
perience that given sound reasons
Americans
cooperate
magnif¬
■
V
"Unprecedented
shortages
of
and transportation fa¬
cilities growing out of the war
compel early mailing. The postal
service has given 50,000 experi¬
enced
employees to the armed
forces and 300,000 railroad work¬
ers
have gone to war.
Equally
serious is the fact that rail and
icently.
manpower
facilities are taxed
great burden
other transport
to the limit with the
of
traffic Which all of us know
war
must take
"In
000
precedence.
great number of our 43,-
a
offices
post
situation is
the
critical.
manpower
The 200,000
extra workers whom we
recruited
swollen
mail
of
volume
normally
the
handle
to
Christmas
were
work long hours
of over¬
time and to do heavy work. This
cannot
be
expected
from
the
women and high school boys and
girls to whom, in large part, we
must look this year to meet the
able to
situation.
"The
for
for
parcels
000,000
possible
armed
the
leaves no doubt in
overseas
mind
my
everyone
making it
in
to handle a volume of 70,-
us
forces
in1 which
way
responded
November
the
that
Christmas mailing will be equally
successful.
the
I
the
for
ask
help of
adver¬
radio, business
press,
tisers, civic groups, and all Amer¬
icans in making it possible for the
postal service to do its work.
"We urge everyone to buy now,
mail in November, and mark gifts
'Do
Not
Christmas'."
Open Until
Recognize Guatemala Gov.
Diplomatic recognition was ex¬
Leaders to Meet
tended to the Government of Gua¬
Leaders in mortgage
banks,
insurance
finance —companies and
savings and loan associations —
throughout New York State will
meet at the Biltmore Hotel, Dec. 7
at
the call of the National Com¬
mittee
Housing to discuss the
on
that
you
temala
after
to
reporting this added:
"A
military
conference
has
been
which have
and
other
evils
marked previous home
been
of
a
conference
Short, of Buffalo/President of
the State Savings Banks Associa¬
tion; George S. Van Schaick, Vice-
President, New York Life Insur¬
ance
Co.; Nugent Fallon, Presi¬
dent of the Home Loan Bank of
York;
Harold
D.
Rutan,
Mortgage Confer¬
President of the
Gardner W. Taylor, Presi¬
dent of the First Federal Savings
Albert B.
Merrill,
the First
Trust & Deposit Co. of Syracuse,
and George C. Johnson, Treasurer,
Dime Savings Bank of Brooklyn.
Loan
has
through
passed
a
succession
of crises.
action
"Our
municated
today
Meany, the Foreign
Boaz
com¬
was
Enrique
to
Munoz
Minister, by
Long."
program
S.
New
month, but elections
last
Assembly were held last
week and a Presidential election
an
Ambassador
has
arranged with the assistance
committee including: Myron
The
has been in
arranged, it has been promised for next month.
Since President Jorge Ubico was
overthrown last June, the country
explained by Mrs. Samuel I.
Rosenman, Chairman of the Na¬
tional Committee on Housing, as
was
junta
control of the country since a rev¬
for
The
they
the question.
olution
residential construction.
the United
by
had consulted on
Washington advices
the New York "Times" (Nov. 7)
lics
practice in making loans on post¬
war
7
Nov.
on
States and other American repub¬
n.eed for adopting uniform stand¬
ards of construction and lending
and
"So I want to tell you how glad
am
do
ence;
same
age.
I
war.
"This
the
Washing¬
administration
istration, because
last¬
building booms.
life.
very
President Cleveland.
a
ing peace. He asserted that Amer¬
ica had broken its promises to
"this man" and his comrades of
jerry-building
years—eight in
The
the achievement of
to
won't
permanent
great effect
war
table
make
of
Navy Department, 12 in the White
Hous<^, and four to come — will
have
this
peace
to
some
different
from the Washington I first came
Jp Price
three
these
the
at
papers
expect
my
National
part of the effort to avoid a repe¬
tition of the haphazard planning,
dence for.the rest of my
"All
always
And when I say a
scribes
ton.
14, 1943, page 202.
Indianapolis Papers
-The
as
rainy morning
home, I hope that
come
intimate
3.07
that
welcome
2.71
3.32
staff
wonderful wel¬
very
this rather
on
2.81
computed from average yields on the basis of one "typical" bond
maturing in 25 years), and do not purport to show either the average
a
*Theso prices are
,
in¬
station
the
follows:
3.00
2.09
1942-'
to
Presidential
the
3.31
2 Years Ago
;
only
transcribed by a mem¬
was
of
the
Ago.
1943.
and
able to hear.
were
remarks
1.77
'
installed
close
The text of Mr. Roosevelt's
2.08
■
No amplification sys¬
been
sit
should
of
veterans
gion; said
speak
15-
had
Scheiberling,
pleasing to us to have
American people to
the
ask
of
Commander of the American Le¬
Mortgage and Loan
A
wave
N.
to
spent
fifth of his life.
a
address at the Tomb, Ed¬
an
House,
has
22.
Aug. 25—
In
the man
who will succeed him in the No. 2
Mr.
procession moved through
the cemetery gates and out again.
can
,
Vice-President
3.30
1.88
of State Ed¬
Jr., handed the
scroll renewing the
a
fired out over
as the Presi¬
of peace to statesmen
Acting Secretary
their
spectators
Presidential sa¬
River
Potomac
dential
people for "this very
welcome home."
wonderful
2.77
1.86
to¬
stop in the Union Station plaza
1.84
2.79
hundred
A bugler sounded taps
on.
The customary
battery of microphones at
a
1.84
"
driz¬
Roosevelt leaned
Mr.
as
ward
a
2.72
the
ceremony
lute of 21 guns was
the White House.
21.—
:
the
before
several
looked
procession from Union Station to
2.97
22
Sep.
P. U.
Just
band
assure
umbrella-toting
the
to
car
along the route of his triumphal
:.
.
Stock Exchange Closed
23
Oct,
on
small
participated.
an
throngs which surged against four
MOODY'S BOND YIELD AVERAGES
(Based
A
Navy and Marine Corps
the Army,
ward
Flying V (for
victory) of 50 motorcycle police¬
men, the President grinned
and
waved
1942.
laying.
Nov. 10, the Asso¬
on
Preceded
arrival
his
2 Years Ago
28,
wreathing
in
preceding
guard of men in the uniforms of
the
As to the welcome accorded the
119.47
1943—
last¬
a
ing peace."
u'j
1943.
the
to
unite
us
and to achieve
war
25
27,
silence
at the end.
let
that faith
28——..
1944..—,
of
government
.
"To
Feb.
1 Year
of
living, vital
a
the
Jan,
High 1944
minute
as
318.60
111.81
that
the
of
318.60
119.68
that
changes and vicis¬
situdes of fourscore years, we have
again demonstrated to the world
Naval aide, also stood with him
science and not force is the source
112.37
119.35
"What is really important is
after all of the
Brown,
117.20
112.37
Apr. 28
war.
time.
"It is not
mail
Wilson
Admiral
Rearl
large
a
and yellow
117.20
120.15
Mar.
national election
a
in the midst of
aide, lay
oval wreath of white
played "Hail to the Chief"
and "The Star-Spangled Banner,"
120.10
105.34
statement by him
force, that our faith in American
institutions is unshaken, that con¬
1—
28
June 30
His comments were
a
have held
we
117.40
13-
O
•
on
112.75
119.73
119.77
118.40
•
his chief military
119.77
Stock
"Extraordinary wartime condi¬
Unless more people
buy and mail
this month the
postal service cannot do its job
of delivering all Christmas gifts
9_.
_
understanding of the
fullest public
Navy, he [the Presidentl watched
Major General Edwin M. Watson,
8-
112.93
complete
to
are
Christmas, we shall need the
for
107.98
103.64
103.64
118.40
.
we
113.12
112.75
,
If
history.
delivery of gifts and cards on time
1,13.12
112.56
I
make any ad¬
dress.
Regarding the pilgrimage,
the Associated Pfess
(Nov. 11)
not, however,
117.20
112.75
Nov.
C.
regarding Christmas mail:
"The postal service this year is
called upon to handle the great¬
est volume of Christmas mail in
117.20
119.55
-
by
Frank
118.80
119.55
Nov.
issued
General
118.60
3:
Nov.
statement
112.93
2„
Low
He
Nov. 11,
tional Cemetery on
on
the
Walker
112.93
6_
Low
pilgrimage to the Tomb of the Un¬
in Arlington Na¬
known' Soldier
did
following
119.99
t
High
left
Roosevelt
his
to
directed attention
15
119.97
10-
May
a
The President made his annual
Goldman
Albert
Postmaster
Nov.
Postmaster
much."
"So thanks very
Early
Christmas Mailings
18_
"
July
for
and live here and work here.
Post Office Urges
20_
16-
Sep.
re-election
on
fourth term, Presi¬
119.87
/
1.
Indus
Hyde Park
his
28__
*
I.
P. U.
Following
27_
Nov.
when I say especially
.
PRICESf
doing to win this war.
are
Moody's Bond Prices And Bond Yield Averages President Welcomed
Moody's computed bond prices and bond yield averages are
To Washington on
given in the following table.
'
;
:
2387
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4338
Association;
President of
Moody's Daily
Commodity Index
Tuesday.
Nov. 21,
Thursday.
Friday.
248.5
1944
247.8
41
249.3
Nov. 22—_—.——
Wednesday,
Nov. .23——r
Nov.
24
249.1
248.5
247.8
Saturday, Nov. 25:—
Monday, Nov. 27
Tuesday, No. 28
Two
weeks
Month
Year
1943
ago,
ago,
ago,
Nov. 14—
Oct.
High, April 1
Jan. 2
Low,
1944 High,
Low,
.
247.8
.—
249.1
244.2
28
Nov. 23,
1943---,-
249.8
—
,—
Oct. 3
Jan.
5
.
—
240.2
?*2.5
247.Q
:
W!
~,i;.
.Kl.ti-.;tA;iV'!.w' lW2~sx<i
jA, .1
i,r
Steel Operations Near Recent Peaks^-Plate:
Directives to Be Gut Again—Scrap Stronger
being at least, urgent war needs and a substantial
."For the time
backlog to pick from have enabled the steel industry this week to
continue
production and steel finishing level not far under
steel
a
peaks," states "The Iron Age" in its issue of today (Nov. 30),
which further adds in part: "All-time highs have been passed and
the pressure for overall deliveries is not as pressing as it was a few
recent
months
ago,
several
steel
liveries
are
there
but
items
stills-
are
which de¬
on
by
end
of the first quarter of
may be easier. For the next
months, however, emphasis
remain on the production of
the
1945
few
tight.. Deliveries
stronger with many grades other
than No. 1 heavy melting having
Iron
American
Institute
and
27
Nov.
on
Steel
announced
that
telegraphic reports which it
heavy shell steel, small arms am¬
had
received
munition
operating rate of steel companies
will
Navy building
and
re^
"While
steel
directives
have and will be cut further, and
the
while
plate
Commission
Maritime
has substantially reduced its cur¬
for
orders
rent
plates, the belief
is growing in some circles that
the
Maritime Commission's shipbuild¬
be
completed by the middle of next
year.
At the present time the
Commission's program is contin¬
ing program will by
no means
uing but the seeming *paradox in
of
capacity for the week beginning
Nov. 27, compared with 95.4% one
of
of
out
shipyard
inventories
ac¬
companied with close control than
it is to any current drop in the
of
rate
shipbuilding.
"Railroad
-
features
news
port that the New York Central
has placed orders for 200 diesel
locomotives with General Motors,
The Illi¬
Electro-Motive Division.
nois
RR.
Central
is
planning
ago,
94.9%
one
one
year
99.5%
and
rate
operating
for
month ago
ago.
The
the week be¬
ginning Nov. 27 is equivalent to
1,732,400 tons of steel ingots and
castings,
tons
one
month ago
one
year
ago,
ago.
"Steel"
Cleveland, in its sum¬
ot
of the iron and steel mar¬
mary
kets,
to
1,716,200
1,707,200 tons
and 1,734,200 tons
compared
week
one
Nov, 27 stated in part as
on
follows:
"General
tightening in all ma¬
jor steel products is noted
14
the front.
completion of 38,782 units by the
seek to add to inventories but re¬
in its
the
of
Revision
use.
railroad
end
sion.
Army
program provides
car
The 1945 Army
calls for 28, 170 units, of
program
which
in
1944
presently
the
of
this year.
of
post-war fleet
four
15,700
under
are
suspen¬
The New York Central has
placed 1,000 70-ton gondolas with
its
Dispatch
has
Shop and Santa Fe
500 50-ton box cars
ordered
from Pullman Standard subject to
court authorization.
The Erie RR.
will
12
take
bids Dec.
on
500 50-
box cars, and the
ton
quiring
100
for
sheathed box
ian
books.
An
tons
Further Brazil¬
cars.
inquiries
50,000
Navy is in¬
50-ton
steel
also
are
order
on
the
involving about
steel piling
sheet
of
great
a
to
are
accessories
and
Shortage
of
has
ton, markets
gross
been
are
quotations in the farm products and
foods groups.
The small increase in the livestock group was the re¬
sult of slight gains for' cattle.
Lower prices for light weight hogs
and lambs were not sufficient to offset the higher prices for cattle.
iron
one
resulted primarily from higher
"Consumption of Lake Superior
iron
ere
is at
a
lower rate than in
placed
definitely
same
the previous week.
During the week 7 price series in the index advanced and 3 de¬
clined; in the preceding week 5 price series advanced and 7 declined;
and in the second preceding week 10 price series advanced and 4
WEEKLY
Compiled
bv
National Fertilizer
The
5ach Group
Group
3ears to t he
Farm Products*-^——-.
23.0
Li ves toe k
Miscellaneous commodities^—-^™
10.8
8.2
Metals.
7.1
——
J.——-—
Private
week
last
year.
in
decline
construction
state
for
the
The report made public
,
week
is
Building materials—--—.
and drugs-..—
Fertilizer materials
.3
Fertilizers-—.—.—
.3
Farm machinery———.—1—
on
Nov,
higher than in the
Public construction is down 52%, due to the 30%
and municipal volume, and the 53% decrease in
Fedm-M.
543,000 for the 47 weeks,
1944
volume f.n
$1,600.-
decrease of 45% from the $2 885,384 000
reported for the period in 1943.
Private work $337,207,000, is 25%
lower than
48%
as
a
a
year ago,
a
and public construction, $1,263,336,000, is shown
drop in Federal volume.
State and mu¬
result of the 54%
nicipal construction tops last
year
engineering construction volumes for the 1943 week, last
Week qnd the current week are:
Nov. 25,1943 Nov. 16,1944
ffourdavs)
Private. construction
Public
construction
State, and
Municipal
Federal
In
the
$36,523,000
1.294,000
35,229,000
1.592.000
33,637,000
ffivedavs)
$29,400,000
Nov. 23,1944
(fnnrnqV<A
9,650,000
19,750,000
$25,189,000
6,277,000
16,9I2D0G
5,861,000
13,889,000
15,800,000
1,112,000
classified construction groups, gains over
the 1943 week
commercial buildings, streets and roads, and
unclassified construction.
Public buildings is- the only class of work
are
to
fa- industrial
gain
are;
over a
and
week ago. Subtotals for the week in each class of work
waterworks,
$291,000; sewerage, $369,000; industrial
1944
104-1
143.7
143.5
Nov. 27,
104"?
.
140.8
buildings,
be necessary to
photographers and
yet the sloping grounds
the press,
diplomatic corps and other distin¬
guished guests, and the 'wives of
those
ness
included, be invited to wit¬
ceremony," the commit¬
the
minute
talk.
known
Nov,
and
27
145.1
163.1
163.1
159.6
special
164.1
166.1
152.3
said:
202.8
203.2
203.4
185.4
157.9
157.4
159.8
161.0
160.3
162.7
144.2
130.4
130.4
130.4
122.8
133.2
133.2
133.4
131.4
cently
155.0
155.0
149.7
104.0
104.4
holding
152.4
White
154.1
154.0
126.1
126.1
127.7
118.3
118.3
117.7
119.9
119.9
119.9
119.8
104.7
104.7
104.7
104.2
to which
"Times"
would be "an economic one
throughout." The President, in re¬
105.5
154.1
as
the
to
Senator Byrd said that the cere¬
155.0
118.3
President
mony
105.6
126.1
on
the
Byrd,
advices
made
was
conference
a
between
145.6
145.1
163.1
This
following
Senator
164.2
announcing the plan
the
ceremony
at
House
rather .than
at
for
the
the
Capitol, explained jokingly that it
probably
would
one-tenth
of
cost
the
about
only
$25,000
which
had been
All groups
100.0
139.8
139.5
139.6
combined———————
135.0
and Nov. 27,
Nov. 25/1944, 108.7; Nov. 18, 108.7;
^Indexes on 1926-1928 base were:
105.2.
1943,
appropriated to the com¬
mittee, and observed that Senator
Byrd was chairman of the com¬
mittee.
Senator
for Week Ended Nov. 25, I §44
Declined 9.8% Below the Same Week in 1943
Electric Output
current weekly report, esti¬
electricity by the electric light and
Edison Electric Institute, in its
The
production, of
that the
mated
powenundustry of the United States for the week ended
approximately 4,368,519,000 kwh., compared with
kwh. in the corresponding week a year ago, a falling off
18, 1944, was
output of the week ended Nov.
similar
Nov. 25, 1944
4,403,342,000
of 0.8%. The
1.4% below that in the
was
OVER PREVIOUS
PERCENTAGE INCREASE
2.9
RECENT
*2.5
■
*0.0
.
*4.0
President,"
"was clarified"
•*.
monies and that
.
*10.6
*4,3
*3,2
*0.3
The
/' / *1.9
*1.4
*1.3
'
of
over
1943
the
1929
1932
3.0
3.654,795
1,431,910
+
4.4
3,673,717
1,436,440
1,750,056
"Expenses for the ceremonies at
4,418,298
4.322,195
+
2.2
1,761,594
the White House will be less than
4.350.511
+
1.5
3,639,961
3.672.921
1,464,700
4,414,735
1,423,977
if they had been held at the Capi¬
tol, apd the President seated that
he was, glad to join in a program
of economy in governmental ex¬
penditures."
9
4,227,900
4,229,262
0.0
3,583,408
1,476,442
Sept: 16
4,394,839
4.358.512
+
0,8
3.756.922
1,490,863
1,792,131
Sept. 23
4,377,339
4,359,610
+
0.4
3,720,254
1,499,459
Sept. 30
4,365,907
4.359,003
+
0.2
3.682,794
1,505,219
1,777,854
1,819,276
—
4,375,079
4,341,754
Oct. 14
4,354,575
4,382,260
Oct. 21
4,345,352
4,415,405
Oct.
4.358,2«3
4.452,592
4,354,939
4,413,863
—
4,396,595
4.482,665
—
4,450,047
4,513,299
—
4,368,519
4,403,342
—
.
■
Nov. 18
—
Nov. 25
Dec.
2
appropriations for the
at the Capital.
The
+
Sept. ' 2
4
usual
ceremonies
4,264.824
1,415,122
1,674,588
1,806,259
Nov.
White
4,240,633
Aug, 26
Nov. 11
the
4,287,827
4,451,076
28.
at
1,729,667
1,733,110
4,415,368
—
.
he
3,637,070
Aug. 19
•
that
3.7
Aug, 12
7
stated
+
Aug. "5
Oct.
said
statement
aj; the meeting..
House before the time that made
Kilowatt-Hours/
1942
the
President
ceremonies
gural
(Thousands
cere¬
suggested by the
had not disclosed to Senator Byrd
his suggestion of having the inau¬
% Change
1943
inaugural
2.4
2.8
*12.2
the
Congress for the
7.0
:
between
appropriated by
0.5
1943.
WEEKS
discrepancy
amount of money
2.6
2.8
O
ceremony.
3.6
*12.6
'
the
*0.7
I
*
in
1944
4.399,433
Sept.
between Mr. Roosevelt's and
ancy
*5.0
•
*10.5
—.
WeekEnded-
lack of liaison between the
1.4
7.1
:—.
FOR
a
President and the Inaugural Com¬
mittee accounted for the discrep¬
*5.2
■!
1.6
week
1.7
Nov. 4
'
*4.6
DATA
that
"The
Nov. 11
0.9
1.7
.
,
similar
penditures, has long been a critic
of Administration spending.
After today's meeting the White
House issued a statement saying
of
YEAR
Nov. 18
Nov.25
Major Geographical Divisions—
under
Reduc¬
on
tion of Non-Essential Federal Ex¬
1—WeekEnded-
——
♦Decrease
Byrd, who is also head
of the Joint Committee
the committee's estimates of costs
period in 1943.
+
—
—
—
3/702,299
1,507,503
3.717.360
1,528,145
1.6
3,752,571
1,533,028
2.1
3.774,891
1,525,410
1,815,749
statement added:
.
Senator Byrd was accompanied
to
the White House by
1.3
3,761,961
1,520,730
1,798,164
1.9
3,775,878
1,531.584
1,793,584
Halsey,
and
Committee,
1.4
3.795.361
1,475,268
1,818,169
.08
3,766,381
1,510,337
1,718,002
3,883,534
1,518,922
1,806,225
4,560,158
——o
1,806,403
1,798,633
1,824,160
0.8
0.6
Secretary
Secretary
Inaugural of President Roosevelt for Fourth Term
of
Edwin A.
the
Senate
the' Inaugural
of
and
' David
Lynn,
architect of the Capitol.
With few
by 22%.
Civil
Total ,U. S. construction
—
—
Total United States—-—,
.
will
an
no new
—
Chemicals
1.3
1
385%
The current week's construction brings
—
.3
6.1
Pacific Coast
country, American con¬
tractors abroad, and shipbuilding, is below the $29,400,000 reported to
"Engineering News-Record" for the preceding week, and is 37%
Ipwer than in the corresponding 1943 week and 1% under the ore-
1944
160.4
/.—
Elocky Mountain——
States volume, not including the con¬
yious four-week moving average.
22, continued as follows:
——
17.3
engineering construction volume for the short week due
the early closing for the Thanksgiving Day holiday totals $23,189,This continental United
Capitol,
accommodate
Ago
Ago
Oct. 28,
Nov. 18,
145.1
—-
—
Cottonseed OiL——
Civil
000.
Week
143.9
Total Index
Year
Month
Preceding
Nov. 25,
*
Southern States—
struction by military engineers outside the
and
It has since been stated that the
>
Latest
Week
West Central.———
tn
from the
avail¬
is
House
President's inaugural address will
be
restricted to
a
four or five
Association.
1935-1939=100*
Middle Atlantic
Engineering Construction Volume
$23,189,090 for Week
which
White
construction
INDEX
PRICE
COMMODITY
WHOLESALE
Central Industrial—
Civil
the
tee said.
declined.
Sew England-.
date last year.'
con¬
grains will afford a clear view of the
group.
The foods group again moved into higher ground *Ss higher exercises, he said.
There will be no parade.
The
prices were quoted for fluid milk and potatoes.
Prices for raw
cotton continued to trend slightly downward.
However, this de¬ President was firm on that point,
"It
is
understood
that
the
Presi¬
crease was not sufficient to change the textiles index number.
Ad¬
vancing prices for scrap steel caused a fractional increase in the dent desires that the Congress, the
metals group.
All other group indexes remained unchanged from Cabinet, the Supreme Court, the
1943, the total for ten months be¬
ing 73,274,120 gross tons, compared
was
could
scaffold
wooden
he
that
and
he
vinced
Higher prices for wheat and rye caused a slight increase in the
castings
heavy truck program is a
bottleneck y in
war
production,
though some progress has been
made in increasing output for this
purpose.
Contracting
for" first
quarter is expected to start soon,
divided between Carne¬
was
at
accept all business offered and
up demand continues to ac¬
with
74,109,380 tons during the
comparable period last year, Sep¬
tember
consumption
totaled
gie-Illinois Steel Corp., Bethlehem
7,319,948 tons,
against 7,750,682
Steel Co., and Inland Steel C».
tons in Sept., 1943. Stocks at fur¬
"Although the Iron Age steel
naces and Lake Erie ports Nov. 1
scrap
composite
price
is
un¬
aggregated 45,342,562 tons, com¬
changed this week at $17.08 a pared with 48,614,006 tons at the
and
able
pent
cumulate.
conference
-
$25,000 had
for the
$2,000. No stands will be required,
he
pointed out;
By utilizing a
unable
for the
press
previous week. A month ago the index registered 139.8 and a year
ago 135.0, based on the 1935-1939 average, as 100.
The Association's
report continued as follows:
Last week's fractional advance in the all-commodity price index
on
Meanwhile fouundries
his
understood
keep it to onetenth the amount, or even below
accumulating
too
supply still are,in force.
-
he
been allotted for expenses
occasion
iron
strictions
that
wholesale commodity price index, compiled by The
27 advanced
fractionally to 139.6 in the week ending Nov. 25 from 139.5 in the
The weekly
Fats and Oils__
for
streamliners
"Pig
told
He
Fractionally
National Fertilizer Association and made public on Nov.
25.3
consumption shows
slight increase as foundries obtain
a few more workers, though noth¬
ing like the force needed to meet
castings demand.
Some melters
instead
Price Index Advances
as a re¬
supplies to support the increasing
tempo of the invasion of Germany
and requests from the High Com¬
mand for increased shipments to
Representatives, to scale both ex¬
penditures and display to a mini¬
mum. "
:, F
•,
'
' v"
'
■./
National Fgriilizer Association Commodity
sult of broader needs for military
re¬
a
industry will be 96.3%
the
week
the
falling off of Maritime steel
orders is due more to a balancing
the
that
indicated
of the steel capacity
having 94%
quirements.
$2,912,000; commercial building and large-scale private housing,,,$3,- Col. Edwin >A* Halsey, Secretary,
of the Senatep and David Lynn/
1027,0001 public buildings, $7,262,000; earthwork and drainage, $206,-'
Architect of the Capitol, who were
000; streets and roads, $2,327,000; and unclassified construction
i / y
i $6,795,000.+ r.V;* :
i C'1 /, m '1 ->■*'
^ ^ detailed to consult him/.
Following the meeting of the
New capital for construction purposes for the week totals $1,869,Joint
Congressional
Committee
000.
It is made up of $1,269,000 in state and municipal bond sales,
this afternoon the President ex¬
and $600,000 in corporate security issues.
The week's new financ¬
ing brings 1944. volume to $1,683,047,000, a total 45%? below the $3,- pressed keen satisfaction with the
verdict of the six Senators and
065,104,000 reported for the 47-week 1943 period.
in price."
advanced
The
Thursday, November 30, 1944
CHRONICLE
THE COMMERCIAL & FINANCIAL
2388
Presidents
taken
the
exceptions, American
have
traditionally
oath
of
office
on
the
Capitol portico since 1825, when
John Quincy Adams was sworn in
At White House Jan. 20
in the House chamber.
Exceptions
inaugural of President Roosevelt for his fourth term on
to the rule have, been Presidents
Jan. 20 is planned to be one of the simplest in recent times, and will
Fillmore, Haves, Taft and Cooltake place at the south Portico of the White House.
Reporting That
idge. The latter, was sworn in by
a decision to that effect was
announced by the Joint Congressional
lamplight by his father at Plym¬
Committee in charge of the inauguration, headed by Senator Harry
outh. Vt, on receiving news of
F. Byrd of Virginia, special Washington advices Nov. 14 to the New
the death of President Harding.
The
York "Times" said:
The shift from the usual, pagean¬
ol\ the
Capitol has been made in defer¬
try
in
ence
of
the plaza in front
wartime conditions,
with
enthusiastic
the,
the
President.
five's
were
sentiments
disclosed
concurrence
of
The Chief Execua
Vice. Prudent-electv Harry S«
Truman will take the oath at the
,
matter same time and place as President
few days ago to Roosevelt, it was announced.
in
the
Average prices for building brick rose 1.7% as a {1 Industrial classification , of do¬
raisi'rig: ceiling prices in some" areas in ordei' mestic shipments of refined lead,
and .grease guns.
Weekly Goal and Coke Production Statistics
result of OP A action in
maintain
to
U/S. Department of the Interior,
The Solid Fuels Administration,
2389
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4338
Volume 160
discounts
current
in
The usual elimination of seasonal
production.
production of soft coal in the allied products up 0.1%.
'
week ended Nov. 18, 1944 is estimated at 12,180,000 net tons, a sharp
The following notation was included in the Labor Department's
increase over the output in the partial-holiday week preceding, and
report:
'
is 230,000 tons, or 1.9%, above that in the week ended Nov. 4, 1944.
Note—During the period of rapid changes caused by price con¬
In the week of 1943, production of soft coal amounted to 12,974,000
trols, materials allocation, and rationing, the Bureau of Labor Statis¬
net tons.
During the calendar year through Nov. 18, 1944 output
tics will attempt promptly to report changing prices.
Indexes marked
totaled 553,630,000 tons, a gain of 6.9% over the corresponding period
(*)> however, must be considered as preliminary and subject to such
in 1943.
'
adjustment and "revision as ; required by later and more complete
According to the U. S. Bureau of Mines, production of Pennsyl¬
and was 51,000 less than for
>'■
'\
•
Daily
average
All commodities.
current adjustment,
tSubject to
♦Revised.
'
-
operations.
-•
1943
1944
1944
102.6
0
+0.3
•
121.2
+0.1
105.6
0
116.7
116.7
98.9
98.9
98.9
83.5
83.5
83.6
*103.8 *103.8 *103.8
Housel'urnishing goods—, 116.4
116,4
116.4 116.3
Miscellaneous commodities———
104.8
104.7
104.7
104.9
Raw materials
106.1
106.1
106.1
106.1
Semimanufactured articles
93.4
93.4
93.4
93.4
Manufactured products——114.3
114.3
114.0 +113.2
ill
commodities
o t h e r
than
94.7
94.7
94.7
94.7
farm products—
-.*101.2 *101.1 *101.1 *101.2
ill
commodities
other
than *99.7
*99.7
*99.6
*99.7
118.4
2,982,900
authorized
fann
^Revised.
tSubject to revision.
are
subject
Bute sources or
liehtim? materials——
116.7
—
Arkansas and Oklahoma-—-.:
Colorado—-
—
Illinois————.
Iowa
7,000
8,000
2,000
103,000
58,000
72,000
151,000
153,000
154,000
;.
1,000
*
1,000
1,484,000
1,460,000
1,107,000
542,000
478,000
372,000
52,000
53,000
42,000
——————,
.,
76,000
■
Kansas and Missouri
188,0001
184,000
179,000
138,000
Kentucky—Eastern-———
773,000
1,024,000
959,000
860,000
Kentucky—Western.—
324,000
392,000
335,000
188,000
33.000
35.000
37.000
33,000
3,000
3,000
4,000
12,000
88,000
89,000
109,000
70,000
33,000
35,000
37,000
62,000
60,000
77,000
62,000
675,000
643,000
573,000
538,000
2,705,000
2,695,000
2,486,000
2,017,000
114,000
148,000
158,000
125,000
Maryland—
Michigan—
,
——
—
Montana (bitum. <fc
New" Mexico—.
lignite
f
—
+——
North &> Souih Dakota (ligniteI.
Ohio———*.— —
_■*
—
Pennsylvania (bituminous)-—Tennessee——
29,000
(bituminous & lignite).,..
3,000
4,000
17,000
Utah————„. —r
137,000
129,000
106,000
81,000
Virginia
302,000
380,000
378,000
280,000
Texas
•'
—
—
W« shin g ton
—
32.000
——1 „—41
§Oiher Western
■'
2,239,000
1,105,000
;
162,000
r
.
1,824-,000
572,000
127,000
',;+./
1,000
;
1,000
Jf
.
,
PeniMsylvania anthracite.---.-.
38,000
17,000
*
*
*
States——'
Total bituminous&.lignite—,
190,000
;
196,000
,
2,118,000
1,091,000
992,000
:
'
36,000
,
1,731,000
Virginia—Southern——
ttWcst Virginia—Northern—
tWest
Wyoming--—
2,O0O+,
11,950,000
10,700,000
;i,138,000
•1,158,000
11,534,000
Oregon.
——,
11,858.000
,
13,088,000
1,090,000
0.9
Brick
0.5
Meats
Grains
0.8
9,032,000
1,002,000
12,624,000
Unchanged for
18, Labor Dept.Ho
Reports
Wholesale Prices Practically
market level were unusually^
18 with increases of only 0.1%"
groups—farm products, fuel and lighting materials
"Commodity prices at the primary
steady during the week ended Nov.
and chemicals
and allied
products," it was announced by the
Department of Labor in its report
U. S.
released Nov. 23, which went on
"These slight increases did not affect the Bureau of Labor Sta¬
tistics' index of all commodities. -It remained unchanged at 104.1%
of the 1926 average/
Since about the middle of Octpber prices for
these commodities have risen 0.3%-to a point 1.5% higher than at
this time last year."
to say:
The report continued:
"Farm Products
*
,
!
and Foods—Slightly higher prices
for livestock,
"remained un¬
changed during the week. Seasonally higher prices for eggs and
sweetpotatoes and an increase for fresh beef in the New York mar¬
ket were offset by lower prices for apples and for onions and potatoes
foods are 1% higher than at this
lower than in mid-November a
year ago.
/
'
'
"Industrial Commodities—Industrial commodity markets contin¬
ued steady,
Mercury again advanced 1.7% under strong demand
while production continued to lag.
Minor; price declines were re¬
ported for certain farm machines because of the elimination of tools
at
Chicago.
Although prices for
last month they are 0.7%
0
+
0.4
0
+ 1.0
+
2.7
104.2
0
93.0
111.3
+
+1.9
0
+
0.9
0
0
+
1.1
0.1
0
+1.4
0 *
98.6
97.5
in
0
+ 0.1
92.9
100.3
+
'
0.2
and
Fruits
galvanizing next year.
Tin
0.4
—
Prime
of
greater activity
A political revolt at
livian
mining center,
and tile
Oruro, Bo¬
sup¬
was
pressed last week, according to
press advices.
Whether the dis¬
turbance
interrupted production
of tin concentrates is not known
in local
0.2
mining circles.
No relaxation of restrictions on
:
'
that field remains
Producers
Western hope for
0.6
vegetables.
the
use
of tin in the manufacture
is
hardware
in
possible
the
future, industry heads were
ing at around 70,000 tons a month., pounds, and strip, totaled 233,000,Quicksilver furnished another 000 pounds. Strip production was
price change,, advancing $1 per somewhat lower than in recent
indicate
week
tons of
adjustment
tons,
that
127,257
were
at
the
which
compares
with
325,181 tons a month previous.
Invoicing for October accounted
for a total of 127,618 tons of cop¬
Dec.
Jan.
52.000
52.000
52.000
November 17__
52.000
52.000
November 18—
52.000
52.000
52.000
52.000
52.000
'
1
-
"
,
foreign.
In reviewing
metal and mineral
,
mestic economy,
for
including manu-;
export, may absorb
annually 1,000,000 tons of copper.
Our unsubsidized domestic mine
52.000
November 20—
November 21—
52.000
52.000
November 22—
52.000
52.000
52.000
52.000
•>,:
52.000
Chinese, or 99% tin, continued
pound.
'v :
'
at 51.1250 per
Quicksilver
heavy demand
Will the present
quicksilver continue? > That
question puzzles 'both consumers
Requests for foreign lead to and
producers.
Demands since
supplement domestic .metal pur-i
August exceeded expectations and
chased for shipment in December
have been considerably above cur¬
were large, according to Washin.gr
rent" production
plus
imports.
ington advices. Consumers asked Consumers claim that consump¬
for 33,000 tons, and it is believed
tion in November remained high,
that this total will be increased
but probably not quite up to the
somewhat before the period for
arranging
for
shipments
finally
This points to total takings
next
month
(domestic and
ends.
for
ing to their inventories,
problems recently at a meeting in
El Paso, Texas, Philip D. Wilson,
of WPB, said it has been esti¬
mated that after the war our do¬
Nov.;
.
for
mark
of
of recent months.
uncertainty
favor
believes.
Sales
the trade
;
lead for the
10,321 tons.
of domestic
week amounted to
a
Because
demand-
the
in
picture,:
supply
of which 92,150 tons consisted foreign lead) of about 75,000 tons.
domestic metal and 35,468 tons Some consumers have been add¬ selling
facturers
by
not
November 16_^
ammunition
per,
Pf
are
downward
a
some
programs.
end of October amounted to 324,483
in
Lead
fabricators
of
following
further months,
consumed in
October, against 129,444 tons in
September.
Stocks of copper in
copper
hands
tin
or
,
last
informed
pound, was nominally as follows:
at the same level mill products will compare favor¬
as
that established
in
October. ably with October's. Brass mills
October
produced 35,000,000
Purchases of lead for December, in
covering' both domestic and for¬ pounds of copper products and
eign metal, indicate that consum¬ 30,000,000 pounds of alloy tubing,
Output of
ers
may absorb
close to 75,000 both record figures.
tons.
Zinc consumption is hold¬ rods in October came to 91,000,000
127,000 tons,
.
time
substantial.
0
+ 0.1
expected to approximate^
month is
particularly steers, hogs and lambs, together with minor increases for production today represents only'
seasonal advance for eggs, accounted for the three-fourths of that amount. He
increase of 0.1% in average prices for farm products during the week. also disclosed that under the pre"Lower prices were reported for corn and rye, for calves and for fniurn price,, plqn the average. cost
apples and onions.
In the past four. ;w6eks farm- product prices have of* domestic copper today is about
risen 1.4% and are 2.7% higher than for the corresponding week'of 130
per
pound.
Mr. W i 1 so n
last year. ;
thought it unlikely that the Gov¬
b.;"
•
...
f.
prices for foods in wholesale markets
1.8
0
100.4
WPB.
War uses of
expected to decrease
after the collapse
of Germany,
since bronze, babbitts, solders, and
other high-tin alloys will be in
"E. & M. J. Metal and Mineral Markets," in its issue of Nov. 23,
increasing demand for mainte¬
stated: "Consumption of major non-ferrous metals in the final quar¬
nance and repair.
ter of the current year will be larger in volume than most observers
The price situation in tin re¬
expected, .owing to the intensity; of the war effort.
Cancellations
Straits quality
have been fewer since October, and in some instances schedules mains unchanged.
tin for shipment,
in cents per
actually have been stepped up. Use of copper during the current
•wheat and cotton and a
"Average
tion of zinc in
+
0
0
0
113.0
Metals—Consumption of Copper
Holds—Lead Demand Active—Quicksilver Up
the
recorded in three
3.0
0
2.5
Non-Ferrods
Fabricators' statistics circulated
voted 15 to 9
against considering legislation reviving regulation of the bituminous
coal industry, says an Associated Press dispatch from Washington, D. C.
v.
gain or
4.4
1.7
+
near
Bituminous Regulation
Ways and Means Committee on Nov. 24
Week Ended
so
+
1.4
+
0
of
Copper
House Group Votes Against
are
industry
+
—
0
_
—
"Less than 1.000 tons.
The House
and consumption of
power
18, 1944
11, 1944 TO NOV.
foods...:
10,034,000
flask."
The. publication
i
tIncludes operations on the N. &.W:.; Cc & o.; Virginian; K. & M.j B, C.' & G.; anc.
on the B. & O. in Kanawha, Mason and Clay counties.
tRest of State, including the went on to say in part:
Panhandle District and Grant, Mineral and Tucker counties.
§ Includes Arizona and
Total, all coal—
oxides,, sheet
begin to move downward. Some
observers feel that production has
152,000
1,000:
472,000
Indiana
43,586
lead, litharge
and pipe, solder,
vember will show another
=-■
poultry—.,————
Other
1,196,000!
Georgia and North Carolina
and
13,
7,000
,
42,303
red
nearly in balance that
finds it rather dif¬
ficult
to
form
an
opinion on
whether stocks at the end of No¬
the
Increases
80,000
:
other
lead,
0.1
0
0
+ 0.1
240,000
357,000
—
white
—0.1
0
81.6
103.8
*98.9
Decreases'
352,000
360,000
Alabama—.——————--.-.
0.7
446
20,461
Zinc
193
1943
1944
1944
State-
Alaska
11,
2.7
—
97.2
IN SUBGROUP INDEXES FROM
—L_—__
Fertilizer materials—
Livestock
Nov.
Nov. 13,
4,
*98.8
*98.8
• ■
PERCENTAGE CHANGES
Week Ended
Nov.
+
1.0
1,061
a little, owing to man¬
shortages,
which
might
easily bring about a welcome drop
in the huge surplus now on hand.
Owing to the high rate of activity
in the brass industry, consump¬
+
,
*98.9
•Preliminary.
NOV.
—-
Nov.
116.7
98.9
—.
products and foods—..
COAL, BY STATES
estimates are based on railroad carloadlngs and river shipments
to revision on receipt of monthly tonnage reports from district and
of final annual returns from the operators.)
•
.
—
gasoline.
+ ,1.5
+ 1.4
657
5,389
babbitt, and lead for making tetraethyl for
—
(The current weekly
ami
-
—
♦Includes
and
847
6,677
16,985
—
Totals
1943
*
—.
-
6,977,900
6,138,900
122.8
103.9
"ueJ and
;.
'+
coal shipped by truck from
124.0
104.9
Building materials——
.
83.6
Chemicals and allied products—.*103.8
53,953,000 45,749,000
51,800,000 -43,462,000
57,896,000
55,581,000
—
•Unclassified
11-20
10-21
104.4
Metals and metal products
Nov. 20,
1937
Nov. 20,
1943
10-21
124.4
i_124.5
(In Net Tons)
'
.
+"
.
.
Nov. 18,
1944
•-'+■' 167,800
and
dredge coal
tExcludes -colliery fuel.
,
1,213,000
1,164,000
'
'
ESTIMATED WEEKLY PRODUCTION OF
.
1944
*103.8
11-4
11-11
450
5,811
5,860
—
slumped
—Calendar Year to Date -—-
Nov. 20,
1943
jNov. 11,
Penn. anthracite—
1944
1944
♦Total incl. coll. fuel
1,249,000
1,158,000
1 Commercial produc. 1,199,000
1,112,000
Beehivecoke—
:
United States total
116,800
117,200
$Nov. 18,
and
11-11
1944
*104.0
products.
Textile products-.
ANTHRACITE AND COKE
.
■
-
products-
Hides and leather
2,021,000
1,879,0G0
1,457,000
'$Average based on. 5.5 working days.
Tons)
Net
(In
Week Ended
washery
•
OF PENNSYLVANIA
ESTIMATED PRODUCTION
♦Includes
11-20
1944
♦104.1
104.9
Farm
2,162,000
2,030,000 U,945,000
—
'
Jobbers
zinc
1944
11-18
397,G25,000
12,974,000 553,630,000 517,796,000
12,180,000 10,700,000
Total incl. mine fuel
——
Sundries
.
*104.1
2,120
494
mills
Brass
Percentage change to
Nov. 18, 1944 from—•
Commodity Groups-
8,252
2,509
'
(1926=100)
the corre¬
Sept.
7,870
——
Batteries
NOV. 18, 1944
WHOLESALE PRICES FOR WEEK ENDED
.
STATES PRODUCTION Y)F COAL, IN NET TONS
Week Ended—-———
— '
January 1 to Dat«»Nov. 18,
♦Nov. II; Nov. 20, .
tNov. 18, ; Nov. 20,
Nov. 20,
1944
v 1944
1943
1944
1943.
lu'!*
and lignite—
Foil
—
Production
ESTIMATED UNITED
Bituminous coal
Ammunition
show (1) index numbers for the principal
groups of commodities for the past three weeks, for Oct. 21, 1944 and
Nov. 20, 1943, and the percentage changes from a week ago, a month
ago, and a year ago and (2) percentage changes in subgroup indexes
from Nov. 11, 1944 to Nov. 18, 1944.
*
sponding week of 1943.
•
Cable
The following tables
over-the preceding
corresponding week
of 1943, there was an increase of 36,000 tons, or 3%.
The calendar
year to date shows an increase of 7.3% when compared with the same
period of 1943.
:
'
*
V The Bureau of Mines also reported that the estimated production
of beehive coke in the United States for the week ended Nov. 18* 1944
showed a decrease of 400 tons when compared with the output for
1,249,000 tons, an increase of 91,000 tons (7.9%)
week.
When compared with the output in the
the week ended Nov. 11, 1944;
■■
reports.
estimated at
ended Nov. 18, 1944 was
vania authracite for the week
tons:
Oct.
chemicals and
potash fertilizers brought the index for
on
report, states that tfTe total
in its latest
most operators
buying and
conservative
policy.
Producers, it * is
claimed, are unable to increase
production, owing to weather con¬
ditions in mining areas and the
labor shortage.
.
>
v
.
Because of regulations govern¬
of refined dead by
domestic producers during Octo¬ ing the disposal of surplus mate¬
stockpile
legislation, and
ber
amounted
to
42,303
tons, rial,
against 43.586 tons in September high-cost metal in the hands of
Metals
Reserve
Co.,
the stockpile
and 45,956 tons in October last
cannot
be
used to relieve the
year, according to the American
Shipments
Bureau
of
Metal
Pro¬
Statistics.
present
"emergency,"
The Gov¬
38,614 tons ernment owns between 85,000 and
in September to 42,997 tons
in
100,000 flasks of- quicksilver, ac¬
October, the gain resulting from a
larger tonnage of refined metal cording to estimates.
duction increased from
recovered
from
foreign material.
and
secondary
;
.
..
.
The
New
York
market
was
quotable last week at $118@$120
The
September
and
October,
will adhere strictly
to
per flask, an advance of $1.
30-day cancellation privilege statistics of domestic producers of
on
"B" and "C" quotas and pre¬ refined lead, in tons, are summarSilver
>}
:>t
miums.
Basic "A"' quotas would zide as follows:
The London market for silver
Oct.
Sept
not be cancellable before July 31,
28,890 was
23,911
Stock"" at beginning
quiet
and
unchanged at
1945, unless the emergency were
ernment
the
declared at
'WPB
an
Production:
end.
34,642
35,717
8,355
2,897
42.997
38,614
42,303
43,586
III 24^35
23,911
Domestic
officials told members of
Secondary
and foreign
the: Brass Mill Industry Advisory
Committee that forecasts indicate
that
November
business
in brass
Domestic
shipments
pock at end—
—
231:2$.„ spot and forward..
The New Xork
,
Official price of
foreign silver was
unchanged at
44340? with domestic at
7Q%0.
TSWNWi TV" n^H)^
(ij„,
M
Vy
'Wi cK
•
'i
New York Exchanges
on
Nov 22
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Nov. 4, continuing
a series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures.
Trading
that week
48,017,000
NYSE Odd-Lot Trading
fuel oil.
Actual Production
•State
♦P. A. W.
Allow¬
Week
Change
ables
Ended
from
Recommen¬
Oklahoma
Exchange for the account of members
during the week ended Nov. 4 (in round1,306,106 shares, which amount was 15.86%
on the Exchange of 4,118,720 shares.
This
trading during the week ended Oct. 28 of
_u,
Kansas
(FIGURES IN BARRELS)
PRODUCTION
OIL
Exchange
public
on
Nov. 22 a summary for the week
ended Nov. 11 of complete figures
dations
begin.
November
Nov. 1
Nov.
18,
1944
Ended
Ended
Previous
Nov, 18,
Nov. 20,
Week
1944
1943
1,350
356,200
326,650
+ 16,700
274,000
281,350
•
345,000
346,000
f358,050
274,000
269,400
$282,700
Week
4 Weeks
—
(except odd-lot dealers)
transactions) totaled
of the total transactions
with member
1»,808,789 shares, or 18.47% of the total trading of 4,896,230 shares,
On the New York Curb Exchange, member trading during the week
ended Nov. 4 amounted to 303,475 shares, or 13.10% of the total
volume on that exchange of 1,158,455 shares; during the Oct. 28 week
compares
members of 371,810 shares was
shares.
trading for the account of Curb
14,18% of total trading of 1,311,720
the New York Stock Exchange and
of Members* (Shares)
Round-Lot Stock Sales on
Nebraska
North
West
made
Texas—.—_
94,150
95,800
85,500
151,200
150,350
141,900
473,950
480,700
146,350
137,950
East Texas——
369,150
376,400
Southwest
347,100
342,550
298,100
553,400
547,800
524,600
Texas
Coastal
tinuing a series of current figures
being published by the Commis¬
sion, The figures are based upon
359,750
144,600
367,900
Texas——
showing the daily volume of stock
transactions for odd-lot account
of Ml odd-lot dealers and special¬
ists who handled odd lots on the
New York Stock Exchange, con¬
1,700
900
tl.OOO
1,000
—
Texas-
Texas
East Central Texas-
reports filed with the Commis¬
sion by the odd-lot dealers and
specialists.
"
1,924,200
2,132,700
2,132,300
$2,138,385
2,133,000
Total Texas——_
,
'
■
72,250
291,300
North Louisiana—
Coastal
Louisiana.—
72,700
78,750
290,750
272,200
363,450
350,950
400
+
STOCK EXCHANGE
NOV.
ENDED
WEEK
Louisiana
Total
350,000
363,550
395,500
:
400
+
V.
-
Short sales—
——.
—,
_
Arkansas
Total for week
108,720
t%
-T' 15,112
shares-:——- 429,242
orders————
Florida
4,010,000
tOther sales
—+
Indiana
: 4,118,72c
—.
—
300
80,650
78,350
Number
50,600
46,800
Dollar value
50
250
—
200,000
190,450
13,000
12,500
—
—14_,550
—'
199,950
215,250
13,000
12,500
650
Members,
Round-Lot Transactions for Account of
(Customers' sales)
for
Except
Accounts of Odd-Lot
Odd-Lot
the
Transactions of specialists in
1.
Ky.)
Kentucky
+'/
stocks in which
they are registered—
Short sales—
JOther sales——!
Other transactions
Total
336,390
Montana
35,020
Colorado
288,960
—
Total sales—————
2.
.
tOther sales—
purchases—!
*
4.79
3.05
146,516
—
Total
648,520
purchases—
Short sales—
tOther sales—
—
68,760
———
—
—
Stock
Sales
A.
4,
for 6
888,500
§885,000
4,738,850
Total sales
:
RUNS
IRUDE
TO
PRODUCTION
STILLS;
GASOLINE,
UNFINISHED
Short sales
and Stock
t%
—_
AND
1,158,455
84,320
7,550
82,965
,
7.55
Total sales.
27,125
—
.
3, Other transactions Initiated off
Total purchases—
25,725
40,275
—
—_
1.500
————.
tOther sales
Total sales———
4.
<
■
Short sales
.
.
tOther sales
!
———
—
3.25
10,450
142,245
,
———————
Total sales
.
Fue'
OP
152,695
—_
605
Louisiana Gulf Coast-
242
95.5
263
108.7
818
4,171
2,284
1,219
104
68.0
79
75.9
217
2,235
652
312
No. La. & Arkansas—
District No. 3
13
17,0
12
92.3
38
67
19
32
District No. 4
141
58.3
98
69.5
377
1,603
386
604
817
89.9
846
103.5
2,155
14,574
11,658
35,753
4,908
87.2
4,567
93.1
14,579
*78,741
48,017
63,301
87.2
4,650
94.7
14,464
78,091
48,259
63,999
Nov.
11,
4,908
1944
of
period
the an¬
also had the
said
1943,
which
following to say:
"Of
the
the
number of fore¬
total
occurred during
of 1944, 1,340
completed in July, 1,255 in
which
closures
third
were
quarter
August, and 1,487 in September.
The seasonally adjusted foreclos¬
ure indexes for the three months
9.8, and 11.2, respec¬
(1935-1939- 100).
10.3,
were
tively
Total U. S. B. of M.
April-June
and was 33% below
the number concluded in the third
of this year,
1,632
8,427
basis
the
from
period
decline of nearly
a
3,854
438
foreclosure
4,082
estimated during this
represented
8%
in
The
1.
Nov.
cases
2,546
7,619
by
Bank Ad¬
its report issued
the Federal Home Loan
7,071
2,705
the third Quar¬
1944, it was announced
of
6,966
14,414
foreclosures
States continued at
low level during
ter
15,942
Total U. S. B. of M.
"■■■-%
Odd-Lot Transactions for Account of Specialists—
Customers' short sales——„——
—
a
1,333
85.6
932
1944
Foreclosure Report
2,802
92.3
358
3,825
18,
Nonfarm Real Estate
quarter
761
re¬
,
nouncement
98.3
Nov.
sales."
125
83.4
13.10
less than
'other
337
80.2
418
.s
516
85.2
824
and sales to
205
145
exempt" are
odd-lot orders,
liquidate a long position which
a round lot are reported with
1,511
269
89.4
"short
marked
2,348
76.9
42
151,110
shares—t
of
Number
•Sales
ported with "other sales."
tSales to offset customers'
10,401
100
83.9
—————
79,010
sales
14,623
12,205
87.2
Distillate
Blended Gasoline Fuel Oil
232
basis
C.
% Op- Natural finished
;
of Re
sidua
of Gas
Oil and
150,780
—
—
Includ.
■
tStocks JStoek?
1,145
California
purchases.-—
tStocks
Finished
and Un-
Rocky Mountain—
TotalTotal
:
35,055
——
at Re-
fineries
90.5
1
78,940
———
ministration
'
production
1,668
47
total?
66.9
33,555
—
—
7P
-
Nonfarm real estate
278
——
Coast-
Gulf
sales
in the United
unreported amounts and art
Bureau of Mines basis
a
86.5
130
Mo,—.
sales
.Total
18, 1944
1.1G5
Inland Texas
Texas
the floor-
Short sales,
Kans.,
Okla.,
2.30
Daily
631
—
Ind., 111., Ky——
1,400
——
.
•
Crude
100.0
1
Short
tOther
Third Quarter 1944
§ Gasoline
Appalachian—
District No. 2
26,185
—
;
.
•
'■
FINISHED
DISTILLATE FUEL AND
on
porting Average erated
729
East Coast
District No.
purchases—-—.—
$12,838,085
——_—
Round-Lot Sales by Dealers-
ended 7:00 a.m. Nov. 16, 1944.
this section include reported
Runs to Stills
% Re-
tial
Rate
District-
.
90,515
Total sales
Short sales
'■■■
-
Daily Refining
Capacity
—
tOther sales_———-
value
354,203
sales.
total
Customers'
5,415
348,788
other sales--;—
above,
42 Gallons Each)
therefore
Other transactions Initiated on the floor—
Total
shown
as
GASOLINE; STOCKS OF
OF
Figures, in
Members:
in which
tOther sales
2.
4,414,400
WEEK ENDED NOV.
FUEL OIL,
RESIDUAL
Poten¬
—
882,100
4,73$,750
of California Oil Producers.
OIL
GAS
-
they are registered—
Total purchases—————_
8,200
the
for
exemptions
and
1,145,215
—,
—
+
+11,450
plus an estimate of
•I———Z-—IIIII—111'
Round-Lot Transactions for Account of
1, Transactions of specialists in stocks
112,950
3,624,900
'789,500
sales—
.
Round-Lot Purchases by Dealers:
"
B.
104,900
3,849,650
13,870
,
short
Customers'
•Customers'
represent the
not include amounts of Condensate and natural
allowables,
state
and
(Figures in Thousands of barrels of
Total for week
Short sales—
50
3,250
days, no
1944
Total Round-Lot Sales:
tOther sales
total-sales——
Mumber of Shares:
the net basic allowable as of
Account
WEEK ENDED NOV.
Customers'
'
7,450
definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases, a total equivalent to 6 days shutdown time during the calendar
month.
■-!, - ■
■ y
15.86
the New York Curb Exchange
of Members* (Shares)
on
for
3,850,350
SRecommendation of Conservation Committee
657,586
Transactions
'•*
+
104,850
110,000
4,720,500
recommendations
shutdowns
AND
Round-Lot
9,650
Nov. 1 calculated on a 30-day basis and
entire month.
With the exception of
several fields which were exempted entirely and of certain^ other fields for which
shutdowns were ordered -for from 2 to 15 days, the entire state was ordered shut
588,826
.
Total sales—
Total
21,350
9,500
67,200
21,350
production of crude oil only, and do
gas derivatives to be produced.
down
Total—
4.
96,300
150
93,700
.
885,000
—
P. A.W.
includes
123,276
—
—
1,550
100,850
21,350
110,000
$This is
23,240
—
Total sales—
•50,100
fOklahoma, Kansas, Nebraska figures are for week
104,400
.
{Other sales
71,100
23,350
48,650
'
187,090
—,
13,677
short
Number of Shares:
———
Short sales
30,100
200
800
•
3,835,500
Total United States
Other transactions initiated off the floor—
Total
193
other sales—•-
Doliar
10,500
176,590
——
Total sales
50
49,800
9,000
California
—
—
66,750
30,400
50,500
24,000
Total East of Calif.
207,730
.—.—
»——_
72,000
26,000
100,000
j.
_
Mew Mexico
8.02
323,980
^.
initiated on the floor-
purchases—
Short sales—:
3.
"
i
Wyoming
purchases,.-,
Total
-
Michigan
'
sales—
•Customers'
Customers'
(Not incl. 111., Ind.,
Dealers and Specialists:
—L $17,664,739
Number of Orders:
•
Eastern—
B.
of
Odd-Lot Purchases by Dealers—
50
,so
—
——
Illinois
Total sales-.—
+
250
—
1,050
—
52,550.
50,000
——
Alabama
80,450
79,975.
78,000
Mississippi
.
Total"
for Week
Sales by Dealers
(Customers' purchases)
Odd-Lot
Round-Lot Stock
1944
4,
Total Round-Lot Sales:
.
11, 1944
Week Ended Nov,
Number' of
A.
;
FOR THE ODD- L
LOT ACCOUNT OF ODD-LOT. DEALERS
AND SPECIALISTS ON THE N/ Y.
"
STOCK TRANSACTIONS
for Account
Transactions
—
Panhandle
and
Securities
The
Commission
CRUDE
AVERAGE
DAILY
jai/ Vv,i^*uuUl^<ti4}ito, I'
ft JfJiVKtS'J WifftL l\a v.L i 1,-v^rt
-AWrtWtf* Wtrrt^ l
t
Thursday, November 30, 1944
the Stock
on
lot
Total
lYnHWi+WVt-tWM WW»«iWWW*l#tW'iii*Wi«,i
rf
78,741,000 barrels of gasoline; 14,137,000 barrels of kerosine;
barrels of distillate fuel, and 63,301,000 barrels of residual
Exchange Commission made public on
The Securities and
'
Wt
1944; and had in storage at the end of
week ended Nov. 18,
Trading
WfertiV
FINANCIAL CHRONICLE
THE COMMERCIAL &
2390
»>
"During the first nine months
1944, nonfarm foreclosures con¬
tinued the decline which has pre¬
vailed since 1933.
The estimated
of
13,272 forced transfers which have
62,339 occurred thus far in 1944, repre¬
+
^Composed of 13,055,000 barrels i of unfinished, 39,440,000 barrels civilian grade sented a decline of 34% from those
Total purchases
——
52,405
automotive, and 26,246,000 barrels aviation, military, solvents and naphthas, and
of the same period in 1943.
The
gasoline blending stocks currently indeterminate as to ultimate . use.
Civilian grade
Total sales
34,733
improvement in the foreclosure
automotive stock for weeks ended Nov. 4 and 11 should be revised downward by 400,000
*The term "members'' includes all regular and associate Exchange members, their
barrels due to error by reporting company.
Aviation, military, etc. stocks should picture was widespread with re¬
be
increased corresponding amount.
tStocks at refineries, at bulk terminals, in ductions throughout the 12 Fed¬
firms and their partners, including special partners.
transit and in pipe lines.
§Not including 1,479,000 barrels of kerosine, 4,436,000 barrels
tin calculating these percentages the total of members' purchases and sales is
eral Home Loan Bank Districts
of gas oil and distillate fuel oil and 8,824,000 barrels of residual fuel oil produced
compared with twice the total round-lot volume on the Exchange for the reason that
ranging from 54% in the Portland
during the week •ended Nov. 18, 1944, which compares with 1,512,000 barrels 4,492,000
the Exchange volume includes only sales.
SCustomers' other sales
0
,
52,405
0. S. Bur. of Mines
basis
Nov.
20,
■
12,480
4,212
1943
68,489
45,297
—
—
*
'■
tRound-lot short sales which
rules
are
included
§Sales marked
are
exempted from restriction by the Commission's
with "other sales."
"short exempt" are included with "other
sales."
barrels and 9,431,000 barrels,
Note—Stocks
against 14,070,000
of
kerosine
week and 1,441,000 barrels,
respectively, in the week ended Nov. 20, 1943.
respectively, in the preceding
4,627,000 barrels and 8,870,000 barrels,
at
Nov.
18,
amounted to 14,137,000 barrels, as
10,942,000 barrels a year before.
1944
barrels a week earlier and
District to 24% in the Boston
Dis¬
'
trict.
"The
national
foreclosure rate
quarter of 1944, ex¬
for the third
pressed on an annual basis, was
0.7
Daily Average Crude Oil Production for Week
Ended Nov. 18,1944 Increased if, 410 Barrets
The American Petroleum
Institute estimates that the daily aver¬
crude oil production for the week ended Nov. 18, 1944, was
4,738,850 barrels, a gain of 11,450 barrels over the preceding week
age gross
barrels per day more than produced in the corresponding
The current figure was also 18,350 barrels in
figure recommended by the Petroleum
Administration for War for the month of November, 1944. Daily out¬
put for the four weeks ended Nov. 18, 1944 averaged 4,731,750 barrels.
Further details as reported by the Institute follow:
Moody's Common Stock Yields
Annual average
11, 1942, page 2218.
issue, and for 1943,
MOODY'S
and 324,450
week
excess
WEIGHTED AVERAGE
of last year.
refining companies indicate that the in¬
stills on a Bureau of Mines basis approxi¬
mately 4.567,000 barrels of crude oil daily and produced 14,579,000
barrels of gasoline; .1,479,000 barrels of kerosine; 4,436,000 barrels of
distillate fuel, and 8,824,000 barrels of residual fuel oil during the
Reports received from
Utilities
(25)
(25)
4.6%
7.a%
4.6
6.7
4.6.
6.9
(125)
January,
1944
February,
1944_
March,
April,
May,
__
1944
—
1944—
1944
-
—
1944
S^ntpmber.
October,
—
—
June, 1944
July, 1944
August.
__
1944___
1944
__
—
—
YIELD. OF 200 COMMON
Railroads
Industrials
of the daily average
dustry as a whole ran to
Inclusive, and
"Chronicle" of June
Yields for 1942 are on page 202, Jan. 14, 1943,
on page 1130, March 16, 1944 issue.
yields for the years 1929 to 1941,
1941 are published in the
monthly yields for
Banks
STOCKS
Insurance
1,000 nonfarm structures
rates
by
FHLB Districts ranged
from
0.1
per
1,000
structures
the Portland District to
Average
Yield
New
York
District.
(15)
(10)
(200)
5.5%
3.8%
3.9%
4.8%
5.5
3.7
4.0
4.8
per
5.5
3.8
3.7
4.8
4.9
the New England and
■
4.6
7.0
5.6
3.8
3.8
4.7
6.7
5.4
3.6
3.7
4.8
4.4
6.6
5.2
3.5
3.7
4.6
4.5
G.6
5.3
3.6
3.7
4.7
4.7
'
per
compared with 0.8 for the second
quarter of this year, and 1.1 for
the third quarter of 1943. During
the current quarter foreclosure
4.5
6.7
5.2
3.5
3.7
4.5
6.7
5.3
3.5
3.7
4.7
4.5
7.0
5.3
3.5
3.6
4.7
in
1.7 for the
It
will
b,e
noted that the rate of foreclosures
1,000 structures is greater in
Middle At¬
lantic areas than in other parts of
the
country.
Foreclosure
rates
have been consistently low in the
western States."
Volume 160
Number 4338
THE COMMERCIAL & FINANCIAL CHRONICLE
Total Loads
Revere
Freight Oar Loadings During Week
Ended flov. 18 J 944 increased 24,884 Sars
'
Loading of
freight for the week ended Nov. 18, 1944
totaled 864,373 cars, the Association
of American Railroads an¬
nounced on Nov. 24.
This was a decrease below the corresponding
week of 1943 of 17,914 cars, or 2%, but an increase above the same
week in 1942 of 27,611 cars or 3.3%;
Loading of revenue freight for the week of Nov. 18, increased
24,884 cars, or 3% above the preceding week.
Miscellaneous freight loading totaled 408,000 cars, an increase
Of 13,719 cars above the preceding week, and an increase of 7,955
cars above the corresponding week in 1943.
Loading of merchandise less than carload lot freight totaled
108,829 cars, an increase of 777 cars above the preceding week, and
an increase of 2,483 cars above the
corresponding week in 1943.
Coal loading amounted to 175,567 cars, an increase of 19,725 cars
above the preceding week, but a decrease of 12,706 cars below the
corresponding week in 1943.
Grain and grain products loading totaled 52,035 cars, an increase
revenue
,
of
524
below
the preceding
above
cars
week but
of 3,020 cars
decrease
a
the
corresponding week in 1943.
In "the Western Districts
alone, grain and grain products, loading for the week of Nov. 18,
totaled 34,073 cars, an increase of 744 cars above the preceding week
but a decrease of 1,408 cars below the corresponding week in 1943.
Livestock
loading amounted to 24,317 cars,- an increase of 1,870
preceding week and an increase of 1,920 cars above
the corresponding week in 1943.
In the Western Districts alone load¬
above the
cars
ing of live stock for the week of Nov. 18 totaled 19,052
of
crease
1,436
'
1,490 cars above the preceding week and
above the corresponding week in 1943.
cars
Forest products loading totaled
41,457
cars,
in¬
cars, an
increase of
an
Railroads
Southern District-
corresponding week in 1943.
Ore loading amounted to 40,025 cars, a decrease of 13,529 cars
below the preceding week and a decrease of 9,045 cars below the
corresponding week in 1943.
Coke loading amounted to 14,143 cars, an increase of 297 cars
above the preceding week, but a decrease of 1,075 cars below the
corresponding week in 1943.
Total Revenhe
Received from
Freight Loaded
Connections
1944
1942
1943
,
Alabama, Tennessee & Northern—
435
325
305
302
304
681
702
748
2,934
3,434
Atlanta, Birmingham & Coast
874
707
728
1,548
1,338
Atlantic Coast Line
13.440
13,507
11,975
11,440
3,856
3.861
3,759
5.193
4,805
414
412
413
1,754
1,820
1,754
1,752
1,852
3,026
2,794
445
296
260
119
734
640
—
Centra] of Georgia
Charleston & Western Carolina
Clinchfield
—
—;
-
—
Columbus & Greenville
Durham & Southern-.-—
—
340
311
—
143
130
—,
2,382
1,968
Florida East Coast.—.
Gainesville Midland-.—-,-.
53
41
1,278
1,182
.
1,270
1,541
—_
Georgia & Florida
4,561
Illinois Central System-,———
Louisville & Nashville——
——
Macon, Dublin & Savannah
Mississippi Central
Norfolk Southern—
115
114
2,413
3,640
Piedmont Northern
Tennessee Cen tral___
—
17,203
12,141
12,885
the
836
859
297
165
532
502
4,354
4,948
5,346
1,243
2,365
376
320
1,339
1,764
1,189
All districts reported decreases compared with the correspond¬
v
ing week in 1943, except the Southern and Centralwestern but all
districts
reported increases compared with
western.
;
Weeks
0
4
•
of
January—
of
weeks
weeks
weeks of April-.
March-——'—
of
:
1943
1944
3,796.477
1942
3,858,479
3.531,811
3,159,492
3,055,725
3,122,942
—
3,135,155
3.073,445
3,174,781
i——
4,063,625
3.924,981
4,209,907
February
4
«
except the North-
1942
•!
■
——
4
weeks of May—————
3,446,252
3,363,195
3,311,637
5
weeks
4,343.193
4,003,393
4,139,395
June——————:——
of
4
weeks
3,463,512
3,455,328
3,431,395
4
weeks
of
3,579.800
3,554,694
3,487,905
5
weeks
of
4.428,427
4,456.466
4,410,669
4
Weeks
3,598,979
3,607,851
3,604,323
893,333
754,739
829,663
Week of
of
July——
_—_
August...
Lz-,
ASeptember
——
of October--——
4—Ac-'-—
November
Week
of
November
11„_—.
839,489
847,972
826.695
Week
of
November
18———
864,373
882,287
836,762
—
—
39.617,107
—
The following table is a
the separate
39,244,553
38,511,887
of the freight carloadings for
summary
REVENUE
FREIGHT
LOADED
(NUMBER
.
OF
AND
CARS)
RECEIVED FROM
WEEK
ENDED
CONNECTIONS
NOV.
10,845
11,740
Co., and President of the Council;
9,474
10,144
John W. Anderson, President, The
26,456
24,034
755
602
523
851
1,054
167
138
119
1,085
938
Anderson Company and President
Motor and Equipment Manufac¬
129,970
126,605
L25,591
124,890
124,861
17,636
17,952
13,288
480
17,856
2,783
3,010
2,173
3,325
3,584
22,098
22,289
19,854
9,694
10,01r
3,975
3.777
3,396
3,669
3,237
17,863
22,321
207
594
482
695
656
50?
9,072
8,723
9,539
10,722
12,192
406
420
405
80
15,591
18,703
7,260
4,970
491
585
480
1,025
904
—
Lake
Superior & Ishpeming—
Minneapolis & St. Louis
215
15,161
Dodge, Des Moines & South—
Bay & Western——.
14,517
13,333
Elgin, Joliet & Eastern—.——.
Minn., St. Paul & S. S. M,
1,197
—_
92
2,424
1,063
T,
36
2,268
2,378
2,240
2,540
2,459
5,523
6,806
5,875
2,920
2,914
11,102
11,890
12,282
5,866
5,676
,—__
Northern Pacific—
—
.
————
.
Total
Received from
'
.
Eastern
Ann
1943
1944
.District—
Arbor—
1944
1943
469
1,435
1,477
260
1942
254
359
A.———-
1,925
2,541
1,658
368
Boston &
6,8)6
6,951
6,020
14,494
15,678
Chicago, Indianapolis & Louisville.;
Central Indiana--,-.
A
AA-
1,268
1,906
,2,178
29
41
Central Vermont—,;—;————-
1,110
1,125
Delaware & Hudson—————
5,028
6,184
Delaware. Lackawanna & Western-.
8,067
Bangor & AroostookA—-A—
Maine———__A—
1,52.9
1,269
A
■
.
7.926
44
47
2,357
2,654
6,104
12,621
11,700
"
244
7,063
11,354
10,827
—A.
312
Detroit, Toledo & Ironton——.
1,871
2,279.
343
.269.
253
13,308
13,017.
11,822
Detroit & Mackinac
Detroit & Toledo Shore Line——
Grand Trunk Western
:
.
——.
168
148
566
498
The
1,981
3,546
3,477
called
107,975
115,121
120,309
65,762
65,817
Alton
25,879
Chicago & Eastern IllinoisColorado & Southern—
-
-
——
—
Denver & Rio Grande Western
Denver & Salt Lake
23,918
24,294
4,106
———
Bingham & Garfield
Chicago, Burlington & Quincy——
Chicago & Illinois Midland
^—!
Chicago, Rock Island & Pacific—.
3,371
3,508
12,579
15,890
3,600
4,731
406
504
493
62
82
22,575
22,287
21,558
13,820
13,098
2,918
3,302
2,614
975
854
13,163
13,062
12,716
13.655
11,830
3,193
3,032
5,326
7,119
affect
1,268
2,913
2,393
6,451
advertised
6,627
680
22
847
20
1,502
2,076
1,636
check
1,684
1,979
2,051
and
Missouri-Illinois———
1,321
1,199
1,228
584
452
1,217
2,244
2,150
93
139
853
939
867
922
814
12
12
22
0
0
29,653
30,738
26,933
14,034
15,618
——
North Western Pacific—/—
Peoria & Pekin Union
Southern Pacific (Pacific)——
Toledo, Peoria & Western-
__
431
408
339
1,836
1,691
22,088
20,448
19,772
16,877
18,536
492
708
575
3
8
—
Union Pacific System
_
—
—
2,083
2,618
1,690
4,537
4,368
141,199
139,229
130,648
105,829
104,472
—
——
-.
I
734
—
.
204
350
139
628
6,130.
7,516
5,364
2,376
2,847
2,691
2,325
3,712
3,651
3,96C
2.058
1,332
8,465
8,267
14,029
13,704
2,230
3.697
3,808
.....
6,254
6,099
5,917
288
429
2,670
2,596
2,306
18
22
49,916
53,614
45,755
53.903
56,382
9,771
10,549
9,119
17,675
20,161
1,034
1,394
973
3,148
2,589
.6,715
7,008
7,338
*15,110
16,135.
485
671
456
2,114
1,779
Monongahela—
New York Central Lines-
:u——
N. Y„ N. H. & Hartford
L—
New York, Ontario & Western—'—.
York, Chicago & St. Louis"—--
N. Y..
Susciuehauna & westernPittsburgh & Lake Erie—
....—
Pere Marquette————
—
Pittsburg & Shawmutu.————A
Pittsburg, Shawmut & North——~
Pittsburgh & West Virginia-—...
Rutland...
wabash.
_
7,645
.
5,406
7,088
7,348
7,542
5,908
7,682
7,886
903
,760
354
5,241
161,506
869
366
6.780
6,357
'
4,519
■
23
;
355 ;
1,203
A 364
-—
Wheeling & Lake Erie——.—
,
7,654
,
938
.
5,125
820
313
—T——A A—A A.
i
2,319
2,289
—-
——
h
'167,397
6
199
.
2,849
304
1,103
1,087
12,191
11,956
4,344
4,498
230,756
222,026
30.9
349
morning of
same place.
1,147
1,162
V
260
3,098
2,839
2,603
3,160
1,395
1,286
Cambria & Indiana
688
45,883
...
•
—
V
-A———
1,606
tomary monthly statement show¬
ing the amount of money in circu¬
lation after deducting the money
held in the U. S. Treasury and
Federal
by
those of
6,436
6,655
4,672
5,975
Sept., 30, 1944, and show
19,385
18,807
18,536
21,642
that
money
Missouri Pacific.
18,843
——a
Quanah Acme & Pacific—
10,598
St. Louis Southwestern
100
429
16?
9,489
8,986
8,908
3,469
3,308
7,240
14,788
6,546
14,225
6,925
5,963
5,941
7,362
84
107
56
23
26
31
33
81,023
78,427
68,854
73,379
...
3,885
Texas & New Orleans—
Texas &
103
9,433
77
.
St. Louis-San Francisco—
12,049
Pacific—
6,189
:
5,196
8,015
'
51
78,826
.
Note—Previous
the
that date
held
in
figure.
year's
figures revised.
Weekly Statistics of Paperboard Industry
of
this
Association
represent
83%
of
the
total
program includes a statement each week from each
figures are advanced to equal 100%,
industry.
so
that they represent the total
Tons
Orders
Percent of Activity
Remaining
Tons
Current Cumulative
160,568
604,299
96
94
August 12
140,338
158,849
585,316
96
94
August 19
136,936
155,516
562,744
95
94
175
52
1.340
238
217
8
19
August 26
128,596
156,921
534,174
96
94
123
68
45
155,820
549,114
1,971
85,075
15,896
19,507
4,043
154
1,360
1,991
86,280
15,717
20,028
4,993
—-—189,669
.193,776
-
—
1
<,
>
1,060
1,787
3,715
2,398
3,062
,78,344
66,188
67,116
"
3,480
15,047
20,807
3,669
28,619
12,811
11,633
175,566
168,613
175,843
5,004
27,952
————
Virginian—A—
Total
—
August
5
-
September
_
2
September
9
September
16
September
23
September
30
October
7
-
173,065
_
_
-
—
_
;
October
14__
October
21—
October
28
November
4
30,708
27,373-
12,985
15,545
November
11
21,799
4,332
23,569
4,859
21,857
4,796
7,490
7,057
November
18
2,671
'2,672
55,228
59,136
54,026
23,146
25,274
97
94
131,988
123,758
554,352
80
94
129,481
158,178
525,730
97
94
125,258
160,952
161,114
486,818
96
94
159,114
482,896
95
94
217,096
_
_
_
:
29,097
-
_
6,318
*
Norfolk & Western
»
1944-Week Ended
Tons
8
District—
Chesapeake & Ohio
Production
Received
57
1,
Pocahontas
1,787
Period
—
Notes—Unfilled
....
_
_
orders
of
158,946
541,424
96
94
139,347
154,719
523,875
96
94
133,028
156,269
499,929
94
94
146,003
157,806
486,882
95
94
207,817
157,644
535,745
96
94
141,154
158,266
515,738
96
94
135,644
156,667
494,062
96
94
the prior week,
plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, ordeis made for or filled from stock, and other Items made necessary
adjust¬
ments of unfilled orders.
Federal
Reserve
$23,794,299,623
as
on
Oct, 31, 1920.
Just
before
the
War, that is, on June 30,
was $3,459,434,174.
outbreak
of
the
first
total
Ended Nov. 18, 1944
According to the National Lum¬
ber
Manufacturers
Association,
shipments of! 503 mills re¬
porting to the National Lumber
lumber
Trade
Barometer
were
4.2%
be¬
low production for the week Nov.
18, 1944.
PRODUCTION, MILL ACTIVITY
Unfilled
Orders
32,037
member
Lumber Movement-—Week
production, and also a figure which indi¬
activity of the mill based on the time operated.
These
the
the
was
that
course
of
World
give herewith latest figures received by us from the National
Paperboard Association, Chicago, III., in relation to activity in the
paperboard industry.
members
vaults
against $23,291,861,046 on Aug. 31,
1944, and $18,844,446,730 on Sept.
30, 1943, and compares with $5,-
We
cates
of
System)
are
in circulation at
(including of
bank
banks
1914,
The
The figures this time
698,214,612
■'Previous week's
21,028
•
and
7,104
14
—
-
3
Banks
Missouri-Kansas-Texas Lines—
55
—
Totals
*6
Reserve
agents.
18,781
Penn-Reading Seashore Lines——i—
Western Maryland
327
in
cus¬
294
746
Long Island
Reading Co
Union (Pittsburgh!
404
1,775
its
478
7,017
—
Pennsylvania System
1,735
•
Department
issued
498
635
-
Cumberland & Pennsylvania—i—:
Ligonier Valley
1,626
the
at
483
7,557
;
—
1,199
28,121
5,731
1,
689
1,350
728
38,176
.
December
203
547
Central R. R, of New Jersey—6,998.
Cornwall—
769
4,832
47,043
5,556
*327
elec¬
181
Allegheny District—
Bessemer & Lake Erie
Buffalo Creek & Gauley—
and
Money in Circulation
orders
Akron, Canton & Youngslown
meeting
tion of officers of American Fair
Trade Council will be held on the
602
STATISTICAL REPORTS—ORDERS,
Baltimore & Ohio——
annual
a
price-cutting
deflation."
746
member of the orders and
291
The
on
215
industry, and its
4,572
ruinous
on
curb
a
—
Midland Valley
2.587
5,673
152,195
5,138
3,765
2,548
————.
Maine Central———.
5,478
3,711
Litchfield & Madison—
Missouri & Arkansas.—
7,328
2,061
8,593
434
244
5,127.
3,738
19,795
'
1.449
Lehigh Valley———————A—
272
City Southern——
47
7,635
nationally
Legalized re¬
goods.
Treasury
Washington has
Southwestern District—
Burlington-Rock Island-
Weatherford M. W. & N. W—
2,298
trade-marked
The
2.586
16,419
:
normal
price maintenance will be
662
-
2,529
254
sale
982
Kansas
more
They will serve to place
prices so far as they
2,550
1,993
Total—
that, when
in Europe
war
floor under
4,551
72
4,160
dustry.
a
969
Western Pacific—
has
be an important factor in preserv¬
ing the stability of American in¬
2,440
—
the
it
"because
business, the Fair Trade laws will
1,193
—
City—
Nevada Northern
that
believe
of
5,156
Wichita Falls & Southern...
228
end
states
conference
members
Illinois Terminal———————
Fort Worth & Denver
this
1,206
1,354
3,389
its
Council
5,514
1,296.
168
2,149
New
117
100
433
1,574
-■
■
3,942
Lehigh <fe Hudson River———.
Lehigh «fc- New England———
Montour—
,
23
958
'
'
President New York State Retail
Hardware Association.
signals the return to
._
Louisiana & Arkansas—.—
Connections
Co., Middletown,
President,
Middletown
Chamber of Commerce,. formerly
Y.,
2,548
Kansas, Oklahoma & Gulf.
Total Loads
Total Revenue
Hardware
way
N.
•
Atch., Top. & Santa Fe System
International-Great Northern-
Freight Loaded
Cumming, of John A, Cairns &
Co.; Roger Kenna, Vice-President
and General Sales
Manager The
Marlin Firearms Co.; Harold S.
Close, President Ayres & Gallo¬
253
'
Railroads
Counsel* American Fair
Trade Council and Association of
National Advertisers; James C.
the
Central Western District
Association; I. W. Digges,
General
2,442
Spokane International————
Spokane, Portland & Seattle——
Gulf Coast Lines——
.
18
lowing speakers:
John W, Scott,
Secretary Bissell Carpet Sweeper
11,162
railroads and systems for the week ended Nov. 18, 1944.
During the period 61 roads showed increases when compared with
the corresponding week -a year ago.
(Friday, December 1) at
Roosevelt, N. Y.
The
Hotel
23,508
387
Chicago & North Western.
Green
Fail-
tomorrow after¬
on
11,016
Chicago Great Western
Chicago, Mihv., St. P. & Pac._.
Chicago, St, Paul, Minn. & Omaha—
Great Northern—
American
of
23,336
Northwestern District-
Duluth, Missabe & Iron Range———
Duluth, South Shore & Atlantic
the
discussion will be led by the fol¬
turers
Utah-,
—-1
Total
to
10,687
Winston-Salem Southbound.
„
it
goods
asked for invita¬
Conference of Fair
25,218
_
Total™
trade-marked
auspices
16,941
•
,
the
227
1,117
and
manufac¬
have
Trade Council
25,260
3,475
of
man¬
Trade Practices to be held under
28,975
448
—_—-——
tions
sales
managers,
representing
stated,
197
408
—
———„
System
764
4.475
turers
is
400
advertising
attorneys
26,302
499
Richmond, Fred. & Potomac—
695
4,491
3,685
——
Seaboard Air Line
310
4,318
Approximately
agers,
29,559
—
Fair
on
Trade Practises in N. Y.
noon
184
Nashville, Chattanooga & St. L,__——
Southern
4,504
30,016
-
■
468'
489
Gulf, Mobile & Ohio——.———:
J
1,375
40
1,441
;
Georgia—
Conference
1943
1944
All. & W. P.—W. R. R. of Ala
Ft.
increase of 1,501
an
above the preceding week but a decrease of 4,426 cars below the
cars
2391
In the
are
same
week
new
equivalent to 34 days'
less than production. Unfilled or¬
der files of the reporting mills
amounted to
87%
of stocks.
For
reporting softwood mills, unfilledorders are equivalent to 34 days'
production
at
the
current
rate,
and gross stocks are equivalent to
36 days' production.
For the year-to-date, shipments
of
reporting
identical
ceeded production by
mills
ex¬
2.7%; orders
by 3.9%.
Compared to the average
corre¬
sponding week of 1935-39, produc¬
tion of reporting
greater;
greater,
greater.
mills
shipments
and
orders
was
were
were
28.0%
34.8%
21.0%
25%
A
Companies
Items About Banks , Trust
According to the Boston "News
Walter R. Miller, formerly As-!
Vice-President
sistant
Manu¬
of
Newton-Waltham
Company, New
elected a VicePresident of the bank. Mr. Miller
that
was
graduated from New York
University in 1925. Immediately
Newton
Trust
facturers
has
York,
been
graduation, he entered the
employ of the former National
Bank of Commerce in New York
after
as
credit analyst.
a
He remained
there until 1928 when he accepted
a
position in the Credit Depart¬
Phe-
ment of the former Chatham
Bank
National
nix
&
early part of 1932, Mr,
transferred to the prin¬
Co. in the
Miller
was
office of the latter institu¬
tion and was named ,Branch Loan
cipal
several of its Of¬
During the latter part of
Mr. Miller was appointed
"At the
present Waltham share.;
fices.
1932,
Manufac¬
turers Trust Company's office in
the Wililamsburgh Bridge Plaza
in Brooklyn. Four years later he
Assistant
was
Manager
elected
of
Assistant Secretary
an
and
placed in charge of that office,
and in 1938 he was transferred to
the office at 84 Broadway,
One
lyn.
was
Brook¬
Mr. Miller
later,
year
transferred back to the Main
Office to assist in the supervision
of the bank's 23 offices in Brook¬
lyn and the Queens, and in 1940
he was elected an Assistant Vice
President.
of
E. Chester Gersten, President
.
National
Public
the
Bank
and
Trust Co. of New
York, announces
that A. M. Strong, who is Manager
of the Foreign Department, was
elected
Vice-President
a
at
directors held
meeting of the
a
on
"Stockholders
Percy H. Johnston, Chairman of
& Trust Com¬
of New York, announces the
of Richard K. Paynter,
pany
election
Jr.,
Treasurer
Life
Advisory
the New
of
Insurance
Company,
Board
the
of
York
the
bank's
to
time.
have
capital,
Harold E. Watson,
of
Company,
been
elected
tary.
He
an
with the
career
out-of-town
Manufacturers
New York, has
Assistant
started
Secre¬
banking
his
Oct.
On
$4,500,000.
New York Trust
The reso¬
provides that stockholders
record
of
shareholders
Sept. 30, 1944, Corn Exchange of
Philadelphia capital was $4,550000; its surplus $7,500,000, and its
undivided profits $2,717,932. With
approval by stockholders of to¬
31,
day's proposal, the bank's capital
of
$37,849,000 and deposits
of would be $5,687,500; its surplus
and
its
undivided
$31,567,000, while Waltham Na¬ $9,000,000,
$18,331,000 and
tional had assets of
deposits of $17,179,000. The Wal¬
tham
National preferred
stock
will
paid off at par,
which is $6.25 per share for the
issues
be
$276,000 A preferred owned by
the
RFC,
and
$12.50
for
the
$200,000
owned
preferred,
B
consummation
of
the proposed merger, Bay State
Corp. will offer to pay $43 per
"Following
for
stockholders,
tions
buy frac¬
will
and
common
basis of $42 per share
a
on
by
stock received
new
National Bank
fractions
of
basis
and
sell
$44.
corporation, which
formerly Old Colony Trust
If
was
on
a
this
Associates, acquires
offer,
der
its
stock
no
will
hold
sells
and
un¬
just under 55%
of its
basis
the
it
of the
bank,
new
present hold¬
shares of Newton
of 71,922
ings
none,
that Herbert K.
Hallett,
President
of Waltham
National
Bank, will be elected
board
the
of
bank,
the
of
i
increase
enable
would
the
bank
advantage of the
take greater
to
enlarge
Founded
in 1858, Corn Exchange has 11
offices
in
central
Philadelphia
opportunity
present
to
W.
Seward
while
total
the
Frank
O.
President of
Potter,
Bank
State
Citizens
the
of
Park
Nov. 17
payment of $36,800 of capital
Ridge, 111., announced
the
on
ing this, the Chicago "Journal of
In 1919 Mr. Watson organized the
ecutive Vice-President, similar to
Commerce" of Nov. 18 said:
New York Stock Exchange firm of
the
George H. Watson & Co., which
Newton
became
later
known
This firm has since
Wallace & Co.
dissolved.
been
Watson-
as
Mr.
they
^fice-of'the
now
Co.
Trust
new
hold
bank will be in
Manufac¬
The Providence (R. I.) Institute
(better known, says
the Providence "Journal," as the
Old
State Bank)
celebrated on
with
Out-of-Town Department.
the last few years
During
Mr. Watson has
frequently visted the States of
.Kentucky, Tennessee, Virginia and
Virginia in connection with
West
for
Savings
messages
officials
J.
many
congratulatory
by the bank's
one
was
Island,
the trust company's correspondent
founders
bank relationships in those States.
dom
as
and
Governor
who
a
Governor
from
McGrath,
H.
Rhode
group
foresight
spoke
The election of Miss Bess Bloodworth
as
Trustee of the Brook¬
a
of
of Brooklyn,
N. Y., is announced by Adrian Van
Sinderen, President of the bank.
Miss Bloodworth, who is Vice-
states
President in
They
lyn
and
Savings Bank,
a
charge of personnel
member of the board of di¬
rectors of the Namm
Store
in
woman
a
Department
is
Brooklyn,
to be elected
first
the
Trustee of
a
savings bank in New York City,
said
the
Brooklyn "Daily Eagle"
of Nov. 24, which states
started
her
business
that she
career
as
a
Secretary for the Texas Company,
New
York.
She
later
served
as
production expert of the lubrica¬
section
tion
of
Division
the
Aeronautics and subsequently
came
the
of
be¬
Sales Promotion Manager of
Chicago
division
Refining Company,
associated
with
the
of Sinclair
Island."
among
personnel of the bank in attend¬
were five whose periods of
ance
service range from 35 to
were
retary and clerk of the
Namm
Store
President
years.
corpora¬
his
Mayo,
Ezra
1899;
-
Assistant
Treasurer,
W. Mason, Treasurer,
1902; Frank G. Howard. Assistant
Secretary,
Kenney,
1908, and
Assistant
Pardon R.
Treasurer,
1909."
First
National
Covington, Ky.,
Nov.
22.
80
years
Mr. Bramlage,
of age,-began
68 years ago with the
career
Farmers & Traders Bank of Cov¬
ington,
which
,
with, the
was
First
President
also
Avenue
the
of
Works Co.,
Chamber
and
of
the
of
Building
director
consolidated
National
Bank
&
Mr. Bramlage was
Trust in 1910.
a
Madison
Association,
a
Iron
Stewart
member of the
all of
Commerce/
Covington.
A.
Livingston Kelley
is Presi¬
Federal
Louis,
30
the
bank
showed total
80,962;
number of depositors to be
the total amount credited to these
$83,536,880.49, and
average
being $997.97.
for
the
depositors
the
the
de¬
which is re¬
Bank of Nova Scotia,
leased
the
for
are
the
31,
Oct.
ended
29.
The figures
10 months' period
Nov.
on
having
bank
an¬
Nov. 16
Commerce,
of
connection
branch was
In
member.
State
a
Bank
Nevada
the
with the absorption a
This
compares
with
for the previous 12period.
The usual strong
liquid position is maintained.
Other interesting items include
increases of approximately $'>>,000,000 in total deposits and $44,000,000 in investment account, re¬
flecting, respectively ,the savings
of the Canadian people out of a
period.
$1,717,961
month
nounced recently that on
established at Pioche.
national
record
of $1,526,734,000,
resources
and
income
the
participation of the bank in shortterm financing for the Dominion
Loans
Government.
Total
down
are
roundly $2,400,000.
Cash,
clearings and balances
highest in the 127 years of
bank's operation, were re¬ due from other banks, $119,853,ported on Nov. 24 by the Bank of 452, represent, it is stated, 23.72%
Montreal.
Such resources, con¬ of total liabilities to the public.
the
the
year
1944. compared
a
statement
annual
the
in
tained
for the fiscal
ended Oct. 31,
with $1,313,065,000
an
increase of
earlier,
year
Deposits
Oct. 31
the commercial
both
in
ings
on
despite heavy withdrawals
year,
departments
for investment in
and
sav¬
by subscribers
Victory loans.
Holdings of bonds and deben¬
tures, principally
Total quick
the
above,
assets, which include
together with invest¬
and
call
and
ments
short
loans
stocks
and
bonds
$383,546,705 and repre¬
sent 75.93% of liabilities to the
secured
by
amount to
The latter figure com¬
with 73.53% at date of last
public.
pares
statement.
Investment account now aggre¬
gates $254,650,467, of which 90.8%
is
in Dominion
and Provincial
Dominion Gov¬
high-grade
and
ernment
indicated
ment
Reserve
Mo.,
Bank
announced
continuance
a
of
trend
men
Profits
was
of
chartered
a
capital
The
new
fiscal
1943
equivalent to a return of 4.10%
of capital, reserve and undivided
compared with 4.30%
profits,
Nov.
2,
of
$19,000, and total
$989,597.
1934.
74th
The
The
resources
Its officers are:
of
F. W.
Stukenbroecker, President; J. Hy.
Roethemeyer,
Vice - President;
A.
Schaeperkoetter, Secre¬
tary; A. F. Berger, Cashier.
Announcement
is
also
made
that the Citizens Bank'of Windsor,
standing
are up over
$3,000,000.
deposits are $472,849,484,
$46,095,557. Inter¬
Total
an
increase of
est-bearing deposits of the public
show an increase of ovei; $35,-
000,000
the 10 months'
over
for
the
year
ended
1944, shows substantially
Canada,
Oct. 31,
higher deposits, with relative in¬
indicates
securities
Government
in
commercial loans, and
strong cash and liquid
a
position.
Net profits, after pro¬
viding
for all taxes, Including
Government
Dominion
amounted to ,$925,974,
$110,000 was con¬
$834,000,
from
of
taxes
which
tributed
the
to
$150,000
fund;
officers' pension
written off bank
dividends
premises;
amounting
annum
of
8%
to
$560,000
per
loss account.
Total
$275,341,000 showed an
increase of $51*496,000 over last
year, while total deposits amount¬
ing to $247,839,000 increased over
$51,000,000.
Dominion and Pro¬
profit
and
of
Government
bonds
in¬
$38,000,000 to $143,636,000.
Canada
759,000,
an
amount
to
$65,A
19%
$48,000,000 and
of public liabili¬
ties, while immediately
assets of
discounts
increase of $5,500,000.
Cash assets exceed
represent
and
loans
now
$196,000,000
of-total liabilities
to
77%
the ^public.
Capital of $7,000,000 and reserve
fund
of
changed.
$1,071,000,
$7,000,000
remain
un¬
Undivided profits were
The annual meeting
of
$21,075,000
at
are
posits of the public are up nearly
$39,000,000. Net earnings for the
10
months
are
$1,445,420 after
of
taxes
$1,736,508,
provisions
previous
the Excess Profits
earnings for the
of
Net
Act.
Tax
which
of
is refundable under the
$203,271
$1,717,961
were
year
$1,542,488.
The
annual meeting of the sharehold¬
ers
will be held in Halifax on
of
taxes
after
Dec, 6.
FIG Banks Place Debs.
successful
A
offering
Intermediate
eral
was
R.
of
two
for the Fed¬
issues of debentures
Credit
Banks
concluded Nov. 16 by Charles
fiscal agent
Dunn, New York
for the banks.
of
sisted
The financing con¬
0.85%
$20,540,000
con¬
solidated debentures dated Dec. 1,
1944, .due June 1, 1945, and $28,-
975,000 0.90% consolidated deben¬
dated
tures
due
Sept.
were
Dec.
1945.
$39,425,000
to retire a
tures
1,
placed at par.
available ceeds,
are over
Provincial
$29,000,000, and demand de¬
down
paid, and $105,974 was added to
assets
De¬
campaigns.
loan
of Governments
Toronto,
Bank,
period,
notwithstanding
the
substantial
withdrawals
made
during two
Victory
statement
annual
Dominion
creased
It
governments and call loans are
practically unchanged.
Accept¬
ances and letters
of credit out¬
posits of Dominion and
vincial
$25,000, surplus
in
preceding fiscal year.
the
of
member
less
with $3,302,834 in the
year.
Profits were
compared
on
member of the Federal
found
accommodation.
amounted
to
$3,194,300,
in
a
have
need for banking
Commercial
becoipe
years
work
war
the
of
in which
engaged in Govern¬
recent
business
Owensville, Owensville, Mo., has
Fred
accounts being
System
Reserve
Nov. 21 that the Citizens Bank of
has
In its statement of condition on
Sept.
The
St.
Reserve Bank.
dent of the bank.
the
Vice-
Bramlage,
the
of
Bank & Trust Co.,
employed since 1888; Harry
tion,
V.
56
Frank M. Mason, Sec¬
in
of Governors of the
The Board
and higher
the
the
institutions
banking
Reserve Bank's announcement.
crease
on
She has been
since 1921,
Capital stock, $50,000;
Benjamin
was
"Journal"
The
"included
that
all
Eighth District, according to
includes the
200,000."
died
place "1 he said, "has given
impetus to the industrial life of
Rhode
now
undivided
profits and reserves, $58,-366. De¬
posits
total
approximately $7,-
who
whose "wis¬
in founding
All-time year-end highs for
posits and total assets feature the
113th annual
statement of The
membership of the Fed¬ changed its year-end from Dec. 31.
eral Reserve Bank of St. Louis Assets of $542,480,713 show an in¬
Net profits
to 473.
These member banks hold crease of $49,000,000.
over 70%
of the net deposits of are $1,445,420 for the 10 months'
Capital struc¬
$150,000;
surplus,
of
this
.
time.
same
anniversary.
received
the
Among
125th
its
20
Nov.
..
surplus was in¬
from $100,000 to $150,000
creased
at the
Report¬
bank's
following:
Company in 1939 and
after spending some time in vari¬
ous branches and departments of
the bank he was assigned to the
affiliated
came
turers Trust
"The
RFC.
the
to
ture of the bank
Waltham."
be¬
Watson
debentures
in
Principal
Dec. 13.
on
the total
payment
Frank L. Richardson will be Ex¬
positions
Canada,
••
tain in the U. S. Army Air Corp.
and
President
be
the bank will be held in Toronto,
securities, and 51,9% is in Do¬
Pro¬ minion and Provincial securities
vincial and municpial securities maturing within two years.
In¬
include $8,446,159 in
and
in
various
sections of the of early maturity, amounted to vestments
city. •
' j $955,538,000, an increase of $156,- municipal securities, $8,614,704 in
075,000.
Cash
holdings
and public securities other than Cana¬
dian,
and
$6,347,400
in
other
William F. Freeman, Secretary money on deposit with the Bank
of Canada were $184,473,000 on bonds, debentures and stocks, all
of Banking of Pennsylvania, an¬
Oct. 31, an increase of $62,198,000. at not exceeding market value.
nounced on Nov. 21 that deposi¬
Loans
other
than
call loans
These assets, together with other
tors of the closed Pennsylvania
are
down
resources,
placed quickly avail¬ totaling $123,689,451
Trust Co. of Pittsburgh, Pa., re¬
resources
of the bank on roundly
$2,700,000
since
last,
ceived a liquidation dividend of able
Oct. 31 at $1,279,000,000, equal to statement.
Current
loans
in
8%, or a total of $161,463.13, on
88.30%
of liabilities
of $1,448,- Canada are down roundly $7,000,Nov.
21.
This
payment, it is
768,786 to the public. Commercial 000, while loans elsewhere than
stated, is the fourth since the
loans
declined to $203,104,000 in Canada are up $3,800,000, while
bankclosed Nov. 29,
1933, and
from $223,399,000.
The decrease loans to Provincial and municipal
will bring
to
merged
will
Windsor brings
of
aggregated $1,420,811,000, a gain
of $214,937,000 over the preceding
Company in 1911.
During World
War I, Mr. Watson served as Cap¬
Jones
Bank
Citizens
$213,669,000.
$2,500,000,
reflecting a
transfer
of
approximately $350,000 from undivided
profits to surplus,"
Mr. Williams said the proposed
"It is expected
Chairman
The addition of the
ston Cashier.
proposed
depositors to $807,776.14, or 40%.
Trust.
a
profits
the scope of its business.
locally.
capital structure
of $59,677 and total resources of
$1,138,498. Its officers are: E. L.
Sutherland, President; Lois John¬
Ag^of
record.
last, Newton Trust had total assets
on
representative
on
profits and reserves of approxi¬
mately
has
Elko, Nev., a State member, ab¬
sorbed the Bank of Pioche, Nev.,
resolution
Dec. 2, 1944, will be
qualified to vote at the January
meeting.
The proposal requires
the approval of two-thirds of the
undivided
surplus,
The new
chartered Oct. 22,
was
It
1883.
of
Bank
Nov. 24.
on
member
member
a
Reserve
of stockholders, Jan. 9.
of
will
bank
new
132,000 shares of the
of the bank.
Trust
The
same
Louis
St.
became
Federal
the
Federal
lution
■.
,
Fifth Avenue at 29th Street office
:
:;'.f
.
to be held
special meeting
Waltham
the Chemical Bank
V.;
.
of
passed by the
directors today (Nov. 21) will be
presented at the annual meeting
"The
Friday, Dec. 15, and a special
meeting of Newton Trust stock¬
holders will be held at about the
share
Nov. 22,
apportioned equally be¬
capital and surplus, says
the announcement, which states:
tional will vote on the proposal at
a
issued
stock
Windsor, Mo.,
tween
Waltham Na¬
of
additional
would be
24,000 shares,
and it is proposed to issue these
for the 32,000 shares of Waltham
National
Bank common
iri the
ratio of % share of new for each
will be increased by
Supervisor for
the
Proceeds
$58.
approximately
from
time capital stock
same
is $20 and the market value
par
is
the "News Bureau,"
said
which further stated:
Co.
Trust
Following the merger of Chatham
Phenix with Manufacturers Trust
new
each
for
proportionately to stockholders at
$40 a share.
Outstanding stock
one
stock will be issued
of the 108,000 present
share of
shares,
and
designation,
new
outstanding
now
total
The proposed 56,875 ad¬
ditional shares would be offered
to
Trust Co. will change its name
the
Shares
Newton
Mass.
Bank of Waltham,
announced.
President,
National 227,500.
Waltham
and
Mass.,
resolu¬
a
directors,
Williams,
Newton,
of
Co.
Trust
of
board
in
Nov. 21 by the
David
E.
tion approved on
the
bank to follow the merger of
recommended to the
was
stockholders
bank's
the new
Trust Co. be the name of
Corn
the
of
delphia
proposed
Bank &
Bureau" of Nov. 24 it is
capital
in the
increase
Exchange Na¬
tional Bank & Trust Co. of Phila¬
stock
Thursday, November 30, 1944
CHRONICLE
THE COMMERCIAL & FINANCIAL
2392
due
$9,910,000
poses,
1944,
1,
and
Both issues
Of the pro¬
will
be
used
like amount of deben¬
Dec.
for
1,1944,
new
leaving
money
pur¬
As of Dec, 1, 1944, the total
amount of debentures outstanding
will be
$279,825,000.
@FedFRASER