The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Edition
Final
Volume
Number 4432
162
New
York, N. Y., Thursday, October 25, 1945
The Financial Situation
Here and There
The Salient Question of the Day Is Whether or Not We
Desire to Use the Power to Tax, to Redistribute Income
Wealth
and
Permanently and Thereby
System of Government and Social Order.
—
Our
Destroy
S
■
future—if
in the
first
we
get
Some Basic
several
are
basic
bill to follow
the
bounds
The
taxation.
some
ex¬
of
reasonable
imminent
excusing
ob¬
ligations surely isn't going to help
this
' !•'
situation.
•
'
,
a Large Available Military Force Is the Only Alternative Against
Maintaining a Large Army and Navy in Peacetime and Will Be a Means
of Preserving World Peace. .Denies It is Conscription or That It Is
Superiority.
American
the
of
Automobile
Workers
against General Motors that its
mentioning that - "higher wages
people must face and decide without further delay. At least
one of these goes to the very hart of the American system
as
Well
In
as
Holds Atomic Bomb
place Need for Fighting Men.V
-
or
*
recommended
the
universal
higher prices and higher
prices mean inflation, is the Hit¬
ler technique of the big lie."
mean
,
government-and
the social order.
rightly interfere with
them
is this:
It
the fundamental American
or
accept responsibility
>'
"deep
respects
as
only to maintain order, establish and protect in the
a fair field and no favor, and provide a few
(Continued on page 1996) .vXV;/
LL. -H":-
labor
ing
note
v
mi
5J5
and
.
"com¬
even
Hence his indignation at
evidenced in the follow¬
as
remarks," excerpted from a
on
"Labor, and Responsibil¬
ity" in the School's current bulle¬
tin
are
particularly interesting:
"To many leaders of labor it looks
very clever to tie up an industry
just when the public interest may
take the maximum damage.
Tie
Should Banks Make
//
would communicate to them with
ing
respect to
for
all
reaching
men
18
years,
well
long-range program
military security for
the United States. I now present
to Congress my recommendations
with respect to one essential part
of this program—universal train¬
ing. '
: ' /'. " " r
as
a
compara¬
tively small
The
regular Army,
Navy
Marine Corps,
a
with
We
strengthened
of
to American traditions
to the Congress
1945, I stated that I
my message
6,
Sept.
j
•
By RALPH E. FLANDERS*
.
;
,
f
are
Prominent Banker Industrialist Urges Banks Grant "a Reasonable Per¬
centage" of Loans That Are on Borderlines of Safety in Order to En¬
courage Expansion of Business.
Holds Faith in Borrower's Character
and Abilities as Primary Element in a Bank's Judgment, and Urges
Regular Features
News
Here
ability of Capital for Industrial Uses. Advocates Changing SEC and
Blue Sky Laws if They Hinder Expanded Investment.
was
deserve
co
we
Weekly Coal and Coke Output...... 2004
Weekly Steel Review................ 2004
Moody's Daily Commodity Index.. .,2003
Weekly Crude Oil Production.......2006
Non-Ferrous Metals Market........ ,2003
problems
met
with
are
.
and
deploring conditions, it makes
definite suggestions for improve¬
we
ment.
look at
; A
financial
the
the
part
L';-
around
of
proposals centers
the correction of legal and
group
support given
to New
Eng¬
administrative tendencies in bank
business
examination. It is asserted in this
land
new
and
report, :and
old,
bankers
large
and
small, and see
whether
the
conditions
are
favorable
whom
I
by
Transactions
establishment of the new, the
'growth of the small and the con¬
tinued
prosperity of -the large.
-
*An
before
address
the
Management
by
New
con¬
Mr. Flanders
England Bank
Conference,
on page
1... 2004
Bonds
During September.
Mortgage Financing In
Hotel
2000)
V,
1996
August
v
.2004
and, Curb Report Changes in
NYSE
Stock
Holdings
Fairchild's
of Sept. 17...*1933
Retail Price
as
August
*1933
Copper Statistics Report of Oct. 11. *1933
Earnings and Working Hours in
April ............................*1933
Bond
and
Stock
Values
at
*1934
Aug. 31
.*1934
.*1935
Ginnlngs Prior to Oct. l...*1935
Bank Debits for
Se^t.
Sept
.
Fn<dneering Construction..
Cotton
lation
♦These
<
/
of
Items
appeared
In
our
Issue
officials
what
part icular
right
It
safe bet
time was
wrong.
or
is
a
Carlisle Bargeron
that if he ever
did
was
Americans,
we
laughed
statesmen.
to
did at any
he
anything honest in his life, it
unintentional.
think it was back in 1930,
We
getting back to what Hoover must
have thought, when in response
at
by
foreign
With the possible ex¬
ception of the British, all foreign
correspondents in our midst are
agents ' or close collaborationists
of their foreign offices.
But we
Washington correspondents have
always sought to cultivate them
and encourage them to make fun
of our Government, even to the
extent of giving
them tips on our
alleged
weaknesses.
Even our
correspondents abroad have usu¬
ally
worked
great newspaper propaganda
that wars could be prevented if
the
statesmen and
cheir wives
with
our
just get together, come
understand one another; it was
to
in
the
to this that Hoover in¬
MacDonald over
and then Laval as Premier
ity
to a
could
response
vited
,
Monday, Oct. 22, on pages Indicated.
as
whether
here
of
Statler, Boston. Oct. 11, 1P*R.
»:(Continued
Government
In
i.
President Hoover.
and particu¬
larly we American writers, go for
these things in high glee. We nave
always enjoyed seeing our own
upon
But
type
cheap,
a
direct, and an intended re¬
flection
this has no re¬
Non-Farm
NYSE
Ralph E. Flanders
Output.....
Electric
Index
many
have
versed, that the tendency of bank
*or
the
reasserted
with
Weekly
of
a
was
the
was
Dpportunist i c
politician, and
..
The report is particularly
good in that instead of describing
It is impor¬
that
..
this
practical
area.
this afternoon.
a
Trade
in
the
most
are
"
take
of
for
on
nsidering
tant
Trading............-2005
Review.........,v. .1994
General
•
Discussion will necessarily focus
the new and the small, since
of
region for
the
report
our
which
here nor there
typical
State
really wanted to see, as the leader
America's foreign policy, was
Senator Borah.
This, of course,
of
about Laval.
Commodity Prices, Domestic Index.2006
Weekly Carloadings.......;.; .?„••
2007
Weekly Engineering Construction.. .2005
Paperboard Industry Statistics... . .2007
Weekly Lumber Movement2007
Fertilizer Association Price Index;..2005
land.
-
1993
.....,.
....
There.
NYSE Odd-Lot
business institutions of New Eng¬
the
gratitude
the
He
-
all
assigned,
through with the international war guilt trials it would
e>
—
perfectly
Laval told a group of newspaper¬
splendid if we
men as soo a as he got off the train
could
h a v e
in Washington, that the man he
some
in
this
e
Trading on New York Exchanges.. .2005
friend, Ed¬
my
traitor, we don't know. We could select a lot of other babies over
there who were far more traitorous. The Communists, for example.
.i..1993
..,...........
and
It is not important but we would give a pretty penny to know
Herbert Hoover's crowded mind when he read of
execution.
Whether the former Premier of France was a
,,
Laval's
country.
But
this is neither
v''v'
of
CARLISLE BARGERON
what ran through
Moody's Bond Prices and Yields:., .2003
Items About Banks and Trust Cos.. .2008
Chase, and the members of the Special Committee to whom
task
the
Council, its then President,
Ahead
Washington
With that strength comes grave
responsibility. With it must also
(Continued on page 2002)
Ahead of the News
By
-
Page
From
ple who are determined that this
shall remain forever free.
nation
When we get
..1993
Situation..
Financial
strong because of many
Our
natural
resources,
have so diligently de¬
veloped;
our
great, farms'
and
mines, our factories, shipyards and
industries, which we hqve so en¬
ergetically created and operated.
But above all else, we are strohg
because of the "courage and vigor
and skill of a liberty-loving peo¬
we
From Washington
b
Calculated Risks to Expand Industry and
Out That Restrictions on Fiduciary Funds Are Limiting Avail¬
The New England
waiting shipment to the starv\( Continued on page 1999)
•
Editorial
Good Banking Means Taking
ward
when thous¬
GENERAL CONTENTS
Support of the Wagner-Spence Bill Which Provides for Sharing of Loan
Risks Between the Federal Reserve Banks and the Private Banks. Says
r;
up
ands and thousands of tons of food
.r President, Federal Reserve Bank of Boston
Points
Tie it
a
are
which
of liberty and democracy; " '
The text of the message follows:
In
has
now
things:
National
is counter
States
nation in the world.
11y
g re a
United
fighting strength greater than at
any other time in our history. It
is greater than that of any other
and
together
a
national
of
the
as
the port of New York while all
America
is
yearning to get its
boys home.
—
military train¬
up
%
installation
♦>——
.
,
pink"
munist."
business world
w
'
Oct. 23, President Harry S.
of a program of
on
immediate
Guard and an
Are we
organized
v.,'
*/■*' /
'I
*■
principle
Dr. Alvin Johnson assuredly is
Army, Navy
that the functions of government are strictly limited, that
recognized as one of the nation's and Ma r i n e
President Truman
in overwhelming degree the private lives and private for*
jmost-progressive liberals; and the Reserve.:*; The
tunes of the individuals who comprise the nation are the New School, of which he is di¬
President denied that the program
affairs of these same individuals, that government may rector, is widely thought of-as involves military conscription or
of
henceforth to discard
and Contends That Program
Military Skills and Preserve Our
Scientific Research Does Not Dis¬
special message to Congress
a
Truman
of
Hitler is really
indignant ob¬
jection from him to the charge of
an
Reuther
Democratic Traditions,
maintenance
Latest proof that
dead—absence of
United
the
concen¬
12 million voters from tax
of
Vice-President
which
general
relief," can't we
Administration leader¬
penditure figure which is rather
blandly
assumed
as
minimum;
whereas the equivalent and pri¬
mary effort would better be ex¬
pended on bringing expenditures
within
Military Training
Age.
to Congress, Favors Universal
Would Develop Civilian,
tax
Copy
for War Services of All Men of 18 and Not Later Than 20 Years of
Counter to Our
a
a
Says
the
"tax
on
some
out
Issues
issues
of
President, in Message
—1
MAY
ship toward "expenditure relief?"
and
formulated
WILFRED
Price 60 Cents
The technique ot the Congress and
the Treasury is based on working
agreed upon the general principles which are to guide us
in making such decisions.
It may be that we should find
it as difficult to agree upon principles as upon specific pro¬
grams, but the fact is that it is quite impossible for us to
make solid progress with programs unless we first come to
some understanding of what we are
trying to accomplish.
We delude >; ourselves if we -suppose that we can evade
troublesome problems of principle, meanwhile muddling
along in "a practical way" trying to find some common
ground which is safe politically, and reach any position
which will even reasonably well serve the public interest.
There
A.
In lieu
We should have much less difficulty in agreeing on the
amount by which taxes should be reduced at present—and
matter
By
tration
■0,
for that
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Ramsay
his characteristic
cunning.
part.
But
fairness, it can be justified on
in
part of those of us who did
in the Coolidge prosper¬
back
it
days.
Our
damned smug.
ous
country
It is
was
a more
situation than that now.
Lookinc
France.
With
at cross purposes
embassies. This is pure
smart aleckiness on our
back,
CContinued
;
appears that
oaee 2008)
it
on
too
seri¬
:
-
•.
f.
'•■■■
,..:/,,
-;,: .;
,<■
■'
■••..•••' '■.•'•
'
...'
'■'
,
'"
(y;r* *.►•«'
-i
Nor
Good Argument
a
that it (the atomic bomb) has innecessity for
greater immediacy
the
•
used at the outset
of an emergency for the reason that we would
have to act quickly in order to terminate a de¬
availability of a force to be
in the
structive attack of
"
atomic nature.
;
v'.
have
bombs
become
abundant
could manufac¬
this time, the
at
ington
published in
that day
on
,
the New York "World
Telegram."
Admiral
further
Purnell
was
re¬
ported to have testified that the
fuse used to explode the atomic,
bomb was a trade secret that
had been released even to
never
ally.
He said only one com¬
.
the
United
States
The United Press
pos¬
ad¬
Adm. Purnell also told the Com¬
;
tion by the
tee
that
House Naval Commit¬
bombs might be
before reaching their
atomic
detonated
'
target.
Adm.-
Wash.)
described
Purnell,
Warren
Sen.
Manguson
the Navy's
atomic expert, said:*
by
(D.,
foremost
-as
against atomic bombs. Particu¬
larly, I cannot imagine anyone
making bombs that would be det¬
onated by a single countermeasure.
Not more than two, or three
bombs are made the same."
are
certain that the General has a more
real¬
conception of defense in such a situation as he,;;
describes—or of preventing the rise of such a situ-
s
ation.
Apparently, the Army is determined to leave no -;v|
stone unturned in its drive for peacetime comw
pulsory universal military training.
;
-vr~
its
of labor disputes throughout
wave
the nation has resulted
"help
machinery modern."
make their
*
"Yes"" Adrri. Purnell replied.
Sen.
William
Fulbright
(D.,
Ark.) asked about possible decent
tralization Of American industry
that action be taken to bring about an end to
the
in legislative demands
the untenable situation which has had such disruptive effect on
country's industrial reconversion to peacetime production. .> Within
Congress strong support has developed for new anti-strike measures,
and according to Associated Press reports from Washington, Oct. 12,
against any atomic attack, %
members from both parties have^
"Our concentration of industry,
indicated that they want to see the ever been sponsored by him.* The;
compared with that of Russia;: for
"Times" stated:
Smith-Connally War Labor Dis¬
example, makes us much more
Mr. Smith said that his name
putes Act repealed, and new stat¬
vulnerable than most countries,
utes passed to make labor unions got connected with the law
in doesn't it?" Sen.
Fulbright asked.
accidental fashion, adding!
and employers "mutually respon¬ some
Adm. Purnell agreed. Then he
sible" for observance of contracts. that the bill finally passed had!
was
asked what
effect atomic
Chairman May of the House Mili¬ "most of the teeth removed" from
weapons would have on the Navy.
tary Affairs Committee has ex¬ what he originally proposed and
"It may wipe out the Navy, the
pressed himself in favor of such that he did not consider it his;
Army and thetAir Fdrce*!: blithe
'
t
a
move,
the
Associated
Press measure. <
best
scientists
can't
anticipate
stated.
"I want to hold hearings
"It came out of conference, in a
.
.
it
as soon as
possible," Mr. May
having said.
"Also,
I'm personally in favor of specify¬
ing that either an employer or a
quoted
as
union which won't submit to arbi¬
tration should have its
bargaining
rights taken away."
*<
Senator Connally (D., Tex.) co¬
author of the Smith-Connally Act,
is
the
the
Oct.
14
National
Labor Rela¬
tions Board conducts strike votes
repealed.
The Board is said
to
be bogging down under the
weight of about 200 weekly re¬
quests for such votes.
However,
Senator Connally wanted it known
that he
was
in favor of kill¬
not
ing the entire measure.
;
John M. Houston, member of
the NLRB, appealed to the Com¬
mittee to repeal at least the sec¬
tion, of the bill which puts this
"intolerable
burden"
upon
his
agency,
the New York "Times",
reported on Oct. 17 in its Wash¬
ington dispatch.
+
Representative
Howard
W.
Smith (D., Va.), reputedly one of
authors
of
the
measure,
ac¬
to the "Times" report,
asked the House Military Affairs
cording
Committee
this
to
recommend
wartime
incidentally
it is believed
In some quarters
producers of consumers' durable
goods will - probably not be re¬
tarded much by delay in steel de¬
liveries caused by the coal strike,
they have been stocking up
since
for the timefwhen their
peacetime
output reany gets underway. In
the purchase of parts and
raw
materials some allowance has been
for
made
possible
delays
in
felt that
is
it
and
liveries
tables will not
undergo
de¬
time¬
radi¬
any
cal change.
week
ending Oct. 6,
production continued to
and fell ,13% below the
the
For
previous, while shipments
dropped 21% and the number of
orders
decreased by
14%.
week
new
substitute
a
to
pre¬
vent
this
may
sion.
completely block reconvert
:
the
confusion
labor.
bill
both
Labor
strikes
which1
j
-
,
"But
of
wave
is
in
now
•
causing
industry
forces
and
The atom bomb is not the only
military
repeal
emergency
in hand show a rise for the month
September for the country as
of
a
whole.
is the fourth con¬
This
secutive month in which increases
The total volume
September was the
largest
since Aug., 1944 and represented
for
gain of 6.8% from the previous
month, and of 72.3% over Sep¬
a
stop when the shooting stopped.
I think, as a matterr of good
faith, that it should be repealed."
On Oct. 18, the Associated Press
reported
posed
legislation
"with
bulldog
to "deal immediately and
effectively", with
strikes.
His
five-point program, according to
the Associated Press, would have
Congress:
-
1. Repeal
the
War
.
Labor
putes Act.
witness
another
W." H.'
Adm.
Rear
P.
Blandy,
secrets' about
officer, said nil ■
the; proximity fusej
had not
been
Navy
ordnance
added
yet
that
proximity
sessed
by
one
released.
He
had a
company
fuse trade secret pos¬
other company.
"♦
no
Unit"
FHLB Statistics
Moved To Washington
Ralph
SjWeese,
Division of
the
.
Chief of the'
Operating Statistics of
Loan
Federal. Home
Bank
System-, announces that the staffs
which prepares
the monthly mort¬
gage, recording reports has been
transferred from New York City
Division of Operating Statistics
Government seiz¬
and operation of strike-bound
utilities,
essential
food,
fuel
services,
steel output.
"has
Machinist,
been
not
para¬
lyzed by strikes, as one might con¬
clude
from
reading
newspaper
Federal Home Loan Bank System,
<■<■/?'.
Washington 25, D. C.---,
and
while
4.
*
Deny jobless
Vvv!v
pay
*•'.:
to all per¬
: ^
: t
General Motors divisions
very well, and Chrysler
has been reconverting quietly but
steadily. The general impression
is
that
Chrysler
has
seriously
lagged behind the others. It in¬
tends to erase that impression."
doing
are
is
"It
safe
a
this
bet,"
trade
authority asserts, "that there will
be no authorized strikes against
of the Big Three in the
automotive 'industry
this
year.
The United Automobile Workers
any
one
that
believe
the
to
key
future
rates will be found in agree¬
ments with General Motors, Ford
wage
Chrysler.
thus
Whatever
established
will
rates
are
become
the
emissions for
the month of September were the
second largest of the
year,
the
total, $801,392,052, comparing with
$961,535,209 in July, which was
the
largest monthly total since
September, 1929, when $1,507,376,recorded.
was
The
total
for
$429,924,540 for Sept., 1944. The
increase in the month's financing
over
a
August may be attributed to
new securities,
better market for
due
to
levels
was
existing low interest rate
the fact that industry
and
eager
which
to finance reconversion
before the Victory Loan
programs
scheduled-to
is
portion
start
on
money purposes.
utility
issues
accounted
$99,738,752;
^
.
■
.
-
$1,185,619,500; other industrial and
manufacturing, $813,149,693; iron;
steel, coal, copper, etc. $198,516,v
082; oil, $255,289,452 and all other
categories, $333,196,553.
'■
Steel Industry
the soft
—
mines
coal
The strike in
reached the
point last week where it
in
serious
a
affected
reconversion to
way
civilian•; manufacture, states "The'
Irori Age," national metaiworking
paper, in its summary of the steel
trade stated Oct. 17, last. The loss
to the steel industry will approxi¬
than
mate
more
steel
ingots
300,000 tons of
of enforced
because
shutdowns due to lack of coal sup¬
*
Interpreted into finished steel
plies.
product loss, steel consumers the
past week received about 125,000
tons less than they would have,
had it not been for the coal strike.
The
current
the
for
prospects
week
that total finished
are
steel
shipments may/berOff as much-jas
225,000 tons, an amount which,
were
it available, would contri¬
bute
heavily to the production of!
cars, .washing machines, refrigerr
ators and other civilian appliances.
While
of these losses may
some
be made up in
subsequent months,
the time element because of nec¬
reconversion looms more
important than any later attempt
for coal strike losses;
states the above trade authority.
essary
to make up
Months
required
be
may
to
| straighten out the current chaotic
delivery situation. With shipping
schedules "so- badly
disarranged
maity steel companies find it im¬
possible to make definite promises
for future deliveries and custom¬
being asked; to cancel orr
in excess of the
informal quotas set up by steel
companies, the magazine points
ers
are
ders for tonnages
overall
demand
for
steel
is
being obscured by factors tend¬
ing to keep down the amount of
business placed on order books,
hence
a
reservoir of tonnage es¬
pecially in the flat rolled products
group not yet' accepted
by the-!;
steel
companies is building
up
rapidly.
Despite this situation,
producers are pushing sheet and
strip mills to the maximum and
orders for this type of product
shown
have
no
let
down
in
the
past few weeks.
Expansion of basing points for
steel products other than stainless
items predicted three weeks ago
is
underway.
now
Carnegie-Ill¬
Corp. last week' an¬
Youngstown as one for
Steel
inois
nounced
hot-rolled
carbon
small shapes, alloy
and
spring
flats,
steel
bars
and
hot-rolled bars
alloy bar strip
and
heretofore based priced at Youngs¬
ties of their local groups.
strike.
lic utility column, the total being
$1,515,358,407; railroads added up
amounted to
$698u465,793, or 87%. The balance
of $102,926,259, or 13% went for
Public
Sept.,'
ended
of all the money raised
previous 21 months, the
total for this purpose
new
months
aggregated
$4,322,129,687,
compared with $1,873,743,985 for
the
1944
period. Of the total,
$81 J,163,455, or 19%, was for new
money and $3,508,966,232, or 81%,
for refunding. The greater portion
of the financing for the first nine
months of 1945 fell under the pub¬
alloy strip, all of which are
at the company's Youngs¬
town plant but which were: not
in the
as
nine
1945
The
Capital Flotations in Sep¬
tember—Corporate
5, Make national labor organi¬
zations responsible for the activi¬
on.
the
out.
pattern for the industry."
$370,415,000 of the month's
total; railroads $271,412,000; oHier
industrial and manufacturing
sons
seven
separate issues
aggregating $12,700,000, or 1.6%.
This compared with $195,993,000,
or 44.3%
of the September total.
Total
corporate emissions for
reports.
,
their differences.
-mblic
as
automotive
to-Washington, D. C.
financially liable for damage done
during strikes.
other
ago,
September of this year compares
with $442,322,155 for August and
management and labor negotiate
had
year
well
as
The
014
break contracts, and make unions
ure
week
New
ing dues collection by those who
3. Authorize
a
Dun & Bradstreet,
Future cor-t Oct. 29.
respondence regarding thdse data
Refunding of outstanding issues
should be directed to the follow¬
continued to absorb the greater
Dis¬ ing- address:
:
2. Promote observance of agree¬
ments by labor unions by prohibit¬
and
Washington, Rep¬
(R., 111.) pro-'
teeth"
that
it
from,
resentative Arends
tember
said.
and
So
legislation,
denied
purposes
are
secret,
-
privately. The total for September
Figures on building permits now
or
plied.
it was;
generally understood that it would
its
*be
of
recommend
to have advocated that
section
of
the
Act
under
in
which
the
recognize," he said.
"I still think this Committee could
Associated
Washington
by
reported
dispatch,
'
form I couldn't
particu¬
larly vociferous in demanding re¬
peal.
It was passed purely for
Press
that
conditions 15 years hence," he re¬
•
decide^ falling off
a
comprised
before
modern-
was
strike output.
industry
last
making the machinery that makes week continued to be troubled
with labor problems, but insofar
the bomb," he said..
Sen7 Harley M. Kilgdre
W; ISs? deconversion progress is con¬
Va») asked whether a proposed cerned, the industry according to
$5,000,000,000 U. S. < Uoart to the a current issue of the American
machinery
There
in the amount of financing placed
duction show declines for the past
"Britain first has' got to make
miscellaneous,- $41,626,000.
days, however, will be needed by
the steel industry to attain pre-
% He discounted a suggestion that
Britain could produce the bomb
*
is
steel
-
A few
according to
Inc. Among the
customary barometers of business
and industry, railroad freight car
loadings and electric kilowatt pro¬
British'would
on
the
for
will be forthcoming.
within five years.
We
istic
The
some1 relief
week,
mills
this' land, buildings, etc., $1,200,000 and
to return to the pits
men
have occurred.
"I do not know of any, defense
enough; for such
which he instructed y—2v-
in
Workers,
the
decline
recent sugges¬
a
Lack of coal resulted
ending of the strike in the soft coal mines following the order on
Wednesday of last week of John L. Lewis, head of the United Mine
lumber
to
counter
no
week
manufacturers reporting large backlogs of orders and the
in further declines in steel ingot production for the week but with the
the bomb. His testimony
against
was
Thursday, October 25, 1945
exertion of intensified pressure for deliveries.
defense
mittee that he knew of
attack.
sustained
v
bomb
a
vices Continued:
vice."—General George C. Marshall.
If an "atomic bomb war" should ever break out
in the future and involve us in its meshes, we hope
we shall not have to endure bombardment; until i
any "striking force" of ours reaches some far dis-:
tant launching site —no matter how large, how
powerful or how-eminently trained! hnd ready that
force may he. If so, it would be the end of us—
assuming, as the General apparently does,1 that such
V
secrets about
and" industrial
pany in
sessed it.
to be all the more necessary to
prior to the elimination of the enemy's power to
launch such bombs by plane or'rocket or other de-.
i
which shares our scien¬
chief expert on the new
weapon
asserted
according
to
United Press advices from Wash¬
the terrific
;
/'
with many
Navy's
an
capable of aggressive offensive action because of
destruction that would be carried out
be
'
industrially equipped to make
bombs.
Not even Great
the atomic bomb,
striking force.
"It would appear
Affairs in
Washington on Oct. 16 that no na¬
United States
ture
...
The State ot Trade
tion other than the
tific
I
fV',1;
The trend of industrial production continued to fall the past
Purnell
Adm. William R.
Britain,
1
!
v*
* 'i
joint Senate Committee on
a
was
If the atomic bomb
did away with the necessity for an army, there
might be two scientists, one in Germany, we will
say, and one in Washington.
As each pressed a
button, a horrendous explosion would occur in the
other fellow's territory. This process would continue, short of a lucky hit on one of the scientists-1
and his button establishment, until somebody got
to the source of one of those buttons; this is a
,
told
'
...
..
atomic
might illustrate it this way:
"I
■
■
Make Atomic Bombs JJ
Rear
•
■
FINANCIAL CHRONICLE
Commerce and Military
"I would say
creased
:.V; •■•;/
V
,
Only I). S. Equipped To
Neither Good Defense
'
..;
THE COMMERCIAL &
1994
.....
V''.Tv'.'.'V... •*' mVrvV"'-"'^
r.'.-»•
,
■■•'
.v""'
■
•'
<>
i,
•
for
motors,
$17,000,000;
made
town.
The
same
company
also
named
Chicago and Pittsburgh as
basing points for spiegeleisen and
Pittsburgh as a base for ferromanganese;
Other companies are
expected to take similar action,
"The Tron Age" says. ! '
(Continued on page 2001)
'
.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4432
162
Senate Finance Committee
Completes Tax Plan Senate Backs Truman
President Plans for Post-War
The Senate Finance Committee, which concluded its open hear¬
ings on the tax-reduction bill on Oct. 17, has completed preparation
the floor of the Senate.
on
The Senate
committee has made radical revisions in the House-approved measure.
In formally approving the bill on Oct. 23 the committee voted unan¬
imously to report it to the Senate floor.
Associated
(
Press
advices
said:
The overall figure, based
than the original
estimate
reductions
of
tax
bill.
in the
///v/
Chairman George (D.-Ga.) said
was
only one last minute
attempt to amend the bill and that
v
there
Senator Vandenberg (R.¬
Mich.) moved unsuccessfully to
give ; corporations a retroactive
$25,000 ; exemption from the ex¬
cess profits tax, applicable to 1945
failed.
( i The proposal, along with sev¬
eral other changes, probably will
be renewed when the bill is called
for
action
morrow./
'i '
in
the
Senate
deliberations the Committee voted
13 to 3 to repeal the wartime ex¬
cess-profits rta^/omcorp or at ions,
estimated-* to
000,000,
amount
according
advices
to
$2,555,^
Associated
to
from
Washington
On Oct. 22 it
President
indicated that
was
Truman
time in the future.
reduction
mum
.'////•';
of
10%
in
their
fcaxes.'t-::.
The Senate Committee voted for
repeal of the automobile
tax
use
July 1, : amounting to ap¬
proximately $140,000,000.
In ad¬
dition, the Associated Press con¬
tinued:
'
j
^
v
"The Committee Voted
with
the
House
\
/''
accord¬
j? action
freezing the Social Security
roll
tax
for
another- year
present rate of 1%
each
in
pay¬
its
at
on'
em¬
ployers and employes;^Without
thie freeze the tax automatically
would
mount
-
i
to' 2 %.% ;
Jail,
./ V
on
■
each;
..''.K
had
informed
voting to repeal the excess
profit Stax on corporations; next
January, the;:'Finance. Committer
overrode,
not
leaders
the
in
recommendation
ury
more
from
for a cut of
$5,175,000,000 on
than
the tax liabilities of 1946.
Samuel
W.
Bell, who reported this in his
advices from Washington to the
York
"Herald
Tribune"
on
to
to
bal-
the -effective
cut
85.5
which
rate
60%
Treasury
program provided for repeal of the war-time
next
and
repeal the war-time business
"The
Senate
•'
year
stipulated
for
throughout 1946, but
furned down » House proposal to
one
year,
cut the combined normal and
corporations from
40 to 36%."
-
"On
the
final
the
war-time excise taxes of the Rev¬
in addition to the earlier approved
Act of 1943, to reduce reve¬
$2,085,000,000, and. voted $58,000,000 further tax aid for business,
with a special treatment schedule
for up-to-$60,000 small businesses.1
profits tax,,$2,555,000,000;
repeal of the existing 3% normal
excess
000,000,i. and
enue
elimination
of
: *
$535,000,000.
nues
i
income, $2,085,-
:
srf'The estimate of the net reduc¬
tions
the
in
bill
tentatively
ap¬
proved by the Senate - Finance
Committee, subject to formal rati¬
fication tomorrow, -totals $5,629,000,000.
As passed by the House,
The Senate Committee declined to
the tax reduction bill would result
next July 1.
Relief for armed forces person¬
in
a
000
1946 reduction of $5,190,000,-
without
stock
if
levies
bulbs
are
'
which
The
be
must
the; war-time
cut."
which
on
reductions, the Asso¬
pointed out on Oct.
18,; would free an estimated 12,000,000
persons
in low-income
groups from their tax obligations.
Paralleling the House bill and the
In jour
was
noted
Senate
The
"20%
the
observed, voted
Committee,
Press
to retain the so-called 3%
normal
which currently carries an
exemption of only $500 regardless
of the taxpayer's dependents, but
to apply to the normal tax the
more
liberal surtax exemptions,
tax,
giving not only the taxpayer, but
each dependent, $500 credit. Tn
addition, the surtax would be cut
3 ; percentage rpoints
.in
each
bracket.
The House had approved
a
similar formula,
.Press
went
surtax cuts
graduated
come.
4% in each of the
of
levels
;
Vinson
the Associated
say, but with
to
on
on
-
v
taxable
in¬
■..%
recommended
straight-
out
/
repeal of the 3% normal tax.
"That, in effect, -is what the
Senate bill does, too.
The appli¬
cation of the surtax exemptions to
the normal tax puts the two levies
on
a
common
base, and cutting
the surtax by 3 percentage points
offsets the normal levy.
•
/'Two
reasons
were
*•*
given
r.
for
doing it the Senate way: Certain
old
Government bonds carry an
apply to
.
issue of Qct, 18, .page 1869.
Associated
Committee voted to
the up-to-$60,000 corporations, as
reported -by C. P. Trussell to the
New York "Times" on Oct. 19,
from Washington:
'
1
Department's
plan in
respect, it went about the
operation in a different way. The
that
the bill
men/of air income taxes
service pajr; during the war pe¬
the
Treasury
on
voted by
was
and
give officers a threeextension of time for paying
accrued taxes on service pay and
income earned prior to military
service,
pi
\
The
following
is the special
treatment/ schedule,
combining
normal and surtax rates, which
Press
House action
commence
year
^Sen¬
tax
come
to
riod
the
ators chose for the individual in¬
ciated
voted,
enlisted
*
r ~
formula
had
the Committee
in exemptions which would free
re¬
excise
liquor and electric, light
on
nel
$160,000,000 in floor
taxes
funded
approved reduction to 1942 levels
excise imposts for which" the
of
House
..
of the Senate
in
British
his
requests
Government
London
reported
tax
r
corporate
from
runs
$5,000. of net
incomes
start
over
10%
at
15.%
on
the. first
income to 24% on
$50,000.
Surtaxes
oil the first $25,000
and go to 22% on
income between
$25,000 and $50,006, with 16% ap¬
plied after $50,000 for a flat com¬
bined normal-surtax rate of 40%:
"Under
schedule
the
a'
'special-treatment-
small ? business
;
Some
replied
reply
contained, al¬
though it was admitted by Press
Secretary. Charles G. Ross on
Oct.
3, according to Associated
PressWashington advices, that
Mr.
Attlee
received'/,:
had
"message
the
on
coordinating
of all agencies in
tion
He
/• The
Associated
that they
such
year,
but it
of "war
a
sidetracked
was
problems."
provoke
last
be¬
dent wrote.
•; '",;:y-. '
He directed Mr. Snyder not only
//y/V.
indicate
that
prirhary responsibility
for several pieces of legislation,
•including those-for a "full em¬
ployment" program and atomicenergy control.
a
The War and
Navy Departments
joint * responsibility for
fostering passage of
legislation
dealing with volunteer recruit¬
received
the
opposed
immigration ; into
Palestine. ,1
cation
through the repeal of the
excess profits tax applying to all
corporations, by small businesses
with net incomes ranging from
President
■'
■
r
-i
•
-
'
questions which will be vitally
people."
/Mr.
Snyder
in
his
address
praised the war work which the
on
in the interests of all the
in
spite of the fact that business
individuals had undoubtedly
grown weary of them.
Workers, as well as business
men, Mr. Snyder continued, ac¬
cording
to
the
"Times,"
must
"realistically face the fact that
ftiany of them will have to take
jobs in service or manufacturing
establishments where
Aviation Section
;ff
Oct.
on
11. Author
.Oct. .12 by
S,
1926i
Air
Mail -Service
essential.
all the people so
sumption
during
/
Aviation
Board
York
of
Trade, Mr. Lederer will serve in
an
advisory capacity to imple¬
ment much of the progress made
during 1945 through the series of
Aviation> Luncheon-.Fo.rums,
which
.were
directed toward local
and .national
aviation
expansion.
would be assessed
arpund $8,700- in corporate levies
and save $700. .v
; 4
about i $9,400,
//"The $40,000 net income com¬
1
)
.t
;<
support production
can
at full employment.
"Many companies already have
signified their ability and will¬
ingness to raise wages without
increasing prices, and many such
raises have been put into effect
through collective bargaining," he
declared,
"The real question," Mr. Snyder
pointed out, "is where, when and
how much wage increase can be
granted without losing our fight
to keep prices within bounds and
to prevent a runaway inflation."
v
President Praises Record
Of Merchant Marine
*
Members
of
Association of
cies
Oct.
on
Snyder,
,
sent
Truman
to
with
to
a
unit to
Advertising
cognizance of the "proud record"
of
the
Merchant
Marine,
and
had
set
say
W.
and
that
up
War
Council "to coordinate those pro¬
which the council will
grams
duct
on
behalf; of
ments/according
The Pro¬
instructed
John
director
the
in New York City.
ence
peller Club's 19th annual regional
meeting is being held jointly with
the conference.
Wishing the con¬
ference "the utmost success," the
President's letter to Mr, Tode took
Mobilization
President Truman
agency
American
heard
17
War
Reconversion
the
Advertising Agen¬
the
to
an
con¬
Govern¬
account
as
a
"link
the
shipping
industi^r
and the. Government." The Presi¬
between
according tq the New
of Commerce" in
said,
dent
York
The A AAA, the
its Octi
"Times" pointed
conference
the
hailed
in the New York "Times" Oct. 18.
"Journal
15 account of
"the fact that the
the letter,
American
of
out, is one of the 27 sponsoring
organizations
of
the
Council,
which plans as part of its post¬
that
to help create pub¬
lic
understanding
of important
national
problems
through the
medium of advertising.
,;'•■••••/.'
is due in no little measure to
war
program
The
in which President
authorized the new co¬
letter
Truman
unit was released by
Chairman of the
War Advertising Council, and was
ordinating
James W. Young,
follows in the ^'Times'':
"I am greatly -pleased to hear
the Advertising. Council plans to
carry on its public service activi¬
ties. M would like to express the
sincere hope that American busi¬
ness will see its way clear, to sup¬
given
as
porting your public service proj¬
ect" with some of its advertising.
problems, unfortunately, did
and there
$900, while the $50,000 corpora¬
•will be many vital- ones which
tion,; -having its taxes cut from
be
solved * without
the
$20,000 ,to .$18,900„'.would save canriot
£1,100.
At $60,000 of net income ♦understanding cooperation of the
A
of
con¬
(United States, a message of praise
for the American Merchant Marine
as it prepared to open its confer-"
work
New-
!
that their
Advertising Council
of
Board,, followed by be¬
coming Executive Assistant for
the; Airlines War. Training Insti¬
tute, established by all the air¬
lines to train military personnel
for the Air Transport Command.
During the war he served as
Operations Analyst for the Army
Air Forces, and was a member of
the National Advisory Committee
Setcion,
;
v
the
as
power
Govt, to Work With
nautics
the
"
-
of buying
Honorary Presi¬
dent of the Propeller Club of the
of the Safety Bureau, Civil Aero¬
to
on
described
he
maintenance
President.
In 1940 he became Director
Consultant
approved
was
of
factories," Mr. Snyder continued.
The responsibility of Government,
employer and worker boils down
to one
essential, he said. That
powers
Senate Judiciary sub¬
rate
Arthur M. Tode,
his
As
a
committee.
"Safety in the Operation of Air
Transports," and numerous other
writing on aviation, Mr. Lederer
was Aeronautical Engineer for the
U.
broad
executive agencies
Government by shift and
consolidations
Lederer,
Chief--Engineer,
Engineering
Department/-: Aero
Insurance Underwriters, has been
appointed Aeronautical Engineer¬
ing Consultant *to the Aviation
Section,
New
York- Board
of
Trade, John F. Budd, Chairman,
announced
Truman
the
is less than they received in
the shipyards and other munitions
pay
reorganize
the
$15,000 to $25,000.
A $30,000 net the savings would stop and the
business which now pays •normal-surtax assessment' would
normal and surtaxes amounting to remain around $24,000."
;
public campaigns using your fa¬
are required.
We look for¬
ward with pleasure to continued
cooperation of American business
th6 armed services."
to
income
>v
of
of
J.'
cor¬
information policies of
on which
cilities
Legislation which would "gi*ant
paying $2,600 in taxes would pay pany; paying $14,700 corporate,
normal .-and surtaxes, would be
$2,000, or $600 less.
•
assessed $13,800 under the >pe"The same amount, $600, would
cialrtreatment/ plan, a saving of
be saved, beyond reductions real¬
ized
.program
of national
security
including
a
universal
training program, the continuation
of selective service, and the unifi¬
Lederer Consultant To
with
$5,000 of net income which now.
pays $i,250 in taxes,, would^ pay
$1,000 and have a saving of: $250.
A $10,000 income corporation now1
+"a comprehensive and
continuous
TheLeague
further
Jewish
to
and
ment
_
Jewish homeland.
is
;
'
League has opened an office
country
to
campaign
against the Zionist movement for
' this.,
of all but
him
gave
Arab
irt
.
to coordinate the work
Meanwhile it has been learned,
United Press reports from Wash¬
2,
this
that
necessary
Congressional committees, and in
general follow the progress of the
legislation in Congress," the Presi¬
uprising >; by Arab
-who
bitterly
oppose
Oct.
.,
studies, prepare material, assist in
drafting,
present y testimony
to
wholesale admission of Jews.
ington,
De¬
-
"assigning
agency."
/
my
intention
agency will make the
an
leaders,
was
"It" is
;
unit which will
a
and
the
wrote
nated
It was/ feared/then
that any
action by the United States might
•
President
"
Press,
formal
resolution
in¬
«
partment heads he
plan 4o- make a
demand that Palestine be opened
to Jewish immigration.
They in¬
troduced
the
'.
-
overlapping
v
.
v',
>
><
Specific, ■ responsibility
for
each
part of the program to a desig¬
-
up
the
time controls had to be continued
/
having
terests.
•:'v Senators Wagner (D.-N. Y.) and
Taft (R.-Ohio) told reporters, ac¬
the
Recon¬
Snyder
"resolye dif¬
coopera¬
Bureau /of
•
directed to
was
agencies
Palestine, and that the 'Prime
to
set
and
John
Mr.
which may arise among
the
■,
ferences"
the President asked that 100,000
European Jews be allowed to go
cording
to
under
advertising - industry had done,
and emphasized its continued im¬
portance in the period of recon¬
version when many of the war¬
with
Budget.
Jewish
decided otherwise.
over-all
gram
been
at, although " Senator McMahon
(D.-Conn.) said that he belived
Minister
Director, re¬
responsibility for
the legislative pro¬
ceived
'question have only been surmised
to
John W. Sny¬
Reconversion
der,.
/.The contents of President; Tru¬
man's
Mobilization
the Federal Government
recommendations.
•'/■.... '••'••;
:
War
version
relate
The President called for reports
twice a month on the status of his
what,.the
word. from
pro¬
.
Sept.
on
President's
maximum
of
$25
weekly, have had rough going in
Congress.'
!
16, it has not
been disclosed by the White House
message
the
nation-wide
the ; President's
to
of
of
posals, including his plan to raise
unemployment. compensation to a
on
Oct.' I that Prime Minister. Attlee
had
the
continued:
concerning
immigration to Palestine.
Although the British Information
in
officials
President called for "vigorous and
"as soon as possible" the plans outlined
Congress on Sept. 6, the Associated Press stated in
Washington advices of Oct. 12, and^-
Jewish
Service
Federal
united action" in completing
in his message to
the
to
other
and
re¬
ported to be backing up President
income up,
to $10,000; 27% on income from
$10,000 to $20,000; .29% between
$20,000 and $25,000 and 51% be¬
tween $25,000 and $60,000.
/ ' / : for Aeronautics.-.. ;/•;-/-■
"Under present rates the normal
on
are
sur¬
day of delibera¬
tions;
theFinance
Committee
voted
individuals,
through ; an
over-all straight 5%, .cut, $563,000,000 in income tax reductions
tax on individual
Members
cause
,
group
that corporations might carry over
unused excess profits tax credit
tax rate on all
22^: also stated in part:
I / "The
House
the
levy until 1947,
Vinson, calling
not
lotted
sub¬
mitted by Secretary of the Treas¬
Oct.
V
.
"The. Senators refused to agree
to
a
House stipulation
that all
individual taxpayers get a mini¬
within
-
tax
the
not
Congress
that he hoped pending tax-reduc¬
tion
legislation - would
be
held
Democratic
New
normal
"In
Oct. 18.
f
the
from
surtax; and the
Committee, looking ahead, was
chary of repealing a tax which it
might want to. apply again some
ance
On its first day of closed session
Press
though
to¬
'
-
}
exemption
next
income,
up
Homeland in Palestine
Truman
000,000 smaller
Senate
—
—
on re¬
vised estimates by experts, is $4,.!
On that date Washington
Legislation
President Truman has started rallying his forces to push forward
the legislative program which he considers
necessary to put the na¬
tion back on a peacetime basis.
In letters addressed to cabinet heads
;
of the bill for consideration
1995
1945
is
of
activities
end with the war,
people.
"In order to assist this impor¬
tant work, I have asked the Office
those
persons
<
t
.i
1
the
com¬
posing the conference." He cited
the fact that "at no time during
the
in
essential
was
war
any
of
ports
our
shipping,"
the
of
cargo
left
for lack of
that
adding
pacity
United
"the
States
ca¬
to
huild and sail merchant ships gave
the
Allied
action
the fluidity of.
forces
that enabled
them io halt
and drive back the enemy on
of many
fronts.'/
Mr.. Truman,
Commerce"
conference
the
stated,
as
all
/
..
"Journal
praised
of
the
providing "ground
upon
which there can be discussed
those
matters affecting our mer¬
chant fleet" and out of
come
the
substantial
solution
of
which "can
contribution to
our
v
<■
peacetime
in
held
being
Our
not
Conference
Marine
Merchant
maritime problems."
complicated
but
experience;
The Financial Situation
choose
Q.ur
must
whatever
taxation which have
public
health
precautions, furnished the foundation of
American
thinking on the
public roads and certain eduIt is probably true
cational facilities — and per¬ subject.
form these functions at as low that through the years of the
past half century, economists
a cost as may be?
services, such for example as sound
make
with cur¬
much progress
tax problems.
very
rent
aspect of this mat¬
ter of basic
importance should
Thursday, October 25, 1945
Proposes Plan for Prosperity to Truman>■
Committee
The
for Economic Development has submitted to
plan to facilitate attainment of high-level pro¬
duction and employment in the United States on the basis of a free
President Truman
a
it disclosed at a press conference held jointly, according to
York "Times," on Oct. 11, by Paul Hoffman, Chairman of
economy,
Another
not
CEO
we
course,
it is to be, before we can
(Continued from first page)
>
CHRONICLE
THE COMMERCIAL & FINANCIAL
1996
the New
the CED and President of Studebaker Corporation;
the
of
FTes,dent
Boston
attention at this Reserve Bank, who is Chairman,
of the CED's Research Committee,
During the war there
and Beardsley Ruml, Treasurer of
appeared'to be •/ some slight R. H. Macy & Co. f
and ^statesmen have become
There is an element with
recognition of the plain fact 1 The proposal of the CED, ac¬
no
small following in this increasingly aware that that we could scarcely ex¬ cording to the "Times," is for the
at present, |which
completely and finally
country
would
escape
time.
for the
pect
not, virtually all
whether
designed
purpose or
taxation
has
constructive ; attitudes
the people as a whole
repudiate such ideas as these
concerning all such questions
often far-reaching effects in
and
have
unless the people as a whole
government 'f ac¬
the business community. One
cept
responsibility for - the would
knowingly helped bear the
personal welfare of the
vidual in
indi¬
degree which was
a
thought pf outside
pot even
definite
that
suppose
j
and
such
a
realization would render law¬
makers
the
cautious
more
among
load of taxation-—even if the
collecting of taxes in small
individual; amounts
from
a
of
great many people is not par¬
tax i; legislation.
Perhaps it
years ago. This theory finds
ticularly profitable..
Civic
has, but certainly nothing of consciousness and
expression in the j so-called
intelligence
the sort ha;? been in evidence
full employment bill, but it
seem somehow
to be closely
for a decade or two at least.
is responsible for much more
related to how public affairs
that is going on in Washing¬ O What has happened is that affect the individual pocketton today.
It finds its full realization of the great ef¬ book. Apparently the politi¬
of Soviet Russia a
very
few
and careful in the framing
fect
taxation
which
par¬ cians are now
development in the teachings
forgetting this
of
Lord
Keynes > in Great ticularly ! when; : j present-day important principle in their
Britain and Professor ; Han¬ amounts must be collected— desire to
appeal to rank-andsen in this country.
The lat¬ inevitably has upon the econ¬ file voters.
appears to have sug¬
ter has repeatedly proposed omy,
Let
us
think
all
these
that the management of the gested the , notion to
many things over and reach some
-
—
:
federal
not
budget
of
means
a
as
be regarded,
taxation
that
i
furnishes
a
of
government, but as a mech¬
world may be redistributed.
Tax programs with such ends
definitely—and all but out¬
omy of the country be man¬ spokenly—in view have made
extended and, we fear, not
aged, controlled, and steadily
steered toward the goal of always
completely fair or
stability at a high level of candid use of the so-called
production and trade.
The "ability to pay" principle of
notions of Professor Hansen, taxation.,; This general pur¬
we feel confident
are famil¬ pose has often seemed to per¬
iar '*to :,6ur readers—as 1 are, vade
provisions of the in¬
come
tax >; laws and equally
so we hope, their weaknesses.
estate : and
inheritance
There is, therefore, no need the
to expound them or to refute tax laws.
It, moreover, has
with which the econ¬
them at this time.
Suffice it
itself
confined
not
to; the
that no basis for Federal .scene,
More than
any logical fiscal policy, in-j one of the states and even a
eluding taxation,
can
be'number of smaller political
reached until we definitely, units have appeared to be im-
to say now
reach
conclusion
a
whether
to
as
shall accept the
or not.
It has
we
Hansen notion
been
bued with the
same
idea and
the
spirit in recent
The movement, if such
same
years.
tendency so far to it may be termed, has,; of
coming to grips with course, received-tremendous
these matters, or indolently impetus from the New Deal.
to suggest compromise solu¬
Time to Decide
tions, etc.—as if such ideas
avoid
The time has arrived when
could be half sound and half
:::<l
*
What
decision
Objective? ;/;<,/
It will likewise be difficult
for
to do
must
we
as
has become
definite
whether
to
an
a
this
American doc¬
about
the
taxation
as
more
ends
and
aims
of
Until quite
American - people ; are
seri¬
it has been sup¬
Americans at all ously j determined ;to redis¬
such.
recent years
posed
by
events
that the
one
purpose
tribute
income
and
wealth
regarded
all.
was
to raise funds
as a necessary, or
events
an
at
unavoidable
evil.Jt was all but univer¬
sally
agreed
that levies
should be laid upon the peo¬
ple
than
in
amounts,
larger
absolutely necessary for
the purposes
no
in hand. It
be said,
may
known the better.
it
must
such
an
presently
event
Of course,
appear
that
smaller
smaller income, and less
and less wealth will be avail¬
able for
is
redistribution, and it
ardently to be hoped that
the
;
American
summon
the
people
can
intelligence to
perhaps, that Adam realize that
fact without hav¬
Smith laid down the tenets of
ing to learn it through bittej*
"review studies already completed
various- private and public
agencies and develop a coordi¬
nated and progressive program of
by
designed to meet the
measures
propriate
responsibilities
Federal Government."
ap¬
of
1
the
.
,
reports, that the 18-page plan had
already been turned over to Pres¬
for
Truman
his
considera¬
tive branches of the Government.
further says:
The "Times"
The
representative
of
by
a
President
the
"a
be
would
com¬
headed
be
would
mission
and
President's
proposed
small
working
body of from three to five mem¬
bers, composed of the ablest men
found."
be
to
The
companion
Congressional
joint
committee
now
deal with
Together
economy.
committees
would
the
cooperate
to
nation
Oct. 15.
on
perity
information
technical
of
the report
In addition the
stated.
following tabulation shows
Treasury's
transactions
in
commission and committee would
Government securities for the last
curity, education and other public
The
the
two years:
/
mestic
September
$2,651,600
October
No
sales
November
sold
4,800,000 purchased
1944—
sold
$9,924,000
January
February
105,100,000 sold
11,500.000 sold
—
March
*2
April
16,511,300
sold
9.965.000
sold
-
June
20.500.000
purchased
July
18,484,000
sold
August
18.992,500
sold
September
28,100,000 sold
ment
ture."
55,600,000 Sold
34,400.000 sold
;
r.
June
17,000,000
,—
August
September
sold
*
air mail
these
continues,
flow
the
fu¬
in
45%
to
increase
of
and services,
1940,,
call
and
to
jobs," it
necessary
additional
"will
ideas
in
for
a
free
willingness
on
the part of hundreds of thousands
of
enterprisers and millions of in¬
vestors to risk billions of dollars."
The committee views this expan¬
sion
as
an
business,
objective1 in
labor
and
which
Government
be
accepted for share joint interest and responsi¬
all places in China.
The advices bility.; Its present program, it em¬
state: ",
-V.'V."I phasizes, is concerned "more with;
The foregoing information has basic problems of attaining and
reference to air mail paid at the maintaining high productive em¬
can
now
the
Stock
just been released in this country.
Certain features that have had to
be omitted from the 1941 and sub¬
editions have
sequent
stated.
been
rein¬
These included the special
chapters
which contain an
thoritative article7 on Indian
and
au¬
Fi¬
tables of statistics;
of¬
ficially furnished, relating to
the
nance
the
of
Dominions
and
Colonies and certain of the leadr
ing countries of the world.
The
General
Information
sec¬
tion, duly revised and brought
date,
has
been
reinstated
up
con¬
of
statutory and chartered com¬
panies and of companies requir¬
ing declaration of nationality, etc.
Further, in view of the removal
of the ban
details
publication, certain
on
in
the
accounts of public
utility companies including recent
sales
of gas and electricity
have been re-introduced.
The
feature
in
edition is the article
on
new
Income
Tax
Relief
units
the
1945
Dominion
and
table
a
showing the effect of the relief
certain
on
categories
payers.
of
surtax
* *;
»
„
Otherwise, the current edition
follows the familiar lines of previ¬
editions, containing complete
financial particulars of thousands
ous
of
companies and securities.
It
particulars of the Joint
Advisory Committee of Stock Ex¬
changes and a list of "Marking
also
has
Names"
recognized
by
the
mar¬
ket.
The
1945
issue, which is pub¬
lished by Thomas Skinner & Co.
(Publishers), Ltd.,/ London and
New York, under the sanction of
the
Council
Exchange,
and
of
the London
Stock
contains 3,212 pages,
$25 per copy in the
costs
United
States
paid),
'v
Canada
and
.
(duty
•
,
To Discuss Extension
Plans
for
extending pre-paid
hospitalization to every employed
person in the country will be dis¬
cussed
provide
$50,000 sold.
important
any
ratio
that
30%
compared with
150,000 sold
than
of
the output of goods
12,526,000 sold
__i._
90% of total employ¬
lit¬
;
"The
56,414,050 sold
July
in
change
2,940,000 sold
April
"will
in the past and there is
likelihood
tle
$67,475,000 sold
48,131,000 sold
February
March; _wl—
that private industry
mates
1945—
January
that of agri-
as
Declaring that the United States
"shall not again be victimized by
a
nostalgia for normalcy,"
the
study examines the new position
in
which ; the
war
has placed
American free economy.
It esti¬
has provided
12,000,000 sold
-
with such do¬
as
provide the great bulk of
7,000,000 to 10,000,000 new peace¬
time jobs needed in as much as it
5,900,000 sold
December
well
problems
have to
October
November
as
works, Social Se¬
ciilturd;
-
purchases
or
5,000,000 sold
December
v.:
deal with public
services
.-
1943—
of
taining
information
on
stamp
duties, trustee investments, estate
duty, maturity dates of certain
debentures and other loans, lists
in
tary Vinson announced
edition
to
guaranteed securities of the
Government for Treasury invest¬
ment and other accounts resulted
$12,526,000, Secre¬
1945
tion, and that copies had also been
has the best chance" by
cooperating in working out na¬
tional policies in respect to tax¬
ation, encouragement of competi¬
tion, labor mobility and dissemi¬
net sales of
The
Exchange '. Official
Year-Book,
published in London, England, has
presented to other high officials in
both the executive and legisla¬
tional
and
Exchange
Official Year-Book
finances
Mr. Hoffman stated, the "Times"
ident
The Stock
members of the Senate and House
During the month of September,
1945, market transactions in direct
of
at the
Blue
Oct.
29-31
dore,
Plans
the
at
to
pital
will
be
19
held
Commo¬
The
con¬
attended
by hos¬
and representatives
leaders
the
be
Hotel
New York City..
ference
of
national conference
Cross
million
affili¬
persons
ated with America's 87 Blue Cross
Plans. ;
Scheduled
speakers
will
include Louis H. Pink and Frank
Van
President and
respectively of
Dyk,
President
ciated
York
Hospital
which
Service
serves
million Blue
ViceAsso¬
of
New
than
more
Cross subscribers
2
in
.
-
rate
air
-
-
of
70
through
from
Such
cents
articles,
letters
in
each
for
York
of two
by
are
their
China.
to
restricted
usual.
ounces
and
may
.
to
and
dinary form weighing not in
cess
half
transmission
New
in dise, prints, etc.,
and
to
"create the climate in which pros¬
ounce
permanently by means of
which
government
must taxation, then, of course, the
have.. They were universally sooner that fact is made fully
of taxation
would be
In Govts, in September
If the decision is in the
pieces poorly fitted together.
If, on the other hand, the
whose function
tee,
would be made up of the ranking
patch
Up thoroughly unsatisfactory negative, then much needs to
be done to our tax system, ; yj; Air Mail for China
compromises in matters that
Postmaster Albert Goldman an¬
which has evolved through
have to do with taxation, un¬
nounced on Oct. 15 the receipt of
til we come to a clear con¬ recent years in unsystematic, information from the Post Office
unplanned and ill-considered Department at Washington, that
clusion
in
our
own * minds
us
com¬
major problems affecting the na¬
•Less
trine.
than
to
come
a
President's
a
Market Transactions
May
'
on
of
up
on
full employment and
joint Congressional commit¬
a
Committees which
May
our
false.
before
conclusions
finding ready instrument with which undertaking to decide
meeting income and the wealth of the postwar tax program.
ways and means of
the
necessary
expenses/
anism
definite
setting
mission
of
Kalph E. Flanders,
Federal'^
ployment in the years ahead than
it is with purely transitional prob¬
lems."
*
Asked
how
the
two
or¬
commissions
would
fit
V:;
suggested
into
the
ex¬
merchan¬
not be en¬
cents for each half
be
the
ounce
in addi¬
regular postage)
will
in
restricted to places located
what
as
to
was
heretofore
considered
"Unoccupied Chiruj.".
t
/
; f~
population
of
uncovered
by
the
conference
concerned
although "CED. takes no position
for-or
against pending pieces of
legislation
on
full employment."
»
five
country. <still
Cross Plans,
will
be
primarily
with methods of makt
include
considered
Bill, Mr. Hoffman stated that CED
Murray Bill,
this
Blue
,
of. the
hospitalization
service
Other projects to be
ing\ the
include
in with terms of the
With
5%
nation-wide.
with
;
;
had begun its policy deliberations
Pending receipt of further in¬
long before the Murray Bill had
formation, articles paid for trans¬
mission by surface means or for been presented. The CED measure,
transmission by steamer to India he stated, is entirely non-political.
and
thence
onward by
air (30 It would,- however,- he added, fit
York.
representing
present Murray Full Employment
closed.
tion
Greater- New
states,
management
health
agreements,
cooperation
1
and
labor
benefits
in
convenient
to
wage
transfers
and out-of-town benefits, recom¬
mendations for extending medical
and
surgical
bill
prepayment
plans, encouragement of individ¬
ual
and
community enrollmerf.
with
emphasis on rural areas,
nayroll. deduction
for
Federal
r
.
Government
ordination
programs
employees,
with
tax
of medical
-
and
eo-
supported
care/
f
HJCrswsftaarwwrt'
Volume
162
U. S.
•
Number 4432
THE COMMERCIAL & FINANCIAL CHRONICLE
N. Y. S. E. Members to Vote
Issue
Ready to Accept Austrian Government
The United States is
Commodity
Specifications Volume
ready to recognize the Provisional Gov¬
ernmentof Austria, the American member of the Allied Council in
Austria, John Erhardt, has been instructed to notify the Council, ac¬
cording to Associated Press Washington advices of Oct. 15, which
now
The
third
edition
of
the
1997:
"Na¬
tional
Nominating Committee of the Association of Stock Exchange
Firms on Oct. 18 announced its nominations far offices to be voted
on at the annual meeting and election of the Association to be
held
on Monday, Nov. 19, as follows:
Directory of .' Commodity
Renominated
to
Serve
Three
Specifications,"
originally
pub¬
national Government in Austria would help solve some threatening
Years—Ranald H. Macdonald, of
lished in. 1925; is now available,
Dominick & Dominick, New York;
problems of control in that coun-*
according to an announcement by
try. The Austrian regime, the As¬ tion- Section and Director of the the
National Bureau of Standards, Winthrop H. Smith, of Merrill
sociated Press stated, was partially Committee on Public Education.,
Lynch, Pierce, Fenner & Beane,
Department; of
Commerce,
at
reorganized late last month when j
George Y. Jarvis, agricultural Washington; ; The? announcement New York; Richard P. Dunn, ot
some
^Communist
leaders
lost economist, was named Secretary issued on; Oct. 10 further said:
Auchincloss, Parker & Redpath,
V
of the Agricultural Commission.
power and some persons consid¬
Washington, D. C.; John Witter,
In this
1300-pa^e volume will of Dean Witter &
ered in this country to be "demo¬ ;Mr. Jarvis became affiliated with
Co., San Fran¬
be j found, listed .and briefly de¬
cratic leaders" came into the Gov¬ ;the Associations three years ago
Smith, : of
scribed
more
than 35,000 : com¬ cisco;; Laurence - P.
ernment,
which
is
headed
Crouse, Bennett, Smith & Co., De¬
by coming from the Bureau of Agri¬ modity standards4 and
specifica¬
troit.' //'■
Chancellor Karl Renner. ; -v
cultural Economics in Washington, tions
•/ *J /■
';" V •'
formulated by trade associ¬
The announcement of the'.State D. C. -In addition to having been
Nominated < to
Serve
Three
ations^ technicaV societies and or¬
Years—James F/Burns, of Har¬
Department at Washington, as re¬ Iwith the B A.E., he served for
ganizations that are representa¬
ported by /the Associated Press, three years in the
office/of the tive in a national way of industry ris/Upham & Co., New York;
read as follows;
F. Dewey Everett, of Hornblower
f
V 7
lor
some
./ //. Comptroller of the Currency,
branch of industry,- as
"In accordance with the resolu¬ i
& Weeks, New York; Walter W.
George R. Amy was made As¬ well as the standards and
specifition of the Allied Council in Aus¬ sistant
Stokes, Jr., of Stokes, Hoyt &
Secretary of the Commis¬ 'cations of agencies thai
represent
tria of Qct./l,; 1»45, the members sion on
Co./New York; C. Newbold Tay¬
Country Bank Operations.
added that officials had expressed
hope that support of
Official Nominees
on
The
full-fledged
a
—
'■■■■, /
—
,
Truman Would Resume
Public Works Program /
As
part
of
the
President
reconversion
Truman has
program
-
requested Congress to appropriate
funds totaling
$221,842,000 for the
resumption of public works ac¬
tivities interrupted
by the war,
.
•
the
Piress
Associated
inL
stated
Washington advices Oct. 17.
The;
.
money
control,
-
*
of
the
Council
.
Austrian
< Governments subject to
•Commission's staff last January.
guidance ' and control. ,Qf the
Mr.: Oricutt has been directing
Allied Council as the supreme au¬
the affairs: of the Trust 'Division'
thority^ in Austria,-be extended to in the absence of
Deputy Manager
the whole of Austria."': '~i% //
V ;J
Merle E. Selecman, who' is now
V. "The Provisional Austrian Gov¬
in Europe serving as Assistant to
ernment was reconstituted by the
the Commissioner of the -Amer¬
Austrian provincial conference of
ican Red Cross.'
4
" V*
v.V '
Sept. 24 to 26/ 1945, ; so as to
the
<
broaden
the
basis
of
its
>
Robert
political
representation.
The
American
Government has instructed its rep¬
resentative
Mr.
C.j
•
Rutherford
/was
named
that
the
it
is
the Allied Council
prepared
to
recognize
Provisional/Austrian Govern--
ment
i
on
this basis.
on
"In
submitting the
recommen¬
main
duties
of
the 'Provisional
Austrian Government will be the
holding of national elections not
later than December, 1945.
r ;
"The
Council
solved that
furthermore
re¬
democratic press be
permitted to function in Austria.
"The American Government
a
ap¬
these
proves
recommendations,
as an important
step in fulfilling the declaration
on Austria (at
Moscow) of Nov. 1,
1943. That declaration, made
by
and regards them
the
powers
the Allied
Austria
now
represented
on
Council, provided that
should
be
liberated from
German domination and re-estab¬
lished
as
a
free and
independent
State."
The
out
Associated
pointed
recognition
policy is akin to that previously
the
United
for
Hungary,
States
sent
where
word
in
early September-that it was pre¬
pared to recognize the Hungarian
setup upon promises to broaden
itself
.
politically.
In
Rumania
and
Bulgaria,
on
the other hand, the United States
has taken the position that it will
not
recognize
sored
ber
the " Soviet-spon¬
until
after
include leaders of parties not
now
fully represented.
he
Announcement of
readiness
to
cal
steps, such as an exchange of
ambassadors, to restore relations
beween Vienna and
Washington
normal diplomatic basis.
This
evidently will now be carried for¬
ward very rapidly. '
-J' ■
a
/
-• -
ABA Staff
in
titles
mittee of the Association,
of
Harold
it
was
Stonier,
Executive Manager, on Oct. 15.
1 J.
R.
Dunkerley, John B. Mack
Jr., and William T. Wilson
Howard
Smith,. who
>made
was
in
everything
/ covered
r
by/ Govern¬
erence
t.aridy,,specifications. / As in
previous editions the decimal sys¬
of classification
tem
of
commod¬
ities is used, some minor changes
and additions having been made
take
to
of
care
Where the
material./.
new
of
use
commodity
a
is/not self-evident from the
title
the
of
The
appear.
the
of
specifications
Show Decline of 4 Per Cent
600,000 pounds in September
below
63,200,000
'Oct.
on
were
the
August figure of
pounds, it was stated
11, by , the,,,"Rayon
and
names
standardizing
be obtained
can
given. '/./■'/
are
•
„
,
„
/ The Directory was prepared by
Paul ' A/> Cooley
and
Ann
E.
Rapuzzi under the direction of
A.
S. /McAllister,
formerly chief
of the Division of Codes and Spe¬
Organon," published by the Tex¬ cifications, Bureau of Standards.
tile
Economics
ment
Bureau, Inc. Fila¬
48,500,000 pounds
was 4% lower than August, while
September staple fiber shipments
of
at
rayon
off by
5%.
The declines were due prin¬
cipally to the fewer working days
in September.
The Bureau fur¬
ther reports:
'
'
12,100,000 pounds
were
,
,.
,
It is known
lication
Miscellaneous Pub¬
as
M178.
Copies,
bouqd in
buckram, may be obtained
from the Superintendent of Docu¬
green
Washington
$4.00 each.
.
• -
D. C.,
J. * *
25,
ments,
1944
period. Of this
total,
446,300,000
pounds
were
yarn
and
120,600,000
pounds
staple fiber, representing a yarn
increase of 13% and a staple de¬
of
crease
2%
from
the
In
1944,
1945
period, 320,600,000 pounds of
viscose -fcupra
and
125,700,000
pounds
of
acetate
yarn / were
shipped, while viscose staple de¬
liveries
totaled
91,800,000 pounds
acetate
staple
28,800,000
,
Association
Committee
since
and
Secretary
Savings Division. Mr. Mack
A. B. A.
14
He
years
.,/•
recent
rayon
limited
at
supplies
the
volume
The
handled
of
1945,
September,
of
ton-miles
in
measured
freight,
revenue
to
amounted
freight traffic,
I railroads in
Class
by
50,400,000,000
ago:
is Manager of its Advertising
Department. - Mr. Wilson,- with
the Association the past 12 years,
inventories
of
estimate
ceived
based
of
Association
The
roads.
reports
on
re¬
the railroads by
from
American
decrease
the
Rail¬
under
tember, 1944, was 17.6%.
Revenue
ton-miles
of
than
all
at
and
dis¬
two
times
raw
as
■
service
up
to
was more
ton-miles
nine
months
(000
for
the
first
omitted):
a
scarcities
goods
are
of
1945
will
and
1944,
continue to plague
A
•
proposal to increase the
ber
of
from
the
30
to
will
33
num¬
Governors
of
Board
be
submitted
and
meeting. II
approved, the following have been
is
consumer
to
say
nothing
of
Secretary-of-the State Associa-^ manufacturers and distributors.,-.
others
M.
:
A,
4
Willem,. of Beer
City, to
serve
& Co.,
two years;
F.
Edward Bosson, of Putnam &
Co., Hartford, Conn., to serve one
:/;//;/: /;.4>//
year.
Nominating Committee for 1946
1944
Dec.
425.644,875
431,106,870
1.3
Aug.— *56,400,000
64,459,523
7
of
Mo.
of Sept
mos
.t50,400,000
61,181.730 17.6
Total
9
mos._
532,444,875
556,747,1234 4.4
"•Revised estimate, tPreliminarjr estimate.'
will
take
.
recommenda¬
include
$10,000,000 for the
Bureau of Reclamation, the Assoy
dated Press reported, for work on
the Davis Dam on the Colorado
involved
in ; the
water
with Mexico ratified last
April.
The Associated Press
tinued:
//'In
/
con¬
■
Missouri
the
River
basin,'
the requested funds would permit
the
Reclamation
Bureau
to
start
—Roy E. Bard, of Shearson, Hamconstruction on the Kortes,. Anmill
&
Co.,
Chicago; John L.
gostuar
and *, Boysen
dams 'and
Clark, of Abbott, Proctor & Paine.
the Army Engineers to start4'the
New York; Allan H.
Crary, oi
Garrison Dam on the main stream.
E. F. Hutton & Co., Los Angeles
"For the central valley of Cali-,
Henry Harris, of Harris, Upham &
fornia, funds were asked for work
Co., New York; Edgar Scott, ol
on
the Delta Mendota and Delta
Montgomery, Scott & Co., Phila¬
Cross Channel canals, as well as
delphia.
/
for final work on Shasta, Friant
The five retiring Governors, viz.:
and Keswick dams."
Frank E. Baker, Baker, Weeks &
In an earlier request the Presi¬
Harden,
Philadelphia;
Eugene
dent asked Congress for $3,998,Barry, Shields & Co., New York:
000 for the Civil Aeronautics Ad¬
Herbert F. Boynton, F. S. Moseley
ministration, $25,000,000 for the
&
Co., New York; William J.
Public Roads Administration, and
Fleming, A. E. Masten & Co.,
$1,641,000 for: the International
Pittsburgh, and William B. HaffBoundary
Commission,
it
was
ner,
Wilcox & Co., New York,
noted
by the Associated Press,
have each served two consecutive
Under
times.
the
association
the
more
serve
constitution
than
ol
governor
two
may
consecutive
V'"'// ?/
terms.
The
which added:
"The
no
Nominating
Committee
H.
Davis, Paul H. Davis &
Co.,
Chicago;
Wright
Puryea,
Glore, Forgan & Co., New York,
and James J. Minot, Paine, Web¬
ber, Jackson & Curtis, Boston.
appropriation
requested
for the Civil Aeronautics Admin¬
istration
would
provide for con¬
hangars
and the extension of the terminal
additional
of
struction
Miller
Approved as Federal
Security Administrator
/ The United States Senate on
Oct. 11 confirmed the nomination
Miller, of Maryland,
Security Adminis¬
trator,, succeeding Paul
V. McNutt, now High Commissioner to
the Philippines.
Mr. Miller was
named to his new post by Presi¬
dent Truman on Oct. 3.
He hac
been
Assistant
to
Mr.
McNutt
be
to
pected to be turned back for ci¬
use shortly.
\
vilian
,
"Major flood control and navi¬
gation improvements in the East,
such as the Buggs Island Reser¬
voir on the Roanoke River, the
Clark Hill Reservoir on the Savan¬
rais¬
since
ing of bridges on the New York
State barge canal, also are con¬
templated for construction by the
1941.
March,
Washington
"Times,"
Oct. 3, said:
"In
the
the
'
Pacific
President
lamette
Captain
in the
first World War,
motor
transport
was
first
for
Ninth
the
officer,
Division
and
then
Named
the
for
from
37th
Maryland,
Division.
a
he
has
home in the District of Colum¬
bia;
41
4
'•
'
wbrk
also
He
recom¬
construction
authorizing
bia River Valley to
provide farms
Returning veterans.
"The
sum
for
asked
of
House
two more
Basin
was
of
continuation
Valley
This would
control.
White
a
;
$15,000,000
Mississippi
lower
said,
flood
permit, the
of
initiation
reservoirs in the^ Yazoo
and extensive work on the
Atchafalaya flood way, in
to
on
the; Wil¬
irrigation works in the Colum¬
or
"Before entering the FSA serv¬
in
dams
Valley.
mended
authorizing
start
to
control
the
Northwest,
proposed
engineers
flood
important
part, of
eastern
the country.'
for
Mr. Miller was for 20 years
the national rehabilitation direc¬
tor of the American Legion.
A
'the
engineers on all
watersheds in the
Federal
advices to the New York
.
building at the Washington, D. C.,
National
Airport which is ex¬
nah River and deepening and
12.5
1st.
Mo.
which
Presidential
The
tions
.
the
29
longer to construct, the Associated:
Press stated. Under the Engineers'
navigation program 23 projects
are
involved, and under the Re¬
clamation Bureau's, 31.
'
/
for vote at the annual
he
built
practical working level,
;
New York.
'
The following table summarizes
revenue
Until these inventories
and finished
F.
of Watson B.
Sep¬
much.
1945
ess,
Year
ArmyEngineers provide for the comple¬
tion of 32% deferred projects and
resumption of work on 25 others,;
and for initiation of 31 projects
expected to be completed by 1948
ice,
materials, goods in proc¬
tribution.
of
held
manufacture
One
ton-
miles, according to a preliminary
with 1939 the 1945 total
re¬
Serve
Lennon, of Delafield & Delafield,
Paul
level
consumer
to
Vacancy—Thomas
a
of Alfred E. Thurber.
Hammill & Co., N. Y.,
Chairman;
C.
Prevost
Boyce.
Stein Bros. & Boyce, Baltimore:
Sept. Freight Traffic
been
partly because of the greatly
Fill,
Shearson,
a
have
Two
which submitted the above report
slight performed by Class I railroads in
increase from last month, amount¬
the first nine months of 1945 was
ing to 10,700,000 pounds in Sep¬
4.4% under 1944, and lVi% less
tember against 10,000,000 pounds
than the corresponding period two
in August.
•';/
.
However, compared
/The "Organon" points out that years ago.
Rayon stocks show only
Serve"
is composed
1945, 566,900,000 pounds of rayon
were shipped, an increase of 10%
same
Nominated
to
at
During the first nine months of
the
to
treaty
agencies from which copies of the
60,-
Nominated
River,,
ex¬
Reclamation/
of
control program under the
Salt Lake
some
Bureau
Funds recommended for the: flood:
that the reader may
also
of
the.
for
New Orleans/to serve three years,
J. E. Hogle, of J. A. Hogle & Co..
to
The President's pro-:
that $128,475,000 be
appropriated for ' the' Corps of.
Engineers and another $93,367,000;
nominated for the board:
Sept. Rayon Shipments
shipments
asked
specification, a brief ex¬
planation has been given when
possible. /' A?summary of each
specification is also included so
modities
rayon
posal
.
work, in the field of stand¬
ards
addresses
Total
lor/; of W: H. Newbold's Son &
Co.,
Philadelphia; ' Joseph
M.
Scribner,
of: Singer,
Deane
&
Scribner, Pittsburgh. - •; 1 ; 5
ment specificationsf to purchasing
Years to Fill a Vacaricy-^George
agents./and other groups./: It is R;
Kantzler, of E. F. Hutton & Co.,
designed to serve as a ready ref¬ New York. ; : *
'4/:// /
4
was
were
1927, is Secretary of the Organi¬
the
1
of* 1943.
stages
joined
Smith
jf
| /The book-is of interest to manj ufacturers, -who/ produce almost
tent, judge for himself whether
the scope of the specification fits
mortgage
his particular needs.
Cross-refer¬
analyst of the Worcester County
Institution for Savings at Worces¬ encing serves to tie up related
ter, Mass., for 20 years, revised specifications. /• \ /;/ /-///;/./ '■ ////■
A comprehensive index is pro¬
the A.I.B. textbook, "Home Mort¬
vided in which the commodities
gage Lending," last spring.
He
are listed alphabetically
and ref¬
joined the A.B.A. as a full time
member of the staff on July 1, erences are given to the classifi¬
cation groups in which the speci¬
1945.
He
is
a
graduate of The
Graduate School of Banking, class fications for the particular com¬
Mr.
duced
of the
B.
a
Mortgage and Real Estate Finance.
fied
zation
of
Assistant Director of Research
named
Deputy- Managers. : Mr.
Dunkerley, who has been identi¬
with 'the
Secretary
pounds.;-v. r'/f
Changes
changes
by.
staff
Prior to then
as
"
A. B. A. staff members have
been
made by the Administrative Com¬
announced
national
Government
v«: v >-.• (*
mem¬
a
Minneapolis Chapter of the A. I.B.
and
Several
A. I. B.
1,-1944.;
Executive
was
over
recognize the
present Austrian
regime leaves only a few mechani¬
*
the
of
since Nov;
Governments
they have taken definite steps to
to
Rutherford has been
4%
Press
that the Austrian
announced
Assistant Secretary of the
American
Institute of \\ Banking.
:
dations the members of the Allied
Council stated that one of the
<
the( Federal
recommended .to
!Formerly Assistant Cashier of the
their respective Governments that
jFirst ' National
Bank,
Bound
the authority of the Provisional
jBrook, N. J., Mr. Amy^joined the
j
]
would go largely for flood'
reclamation and naviga¬
tion projects.
addition
continuing the work along the
Misisssippi River proper." **
'
;
FINANCIAL CHRONICLE
THE COMMERCIAL &
1998
To
Discussions
Swedish-British Monetary
Holdings
Rapid Expansion of Sweden's Sterling
Create Problems
announcement
.
in London some time ago to
problems in connection with the monetary agree¬
ment between the two countries which was signed in London last
March.
As the "Financial Times" points out, British exports to
Sweden have not attained the volume then envisaged and Sweden's
inconvertible sterling holdings have increased at a rate that was
various
on
with plans to liquidate
by Jan. 1. For the continuation
of those functions which require
administration until the expiration
of the Stabilization Act, June 30,
ceeding
terim agency
week,
about the
Oct.
that an in¬
1946, it is expected
July
Earnings of factory workers in July averaged $45.42
was
16, by the National
War Labor Board that it is pro¬
made
Swedish and British delegates met
discuss
Labor Dept. Reports on Hours and Earns, in
Liquidate NWLB
Official
Thursday, October 25, 1945
hours
44
same
was
as a
year
0.6 of
earlier, although the
hour less than
an
Labor Statistics reported on Sept. 25.
Labor
Department's advices fur¬
t
•'
I
ther said:
:
.
will be created, the
hours
"Total
of
work
in
fac¬
-
,
,
the
conference, ; according to
"Journal of Commerce," that
the
Board
press
House
Group Recommends Cutbacks
peal
Appropriations Committee on Oct. 17 sent to the
House for consideration legislation which it recommended to cancel
$52,453,535,278 in Government spending authorized for the current
fiscal year.
The specific provisions of the measure, according to the
Associated Press Washington report,
would cancel $48,264,441,439
in direct appropriations already made for the year ending next
June 30, and would wipe out $4,-0
187,903,339 in contractural author- budgets and Presidential recomity for the same period, which, if mendations."
used, would have required addi¬
Calling for more rapid demobi¬
tional
appropriations
of
that lization of Army and Navy per¬
The
House
amount; the bill includes recovery
Of $1,190,500 in funds of corpora¬
tions
created
by the
Coordinator
of Inter-American Affairs.
The legislation as
,
proposed is
a
direct result of the war's end and
the
as
cuts
it
outlines
would
apply
follows, according to the Asso¬
ciated Press:
r
v>
»
'
sonnel, the Committee wrote into
the
legislation,
the
Associated
Press
reported,
a
requirement
that the armed services proceed
with discharges at a rate not less
than would be necessary to keep
within :the
limits
of
remaining
funds fior
personnel pay.
The
press
advices added:
'
v,
*
"Previous cancellations
already
Congress bring the
total to $56,810,654,278 of an esti¬
mated
original available spend¬
ing of $170,000,000,000 for the
fiscal period.
However, the com¬
mittee pointed out, approximately
approved
by
next
June
suggested
in
naval
30.
The
Committee
cut of $3,481,300,000
aviation funds.
It said
a
of
OPA and OES.' The other
phase
involves
inequities
and
maladjustments. .If no ,clarifica-f
tion is' coming by the time the
Board is. called/upon -to act on
those cases now pending, jt might
be that the Board would have to
formulate -'its
plans to dispose of 44,222
acquiring 1,238 new ships.
to
24,000 of them.
year
dispose
of
;
*
tremendous
"The
Committee
served
notice
,
From
.
the
f
.,
"Journal, of. Com¬
we also quote: -f £
interim
which
agency
would
deal primarily with passing upon
voluntary wage increases where
Board approval is necessary and
with handling the mass of viola¬
tions of wage stabilization regula¬
tions
NWLB
supplant
which
"
has
accumulated.
that it hasn't finished slashing ap¬
More than
propriations, asserting that "larger
illegal increases during the war
and
illegal wage decreases or¬
rescissions
are
definite
tions
and
-
fleet;6
more
mended cancellation of $28,692,772,000.
The Committee raised
this by $2,210,318,564, a practice
it followed
generally in other
■„
size and moderness of the existing
will
The Budget
Bureau and the President recom¬
/
'in view of the
available
spend.
I do not
merce" advices
otherwise
To start the fiscal year the Army
had
a
total
of
$47,129,605,501
to
definitiofis.
own
How this would be done
would
while
Or¬
The price factor
Aug. 18.
is up to
$80,00p,000,000 of this year's orig¬
"Attached to the bill is a ban
inal total already has been spent
against starting any
new
ship
or obligated.
■;;/ construction during the current
with
the dis¬
or
President's Executive
in the
The
year,
the Committee
said, the
Army Air Corps had 62,045 planes,
allowance
price increases when
wage
increases
are
permitted.
This phase is very clearly covered
,/
"The biggest cut in the Army's
funds was $12,166,313,000 for the
Air Corps.
On Aug. 23 of this
the
volves
allowance of
know."
or
be
agencies
practicable"
forthcoming
needs
are
as
figures
of
on
the
and
soon
as
dered
20,000
since
the
cases,
war,
including
are
now
obliga¬
pending. The Board does not hope
various
to
available.
"The biggest cut in the exec¬
utive agencies' funds was
$2,339,-
561,000 from the Lend-Lease ap¬
propriation.
It leaves the pro-
than
a
but their
7% below
ago,
year
weekly earnings
were
those
The
in
shorten
the Navy had 41,000 planes at the
start of the fiscal year and plans
junk
less
June.
decline
in
the
work-week.
Loss
of
equities and maladjustments^' ;.
overtime
at
premium pay plus
."As I see it," Mr. Garrison said,
a
decrease in the proportion of
"there are
two
phases of the
higher-paid
employees
reduced
wage-price
problem.
One in¬
,,
"Military establishments, $30,-:
"The / $17,662,163,961
dropped
903,090,564.
from the Navy's funds exceeded
"Naval establishments, $17,662,budget recommendations by $603,163,961,
239,515 and leaves the sea service
"Miscellaneous executive agen¬ with an estimated balance of
$11,cies, $3,887,090,253.
777,1; 945,257,515
to tide it; over until
"which
tion workers earned only slightly
weekly
earnings
was
brought
about by a 6% reduction in the
Mr. Garrison was also quoted average
work-week and, to
a
as follows;
lesser degree, by a 1 Vz % reduction
in average hourly earnings.
Ob¬
He asserted that among pending
cases in which the
Board, even servance of the July 4 holiday,
vacations, seasonal slack and in¬
under its procedures for liquida¬
weather
in
the
north¬
tion "may issue directive orders, clement
are
some
involving alleged in¬ western mills all combined to
lation
der
1
•
some ap¬
would raise
questions as to the formu¬
of wage policy."
cases
some
has pending
act
on
those
dates.
before
:
it
liqui¬
the average hourly earnings.
"j
now
weekly
earnings than a year ago, but nine
of these reported lower pay than
groups
reported
higher
of
$1,879,183,000."
availability
•
hours and earnings in this indus¬
1
.
£
"Hourly earnings for anthracite"
try.
/
miners
than
averaged about 4%
in
June—an
be
attributed, to the
cite
more*
increase
from;;
This may» :
Anthra¬
$1.17 to $1.22 per hour.
new
Agreement, effective June 16.
this
Under
miners
contract
re-'
ceive pay for underground travel
time, premium
increase
for work on
shifts, and an;
pay
third
and
second
in
annual
vacation
pay.-'
Weekly pay remained practically
'
unchanged, since hours dropped :
by about 4% as the result of holi¬
day observance."
<
<
.
»'
-
Curbs President's
Agency Merger Power;
The
Senate
Judiciary Commit¬
tee has rewritten the House
meas¬
approved by the House on
Oct. 4 designed to give the Presi-;
dent authority to streamline gov¬
ure
set-ups; The ef¬
by nearly half the
ernment agency ■
fect is to
broad
cut
to
powers
;
(
the;;
reorganize
f
government which President Truman had asked of Congress.
The
Senate
the Associated Press in-its
:
to ft
according
Committee,
Wash^
>
ington advices of Oct. 16, put in
provisions that:
; 4
;
;
1. No change shall be made, in '
the i status' of 13 agencies. (This
still
90
leaves
or
that
more
the
shift about.)
2. Any reorganization plan may
be vetoed by either House or Seni
ate, acting alone.
The Associated
Press at the
same time said;
The
agencies exempted
from;
reorganization
are
the Federal;
Communications, Interstate Com¬
President can
Securities
Federal Trade,
Tariff,
merce,
and FedCommissions;
the
Federal Land Bank System, the
and
Exchange,
etal
,
Power
Federal
Deposit Insurance Corpo¬
ration,
the National Mediation
Board, the National Railroad Ad¬
justment IBoard/ the Railroad Re¬
tirement Board, the District of
Columbia; government - and
the .
General Accounting Office.
;
With
the exception
of these
agencies, the measure allows the
President to draw plans for,shifting and
consolidating government
agencies to achieve efficiency
and
economy.
how¬
Con- ;
-It would become effective
days later unless
either .
Any reorganization plan,
must be submittd to
ever,
gress.
sixty
House or
Senate adopted a reso- -
.
7
As the measure came from the,,
in June.
The only sizable de¬
House it required that both House
clines, ranging from about 3 to and Senate adopt a resolution off;
4V2%, were in the apparel, miscel¬ disapproval in order to invalidate
laneous and tobacco groups.
A" a reorganization proposal.
strike in the cigar industry over
The
House
voted to exempt f
of disapproval.
lution
.
-
new/ piece-work
rates
was
the
prime factor in reducing working
hours in the tobacco group to a
level of 41.1 hours per week and
weekly pay to $30.85.>: Reduced
weekly pay in the miscellaneous
group was due to production cuts
in
the
scientific
instruments
in¬
dustry which is the highest paying
industry in the group. While the
decline in weekly earnings in ap¬
parel was partly seasonal, the re¬
duction in hours occasioned by the
holiday and - vacations
tributing
"The
were
V,
causes.
majop
con¬
which
groups
re¬
ported increases, petroleum and
rubber, showed gains of 1% and
M>%, respectively in weekly pay.
Premium pay for July 4—most
firms remained open on this dayraised both weekly and hourly
earnings by equal proportions in
.
being liquidated, with
cash and contractural
,
"All of the 11 nondurable goods
the petroleum industry;
gram,
in July, 1944, the Bureau of
Widespread observance of the
July 4 holiday coupled with cuts in war production shortened the
by one-half hour from June, 1945, levels and reduced
weexly earnings oy
cenis.
Tne'?*-
According to estimates in Stock¬
,
work-week of
average
work-week
tories dropped by more than 25,"Journal of Commerce" stated in
tained—if, in other words,, the
000,000 per week (5%), from June
advices from its Washington bu¬
original agreement proves a mis¬
to July, the durable goods indus¬
holm papers in March, Swedish
reau
on
Oct. 16.
These advices
take in orientation—then a correc¬
tries accounting for approximately
exports to Britain during the first
added:
For it is
12-month
80% of the decline.
Of the nine
period ; after the war. tion will be necessary.
a
vital
condition
for Sweden's i " At the same time it was under- durable goods groups, the six ma¬
were expected to amount in value
stood that President Truman was
again find a
to about $125,000,000, while im¬ economy; that we
jor munitions groups, transporta¬
course which leads to world trade
favorably impressed with the sug¬ tion equipment, iron and steel,
ports would probably be worth
where it actually exists, however
gestion ; advanced
by
several machinery except electrical, auto¬
only $75,000,000, leaving a Swed¬
NWLB
members
at
a f White
mobiles and electrical machinery
ish export surplus of $50,000,000. i large or small it may be after the
devastation wrought by the war.""
House conference (Oct. 15) that showed decreases totaling
18,500,Early in October, on the' other
a
tripartite commission be estab¬ 000 hours, resulting from both
hand,
indications
were
that
"Sweden Must Pursue Policy i
lished to deal with reconversion employment declines and reduc¬
Sweden would, during the current
Facilitating Imports"—
v
in
the
scheduled f work¬
wage policy. The commission, if tions
year, accumulate a sterling claim
Montgomery
<
These declines occurred
created, would be a temporary weeks.
of more than $75,000,000.
This
Discussing the situation from a
means
that Sweden, directly or
body and Government officials before the Japanese surrender.
somewhat
different
angle,
the who discussed the proposal£ felt
"Weekly earnings in the durable
indirectlyf would grant Britain an
well-known economist, Professor
that it should be set up immedi¬
interest-free credit of that size.
goods group overaged $50.60 in
Arthur Montgomery,: first quotes
When Sweden signed jhe agree¬
ately and attempt to complete its July,
almost
2 V2 % ~ below
the
English statements that Britain's work before the Labor-Manage¬ June level.
This cut in weekly
ment in March, the leading liberal
pay was due primarily to a 2%
newspaper,
"Dagens
Nyheter,'f volume of exports' must be; in¬ ment Confefrence; in November.
now
points out, she felt that it creased^/by £0% in;qrdefr tovmake
Objection to creation of such a reduction in the average work¬
it possible for the country to
was in her interest to aid in re¬
commission
was
expressed. by week. Although weekly earnings
maintain imports on the prewar
storing the prestige and position
several
CIO
and
AFL leaders, in each of the durable groups
level.
"At the same time, how¬
of the pound? sterling.
"Interna¬
who took the position that formui-: were less than in June, only in
other countries " must be
autdmobiles were they substan¬
tional cooperation is needed in ever,
lation of wage policy; under the.
order to re-establish world econ¬ willing to increase their imports.
'<•"
President's
Executive • • Order of tially lower than a year; ago."
The advices went on to say:
omy and
naturally Sweden will Obviously, the United States holds Aug. 18 is the sole responsibility
■
a key position.
By increasing its
"Workers in the automobile in¬
have to play her part.
But we
of the Administration and should,
should make our contributions in imports more than its exports the
not be passed off on others.
The dustry earned $53.05 as compared
close
coordination
with nations United States can play a most im¬
with $55.54 in June and $56.43 in
suggestion made to the President
part in stabilization of
which economically are stronger portant
The 4%% re¬
was that men like Eric Johnston,' July of last year.
and more powerful than Sweden. international monetary relations;
duction in weekly earnings over
President of the ynited States'
But Sweden also is in a position
We should, at least, direct an es¬
the
year
in this group reflects
Chamber of C om m er ee; Ira
sential
declines of about 3% in both the
part of our production to make a contribution to the
Mosher, President of the National
capacity and export possibilities same end. During the 1930's our Association
of
Manufacturers; average work-week and average
tbwards countries willing and able imports were too low in relation
CIO
President
Philip
Murray/ hourly earnings. Among the dur¬
We do not know
to help in developing multilateral¬ to our exports.
able goods groups, the automobile
AFL
President
William f Green
ism
in trade
relations."
After yet what our balance of payments
and several outstading public rep¬ group reported the greatest reduc¬
will look like when international,
tion in hours over the year and is
having called attention to the ne^
resentatives sit down, and work
gotiations in London, the news¬ relations have become more sta¬
the
only one inf which hourly
out recommendations for a wage
But
if
our
position
paper continue: "It will probably, bilized.
earnings were less than a year
policy with the help of the in*
should remain as strong as it was
be made clear that in the Swedish
before.
Nevertheless, production
terested and responsible Govern¬
point of view there is a very close during the 1930's, then we ought
workers in this industry still earn
ment
agencies,
including OPA,
to pursue a policy which facili¬
connection between our granting
on
an
average of $1.25 per hour,
OES, OWMR and NWLB.
tates imports, if we really want to
of
credits
and
the mutual
ex¬
second only to the transportation
The
Board's
new
Chairman,
further
the recovery
of world
change of'goods and services.
If
equipment group.
•
this
Lloyd
K.
Garrison, said at a
exchange cannot be main¬ economy."
"In the lumber group, produc¬
not foreseen.
per
to
normal operations
ber
A return
in the rub¬
industry, after strikes in June,
accounted
for
the
rise in weekly
completely
from
reorganization,
only the Federal Trade, Interstate f
,
Securities and Ex-. ,
Commissions
and
the j
Commerce and
change
three railway
frf
labor agencies.
of r
alone should be able to, 4-'
that one Chamber
idea
The
Congress
a
been
plugged
Senator Homer
has |
plan
reorganization
veto
the start by
Ferguson, Repub-
from
-*
4
lican, of Michigan.
In
I the
however,
committee
showdown, f
the fight for it was led ;
by Senator Burton K. Wheeler/'
Democrat, of Montana, one of the f
President's close friends.
Senator Wheeler told
he wanted a
reporters t
tighter Congressional
-
grip "because you and I know the
President can't and won't draft
these
reorganization
plans."
f
it for him,'*/
he added. "And nine out of ten of
"Somebody
these
don't
does
professional
know
as
reorganizers /
much about
what
they are doing as do members of
Congress."
: *
*
-
Volume 162
Number 4432
CHRONICLE
THE COMMERCIAL & FINANCIAL
1999
......
^
tion in
Retail prices of general merchandise based on the Fairchild'Publications index remained
unchanged in September as compared with
August.
This follows the first advance in the index for some time.
As
compared with
a year ago, there was practically no
change, only
gain of 0.1%. 'The advices for September made avail¬
able Oct. 16, further stated: ; ;
fractional
a
'For
the
months
first
time
there
changes
groups.
in
were
recorded
However,
several®'
also,.
by
the
whose
each
one
distinguished
I
in¬
o.
in
my
major groups—with the ex¬
ception
of
home y furnishings,
President
showed
held
pared
nominal
with
a
change
year
In
as com¬
successive
Truman
several
two
-
days
his
guest
and
conversations
in the
decrease in piece goods ana
infants' and children's wear quo¬
tations.
There
were
fractional
reported
gains in
dial
was a
women's
parel prices.
major
have
been
and
men's
14,
reported to have extended
ap¬
The increases in the
since the
groups
varying
and
1933
exceedingly
from
41%%
children's
a
cor¬
Truman
to
Regarding po¬
in
Argentina,
conditions
predicted
y
.
12, adding that he said that he
preferred., to regard the present
situation there as "an incident in
in¬
Frac¬
,
tional declines
recorded
were
in
the general politics of the Amer¬
ican ; continent."
The
"Times*'
and house dresses, women's
aprons
underwear and men's shirts.
commodities
same
also
The
said that Mr. Rios expressed the
opinion that democratic sentiment
showed
changes
was
ago.
South
as compared with a year
The greatest change was re¬
corded in furs.
r-"As
emphasized
before,
does
not
include
includes
apparel.
The
.
standard
in
greater
merchandise.
changes
in
quality
than
same
"The
OPA
textiles
in
crease
these
adjustments
other
items.
vances
in .the,
also
on
a
business
300
Club,
previous day
given
was
leaders
Park
Oct.
on
the
at
Avenue
and
Machines
f
At the
luncheon, President Rios
who shared the speakers' table
with
Mr. Watson, Dr. Nicholas
Murray Butler* President Emer¬
itus of Columbia University, and
home
included
Index,' should
slight gain in prices
former
at retail.
Nelson
"According to A. W. Zelomek,
Economist, under whose supervi¬
Assistant Secretary of State, made
sion the Index
return
to
Rockefeller,
plea
for world-wide
nations. His address,
delivered in Spanish, was repeated
!
in English by Benjamin Cla^oVelasco, former Chilean Minister
is compiled, retail
unity
on comparable qual¬
ity items should average slightly
The
A.
strong
a
prices based
higher.
quality
better
among
at the same levels will
bccpr only partially, part of the
return to better quality levels is
to be reflected in moderate ad¬
of Education.
vances."
sociation at
"If
.
in
On
Oct.
Rios
Dr.
15
the
was
American Soci¬
ety and the Chile-American As¬
guest of the Pan
members
dinner in the Hotel
a
Chile's
President, Jan
Antonio Rios, arrived at
Washing¬
was
entertained at
drove
ton /from
members
met
Richmond,
of
the
on
Lincoln
President
Bridge
Rios
by
naval aides and
was
Waldorf-Astoria
Byrnes,
tained
stated
in
Secretary of State
New York I "Times"
its
Washington
patch. President Truman
dis¬
received
1
"the
House.
tion
was
the
Executive
ately
A
portico of the
formal recep¬
after
presented
President
Mr.
Rios
-
hailed
first
enter¬
ceremonies
Mr.
Rios
as
President
to
President
Chilean
friend
true
of
democracy
Pan-American solidarity
staunch ally whose country
had
with
be
term
immedi¬
Truman
>
visit the United States during his
of office and as a tried and
held in the East Room of
Mansion
of
master
As
Hasler
White
and
the w^k /as
the guest of the city. - Vy/;/
aVC";
the. head of the Chilean Govern¬
the north
the
document
ratifying
the
United
Nations Charter for Chile.
That evening at dinner Pres¬
ident Rios offered the
following
and
—
a
con¬
tributed greatly to victory in
war—and
.
the
a
the
vigorous supporter of
planning for r an
enduring
throughout the world."
peace
toast, according to the "Times'': •"I render homage to the
people
and the democracy of-the United
the Waldorf-Astoria Hotel on Oct.
States and to their
would
Excellency,
an
In
r
■
:
-
an
interview
16 President
President, His
Harry- S.
Truman,
•'v
remains
American
of
unity,
yet imperfect and weak. Even
though
got, at the Conference
we
of
Mexico, an 'Economic Charter
of, the Americas,' which we all
acclaimed with fervor and with
faith, it does not walk
and
yet with
steps v on the
certain
.
road of practical
the
low
>
as
clamor
explained,
said
Tribune" y that
the
complementary econ¬
"determining cause of
levels
for
of
living
solution"
which
in
Latin
l,
"Economic
democracy is more
attainment and profojunder and slower than political
difficult
peoples
the
as
;
production
best
of
and
of
her
and
her
the
industries
surest
means
gaining this end."
In
of
:
be
inter
his
Rios said
suite
at
that there
advantage in calling
American
conference
no
-
in
National
sent
to
President
prosperity
cooperation
agriculture
creating
"opportunity,
security,
rising
living and respect
for human rights," and the Presi¬
dent replied in a letter in which
he fully agreed that cooperative
planning by these^ four group?
■was necessary "if we are to re¬
alize our opportunities for stead¬
ily improving the national stand¬
ard of living."
standards
of
The NPA report was submitted,
according
to Washington advices
Associated
the
from
Press,
Oct.
Committee
Chairmen
from the Association,
including Beardsley Ruml, Theo¬
by
15,
V.
dore
Schultz,
Stacy
Golden,
and
Wilson
of
group
a
Clinton
S.
Charles
May,
and it Embraced a
Sonne;
series.of ques¬
tions designed to
trace responsi¬
for
various
phases
of
na¬
tional action looking to. a co-oper¬
ative program
embracing the four
groups.; The Board and commit¬
tee members of the NPA, the re¬
port
of
;
the
conferences,
held
•
will seek solutions to
problems in a series
said,
various
the
on
be
to
without
reverberating
throughout the enoconmy. This is
similar to the prevalent error of
forgetting that a wage increase in
a particular industry affects wages
in other industries, raises raw ma¬
terials and supply costs, and af¬
fects the
volume of
.v.
letter,
the
President
"It is particularly gratify¬
wrote:
to
note,-the
emphasis
you
place on respect for human rights.
Enduring solutions to our national
will be
problems
so
far
are
as
our
based
"I
on
mutual
-v
wish
you
every
your own program
and
found
that
hope
only
in
human relationships
respect.
•
/■'/'/'7'
success
in
of conferences
your
efforts will
help
stimulate agriculture,
ness
and
labor
and
trust
'
busi¬
organizations
to
proceed along the lines you have
suggested."
Under
sales.
the Murray Bill in
Commerce and
It
Industry Division.
workers
into
em¬
ployment, the federal government
will
have
to
control
E-Bond—
interest
yield
being
from
sav¬
theme
the
Will
"the
be
necessity of finishing the war job
in
the'good old-fashioned Amer¬
tion
so
about the
the
able from the new coupon bonds.
Instead,
ican
or
word
ings
banks
or
its
investment
privilege of 10-year money-back
call on the government—or about
the higher than the comparable
market yields which are obtain¬
actual opera¬
million
a
of
contains not
tion, in order to get the last five
way," surely
of
duty far
post-war than
imposi¬
appealing
a vague
less
midst
it was
the
wartime excitement.
and
wages
prices, and determine the kind of
goods to'be produced; ' or spend
billions
or
at
accelerated
an
both.
rate—
'v;/;;./
7.
//'• * /v
If
the
wants
While
Administration
really
explosive in¬
forestall
to
flation,- surely
there ai*e some
simple and definite steps that it
can
take.
Among these are:
V (1) Stop
supporting ; maintenance-of-purchasing-power theo¬
ries.//,- //;///: v
(2) Take concrete steps in
fecting economies.
ef¬
;
.
OPA
the
certain
it
passed
to give
for
be
minimum
wage
Congressmen
in
general
been expressing the view
have
that
would
boost to the
some
40-cent
present
level,
reasonably
appeared
that legislation
the Administration's
request
25-cent increase is excessive
a
when
conditions
nation
as
throughout
the
taken
into
whole
a
consideration.
(3) And probably most impor¬
tant—end
are
Legislators
from
•the farm States, for example, are
regulations,
making effective our most
powerful anti-inflationary anti¬
afraid that such
dote, namely, the nation's tremen¬
dous productive capacity.
In the
cannot support
thus
draw
an
workers
farms, which
increase would
from
away
the
more
the most part,
such a high mini¬
mum
level, the Associated Press
pointed out in its Washington ad¬
vices of Oct. 15/ Business, as well
as
the farmer, is registering op¬
position to a 65-cent scale.
The
government
National Association of Manufac¬
turers, through its President, Ira
Mosher;- has stated its position to
face
OWMR Director Snyder's
of
first
best
and
to
is
way
another
obstacles
fight
to
produce
both production and
on
.'/
employment. ,//;/•/y; .;//
;; It is riot realized that apart from
What we may or may not do for
Britain
Great
by
way
of
a
so-
called loan, aid or
gift, other bil¬
lions Will go to Europe through
machinery that is already wellestablished.
Dollars
'
in
Bretton
exported through
Woods'
Fund
and
through the ExportImport Bank.
The latter has a
program ; under
which
foreign
governments
can
finance
pur¬
Bank," and
..
of
chases
tl^at were
formerly | transferred through
Lend-Lease; and has established
credit for general purchases by
our
Russia/ and
goods
the
Netherlands
at
2%% for 30 years; and for the ex¬
of $100,000,000 of cotton to
eight European countries.
' ;
port
And
England today has, of
fresh crop of troubles
way of arranging real pay¬
a
course,
in the
to
ments
us.
She
finds
the
herself
in debt to many other
countries; her creditors are frozen
non-negotiable credits, and
she doesn't have the wherewithal
to
pay
which
for the raw materials
are indispensable for
her
production of exports.
-
But it is
repayment of our dol¬
payment for our goods
that on a world-wide scale remains
—as
it has since World War I—
and
that the continuing
can
we
problem—how
export more than we im¬
port and at the same time expect
to
be
reimbursed
with
real
wealth?
have
If
we
are
chronically to
export balances and, either
of our tariff policy or
get paid for our
exports in goods and services, then
we simply will have to continue
exports of our capital and sub¬
sidies in various guises.
Insuffi¬
ciency of imports by us and re¬
sultant shortages of dollars in the
hands of foreigners will sooner or
later
surely
undermine
the
Educa¬
on
nal of Commerce" from its Wash¬
ington Bureau
Oct. 12.
on
The railroads too have gone on
record
as
opposed to the increase,
Press
reported
Associated
the
from Washington on the same day.
Their spokesman, J. H. Parmaleer
of
the Association of American
testified
Railroads,
Committee
Senate
railroads
that
the
before
now
effect
the
to
pay
mini¬
a
of 57 cents and that a sharp
mum
would
boost
for
raises
bring
those
for
levels
pressure;
in
higher
control
would
be
wrecked
by the passage of the
bill." His argument was that such
legislation would lead to unem¬
ployment and tend to cut "aggre¬
and
"price
gate/purchasing power," the As¬
sociated Press stated.
Among those testifying for the
farming interests were
W. Holman, Secretary of
Cooperative
tional
Federation,
ducers'
Charles
the Na¬
Pro¬
Milk
who
stated,
according to the Associated Press,
that enactment of the Pepper Bill
in
its
present
form would result
in "a considerable cut" in the net
income
of
Samuel
dairy
who
farmers;
Apple
advanced
the
Association,
view that the
bill would be harmful not
to
merely
management but to organized
labor
as
well.
How Congress
ter may
a
also
Secretary of the
Fraser,
International
because
other reasons, not
Senate Committee
ing hearings on the Pepper Mini¬
mum
Wage Bill.
The NAM is
definitely opposed at this time to
a 65-cent minimum, according to
reports to the New York "Jour¬
heavily
with
for
tion and Labor, which is conduct¬
huge
amounts will be
the
lars
his
In
ing
first
'
Dec. 7.
psychological error of omit¬
ting the bonds' appeal to
the
This is ex¬
buyer's self-interest.
emplified in a current "peppingup" - statement by New York's
that obtainable
E.
Christian
H.
its
double
Truman
toward
prelim¬
stirrin^-up of interest for
the imminent Victory Loan cam¬
paign, the Treasury is repeating
inary
its
uum,
...
,
.
its
in
about
:
on
Government
fal¬
widespread error in pre-supposing
tnat
a
single
economic
plan in practice operates in a vac¬
goods";
labor,
based
business,
other
*
*
that
ly
"the
its recommendations 'for "national
and
their
to
*
appears
attractiveness
Planning Associ¬
by
irresponsibility
statement in Boston last week that
'
Group Offers
Belter Living Plan
The
But the American
possessed
of
addition
inflation
ation
Woods'
Bretton
agency,,, the
OPA, is imposing
bottlenecks and other insuperable
diversification
mechanization
the
lacies, prononents of the Murray
Bill are committing an increasing¬
.
exportable
it up: labor
Labor
has
are
power,
and hate
and tyranny."
of
and
Tie
power.
indeed.
also
power,
application."
Rios
President
its
proves
-
bility
welcomed
throughout
ment
on
was
"Times"
city upon his arrival yes¬
terday by Mayor La Guardia and
a
greeting committee headed by
Grover
A.
Whalen at
Pennsyl¬
vania Station.
He will stay at the
Truman's-military and
the
This
York
New
the
to
with
his party, and was
Virginia side of the
Memorial.
President
Pres¬
Va.,
Buffalo.
in the
noted
of Oct. 16 which also said:
to Washing¬
up
of
O'Hara
stag
a
dinner at the White House.
ident Rios
two
E.- Hasler, - Presi¬
dent of the Pan American Society;
John T. Kirby, Chairman of the
Chile-American Association, and
the Most Rev, Bishop John - F>
The first reception by President
of the head of a LatinAmerican State took place on Oct.
ton and
chain
saying:,.,
as
fragile
something
the
as
/
the
ley,. Frederick
Truman
-
of
friends
and
organizations. Among them were
Mayor La Guardia, James A. Far¬
fit White House
when
quoted
was
it is because the economic link is
Waldorf-Astoria attended by 1,000
Chile Pres. Received
11
;
In the NeW York "Herald Trib¬
"he
ing in Europe.
Corporation,
une'' of Oct. 17, which also stated
in part:
/•
Fairchild
mean
so¬
cial stability of Latin America.
une
It
said the New York "Herald Trib¬
grant increases ip finished goods
prices at ^wholesale equivalent to
the gains given to labor.
The
.
"the
the-
crease
luncheon
a
dinner the
a
Business
likely, however, v that OPA will
pricing policy of OPA
furnishings, which are
to
democracy," he said.
"That is
why my government is now di¬
recting its efforts toward the in¬
included
Union
un¬
is
obstacle"
America.
69th Street, by Thomas J. Watson,
President
of
the
International
ad¬
It
granted;
are
wage
serious
com¬
;
for
Upward
as
achieved, pointing out that
plementary economics are
of honor. The luncheon
also expected in
are
commodities
American
,
.
omies is the
16 and
in¬
an
the
among
at both of which he was the guest
should
partially; be reflected in
Bilt-
republics to reinforce the political
solidarity ; which
has
been
most
(Continued from first page)
of
Fund.
dinner
a
Hotel
him
dollar.
cotton
solidarity
condition of
notables.
at
the
at
more, given, by the Free World
Association
called, for economic
Before leav¬
,
un¬
higher prices granted by
for
dictator¬
no
honor
President Rios arrived in New
York City for a 5-day visit on
Oct. 15, and the honors accorded
measure
which
a good-sized
advance in former values received
for the
that
in
Here and There
Oc.tr 17 Pres¬
on
speaking
the : "Herald
other
doubtedly represent
•.
deeply rooted in
so
America
Press, President Rios
reception at the Chilean
Embassy where he greeted mem¬
bers of the diplomatic corps and
Further¬
more, the Index does not
Rios
his
in
York
New
held;;a
style
.
In
-
die
can
'
peace."
Associated
women's
advance
has /; been
items
of
becoming
"he
so
ing Washington, according to the
style items and only
minimum
a
alone
sure
ship could survive.
the
Fairchild Retail Price Index
him
that
complete and full democracy and
liberty," the New York "Times"
Washington advices stated on Oct.
"Commodities showing changes
during the month included frac¬
tional gains in furs,
men's,
,
that nation would soon return "to
J
fants' and children's shoes.
Mr.
country.
President / Rios
72%/ in
piece goods.
his
litical
infants
to
wear
invitation to
visit
low
marked,
in
from;, Washington, Oct.
during which the Chilean is
"Times" "re¬
York
ported him as describing the pres¬
ent
regime in Argentina as "a
very
sick
man
who
each
day
grows weaker and weaker," and
smilingly suggested that we leave
ident
White House, the Associated Press
There
ago.
the
-
New
strength
political situa¬
Argentina.
The
for
clude
the
a
wife
sincerest wish
their personal welfare."
no
major
to discuss the
now
Faii-child's Retail Price Index for September
regards the mat¬
possibly be surmised from
comment made by Representa¬
tive Ramspeck
(D., Ga.), who told
reporters, according to the Asso¬
Press,
ciated
"some
type
promise
can
that
he
thought
of satisfactory
be worked
out.'*
com¬
THE COMMERCIAL &
2000
I venture the guess,
Should Banks Make
is
examination
and pub¬
the
for
ratings
security
lished
depend¬
place
to
market vaiues
on
ence
first page)
of a bank's
portfolio of investments. This is,
of course, perfectly natural.
It is
an easy
routine task for the ex¬
analysis of the worm
aminer to set down
and
securities
of
f S;
ings of bonds,
market values
published rat¬
y
;
to test the New
It is not so easy
the
and
To the extent that a
England local enterprise "on
basis
of
local knowledge
judgment."
bank
local
serves
local
a
com¬
munity, to that extent will there
be an increase in the volume of
of
the
must
be
some
the
between
which there
of minds
examiner and the
sort in
loans
meeting
bank.
problem?
How
well
documented
is the
banker with the information on
which he makes the loan?
How
far can he go in balance sheet and
operating statement evidence in
substantiating his case? He should
have in his files everything of
this nature which will support his
wisdom
in
making
any
given
this
is
that
proper
credit files would meet
most of the requirements whether
in presenting a loan to the bank
directors
or
in defending the loan
borderline
the
faith
in
in
cases
the
is
Such faith is
character
primary ele¬
judgment?
easily brought
bank's
the
in
ment
in
which
come
borrower's
the
abilities
and
Does not,
difficulty
the
however,
seem
examiner.
the
before
would
it
and
loan;
more
decision
local directors
than it is by an examining official
from the outside.
Perhaps this is
to
a
the
which
in
area
by
of
differences
opinion will be most serious and
most important.
"
V"
4
Favors Marginal Loans
y
;
In your
should be
of
reasonable percentage
a
these
marginal cases in each
bank portfolio if the bank is to be
of the greatest service to its com¬
munity. j The argument for this
is
the
same
for
as
reasonable
a
accommodations, and will pro¬
needless grounds in support
of-the political hostility to pri¬
vide
If
certain percentage of bad debts.
he does not, it means that he
has turned down
number
At
the
have
of
so
marginal
good
time
same
unwarranted
an
he
cause
not
that
destroys
the
writing
them
off
profits which were received from
the successful
in
are
ment
an
marginal
area
makes
We
where good judg¬
the
cases.
difference
be¬
tween success and failure.
It is in this area, I believe, that
some
thought to the wisdom of
Reserve
guarantee
Bank
With seeing that the banking sys¬
tem offers enough of this service
safely to really serve its region.
The "mechanism for doing this
13b loan,
its
or
new
provided
for
bv
the
Wagner-Snence Bill, which is ct'll
hanging
fire
in
mechanism
Congress.
orovides
a
Reserve guarantee for
part of such
loans.
Th's
Federal
the maior
This
means
that the volume of risk safe for
p'ven
bank
give much
the
can
more
be
losses
gain, but if experience
banks) there will be
some
13b
with
a
to
needed service to
It
any
guide, total net operations after
balancing losses against gains will
be
profitable.
Vv
/•\
J
What Is Good Banking?
We
land.
the
of
oldest
the
are
industrial
regions and our for¬
tunes were more largely inherited
than was the case in other parts of
the country.
insurance
ments
Besides this our life
funds
of
tutions concentrate here
drawn
from
other
insti¬
resources
the
of
parts
ff M':,fc
country.:
funds
xnese
endow¬
the
and
educational
our
expanding
unavailable for
are
industry,
commerce
and resulting employment here
New England.
In large part
in
by
law, aftd to fully as large an ex¬
tent
by
traditional
of de¬
fining the responsibilities of trus¬
these
tees,
funds
ways
available
are
only for investment in low-yield,
completely-safe
securities.
The
trend of returns from safe invest-
ment Is downward and therq is no
sign of any upturn in the future.
This means an embarrassing low
yield for these fiduciary funds as
well as leaving them sterilized so
far
as
any
expansive effect on
New England is concerned.
In making special reference to
insurance
this
Is
companies
I
in
have
proposal to expand the
volume of Federal Reserve guar¬
mind the law passed by the Con¬
necticut Legislature last March,
anteed marginal loans good bank¬
whose enacting
bad banking? The answer
to that question depends on what
we
mean
by good banking.
If
good banking means gilt-edged,
follows:
ing
or
banking our proposal is
bad banking.
If good banking
means the taking of carefully ex¬
amined and calculated risks in
provision reads
as
Sec. 1.
Any domestic life insur¬
company may loan or invest
funds to an amount not ex¬
ance
,
support of the expansion of busi¬
and
ness
the
in
employment
t
the
bank serves,
good banking.
I
submit that good banking in
this
sense
is the only practice
which recognizes the social re¬
which
region
then the proposal is
ceeding
ing
the
forms
and
system
foundation
its
for
only
future,
against the political ;;and "social
forces which are rising up against
These forces at times are dor¬
mant," ! at times active,
neither sleep
nor
die,
their
but
they
will
nor
decrease over
pressure
yea
New
Let
bankers
England
therefore reconsider the merits of
the
Wagner-Spence revision of the
If
loan.
its
you
convinced
are
merits, find out from
your
representatives in Congress what
is holding it up.
This proposal is
an
available answer to many of
the problems raised in the report
which we are considering today.
the
not
5%
aggregate
assets
investments not
or
in
of
loans
qualifying
or
permitted under its charter or
1265e, 12-38e of the
1939
supplement
the
to
general
statutes.
Sec. 2. This act shall take effect
from its passage.
This
simple enactment
door of opportunity.
;y
the
opens
,
the
In
first. place, whatever
particular purposes for
which the law was drafted; it rec¬
ognizes the fundamental concept
which
underlies
the
WagnerSpence Bill, and that is, that a
.
the
were
certain
safe
should
from
per¬
funds I
investment
freed
be
reasonable
and
"of
centage
restrictions
which prevent it from
going into
ago
vears
estimate
an
Federal
the
*t
of
made
was
Reserve
amount
the
of
"iduciary funds.
round numbers
of
Bank
these
The estimate in
runs
INVESTMENTS
(Federal Reserve District 1)
p;/
Description
"insurance
1
;
companies
$2,982, 253,000
—455, 937,000
Trustees:
National
Trust
banks
(2)390, 711,000
1,490, 140,000
companies
:■/}
•
:
;' ; •.;
,
National
768, 301,000
Trust
537, 068,000
Savings j.
Oo-operative
3,064. 617,000
credit,
banks,
i.v;■ *
■
510,866,000
unions,
be lessened and spread by risk
can
for Small
mates
the
ton
that
have been
financial
to
as
made by one of
institutions
the
in
of
money
investments
years
as
It
ago.
same
is in fiduciary
was
is
Bos¬
situation.
current
This indicates that about the
amount
esti¬
similar
the
not
case
Business," recently pub¬
lished by the Investment Bankers
Association of America.
Perhaps
better
plans than either of these
be devised.
can
:
-■/,
'
•
cy-y
spreading over a variety of
undertakings, lies our principal
hope for reasonably
the
over
ten
surprising
minimum
safe
now
returns
received
fiduciary investment.
In un¬
dertakings of this sort also lie the
possibilities of profitable public
service, which if successfully per¬
formed will demonstrate the pub¬
lic usefulness of commercial banks,
investment houses and the life in¬
companies.
$10,199.893,000
understand
insurance
indeed'the
; /,%
companies
ideal
ridiculously * small
their
funds
Bill
personal and estate taxes.
is
probable that the slow
lack rf progress of the
Wagner-Spence Bill through Con¬
gress is due to the organized op¬
rrogress
position of organized banking.
In
Even to this generation of def¬
icit and
war
spenders, ten billion
dollars
is not a small sum.
I do
not know what the figures are for
other regions of the
country, but
States.
'
"In
justice
marine
only
not
insurance
to* the
companies
but
the American
to
loaned by the Government or any
such agency, be
placed in the cus¬
tomarymannerirttheAmerican
market whenever the insurance is
obtainable here at rates compar¬
able
available
those
to
other
in
for
equal coverage and
If
foreign
countries,
security.
operating with
United
the
President
of
the
ciation,
advices
Press
16,
Carroll
Division
Trust
Bankers'
Asso¬
made known in Asso¬
was
ciated
Oct.
the
of
American
which
that
stated
killed
was
Mr.
that day in an
accident
automobile
Paris
from
miles
30
north of Paris,
taxpayers,
we ask that any marine insurance
which may be required on Ameri¬
can exports financed by the United
States Government or any of its
agencies, or paid for with funds
also
Cross
Commissioner and immediate past
Red
,
Mr. Goddard said:
funds. loaned by
Government,
States
permitted to transfer the in¬
surance on American exports to
are
marine insurance
their
own
kets,
mar¬
the Red Cross an¬
i: Merle
E.
Selecman,
nounced,
Deputy
seriously injured
was
in the accident.
Mr. Carroll,
who
Cross Commissioner for
Red
was
andy Secretary
Manager
of the ABA
Great Britain and Western Europe,
was
on
leave of absence from the
National
Bank
Shawmut
of
Bos¬
ton, Boston, Mass., where he was
Vice-President, Trust Officer, and
Mr. Selecman
Counsel since 1924.
special assistant to Mr. Car¬
leave of
absence from the ABA, where he
is
Secretary of the Association
and
Deputy Manager in charge
was
roll in Europe and is on
of its Trust Division and director
Council.
its Public Relations
of
*
Full
military honors were ac¬
corded
Mr.
Carroll
at
funeral
in Paris
services held
American underwriters will
American
The
Oct. 20.
on
Bankers
Assq-f
supplies the following inr
regarding Mr. Carroll's
ciation
inevitably suffer the loss of a
large proportion of their normal
formation
business."
activities.
that an ade¬
quate marine insurance market is
indispensable
to
the successful
operation of the American mer¬
chant fleet, but pointed out that
development of such a market will
be
impossible if United States
has recognized
edly
Government funds
divert
to
to be used
are
foreign underwriters
to
Massachusetts
in "1912,
Bar
a general law practice
gradually led into exten¬
sive business interests in the fi¬
nancial field. He was Vice-Presi-i
dent of the Shawmut Association
which
Shawmut
Investment Trust,
the
of
the
and of
of; Boston,
Bank
the
of
director
a
Fire Insurance Company,
in this
insurance facilities
try
well be
may
coun¬
vital factor in
a
determining how future shipments
Shawmut Corporation
of
Boston,
Se r v i c e
Financial
Devonshire
the Na¬
Companies,
Protective
tional
trustee
a
Bank, and
United Mutual
Savings
Home
would
placed in the United
States. He explained that the ex¬
istence or lack of adequate marine
and
engaged in
marine insurance which otherwise
be
the
Mr. Carroll was admitted to
He stated that Congress repeat¬
as
would
it
made
underwriters
entirely in
are
ments with
sym¬
view to stimulating
a
foreign trade. They
are
confident,
be
however, that these loans can
made
fully effective without di-
verting the marine insurance from
the
channel
which
in
it
would
normally flow, and thereby seri¬
ously weakening the Americah
marine
market
insurance
an
as
instrument in the development
American
commerce.
of
,■;/ >r"
.
The membership of the Ameri¬
Institute of Marine Under¬
can
writers
84
of
consists
insurance
companies, including both Ameri¬
can
companies and foreign com¬
panies admitted to do business in
These 84
the United States.
com¬
Corporation and the Boston Bet¬
ter
Bureau.
Business
'
has been active in
risks written in the United States.
Mr, j Goddard,
now
serving as
President of the Institute,
is a
senting
Chubb & Son, repre¬
member compa¬
several
re¬
the
-
America's
of
expansion
fu-
undertaking
contemplated in the
ture.
Bankers
is
Investment
suggestions is not bad banking
but good banking.
It is not cast¬
report, for instance.
Massachusetts
or
Association
If the laws of
any
other State
be changed.
If there
in the SEC
are
difficul¬
these
ing
away
safety
plunging
and
blindly into risk, it is the willing¬
ness
undertake
Will we
here in
The answer to that
courageously
to
of
New England?
those
capital resources,
regulations should be re¬
vised.
If the administration of the
there
"Blue
Sky"
hold
nation's
back
policies
its
laws
of
the- nation
development, those
should
be
redirected
to
office
1945.
of the Tax Committee of
the Na¬
tional Bank Division.
In
Association,
of
member
mittee
for
Bankers
Massachusetts
the
Mr.
Carroll
a
Com¬
was
the Conference
the Code of Ethics
under
Trust Business.
In
the
Cor¬
porate Fiduciaries Association of
Boston, he was a member of the
Executive Committee and of the
Committee on Fees. Mr. Carroll
written
has
workmen's
many
articles on
compensation,
costs
experience
rating,
taxes^
trusts, banking and various other
and
subjects which have appeared in
legal,
educational and banking
publications.
\\\
'J
As to Mr. Selecman^the Association
saysi:
/
■"k
-7*
been, with
the ABA for the past 18 years, In
addition to his work as Secretary
of the Association he is Deoutjr
Mr.
Selecman
charge
Manager
in
and
lic
Relations
was
He
has
its
of
Trust
director of its Pub¬
Council.
in
born
attended
the
Mr. Selec¬
Maryville, Mo.
University
of
Missouri, took his A. B. degree at
.
terfere with the constructive risk
the
28,
which
expired on Sept,
He was also a member
of
term
man
What is being proposed in
carefully measured risks.
exhibit that willingness
set-up which in¬
In 1944-1945 he was Presi¬
dent of the Trust Division
Division
..U,v;v/'•»
of
an
Carroll
Mr.
„
panies
write
an
overwhelming
majority of the marine insurance
nies.
be
that
clear
pathy with the general policy of
making loans to foreign govern¬
partner of
ties
corporate,
to
the
forbid such action the laws should
by
ance
are
percentage
which
quired to finance
such
for
source
that the amount has not grown,
since the further accumulation of
stopped
damaging to the insur¬
companies, but detrimental
the
economy
of the United
is not only
A.
Frederick
American
years.
I wish to suggest that the ele¬
ments of risk in capital investment
The
I
this
and
will undoubtedly continue
if permitted by our Government.
The underwriters believe that this
of
death
Carroll,
the work of the ABA for several
surance
Total
occurred,
already
process
The
the
for
.■
has
Death of F* A. Carroll
in the American market
by the American seller. Such di¬
version
of business, it is stated,
Mr.
and
"
Institutions
Endowed
Banks:
-
be placed
flag they will be transported.
In such undertakings, with risk
minimized by judicious selection
follows;
as
large volume of marine
insurance which normally would
a
Goddard
type promoted so long by Lincoln
Filene, or along the lines pro¬
posed in the report on "Capital
point that is vital to
New England's future. About ten
foreign
eign governments concerned in such manner as to divert to
markets
velopmental type in which there
is always some element of risk.
Your Committee in raising ques¬
tions as to fiduciary funds has
a
foreign trade of this country will unquestionably be used by the for¬
investment of the constructive, de¬
investment in corporations of the
on
for¬
will be. financed and under what
p Growth of Fiduciary Funds
touched
InstituteV;of
American
the
of
governments which are now being made or contemplated by the
Government of the United States for the purpose of promoting the
eign
under Section
sponsibilities of the private bank¬
safe
in
total admitted
its
President
Goddard,
J.
Thomas
Marine Underwriters, recently stated that the unsecured loans to
markets
it. enacted
by the Senate
and House of Representatives
in General Assembly convened;
its
m;Y:;
-
Be
riskless
virtually
Wagner-Spence
is
district
this
in
some
fiduciary funds per capita
as it is here in Now Eng¬
large
as
wealth in private hands has been
multiplied
community.
The
the
much larger than the risk by
the field of intermediate term
successor
,
by the Federal Reserve
(which will, of course, be
INSTITUTIONAL
a
credit is the
in¬
As to the total guar¬
loaned.
ume
anteed
of risk
a
marginal nature in
support of healthy new and small
enterprises, then we are concerned
in
element
an
whicn
in
It does multiply the vol¬
volved.
of
hopeful, productive and construc¬
tive marginal loans.
If we ac¬
cept the premise that some minor
percentage of a bank's investments
should be of
is
there
Boston
New England bankers should give
Federal
investment
total
risks.
must
debts
bad
many
proposed
from
che
•'
J '• 1
action is safe
the bank's standpoint be¬
it does not seek to multiply
The
of
a
banking.
vate
13b
business organization is prop¬
erly criticized if he does not have
the
ing
nary
a
in
result
crystaiization
of
unenterprising
banking, a lack of needed bank¬
credit
policy on sales in the ordi¬
business. The credit man of
will
It
interest.
it.
speaker's opinion there
is
mistaken and is against the public
and
-
serious
How
opposition
that
judgment
my
Equal Opportunity With Foreign Competitors
Asked by Marine Insurance Companies
a safe one, that in no Fed¬
eral Reserve District is the amount
"Marginal" Loans
(Continued from
and the ven¬
ture is
of these
Thursday, October 25, 1945
FINANCIAL CHRONICLE
auestion
will
still
is
growth in
we
have
cay.
our
determine
youth,
region,
succumbed
• ;
,
.
-
whether
vigor
or
and
whether
to senile de¬
:
' \
Northwest
the
Teachers
and
College
Missouri
his Masters degree
western
University
Prior
joining
Mr.
to
Selecman
newspaper,
the
State
Marysville
at
in
at Norths
Chicago.
Association
spent ten years in
advertising, and pub¬
licity work and teaching journa¬
lism in the mid-west.
*
Volume
162
Number 4432
THE COMMERCIAL & FINANCIAL CHRONICLE
potatoes, steers,
The State of Trade
(Continued from page 1994)
In^h,f^merican Iron
Institute announced
and Steel
Monday of
on
^onina
rate of
of
companies°Perating 94%
having
steel
lmtekCi?Cit/ capacityindustry
of the for the
of
i
,
l
eel?™* °Ct 22'ago. 83 6%
comP*red
week
with 66.3%
one
^Vo
and
year
rfpresents afrom
de"
or 1.8%
of'i »
of 1.2
crease
crease
one
points
operating
rate
is
steelValnntf t0 and castings and
1'192'400 tons of
steel
ingots
compares
with 1,214,400 tons
mne„?h ag0* : i'531'200
one
tons
one
aga" a" 1'732'400 tons one
year
lofdfne=ad Freight Loading-Carloadings of
freight/for
revenue
754 521
/di,521
l°Ctk13' 1945' t0taI
the Association of
rare
cars,
Thi?iiCan j?ailroads announced.
1
8Vhelm C5Sase 0f 13>464 ears.
1.8% below the preceding week
k1"*! but 144,199 cars, or
Z tbe corresponding
1944.
lfin«y
of
week
Compared with
a
ofT57r82P7eri0d °f V7 a is shown.
157,827 cars, or 17.3% decrease
of
service.
Canadian
No
Padroads today
that
railroad
es¬
operating
lTeTZdl Sf,Pt 1945' decreased
1944
Th?cf
S3.me month of
This estimate, it was pointed
•
.
out,
covers
only operating
reven-
trends' in*"* "0t .t0Uch
SsJJ operating
expenses,
lncome results. Es-
2 J
freiSht revenues in Sept.
bv ,7 Q%re lels,than i" Sept. 1944,
SLU revenues e estimated pass'
enger
decreased
104^5
9.4%.
"ifSJ Production
failures
1
the
last
—
The Edi-
2 in
Wholesale
Price
past
week.
77;
:
Commodity
The index
peak of 178.68
new
closed
at
178.20
compared
the
in
earlier,
time
and
a year
Grains
with
tures ;> contracts
highs for the
the
earlier
the
.
week
C
this
at
*
;
.
,
7:
throughout
many fu¬
with
reaching
new
A reversal of
season.
uptrend
close,
week
a
173.38
active
were
a
Oct.
18.49
ago..
of the
most
reached
Oct. 10, and
16, This
on
on
with
occurred
however,
with
at
wheat
off about 2 cents after prices
again
20-year highs. Heavy
realizing sales in wheat were due
the
new
small
reported
volume
.thus
exports
this
far:
of
season,
foods in general use.
Retail
ing of winter wheat, and the
growing opposition to the Pace
Bill which is designed to increase
parity prices by including labor
costs.
Rye closely followed the
pattern set by wheat and estab¬
lished new highs.
Frost in the
corn
belt
apparently had little
effect
the market and cash
as
futures went
slightly below ceilings. Oats fu¬
corn
upon
well
as
tures
again sold at seasonal peaks
with trading held down by profittaking.
Business
in
the
flour
lu,h a?pr°*imately 3,934,394,000
io^5* in
e we^k ended Oct. 13
tht' r0nJ. 4'028'286,000 kwh. 'in'
the preceding week.
slow
was
small,
though
with
prices
small
offerings
were
firm.
marketings
of
hogs remained in active derpand
ceiling prices were revised
upward on Oct. 9. Demand con¬
after
Output for
the week ended Oct. 13 1945 Wfl<;
9.6% below that for the corre¬
steers
sponding weekly period
were
tinued for good and
at
choice grade
ceiling
levels; receipts
Lard production re¬
light.
and
volume
large
over
for
the
Over-all .volume
Consolidated Edison Co. of New
mrLrnZ0rtZ iyst®m the week
output Of
170,800,000
kwh.
m
Dun, &
fuded Oct. i4? 1945
;
with 171,200,000 kwh.
comparing
cor?
for the
responding week of 1944,
or a
de¬
of 0.3%.
Local distribution of
electricity
crease
amounted
to
169,700,000
kwh
164,700,000 kwh!
with
lor
the
Jast
year, an
corresponding
increase
week
of
of 3.0%.
<i«»aPer^nd PaPerboard ProductJnLT QwPer PToduction in the
inn
n
or the week end¬
?oes
4
market.
]?kenigQ4reek i3nd 92-9% in the
the
1944 week,
according to
market
like
firnS?n Paper &output Associa¬
PulP for the
tion,
Paperboard
whheQ^e?k^aS 97%' spared
and 96%
Qfii ir\u like 1944 week.
preceding week
the
*
m
EBusiness
and
v
Failures—Commercial
industrial
failures
showed
a
i£urease in the week ending
rw
Oct.
18th, reports Dun & Bradstreet, Inc. Fifteen concerns failed
as
compared with
week
vious
and
12
12
in
in
the pre¬
the
sponding week of last
year...
J"ark^d thf seventh week
31
This
so
far
when failures have
ceeded
week
corre¬
those
a
year
in
the
ago.
ex¬
comparable
.77,
,-tiLarg//car.!^res Evolving liabil¬
accounted
ities of $5,000 or
more
for 11 of the week's failures. Last
week concerns
failing with large
losses numbered 10
11
compared with
remarkably steady
On the other hand, small
last year—a
trend.
Si
xS,wlth liabilities under $5
-
000, at 4 in the week just ended,
were
two
times
the number a
week ago and four times the num¬
ber
in
the
same
week of 1944.
Almost half the week's failures
were concentrated in manufactur¬
ing.
Seven manufacturers failed,
Trading
the
in
last
week
Boston
was
wool
limited.
Buyers watched carefully for spot
nearby fine grade foreign wool
There was a
ready market for
Australian, Cape, or South Amer¬
ican spot wool. The supply, how¬
ever, remained tight.> While fine
grades. were
preferred,
buyers
were willing to take anything they
could get rather than be caught
short.
Activity in domestics was
or
low
for
except
scattered trans¬
While de¬
actions in pulled wool.
liveries of wool goods
have
to
cutters
increased
slightly, they re¬
main very small. Wool goods pro¬
duction is larger than in worsteds
which were in good demand for
civilian trade, despite the fact that
Government
fill
up
orders
continued
to
the looms.
Wholesale Food Price Index Up
Sharply—Advancing 4 cents over
week, the Dun & Bradstreet
wholesale
food
price index for
Oct. 16 went to $4.10, only slightly
below the year's high point. The
current figure marks a
gain of
2.5%
above
the
corresponding
last
1944
index
last year,
Inc. reports.
object to higher
prices but tried to select better
quality in all types of merchan¬
dise..
Keen
gifts
and
demand
spending.
lines
meat
for
confections
consumer
have
overseas
stimulated
Grocery and
eased
consider¬
ably.
The rise in unemployment
reported not seriously affect¬
ing consumer spending.
7*7 •/
Volume of sales in children's
departments ; rose7 sharply
last
was
week.
Coats and
suits
snow
were
leading .itemsy Sustained interest
evident
was
sportswear.
ter
in
this week
slightly
were
over
in
were
the
previous
bet¬
a
and
sales
week
a
strong
and shoe sales were
of
quality
Furs received
response
Dresses
better
ago.
demand
slightly ahead
week.
Lower
priced jewelry sold in substantial
volume.
All styles of handbags
sold
well.
The
volume
of
men's
apparel and furnishings was mod¬
erately above a week ago.7/7.77
Furniture
in
the
volume
week,
mained low.
rose
though
slightly
stocks
The supply of house¬
furnishings, especially better
quality
merchandise,
increased
modestly but remained inadequate
tor current
heavy demand.
Hard-
stocks improved a little. In
lumber and hardware fields
ware
ttie
storm sash, caulking, and weather-
stripping,
home
as
in strong demand
were
owners
prepared for the
winter.
The small quantity of
electrical
appliances
that
were
available were quickly purchased.
Food volume rose slightly above
the previous week and surpassed
the level of the
week of last
same
ago.
16
may consider neces¬
The President outlined four
much
that
by
re¬
were
estimated
was
a
year
from
at
8
to
Puerto
Rico
were:
Government
litical,
velopment
not
yet
promote
of
the
po¬
economic
and
de¬
people
attained
*•
'
;
Chief
above
that
of
last week
a
as
buyers attempted to fill in stocks,
it was fractionally below a
ago.
New orders for con¬
sumers
goods
continuedto
be
placed in large numbers, while
our pride that this
policy
faithfully pursued in the case
?£ th® Philippines.
the
The people of
Philippines determined that
they desired
political
indepen
dence, and the Government of the
United States made provision to
this effect.
to
ascertain
from
my
the
Federal
Reserve
Board's
in¬
dex
for the week ended Oct. 13,
1945, increased by 11% above the
period of last year.
This
compared with an increase of 11%
in the preceding week.
For the
four weeks ended Oct. 13, 1945,
sales increased by 11% and for
same
the
to date
11%.
year
of
crease
Retail
past
showed
trade
New
in
an
in¬
7
-;
.
the
while active was af¬
degree by prevailing
temperatures. In the whole¬
week
fected
warm
in
a
sale markets activities
held
were
the
determined
by
them
grant
the
ment which
"The
in
men
the
people
Congress,
kind
are
of people
of
exerting
on
pressure
garment
orders
turers' hands.
for
in
deliveries
manufac¬
It is expected that
spring
lines will be ready as is
customary during the first week
of November.
The textile field
was
granted an upward adjust¬
prices for knit underwear.
ment in
Retailers
tional
will
cost.
absorb
In
'the
addi¬
the; week
of
He
advocated
of
and
"Each
••
of
urged
These
in
own
continued
to
reflect
marked
ac¬
tivity.
of
the $4.07 recorded two year'sserve
•
went
on
stress
to
that
the
the
States
greatest factor to assure
Reserve Offi¬
by keeping themselves avail¬
able
for
self-gov¬
national
defense, could
maintaining the
peace, he said, and he urged that
universal military training • would
much
be
necessary
toward
too.
*.
y ■
At the table with the President
Marshall
General
and
were
Brig,
Gen. E. A. Evans, President of the
Association;
Secretary
Gen.
H.
Henry
miral Leahy.
Gen.
Carl
Far
Patterson,
Arnold
Ad¬
and
Others present were
George. C.
the
of
7v7v:;7
these
the
one
one
do
in¬
(3) complete independence,
(4) a dominion form of gov¬
ernment.
that
peace in the world.
Rico
changes
local
dinner
in the midst of
cers,
clude
measure
the
citizen army of the United
was
esent form °f government.
These
the
more
continued:
to
East
Chief
Kenney,
Air
Gem
Force;
Spaatz, Chief of the Strate¬
propositions is
the island, and
gic Air Force; Gen. Jacob L. Dev-
advocates.
ers,
uncertainties
cleared away at an
Un¬
should
Chief
der
Gen. Alexan¬
Patch, who is Chairman of a
board
is
which
Army.
early date.
Ground
Army
of
and Lieut.
Forces,
be
fhe
reorganizing
77777.
77
■
''7-
77 7y.
7"To this end, I
recommend that
the Congress consider each of the
of Treasury
proposals, and that legislation be
submitting various alter¬
natives to the people of Puerto
enacted
Rico.
In
that
way
the Congress
ascertain what the people of
Puerto Rico themselves most de¬
The
can
sire for their political future.
"However,
good
the
in
the
interest
of
faith and comity between
people of Puerto Rico and
us
who live
on
the main¬
land, Congress should not submit
proposals
to
the
Puerto
Ricans which the Congress is not
.tenders of $1,300,000,000 or there¬
abouts of 91-day Treasury bills
to be dated Oct. 25 and to mature
Jan.
whatever
options
are
people
of
the
Puerto
Ricans have expressed their pref¬
erence.
"I
hope that this
be considered
an
problem
can
by the
Congress at
early date, and that appropri¬
ate legislation be enacted designed
to make definite the future status
of Puerto Rico."
increased
20%
24, 1946, which were offered
Oct. "19,
on
opened
were
Federal Reserve Bank
The
details
follows:
"-.7
on
at
Oct.
of this issue
•
■
are
;y..
the
22J
as
;
Total applied for, $2,084,705,000.
Total
accepted, : $1,310,034,000
prepared to enact finally into law.
We should be prepared to carry
effect
Secretary of the Treasury
on
Oct. 22 that "the
announced
any
(includes $58,978,000 entered
fixed
on a
price basis at 99.905 and
accepted in full)..
Average price, 99.905-fy equiva¬
lent
rate
of
discount
approxi¬
,
"
mately 0.375% per annum.
Range
bids:
of accepted
y
.7
;
competitive
7\ ;7..
Hight, 99.907, equivalent rate of
approximately
0.368%
per annum.
7
Low, 99.905, equivalent rate of
discount
approximately
0.376%
.
discount
.t
both
wholesale and retail food volume
own.
that was moving
rapidly than had been
expected. The New York "Times"
govern¬
Puerto
in
into
were
at
advocating various changes In
placed 7 before- the
Puerto
Rico,
once
hand
The
his
Marshall, in achieving
was
much
present form of governthe island appears to be
down by the lack of hotel accom¬
on
Staff.
of the greatest demobilizations in
they desire.
modations.
Buyers
Gen.
country
Puerto Rico their wishes as to the
ultimate status which they prefer
and, within such limits as may be
those of
York
that
present
opinion,
unfilled
Department store sales on a
country-wide basis, as taken from
of
added
Staff,
Fleet
Admiral
had
also
helped along
.'7''L': 7 history,
7?,/'77 7.:
It is now time, in
certainty has been created among
the people as to just what the
future of Puerto Rico is to be.
mer¬
7,
\7.;'v? V'v7';7- y;■
Gen. Marshall, who was pre¬
sented by the President with a
life membership in the Reserve
Officers
Association, told those
It.is
was
being
scarce
Dec.
on
Army."
form of government.
own
each has its
for
Marshall
their
but
orders
ever
that faced
the Navy's co-operation with
year
chandise remained high. Deliver¬
ies in most fields were slow and
behind schedule.
the
of
with
ernment, and eventually to make
determine
co',
rose
had
men
like
it possible for them to
'
Wholesale trade volume
General
Leahy,
self-gov¬
ernment; (2) statehood for Puerto
Coast 1 to 5.
task
a
President
have
who
full
5
trifle
of these
none
Chiefs
to
social
wider
9, Southwest 4 to 8, Pacific
to
.
land 7 to 11, East 11 to 15, Middle
West and Northwest 6 to 10, South
to
devoted
time
which
government
different possibilities:,
(1)
New Eng- I The right of the Puerto Ricans to
elect their own Governor with a
per¬
spare
judge
a
The President pointed
out, ac-"
the kind of
cording to the New York "Times"
they desire."
special Washington dispatch of
His full message to
Congress irtr> Oct.
16, that not only had Gen¬
the matter, as given by the Asso¬
eral Marshall acted as Chief of
ciated Press, follows:
Staff of the Army, but also of the
"It is the settled policy of this
Combined
of
12%
Regional
ago.
as
having
1941.
unsatisfactory, to a large number
of ; its 7 inhabitants.
Different
supplies
his
undertakn
"It is now time," Mr. Truman
said,; 'to ascertain from the people
groups
leased by the Government.
Retail volume for the country
of
claim
of
ing Alexander the Great, Ghengis
Khan, Napoleon, and as he said,
dozens of others, and he declared
full independence.
year.
Canned foods sold rapidly
Sugar and butter stocks increased
as
fact
study
of
outstanding
military
geniuses through the ages, includ¬
minion type of government; state¬
or
the
on
might be
offered Puerto Ricans, according
to the Associated Press
Washing¬
ton dispatch on the subject, the
choice being:
Election of their
own
Governor, with broader local
self-government provisions; a do¬
hood,
honor General of the
ident based his
which
courses
of
tary leader of all time. The Pres¬
Congress
possible
Association
Army George C. Marshall, Army
Chief of Staff, President Truman
paid signal tribute to the General
by calling him the greatest mili¬
designed to give them that type of
government, within whatever lim¬
its
to
|
given by the Re¬
Officers
America
Rico and then to enact legislation
sary.
dinner
a
serve
posed that Congress take steps to
ascertain the kind of government
desired by the people of Puerto
somewhat
$4.00 and of 0.7%
According to the Federal ReBank's index
department
The
week's
rise
reflects store sales in New York City for
higher prices for flour, rye, eggs, the weekly period to Oct. 13, 1945,
over
At
message to Congress on!
President Truman pro¬
a
Oct.
re¬
hold
centage increases
Oct. 13, was 96.2% of mill
capacity, against 94.1% in the pre-
ing
moderately
was
Customers did not
by scarcity of offerings.
tures, dipped slightly during the
week, losing from 22 to 42 points
after having reached new 18-year
highs in the previous week.
The
downtrend was especially evident
in the distant crop months.
Al¬
though activity in the spot market
rose
slightly, it was seasonally
low.
Considerable hedge selling
and profit-taking was noted. The
U. S. Department of Agriculture's
Oct. 1 forecast of this year's cotton
yield, showing a 20% drop from
last season, had little effect on the
country at
previous week.
Bradstreet,
over
Cotton prices, both spot and fu¬
the
above the similar week
mained small with sales restricted
v
Trade-
Day last week combined to raise
retail
Truman Urges Vote on j President Praises
Govt, for Puerto Rico
General Marshall
In
Wholesale
Favorable weather and Columbus
favorable conditions for the seed¬
Continued
year
week of
same
Daily
re¬
previous
Index—Fluctuations
fho jFf7 ofInstitute reports that
the output
one
were
the
daily Wholesale Commodity price
index, compiled by Dun & Bradstreet, Inc., were small during the
market
electricity increased
in
7y. 777, ,7 V'
year,
to
erating revenues, the Association
pre¬
short
In trade,
^',77"
ported against
-n=!ir,?atl E"nin« !" September
advance
the
one
1944.
failures
higher than the number last
week
or
a
year
ago.
For the
second consecutive week, no fail¬
ures were reported in commercial
Ton
reports from
88 class I
railroads, whose revenues represent
80.4% of total optimated
only
in
both wholesale and retail,
attained
J*"*
in
as
and
were
or
week
number
same
vious
of the number
week and
TnPrececiing week.
ris' week's
the
De- i
and lambs.
dines occurred in wheat and oats.
The index represents the sum
total of the price per pound of 31
2001!
above
the
same
period of last year.
This com¬
pared with an increase of 15% in
the preceding week. For the four
weeks ended Oct. 13, 1945, sales
rose by 13%
and for the year to
date increased by 13%.
per
annum.
(58% of the amount bid for at
the low
price was accepted.) 7 ; was a maturity of a sim-.
of bills on Oct. 25 irv
the amount of $1,312,071,000.
There
ilar
issue
Thursday,-October 25, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
2002
Peacetime Training
Truman Urges
come
ership in
peace.
to come the success
For years
for
efforts
our
Peace
Assures
Strength
Our
of
just and last¬
a
ing peace will'depend upon the
strength of those who are deter¬
mined to maintain the peace. We
and
no
nel.
to
/
.
of
use
generation, we have learned
that this is the way—the only way
—to save human lives and mater¬
all
the
instruments
•
Naval Reserve Officers Train¬
Corps.
Outstanding trainees
be selected after an ade¬
ing
training of
our
young men will not be on
mere drilling.
It will be on the
one
instruction in
candidate schools, in the
Reserve Officers Training Corps
officer
,
a
course
who complete
of training and who
men
then take additional
or
,
v
•
qualified
the
year's time,' That difference
may be the margin between the
survival and the
destruction of
a
this great nation. /
Vl
The emphasis in the
•'
'■
Commissions would be granted
basically
That difference may be as much
as
v!
-
the
which
from
trained.
two* terrible experiences in
After
moral influ¬
all our physical strength
for that kind of peace.
work
to
can
force into the battle.
tremendous
intend to use all our
ence
we
sooner
and
would already have been
bring the
maximum number of trained men
into service, the sooner will be the
victory and the less tragic the
cost.
Universal training is the
only means by which we can be
prepared right at the start to
throw our great energy and our
The
lead¬
the world for justice and
" \ "•y ;
continuing sense of
a
training
selected for actual military service
page)
(Continued from first
provide the source
reserves of the
future would draw their person¬
trainees would
train¬
ing, however, is that, in time of
emergency, those who would be
universal
could
functions
fundamental
military research. • :'
/
"
It is true that there must be
and
ahead in the discovery
No
cannot
afford to fall behind in any of the
new techniques of war or in
the
insure such a peace
can
.
long as we remain
must
face
the fact
so
the
in
tion.
United Nations Organiza¬
On. the contrary, with all
hearings and has heard extended
testimony from representatives of
churches and schools, labor unions,
intend to
might we have, we
the
ees
obligations and commit¬
back our
Military Policy has organized
war
Nations
veterans organizations, the armed
Charter.
Indeed, the sincerity of
services, and many other groups.
our
intention to support the or¬
After
careful consideration the
ganization will be judged partly committee has
approved the broad
by our willingness to maintain the
policy of universal military train¬
power with which to assist other
ing for the critical years ahead.
peace-loving nations to inforce its I concur in that conclusion and
authority. It is only by strength
strongly urge the' Congress to
that we can impress the fact upon
the United
under
ments
possible future aggressors that we
will tolerate no threat to peace or
t
adopt it.
liberty.
' '
•"
r
■'
To maintain that power we must
act
latent strength of
citizenry
is
no
The
now.
untrained
our
If at¬
longer sufficient protection.
tack
should come
again,
tus.
,
present hour of triumph,
not forget our anguish
during the days of Bataan. We
must not forget the anxiety of the
days of Guadalcanal. In our de¬
sire to leave the tragedy of war
must
behind us, we must not make the
there
same mistake that we made after
under conditions
the First World War when we
of modern war to develop that,
quickly sank back into helpless¬
latent strength into the necessary
would be no time
fighting force.
ness.
•••/:
again
Never
•t
•
count on
we
can
of time with which to
In any future war
the heart of the United
States
would be the enemy's first target.
arm
ourselves.
I recommend
^Second—A
rine
Or
Force.
can
rely
can
we
a
Air
would be
mobilization in
time of emergency, but it would
have no obligation to serve, either
in this country or abroad, unless
a
and until called to the service by
upon
In order to
reserve
provide this general
I recommend to the Con¬
the adoption of a plan for
universal military training
gress
mobilized.
I recommend the second course
Enforced Training
—that
we depend for our security
comparatively small profes¬
Not
Conscription
Universal
sional armed forces, reinforced by
a
reserve
act of Congress.
an
comparatively small regular Army,
Navy and Air Force, supported by
well-trained citizens, who in time
of emergency
could be quickly
upon
general
available for rapid
large
and
Navy
general reserve com¬
ceived training.
The
maintain
Army,
and Ma¬
:V;
./
Third—A
the strength of our
nation, the alternative before us
We
Corps:
posed of all the male citizens of
the United States who have re¬
To preserve
standing
greatly strengthened
for the Army, Navy
serve
Alternative
is clear.
small
National Guard and organized re¬
the
Force
comparatively
First—A
regular Army, Navy and Marine
strength an aggressor can
understand—military power.
Military
>:•
t
kind of
Large
create a
we
basic elements:
geographical security is now
gone—gone with the advent of the
robot bomb, the rocket, aircraft
carriers
and
modern
airborne
armies/'!"' ■: /v *'V
:
f
The surest guarantee that no
nation will dare again to attack
us is to remain strong in the only
A
that
post-war
military
organization
which will contain the following
Our
»
Recommended
Program
the luxury
not
well-trained and effectively or¬
military
conscription.
ganized citizen reserve. The back¬
bone of our military force should
confused
and foremost
our
training is
opponents
of
be the trained citizen Who is first
The
becomes
the
sailor only in
or
danger—and
when
only
Congress considers it neces¬
This plan is obviously the
sary.
practical and economical. It
conforms more closely to long¬
standing American tradition.
more
1
In such
citizen
for
We
trained
a
must
reserve
reserve.
howeverTthe
system,
a
can
by
a
way—by universal
trained
the
meet
reserve
need
in only one
;.
training *is not in¬
tended to take the place of the
present Selective Service system.
The Selective Service system is
now
being used to furnish re¬
placements in the armed forces
is fought by ex¬
the atomic scientist
in his laboratory to the fighting
his .intricate
organizations, discipline and
Universal
war
with
of
modern
Weapons. The day of the minute
man who sprang to the flintlock
for veterans of this
war
who are
bulwark in
constant
a
•
ade¬
must relentlessly pre¬
superiority on land and /
air.' Until that'/;
make sure that
planning—and by actual pro¬
and
sea
the
in
time, we must also
by
duction—we have
times
latest
sufficient
hand at all
of the
design with
on
weapons
and
nature
which to repel any
and with which to
sudden attack;
launch an ef-r
support of our ideals of govern¬
It
would constitute
the
backbone of defense against any
,
fective counterattack.
possible future act of aggression.
is another way.
That is the only way we can
sure—until we are sure
But
suggested in some
been
has
It
research,
new
materials;
will never, by.
quarters that there should be no
and
themselves, be sufficient to
new
weapons
be
that there
universal training until the shape
during the present war.
The
period of training
with¬
is better known, and stand a powerful enemy. We must
until the military needs of this have men trained to use these
standards
of the nation's man¬ country can be estimated and our weapons. As our armed forces be¬
commitments under the United come more and more mechanized,"
power, to lower its illiteracy rate,
and as they use more and more '■'}
and to develop in our young men Nations Organization can be de¬
must
the ideals of responsible Ameri¬ termined. But it is impossible to¬ complicated weapons, we
have an ever-increasing number
day to forsee the future.
It is
can
citizenship.
difficult at any time to know ex¬ of trained men. Technological ad- '
Medical
examinations
of
the
actly what our responsibilities will vances do not eliminate the need
young trainees would do much
for them. They increase the need.;
toward
removing
some
of the require in the way of force. We
General
of Army
George C.
minor disabilities which caused do know that if we are to have
Marshall, in his recent report to
the rejection of so many men dur¬ available a force when needed, the
time to begin preparing is now.
(sjthe Secretary of War, has made1
ing this war by the Selective
this very clear. I quote from his
Service system.
The need exists today — and
report:
The moral and spiritual welfare must be met today.
"The number of men that were
of our young people should be a
If, at some later time, conditions involved in the delivery of the
consideration of prime importance,
change, then the program can be atomic bomb on Hiroshima was
and, of course, facilities for wor¬ re-examined and revalued.
At
tremendous. First we had to have
ship in every faith would be the present time we have the nec¬
the base in the Marianas from
available.
essary organization, the required
which the plane took off.
This
But the basic reason for univer¬
camp installations, and the essen¬
first required preliminary opera-1
sal training is a very simple one— tial
equipment and training
tions across the vast Pacific, thou¬
to guarantee the safety and free¬
grounds immediately available for
sands of ships, millions of tons of
dom of the United States against use in a training program. Once
supply, the heroic efforts of hun¬
any potential aggressor. The other
we
disband and scatter this set¬
dreds of thousands of men. Fur¬
benefits
are
all
by-products- up, it will be much harder and
ther, we needed the B-29s and
useful indeed, but §till by-prod¬ more
expensive to re-establish the
their fighter escort which gave us
ucts.
The fundamental need is,
necessary facilities.
control of the air over Japan. This
and always will be, the national
was
the result of thousands of;'
security of the United States, and Would Not Endanger Liberty or
hours of training and preparation
Democracy
the safety of our homes and our
in the United States and the en- ,
loved ones.
The argument has been made
ergies of hundreds of thoustands
that compulsory training violates
A
of the peace
could
well be used to raise the physical
.
Varied Training
traditional
concepts ot
American
Since training alone is involved,
and not actual military service, no
liberty and democracy, and even
that it would endanger our system
exemptions should be allowed for
occupation, dependency, or for
any other reason except total phy¬
sical disqualification.
of
government
by
creating a
powerful military caste. The pur¬
pose of the program, however, is
just the contrary. And it will have
All men should be included in
just the contrary result. The ob¬
the training, whether physically
jective is not to train professional
qualified for actual combat serv¬ soldiers. It is to train citizens, so
ice
or
not.
There should be a that if and when the Congress
place into which every young should declare it necessary for
American can fit in the service of them
to
become
soldiers, they
our
country.
Some would be could do so more quickly and
trained for combat, others would
be trained for whatever war serv¬
more
ice they are
would
recommend
that the
After
first
the
few
months
of
training, selected trainees who are
not physically qualified for mili¬
tary service could be trained in
certain skills
so
could
go
never
war,
if
national economy;
automobile replaced
the horse and made work for mil¬
lions
of Americans, the atomic
explosives will require the serv¬
ices of millions of men if we are
Just
It is
no
could
valid argument
trained
veterans
of
requires the
be
Bomb does not Displace
for Men
war.
gest that we
definitely
upon
these veterans
earned the heartfelt
gratitude of all of us—and also
they have earned the right to re¬
turn promptly to civilian life. We
must
have
now
look
to
our
younger
to constitute the new reserve
or
military strength of our nation.
There are some who urge
()
;•
.
the
with
Assume that
and Japan
that
What could we
them? '/ -*
Tennessee.
done
Scientific Research vs. Training
take
Need
atomic bomb would/'
have been useless to us unless wd ifhad
developed a strong Army;S
Navy and Air Force with which/;
to beat off the attacks of our foe;
and then fight our way to point*;*'
within striking distance of the.f
heart of the enemy..";-';- - ~ •
Assume that on Dec. 7, 1941, the y
United States had had a supply £
of atomic bombs in New Mexico £
Even
would sug¬
continue to rely in¬
men
the
in
No fair-minded person
They
services of virtually-
male citizens with-? ,
effective
military age: V
all able-bodied
against
this
the
compelled to
employ them in
fighting our battles.
"This war has made it clear that
the security of the nation, when ^
challenged by an armed enemy, ,
adopting universal training at this
time that there are now millions
of
as
to_ war or en¬ group."
it
of technology on
structure is identical
effect
to Its effect on
avoided.
that if war came,
their places in
shipyards, munitions factories and
similar industrial plants.
'
they
"The
the military
A large -trained
peace-loving citizens
of
courage
training
of men.
efficiently.
reserve
physically and men¬
tally qualified to perform.
I
welfare.
perts—from
man
some
citizens.
their
training.
Men Must Be Trained in Advance
Modern
of
minds
be
functioning
is
•,
we
our
serve
ment.
"Conscription"
is
Each
compulsory service in the Army should be for one year.
or Navy in time of peace or wanyoung man should enter training
either at the age of 18 or upon his
Trainees under this proposed leg¬
high school—
islation, however, would not be graduation, from
whichever is later; but in any
enrolled in any of the armed serv¬
event before his 20th birthday. A
ices.
They would be civilians in
training. They would be no closer trainee who completes his high
to
membership
in
the
armed school education in his 17th year
Should be eligible, with parental
forces than if they had no train¬
ing. Special rules and regulations consent, to enter the course ;of
would
have to
be
/ V
adopted for training.
civilian, and who
soldier
a
of
time
a
training have labeled it con¬
scription, and by so doing have
the
would
should
provide
ample
oppor¬
tunity for self-improvement. Some
part of the training could be used
to develop skills which' would be
useful in future civilian life just
as such skills have been developed
In the
we
improve their educational sta¬
The year of universal training
quately,
of
'
that our peace
we are sure
machinery
we
Superiority
Preserve
Must
Until
cost,
of new weapons
'
■"•{
development
aid, on condition that they
return, after graduation and with
ROTC training, as junior officers
weapons.
new
what the
destruction.
ial resources.
///
for a year or more of additional
only
The ' importance
of universal
country in some military specialty. training or service.
strong. We
training has already been r^c?£~
that peace,
Would be Democratic and
nized by the Congress, and the
Will Develop Skills
must be built upon power, as well
'Efficient
Congress has wisely taken the
Under the plan which I propose,
as upon good will and good deeds.
initiative in this program.
Such a system as I have out¬
Our
determination to remain
provisions should be made within
The
select committee
ot tne the armed services to
help train¬ lined would provide a democratic
powerful denotes no lack of faith House of
Representatives on Post¬
and efficient military force.
It
We
of
ufacture
matter
cial
of modern warfare. The
training will offer every qualified
young man a chance to perfect
himself
for the
service of his
exploration into new
to keep
and man¬
continuous
fields of science in order
quate period of training and sent
to college with government finan¬
weapons
major
whose
of
one
would be to carry on
haye. j
the United States
both had had a supply ,v
Dec. 7, 194L, f
bombs on
Which would have
of
rocket wea¬
survived?
and atpmic bombs and other
Suppose that both England and j
indicates thatscienGermany
had had the
atomic";
A General Reserve
tific resarch, rather than universal
Lbomb in September of 1940 during/'
Upon completion of the full training, is the best way to safe¬ the "blitz" over England. Which ^
year's training, the trainee would guard our security. It is true that, country would ,have been
become a member of the general if we are to keep ahead in mili¬
stroyed?
.I ; 'v./;;
..."'
tary preparedness, continous re¬
reserve for a period of six years.
The answer is clear that the
After that he should be placed in search in science and new wea¬
atomic
bomb is of little value
pons is essential. That is why in
a secondary reserve status.
without
an
adequate army, air
my
message -to the Congress of
Present personnel in the Army
and naval force. For that kind of,'
and
Navy
reserves
would,
of Sept/6 I urged that there be cre¬
force is necessary to protect our
ated a national resarch agency,
course, be retained, and the new
the
development of
the
pons
new
weapons
■
hanging
on
his wall is
over.
Now
being discharged.
Only the Congress
it takes many months for men to
could ever
jbecome skilled in electronics, aero¬
draw
nautics, ballistics, meteorology and
training program into the Army
and Navy. And if that time ever
came, these trainees could be in¬
ducted only by selective process,
as they were inducted for World
all
the
other
If
war.
sciences
another
should
of
modern
national
emer¬
there would
be no time for this complicated
training. Men must be trained in
advance.
gency
■
•
'*•
•
.
<
come,
•*
'i
■
'
>
'
;k*
War
great
trainees
I
and
under
World
difference
a
universal
War
between
II.
The
having
,
I
■
.
i
fc.<
I 5
i
Volume
shares,
162
Number 4432
THE COMMERCIAL
to
overcome
any
attack
and to enable us
to move forward
and direct the
bomb against the
enemy's
Hoody's Bond Prices And Bond Yield Averages English Gold and
Moody's
Debit Balances onN.Y.
given in the following table.
Stock Exchange
-
computed
own
territory. Every new
will
eventually
bring
weapon
some
counter-defense
Our
cotfnter-weapon
a
supply
needed
men
them—all quickly
ized and
will, of course,
is
There
.
better
120.63
119.20
116.22
123.05
116.22
120.63
119.20
123.08
116.22
120.63
119.20
123.08
116.22
120.63
119.20
co-operation
for
and
peace
four
still
we
vividly
vasion
the ravages and
Let
not
us
112.56
116.41
120.02
112.75
116.41
120.02
112.56
116.41
120.02
122.75
116.41
120.84
119.20
116.41
109.42
112.56
116.41
120.02
119.00
116.22
109.42
112.56/.
116.22
120.02
120.02
122.81
116.22
120.84
119.00 !
116.22
109.24
112.37
116.22
120.02
at which
116.22
120.84
118.80 i
116.22
109.24
112.37
116.22
120.02
122.72
116.22
was
120.84
119.00
116.22
109.24
112.37
116.22
120.02
122.56.
116.22
120.84
119.00
122.76
-
116.22
122.78
i~
5--——
neglect
of
by
our
116.22
It
is
our
aggressor
can
of
or
of
group
the
United
112.37
116.22
120.02
109.06
112.37
116.22
120.02
108.88
112.19
116.22
120.02
122.31
116.02
120.84
118.80
115.82
108.88
112.19
/ 116.02
119.82
122.25
/; 116.02
120.63
118.80
116.02
108.88
112.19
116.02
119.82
116.02
120.84
118.80
115.82
108.88
112.19
116.02
119.82
115.82
120.43
118.80
116.02
119.61
121.98
116.02
•120.84
118.80
116.02
108.70
112.19
116.22
119.61
amount
122.09
116.02
120.63
119.20
116.22
108.52
112.37
116.02
119.61
balance total.)
122.09
116.02
120.84
119.00
116.22
108.52
7112.56
116.02
119.41
120.63
119.00
116.02
108.16
115.63
119.41
.120.84 ■/119.00
11.6.22
108.16
115.82
119.41
—
1
.
.14
7_.
.
Aug, 31^-;
X
24_
121.91
17
115.82
t116.02
3
122.36
115.82
27
July
122.39
115.82
20-
122.80
112.19
112.56
,
112.56
121.04
119.20
116.02
108.34
120.84
119.20
116.02
108.16
112.93
115.82
119.20
115.82
108.16
■$ 112.93
115.63
115.82
Bureau
Oct.
on
17
at
issued
119.41
116.02
108.34
112.93
115.63
119.41
119.61
116.22
108.34
213.31
115.63
119.61
116.02
121.04
119.41
116.02
108.16
112.93
115.63
119.61
116.02
122.93
<116.02
122.29
'*15.43 *120.63
122.38
115.24
31———«
122.02
114.85
23-
—
121.92
114.66
—
120.83
113.89
1945—
•121.04
119.20
'108.16
112.93
115.43
119.41
118.80
115.43
107.44
112.19
114.85
119.20
<120.84
118.40
-115.04
107.09
112.19
114.27
119.20
121.04
118.40
114.85
106.04
111.25
114.27
119.20
120.02
118.60
M14.46
106.04
110.52
114.08
119.41
119.41
118.00 -.113.70
105.17
109.24
113.89
118.60
113.31
116.41
120.02
108.52
113.70
118.20
v
v
123.08
116.41
121.04
119.61
109.60
120.55
113.50
118.80
117.80
!
104.48
1 Year Ago
23,
1944
119.55
112.75
-118.62
116.61
120.33
111.25
119.00
116.61
23,
112.93
103.64
107.44
113.50
99.20:^103.47
113.89
'
2 Years Ago
Oct.
-
1943
(Based
1945—
U. S.
Daily
Govt.
vrerages
Bonds
23—
Vvo;:
-
111.44
116.61
Individual Closing Prices)
on
Avge.
Corpo¬
Corporate by Ratings*
rate*
Aaa
A
Corporate by Oroups*
*
Baa
R. R.
P. U.
Indus.
1.55
2.62
2.84
3.20
3.02
2.83
2.66
1.55
2.84
2.62
2.84
3.20
3.02
2.83
2.66
1.55
2.84
2.62
2.84
3.20
3.02
2.83
2.66
1.55
2.84
2.62
2.84
3.20
3.02
2.83
2.66
1.56
2.84
2.61
2.84
3.20
3.03
2.83
2.65
1.56
~
2.84
2.83
2.62
2.83
3.19
3.02
'$2.83
2.65
2.83
2.62
2.83
3.19
3.03
2.83
2.61
2.83
3.20
3.03
2.83
18—
16—
1.58
i;
1.58
13———
u
.
12.
—
1.57
1.57
2.84
2.61
2.70
9—_____
1.57
2.84
2.61
2.70
1.57
2.84
2.61
2.71
2.84
10
'
2.84
2.61
2.70
2.84
3.20
3.03
of
2.84
3.20
3.04
3.21
3.04
2.84
3.21
3.04
2.84
1.58
2.70
'
2.84
3.21
3.04
2.61
2.70
;
2.84;
3.21
3.04
2.61
2.70
2.85
3.22
3.04
2.84
2.84
2.61
:
:
1.60
2.85
2.61
2.70
2.85
3.23
3.05
2.85
2.61
2.71
2.86
3.23
3.05
2.85
2.62
2.71
2.85
3.23
3.05
2.85
1.63
2.85
2.61
2.71
2.86
3.23
3.05
2.85
1.65
2.86
2.63
2.71
2.85
3.23
3.05
2.85
gold exports to Great Britain
amounting,to $695,483,000; other
$109,695,000 to Mex¬
ico and $108,560,000 to other Latin
American countries, whilst $495,800,000 were earmarked for un¬
1.66
7
disclosed foreign accounts. On the
other, hand, there were imports of
$46,210,000 from Canada, $3,572,000 from
South Africa, $199,000
from Australia and a total of $18,365,000 from elsewhere.
2.61
2.71
2.85
3.24
3.05
2.84
2.62
2.69
2.84
3.25
3.04
2.85
able
2.61
2.70
2.84
3.25'
3.03
2.85
dustries.
2.86
2.62
2.70
2.85
3.27
3.03
2.87
2.86
2.61
2.70
2.84
3.27
3.03
2.86
2.85
2.60
2.69
2.85
3.26
3.01
2.86"
2.86
2.61
2.69
linters,
739,811
bales
bales
of
789,623
bales
lint
linters
bales
of
of
in
lint
linters
and
84,255
August and
and
122,332
September,
in
In
30
■
the
2
months
2.85
3.27
3.01
2.86
some
1.64
2.86
2.61
2.69
2.86
3.27
3.01
2.87
to follow the announcement made
1.60
2.85
2.60
2.68
2.85
3.26
3.01
2.87
13-——
6
1.60
2.84
2.60
2.67
2.84
3.26
2.99
2.87
.1.60.
2.85
2.60
2.68
2.85
3.27
3.01
2.87
2.60
4.69
2.85
consumption was 1,bales of lint and 161,694
bales
of
linters, which
compares
September 21st that the ceiling
price paid for foreign silver in the
/une 29
1.60
2.85
2.88
United
1.64
2.88
2.62
2.71
2.88
3.31
3.05
2.91
been
1.63
2.89
2.61
2.73
2.90
3.33
3.05
2.94
Har. 31
1.66
2.91
2.60
2.73
2.91
3.39
3.10
2.94
3.01
2.92
2.65
2.72
3.39
3.14
2.95
2.68
2.75
2.97
3.44
3.21
2.96
the
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.83
2.60
>2,67
2.83
3.19
2.99
2.83
3.53
3.31
2.98
2.78
the sterling parities
of
these two prices are respectively
26%d. and 42%d.—an increase of
15%d. per ounce.
3.80
3.54
2.96
2.82
1.55
1945—
1 Year Ago
23,
1944
Yeajrs Ago
23,
1.81
1943
*
3.10
2.70
2.82
Illustrate
ago.
•
There were 1,748,654 bales of
lint and 196,588 bales of linters on
hand in consuming establishments
(33A%
in
a
more
comprehensive way the relative levels and the relative movement
yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was
published
In the issue of Jan. 14. 1943, page 202.
at
lint and 213,064 bales of linters on
Sept. 30, 1944.
\ '
"*
••
On hand in public
storage and
at compressors on
Sept. 30, 1945.
there were 8,307,985 bales of lint
and 25,038 bales of
linters, which
compares with 7,839,009 bales of
lint and 28,465 bales of linters on
Aug. 31 and 9,776,029 bales of lint
and
39,050 bales of linters
on
Sept. 30, 1944.
-
There
,
21,911,746 cotton
spindles active during September,
were
which
compares
cotton
spindles
with
22,170,180
active
during
August, 1945, and with 22,279,910
cotton
spindles
during
September, 1944.
active
The fourth annual dinner of the
Quarter Century Club of the Bank
of
the
New
Manhattan
York
was
Company
held
dorf Astoria Hotel
on
the
at
of
Wal¬
Oct. 18. One
for the
35-year members and Leo
J. Kney for the 40-year members.
Frederick
J.
Freese,
Assistant
Vice-President in charge of the
bank's
offices
Heights
and
in
Bronx,
Washington
was
elected
President of the Club for the
ing year.
com¬
-
hundred eighty-four members at¬
tended,
of
whom
pleted- their
25
,
have
34
com¬
service
during / the past
year.
E. S. Macdonald, President
of the Club, presided.
F. Abbot
with
the
years
of
bank
Goodhue, President of the bank,
presented membership certifcates
and gold badges to the new mem¬
Orrrian M. Crocker, who has
bers.
just completed 25 years with the
bank, spoke for the new members;
Reprint Paddi Speech
'Manufacturers
New
Trust
Company,
distributing ,t a
York,
is
containing a speech by
John
B.
Paddi,
Vice-President,
delivered at the Training School
booklet'
for Veteran Guidance
Counselors
tations
on
year
McCron,
Jr.,
for
the
30-
the authorities
to
more
inducement
countries
producing
to
sell
also to stimulate output.
The
Bombay Market showed
wide range of
a
prices, which fluc¬
tuated between Rs. 139.2.0 per 100
tolas, quoted on July
Rs. 118.0.0
on
August
20th, and
27th, the
sterling equivalents being 66 %d.
and 56%d. per ounce respectively.
The harder tendency in July was
due to the suspension of sales of
silver by the Reserve \ Bank of
India, as announced on July 3rd.
Technical difficulties and the re¬
ported
existence of
ings in the hands of a
large hold¬
"Syndicate"
depression to the low
in August.
There
recovery in sepiemSeptember and, although rates were ala
touched
Servicemen's
ready ruling above the parities of
members; Harry M. Bucklin of 1944 (G. I. Bill of Rights)."
Act
in
regulated commodity
free credit balances
other firms which are
or
members of national securities
changes,
free
ex¬
credit
balances
held for the accounts of
reporting
firms
of
or
of
or
partners
those
firms.)
\
^Revised.
Money in Circulation
The Treasury
Department in
Washington has issued its custom¬
ary
monthly statement showing
the
amount
tion
of
money
in circula¬
after
deducting, the money
held in the U. S. Treasury and
by
Reserve
Banks
and
The figures this time are
August 31,
1945,* and
agents.
those
of
show
tion
that
course,
the
that
at
in circula¬
(including, of
money
date
that held in bank vaults of
member banks of the Federal Re¬
System) was $27,684,945,663,
against $27,107,824,101 on July
31, 1945, and $23,291,861,046 on
Aug. 31, 1944, and compares with
$5,698,214,612 on Oct. 31, 1920.
Just
before
the
a
good
MV*
the
of
outbreak
the
30, 1914,
434,174.
the
total
—
new
$3,459,-
was
Widmayer Heads N. Y. j
Group of Controllers
William
troller
Company,
elected
York
Widmayer,
Comp¬
Guaranty
Trust
the
of
York,
New
President
City
of
Control
of
has
been
the
New
the
Con¬
trollers Institute of America.
Mr.
Widmayer's election fills the va¬
cancy left by the resignation of
Myron J. Boedeker, former Comp¬
of
Johns-Manville
the
Mr.
associated
become
Ross Bros. &
Boedeker has
Lybrand,
with
Montgomery, of Los
Angeles.
to
and
was
Readjustment
'
credit
of raising the price, so
offer
to
the
on
"Basic Credit Principles of Busi¬
ness
Loans
to
Veterans Under
.
James
balances
accounts,
held for
Corporation.
caused
York,
*
free
$594,456,759 Sept.
29, compared with $573,429,066*
Aug. 31. (Does not include credit
troller
level
.
customers'
price had been current for some
time; shortage of silver for indus¬
trial purposes had led to represen¬
fairs,,
New
paid by
as
Reports of the likelihood of a
in the U. S. foreign silver
of State Division of Veterans' Af¬
Albany,
of
rise
as
Dinner bf .Quarter Century
Club of Bank of Manhattan
figure
Treasury for home produced
question
on
Sept. 30, 1945, which compares
with 1,833,487 bales of lint
and
231,745 bales of linters on Aug.
31-; 1945,- and 1,714,475 bales of
same
silver;
responding period
year
the
2.96
2.93
on
balances stood at
per
.999 fine to 71.11 cents, that
ounce
♦These prices are computed from average yields on the basis of one "typical" bond
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
a
had
cents
1.77
26
Oct.
45
1.69
23—
fan.
2
from
1.80'
feb.
Oct.
America
of
States
raised
is to
High 1945
in banks
and
anticipated
was
move
on
1,631,163 bales of lint and
248,535 bales of linters in the cor¬
with
such
Hay 25
ipr. 27—
ending Sept.
cotton
440,811
An advance in the London price
not altogether unexpected, as
was
1.64
3.27
debit
first World War, that is, on June
3
Low
-1944.
.
in essential in¬
use
20—..
September;
as compared with
of
only for
27
of
net
segregated under the Com¬
Total
as
2.85
1.67
in
serve
2.85
1.65
hand
on
Federal
was
2.85
1.67
the • month
/Silver
$
1.65
—
——
24
In
were
1.65
14_—
Aug. 31
10
1945, cotton consumed amounted
to 701,000 bales of lint and
77,439
bales of
■
issue of the Federal Reserve Bul¬
letin reveal that during 1944 there
were
ditions attaching to the supply of
official silver, which is still avail¬
17
*
of
included
modity Exchange Act.)
record movement in any one day.
2.85
1.61
_
cotton
States
recently released
and figures given in the August
exports
Cash
The movement to the higher level
did not bring any change in con¬
2.84
1.61
hand,
active
United
ket from 25y2d. to 44d. per ounce
.999 fine; this rise of 18 ^d. is a
2.84
2.85
3—
re¬
the
were
September
.
2.84
2.84
1.60
spindles in the
month of September.
and
v
America
to
the raising on
24th of the officia
price of silver in the London Mar¬
2.84
2.84
1.59
Sept. 28—;
•/■ 21—..—
from
and
ozs.
movements
is
Sept. 29 is reported as $266,036,504, against $250,656,423 at the
end of August.
(Exclusive of bal¬
ozs.
gold
under review
2.84
6_—„—
__
1,039,851 fine
1,053,954 fine
of
$153,451,610 at the end of Sep¬
tember, compared with $147,788,483 at the end of August.
(This
ances
ozs.
The feature of the three months
5_
4
ozs.
1944
-
Details
Exchange, closed
Exchange closed
11
■
\
ozs.
1,038,331 fine
2.65
•
15—
d
Credit extended to customers on
U. S. Government obligations was
ozs.
2.65
2.83
20
us.
port showing cotton consumed in
the; United
States, cotton on
117.40
MOODY'S BOND YIELD AVERAGES
22
7
July
August
25_;
1945
1,024,796 fine
1,032,717 fine
978,097 fine
June
121.04
27_
—
June,
-
.
121.04
ipr.
Wash¬
its
119.41
116.22
,
t4ay
Oct.
July
August
119.00
112.93
•
of
June
119.00
120.84
'
months
116.02
122.89
J-J.
Low
108.88
the
122.92
—
13
High
116.02
"
115.82
121.91
122.14
-
10———
Oct.
for
members of
are
exchanges, or
"own" accounts of reporting firms,
or
accounts of partners of those
firms.)
116.02
2—L,
Census
output for
July and
August, 1945 is shown below, to¬
gether with figures for the cor¬
responding months of 1944 for the
purpose of comparison—
held
accounts
116.02
i
1
The
gold
in
securities
119.00
America.
ington
Transvaal
$1,083,687,915,
of
other firms which
.119.00
•
•
'17—
Sept. Cotton Consumption
figure the above amount
calculated.
The
balances
national
120.84
secur¬
States
109.24
116.£2
Sept.. 29
120.84
all
aggresors
116.22
112.37
on
comparing with $1,099,902,847* on
Aug. 31. These figures include all
securities, commodity and other
accounts.
(Do not include debit
122.19
21-——- .121.97
solemn
endanger the national
\
109.42
business
of
of customers' net debit bal¬
ances
116.02
-
Sept. 23——
duty in this
hour of victory to
make sure that
in the years to come
no possible
ity
116.22
close
116.02
security
after
come
119.00
the
122.42
short-sighted
a
120.84
of
122.41
—
2
war.
national
betray those who
120.84
As
Saturday, Sept. 29, member firms
of the New York Stock Exchange
carrying margin accounts reported
total
The amount of gold held in the
Issue Department of the Bank of
122.78
Exchange closed
Exchange closed
19—
of
'
,
Gold
England during the months of
July, August and September 1945
was unaltered at
£247,833.
The Bank of England's buying
price
for
gold
remained
un¬
changed at 172s 3d. per fine ounce,
6—
•
remember
ruin
119.82
109.60
4
must
see
116.41
109.42
3—
protec¬
still
can
112.75
•
will
destruction
while we can
we
109.42
109.60
we
ago -—
recall the horrors of in¬
which our Allies suffered
—and while
116.22
116.41
-
came to
years
119.82
116.22
.
our
we
119.82
116.41
Co., London, written under date
of Oct. 3.
9
but pious hope and
dangerous wishful thinking.
I urge that the
Congress pass
this legislation
promptly—while
the danger is still fresh in
minds—while
■
8_-
have—nothing
how close
116.41
112.75
116.41
•
other
we
112.75
109.42
119.20
26.
the
109.42
116.22
119.20
an.
furnish
116.22
119.20
4ar.
to
■
»
119.82
120.63
'eb.
security which
■■
Indus
116.41
120.84
est in their
opposition to universal
suggestion
tion and
P. U.
112.75
120.63
'une 29—
no
R. R.
116.41
10__
harmony
come
Corporate by Groups*
Baa
109.42
116.41
Quickly. But that time has not
yet arrived.
! Even from those who are
loud¬
has
A
116.22
1X4-*
.
among all nations. It will continue
to
strive
to
reach
that
period
training, there
Aa
122.75
12
answers,
which
Aaa
122.90
,13_.—_—
in the days to come.
The
United
States
will
always
strive / for those better
answers—
for the kind of tried
and tested
make
I Qilypf
Mar If pic
IQIIfW RiaiGVld
We reprint below the quarterly
bullion letter of Samuel Montagu
122.97
i'-'
16-i
hope,
world
are
18_____—
cause some incon¬
be
—
averages
17____-__
and / hard-headed
will
-■»
—
Corporate by Ratings*
rate*
116.22
19
intended
face unless
■■
&
Bonds
____
♦
yield
Average Yields)
20_^.
mobil¬
enough to ,be prepared.
Today
universal training is the
only ade¬
quate answer we have to our
problem in this troubled world.
we
Govt.
on
123.03
national defense
we
realistic
Avge.
Corpo-
22
to
-
bond
23
venience—and perhaps even some
hardship—to our people. But we
must
balance
that
against
the
danger which
U. S.
15
Any system which
*
and
MOODY'S BOND PRICESf
'
Dally
No Alternative for
Protection
our
w
irerages
Oct.
adequately equipped.
to guarantee
prices
(Based
l945—
will
ultimately depend upon a strong
Army, Navy and Air Force, with
all the millions
of
bond
\":7 '
against it.
either a new
ability to u?e
weapon or
are
& FINANCIAL CHRONICLE
U.
__w
S.
A.
and
London
Moody's Daily
Commodity Index
Oct. 16, 1945
Wednesday, Oct. 17
260.6
Thursday,
260.9
Tuesday,
261.?
—
Oct.
18
261.0
Friday, Oct. 19 —_______—
Saturday, Oct. 20
Monday, Oct. 22 —__—
Tuesday, Oct. 23 __————
Two
weeks
Month
Year
1944
Oct.
ago,
Sept. 22
ago,
High,
Dec.
262.0
________
31
248.5
___
254.4
——
"
Low,
1945
Nov.
High,
Oct.
1
245.7
—
22
Low, Jan. 24
260.8
258.T
—
1944
Oct. 23,
ago,
9,
261.3
261.5
262.0
_____
____—______
252.1
prices, there was an upward, re¬
action
to
the
advance
in
these
quarters and, by September $7th,'
the Bombay quotation had reached
whirh
is
aoDroxiRs. iifimn
136.10.0,
which
is
approxi¬
mately equal to 65 %d. per ouncej
THE COMMERCIAL &
2004
ended
Oct.
Mines,
coal and lignite in the week
estimated by the United States Bureau of
production of bituminous
The total
was
13,
1945, as
decrease' of 1,940,000
in the corresponding
approximately 6,130,000 net tons, a
24%. from the preceding week.
Output
tons, or
For the period from J^n.
amounted to 451,730,000 net tons, a de¬
the 495,260,000 tons produced
during the period from Jan. 1 to Oct. 14, 1944.
''•*/;•'I ••
.•••••..•re¬
production of Pennsylvania anthracite for the week ended Oct.
13, 1945, as estimated by the Bureau of Mines, was 1,201,000 tons, an
increase of 46,000 tons (4%) over the preceding week.When com¬
pared with the output in the corresponding week of 1944 there was
a decrease of 102,000 tons, or 7.8%.j; The calendar year to date shows
a decrease of
15.6% when compared with the corresponding period
11,940,000 tons.
week of 1944 amounted to
1 to Oct.
13, 1945 production
when compared with
of 8.8%
crease
-;v'•
reported that the estimated production of bee¬
hive coke in the United States for the week ended Oct. 13, 1945
showed a decrease of 19,200 tons when compared with the output
for the week ended Oct. 6, 1945; and was 94,900 tons less than for the
of 1944'.:■;
The Bureau also
.
.'V
corresponding week of 1944. ,<;>
Oct. 13,
•
Bituminous coal & lignite:
;
Total, Jncl.. mine, fuel—
6,130,000
1,022,000
■»> 1,345,000
average
—-
(Subject to current Adjustment.
•Revised.
1944
1945
495,260,000
451,730,000
11,940,000
8,070.000
Pally
; oct. i4, -
toct. 13,;
.
2,026,000
fl,875,000*
r,990,000*
..
in
1944.
I
■
.lew England
gOct. 6,
(Oct. 13,
-
-11945
Penn. antharcite—
Oct. 14,
f
1945-
1945 '
1,201,000
1,155,000
(Commercial produc.
1,153,000
1,109,000
1,251,000
United
;
coal
38,406,000
Oct.
State—
.yv'v
\i
:
Georgia and North Carolina
"•/•/
1,407,000
::
Kansas and Missouri
Kentucky—Eastern
Kentucky—Western
37,000
-
...
New Mexico
.;
j.
;
■
Pennsylvania (bituminous)
356,000
37,000
90,000 /
'
103,000
2,000
2,000
-
30,000 /
;,
62,000
66,000
//
32,000
r
54,000
,/
655,000
748,000
2,196,000 / ./
; 131,000
/
113,000
975,000
/
;
2,000 ,:/;//
1,408,000
__
132,000
/
348,000 >/
39,000
444,000
Tennessee
„
97,000 .1
27,000
;
1,395,000
491,000
48,000
997,000
-r;'
75,000
North & South Dakota (lignite)
"
/:;■■
34,000
105,000
(bltum, & lignite)
1,000
/
/;
482,000
378,000
Maryland
Michigan
/
1,423,000
432,000
___
152,000
:
•
- ;
38,000
94,000
,
V
.
1,000
$;£'
419,000
Iowa
7,000
"
\ /:
141,000
j
Indiana
349,000
77,000
81,000 ^ v: •
138,000
.
:./;C
5,000
.
'
>
402,000
5,600.:.'
Arkansas and Oklahoma
Colorado
2,824,000
130,000
:
Texas (bituminous & lignite)
/ -"/
Virginia
Washington
287,000
'
//{f/
tIncludes operations
Panhandle
the B.
Oregon.
1944 s
:
& O.
District
*Less
the N.
on
and
than
& W.;
Mason,
Grant,
I
:
V:''
.(V
1,012,000
188,000
«
,11,726,000
B. C. Si G.;
jRest of State, including
and Tucker counties.
SIncludes Arizona
C. & O.; Virginian; K. Si M.;
.
,
Reserving
/
4,395,337
4,461,076
4,418,298
3ept.
l_i__-_l__-__i
4,137,313
4,414,735
—
3,909,408*
4,106,187
4,227,900
4,394,839
—
Sept; 22
4,018,913'
4,377,339
3ept. 29______
4.038,542
4.365,907
4,375,079
4,354,575
4,346,352
;—
-
Octi:
3,934,394
Oct.
Oct.
3,914,738
27
of
steel walkout either
the FHLBA further state:
types of lenders in real estate shared in the August gain
July, with increases ranging from 1% for life insurance
These
com¬
associations
However, if the age-old method of
compromise has been junked by
the steel union and it. follows the
lead
of
other
that
the
wage
CIO organizations
raise will be 30%
and nothing less, then the steel
industry may well face a labor
disruption which will again cut
that
any
increase
wage
granted whether it be
justment
30% ad¬
a
less must be compen¬
or
sated for by an increase in
are
prices
and above adjustments which
expected
soon.
.
,
,
/
"Coal output at mines near steel
centers
this
picking up' rapidly
but the disruption in
was
week,
shutdowns
ingot
was
rates
"It
will
take
this week will
still
total
financing over August, 1944 was recorded in the Topeka region,
comprising Arkansas, Lousiana, Mississippi, New Mexico and Texas,
nation
totaled
in 1944.
'Vvr'./{///{{V/.-/K''</://.'
eight months of 1945, mortgage financing in the
$3,016,000,000
a
16%
increase
over
the
same
period
Comparing the two periods, totals for life insurance
com¬
panies declined by 9% in 1945, while all other
types of lenders in¬
creased their activity.
Their rises ranged from 2% for "miscel¬
laneous" lenders to 26% for
individuals.The
estimates
of up to $20,000.
last
Savings
derived from reports of recorded
mortgage
The number and dollar amounts of
recordings for
a
Banks
loan
are as follows:
associations..^.
companies
and-trust
savings
Individuals
Miscellaneous
companies
banks
_;_■/
Per Cent
$181,156,000
37
<3,849
18,488,000
4
43,452
lending institutions
93,358,000
4,535
II
20,359,000
25,603
I__,
120.015,000
56,013,000
25
4,.
IP
•
'
*■
14,343
"The
—-~r—
i
142,799. ^
.,
7.5
4,229,262
J
6.6
4,358,512
8.2
4,359,610
7.5
4.359,003
1.505.216
1,819,276
7.9
4,341,754
1,806,403
4.382,268
1,507,503
1,528,145
4,415,405
1,533,028
1,798,633
1,824,160
4,452,592
1,525,410
1,815,749
r—
—
—
—
—
9.6
9.9
11
by
$489,389,000
,100,,
However, the 75c
a ton increase
suddenly granted on all grades of
pig iron except charcoal may be
indicative of
Hot-rolled pickled and
deliveries? run;
next year;..k
sheet
late into second quarter
galvanized and silicon sheets'
practically the *same< position.Plain hot-rolled, however^ can be
had early in first quarter; at least
early in February.
{>
As a result of coal shortage, and
with
in
in the next 30
•
at
Office
,
what
price struc¬
non-integrated
smaller
the
ture
with¬
adjustments
made in the steel
are
steel companies claim that the re¬
lief will be based
the average
on
return for larger steel companies
and will leave them in the same
position where they have,
profitable war con¬
squeeze
been
since
tracts
Many
canceled.
were
been
granted special prices above the
regular
because
of
ceilings, but
steel market
price
steel
normal
premiums cannot now
j;.
' I •»'>/' -
"Heavy steel buying already far
of faltering shipments be¬
ahead
fore
the
coal
continues
strike
widen
the
Steel ingot loss
be
what adversely affected this week
by
300,000
around
with output
because
Adminis¬
on
the
of
Producers
make
Price
of
lower
were
definite
as
ingot rate.
yet unable tc
delivery promises
products especially flat
many
rolled
tended deliveries for products
price
increased
percussions
adjustments
concerns
production
is having serious re¬
on
are
to
steel
the distribution of
steel products.
many
Some steel
being forced to cut-
town production of those
products
on
which they are losing money
and concentrate as far as possible
on the output of items
showing a
better
return.
This
tion fits in with
which
ucts,
enforced
consumer
ac¬
demand
in
view
of
The
American
Iron
had :received- indicated
having 94%
of the
"It
is
believed
that
in
some
steel
OPA's
hold-up
in
raising steel prices may be re¬
lated to possible changes in cor¬
porate, tax
structure
now
before
Congress.
It is feared that OPA
shelve price adjustments un¬
til the extent to which producers
be benefited by forthcoming
tax relief becomes
more
apparent.
of
capacity for the week beginning
Oct. 22, compared with 66.3% one
ping to foundries which had coke
supplies with which to melt. No
severe distress has resulted from
is still in too
to allow full foundry
the shortage as labor
small supply
operation.
Scrap has gained added strength
recently as heavier demands were
made on it to replace pig iron in
„
;
many cases.
Ceiling prices pre¬
vail and full springboards . are
paid in most instances. No winter
being accumulated by
most melters and the situation is
far from comfortable.
Some war
reserves are
is
steel
notably
which com¬
released,
being
landing mat steel,
mands top price.
and mill
heavy
would
Tonnage
cases.
con¬
schedules
next year in most
into
filled
are
demand
steel
Structural
tinues
much
be
could figure
Lack of
draftsmen causes
heavier if fabricators
business offered.
the
all
and
estimators
much delay.
Railroads
*"
in the market for
,
are
equipment
new
trains are being
and streamlined
placed.
38,315 Freight Cars
On Order October 1
-f
Oct. 1,
The Class I railroads on
1945, had 38,315 new freight cars
order, the
on
:
Association of Amer¬
Oct. 22.
hopper, 4,1,292 flat, 16,525
plain box, 3,028 automobile,/850
refrigerator, and 50 miscellaneous
cars.
{New freight cars on order
on
Sept. 1 totaled 38,249, and on
Oct. 1, 1944, amounted to 32,224.
ican Railroads announced
This
12,070
included
500
gondola,
also had 535 locomotives
which
included 129 steam and 406 Diesel
locomotives.
This compares with
124 steam, two electric and' 373
Diesel on order on Oct. 1, 1944.
// They
on
order on Oct. 1 this year,
Class
The
590
freight
railroads
I
cars
put
30,-
in service in the
month ago
The cur¬
first nine months this year, which
decrease
dola, 420 flat, 239 stock, 1,747 re¬
1.8% from the
The operating
rate for the week beginning Oct.
22 is equivalent to 1,192,400 tons
of steel ingots and castings, com¬
pared to 1,214,400 tons one week
ago, 1,531,200 tons one month ago,
and 1,732,400 tons one year ago.
frigerator, 1,449 automobile and
14,093 plain box freight cars, and
87 miscellaneous cars. Total placed
week
ago,
83.6%
one
of
to
the
of the steel capacity
the
steel
that
industry will be 65.1%
represents
which
Steel
operating rate of steel companies
one
on
and
Oct.; 22
on
rent
return
al¬
announced
telegraphic reports which ii
that
and 96.3%
companies claim is necessary
keep them out of the red.
over-ex¬
"
ready booked."
Institute
the
is calling
loudly for the
highly finished steel prod¬
more
to
the gap during the indus¬
try's convalescent period. Finish¬
ing mill schedules were still some¬
hearths
heavily and producers have been
careful in its distribution, ship¬
.
tration's delay in announcing gen¬
steel
of
these smaller companies had
be obtained.
weeks
announce¬
days.
matter
"No
;
deep cuts in coke production pig.
iron
output
has been reduced
,
sudden
a
ment in steel price increases
factors such
may
:
company-by-
or on a
eral
may
Total
Amount
(51,017
cold-rolled
> 1.423,977
holding
few
when compared
four weeks ago.-
circles
Number
and
Insurance
Mutual
,v
are
August, by type of lender,
products.
1,806,259
1,792,131
1,777,854
1,464,700
4,350,511
subnormal
at
tons
costs to date
high of 37% of the monthly volume,
^:4'-•''■■■ v'
v
"By Federal Home Loan Bank districts, the greatest increase in
a new
>
1,761,594
1,674,588
-
rate
1.2
points,
preceding
year ago.
a
or
week.
"Steel" of Cleveland, in its sum¬
of the iron, and steel mar¬
kets, on Oct. 22 stated in part as
follows:
Although-striking soft
mary
coai
miners were
/
high demand as prevailed before
the coal strike, had led to further
extension of deliveries on various /
6.3
—
•
,
1,733,110
1,750,056
*4,322,195
1.476,442
1,490,863
1,499,459
time.dn^/{/.{
This, combined with as
-
United Steel Workers of America/^
ing
.
1,729,667
1,436,440
months.
basis is in the making," states "The Iron Age," national
metalworking paper, in its issue of today (Oct. 25), which further
adds: "Such reports may be premature or even without foundation
if judged by the comparatively conservative past actions of the CIO-
cover
22%,
4,264,824 4
—11.5
duction, principally because of the
soft coal dispute, has thrown pro- ,•£■}.
ducers further tiehmd -on currentv
commitments than at- any
company
continued to lead in the relative
proportion of total recordings, reach¬
"For the first
1,431,910
>„;/
1,732,031
1,415,122
industry-wide basis
on an
mine shutdowns.
of war, and represents a peak total for any
month since such figures were first
compiled nationally in 1939.
The
year
which amounted to
'
v
Recent/curtailment insteHpn)^{//
1,724,728
i- 6.8
levels.
the
for savings and loan associations.
4,240,638
1,727,225
s
"Rumors persist in the steel industry without confirmation that
a
of
panies to 7%
1,426,986
■
by Low
Output—General Price Adjustments Delayed
all blast furnaces and open
which were forced down
"All
1 1,433,903
I- 1,440,386
{4,287,827 f
0.5
1929
1,711,625
Sleel Deliveries Further Extended
ministration reported on Oct. 13.
This is 14% greater than the figure
for August last year, 45% in excess of records in the same month
1942, the first
4-
1,415,704
c
4,184,143
4,358,293
least to untangle production snarls
and to bring back into production
over
Wt
—
4,116,049
preceding two months, nonfarm mortgage financing in the
country during August rose to $489,000,000—4% above the July totaL—the Federal Home Loan Bank Ad¬
advices from
4,226,705
3,939,195
3ept. • 8_>»—;
Sept. 15_,
-
4,196,357
:+
4.415,368
delivery promises in certain prod-/,
/
1932
;
1.0
4,399,433
i
1942
0.1
>4,432,304
'
:
-
.
+
4,380,930
4,390,762
4,384,547
•
1944
renewed
a
grades. '
Kilowatt-Hours,
:+
4,434,841
4,295,254
steelmaking schedules caused
Mortgage Financing Up In August
declines
8.1
7.9
;3,919,398
—
18J____J^_^__.
steel
slight
;
has,' taken
ucts, such as sheets and carbon- / v
bars, in which some sellers I are- <;
completely out of the market for- ^
some time
on the more popular* r
•3.3
6.o
•
1.0
" ~
1.9
*' +
25-^________^'"
over
10,890,000
.
2,137,000
and Clay counties.
Mineral,
1,000 tons.
;
<;
8,070,000
in Kanawha,
Non-Farm
-
over
3,940.854
4,377.152
3,978,426
4_
11_^.
the
-
:
1945 ^
•
sist
2,000
'
29,000
:/
208,000
1,000
Total bituminous & lignite..
"
813,000
V201,000
on
v
385,000
/
;;
,
2,045,000
I Other Western States
9.6
:
9.7
•
-
///
yeiar.
% Change
week Ended—
} July :-7__
i July 14_._—
i July
21_trA_w^_^_i.'
July 28_i^__;
*
26,000
547.000
Wyoming
*1.6
t
,
(Thousands of
WEEEKS
136,000
-
■
365,000
;
1,318,000
(West Virginia—Northern
the
2,000
:
126,000
26,000
■.
(West Virginia—Southern
and
i
2,000
124,000
_
7.2
v.
i
down production and hold up re¬
conversion.
Steel companies in¬
'
•nd
IJ.9
DATA BOB RECBNT
•v
1944
1945
1945
/
'
r
;
>
spurt, only to find many produc-/
ers
still unable to offer definite/
2.6
114
-
n.i
*3.9
.
6.8
:
-
result of this breathing spell
demand
-.-3.5
if:
*4.6 '
Total United State»____
Oct. 7,
Sept. 29,
6,/
'11.4
■
'
12.9
a
,
...
38* 000
Utah
*
15.3
Pacific Coast
Week Ended
Alabama
7.4->;v{/
4.7
«12.8>''
States.
Rocky Mountain
ments and
Montana
{%//•;
5.3
4.7
.
v. <
^
Sept. 29
LIGNITE,
current weekly estimates are based on railroad carloadings and river ship¬
are subject to revision on receipt of monthly tonnage reports from district
(The
As
in the soft coal controversy, steel
Oct. 6
:3.1 -v
3.9
-
• •• -
West central r.-,
Southern
§Revised.
(Subject to revision.
PRODUCTION OP BITUMINOUS COAL AND
BY STATES, IN NET TONS ^
,
2,758,000
from authorized
shipped by truck
coal
and
5,780,900
4,378,600
118,000
42,300
and dredge
WEEKLY
ESTIMATED
'■-■i
'
23,109
washery
(Excludes colliery fuel.
operations.
'
w
•
.
total
States
♦Includes
1937
40,427,000
1944 1
51,150,000
49,104,000
43,190,000
41,465,000
1,303,000
Oct. 16,
Oct. 14,
Oct. 13,
1944
.
.♦Total incl. coll. fuel
Beehive coke—
%■,:
Middle Atlantic—.
Oct. 13
Aug.
f.
Calendar Year to Date
; ;
/:{•'
\
Week Ended
Oct. 22 .; U ^
4,028,286
[
-Week Ended
-
;{
Major Geographical Divisions-
Central niSmtriii.T -
within a few days./
other sharp cut
Aug.
-
'<
j.
PERCENTAGE DECREASE UNDER SAME WEEK LAST YEAR
,
Aug.
'ESTIMATED PRODUCTION OP PENNSYLVANIA ANTHRACITE AND COKE
-i
*.•.v".« (In Net Tons)
coal*
to get
required
„
.Aug.
>
time
moving to steel plants and to get;
cold ovens ready for coke pro-/
production of electricity by the electric light and
power industry of the United States for the week ended Oct. 20,
duction. L•;:.... ,.': {;. ;
, Jf
1945, was approximately 3,914,738,000 /kwh., which compares with
}
Action ending the. strike came:
4,345,352,000 kwh. in the corresponding week a year ago, and 3,934,- when
steel
production ; had
394,000 kwh. in the week ended Oct. 13, 1945. The output for the
dropped to about 65% of capacity;
week ended Oct. 20, 1945 was 9.9% below that of the same week
and would have undergone an-,
'♦Increase 6ver similar week ln prevlous
1944
the
to
.
Oct. 14,
1945/-/?/;; 1945-
steel?
before
more
or
production begins to show appre-j
ciable
recovery,
due principally/
the
—Jan. 1 to Date
;
'Oct. 6.
x
that
it ,m,ay. be:
OcL 22
work
to
weeks
two
its current weekly report, esti¬
The Edison Electric Institute, in
mated
BITUMINOUS. COAL AND LIGNITE
' 1 '
? ' '
(in Neti Tons).
-Week Ended
Output for Week Ended Oct. 20,1945
9.9% Below Thai for Same Week Last Year
>'v
ESTIMATED UNITED STATES PRODUCTION. OF
turn
Electric
'
Weekly Coal and Coke Production Statistics
Thursday, October 25, 1945
FINANCIAL CHRONICLE
scheauiea to
re-
included 7,-319
hopper, 4,936 gon¬
in service in the first nine months
of
1944
was
26,156 freight
cars,
v
They also put 547 new locomo¬
in- service in the first nine
tives
months of 1945, of wMich 62 were
steam
and 395 were
locomotives installed
period last
included
<\ n
/4
year
267
Diesel.
in the
New
same
totaled 721, which
electric
steam,, one
-
■*
*
a
«►
.
Volume
Number 4432
162
Trading
THE COMMERCIAL & FINANCIAL CHRONICLE
peak,
The Securities and Exchange Commission made public on
figures showing
the
New York Stock
volume
the
of
volume
of
total
round-lot
stock
the
on
Exchange and the New York Curb Exchange and
round-lot
stock
transactions
for
the
account
of
it
all
Sept. 29, continuing
figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
figures.^; ^
y.''..;',
'
series of
'
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Sept. 29 (in roundlot transactions) totaled 1,910,599 shares, which amount was 13.28%
the total
transactions
%
"
Sales
the
on
Transactions
*
.
for
New
York
Account
Stock
of
Exchange
Members*
and
Bound-Lot
(Shares) y'
25.3
y..;.:,;-
A.'
SEPT.
Total Round-Lot Sales:
f '"
-r
ENDED
Farm
.
'Totalsales-—*Li
s
the
for
Except
for
Account
of
Odd-Lot/Accounts
i--Dealers and Specialists i:
of
Members,
Odd-Lot y
1
.
Livestock
17.3
8.2
7.1
6.1
Total
f
registered—•
are
160.7
161.6
161.6
158.1
161.4
129.7
>131.2
132.8
132.8
yy j
159.5
159.0
157.9
109.6
108.9
_3
109.6
Building Materials
Fertilizer
,
-
"
*
r
' ■■--
'
<
•
t
<
'
••';£■ '.£
553,800
All
eration
the
on
104.0
"Indexes
v
October
1926-1928
on
21,
1944,
154.7
154.7
125.8
125.8
126.1
able
118.3
118.3
118.3
119.9
119.9 .■
104.9
104.9
104.8
I 104.7
141.1 ; y
140.6
139.9
139.9
>
119.9
'
base
were:*
y
October 20,
1945,
'
i09.0;-;>' >y.
October 13,
109.9;
1945, 109.5;
y' ;',.
':
'
Engineering Construction Totals
'
•
.
153,750
—,——
2.40
Total purchases——i—
——.
Short sale8...^^«,^^»p,^r—. .
$73,081,000 for Week £
237.453
Total sales—..——.
higher and 2% lower, respectively, than last week and last year. Fed¬
eral volume declines 11% from the
preceding week, and drops 73%
from the 1944 week's total.
State and municipal construction is 42%
over a week ago, and
tops a year ago by 69%. r
;y "
3.36
965,936
.v £
■
119,970
,
J
!
Stock
Sales
York
Curb
The current week's construction brings 1945 volume to $1,677,272,000 for the 42-week period, an 11% increase over the $1,484,582,000 reported for the period last
year.
Private construction, $701,149,000, is 57% higher than a year ago. but public construction, $976,123,000, is down 17% due to the 31% decrease in Federal work. State
and municipal construction,
$288,542,000, is 25% greater than in the
period last year. •
'
'
1
'
■ *
'
13.28
944,663
onthe iNew
Exchange mS Sleek.
>*<
:£y£y;£vTransactions for -Account of Members* > (Shares)
'
*
'
I
'
'
.
WEEK
'
tl 1 ce
i"'*'*'
^,V.
ENDED
*
j*
,»
SEPT.
29,
iu Total Round-Lot Sales:
"Short sales-———-;'r...
other
Total lor week
*v
•"
i/
r
t%
.
N
21,550
;
.
Total sales
.
Nr.
V,*i
safest2,335,425
^
'
''
■...
are
Total sales
y
'
,
5
-
/
fihnrk«!<«■
1
i
.
'
*
31,625
—
purchases—.94,315
*
r
*
„v * A,s
•'
-
^
Totdl sales—J
y-.,
1.59
-
,
•
;
y-; yy
89,200
—
tOther sales
'
'
New
257,570
"
•
-
■
f
;
.■
333,000.
11.56
'
-
"•
0
81,906
>
Oct. 19,1944
$20,812,000
4,414,000
$33,206,000
22,332,000
10.874.000
16,398,000
5,297,000
11,101,000
7.238 000
3,636,000
$15,272,000.
17,460
Customers' short sales
(Customers' other sales—
'.y
'. '
,
,,
It is made
$12,700,000
and
<
up
in
of $7,633,000 in State and municipal bond sales,
corporate
security
Total sales,,:,
'
"rs
81,906
if
,
,
.
*The term
"members"
-
includes
new
fi¬
a
6% increase
over
the
$1,631,621,000 reported for the 42-week period in 1944.;.:
tin
these
calculating
the
percentages
the
Exchange
v,f,
tRound-lot short sales
rules
are
volume includes only
total
of
with
included
(Sales marked
a--,. -
-
;
which
"other
are
"
exempted from
y
Tax
Program Offered by State Chambers
sales." ;
;
y y
'
<;•*
"short exempt" are Included
-
•
•'
-
•:
•
■
yyyyyr
with
•
'
by
the Commission's
XyvW';' yfy y"y:y.y:.;;-.,; X/
"other sales."
\
;
y-
■.
The National
y,
Gommodity f
;yyyy Price Index Again Advances y;
0 : The weekly wholesale
commodity price index compiled by the
National Fertilizer Association and made public on Oct. 22, rose 0.4%,
reaching 141.1 for the week ended Oct. 20, 1945, from 140.6 for the
preceding week. This is the third consecutive week that the general
index has advanced. A month ago the index stood at 139.9, and a
year ago it was at the same level of 139.9, all based on the 1935-1939
average as 100. The Association's report went on to say: '
.rl
; * Four
of the composite groups of the index advanced during
the latest week with the largest increases in the farm products and
..
-
bureau Oct. 14.<£
Under this program, the "Journal porations
with earnings
under
of Commerce" continued,
'
:
provi¬ $40,000 annually.
"5. Repeal of the capital stock
sion is made not only for imme¬
advances in the textiles and chemicals and
The farm products group pushed through to a new
high peak with the cotton and livestock subgroups also advancing
to new high peaks. The grains index declined moderately. The rise
Washington
procedure.
we
quote, the following steps:
Repeal of the 3% normal
tax on individuals, and reduction
of surtaxes
"2.
cess
in the foods index was due to higher quotations for eggs and pota¬
The advance in the price for denatured alcohol
higher index of chemicals and drugs.
was responsible
The advances in the
prices for Tennessee phosphate rock were not sufficient to raise the
fertilizer materials index. The textiles index, reaching a fiew high
1946,
"1.
with
groups.
y
The Association urges for
according to the paper from which
drugs
for the
(4}
receipt
(5)
allow
dis-4
choosing rates of de¬
(7) allow options in
on
basis
a
comparable
private - enter¬
In
;
making public the program,
Charles
A.^ Eaton,
N.
Jr.,
Newark;
J., President of the Associa¬
tion, and E. M. Elkin, Pittsburgh*
Pa., Chairman of its Federal Tax¬
ation
Committee, pointed out that
be higher than ever
peacetime, and that only
taxes would
before in
a
national income of at least half
again
much
as
in
as
prewar
any
would make them bearable.
year
The
public
must
choose; they
added, according to the "Journal
of Commerce," between a modern
ate budget and moderate taxes
ort
business
enterprise and individ-4
high budget and crush¬
on all productive "busi^
and individuals.,,
,,
J
uals
or
a
ing taxes
ness
,
"Ours," Messrs. Eaton and El¬
kin declared, "is a program aimedf
at gearing up the nation's econ-*
omy to produce the unprecedented^
peacetime national income which
will be
required to raise the taxes
to pay for the war, while-
needed
at the
time preserving, and
same
increasing,
living."
standard
our
NYSE Odd-Lot
The
Securities
Commission
of
•
Trading
and
Exchange
made
public on. Oct.
for the week ended
Oct. 6 of complete figures showJ
ing the daily volume of stock
17
a
summary
for
odd-lot
account
of all odd-lot dealers and
special¬
ists who handled odd lots
New
York
The figures are
on
the
Stock
Exchange, con¬
tinuing a series of currnt figures
being published by the Commis¬
filed
with
the
based upon
odd-lot
Commis¬
the
by
and
dealers
STOCK
TRANSACTIONS
FOR
THE
ODD*
LOT ACCOUNT OF ODD-LOT DEALERS
AND
SPECIALISTS
STOCK
Week
Ended
THE N.
ON
EXCHANGE
Oct.
6,
1945
:
Odd-Lot Sales by Dealers—
Total
(Customers' purchases)
Number
of
Number
of
*
For Week
,
orders_„__
shares_,__
Dollar
Y.
39,227
1,157,087
value
$46,740,268
Odd-Lot Purchases by Dealers—
(Customers' sales)
.
relief but for the formula¬
tion of a long-range Federal tax
diate
foods groups and smaller
toes.
Association of State Chambers of Commerce has
relief plan, and presented it to Congress, which has
the approval and sponsorship of 26 affiliated organizations through¬
out the country with a membership, chiefly among small business,
of approximately 33,000 employing more than 6,500,000 workers, it
was stated in advices to the New York "Journal of Commerce" from
its
y National Fertilizer Association
car¬
specialists.
drawn up a tax
,
restriction
(6)
' competing
prises."
sion
their
members' purchases and sales Is
the Exchange for the reason that
sales.
busi¬
,
!
compared with twice the total round-lot volume on
in
reports
68,936
all regular and associate Exchange members,
firms and their partners, including special partners.
-- ■
r
Javor*
dividends;
sion.
The week's
issues.
•
"
;
the
on
returns;
transactions
capital for construction purposes for the week totals $20,-
nancing brings 19*5 volume to $1,701,677,000,
y.y
" ^"
Total purchases——
f.-#yv'.
3.89
240,110
Total sales—
%H.
2;-
287.230
—
O. Odd-Lot Transactions for Account of Specialists—
■;{-y
municipal-
—
Oct. 11,1945
Waterworks,
$1,545,000; sewerage, $1,508,000; bridges, $4,149,000; industrial build¬
ings, $21,985,000; commercial building and private mass housing, $19,647,000; public buildings, $2,497,000; earthwork and drainage, $1,338,000; streets and roads, $4,481,000, and unclassified construction,
:.v
*-
Total purchases—..^
Short sales——•—-
intercorporate
with
Subtotals for the week in each class of construction are:
.
Total-
«.
and
Federal
week,
classes except last week's
leader,, earthwork and drainage, showed strong gains over the pre¬
ceding week. Bridges were reported as five times the amount of the
preceding week and public, industrial and commercial buildings,
doubled imthe amount of construction over the week ending Oct. 12.
85,900
{Other sales
a
small
eliminate the penalty tax on con*
solidated
ever
2.600
Bhortsales—3,300
t*;>v
t
construction
current
In the classified construction groups, all
.r:.L——L'
Total sales
18,1945
$73,081,000
57,079,000
16,002,000
12,794,000
3,208,000
construction—:
the
for
.
6.08
Other transactions initiated off the floor—
Total
State
y^'-v
.43,050
.
Public
v
•'
-
{Other
J
'
-
-
Total purchases.—
*
-
136,745
?
transactions initiated on the floor—
2. Other
:
-
.
volumes
Oct.
U. S. construction—.
Total
Private
Total purchases—: 149,865-Short sales^—11,560
•-n.' ^' ytOther sales—:j;; 125,185
,
construction
^
registerea—
"■
['• r\
~-y
.v
engineering
v-'
?
1. Transactions of specialists in stocks in* which
'-'r'Hthey
Civil
last week, and the 1944 week are:
-
Transactions for Account of Members:
Round-Lot
B.
•'
'.
^
1
.
•"
*"
1945
for
.
:
—,—824,693
Total sales
Total Bound-Lot
;.y0§
262,953
c
fOther sales
25,500,-yiyjy.
£
tOther sales—————.■
Total purchases—.
„y ;
■.-5;'-"• Short sales__—.
of
terprises
soars
220,756
provide
climate
of
deducting
research
development expenses, and
(8) tax Government-financed en¬
Private construction is up
62%, compared with a week ago, and
1194% above the week last year as a result of the increased
activity in industrial arid commercial building. Public work is 33%
f. Other transactions initiated off the: floorr—
•
tax
tax
and
preceding week, 72% over the corresponding 1944 week's
volume, and 15% higher than the previous four-week moving aver¬
age as reported to "Engineering News-Record."
The report issued on
Oct. 18, added:
'
191,380
the
of
employment}
(3) extend the net-loss
ry-forward to seven years;
total for the
v,..12,200.'-'
141,550
&nd
methods
engineering construction volume in continental Untied
States totals $73,081,000 for the week.
This volume is 55% over the
7.52
effects
to
requiref
consid¬
a
ness;
154.0
•
,
*
continue
preciation;
Sivil
•
.
:Shortsales—,..,.,*..
r
of
production
(2)
0/119.9
combined
groups
\£ '5
.
as revenue
155.4
Civil
527,960
—
lOther sales-.^^«,~»———.—
i
fast
as
permit, with
154.7
Machinery.
-
82.270
Other transactions initiated on the floor—
Total sales—
further
ments will
££
.
arjd gift taxes
133.4
:
(7)
taxed;
are
estate
business, it recommends;
Reduce corporate tax rates
•126.2
^
the
o|
basis
same
"For
(1)
118.3
Drugs—
Materials
Fertilizers
~
/•£££;
445^690
Total purchases———-—,—————
r'
capital gains
cretion
££,'•
purchase».^>4^^^^^,i.,,
Total sales
166.0
deductions
the
on
discontinue the tax
and
which
!
fOther sales—
2.
160.7
205.5
allow
losses
substantially, and (8) continue the
principle of withholding and im¬
prove
its
procedure
wherever
possible.
•:
165.8
213.9
'.129.7
^
and
,
Short sales—,—£:'•£
l 'f'- V
160.7
164.7
218.2
132.8
:
Chemicals-and
Farm
163.1
168.4
219.7
164.5
;y: Metals
;
?
144.4
129.7
i
i?
144.5
Commodities—i
—
Miscellaneous
,V.vTextiles
.3
1944
143.3
145.2
164.4
Fuels
1C.8
'
1
v
•
1. Transactions of specialists In stocks in
.:&£>;>,--,:?4they
*<■
?
.
Oct. 21,
1945
141.3
7,196.580
—
,
Transactions
Round-Lot
u
t
Sep. 22,
1945
142.3
170.1
i
:,
100.0
V,"
Ago
143.7
163.1
3—1
Products,.
Grains
.3
7,042,590
Year
Ago
and
by giving individuals a credit of
16% of their dividends; (6) reduce
tax
rates
on
long-term capital
reduce
Month
exemptions
present; (5) alle¬
viate double taxation of dividends
capital
145.2
Oils—
Cotton
^
>£153,990
—.
——
and
existing
:
credits for the
that
Oct. 13,
-
Cottonseed Oil
,
;
1945
23.0
•.
-
Oct. 20,
,y-y-
tain
gains
1
INDEX
Week
,1
Fats
Total for week
Short sales
^
1945
>
-i'^r>.tOther sales-—
8.
29,
.
.
,
WEEK
Group
Food
;
PRICE
Latest Preceding
""
'
weeks; in the other
changes in the remaining
seven
no
Week
Total Index
Stock
••
last
were
■/..,
Bears to the
1.3
Stock
Bound-Lot
the
Each Group
Exchange of 7,196,580 shares.
This
compares with member trading during the week ended Sept. 22 of
2,186,158 shares, or 14.26% of the total trading of 7,663,200 shares.
On the New York Curb Exchange,* member
trading during the week
ended Sept. 29 amounted to 544,800 shares or 11.56% of the total
volume on that Exchange of 2,356,975 shares.
During the week ended
Sept. 22 trading for the account of Curb members of 578,945 shares
was 14.44% of the total trading of
2,004,290 shares.
\ •'-(
Total
of
There
Compiled by The National Fertilizer Association
1935-1939=100*
(
<•
.
the
on
six
WEEKLY WHOLESALE COMMODITY
current
;
of
in
unchanged.
During the week nine price series in the index advanced and
three declined; in the preceding week 11 advanced and
four declined;
in the second preceding week nine
advanced and three declined.
members of these exchanges in the week ended
a
advanced
was
groups.
Oct. 17
sales
has
week
New York Exchanges
on
2005
by
a
Repeal of
profits
tax
retention
minimum of 20%.
the wartime
on
of
carryback of unused
ex¬
corporations,
the
two-year
excess
profits
credits and reduction of the
com¬
bined corporate normal arid surtax
rate from 40% to 32%.
"3.
Continuation of the net loss
declared
value
in rates for
cor-.
Number of
Orders:
excess
Customers'
profits tax.
£<
v-v,'..i-L..--:'
"-3. Application of the increased
"Customers'
profits tax exemption
$25,000 to 1945 income." x
:
excess
of
-
The Association further recom¬
that
mends
gram
and
the
long-range
pro¬
become effective in 1947,
the following advan¬
carry
tages for individuals and for busi¬
For
ness:
individuals,
it
recom¬
short
Customers'
Number
of
sales
171
other sales„
total
Shares:
33,400
sales
33,571
-
*5,512
Customers'
short
"Customers'
other
sales
907,708
total
sales
913,220
Customers'
Dollar
sales
value
$35,422,534
Round-Lot Sales by Dealers—
Number of Shares:
Short sales
tOther
,■>"*.
130
;
sales
153,090
mends!, says the "Journal of Com¬
Total
merce":
-
.
Impose initial tax rate of
16%; (2) reduce surtaxes and give
additional
reductions
as
revenue
requirements permit and national
increases; (3) impose top
rate
no
sales
-
.
"(1)
income
carryovers.
V "4. Reduction
and
tax
higher than 75%; (4) re¬
-,
Round-Lot Purchases by Dealers^—
Number of shares
"Sales
marked
"short
369,450
exempt"
ported with "other sales."
-
153,22()
,
-
are
re¬
i
tSales to offset customers' odd-lot ordera
and sales to liquidate a long position whicli
is less than
a
"other sales."
round lot
are
reported wits
Daily Average Crude Oil Production for Week
Ended Oct. 13,1945 Increased 159,800 Bbls.
;
The American
crude oil production for
age gross
estimates that the daily aver¬
Petroleum Institute
the week ended Oct. 13, 1945 was
recovering moderately from the record low for
several years reached in the preceding week when the daily average
output was £,620,850 barrels.
Production, however, remained well
under the daily average figure of 4,464,400 barrels recommended by
the Petroleum Administration for War for the month of October,
3,780,650 barrels,
*
barrels below the daily average figure for the
Daily output for the four weeks ended
J945, and was 945,900
week ended
Oct. 14, 1944.
Oct. 13, 1945
averaged 4,071,650 barrels.
Further details as reported
"Joy the Institute follow:
refining companies indicate that the instills on a Bureau of Mines basis approxi¬
mately 3,609,000 barrels of crude oil daily and produced 11,242,000
barrels of gasoline; 1,124,000 barrels of kerosine; 4,113,000 barrels of
i distillate fuel, and 7,004,000 barrels of residual fuel oil during the
week ended Oct. 13, 1945; and had in storage at the end of that week
jdustry as a whole ran to
barrels of civilian grade gasoline; 27,119,000 barrels of
military and other gasoline; 13,281,000 barrels of kerosine; 41,960,000
43,672,000
and 45,453,000 barrels of residual fuel oil.
barrels of distillate fuel,
V
Actual Production
"■State
*P. A. W.
1,
Week
Allow-
Oct. 1
Week
1358,800
254,400
t270,600
+
Kansas
t800
+
88,000
98,800
300
129,200
148,800
38,550
355,450
492,800
95,300
2,300
107,200
149,500
215,000
38,000
255,650
371,350
216,150
22,350
242.300
334,400
88,000
East Central Texas—
Texas
Southwest Texas
40,350
367,200
537,700
+141,850
1,545,000
2,133,350
250
70,950
73,450
288,500
289.750
359,450
363,200
299,350
Texas
Total Texas
North
950
116,600
-
Coastal
•
298,550
Texas
West Texas
1,868,000 tl,204,722
...
Louisiana
1,328,95070,750
.
285,000
Coastal Louisiana
is said
October 13, Labor Dept. Reports
Higher prices for agricultural commodities caused a rise of 0.1 %
the week ended Oct. 13, 1945 in the index of commodity
in primary markets prepared by the
Bureau of Labor
Statistics of the United States Department of Labor. This was the
during
prices
fourth consecutive
Alabama
Florida
78,642
75,000
Arkansas .
Mississippi,
355,750
above the
which added;
500
::
20oTO65
Products
Farm
300
""50
150
163,550
205,050
550
11,800
Wheat prices rose on continued Government
Oats moved up on strong demand, and corn quotationsas a result of the late crop.
A strong demand for better
grades of livestock raised prices4 for good to choice cows arid steers;
but prices for poorer quality cows were lower; Quotations for hogs
rose, following an OPA ceiling increase. Lambs continued in short
supply and prices advanced. Live poultry advanced in eastern markets
with short supplies but declined seasonally in the Middle West. Cotton
quotations were higher on unfavorable weather reports and anticipa¬
tions of a revision in parity. Eggs'advanced substantially, reflecting
price advances for poorer grades. Quotations for apples were lower in
Eastern markets with large supplies of the lower qualities.
Sweet
declined seasonally. Prices for oranges and onions ad¬
Average prices for farm: products were 2.2% above midSeptember 1945 and 2.9% above a year ago.
Lower prices for fruits and vegetables caused a decline of 0.1%
in the group index for foods. In addition, rye flour quotations were
down reflecting the weakness in the grain market, while oatmeal
prices were higher. Average prices for foods were 0.6% above a month
ago and 1.3% above mid-October 1944. t
potatoes
vanced;
Commodities—Primary market prices of other commod¬
Other
generally stable during the week. Some builders' hard¬
advanced in price during the week following
OPA ceiling
ities
were
ware
adjustments to encourage production of materials for low and
price housesf^Mercury prices recovered slightly and tur¬
pentine quotations Were+higher.
V
?
The Labor Department also included the following notation in
its report;
medium
the,;period, of rapid changes caused by price con¬
trols, materials allocation,, and rationing, the Bpreau of Labor
Statistics will attempt promptly to report changing prices.
The
Note—During
,
considered
be
revision
and
justment
reports.
,
,
62,350
21,050
—
...
93,200
Wyoming*-..
Montana
650
63,350
2,750
24,500
44,050
+
4,150
99,000
50
3,578,400
886,000
20,250
§886,000
3,200
14,550
99,050
103,950
Total East of Calif.
California
Total United States
Vy/V
recommendations
+165,800
2,969,450
811.200
and
State
allowables
3,227,950
843,700
891,700
+159,800
(latter
4,071,650
subject
tOklahoma, Kansas, Nebraska figures are for week ended 7:00
tThis is
the
fields
several
shutdowns
by
any
were
no
shut
Oct.
the
for
1
calculated
entire
Oct.
m.
a,
on
month.
31-day
a
With
the
TO
AND UNFINISHED GASOLINE,
:
*
*
RESIDUAL FUEL
.
OF
GASOLINE;
1
OIL, WEEK ENDED OCT.
Figures
this
In
estimate of
10-14
./1945V T944
105.0
104.7
103.8
+ 0.1
+ 0.6
STOCKS
124.7
1234
122.7
+ 0.5
+
2.2
+ 2.0
105.3
104.7
104.6
103.8
—0.1
+
0.6
+ 1.3
118.4
118.6
118.6
116.7
y+o
—0.2
+ 1.5
99.9
99.9
99.4
98.8
0
+
84.5
84.5
84.4
84.4
83.8
0
+0.1
+ 0.8
104.8
104.8
104.8
-104.8
103.9-
0
0
+ 0.9
118.0
117.9
117.8
117.7
42
section
unreported
-Bureau
gallons
Include
PERCENTAGE
amounts
of
and
Mines
are
totals
+
Or
+ 1.3
116.3
115.7
115.0
113.2;
+ 0.3
1.4
+ 3.0
95.9
1 '
100*7
'<
CHANGES
6,
101.2
materialsJ^.44^--
+ 1.4
0.1
+ 0.7
+
<■■■■■■-% "^-*1: V
100.6
99.9
99.7!
0
+
0.1
+ 1.0
98.9
100.6
0
+
0.2
+ 1.1
99.6
% Dally Crude Runs
to Stills
Pro¬
SUBGROUP
IN
INDEXES
13,
FROM
1945
^-■
0.6
0.3
Iron
0.2
0.1
Other farm products————.——
Cereal products
;
,
...
;
0.2
•
and
steel—_i.
0.1
u
Paint and paint materials..
on
8
of
at Ref.
Fruits
and
1.9
vegetables.
Dairy
0.2
products
basis
of Re-
Inc. Nat.
& Dist.
sidual
tary and
age
erated
Blended
Fuel Oil
Fuel oil
Other
Grade
99.5
722
91.3
District N<r. I.—
76.8
77
: ,52.7
District No. 2...—
81.2
23
46.0
End., HI., Ky
Okie., Kan., Mo
87.2
547
63.8
1,989
5,954
3,203
4,033
10.247
78.3
331
70.6'
1.240
2,701
1,144
59.8
1,411
4.926
Inland Texas—_—,
228
69.1
971
458
938
893
1,503
Texas Gulf Coast
89.3
510
41.2
1.560
5,422
5,455
Louisiana Gull Coast.
6,388
5,725
96.8
300
115.4
788
1,595
1,056
956
1.764
Ed. La. 9t Arkansas..
55.9
67
53.2
179
437
299
91
1,526
Bad Coast
1,902.
Mill-
CI-
14,478
6,622
4,746
555
'230
1,169
1,651
77
113
182
175
517
Zinc
9,683
I ? 270
Rocky Mountain—
District No.
3
171
13
100.0
4
72.1.
mi
63.5
304
422
679
403
962
86.5
690
71.4
1,924
9,804
25,606
6,839
5,087
California
38
21
39
>
15
-
8)
basis Oct. 13, 1945_
Total U. 8. B. of M.
85.7
3,609
basis Oct. 6. 1945—
U. 8. B. of M. basis
85.8
3,409
Oct. M,
demand remains at a level that absorbs some stockpiled lead as
1944
4,622
66.8
62.7
11,242
10,612
41,960
42,348
45,453
*27,119
46,059
29,180
43,672
45,428
supplies. The position! of coppeP is also strong, and it
likely that Metals Reserve Co. will have to continue satisfy¬
ing demands for copper in excess of domestic production, i The
quantity to be released for No^
appears
has
nounced.
Some uncertainty pre¬
the zinc market, where
vails
in
yet
been
an¬
buying continues on a near¬
by basis.
Quotations on quickT;
silver remain unchanged, and the
market seems to be holding the
gained in recent weeks.
14,485
45,733
64,469
38,398
39,672 The
publication - further went on
gTIire' finlshed an<* unfinished, title to which to say in part as follows: ground
ini&£nn^t nfli^Ty
^ ° e °5 the producing company; solvents, naphthas, blending
mSoHne t£s week, compared with 12,063,000 uUSe' and year ago. barrels fiaures do
week?o
te barrels
9'311'000
unfinished
These
Copper
a
JL ,1.®,
?n WhiC*?
already passed,
which
the mhitary
tStocks at re-
or
custody in their own or leased storage.
n, rfl"fett and in PlPe Pnes. §Not including 1,124,000
/ Kerosene 4,113,000 barrels of gas oil and distillate fuel oil and 7,004 000
of residual fuel oil
SSif' nftSnp?1i
barrels
not
,
,
nil
produced during: the week ended Oct.
,barre;S and 6»435,000
b"wte
13
1945
bamih^
which
com-
respecthrely.
3'88ii0o°
Tn
The
labor
a
°CH 13' i945' amounted to 13,281,000 barrels,
week earlier and
14,537,000 barrels
a
year
before.
troubles
>
at
refineries
re¬
production of refined cop¬
sharply [see Oct. 22, 1945 is¬
of
nancial
as
States
mine
"The
Commercial and Fi¬
Chronicle,"
Discussions
Chile
in
are
.' the
purchases
and
the
of
to
progress
of
nature
Chilean
United
deter¬
further
copper
by
the United States, but no decision
has
been
reached
as
yet.
In
speeches
during his visit to this
country, President Rios, Chile's
chief executive, continues to offer
assurances
of co-operation* with
foreign investors. .*
;y
September
duced
per
tatives y of
v
statisticsof
Copper Institute revealed that the
sue
Against 14,305,000 barrels
well
current
as
most
Total Ut 8. B. of M.
18,
stated: Lead continues the most active of the non-ferrous metals, as
vember
District No.
/ \
Buyers Exhibit Caution—Mercury Steady
"E. & M. J. Metal and Mineral Markets," in its issue of Oct.
%'>■
terminated.
I,t
as
production
and labor
problems in industry are solved,
soon
and
form
some
of credit for; the
European countries is arranged,
demand for zinc will pick up con¬
siderably.
'
;£y||f| y
:;§|gy Hit' Tin
Revolutionary; outbreak in\the
East Indies, wherein
the
Allies find themselves using Jap¬
anese troops to protect themselves
Dutch
Indonesian
against
have retarded
insurgents,
io bring tin
plans
and smelters
mines
tion.,
into produc¬
in_the
Chaotic .conditions
.
islands
said to prevail..!
are
The market for tin in New York
Forward
unchanged.
was
tions, for
quota¬
tin, in
'
Straits .quality
cents
pound, ! follow:
per
Oct.
Nov.
•
Dec.
-
52.000 + 52.000
52.000
—Holiday
52.000
52.000
Oct.,-* 11-——
52.000
Oct.
12
13-
15—
52.000
16——
52.000 #,52.000
52.000
17
52.000
52.Q0O
at
———
•
52.000
52.000
62.000
Chinese, or 99% tine, continued
;5V.125c. per pound.
^Quicksilver..y;
quicksilver >;market was
comparatively quiet last week,
and prices remained unchanged at
$100 to $104 per flask.
Anxiety
over a call for bids on a lot of 12,749 flasks of mercury, declared
surplus upon termination of a war
contract, was relieved on Oct. 17
when it was reliably reported that
The
the
decided
had
Government
to
stockpile the metal.
Oct. 16 reported Coast
mines
quicksilver
resuming op¬
erations
on
a
greatly reduced
scale, and they will continue only
as
long as they have orders in
some
advance.
„
are
y
Silver
Pat McCarran, Demo¬
crat of Nevada, introduced into
the Senate on Oct. 15 a bill to
Senator
per
Appalachian—
1
were
that the latter deterrent
to market activity will soon be
worked off. It is believed that as
appears
the
miners
American
.
full
monetary; price of silver,; Or $1.29
vilian
porting
.
contracts
war
pay
tStocks JGasollne Stocks
Gas Oil
% Op-
somewhat
suffers
large stocks of brass left
the hands of fabricators when
on
0.1
an
lty Re- AverDistrict—
zinc
for
from the
that
tStocks
duction
Capac- Daily
mand
quotations, $95, f. o. b. mines, and
{Gasoline
Refining
the zin<[
market. Consumers are unwilling
to
build
up
inventories v to " any
great extent, and in addition de¬
San FrancisCo advices received
(
1.0
—
0.2
+ 0.2
+ 0.1
?
Increases^
poultry..
+
0
94.6:
101.8
•
1945 TO OCTOBER
;
building
101.8.
■
100.0
—.
and
}
95.7
*
95.9
101.8'
101.9
+
Decreases
plus
therefore
0
0
:'v:.
Other
reported
0
93.4
100.0.
is
Grains
each)
94.9
106.1
3 94.6
100.7
OCTOBER
1945
13,
95.3
106.3
94.6
95.9
products and foods
Livestock
+ 0.4
95.3
106.3
94.6
116.6
products
-
0
0
95.3
106.3
All commodities other than farm
foods-
+ 1.6
94.6
Manufactured products
.jc
All commodities other than farm
Other
+ 0.3.
+ 0.1
106.3
Semimanufactured articles
.
116.1
+ 1.1
0.5
95.3
+-
Raw materials
V'
FINISHED
OF
4
in
'prevails
+1.4
12&7
99.9
products
Housefurnishing goods—
and
of
OAS OIL AND DISTILLATE FUEL AND
thousands of barrels of
(Figures In
1945
105.2
Miscellaneous commodities—
exception
Committee of California Oil Producers.
PRODUCTION
STILLS;
1944
126.3
Chemicals and allied products
•■v
RUNS
1945
118.4
—
—
products
Building materials-.:
operators only being
down as best suits their operating schedules or labor needed to
total equivalent to 19 days' shutdown time during the calendar month.
{Recommendations of Conservation
CRUDE
10-14,^10-6,9-15
105.3
—
Metals and metal
entirely
exempted
were
9-15
1945
products
Fuel and lighting materials
1945.
10,
basis
J
.
yyK-y
Zinc
Caution
13,1945, from—
',>3-29,
105.2
products
Hides and leather
definite dates during the month being specified;
operate leases, a
;
of
as
exemptions
and of certain other fields for which
ordered for from 14 to 26 days, the entire state was ordered shut down
required
!'•
and
which
for 19 days,
to
allowable
basic
net
shutdowns
10-6
1945
Textile
4,726,550
change
to
4v
Chinese metal is available.
Oct.
1945
Groups—
All commodities
Farm
lurther emergency orders), as shown above, represent the production of crude oil. only,
and do not include amounts of condensate and natural gas derivatives to be produced.
Includes
Antimony':
Oct.
100)
=
Oct.
Commodity
3,834,850
6,000
—
3,780,650
4,464,400
:•!
Percentage changes to
Foods
5
be¬
ever
Antimony continues under al¬
location, as it probably will until
9,250
3,300
better than
Oct.
WHOLESALE PRICES FOR WEEK ENDED OCTOBER 13, 1945
;
10*18"
22,350
+
be
Oct.
98,850
.+.
to
fore, which has resulted in some
improvement
in
Mexican
lead
shipments.
The Government
stockpile will probably again be
drawn upon to satisfy the demand
for lead in civilian industry. Lead
sales for the- week were
10,714
tons, against 11,767 tons the week
preceding. ■ .;: ■, ">■
y'-
,
.
indexes from Oct. 6, 1945 to Oct. 13, 1945.
group
52,200
17,350
/
100,000
'
*
..
24,750
600
99,900
<■
100,000
by slater .and more- .complete
68,300
+
+
20,250
23,500
12,000
Colorado
New Mexico
+
45,200
97,950
66,200
28,000
47,000
_—
<
show (1) indexes for the past three weeks,
Sept. 15, 1945 and Oct. 14, 1944 and (2) percent changes*in sub-,
(1926
(Not lncl. HI., Ind.,
Ky.)
—
•"PAW
required
as
12,500
+
for
.
i
preliminary and. subject to such ad¬
as
'
.
The following tables
Eastern—
Kentucky
Michigan
market prices for farm
with higher quotations for
grains and livestock.
purchases.
so
/+: 15.150
10,850
Foods—Average
and
/
/T
products advanced 0.5% during the week
45,800
—
152,550
13,000
—
80,850
51,400
200
50
Indiana
76,600
—
200
...
Illinois
150
—
50.850
,:!
'
r
,
250
76,000
47,000
—
253
+
the post-war low
thevweek ended Sept. 15, 1945. " At 105.3%
index was 0.6% above a month ago and 1.4%
corresponding week of 1944, said the Department of Labor
indexes must
393,000
350,000
Louisiana...
Total
weekly rise in the index from
during
point reached
of the 1926 average, the
267,900
50
:
,
Panhandle Texas
East
345,250
267.200
800
18,450
1,000
1944
382,050
—24,650
383,000
Nebraska
Oct. 14,
1945 ■*
/,'
380,000
—
Ended
K
«
Oct. 13,
Previous
■',-,274,000
Oklahoma
North
Ended
'<;■ from
Oct. 13,
1945
Begin.
■*'.
October
Week
4 Weeks
Change
Ended
vj ables
Recommen¬
dations
BARRELS)
OIL PRODUCTION (FIGURES IN
DAILY AVERAGE CRUDE
ing from Canada, The condition
of railroad operations in Mexico
Wholesale Prices Rise 0.1% in Week Ended
advanced
y";/
Reports received from
'
Thursday, October 25, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
£006
page
between
1933].
represen¬
.
Demand
V
Lead
for
.
lead
continues
strong, and all domestic supplies,
and such foreign metal as is avail¬
booked; well in advance.
sources of foreign lead are
Mexico and Peru, though some
lead has been reported as com¬
able,
Chief
are
ounce.
•
Canadian producers
>
j
*
of silver in
their home market are operating
price ceiling of 40c. an
the foreign market
silver
well
established \ at
under
a
With
ounce.
for
above 70c. an ounce,
to
the pressure
is
revise the Canadian ceiling
- Little
or no silver is
expected to flow to Canadian con¬
at 40c. until the price dis¬
increasing.
sumers
crepancy
has been corrected.|
!! Production of silver in Canada
in
July
amounted to 951,348 oz.,
against 1,077,974 oz. in July last
year.
.
.
.'
Aluminum
;V',.
*/.;■]
;
and ■ secondary
alu-^
production in July, 1945',
was
143,300,000 lb., or 5% lower
than
in* June according to
the
WPB aluminum and magnesium
Primary
minum
division.
Net shipments of semi-
fabricated products to consumers
were
12%
170,200,000
lb.,
a
drop
from the June total.
but little of the total.
of
Deliv¬
against unrated orders,
thorized in July, accounted
eries
au¬
for
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4432
162
Total Loads
Railroads
Total Revenue
Southern District—
Ended Oct. 13,1945 Decreased 13,464 Gars
Loading of
?
Week of Oct. 13 decreased
13,464 cars, or 1.8% below the preceding week.
1
Miscellaneous freight loading totaled 352,225 cars, an increase of
5,584 cars above the preceding week, but a decrease of 62,977 cars
below the corresponding week in 1944.
"
VvVvV',:
Loading of merchandise less than carload lot freight totaled
,
*
■
114,176
<;
an
increase of 3,418
cars, an
above the preceding week and
cars
increase of 4,943 cars above the corresponding week in 1944;
yV'v'
"
Coal
below
loading amounted to 100,463
J
,
decrease of 24,069 cars
cars below the
cars,, a
the preceding week, and a decrease of 73,896
V; corresponding
week in 1944.
V
V"
Vv
Grain and grain products loading totaled 53,994 cars, an increase
of 1,969 cars above the preceding week and an
the
above
corresponding
in
week
increase of 3,997 cars
In the Western Districts
for the week of Oct. 13
cars above the-preceding
the corresponding week in
1944.
alone, grain and grain products loading
totaled 37,809 cars, ah increase of 1,031
week and an increase of 6,059 cars above
1944.
-' ...
v. . j >, v;? •' iv •
:.,'
- Livestock loading amounted to
26,252 cars, an increase of 2,053
•
above the preceding week and an increase of 38 cars above the
cars
:,V corresponding week in 1944. V In the Western Districts alone loading
iof live stock for the week of Oct. 13 totaled 22,105 cars, an increase
of 2,025 cars above
the preceding week, and an increase of 903 cars
corresponding week in 1944.
••
•
•
7 - .Forest products loading totaled 36,006 cars, an increase of 1,743
cars above the preceding week, but a decrease of 6,991 cars below
the corresponding week - in 1944.
V ,
v :
/
v
7
V ':;: Ore loading amounted" to 63,565 cars, a decrease of 1,666 cars
above the
■'.>> below the preceding week and
responding week in 1944.
v v
Coke
'
decrease of 3,172
a
-
•
-
below the
cars
cor¬
1943
*
1945
1944
374
248
230
325
825
801
662
2,062
2,836
859
812
720
1,199
10,871
12,390
11,545
3^871
7,546
4,247
1,247
'
Atlantic Coast Line_.
,
Central of Georgia——
3,656
'427
3,805
458
412
1,499
Charleston & Western Carolina—
Clinchfield
1,683
1,692
/
1,922
288
331
244
179
147
554
935
1,256
Gainesville Midland—/
1,238
1,370
76
4
Georgia & Florida
Gulf, Mobile & Ohio
;
54
46
119
106
1334
1,377
1,247
2,231
2,226
417
Georgia—
428
512
681
629
4,865
4,831
4,340
4,376
4,177
26,474
30,571
30,470
15,742
17,152
Illinois Central System
Louisville & Nashville
25,739
25,370
9,665
18,691
11,845
/_
weeks in 1944 and 1943.
4
Weeks
of
Weeks
of
®
Weeks
of
March
■jX 4
Weeks
of
■■
7:/.
-V
■■
7-V7
February.;.
April
4
't 5
■
7
1
5
:
3,158,700
3,154,116
'
,
>
—.
1
)—
of
3,378,266
„
3,240,175
3.576,269
'
4,116,728
4,424,765
—_______—>
August,
J-
767,985
1
September-—
Week
of
October
of
October
——
6—
Week
,
IS-.
'■-%&—
3,459,83Q
'
.
V>
r
W
•
4,456,466
V
877,035
754,521
898,720
33,519,620
————
3.554,694
900,357
;;;;; 912,348
34,521,820
„
33,616,570
the separate railroads and systems for the week ended Oct.
13, 1945.
During this period only 37 roads reported gains over the week ended
Oct. 14, 1944.
t
REVENUE
FREIGHT
.
,
LOADED
AND
(NUMBER OF CARS)
•
,
RECEIVED
FROM
WEEK ENDED OCT.
13
.
391
1,426
1,428
451
7,792
9,748
9,913
9,641
10,477
7,205
8,890
lions
24,088
25,225
23,513
19,839
'484
25,503
751
620
845
954
133
144
152
1,000
1,081
110,943
126,108
123,626
98,129
119,266
20,535
20,874
20,745
15,142
15,356
Southern
LJ^ne
v
;
Systeih
Winston-Salem Southbound
751
519
525
3,884
4,682
~~_I
*
Tennessee Central—
850
271
3,631
1,102
i
I
'
1,466
-
1,855
•
Chicago Great Western
Chicago, Milw., St. P. «fe Pac
Chicago, St. Paul, Minn, & Omaha
•;
2,646
,3,078
3,501
3,471
23,816
23,314
10,289
11,468
4,209
3,541
4,075
4,782
1943
326
364
1945
284
24,776
28,526
531
Ann Arbor
1,451
595
1,023
489
Green Bay & Western
7,398
9,597
8,643
7,651
9,919
524
466
418
100
93
24,507
28,363
5,512
6,803
*"552
——.
Lake Superior & Ishpeming
Minneapolis & St. Louis,
657
695
"893
947
2,486
1.632
1,660
84
68
2,529
2.633
2,356
2,814
3,063
'
Minn., St. Paul & 8. S. M
8,600
7,660
8,675
3,249
2,984
14,167
13,814
14,965
4,901
6,201
155
177
88
227
549
2,363
2,660
2,696
2,524
3,939
138,578
Northern Pacific
140,051
149,320
62,689
69,761
Spokpne International
Spokane, Portland & Seattle
1
Total
4
Central Vermont—:
6,799
1,274
;v.
1,139
38
'
15,131
1,690
Atch., Top. & Santa Fe System
24,327
25,836
24,680
11,718
17,096
3,525
3,592
3,737
3,400
4,440
301
391
556
62
23,181
Alton
1J———"L
Bingham <fc Garfield
Chicago, Burlington & Quincy
Chicago & Illinois Midland
:
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
1,076'"
1,074
5,062 n
6,821
,
'•
Detroit & Mackinac
—
*
:
6,497
8,240
7,633
278
—
"Detroit,
1,552
1
Toledo & Ironton
Detroit & Toledo Shore Line
Western——-J
22,079
22,478
11,847
14,801
3,011
2,463
2,999
745
916
12,622
13,392
12,075
13,502
2,611
2,965
2,643
2,998
1,212
1,425
2,225
3,293
5,224
5,286
4,989
5,436
7,391
868
656
62
17
Denver & Rio Grande Western
834
883
1,072
1,323
1,598
Illinois Terminal
1,946
2,246
1,962
2,149
2,562
2,194
1,384
1,239
1,261
567
2,022
109
91
724
919
4
1,594
1,208
V/5
0
0
31,812
34,364
21,393
23,754
;
North Western Pacific
1,195
■■
Peoria & Pekin Union
Southern Pacific (Pacific)
Toledo, Peoria <fe Western-
-900
Union Pacific System
13,649
•Lehigh & New England——
.Lehlgh Valley
2,363
1,845
——
8,685 V
9,108
2,312
2,545
7,985
•
Monongahela—
•
.
2,574
.
768
—--
V
6,137
7 N. Y., N. H. &
9,705
Hartford
New York, Ontario & Western——a—
;
•New
V".
Southwestern District—
498
15
4
<>'4,632
5,583
146,059
142,640
88,997
114,911
383
•
—
—
402
x:
4,769
.
529
//Pittsburgh & Shawmut
.7 Pittsburg, Shawmut & North
Pittsburgh & West Virginia—— 1—x'
V
>182
V
9,536
13.614
2,275
11,155
8,578
.
503
626
7,831-
8,050
822
•
it
1.055
419
■■'V; 326 V:
-
1,001
■...
5,588
5,918
.
VV:
1,211'-
5,193
8,177
vv-v
■' V:V 29
.
::
401
10
170
•
1,251
276
1,922
2,901
'
V>.
..377
386
1,104
1,273
5,901
6,360
6,926
9,487
12,361
3,220
5,394
V
5,462
3,532
4,195
132,841
164,630
/
171,990
160,937
224,253
Wabash.
'j
-
..Wheeling & Lake Erie
/..-V/
—
Bessemer &
VCambria
•UV"
541
;
815
782
45,372
20,548
5,462
5,815
t
290
1.674
1,766
6,023
6,702
r V"W,. t
:
709
1,318
1,552
1,583
196
324
546
6,392
3,606
5,025
18,633
18,317
14,671
19,961
54
113
203
299
10,057
10,836
! 17,657
1
;
—-—»
8
65
111
V
week's
figure.
8
36
5,137
1,778
2.023
1,663
86,820
86,868
48,640
66,225
13,947
~
1,985
68,882
——
15,521
15,038
22,095
28,297
2,471'
12,284
-18,949
20,893
4,027
5,825
3,606
3,984
4,027
10,604
12,676
147,980
191,254
192,546
128,701
170,935
,
11,137
28,692
29,364
Norfolk & Western
11,935
21,855
22,268
5,922
8,109
1,658
4,005
5,483
1,839
24,730
54,552
56,115
18,053
24,415
Virginian
v
>■
14,030
;
of relief
States
supplies from the United
cease
entirely in
would
December and January unless the
funds are made avail¬
additional
able, Mr. Clayton reported.
; This would
relief would
end in
an
mean, he said, that
"practically come to
period of the
crucial
a
winter."
:
He told the Committee UNRRA
intended
to
use
as
much
-
the
of
appropriation as possible to ob¬
tain surplus United States, prop¬
erty both overseas and at -home.
(Previous
item
oh
bearing
activities of the UNRRA appeared
issue
our
of
Oct.
22,
page
on
1934.)
185:
V
1,413,504 Railway
Employees in Sept.
;
Employees of Class I railroads
the United States, as of the
middle of September,
1945, to¬
of
taled
1,413,504,
a
of
decrease
compared with the- corres¬
0.84%
7,703
9,101
3,413
4,428
5,856
ponding month of 1944 and 2.47%
under August, 1945, according to
'}■ *5,466
5,281
a
5,547
5,448
6,142
7,581
89
79
55
64
28
30
■;V 55,800
68,389
8,704
33
15
59,190
lf.VVi2t'V:
report just issued by the Inter¬
Commerce Commission,
A
decline
under
September,
state
is shown in the number
1944,
!
V
76,066
^Included
76,111
In
Midland
Valley
Ry.
revised.
of
for every reporting
group with th® exception of exec¬
utives, officials, and staff assist¬
employees
maintenance of way and
and
transportation
ants;
train,
than
and
engine,
yard), which show increases of
2.92, 0.40, and 0.79% respectively.
Weekly Statistics of Paperboard industry
We give herewith latest figures
received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
V " • The
members
of
this
Association
represent 83% of th^ total
industry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
industry.
I
STATISTICAL
■
•
•..
Period
"
V
REPORTS-ORDERS, PRODUCTION. MILL ACTIVITY
VV V'.;
Received
4_.
Ass'n, lumber
mills reporting
"National Lumber Trade
Manufacturers
ber
shipments of 459
to
the
Barometer" were 3.8% below pro¬
Activity
62
of
these
Oct.
week
mills
were
of
files
the
575,134
90
94
amounted
94
reporting softwood mills,
11—
18
507,758
95
94
577,024
94
94
582.785
94
156,619
7; 153,368
157,653
„
,
93
109,034
532,186
67
161,763
488,289
99
7 / 159,653
494,699
97
94
128,061
527,938
80
93
515,295
489,702
96
93
93
93
exceeded production by 1.6%; or¬
96
93
ders
95
93
97
94
155,428
492,880
193,674
———
'
154,147
533,087
160,031
506,935
.
"
—
Notes—Unfilled
necessarily
__
orders
equal
the
of the prior week,
unfilled
orders
unfilled
are
160,303
> 151,365
.
J
135,756
162,065
13
94
82%
125,683
160,857.
150,029
Sept. 15
Sept. 22_
,
to
equivalent to 28 days'
production at the current rate,
and gross stocks are equivalent to
32 days'production.
For
the
year-to-date,
ship¬
orders
94
82,362
131,952
173,322
.
1
8——
6
537,639
156,519
153,694
V
9.0%
reporting mills
of,stocks. .For
575,918
96
13,"
production. Unfilled or¬
less than
der
94
the
99,960
223,467
25r-VrV-.---r-----V .;
Oct.
ders
Percent of
Current Cumulative
for
In the same week new or¬
145,797
127,772'
V'
/
Aug.
Oct.
Tons
National Lum¬
According to the
151,085
121,864
Aug.
Aug.
Sept.
Sept.
Remaining
Tons
13,1945
Ended October
180,155
7—
14
July 21
July 28
Aug.
Production
Tons
;
Movement—Week
Lumber
1945.
Unfilled Orders
Orders
V
W 7V-'-';
1945—Week Ended
not
Total—
liberated lands who are
to provide relief and re¬
newly
unable
(other
.2,276
'
10,292
the
of
structures,
Sept. 29——
K
Pocahontas District—
-Chesapeake & Ohio
to
once
13,923
reporting.
;
figures
July
4,265
at
all
3,954
4,001
Note—Previous year's
July
137
to
11,074
V':..'
—
•Previous
63
5
move
2,612
TotaL
18,215
V:
1.375
1,947'
'
.VUnion (Pittsburgh)
.Western Maryland
TotaL
55
210
*
.<
must
assistance
bring
;
9
14,761
673
183
2)031
—
Reading Co
7,244
521
•
extremely
at
plus orders received, less production, d<?
the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬
ments of
unfilled orders.
ments of
reporting identical mills
by 4.3%.
:
Compared to the average cor¬
responding - week of 1935;-1939,
production of reporting mills was
42.4% less; shipments were 42.3%
7z£.
i
few weeks
serious, since
a
*7,235
—
74
.
221
•Cumberland & Pennsylvania-——.—
;Llgonier Valley—
;Long Island—X.
:
i
.Penn-Reading Seashore Lines
j- 'Pennsylvania System
273:..
1,055 1
t
'
3,089
V 2,748
6,593
Texas & Pacific
V 1,806
10
'"W,
517
J
•
1,235
t
&
.
•V'.
V
2,205
1,118
28,901
■
369
Ind'ana.Central R. R. of New Jersey
■
278
t
V
2,496
5,758
3,366
3,932
185
Louis-Southwestern
1,269
46,642
3,148
Lake Erie
753
be
UNRRA
duction
34,568
Youngstown
Buffalo Creek & Gauley
.
270
,
.Baltimore & Ohio__
''•
V
VvVVvV
*%'* Allegheny District—
•Akron, Canton &
.
3,659
5,333
—
St. Louis-San Francisco
2,462
4,113
2,591
100
15,103
1,339
7,028
6,746
"
-
557
2,285
3,143
334
5,053
•
1,3341
Missouri & Arkansas
375
6,342
2,464
773
271:
Midland Valley.-
2,907
1,241
>V,.'
■
,
18,028
' > 1,480
9,532 ,V/
y
5,307
2,959
1,886
2,659 "V
v-v t: VV/v" t
28
'
.
'■:
will
,
even
.
54,327
'
.
4,951
23
$1,that
until
wait
cannot
$550,000,000."
"A delay of
19,148
2,271
Missouri-Kansas-Texas Lines
326
35,534
14,821
—*2,300
16,892
-489
iVVSi'2,351
4,137
233
321
21,396
2,394
Burlington-Rock Island
1,607
11,261
2,421
1 55,083
51,515
870
Susquehanna & Western.:
V 'Pere Marquette—,
.
v
5,686
York, Chicago & St. Louis
N. Y.,
■'Pittsburgh Si Lake Erie—
6,094
:/
2,714 •*<
204
41,237
New York Central Lines—
•*
1,237
6,959
2,940
V
contribu¬
States
time, however, to request the ap¬
propriation
of
the
remaining
in
2.455
7,604
11,743
0',:
32,938
—
140,259
Total
2,262
"
V
——:
;
2,145
2,214
9
18,201
'£
7,327
187
:.
.
•
1,084
793
__
12,482
3,885
131
—.
•——
Maine Central——
13,606
3,865 :.
'■VV 217
V
2,117
/
—
Western Pacific
1,275
••
I
1,427
Texas & New Orleans
105
H
1,540
"We
628
Nevada Northern
St,
V-
917
;
v
Missouri-Illinois-
11,074
111
V
337
United
matching the original
350,000,000. He continued:
5,137
1,416
Colorado & Southern—
11,743
'
3,645
Lehigh & Hudson River___———:—
2,395
%
9,153
8,934
2; 112
361
11,490
Grand Trunk
V
1,821 '
V 399
—
2,567
v:
325
433
•
"
;
;
68
.
12,875
...
50
will
soon
Deliveries of most major items
34
1,445"
to
to authorize an ad¬
tion
Central Western District—
1,994
v;vv 27
529
;
'
'
4,942
______
Delaware, I.ackawanna & Western
1,489
324
y.VV
38
1,082
————-
Delaware & Hudson—
1,178
11,683
said
habilitation for themselves,"
2,737
7,006
V
ditional
■
24,044
—
the administration
ask Congress
531
—
Great Northern
1944
2,646
1,679
6,713
.
.Boston & Maine
V .Chicago, Indianapolis & Louisville—__
y, Central Indiana
—;—
is
is now considering and Mr.
Clayton is reported to have stated
208
961
:
Litchfield & Madison-
Bangor & Aroostook—-u—,-—
victims.
Truman
tee
4,161
25,711
Duluth, Missabe & Iron Range-
Duluth, South Shore & AtlanticElgin, Joilet & Eastern
Ft. Dodge, Des Moines & South
2,478
21,866
Connections
1944
war
have recommended the additional
that
Northwestern District—
Chicago & North Western
Kansas, Oklahoma & Gulf
Received from
Freight Loaded
1945
of
President
appropriation which the commit¬
Total
International-Great Northern
Total Loads
.
Total Revenue
Railroads
Eastern District—
V
Appro¬
H,
Oct.
on
1,121
193
349
3,333
v
Gulf Coast Lines
..
V
V;
CONNECTIONS
House
403
Utah
The following table is a summary of the freight carloadings for
'.
the
421
225
287
3,175
Fort Worth & Denver City
•
of
Committee
1,040
4,003,393
3,455,328
committee
priations
424
224
' r
^
Denver & Salt Lake—
■
the
Re¬
479
Seaboard Air
;
'
for
and
Piedmont Northern-
3,363,195
4,338,886
Relief
Richmond, Fred. & Potomac—
3,152,879
3,441,616
Congress
Nations
according
to
Associated
Press
Washington advices, and the re¬
maining $550,000,000 is desper¬
ately needed to avoid "disastrous
interruptions" of supplies to mil¬
Macon, Dublin & Savannah—
Mississippi Central
i
Nashville, Chattanooga & St. L._
Norfolk Southern—
v:
' 3,275,846
U 4,364,662 Vi.
.
2,910,638
3,055,725
3,845,547
3,916,037
••*:•
3,452,977
;—
1—
of
Total
4,018,627
•
3,374,438
Weeks of May
weeks of June
Weeks
Weeks
V
3,049,697
•
VV^1943
1944
3.001,544
V 4. Weeks of July—.'
4
,
1945
January
4
v,
.
by
$1,350,000,00Q
Administration, the
already appropriated $800,000,000
is
nearly
exhausted,
Assistant
Secretary of State William L.
Clayton told the Deficiency Sub¬
551
■
ivi! i VVV VV'V VV'V
United
297
156
874
original
habilitation
3,178
'398
Columbus & Greenville
the
authorized
1,640
the
below
Of
4,396
Florida East Coast-
1
Funds for UNRRA
1,532
10,050
Atlanta, Birmingham. & Coast-:
.
.
loading
amounted to 7,840 cars, a decrease of 2,496 cars
preceding week, and a decrease of 6,141 cars belovtf the
corresponding week in 1944.
'
......
All districts reported decreases compared with the correspond¬
ing weeks in 1944 and 1943. V-'-V
'V-All-districts reported decreases compared with the corresponding
V
1944
•
441
Durham & Southern
*
freight for the
revenue
1945
Atl. & W. P.—W. R. R. of Ala
1944 of 144,199 cars, or 16.0%,.and a decrease below the same week
in 1943 of 157,827 cars or 17.3%.
Connections
Alabama, Tennessee & Northern
Loading of revenue freight for the week ended Oct. 15, 1945,
totaled 754,521 cars, the Association of American Railroads announced
ion Oct. 18. This was a decrease below the corresponding week of
;
Received from
Freight Loaded
w/rp
44.fi %
less.
Companies
At
the board of
Co. of
Oct. 16, Darrell H.
meeting of
a
directors of Bankers Trust
New York, on
Governing Council and Executive
Committee, and Chairman of the
Education and Research Commit¬
elected
was
an
New York.
">
.,::;.
y
by
and
the Currency,
on
Oct. .19.
the Comptroller of
it
was
announced
Assistant tee of the American Institute of
Real Estate Appraisers.
Vice-President, effective Oct. 22.
Mr. Hamric was connected with
The New York State Banking
the Bank of Manhattan Co., in the
credit department and as a loan Department announced on Oct. 10
that the Broadway Savings Bank,
officer, from 1931 to 1942, when
at 5-7 Park Place, New York, has
he joined the Army Air Force.
been authorized to open a branch
He
has
recently been released
office at 250-252 West 23rd Street,
with the rank of Captain after
Borough of Manhattan, City of
three years of active duty.
Harnric
banks,
both
of
directors
Items About Banks, Tinst
Thursday, October 25, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
<2008
Special advices from Paterson to
the
New
York
"Times"
said.
The stock
two shares held.
each
is
dividend
Oct.
payable
31
From
to
stockholders of record at the close
of business Oct. 27."
*
/
the
merged institutions are to
bear the name of the Second Na¬
(Continued from first page)
The Baltimore "Sun" of Oct. 12
reported that the stockholders of
the Safe Deposit & Trust Co. of
Baltimore at a special meeting on
Stockholders next will pass on
consolidation.
The
;
tional
the
of
holders
the full
stockholdings in
be
to
are
equity
Stock¬
Commercial Na¬
of Paterson.
Bank
tional
their
of
paid
^
Cash.
President
former
and
Jersey
New
Rahb,
Henry
banker
of
the Essex County Chapter of
the
Oct. 14 at the age
far
to
$20
of
value
par
There will be issued in ex¬
ues
change for each share of old stock
five shares of the new $20 par
value stock.
I
Ben-Fleming
Sessel
as
VicePresident in the company's corpo¬
of 48.
authorization from the New York
held before his retirement late in
industrialist,
State Banking
1943, accordingto the Newark
"News," -- was
Cashier
of
the
Belleville National Bank, Belle¬
board of directors of
where he ex¬
trust division,
rate
pects to assume his duties Nov. 1.
He has resigned as Vice-President
Tri-Continental group of
the
of
investment
insurance
and
com¬
panies sponsored by J> & W;
Seligman & Co.
Mr. Sessel, a
graduate of the University of
Colorado
and
Harvard - Law
Department to open
a
branch office at 3-5 West 57th
Street.
'
1"
i
1 "
1 1 i
.
,
on
Mr.. Rahb had been in
ville, Ni -J.
York
New
The
Banking
State
Department has recently author¬
opening of a new branch
office of the Bank for Savings in
ized the
the: City
New' York
of
banking business for over 20
years, starting in
1922 with the
First National Bank of Garwood,
the
Cashier.
N. J„ as Assistant
t
2360
at
The
of
board
statement
a
was
point¬
Mr.
part was
He
because of Laval.
monkey
the
into
wrench
principle with him. It is quite ap¬
parent that he simply wanted tp
be devilish.
By the time he was
half-heartedly into line
the great psychological stunt had
brought
\,;»
President
this
But
our
threw
who resigned because of ill
health.
Reporting this, the Cin¬
is
on
short-lived
son,
Harrison
sort.
the
of
the scheme by holding out on the
moratorium. It wasn't a matter of
Harrison succeeds Charles H. Up¬
"Mr.
by $10 billions or
increased wealth
meeting of directors on Oct. 11, it
was
announced
by
Robert
A.
Cline, Chairman of the board.
increased
something
elected to the
the Lincoln
National Bank of Cincinnati at a
of the
directors
been
Charles L. Harrison, Cincinnati
cinnati "Enquirer" said;.
Broadway.
so did those in
recollection is that
up,
Our
made
ing out that American wealth had
Mr. Rahb
The last position
There was
thought he
by
.
Bank of
New York has recently received
AIB, died
sprung
London.
Hoover
Irving Trust Co. of New York
has
announced
the election of
The Greenwich Savings
Hoover
granting Germany a moratorium.
Manifestly, this whole thing was
psychological but it worked for a
few days. Our stock market val¬
fying the 20,000 shares of $100 par
stock now outstanding into
shares
when
could avert the world collapse
value
100,000
in those days.
even
time
a
approved an amendment
the company's charter reclassi¬
stock.
C.
carried our support of for¬
eign officials against our own too
we
11
Oct.
Washington
Ahead of The News
,
of
associated with
Electric
Products,
Inc.; worn off.: Whether it would have
National Bank of Germantown & Victor
worked
without - Laval's
hin¬
Seligman firm and the TriThe New York State Banking Trust Co. of
Philadelphia has ap¬ President of Cincinnati MetalContinental group of companies Department
announced recently proved
and
recommended
to crafts, Inc.; a director of .American drance, we don't know. Certainly,
it was no crazier than the things
since
his graduation from law that approval has been given to
stockholders an increase in the Oak Leather Co.; Vice-President
has been
School,
the
.
experience covers
underwriting
of
domestic and
foreign bond issues, the develop¬
ment of security issues for lead¬
His
school.
American corporations, also
and reorganizations in
utility and railroad
fields.
He is a director of the
Kansas City Southern Ry.*
: ! '
ing
mergers
the industrial,
approval
Announcement of the
-
by the directors of the Merchants
Bank of New
York of a j^tock
authorized
Brook, N. Y., to reduce the capital
bank
from
of
to be
accomplished by declaring a
stock dividend, it was an¬
1945, to holders of record Dec. 3,
1945, was made on Oct. 9 by
Howard Markel, President of the
stockholders are to
30 to authorize the
necessary additional shares.
Con¬
sideration, it is stated, is being
The
meet on Oct.
given by the directors to a recom¬
to stockholders at the
meeting on Jan. 1 to re¬
duce the par value of the stock
from
$100 to $25.
After both
actions are completed stockhold¬
ers will then have five shares for
each one now held.
mendation
annual
3,760 shares of preferred stock A,
of the par value of $2.50: each,
1,250 shares of preferred stock B,
of the par value of $5 each, and
500 shares of common stock, of
value of $50 each, to $25,000,
consisting of 500 shares of com¬
mon stock of the par value of $50
par
each.
,
new
trustees
Dime Savings
Bank of New York,
'
f
&
turers
Citizens'
Y., and the
Bank
National
Lancaster
of
of
Co.
Trust
Traders
N.
Buffalo,
ap¬
proved on Oct. 15 the merger of
the two institutions, which will
take effect Oct. 31, according to
Buffalo
the
News,"
"Evening
:
which further announced:
;"M.
&
also
stockholders
T.
voted to increase the capital stock
the
of
$5,200,000
from
bank
to
$5,335,000, and to issue 3,500 ad¬
shares with a par value
of $10 each.'
There will be ex¬
ditional
changed
each
of
of
to effect the
nine-
of
of M.
& T. for
Citizens'
National,
share
a
share
:"The
basis
the
on
be
T. branch,
management.
M. &
The consolidation makes available
time Mr. Forrest is
with
as
the
an
present
residents of the
to businesses and
a
the Pacific
area
Lancaster
bank
the
area
with
visit to all
friendly foreign capitals to con¬
sult'with editors and Government
Officials regarding the possibility
of
international press freedom.
Mr. Forrest was one of the out¬
standing war correspondents in
World War I, and subsequently
the society
sent
on
a
correspondent „ and
writer in Mexico, Haiti,
served
as
soecial
France, the Far East, and Wash¬
ington.
.H
f;
■
V'-
•
Mr. Tredwell has his own
iiess-^real
estate
appraising
busi-
and
mortgage lending, at 41 Park Row,
Manhattan.
Mr.
Tredwell was
Wharton
from
the
University of
.graduated
capital
stockfrom
50,000
to
100,000 shares. : The capitalization
of the bank will then consist of
$1,000,000 capital stock, $2,00u,u00
surplus, and in excess of $575,000
in undivided profits.
in
$200,000,000,
Morris
Mr.
that it is the
stated
present intention of the directors
that the total dividend payment
Will remain at $100,000 a year,
with 1 the
semi-annual
share being
present
excess
institution
be
that
four
issued
reduced
from
$100
$25
share
and
shares
to
share.
of
The
the
new
each
replace
Bureau"* of
we
per
"News
Boston
:
Oct.
18,
be
present
which
from
quote, further said:
;
"After this change has been ac¬
complished
the
bank
will
have
outstanding 80,000 shares of $25
par in place of the present 20,000
shares of $100 par."'
The
stockholders will
Nov. 6 to act
meet
on
the proposal. "
on
share
for
share held will be paid to holders
of record Nov. 20.
increased
$400,000
■
,
,
the bank
its
capital stock from
$500,000 and its sur¬
to
plus from $2,000,000 to $2,200,000
by the sale of 10,000 shares of new
stock at $30 per share.
In June
of
a
like amount from
profits.*
Since
bank
its
has
undivided
'
* >-y'* '■>** ■
founding in 1814 ~the
paid 259 consecutive
semi-annual
dividends.
As
$36,159,368.#^
of
G.
Brinton
the !! Corn
of
Roberts, a director
Exchange National
Philadelphia
and President of the Pennsylvania
Society to Protect Children from
Cruelty, died on Oct. 18. He was
76 years of age.
The Philadelphia
"Inquirer" states:
:
"Mr. Roberts, who retired 10
years ago
firm
of
Inc.,
also
c
David
E.
Williams
Co.,
the
was
Edgar A. Tredwell, who
trustee of the Union Dime
ton "Herold" of that
Savings Bank' for more
years.
Mr. Tredwell is
a
than 25
member
of the Real Estate Board of
York, and formerly
of
governors.
dent
Oct.
recently, it
late
a
on
firm founded by his father,
on
New
their
was
15, having
He is Vice-Presi¬
of Central Atlantic
Region,
1928,
President since 1939.
as
"He
G.
B.
was
the
Roberts,
President
son
who
of
of
:
the
.
weeks.^; In the meantime,
through their mani¬
Leftists
fold
propaganda^channels
been
profits to surplus at the year-end
was
also
ordered
by
directors
agitating that
tionary" committee
was
Department
to
of
hands
the
"reac¬
playing
the
was
"Fascists"
the
piqued at the State
over
trivial
some
The committee, according
this propaganda,
consulted
presently outstanding shares only.
It
Directors have indicated their in-*
on
a
had not been
particular matter.
was
cash payments on the in¬
rate of
creased
books
are
mittee wanted to
subse¬
Stock transfer
capital
in
stock
payments,
quent
the same
of- continuing
tention
in
appeared
1384.
E.
E.
v
Gene
Wallace
% >
deco¬
rated veteran of World War II,
has
been
elected
an
Assistant
Bank
oft
Jr.,
Republic National
Dallas; Tex.,: Fred F.
Florence,President,
has
nounced.
The
Dallas
Herald"
from
£ which
learned,
"Mr.
an¬
this
'
'
is
:
bank employee
since 1936, is head of the recently
a
organized veterans'
assistance
advisory and
department."
:
I
know what had
country's
good-
develop the good neighbor policy
and yet our bureaucrats, under
Leftist pressure, were destroying
it by provoking strife in Argen¬
It wanted to know why we
tina,
called the
a
Argentine Government
dictatorship when every gov¬
^
there
down
ernment
"Times-
also said:
Wallace,
the
trying to provoke a revolution in
Argentina.
It wanted to know
why we had spent and thrown
away billions in Latin America to
,
20 issue,
Sept.
our
-
;
neighbor policy in Latin-America.
It wanted to know why we were
An item bearing on the plans of
the bank to increase its capital
page
!, of
become
to be closed Dec. 15 and
remain closed until Dec, 28."
develops that the committee
quite "piqued" if that is the
expression.
This
Senate
com¬
is
It
one.
wanted to know
just what is back
of our enmity towards that gov¬
ernment, and just what is meant
by dubbing it a Fascist govern¬
ment.
In the debate, it was de¬
veloped
that
practically
every
other Latin American government
has
once
A. Bruno, a returning
veteran, has been promoted to the
because
Henry
again become
disturbed
about the "Colossus of the North"
was
the
Oct. II..---'
.
at
one
Pennsyl¬
At
the
directors'
Bank of Los Angeles, held
W. E. Bock
the
of
Calvert
of
Baltimore, Md., at a
special meeting on Oct. 16 author¬
ized
an
increase
in
the
bank's
Bank
Appraisers; also a member of the
been
__
a
stock dividend of
one
share for
meeting
of
Citizens National Trust & Savings
was
Trust Officer.
Stockholders
"
of
ate
Oct. 1*3.
elected'Assistant
Mr. Bock,
a
gradu¬
of
University of Pittsburgh.
B.S., LL.B., was formerly in the
OPA
Rent
Control
Office
in
Pittsburgh before joining Citizens
National Bank in August, 1943.
in
a
The
governments see that we
begin again to interfere in
their governments. Out the win¬
dow has gone our good-neighborliness for which
late
and
the Commercial Na¬
"The additional stock is to be
tional Bank of Paterson, N. J., has, issued to present stockholders as
several
the
-
American Institute of Real Es+^te
boards of
fire with the Senate
Foreign Relations Committee for
shall
protection
society
since
he served the organization
capital from 8.000 to 12,000 shares
of $50 oar value, says the Balti¬
more "Sun," which further states:
by- the
hanging
the
latter .■ amount, to
$60,000,000 to provide for the new
stock.
A corresponding transfer
of
$10,000,000
from
undivided
creasing
announced, it is learned from the
San
Francisco
"Chronicle"
of
company's board of directors.
Force.
approved
Assist¬
as
Secretary of State, had been
A
trust
discharges
after
serving
in
an
administrative
capacity with the U. S. Army Air
Merger of the Second National
Braiden's nomination
ant
member of the board of the chil¬
the
of
the
Bank
.
*•
ap¬
interference
date, received
its board
to
prove a transfer f of $10,000,000
from surplus to capital stock, in¬
government.
of
stated in the Bos¬
service
chaos, and they can have only one
purpose in this.
quote the following:
:
"Holders will be asked
our
member
a
vania RR."
a
example of how far
are
going to create
Leftists
our
smaller
the
of Bos¬
Assist¬
an
as
Latin American
with the bank
with
Shawmut Bank
of
Argentina,
amazing
an
Chicago "Journal of Commerce"
of Oct. 12, from which we also
to
Secretary of State, pointed up
ant
post'of Assistant Cashier of Cen¬
time
Vice-Presidents
sador
Dec. 18, it was announced on
Oct.
11, it was stated in the
tral Bank of Oakland, Calif., it is
was
executive committee
ton, and renewed their association
National
elected
The Senate, in its belated con¬
firmation of Braiden, late ambas¬
on
from the wholesale coal
lery, 79th Division. He started in
the real estate business in 1920
Assistant
been
Chicago will be acted upon by
stockholders at a special meeting
.
<
McDevitt
have
..
,
Cashier of the
Bank & Trust Co. of
dren's
Roy H. Booth Jr. and Paul F.
The
recently
proposed
20%
stock dividened on the stock of
The
First
National
Bank
of
of
Sept. 29 it reported total deposits
of $32,391,091 arid total resources
question. It
however, a tremendous thing
time, and we
bet he didn't send any flowers to
the Widow Laval.
r
:
to Mr. Hoover at the
matter.
additional
one
a
was,
;
quarterly cash dividend of $2 a
share yesterday, payable Jan. 1 to
holders of record Dec. 15, and on
a
along later
was
a
big
bur lives is
event in
Association."
each
of
Pennsyl¬
vania. and served in World War I
as a First Lieutenant, Field Artil¬
School,
National Electrical Manufacturers
it
came
Whether
did.
because it
the stock of the
to
share
per
and
present $50,000,000 figure.
;
i "Directors also voted a regular
$1
and the directors recommend that
the par value of
which Roosevelt
Industries,
Allied
yesterday to restore surplus to its
of
by $300,000 through the transfer
Lewis G.
Harriman of the M. & T. said."
,
Chairman of the fan section,
If approved
by stockholders the stock dividend
dividend
changed to 50 cents.
a
President
and
into
of
of
services
resources
on
three-man committee to repre¬
the number of out¬
increase
the surplus was further increased
invitation
Chairman Ralph Lowell of the
of the War and Navy
Depart¬
ments.
He is First Vice-President board of directors of Boston Safe
of the American Society of News¬ Deposit & Trust Co. of Boston,
Mass., has advised the stockhold¬
paper Editors, and in November,
1944, was appointed Chairman of ers that the executive committee
in
to capital
In March of this year
will
.bank
They are Wilbur Studley Forrest
and John C. Tredwell.
Mr. For¬
rest is assistant editor of the New
York "Herald Tribune" and a di¬
At the present
A
$500,000 from; surplus
»
Cincinnati
of
by
President.
consolidation.
Lancaster
operated
Tribune, Inc.
Glenn
K. Morris,
special stockhold¬
ers
meeting has been called for
Nov. 20 to vote on the proposal.
Subject to sockholders' approval,
the
directors
plan
to
transfer
nounced
and
Manufac¬
the
of
according to an announcement by
William
L.
DeBost,
President.
rector of New York
100%
capital stock of the
$500,000 to $1,000,000,
standing shares of $10 par value
Stockholders
tenths
have been
elected to the board of the Union
Two
consisting
$40,650,
from
stock
payable Dec. 10,
dividend of 25%,
bank.
the Bank of Suffolk County,, Stony
of dollars to get.
Braiden
firmed
spent billions
The Senate con¬
we
an
underling
carrying out State Department
policy, but at the same time it
sought to make clear to the Left¬
ists that their policy is not that
of the
American
people.
It is
simply a question of how long we
are
going to put up with the
forces
that
in
as
devious
seeking to destroy
us.
ways
are
-
Lloyd J. Wickham, Vice-Presi¬
dent of Citizens National Trust &
He
Savings Bank of Los Angeles, died
on
Oct. 11 after* a Short illness.
a
was
53
bank since
years
of age.
1911, he
was
With the
elected to
Vice-Presidency in 1934.
■
@FedFRASER