Full text of Commercial and Financial Chronicle : October 19, 1944, Vol. 160, No. 4326, Section 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Final

Edition

Reg. U.

Volume

160

Number 4326

New

have

become

fetish

a

with,

longer dares go on the hustings without promising "jobs" or
"job opportunities" for all. Economists, or what pass for
economists, begin their post-war plans with an estimate of
the number of jobs that must be provided—and then proceed
to formulate programs to provide them.
Usually the proc¬
ess
goes through an intermediate step, namely, that of com¬
puting the size the "national income" must take to provide
the requisite jobs, and then projecting plans oi action
deemed necessary to raise the national income to the figure
pre-determined. It is not wholly clear why it should be
regarded as necessary to interject this "national income"
complication into the situation, but the technique has now
become standard with the post-war planners.
In any eveht,
"jobs" seem to be at the center of all popular thinking about
the post-war world and about post-war plans.
Approach

on page

Domestic

1716)

Is For Fresh And

Vigorous Administration To Restore Honesty And Competence
Quotes Report Issued By President Roosevelt As

Source Of

Not only describing "the New Deal's record at home" as "one**
and secure social security; am ad¬
long chapter of failure," Governor Thomas E. Dewey of New York,
ministration
which will
devote
Republican Presidential candidate, on Oct. 16 also criticized its
itself to the single-minded pur¬
policies abroad, asking "why. is it that our representation in the vital
areas abroad is on*the brink of chaos?"
In replying to his own query pose of jobs and opportunity for

he.said:.-,'

<£-

'

the

abroad

the

t

u

State

Army
Navy,

the

and
there

are now oper¬

ating all

over

the world the
!'

o

11

o w

i

n

agencies
this

g

of

Adminis¬

RFC,

in

FEA,
WFA,

•

Thomas E.

Dewey

OCIAA,

OSS,
OWI, WSA, WRB; OAPC, OC,
OWN, PWRCB, OFAR, FRC and
are

more,

Continuing,

industry in which
almost no improvement has been made during the past fifty, or, per¬
haps, one hundred years,
It is true that better schoolhouses have
been built and the teachers are being better paid.
Whether or not
.these .teachers are as well succeeding in winning the hearts and bet¬
tering the lives of their students is debatable.
Certainly, the eduards have been
d

1 i

e c

n

i

n

g,

while the edu¬
cational
penses

e x-

have

increas¬

been

;

—

electrical industry, 200 years, ago,
m Franklin's day, when
electric¬

ity could be obtained only by fly¬
ing a kite in the skies. School su¬
perintendents have yet to learn
that the important things of life
are .the unseen and spiritual—not
class recitations, written examina¬

Dewey

Governor

For in¬
forty
years ago the tions and memory tests. /
With
a
set
of
communities
Encyclopedia
ing.

stance,*

impor¬
tant role to play in the world in
the years to come. We can never
achieve our objectives under an
Administration too tired and

worn

out to

bring order out of its own
chaos, either at home or abroad.
"This nation of

ours

can

be an

which ,* I

from

drew; employ¬

required

ee s

those

tqok

-

who

the* sec¬

retarial course

to./yp e.50
Roger

W.

Babson

ment has slowly

/Words' a min¬
ute
b e f or e
graiduatingv
This
require¬

been reduced so

today a girl can graduate
from a secretarial course by doing
that

35 words a minute.

./

f

Schools Miss The Point
.

However, employers are not so
much interested in the

.

"words per

Britannica

his: desk,

plus the
ability to read, write and figure,
the businessman has, for practical
purposes,
all
the
information
available to any college graduate.
The important question, is whether
he
has those intangible assets,
such as character, industry, initia¬
tive,
courage
and
persistence.
These are what our homes and
schools should teach,
v
on

.

.

I have been able To get

satisfac¬
tory statistics on every industry
except the educational industry.
Therefore, I cannot prove that the
students
receiving
the
highest
school do not

turn

set

must

our

CONTENTS

Editorial
Page

'/•

Situation

1

,.

..

......

..

.1713

Regular" Feature*

From

Washington Ahead of. the
:
News
1, /.......... ,1713
Moody's Bond Prices and' Yields.. .1723
Berns About Banks and Trust Cos.. 1728
Trading'on New" York- Exchanges.. .1726
NYSE'Odd-Lot Trading./.,
,1728
-NYSE"Short" Interest at- Sept, 29..., 1727
.

.

.

..

...

.

State
General •Review,

of

»-.vf.,. 1714

Commodity Prices,, Domestic Index. 1725
Weekly "Cai'laadings...T.;..... 1727
Weekly Engineering" Construction... 1724
Paperboard, Industry Statistics.... .1727
Weekly Lumber Movement......... .1727

out

Weekly Coal and Coke Output..... .1725
Weekly Steel Review..,.......... 1724
Monro's Hailv Commodity Index., .1723
Weekly Crude Oil Production...... 1726
.

Non-Ferrous

Metals

Market....... .1725

Weekly Electric Output..1723
Bank

Debits -for September......... 1723

Latest

Summary

of

Copper

Sta¬

tistics

1724

Commercial -Paper

Sept. 29.
Individuals'

-April-June
Gross

and

...

.

reported by the Associated
' ■

as

Press:.'''

,.

"Fellow Americans:
"I

that the liberties of

the .combination

our

so

people shall again be

secure;

administration

conscience

and

a

with

sincere

a

devotion

to

of. corrupt

big

city bosses; Communists and fel¬

re¬

spected

am

souri

low travelers.

souri

an

have

.

The people of Mis¬

shown

their

inde¬

pendence before by throwing off

broad

(Continued

From

on

1718)

page

Washington
Ahead Of The News
By CARLISLE BARGEKON

Mid-October in a Presidential campaign is invariably the season
jitters.
For one thing the State leaders who have not got in on
the dough begin screaming that their State, heretofore considered to
be in the bag, is slipping to the opposition.
This adds to the general
tension of those in charge of the National campaign.
Costly boners
have been pulled in the excitement of this stage, notably the famous
of

$

Rum-Roman-

Re¬

and

ism

hotel

as

writer

in

Dr. Hubert

dle West
Hoover.

Outstanding

at
.1726

in

as

way

saye

West

unless.

that

the

save

a

and

it for

•

.the Mid-

Hoover'

first

was

that made

tra

session

of

in

the

1928

the

tariff

"in

Carlisle Bargeron

Hoover

ture."

Work

would

thing

would, do would be to call

heard

be¬

bad

•

possible for .him to

any

promise

campaign

in

We. shall never forget the ex¬
pression that, -came in Borah's
eyes.
He replied that it was im¬

writer

tween

a

Borah to

~

die.

ever

him

Work, saying the Mid¬

was

it was up to

boner of which
has

with

sat

Lincoln, Neb., the night

got an excited call from the
Republican
National
Chairman,

social security.
About

itinerary, just as
of Henry Wallace now.

he

campaign of
1936, when
many bi
ployers
p
slips in
wage
envel¬
opes attacking

costly

case

This

"——*

.

his

with

is the

bellion
epi¬
sode; more re¬
cently, in the

———■.

—

do

to

this

Trade"

vv-.-r.- ? s-.v-s,

Fertilizer Association Price Index... 1724

Statistics and Education

marks in

We

GENERAL

.

minute," which one can do, as in to be the most useful and success¬
ful citizens. -Certainly, character,
the "thoughts per minute." The
subjects which .are not being industry, initiative, courage and
taught in school are the impor¬ persistence are of infinitely more
tant subjects.
As a result, most value than the ability to get high
marks.
In fact, I believe that
employers believe that education
(Continued on page 1722)
today. is as backward as was the




inspiration to all the world.
We
can be a steadying influence for
freedom and for peace.
But first
we must have peace in our own

Financial

full

which

compe¬

which the Constitution is

"Our country has a very

Government.

can

<

but I won't

'

cational stand-<S>———

It

restore

had the following to say:

one

can

and

country value received for the
taxes they pay; an administration

tration:

"The

a

■

.

Governor Dewey's address, de¬
livered in St. Louis, follows in

happy to come to Mis¬
tonight to carry on the bat¬
tence
to
our
national
Govern¬ tle for honest and
competent gov¬
ment."
ernment.
I
am
happy also to
Among the objectives pledged salute your distinguished Repub¬
by the Republican candidate in lican Governor, who, next Jan¬
behalf of himself and Governor
uary, will become United States
Bricker, his running mate, were Senator, Forrest C. Donnell, and
"an administration which will root
your next Governor,
Jean Paul
out waste and bring order out of Bradshaw.
>0/ \.r•
present chaos; an administration
"It is clear by now that the
which will give the people of this
New Deal has been taken over by

Depart¬
and

by

Administration
honesty and

vigorous
will

officers of the

ment

That
weary

order.

and must be done by a fresh and

d

e

in

done

Administration.

worn-out

duly

const i t

be

never

"In addition
to

house

own

as

home.

at

all.".

/■■/■;."■

.

1

an-

is

swer

'■■■

\

.

MThe

read the rest."

BABSON PARK, MASS.—Education is the

Proposal To Purposely

Hershey Statement Regarding Administration's
Delay Demobilization Of Armed Forces.

"There

Roger W. Babson Forecasts Revolution In Education

And

To Our National Government.

the ACPSAHMWA.

;

Copy

Numerous Administration Agencies Now Operating Throughout World In
Charging That Nation's Representation "Is On The Brink Of Chaos." Says Need

it is

Unemployment nightmare of the thirties,
it is perhaps not difficult to understand this perverted ap¬
proach to the economic problems of the post-war period, but
no explanation of the phenomenon can in the least reduce
the danger inherent in it.
Hitler used to boast that he had
been able in a very short time to abolish unemployment in
Germany—and he had. Of course, no one in his senses
would wish to follow the example of the German dictator,
but any country which sets out to order its economic affairs
with the .creation of "jobs" as its primary, end and aim is
more than
likely to find itself in a most unenviable posi¬
tion within a relatively short period, of time.
Any Govern¬
ment which undertakes to manage the economic activities of
its people with job creation as its chief goal can be counted
upon to do its people lasting if not irremediable harm.

60 Cents a

Price

Lists

In view of the

(Continued

Office

Foreign
Policies Equally Chaotic: Dewey

same

A Hazardous

Pat.

New a Deal

No politician

us,

S.

York, N. Y., Thursday, October 19,1944

The Financial Situation
"Jobs"

In 2 Sections-Section 2

ESTABLISHED OVER 100 YEARS

an

he
ex¬

Congress. to. revise
favor of agricul¬

said

he

would talk

with Hoover-and call back.

When

light of what he did, he said Hoover had auth¬
happened in November, it is quite orized him to say to Borah this
and A1 Smith. In the

apparent that Hoover, was at no would be done.
When Hoover won, the Repub¬
time
in
the
campaign in the
lican Senators of the Eastern in¬
slightest bit of danger.
States
Yet the National headquarters, dustrialist
pleaded with
and
presumably Hoover, got a Hoover not to open up the tariff.
it
was
bad case of jitters about this time Once
opened up, they
in the campaign.
The late Sena¬ pointed out, it couldn't be con¬
tor Borah was acting in his usu¬ fined to agricultural items. There
ally peculiar way. He was cam¬ would be pressure on them to
.

Liquid

Savings for
Repo-ted. bv SEC... ..*1674
Net RR; Earnings
for

May ....................*1675

.

*Tb°se items apnee'-ed in our issue of
Oct. 16, on pages indicated.

his hoist the industrial tariffs. But
Borah persisted, " finally making
have anything
(Continued on page 1722)

paigning for Hoover, but
own.

He

wouldn't

tional

Committee

let

on

the

Na¬

THE COMMERCIAL & FINANCIAL CHRONICLE

1714

M® Reason
"We

must

wholesale

then,

expect,

between

gap

a

of v.war

cancellation

Galder Elected To

Why?
the

on

"The construction

industry itself has little prob¬
It can begin operations just

lem of reconversion.
soon

materials

as

and

considerable

unless

of

amount

it

obvious

is

"In

struction

times

about

that such

expenditures will

some

Oct, TO

on

an¬

nounced the Committee's election
of three

bers

members and

new

counsel.

mittee

The

com¬

a

new

mem¬

Harold Boeschenstein of

are

Ohio, President of the
Owens--Corning i Fiherglaa Corp.;
Alexander Calcler, of . New York
City, President of the Union Bag
Paper

>

to

the

Business

Business

Committee,

recently issued its Report
Corporate Income Taxes dur¬

ing the Transition Period and the
so-called "Ruml-Sonne" proposals
for post-war taxation and fiscal

policy, is currently studying other
national
problems
calling
for
analysis and policy-making.
It is
of three committees by which
NPA is serving as an independent
one

ening

meeting ground for wid¬
of

areas

future

of the

agreement

national

leaders

con¬

nomic

policies

>among

nation's chief

The

are

other

two

Labor

and

Agriculture Committees.

maximum

of

Tri-State

Westchester

States

requested the
governments to institute

neutral

measures

to

ernments

prevent enemy gov¬
leaders and. their

and

these activities in order to salvage
his assets and to perpetuate his
economic

influence

abroad, and
his power and ability to plan fu¬
ture
aggrandizement and world

"With

"There is

made in

Six

keeping with Resolution

the

of

ference

were

and

Bretton

directed

were

jectives

similar

United

Woods

Nations'

to

those

Con¬
at ob¬

cf

declaration

the
of

Jan.

5, 1943, with respect to loot¬
ed property, and the declaration
of Feb. 22, 1944, concerning loot¬
ed gold.
Similar representations
were
nl&de by the British Gov¬
ernment.

"The problem of uncovering and

Government, in present¬

cated that it considered co-opera¬
tion in this matter to be of 'pri¬

importance to

mary

welfare

the

of

occupied nations and to the
protection of the lives and prop¬
peace
war

and

security

world.'"

.

of

the

post¬

?

•

•

Life Insurance

with

chusetts and1*Connecticut to retain
their National Service Life Insur¬

is one of international
which, can be most ef¬
fectively handled in co-operation
the

of

neutral

countries.

The

has been taking property

enemy

occupied

nationals

by

countries and their
open
looting and

plundering, by forcing transfers
under duress, and by subtle and
complex devices.

ance,

it

was

announced

at the Tri-State

in

Oct. 9

Savings Bank Life

Insurance Conference
at

on

being held

the Westchester
Country Club
Rye, New York. It was reported

that

the

life

insurance

depart¬

ments of the savings,banks are Al¬
has often operated
through the agencies of public ready ^receiving many inquiries by
veterans for advice and informa¬
governments to give the cloak of
tion in regard to their National
legality to his robbery.
The en¬
Service Life Insurance.
emy has also been attempting to
After discussion at the confer¬
conceal his assets by passing the
chain of ownership and control ence, it was agreed that the sav¬

"The

enemy

occupied

through

and

neutral ings banks should

countries.
"In

defeat

port

anticipation
the

enemy

of

is

the

program

not

of

impending erans' Administration

increasing




only

sup¬

the

Vet¬

to

encour¬

age servicemen to retain their Naj

it"

'

mitted to Fred M.

Vinson,.Stabili¬

zation

amendment to

an

permitting the issuing
substantially
larger policies
we are now

The

increase

allowed to write.:

in

the

of

number

that we could serve, if our
present limitation is extended, is,
opinion, secondary
to the fact that by increasing the
average size policy, we will be

able

to

my

provide

even

lower

cost

insurance to buyers of small pol¬

icies."

/,:>,

judging
of the Savings Bank
System in Massa¬

from figures

no

statu¬

tory limitation, an increase in the
New York limit to

$10,000 would

it

possible, provided that
the present compulsory reinsur¬
ance provision
of the New York
law is eliminated, to increase divi¬
dends

Savings Bank Life In¬

on

surance

policies by

10%.

over

but

departments

charge,

to

available,

all

veterans

with respect to advice and infor¬
mation

their

on

life

being made to provide

the staffs of the life insurance de¬

partments

of

the

savings

with complete information
tional

Service Life

banks
on

Na¬

Insurance

anticipation of the increasing

in
re¬

quests for information by veterans
,

turning to civilian 1 fe.
>

•}.

»

l.

bearing

obligations,

and

also

to

the fact that underwriters and is¬

v2

!

•

.

I 4

>.

■(.;

are

is possible before

as

Drive, .which is scheduled to start
on

Little

be

2-

.

resolution

Steel

phases

of

formula

submit

to

and

other

stabilization, it
that "The board will

wage

.stated in part

President

the

through

the Economic Stabilization Direc¬

tor,

report

a

of alleged

extent

inequities cre¬
ated by the changes which have
occurred.
"The

board

informed
of

is

not

sufficiently
to the possible effects

as

modification

a

of

the

on

the

price struc¬

the national economy

on

any

Little

warrant

assurance

could

be

needs

the

of

country and

Nov.

20, next.
The goal will
$14,000,000,000, of which $5,000,000,000 is to come from sales
individuals

to

other

to

U.

S.

Stabilization

will

therefore

mate

$4,033,000,000 annually with

gust totaling $209,764,000,000. This
is at an annual rate of interest of
1.923%.
Per

capita

the President

$171.97

on Sept. 30, last, the high¬
history and an increase of
$3.30 from the end of August. This

in

est

was

its

The formula

tion

based

was

on a population of
compared with 138,-

to

creases

one

15%

of

in¬
January,

wage

the

1941, level to compensate for in¬
living costs. According to
official and labor indices* living
costs have risen beyond the 15%
creased

limitation

7" Not

on

long ago, the President in

so

the

least

with

his

conviction

labor

that

ad¬

wage

ceilings will not be disturbed be¬
fore the November election and

agreed, it

was

will

formula

reported, that the

have

to

be revised

eliminated eventually, but did

or

when -such

indicate

not

would be taken.
At this

harken

June

to

Control

he

year,

30

this

of

Act

another

for

observed,

"For

more

under the emer¬
gency price control and stabili¬
zation acts, we have been fight¬
ing inflation and'fighting it suc¬
cessfully.
For a whole year
the cost of living has been held
without change.
The Stabili¬
zation
Extension Act represents
the considered judgment of the
Congress that the policies and the
programs which have resulted in
this achievement are sound poli¬
cies
and
sound
programs
and
two

years,

...

.

be

.

.

continued

for

another

view of the President's pre¬

position on this question the
President's future course in this
vious

readily apparent
await his decision.

matter is not
must

New

and

Capital Flotations In Sep-

broke all monthly

re¬

income

record

in August amounted
$12,661,000,000, off slightly from
that of the preceding month as a
to

result
the

of

seasonal

usual

dividend

eight
000

and

interest

for

payments

months
11%

or

influences

and

July-August decline in
payments.
the first

$101,252,000,-

were

those

above

of

the

corresponding period last year.
Cash dividends publicly report¬
ed were 7% higher in September
than

for

the

month

same

$$72,300,000.

totaling

ago,

a

year

The to¬

tal for the first nine months stood
at

$2,486,300,000,

increase of

or an

above those reported in the

3.5%
like

period of last year.
Exports

from

Exports
months

of

in

States

from

the

U.

to

Argentina

United

like

the

first

the

six

increased

1944

1943

this year was

S.—

to

38.7%

period.

total for the January-June

The
period

373,431 tons, against

269.239 tons in the first six months
of

1943,

as

reported by the Cor-

poracion para la Promocion del
Intercambio, S.A. and made pub¬
lic in

a

bulletin of the Argentina-

American Chamber of

Commerce,

Inc.

Steel

the

Industry

—

Summarizing

features

salient

market

the

of

the

steel

past week, the "Iron

Age," states:
"The

breakneck

in

pace

steel

ordering has subsided, steel out¬

heavier, the

put is

scrap

market

The

month's total of $429,-

924,540- compared with $246,180,985 for August and $431,501,646
June,
1937, the
previous
monthly high.
In a breakdown
for

September's

total,

tic, reduction of backlogs1 has been
accelerated
and
shipments this
week

are

volume

Thus

mixed

somewhat ahead of the

of

does

only

$28,-

fresh

steel

October,

trends, reflect

financing tion, with

records for cor¬

porate emissions since June, 1937
with the railroads in the vanguard
for the second month in succes¬
sion.

were

rise in the Com¬

for the first time in weeks is sta¬

year."
In

payments
a

merce

Argentine

the time the President
signing the bill extending the

Price

military

sponsible for

v

at

year,
was

step

a

point it is also fitting to

back

and

However,

wages.

conference

Aug. 31.

on

Increases in agricultural income

individuals

as

column

this

since

previously noted

any

the Little Steel formula."
in

$34.30

limits

action

the other with regard to

or

of

increase

an

Sept. 30, 1943. Per capita circula¬

Department's index of total
payments in August to a
high of 234.6, against 232.2
iii July and 215.2 in August last
year. Actual income payments to

for

recommendations
way

The board

in circulation

money

in the United States amounted to

Renewal

include "in

not

factual report to

Payments

—

the public debt at the end of Au¬

240,000

1942V (as renewed by the

Dec. 16.

Interest charges
the national debt now approxi¬

on

Oct.

2,

$9,000,000,000
investors. The

Income

and Dividends

138,359,000

Economic

on

Debt,

with the provisions of the Act of

Act of June 30, 1944).

and

non-bank

drive will end

setting forth

perti¬
nent data regarding the relation¬
ship of wages to the cost of living,
and an appraisal of the nature and

of
i:■

suers

the opening of the Sixth War Loan

desk.

a

tember— September

are

r——:

6.6% represented new
money,
while
$401,216,820
or
93.4% was sought foil refunding
of existing obligations. Activity in
September was stimulated by a
desire for corporations to take advantage of the opportunity to re-,
duce interest charges by refund¬
ing securities into lower interestor

>"

insurance

problems.
Plans

pro¬

criticisni

The A.F. of L.-

adopted by the
board covering its position on the

In

that the savings banks should also
make the services of their life in¬

without

7Q7/720

this

severe

financing

dent's

should

tional Service Life Insurance,

surance

of

one

cooperating in an effort
complete as much of this type

than

Mr. Proffitt stated that

make

Reaction to

was

of

leaders, left with some of them at

our

statute

than

kind.

any

a

to President Roose¬

on

to

will reach the Presi¬

visory committee of AFL and CIO

alone, make it

duty to ask for
of

on

Director, for further scru¬
tiny and possibly some time after

them," he said,

chusetts, where there is

Returning Veterans Urged
To Keep Natl Service

ings banks in New York, Massa¬

looted

fully completed and has yet to be
passed upon by the board itself.
Following this, it will be trans¬

a

Life Insurance

property

and

be submitted to the President im¬

•VijvyUv';lV^V:.

"These facts,

erty of their nationals and to the

character

enemy

"we

persons

"This

Veterans returning from World
War II will be urged by 208 sav¬

disentangling

in¬

of

Proffitt,

and he added:

our

not,
will

case

substantial de¬

a

mand and need for

ing its note to the neutrals, indi¬ however, in

representations

Mr.

safely write policies of $10,-

000."

from

"These

present base

said

domination.

wealth in neutral territories.

the

at

Country Club at Rye,

our

collaborators from retaining their
loot under neutral protection and

finding safe haven for their

.Savings

on

N. Y.

can

neutral protection, or
finding safe haven for their wealth in neutral territories.
The
request, it is stated, apparently went to all neutral countries except
Argentina. The following was issued at the State Department at
Washington on Oct. 4:
4>——-—- ;
''
——

United

Life Insurance

Conference

surance,"

the

insurance

Bank Life Insurance held

asked

of

Bank

to the

Savings Banks Life In¬
Fund, speaking at the

by the Governments of the
United States .and Great Britain to adopt measures to prevent enemy

Government

of

as

by Henry W. Proffitt, President of

Governments from retaining their loot under

the

extension of the

an

amount

Savings

the New

fnatraj'Nations Med By I S.
Britain To
Prevenf Enemy Ssvfs. From Retaining taioi

Oct. 2

does

mediately, since the report is not

zation

banks were

present $3,000 limitation

surance

"On

action

duty"
.

that the

mean

"an

made 'consistent with the stabili¬

Policy Limit

York savings

New

being suggested.

been

board's

however,

to

Insurance

launch upon most:

of

modification

policyholders in New York State

have

The

:

dereliction

was

the part of the board.

generally

Government should hesitate to

Nations

inexcusable
on

that

which may be written on the lives

Neutral

pleasure by stating that it

Urges N. Y. Savings Banks

assur¬

controversy

minority of labor members

Seek Extension Of $3,000

prove

Labor Board

of the public and the industry members of the board.
C.l.O. group.-also voiced its dis-<S>
—:

Steel formula

hesitate."—Major General Phiiip B. Fleming.
It seems to us that there is every reason
why the
now

cedure by the

ture and

urged to seek

projects

vote of 8 to 4 decided to pass the
velt without recommendation of

eco¬

the

groups.

committees

on

profitable.
"But there is no reason why the various
agencies
of Government—Federal, State and local—should

of the

the Little Steel formula by the War

on

the election

counsel

common

Action

Wednesday of last week reached the point where the board by

Toledo,

on

is financed

mitments for the future before it has

Association,

ning

NPA's

privately, while one-third is
public work. There are no reliable statistics as to
the amount of construction private business is
planning.
Such estimates as I have seen are not
impressive. It is quite natural, I think, that private
business should hesitate to make large capital com¬
ance

Na¬

on

which

that

all

two-thirds of

Committee,

of

Committee.

are

normal

Chairman

tional Policy of the National Plan¬

elected

disposed of before the war ends,
whether in Europe or Asia, or both, construction
cannot be begun at a time when it would be most
useful as a source of jobs.
they

-V

Corp., and Vernon B.
Stouffer of Cleveland, Ohio, Pres¬
ident of the Stouffer Corp. Harry
J. Rudick of Lord, Day & Lord,
New
York
City, is the., newly

manpower are

time

Business

the

&

released
from war production—provided plans for building
are well
prepared in advance.
"This actual, detailed, advance planning is the
key to the opportunity for jobs m Construction.
Before any structure can be built a site or rightof-way must be acquired, legal and financial
arrangements
must be completed, engineering
surveys must be made, working drawings prepared,
specifications written and contract documents
drawn up.
Since these preliminaries consume a
as

Ruml,

Beardsley

what we hope will be a vastly ex¬
panded basis, of production for peeice. How are we
to: bridge this gap with a minimum of hardship to
returning soldiers and demobilized war workers?
"For a long time I have felt that the construction
industry, if adequately stimulated, can provide a
partial answer to our problem.
> ;
resumption,

The State Of Trade

NPA Business Com.

and the

contracts

:

Thursday, October 19, 1944

transition

production
output."

more

a
a

business.

month

overtones, of the

stage from heavy

to

of

continua¬

probable

The advance in steel

war

civilian

ingot out¬

put this week and a concurrent
drop in orders has caused prac¬
tically all mills some anxiety over
ability to set up economic
rolling mill schedules in the last
their

(Continued on page 1721)

-

.Volume 160

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4326

».

Roosevelt Tells Latin-American

Groups That

Secretary Hull has told jme of

the conversations he has had with

sister re¬
publics'.concerning the formation
of a world security organization,
We have received important and
representatives

Community Of Good Nations Must Endure

;

Says In Columbus Day Address United Nations Charter
Must Be

Adaptable To Social, Economic And Political

Changes Throughout World V4
Columbus Day address delivered at

a

-

Secretary

that "I know that

him
'

Hull

Stet-

Under-Secretary

and

Italy

are

48

from

men

United

tinius, who led the United States

r

States, from the kingdom of Brit¬

delegation at Dumbarton Oaks, are

'

ain

and

the

But

we

must

forward to further ex¬
changes of views with our good
looking

before the meeting of
the general conference to establish
neighbors

organization." He added
"we must press forward to

'the world
that

:

bring into existence this world or¬
ganization to maintain peace and

.

time to

no

lose,"
The President likewise said that

."like

the

of

Constitution

the

United States itself—and of many
other
the

Charter

Republics—the

United

republic of France,
remember, and this
is the first anniversary of which
we can say it, there are also strong,
well-trained, well-equipped forces
from Brazil; there are units from
Puerto
there

Rico;

there

Greeks,

are

Poles who distinguished

are

Nations

of

not

be

must

Africa;1:there

South

combat

are

of
Japanese ancestry who came from
Hawaii — all providing an effec¬
teams composed of Americans

Nazi

false

the

claims of "Nordic superiority."

*

"if

that

hovers
we

be

-the

times."

/

-

;"

,

President's

The

broadcast

it

full

of the truly

was one

internationalists

great
:

Allied

the

of

nature

voices. For he

-

that he rejoices in

sure

varied

Columbus

of

spirit

his native land today,

over

can

stated

President

the

the

Christopher

of

vision

and

from

speech

was

in
and

recorded

as

York

New

the

by

there

themselves,

also

are

Oaks,

looking forward to fur¬

are

ther exchanges of views

Italians

their

of

country;

the Allied
armies and they are fighting in
the underground forces behind the
They

fighting in

are

German lines.

•

If the

spirit of Columbus hovers
over
his native land today, we
can be sure that he rejoices in the
varied nature of the Allied forces.
For he

was

of the

one

truly great

internationalists of his day. ;

<

',]

During the past century many
of Italians have

millions

come

establish the world

the i birthday of the
New World — the peoples of the
is

<

organization.

We must press forward to bring
into existence this organzaition to
'

maintain

security.

and

peace

There is

time to.lose, and this

no

time I think it's going to work.
It is our objective to establish

Hemisphere seeking
freedom and opportunity. In Italy
there is

hardly

town

a

village

or a

with

ties

blood

have

New

the

Republics

joining

are

This is

World.

one

lay, without

waiting for the

even

There must," of

be time for discussion by

CQurse,

peace-loving
nations—
large and. small.
We know that

substantial
been

tinued

rapidly

as

Like

it must be

and

the

con¬

possible.

as

Constitution

United States and

has

already

progress

made,

■ :

the

of

of many

other
of
the

the■/'; Charter

Untied Nations must not be static
and

inflexible, but must be adapt¬

able! to
of

the changing conditions
progress—social and economic

and
■!

political—all

the world.

over

So

in

approaching great prob¬

of

the

which

future

future

the

—

shall share in

we

common

with all the free peoples of this
earth—we shall do well to remem¬
ber that
the

tradition

lumbus,
tured

the inheritors of

are

we

the

of

Christopher Co¬

navigator who
uncharted

across

I remember that when

pher Columbus
forth

put

in

the

ven¬

seas.

Christo¬

about to set

was

1492-

of

summer

he

the

beginning of his log
book the following words: •
.1
>
"Above all it is very important
at

of the many

<

whose

lumbus,

name

honor
spirit we

we

■and whose adventurous

.perpetuate.
The

of

survival

that

spirit is
.more important than ever, at this
.time when
we
are
fighting a
World War,
and when we are

'building the solid durable founda¬
tions,for future world
V

peace.-

^

;

The little fleet with which Co-

•lumbus

took

and the
totaled

the voyage,
of those three ships

crews

approximately 90

Today,
that

every

number

tons

of

the

across

in

that

carried
by air—they go
by

division
be sent

can

men

the Atlantic in

^across

And

entire

an

15,000

some

many

are

hours.'

few

transport

sea

-of

and

men

ocean
a

men.

day—many times

of

cargo

across

ocean

for

weeks

ten

the

crossed

first

one

ship in

When

remember

we

the rapid

development of aviation since the
last

war

we

ahead

look

can

to

the coming years, and know that
all the airways across all the seas
are

going to be constant lines of

communication and

Thus

-

the

commerce.

margin

between

the

Old World and the New World—
we

as

have

used to

been

calling

the

hemispheres — becomes con¬
stantly narrower. This means that
if

we

do

not

now

take effective

to

prevent
-World War and if there
measures

be

a

third World

of the Western
be

as

another
were

to

War, the lands

Hemisphere would

vulnerable

Europe and Asia

to
as

land of Crete and

attack
were

the

from

the is¬

Philippine

Islands five years ago.It is a significant fact today that
in Italy—the homeland of Christo¬

pher Columbus—forces from many

parts of this hemisphere, and from
many distant parts of the civilized
world, are fighting for freedom
against the German and Japanese
threat of medieval tyranny.

Serving in the Allied armies in




Great Britain

Nazis
sought to deceive and -to divide!
the

not

.

Republics.

American

tried-

They,

through propa-.
ganda from across the seas but
also
through agents, spies ; and
fifth columnists operating all over
only

,

the Western Hemisphere.

determination, the same de¬
votion, as-, we .steer our course

But

we

through the great age of explora¬
tion, the age of discovery that lies
before

I

us.

-—

;-y%

■

;

-

?

—-«•»»»—■—-—

French Govt. Bonds

Called For Redemption

failed. The Amer¬ ;r J. P. Morgan ;& Co., Inc., as
deceived sinking fund administrators, are
by their protestations of peace notifying holders of the Govern¬
and friendship; they were not in¬ ment of the French Republic Ex¬
ternal Loan of 1924 25-Year Sink¬
timidated by their threats.
The people of the United States ing Fund 7% Gold Bonds due Dec.
will never forget how the other- 1, 1949, issued under loan contract
American Republics, acting in ac-f dated Nov. 22, 1924, that $3,990,cord with their pledges of soli-' 000
principal
amount
of
these
darity, rallied to our common de¬ bonds have been drawn by lot for
redemption- on Dec. 1,; 1944, at
fense
when
the
continent
was
...

violated by

105%.

attack

redeemed

Axis treachery in an
this country.
At that
armies

Axis

of

still

were

un¬

the stark threat
invasion from Dakar hung

an

even

We

have

maintained

the

soli¬

darity of the governments of all
American Republics — except
one.
And the people of all the
the

republics, I said without excep¬
tion, will have the opportunity to
share

in

the

achievement

of

the

victory.;.,,;V:%

common

of

good

neighbors

community
remain

must

We have not labored long
faithfully, to build in this New
World a system of international
security and cooperation, merely
strong.
and

.

to

let it be

dissipated in any pe¬
riod of post-war indifference.
Within

the

•

bonds

will

be

and

ject

Street, .New York City, sub¬

as

the

to

under

issuance

Executive

amended,

of

Order

licenses

Nov 8389,

permitting

the

dis¬

bursement of funds for the pur¬
pose, upon presentation and sur¬
render

of

purtenant

the

bonds

and

all

ap¬

maturing after

coupons

the redemption date. Interest will
cease
on
the drawn bonds after
.

The bonds that unite the Amer¬

ican Republics into a

The drawn

paid on and after
the redemption date, in United
States dollars, at the office of the
sinking fund administrators, 23
Wall

their heads.;■ '■■ -v"

over

framework

of

the

Dec.

1, 1944.

The announcement

also says:

"Decrees
ernment

of

the

-

French ' Gov¬

dated

July 16, 1935 and
Aug. 25, 1937, require certain de¬
ductions in paying the bonds and
coupons
as
follows:
(a) Bonds
which

stamped

are

non-French
will

be

indicate
ownership

to

beneficial

redeemed

at

105%

with¬

organization, this new world or¬ out'deduction, and coupons sim¬
ganization,
we
have
heard
so ilarly stamped will be paid at the
much of lately, this world organi¬ face'? amount' without deduction;
zation

of

which

United

Nations

the

the

governments and the
people of the American Republics
are

(b) Bonds which

stamped to
indicate French ownership, and
unstamped bonds, are subject to a

helping to establish, the inter- deduction

American

play

a

system

can

stated that "the conversations

throughout
spirit of complete cooperation and great
cordiality among all participants,<£the proof of which is evident in
characterized by a spirit of com¬
the wide area of agreement cov¬
plete co-operation and great cor¬
ered in the proposals." "The few diality among all participants, the
questions which remain for fur¬ proof of which is evident in the
ther consideration, though impor¬ wide area of agreement covered
tant," he added, "are not in any in the proposals.
The few ques¬
sense
insuperable," and he rec¬ tions which remain for further
by

a

,

ommended

"that

the

necessary

consideration,

though

important,

not in any sense insuperable,

steps for obtaining agreement on

are

these

and I recommend that the neces¬

points be taken
possible."
The

text

soon

as

as

Dumbarton

in

en

our

Chinese phase of the confer¬

the

appeared

1605.
In full the report of Mr. Stet¬

ence

tinius

to

on page

these

on

agree¬

be

points

taken

possible.
emphasize, at the
conclusion of these
preliminary

as

as

soon

It is proper to

conversations, that the proposals;
as they are now submitted to the
four

comprise

governments

sub¬

from

each

made
public along with the text of the

of the

proposals, as given in Associated
Press Washington advices Oct. 9,

view, which I believe is shared
by all the participants, that the

follows:

agreed proposals constitute an ad¬

•

Secretary

r

.

j

take

I

Hull,

ment

obtaining

for

steps

sary

the

of

contributions

stantial

It is

delegations.

my

own

the tentative and pre¬

pleasure in sub¬
mitting to you the results of the
exploratory conversations on in¬
ternational organization held in
Washington between representa¬
tives of the governments of the

vance

United

States, the United King¬
dom, the Soviet Union and China.
The first phase of the conversa¬

standing as to the most effective
international organization capable

tions, between the representatives
of the United States, the United

ples everywhere.

great

Kingdom and the Soviet Union;
took place from Aug. 21 to Sept.
28; the second phase, between
representatives
of
the
United
States, the United Kingdom and
China, were held from Sept. 29 to
Oct. 7.
The results of the work
accomplished in both phases ar^
embodied in the attached propo¬
sals which each of the four dele¬
gations is transmitting to its re¬
spective government as the unan¬
imously agreed recommendations
of the four delegations.
;
;
I am happy to report that the
conversations
throughout
were

over

proposals

liminary
each

by

presented

delegation.
This has result¬
a single-minded effort of

ed from

all the

delegations at Dumbarton

Oaks to reach

under¬

common

a

fulfilling the hopes of all peo¬

of

to take this opportunity

I wish

to

express

grateful recogni¬

my

contribution to
of these

the

of

tion

outcome

successful

the
con¬

the members
delegation and

versations made by
of

American

the

advisers and the
helpful as¬

to commend the

their

for

staff

most

Above all, I wish to ex¬
profound appreciation to

sistance'.
press my

the President and to you, Mr.

Sec¬

retary, for the constant advice and

guidance, without which our work

accomplished

could not have been

and satis¬

with such constructive

factory results.

.

and

strpng and vital role.

must:

ence

of

10%

are

of

the

differ¬

between the issue'price apd

the redemption price (a

Says Poland Must Be Recast As Great Nation

FD

delegation which claimed to represent 6,000,000 Americans
President Roosevelt on Oct. 11 made the statement
that "it is very important that the new Poland be one of the bulwarks
of the structure upon which we hope to build a permanent peace,
The President also told the group that "you and I are all agreed that
Poland must be reconstituted as a great Nation.'
To

a

of Polish descent,

ican Republics were not

checked, and

China

characterized

were

know that they

on

and

same

1

the

,

time

week.

one

22 years of Fascism.
The
Fascists
and.

Stettinius, Chairman of the United State's delegation
representatives of the United States,

to the conference held between

Oct. 12 issue, page 1611;
and reference to the conclusion of

de¬

the results of the Dum¬

on

International Security Organization,

organization without further

why the forces of

reasons

an

Oaks tentative proposals was giv¬

that I forget sleep and that I labor
liberal much at navigation because it is
tion have been welcomed so cor-f necessary."
,in paying tribute to the courage
rand
vision
of
Christopher Co¬ dially by the Italian people after / We shall require, all of us, the

American

barton Oaks conferences for
Under Secretary

the solid foundations of the peace

to

Western

the

'

Today

our

lems

•

that does not contain families who

"Times":

with

good neighbors before the meet¬
ing of the general conference to

republics,

bravely-Tor

fighting

liberation

the

,

Washington;

follows

transcribed

all

of

-

to

answer

And

tions of progress, social,

Columbus-

that

know

Conferences On International Security
Reporting to Secretary of State Hull

all -,the

Zealand and

ada and Ireland, New

adaptable to the changing condi¬

ing in paying tribute to the cour¬

I

Secretary Hull and Under-Secre¬
tary Stettinius, who led the United
States delegation at Dumbarton

end of hostilities.

bitter

tive

economic
and political—all over the world."
Observing that the peoples of
; the American Republics are join¬

opinions
of these

of

many

And

fighting at
Cassino and Ancona and Rimini;

in

themselves

static and inflexible, but must be

age

from

there'are gallant men from Can¬

is

There

security.

i

views

and

SleHimus Reports On Dumbarton Oaks

our

expressions

governments.

the White House before
diplomatic misisons of 19 other American Republics (except Argen¬
tina) on Oct. 12, President Roosevelt stated that "it is our objective
to establish the solid foundations of the peace organization without
further delay, and without even waiting for the end of hostilities."
'These remarks by the President were preceded by the statement by
In

valuable

of

1715

deduction

fro m^-

advices

to

According

Washington by C. P. Trussell to
the New York "Times" the Presi¬
dent's statement was made in a
45-minute
conference at which

delegation'

the

—

the

of

Committee

the Memorial
Polish-Ameri¬

Congress held at

can

May

presented a memorial of

—

for

appeal

urgent

of

statement

The

Buffalo last

reassurances.
the President

glad of the opportunity I
have had to talk about the pres¬
I

position of Poland in the war
and about the future of Poland.
ent

agreed that
Poland must;be reconstituted as
I

and

are

all

great nation. There can be no
question about that.
■ •
%
.

,

Of

in

course,

should all bear
nobody here has

we

that

mind

accurate information about every¬

thing that is going on in

world

that

going

is

opinion

to

that objective—not only
to reconstitute Poland as a strong
back

up

nation, but also as representative

peace-loving nation.

and

I wish

to stress the latter. It is very

im¬

the new Poland be

portant that

of the bulwarks of the struc¬

one

a

am

You

objective which we

broad

which we hope to build
permanent peace.

ture upon

,:v>!v'%■

follows:

The

all seek is excellent. I am certain

Poland.

the

advices to

same

we

From

"Times"

the

quote:

President
the
Government's Min¬

This meeting with the

held

was

on

exiled Polish

istry

Pulaski Day as

Information

of

announced

in London that Premier

Stanislaw

Mikolajczyk had been invited to
join the conferences now in prog¬
between
Prime
Minister
Churchill and Premier Stalin in

ress

Moscow.

The invitation issued to

of

Churchill

President of the United Mr.
Mikolajczyk
and
Foreign
States, with access to all of the
Minister
Tadeusz
Romer,
dis¬
information which is available,
patches emphasized, appeared to
am
not
fully informed of the
confirm the belief that the pro¬
whole story.
As an example, I
tracted
Russian-Polish
dispute
still do not know all the facts
was a principal cause of the visit
about the recent events in War¬
Even

I,

saw.

As

every

as

new

information

day, we will get a clearer

picture about the whole
of 1.1% of the
when

comes

in

the

situation.

principal amount),
ownership, French

foreign, of others, than indi¬
viduals.
Coupons which
are
or

stamped to indicate French own¬
ership, and unstamped coupons,
are subject to a deduction of 10%
of the face amount, when in the
ownership, French or foreign, of
others than individuals."

Mr.

and

Foreign

Secretary Anthony Eden to Mos¬
cow and that efforts were under
way to compose a
Allied relations.
Charles

potential rift in

Rozmarek

of

Chicago,

President of the Polish-American

Congress, headed the White House

delegation

today

and

was

its

spokesman.
The

memorial

President

was

a

presented

the

condensation of

resolutions adopted in May at

Polish-American Congress.

the

""T

THE COMMERCIAL & FINANCIAL CHRONICLE

1716

(Continued from first page)
c o n o

mic well-being is

one

but

a

supply of goods and available
purchasing power.' v '
7: 1
;
"The problem, gentlemen, is to

Maaagement, Labor Can Settle Problems

When

V

>

Bay

decide whether we dare increase
that pressure.
Can we risk it at

Johnston Of US Chamber Looks Forward To

The Financial Situation
E

Thursday, October ,19* 1944

Eric A.

great many econo¬

measured not by the amount mists and others who should

Johnston, President of the Chamber of Commerce

United States, in a statement

on

of the

Oct. 2 before the National War Labor

Board, holding hearings on wage stabilization policy, had the follow¬
of work that must be done, or be furnishing light to
the ing to say:
'
77.. ':7,;
is being done, but by the pro¬ rank and file begin with this
"You will be greatly relieved to know that I shall not make a
duction and equitable distri¬ premise and proceed to figure lengthy statement on our national wage stabilization policy.
I do
not want to add to the mountain»
■'
'--v."'—-—■—;—
bution of goods and services the national income required,
of facts and figures already be- ■■for. they know that the fortunes
found by the body public to and even in some instances fore
of both are
inextricably' linked,
you.
I am neither an econ
be good and useful. Generally undertake, at least in a rough omist nor a statistician. I am a and that management and labor
,

.

speaking, that people is the
best off who

are

able to pro¬

duce the most desired

goods

and services for the least

ex¬

penditure of human energy-—
that is, work. Nothing would
easier

be

treble the
done

than
man

without

double

to

or

hours of work

increasing the

output of goods and services
one

iota.

way,

to apportion the amount

of income which must be pro¬

business
to

hold

I, therefore, want- go forward or slip backward to¬
gether. For my part, I shall op¬
pose wholesale wage-rate reduc¬

man.

statement to broad
fundamentals.7 /
-.■y :■ '■ "7,777';
my

is incredible that in all this

By doing so many It

nothing is heard about
the value of the goods to be
produced.
Production ap¬
pears to be regarded as the
means by which "jobs" are to

price 7 policies.

of my philosophy on prices, wages
and production. I know that large

will

had

If it be retorted that what
is demanded for the pcst-war

years is the opportunity (for
the rank and tile) to produce
more

file

themselves!

r

The

that simple fact is gen¬
erally understood and fully
appreciated the sooner shall
we
get started on the road to
better
things, economically
speaking.
The great rank
and file create their own job
opportunities, or they kill
them off, whether they know
it or not, while about their
daily tasks and when they go
to the polls, on election day.
"Job. opportunities/' arise
sooner

Popular Notions

and to have

and

of the

good

more

their

arid distribute the • fruits of

joint labors

equitably

more

than anywhere else in the world.
"Let's
admit
the 7 facts,
and
where

see

war

we

go

has brought

for business iand
for the worker.
ber that

the

we are

After

on.

the

deflation

last

war

we

inflation, followed by defla¬

tion.

We must avoid that mistake

this .time..' ;.-'::,^r:77>>7v77777
"I

am

anxious

to

see

yv77:.7

our

sta¬

bilization policy continued for the
rest of the war.
If it is allowed
to fail we lose the only anchor
that

we

have against

if

the

rank

people

file

understand

demands

thing.

and

to

of

the

current

mean

any such
Most of them doubt¬

less do not trouble to pursue
the thought further than to

time the

war

will end?

risk it

we

as

ahead of

to

the

Can

we

as,

survey the problems
when the war is over?

us

"Aside from the dangers of in¬

7,

flation,

there

other

are

factors.

What about the post-war picture?
If hourly rates are increased now,

offset

to

in

advance

decreased

weekly earnings which will
when

work

war

come

slackens,

the

unreasonable

some

and

restrictions for

burden¬

a reason¬

able day's pay, and when the
dead hand of government in

would

now

post-war

come

person of the tax col¬
lector or in the form of need¬

time when

a

costs: are

a

complete mystery. After the war
there
unquestionably
will
be
great pressure for increased wage
rates
in

to

compensate for the loss
weekly take-home due to

the

overtime

work.

war

Most

firms

will want to increase hourly rates
after the war if production and

"What
duced

the

inflation?

two

terms of
man's lan¬

it can come about in one
ways—people either lose

confidence
currency
crease

genuine

Re¬

simplest

ordinary business

an

guage,
or

causes

to

in

their

and

bank

more

currency,

rapidly

or

deposits in7
than Sgoods.

desire

for

cooperation

between management and labor.
Government cannot impose a sat¬

isfactory
settlement
of
differ¬
ences.
Surely * there is enough
statesmanship in : the ranks of
management and labor to work
out their difficulties, Both man¬

- The
agement and labor must; learn to
increased profits Perhaps no economist will agree settle their problems around the
that this definition is adequate. V ■
increased income
conference table, and not run to
"Today the American people
But lets remem¬
government, or government will

from there.

*

borrowing against

future, and that

as

a

nation

wUi have to oav in the future.

have confidence in their currency.
But

is

today
greater

.

meri, too,1

run

us

both.7,7'7. v';,7777777:777:

purchasing power,
7,7, "After the war we in America
than the supply of can have industrial
peace or in¬

our

rationed at moderate price by
the
Government in
its
regular
are

dustrial

bring

conflict.

The

first

will

levels of prosperity
for the average man and create
a larger middle class
society. The
us new

second7 will retard our economic
advancement and Weaken-our en¬
;

tire democratic fabric.

"You
have

a

have

members

7:777^.

•

this

of

Board

responsibility.

grave

hard

a

decision

to

You
make.

But I know that

you are striving
honestly and fairly, and

to make it

in

the

best

interests

of

all

the

people.

I hope that whatever de¬
this case you
will be able to look back 10 years
cision you make in

facing reconversion headaches.
the same time, they are not
stores.
But if a Russian wants to
from now as being made in the
of the workers' fears,
buy in a legalized, unrationed national interest. That is states¬
store, he pays fabulous prices.
,; ■ 7 ,-.7: ,7
;7 '
"must" do in the event of fail¬ For instance, a pound of sugar in manship!'',' 7

are

At

unmindful

•

the

qt

production

can

The black market is an
The thing that I want to empha¬ goods.
things of life—that the crea¬
size is that we cannot afford to expression of that fact.
"jobs" or "job oppor¬
"Every country faces the dan¬
place too great a burden on future
tunity" is but another way of
gers of wartime, inflation,
Some
generations.
countries are controlling it.
expressing this idea—the ob¬
"I' am fully conscious of the
Others are not. In China inflation
vious reply is that the desired
fears that are now uppermost in
has produced a demoralizing ef¬
•end is much less likely to be when business opportunities the minds of the American worker.
First, he is worried over the pros¬ fect on public morale.
reached if the task is ap¬ occur.
Business
"In Russia inflation finds out¬
opportuni¬ pects of a shrinking pay envelope
proached from the wrong di¬ ties occur, other factors fa¬ as reconversion brings cutbacks let in legalized unrationed mar¬
rection. The disadvantage of vorable, when labor is avail-, and a reduction in working hours. kets, owned and operated by the
Next, he is worried about having Government, which take the place
such an approach is several- able,
ready and willing to do
of black markets in other coun¬
a job after the war. 777./';:7.'7y777
fold.
It may well be doubted a
tries. The basic necessities of life
good day's work without
"American
business

tion of

beginning

are

estimates

a spiral of
rising costs and prices. Inflatiori other factors
justify it. All real
bring permanent benefits to
wages are, paid out of production.
no one.
As has been pointed out
"I wish to repeat for emphasis
many times, by increasing the cost
what 1 said at the beginning. Af¬
of what the Government buys for
ter the war the problems of man¬
war, inflation increases the na-;
agement and labor will be greater
tional debt, already threatening to
than ever before.
We will not
grow
to unmanageable 7 propor¬ settle
these problems without a
tions. 7; 7777'' 777777777'-'77--7;-77: v777 ■:

•

disposal.

we

our

now

bring in its Wake

later

-

have at their

when

revise

Anything
that .goal?
>/.v 7 77-' :v77777777 7 7'7:7 ',.7777 v
inevitably v
"Again, wage increases imposed

inflation

causes

"jobs" would be created, and
volume, high wages and low unit
costs
have
given
us
the best
technically the aims of most
standard of living in the world.
post-war planners would be
We must make every effort to
reached, but no one would be
preserve this pattern of progress.
better off—except possibly at
"I believe in high wages for the
American
worker.the expense of someone else. be created.
Why?
Be¬
cause the American worker is the
The only possible way to enJob Creation
best producer in the world.
A
able every, one to have more
miner
getting 70
One can find no better way Bolivian tin
of the good things: of life is
cents *a
day may be overpaid
of insuring failure of all such
when compared with an American
to produce more of them.
If
miner getting 10 times as much,
plans than this type of ap¬
more,
many more,
can be
proach.
"Job opportunities" It isn't so much what you pay a
produced without increasing —if
they are something more man; it is what he produces. ;
man hours of labor, so much
"Management, too, contributes
than a dole called by another
to high production by its inge¬
the better.
It would then be
name—are created not by the
nuity and by the heavy invests
quite possible, assuming that
Government, not by the poli¬ ments in the most modern equips
more man hours of labor are
ticians, not even by the em¬ ment.;7;;7y:;r7;\I7^:r':7y-;.;:, 7;7:77 7777 7
available, to increase still fur¬
"Together, the American team
ployers, but by the great rank of management and labor produce
ther the quantity of goods
and services the rank and file

to

higher costs would be immedi¬
by the various sections
On the con¬
"Business accepts wartime con¬ tions after the war.
ately imposed on consumer indus¬
of industry and the number trols as
necessary to win the war: trary, I shall advocate progressive tries that will seek to expand em¬
of jobs which must be pro¬ Labor, also, has accepted these wage increases as improved meth-y
ployment as soon as materials are
ods permit increased production.
vided in the post-war world— wartime controls. I look forward
available. That would put a han¬
"What we must avoid is both
hopefully to the day when man¬
dicap upon industries on which
and go up and
down the agement and
inflation and deflation.
labor, without Gov¬
we must rely to increase
employ"That is why I come before the
country predicting dire things ernment
merit and consumer goods.
intervention, again can Board
Can
if industry as a whole fails to manage their own affairs, y
today to advocate holding we
-. /i
afford such a handicap at a
"Let me state a simple outline the line on our wartime wage and time when
do as is thus expected of it.
employment is our
duced

almost

:

time

a

the part

unrationed

store

costs

an

,

400

of business to
rubles, which is about half a
they be provided lessly restrictive regulation is provide full employment does month's
wages for the average
a
not help at all. It is the height
"job" with regular pay not present or does not
worker.
7;: 7777:7 77777 777'\
"With our high productive ca¬
Another prerequi¬ of absurdity to suppose that
days. The time serving poli¬ threaten.
tician is certainly not likely site is the absence of ruinous business can be stimulated pacity, there is no danger of such
extremes here. But if we lift the
to go very much further than
to provide
government competition, and and' persuaded
lid, we may, step by step; pro¬
the voters in analyzing what the absence of
more "jobs" under the threat
duce inflationary results which
positive threats
is being done and what is de¬ of
of having its own living taken this Board and all the American
such competition.: These
sired.
/
things, and others like them, away from it. What is needed people will 1 ive to rue.
"Your Board has been deluged
How better could the stage are
obviously matters under today—and what is woefully with arguments and counter¬
be
set
for
"make
work" the control not of
"big busi¬ lacking today—is a serious ef¬ arguments as to whether prices
programs of all sorts?
It is ness" or any other kind of fort on the part of men of in¬ have, outdistanced wages. I shall
astonishing how many who business, or, in the long run, fluence to determine fairly not labor the point. In all fair¬
really ought to know better of the politician, but of the and intelligently precisely ness, it must be said that we have
done a creditable job of holding
"are today talking about the rank and file of the
people what in the way of govern¬ the line. True, there have been
"necessity" of p r o V i d i n g themselves. Let them see to ment policy, public programs, breaches but the .wef-all job is
"jobs" for a great many more it—and they alone can see to labor practices, business one to be commriri'ded: I hope
men
and women that ever it—that conditions are suit¬ abuses, and what not is likely that we shall continue to resist
further breaches."
were
regular members of the able and they need not worry to prove a substantial deter¬
"We are living in an abnormal
further about such unemploy¬ rent to business when the war economy,..with some half of our
working force prior to our
entry into this war—the "ne¬ ment as they, or many of is over, and to tell the people production going to war. In nor¬
mal times national income and
cessity" of "private industry" them, experience in the late frankly of their findings—and
production for civilian use form
do what may be necessary to
providing these jobs under thirties.
a
rough balance.
Today there's
And there is no other ap¬ persuade the rank and file to a pressure of about two dollars
pain of having the Govern¬
ment do so in the. event of proach that is at all likely to suuoort corrective measures. against every dollar's worth of
available Civilian goods.
Inevi¬
failure on the part of
THEN
FORGET
ABOUT
private succeed. Certainly the con¬
tably, if we don't hold the line
"JO*S"
THEY'LL -BE
enterprise to do so. It is still stantly reiterated threat
now, we are still further widen¬
more astonishing to find, not
about
what
Government THERE!
ing the disparity between the
ure on

demand that

■

^

■




.

.

On

Oct.

the

13

Boston

Stock

Exchange celebrated its 110th an¬
niversary. In the Boston "Herald"
of Oct.

13 it was stated:
7, '
"The Exchange was founded in

1834

...

by a group of 13 men and
held
sessions
continuously

has

since then, with the exceptions of
the period of five months after
the

beginning of the First World

War

when

were

closed from August

all

stock

exchanges
to

De¬

cember, and during the brief pe¬
riod of i he banking holiday in
March, 1933.
"The Exchange began
operating
with

ing

room, in a small build¬
State Street, and has re¬

one

on

mained in
ever since.
has offices

that

central

location

Today the Exchange
on

the first and second

floors of 53 State Street and
of the most thoroughly

one

equipped
trading floors in the country,
"Three years ago the
Exchange
was the first .of the
larger bodies
of its kind to. admit
incorporated
securities
and

now

bers."

firms
has

to

seven

membership
such

mem¬

He!

5

Operating Earnings Of National Banks For
iix ionlfis Ended June 30 $132,229,000

Comptroller of the Currency Preston Delano announced on Oct.
that the national banks in the United States and possessions re¬

ported net operating earnings of $182,229,000 for the six months

ended

30, 1944, an increase of $25,102,000 over the first half of 1943.
Adding, to the net operating earnings, profits on securities sold of
June

previously

$34,489,000 and recoveries on loans and investments, etc.,

ancK*

charged off of $71,921,000,
deducting therefrom- losses

—-——
and employees and fees paid to
directors; $46,161,000 expended in
the form of interest on time and

and
depreciation of $80,857,000, the net
profits before dividends for the
ended

months

six

amounts

to

before

$77,016,000
over
the
gross earnings for the first six
months of 1943. .Operating ex¬
of

crease

for the six months ended June

$400,045,000 as against
$348,131,000 for the first half of

Comptroller in his an¬
nouncement also said: J;/
1943.

$532,274,000

of

earnings

reported for this six month
period. ^ This represents an in¬
were

reported
30,

amount

the

than

more

Gross

profits
$50,344,000

dividends/was

including income taxes.

for taxes,

This figure of net

funds.

$84,835,000

deposits; and

savings

at
an
annual .rate
10.11%
of
capital

which

000,

1944,

June 30,

amounted to $207,782,-

he stated,

1717

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4326

Volume 160

The

penses were

political,

-

When -that-military ob¬

jective " is
much .of

accomplished' — andnot yet been ac¬

.

it jhas

complished J—-fhe i Italian' people
be free to work out their own

will

destiny.
their

under

of

government

a

choosing.
Attorney Gen¬
eral, removing the status of enemy
own

"The act of the

alien from Italians, has been jus¬
tified by their corresponding ef¬
fort

to

help

wage

us

"Of course,

ter to

the people of Italy

humanly possible this win¬
take wholly adequate meas¬

to relieve all

ures

suffering, until

Germany has been finally and de¬
cisively defeated. But the United
Nations

.are

possible

determined that every

be taken to aid

measure

the Italian people

give them

directly, and to

opportunity to help

an

Supreme Goiirf Declines To Review Baling

That insurance is
United

The

States

themselves,„;J'/■ JggJJ:-J:

Subject To. M-Trsss! Laws'

Supreme Court denied

Oct. 9

a petition
AttorneysGeneral of all States except six, for reconsideration of the court's

Underwriters

Southeastern

the

of

on

and

Association

the

June 5 that insurance is business in interstate-commerce
subject to Federal anti-trust laws. The motion, it is stated,
denied without comment, Justice Owen J. Roberts and Stanley,

ruling

on

and thus
was

Reed took

no

part.

Court's

war.

have suffered terribly and it will
not be

II. S.

4

to

3

last

referred to in

was

issue,

The Supreme^—- —
of June j self-disqualification
June 8

our

page-2383.

In these columns

Oct. 5, page

on

laws, was approved

on

Sept. 18 by the Senate Judiciary
Committee.

In the

item ref¬

same

was made to the filing of
petitions with the Supreme Court
by nearly all-the States asking

erence

for

Roberts and Reed,

of

only

four combined in

Justices
jus¬

seven

Of these,

tices remained sitting.

1514, it was noted that a bill, pre¬
viously approved by the House,
to exempt insurance business from
anti-trust

—•——

opinion

majority. Jus¬

a

tice

Hugo L. Black wrote the
opinion
against
the
insurance
companies, and Justices William
O. Douglas, Frank-Murphy
and
Wiley Rutledefe sided with him.
Chief Justice Harlan If. Stone and
Justices

and

Frankfurter

Felix

Robert H. Jackson dissented,-

"Now that the efforts for

a

re¬

; J "The civilian administration has
rehearing of the case. In hearing have been defeated in the
J
• been
of oper-: 1943.Vafully discussed by me with Washington advices to the New Supreme Court, insurance inter¬
ating' earnings in the six month
''Cash ; dividends declared; Jon the British Prime Minister.. The York "Times" Oct. 9 it. was stated ests are expected to stiffen their
period ended June 30;" 1944; were common and preferred stock to¬ British" Government is' agreed that that,"In their pleas for reconsid¬
fight to have passed legislation
$177,656,000 from interest and dis-" taled $68,983,000, im comparison as the
problem is great—so also is eration the underwriters and At¬ now before Congress to counter¬
count on loans, a decrease of $5,with $65,034,000 in the first half of 'out responsibility to help.
'/aYY'* torneys General made various act the court ruling.
;
338,000 under the corresponding 1943.,
The annual rate of cash
"The mails 'have been opened points, but emphasized what they
The new term of the Supreme
period in 1943; and $300,055,000 dividends was 3.36% of capital for letters to the liberated prov¬ said was an abandonment of the
Court was opened on Oct. 2, with
from interest and
dividends on funds*
court practice.
/
" ■ *
inces. Facilities are now available
more
than 500 .cases before the
bonds and securities, an increase
"They pointed out that with a
for i small
remittances of funds
Following a brief session,
total membership of nine, a court court.
of $67,970,000. The principal oper-, ; t"On June 30, 1944 there were
from this country to individuals
ating expenses" were $162,877,000 5,042 national banks in operation: in Italy for their individual sup¬ majority was five, but with the a recess was taken until Oct. 9.
as compared to 5,066 in 1943."
for salaries and wages of officers
.

'The

a

principal items

.

•

,

i;

port. Shipments of food and cloth¬

Anglo-Belgian Financial Pact Signed J-gf

.

ing have been, delivered. Normal
jlife is being gradually introduced.
We'

taking

are

sighing of J'Jah-VAhglo^BelgiamJ financial- agreement which, to permit the early sending of in¬
Minister of Finance said he "hoped" would prove pre¬ dividual packages by Americans
to their loved ones in Italy.
Our
liminary to an economic understanding was announced by John
MacCormac in London advices to the New York "Times," Oct. 5. objective is to restore all avenues
of trade, commerce and industry,
Stating that it will be followed shortly by a similar Anglo-Dutch
and. the free exercise of religion,
agreement the advices also had the following to say in part. ;g,
at the earliest possible moment.
J "The agreement confirms the^
; v/T am deeply grateful, therefore,
existing rate of 176.625 Belgian
FDR
for this award. It represents your
francs to the pound, provides that

Says Italy Soon-//

without con¬

it shall not be varied

sultation

support
wiil be

000,000

and

Be Restored To "Proud

that" to

stipulates

Place Among

sterling or 800,000.000
other,;as the case

of

appreciation, both of the problems
and; the; efforts of the American
Government.

it Britain and Belgium
prepared to sell up to £5,-

In

each

to

francs

Rations?/

accepting

address

an

Co¬

on

the Four

Freedoms
may be.
;::g/^'/'/'Jg
■'///; Award
presented to him by the
"Sterling held by residents of Italian-American Labor Council;
the Belgian'monetary area that President
Roosevelt
t old
the
includes " Luxembourg
and
the
gathering at their dinner at the
Belgian Congo can be used for ex¬ Hotel Commodore, New York on
penditure in the whole sterling Oct. 12 that "the United Nations
area
and, as opportunity offers, are determined that every pos¬
Britain will seek, with the consent sible measure be taken to aid the
of
other
interested
parties, to Italian
people directly, and to give
make sterling usable for payments them an
opportunity to help them¬
Day

lumbus

-

outside the sterling area.

"When the military ob¬

selves."

"The

"V

takes

its

Freedoms—is
the

a

which

this
Four

name—the

firm bond between

great peace-loving nations of

the world.

To the people of

Italy
help—and

we

pledged

our

will keep the faith."

Paris Bourse Resumes

Foreign Loan Trading
Trading

in

resumed

was
on

make

to

required

any

amendment.

Minister,

said

at

letter ;or •spirit; ^--It

Woods in

not intended to cover

is;

transfers of

relief expendi¬
tures
but
momentary : dis¬
equilibrium in the balance of nor¬
capital

or-

big
only

mal trade.

It may be

terminated

by either country on three months'
notice and will expire in three
years

unless renewed/: % v :

"

beginning/ said
M. Gutt. T hope it will prove to
be the prelude to
an economic
agreement, but is not so yet, as
'This is only a

by

Washington by

Executive

of

behalf

in

'

with Bretton

delivered

was

telephone, and the award was ac¬

press cepted

a

today that the agree¬

conference

ment did not conflict

address

the President from

-

Gutt, the Belgian Fi¬

"Camille
nance

The

by

the

Attorney

"

Chief

General

Francis M. Biddle who, according

tb - th^r Associa ted ( Press,-, said

Oct.

that

which
say:

foreign

amidst

10

securities

the Paris Bourse

on

bearish

inter¬

10,
the following to

had

also

'.V'J/Xv../-;

"No

/Jvg" J"//;

American

issues appeared
day that operations
were allowed in foreign securities
since ; the German occupation of
on

the

"one day soon—sooner

than most
Italians dare hope-Ttaly will be
restored to her protfd place among

the

first

declared

-

that

"to

the

people of Italy we have pledged
our
help-^-and we will keep. the
faith."
From
the
New
York
"Times"
address

"For

we
as

quote the President's

follows:

over

four

of inflation"

"pressures

various

to

the

then,

apparent

It

year.

he

by the

over

were

war

this

of

end

would

told

a

the shift from

war

to civilian pro¬

duction, of a cut of $12,000,000,000
to $14,000,000,000 in income with
the change from the 48 to the 44-

be

press

conference,
whether the forces
which contribute to inflation were

hour week and of

an

over-all

re¬

'//;•„'>gJg Va'

capital..' J'. - J

declining.
In the latter event, which he
expected,'he said that the Office

duction of

war

gin "tapering off" its controls and
regulations.
A persistent prophet of infla¬
tion if prices were not stabilized

secondary force for deflation,
continued, would be the deter¬
mination of many persons to pre¬
serve
their
war
savings
until

getting out of hand

during the

danger after. V-E

-

"Various

:\-g ;;J,J

- -

; Suez

losses

Canal
shares
ranging from 500

2,000 francs.
dropped from

The regular stock
63,000 • francs to

suffered
to

g;Vgggxg.A

61,000.

20 years we in Amer¬

"On

g

Jr.'"'

the

-

-

'•

r

black--

market, Amer¬
ica have watched with, anxious ican
paper
dollars brought 250
the economic field, is only indi¬
eyes the steps .taken by the Fascist francs and British: paper pounds
rectly touched.'
*
/'
V \
gangsters to enslave the Italian 670 francs as people rushed to un¬
:
"The Minister said .that Belgium
load excessive: profits accumulated
bad also been negotiating with people. The.Italian people were in
the
thrown into an alliance they de-t
occupation : period
and
France and did not deny that all
tested..They.were ordered against hedge, against inflation of the
jhese negotiations might lead to a their will,- to
\
:
"• g; ■ >
fight on the side of franc." f
West European financial bloc that their traditional enemies
Under date of Oct. 12 from Paris
against
could later be fitted into a general their traditional friends.
the Associated Press stated:
.

.•

-

economic

Day would be
would be ap¬

which

deflation,

ditures

as

a

result

of terminated

contracts.

A

he

consumer

goods

to the market in

when

"And

began returning
quantity.
these
goods
do

back the

price has got to be
right," he said, explaining that if
prices were high they would curb
come

before the pressures for
inflation gained the upper hand.
The manifestations of deflation,

full

he

would prevent full production.

parent

explained, would be

for

a

tendency

prices to slump, unemploy¬
resulting from military de¬

ment

mobilization

and

termination and

Full

a

contract

war

reduction in the

consumption and

if too

low
In
view, full production would
guard against inflation and con¬
tribute toward a generally high
standard of living.

his

Employment Rests Willi Federal Govt.

tered. in South African

Liebig,-

first

the

$30,000,000,000 to $40,000,000,000 in Government expen¬

or

Mr. Bowles con¬

war,

that

tended

"Interest in

foreign shares cen¬
gold min¬
ing issues—Union Corp.,- Central
nations." V :
'.}■ A":;J,v::'g frfrA-g Mining
and
East • Geduld—and
In concluding his remarks the Swiss; securities
such 1 as Nestle

President

economic
reached a crisis
eight months after the fall of Germany, was the warning
given on Oct. 13 by Chester Bowles, Price Administrator, according
to a special dispatch to the New York "Times" from Washington on
the same day, from which we also quote:
Mr. Bowles predicted that the<$>—
•
country would "pretty well know" income of most workers.
He cited estimates of 4,000,000
how it was coping with the prob¬
to 6,000,000 persons idle during
lem of inflation by next Septem¬
when the

period

of Price Administration could be¬

have

we

if the con¬ jective is accomplished," said the
pretations of a decree ordering all
tracting governments adhere to a President, "the Italian people will
foreign securities to be listed and
be free to work out their own
general monetary agreement such
filed with the Government. This
as outlined at Bretton Woods, the
destiny, under a Government of was
reported in Associated Press
present agreement can J be .re¬ their own choosing."
accounts from Paris on Oct.
viewed

Bowles

That the country would face its most critical post-war

ber if

from

charter,

award

"It is provided that

"

After German Defeat, Says Chester

The

; d

the Belgian

•

Pressures Of Inflation Greatest 4 To 8 Months

step possible

every

Declares Chester Bowles, 0PA

Head

head of the-Office of Price Administration, said
in Washington on Oct. 15 that the final responsibility for seeing to
it that total investment—private, municipal, State and Federal—is
sufficient to support full employment rests with the Federal Govern¬
ment. This was indicated in Associated Press dispatches from Wash¬
Chester Bowles,

ington, Oct. 15, which added:
Bowles

Mr.

Government

was

of

one

lined their views on a

several^
out¬

who

^officials

proposal of

of the
that the
Government underwrite the busi¬

an

"We

James G. Patton, President
National Farmers Union,

ness

structure

whenever

fell

below

thing

annual

level

of

$40,000,000,000. This objective Mr.
proposes
to
accomplish

Patton

through direct Federal loans and
public works program. ■ •

a

post-war

for full employment.

should, of course, do every¬
possible to encourage in¬

creased investment of risk capital

by private business."

investment

expected
an

country

the

of

essential element in

program

Mr. Bowles held also that

one

of

the most important aspects of the

advanced by Mr. Patton,

program

which the Senate had been asked
to consider in

legislative form, "is

a

understanding.;

For the moment,

with

he said, no similar agreement
United

the

States

contem¬

was

underestimated
people.

;

"The

rate
in

J'

•

Anglo-Belgian

now

effect

exchange

to be stabilized has

been

for Belgium since

Sept.

ranks.
res,

one

result of the.

agreement the Belgian Congo
depart from the sterling




will

bloc."

*

of

his

Large;'numbers of .them

and behind the German lines,
on our

common

"The

its- and

ing

thousands

of

Americans,

of.

Italian descent—entered Italy not
as

conquerors

Their

but

objective

is

as

liberators.

military,- not

over

the

Bourse

the

expropriation of for¬
eign securities.
There

American Army-rinclud-

settled

today after two sessions of flurry
brought on by apprehension con¬
cerning possible government steos
against excessive occupation prof¬

fight for-liberty...
-

As

will

As part of the Allied arm-,

they have carried

6 and for the Belgian Congo long

"before that..

-

the

brave.enough to rally to our

were

plated.

"Calm

"Mussolini,, the would-be Caesar,

ing

in

was

the

a

pronounced .firm-t

market

with

French

government bonds leading in this

tendency;..*
*

"Several

securities

"While Federal underwriting of
total

investment

measure
economy

is

not

the

only

required to convert our
to full
peacetime ac¬

tivity," Mr. Bowles said in a letter
made public by Mr. Patton, "it is
although founding shares dropned

1,500

francs

while Parts

Civiles

gained 450. Canadian Pacific reg¬

:' '

another day's gain of

classifications of. Suez

istered

remained

franc to reach

unchanged

1,000."

100

that if private

business

sured

Government

that the

were

as¬

stood

ready, through public investment,
to

underwrite

the

markets

huge

that

go

full

employment/ there might be

very

with full production and

.little need for the Govern¬

ment

actually

vestment

to

above

undertake
the

;

amount involved in immediate

sential

public

works."

in¬

normal
es¬

THE COMMERCIAL & FINANCIAL CHRONICLE

1718

appointed

sonnel,

Mew Deal Domestic And Foreign
Policies Equally Chaotic:

"This

the rule of the corrupt Pendergast

nouncing
for

light of that
sure they will never
who are products of

record, I am
permit men
(hat

machine to

Labor

"The i

most

.

.

attempt to take over our formance came when Vice-Presjident Wallace accused Secretary
national government.
to

drawing

But hard tasks remain.

close.

a

in Europe is

war

We must speed the drive

for final

We must put behind our
the backing of com¬
effective government at

victory.
fighting

men

petent,
home.

We

make

must

that

sure

Commerce

Jones

.

lighting men are brought home
promptly.
We must take the
leadership in bringing about ef¬
fective international cooperation

even

it

down

to prevent a

the

1

America face

in

"We

mighty

a

Ten million heroes will

decision.
be

future war.

entitled to the
victory—a
prospering

coming home,

fruits

of

country with security and oppor¬

get ahead:
Millions of
in war plants will de¬

tunity to
workers

mand their

right to a good job in
peace industry at good wages with
.security and stable employment.
The

America

of

farmers

have

a

right to know that their tremen¬
efforts in the face of inade¬

dous

quate help and machinery will be

future of free¬
regimentation; with
good prices for the

from

stable

and

Little

"

the

tired

offer?

and

Must

we

Must

WPA?

has

Must our re¬
on
the same
farmers

our

dom

it

of

future

at stake.

are

The free¬

country

our

Never in its history

important that we have
a
government which will be re¬
spected at home: and respected
abroad.
Never was it so impor¬
was

so

tant that

which

djioose a government

we

restore

and

to

go

other.
"

'Even

Mr.

confessed

Roosevelt

publicly
Aug. 21,1942, that

on

these conflicts

within his Admin¬

istration

been

serious

have

been

But

will

we

do

we

How

costly they

know

ernment

too

are

long.

Sixteen

of it would be intolerable.
"This Administration has lived

years

conflict.

on

They planned it that
Listen to the President's

way.

in

9334.

'The Secretary

part:

culture

the

and

ministrator

.

.

War

the

other.

.

r.

other words,

two

Mr. Roosevelt
same

about it.

tion

do

we

As

war?

need

for the mighty
shall face after the

need

we

problems

before

never

He has been doing that

for 12 straight years and it is one.
of the major reasons
the New
Deal
failed
in
peacetime
and
would fail again if it got a chance.
We
can't
afford
this
kind
of

planned, noisy chaos and bung¬
ling in the days ahead.
That's
why it's time for a change.
.

"Now

there

is

another

they

them.

,"2. Are the people who run it
trained

and

-

"3.

it

Is

in

faith

the

of

America

"Let
1o

us

what

can

r

-

>

apply these simple tests

we

have

now

so

that

we

find out whether it's time for

change.

a

of
he

but.'

'■■■

spectacular collection of in-

who

he

.

.

handed

"Now,
accurate

future to such people as Harry

our

Hopkins,

Madame

Perkins

ahd

Harold Ickes.; Certainly America

do better.

can

will

I propose that we

do' better.
can

we

under

the

of

own

its

quarrels

New

never

Deal."

failures

do

better

The

and

scars

its

create
unemployment
pression.'-

v and

own

'Those in the

.PWA
and

or

WPA, it

Ickes

was

with

over

czar Or a

the

fight

the Rubber Director and

the Under*
"If

on

Henderson

squabbling

right to be gamble
between

soend

Secretary of War.

H wapn't

itself,

it

the
was

OPA

National

a

Di¬

Service

'We

and

.

out

in

in

can

is

Mr.

when

is

Saturday

the

from

which

White

General

the

all his

General
own.

Roosevelt
he

own

authoritative?

the

last

from

was

Hershey, his

calls

Mr.

Ickes




de¬

is

un¬

administration

an

filled

with

while

we

were

in

the

re¬

New

Brazil,

we

among

nation

could, ; in the
event of economic crisis', exercise
any degree of direct control.
.'
.

Mr.

Jones

told

It

went

dissension

how

Wallace

representatives

our

Brazil.

.

in

being echoed

was

to

on

in

that

say

the

among

of

scores

(Then it

says: 'The economic and .agency representatives had actu¬
costs of retaining men in ally 'led the Americans to
partici¬

the45 services

would

be less..than
dealing with an

those involved in

pate in departmental rows among
agencies of the Brazilian govern¬
ment itself.'

unemployment depression through
civilian relief.

;

■

"Last year a special committee
United
States
Senators
was

-.///;/;//'
of

"So this idea of keeping men in

the Army for fear that they won't

sent to

get jobs

Read what

Mr.

after the

war

made public

report

in

was

last

year

a

Deal

had

has

in

it

mind

port

:

B.

overseas.

Democratic Senator,

a

Russell, said in

a

re-

the Senate on Oct. 28,
These are his words: 'Our

civil

:

theaters

war

to

.1943.

fight

;y,/;/.>■/,/'V')

along.

Richard

by

Roosevelt himself.,: The New

our

quite

appointee,

The

fact

is

un¬

that

Service

charged

by law with the duty
helping to get jobs for return¬
ing veterans.
If anybody in the

country is an authority
subject, he is the mani

on

that

He got it from another one
those
'White House' releases

put out by Mr. Roosevelt himself.

"Moreover, it
Mr.

Roosevelt's

was
own

submitted by

uncle, Fred¬

erick A. Delano, Chairman of the

National

Resources
It

conference

was
on

the

Planning
report

Of the'

post-war readjust¬

ment of civilian and

military

per¬

machines.

agencies abroad

are

numer-

free

from'

,„y,'/

,

big-city

yy'y

yy

y

"An administration in which the

Constitution

is

the

of

liberties

again be

respected

secure.

that

so

people shall -

our

//'/.;/y/ y//y!'/;y

"An administration which will
devote itself to the single-minded

of jobs
■

/ "My

.

y.

and opportunity
* ...:
;
~
;

John W.

associate/

distinguished
Bricker, and I

in

determination

our

united

are

to
these
We know that they can be

ends.

achieved.

war

artist

an

'Times'

the conflict between Mr.

whom

the

seeking vital

York

administration

purpose

it?

see

"An

the influence of Communists and;
the domination of corrupt

for all*

that

au-t

thority to do their jobs and will'
be let alone to do them.
,/

quarreling

it be any better abroad where
cannot

America who will receive full

we can see

back-biting where

and

"We
tives
under

God

America
the

united by these object
a
firm determination

are

and

to

must

achieve

never

them.

back

go

to

insecurity, unemployment and.

chaos of the New Deal.
she must, America can
go forward once

<

Because
and

again."

will

;

>

U. S.

Slops Printing
Money For Italy

;

The
Treasury Department at
Washington has stopped printing
and issuing allied
military cur¬
rency in Italy, according to an As¬
sociated, ? Press U dispatch
from
Washington on Oct. 13, which also
said:

"Now, let my opponent try to ■out, but too often they are either
"The cease-printing order was
pass the buck to one of his assis¬ working
at cross purposes,
or,
laid down, it was ascertained here
tants.
They can slip and squirm worse to relate, in some eases
today, because of a belief the cur¬
in this New Deal, but when my have no apparent purpose.'
///;/ rency already brought into
Italy,
"Here is a report from the July
opponent uses the word 'falsifica¬
is
tion/ as he did on the radio in 30, 1943, issue of 'The United so circulating sufficiently rapidly
that it comes back to the Ital¬
It says:
the: 'teamsters' speech, it comes States News.'
in
ian Government via bank
depos¬
North Africa
home to haunt him. /./,.
field agents of
./ ; : >
its and can be re-used
by Allied
half a dozen agencies—the Treas¬
"And let me add that as long
troops:
/./:;yyy./,. /'/ ;:/;.y
ago as last April, Mr. Roosevelt ury, BE W, Lend-Lease, State De¬
"Financing the Allied opera¬
remained silent while his director partment
and
others—are
re¬
tions in Italy remains an extreme¬
of selective service in- a public ported to have brought confusion
ly complicated problem, however,
speech in New York said he saw to the brink of chaos.'
.

.

.

-

no

Army

WPA.'

/.".Why is it that

in letting men out of
'into some kind of a

purpose

the

I do not

see

any

such

tion

the

on

pur¬

the

in

vital

brink

representa¬

our

areas

chaos?

of

abroad

The

is

an*

the armed services at the earliest

is exactly the same as at
home. yy'./•\V/y/y;
"In addition to the only consti¬

possible moment after .victory arid
to jobs
and opportunity.
r And

partment

that will

Navy,

either.

pose

ought to

new,

Our fighting men
brought home from

be

be done when

get

we

swex:

tuted

a

a responsible
Washington'.: • '

in

been

afraid

or

the

the

of

State

the

and

there

world

are

Army

De¬

and

operating

now

"The FEA, RFC,

WFA, OCIAA.
OSS, - OWI, WSA, WRB, OAPC.
DC, OWM,. PWRCB/OFAR; FRC

all

along that
when the time came to. let men
out of the Army there would be
no
jobs for them—that it would
of

case

back

to

normalcy

Deal took office

March

4, 1933, the world-wide
was
already nearly
four years old.
In its first seven
years it had more power than any
on

in

the

world

the

among
world
almost

made

the

and

All

the

five

but

1929

the

level

be

had;

ex¬
produc¬

of

Winston Churchill who,
late in 1937, said: 'the
Washington
Administration
has;: waged
so
was

war

on

private enter¬

"Then he added: 'Those who

keeping the flag of

to

government

World
ask

have

that

flying
almost

their

in

the

the

comrades

Old;

in. the

an

first

order.
a

set

That

our

our

"An

we

can

and

weary

honesty,

It

and

worn-

can

'

instead

to

public

of

;

,

harmony with Congress.
restored

as

a

respon¬

sible instrument of government.
"An

wine for himself, or pictures or
jewelry to send home, that is not
considered an occupation cost and
the money is credited to the Ital¬

Government, which buys

plies

men.

administration

administration

out

which

in

waste

and

which will
bring

order

give

the

American

lire

such

on

personal items, it

is

understood.

"Italians

; /

said to be deposit¬
ing increasing amounts of money
banks, which pass it on to the
are

Government, which hands
back

some

administration

the people

to

Allied

authorities

for purchases in

Italy. The com¬
pletion of this circle has obviated
the

heed

for

of Allied

continued

issuance

currency."

CoL A. Roosevelt Honored
A

testimonial

tendered

Club

luncheon

was

by the Municipal Bond

of New

Lieut.-Col.

York

Oct.

on

Archibald

B.

10

to

Roose¬

west

Pacific

battle

area

on

which will

of this

country

30-

a

day leave.
mer

Col. Roosevelt, a for¬
partner of Roosevelt & Wei-

gold, New York investment bank¬
ing firm, is a charter member of

vember,:

1942,

commission

as

he

Major

a

In No¬

received

and

his
was

to the South
Pacific, where
joined ,the 162nd Infantry, 41st

sent

he

He

has

seen

action

at

and Biak

Island, where
he was wounded.
Among other,
decorations received for exploits,
in

out of chaos.

"An

dollars.

already have spent con-5
siderably more than 100,000.000

will not have to sunport three,
Salamaua
to. do one man's job.

"An
root,

sup¬

with

country

in

soldiers

Division.

you

this

in

equivalent

the Municipal Bond Club.

"An administration in which the

is

occupation

settled later.

velt, who is home from the South¬
devoted

administration working in

Cabinet

considered

are

costs to be

and

competence

administration

public "service
"An

these

I never

government.

bickering.

sup¬

plies, or otherwise spends money
in Italy/an account is
kept and

own

by a fresh and vig¬
administration which will

7

right, tcr

be

"These things we pledge to you:

are

and free

peace

can

But

must

administration.

restore

is actually at the present moment

leading the world back into the
trough of depression.

ours

peace.

We
-

rather

exchange.

When the Army pays laborers to
build barracks, buys Italian

Italian

of

must be done

it., The

tually holding back economic re¬
covery all over the world.
A

to

economic

in

done ^by

out

crash

fact is that the New Deal depres¬
sion in the United-States was,ac¬

a

house

orous

tion and gone well beyond

"It

and

normal

//v.:/

abroad.

ernment.

than

primarily by

of bookkeeping,

system

to bring order out
chaos either at home

out

must have peace in our own gov¬

industrial
world,
19
had
recovery than the
from

our

"This nation

dom

the
had

leading"

States

1929.

that,

can

inspiration to the world/ We can
be a steadying influence for free¬

the

greater

ceeded

.

of

States'

worn

.of; its /own

poorest record of all.

of

United

nations

United

of ' 22

nations

of

major

the

show

war

an

.

; We

come.

objectives un¬
administration too tired

der

or

to

years

achieve

never

depression

of

the

a

ian

and the ACPSAHMWA.

"There
are
more,
but that's
under the New Deal with ten mil¬ .enough,;/'// .y/y..^;y//;
y
"Our/country has a very im¬
lion unemployed.
portant role to play in the world
"When the New
a

because this is done

partly all, over the ./ "When a soldier decides to draw,
following: agencies -of his pay in lire/however, and buy

Administration:

this

"The truth is that the New Deal
has

officers

wholly

honest and

an

administration

Out

General

Director of Selective

Board.

fighting

which

and

materials

prise that the United States.'

to

disunited and

so

abroad?/ Can

de¬

services/ this

of

who got four billion

dollars

Let

administra¬

an

successful at home be any better

port continues, 'will constitute the
only large group of persons5 over

ruthless

over

good.'

very

can

"

you.

too deep.

Messrs. Ickes and Hookins

fighting

are

you:

tion which is

v.

.

it

borrowed

people-still tell

Well, the answer
numbers of men just at the,time
seeps through the brick
when the industries might be least wall of
censorship.
/ "For
able to absorb them.'
It might
example, on Feb. 11, 1943,

"Now, where did General Her¬
shey get this idea Mr. Roosevelt
calls
'unauthoritative'?
I'll
tell

was

ask

me

to

Going right
back to its beginning, if it wasn't
a
free-for-all fight in t,h» WPA,
are

some

eign policies

so

throw into the labor market large

be

of

'

"But

challenged

the

letter

a

Hershey

We must not trust

public office.

so

r\;?;;-/r/
government in our history.
It
was quite upset.
spent nearly $58,000,000,000,;.Yet
fact, he spoke about 'reckless the official figures of the League
words, based on unauthoritative of Nations prior' to the outbreak

held

ever

or

at

'we agree that the New Deal
is a failure at home but its for¬

"Mr. Roosevelt

said the idea

constant

people

are

record

us:

In

most

oetent

I

said:

House

com

consis¬

disavowed

Selective

-

bickering,
quarreling and back-biting by the

to

us

the

:■.

sources'

"For 12 years the New Deal has

treated

long

keep
people in the Army about as
cheaply as we could create ah
agency for them when they are

with

system work?

our

war

Deal's

.

and a wholehearted determination

to make-

by

which

future

Deal

one

unauthoritative.

as

month

rector

.T

government

a

New

embarrassing,

prove

lightly

statement

their

for

competent

V•;/

_

impor¬

But when the state¬

later
are

"Last

jobs?

is

reason

turned aside

Is it honest?

"1.

That

ments

meets

these simple tests:
•

why this

reason

moves

shall

we

that

government

a

fight

tent practice of evading responsi¬
bility.
High officials issue state¬
ments.
Nobody rebukes or re¬

"Now, what kind of administra¬

the

his

long chapter of fail¬

one

But

ure.

dislocation

New

;

is

e

,

sion;

this election.

on

powers

chapter of quarreling and confu¬

lasting peace—all de¬

of

with

on

employment,

.

the

men

Administration has been

pend

and all
in
the

any

vested

powers

.

Ad¬

shall each have

.

authority to exercise
of

It says

of Agri¬

Food

American
a

thing.

one

machinery.
chance for

know.

never

for.

our

and

prosecu¬

Twelve years of this kind of gov¬

our

and

close

horn

grave and the social consequences
are

social

handicap to the

tion of the war.'
have

'direct

a

tant

every

work?

/■'..•■■/■ ////;',

job-making
Jobs and opportunity

can

is

cannot make

war

and then turns them loose to

this election.

and

a

government

luxury of incompe¬
tent people in high places who
spend their time fighting each

gives

"These questions will all be de¬

.

cided in

the

at

industrial

went

.

rattling around in big
Our country cannot afford

"In

,

.

wasteful

falling

Deal agents, with

prices to boot?

go

and

/ "The

.

having

men

jobs.

host

back to detailed control by a

of New

to

back to leaf

go

raking and doles?
turning • heroes go
old

quarrelsome

America

all

Deal

New

of

executive order No.

fruits of their labor.

"Is

kind

settle

rewarded by a new
dom

.

,

this that

won,

"

.

He

business and

on

his experimentation—his
qugrrels
and his chaos. :
:
y

.

"What

is

of

.

those

when total victory

warning.
war

far-reaching that a policy
of orderly, gradual, and, if neces¬
'done much to harass the
effort to help shorten this war. sary, delayed military demobiliza¬
tion has been strongly advocated.'
.'
And Mr. Jones charged the
'The following reasons,' it goes on
Vice-President with 'malice, in¬
to say, 'have been advanced: :
,;
nuendo, half-truths and no truths
.: "
'Rapid demobilization might
at all. .:.
of

,

,

speedy
demobilization.
saying that good reasons
desiring a rapid rate of
military demobilization,; the re¬
port goes on to say that:
'-v,
'Despite
compelling rea¬
sons
for rapid military demob¬
ilization, the prospects of : eco¬
nomic

per¬

current

"The

.

.

.

exist for

Board

disgraceful

and

After

its

history of the home front.

their

in

succeed

War

the

discussed

world should
/.
set an
value received for the taxes they
examipleof "strength and;stabil¬ pay.
;;' >?';;/• ^; ; /
ity.'
" ■ ./ •
\
/ ,/,
"An administration made up of
/■"But Mr. Roosevelt ignored the the/ablest men and women in

new.,

-

of

cons

part in what he called a
'black—and stupid—chapter in the

the

In

'V/
the pros
■

.

(Continued from first page)
machine.

bythe :Pres->

identr V

Thursday, October 19, 1944

the

New

he.recently
ver

star for

Guinea
was

battle

area,

awarded the sil¬

gallantry in action.

Volume 160

While House

1719

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4326

Dewey's Statement
made,, by Senator Truman con-; matter of New Deal antipathy to
cerned
chiefly with camp con¬ successful business men. That is
"No/jw listen to this: 'When the
structionand raw materials, as not the-case."
•
treachery of Pearl Harbor came
"Britain went through the same we were not
reported' in
the
Congressional
ready.' Mr. Roose¬
Record
of Aug.
experience a couple of years ago. velt, was that from Dr. Goebbels?
14, 1941, "page
It was
only after a newspaper The man who said that was Alben
7,117:
•
"Mr. /Vandenberg:
From
the publisher had been drafted to Barkley, your majority leader oi;
Senator's observations, can he tell supervise " the aircraft industry— the United
States Senate.
And
me
where
the
final
authority and after there had been a gen¬ where
do
you
suppose
Alben

Analysis; Of Statements

.

...

■

.

In Oklahoma

Speech

Following is the text of (as taken from Washington advices Oct.
the New York "Times") a White House analysis of statements

•12 to

his campaign speech at Oklahoma City,
"Sept. 25 and "the facts" presented by the White House in reply to
'made by Governor Dewey in

'each:

!'?/'•

y'*

■'"•■v

"

in respect to priorities and
curtailments?
Does it rest with

;

rests

<«>-

Statement

Dewey's

of

well-informed

a

is .of

public

Mr.

Stettinius,

*

"Now,

-

war,

were

prepared for profound importance."
It's a per-;
Dewey's Statement

we

or .were we

.

•!,;:/■■

;■

derson,

.

not?

or

where?"

"fectly simple question of fact.

"I

with Mr. Hen¬
with Mr. Knudsen, or
or

?:;'yy?Yv- ?'?Yy-Yy,

"Mr. Truman:

If I could answer

1940,the year after the war
•began
in
Europe,
the
United
States was in such a tragic condi¬
tion that it couldn't put into the

'Dec. 7, 1941, that question, it would not be
found
the
Army
Air
Forces necessary for the Committee to
equipped
with
plans
but' not continue any further.: We are try¬
planes.'
Did
that
come
from ing to find that out. The last in¬

mobile force 75,000 men.
-The Army was only '25% ready.'

Goebbels?

"In

•

.field

as a

Was

fraud

or

-falsification?
of General

*•:\''1/?',;/?'■

:

America."

/,:?.

vThe Facts

■',;/•;

:

'H,-Y' ■-/•••

-

"y

• ■•..

•

The Facts
•

.' /

;.;

with

Mr.

that

f

have

that

is

"Dec.

7, 1941 (Dec. 8, Hawaiian
Military
Establishments Appro¬
priation Bill, 1941, made May 1/ time) found the Army Air Forces
1940, before the subcommittee of equipped with plans but not with

Appropriations, planes. When the Japanese struck

"of the United States Senate (Page

aircraft strength was

combat

our

.little-. better

:55y:'-;v;/??-••,;.

than

; a

•

rests

other
saying

bottleneck

chief

now

which

In

confronts is

program

coordination

organization
the' adminis¬

in

tration of defense?
"Mr.

Truman:

That

is

exactly

what the hearings before our Com¬
mittee will • prove.
: "Mr."

Vandenberg: Who is
sponsible for that situation?
"Mr. Truman: There is only

re¬

place where the responsibility can
beput.-y ■/yViV
d"Mr. Vandenberg: Where is that

corporal's

of some 3,000 planes; of
Y
the
present time; - as a mobile .these,/ only 1,157 - were'-actually —the White House?
Tv
"Mr. Truman: Yes, sir.
force, about 75,000 men of-the suited to combat service.".
"The entire year 1941 was one
"Mr. Vandenberg: I thank the
.Regular Establishment; They are
seasoned
y y '
soldiers,
immediately of acceleration, in building bases Senator." | Laughter.!
and
training facilities, teaching
ready to operate, organized into
Dewey's Statement
air
crews
and
two
ground
crews,
partially
completedv' Army
supply depots
and
"Again, in a magazine article in
corps, or into one Army complete establishing
lines, strengthening our November, 1942, this statement
corps with its special troops all supply
continental
on a basis of peace strength, to be
defenses, expanding appeared: 'The reasons for the
promptly ' reinforced
by £5,000 our aircraft and engine factories, waste and confusion, the Commit¬
.men from the Enlisted Reserve." furnishing friendly nations with tee found,: were everywhere the
could

"We

in

put

field" at

the

guard

.

.

.

'

testimony

General; Marshall's
"before
the
Truman

committee

hearings^ Part 1, on April 22, 1941:
"In February, 1940,1 talked in a
meeting before a historical group.
I didn't have any preparation; I

just went into it and talked—one
I made was that com¬

statement

75%

pared to the Navy, which is

best
prepared in

"mobilized at all times, we at

planes and equipment .than
and getting ready
for war.
When the Japanese at¬
more

we

could spare,

tacked

Dec.

on

not have had a
but

have

7, 1941, we may
powerful* air force

knew that we soon would

we

We had the plans, and

one.

organization
was
growing
every
hour.
We knew that we
had done everything in our power,
our

"Fundamentally, England's
duction crisis

was

ership. And the
true

the

for

day."

Pearl

of

Harbor

were

we

came

ready?' Right in his speech
nominating • Mr. Roosevelt for a
term."

fourth

;V.

1

pro¬

crisis of lead¬

a

States

Facts

•

,
.

Excerpt from Senator Berkley's

thing holds

same

United

The

nominating speech:

to¬

this

"For

foresight

forth-

and

rightness he (the President) was
going up in denounced as a war monger and
flames about us, we owe it to our¬
assailed as the friend of the war
.

.

the

world

selves to insist that the President

profiteer, and he became the ob¬
promptly to halt the selfish ject of partisan and personal villifights
for
power,
the
endless fication
like
unto
that
which
bickering and dissension which Washington suffered and which
have so far blocked the complete
Lincoln endured.
utilization of our productive en¬
"Whose was the voice then that
ergies."
«.'■•'%:•/" y
cried from the wilderness?
Who
act.

"The
effort

leader

oh

production "became then the major prophet—
who can
the man who saw and warned the
the generals and the people against approaching dan¬

must

be

stand up to

admirals

one

Barkley said 'when the treachery
not

stride.

"With

lack of adequate

and

it

Stettinius:

the

the

report of the

From the official

commanding general of the Army
Air Forces to the
Secretary of

■

-

'

I

Y;'/?% the defense

f. General Marshall's statement on War, Jan. 4, 1944:

the Committee on

formation

official report on Jan.

an

Air Forces of the United States of

George C. Marshall, Chief of Staff
of the United States Army, under
"oath."

was

*

f

words

the

are

statement

That

4 of.this year by H. H, Arnold,
"Mr.
Vandenburg:
Commanding General of the Army words, the Senator is

those

from, Goebbels?

come

that

Those

did

Roosevelt,

Mr.

•Now,

•statements

switching around of jobs, so
steel men were placed in
charge of textiles, and textile men
in charge of steel, that Britain's
war output began really to hit its'

that

again:

quote

made in

eral

and

our

a

man

tell

them

where

to

ger, or those who fulminated their
jeremiads against him because he
had the clarity of vision to see and
trial roost, and the determination
the courage to proclaim the inter¬
to use that power.
est of our people and our welfare
"He must have the imagination in
the world's developments?
and industrial daring to conjure
/"When the treachery of Pearl
up
unheard-of-ways
of
doing Harbor came we were not ready?
things instead of reasons
why The shock of it blasted us from
they can't be done.
>-b •
our complacency, as the previous
"The American-people are ready 'shock of Hitler's attack on
Europe
to
spend blood and sweat and blasted his neighbors out of theirs?
tears to buy victory. American in¬
"No
democracy is ever ready
dustry must .be ready to. sacrifice for war at the drop of a hat. That

head

in.

He

must

have

the

au¬

thority required to rule the indus¬

'

can
be
no
holding is true of Europe and Asia no less
productive energy to pro¬ than of America. And because the
same:
the
lack
of
courageous, tect
post-war
profits.
Without people "themselves who live in.
.unified leadership and centralized victory there will be no profit for those democracies have not wanted
direction at the top.' "
;
*
anyone but Hitler and the Japs."
war, because they believed in thq
good faith of treaties made to pre¬
The Facts
y
Dewey's Statement
vent war, they were unwilling to
The Senator was talking about
"Again, on the floor of the believe that war would come or to
the fights among various agencies. Senate in May, 1943, these words
be ready for war when it came."
In the November, 1942, issue of were uttered: 'After Pearl Harbor
"American Magazine," in an arti¬ we found ourselves woefully un¬
Dewey's Statement
cle
entitled, "We Can Lose the prepared for?war.' Was that Dr.
"Now why
is it we weren't*
War in Washington," in discussing Goebbels on the floor of the Sen
ready when we were attacked?

There

too.

back of

...

'

permitted us
by a
the Army. Well, that was just for peace-loving nation to prepare to business and the cbnfusion at the ate?
v/Y'yY/y' /y •••'v-w' Let's look at my opponent's own
/the purpose of illustrating the dif¬ defend that nation against? cruel top of the War Production Board
In a message to Congress
"The very words my opponent words.
in
ference of the national policy. It and cunning foes."
y;//: V ;,
particular and dollar-a-year calls a falsification came from the in 1935, he-said; 'There is no
\vas in no way a criticism. It was
"Germany required ten years to men in general, Senator Truman mouth of his
running mate, Harry ground for apprehension that our*
;
1
the national policy that the prin¬ create her Luftwaffe; we were re¬ said:
Truman, the Democratic nominee relations with any nation will be
"Chaotic conditions in war pro¬
cipal build-up would be behind quired to build our air force in
otherwise than peaceful.' "
for Vice-President."
the oceans and behind the Navy, one, and to fight with it in four duction are by; no means a thing
'
The Facts
for which the. Administration or
The .Facts.
that our great task was the de¬ corners of the world at the same
'
V; //:
not

were

25%

over

everything

.

.

.

.

*

"

-

.

.

.

velopment of a successful mobil¬
ization, What we wanted were a

time.

By Dec. 7, 1941, our expan¬

sion

program

few divisions that were prepared

started.

anywhere, if the Adminis¬
tration and the Congress might
to

go

decide that

mitted

had not been per¬

We

quickly.

should take action

we

do that.

to

,

"But beyond that our problem

;

was

of mobilization, of a suc¬

one

cessful mobilization.

The Navy's

problem was one of operation.;
They were already 75% mobilized,,
and
at the time I talked they
were

close

"And

that

to

the

yet

■

mere

25%

statement

was

all the motions that we had to go

bitterly at¬
tacked in about February, 1940."
.through,

was

very

from
General Mar¬
shall's address before joint meet¬
Excerpt

.

ing of the American Military In¬
stitute with the - American His¬
torical1 Association, Dec. 28, 1939;
factor is the other
consideration which in¬

time

."The

.;

dominant
fluences

the planning of

the de¬

It is related to all our

partment.

the production of
material, I the training of troops,
of pilots
and of mechanics, the
organization of new units, and the
mobilization of a war Army. The
Navy in peace is 75 % fully - pre,-,
pared. ; The" Army > ■ machine
is
probably/less than 25% ready for
preparations

a

gigantic training system, and to
hold off the enemy until we could
a

build

'The

—

not

approximated in any

.other great country.

Fof this rea¬

particular the problem of
war, organization
for
the United States is one of many
son

a

in

suitable

complications,

and

the




influence

with

lies

power

"

"Red

tape

for many

more

for

War

the

Harbor, there was a

Pearl
debate in the

United States Senate.
of

man

scribed

Senate

a

The chair¬

committee

de¬

the floor of the Senate

on

shocking state of our defense

the

Senator / Vandenberg
where the

program.

asked

chairman

the

chairman

be

place where the responsibility

one

House?' and the/ chairman
,

committee;;

/'

'"Who

man?

hearings which the Special Com¬
mittee to Investigate the National
Defense

Social

Security Board, and many
besides.

"In

;

sents

a

red

tape

repre¬

necessary

age to

time.'!
"We
war

if

sonal

cour¬

slash through and get things

done—and

on

danger of losing this

continue to permit per¬

self-seeking

as-usual to

and

interfere

business-

with all-out

production schedules."

.

.

importance.

utmost

is

Clear

leadership in strong hands

required.
must

The influence from
always be toward

Where

;

be

must

"The

heads

necessary,

knocked together.

issues

strategy,

can

in¬

and

should be resolved by the agency

established

that

for

purpose,

but

at

the

war

effort

the
y

were

everywhere

the

'

the

was

It

the committtee chair¬

was

the

Harry Truman, the

top.

.

,

•_

-

"The. need, for
the

helm

duction
in

each

.

of

finds
new

a

Deal

candidate

for

Vice

outside

„

United
.

tell

the

States"

the. surface

-

are

you

rela¬

borders

of

/ improved.

of. things

many

old jealousies are resurrected, olcf
passions aroused; new ./strivings
for armament and power, in morq
than
one
land, rear their ugly
heads.
I hope that calm counsel
and

constructive

leadership will
steadying influence
and the time necessary for the
coming of new and more; prac¬

provide

the

ernment

throughout

the

world

wherein privilege and power will
occupy

lesser

a

place

and

greater.

a

"

world

?'

believe, however, that our
peaceful and neighborly atti¬

tude toward other nations is

com-?

ing to be understood and. appreci¬
ated.

The

national

maintenance

of

inter-?

is a matter in
which we are deeply and unself^
ishly concerned. Evidence of our
peace

Pearl

Harbor we

ourselves woefully

forded.

?

.

"There is

no

hension-that

ground for appre¬

our

relations

with

probably be no any.nation will, be otherwise thaii
new
rubber
for civilians until peaceful. Nor is there ground for
1944.
Precious months were doubt that the people of most na¬
wasted
in
discussion after, our tions seek relief from the threat
strong hand at findings were made^ public.
Fi¬ and burden attaching to the false

America's

fresh

war

pro¬

confirmation
of

batch

mail

that

that

there would

nally, after the President's Baruch
Committee arrived at the same

synthetic rubber got
lands on my desk."
under way.
To accomplish this,
President of the United States.'- ~ Y
y ""Some people have gathered the a rubber czar was "set up, within
The Facts v" V y;v
impression that my opposition to the War Production Board to be
During a discussion on the floor' this? type of dollar-a-year man sure, but still more or less auton¬
omous.
•
in the employ of Uncle Sam.is a
of the Senate
New

the

candor

international

found
unprepared for persistent and undeniable desire
to prevent armed conflict has re¬
war.
This Committee reported on
cently been more than once af¬
the rubber situation and warned
"After

.

same:

tionships
On

with

general

"I

of

the state of the Nation:
cannot

own

permit such disputes to
point of public contro¬

which

"I

that

This re¬

administration

reach

—on

the .welfare

port is/directed,
sues, '

to the Congress, Jan. 4, 1935

sage

not at these is¬
the weaknesses in

Board.

War Production

Mes-?

In the President's Annual

tical forms of representative gov¬

in this dispute,

war

versy.

v.' /

,

in

done-;

them

get

.

.

are
we

of

ance

volving

peacetime

been con¬

of control and guid¬

"The task

unity.

the

Board,

Administration, the

had

stated:

Truman

Bu¬

of ;Price-

Program

ducting, on May 6, 1943, Senator

of. Internal Revenue,, the Of¬

Production

reau

replied,-/-'Yes|

sir.'
-

v

report to the Senate on the

a

above

be

that

! In

War

put.!' Then Senator Van¬ lack of courageous, unified lead¬
denberg said, 'Where is that—the:
ership,and centralized direction at

can'

particular reference to rub¬

ber. :;,Y ;

that
supplies were dangerously
laid,; and the
"The reasons for the waste and
low; that erection of synthetic
replied, 'There is only
confusion, the Committee found,
rubber
facilities were essential;

should

blame

with

only
agencies

talking

between

disputes

Department and the Navy, for the

ministrators with the moral

before y

months

"Four

Senator : was

about

is

evil, keeping
public servants from straying too
scratch."- \ ?YY?•%?,;•;?;Y?%?:'•?,;• ?;,-Y far out of bounds. During the war
emergency, however,.we need ad¬
•/ i >-Dewey's Statement
:

of

degree

the

?Y?i.:'Y'?'?;;""/??:;;/YY/Yf, ??

,

people by succeeding events. But
due in large part to the initiative
of our Commander in Chief, we
did
not
start
this, war
from

White

has arrived. The time*
•factor dominates the situation to a

us."

fice

develop¬

emergency

situation,

strength at that time has been
erased from the minds of. many

-our

The

,

en¬

have

-

problem,the

•

long before Pearl Harbor. By
7, 1941, we were in low gear
and
were
shifting into ; second.
That We were rapidly building up

the

after,

people; would

our

war

Our

force

charge, are alone to
blame.
Leadership implies 'fel¬
lowship.' And up to now we, who
have been free in finding fault,
have shown ourselves poor follow¬
ers. > If
we
wish to correct the

tionnaires—forms

action.
war

and

in

men

makes it necessary
companies with war con¬
been of little avail against our tracts to 'employ clerks and bookenemies if the Army Air Forces keepers'who do nothing but fill
had not begun preparations for out Government forms and ques¬

involves
a

"■■■.?Y-t/Y?/.■ v??}.:; ''/•'?;■

resourcefulness

of

ergy

therefore,
of

strength to take the of¬

up

fensive.",? .Yv/y

immediate
ment

had

Army

Dec.

that we were
prepared, considering

guess

my

only

90%.

had

been
well
Air Forces
two-fold task: to build up
The

the

conclusion,

theory that extravagant armament
cannot be reduced and limited by
international accord."

.

Dewey's Statement

'

.

following- a speech

.

..

"In

1937

he
(the President)
said, and I quote: 'How happy we
(Continued on page 1720)

<i

(41

Jfl<WJ 'liXfr-iN'litWl!.'.

1720

THE COMMERCIAL

White House

»

'

that

the circumstances of the

permit us to put our
into bridges and boule¬

money

vards * *

* rather than into huge
armies and vast imple¬

standing

"Q.—Yes, sir.d
"The President: In other words,
it is an entirely outmoded con¬

ception

been

we

ments of war,"'

From

the

the

attacked and that it will continue

tranquilly and peacefully to

carry

the ethics and the arts of civil¬

on

ization." * * *
is

"There

makes it impossible
nation completely to iso¬

for any

world, especially when such up¬
heavals appear to be spreading
and not declining. There can be
no stability or peace either within
nations

between

or

nations

ex¬

cept under laws and'moral stand¬
ards adhered to by all.
Interna¬
tional

anarchy

foundation

is

it

cause

course

for

destroys

every

It

peace.

jeopar¬

dizes either the immediate

or

you

*

"The

Indies

that is

I

"Q.—It would take ten
another

Navy

one?

y

•'The

Suppose

—

—.

from

President:

to the

cern

people of the United

States that
national
nance

the

treaties

of

the

international

be restored." *
"How

and

*

happy

*

morality
V
y

that

knew

used

anything

President, if

we

can¬

two-ocean Navy, would

logical to have two

cific?'-

.

President:
had

we

the

■

..

,.

"The
wish

canals

Personally I
canals, because

10

communications

more

you

have, which are capable, more or
the less, of defense, the better it is.
,

.

we

mainte¬

a

that

are

circumstances of the moment per¬
mit us to put our money into

I wish there weren't
any isthmus.
I
wish there were
a
big open

bridges and boulevards, dams and
reforestation, the conservation of
our soil and many other kinds of

space

useful

rather

works

into

than

huge standing armies and vast
supplies of implementts of war.
"I

am

compelled

and

you

down there.

"Q.—Mr.

President, I do not
seeming dumb, but if we

mind
nave

be

a

two oceans, why wouldn't it
good idea to have two com¬

plete Navies,
"The

are

the

for each?

one

"When

lowed closely that of the volumi¬

analysis, pertained to Gov¬
Dewey's Charleston, W. Va.,
address of last Saturday [Oct. 71

trary.

nous

the

form

that

nouncement

of

the

.

an

President

Berle,
Jr., Assistant Secretary of State, a
letter stating that Mr. Dewey had
misquoted him in Charleston.
.

That is what you call reductio ad
absurdum."
'
Note—That very day the Pres¬
ident sent a message to the Con¬

community against the spread of
the

calling

gress
year

disease."

and for

priation

"But

just two years
later (referring to the 1937 'hap¬
py * * * to put our money into
bridges and boulevards * * * than
into

*

war

*

came

*

standing armies and
vast
implements of war' state¬
ment). It was in January of 1940
that I publicly called for a twoNavy

ocean

America.

mine

of

for

It

was

which

the

defense

that

of

statement

Mr.

Roosevelt

called, and I quote his
'Just plain dumb.' Then,

words:
as

now,

got ridicule instead of action."

we

%

The Facts

In the President's press confer¬
ence
held on May 14, 1940, in
which his message to the Congress
on
National
Defense
was
dis¬
cussed:

the

Selective

Service

play

President,

has

there

the

view of

the air

over

German

gains in
the British Fleet?

"The President: Well, when you
about

talk

regard
don't
goes

did

to

two-ocean

a

our

know.

I

naval
think

Navy in
defense, I

it

probably

back
we

to the davs of—when
first get California? 1847,

wasn't it?




immediate appro¬

largely with that, but
said nothing about the

Dewey

of

zation statement attributed to him

should

by Governor Dewey in his open¬
ing campaign / address at Phila¬
delphia on Sept. 7.
•

of

faith

in

America"

"'The
Hitler's
of

war

in

rose

armies

fury.

were

Paris, Mr. Roosevelt

When

the

gates

once

I

been

given

in

sible

At

Charleston

1939,

held

who

question

going
not

".

,

.

The

answer

the

...

has been fine

it

meant

answer

is

lot

that

of

have

no

over

responsibility.

lightful young lady will not have
forego cosmetics, lipsticks, ice¬
cream sodas
and—(laughter).
We do not want to upset the nor¬
mal trend of things any more
than

.

possihly

.

.

am sure, was

not

under-

+,

popular

and

■■

'

four

My non-participation in any ac¬
or any organizations of a
political
nature
has
been
the
continuation of a practice which
began with the first Presidential
campaign in which I was old
enough to vote.
I was in the
armed forces at
am

that/time.

political "philosophy I be¬
to a personal affair, but I
withheld the informa¬

never

that

I

have

Republican.

been

and

a

was possible for me to do
plan to continue to vote as

I

so.

I believe that to be
my

duty, '

my

am

I have voted when¬

it

ever

'•

I, still

officer of the iirmed forces.'

an

My

The

right and
-.A'

.

publicity

given to

my

to

tended

that has been
reply at Denver has

attach

significance

a

which is completely out of accord
with the facts of the matter.
I
that

trust

this

information

will

clear

the

circumstances

which

the

subject matter

discussed.

was

yours,

B.

.

HERSHEY.

Results Of

Treasury
Bill Offering
1

The

Secretary of the Treasury

announced

on

Oct.

that

16

the

tenders of $1,300,000,000, or there¬

abouts, of 91-day Treasury bills to
be

dated

Oct.

19

and

to

mature

Jan.
per¬

* ::
;
clearly indicated by

was

on

me

would

.

18, 1945, which were offered
Oct. 13, were opened at the

Federal Reserve Banks
,

Oct. 16.

on

The details of this issue

follows:

•

are

%

•

as
.

Total applied for,
$2,183,869,000.
Total accepted, $1,313,861,000 (in¬

cludes

fixed

$59,721,000
price

basis

entered
at

on

99.905

a

and

accepted in full).
Average price 99.905, equivalent

!::

There,
press

no,

question at this

conference

but

was

the

that

in -Denver
responsibility for

mobilization

de¬

of. the armed' forces

personnel was a resbohsibUity of

de¬

people understand the seriousness
of the situation.

I

the

as

tivities

•

that

in

was

tion.'

but

the

to

the

*v;

inspection of the
headquarters 6f Selective

by all present.

ion

other

this

Service

LEWIS

probably not be given considera¬

automobiles

country. I am very,
very appreciative of it and I think

over

BERLE, JR.

-

by

under

at the time that my personal opin¬

only

models,
a

Service

operated

efforts of many

make

my

fact, I

It

things that could be put into the
luxury class would have to be
foregone by the population, and

year,

whether

the Congressional
Sept. 5, 1944.

governors of the States testifies.

' Oct.
13, 1944.

Stood

to

are

address (May 26,1940) on national

all

been

Selective

At¬

yours,

That

to

was

on

Depart¬

in this joint

years' participation by all of the

New

city.
This reply was given as my
sonal
opinion- in a field

room,

new

the President said:

during

Service

There

and wanted

we

with

Selective

ordinated

pos¬

big, I

as

War

system
the co¬
Amer¬
icans of divergent political faiths.
Partisanship has had no place in

has

,

next

response to the need for prepared¬

The

tion

in

reasons

given by

meeting

lieve

Communist.

a

been

have

We served

clearly the

committee
.

make

made

well

as

been

week,

out

function

in Denver in August of this

which

whether1

its

which

re¬

Widespread and recurring pub¬
licity has been given to a reply
which. I made to a hypothetical
question in a press conference

the Temporary
Committee, in
a
surprisingly dishonest effort to
claim
that
your
administration

At his press conference on May
28, 1940, following his recent radio

ness,

and

indicated

Respectfully

to

no new.

discussing the public

that

to

years

ADOLF A.

state

23,

going to have

in

The

at

intention

had

for

District

as

two

people

never

year

that

Facts

election

for

little

sonal memorandum of mine dated

know
The

which

Faithfully

\,

personnel

system

Service

ment representatives

end

York City.
He knows, as does
everybody else, that, while I want
a
finance system that takes care

last

instance,

'dis-

his

together

Saturday
misquoted a per¬
,

of

in his press conference last

abilities

system

the

My Dear Mr. President:

ask

be

his

definite

-

Governor Dewey

that

forces to

set

circum¬

provided

torney in New York.

LETTER

Congress

informed

Germany.

time

organization

My Dear Mr. President:

for

country to

is the

ent nomination

ington bureau, follow:

need

the

con¬

corresponding

"Herald Tribune." from its Wash¬

BERLE'S

time

demobilization

HERSHEY'S LETTER

soothed the American people with
the jolly comment:
There is no

oomboomerated.'"

that

facts in the matter."
as

Repre¬

announce¬

Selective

Dewey
knows
me
He asked and got my
help in getting him the Independ¬

given
a
significance which is
completely out of accord with the
letters

of

the

after the defeat of

quite well.

attach

These

House

needs of the armed

of

Governor

have

the

Japan and the availability
shipping would be the only
regulating factors governing rate

memo¬

obvious

be

financial

the

t ie normal processes of life.
is one of the ladies in the

for

the

use

with

It

the

of

De¬

Department

of

this possible at all times."

no
responsibility"
publicity that has
to it "has tended to

re¬

defeat

clear attempt to
loose
with
the

the

to

one

ward.

have

that

and

of

at

the

to

opportunity

usefully

again

at

be

every

of

the

Service system

The committee of the
was

the

of

that it

press

by the War Department of
its plan for
discharging veterans,
a
plan evolved after numerous
polls of Army personnel. A

work as it can, consistent
maintaining
the
national
a
reasonably even
This
letter
referred
to
Mr.1 econom/ on
Dewey's charge that a statement flow, distributing the burdens and
benefits meanwhile that no class
by the Selective Service Director;
will be unduly favored, no class
was
a
clearf demonstration that
the
Roosevelt administration so unduly burdened, and a maximum

"lacked

this

ment

with

.

Navy

sentatives prior to

permit and require
private initiative to do as much

National Economic

Dewey's Statement

In
a

and

economy

May

message.

mittee

advo¬

exact

democratic

a

explaining the military demobili¬

dealt

ence

fast

"In

System,j

of

indicated

appeared before the military com¬

avoid.

release, following the American public." "
V '
The program actually advocated
pattern of the second, contained;
was clearly stated
a letter to the President from
just three para¬
Maj.
Gen. Lewis B. Hershey, Director graphs later:

a

$896,000,000 for the
Army and Navy in addition to
items
already included in
the
pending War and Navy Appro¬
priations Bills. The press confer¬

iefense,

been any revival of the discussion
of the need for a two-ocean Navy,
in

an

planes

of

.

"Q.—Mr.

for 50,000

,

Dewey's Statement

(interposing).

to

the

the Selective

and

own

The third

of

time

clearly

then

one's program.
stances this was

.

the

partment,

theory
gram."
The record shows not
only that this was not your pro¬
gram, but also that it was not any

an¬

.

to

entire

the

comment

the

policies of the Government in
gard to demobilization.

a

single
dealing

doctrine

showed

with

T;% desire to
carry out its responsi¬
built a speech on the
bilities based on the plans of the
that this was "your pro¬ War
Department.
Mr. Stimson,

He

ernor

took

the

to

quent

Govern¬

come

wanted

we

then

conference

productive plants of
States"—this 'being

as

randum

which

President

the

release, which fol¬ cated^ though the

second

the

years,

gradually

was

feeling that
the announcements by the War
and the Navy Departments subse¬

Governor Dewey put this sentence

intended to demobilize the armed

President:

"The

epidemic of physical
disease starts to spread, the com¬
munity approves and joins in a
quarantine of the patients in or¬
der to protect the health of the
an

of

y forward

Well, because forces
gradually because of fear of
compelled,: nevertheless, to look it is just exactly like Portland,
unemployment.
Mr. Dewey, -'at
ahead.
The peace, the freedom Maine.Mf you break
things down the
time, quoted General Hershey
and the security of 90% of the in those
terms, we ought to have as
having explained the need for
population of the world is being Navy ships at the mouth of every
gradual demobilization by saying
jeopardized by the remaining 10% harbor
to
protect
that
harbor
"we can keep people in the Army1
who are threatening a breakdown against any possible
attacking for about as
cheaply fas we could
of all international order and law. us
because, you see, they might
create an agency for them when
Surely the 90% who want to live attack Portland, Maine, and Bos¬
they are out.";■ y
in peace under law and in ac¬
-yy; '% /,
ton, Mass.,
at the
same
time,
General Hershey's letter, dated
cordance
with
moral
standards Now wouldn't that be awful? You
that have received almost uni¬
really ought to have two Navies. Thursday [Oct. 121, explained to
the President that in
versal acceptance throughout the
making the
"Q.—Well, I just do not think
remark he was merely giving his
centuries can and must find some that is the same
thing because
"personal opinion in a field over
way
to
make
their
will
pre¬ you have got oceansvail." * * *

of

most

has received from Adolf A.

ever

period

a

ment will

.

Nobody has

"Q.—Mr.

sanctity of inter¬

The

y.

.

and

term

be

of introduction.

got an attack

about defense.

it

the White House

a stupid con¬
nobody who knows
about
defense
would

use.

I have refrained from

since

prise, the Government would be
compelled to enter direct fi-iancpublican Presidential candidate's, ing of
activities-supposed to be
allegations with the source mate¬ private.
If this happened, "over

they were drawn.
analysis, issued
by

circumstances

asked in Denver.

did not flow into necessary enter¬

indicated

the

Representatives of the War
a

section

a

up

and

through which- the question

the fact that if capital

was

what

between the Atlantic and the Pa¬

con¬

1

set out

United

.

ference

with the dangers of a closed
cap¬
ital market.
One of the dangers

by Carl Levin, said in part:
The
first was
an
analysis of
some 3,000 words of Gov. Thomas
E.
Dewey's Sept. 25 Oklahoma
City speech, comparing the Re-

the

that

anything

Trib¬

from

just

really, honestly, is

that

"Herald

sentence

ident, though undoubtedly with
his knowledge, carried no words

angles instead of two
and then you would have to have
three navies.
In other words, it

ever

York

set

communist system.
To do this, he ripped

White House and not by the Pres¬

three

ception

New

trying to

secretly

to

Yes, and then

you

the

was

this

years

like

these releases,
Washington Oct. 14

une"

This

matter of

and

to

leading question.

a

create

afraid

am

Service:

respect to

rial from which

then-

and

President:

not have

interest

With

will

have to go—nobody.
"Q.—Isn't
it
conceivable
we
may
have to split the fleet if
something happened out in the

Selective

,1

advices from

anywhere for

go

the

System.

Of

security of every nation,
large or small. It is, therefore, a
vital

Director of

supposed to have

are

;

campaign speeches—one by. Assistant Secretary of State
Berle, and
other by Maj. Gen.
Hershey,

the other be¬
* *

was the purpose and the
subject matter of the press con¬

the

national defense purposes and no
human being can say" where
it

the

future

it

when

dumb to talk of naval

Navy that will

a

late itself from economic and po¬

litical upheavals in the rest of the

and

1847

defense in those terms.

a

which

about

one way or

Netherlands

solidarity and in¬
terdependence about the modern
world, both technically and mor¬

ally,

since

acquired California.
I
never
discuss
two-ocean

Navy in

President's "Quaran¬
Aggressors'-' speech in
Chicago, Oct. 5, 1937:
"*
*
*
Let no one imagine that
America will escape, that Amer¬
ica may expect mercy, that this
Western Hemisphere will not be
tine

defense

first

just
The Facts

naval

of

has

fact, that

By Berle And Hershey
0n Assertions-In Gov Dewey's Speeches

In addition to the White House
analysis issued Oct. 14 of state¬
ments made by Gov. Thomas E.
Dewey in his address at Oklahoma
City, and the inclusion in the analysis of "The
Facts," other releases
from the White House at the same time
comprised two letters ad¬
dressed to the
President, bearing on remarks of Gov. Dewey in his

(Continued from page 1719)
moment

Thursday, October 19, 1944

Letters To President

Analysis Cf Statements

By Bev. Dewey In Oklahoma Speech
are

& FINANCIAL CHRONICLE

heads

of. the

War

and^Navy

Departments, and not a responsi¬
bility of the director of Selective
Service.
:

The

rate

,

of

discount

0.375% per
bids:

.

>

•

of the director of

accepted
.

competitive

•.

.High, 99.90.9, equivalent
discount

approximately

rate of

0.360%

per annum.

Low.

99.905,

discount

interest

approximately

annum.

Range of

eauivalent rate

approximately

of

0.376%

per annum.

"At the same time, I think peo¬
ple should realize that we are not

we

going to discombobolate (discom-

lahoma City Sept. 25 was referred
to in our issue of Sept. 28,
page

sibilities for replacing veterans

their former positions or for aid¬

(55% of the amount bid for at
the low price was
accepted.)
There was a
maturity of a sim¬
ilar issue of bills on Oct. 19 in
the

1353.

ing them in finding.new ones.

amount of

^nomerate)
than

we

or

have

upset,

to,

a

any

more

great many of

Governor

can

help."

Dewey's speech at Ok¬

Selective

Service

tion stems from

in

demobiliza¬

his legal respon¬

in
In

$1,206,589,000.

.Volume 160

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4326

Reply Of Oov, Oewey To While House Analysis
Of His Oklahoma Speech And Berle Letter
The

following statement, made available by the Associated Press,

candidate

I

St. Louis with

for

to

answer

President,
Mr.'

read

three

weeks

7%;;

'7%

City.

But this

belatedly attempts to

Oklahoma^
'"v.-',;-

;

not

cratic

days
found
and

it

it

with

the

In

this "statement
confesses

and

down

last

Roosevelt's failure

of

the

followers.

own

period
+o

failure
facts

etched

as

ment of

of

are

mouths

it

was

few

a

months

ago,

of

virtually all of
the landing mat program is the
biggest single event affecting the
steel industry's outlook since pro¬
duction passed over the hump and
signs are current that before many

of

leadership.

result

yesterday.

But ,j weeks have passed the possibilclearly | ities
of
greater
production
of

more

of

his

state-

j civilian

orders

will

be

much

y;yyvv<y

j brighter. Some mills plan to use
It is the fact that the Chief of • newly found
rolling mill space,
;

Staff of the United States testified
That in 1940

25%

our

Army

"only

was

ready."
is the

It

nold,

on

fact

that

General Ar¬

Jan. 4 of this

that "Dec.

7, 1941, found the Army
Air Force equipped with plans but
not planes."
% It is the fact that four months
.

after

Pearl

velt's

current

.

Harbor

mitted

on

States

Mr.

running

Senate

Roose¬

mate

ad¬

the floor of the United

the

•

for further cutting down of back-

logs, and in the cast of others for
soliciting new sheet business to
fill the gap..

stated

year

responsibility

Should
rolled

to

' yy

■

new

additional

or

flat

business fail to materialize

replace landing mat cancella¬

tions and plate cutbacks, a reduc¬
tion in raw steel output at some

plants
mission
at

be

may

cutbacks

by

the

expected.
Maritime

expected to be steeper

are

earlier date than

an

Plate
Com¬
antici¬

was

for the shocking state of our de¬

pated, the trade journal notes.

fense

Lend-lease steel requirements
for the fourth quarter will reach
the lowest point than at any time

program

was

White House.
It is the

Truman
have "

.

Barkley
that our

admitted

prepared for

the

Pearl Harbor.

on

The

the

;

Senator

not

was

attack

in

fact that both Senator

and

publicly

nation

right

;,

,

list is

endless.

js

dreadfully bad. It cannot be
by epithets or by hid¬
ing behind
the
symbol of the

concealed

White
It

House.

is

since this method of supplying the
Allies was instituted.
Shipments
this

of

equally amazing that Mr.

in the final

quarter

compared
of

than

more

quarter.

-

Lend-lease

for

Roosevelt should find it necessary
to get his subordinate and close

type

not even reach 200,000 tons
with past peak loads

may

The record

text.

Mr. Roosevelt aho released

this

from

the

White

House.

Once again, the facts

;

the

first

in

the

steel

requirements

quarter of
a

1945

are

negligible factor
picture.

distribution

Regular steel export orders have

simple.
Berle

Mr.

again

very

Roosevelt1 and
admit

Mr.

statement

my

lend-lease
serves

steel

"The Iron

Should

shipments,
Age."

Local distribution

needs

and

of urgent
time

care

the

at

of

electricity

amounted to

167,600,000 kilowatthours, compared with 200,100,000
ki\owatt-hours

for

the

corre¬

sponding week of last year,
of

de¬

a

16.2%.

%

7

R.

Freight Loadings — Carloadings of revenue freight for
the

week

877,942

ended

American

This

was

Oct.

the

cars,

7

totaled

Association

Railroads

of

announced.

decrease of 35,057 cars,

a

3.8% below the preceding week
this year and a decline of 28,415
or

cars

3.1%

or

below

the

corre¬

sponding week of 1943. Compared
with a similar period in 1942, a
decrease of 31,308 cars, or 3.4% is
shown.

Production—The

Coal

of

U. S. Bu¬

of Mines reports production

reau

Pennsylvania

week

anthracite

for

Oct.

ended

7, 1944, at 1,~
245,000 tons, a decrease of 91,000
tons
(6.8%) from the preceding
week, and 75,000 tons, or 5.7%
below the corresponding week of
1943.
The 1944 calendar year to
date

shows

increase

an

of

same

for the month of
Oct., 1944. When
compared with the corresponding
week last year, crude oil produc¬
tion was 301,250 barrels
per day
higher. For the four weeks ended
Oct. 7, 1944, daily output averaged
4,735,800 barrels.
,;

of

5.3%

Reports
panies
as

compared with correspond¬
ing period of 1943.
The

Solid Fuels

the

of

report

Administration placed bituminous

production
Oct.

7

for

the

week

ended

at

11,620,000
net tons,
representing a decrease of 460,000 tons, or 3.8% compared with
12,050,000 tons in the preceding
week.

Production

sponding

in

the;

of

week

corre¬

to 12,086,000 net tons,
output for Jan. 1 to Oct. 7,

1944, totaled 482,730,000 net tons,
against 456,909,000 tons in the

hive coke in the United States for
week

ended

shows

the

by

7,

1944, as

same

increase

an

when

Oct.

of

source,

1,600

with the

compared

tons

output

for the week ended
and

Sept. 30, last,
53,900 tons from

decline of

a

the

corresponding week of 1943.

Copper Output in
Crude

September—

from

production in Sep¬
dropped to 82,572 tons
82,769
in
the
preceding

,and output of the refined

copper

tember

metal

slumped

to

liveries

for

the

88,384

tons

noted by the
Domestic
de¬

as

month

amounted

stills

Mr.

Berle

said

in

a

for

ago

the

8,676,000

barrels

during

the
Stor¬

week

ended Oct. 7, 1944.
supplies at the week-end to¬
taled 78,554,000 barrels of
gaso¬
age

line;

14,322,000

barrels

of

kero¬

over

1943,

duction
7

for
at

was

the

week

96.1%

ended

95.2%

last year, was 90.9% of capacity.
As for paperboard, production for
the

period

same

96%

of

was

capacity,

.

reported at

compared

with

95% in the preceding week.
Business

failures
the

week

to

27

Failures

in

the

ended

from

week

and

year

15

Oct.

the

in

compared
according

ago,

Bradstreet.

States

5

tributed

the

for

advanced

preceding
with 42 a
to Dun &

Insolvencies with lia¬

against 11 in the preced¬
ing week and 20 a year earlier.
Canadian

compared with two

ures

earlier,
year

ago.

Retail

Reports

from

a

\Vy(Vy'J;.7%

v

and

fail¬

week

a

unchanged

and

Wholesale

from

Trade—

(department

and

other stores reveal that retail buy¬

ing for the country as a whole rose
sharply
during
ColumbusDay
and registered gains of from 10 to
15%
the
past
week,
touching
levels reached usually just before
Christmas. Candies and cigarettes
were
especially in demand with
the rate of buying curtailed only
by shortages. Apparel too, attract¬
ed much attention, but shortages
as in other lines, worked to hold
down volume. The wholesale field
also

confronted with the

was

same

problem, states Dun & Bradstreet.
In retail

tration

in

buying greater
noted

was

accessories
call

also strong
sports wear.

was

and

for

black

dresses

of

memo¬

individual steel

the

memorandum,

he

skillfully omits to
relevant language
in
same

But

quote

the

the very
I have

passage- from which

quoted above.

It reads:
y;
*:
"If the country desires to make

wealth creation
ernment

(I

a

function of gov¬

personally

must do

so

it

.heretofore)

has

believe

it

in larger measure than

the

choice

should be the considered choice of
the
of

and, not
policy of drift.

country,

a

the

result

Government's
ability to
efficiently is denied
good many people. It seems
to me a good many of these at¬
create wealth
a

tacks

are

unjustified, though I

am

frankly biased in favor of public
of
certain
forms
of

ownership
wealth."

'

There is

more

of the

same

doc¬

trine in Mr. Berle's memorandum.
The conclusion

Mr.

Roosevelt

is

seems

to be that

continuing

the

slippery tactics the New Deal has
always employed.
It

seems

regrettable

verted
been

continuous

low,

watched
that

that




the

has

will

be

carefully

by
competitors to see
plate production direc¬

the

tive is

facilities

equitably cut by WPB to

insure that everyone gets an even
break in the race for profitable
sheet

business, the magazine

cludes.

The

Iron

announced

that

operating

the

and

last

con¬

v

v

American

sociation

Steel

Monday

rate

of

steel

reports

that

4.9%

the

below
ended

week

production
Oct.

hew

orders

of

2.9%

less

than

the

same

these

7,

were

production

period.

for

while

mills

for

Unfilled order

files amounted to 100%

of stocks.

For 1944 to date, shipments of
reporting identical mills exceeded
production by 3.0% and orders
ran

6.1%

sening inventories.

lumber

shipments of 504 reporting mills
were

Institute

"The

by

producers is large.
Mills whose
plate producing efficiency on con¬

tional Lumber Manufacturers As¬

above output.

Compared to the corresponding

as

whole.

a

tight supply
ruled. The opening for

conditions

spring

In the

markets

sportswear

took place in
heavy orders were

and

Orders

booked.

will

be

filled

on

allotment basis by manufactur¬

an

ers.

".

.

y.

^-;r ■

According
Bank's

serve

y

■

.

the

to

\

Federal

index,

Res-

department

store sales

in New York City for
weekly period to Oct. 7 in¬
creased by
17% over the same
period of last year.
This com¬

the

pared with
19% in the

a
revised figure of
preceding week. For

the four weeks ended Oct. 7 sales

by 12%, and for the

rose

Oct. 7

year

to

they improved by 9%.

Business Failures

Lower-Liabilities
En

Up

September

Business

failures

lower

in

in

September

number

but

the

amount of liabilities involved

was

were

higher

than

September

in

August

year

a

and

in.

Business

ago.

insolvencies, according to Dun &
Bradstreet, Inc., totaled 75 and in¬
volved
$4,065,000
liabilities
as
compared with 77 in August in¬
volving $1,054,000 liabilities and
124 involving $1,488,000 in Sep¬
tember

a

year ago.

The

Manufacturing and Retail'
groups had fewer failures in Sep¬
tember

than

in

August, the Con¬

struction and Commercial Service

had

groups

more

tember than in

failures in Sep¬

August, while the

Wholesale

group had
the same
When liabilities are con¬

number.

sidered

it

is

Retail group
ber than in

that only the
smaller amount

found

had

of liabilities

a

involved

Manufacturing
month

SepteTrf^

failures

last

numbered

24,
involving
liabilities
compared
August with $557,000

$3,288,000
with

in

August.

28

in

liabilities. Wholesale failures
bered

5, the same

as

num¬

in the previ¬

month but liabilities increased

ous

to

$188,000 from $86,000 in Au¬
gust. In the Retail Trade section
insolvencies

were

down

from

32

to 26 and liabilities from

$272,000
Construction failures

to

$161,000.
from

in August to 12 in
and
liabilities
from
$123,000 to $273,000.
Commercial
rose

9

September

The food store business held to

developed in the previ¬ Service failures numbered 8 in
week, which was one moder¬ September against 3 in August.

the pace
ous

ately improved
ago.
Rationed

over

that of

meats

.

a year

continued

and liabilities $155,000 in
ber

Septem¬
against $16,000 in August.

while poultry

When the
was in plencountry is divided
Throughout the into Federal Reserve Districts it is
found that the Boston, New York,
country retail increases as report¬
ed by Dun & Bradstreet were es¬ Philadelphia and Richmond Re-^
scarce,
t i f

u

1

supply.

timated
time

last

at

8

to

year.

14%

above

this

Regional percent¬

show New England, 5 to 9%;

ages

companies

higher sales vol¬

country

fairly moderate weather.

concen¬

gifts for men

on

Buying

overseas.

ma¬
con¬

In the outer garment line'demand
suffered to some extent due to

ed to 19

three

the

to

for

ume

bilities of $5,000 or more amount¬

were

above that of 1943.

Day

Business

—

United

also noted.

helped trade
terially and this factor also

Oct.

of

7,

one
year ago.
Estimates ac¬
cording to the New York "Times"
placed department store volume

of

capacity as
capacity in the
preceding week,
the American
Paper and Pulp Association's in¬
dex of mill activity disclosed. The
rate during the week ended Oct.
9,
against

7.

Oct.

in

was

the week

on the East Coast.
Paper Production—Paper pro¬

Oct;

with

apply to the country as a
whole, and do not reflect condi¬

tions

ended

in¬

year

Marked improvement was noted
in retail trade here in New York
the
past week when compared

wholesale

fig¬

a

An
department store
sales for the year to Oct. 7,
1944,
increase

sene; 46,078,000 barrels of distil¬
late fuel, and 64,644,000 barrels of
residual fuel oil.
The above
ures

of

1944, sales increased by 12%.

8%

,

in

week

Columbus

at

Board's

ahead

For the four weeks ended

'

guage

Reserve

16%

were

at about 20%

118,054 tons as against 139,515
better quality was large.
have an ever-increasing segment tons in
Men's
August.
randum:
y; ;\yy( •:((("';'
suits showed an expansion in vol¬
of the industry available for civil¬
Silver—The London market for
;
"Over a period of years, the
ume, though the increases every¬
ian output.
; silver
was
unchanged at 23y2d. where have been less this month
Government will gradually come
With
the
automobile industry The New
York Official for foreign
to
own
most
of the
productive
than
they were in September.
preparing firm post-war orders silver continued at
443/4C, "with House
•plants of the United States."
wares
furnishings 7 and
involving large tonnages, the sig¬ domestic silver at 70%c.
' ;
:
Mr. Berle claims that he meant nificance of the revised
usually in good demand at this
flat rolled
Lumber Shipments — The Na¬
the opposite and cites other lan¬
season were handicapped by les¬
situation between
that

Federal

dex,

put totaled 1,271,000 barrels, with

The

to

to

ran

the

distillate fuel oil placed at
4,706,000 barrels and residual fuel oil

as

same (1943
period, or u a gain of
5.7%.,::;; 77;
Estimated production
of bee¬

refining
com¬
industry

barrels of gasoline. Kerosene out¬

year

amounted

while

whole

a

There

last

from

indicate that the

(on a
Bureau of Mines basis) approxi¬
mately 4,506,000 barrels of crude
oil daily and produced
14,252,000

when

month

ob¬

the European War con¬

production to take

output

1944, and com¬
pares with 219,800,000 kilowatthours for the corresponding week
of 1943, or a decrease of 19.7 %

through the winter months from 91,047 tons,
is
adequate capacity and Copper Institute.

there

war

system

week ended Oct. 8,

the

steel

expected to be

tinue

are

reports

176,300,000 kilowatt-hours in the

1,000,000 tons per
■: (% v;:-;7'(( reported

associate, Mr. Berle, the Assistant expanded
recently, however, the
Secretary of State, to write him increased tonnage has not been
a letter
accusing me of "misquot-j sufficient to offset the decline in
ing," "dishonesty" and of having
"ripped" a sentence from its con¬

York

crease

'Vy

magazine.

Cancellation

As I have said,

even

a

a

-

notes the

pre¬

did
not
intend
debating the
tragic results of Mr. Roosevelt's
total

a

(Continued from page 1714)
few months of this year.
Cut¬
backs are increasing and the gen¬
eral delivery situation is better

I

the

to

>

this country and the result¬
ing price we have had to pay is
out

sink

7 The Stale of Trade

Roose¬

pare

-his

the level of one year ago,
when output reached 4,341,754,000
kwh.
;
Consolidated Edison Co. of New,

R.

than

established

President

should

party.

comma.

Mr.

speech

my

be

ten-day-old release
publicity director of his

the

by

every

the

to

and

headline for

ten
has

single
statement I
made in my Okla¬
homa
City speech was exactly
correct

to

sponsor¬

Mr.

that

answer

at-"the

using the White House to make

ship of the White House.
velt

by him

wants

associates

dust it off

to

necessary

issue

kwh. in the
The latest fig¬
a gain of 0.8%

from

to hide behind evasion by his

sary

new.

party to its speakers
before.
Mr. Roosevelt

on

for 16 years should find it neces¬

he

statement

puts out
Exactly the same
statement
was
put out by the
publicity director of the Depiois

who

man

Republican
Oct. 15 in

House:

issued

Roosevelt's-statement

at

ago

issued by Gov. Dewey

was

released from the White

documents

have

Governor Thomas E. Dewey,

White House" in which he
of

4,365,907,000

,,,

route to

en

from

preceding week.
ures approximate

1721

East.

12

serve

in

St.

Districts had fewer failures

September than in August, the
Louis, Kansas City and Dallas

to

16%; Middle West, 7 Reserve
Northwest, 8 to 12%; number

districts

had

the

same

(including 94% of the weeks of 1935-39, production of
industry) will;be 97% of capac¬ reporting mills was 16.8% greater,
ity for the week,beginning Oct. 16, shipments 13.7% greater, and or¬

South, 14 to 18%; Southwest. 3 to

tricts

7%

September than in August. When.

compared with ,96.9%

15%

week

one

This week's operating rate is
equivalent to
1.745,000 tons of
steel ingots
and castings, com¬
pared with 1.743.200 net tons last
ago.

week and

1,755,000 dons

one

year

ago.

Crude
average

for

—

The Edi¬

Electric Institute reports that

the output, of electricity increased
to
approximately
4.375,079 000
kwh.

in

the

week

ended

Oct.. 7

Oil

the

week

estimated
troleum

crease

Production

Daily
gross crude oil production

barrels.

Electric Production
son

ders 15.5% greater.

of

by

ended

the

Institute,

—

Oct.

7,

American
was

as

Pe¬

4.691,550

This

represented a de¬
70,750 barrels from the

preceding week, and a decline of
16,950 barrels from the daily aver¬

to

11%;
and

the

Pacific

Coast

11

to

higher.

A

slight increase was noted in
the wholesale food field the past
week over the same period a year
ago.
Demand for fancy groceries

the

show

remaining

more

failures

dis¬
in,

amount of liabilities involved

is considered,

Boston,
mond

it is found that the

Philadelphia

Reserve

and

districts

Rich¬

had

less

good and trading liabilities involved in September
in fresh produce held steady. As
than in August, while all of the
for sugar, orders showed a fall¬
remaining districts had more. The
ing off for the first time, but but¬
was

especially

ter continued scarce.

figure recommended by the
Department store sales on a
Petroleum Administration for War country-wide
basis, as taken from

age

the

and

Richmond Reserve District is dis¬

tinguished by not having had
failures.

any

.

(

THE COMMERCIAL & FINANCIAL

1722

Thursday, October 19, 1944

CHRONICLE

From Washington
To Manufacturers Morgenthaii's Plan To Strip Germany Of Its
Industry Criticized As "Otter Nonsense" Ahead Of Use News
By Banks Exceed $8,000,000,080 Says ABA
(Continued from first page)
Secretary Morgenthau's plan to strip Germany of its industry

War Loans And Commitments
War

of the nation and com¬
Suggests "mental bankruptcy," according to "Industrial and Engi¬
reported as outstanding on June 30, 1944,

production loans to manufacturers

mitments for such loans

by 430 of the

$8,166,632,106, accord¬
Bankers Association

country's larger banks aggregated

ing to the semi-annual survey of the American
released for publication on Oct. 5.
The survey

is conducted by the
Association by means of a questionnaire addressed to the 500 largest
banks.
Of these, the 430 supplied^—
data
on
their
war
production the factories financed by loans
from the banks.
The remaining
■lending activities, as against 436
t

the

of which

period

dustries

Walter J.
of the

"The idea of

the

most

under

turning

scientific leadership

nation of some 80,000,000 people, in fact

a

agricultural coun¬
try exclusively is utter nonsense,"
the journal says editorially. "We
Europe, into

an

.

For Interim Term
War Mobilization And Reconversion Chief

FDR To Name Justice Byrnes
As

the Supreme
in the war

Byrnes

,

—

,

me

He has done a

effort.

American
Bankers
Association,
as director for two more
I have assured him that I will speak during the morning
will not ask him to continue to mortgage conference on "Making
Mortgage Loans" and will Mater
serve as Director beyond the in¬
lead an open forum and discus¬
terim term."
remain
years.

sion

ABA Savings

& Mortgage

Conference At Atlanta
Various aspects

of the financial

will render
to returning veterans in accord¬
ance with the "G. I. Bill of Rights"
"will be discussed at a two-day
savings and real estate mortgage
conference sponsored by the Sav¬
ings Division of the American
Bankers Association, which will
be held at the Hotel Ansley in
Atlanta, Ga., on November 9 and
10, according to H. R. Templeton,
President of the Division, who is
also Vice-President of the Cleve¬
land Trust Co., Cleveland, Ohio.
Bankers from the seven south¬
ern
States of Florida, Georgia,
South
Carolina, Alabama, Ten¬
nessee, Louisiana and Mississippi
will be in attendance during the
two days.
The first day of the
conference, on November 9, will
be devoted to a discussion of sav¬
ings banking, while the second
day will be divided between a
real estate mortgage conference
in the morning, and the afternoon
will be given over to a review of
services which banks

the "G. I.

Bill," it was announced

who will pre¬
sessions on both days.
W. Randolph Burgess, President
of the American Bankers Associa¬
by Mr. Templeton,
side at the

which will be

the subject

on

two southern bankers
experienced in that field.
guided by

to

over

thorough

a

responsibilities

banking's
the

"G.

I.

given
review of
be

will

afternoon

The

under

the program

Bill" and

will consist of three addresses

aspects

well

banks

as

which

may

provisions
will

mortgage loans

as

under its
public rela¬

be granted

and

the
An

involved.

tions

dis¬

and technical
standpoint of

its legal
from the

cussing

open

follow to be led

forum

by a mem¬

legal staff,
familiar with

ber of the Association's

and

the

bankers

two

bill

and

competent to

inter¬

pret its' provisions.

Veterans Bur.

Explains

Loan Arrangements
Of Gl Bill Of
An
terest

Rights

explanation of the basic in¬
and
guarantee
arrange¬

ments for loans to veterans under

the G. I. Bill of Rights was made

public

on

Oct.

14 in Washington

by the Veterans Administration,
according to an Associated Press
dispatch from Washington on that
day given in the New York "Her¬
ald-Tribune," which went on to

and Dr.

economist of the




brought up, a
coalition of Western Progressives
and
Southern Democrats
wrote
rates, increasing agricultural
protection and denying increased
industrial protection.
:
v,

(Continued from first page) /
have these qualities

those;: who
will

make

whether
inside

not

or

of

'life

in

success

a

.

they ever

the

see

college; while young
people
lacking
these
qualities
could never amount to anything
a

and
in
last few weeks of considera¬
back

trading

the

in

.But

forth the coalition was broken
the

of

tion

The East¬
completely
bill with the result

the

measure.

bloc moved in and

ern

the

rewrote

the Hawley-Smoot
Then
and
there
Hoover's, political death warrant
the; answer?
Educators tell ' us
was /signed.
■ ■/" //
'
that it's a question of inheritance
with

a

What is the

home

and

' ••/

dozen Ph.Ds.

reason

and what is

training, but I believe

it is much more than this.

There

something physically and spirit¬

is

ually wrong with a boy who has
not ;

brain, eyes, ears or his glands
need physical attention. Educators

got

we

monstrosity.

We

this

bring

by

up

of

way

saying that the jitteriness now is
almost solely confined to the New
Dealers.
They are bordering on

gentleman may be
the most confident
is Gov¬
Dewey. And the more the
Dealers
contemplate, what
The

His panic.,

qualities.

vital

these

that

but

wrong/

in the country today

man

should go about stamping out

ig¬ ernor
lazi¬ New
ness,
etc.,
as
physicians /have they consider his sheer audacity
stamped out smallpox, cholera and the more hysterical they become.
typhoid fever. //M/ ///A/;../ Watching them as they listen to
the Governor on the radio it, is
£
Colleges 50 Years Hence
,
downright amusing at the way
The
preachers / should be of they squirm in their seats and get
faulty 'judgment,

norance,

greater
help
in
re-generating red in the face when Dewey re¬
youth.
Jesus hit the educational fers to their man "as the man who
to
be
President for
16
nail on the head when He said wants
that

I

all

we

be

must

am

It

again

certain
seems

accomplishing
asylums.

insane

state

paradoxical that the lab¬
these

asylums

oratories

in

solve the

educational problem of

the

colleges;

and

schools

The

;v./// /.M"-1Institute

Babson

may

but

If

lot

have

it up,

a

to

apoplexy. Ever since Dewey's
came- into the Presidential

name

speculation, back in pre-Convention days of 1940, he is the only
one who actually
made them see
red.

look upon him and
trying hard to picture

They

pointing they

are

to

of

/■; •/ •':

••

Dealers are going

New

of

'/' ///

.

Governor keeps

the

' '

present experiments are
that way.'

years."

to

amount

to

mental experts are
at

born

anything.
much interested in what the

order

in

him

country

the

con¬

a

as

1994

temptible little upstart.
We fre¬
will have a surgical department to quently wondered whether their
operate on the glands and a die¬ contempt for him was genuine or
tary kitchen
to supply certain whether they were actually afraid
students
with
needed
minerals of him.
We have come to the
which they lack because of their conclusion that it is the
latter.
home soil conditions. Iamtoldthat They have known all along that

possibili¬
ef¬
fective
campaign.
And as the
realization dawns that their "litr
tie upstart" campaign against him
tion 505, provides for 100% Fed¬
eral guarantee or insurance of the arousing
youth spiritually and has backfired, their panicky der
,; ^/;).:'//'
money
loaned, with a selected mentally, will we be able to pay spise increases,
our present public debts of $300,Federal agency making, guaran¬
He is lifting the eyebrows of
teeing or insuring the principal 000,000,000.
/f//M/.''-, rK/',/ the ultraconservatives, the ultraloan and the Veterans Adminis¬
conservative press with his hard¬
tration limited to an additional
hitting, but he is talking do the
Broome
$2,000 or 20% of the total.
C/
man in the
street just as Roose¬
velt does, and he is warming the
Taking loans of $10,000 as ex¬
hearts of the party workers.. Of
amples, the Veterans Administra¬ For
tion offered this explanation: Un¬
that, there is no doubt.
Occa¬
Robert E. Broome, Vice-Presi¬
sionally we have thought he was
der
Section 501:
Loan, $10,000.
dent of the Guaranty Trust Com¬
Lender: Any one.
making slips, only to learn from a
pany of New York- has been ap¬
later speech that he knew just
Interest: 4%, or $400
a year
pointed director of the Banking
with the provisions that the Vet¬
//£.;
and
Investment Division of the exactly what he was doing.
erans Administration will pay $80
We
thought, for example, hg
War Finance Committee for New
representing the first year's in¬
York, it was announced by Fred¬ had, let himself in for something
of

Republican

the

all

ties, he would make the most

.

Heads Group

Sixth War Loan

terest, at 4% on $2,000, the

amount

guaranteed by the Veterans Ad¬
ministration.
Under
000.

Section

Lender:

$10,-

505: Loan:

A

Federal agency.

erick

veteran)
4v2% plus Vz% insurance charge,
on
$8,000 ' of the total amount
loaned; 4% interest on the re¬
maining $2,000, Thus the veteran
will pay annual interest* of $400
on
$8,000
and
$80 on $2,000
for a total of $480.
He still will
get the same prepayment by the
Administration

Veterans
first

by

(paid

Interest:

the

of

year's interest on its part in

the loan.
Either

■

of

these

-

L

,

borrowing

op¬

portunities is open to the veteran.
Some
bankers
have
raised
the
contention

that

the

first

plan,

provision for Federal
Housing Authority inspection or
appraisal on any building bought
or built, does not provide the vet¬

with

no

W.

Gehle, State Chairman.

Mr.. Broome,

whose

headquar¬

located at 33 Liberty

ters will be

Street, in the heart of
cial

William A. Irwin, say:
eran
with proper guards against
Association, will
At the same time, Harold W. crooked builders or crooked real
address the morning session of the
estate dealers.
The Veterans Ad¬
savings
conference on Nov. 9, Breining, assistant administrator
which will be called to order by in charge of finance and insur¬ ministration emphasizes, however,
that, before it completes the reg¬
Mills B. Lane, Jr., Chairman of
ance,
denied assertions of some ulations for loans to the service
the
Arrangements
Committee,
banking groups that the bill and personnel, adequate guards will
who is First Vice-President of the
Citizens
and Southern National the final draft of regulations will' be set up!
tion,

when

months,

many

the

Training For Business

be led by Dr. Irwin and discussed vides for loans to be made by any
magnificent by Mr. Lane and one other prom¬ one, with the Veterans Adminis¬
tration guaranteeing up to 50%,
job. His contribution to the suc¬ inent southern banker. Accord¬
or not to exceed $2,000.
The Vet¬ dumping students in ice water has
cessful prosecution of the war is ing to a tentative program for the
waked them up and has changed
sessions
on
Nov. 10, Ernest M. erans Administration will pay the
recognized by a grateful nation.
first year's interest on the part it the entire course of their lives.
"I
fully
understand
Justice Fisher, director of research in
guarantees.
The alternate/Sec¬ At any rate, only when we have
Byrnes's expressed desire not to mortgage and real estate of the
discovered a foolproof method of

assist

and

Court

of

tariff revision was

is urged.

industrialized nation in<*>———

'

■'

Direct supervision of the in¬

Murphy is editor.

Reich

which covered loans

*

point of Hoover's honor. Th,e
is well known.
Over g

a

result

previous survey $291,346,026 represents loans and
and commit¬ commitments for building of war are, indeed, admitting complete
and factories,
compared mental bankruptcy if this is the
ments outstanding Dec. 31, 1943. plants
with
$678,891,230 for the same only plan we can devise to assure
The advices from the Association
The editorial
*'
'
•'1"! '
purpose as of Dec. 31 and is a re¬ peace in Europe."
flection ' of
the
completion
of added:
"Of this $8,166,632,106 of total
America's war workshop.
"Germany's criminal and mili¬
war
loans and commitments by
"The
total
$8,166,632,106
of taristic classes must be),punished
the banks outstanding on June 30,
loans and commitments for loans according to their crimes against
$7,875,286,080 represents loans and
civilization.
Her industries must
commitments for war supplies and reported by 430 banks on June 30
was
$259,246,047 lower than the be directly supervised for many
materials and is an increase of
reported by
436 years to come by scientifically
$128,299,157 above the $7,746,986,- $8,425,878,153
banks for
Dec. 31,
The lower trained individuals who will be
923 reported in a previous survey.
total for June 30 is attributable able to detect and prevent the
The larger figure on June 30, even
to fewer reporting banks as well prostitution of science and indus¬
though reported by fewer banks,
try for war purposes.
as the completion of war contracts
reflects the increasing quantities
"She must provide the labor to
for factory construction."
i
of arms and supplies flowing from
help restore the devastated coun¬
tries, the close tie between the
military and industry must be
eliminated, and the large trusts
broken up.
This, together with
gradual reeducation of the Ger¬
man
masses, constitutes the best
The appointment of Justice James F. Byrnes for an interim
means
of
preventing;, another
term as War Mobilization and Reconversion Director
was made
world holocaust. Now is the time
known by President Roosevelt on Oct. 3, on which date the signing
when
our
scientific
leadership
of the bill (recently enacted by Congress) was announced.
must assume a great responsibility
In his statement the President said:
,
/■■■■'':..•,■/":'■/
and statesmen must accord it an
"Under the law creating the new Office of War Mobilization
opportunity to assist in maintain¬
and Reconversion the appointment ^
ing the peace of the world."
of a director must be confirmed Bank, Atlanta. Adding to the in¬
terest in the address by Mr, Bur¬
by the Senate.
The Senate will
lay the homecoming service man
gess is the fact that besides being
not be in session until Nov. 14.
President of the Association, he open to jerry-builders and land
"Justice Byrnes has agreed to
sharks. /:
is
also
Vice-Chairman
of the
//
accept an interim appointment as
Board of the National City Bank
Emphasizing that not only, the
director and will serve until the
bill but the tentative regulations
of New York, which stresses the
Congress
reconvenes,
at which
importance of its savings depart¬ to govern the administration of it
time I will send to the Senate for
are
necessarily complicated, the
ment..
//'
/,(./'
V
■ '
' '
confirmation the appointment of
Veterans
Administration ex¬
Dr. Irwin will speak on "Sav¬
a director who will serve for the
plained how the bill would work
two-year term
provided in the ings — An Economic Imperative." under the two separate lending
An
statute.
open
forum
on
savings
plans. !/)■ '/;
'.■•-■)■''/'
.
"Two years ago I asked Justice banking will be held during the
One of these, Section 501, pro¬
afternoon of Nov. 9, which will
to
leave
in

banks

it

neering Chemistry," publication of the American Chemical Society,

district,

efforts of the

the finan¬

used the

he

when

General Her-

demobilization
when the New Deal

shey statement on
of the

boys,

will direct the sales

intentions could have

better been

17 commercial bank,

cited with statements

and actions

and savings
and loan association teams during
the Sixth War Loan.
He succeeds
William R. White, also a Vicedealer, savings bank,

President of the

Guaranty Trust,

vice-chairman
of the State committee. / •; //
Mr. Broome, a native of New
York City, was educated at New
York University, and served dur¬

who has been made

ing the last war

in the U. S. Ma¬

on

the

the

throne.

part

closer

to

We feared he would

criticized by the ultraconserv-

be

ative press

he

those

of

was.

was

of his own party.

But then it

just

waiting

Dealers to wade
them have

Ancji

developed he
for

the

New

in so he could let

another wallop, whicl?

he has just done

by pointing out

Following the war he that Hershey's idea) came from
was
associated With Paine -Web¬ the National Resources and Plan¬
ber (Company, and in 1920 joined
ning Board headed by the Presi¬
the Bond Department of the Na¬
dent's own
uncle,, Frederic A.
tional Bank
of ' Commerce.:
In.
Delano.
The way : he has been
1926 he became assistant cashier
conducting his campaign he has
of that bank, and in 1928 he was
had the New Dealers denying and
rine Corps.

made

second«

joined the
pany

vice-president.

1929, and in that same
appointed a vice-pres¬
He resides in North Tarry-

in

year was

ident.
town,

He

Guaranty Trust Com¬

New York.

screaming'
the

misrepresentation from

beginning..And from a crowd

that-has been past
art

of

master in the

misrepresentation,

funny, indeed.

this

is

Volume 160

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4326

1723

Moody's Bond Prices find Bond Yield Averages Electric Output For Week Ended Oct. 14,1944
Moody's., computed bond prices and bond yield
given
following table;'
'
%•' '
Slightly Lower Than In Same Week !n 1943

1—

averages

in the

**

MOODY'S BOND PEICESt
(Based

1944—

■

•

Daily
Averages

™.

:

Average Yleldfe)

on

'

'■<*

are

•'

•

v

1

The Edison Electric

Corpo-

Corporate by Ratings*

the

that

to allow the deduction before

A

Baa

R. R.

P. U.

118.40

116.80

112.93

103.30

107.27

113.70

117.40

16_—

119.61

112.75

118.60

117.00

112.93

103.47

107.27

114.08

117.40

14——119.61

112.75

118.60

116.80

112.93

103.47

107.27

114.08

117.20

13

output for the week ended Oct. 7, 1944, was 0.8% higher than that

of the

112.73

113.60

117.00

112.93

103.47

107.27

114.08

117.20

of the similar period in 1943.

to

"

—

119,61

12__——

STOCK

Aa

EXCHANGE

Indus.

CLOSED

119.61

112.75

118.60

117.00

112.93

107.27

114.08

117.20

10___.^._V 119.52

112.75

118.60

117.00

112.75

103.30

107.09

.114.08

118.60

117.00

112.75

103.30

107.09

114.08

117.20

119.52

103.47

PERCENTAGE INCREASE

—Week Ended

7

119.52

112.75

118.80

117.00

112.75

103.30

107.09

114.08

117.20

119.52

112.75

118.60

117.00

112.75

103.30

106.92

114.08

117.20

Mew England

119.48

112.56

118.60

117.00

112.56

103.30

106.92

114.08

117.20

Middle Atlantic—

119.48

112.56

118.60

117.00

112.56

103.30

106.92

114.08

117.20

Central Industrial-—:

1.6

119.45

112.56

118.60

117.00

112.56

103.13

106.74

114.08

117.20

West Central—

5.4

■4V'2-hAA

119.50

112.56

118.60

117.00

112.56

103.13

106.74"

114.08

117.20

Southern States:

A„_

119.50

112.56

118.60

116.80

112.56

103.13

106.74

.114.08

117.00

Rocky Mountain

22—_

119.22

Pacific Coast--—

4-

■

—_

3—A
Sep.

29

-

118.60

117.20

112.37

103.13

106.74

114.08

117.20

112.56 (.118.80

117.20

112.19

103.13

106.74

114.27

112.56

118.80

117.20

112.00

103.13

106.74

114.27

117.00

1

112.56

118.80

117.20

112.00

103.13

106.74

114.27

117.20

Aug.

Oct. 14

Oct. 7

Sept. 30

Sept. 23

.

1.0

0.5

*0.3

*3.4

*4.9

*4.0

2.8

2.3

2.2

7.9

4.6

6.4

——

-

3.5

„

112.56

*4.2

*1.4

*1.9

0.8

84-—.

119.81

25——

119.89

112.75

118.80

117.40

112.19

103.30

106.74

114.27

119.84

112.56

118.60

117.20

112.37

103.30

106.92

114.08

117.20

11_—_

119.84

112.56

118.60

117.00

112.37

103.30

106.92

114.08

112.56

118.80

117,00

112.19

103.30

106.74

114.08

117.23

under

similar

:

0.2

0.4

...
■

July

28
;21_A__A;

118.60

IIG',80

112.19

112.56

.118.60

117.00

112.19

103.13

120,23
120.27

120.10

7—:

112.37

120.18

—

14,.

112.56

118.60

117.20

112.19

103.13

week

in

112.56

118.60

117.00

112.37;

June 30:—

120.15

112.37

118.60

116.80

26———

119.66

112.19

118.40

116.80

111.81

Apr.

28

119.35

111.81

118.40

116.61

111.62

:

-

117.20

July

114.08

117.46

July 8
July 15
July 22
■July 29

106.21". 114.08:

102.96

4,327,359
3,940,854

117.40

,106.04; "113.89 '117.40"

102.30

105.86

113.89

101.47

105.34

117.00

.113.70

116.41

■—-L.¬
—ii.

l

Aug.

5

111.44

118.20

U6.41

111.25

100.81

104.66

113.70

116.22

Aug. 12

120.21

111.25

118.20

116.41

111.07

100.32

104.31

113.50

116.22

Jan.

28———

119.47

111.07

118.20A 116.22

,104.14

113.31

116.41

High

<

Low

1944

Low
•

1943—i1943—

1 Year Ago

Oct,

J6.

'Oct.

120.31

117.40

113.12

ll6.02:

119.41 i. 117.00
116.80

111.07

117.37

•

111.81

113.89

99.36

108.88

92.35

.116.61

'A-,'-"

107.44

117.00

111.25

114.08

99.04

108.70

92.50

>

AAA-.:

114.46

111.81

(Based

Avge.

U.S.

on

AA

YIELD

''.A.;;.

Govt.

rate*

1.86

3.03

Aa
2.81

2.73

-V'

1,724,728

+

3.7

3,637,070

1,415,122

1,729,667

4,287,827

+

3.0

3.654,795

1,431,910

1,733,110

4,264,824

.+'

4.4

3,673,717

1,436,440

1,750,056

+

2.2

3,639,961

1,464,700

1,761,594

+

1.5

3.672.921

1,423,977

1,674,588

4,418,298

4,322,195

4,414,735

4.350.511

Sept, 9
Sept. 16

■-L-%

Sept.

"

3.01

3.02

2.72

2.80

3.01

3.54

3.32

2.95

3.02

2.72

2.81

3.01

3.54

3.32

2.95

0.0

3,583,408

1,476,442

1,806,259

ence.

0.8

3.756.922

1,490,863

1,792,131

the

4,359,610

+

0.4

3,720,254

1,499,459

1,777,854

1.85

3.02

2.72

2.80

3.01

A, 3.54

3.32

2.95

1.85

10

A

2.72

2.30

1.85

3.02

2.72

2.80

S..„——_

1.85

3.02

2.72

2.80

7—AA"

i

1.85

3.02

2.71'

2.80

3.02

2.72

3.03

6,r—1.85
5 AAA
1.85 "

2.95

3.55

3.02

3.55

3.33

2.95.

3.55

3.33

2.95

2.80

3.02

3.55

3.34

' ; 2.95

2.79

2.80

3.03

3.55

3.34

2.95

2.79

!

.

-

2—

3.03

3.55

3.34

2.95

2.79

Boston

3.03

3.56

3.35

2.95

2.79

New

3.03

2.72

2.80

3.03

3.56

3.35

-

2.95

monthly summary of "bank debits," which we
FEDERAL RESERVE DISTRICTS

2.79

3.06
.3.06.

3.56

2.73

3.05

3.55

3.35

18—1.81

3.03

2.72

2.79

,3.04

3.55

3.34

1.81

3.03

2.72

2.80

3.04

3.55

1.79

3.03

2.71

2.80

3.05

3.55

.

v

2.72

3.56

v.

3.35a'

3.34

.

-

10,902

12,293

33,315

2,007

2,218

5,950

5,815

cars

1,430

1,620

4,112

4,241

crease

2,383

7,313

6,920

6,144

5,746

American Railroads announced

2,094

2,473
2,150

6,382

6,382

19,229

18,209

70,389

75,758

212,422

201,718

26,860

27,913
40,452

81,499

73,110

36,765

110,685

108,765

6,764

7,393

120,238

19,843

2.80

2.79

St.

2.7.9

2.95

2.79

Minneapolis—
Kansas City

Chicago

—

Louis

—

—

—

—-

2.95

2.79

Dallas—

2.79

San Francisco—.

•.

—

—

-

2.81

3.05

3.56

3.36

2.94

2.72

2.80

3.05

3.56

3.36

2.94

2.79

3.03

2.72

2.79

3.05

3.56

3.37

2.95

2.78

♦New York

7_——

1.78

3.03

2.72

2.80

3.04

3.57

3.38

2.95

2.78

*140 other centers——

June 30—„

1.79

3.04

2.72

2.81

3.06

3.58

3.39

2.96

2.78

193 other centers——

2.80

v

.

32,288

.

2.80

3.03

1.78

*

c

May

26—

1.84

3.05

2.73

2.81

3.07

3.61

3.40

2.96

Apr.

23——

1.86

3.07

2.73

2.82

3.08

3.66

3.09

2.74

2.83

3.10

3.70

3.43
3.47

2.97

1.83

1.81

3.10

2.74

2.83

3.11

3.73

3.49

2.98

1.87

3.11

2.74

2.84

3.11

3.74

2.99

2.83

1.87

3.13

2.74

2.84

3.12

3.81

3.55

3.00

2.85

1.77

3.02

2.71

2.78

3.01

3.54-

3.32

2.94

2.78

3.31

2.81

2.96

3.23

4.25

3.93 A A 3.07...

2.80

3.07

3.79

Total, 334 centers--

City
—_

2.84

Mar. 31

——

Feb.

25——

Jan.

28——
1944—'

Low

High

1943

-

2.08

-

1.79

1943—

LOW
,

.

1944--—

High

1 Year Ago

16.

■

3.09

2.68

AA A

.•

..

1943-

j

..

3.54

2.94

•

1.82

2.69

Harrow

;

2.78

of

the

Jan.

14,

194J,

202.

page

V

Accountants, in

Commercial And Savings Cask Assets 6s June

High Of S 139,580,060,000

banks

are

and savings banks in the United

"The total deposits of banks on
June 30, 1944 amounted to $129,-

comparison
ht

the

peak, in
with $107,784,000,000
of June in 1943, an

end

new

$21,583,000,000,
or
deposits of in¬

of

increase

20.02%.

a

Demand

dividuals,

porations
increase

year, or

partnerships
were

of

and

cor¬

$58,421,000,000, an

$4,134,000,000

in

the

7.62%; time deposits of in¬

dividuals, partnerships and
rations

were

profits,
and

States

derive

a

tax

$33,441,000,000




corpo¬
an

in¬

teed,

of

$76,130,000,000,

as

Commissiioner
to

Browne

to

the

Legislature a
change in State tax laws which
would rectify this condition.
He
further

stated:

$3,947,-

,;V;

to $25,504,000,000,
$3,180,000,000, or

an

increase

14.24%,

of

since

June, 1943.
"Cash and

balances

vided the Federal
been

made

Jan.

1

the

year

to

adjustment has

at

any time between
May 15. This would
take place before payment of the
franchise tax to the State which,

and

tumi,
distributes such
among the communities."

taxes

$28,329,000,000, which
crease

but

of

a

since

was

other

of

|

1943,

an

profits are not deductible
unless the renegotiation was fi¬

nally determined during the tax
year affected.
Instead, the reduc¬
tion in franchise tax which would

in

$9,356,000,000, com$8,791,000,000 on June
increase of $565,000,-

ports

to¬

Oct.

September, 1943, or an in¬
24%, the Association of

of

14.

The

on

current

figure also
compares with 156,902 cars in Au¬
gust of this year.
The Association further

reported

follows:

as

Export grain unloaded at the
ports, totaled 3,151, compared with
2,842 in September 1943, or an
increase of 11%.
The

ber,

1944,

the

handled

railroads

loads of coastal

248

car¬

freight in Septem¬
with 714 in

compared
month in

same

1943,

or

a

de¬

of

ex¬

of 65%.

crease

The total of

169,759

cars

and

coastal-freight, exclud¬
ing coal handled through the ports
represented an average daily un¬
port

loading of 5.659 cars, the highest
on

record.

age

This also is the seventh
month

that the

aver¬

daily unloading has exceeded

5,000

cars.

Moody's Daily
Commodity Index
Oct.

Tuesday,

10,

249.1

1944—

249.5

Wednesday, Oct,
Thursday, Oct, 12
Oct.

Friday,

*

249.0

—I—

13

249.1

Oct. 14_
Monday,
Oct.
16-i__—
Tuesday, Oct. 17
Saturday,

Two

weeks

Month

1943

249.1

249.0

252,5

3~,—-

16—;r__r

248.7

Oct. 17, 1943-——

Year ago,

248.1

High,
Low,

1944

Oct.

ago,

Sept.

ago,

April
Jan.

249.8

1
2_—____—

240.2
252,5

High, Oct. 3_____
Low,

Jan.

247.0

5

♦Holiday.

permitted may be taken as a
against franchise tax pay¬
able in succeeding years.
Such
credit

Moody's

have

Commodity Index
248.6

Sept. 11

allowable

is

for

as

many

subsequent years as are necessary
absorb
it.
In his letter Mr.

to

Harrow

also

12,_—

249.1

13-A—

credit

248.8

14
15__—_

the

renegotiation

has been

completed prior to the payment of
the

second

half

of

the

franchise

tax, but after filing of the return,
the
renegotiation
adjustment
should be allowed as a deduction

Sept. 27

248.7

251.6

28—
*

251.7

29

.

251.9

30.,

252.1

2_

252.1

3

252.5

248.8

16..—„

said:

revised
their
follows:

as

249.0

18—

June

States

166,360 in the month of Sep¬
tember and compared with 134,217

have resulted if the deduction had

"If
on

were

oared with

30,

year,

December, 1943.

30, 1944

000,"

in¬

$283,000,000

"Total capital accounts

j

an

$1,512,000,000 in the

decrease

sive

been

with

banks, including reserve balances,
on
June 30,
1944 amounted to

Other securi¬

The aggregate of all se-

was

"Loans and discounts amounted

$76,000,000 since the end

the year, and amounted to

000,000.

of

the Federal Government of exces¬

1944

assets.

com¬

$199,000,000 in

income

accord¬
ing to Mr. Harrow, repayments to

$83,717,000,000 and
represented 59.99% of their total

the year of $135,000,000, but ani in¬

ties held decreased

the

30,

political subdivisions
held on June 30, 1944 amounted
to $3,640,000,000. a
decrease for
of

the

of

curities held by the banks on June

and

December, 1943.

from franchise
May 15th
renegotiation adjustment

deduction

permit

tax returns filed before

Under the present law,

June, an increase
of $18,167,000,000.
Obligations of

crease

would

Legislature,

in

...

"Our recommendations, if adopt-

of the previous

of

the

by

which the deduction applies, pro¬

recommend

pared to $57,963,000,000 at the end

States

ed

from

made

<

also

to

which

by estimating profits
completion of renegotiaMr. Harrow declared in

tion,"asking

.

367,000,000,

apply

war

measured

figures

consolidated

of renegotiation,

before

for all^
possible crease of $5,024,000,000, or 17.68%,
through the cooperation of State and deposits of U. S. Government,
postal
savings," were
supervisory authorities who fur¬ including
nish the Comptroller with sum¬ $19,651,000,000, an increase of $11,maries of the returns of banks un¬ 487,000,000, or 140.70%.
"At the end of June, 1944 the
der their supervision.
From the
Comptroller's announcement we banks held obligations of the U. S.
Government,., direct and guaran¬
also quote:
that

also

United

taled

consecutive

excess

communities

560,000,000, Comptroller of the Currency Preston Delano announced
on Oct. 4.
This figure, which covers the returns of the 14,598 active
banks of all classes, exceeds by $22,308,000,000, or 19.03% the total
'assets of banks on June 30, 1943, said Mr. Delano, who-pointed out
active

letter to Rollin H. Browne, President of the State

a

purpose

eliminate

Should

possessions on June 30, 1944 reached a new peak of $139,-

States and

1919.

Tax Commission.

,

to

The total assets of all commercial

covering 141 centers, available beginning in

change in the New York State franchise tax law to relieve
war contractors who, at present, are forced to pay on the basis of
net income calculated before Federal renegotiation of excess profits,
was urged Oct. 11 by Benjamin Harrow, Chairman of the State tax¬
ation committee of the New York State Society of Certified Public

"The

38 Established Hew

series

A

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

In

of

national

Urges Fair Basis Under New York Franchise Tax Law

.

issue

the

Says War Contractors Should No! Be
Assessed Before Renegotiation

2.93

v

AA• A
2.82 ;;

in

2.84

3.10 f
3.81
3.55
2.96 '
2.82
2 Years Ago
•
'
,-v
A/
...,
A;AAV:AAA
Oct.
17. 19422.05
3.31
2.80
2.95
3.24
4.24
3.92
3.07
2.93
'■These prices are computed from average yields on the basis of one* "typical"- bond
(33/4'/c coupon,, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
Oct.

3.11

;

♦Included

2.83

2.97

3.50

>

ing
through

6,894

1.79

..

export freight, exclud¬
coal
and
grain,
handled

7,306

14——

3.04

Up

of

2,513

—

2U

1.79

Cars

2,457

2.95

A

3.35

79.986

Atlanta

2.94

v

88,357

7,791

2.94

.

30,373

Movement

9,492

;

2.94

3.35

-

10,460

13,877

2.79

2.79

9,376

7,827

2.94

2.71

4,051

,

York

Export Freight

9,291

3.35

2.71

1943

14,201

3.56

2.71

Sept.

1944

2,935

3.05

3.03

Sept.

1943

5,205

2.79

3.02

Sept.

'

3,544

2.71

3.03

•

,

1944

3,103

•

the

Legislature, aimed at curing the
present hardships and difficulties
imposed on those taxpayers sub¬
ject to renegotiation."

dollars)

29,109

:

;

con¬

to

2,701

3.03

1.81

System issued

recommendations

4,746

2.95

2.95

July 28—'—

Reserve

structive

3,075

3.35

3.35

11_—

September

V

of

subject by the Tax..

Commission should result in

the Federal

millions

•

further

Richmond

3.56

3.56

•

usual

its

of

that

Philadelphia

3.03

3.04

.1.84

confident

are

Cleveland

2.81

2.79

?

"We

2.80

2.72

2.72

1,—1.81

3,717,360

would

2.79

3.03

3.03,

Aug. 25—

1,819,276

1,806,403

2.79

29——1.84
1.83

1,505,219

1,507,503

—3 Months Ended—

2.80

22_

15_u——

Governors

Federal Reserve District—

2.80

—1.86

and

tion of financial statements.

3,682,794

3,702,299

0.6

Sept.

2.72

with

1,815,749

(In

2.72

'

3.03

,j

conform

1,798,633

0.2

0.8

2.79

3.33

,•

1.84

•

would

1,798,164

SUMMARY BY

3.03

1.85

3———

of

2.79

3.02

'

That

requirements of the Securities

1,528,145
1,525,410

2.79

.3.02

2.72

'

10

2.79

2.95

3.32

fran¬

1,520,730

+

+
—

Bank Debits For Month Df

Oct.

1.85

4

'

3.54

the

the

cover

3,761,961

4,382,260

-

give below:
3.01

of

amount

3,774,891

4,354,575

on

mu¬

4,413,863

4,359,003

4,341,754

The Board

CLOSED

of

revenues

Exchange Commission and
be recognized as good ac¬
counting practice in the prepara¬

4,365,907

^

2.79

STOCK

3.02

the

4,415,405

—lil

4,375,079

2.78

,

course

anticipated
effect of renegotiation based upon
their
past renegotiation experi¬

.+

2.79

'

dis¬

are

of

an

chise tax to

4,229,262

7

Corporate by Groups*.
:. P. Ui:
•
Indus,
3.55:" 3.32
' 2.97 "*'2.78

These

matter

a

upon

reasonable

4,377,339

Sept. 30

R. R.

1.85

EXCHANGE

as

alternative, you might
consider permitting the companies
affected to defer payment of a

4.358.512

•

Baa

1.85

'

.

1,732,031

4,227,900

23

of

"As

4,394,839

.

—

by the Bureau of In¬

review of the
'A

11

;

1,426,986

4,240,638

pos¬

man¬

nicipalities.

'A-.1-

-

12——

•

—_

Oct. 28

13——^—

Sep.

3,649,146

,

Corporate by Ratings*
Aaa

,

A%A

AVERAGES

Individual Closing Prices)

Corpo-

Bonds

„

A

16——

•/

3.9

Oct. 21
BOND

14AA—I-

•

3,625,645

1,433,903
1,440,386

1,727,225

4.4

+

—i

Oct.

AAA'-.

97.31

+

+

4.6

sub¬

that

extent

Revenue.

effect

1,592,075
1,711,625

1,415,704

4,184,143

Oct. 14

116:61

113.89

103.30

xAv. ^A;.

x

114.46

111.81

97.16

1,341,730

4,226,705

.

2

Sept.

3,424,188
3,428,916
3,565,367

4,196,357

Aug. 26

114.27.117.40

103.47,

'

119.20

MOODY'S

If—*—;■

Oct.

114.27,

103.30

v,.•;.■/<,,

1944—

-Daily

107.27

99.04

a-. —■,

-i

1942„

Averages

103.47

110.88

107.44

'AAAA'.

'

112.93

116.22

111.44

116.85

1943,

17,

100.16

117.40

118.20

; a,a.

2 Years Ago

•

111.07

112.75 .•118.80

120.87

'

0.5

confines the

an

regularly by the State Tax Com¬
mission, in view of their nominal

1929

1932

4,399,433
4,415,368
'4,451,076

Aug. 19__

High

5.3

+

1942

1943

4,390,762

—

119.68

25

110.70

+

3,919,398

over

4,380,930

Mar. 31

119.20

4,110,793

4,377,152

—

Feb.

1944AA''> '120.44

1943

117.00

114.27

106.39

112.00 '102.80

May

(Thousands of Kilowatt-Hours)

1944

This

other adjstments to taxable

ternal

% Change

106.56'• 114.27

■

tax.

posed

Week Ended-

would

for consideration the
renegotiation adjustment consum¬

ner as

1943.

DATA FOR RECENT WEEKS

106.56

103.13

recommendations

net income

117.20

4——-..120,08

♦Decrease

.

*0.6

—.

over

Tax Commission in the same

117.20

-',-18———^

*2.0

Total United States

turned

Adoption of

sibly it could be considered by the

5.9

*9.6

>;

ac¬

half

open

chise

5.7

*10.3

is

communities.

ject to such

*10.2

5.7.

*12.6

—

second

mated after payment of the fran¬

0.6

*5.0

I—

117.20

8-AA—119.48

15—119.42
T.

Major Geographical Divisions-

—

which

tax

the

these

1

YEAR

payment of the

leave

5

■

OVER PREVIOUS
—

6

,

falling off of 0.6%. The

117.20

112.75

9 A—

upon

tual

rate"*
112.55

Aaa

year

kwh. in the corresponding week a year ago, a

Corporate by Groups*

Bonds
119.58

\

.

the

the

adjustment is based.'
Necessarily, this would require
the filing, of an amended return..
This provision would apply to any
renegotiation
adjustments
com¬
pleted between May 15 and Dec.
31. Here, too, the effect would be

17

Oct.

for

income

which

production of electricity by the electric light and
power industry of the United States for the week ended Oct. 14, 1944
was
approximately 4,354,575,000 kwh., compared with 4,382,260,000

Avge.

Govt.

Institute, in its current weekly report, esti¬

7

mated

U.S.

from

19

—

—

Oct.

249.2

.

4

249.1

20—
21_

249.4

22—

249.4

■

250.7

5—

250.6

6

248.8

250.0

'

7

23

249.4

9

250^5

•25

251.8

10

249.1

26

251.1

11

249.5

Market Valise if Bends in N. Y. Stock
The New York Stock

r

:

the close of business Sept.

Exchange

Exchange announced on Oct. 10
30, there were 1,062 bond issues,

market value

100,74 on Aug. 31. <
table listed bonds are classified by govern¬
groups with the aggregate market value and

$102,328,885,992; average price of

industrial

and

mental

par

following

the

In

average'price for each:

'' >':v■■

■

;;7:7

■ 77

7;■

777

niqipal construction, however, is 1$% higher than in the period last

■

■

U.

$

(incl. N. Y.
etc.)._

Cities,

S. companies:
Amusement;*___7._--~-—•

7,406,250

98.75

Automobile

5,945,000

102.50

L

—

Building

102.25
102.41

13,296,440

15,133,010

107.00

15,203,725

107.50

44,532,000

104.05

44,543,875

104.07

20,325,000
40,069,074

101.63

20,300,000

101.50

102.79

39,998,238

102.61

•197,167,350

105.97

253,684.213

4,847,460

86.50

11,160,420

94.35

35,420,597

102.78

35,300,275

102.43

94,055.803

73.37

93.915,729

72.48

32,150,611

104.22

32,296,515

104.69

office equipment-

and

Business

Chemical

Electrical

equipment

Financial

/

7

—

——i-r.--——

Food

Land and realty

____

and metals———
Mining (excluding iron)——
Paper and publishing--—
Machinery

Petroleum

104.03'

639,545,689'

________________—-

7,914,016,581
12,723,568

Rubber——

:

69,387,006

104.37

69,496,301

'

19,384,531

91.03

19,510,595

103.42

393,578,120

36,750,000

37,012,500

105.75

170,562,712,:

104.49

172,938,230

3,160,384,133

108.15

Textiles

Tobacco

—

Utilities;

...

.

A

.

105.95

>

7

.

It is made

of $2,830,000

up

3,053,368,066

Gas and electric

(holding)—

61,089,841

109.25

60,710,360

108.57

———_—

1,150,807,812

112.39

112.33

98,748,232

69.93

1,159,248,963
103,656,390

150,652,646

85.72

149,956,705

85.32

30,742,450

104.86

31,456,800

106.53

92.20

flected in each of the three

decline.

electric

companies

S.

abroad—
businesses
—

Miscellaneous

,

Total

U.

S.

_

utilities.—

Miscellaneous

U.

(operating)

oper.

92.26

14,498,314,148

70.18

1,402,728,939

90.41

650,618,079

All listed bonds—

The

100.61

102,328,885,992

100.74

following table, compiled by

the

of

son

listed

102,017,012,414

total market

the total

and

value

the Exchange;

on

\ 1942——

:

1943—

receded somewhat as lower quotations were given for choice

Nov.

30

90,076,888,558

96.11

Dec.

31-

90,274,071,634

99.38

Dec.

31—

70,583,644,622

96.70

Jan.

31..—_ •W—T#

90,544,387,232

97.47

Feb.

29

96,837,573,171

Mar. 31—

95.713,288,544

100.32

Apr.

29—— J'—

May

31

71,346,452,852

1.

71,575,183,604

98.24

71,857.596,488

98.69

81,048,543,830

May 29
June

y

Aug. 31

100.62

96,235,324,054

100.53

102,284,657,208

99.35

Aug. 31_:

99.37

80,149,558,292

_;

100.74

i-"'y "■

;

Each Group
Total Index
25.3

!.

^

•:

v.1

100.61

7

MEMBERS

BY

OF

1944
142.8

—.—

Free Copper
Year

tDomestic

Refined

♦Crude

Export

836.074

818,289

814,407

1940-

992,293

1,033,710

1,001,886

48,537

Year

1941-

1,016,996

1.01)5,667

1,545,541

307

Year

1942-

1,152,344

1,135,708

1,635,236

1943-

1,194,699

1,206,871

1,643,677

1939—

Year

9 Mos. 1944-

1,225,388

92,781

101,779

LJ-i

87,128

124,800

——

101,247

99,118

156,083

92,530

95,280

156,233

—,v

165,887

—J

141,139 ——

121,898

95,712

Mar.

1944.

Apr.,

1944-

May,

1944.;.

'.

1944

89,070

98,580
93,958

1944..

July

86,224

93,650

1944

Aug.,
Sept.,

..

,

J At

91,047
88,384

smelter production

or

tBeginning
domestic

82,769
82,572

-

1944

♦Mine

March,

122.8
131.4

eries show

little change.

Textiles___

ized sheets

are

Metals.—1__

104.1

104.1

104.2

104.4

154,0

154.0

154.0

152.5

126.1

7 126.1

126.1

127.7

118.3

118.3

118.3

117.7

119.9

119.9

119.9

119.8

104.7

104.7

104.5

104.1

139.5

138.7

7

:

——.

Building materials^—
Chemicals and drugs

.3

"

■

;•

Fertilizers-

—

.

__________—

_______

Farm machinery——.——^.

deliveries

of

-

51,412

paid

duty

foreign

stocks

at

consignment

Note—Statistics

and

in

warehouses,

the

first

•/.

1

engineering

,

but not including
7 ■
; A.-:'...' 7 .y :

eight months of 1944 have been revised.

construction

V

y

'■ 7,

volume

in

continental

United

States totals

$57,679,000 for the week. This volume, not including the
construction by military engineers abroad, American contracts out¬
side the country, and

shipbuilding, is 118% higher than in the pre¬
ceding week, and 72% above previous four-week moving average,

but is 21%

below the total for, the corresponding 1943 week

as

re¬

ported to. "Engineering News-Record".
The report

Public

627c, but is 82% below a year ago.

,

week's, construction brings 1944 volume to $1,463,-

770,000 for the 41 weeks, a decrease of 44% from the $2,599,012,000

18% under a year ago, and
as a

Private construction, $299,993,000, is

public construction, $1,163,777,000„is down

result of the 53% decline in federal work.




136.3

Oct.

16,

production difficulties such

unwieldy backlogs and intense delivery pressure,"
Age" states in its issue of today (Oct. 19), further adding

"The Iron
in part as

State and mu-

v',;
'A
'
the fairly steady steel

follows:
: ■'J•••-'"Coupled with these conditions has been

with

...

production
a

at

levels*'

high

concurrent drop in net or¬

volume.

t

.

,

"

/

"Although actual steel tonnages
booked in the past week have
been relatively heavy, some part

j of this has been nullified by a
(high rate of cancellations. The
mostly from
curtailment
in the

latter have stemmed
the

drastic

"Little

past week that its efforts to solicit
new

customer business to fill the

landing-mat cancellation gap re¬
ceived prompt and wholehearted
response.

difficulty has been ex¬

This may be taken as

indication

an

that

for

sheets,

ter.

Most producers of galvanized

pre booked solidly into second
quarter. Cold-rolled sheet prom¬
ises fall mainly in February and
March.
I 77,.;, /, '.,.777
.

firm

hesitation

pretense of
the opportunity

all

drop

to

tracts

has

caused

con¬

fabricators

strongly for
struction
projects 7as
compete

Considerable

volume

such

out;

come

of

to

con¬

potential

building demand is accumulating,
held off the market by restric¬

tions,

promising

large

require¬

ments when released.

"Lower
scrap

prices on steelmaking
at important centers caused

the

average composite price on
that commodity to decline 50 cents
to $16.58,
Other composites are
unchanged, finished steel at $56.73,
semi-finished at $36 and
steel- i

making pig iron at $23.05."

at

least, steel fabricators are suf¬
ficiently certain of the future to
when

landing-mat program.

Foreign Funds Control

secure

delivery presents itself.

'

Of Reserve Bank Moves
Allan

Sproul, President of the

Federal

Reserve

Bank

of

New

"All

schedules which

signs indicate that official York, announced on Oct. 10 that
in mill
Washington looks to further eas¬ beginning Oct.
16,
its
Foreign
opened up when

the landing-mat

program

perienced

in filling gaps

was

all

The greater

but cut to the bone.

part of the cancellations

affected

schedules, but there has
been evidence that the steel in¬

advanced

dustry generally will be able to
gains 125% over last week, and is 22% trim its flat-rolled carryover sub¬
Private construction exceeds a week ago by stantially by the end of this

reported for the period in 1943.

7

carryovers,

made public on Oct. 12, continued as follows:

The current

and'

this week that the steel industry

losing or would soon lose more of its

Construction

higher than last year.

48%

as

■

Engineering Construction $57,67S,00fi
For Week-Tops Last Week By 118%

Civil

7, 108.7;

Galvan¬
becoming steadily
tighter, with practically no mill
tonnage available for first quar¬

"Lighter demand for structural
shapes for shipbuilding and im¬

"Evidence was again piling up

"
was

der
exchange

their plants or warehouses.
for

,

ingot
for

copper
■■

refineries,' on

.

130.1

-

shipments, and custom intake including scrap.

includes

?

108.7; Oct.

14, 1944,

7

■

.

pending completion of such

-

50.991

—

139.5

combined—_______

1926-1928 base were; Oct.

130.1

.

Operations Maintained At Peak LeveSsMai Ganceilafien Eases Tight Sheet Market

-

48,050

-

118,054

on

153.9

Steel

-

37,259

'

All groups

,

157.2

106.2.

1943,

-

36.489

.

'139,515

or

•

7

♦Indexes

156.2

160.5

130.1

"

—

Fertilizer materials

7. 7;

u

162.1

160.2

Fuels__________,—_;

6.1

Refined

consumption.

consumers'

Civil

1941,

.

December

present

150.6

-

-

37,074
42.467

95,400

At

war.

-

38.382

94.534

1944-

1944-

the

a more pronounced
demand, regardless of

132.2

161.6

__i"

Livestock__—

156.3

-

75,564
65,303
52,121
51,412
45,800

839,926

,820,058

Jan.,:
Feb.,

June,

i—,

158.6
193.6

new

154.3

100.0

—130,270
+17,785
—
16,713
—41,417
—
—48,671v— 67,208
+16,636 - 10.255
—12,172 —- 13,188
709
—1.9,868 —
6,321
+ 2,619' —
9,311
+ 8.584
—
+
770
+ .2,129
"■+■
f
1,123
— 2,750
+
1,308
— 4,046
—
5,393
— 4,888
+
5,583
— 1,426
+
2,941
— 8,278
+
421
— 5,812
+

161.8

202.4

year.

7.1

Decreases (—)

Blister

159,485
142,772

134,152

Year

or

lull in

165.5

the

of

8.2

Stock Increase ( +)

Stocks

sag,

347.2

164.7

206.6

turn

following

140.4

:

the

Later in first quarter output may

163.1

:

165.2

IRefined

: End of
Period

after

to

155.5

'.77:7. .3

Deliveries

until

continue

producers

expect
production to be sustained at least

145.1

141.8

163.1

206.5

_A_—^_-.-

im.*

.3

to Customers

J 45.1

1943

1944

142.5

145.1
163.1

Fats and Oils—_—

Ago
Oct. 16,

1944

.7v

Year

Ago

Sep 16,

:

schedules

,

132.2

7;

17.3

COPPER

THE

1

Oct. 7,

mill

although

cur-

132.2

7'"'

10.8

i(In Tons of 2,000 Pounds)

Production

early

as

155.5

i

INSTITUTE

U. S. Duty

in nearby rolling schedules,
as TNoveipber
in some
These earlier openings have
been
filled
quickly
but
future

gaps

Miscellaneous commodities——_

7

Of Copper Statistics
REPORTED

the

delivery is available. 7 -7 - 7;
7;
"In spite of the easing in hotrolled sheets,
cold-rolled deliv¬

1.3
STATISTICS

.77

v

Week

Oct. 14,

Farm Products^

23.0

Sept. 11 released the following statistics
pertaining to production, deliveries and stocks of duty-free copper:
COPPER

in the landing mat
has caused cancellations
sheet market and opened

"Reduction
program

in

ease,

■

Month

Latest Preceding

,

Cottonseed Oil____i—

The Copper Institute on

OF

v-.-

..

Grains

SUMMARY

Oct.-16 stated in part

follows:

as

Plate

:

.

Week

77. 7.. *7 * *

*'■

■

..

Foods__:_7„_:__—:

7:

.

V'7

7.77

.*.

7

..>*\7'.

Cotton-^—

Latest Summary

/'• \

•>.'

7:77 ;:"7,7.;; Group

Bears to the

102,017,012,414

Sep. 30_—

PRICE INDEX

COMMODITY

7:yy •' '• Compiled by The National Fertilizer Association

T--,;:V
Vc7k';';.:7 7
1935-1939—100*
-:77' '■■7;:'i
% 7777 7%-77.7;v7-77, 7:7777 ' 7,:

100.71

102,328,085,992

July 31

99.23

7,7

100.31

93,849,254,814

June 30__—

80.704.321,646

Sept. 30————i

95,305,318,075

—

99.47

80,109,269,964

—

lnf „n

WHOLESALE

WEEKLY

-

—

—

80,352,221,151

30—,

July 31

"in the preceding week 9 price series advanced and 3

7%
— ~

99.64

on

Cleveland,
in
its
the iron and steel

tailment, with some producers in
position to offer tonnage a month
or
more
earlier than heretofore,
sometimes as early as February.
"General trend in other major
products shows little variation,

..

30

of

of

schedules show effects of this

.

27—--,

the

group.

100.21

31

that

raw

99.78

71,038,674,932

'

Apr,

indicated

cases.

declined;

96.48

64,543.971,299

Mar.

The livestock

trend in the grains group.

downward

■"Steel"

having markets,

declined, the same as in the second preceding week.

64,843.877,284

97.79

telegraphic reports which it

summary

This fractional decline is re¬

$

30—..

Feb.

announced

16

received

sub-groups which also registered a slight

99.45

31

1944—

.

Oct.

on

that

spot cotton was not sufficient to effect a change in the
All industrial commodities remained at the pre¬
vious week's ...level; '' 7+77 '7f 7/ 77 7'i:
'•'■%. 7-■ V•. 77.7/
A'-'
During the week 3 price series in the index advanced and 5

Price

Nov.

30—.

The Association's re¬

100.

average as

90,501,768,934

Oct.

1943—

77;
..;:C
Iron '■ and: Steel

American

textiles

99.02

Jan.

The

Institute

cattle, lambs, and live fowls. The foods group continued a fractional
advance as the result of higher prices for eggs.
The slight rise in the

price of bonds

Market Value

:

30

Oct,

viewpoint." "

Commodity Price

$

96.18

tended

price of

$

$

week

support a strengthened market

to

had

and

Higher prices on rye and some grades on wheat were not
of wheat, thus caus¬

slight

a

group

Average

Average
Price

62,765,776,218

Sept. 30—,

ing

,

Market Value

'J t

average

state

sufficient to balance lower prices on some grades

gives a two-year compari¬

us,

the 1935-1939

on

advanced for four .consecutive weeks.

90.94

companies

—

136.3, based

70.67

646,787,731

government—.—.

Foreign

in

port went on to say: .7: ■+■■'+7.7%'
7:;':. %
The farm, products group.marked its first decline after

72.07

1,388,894,492

14,312,333,777

companies-

Foreign

this

evidence

tered

Unchanged From Previous Week

Communications

and

$1 a ton, thus bringing 'The Iron
Age' composite down 33 cents a
gross ton to $15.75 a gross ton.

classified

107.76

Gas

markets were still reflect¬
waiting attitude.
Heavy

sewerage,

index

103.70

105.00

a

construction groups, gains, over the last week The next few weeks or so should
industrial, commercial and public buildings, and definitely establish whether or
streets and roads.
Public building volume is the only one to gain not scrap will continue downward
over the 1943-week totals.
Subtotals for the week in each class of or strengthen considerably. Scat¬
the

in

national Ferfilizer Association

91.68

393,028,947

Shipping services —
Steel, iron and coke——

ing

for the week beginning
16, compared with 96.9%? one
week ago, 95.3% one month ago
and 100.7%
one year
ago.: The
operating rate for the week be¬
ginning Oct. 16 7 is equivalent, to
1,745,000 tons of steel ingots and
The Weekly wholesale commodity price index, compiled by The
castings; compared to 1,743,200
National Fertilizer Association and made public on Oct. 16, remained
tons one week ago, 1,714,300 tons
unchanged from the previous week at 139.3 in the week ending one month ago and 1,755,200 tons
Oct. 14.
A month ago this index stood at 138.7 and a year ago at one
year ago.
v
70/>"7:7'7,

104.53

v

scrap

melting steel at Chicago declined

Oct.

94.90

merchandising

Retail

delayed repairs are being sched¬
uled more frequently.
"With one exception this week,

capacity

83.45

——

12,909,489

96.29

which despite heavy cancellations
is still far from unhealthy, long

municipal bond
sales, and $50,000 in corporate security issues.
The week's new operating rate of steel companies
financing brings 1944 volume to $1,618,350,000, a total 47%? below .the having 94% of the steel capacity
of the industry will be 97.0% of
$3,041,566,000 reported for the 41-week 1943 period.

104.20 V

640,569,972 7

83.92

——————

38,203,000

880,000.

106.14

7,915,371,886

Railroad

3,326,000
23,204,000
6,824,000
16,380,000

4,539,000"

Federal

Oct. 12,1944
$57,679,000
5,400,000
52,279,000
6,806,000
45,473,000

are: waterworks, $735,000; sewerage, $1,026,000; bridges,
$170,000; industrial buildings, $3,619,000; commercial building and
large-scale private housing, $1,080,000; public buildings, $38,507,000;
earthwork and drainage, $1,486,000; streets and roads, $2,621,000; and
unclassified construction, $8,435,000.
New capital for construction purposes for the week totals $2,-

99.00

5,930,500

102.77

12,932,315

—

7,425,000

V

_____

Municipal—-

Oct. 5,1944
$26,530,000

construction

103.15

85,777,224,826

102.98

85,668,996,414

U.

•

Price

Market Value

Price

Government

S.

State,

.

Average

Average

.

■

Market Value

and

State

are

Group—

14,1943
$72,855,000
30,113,000
42,742,000

Private Construction —

,

::v..y..

+

Oct.

Total U. S. Construction-

Public Construction

i

construction volumes for the 1943 week, last

current week are:'

In

7,'.'-

■■

■

.Aug. 31, 1944-

-—Sept. 29, 1944-

V"rr"7

y.7

k " •
Civil engineering

year.

that as of week,'and-the
aggregat¬

value listed on the New York Stock Ex¬
change with a total market value of $102,017,012,414. This compares
with 1,059 bond issues aggregating $101,581,322,714 par value; total
ing $101,398,754,393

v.

Thursday, October 19, 1944

THE COMMERCIAL & FINANCIAL CHRONICLE

1724

month
end

of

and

still

further

November.

Unless

by

the

a

sig¬

ing

in

"Although
has

ing trend occurs, steel carryovers
should be a thing of the past for
most mills by the end of this year.

levels

steel

industry

noted this

Funds Control Department would
be located
on
the seventh 7 and

granted readily, Where refusals ninth' floors of 67 Wall Street,
were hand@d out recently, to shift
New York, N. Y., and- that the
continuous mills ffom plates to a telephone number of the
depart-"
greater proportion of strip, to roll ment will remain HAnover 2-9440*
reinforcing steel from new billets Mr. Sproul- states that' "notwith¬
and
to
provide more steel for standing this change of location,
civilian supply.
it is requested that mail for the

nificant reversal in the steel-buy¬

"The

supply-demand
Permission has been

steel

the

relationship.

been

recently,

level off in

ingot rate

it

may

at

peak

begin to

the near future with

attention
Control
as

of -the Foreign
Funds
Department be addressed

follows: Federal Reserve Bank

of New York,

Foreign Funds Con¬
few bumps in the curve. trol Department, Federal Reserve
from the order situation,' P. O. Station, New York 7, N. Y;

perhaps

Apart

the steel

maintained

a

-

^Volume 160

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4326

was.selling slightly under ceilings for the first time in several months.
approxi¬
mately 5% below the previous week."
The Labor Department included the following notation in its
report: '
:
•'

&

.The Solid Fuels Administration, U. S. Department of the Interior,
latest report, states that the total production of soft coal in
the week ended Oct. 7, 1944, is estimated at 11,620,000 net tons, a
decrease of 460,000 tons, or 3.8%; from the preceding week.
In the
corresponding week of 1943, output amounted to 12,086,000 tons.
Cumulative production of soft coal from Jan. 1 to Oct. 7, 1944 totaled
482,730,000 tons, as compared with 456,909,000 tons in the same period
of 1943, an increase of 5.7%. ■■
v.'V
v':"According to the U. S. Bureau of Mines, output of Pennsylvania
; anthracite for the week ended Oct. 7, 1944 was estimated at
1,245,000
tons, a decrease of 91,000 tons (6.8%) from the preceding week,
'When compared with the production in the corresponding week
: of 1943 there was a decrease of 75,000 tons, or 5.7%.
The calendar
year to date shows an increase of 5.3% when compared with the
corresponding period of 1943.
f
V;■'
The Bureau of Mines also reported that the estimated produc¬
its

in

.

from

,..

,t

.

Sept. 30 to Oct. 7, 1944.
WHOLESALE

:

PRICES

,

FOR

WEEK

'

-

ENDED

OCT.

__—__—Week Ended——

•

,

Bituminous coal

Oct. 7,

'-Sep. 30,
Oct. 9,
tOct. 7,
Oct. 9,
Oct. 9,
1944
1943
1944
1943
1»37
12,'080,000 12,036,000 482,730,000 456,909,000 342,521,000
1.037,000
2,013.000 :2,014,000
2,025,000
1,906,000
1,443,000

and lignite—

...

-1944
11,620,000

Total incl. mine fuel

Daily

.

•;

average

''Revised.

.r_

tSubjcct to current adjustment.

ESTIMATED

■•..

PRODUCTION

AND

:

■>

V. Oct. 7,

■

'

"Total incl. coll; fuel

Sep. 30,

1944

Oct. 7,

1943

1943

1,336,000
.1,283,000

Oct. 9,

Oct. 9,

1944

'Oct. 9,

1944 ;U

1,245,000
1,195,000

tCommercial produc.

Calendar Year to Date

1,320,000

48,413,000

119,200

washery

and

117,600

dredge

coal

operations, ' tExcludes colliery .fuel.

173,100
dnd

coal

tSubject

5,725,500

shipped

6,086,600

■

1937

;

by truck from
§Re vised.

to .revision.

ESTIMATED WEEKLY PRODUCTION OF COAL,

v.'%

VJ; (In,Net Tons)" '

:

■■

are

subject

to revision

State sources or of final annual returns from

1944

+0.3

is

for

116.5

116.5

116.5

1.18.4

+

0.3

+ 0.3
+ 0.6

+ 0.3

83.7

83.7

83.8

81.8

+

"103.8

*103.9

>103.8

103.8

115.9

115.9

116.1

116.0

104.9

104.9

104.9

106.1

106.1

0

+ 0.1

0

1.8

104.2

Miscellaneous commodities

93.4

93.4

93.3

93.3

113.2

113.3

112.8

112.1

94.6

94.3

94.1

94.1

92.8

*101.1

*101.1

>101.1

100.2

*99.7

*99.6

*99.6

*99.6

'

*98.9

*93.8

*98.8

*98.8

.

93.1

113.7

...

Haw materials.-—

farm products......
All

commodities

other

V

+

0.1

+ 0.8

+

r■=

State—

:

.....

+

+ 0.1

+

+ 0.1

+ 0.1

+

+ 0.1

+ 0.1

+

vSep. 30,

___

■'

'!':=

.

SUBGROUP

1944 TO OCT.

from district and

Colorado!

tile.

2.9
2.3

Cereal

1.8

Other

Cotton goods

0.8

Fruits

0.7

Iron

Cement

0.4

products
farm

0.4

products

^

.

and

vegetables...

and

159,000

164,000

1,0001

Kansas and Missouri______

.Maryland...v--.———-i

407,000

50,000

92,000

pending

on

for

ibitum. & lignite;

97,000.

Li,

34,000

■"'r

16,000

'

_________

633,000.
2,945,000

Pennsylvania (bituminous)
Texas, (bituminous &

lignite)
3,000
utah-.-_._.w—133.000
.

Virginia.

,'tWest Virginia—Southern-,.—1

:

,

61,000

675,000

552,000

2,978,000

2,330,000
118,000

134,000

149,000

2,000

v

19,000

3,000

133,000

115,000

86,000

350.000

394,000

322,000

30,000

30,000

47,000

2,038.000

2,238,000

1,920,000

1,070,000

970,000

176,000

193,000

,

;

•

;■

Virginia—Northern—1,045,000

Wyoming..
;—/
.IGtheivWestefu

79.000

33,000

52,000

2,970,000

,

30,000.''
2.157,000

.

V 35,000

690,000

387,000

^Wasnijngtoh_y*-^-„2i--_'„:^»^-',i.: V-

90,000

32,000
50.000

.Tennessce^T^„i^_-»^«u,.-^l_;-V135,000

twesfc

2,000

85,000

,

134,000
*•'■

meetings held last week between WPB

•:' 639,000

;

industry

204,000

37.000

139,000

1,000

.Total, all coal———
ttncludes operations
on

the

13. & O,

"Panhandle

in

__

.on

the

12,080,000

•

11,850,000

12,178,000

9,826,000

,1,336,000

1,282,000

"1,290.000

1,155,000

13,416,000

13,132,000

N. & W.; C. & O.;

Virginian;

Kanawha, Mason and Clay counties,

13,468,000

10,981,000

K. & M.; B. C.

& G.; and

tRest of State, including the
Sincludes Arizona and
:",y
.

/District and Grant, Mineral and Tucker "counties.

Oregon.. "Less than 1,000 tons.

';

••

General

groups.

intention

of

impression

and

is

were

qualified by questions

over

the disposition of premium prices,
continuance of Government pur¬

chases, and probable amounts
be

declared

surplus.

there

To

were

to

these

definite

no

answers, WPB simply indicating a
desire to avoid creating unneces¬

unemployment

sary

tions
in

and

disloca¬

involved

Many
expressed; dissatis¬

attendance
over

lack

the

of

The

market

copper

of July

week

of

policies

"Farm

Products

and

Foods—Wheat

quotations

again advanced

than

2%, influenced by higher subsidy rates and increased
purchase prices in Some markets by the Commodity Credit Corpo¬
ration,
Prices were also higher for corn, oats,, and rye and there
more

were

seasonal advances for eggs, sweet potatoes, and oranges.

Aver¬
onions and sp^'lps were seasonally
lower.
The level for the farm products
group.fpse 0.4% during the
first week in October and was nearly
1%/, higher than early Sep¬
age

prices for

white potatoes,

tember and 0.5%

above the corresponding

-week, of last

year,

"The index for food prices in primary 'markets rose 0.2%

during

the

week, led by higher prices for cereal products, reflecting the
grain prices. There were also advances for certain fresh
fruits and canned pears and eggs.
The average for the group is 0.2%
increase in

above four weeks ago but 0.8% below the first week in

"Industrial

Commodities—Average

prices

for

industrial

Lower

qpotations were reported for ponde,:osa pine lumber, which




that

would

then

tals.

The

WPB

added that

may
now
accept unrated
orders for.brass and bronze cast¬

they

V-E

do

may

,

WPB.

A lively demand for lead

buyers
serve

sible.

are

ready to

stocks

if

October

it

that"

con¬
some

acquire

becomes

orders

July

Aug.

Domestic

34,873

29,982

8,717

3,737

43,590

Foreign

.

33,719

3,999

3,138

______uL...

'

*In

etc..

scrap,

Total

smelted

scrap

plus

some

scrap

are

about 25%

the

here

the

over

first

domestic pro¬
duction declined from 4,400 flasks
in January to 2,500 flasks in Au¬
gust.
■ Vv".w-.%Mexican

year,

of

tied

are

producers

the

have

metal

been

because of stockpiles

up

in this country. The Government's
stock of quicksilver exceeds two

years' supply at close to the peak
rats of consumption.

refined

producers

eight

1944,

in

by

with

primary

V:-. /..■

of

months

tons,

American

lead

by
the

1943

according

Bureau

:

during
of

of

Silver

36,857

in. connection
received

•

.

domestic
%rst

47,589

-

*Only

and

the

to

Metal

The
last

week

are

filled.

-Jan.-Aug.
1943

1944

■

73,311

73,829

Ammunition

38,146

16,172

5,125

+■>' 7,237

Cable

FOil

,

Batteries
Brass

42,890

Mills

53,683

4,105

changed at 23V2d.
Official

at

silver

and

un¬

The New York

for

tinued at

tic

for

quiet

foreign silver con¬
44% cents, with domes¬

70%

cents.
Gold

41,68?

4,111

4,002

160,677

170,033

Jobbers

"Unclassified

(aJ

Output of gold in South Africa
during July was 1,040,000 ounces,
which
compares
with
1,038,000
ounces
in
June
and
1,090,000
ounces in July last year.

5,60/

31,588

Sundries

Total

372,241

359,953

"Includes

and

other

white

lead,

oxides;, sheet

red

and

lead,

litharge
solder;

pipe;

babbitt, and lead used in making tetraethyl
for

gasoline.

Former ICC Head Dies
Frank

zinc

and

some

the

of

"C" premiums
continuance of MRG

of

producers'

The failure

metal.

slow,

apparent

future of

the

purchases

uneasiness

to

add

excess

mate¬

rially to stocks in September was
due to production losses, not to

improved market. Zinc indus¬
members are awaiting with

considerable interest further word
from

the

WPB

with

regard

to

laxation of copper,

control
The

lead, and zinc

orders.

September statistics of the

}

eight

for

Commerce

Oct. 3 at the age of 74 years.
1911

Mr.

McManamy

staff of the ICC

The zinc market continues

with

McManamy,

Chairman of the Interstate
Commission, died on

years

•

98%

The

market

was

tistics:'

price and stockpile policies fol¬
lowing the promised V-E Day re¬

re¬

London

Sta¬

pos¬

covered, and November require¬
ments

of

containers

try

appears

occurred

numbers

Statistics, in tons:

ore:VV■

In

an

Lead
•_

that

half

Bureau of Metal

over

Production of brass rod during
August totaled 94,000*000 pounds,
an all-time
monthly high, accord¬
ing to preliminary figures com¬
piled by the
Copper Division,

tinues, and it

sumption, the trade believes, also
larger than that of July.
Owing to the steady fall in prices

growing
shortage in flasks.
Flasks have
not been coming into the country
from European sources, and large

not fill them until

Day, and then only as
not
hold
up - military

orders.

in

was

tons against

■

after

quicksilver

during August
3,900 flasks, a gain of 900
flasks over July. September con¬

a

me¬

foun¬

dries

ings, but

of

States

totaled

govern

premium prices and surplus

com¬

upward sharply, reflecting the effect of the Stabilization Extension
Act of 1944.
A rise in prices was also reported for quicksilver,
malleable iron
castings, prepared roofing, sand, and turpentine.

or¬

anxious to have clarified the

October, 1943.

modities continued relatively steady with but few exceptions. Quo¬
tations for sheepskins were higher and prices for cotton yarns moved

limitation

ders, including M-9 and M-9-c for
copper, after "Victory in Europe"
Copper industry members
approved the plan in general, but
were

The-Labor Department's report continued:

and

Day.

of this year.
In the past four weeks the
index has risen 0.3% and is 1.1% above the level for the first week

October, 1943."

7,981

Shipments
this

was
quiet,
with
the
industry
During the first week in October commodity prices in primary awaiting next month's allotments.
markets continued to edge gradually upward, having risen slightly Undertone of the market, how¬
Discussion
for the past three weeks.
Further advances in prices for grains, ever, continued firm.
-cotton, fresh fruits, eggs, and cotton yarns and higher quotations for focussed on WPB's announcement
cereals and quicksilver were largely .responsible for the rise of 0.1% that it intended to revoke most

conservation

of

embarrassed because of

V'

-;i!Copper

because

possible changes

over

9,793
pervious.
Receipts of lead in ore and
scrap by primary smelters and re¬
finers, according to the American

publication

•.

A heavy
quicksilver is

spot

Consumption

the

;

to say, in part:

on

quantity.

conclu¬

sive .^results."

The

first week

disclosed

the week

in

tons

refiners.

in the

WPB

during reconversion.

faction

with small lots be¬
high as $109, de¬

commitments

the United

lead, and zinc

copper,

that

abandoning its activities in regard to these
Day, leaving such controls as are required in the
hands of OPA, and sought the in-«>
dustry reaction.
The
industry Government's stockpile is being
view was generally Inclined to¬ reduced
steadily, and is now be¬
ward relaxation of controls, par¬ lieved to be well below
150,000
ticularly in lead,; but reactions tons. Sales of lead for the week

ore,

in its report of Oct. 12, which also stated: <
•
-Tv
-V'';"
"The Bureau of Labor Statistics' all-commodity index now stands
at 103.9% of the 1926 average, slightly under the high point reached

as

in the international situation.

V-E

further went

during the week ended Oct. 7, said the U. S. Department of Labor

future

virtually

metals after

questions
Total bituminous & lignite.:,Pennsylvania anthracite----.

quoted

reported, but round lots are sub¬
ject to negotiation. There is still
a
notable
hesitancy in making

"E. & M. J. Metal and Mineral
Markets," in its issue of, Oct. 12,
"Center of interest in the markets was over the
hastily called

915,000
:

309,000

3,000

3,000

Mexico-.,—r'-y '' .•: 30,000
flignitet
:.r"- 49,000
_

,

36,000

.

low of $106,

ing

stated:

135,000

978,000

384,000

'

Nortn <fe t>outh Dakota

Ohio

133,000

187,000
944,000
,

a

;

-

forward

continues

0.1

;

V

in

interest

slow, but
the market for spot metal stiff¬
ened steadily during the week to

Copper, Lead and Zinc Controls

1,159,000

573,000

,,,

36,000

■

Michigan->._^__—.
Montana

1,533,000

45,000

359.000

52.0Q0

99% tin, continued
51.125 cents per pound.
or

uncertainty

*

1,000

1,000,000

Kentucky—Westprn^-

-6,000

538,000

186,000:

Kentucky—Eastern.,

•

1,344,000

42,000

52.000

Chinese,

0.2

steel—,—

■Ferrous Metals—WP8 Plans Removal Of

5,000
92,000

144,000

1L-•—:

lowa-..*-^—1

258,000

390,000

5,000

544,000'

52.000

Oct. 11__^

0.3
...

Lumber.-

86,000

1,397.000

Indiana—

52.000

Buying

1937

100,000

;.

Illinois

52.000

52.000

quicksilver

Dairy products

Oct. 2,

■

153,000!

...

Georgia and North Carolina';^

New

•'

2,

1943 V

358,000

v

52.000

52.000

52.000

FROM

:V"

:

Decreases .',l.

Oct.

1944

7,000'

52.000

'52,000

at

1944

7,

Increases

.

Other foods

91,000

.•

Arkansas and Oklahoma

52.000

9

1.4

INDEXES

Hides and skins

shipments

Dec.

7

demand

reports

Sep. 23,

383,000

:

_____

•Alaska__!_'_*__:.__.._._.7

52.000

Oct.

1.1

^97-5

52.009

52.000

Oct.

1.0

98.6

52.000

52.000

Oct. 10

1.9

0.1

+

Nov,

52.000

6

.

Quicksilver
CHANGES IN

SEPT, 30,

—Week Ended-

-1944

Alabama

Oct.

1.4

+ 0.5

follows:

as

5_—:

Oct.

0.3

+ 0.4
+ 0.3,

come.

■

.

PERCENTAGE

and

0

nally

in prospect

none are

quality tin for shipment,
pound, was nomi¬
per

cents

Oct.

than

farm products and foods

the domestic, market

as

time to

4.6

0

no
price develop¬
during the last week,

3.2

0

in

0.1

0

far

so

some

Straits

2.4

+ 0.1

+ 0.2

100.3

106.1

25,516

were

concerned,

1.4

-

+ 0.1

112.5

104.9
106.1

0.1

—

'

,

ana

1.9

97.0

83.8

Metals and metal products—_t™. ".103.9

3uilding materials...!
Ihemicals and allied products-

*241,693

20,983

_____

ments in tin

0.8

116.8

98.2

orders

Tin

0.5

Hides and leather products—.Textile products..

98.3

137

*64,295

243,749

end

at

There

+

+ 0.9

Grains

I

Stock

1.1

+ 0.2

98.5

223

'64,835

1943

+ 0.2

98.8

*64,158

Export

+

+ 0.4

the operators.)

I

1944

+0.1

104.9

): y'\

i;,:

receipt ol monthly tonnage

on

1943
102.8

122.7

authorized

(The current weekly estimates are based on railroad carloadings and river
and

1944

"103.6

103.9

/

BY STATES

/V.

1944

*103.1

122.2

Brick

:
;

..

1944

104.3

lighting materials!

2,299

64,612

Domestic

10-9

122.8

2,700,800

-.

9-9

133.9

?uel and

71,281

2,230

rate_„

1944 from—

9-30

122.8

♦Preliminary.

total

States

♦Includes

10-9

104.1

Beehive coke—

United

9-9

Aug.

66,891

.

dally

"Revised.

123.3

39,209,000
37,249,000

47,869,000
45,954,000

50,429,000

1,267,000

,

Sept.

L

Production,
Shipments:

y

*103.8

u

All commodities---—. ..—.♦103.9

Semimanufactured articles

—Week Ended-————
Penn. anthracite—

1944

s,

9-23

Manufactured products——.. "101.2
All
commodities
other
than

'

COKE

(In "Net Tons)

;

Commodity Groups—

9-30

re¬

and Sep¬
in tons, follow:

statistics,

Percentage chansre to

.Housefurnishing goods

;

OF PENNSYLVANIA ANTHRACITE

10-7

held

were

The August

Production

1944

yarm products,.

1 to Date

—-——January

tember

Unfilled

7,

?oods__——i

IN NET TONS

month

,

Oct. 7,

increase of

ESTIMATED UNITED STATES PRODUCTION, OF COAL,
;

short

sponsible.

(1926=100)

1,600 tons when compared with the output
the week ended Sept. 30, 1944; but was 53,900 tons less than for
corresponding week of 1943.
^

for

the

complete reports.
...
•/.
■:
The following tables show (1) index numbers for the principal
groups of commodities for the past three weeks, for Sept. 9, 1944 and
Oct. 9, 1943, and the percentage changes from a week ago, a month
ago, and a year ago, and (2) percentage changes in,subgroup indexes

tion of beehive coke in the United States for the week ended Oct. 7,

the

dropped 4,390 tons for the month,
a total Of 66,891 tons, the low¬
est figure since February,
1941.
Labor shortages at smelters and

,

.

revealed

smelter " output

zinc

to

.

.

an

slab

tnat

Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report changing prices.
Indexes
marked (*), however, must be considered as preliminary and subject
to such adjustment and revision as required by later
and more

.

.1944 showed

American, Zinc Institute

The scrap steel market continued weak and quotations were

'y

,

1725

as

In
joined the

assistant chief

inspector of locomotives, later be¬

coming
1918

chief

was

inspector,

and

named to the post of

in
As¬

sistant Director of Transportation
of the United States Railroad Ad¬

ministration.
death from

the New

of

In

his
Oct. 4,

reporting

Washington

on

York "Times" said:

"He had charge of construction
all railroad equipment from

1920

to

were

under Federal control.

"Mr.
a

1923, when the railroadsMcManamy

was

appointed

member of the ICC in 1923 and

became

serving
1933."

its

until

Chairman

his

in

1930,

retirement

in

THE COMMERCIAL & FINANCIAL CHRONICLE

1726

The Securities and Exchange Commission made

estimates that the daily aver¬

crude oil production for the week ended Oct. 7, 1944 was
4,691,550 barrels, a decrease of 70,750 barrels when compared with
the record daily average output of 4,762,300 barrels reached in the

16,950 barrels from the daily aver¬
Petroleum Administration for War
The current figure, however, was
301,250 barrels per day higher than the production in the week ended
Oct. 9, 1943. Daily output Tor the four weeks ended Oct. 7, 1944 aver¬
aged 4,735,800 barrels.
Further details as reported by the Institute
preceding week, and a decline of

Trading

figure recommended by the
for the month of October, 1944.
age

;

.''V

.

■„

v".'..-• '/'■•: 'V

of the total

companies indicate that the in¬

whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,506,000 barrels of crude oil daily and produced 14,252,000

of
of residual fuel oil during the

1,271,000 barrels of kerosine; 4,706,000 barrels
8,676,000 barrels

distillate fuel oil, and

Total

Round-Lot

'

of kerosine; 46,078,000
residual fuel oil.
whole, and do not reflect

78,554,000 barrels of gasoline; 14,322,000 barrels

conditions

the East Coast.

on

,

AA

.

Short

r;

.1

;v

.

nations

from

Ended

previous

Oct. 7,

$251,300
$950

y

,

Total

272,600
900

North

■

West

East Texas

Coastal

purchases————*L*—------A'

Total

400

371,050
339,900

2,133,000 $2,134,113

North Louisiana—*—.

519,350

Other transactions initiated

3.

yy- a

289,750

1,050

74,050

279,000

362,800

360,500

350,000

80,295

2,400

+

363,800

396,000

78,000

Louisiana

Total

4.

*

Mississippi

46,000

_

A

80,600

Florida

A

A'

-

'

.,.

.

Illinois

47,800

'A,

300

Alabama

205,000

13,200

—

Total

50

^-,16,600

193,900

13,500

y.y

Indiana

201,200

12,950

14,150

Transactions

A'"

65,650

72,500

Ky.)

Kentucky

25,000

——

24,650

50,000

—

Michigan

51,900

Wyoming

95,000

Montana

L_—*..

Colorado

-

Total East of Calif.

21,400

400

9,100

3,852,750

3,619,600

2,800

883,050

770,700

Total

California

885,000

——

Total United States

§

A

A'

886,300 A,

+

—70,750

4,691,550

4,708,500

recommendations

♦P.A.W.

3,805,250

gas

and

state

allowables,

A-,:':

fOklahoma', Kansas, Nebraska figures
is

net

the

allowable

basic

month..-

y,

Oct.

1

on

a

•

—.

STILLS;

UNFINISHED

AND

PRODUCTION

_———.

purchases—

GASOLINE,

RESIDUAL

FUEL

GAS

OIL,

OIL

WEEK

DISTILLATE

AND
ENDED

7,

OCT.

'A

Total

.

"

this

Production

Dally Refining

r

Crude
fineries Finished
of Gas
of Re*
Runs to Stills
Jnclud. andUnOil and
sidual
Dally
% Op- Natural finished Distillate
Fuel
Rate porting Average erated Blended Gasoline Fuel Oil
Oil

Capacity

tial

District—

% Re-

♦The term

*Combin'd: East Coast,
Texas

iana

Gulf,

y y

;

':»;

■

:<

-Vi

•

A-

v.

j-b-U-:;

; •'

,V

Louis-

Gulf,

.-'.'"-A,

North

and

inland Texas-

2,518

90.3

2,280

130

33.9

90.5

7,046

35,573

25,237

'

22,670

{Sales marked

with

exempted from restriction by the Commission's

"other sales."

Kans.,

Mo.__*

76.9

301

2,211

502

49

104.3

197

1,451

158

161

85.2

780

94.7

2,776

16,629

6,663

4,061

80.2

361

86.4

1,386

6,797

2,105

1,601

13

17.0

12

92.3

35

56

14

31

141

58.3

97

68.8

341

407

631

817

89.9

827

101.2

2,170

1,467
14,370

10,992

4,908

87.2

4,506

91.8

14,252

178,554

46,078

64,644

District No. 4——
*

Oct.
Total U. S. B. of M.
basis Oct. 7,

1944—

♦At

the

4,908

87.2

4,775

97.3

14,494

78,028

45,329

64,226

12,281

4,115

of the

Petroleum

69,014

40,513

66,883

Administration for

War.

fFinished, 65 316 000
unfinished, 13,238,000 barrels.
JStocks at refineries, at bulk terminals' in
and in pipe lines.
§Not including X,271,000 barrels of kerosine, 4,706',000
barrels of gas oil and distillate fuel oil and 8,676,000 barrels of residual fuel
oil
produced during the week ended Oct. 7, 1944, which compares with 1,396,000- barrels
4,622,000 barrels and 9,292,000 barrels,
respectively, in the
preceding
week
and
1,272,000 barrels, 4,760,000 barrels and 7,816,000 barrels, respectively, in the week
ended Oct. 9, 1943barrels;

Note—Stocks

of

kerosine

14,583,000 barrels

a

at,. Oct.

week




7,

earlier

1944,
and

amounted to 14,322,000 barrels,
10,831,000 barrels a year before.

as

compares

are

Decision

whether

to

as

to be forward-

are

dynamic, or passive
reactionary, depends upon
public
opinion.
Whether
the

among

States

takes

the nations

whether

its

place

the

of

world

it

again refuses to
face realities and accepts no re¬
sponsibility for maintaining world
or

with $140,900,000 outstanding on Aug. 31,

(t
*

—

Aug 31——
Jun 30
—

Mar 31—
Feb

—

—

,

194,800,000

—__

—

213,700.000

Feb

-—

—

30*

1942—

—_

—*

31—

202.000,000

—

Nov 30

Oct 30

U

27

Jan

1943—

Dec 31—

-

Mar 31

208,900,000

29

Jan 31

Aug 31

142,900,000 July 31-———
Jun 30-136,500,000
May 29~—
150,700,000
171,500,000 ? Apr 30
—

*

May 31—
Apr 29

Dec

203,300,000

Nov. 30—*

187,800,000

Oct

31

and

men

thousands
across

the

of

who have
in

women

towns

and

con¬

the

villages

country.

-

"We

might at this time quite
appropriately ask ourselves, 'will
this war be enough to teach the
that

«

Sep 30—.

140,900,000'
—

much to American life

so

Government of the United States

1943—

140,800,000

—

—

July 31

group

—the

the totals for the last two years:

104/

Sep 29

1943—

request

Ktransit

against

This

10.

Following

basis Sept. 30, 1944
basis Oct. 9,

Outstanding

1944, and $169,500,000 on Sept. 30, 1943.

Total U. S. B. of M.

U. S. Bur. of Mines

Hays

tributed

Federal Reserve Bank of New York
from commercial paper dealers show a total of $140,800,000 of open
market paper outstanding on Sept. 29, 1944, the bank announced on

35,227

District No. 3

California

Commercial Paper
Reports received by the

Rocky Mountain-

Mr.

that large

252

87.2

418

Ind., 111., Ky

Okla.,

100

47
824

1—,*,—

District No. 2—

July,

yA''A'v"A'Ay; "y.yA y'";

peace will be determined by the
attitude of farmers, urbanites and

"short exempt" are included with "other sales."

Appalachian—•
District No.

last

policies

United

calculating

rules are included

Louisiana-Arkansas,

their

including special partners.

are

.

"International

on

looking and

"members" includes all regular and associate Exchange members,

JRound-lot short sales which

in

y/A'y

and

30,257

their partners,

that

reflected

L'yvy'jyA

y

States.

48,738

these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales,
tin

'

:

and

firms

is

large measure upon the foreign
adopted, by the United

48,738

Total sales—

economy

interwoven

policies

:

Poten-

A

:

these

tStocks JStocks

domestic
so

"The peaceful progress of this
country and of the world depends

15.34

in

_

-

speed of travel
and by the

one

Conference

0

,—-

{Customers' other sales
Total purchases

JStocks

at Re-

is

on

said:

_11,325

138,700

in

tremen¬

Agreements," -with emphasis on
proposals
for
an
international
bank arising at the Bretton Woods

3.56

35,355

Customers'short sales—*——.

include

§ Gasoline

..w

,

section

31,355

Odd-Lot Transactions for Account Of Specialists-

C.

reported totals
plus an estimate of unreported amounts and are
.y*
therefore on a Bureau of Mines basis
In

the

nations

Speaking

127,375

sales—,—r———*——

in

increase

the

that,

4,000

AND

FUEL

1944

(Figures in Thousands of barrels of 42 Gallons Each)
Figures

—■

JOther sales——;

by

world

communications

strain

143,310

•

second

3.36

.

—

Short sales

FINISHED

OP

STOCKS

GASOLINE;

OP

time

the

generation,

others."

.-AAA %y'yA;,.y y.y;v

4. Total—

y

Total

TO

a

for

29,980

Total sales————————

declared,

Hays

fact

.22,350

A

Oct. 10
Rotary Club

involvement in

our

and

initiated off the floor—

Total purchases

Reserve

on

Mr.

of

JOther sales—

Federal

"This is clearly dem¬

dous
38,050

'

RUNS

CRUDE

Cleveland,

of

conflict

AAA 8.42

23,750

AA;y

:

of the

"by

79,595

31-day

.

international perspec¬

an

onstrated,"

75,280

;—

United

Government

of Geneva.

5,925

Short sales____——

of the

our

President

73,670

____.————

requires

tive, Reuben B. Hays, First Vice-

1,400

y""

reported with
A-vy

told members of the

purchases--—-——,———.A*

Other transactions

1

are

self-interest

to have

y Ay:«■

919,385

.

Total sales——.—-——

"V:;.- Ay'

..

{Not yet available.

'■■"■/■■■?.

Total purchases*———-—

3.

lot

round

a

Bank

—.

JOther sales-

calculated

y-y'y

905,960

:—

The

1944.

for week ended 7:00 a.m. Oct. 5,

are

of

as

re¬

Foreign Policy

States
:,y

our

basis and
includes shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely
and of certain other fields for which
shutdowns were ordered for from 1 to 15 days, the entire state was ordered shut
down for 7 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases, a total equivalent to
7 days shutdown time during the calendar
jThis

13,425 A'A-AA1' a. ;-y

Other transactions initiated on the floor—

2.

shown above, represent the
condensate and natural

as

A?

Short sales—,

crude oil only, and do not include amounts of
derivatives to be produced.

production of

y

JOther sales--—

4,390,300

4,735,800

yA.--A

•

they are registered—

are

Basis Of World Peace i

y%A
Total for week AyA:

1944

23,

and Stock

Account of Members:
J. Transactions of specialists in stocks in which

109,350

—

of

SEPT.

:

'

exempt"

"other sales.'!

less than

U, S.

18.41

Round-Lot Transactions for

7,350

105,600

8.

Account

ENDED

141,290

"short

marked

"other sales.".

York Curb Exchange
Members* (Shares)

New

;

Total sales-*--

105,150

—73,550

103,950

3,823,509

99,400

;

the

sales

JOther sales

26,500
54,700

2,250

4*

9,050

§

110,000

'

■

21,000

3,400

-'

■

'

25,600

Total Round-Lot Sales:
; Short

72,500

68,650
50,350

'

A

,22.400

8,500

Mexico ——A*

New

A

4,100
2,550

+

4.

'..A'''

/

4,000

—

96,900

'v'y!

22,000

A

'

—

on

for

WEEK

Eastern—

(Not incl. 111., Ind.,

Sales

shares

tSales to offset customers' odd-lot orders,
and sales to liquidate a long position which

2.95

592,827

Stock

Round-Lot

235,900

350

A—-,

♦Sales

"-'■A-*-*

300

109,550

of

514,977

.——

A -''Total sales

■V

47,550

sales. ■—y*—.*—*—*

ported with

78,450

y

"''AyUw

"

50

'

A

80,950

300

+

49,250

'

200

—

109,520

77,850

—„——

JOther sales-—-——

9

Arkansas

^

Number

647,445

——,——.—.

Short sales—

A A,

.

sales

Total

109,027

„———_—.—-

Total purchases

;

sales

Round-Lot Purchases by Dealers:

Total—

y;

404,302

$14,093,222

—**,y*--***

5.89

is
'■

;

4,783
399,519

30

Short
JOther

86,837

81,500

288,750

+
,

value

Number of Shares:

,22.190

*

sales

89,735

—*

Total sales_

sales

Customers'' total

163,520

off the floor—

Total purchases

other

Round-Lot Sales by Dealers-

222,330

1,891,900

% 1,350

74,050

Louisiana-

Coastal

15,564

sales—'L

,

288,150

541,700

:

Texas

sales-

total

short

Dollar

174,520

368,700

7,350

Short sales—
Total

9.57

135,250

2,150,350

135

15,429

♦Customers'

11,000

149,700

—22,700

sales*—.

other salesyi.

short

Customers'

:Ay

300

5,350

2,133,350

.

Number of Shares:

309,280

.■

Short sales———————*—_—

537,700

Texas**——

-

'

>

(Customers' sales)

44,660

JOther sales———*.—-—.—.——

-f

shares.

:

Totalfor Week
15,096
423,978
$17,658,725

.

264,620

138,300

—

334,400

Texas—**

orders

of

value

Customers'

.U--.—-;A

354,050

371,350

_______

Southwest

of

Number

♦Customers'

---

,

————*

148,000

—

149,500

East Central Texas**

purchases.——

501,250

•

Y.

N.

1944

30,

by Dealers

Number

Dollar

335,380

—11,250

492,800

Sales

(Customers' purchases)

of

2. Other transactions initiated on the floor--

88,100

98,750

ioo

Odd-Lot

Ended Sept.

Customers'

1,050

148,800

Texas—

Accounts

Odd-Lot
Specialists:

JOther sales

■

1,750

A$,

98,800

Texas****

Texas

Week

/.A

THE

ON

STOCK EXCHANGE

y"

Account of Members,

Total sales—A

A.' A'

..

.

Panhandle

SPECIALISTS

AND

t%

265,600

50

.+

LOT ACCOUNT OF ODD-LOT

113,300

3,255,630

FOR THE ODPDEALERS

TRANSACTIONS

STOCK

3,368,930

Short sales

326,850

343,150

—26,300

269,400

1,000

_A**1_~.

Nebraska

A

reports filed with the Commis¬
sion by the odd-lot dealers and
specialists.
•
\:%y:'A:Ay?;y':

;,'A:

Total for week
:

the

on

Exchange, con¬

tinuing a series of current figures
being published by the Commis¬
sion. The figures are based upon

Round-Lot Stock
-.A"'.■■■

Stock

.

650

+

$344,050

274,000

Kansas

343,000

and

(Shares)

1944

23,

•

.—

the

and

1943

A; 1944

Week

1944

Oct. 1

October

Members*

of

ENDED SEPT.

A;

Exchange

Stock

York

Account

for

-

Transactions for
for

Oct. 9,

begin,

New

the

on

WEEK

handled, odd lots

New York

Odd-Lot
:'-y;
X, Transactions of specialists in stocks in which
they are registered—
\
; yAAyAyA^

Ended

Oct. 7,

340,000

Oklahoma

;<

Change

ists who

members

Number of Orders:

Week

4 Weeks

Week
Ended

of

account

Odd-Lot Purchases by Dealers—

Dealers

ables

the

—

Except

Allow¬

♦P. A. W.
Recommen-*

for

the Exchange of 3,368,930

on

sales-—..,.—

Round-Lot

Actual Production

♦State

■

.

Exchange

Total sales——i—

\

(FIGURES IN BARRELS)

AVERAGE CRUDE OIL PRODUCTION

DAILY

Ay-'

'A,v JOther sales

8.

A'

Sales

Total Round-Lot Sales:

A.

and 64,644,000 barrels of

apply to the country as a

The above figures

Stock

A";,,

A
.

barrels of distillate fuel,

transactions

Transactions

of that week

7, 1944; and had in storage at the end

week ended Oct.

Stock

on

shares. This
compares with member trading during the week ended Sept. 16 of
1,352,960 shares, or 17.53% of the total trading of 3,857,170 shares.
On the New York Curb Exchange, member trading during the week
ended Sept. 23 amounted to 282,010 shares, or 15.34% of the total
volume on that exchange of 919,385 shares; during the Sept. 16 week
trading for the account of Curb members of 256,815 shares was
12.91% of total trading of 1,051,350 shares.
AAAy<

as a

barrels of gafeoline;

the

on

public

(except odd-lot dealers) during the week ended Sept. 23 (in roundlot transactions) totaled 1,240,272 shares/ which amount was 18.41%

V-."-'"':V

Reports received from refining

dustry

Trading

Oct.. 11 y'y The ySecurities ,; and Exchange
made
public
on
figures showing the volume of total round-lot stock sales on- the Commission
New York Stock Exchange and the New York Curb Exchange and
Oct, 11 a summary for the week
the volume of round-lot stock transactions for the account of all
ended Sept. 30 of complete figures
members of these exchanges in the week ended Sept. 23, continuing showing the daily volume of stock
a series of current figures being published weekly by the Commission.
transactions for odd-lot account
of all odd-lot, dealers and special¬
Short sales are shown separately from other sales in these figures.

age gross

follow:

NYSE Odd-tot

Trading On New York Exchanges

Daily Average Crude Oil Production For Week
Ended Oct. 7,1944 Decreased 70,750 Barrels
The American Petroleum Institute

Thursday, October 19, 1944

-

——

169,500.000
156,200,000
149,800,000

our

woven

that
the

interests

are

so

inter¬

with those of other nations

we

rest

cannot

of

live

apart

from

the

world, or will a
third lesson be necessary?' Could
143,300,000
159,600,000 anything be more foolhardy than
178.900,000 for us to suffer the anguish of
200,600,000
two wars and then, as a nation,
209,100,000
220,400,000 refuse to participate in interna¬
tional agreements which are at¬
229,900,000
tempts to establish ways, of liv¬
260,600,000
271,400,000 ing amicably in one world?"
.

:

Volume 160

Number 4326

THE COMMERCIAL & FINANCIAL CHRONICLE

Total Loads

Revenue

Freigh! Oar Loadings During Week

1943 of 28,415 cars, or
1942 of 31,308 cars, or

3.1%, and
3.4%.

a

corresponding week of
decrease below the same week in

Loading of revenue freight for the week of Oct. 7 decreased
35,057 cars, or 3.8% below the preceding week. "
^
'
Miscellaneous freight loading totaled 401,180 cars, a decrease of
16,521 cars below the preceding week, and decrease of 167 cars below
-

the corresponding week in 1943.
<
,

311

y,y7

y^y'.vy :■

Grain and

grain products loading totaled 45,550 cars, a decrease
of 4,475 cars below the preceding week and a decrease of 13,973 cars
below the corresponding week in 1943.
In the Western Districts

348

423

779

2,710

2,805

707

769

1,339

1,102

11,593

10,897

10,848

10,519

9,785

Central of Georgia—:
..u—
Charleston & Western Carolina—

3,799

3,866

4,276

4,183

4,751

The New York Stock Exchange
announced
on
Oct. 11 that the

459

431

382

1,598

1,337

short

Clinchfield—.

1,685

1,676

1,800

3,147

2,675

291

353

566

298

189

business

Atlantic Coast Line—.1—

23,645

cars, an

Columbus & Greenville.—

increase of 813 cars

preceding week and an increase of 1,576 cars above the
corresponding week in 1843.
In the Western Districts alone loading
of livestock for the week of Oct. 7 totaled 18,860 cars, an increase

above the

the corresponding week .in.1943.
Ore loading amounted to
low

the preceding week

__a.

Illinois Central System

'.\y;:y:ty ^My

13,813

r".y":y

cars, a

decreases compared with the corresponding,
1943, except the Centralwestern, and all;districts reported

decreases compared with

'•"•y;: T"'y.■ -'.'y

.

Weeks

8

of

weeks

4

weeks

5

1942 except the Allegheny and Pocahontas.

■'*.V'-'

January™

4
:

of

4

weeks

5

weeks

4

weeks of

Of

May"

5 .weeks of

Week

.

—

;

3.531,811
3,055,725
3,073,445

,

4,343,193

_

3,463,512
August....——
3,579.800
September—4,428,427
July

7„__^yA™ryryL-! :

of October

'

the

separate railroads and systems for the week

AND

REVENUE FREIGHT LOADED

(NUMBER OF CARS)

;

;

12,592

896

680

totals

665

401

Nashville, Chattanooga &St, L.__

carried in the odd-lot accounts of

3,234

3,714

3,837

4,510

4,784

:

1,144

1,161

1,297

400

382

321

1,558

Richmond, Fred. & Potomac-

337

425

597

9,468

1

Seaboard Air Line...
Southern

System.

9,236

WEEK ENDED OCT.

Bangor & Aroostook
Boston & Maine...

7

540

845

130

1,178 V

122,622

126,761

1,332

344

194

14,537

15,486

2,044

2,153

54

45

39

30

415

Erie

—

357
13,782
3,685

,—

-

-

Grand Trunk Western..—————

Lehigh & Hudson River
—i
y 171
tehigh & New England
—2,099
Lehigh Valley
8,842
Maine Central—_i—2,398

1.174

1,075

2,511

2,714

6,297

6,259

12,704

11,379

7,705
* 289

10,648

7,486
::

839

115

1,322

367

11,440

,

134

1,736

13,800

/

23,340

20,282

22,974

3,168

2,522

3,655

23,293

11,186

11,821

3,507

4,317

3,943

4,402

4,605

Duluth^Missabe & Iron Range.....
Duluth, South Shore & Atlantic—

26,111

28,166

28,116

221

743

1,095

992

518

9,063

8,633

10,410

10,089

11,316

434

498

551

61

28,720

Elgin, Joliet & Eastern
Ft.

Dodge, Des Moine? & South.

Great Northern..

Lake Superior &

29,240

6,623

660

572

1,033

2,263

84

2,633

3,164

2,421

2,864

8.078

8,460

2,999

3,149

er's short

14,684

6,536

6,034

pared with 680

123

252

489

431

2,646

2,784

3,488

152,193

153,477

69,758

71,076

24.937

23,635

24,928

17,404

14,984

3,275

3,260

3,640

4,698

4,030

Bingham & Garfield..

441

Colorado & Southern..

487

515

67

21,897

23,122

14,467

3,066

2,497

955

12,70.9

13,378

13,933

Denver & Salt Lake..:

2,702

3,098

5,090

1,230

3,101

5,225

4,801

5,335

7,929

551

1,026

33

N. Y., N. H. & Hartford———.

M88

9,904

9,636

17,982

1,137

2,960

15,002

422

2,235

7,907

7,870

9,431

5,792

7,542

2,223

1.804

Mar. 31.

1,028,480

2,353

2,243

Apr. 29

1,090,581

142

May 31

854

772

June 30

0

0

33,595

14,720

14,761

394

2,194

1,828

21,027

20,042

18,657

1,181,293
1,287,970
1,327,641
1,283.555
......L_ 1,275,709

1,189

1,385

667

2.013

2,219

89

1,392

1,152

1,151

17

10

19

33,767

32,631

257

329

20,984

20,457

Peoria & Pekin Union
Southern Pacific (Pacific)—

Toledo, Peoria & Western

,

494
'

421

Western Pacific—

Total—

609

687

6

2,239

2,480

5,256

139,794

138,570

145,198

116,075

106,423

Living
804

424

168

5,642

4.700

2.490

3,143

2,520

2,486

3,974

3,751

3,502

358

261

423

1,141

1,183

United

4,736

5,734

5,157

2,994

2,977

i—
—

3,108

3,637

2,481

2,559

300

326

258

1,275

1,558

•

Midland Valley....

715

_......

Missouri & Arkansas——

699

946

496

.304

149

225

375

496

6,286

19,902

62

72

101

294

279

9,831

9,660

10,416

8,984

10,724

241

2,748

2,974

385

403

1,241

1,104

6,851

6,166

13,052

13,979

,

5,516

5,668

4,414

4,448

170,134

162,643

227,587

237,005

3,627

6,266

6,538

13,307

5,664

5,413

in

4,990

4,676

7,581

6,563

and

84

99

153

58

52

36

21

27

27

72,048

75,018

69,551

71,147

W

V.

22 1

78,829

830

733

1,440

40,384

28,800

29,423

6,081

6,855

1,848

The

Bornwall

...——

—

Bumberland &

Pennsylvania—

Jgonier Valley—_
Island...

jong

———

—

'enn-Reading Seashore Lines
'ennsylvanla System

————

Maryland———

Pocahontas

—

——...

leading Co..;
Jnion (Pittsburgh)—.

Total—

—

—

—

336

305

7

4

*

the

of

this

STATISTICAL

'

'

v'

.

c

-

.~P?riod

534

674

718

60

72

July

,

Tons

—
.

July

22

July

29

1,988

1,960

2,304

2,833
62,697
28,463

8,148

4,065

3,888

12,840

187,320

173,151

172,740

—

5

—

August 12

—

August 19
August 26

12,220

192,270

September

the

time

operated.

These

——-

Norfolk & Western.




29,084

28,656-

28,038

21,708

22,369

22,448

8,048

Tons
'•

Orders

4,525

4,530

2,303

2,527

55,550

55,016

24,237

24.599

13,886

15,209

According

155,170

544,454

95

95

98,235

586,379

60

94

National
Associa¬

shipments of 504
reporting to the National
Trade

4.9%

below
ended
week
were

Barometer

production
Oct.
new

7,

1944.

orders

were

for

the

In the

of

these

2.9% less than produc¬
order files of the

Unfilled

of stocks.

For reporting softwood
mills, unfilled orders are equiva-,

2

—

...

94

lent to 39 days' production at the

152,402

590,263

94

94

current

157,720

570,626

96

94

160,568

604,299

96

94

140,338

158,849

585,316

96

94

155,516
156,921

562,744

95

94

534,174

96

94

ceeded

173,065

155,820

549,114

97

94

ders by 6.1%.

123,758

554,352

80

94

147,478

586,103

91

16

129,481

158,3 78

525,730

97

125,258

161,114

486,818

96

160,952

159,114

482,896

95

158,946

541,424

96

For the
of

94

217,096

rate, and gross stocks are
equivalent to 36 days' production.

94

30

94

7—

.

orders.

production

duction

16.8%

plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjustof unfilled

year-to-date, shipments
reporting identical mills ex¬
by

3.0%;

or¬

Compared to the average corre¬
sponding week of 1935-39, pro¬

94

Notes—Unfilled orders of the prior week,

'nonts

the

reporting mills amounted to 100%
Current Cumulative

152,954
145,317
145,775
157,041
139,743

23

October

to

lumber

tion.

Remaining
Tons

was

Manufacturers'

Lumber

mills
Percent of Activity

September
September

6,863

4,406

goods, was
In Sep¬
97.0 cents."

Lumber Movement—Week

same

September

Virginian—

1923

Ended Oct. 7,1944

total

September

District—

of the dol¬

power

of

131,988

37

3,937

6,396

year

128,596

47

3,707

29,584

a

136,936

15——.—...

131

1,365

65,537

than

195,161

July

143

August

Production

Received

-

1944—Week Ended

1,543

15,517

the

Unfilled

8——

21,156

of

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

1

84,827

on

'

.

Orders

July

190,723

—

Chesapeake & Ohio——

..

8

86,146
15,324
21,223

in terms

week

21,738

19,269
4,030

83%

industry.,-.

4

11

represent

advanced to equal 100%, so that they
represent the total

20,564
13

Association

activity of the mill based

are

1,862

244

cost
were

yyvo-y-.

cates

7,344

229

the

in " September

higher

ago.

tion,
mill?

1,758

202
101
1,547
1,992
86,364
15,128

costs

1.8%

Lumber

7,102

•

in

sundries

unchanged.

were

tember, 1943, it

program includes a statement each week from each
member of the orders and
production, and also a figure which indi¬

275
1,647
6,646

Bentral R. R. of New Jersey——..

Vestern

members

1,863

Bambria & Indiana— ;—,——-

light

"Living

industry, and its

1,286

44,859

0.2%

and

"Purchasing

We give herewith latest figures received
by us from the National

-

729

:

revised.

Weekly Statistics Of

figures

46,587
& Lake Erie.—5,672

on

•-

95.2 cents in September.

316

5-410

the

than offset by a drop of 0.4%
food costs.
Housing and fuel

lar,

10

19

418

1,031

in

one-tenth

Board, which

of

clothing,

3,166

:

year's figures

declined

more

13,625

Paperboard Association, Chicago, 111., in relation to activity in the

409

"Increases
of

were

Note—Previous

States

workers

trial Conference

3,349

—

clerical

Oct. 13 also said:

5,396

Total

average

wage earners and lower-

August to September,
according to the National Indus¬

10,893

Texas & New Orleans..

paperboard industry.

1,165

salaried

19,320

Quanah Acme & Pacific...—.—;
St. Louis-San Francisco.—.
St. Louis Southwestern

family of

6,341

18,323

5,992
20,411

5,348

17,778

Missouri Pacific—

170

6,270

Missouri-Kansas-Texas Lines——

the

of 1% from

3,766

Kansas, Oklahoma & Gulf

City Southern

for

costs

350

7,391

161,846

Buffalo Creek & Gauley—

Living Costs Down
Slightly In September

5,079

...

Weatherford M. W. & N,

.

—

5,020

726

———.

July 31
Aug. 31
Sept. 29

6

2,477

——

—

8.155
1-

960,617

2,219

1,970

1,258

17,531

5,557

847,335

1,502

1,605

2,540

8,298

_y

1,497

,

Bessemer

31

2,096

North Western Pacific

20,374

-

1,404

7,100

779

31

895

Nevada Northern

-55,743

1,130

737,042

Jan.

17

40

683

729,291
7-30.166

31

Feb.

5,854

1,867

55,973

■

1944—

■

Missouri-Illinois.:—

1,686

49,893

,

761,827

2,196

1,713

54,580

:

:

..

Dec.

2,793

948

2,139

51,326

is

the

29

5,851

1,240

—

2,524

New York Central Lines——

tabulation

interest existing
last business

of

13,002

2,871
889

2,336

20

short

com¬

Nov. 30

91C

12,779

Oct.

13,166

2,892

...

176

•

following

close

Sept. 30

89

20,267

Chicago, Burlington & Quincy.—.
Chicago & Illinois Midland———
Chicago, Rock Island & Pacific...___
Chicago & Eastern Illinois—..

206

8,207

the

1943—

Atch., Top. & Santa Fe System
Alton...,

7,907

8,916

the

681

was

Aug. 31.

on

day for the last 12 months:

8,164

2,407

Baltimore & Ohio——

at

Central Western District—

4,432

:

positions,

shown the

20,270

2,323

Allegheny District—
Ucron, Canton & Youngstown

In

3,462

137,414

..

481

t

a

reported as of
Sept. 29, exclusive of odd-lot deal¬
was

14,550

2,347

Total.

3,037

Tota]

short interest

7,332

Spokane, Portland & Seattle.—.

15,575

Wheeling & Lake Erie——:

The number of issues in which

37

5,910

,V:225

17,428

335

389

shares occurred dm>

or more

ing the month.

13,921

_

12,428

3,420

£,282

2,000

1,081

1,750

1,860

Minneapolis & St. Louis—_
Minn., St. Paul & S. S. M

Wichita Falls & Southern..—.

12,998

Wabash

a

191

600

2,276

2,461

Rutland

shares existed, or in which
change in the short position of

more

571

,

1,673

Ishpeming...

2,602

6.125

1,184
Few York, Chicago <& St, Louis—6,400
N. Y„ Susquehanna & Western...——
504
Pittsburgh & Lake Erie———
7,738
Pere Marquette—-f .:
5,462
Pittsburg & Shawmut
:
——
754
Pittsburg, Shawmut & North..—-—307
Pittsburgh & West Virginia
1.108

59 issues in

were

short interest of 5,000 or

a

94

24,221

which

3,526

23,816

Texas & Pacific..

\

2,432

New York, Ontario & Western..-—-i-.

Sept. 29, there

15,978

15,210

2,479

22,615

1,231

1,929
302*

6,218

Montour

ac¬

com¬

ment added:

117,272

Chicago, Milw., St. P. & Pac........
Chicago; St. Paul, Minn. & Omaha..

3,761

v

——u—5,404
...——_.y:——- ■■
2,701

Monongahela.

shares,

Of the 1,242 individual stock is¬
listed on the Exchange on

Louisiana & Arkansas

1,479

1,860

32,213

was

sues

Kansas

6,252

7,997

Detroit, Toledo & Ironton—
Detroit & Toledo Shore Line—

119,148

Northwestern District-

Litchfield & Madison

1,444

1,125
5,751

Detroit & Mackinac——-——

.

positions

pared with 36,992 shares on Aug.
31.
The
Exchange's announce¬

983

120,919

counts

914

154

short

interest in all odd-lot dealers'

8,548

24,138

553

1,498

1,395

Delaware, Lackawanna & Western——

'

160

1943

6,895

Delaware & Hudson

9,222
25,298

,

492.

1,475

317

264

1,188
Indiana-—■ —y-,:..
25

Central Vennont—.———-

1,265
9,698

Winston-Salem Southbound

1944

1942

1943

Chicago, Indianapolis & Louisville——Central

;v

1

Tennessee Central

International-Great Northern

Connections

1,488
6,905

.

24,170

1,977

1,786

excluding

all odd-lot dealers. As of the Sept,
29 settlement
date, the total short

Southwestern District—

301

—————

10,116

23,508

Burlington-Rock Island

Received from

1944

——.—————

9,911

24,423

...

——,

Gulf Coast Lines

Total Revenue

District—

Aug. 31, both

11,825

ended Oct. 7, 1944
compared with

Freight Loaded
Eastern

was

with

compared
on

214

34,056,300

of the freight carloadings for

-yTotal Loads

Ann Arbor..—

1,283,555 shares

240

Illinois Terminal.,

RECEIVED PROM CONNECTIONS

Railroads

17,685

25,827

During the period 51 roads showed increases when
the corresponding week a year ago.

.

18,283

shares,

180

Fort Worth & Denver City—

909,250

33,325,395

34,298,875

The following table

•

32,205

and member firms,

1,275,709

239

Union Pacific System.—..—_L.—.

a summary

30,359

Exchange

members

572

4,546

in¬

the New
from its

by

25,873

Denver & Rio Grande Western—.

906,357

i

is

3,285

734

4,133

compiled from

as

obtained

Stock

settle¬

174

4,209,907
3,311,637
4,139,395
3,431,395
3,487,905
4,410,669

_

877,942

Total"

2,371

360

4,887

York

of

close

29

372

3,174,781

,

3,924,981
' 3,363,195
4,003,393 .',
3,455,328
3,554,694
4,456,466

4,068,625
3,446,252

_v————:y

1,460

402

4.329

?.

25,522

3,858,479
3,122,942

*

3,135,155

—;
-

weeks of

4

Jebruary—
March—

:''

1942

1943

1944

3,796,477
3,159,492

———

weeks of April

of

of

1,188

date,

formation

decrease of 390 cars be¬

All districts reported
in

105

28,353

Spokane International.

preceding week, and a decrease of 899 cars below th£ cor¬
responding week in 1943. y yy;vy''..'
•

116

the

Sept.

Mississippi Central

the

week

39

of

as

the

on

Macon, Dublin & Savannah..;—

a

Coke loading amounted to

49

ment

651

1,381

4,510

responding week in 1943.
low

774

1,344

384

—

Gulf, Mobile & Ohio

Northern Pacific—

71,100 cars, a decrease of 2,321 cars be¬
decrease of 9,999 cars below the cor¬

and

122

865

1,249

Georgia & Florida.

Green Bay & Western

products loading totaled 42,529 cars, a decrease of 2,321
the preceding week and a decrease of 2,924 cars below

below

cars

I

144

1,075

51

i

interest

'

corresponding week in 1.943.

Forest

:

increase of 1,091 cars

above the preceding week, and an

cars

166

|___

Gainesville Midland

329

865

.

Florida East Coast

Georgia

y

Chicago Great Western..

above the

of 884

.

Chicago & North Western-

corresponding week in 1943.

decrease of 11,240 cars below the

a

Livestock loading amounted to

Sept. 29

314

717

817

alone, grain and grain products loading for the week of Oct. 7,-to¬
taled 29,847 cars, a decrease of 3,445 cars below the preceding week
and

Lower On

340
863

Piedmont Northern.

loading amounted to 171,814 cars, a decrease of 8,356 cars
below the preceding week, and a decrease of 7,480 cars below the cor¬
.

1943

1944

Norfolk Southern.—

Coal

responding week in 1943..

1942

1943

Atlanta, Birmingham & Coast-

Louisville & Nashville..

.v^'y'',y

Loading of merchandise jess than carload lot freight totaled 108,cars, a decrease of 1,486 cars below the preceding week, but an

increase of 5,451 cars above the corresponding week in 1943.
•

1944

Durham & Southern

...

.

Connections

Alabama, Tennessee & Northern.;

the

decrease below

a

NYSE Short Interest

Received from

Atl. & W. P.—W. R. R. of Ala-

freight for the week ended Oct, 7, 1944 to¬
the Association of American Railroads announced

was

Total Rqvenue

Freight Loaded
"

revenue

taled 8'/7,y*2 cars,
on
Oct. 12.
This

Railroads

Southern District—

0c!. 7,1044 Decreased 35,057Oars
Loading of

v

1727

of.

reporting

greater;

13.7%
.

greater,

15.5%

greater.

mills

shipments
and

orders

was

were
were

Wf

1

R*

hI

*y 'i

i'•> -

'fj'.

r

v4"' i

the

At

meeting of the
National

regular

hoard of directors of The

Oct.

City Bank of New York on
17
Russell T. Jacobus was

Vice-President:

pointed Assistant
started

He

1917

in

hank

as

ap¬

the
and since 1931 has
in

messenger

To International Business Conference On PoslWar Ms

in

City, he was born

York

New

joined the East
River Savings Bank staff as a
Vice-President in September, 1934
and since that time had been in
1888. Mr. Morrison

The six

delegates who are to represent the economic interests of

the United States at the International Business Conference in Novem¬

charge of the bond investment di¬
vision. Prior to that he was a

chosen by Eliot Wadsworth, Chairman, American
Section, International Chamber of Commerce; Eric A. Johnston,
President, Chamber of Commerce of the United States; Robert Gay-

National

lord, President, National Association of Manufacturers, and Eugene

the

the

of

Vice-President

Comptrollers Division.
At the
same meeting John C. Macy was

ber,

been

have

City Company

in

Cashier

Assistant

been

appointed Assistant Cashier,

Vice-President
& Trust
Co., New York, has been elected
a director of the Home Insurance
Company, New York.
Harold H. Helm,

monthly

their

At

Bank

Chemical

the

of

meeting

on

10, the board of directors of
the Federation Bank & Trust Co.
Oct.

L.
Maxson a director of the bank.
Mr Maxson
is President of the
York elected William

of New

Senior
Vice-President of Manufacturers
Trust
Co., New York, died on
Oct. 13 at his home in Port Wash*
Ington, L. I., after a long illness.
He was 59 years old. Mr. Falconer,
who was born in November, 1884,
in Sherbrook, Nova Scotia,- began
iiis banking career with the Com¬
mercial Bank of Windsor, Canada,
in 1902, and when that bank was
merged with the Union Bank of
Halifax, he continued with the
latter institution, In 1904, he be¬
came affiliated with the Canadian
Bank of Commerce as head of the
Credit
Department.
Some time
later, Mr. Falconer came to New
York as Senior Vice-President of
the
Citizens
Central
National
Bank of New York. He left that
bank
in
1910
to
organize the
Credit Department of Goldman,
C.

Sachs

&

Falconer,

Co., where he

remained

and civic
N. Y., died on

estate field

real

the

in

leader of Brooklyn,

9; he was 58 years of age.
After being with the Crown Cor¬
Oct.

Extract Co. of New York

dial /&
for

short time in 1905, Mr. Cath¬

a

joined- the D.
M. Chauncey Real Estate Co. of Brooklyn,
N. Y., in which he was succes¬
sively Assistant Treasurer, Secre¬
arine

in

Archibald

Vice-President, and finally
becoming President of

1935,

the company.

"He

we

Estate

Real

past President of the
Boards of the State

New York,

of

the

of

trustee

a

Brooklyn Savings Bank, member
of the advisory board of the Chase
National

Trust
director of the Home¬
Hamilton

Bank,

branch;

a

land Insurance Company, a direc¬

of

tor

the

Co. and
Hotel

a

Home

Guaranty

Title

director of the Towers

Corp.

of

the

11

charge of the bank's West
Side office at Eighth Avenue, cor¬
34th Street, and

of

ner

in

placed

charge

of the Brooklyn Downtown

he

named

was

bank's

Fifth Ave¬

43rd Street.

corner

quently

Subse¬
Senior

Vice-President at the bank's prin¬

Falconer was
also President and Director of the
Utility Service Corp.
\
cipal

:

Mr.

office.

Asso¬

a

New

of the Real Estate Board of

York."
Arthur H.

the

Brown, Treasurer of

Fitchburg

Bank

Savings

of

Fitchburg, Mass., and a member
of
the
Chamber of Commerce,
died

also

Oct.

on

a

Life

Mutual

ciub.

was

Fitchburg
Insurance Co., and
the

of

tho

of

President

former

Brown

Mr.

4.

director

Rotary

General
eral

Motors

Gen¬
Motors

and

Corp.,

General

Manager of

Harper Sibley, Manager, Sibley
Farms, operating in Illinois, New
York and California.

George W. Wolf, President, U. S.
Export Co., N. Y.
The six American delegates are

Steel

proceeding to choose advisers and
technical experts.
They will deal
with

Interna¬
which

the

at

agenda

an

v

88

At
of

a

the

directors

the

of

meeting
National

Bank

Com¬

of

years

.

1898

he

resigned from the

Walter

C. Janney, President of

already includes: Commercial nolicy of nations, currency relations

industrialization
transportation and

among

nations,

in

areas,

new

raw
materials,
encouragement and

.

and

pamphlets

and books on

public finance and, in one

book,

calculated that the total direct ex¬

penditure for the first

World War

He
remained with the Bankers Trust
amounted to $223,000,000,000.

until his retirement

in 1930.

has

Conference

The

been

in

preparation since early this year,
when the four sponsoring organi¬
zations first proposed to bring to
the United States the outstanding

VicePresident of the East River Sav¬
R.

Morrison,

a

He held

number of

com¬

panies and was Chairman of the
finance

committee

and

Art,

a

a

trustee

member

of the board of managers

College and

a

of Hav-

director of

when

six

to

up

the

delegates

International

Conference

meets

here

Business

the

in

flies with his head backward, sees
where he's been but doesn't know

Nov.

he's

going, and I suggest
might' serve as the new
symbol for the Republican Party."

West¬

chester Country

the job

luncheon

cluding

should

New

in

York,

'./,;//

organization

the

of

■

that

He. said

Club, Rye, N. Y.,
through 18, with a con¬

10

Nov. 20,

industry,

of

funds

Government
"if

used

be

of

indication

Con¬

80%

although

must be done by private
is

there

any

unemployment."

that the job of con¬
manufacture was
by labor, Government and
soring bodies.
They have estab¬ "certain
enlightened leaders
of
lished a staff office for the Inter¬
industry" v despite
those
who
national Business Conference at
wanted to hold it back, he said:
10 Rockefeller Plaza, under the
"Industry wasvery patriotic,
direction of Reginald Orcutt, VicePresident for Qyerseas, Mergen- but it was also very mindful of
ference is in the hands of

com¬

a

mittee representing the four spon^

Charging
verting to

war

done

-

thaler

the dollar."

Linotype Go.

Italy Supplied With Dollars Equal To Pay Of
U. S. Troops And To Finance Purchases Here
Announcement
to

that

the

United

:

of

President

Corp. and a director of the Pitts¬
burgh
Plate Glass Co.,
A. M.
Byers Co., Montour Railroad, and
a
trustee of the Dollar Savings

of Pittsburgh
Steel Magee Hos¬

University

Bank.

Elizabeth

and

graduating

after

Shortly

1904, he became

Pittsburgh
Plate
Glass
Co., where he has
spent his entire business career.
with

associated

the

American troops in Italy, was made on Oct. 10 by President
said that the dollars "will be used by the Italian
Government to pay for essential civilian supplies purchased in this
country for

in, liberated Italy."

use

"this step was taken after

tation

with

the

British

the

Italians

and

will

continue

provide its share of an agreed
program of such supplies but un¬
ments."'

arrange¬

v.v.

■;

Washington, D. C., announced on
3 the promotion of Salvador
J. Cosimano and R. Bruce Keiner
as
Assistant Cashiers. Both f have
Oct.

with the bank 26

years.

with

the

annivers¬

ary, bank officials announced that
deposits went over the $100,000,000 mark shortly after the bank

"Prominent

in

circles,

Bank

of

Mr. Bog entered the

Montreal

in

Vice-President

been
since

bank¬

Montreal

in his

1881

He had

of the

1936 and prior to

bank

that was

general manager. He was a direc¬
tor of the Royal Trust Co. and
on

the Canadian board of the

Standard

Life

Assurance

Co^

of

Edinburgh, Scotland, and a trustee
Victoria Hospital."

of the Royal

financial

arrange¬

;;

dictatorship which
war
against the

to

York "Times" follows:

Italy

into

Nations has been overthrown. To¬

trator that the United States Gov¬

and airmen

ernment currently make

Italian

the

to

dollars

available

Government

equivalent

the

to

the

Italian

lire issued

after

as

to

up

to

nav

now

and here¬

United

States

troops in Italy.
dollar

"The

made

tances

this

proceeds of remit¬
individuals in

and" rela¬

country to friends

tives in Italy are also being
available

to

the

Italian

made

Govern¬

ment, as are the dollar proceeds
of any products exported by Italy
this country.

has

"It

been

available

our

to

intention
the

to

friendly

lars

European countries dol¬
equivalent to the local cur¬

issued as pay to American
in their territory.
This
policy differs from that to be ap¬
plied in the case of Italy, since
in
the latter case it is subject

rency

troops

,

to 'Special restrictions reserved to
the United States in connection
with

the

"The

final

peace

settlement.

dollars made available

to

Italy will be used by the Italian
Government to pay for essential
civilian supplies purchased in this
country for use in liberated Italy.
The United States Army has sup¬

plied substantial amounts of cer¬
tain essential civilian goods, such
as

food, clothing gpd medical sup¬

plies, as a necessary part of mili¬
tary
operations i r in /Italy.
The
funds which I am now making
available will enable the Italian
Government, under the control of
appropriate Allied authorities, to
obtain in this country other es¬
sential civilian supplies and to
continue to obtain essential sup¬
plies after the United States Army
program

ceases.

"This step

has been taken after

consultation with the British Gov-

welcomed and

are

as¬

sisted

by the civilian population
in Italy wherever they go. Italian
troops are joined with our forces
at the front.

And, behind the Ger¬
man-lines, Italian partisans are
heroically giving their lives in the
struggle.

interests that Italy
contribute as fully as;

our

be able to

possible

',/,

;

"It is to

by

western

„

ments.

State, Treasury and War and of
Foreign Economic Adminis¬

anics

Coincident

different

der

led

the

make

neapolis "Journal" the principal
speaker was Frank P. Bennett, Jr..
of Boston, editor of the "United
States Investor," financial weekly.

will continue

and

provide its share of an agreed
program of such supplies, but un¬

day the Italian people are co¬
operating with the United Nations;
forces
in
driving the Germans,
from Italy.
Our soldiers, sailors,

versary

olis, Minn./ the employees and
trustees of the bank held a dinner
on Oct. 9.
According to the Min¬

Italians

the

to

United States and the other United

ommendation of the Secretaries of

to

of the Farmers & Mech¬
Savings Bank of Minneap¬

to

as

statement,
Washington advices

"I have today approved the rec¬

anni¬

In celebration of the 70th

.

eminent, which has also been providing essential civilian supplies

"The Fascist

President's

The

J, Frank

been

financial

different

The President also stated that

consul-*^Govern-

.

White, President of the
National Bank of Washington, of

making available to
the Italian lire issued

pay

is also
given in
Corning the New

Higgins
Pittsburgh

Mr.

is

Roosevelt, who

der

director.

States

Italian Government dollars equivalent to

burgh, held on Oct. 9, H. B. luggins, President of the Pittsburgh
Plate
Glass Co.,
was
elected a

was

erford

and

to

native town, Picton, Ont.

directorates in

here

34 nations have

that bird

to
a

Federal Reserve District.

ings Bank of New York, died Oct.
16 after a brief illness. A native of Bryn Mawr Hospital.




Oct.

on

where

meeting of the board of
the Mellon National Bank of Pitts¬
At

ing

ager

prosperity

some

representatives of business of the mem, which has also been proUnited and neutral nations of the
viding essential civilian supplies

as Executive Man¬
of the Liberty Loan cam¬
paigns in the Third (Philadelphia)

Janney served

of the Museum of
William

Vice-President Henry A,

already replied that they will each

the

■

of

light to Wall Street,", said
Wallace
15 at Gary, Indiana, ac¬
cording
to
United
Press
dis¬
patches from there on that day,

green

tional Business Conference

family's concern and a year later the investment banking firm of opened on the day of the anni¬
formed a
partnership with the Janney & Co., of Philadelphia, versary.''
■
;
•
' . \ ■
late George H. Robinson for in¬ Pa., died on Oct. 11; he was 68
William Alexander Bog, Vicevestment banking purposes. The years of age. In 1911 Mr. Janney
firm of Fisk
Robinson was dis¬ joined the banking house of Mont¬ President of the Bank of Mon¬
solved in
1914 and three years gomery, Clothier & Tyler, which treal, Montreal, Canada, died on
later Mr. Fisk joined the Bankers became Janney & Co., with Mr. Oct. 7 at the age of 81 years. The
Montreal "Gazette" of Oct. 9 in
Trust Co. as a research writer.
Janney at its head in 1921.
He specialized in the prepara¬
During the First World War Mr. reporting his death, said:
tion

long-run

elsewhere,

The

Overseas Division.

pital.

of age. Advices
merce & Trust Co. of Providence,
from Trenton, N. J., to the New
R. I., on Oct. 2, Clarence H. Rison,
York "Times" reporting his death
newly elected Treasurer of Grinsaid in part:
"
Vi
nell Corp. of that city and former
He was eldest and only surviv¬
President
of
the
Rhode
Island
ing son of Harvey Fisk, who Association of Credit Men, was
founded
the banking house of
elected to the board of the bank,
Fisk & Hatch in 1862 and helped
the Union finance the Civil War.
Horace K. Corbin, President of
For many years he was associated
Fidelity Union Trust Co., Newark,
with his brother,' the late Pliny
N. J., announced on Oct. 16 fol¬
Fisk, an outstanding investment
lowing the- October meeting of
banker
before the first World
the board of directors,' a retire¬
War, in the management of their
ment of $1,000,000 of preferred
father's firm.
stock.
The board also approved
-"
Mr. Fisk was born in Jersey an addition to the surplus account
City.
He was graduated from of $1,000,000. Following the action
Piinceton University in 1877 and of Oct. 16 the capital of the bank
immediately joined the firm of is:
preferred
stock, , $1,000,000;
Fisk & Hatch. In 1885 the firm common stock,
$4,000,000; surplus,
was reorganized and became Har¬
$9,000,000, and undivided profits,
vey Fisk & Sons.
Mr. Fisk spe¬ approximately $2,900,000.
>
;t
cialized in railroad securities.
was

In

San

Francisco, Calif. !'
Edward C, Riley, Vice-President,

from Harvard in

Harvey Edward Fisk, retired
New York banker, died on.Oct/8;
he

President,

President» Lines,

American

protection of investments.

director of Polytechnic
Institute of Brooklyn, a member
of the American Institute of Real

later was

of the

Fifth Avenue "Office at
nue,

pany,

Estate

Brooklyn Real

Chamber of Commerce, a director

ciation,

Inc., New York.
Henry
F,_, Grady,

Com¬

years,

in

was

employment can¬
maintained by "giving the

not be

have

American & Foreign Power

cartels,

director of the Brooklyn

a

President,

Calder,

direc¬

Exchange, Ltd.; a past Vice-Presi¬
dent of the Brooklyn Real Estate

Board,

in

V-

E.

Curtis

communication,

;

"Mr. Catharine was also a
tor

N. Y.

take the following:>
a

was

"Times"

York

New

the

From

of Oct.

'

,

specializing in for¬
Estate Appraisers, a member of
eign credits. Mr. Falconer became
the ILong Island Society of Real
affiliated
with
Manufacturers
Estate Appraisers and a member
Trust Co. in 1921. For a time he
for

-

Full post-war

P.
Thomas,
President, National^
—
.
.
; "
- ?———
starting as an of¬
fice boy, becoming head of the Foreign Trade Council, who are world, to prepare the restoration which continued:
and enlargement of international
bond trading department in 1916, jointly sponsoring the conference.
"That's Taftism," he told a rally
The six American delegates are: trade,
'
■,
'■
•; :
/;,•-v,
and Vice-President in 1934.
sponsored by the Lake County,
In prompt recognition that in¬
Winthrop W. Aldrich, Chairman
Ind,,
Democratic
organization.
ternational trade is a maj or factor "That reminds me of the bird who
Joseph W. Catharine, prominent of the board, Chase National Bank,

tary,

Maxson Corp.

"W. L.

.

Wallace Mils Wall SI.

Aldrich And Five Others Named Delegates

Companies

Items About Banks, Trust

Thursday, October 19, 1944

FINANCIAL CHRONICLE

THE COMMERCIAL &

1728

the

to

winning of final
the reestablishment of Italy as a free, indepen¬
dent
and
self-supporting nation
must be primarily the responsL
bility of the Italian people them¬
selves, it is also to our interest

victory.;

While

the

Italian

that

people be

given

the opportunity to obtain and pay
for the necessities they need from
us

if

they

are

to be able to help-

themselves."
From

also

the

quote:

"Times"

;' "

■

"Coincidentally

advices

we

t

with

this

an¬

nouncement, the War Department
said /that shipments of clothing,
vitamins and medical supplies for
the relief of the civilian popula¬
tion in the liberated areas of

Italy
already begun. The collection
goods, it explained, is
being made by American Relief
for Italy, Inc.
had

of the relief

"Shipments, the War Depart¬
added, are being made in
Army ships when space is avail¬
able.
The warehousing and dis¬
tribution are being handled by an
ment

Italian committee named by My¬
ron C. Taylor. The
shipments thus

far, the War Department reported,
have included 35,000 bales of sal¬

vaged clothing, 490 HGjases of new
clothing, 1,722 cafes of shoes, 3,128
cases

of

ments

vitamiW^npLfdod

and

! supplies."

170

cases

of

supple¬
medical