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ooi &'
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
Final
ommetcla
Reg. U.
Volume
2
Number 4322
160
■
may
be
apparently like to have
us
which
men
lived,
■■
notion
The
'
"v.""
agriculture is somehow sui generis—
of
a
ing for votes, but some quite convinced, who preached such
doctrines.
Subsidies to agriculture in one form or another
began long before the New Deal was ever dreamed of. Indi¬
viduals were doubtless to be found decades ago who would
^
(Continued on page 1508)
,
v
Whenever
the
men
with
do
American
of
for
need
re¬
look
of direc-
sense
We
ternity,
j
free in¬
our
And Urges
Official Points To The Important Role
Maintaining Full Employment
That Banks Plan Immediately To Set Up
Regional Credit Pools And Develop An Adequate Pro¬
gram Of Private Financing Before Congress Is Compelled
To Develop One Of Public Financing.
He Suggests A
Conference Of Government Supervising Agencies And
Formulas, New Stand¬
Viewpoints" To Meet Changed Conditions.
Wants Banks To Use Resources For Venture Capital
The Banks To Agree Upon "New
the
who
others
are
profess loyalty to the independent
unit
banking
system
problems
whose
insistent
urgency
can
A
remain.
rapidly than in the
preceding centuries put
together. These facts are elemen¬
tary. I state them only as a back¬
moved
of
ways
ing
and
.
of think¬
for
an¬
other.
might
terprise
really
cessive
that World
continue, we have
to
unemployment.
However
War
dislike the Russian system
of government, and I for one dis¬
like it heartily, we must admit
and the im¬
that there has been no unemploy¬
is
II
War
we
a
result
direct
of World
I
is
,
got to make it work and by that
I mean that there must be no ex¬
One
say
perfect
which
may
there.
ment
peace
fol¬
lowed.
•
ground to the thought I am trying
to develop,
v.:'J' •
'
It is certain that if private en¬
our
habits
more
several
thing. A sub¬
tle change in
some
large
If
scale
un¬
•*
The
the
employment is permitted to
*An
greater
war
the
William
C.
Freeman
man
address
exist
by Senator Free¬
before the Second
War Serv¬
the
American
more
far
reaching are its permanent effects. Bapkers Association, Chicago, 111.,
It has been well said that during Sept. 27, 1944.
ice
the
past
postponed,
independence of that sys¬
25 years the world has
Meeting
of
(Continued on page 1515)
ment, and
if
the
freedom of our econ¬
tem and the
Association
from
effort
their
carry
our
our
comfor¬
own
peril to the fu¬
ture, a peril of an emotional let¬
down, a reaction in the degree and
of
scope
our
individual and or-
'
*An
address
before
the
tion
the
by Mr. Lawrence
Bankers
American
at
the
Division
Savings
Second
War
of
Associa¬
Service
meeting at Chicago, 111., on Sept.,
25, 1944.
(Continued on page 1510)
encouragement of the
,
From
Washington
i
Ahead Of The News
|
By CARLISLE BARGERON
are
the American Banker*
intensity of
very
table channels of routine activity
foundations of credit-*-the saving?
to be preserved.
Of that situation the officers of
omy
of
sion
anything more than a stop¬
gap it must be accompanied by a
deepening recognition, develop¬
neither be evaded nor
-'-V.y"".
One of the most
interesting phases of the American revolution,
the historians will undoubtedly observe, is the New Deal Wash¬
as
national ington columnists. Representative Hugh Scott, Jr., of Pennsylvania,
organization has approached the
recently had an experience which should be quite interesting.
He is
discharge of its obligations to its
campaigning for re-election in the difficult Philadelphia district,
For
are
fully
No
aware.
reason
some
GENEllAL CONTENTS
R
2Page
Financial
Situation
.1505
Regular Features
..
Ahead
Washington
of
...........
.....
.
State
of
Trade
.1508
Commodity Prices, Domestic Index. 1516
Weekly Carloadings.............. .1519
Weekly Engineering Construction.. .1517
Paperboard Industry Statistics.. ... .1539
Weekly Lumber Movement........,. 1519
Fertilizer Association Price Index... 1515
Weekly Coal and Coke Output...,..1517
Weekly Steel Review.........
..1515
Moody's Daily Commodity Index... .1516
Weekly Crude Oil Production........
Metals
1518
Conditions at Sept. 1
.
.*1447
July Building Permits..,..,*1449
Deposits,
Banks
♦These
in
pages indicated.
of Oct. 2 on
at
Assets
June 30.
of Insured
items
sentenced
to
jail
at
a
when
the
were
was
Commun¬
ists
ing
him
the
a
war
not
friend
the*
a
of
people,
and
who
appeared
our
*1449
Issue
we
was
end
Scott
Carlisle
Bargeron
of
matter.
the
and
Hd
was
thereupon took to the radio
that
his
conversation
said
with McGranery was
became
allies
telephone conversa¬
Mr. Scott assumed that was
quite surprised to pick up a paper
a few days later and read in the
column
of a Washington gossip
columnist an exact description of
the
conversation,
Congressman
monger
and
to have a
tion.
call-
by FDR when
—
on
convicted
and
1516
Indus¬
trial Activity in August........... 1514
Cotton Spinning for August
1516
Cotton Ginnings Prior to Sept. 16,.1517
Fairchild's Aug. Retail Price Index.*1446
Selected Income and Balance Sheet
Items for Class 1 Rvs. (June)
*1447
Reports
der, the Com¬
munist, who
was
—
phia, and only a few months ago
appointed to that office because a
redisricting in Pennsylvania had
put his re-election to Congress in
jeopardy, thought Mr, Scott's re¬
quest very funny. He turned him
down, which we will assume to
be all right in the great game of
politics-.
But all he and Mr. Scott did
1iberated
Weekly Electric Output.....
Reserve Reports on
FDIC
&—
.
uted
Market.........1517
Federal
Crop
2'•
It
sentence
the
time
Review........... .2
Non-Ferrous
c o mm
another he wanted the exact copy of the papers by
of Earl Brow-
the
2...... 1505
Bond Prices, and Yields.. ... 1516
Items About Banks and Trust Cos.. 1508
Trading on New York Exchanges. , .1518
NYSE Odd-Lot Trading........,. .. .1518
General
s ev e
o o
or
M r,I
which-
Editorial '1 2y;
v
From
greater public
debt for one
military
the
from
about many changes. Some are only temporary,
News
permanent. Certain effects of World War I still Moody's
Every war brings
but
Lawrence
F.
;
:.r;; y'yvv,y.y 3
'>■
Fred
to
ards And New
Financing.r
with
the
But
prove
'
.is
finest tra¬
enthusiasm, the emotional nature
of our appeal, the prolonged diver¬
admirably conceived program, is to
perpetuation
banks of
participated with an
a vigor, and a
per¬
ditions!
.
of
country
sistence worthy of our
trade, and agriculture; but if this
t h e
for
those campaigns the
enthusiasm,
rowing requirements of Industry,
gle
Government, business and
through sales of defense and
bonds, the largest and widest
the
ergies to serve the changing bor¬
j
pidity
That Banks Must Play In
In
in outlining a
f a c t
that
pnmrose
backlog
of
individual
as the road to mili¬
tary victory but to insure that
that victory be not an empty one*
was
that the strug-
lenging
tne
savings, not
pooling of our collective en¬
the
economic front, posing for us
Pennsylvania
Secretary of Banking, Commonwealth of
I
came
possible
post-war program, that primary
emphasis be laid on the improve¬
ment of our credit machinery and
disturbing ra¬
/
up,
war
primarily
it
of
we
that
joined hands in an un¬
precedented campaign to build
largely
members
credit,
of
natural and proper,
]
face the chal-
themselves
upon
merchants
as
a
credit
banking
so
are
commercial, because our
the
gaining
banking
un¬
all too
conflict
this
of
on
route
ine
path.
justing policies to changing con¬
ditions.
Because the traditions of
Co n-
we
instinctively
sense
was
charged with
Certainly, no
group is more
face many
which
lessons
been financed
to
of the need for ad¬
keener sense
from here?
go
passing,
Banking And Unemployment
dramatic
! membership and to society with a
we
to
has been that while it could have
<♦>-
question—
Where
forced
are
easily forget when the tension is
relaxed.
One of the most highly
responsibilities come together in
common
transition days the very atmosphere seems
these hectic
stitutions
State Banking
In the stress and strain of war
we
Expenditures"; (2) The Disparagement Of Savings By
Plans "To Turn The Abnormal Stream Of War Expen¬
ditures Into An Equivalent Volume Of
Peacetime
Activity," And (3) The Neglect To Distinguish Deposits
That Are Not Thrift Accounts And Thus "Distorting
The Ratio Between Deposits And Surplus."
century or more ago—is scarcely new in this country. There lion than the j
have always been those, some of them mere politicians look¬ banking' 1 r 4" j
By IION. WILLIAM C. FREEMAN*
through the centuries have
men
welcome truths,
scious
possessed of attributes accorded it by the Physiocrats
truth
all too frequently ignored.
acutely
twenty, or even ten years ago.
"'Farm Favoritism
that
sobering
Obstacles Facing Savings Banks Are (1)
Over-Expansion Of Currency And Credit Which "Trans¬
lates Deficits Into Assets And Measures Income By
accompanying it have so
thinking of the rank and
no longer really capable of conceiving a
any very close resemblance to that in
say
of
Three Major
concepts akin to it or normally
intertwined themselves with the
world which bears
people—a
Prevalent Economic
Theories That Discourage Thrift And States That The
Bank Official Calls Attention To
responsible for a good deal in the current situation which can
scarcely be termed heartening. -A certain nervousness or
uncertainty about the future m a world which must inevi¬
tably be in many respects quite different from the one which
was
plunged into war in 1939 and following years accounts
for other aspects of a situation not altogether satisfying.
But we greatly fear that "managed economy"—and
governmentally managed everything else, for that matterhas become so familiar to almost every one in the world, and
file, that many are
Copy
over-optimistic'generations
which
Association
Savings Division, American Bankers
the
of
Maine Savings Bank, Portland, Me.
Treasurer,
President,
a
^
'
By FRED F. LAWRENCE*
v
Cents
60
Banks
Post-Wai Obstacles Of Savings
as far away as officialdom
believe, but there can be no
doubt that the events of the past few months have caused a
great growth of interest in post-war problems and policies,
and it must be candidly admitted that as public attitudes
have gradually taken shape the thoughtful observer finds no
little to cause anxiety.
Defeatism, a sense of futility in
opposing those active and vociferous groups - who would
make the world over to their liking, is in part, doubtless,
would
war
Price
York, N. Y., Thursday, October 5, 1944
New
The Financial Situation
The end of the
Pat. Office
S.
of the great
liberal, Stalin.
really of no
importance but its reproduction
an example of how the New
gather that Mr. Scott had
good political purpose in mind.
We are given to understand, as a
was
matter of fact,
expected to and who do give puffs
to these informants.
Mr. Scott
asked his auditors to watch and
We
no
that he wanted to
photostat Earl Browder's commu¬
tation.
Anyway,
a
great
public
servant, Assistant Attorney Gen¬
eral McGranery,
also of Philadel-
Dealers
pass
out stuff to certain
gossip columnists who are in turn
see
how many
times Mr. McGran-
(Continued
on page
1511)
THE COMMERCIAL & FINANCIAL CHRONICLE
1506
"I
been
have
sideration of
following closely and with in¬
President
ference
very
of
them
ceilings will not be dis¬
the whole future of
have
"Little
to
eventually, but did not in¬
a step would be.
—
"Even
though
thinking
jective of
not necessarily
all steel com¬
In some instances volume
bookings was less than
panies.
new
shipments,
will
others
were
still
in
while
there
incoming
outgoing
matching
were
cases
was
in
shipments,
The State 01 Trade
other
examples
some
where the volume of fresh orders
be
the
question, of prime consideration before the National War Labor Board
this week and in the next few weeks to come. What the formula's
fate shall be must await the Board's recommendation to the Presi¬
but should the formula be set aside, the effects of such an
will without doubt be far-reaching and detrimental to our
ahead
somewhat
was
actual
of
shipments.
On
overall
an
basis,
book¬
new
in the aggregate, prob¬
ably slightly less than total ship¬
ings
This condition has enabled
ments.
steel
neither the farmer nor the worker,
removing the last barrier to wage
workers
white
collar
with, small
increases and thus leave the
way
fixed incomes have fared less well
zine, "that many of the steel orders
to unbridled inflation. Mat¬
Woll, A. F. of L. Vice-Presi¬
dent,
and
a
NWLB
member,
speaking of victory in Europe,
said "the smallest unemployment
during the war, but the only way
to help
them is to continue to
hold the line against inflation."
Without referring directly to the
"Little Steel" formula, Mr. Byrnes
being received today reflect war
concerned
about
4,000,000 if everything possible is
held that, "if we
do not preserve
a stable economy, post-war defla¬
tion will rilin all our plans for
feated."
post-war prosperity."
fied
open
thew
expect
can
we
done to facilitate
will
be
reconversion of
adding
that
and
"the
people
some
which were set up some
and which are vulner¬
programs
time
ago,
able
as
far
cancellations
as
are
is
de¬
when
Germany
fear
unemployment may
reach
8,000,000, plus another 1,000,000 to
3,000,000 demobilized service men
seeking jobs, he reasoned that a
decline in purchasing power of
$14,000,000,000 or $16,000,000,000
Expressing
a
that
The
effects
easier
situation
steel
testi¬
is
upon
•
,
tacks
on
the formula
was
recently
Since
many
of
the
steel
com¬
within the bounds of
Meany, Secre¬
tary-Treasurer of-the A. F. of L.,
panies
come
the
who stated that the present wage
crease
profits taxes, an in¬
in wage rates would work
made
by
freeze
George
policy was a fraud on the
on the fighting men
excess
toward
a
workers and
able.
"who
increase
stand¬
least as good as
they left behind."
expect to return to
of living at
ards
No
one
can
seriously
question
the fact that the standards of liv¬
ing, particularly among the or¬
ganized workers, have shown a
perceptible rise since the outbreak
of war. In support of this conten¬
reduction in taxes pay¬
Granting steel workers
furnish
would
an
an
incen¬
tive for like demands in other in¬
dustries, including
not now
bracket.
that are
in the excess profits tax
Dri Jules I. Bogen, of
the
"Journal
New
York, writing
of
some
Commerce"
of
the subject,
also
important be¬
eitner destroy
can
fabricators.
Many fabricators may
backlogs; cut • to the
their
find
vanishing
point
which in
within
itself is
among,
this
civilian
or
While
a
90l days,
prime reason
for exploiting
group
non-military projects,
post-war business is be¬
ing placed on a substantial
"The Iron Age" reports that
offices..believe that
scale,
sales
much of this
tonnage is being duplicated with
the war,
In
in
first ob¬
national ad¬
will be
your
new
a
over
past
the radio with¬
few
speeches
the
made
weeks I have
proposals for
constructive
achieving
great objectives for
ahead. These are some
our
the years
of, the things
must do if we
we
both here at
be successful
to
are
home after this war,
and in doing
bringing a lasting
peace to the world.
share
As
in
all
we
know, it took a war
to get
jobs under the present na¬
tional
administration. / The
Deal
when
duced
is
the
re¬
Now, how
unemployment.
make
last
New
finally
war
Deal managed
it that the New
to
-
in office from 1933 until
was
1940
thre'e-year depression
a
11 years?
Why, with
borrowing and spending,
with all its emergencies and un¬
limited powers, were there still
all
nearly
in
the
One of the most important rea¬
that
was
sons
istration
policy
present admin¬
our
never
once
established
people
of encouraging
do business.
It
never
once
had
a
to
a
stable policy that allowed people
to
make
plans, to go ahead and
them out.
Our tax laws
should be the most stable.
They
carry
have
the
been
Consider
The
laws
15
just
New
most
unstable.
startling fact.
changed our tax
in
12
years.
It
one
Deal
times
actually passed two revenues acts
that were out of date before they
could
new
even
into effect, because
passed in the
go
laws had been
meantime.'../;v /..%■/
How
in
the
world
can
people
plan ahead when they don't know
frpm one month to the next what
their taxes are going to be?
Moreover,
under this Adminis¬
tration, these laws have been used
to discourage high wages.
Here
is
an
The Lincoln Elec¬
example.
ac-'
she
a
lawyer
a
once.
the experts cannot ad¬
even
vise her how to do business under
the New Deal, because they
can't
themselves^
examples.
Just listen to this little gem from
Section 23 (p) of the present tax
understand
have
law.
laws
tne
here
dozen
a
About
contributions to
em¬
ployes' pension plans, it say "they
shall not be deductible under sub¬
section (a) but shall be deductible,
if deductible under sub-section (a)
without regard to this sub-section,
but
only
tent."
.
following
the
to
.
From here
.
ex-r
it gets
on
technical.
But suppose,
thing,
in spite of every¬
veteran and his wife do
our
succeed in building up their busi¬
ness and in creating some jobs for
other
people.
If they make any
profit at all they must hand over
to
the
Government
$25 out of
every
$100 the business • earns,
And"If
they
are""still4 more suc¬
then the
Government
cessful,
takes takes $40 out of every $100.
if
And
they
really
are
very
suc¬
cessful under the present tax laws;
the Government takes $80 out of
$100.
every
its
10,000,000
unemployed
spring of 1940?
Recognition by WPB of an over¬
all
by the fact that it has, for
corporate the first time in the past few
profits of a decision which favors years, given permission for steel
setting aside the formula by giv¬ makers to use unconditioned reing steel workers the increase of rolling billets for concrete bar
17c. an hour requested by them, manufacture,
the magazine ob¬
or a major portion thereof, would
serves.
•'
'
'•
In the first place, as
would result in deflation instead be many.
As a further note on the poten¬
of inflation,
Further, with over¬ Eric A. Johnston, President of the tial market for steel going into
time ended and income curtailed United States Chamber of Com¬
construction, it is noted that rail¬
through layoffs and military de¬ merce, stated on Monday of this road bridge and shop construction
week before the NWLB, an in¬
mobilization added to unemploy¬
projects are increasing in- number,
ment, 15% of the consumer mar¬ crease in basic wage rates would School and highway engineering
ket would be cut away. Consumer multiply the
post-war problems
projects, for which bids are being
spending as estimated by the De¬ for industry—higher costs imme¬ taken now but which
will be
diately would be saddled onto awarded in the future, are also
partment of Commerce has been
running at about $100,000,000,000 consumer industries on which, in expanding. Probably the most im¬
the post-war era, "we must rely
in 1944.
Z
portant factor in the shift in in¬
to increase employment and con¬
One of the most vulnerable and
terest towards construction- work
sumer goods.".'
A'-'; / ■
at the same time emotional at¬
is the contract situation of steel
industries."
home.
ministration.
were,
Many specious arguments have
been advanced in the interest of
1—
,
take
much
%
job-making machinery or can
permit it to go to work. And jobs,
our
producers to make 'a
yery slight dent in their substan¬
tial backlogs. It is to be remem¬
bered, however, states the maga¬
national economy.
how
decides
our
among
a
But
laws
this condition
the
and
fn st tmng sue
has to bb an
ne
statistician,
tax expert all at
Thomas
I
after
'i
that
is
out
be left to
apparent, the magazine states, that
some
some money and
incorporate.
His wife may
with him as secretary-book-*
.vcepci;
will
plants continued to run neck and
neck with steel shipments. It was
little business.
of his friends
a
up
to
countant,
envelope
are
of these young men
one
set
goes
go
amount of taxes taken out of your
tax
men
they
the
Taxes
over/
who have saved
pay
of
Steel" formula
He
cause
cause
to
wants
in¬
/an
is
best
our
will be coming home.
women
Suppose
week ;; now
pays
of.
country.
war
for themselves.
a
us.They are
important be-
uniform
in
$11
of the steel market this
Although order level from
reports received is at a dower
at stake.
-or
lit-
as
more
point than in recent peak periods,
order
volume
with
many
steel
now-
makes,,
this
million
it has
against
way
years
our
They will be eager for jobs or an
opportunity to start in business
who
man
;tie/as
Industry
and
The
taxes.
:•
orders
action
elim¬
or
when
eleven
paying income
week.
post-war years.
dent,
revised
be
formula
summary
Roosevelt.
"Little
Steel"
fighting for 12
Now,
are
states "The Iron Age"in its current
employment of "power politics" in
attempts to interfere in the domestic affairs of for¬
eign powers may have been warranted when life
the
reported,
was
planning has affected the out¬
put of steel for urgent war needs,"
Such
defended
agreed, it
and
'
the
is
been
and more come tax.
in terms of the probable produc¬
f'.i: So taxes
tion and consumption pattern in
today are
the
imperiod following Germany's mighty
defeat, there was no evidence this portant to
week that such forward thinking every
one
oP
by the part they have chosen to play in the crisis of
That
year
than
the
are
a
more
the steel industry and its consum-,
forgotten and forgiven. Nations
judged by the part they play. Not only
belligerents, but neutrals, will find that their posi¬
tion in the world cannot remain entirely unaffected
scrap
I' ahead.
icans:
5 0 ,0 0 0 ,0 0 0
ers
Gov.
3,
% This
Americans
Steel
Oct.
on
advocated
conviction
least/the
at
taken.
be
it be
Albany
candidate,
Fellow. Amer¬
some
He
inated
where all could be
to
his
of AFL
dicate when such
Aug. 2, when he declared
like some small wars in the past
the War'."—Franklin D.
from
Presidential
will
House of Commons on
or
con¬
GOP
>
that
support of the nations and
broadcast
Thomas EJ
sharp reduction
in Federal taxes immediately "after victory is one," in order to
achieve full employment and a rising standard of living for the
people. The full text of Mr. Dewey's address follows:
Dewey,
tion.
peoples who have been making such great sacrifices
in the fight against the Nazis and Fascists. . . .
"In this connection I subscribe wholeheartedly
to the words of Prime Minister Churchill in the
retain
a
radio
a
turbed before the November elec¬
traditions and in their
To
in
last,, with
leaders, left with
that wage
paradox is accentuated by the fact, of
which we are all quite aware, that the vast majority
of the people of Argentina have remained-'stead¬
fast in their faith in their own free, democratic
can
Roosevelt
Friday
on
CIO
and
"The
how
Post-War Federal Taxes
In
recommendation
a
labor advisory committee
elsewhere in the world.
But
con¬
that effect to the President.
to
time that those forces of oppres¬
sion and aggression are drawing ever closer to the
hour of final defeat and judgment in Europe and
was
Governor Dewey Would Slash
'
cases
do is make
can
extraordinary paradox of the growth of NaziFascist influence and the increasing application of
Nazi-Fascist methods in a country of this hemi¬
itself
.
plans to begin
involving over¬
all wage policy on Oct. 9th, and
should it decide that a change in
ceilings is desirable the most it
the
must
Board
The
concern the development of the Argentine
situation in recent months. This situation presents
that: 'This is not
enough to
warrant such action.
creasing
sphere, at the
sharply
declined
ings
Post-War Power Politics?
Thursday, October 5, 1944
Of
we
cheerfully
high taxes to meet the cost of
course,
But the taxes
pay
war.
paying today
war.
They
also go to pay for the waste and
extravagance
of
sprawling bu¬
reaucracy
built up by the New
not
are
we are
just for
.
the
in these last 12 years.
Deal
Even
;
>
Henry
Wallace has now made a speech
urging relief from "excessive tax¬
ation" and "excessive government
regulations."
think
came
who
And
out in
this
do
you
morning's
papers for tax relief for business?
Harry Hopkins, whose slogan has
been
"tax
and
tax, spend and
spend, elect and elect."
In other
words, the highest New Dealers at
admit
last
tion
has
that
this
created
which
condition
Administra-.
impossible
needs
an
urgently
■/,//' -'
repair.
But
they have had plenty of
They have had 12 long
years of what they now admit is
failure.
They changed the tax
chances.
laws
15
times
and only
in
those
made things
they ask for 16
years
12
years
worse.
So
and promise
do better.
Unfortunately, ex¬
perience shows that they only talk
firm
which
manufactures
elec¬ about
improving at election time
trical equipment.
It employs 1,300 and then forget all about it. That
highly skilled and productive, is why it's time for a change.
workers who have enjoyed high
But
this is only part of the
wages for years.
In 1941 those
Not
tric Company
is
a
to
long-established
1,300 employes made
an
average
only does the
makes
as
little
as
$11
a
man who
week now
That's a little
pay an income tax.
But under the
stated
that
"some
of
the
steel
week.
But a New Deal
gaining'favorable deliveries when
personal income taxes
companies would find their earn¬
Treasury agent went
into that have been raised so that
final brakes are released by WPB.
man
a
ings reduced to such an extent by
plant and announced: "A man who with a wife and one child who
tion, it might be well to mention
a
wage rise that not only would There is also a feeling that buy¬ works with his hands should not
James F. Byrnes, War Mobiliza¬
excess profits be
eliminated, but ers are specifying tonnage now in be paid as murh as $5,000 a year." paid $5 when the New Deal began,
tion Director, who cited Bureau
some of their normal tax profits
order to gat their foot in the post¬ I have here photostatic copies of now pays 76 times as much on the
of Labor Statistics figures to show
the cost of living
had risen 25.3%
January, 1941, while farm
income had advanced by 81% and
since
the average
ers
Mr.
bv
weekly pay of work¬
in the same period.
51.3%
Byrnes
stabilization
contended
program
would
disappear.
on
This would af¬
fect profits after taxes
serious
the
the
degree."
to a more
The breaking of
formula, he held, would raise
question of price ceiling ad-
that the, iust-ments
to
compensate
for
has hurt higher wages, particularly ,if earn¬
several
producers in the hope of
war
door
and
that
types
may
before,
steel
actual
Company, marking the pay of the
material
processed.
(Continued
-
on
Treasury notice to the Lincoln
the
quantities
and
be revised considerably
this
of $5,400 a year.
more
than $100 a
mill schedules,
actually- is
,
page
.
1511)
worker
after
worker
sive." '
J ■; That is the
keeps
as
"exces¬
way
Americans
the New Deal
from
same
getting
income.
In
addition, count¬
less hidden sales taxes have been
piled onto almost everything
buy
/
/
Vice-President
the
or use
today.
point
where
(Continued
on
we
It has reached
every
page
time
1512)
a
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4322
160
Roosevelt In teller To
Orowley Of FEA Outline*
Major Policies Respecting Post-War Germany
-
Pacific war,
.military resistance of Nazi Germany is overcome"; were outlined in
a letter addressed to him by President Roosevelt and made public on
With respect to export control, it is set out in the letter
a view to encouraging private trade without interfering,
with the successful
prosecution of
Japan, the F. E. A.
should relax controls over exports
to the fullest extent compatible
with our continuing war objec¬
sions, the following are the major
policies which should be put into
effect by the Foreign Economic
tives, particularly that of defeat¬
of
the war against
ing Japan as quickly
tively as possible."
?'
The
letter
Administration, within;v the scope
its present functions and re¬
"control
war-making power of Germany,"
as
to which Mr. Crowley is ad¬
military
when the
sponsibilities
Nazi
of
resistance
other things
of the
among
with
deals
also
and effec¬
overcome:.
is
Germany
-
1,.Export Control. With a view
to
encouraging
privatet trade
without interfering with the suc¬
the war
FEA should
of
been making
studies from the economic stand¬
cessful
prosecution
against
Japan,
point of what should be done after
relax controls over exports to
vised that "you have
the
the
the surrender of Germany to con¬
fullest extent compatible with our
and capacity to
in the future."
The
continuing war objectives, partic¬
its
trol
make
power
war
and under the
ularly that of defeating Japan as
quickly
letter goes on to say:
i
"This work must be
accelerated,
sible.
effectively
and
pos¬
as
1
-
free
partment of State you should fur¬
nish assistance in work and when
and
requested to do so in personnel
by making available specialists to
work with the military author¬
economic
basis
a
as
on
as
only
not
necessary,
-
as
foundation
.
sound
a
the fu¬
for
also neces¬
sary in order that we may have
fuller
production
and employ¬
ities, the foreign service, and such
Private industry
other American agencies and offi¬ ment at home.
and private trade can, I am sure,
cials
as
participated with the
United Nations in seeing to it that produce a high level of interna¬
Germany does not become a men¬
again
ace
succeeding genera¬
to
tions."
1
■
its
Associated
points,
eight
Washington
the New
York "Sun," stated that it appar¬
ently is the outgrowth of the
sharp division in the President's
Cabinet post-war committee over
accounts
Press
on
tional
the German peace
plan submitted
by Secretary Morgenthau of the
Treasury. These accounts added:
"This divisionrreflected a funda^
policy disagreement be¬
Secretaries Stimson and
Hull on the one hand and Secre¬
mental
tween
trade and
the Government
should assist to the extent neces¬
to
achieve this objective by
returning international commerce
to
private lanes as rapidly as pos¬
sible.
2.
from
Sept. 29, as given in
but it is
peace,
sary
•.
Pointing out that while the let¬
ter covered non-German subjects
in
ture
Strategic
and
Critical
Raw
In view of the curtail¬
Materials.
ment which is to
be made in
our
production after the German
phase of the war, the Foreign
war
Administration
Economic
•consult with the
should
appropriate
sup¬
ply agencies with a view to mak¬
which
in
and
we
our
allies work out
basis of mutual
ing.
understand-,
The Foreign Economic Ad¬
ministration should aid in carry¬
ing out "this policy to the fullest
extent.
6.
-
Surplus .Property.
As
have done in the past, you
you
should
continue to take every reasonable
to
measure
it
to
see
of
that
no
un¬
develop out
the Foreign
surpluses
procurement by
necessary
Economic Administration for lend-
lease, UNRRA
or
In
for
and critical materials
the prosecution of the
and
take
up
Government
order,
policy apparently is to pre¬
;
may
this
vail."
bears
letter
The
*
on
strategic
in
order
to
war
prevent our
materials
enemies
from getting
them.
I understand
that the peak of this program is
already passed as a result of the
material, stating victories which have been won
that the F. E. A. "should consult
by
the
United
Nations.
The
with the appropriate supply agen¬
Foreign Economic Administration
cies with a view to making an ap¬
should continue to take all neces¬
and critical raw
foreign pro¬
strategic
propriate cut in its
curement
program
in
materials needed
critical
and
for
sary steps to prevent Japan from
getting strategic and critical ma¬
terials for
the Japanese war pro¬
prosecution of the war."
It gram, but it should limit its pre¬
the F. E. A. to take "all clusive purchasing program to
•necessary steps to prevent Japan
achieving that end, observing, of
from getting strategic and critical
course, any existing commitments.
the
also urges
the
for
materials
Japanese
war'
program."
eign
supplies,
Lend-lease
President's
tinue to be
amounts
letter,
says
"should
con¬
for the
prosecution of the
focused
necessary
the
Under
tion
"Reconstruc¬
Foreign Trade,"
head,
and Future
that "every workman,
farmer and every industry
in the United States has a stake
in
noting
every
flow of
agricultural
products and other supplies to all
in
the
production
manufactured
and
goods,
world,"
the President says that "to pro¬
duce the largest amount of useful
goods and services at home, we
should
export
and
import
as
the other countries of the
much
\
as
possible."
The President's letter follows
in
reported by the Associated
Press and published in the New
full,
as
York "Times":
In accordance with our
discus-,
should
be
In
his
on
work
the war
should
reduced, and
against Japan.
be
carried
as
Chairman
indicated
to
the
of
the
President
that he had
contemplated resignation ever since the war production
in the invasion of Europe but had
delayed until he could "set the^>course"
of
reconversion
policy. sponsibilities of the wartime Gov¬
In accepting the resignation, Pres¬ ernment.
Particularly,
I
have
ident. Roosevelt told Mr. Nelson been impressed by the dynamic
that he "cannot yet
agree
that power tapped through the cooper¬
of American
you leave Washington" and "I am ation
management
Together they have
counting on you to remain in the and labor.
achieved wonders.
Without their
Government to a high post of
major importance.":
vigorous and determined patriot¬
met its "crucial test"
program
:
J.
A.
who
WPB
Krug,
ism the
had
been
Chairman
of
production job would
war
have
never
The
beep done."
following
Roosevelt's
President
is
letter
accepting
Mr;
Nelson's resignation:
■
•
"Sept. 30, 1944.
'
.
"Dear Donald:
the
after
done
be
surrender
the
of ley
Germany to control its power and
and
China
myself
has
undertake
to
been
now
carried
in
out
capacity to make war in the fu¬ and I have returned to America
ture.
This work must be acceler¬ to make certain essential arrange¬
and under the guidance of ments for the completion of
Department
of
State
you part of the mission.
ated,
the
should furnish assistance in work
"The
•
my
this
letter,
requested to do so in however, is to submit my resig¬
personnel by making available nation, effective immediately.
I
specialists to work with the mili¬ have
contemplated
this
action
ever
since war
tary authorities, the foreign serv¬
production suc¬
ice
of
purpose
when
and
1
such
and
other
American cessfully
met
its
crucial
the spectacular success of Ameri¬
can
war
production under your
guidance has been the foundation
of the
approaching victory of the
United
Nations.
contribution
test
in
years
Your
the
over
personal
last
four
has been great, and you have
so strenuously to bring to
worked
fulfillment
tial
the enormous poten¬
of American industry,
power
I
can
desire
now
that
well
understand
your
to be released.
agencies and officials as partici¬ the invasion of Europe; and I de¬
"However, I cannot yet agree
pate with the United Nations in layed resigning only until I could that
you
leave Washington no
seeing to it that Germany does set the course for the War Pro¬ matter how real your justifica¬
not become a menace again to duction
Board
in
reconversion tion for doing so. The war in Eu¬
policy.
'
.
succeeding generations.
rope is still: unfinished. In the Pa¬
"The task to which you assigned cific we are
8. Reconstruction
and
Future
moving forward day
me
in January 1942
has as its by day. The country is faced with
Foreign Trade.
It is in the na¬
war-time
and
tional
interest
of
the
United main purpose the organization, major
post-war
and
direction
of problems of the greatest complex¬
States,'" as well as the joint in¬ development
terest of the United States and American productive resources to ity, and it has urgent need of
.
other
the
peace-loving
nations,
that the destruction and devasta¬
tion
of
war
be
repaired and that
the foundations for
laid.
I
a
secure peace
understand
that
you
the
meet
full
demands
total
of
your, abilities. While I accept your
the policies, plans, resignation as Chairman of the
procedures of war War Production Board, I must ask
production are well established. you not to resign from the Gov¬
Future war production problems ernment.
confronting the War Production
"I know that you, like
myself,
Board will relate primarily to de¬
are keenly
aware of the world's
tailed operations in specific in¬
economic problems, which at the
dustries. During my absence Mr.
conclusion of the war will be a
Kru'g has, in my opinion, admin¬
prime
concern
of
the
United
war.
.
Today
methods
istered
and
the
Board
very
success¬
fully and is quite capable of deal¬
States.
one
It
is
clear
now
to
every
that the economic well-being
of of other countries is
essential to
of the
prosperity of this nation in
plans for the reconversion proc¬
providing jobs for workers, and
ess, so far as the Board's powers
export outlets for the products of
permit.
American industry and agricul¬
ing with those problems and
completing the development
"The
of American
record
war
ture.
'
|
■ •/.
production shows what can be
"I have watched with the closest
done by the combined efforts of
attention the missions which you
; Any
marked improvement in
the economic well-being of the management labor, and govern¬ undertook for me in Russia and
ment. The productive power of the
United States will not only im¬
China, in handling economic ne¬
economy has risen from a gross
prove the economic well-being of
gotiations
of
high significance.
the other peace-loving peoples of national product of $120 billion in The
results
achieved
in
those
1941 to more than $180 billion in
the world, but will also aid ma¬
countries, as well as the fine re¬
terially.in the building of a dur¬ 1943,' and a rate of about $190 bil¬ lationship which you have estab¬
lion at the present time. Produc¬
able peace.
lished with the governments of
tion goals reached for airplanes,
Canada and the United Kingdom,
With this objective in mind you
tanks, ships and other key weap¬ make me feel
should continue to take such ac¬
strongly that your
ons of war have been spectacular."
tion as is necessary or desirable
experience, insight and skill will
Facilities
and materials
are
in
be urgently needed by this coun¬
in accordance with
the
powers
adequate
supply to
assure
all
try in laying the groundwork for
delegated to the Foreign Eco¬
wartime needs. Balanced produc¬
much
as
.
possible.
nomic Administration and irf
con¬
tion has been achieved
as
between
formity with the foreign policy of the
military and essential civilian
the United States as defined by
economy, as among all the Gov¬
the Secretary of State.
ernment agencies claiming a share
of
'
Redeem Argentine
Bonds
as among the
individual produc¬
production, and
thousands
of
tion programs. Industrial workers
Argentine Republic and
managers
have shown that
10-year
sinking
fund
external
they can be relied on to sustain
as it has in the past, in close in¬
loan
4%% bonds, due Nov. 1, as
long as necessary the present
tegration with our armed forces.
1948,
are
being
notified
that
high volume and fhigh quality of
5. Lend-Lease. Lend-lease sup¬
$903,000 principal amount of the war material.
plies should continue to be fur¬ bonds 'have "been drawn "for re¬
"In completing my assignment
nished in whatever amounts are
demption on Nov. 1, 1944, out of
as Chairman of the War Produc¬
necessary for the most effective moneys in the sinking fund. Upon
prosecution of the war. We have presentation and surrender on the tion Board, I feel a deep sense of
waged war on a combined; basis redemption date at the office of gratitude for the opportunity you
with
our
allies with a success J. P. Morgan & Co., Inc., New gave me to serve the nation in
which
is
being amply demon¬ York, or at the principal office time of war.. It is now more than
strated every day on the battle¬ of-The National City Bank of four years since I came to Wash¬
ington to join in the defense ef¬
fields of Europe and the Far East.
New York,
or
at the principal
fort, and then in the war effort.
Until the complete defeat of both
office of The First National Bank Under
your
triumphant leader¬
Japan and Germany, the flow of
lend-lease aid should be contin¬ of Boston, payment will be made ship it has been a profound and
ued in the amounts necessary to of. the principal amount of the illuminating experience to help
bring, into
action
the
terrific
enable the combined strength of
bonds.
Interest
on
the
drawn
fighting strength of democratic
all the United Nations to defeat
bonds will cease on the redemp¬ America, and a privilege'to bear
our common enemies as quickly
some
part of the enormous re¬
as possible and with the least loss tion date.
This
resignation
letter he
supplies of other tion as
given in Washington ad¬
agencies Which are vices to the New York "Herald
tial and other phases of economic
warfare
are
Administration's
studies of the enemy's war poten¬
war."
{
Economic
The For¬
the
furnished in whatever
effective
most
4. Economic Warfare.
Sept. 29, his
be surplus.
7. Control
be
munitions and other
on
Board.
"I have your letter of Sept. 29,
Tribune" by Samuel W. Bell, fol¬
submitting
your
resignation
as
War-Making lows:
Chairman of the War Production
Power/ of; Germany.
You have
"My Dear Mr. President:
C I:
Board.
.b
-r
U/,• 0
v'J 1-;been making studies from the eco¬
"The first phase of the work
"The whole world is aware that
nomic standpoint of what should which you directed General Hur¬
or
war.
.
President's
President,
War Production
other purposes. named
The adjustment to this reduced are also preparing to submit for
Morgenthau, who proposed
the virtual de-industrialization of program should be made in such my consideration major proposals
a
way as to prevent undue and along these lines.
In varying de
Germany to prevent its making
financial
losses to grees
every
workman,
every
future wars.
Secretary Hull and unnecessary
American taxpayers, to best pre¬ farmer and every industry in the
the State Department, which had
serve our foreign relations and to
United States has a stake in the
exercised unquestioned direction
of long-range German planning strengthen the foundation for a production and flow of manufac¬
tured
goods, agricultural prod¬
until Secretary Morgenthau won high level of international trade
in the future..
ucts and other supplies to all the
attention
for
his
plan,
have
3. Preclusive Buying. The For¬ other countries of the world.
To
counted tentatively on the resto¬
ration
of
Germany's industrial eign Economic Administration has produce the largest amount of use¬
been
buying
abroad.... materials ful goods and services at home we
economy
under ruthless Allied
needed by the Axis to produce should
export
and
import
as
controls.
the
the
to
Acting
procurement when Mr. Nelson left for his mis¬
or production for lend-lease or re¬
sion to China, has been appointed
lief and
rehabilitation purposes
by Mr. Roosevelt as Chairman.
you should continue to investigate
Mr. Nelson's letter of resigna¬
connection
tary
"Under
Becomes WPB Chairman
Donald
with
ing an appropriate cut in its for¬
strategic
a
on
eign/1 procurement.: program
needed
Post—J. A. Krug
and the programs for
,
full
possible 'is
trade
International
guidance of the De¬
Resigns From WPB; Will Receive New
M. Nelson, who recently returned from a mission to
effect by the Foreign reconstruction and for reconver¬
Crowley, "when the sion, of industry to civilian needs China, undertaken at the request of President Roosevelt, tendered
Major policies which should be put into
Economic Administration, headed by Leo T.
Sept. 29.
Nelson
,
V
that "with
of/life/*; The amount and nature
after the de¬
of the-aid necessary
feat of Germany is closely tied up
with | the' strategic plans for the
1507
Holders
of
post-war
economic
cooperation
with other nations.
"I am counting on you to re¬
main in the Government in a high
post of major importance."
\
Discontinue International
on
,
.
.
.
.
.
.
Reply Coupons From Italy
Postmaster Albert Goldman
nounced
an¬
Sept. 22 that instruc¬
on
tions have been received from the
Post Office
Department, Washing¬
ton, D. C., advising that effective
at once, the exchange of inter¬
national reply coupons with Italy
(including
Sicily
and the Vatican
and
continued, that is to
international
not
be
Sardinia)
City State is dis¬
reply
accepted
say,
Italian
coupons
will
in exchange for
United States postage stamps, nor
will
United
States
international,
reply coupons be accepted at post
offices in Italy or
the Vatican City
State; ;
UV
■
THE COMMERCIAL & FINANCIAL
1508
The statement of the Chase Na¬
(Continued from first page)
of
rest
the
country to
pay
Farm
tribute to the farmer.
subsidies
have
in
'gained much
the
there
too
to launch the idea that
were
the
many who preferred to pay a
tribute to the farmers rather
the
than
to
the tribute
protection)
they had long enjoyed.
But as a practical matter,
such payments to the farmers
as those of recent years, and
such
guarantees as parity
prices are products of New
Deal origin.
Dissatisfaction
give
(excessive
up
tariff
"some¬
war
avowals
the
on
mere
of
"experts"
from
many
countries' faces
the
public with a sort of fait
accompli. At any rate,:while
number of able students of
the
subjects
with
To what extent and in what
ing agriculture leave little in Congress next year, it is as
ground for hope. It would ap¬ yet impossible to guess, but
pear that farm subsidies in little or nothing has been said
large amounts have come to of the matter in the campaign
An overwhelming
appear the natural, normal to date.
course
of things to all too Roosevelt
victory might very
well result in a willingness
many of us.
An
analogous situation may
developing in respect of
international
banking and
A
credit.
when
year
ago
the
Treasury Depart¬
officials began to talk
ment
about
an
international
fund,
began to
ury
ideas
and
tary
Mr.
White
expound
Treas¬
• the
subject,
matter.. seemed
fantastic
pretty
mone¬
on
whole
the.
two
or
to
almost
one
with much in¬
terest in the subject.
Pres¬
every
ently there
hints of
were
an
international bank to
comple¬
it—and the project was
or less
laughed off>as a
ment
more
"world RFC."
ent
But the pres¬
Administration in all its
the
on
of Congress to
costly and hazard¬
"plans" as they are sent
part
take these
ous
from the White House.
a
It is
danger to which we must
Total
end of June.
At
Federal
on
as
deposit with
Reserve
banks,
shown
is
and
Bank
$848,-
as
832,000 contrasting with $886,348,000; investments in United States
as
if there
were no
op¬
atives
It
©f
gather
has had represent¬
000; loans and discounts, $913,837,-
000, compared with $1,048,627,000.
The capital of the bank on Sept.
30, 1944 stands at $111,000,000, and
the surplus $124,000,000, both fig¬
unchanged
ures
those
from
of June 30,
re¬
The
undivided profits account on Sept.
30, 1944 amounted to $48,613,000,
ported
as
with $43,209,000
last
Comparative earnings
compared
June
for
1944.
30.
the first nine months
and 1943
are
of
1944
shown in the follow¬
is not the
could do all that this program
It is doubt¬
and to business.
to
come
to
President Roosevelt
less bound
—
and is
by bitterness and
or
nothing to lose and all to dislikes, particularly of busi¬
gain from such schemes as ness—that the business com¬
are
embodied
in
these
Share for Nine Months End¬
Sept.
ing
...
New
1943
ing earnings
Net
profits
on
$1.85
;•
se¬
curities
Net
representatives of these lost
30
72
$2.15
.
Meanwhile
a
of
party
$1,055,three months ago they
$974,290,789 and one year
ago they were $821,671,218. Loans,
bills purchased and bankers' ac¬
287,529;
were
wxiich
of
of
as
deposits
Company of
Sept. 30, 1944
of
$1,715,110,691,
which include United States Gov¬
War
Loan Deposits of
Resources are $1,818,884,029. These figures compare
ernment
$180,895,164.
with deposits of
$1,694,391,593 and
resources of $1,797,641,066 shown
on
June 30, 1944.
On Sept. 30,
1943, the respective figures were
$1,503,217,103 and $1,603,251,171.
United
and
States
Government
Deposits
War
June
1944
on
30,
$262,947,502, and on Sept. 30,
they were $201,224,464. Cash
from
due
Sept.
is
listed
on
as
1944
against
$2.28
banks
$350,131,858
$368,368,496
shown
30,
at
are
30
with $375,174,899
and
Sept. 30 last
$325,786,933,
now
compares
June
on
$345,512,945
on
Preferred stock
year.
is shown as $8,009,920, common as
$32,998,440, surplus as $33,000,000
and undivided
profits as $18,345,operating earnings for
months ending Sept. 30,
after
amortization, taxes,
635.
the
condition
at
Net
nine
etc.,
well
as
ferred
$3.29
on
pre¬
$5,928,347, or
which compares
were
share,
a
with
dividends
as
stock,
$3.59
share
a
for
the
nine
months
ending Sept'. 30, 1943. Of
this amount $2,474,878 was paid in
dividends
on
$3,453,469
stock,
common
credited
was
and
to
un¬
Co.
rev
divided profits.
The
New
ported
deposits,
Trust
including
certified
and
York
of Sept. 30,
as
of
outstanding
$717,216,606
of
checks
total
1944, total
$775,195,319
assets
compared,
respectively,
with
$776,837,076 and $833,420,199 on
June
30.
Cash
from banks,
(Continued
on
hand
on
due
and
including exchanges,
on
1520)
page
<
What About Real Estate?
P.
Morgan & Co., Inc., New
York City, reported as of Sept. 30,
1944, total deposits of $759,212,131
and total
assets of $817,396,301,
Babson Says Now Is The Time To Sell Old Houses
Park, Mass.—I don't know what is happening in all sec¬
tions of the country; but I am getting many very bullish
reports on
the demand for small and medium sized
30,
$10,000.
1944. Cash
from
banks
and due
$137,856,901,
hand
on
is
now
$129,432,770,
against
holdings
$536,742,422,
against
tions
of
have
been
houses
but
turning
are
What
Are
The
at
last published
statement, June 30,
New York
Trust
ment of Leonard J.
Wyeth
Assistant Trust Officer.
The
Chemical
Bank
-
an
now
yet in
as
Up
to
to
th
time
present
them
have
had
the
to buy
money
home.
a
Fur-
thermore,
i'here
been
have
enough
vacant
houses
which
Roger
W.
Babson
once
ple
have
re¬
that
have enough money to
house on a safe mortgage
same time, find it very
to
rent
a
house.
Trust
These
people
487,286 and total asset? of $1,2^7,128,101 as compared respectively
with
$1,311,718,685 and $1,408,349,505 on June 30, 1944. Cash on
hand and due from banks amount¬
$233,271,022 compared with
be doing the wise
can get the houses
at reasonable prices; but it would
be
better for them to
"sleep in a
tent" for awhile than to pay fool¬
ishly high prices.
The
real
estate
market
is where the stock market
March
today
was
in
Then when people suddenly
discovered
that
the
supply
of
good
stocks was limited, they
stampeded one another to buy
stocks.
Hence, the market went
unwarranted
high
that
the time
may be
the extra
on
November
one.
time
some
7,
1944
and
How long" Japan
after
Germany
depends
on
Uncle
Joe
7,
1945.
hold
cracks
Stalin.
out
With
his
active help we
Japan
in
three
months; but without his help it
may take,,up to three years.
At
any,rate, we can now see the end
of the. conflict which will mean
could
a
finish
resumption of building.
What About Land?
After
will
prices
and
then collapsed in the fall of 1929.
the
the
houses
with
there
may
than
Within
be
can
loans
two
surplus
a
sale
for
you
building
favorable
means.
houses
Government
the
war
encourage
other
of
and
years
of
new
lower
at
prices
second¬
buy
now
hand houses. This
should
a
cause
drop in the price of the existing
houses which
in such demand
are
today. Therefore, if you di(| not
buy a year or more ago, when I
so earnestly advised it, don't make
thoughtless
any
chases
real
estate
pur¬
V'•;
now.. -
There
1928.
to
pur¬
sell
this
in
between
All
now
a
a
mean
Germany will crack
peo¬
alized
they
buy
than
not
could
be rented.
at
house
cash
of will
many
not
e
sale
This does
yourself out of
home, but if you have more than
one
home.
a
better
a
should
you
to
like
nave
is
chase.
a
might
thing if they
-
&
ctively
n
ples
difficult
as
t i
build nests, so
married
cou¬
of
and, at the
the appoint¬
Company
announces
being sold at
vacant land,
rapidly at large price increases.
tate
As birds ins
the
1944.
Guaranty
very
Reasons?
$569,-
of
over
Houses that could
are
of
secur¬
$36,054,427.91
time
houses.
bought for $7,000 six months ago
There has not been much activity
$2,074,783,452.70. Capital
the
:
Babson
compared, respectively with $799,042,132 and $854,733,998 on June
has
Therefore,
readers
this
who
is
my
want
(1) Continue to
in¬
a
advice
to
home:
new
save your money,
one-half
putting
much
yet in the price of land.
as
crease
been
not
in
Series
"E"
War Bonds and the other half in
Savings Bank deposit. (2) Be¬
Frankly, ! think the same thing,
will
some
day
happen
again. gin now to look for a small piece
of land where you can get town
to $147,907,073 against $171,174,- People will find that the present
water, electricity, telephone and
963. Capital and surplus are un- supply of good stocks is limited
and, before long, will stampede to space for a small kitchen garden.
Have it within walking distance
buy them. This will result in the
of a store, post office, church and
"reforms" were long "over¬ stock
market
selling at much
due," and that they will never higher prices; but finally, through school, or else near a bus line so
as not to be dependent on an au¬
a
fear
of communism or some
be
to
sight that if that
into office next
.stabilization fund has been in January, it will enter upon
operation in this country for its duties and responsibilities
a decade.
It has not ventured committed to
many policies
discarded, that the un¬
very far from its base, it is which would have made most
thinking now regard them in
true.
Mndeed, It has done of us gasp and stare a decade that light, we
strongly. sus¬
hardly more than strictly lim¬ ago. They make many of us pect.
ited steadying of the foreign
All this can
deeply uneasy now. For our
only mean that
exchange market upon occa¬ part, we find them as dis¬ quite probably, without
fully
sions.
But it has been much tasteful and as harmful as we
realizing it, we are in danger
in the headlines for so long
always have found them, but of discarding American tradi¬
that it has begun to appear to the rank and file they now tions and
doctrines, and pro¬
auite
the
normal,
natural appear auite the usual and ceeding in the post-war period
thing to have such a fund in natural thing.
It has for so to follow the Old World in
operation.
long been said that these some of its worst follies.
governments.
an
stand
earnings per
share
J.
$1.56
'
cial
tain
York
1943
1944
*
Net current operat¬
statement
shows
Loan
ed to
offi¬
made
was
Manufacturers Trust
were
per
Securities
1944,
The
Earnings
munity on the whole would
plans.
But the point is be pleased to have the Repub¬ $282,097,404; holdings* of United
States Government securities to
that these things have been lican
party win in November. $687,260,940 against $710,300,107;
drafted.
bankers'
They have the ap¬
acceptancesand
call
loans to $85,600,449 against $99,Strange Ideas Accepted
proval, not of foreign govern¬
But the fact must not be 874,584; and loans and discounts
ments, to be sure, but of cer¬
.
institution.
the
surplus remain unchanged at
$90,000,000 and $170,000,000 respec¬
nations fore¬ less for this reason, and the
has persuaded further reason that most ob¬
agree to plans.
It is servers feel confident that
countries
of
Assistant Trust Officer.
ing tabulation:
scarcely strange that it was Mr. Dewey would be a more Company of New York reported
possible to persuade these competent administrator than as of Sept. 30, deposits of $1,199,other
Officer
Trust
and
many
terms, since they have little
McEvoy, formerly Assist¬
Officer, was appointed
Lawrence Mehringer
securities," $2,601,against with $2,778,218,-
379,000,
ities
ministrative confusion. There
York, Ed¬
Trust
ant
perhaps most disheart¬ 409,517 while loans and bills pur¬
ening of all is the policy of chased are now shown as $100,Mr. Dewey, and presumably 798,734, against $117,377,890. Cap¬
his party, of accepting vir¬ ital and surplus ar6 unchanged at
$20,000,000 each, and undivided
tually all of the fantastic New profits Sept. 30 are $4,095,419
Deal
program
as
"here to against $3,782,307 June 30.
stay"—if they do not go fur¬
In its statement of condition for
ther and give it all their fer¬
Sept. 30 the Guaranty Trust Com¬
vent blessing. This program is
pany of New York shows total re¬
not only wholly unsound in
sources
of
$3,299,332,641.71, de¬
principle, but is in hopeless posits of $2,943,058,147, and hold¬
legislative, judicial and ad¬ ings of U. S. Government obliga¬
and
them to
meeting
Government
But
position, and that Congress pretends to do with a great
would support whatever was deal less cost to the
public
done.
a
Trust Company of New
slightest doubt that
branches is nothing if not de¬
capable legislative drafters tively, and undivided profits total
termined.
It has calmly pro¬ and
competent administrators $38,432,083.36, as compared with
ceeded
recent
ward J.
reported
are
a
United States Govern¬
ago.
ment
ceptances
resources
United States Government
not be blind.
on
profits are now reported at
$9,347,591 against $8,558,020 at the
bank's vaults and
other
by large and varied
$4,677,873,000
19^44.
vided
of the
Board of Directors of the Lawyers
plans
proved
$4,352,960,000,
<
year
$4,675,384,000, compared with $4,990,183,000 on June 30, 1944; cash in the
that
fact
bodies
a
30,
Sept. 30
at
with
compared
the
have been formulated and ap¬
date
June
Then
part of Mr. Dewey concern¬ form all this will be reflected
be
that
essential.
is
minds of
their own are still pointing to
the weaknesses of such plans
in
rural
areas
with
the and
warning of their dangers,
present Administration has a great many are saying that
seemed
on
the
surface
at it is now too late. Apparently
times
to
encourage
belief They are reconciled to the pro¬
that
the
tide
might turn, gram of the Administration.
bur recent
30, 1944, snows deposits of the bank
on
platform it is
difficult apparently
a
past thing" in the nature of world
from funds and world banks after
years
strength
that
fact
Accepting Unsound Plans
not
June 30, and $333,256,410 shown
changed at $20,000,000 .and $55,000,000 respectively, and undi¬
tional Bank of New York for Sept.
From such
Thursday, October 5, 1944
Items About Banks, Trust Companies
The Financial Situation
have gone as far as the New
Deal has gone in obliging the
CHRONICLE
goes
,
a
other
bugaboo, prices
will
again
tomobile.
Conclusion
collapse.,. Both houses and stocks
governed by the
law of
action and reaction: tempered by
are
the frailties
same
Do
you
lar
of human nature.
no
can
if
building
now
although
put in the concrete cel¬
you
wish
communities
Sell Now Rather Than Buy
During
have
been
the past few years I
advising the purchase
of homes believing that the then
prevailing prices were less than
the cost of reproduction.
Today,
in
a
those
sections- where
there
is
scarcity of homes, such real-es¬
and
to
in most;
the
brick, lumber, etc.
Get a stand¬
ard plan from your builder and
have
build
war
it
engage
understood
your
is
can
house
over.
that
as
Then
he
is
as
you
should
get a better house than you
now
buy and should get it
less money.
to
the
soon
can
for
1uJ,,.iAuV<*wwue&Mk*.l*.
Volume
..
Heads Of
Esigineerisig Societies Oppose Flan
Destroy Sermany As Industrial State
To
Declaring
They are: Syn¬
thetic gasoline, for which there is
no
economical
peacetime
use;
manufacture
of explosives;
air¬
time
plane production; use of alumi¬
num
and magnesium; high alloy
and electrolytic steels, and nitro¬
engineering societies offer a plan of
quent
Opposition to the •>
war."
Morgenthau proposal (referred to
in our Sept. 28 issue, page 1379)
is made by the heads of the engi¬
neering societies; "because the de¬
struction
of; machines, utilities,
tools, materials and other essen¬
tials for peacetime living penal¬
izes not only the owners of the
materials destroyed but the world
the
as
a
whole.".
mm,;:
They recommend "not an indis¬
criminate destruction, but a selec¬
tive
restriction
and control of
•;
"We
industry."
German
international
the
with
arrange¬
long future to be
around the peace table by
the
for
ments
made
of¬
the following steps in regard
industrial economy:
"1.
Eliminate all synthetic oil
questions of diplomacy and inter¬
national policy, but simply and
solely with the suggestion for the
indiscriminate dismemberment of
the German industrial economy.
'Unconditional surrender' im¬
fering four steps whereby Ger¬
many's
capacity
to make war
would be eliminated, viz: Elim¬
synthetic oil capacity and
inate all
prohibit
the
reconstruction of
plants and importation of oil be¬
yond normal peacetime inventor¬
ies; eliminate 75% .of Germany's
synthetic nitrogen plant capacity
as well as 50%
of her steel mak¬
ing capacity in
heavy
forging,
categories such as
in
or
It
process.
such
of
control
the
synthetic
oil
It is not readily controll¬
plants.
able in the Reich.
75% of Germany's
"2. Eliminate
and
synthetic nitrogen plant capacity
and
prohibit
reconstruction of
materials re¬
raw
material
It is plentiful
in
used
is
cent
facilities
plants, submarine works, etc.,
synthetic oil.
raw
quired by war industries.
"We make no suggestions as to
the over-all international treat¬
ment of Germany after surrender,
but confine our statement to the
plants and all importation
of ni¬
compounds. This will leave
a capacity in Germany ample for
peacetime nitrogen requirements.
trogen
The principal;-,ingredient of ex¬
electrolytic and physical disarmament of Germany plosives is nitrogen.; The relative^
elimi¬ and to the subsequent ,steps to ly small amount of dynamite reequip¬ make it impossible for her to pre¬ quired for mining, quarrying, etc.,
pare industrially for another war.
high alloy steels, etc., and
nate aircraft plants and
ment.
If
one
any
control.
Germany'»s
steel-making
capacity in those
categories of plants which are
most capable of producing essen¬
should be under import
view,
aim' in
sole
this
"With
of these steps were
taken, the heads of the engineer¬
ing societies contend, "war could
not be waged nor prepared for."
"Taking
all
four,"
they
add,
"would
afford ample insurance
against war."
The five making these recom¬
mendations are Malcolm Pirnie,
"3. Eliminate 50% of
however, we must recognize that
the German nation cannot arbi¬
which sooner or later
would be filled, either by the Ger¬
man
nation itself or by the col¬
laboration of Germany with other
nations or individuals who would
'
of the American
President
ety
Soci¬
ican Institute of
Mining and Metal¬
lurgical Engineers, Inc.; Robert M.
Gates, President of the American
Society of Mechanical Engineers;
Charles
A. Powel, President: of
the American Institute of Electri¬
cal
Engineers,
and George G.
Brown, President of the American
Institute of Chemical
The
industrial
in
joint
Engineers.
statement by -them,
Sept. 30, follows:
the
by
virtual disso¬
lution of her industrial plant is
economically unsound and con¬
the
destruction
or
tains the seeds of a new war.
believe '
"We
that
the
part
other
,
nations of
peace'
tb: recognise this: fapt,; Qesiiaahy
must be disarmed and that part
of
of its
'soft
so-called
a
destroyed.
,
equally necessary to create a plan
which will (a) allow the German
people to live a reasonably nor¬
life; (b) permit the retention
help in the
vast task of restitution and recon¬
mal
played by over 75,000 members of
the design,
engineering and production of the
implements for our armed forces
in quantities adequate for victory,
as well as our long experience as
struction,
done
engineering industrialists in peace¬
dustry the independence it
this
require to prepare for war
either secretly or overtly.
speak
time, entitle us to
on
subject of paramount importance
"In
of the world.
general, the Morgenthau
is indefensible because
the destruction of the machines,
utilities, tools, materials and other
essentials
for
peacetime
living
proposal
penalizes not only the owners of
the materials destroyed, but the
world
as a
whole.
economy
"We
%
of the Reich.
*
are
for
one
simpler clear
objective—an effective industrial
means
to
keep
Germany from
starting another war.
,'
should not be
confused, especially before the
war is even won, with the appro¬
"This
objective
keep
own
drag
would
again,
ope
of Germany or
but at the
possible for
to meet its
peacetime needs and thereby
her
from becoming < a
on the economy of all Eur¬
and a breeder of future wars!
"Fifty
sixty per cent of the
gasoline supplies
from synthetic coal dis¬
or
German oil and
_
indiscriminate destruction, but
selective restriction and control
have
come
scattered through¬
third of her re-
an
tillation plants
a
out Germany.A
of German industry.
ouirements
"Germany and Europe and the
world
need
the
contributions
from
nation,
freed
duce
from the domination of war
lords,
about
future, as it has
in the past, to the develop-'
of modern technology and
Their
>
which
the
German
make in the
made
ment
scientific
"If
and industrial advance,
allied
controls
force
German people into an
existence
and
hold
unnatural
back
economic development
the
national
in Europe,
they will become even more un¬
stable
and
subject to pressures
and
possibilities containing the
explosive seeds of another war.
We should plan, therefore, to cre¬
ate
a
minimum of controls and to
,
priate punishment
it
nation
prevent
therefore, not
"We recommend,
make
German
the
' 7
.
Germany,
time
same
eco¬
an
of
ament
"This, we are confident, can be
without giving German in¬
can
"Specifically, the fundamental
fallacy of the proposal for the in¬
discriminate
destruction of the
German industrial svstem is that
it fails to differentiate between
the wartime and the peacetime
(c)
nomic balance in Europe.
to the peace
1
and
avoid
tions.
abnormal
social
T.
to
understood
not
forbid,
ican charter at this time.
Despite the fact that for the
Changes'nine months the U. S. Goverri-
Shipping
"The services of War
controlled by war
needs.
where
ment has refused to recognize the
ships are being diverted from the
Argentine run on Oct. 1 for other
areas
are
responsive to war requirements.
present regime in Argentina and
Secretary of State Hull has assailed the country as headquarters
for fascist operations in this hemi-
of
routes
in
as
this
i——_—
__——
of,
ports
case
of
stocks
of
materials
as
such
bulk
pyrites
petroleum,
=
the accumulation
or
or
brimstone,
sphere,
considerable
a
commerce
has existed between Argentina and
^e United States and an even
Skater flow of trade has occurred
chrome ore and iron between
Argentina and Great
and nitrogen -Britain.
Britain is the main Allied purchaser of Argentine meat,
compounds, and (b) requiring pe¬
one of
the country's chief export
riodic inspections of plants and
products.
■
• -•! •:'!,%
special revocable permits of conUnited States exports to Argen¬
m
?.
„
tina have been carried in Argen¬
struction orfacilities for any manof operation oi pur
ufacturing
tine or other foreign ships, while
pose.
,
"Further insurance could be se¬ exports from that country to the
United States have moved largely
cured by transferring the owner¬
in United States vessels.
ship or management of nitrogen
Apparently today's move fell
and steel production plants into
short of a real embargo on exports
Allied hands.
from Argentina since there ap¬
"Under such a plan Germany
peared to be no provision in the
still could reestablish a productive
order
that
non-American
ships
economy
ipr non-military pur¬
could not carry Argentine prod¬
poses.
It would leave Germany
ucts to this country.
'
economically free to expand along
manganese,
ore, steel, aluminum
peaceful lines, and give her a
competitive position ?in .interna¬
with
commerce
other
with
burdened
tions
high
na¬
etc.
t'jA large part of the determined
manufacture
^restitution
of
materials for war-damaged coun¬
The percentage of industry
tries.
turned
to
this purpose should be
without
possible
maximum
the
reducing the people to a sub-mar¬
ginal level.;
,
i
Of War Production Board
debt
charges, the maintenance of arm¬
ies and navies, rehabilitation costs,
the
Small, Executive Officer
J. A. Krug, Acting
War Production
Chairman of
the
nounced
Board,
an¬
Sept. 23 that he had
completed the topside organization
on
of the War Production Board with
the appointment of John D.
as
Small
Executive Officer in the Office
of
Chairman.
the
Mr.
Krug
pointed out that he had previously
named Arthur H. Bunker
as
Chief
of Staff and Hiland G. Batcheller
as
in
Chief of Operations,' as steps
streamlining the WPB organi¬
zation
"We
the
to
deal
with
have
now
Chairman,"
reconversion.
the
in
said
Office
of
Krug,
Mr.
Germany three top officials who, with the
this angle, it would be possible to harmless
by disarmament for the Chairman, will work as a team in
set up uncomplicated, non-politi¬ next 10 or 15
years, a program of the handling of various problems
cal controls to prevent the rearm¬
permanently disarming her must with the WPB Vice-Chairmen and
of German industry to
the above societies in
is
of any Argentine-owned
ships which may be under Amer-
"When the Allied Nations pres¬
"By attacking the problem from
from
Administration ships are of course
against war.
it is
But
voyages
home
is-j ports
this statement:
diately, and for1# long period * to
.
industrial plant devoted to
armament
It
should
be destroyed and importation of
aluminum ingots beyond pre-war
peacetime needs be prohibited.
"If any one of these steps were
taken? war: could -not be waged
nor prepared for.
Taking all four
would
afford 1 ample
insurance
Europe;
returning
ships
however, the calling at Argentine
De¬
Importa¬ peacetime productive capacity of
and aluminum plants
Amer¬
other Latin countries. '
move
State
a
on
of
Germany should be turned imme¬
num
without markets.
tion
under
of
northbound
bids calls
the War Shipping Ad¬
by
ministration
American
calls
flagships have beem made at
Argentine ports for more than
two years.
The new order for¬
at first
the
on
to
respect
southbound
ican
prohibited/ Alumi¬
tion should be
needs and for the reconstruc¬
of
materials re¬
raw
Germany.
in
deposits
"It is farthest from any. sugges¬
experience
Secretary of the Treasury for
control of post-war Germany
if
practicable; or without
industry to produce both for Ger¬
man
the
are
quired for airplane manufacture;
There are no important bauxite
that were
tion
engineering and industry, we
consider that the proposal of the
nesium
through an econ¬
wholly agricultural, even
omy
Aluminum and mag¬
equipment.
taken
tional
plants and
"4; Eliminate aircraft
after the war. Such recovery cam-
or
"On the basis of our
time inventories.
a
not come about
Also
prohibit importation of iron ore,
i'JUx; material,
steel
and
steel
products beyond normal peace¬
good market.
"Germany must have its chance
for recovery along peaceful lines
into
many
materials such as heavy
ly non-existent in Germany.
politically, or
Ger¬
or
war
forging, electrolytic and high al¬
loy steels. - Manganese, chromium,
nickel and tungsten are practical¬
both, by helping to develop
made available for publication on
in
tial
Europe
Chester
President of the Amer¬ profit financially
of' Civil'Engineers;
A. Fulton,
kept in economic and
subjugation.
To do so
would create an economic vacuum
be
trarily
No
route.
en
were
or
Department
comment
declined
sued
Germany and only a small per¬
in
aircraft plants, munitions
as
Coal is the
sources.
State
normal partment directive but later
Germany's internal oil re¬
part of
for
im¬
The
with
tion
the
ships for their domestic needs."
in this country either had
delivered
been
contributing
prosecution of
the war, of course, will continue
to receive sympathetic considera¬
reported that recent pur¬
chases of Argentine con for feed
purposes
countries
"Those
effectively to
was
destroy the major
would
"This
alsb should in¬
production
war
man
the
and
portation of oil beyond
peacetime inventories,
elimination of all Ger¬
the
clude
plants
of
struction
piles
stock
in
materiel
it'
capacity' and prohibit the recon¬
"
ordnance
■
by
should plies disarmament of the German
armies, the surrender of all arms,
munitions,
airplanes, and other
social dislocations,"
,"
to its
plan," they say, "to create a min¬
imum of controls
and to avoid
abnormal
Sept. 26 by the State Department at
shipping out of Argentina, effective October 1.
This was explained
in terms of war requirements, according to the Associated Press ad¬
vices from Washington on Sept. 26, which stated:
At the same time, however, it was announced that other countries
contributing
effectively
to the <8>—:
—
———
"Therefore, Germany's capacity
to make war would be eliminated
achieved.
therefore, deals
with broad, complex post-war
"This statement,
not
labor force.
man
representatives of the Allied
Nations after victory is
on
gen,
respect "to the physical
another
made
was
Washington that the United States is cutting off all American flag
prosecution of the war would re¬
fixation all of which must be ceive
sympathetic consideration
vastly expanded to prepare for for their
shipping needs.
war.
; The
action generally was re¬
"The labor
employed by all
garded as a move virtually to halt
these six industries in peacetime
imports from Argentina to the
is less than 2% of the total Ger¬
United States. In this connection
their own with
disarmament of Germany" and to "subse¬
steps to make it impossible for her to prepare industrially for
the heads of five
Announcement
economy.
.
Treasury Morgenthau for the destruction of Germany as an industrial
state and its conversion into an agricultural country of small farms,
Gets iff U.S. Shipments
'
Out Of Argentina Effective Oct. I
;
'.most essential for.-war purposes,
and the least essential for a peace¬
"indefensible" the proposal of Secretary of the
as
State Department
industries which are the
least six
Proposal to Eliminate Oil Resources, Cut Steel
Making Capacity, Eliminate Aircraft Plants V
■
"Discriminating. between peace,
<war -economy? -there
are lat
"and,
Offer
1509
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4322
160
«HT-1—'WWIM,
disloca¬
<
have
the Ploesti
The
mania.
been
derived
oil field
in Ru¬
synthetic plants pro¬
products at a cost
times world
prices.
inferior
four
operation has reauired Gov¬
ernment
subsidy.
These
war
plants should be demolished.
per cent of nitrogen is
synthetically from the
air. but it could not be produced
"Eighty
produced
without
reconstruction
of
special
without Chilean nitrates
which Germany must import.
plants
or
look not to
is
rendered
have
ently
15 but to 50 years.
unrealistic to assume that
program
put
It
any
forward to take the
with members of the Board.
Chief
of
Staff
will
The
and
develop
coordinate various
policies under
sting out of Germany will not re¬ my direction; the ChieFof Oper¬
quire. supervision and vigilance ations will be in charge of WPB
for a long period in the future,
operating activities; the executive
v.
"The
to
of this program is
Germany
the
essence
remove
from
plant and source materials essen¬
tial for war purposes, but to do it
with the least disturbance to the
normal
Europe.
economy
.
Western
of
V;
officer
men
will
both
assist
of
these
and work with the other of¬
ficials of WPB to thresh, out major
problems."
Mr. Small, who was graduated
from Annapolis in 1915, has been
serving with the rank of Captain,
USNR, as Material and Production
"Engineers play an essential
Control Officer in the Office of
in providing employment in
Procurement and Material, U. S.
the economy of any nation.
In
He served as
this country especially they 1 see Navy Department.
:
part
their function not in narrow, pro¬
fessional
terms,
but in
providing
promoting industrial
production.
They do not believe
that crippling the normal peace¬
jobs and in
time
industrial
country,
even
economy
an
enemy:
,
of
any
nation,
promote world peace and re¬
construction.
On the contrary,
can
an
officer in the U. S. Navy from,
time of his graduation until
1926, when he transferred to the
the
Naval
to
Reserve.
active
duty
oartment in
He
was
the
in
recalled
Navy
1926 until 1934 he
was
Vice-Pres¬
ident and general manager of
Dry
Ice
and
from
De-
February, 1942. Fromi
Corooration
1934
to
of
1942
the
America,
he
was
jeopardizes the
Western manager of the Publicker
We are
Commercial Alcohol Co, of Phila¬
opposed to any plan which would
bulky,
easv-to-police
materials.! make post-war Germanv a drag delphia. Mr. Smaill has returned
to inactive'duty in the Naval Re¬
Hence policing the curtailment of on the economy of all Europe, if
serve, and will serve in his new
potential war production would not of the w^ld, and a breeder of
capacity as a civilian.
consist of (a), controlling the im-; future wars."
"Germany could not make steel,
produce oil products or make mu¬
nitions of war without imports of
such
a
peace
and progress of all.
policy
1510
'
THE COMMERCIAL
& FINANCIAL CHRONICLE
school, of thought
modern, but a willingness to part* with these
• and i their
savings."- /
•
/T
technique is as old as civilization, ;
No one can quarrel with this
and
the
tragedies They: have statement of abstract truth, but
wrought are so plainly written on ho one knows better than the
the pages of history that he who banker that
-the impulse to spend
both
auks
(Continued from first page)
jganized effort.
Our physical en¬
vironment may
undergo kaleido¬
scopic change, but there is little
to indicate that human nature
dergoes
and
the
throw
is
lessons
light on human rela¬
tionships those of us who are in
any
hny way connected with the
man¬
agement of institutions receiving
deposits face far greater
responsibilities in days- to come
than in those behind us.
gality hamper
modern
and sponsored by
this division, in
which
was
the
tion to
of you
recom¬
mendations, of clear cut programs
of action. It has been criticized as
little
than
more
an
expression of
time-worn platitudes.
I welcome the charge.
we may
repeat platitudes but that
we may
which
race,
through the centuries im¬
patient architects of various
orders have
No
credit.
formula
new
vainly sought to dis¬
policy,
practice,
no
no
contribute to the per¬
manent welfare of any institution
can
unless it finds its
inspiration in
a
recognition of fundamental truth
which
cynic might term
some
We
who
tradition
by
long
the
are
natural
guar¬
hold
the
on
formative
agencies of public opinion.
They
occupy chairs in our leading uni¬
versities, they act as advisqrs to
government officials, departments,
The
burden
of
their song, whatever its variations,
is always the same—the
develop¬
ing and expanding genius of
his freedom
of
the
from
primitive
a
the limitations
frontier
or
He has become
ence.
master
his
of
man,
exist¬
truly
more
fate,
and
it is
of
In
this
philosophy
which
dangerous.
joying
expression,
We
the
is
a
in
are
fruits
of
half
.
nothing is
more
fact
en¬
material
'a
It's
is much
the period in which any truth has
been vindicated
by human, ex¬
perience
the
to be to
seems
vulnerable
more
it
attack-by ambitious
re-makers of the social structure.
That seems to be the lot of the
virtue of
roots
frugality, which had its
back
way
civilization when
tian
dictator
the
at
of
early Egyp¬
an
was
dawn
troubled
so
by
to show it
is no" greater,
the
nature
to
to
realize
be
extent of his
capacity
and
It
that his
measured
progress
not
by the
ingenuity but by his
discover,
interpret,
to
apply the laws of his universe.
was
scientific
a
pioneers
blazing
age,
new
in which
frontiers
experience that irom its humblest
to its broadest application it must
find its support in an accumulation
of
both
capital
each
power,
purchasing
and
relation
sion
the
credit
is
economy
You
expan¬
that
which supply both
be
-
occurred,
year
:T:';';\TTlT
•
two ago, in a series
Savings Banks':As-S
Massachusetts,*'' there
of those.simple but
stories we see *all Too
Side
rarely.
pub¬
one
eloquent
side.
by
two
pictures, identical except for.one
thing.
In each a woman was re¬
were
turning from her Christmas shop¬
ping trip, her arms laden with
bundles.
One had made her pur¬
to rely
to
study
compelled
his native faculties.
on
"Pharaoh," said
Joseph,
problem is simple.
"your
No people
can
live from hand to mouth without
risking periodic starvation.
Some
will have generous har¬
vests/some poor.
Your only sal¬
years you
vation is to set aside in good
years
enough store to tide you through
the
lean
ones."
In that simple story of the first
recorded
economic
cycle,
the
alternation
sion,
the
of
boom
the
are
core
economics
generations.
depres¬
kernel
of
of
savings in all
Man's progress is
uniform.
never
and
and
It is
a
succession
of fair weather and foul, of
good
fortune and bad.
Wherever we
turn
face
we
as
the most inexor¬
that any hu¬
ingenuity could modify or
abrogate the laws governing their
man
operation?
Some
'
of
notion that economics is
in
that
its
laws,
have
us
science
a
while
a
;
not
as
measurable or definable as those
governing the operation of physi¬
cal force, are just as inviolable.
There is
large scale remedy
ills; now being pro¬
posed by these prophets of a new
day, which doesn't ^embody spend¬
for
or,
private
both,
or
usually
on a Hollywood scale, as
motivating principle.' No sane
its
man can
deprecate the importance
of spending, no
buyers, no sellers,
but the very term
istence of
use
implies the
something to spend. To
slogan of these
pseudo-economists,
power."
"purchasing
Every
able of nature's laws the require¬
ment of a reservoir, a cushion, a
one agrees on the
imperative need of increased and
margin of safety, adequate not
merely to tide over visible dan¬
power as a
gers
and
but
those
ever-multiplying
expanding risks and hazards
which
are
the invariable
itants of what
civilization,
we
and
concom¬
call
advancing
though
man's
dependable purchasing
condition
of
what
call
we
power?
These modern fi¬
nancial wizards who so
blithely
measure
deficits
our
into
income
assets, and
by
our
saddest experiences have been the
penditures, predicate their
result of
dies
tent
of
underestimating the
the
cumulated
the
cry
demands
on
his
ex¬
ac¬
stock, again and again
goes
up
that
the
saved
dollar is the idle dollar.
In sizing up the magnitude and
our task we see loom¬
character of
ing up ahead three major hurdles.
The first is a vigorous and ac¬
tive school of academic theorists,
■who, sensing that economic plan-
pros¬
of
on
artist "had
other
num¬
score
billions
in
the
transaction
notion
stable
of
magnitude of the
you
get
some
and
the
for the
reason
of
nerves
row's assets.
a
;,: ;,CI;
;
.
human
these
weakness,
miracle
capitalizing.
We have
been
living for years, both in
peace and war, in an intoxicating
atmosphere, characterized by prof¬
ligate spending of tomorrow's in¬
Instinctively,
come.
prospect
of
lower
a
tivity involved in
credit,
credit,
as
medium
especially
can
money.
of
exchange
be
made
government
to
function
I have referred to this
dread the
we
am
for the
reasons
level
of
ac¬
contraction of
accountants, for
an
analysis of
operating costs, not always fully
appreciating, I fear, that their re¬
port Ts based of necessity not only
on allocations of expenditure cor¬
responding to more or less arbi¬
trary partitions in
organization
figures,:,
nificance
read,
yesterday's
these
fast-
on
which' in
moving days
ing
or
and
social ills
alleviating
effort
to
stream
of
before
they
forgetting also that it's
part of their job, but
prime
a
are
no
re¬
sheet.
I
A past president of this division
cur¬
economic
our
ings department in any commerc¬
ial bank; in this country, in a re¬
cent address emphasized the grave
danger that we may analyze our¬
selves out of business.
scene
remarked
once
know
to
everything
that
the
price
the
and
value
nothing—a base slander that
tains
us
just
of
the
enough
truth
risk
to
of
of
con¬
adjusting
of
we
warn
per¬
"■
of
papce
•;!.-
the
Committee
Development—
osopher but
no
on
tion
as
a
Economic
academic phil¬
prominent business
a
stimulant
to
consump¬
high
a
all
pro¬
widely
whose
short range prosperity depends on
a
liberal exercise of purchasing
said,
"Savings
by the
farmers
pelling
analysis—it is more com¬
> than
ever
before—but
let's start with analyzing our busi¬
to
develop better live¬
encouraging them
to plant new and improved varie¬
ties, assisting in soil conservation
a nd
erosion proj ects, sponsoring
and helping farm youths to be
-
active in 4-H and Future Farmers
of Am ere ia, and
carrying on a
campaign
against
that
mutual
our
even
savings account is, or if
are,
haven't acquired the
a
they
more
setting aside of
acquired
currently
or
a
less reg¬
portion of
income,
no
analysis of savings accounts that
has
yet-
come
to
my
would indicate that
more
"Bankers• also aided farmers in
banks
last
cember
credit
to
$935,De¬
on
bank
agriculture
to
$4,840,555,000.
Be¬
sides
advising on credit, bankers
also helped farmers to build
up
financial
through
reserves.
pur¬
chase of War Bonds, and helped
them with problems of
farm, bud-l
geting and accounting as well
income tax reports.
as
with
"It is estimated that throughout
75% of the 6,-
the United States
100,000
tacted
and
farm
families
were
con¬
through this well rounded
stimulated
war
program for
improvement of agriculture."
the
Manley Elected Chairman
Federal Power Commission
Basil Manly
elected Chair¬
was
of the Federal
man
mission
Sept.
on
Power
21
and
Olds, former Chairman,
Com¬
Leland
was
made
Senate
over
Vice-Chairman.
A
in
contest
confirmation
other term
This
noted
was
21,
Commission
the
Associated
Washington
which
a
appointment.
in
Press advices from
Sept.
an¬
com¬
Sept. 13 with
on
confirm the
to
Olds for
the five-man
on
mission ended
vote
the
of Mr.
added
had
since
on
that:
been
off
June
22,
expired, and
been serving as
his first term
Mr.
Manly has
Acting Chairman in the interim.
FPC
the
Mr.
lar
chairmen are elected by
Commissioners, who elevated
Manly to the post on a regu¬
basis today.
His term as the
of
head
June
the
agency
will
expire
22, 1948.
our
to
membership that the
our
lap-of the gods nor the industry
ingenuity of the officers and
or
committees
in
an
of
this
division,
banking fraternity. Our job is not
to
find
determination
detour
a
the
exercise
analytical muscles.
Committee
our
and
on
of
our
Here is where
Management
Operation needs
your cooper¬
regional
hurdles but to surmount
work
out
by
have
made
conferences
in
our
to persuade
of
around
Here is the most fertile and use¬
for
but
awakened consciousness and
aroused
one
in four deserves the savings label.
ful field
answer
problems is neither in the
than
customers
have
use
aggregate
available
amounted
which
in
31,. and
individual
the
these
them, to
effort—
and by a more enthusiastic coop¬
eration than
Here is the focus of the ef¬
created who
of
year
764,000 remained
attention
we
are
in
knack
and
ation.
static.
speculation
farm land which might contribute
to inflation.
There is abundant evidence
ness.
forts
are
their
helping
as
stock programs,
need for
They become dynamic, only when
power,
banks for
customers .:such
when
ular
Within two weeks the chairman
of
point
TTlT
manent policies to temporary con¬
ditions.: No one can question the
of thrift as.the
activity.
1,000
announcement
Meantime Mr./Olds
expenditures, into
on-some
abnormal
provided
A cynical
British observer of the American
volume
war
based
the
commission's
a
^T-4;
farm
executive head of the largest sav¬
of identifying, attracting,
rewarding it and the kindred
technique of discouraging its mis¬
use; for if we define the practice
are
turn
equivalent
an
time
suggested for
for
The
"The requirements include both
'regular' i and
'extra'
services
lose their sig¬
may
almost
functional
our
but
what
programs
fulfilling;The
requirements
country banks disclosed that 2,340,056 farmers used loans from
fication
spending,
and
reach
out
eagerly for any plausible justi¬
for its continuance,
for
re¬
posits, and surplus accounts, creat¬
ing havoc with earnings and making
a
mockery
of
investment
savings
banks, specialists in this field for
128 years, aren't yet quite sure
a
on
bank
financing their crop production,
and reports from all of the 11,000
that
duction,
and
voicing
prevalent attitude of
important still, because
so
shrewdly
money, as every one knows, is the
more
which
upon /
workers "are
honor,
your;; bank and mine, distorting
time-honored ratios between de¬
seemed
The second of these obstacles is
executive—urging high
recognized
un¬
people striving
play Santa Claus with tomor¬
to
action, because the government
controls the monetary
system, and
and,
of the
aware
upon which interest must
be paid.
Millions are rolling into
placid
ex¬
that it is
something which can be created
and distributed by
governmental
told
ber of characters and a few
reme¬
the assumption
.
few hundred millions in the
source
that
translate
The
the
careworn,
most
perity. But what is the
well
intangibles which will weigh so
heavilyin : tomorrow's
balance
check.
ex¬
favorite
a
mental
our
Club
no
public
adjusting
now
sponsibility of management, to
Weigh or take into account those
human
ing,
then
only from
comes
chases on credit, the other had
paid for them with her Christmas
and
carefree. Multiply this story by a
opportunity
treatises, was
short-sighted
a
posits
of newspaper advertisements
appeared
myopia,
history
by no policies.
In the attempt to over¬
the experi¬
simplify the problem we ask our
first time
or
one for which you and I have
perhaps the greatest immediate
concern—might be called occupa¬
though,
ment has been tried.
A
the
present lack of enthusiasm for de¬
a
be the first time in human
the
hurdles—and
our
by
fed
credit of this government of ours
is an exception to that rule it will
means
of
these
.
lective savings and not a succes¬
sion of flood and drought.: If the
has
*
vision to broader horizons.: I
the
steady flow of individual and.col¬
it
The third
and
headed"., for
know
should
some
undertake to suggest
modern
states:
the process of supplying
calves to prodigal sons.
that perspective and sound judg¬
of
had
no
limit to
preoccupation in the :imihediate;
or .near at hand, at the expense of
are
of
program.
ment which
that
to
to-
savings bears
of those
ume
You
his story in the expression on .the
two faces.
One was anxious and
perplexity he
the
received
tion
volume
that unless the voL
aware
not created, the
properties of such
potent servants as steam, electric¬
ity, and gasoline, and who would
in his
and
na¬
discovered,
than
states
.
a
year
ago.
The
of the states is based
roll
Thus only can savings
truly dynamic.
Gluttony
never yet was a
remedy for in¬
digestion. Somewhere there is a
tional
of which represents
-
the savings of someone.;
further
fortunate enough to seek as¬
sistance from one who, having
of
some
secrets,
Bank
become
rational
a ;■ more
fatted
from sad
aware
turbed,
was
unlocked
hidden
National
Norwich, N. Y.t
"morrow.
and/; proper
gradually
ture's
the
Trust Co. of
operations during
through which the banks are
rated on banker-farmer coopera¬
of
the economic distress of his peo¬
that his dreams were dis¬
ple
of
indicated that that represented 10
his¬
pages of
and
award
T
acutely
are
lished' by the
came
breakfast
Otis A. Thompson, Chair¬
The Commission, who is
Presidentof
more
You
sociatioiT of
was
as
tory is the imperative need for a
of that useful instrumental;
ity it is you men here assembled:
and
-
The
logic of the thrift lesson
action.
man ^ot
reasonable
devastating
scope
of
perhaps less, than in the age
Pericles—but
because,- in a
spirit of profound humility, he
brake
a
accelerator.
an
farm
1943
reservoirs
avenues
The
ports
living the American people have
new
as
annual
the
making known in advance of this
eco¬
descend.
taught. on countless
ingenuity
our.
with
well
•
stern,
require,
limitations.
our
achieved should not continuously
rise as man's resourcefulness finds
Not because man's creative
genius
burst suddenly into flower—there
longer
of
to
we
were
the
our
economic machine needs
as
produced
we
the
<valleys to which
the
at
lesson of
streams
the
maxims' lose their persuasi v e
force through tiresome repetition.
the
we
we
states
the
The
climb
37
higher
of
course
truth..
we
of
during the Second War1
Service Meeting of the American
Bankers Association in Chicago
greater
roller-coaster graph of any chart
peaks
'Banks
honored
withholding of som e
violence, and again and again;we. present-consuming capacity to in¬
were' forced
to learn;; the bitter sure the.
stability and permanence
standard of
that
civilization vastly superior to that
of our grandfathers.
But why?
that
back
we
devalued-it, ancj
more
until the elastic
snapped
.,,
it,
printed it,
we
we
trouble.
.unthinkable
dians of the thrift impulse realize
how
Poor
Richard's
venerable
unfortunate
more
so
sweated
derstand
a
established
mere
Banks Of 37 States
Honored By ABA
Agricultural Commission on
Monday, September 25, when they
received the annual "1,000 pluc"
award for outstanding service to
agriculture ; in their
states.
In
nomic progress is the best witness
As
for that
other
two-edged
sword,: credit, if there exists'any¬
where a group which should: un-.
TTT1'';;, truth, than
platitude.
seemed
and
unprecedented.
of the moment is not that
accumulated wisdom of the
the
and bureaus entrusted with power
Personally,
The danger
ignore them, for they embody the
we
zeal.
present-day
in the absence of definite
depreciated it,
ironically, the
demand,.
we
tenacious
notion of
our
it,
no
ification of desire is the most ele¬
of human instincts.
.The
mental
depicting the
suf¬
a
filled with crusading
They have developed a ca¬
pacity
for
organization
and
a
ible,
obliga¬
the savings depositor. Some
I know were disappointed
set forth
banker's
to be
needs little encouragement. Grat¬
ficient volume of this commodity '.to This
adulterated
transitory phenomenon, They are
highly vocal, disturbingly plaus¬
Savings Development Committee
impatience.
own
seemed
never
toward
our march
are
handicaps of
system, but not from the
barter
of fru¬
an excess
magicians
from the
our
new
in your
by our
The adoption of
medium of exchange
a
to
supply
clipped it,
levels of prosperity, which
they propose to achieve by per¬
fecting the technique of lifting
ourselves by our bootstraps. These
savings
Not long ago you found
mail a booklet, prepared
lest
concern
as
man
There
value of savings, but are express¬
ing
freed
penalties of his
say,
about it," are
change,
the
past
of
to
critical emergency
a
"Let's do something
forcing upon public
attention an appealing philosophy.
They are not only questioning the
un¬
corresponding
a
if
fronted with
read.
may
money
a
as
their-. philosophy
runs
Ping is the slogan of the hour and
that the first impulse of men con¬
Thursday, October 5, 1944
we
have yet achieved
—solutiops which will stand the
test of time.
THE COMMERCIAL & FINANCIAL
Number 4322
Volume-160
End Russian Phase Of Security
23 of the Russian phase of the
^Dumbarton Oaks Security Conference, the Chinese phase was Opened
With the conclusion1 on Sept.
Sept. 29.
on'
77" 7777'
•
The failure to reach
77v\;\7/7;
■•■■■■
■■S77;777':7<7"
.
complete agreement between the represen¬
British and Russian Governments- which
had been hoped for when the conference opened six weeks ago was
indicated on Sept. 28, when Un- *>■
der Secretary of State Edward R. He said he hoped such a session
Stettinius, Jr., Chairman of the might be held before the end of
meeting, summed up the 90% of the year <77;7% .^'y7777-:^- 7, i':v:7-/C
Tying it up with the principle
agreement he said had actually
at issue in the Dumbarton Oaks
been accomplished
as extremely
tatives of the United States,
'
(Continued from
ticular
columnist
two-fisted, hard-hitting
forward,
Liberal."
where,
"straight¬
a
as
Mr.
Scott
Mr.
because
got
some
McGranery
period of
Monday
week
the
operating, rate
of
orders
that
fashion,
Mr.
a
a
Scott
exactly
pointed
plain sort of
very
a
indeed; a man who has
made a living at anything
reaching a basis for a world or¬
key question of peace
ganization.
1
'
'I
On Sept. 29 the Associated Press
is
that the
settlements
the United
,
continue
cooperation after
the
accounts
from
Washington
an¬ effective
war ends.
He put the next move
nounced the issuance of a joint
Statement by Mr. Stettinius, Sir up to Stalin and Roosevelt.
/ It appears to diplomatic author¬
Alexander Cadogan, the British
here
that
while
security
Chairman, and Soviet Ambassador ities
Andrei A. Gromyko, which said: planning forms the background
"Conversations between the for great Power cooperation from
Russia
and
States
can
.
now
States, United Kingdom
Union delegations in
United
ganization have now been com¬
and
been
led to
have
a
large
mendations for the general frame¬
organization, and in
work of the
particular for the machinery re¬
quired to maintain peace and se¬
curity.
"The three delegations are
mak¬
reports to their respective
"governments who will consider
these
reports and will in
due
course issue a simultaneous state¬
ment on the subject." -V
In his closing speech the previ¬
ing'
day made public by
for sat¬
"We have every reason
,
and
the
common
international organ¬
maintain peace and
.security. These principles will be
of vital importance in guiding our
to
ization
governments at every step that
must yet be taken to bring into
existence the organization which
envisaged."
have here
the
From
Associated
also quote:.
of Halifax,
•
said "the conver¬
undoubtedly been
useful" and expressed "apprecia¬
Mr. Gromyko
have
sations
atmosphere";
conference.
The
British delegate
echoed
satisfaction of the other two
the
and
heads
delegation
said
Mr.
Stettinius had "hastened our pas-,
over
the road
the
smooth
and has helped
parts
of
iron out
the Earl!
ambassador,
will take over the dele-'
gation. From the Associated Press;
we also quote:
Dr. Koo made it clear that Chi¬
na
to
a
those agreed
contribute
has definite ideas to
the
in addition
by Britain,
United States and Russia in
security
the first part
The
agency,
upon
of the peace talks.
his
advisers
in the impressive ball¬
points he emphasiezd in
speech to the delegations,
and
Consolidated Edison Co. of New
York
reports
■
campaign for Dewey
room
of
1,282,000
tons,
an
increase
of
19,000 tons (1.5%) over the pre¬
ceding week, and 24,000 tons, or
1.8%
under
week
of ,1943.
year
5.7%
corresponding
the
The 1944 calendar
to date shows an increase of
when compared with the
corresponding period of 1943.
of the Solid Fuels
Administration placed bituminous
The
report
production for the week ended
Sept. 23 at 11,850,000 net tons,
the least;
representing an increase of 2.2%,
>7Well, this is quite high-minded
of.-the Senator to put things this against a revised figure of 11,600,000
tons in
the preceding
-way.
But you should know about
week.
Production in the corre¬
the Senator. Just a few years ago
sponding
week
of
last
year
he was a $60 a week reporter on
amounted to 12,180,000 net tons,
the St. Paul Pioneer-Dispatch. In
while output for Jan. 1 to Sept.
the 1936 campaign, as we recall it,
23, 1944, totaled 459,030,000 net
when the CIO Newspaper Guild
tons, as against 432,645,000 tons in
was a very hot thing, the Senator
the same 1943 period, or a gain
was a red hot member of it.
We
have
may
our
dates wrong but
The
Senator's
of 6.1%.
Lumber
Shipments — The Na¬
tional Lumber Manufacturers As¬
trying to support the
Dumbarton Oaks manor
sociation reports that lumber ship¬
Republican nominee for Governor
;
ments of 508 reporting mills were
of Minnesota.
The Communist-
press
not
our
paper
point.
was
asperities." He added:
:; were:
do not, of course, use the
1.
The
future
organization,
dominated
guild,
on
occasions,
word 'asperities' in its more sin¬
should be "universal in character"
ruled that the editor could not
ister sense. There was never any*;
and all nations should be brought
"thing of that.
Sometimes we into it on a basis of sovereign get -its Republican pieces into the
the
.
"I
ourselves
'found
in
our
.that
—
crude oil
gross
approximately
them.
he could not
.
to
the friendly
tion of
British
the
Press we
.
of
State Hull weir, because he was not quite satisfied
corned the Chinese delegates, and. as to how the New York Governor
Sir Alexander Cadogan, chief of stood on international affairs. And
Senator Joe thinks international
the British delegation, told .them
there was already a "very large, affairs and the insuring of peace
from now on, after we've been in
measure of agreement even in de¬
tail"
among
China, the United two World Wars, is more impor¬
tant than a Republican victory at
States and Britain on plans for an:
this. time. The Senator, of course,
organization to keep peace.
Sit.
Alexander
announced yesterday, -is a Republican, and his statement
.caused a ripple in things, to say
he will return to London soon and
ciples for an
.sage
workingman
of
Secretary
and, necessary prin¬
fundamental
.
Production
files
7.
output of electricity declined
Koo,
national life.
We have developed
■in the brief period of six weeks
a wide area of agreement on the
complished.
of the
order
Daily
produc¬
tion for the week ended Sept. 23,
as
estimated
by
the American
Petroleum Institute, was 4,743,850
barrels.
This represented a de¬
crease of
1,650 barrels from the
all-time high record reached in
the week ended Sept.
16, 1944.
But, by way of t
delegate, Dr.;
Coal Production—The U. S. Bu¬
declared i that proving our point, we cite Sen¬ reau of Mines reports production
ator Joe Ball of Minnesota. Only
China wants a peace agency ihat;
of
Pennsylvania
anthracite for
recently this Senator opined .that
can adapt itself to changing inter-;
week
ending Sept. 23, 1944, at
isfaction with what has been ac¬
.
ProductionThe Edi¬
Electric Institute reports that
to
people, has been the building up
of fictitious reputations.
If you
loads
Chinese
Wellington
Stet¬
tinius said:
we
3.9%
When compared with the corre¬
4,377,339,000 sponding week last year, crude
great man in the White House," kwh. in the week ended Sept. 23 oil production was 399,450 barrels
now has a good job.
7^'v7;7'iv7
from
4,394,839,000 kwh. in the per day higher. The current fig-*
7. The experience of Mr. Scott preceding week. The latest fig¬ ure, however, was 12,350 barrels
brings up the fact that one of the ures approximate a gain of 0.4% lower than the daily average fig¬
outstanding phases of the__Amer- from the level of one year ago, ure recommended by the Petrol¬
ican
Revolution,
disguised
as when output reached 4,359,610,000 eum Administration for War for
the month of September, 1944. For
7 ;:;7. •77;/V;:/"7/77
something that is in behalf of the kwh. V
the
account of
the most immediate and
problems will arise over
chief
the
the State
Department on Sept. 29, Mr.
>
.
,
of agreement on recom¬
measure
r.
the
new
the
weeks
four
ended
23,
Sept.
1944, daily output averaged 4,709,100 barrels.
;
Production—Paper
Paper
7'
pro-r
duction for the week ended Sept.
23
at
was
capacity
of
93.7%
as
^
"These conversations have
ous
son
were
100% of stocks.
Oil
Crude
average
,
pleted. "
useful
except politics, and a man who on
going along with "that
mills
Unfilled
amounted to
system output of
what to do with Germany, espe¬
171,100,000 kilowatt-hours in the
cially
the extent to which • it play ball with this crowd you are week ended Sept. 24, 1944, and
forward - thinking, compares with 213,100,000 kilo¬
should be limited industrially as "hard-hitting,
a means of war prevention.
,7; 7 liberal, progressive and thinking watt-hours for the corresponding
From
Washington
Associated in terms of the world," a very week of 1943, or a decrease of
Press advices, Sept. 28, we take rounded-out sort of person, in¬ 19.7%.
deed.
If you write a book, the
the following:
R. R. Freight Loadings— CarThe
main
point left over, is crowd will see to it that it is loadings of revenue freight for
whether one of the great Powers,: widely advertised.
If you are on the week ended Sept. 23 totaled
if accused of aggression,
should the radio, the crowd will see to 898,667 cars, the Association of
it that you are one of the most
have a right to vote in the pro¬
American
Railroads
announced.
posed world council on whether: profound thinkers the world has This was an increase of 6,309 cars,
the accusation is to be sustained; ever known. ; Oh boy, is it won¬ or 0.7% above the
preceding week
Peace is wonderful, as this
or rejected.
Russia is understood derful!
year and a decrease of 8,644
that Negro clergyman up in Har¬
to have favored such a right while
cars, or 1% below the correspond¬
the United States, and apparently; lem would say.
ing week of 1943, Compared with
A tremendous lot of fictitious
the British also, argued against it.;
a
similar period in 1942, an in¬
At the opening of the second; reputations have been built up in crease of
1,240 cars, or 0.1%, is
We could enumerate shown,
half of the conference on Sept. 29; this/ wise.
<
•
Washington regarding the estab¬
lishment of a world security or¬
V
on,
critical
Soviet
and
period.
ago.
Electric
these
of
for
Sept. 23, while
less than production for the same
ago.
this
in
three, times.
never
•
steel
companies (including 94% of the
industry) will be 95.6% of capac¬
ity for the week beginning Oct. 2,
compared with 95.1% one week
that he. is
week,
over
below, production
ended
announced last
out, and it is fact, that Mr. Mc¬
Granery is none of these things,
a
referred to
1606)
page
10.1 %
Steel
Institute
citizen,
Britain,
and
Iron
This week's operating rate is
equivalent to 1,719,600 tons of
steel
ingots" and castings, com¬
pared with 1,710,700 net tons last
week and 1,756,900 tons one year
was
talks, he also emphasized
whether
American
The
(Continued from first page)
ery was referred to by* this par¬
satisfactory progress toward
:
The State Of Trade
Washington
Meets With If. S, And British Ahead Of The News
Chinese Group
/
From
Conference;
1511
CHRONICLE
in
we
disagreement,
equality.
I believe'
2. All
but
discussion,
disagreed
amiably and;
The Senator, now posing
Republican, was a leader in
guild in those days.
paper.
as
among nations
should be settled peaceably.
disputes
the
a
St. Paul
against 94.8% of capacity in the
preceding week, the American
Paper and Pulp Association's in¬
dex of mill activity disclosed. The
rate
during the week ended Sept.
was 92.2% of car-
of last year
25
for paperboard, pro¬
period was
pacity.
As
duction
for the same
reported at 96% of capacity, com¬
pared with 97% in the preceding
week.'
;,7"V77::
Department
Trade
the
—
-.77.'k
.••..■.■•■■
Retail trade
country
'■7
v,-v;
Retail
and
Store
throughout
continued
to
show
good results the past week, reach¬
ing a high somewhat above that
of last year, reports Dun & Bradstreet.
Sales of coats, suits and
blankets
were
stimulated
by
weather,
cooler
with inventories
dropping slightly below last year's
level at this period. Wholesalers
were busily
engaged on fall and
winter deliveries.
Good business
was
reported by restaurant, house-
furnishing, food, jewelry and drug
with sales volume sur¬
passing even last year's high point.
In the rug line an increased de¬
stores,
mand for Oriental rugs was
Demand in
continued
on
the
noted.
wholesale field
the up-side, volume
approximating 5% above what it
was a year ago at this time.
Pres¬
sure continued in women's stores,
despite the low level of supplies.
Evening
frocks were
especially
and both
high and
priced millinery none
too plentiful.
Department store sales on a
country-wide basis, as taken from
the Federal Reserve Board's in¬
requested,
moderate
dex, were 9% ahead of a year ago
for the week ended Sept. 23, un¬
changed from the preceding week.
For the four weeks ended Sept.
! 23, 1944, sales increased by 12%.
aspects of life, can't see An 8% increase in department
fit to '• give his
endorsement to store sales for the year to Sept.
Dewey, is really a matter of mo¬ 23, 1944, over 1943, was also noted.
broader
ment.
—i — ~—it is has nothing to
We suppose
Activity was a feature of retail
the past week
trade in New York
That boy wonder, Gov. Stassen, do with it at all, that the Dewey with consumer buying of fall ap¬
experience;
3. Force can only be "permitted
climbing
appointed him as Senator. Either managers have long been worried parel and accessories
to .be;
in
international relations when
at Stassen's prompting or because about what the Stassen crowd in toward its peak for the early sea¬
in
opposition to the other twoauthorized by the peace organ¬ he
Department store volume,
had' the
idea
himself, this Minnesota intended to do.
The son.
delegations, but even. if we con-;
ization in order to stop or fore-;
statesman went into International concern has been that the crowd the New York "Times" revealed,
.sidered the views of the other,
stall a breach of peace anywhere
thinking.
Frankly, we think the think that by wrecking Dewey approximated between 10 to 12%.
two peculiar, we recognized thatf
in the world.
-,\7";V*:7:; 77,"
wily Washington boys took him this time they will ride high in ahead of the like week of 1943.
they
were
sincerely held and
4. The new organization should •into
The
effects
of
brisk
buying
camp. Anyhow, a fellow who
1948.
therefore worthy of respect.
I
Bearing this out, and bear¬
have adequate force at its disposal; doesn't know all of the streets in
throughout the country resulted
•believe this is a good augury for;
ing on the Dewey suspicion of the
in
increased
reorders
in
the
for prompt action.
his home town and who has really
•the future."
.'77. A:'
motives of that great, hard-think¬
wholesale market here. The de¬
5. Measures to restrain aggres¬
never been away from there until
It appears possible
that fur¬
sion should be prepared ahead of he came to Washington, has got to ing, realistic-minded, and liberal livery situation raised a discordant
ther big Power talks among top-j
time and put into effect with "cer¬
tremendous
American Joe note by continuing unsatisfactory
be, with the business of building and
•ranking officials will precede a}
for many types of apparel, partic¬
'full-scale United Nations meeting tainty, definiteness and; prompt¬ up fictitious characters, an expert Ball, is the fact that for several
ularly dresses. Tightness continues
to organize the world.
7; ness," with no time-wasting de¬ on international affairs. It is said months the Stassen crowd has in the fabric situation with no re¬
bate and consultation at the last that this expert on International
It was
the failure of British
been
looking for a high-priced lief apparent on many types of
minute.
Affairs can not name the capitals
and American delegates to reach
cotton staples and rayon items.
.
6. Means fob peaceful
change, of the countries of Europe with publicity man to further Stassen
'agreement with the Russians on!
According to the Federal Re¬
should be included in the peace the' exception of Paris, Moscow in 1948.
Of course, for Stassen to
all
essential issues which fixed1
serve
Bank's index, department
and London, but he is an Interna¬
be
"available" in 1948, Dewey
in
attention
on
the possibility of agency, which thus would be able
store sales in New York City for
to grow with international devel¬
tional Expert.
And the fact that
further meetings.
must be wrecked this year.
And, J
weekly period to Sept. 23 in
opments
rather than be based he, after profound thinking, and
A clew to what sort of meet-'
a • profound
upon a static, world.
concern
about =the of course, if he is wrecked this j creaSed by 13% over the same
ings
might be
expected was'
This com¬
7. The same principle of review
year,
the
Republicans and the period of last year.
sought in Prime Minister Church-1
pared with 1% in the preceding
and change should b.e applied to
Next week
tions social and economic meas¬ rest of us are sunk.
ill's speech to Parliament yester-s
week. For the four weeks ended
'reasonably.
of each
of
It was the
us
at some time
.
''
1
,
,
..
international law by the new or¬
day.
He stressed the need for a
'
'■ V .
meeting of himself and President ganization.
8. The peace agency should be
Roosevelt with Premier Stalin to_
discuss European
peace
problems.'
able to recommend to member na-
ures
conducive to world peace and
play a central role in coordinating
international welfare, education,
and economic groups.
we
intend to write
standing
about two out-
industrialist
collaborationists.
-
•
by 9%, and for
Sept. 23, they im-
Sept. 23, sales rose
New DeaL the
year
to
proved by 8%.
THE COMMERCIAL
1512
JTreas. To Offer %% Ctfs.
Roosevelt and Churchill Announce Plan For
Rehabilitaiion Of
For Issue
Italy
Measures to assist Italy in its own
rehabilitation were announced
in a joint statement issued at Washington and in London on Sept. 26
by President Roosevelt and Prime Minister Churchill, in which it is
stated that "an increasing measure
of control will be gradually
handed over to the Italian Administration, subject, of course, to that
Administration's proving that it can maintain law and order and the
regular administration of justice." **
~~
——
mark this change," says the > to other members of the UNRRA
Council.
statement,
"the
Allied
Control
"At the same time, first steps
Commission will be renamed 'the
"To
It
further
is
known that
made
be
of
the
toward
taken
construction
'Italian
an
re¬
econ-
American princi- I omy—an economy laid low under
British and
the
should
Commission.' "
Allied
pal representatives in Washington
and in Rome will be known as
the years of the misrule of Mus¬
solini
and
Italian
man
Government will be invited to ap¬
point
direct
representatives
Washington and London.
-
ravished
primarily
Ger¬
the
by
tion.
the
while
Ambassadors
in
considerations
Immediate
Italy, according to the statement,
the relief of hunger and sick¬
are
and fear, and to this end in¬
ness
structions have been issued to the
United
States
British
and
repre¬
sentatives at the Montreal Confer¬
of the United Nations Relief
ence
Administration
and Rehabilitation.
Conference
the
for
declare
to
policy of vengeful destruc¬
"These
to
.
should
steps
be
taken
military aims to put
the full resources of Italy and the
as
Italian people into the struggle to
defeat Germany and Japan.
For
military
the
reasons
Italians
such
should assist
we
the
in
restoration
their rail¬
motor transport, roads and
ways,
other communications
to
of
systems,
power
the
short
time
send
enter in¬
as
situation,
war
for
and
engineers,
a
tech¬
sending of medical aids and other
nicians and industrial experts into
essential supplies to
Italy to help them in
President
Churchill
Italy.
Roosevelt
>
Mr.
and
their
reached
Italy during post-Quebec con¬
ferences at Mr. Roosevelt's Hyde
own
rehabilitation.
Trading
should
With
to Italy of the
the
Enemy
modified
be
so
Acts
to
as
en¬
Park, N. Y., home on Sept. 18 and
able
19, according to their joint state¬
ment, which, as given in Associ¬
Italy and the outside world to be
ated Press advices from
Italian people.
"We all wish
Washing¬
ton, follows:
President
The
held
Minister
Prime
the
and
discussions
further
business
when
subjects
dealing with post-war policies in
The result of these dis¬
Europe.
cussions cannot be disclosed at this
when
for
time
Park,
strategic
military
rea¬
and pending their considera¬
sons,
tion by our other
The
also
Allies.
and
discussion,
under
came
President and
the Prime Minister issued the fol¬
lowing statement:
"The
Italian
their
Fascist
ship,
have
freed
people,
Nazi
and
these
in
to
of
the
the
left
lied
last
Italian
there will be
German
soil,
need
no
elections
will
of
the day
—
held
be
can
throughout Italy, and when Italy
can earn her proper
place in the
great family of free nations."
twelve
Federal
Mgr. Of
Aeronautical Group
Scott
business
One
%%
has
debtedness of Series G-1945, open
the holders of Treasury Cer¬
F-1944,
would
maturing
close
at
Oct.
the
1,
books
will
for
the
among tire
to
United Nations devoted
peace and justice.
principles of
"We believe
we
should give en¬
couragement to those Italians who
standing for
are
in
Italy,
and
political rebirth
completing the
a
are
destruction of the evil Fascist sys¬
tem.
>
ians
We wish to afford the Ital¬
a
greater opportunity to aid
the
in
defeat
of
common
our
"The American and
the
of
are
feel
that
bility placed
and
on
their
a
on
the British
horrified by
course
mob
recent
but
action
Rome,
in
greater responsi¬
the Italian people
own
a recurrence
of such acts.
"An increasing measure of con¬
will
be
gradually
to the Italian
over
subject of
istration's
maintain
Administration,
to that Admin¬
course
proving
law
handed
and
that
it
can
order, and the
regular administration of justice.
mark
To
this
change the
Commission
Control
been
ap¬
Manager of the
Chamber
of
Com¬
announced at Wash¬
was
Sept. 25 by E. E. Wilson,
on
Chairman
of
the
Board
of
Gov¬
John
C. Lee, who as Acting Gen¬
Manager directed the recent
reorganization.
Mr. Lee will con¬
ready
will
Allied
be
re¬
through the firm of
serve
or
Subscriptions ad¬
the
among
their
on
offered
(3)
Re¬
come
were
an
indefinite period.
has just completed
Russell
General Counsel for the
year as
George
Committee
cial Committee
on
(Senate
Spe¬
Post-War Eco¬
Oct.
1
at
the
rate
of
the
Bibb
Manufacturing Co. of Macon, Ga.,
large
cotton
His
ers.
textile
trade
expe¬
rience includes terms
as
of the Cotton Textile
Institue, and
a
director
will
only,
form
be
with
issued
in Italy will assume the additional
title of Ambassador.
The United
States representative in
ready holds that rank.
Rome al¬
in
attached,
coupons
The Italian
Government will be invited to ap¬
point
direct
representatives
to
subscriptions
are
of
Washington and London.
ations
in
Italy
are
the
relief
hunger and sickness and fear.
this end
we
instructed
our
sentatives at the UNRRA
of
to
for
and
Italy
that
this
the
We
essential
are
to de¬
suoolies
an
amount
of
external
sinking fund gold bonds, due
April 1. 1953, of the State of New
happy to know
view' commended
5%
of
ahd accrued in-
par
South Wales, Australia, sufficient
to exhaust the sum of $235,306.63,
sending of medical
other
'^esh
inviting
it, at prices
To
(United
Administration) conference
clare
exceeding
is
repre¬
Nations Relief and Rehabilitation
aids
York
lenders for the sale to
not
"First and'immediate consider¬
"New
itself
now
held
Tenders
o'clock
the
in
will
noon
the
be
on
sinking fund.
opened at 12
Oct.
9,
1944, at
Department
Corporate Trust
of the bank. 11 Broaxl Street, New
York 15, N. Y.
after
the
war
production
The special
upon
which
taxes
should
end
rise
now
under
once
more
Holland
with
of
should
take
the
the
oppression.
which
out
people.
It
the
now
the
armies
flowing
land.
ing
across
be
ex¬
liberation
land.
create
be
can
ex¬
complete revision
oftener.
and
proclaim
national
directed
income—one
of
us
policy—
achieving
rising na¬
a
that
solvent
a
r
tax
toward
employment and
the
will
nation
ahead
years
of
as¬
and
our
na¬
we
face
a
$300,000,000,000
annual
*an
cost
of
gov¬
including
adequate
above the leve1
Just to
years..
pre-war
interest
the borders of Hol¬
meet
this debt and
on
large Federal
stupid to
port
the
the
But it is
revenues.
that
we can sup¬
government
by levying
suppose
our
heavy
taxes
upon
dwindling
a
national income.
Our
first
crease
It will not end with the in¬
putting
people
aim
national
our
work
It is
far better
rate
in¬
income
of
the
by
pro¬
with
a
to
have
national
a
low tax
income
of
Only then
can
world."
What
"The day of retribution for the
thriving, progressive country with
jobs for all.
We want our tax
treacherous
attack
on'
peaceful
now
of
defenseless
at hand."
Rotterdam
is
we
want
is
a
laws to be stable and understand¬
able,
1
com¬
a
so
they will
no
longer
be
road block in the way of prog-
ress.
174.20.
was
was
transported in the month
hauled by carriers of general
freight.
The volume in this cate¬
increased 8.7% above July
and was 1.1% over August, 1943.
Transportation
of
petroleum
products,
accounting for about
gory
15% of the total tonnage reported,
an increase of 0.1% above
showed
July
last
and
0.8%
above
August
We want them to be levied
of
year.
Carriers of iron and steel prod¬
about 2% of the total
ucts hauled
tonnage.
Their
2.2%
was
vious
traffic
above
month
below
that
but
volume
the
of
declined
pre¬
12.1%
August, .1943. -jti-j'
About
5%
reported
of the
total
consisted
of
tonnage
miscella¬
neous
commodities, including to¬
bacco, milk, textile products, coke,
bricks, building materials, cement
and household goods.
Tonnage in
this
class
above
increased
July and
by
23.4%
2.6%
was
above
:c
Illinois-Wis.
Savings And
Loan Assets Increase
Insured,
loan
savings,
associations
Wisconsin
aggregate
assets
A
^
building
in
district
the
and
Illinois
increased
their
by
11.34% dur¬
ing the first six months of 1944,
and brought their total holdings
of
Government
bonds
to
a
new
high of 18.4% of assets, the Fed¬
eral Home Loan
Bank'of Chicago
reported on Sept. 25. A. R. Gard¬
ner, President of the bank, which
is the reserve system for these
thrift
the
and
home
said
in
302
only
financing insti¬
that
total
assets
for which such data
ones
of
the insured group, the
are
available, reached $485,850,108 at
mid-year.
Their gain for the six
months'
which
period
has
the
was
largest
been tallied.
yet
The
advices from the FHLB also state:
"With 69.11%
of assets in mort¬
loans, which are normally
the principal business of these in¬
stitutions, the consolidated June
gage
30
balance
sheets
reflect
the
on
which
increasingly
have
been
home loans
a
phenomenon of the wartime pros¬
perity.
While associations have
continued to make loans
greater
had
volume
than
in much
operators
anticipated at the beginning
war, they have not quite
the
of
it
best.
Secretary Hull said:
Holland and the barbaric destruc¬
figure,
Approximately 78% of all ton¬
of
time
tion
dex
rather
than
a
high tax rate with a national in¬
come of $76,000,000,00, as we hac
$150,000,000,000,
and freedom return to the
index
the basis of the average
monthly tonnage of the reporting
carriers for the
three-year period
1938-1940 as representing 100,
was 187.4 in
August; the July in¬
under the New Deal at its peace¬
vanquished.
peace
to
all
to
resources
of our country
—industry, labor and agriculture
know, that final victory cannot be
achieved until Japan has likewise
ATA
on
heavy repayments
be
must
ductive
defeat of Germany.
The
of the Netherlands know,
the people of the United States
been
The
puted
cost of government, we shall need
evitable
as
gust of 1943.
tutions,
debt
face
the
are
on
a
armed forces, far
gallant Queen is return¬
her gallant people.
The
stands
must
adjusted from time
year or
ernment,
an
as
overhaul our
and
compli¬
ultimate reduction of
We
of
again
beverages, to¬
We
Establish
national
A
to
a
In
Netherlands
emerges
of
except
tional debt.
avenging flame.
"The
as
soon
taxes
by changes in rates with¬
requiring
(6)
But the spark
never
be
can
to time
sure
It has always glowed
of
as
taxes.
pected to remain simple and gen¬
erally stable.
It
must
be
one
full
For
against 2,069,969 in
2,214,047 tons in Au¬
as
and
August of 1943.
laws.
tax
tional
four long years its liberties /'have
been crushed, its homes
destroyed,
hearts
excise
alcoholic
consistent,
"For
the
nuisance
or
basic tax law which
one
its people enslaved.
of freedom could
after
encourage
eliminate
all
on
cated
a
once
Washington
following statement
German
excise
Completely
existing,
confused
President:
of
war
continued
would
(5)
The
we
the
bacco, gasoline.
18
From
v
possible
Air-Troop
liberation.
If
they
war
We
Landings Hailed By FDR
for
*
follows:
as
transported
aggregate of 2,231,005 tons in
an
to
(4) Shorten the present endless
the
Tenders Asked For Sale Of
of
It would slow
wage.
drag
a
list
now
"But the fight will not end with
the restoration of freedom to Hol¬
The Chase National Bank of the
living
lives
inefficiency, discourage
low-cost production and block the
expansion which creates job op¬
portunities.
received
were
issue. There
new
threshold of her ancient liberties.
City
who
one
waste and
de¬
Netherlands
New South Wales Bonds
the
cuts
every
confiscation.
in¬
also of the American Cotton Man¬
"The British High Commissioner
That
barrier to jobs.
a
95%
in
two
announced
nage
<
wartime
of
ufacturers Association.
named 'the Allied Commission.'
takes
Change and lower the in¬
tax on incorporated busi¬
companies until it no longer
those
manufactur¬
association
income-
now
the
They
in
President
personal
1945.
tinguished.
was
for
excuse
These taxes, of course, are almost
nomic
sell
no
war¬
%%
per annum,
payable semi¬
annually on April 1 - and Oct. 1;
1945.
They will mature Oct. 1,
to
Policy and Planning). Prior
going to Washington, Mr. Rus¬
tax laws
may
are
ATA from 282 carriers in 44 States
showed these carriers
nec¬
be in
may
recovery
as
and
Sept. 25 will bear in¬
on
from
American
The tax law
small
acts
terest
al¬
are
We want to speed recovery
along.
certificates which
new
that
However
be
can
of
our
ness
The
who
decent
a
Reduce
a
up
division
Federal
several
achieve
those
living.
pendents.
Districts will be made later.
serve
of
peace.
standard
Announcement of the amount of
and
in
(2)
midnight of the respective
closing days will be considered
as having been entered before the
close of the subscription books.
subscriptions
out
at least 23 cents out of
every tax¬
able dollar after credit for de¬
before
heel
Mr.
of
tax rates.
to the Treasury De¬
partment, and placed in the mail
ber for
the
of
America
we
going to
are
of
or
Board of Governors of the Cham¬
to
policy
We
Comparable reports received by
these taxes
essary
Federal Reserve Bank
a
branch,
four long years the Neth¬
erlands
has
suffered
under the
consultant
as
below
standard
them
dressed to
taken
cannot
of
time, there
tinue to
Losh
kind
the
which
July
income
class at the close of business Sat¬
by
&
have
objective by taxes which cat into
advices to the New York "Times"
Lee
have.
August,
ceipt of subscriptions of the latter
landing in Holland on Sept.
by Allied airborne troops .was
hailed by President Roosevelt and
ernors.
On October
1
he took
Secretary
of
State
over the direction of the
Hull,
who
reorgan¬
ized
Aeronautical Chamber, the praised the Netherlanclers for their
fortitude during their four years
trade association
of the aircraft
of fighting and confident
waiting
industry,
Mr.
Russell
succeeds
ington
Government will
readily prevent
trol
it
merce,
a
most
General
Aeronautical
has
going to
the
re¬
eral
enemies.
people
pointed
War,
We
covery.
close of busi¬
close
tax
in the peacetime
must be expansion and re¬
years
1944,
ness
on
Sept. 27, except for the
receipt of subscriptions from hold¬
ers of
$100,000 or less of the ma¬
turing certificates. The subscrip¬
tion
income
an
Our objective
tificates of Indebtedness of Series
Russell, nationally-known outstanding
$3,519,047,000
executive, Congressional Series F-1944 certificates.
World
That kind of tax
your
takes
his pay envelope.
to
cash
first
the side of the
democracies, and to take a place
on
of
which
for
people.
Truckloading Vol nine |
Rose 7.8% In Aisgiast
counsel, and Air Corps pilot in the
fight
jobs
our
G-1945, open whole new point of view.
We will have a
We live and grow.
on an
exchange basis, par for par, need an administration which be¬ government which wants to see
to holders of Treasury Certificates
lieves in full employment and in every American get ahead.
of Indebtedness of Series
F-1944, opportunity for all.
We need a
maturing Oct. 1, 1944. Cash sub¬ tax
policy directed toward achiev¬
scriptions will not be received.
ing and maintaining full employ¬
The announcement stated:
ment and a rising standard of liv¬
Closing of Subscription1 Books ing for our people.
for offering, of
%% .Certificates-T¬
To that end I propose the fol¬
The volume
of
freight trans¬
issued in Exchange for Those Ma¬
lowing program to take effect ported by motor carriers in Au¬
turing Oct. 1—Secretary of the
immediately after victory is won: gust increased 7.8% above
July
Treasury Morgenthau announced
(1) Revise the personal exemp¬ and 0.8% above August, 1943, ac¬
Sept.
26
that
the
subscription tion so
that the man who makes cording to the American
Trucking
books for the current
offering of as little
as $11
a week no longer
Associations, Inc., which further
%% Treasury Certificates of In¬
for the
be free, to
first
administration
new
..
the human needs of
Reserve
nominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000.
No
months demonstrated their will to
the
of
the powder.
on
1506) •;/>
sensibly, with understanding
on page
there is
nose
debtedness of Series
terest
Russell Gen,
(Continued
-'v
.
tax of 20%
Banks, of office next Jan.
20, will be a re¬
Treasury Certificates of'In¬ vision of our tax laws. We need a
bearer
overlord-
last
an
when
and
of any Al¬
troops to remain
free
Monday next (Sept. 25)
offering will be made, through
•
.
powders her
woman
a
on
the
speed the day
in Italy
problems
present
this subject the
on
on
benefit
Italy will have been wiped out,
have
Hyde
the
between
when the last vestiges of Fascism
in
and
at
for
resumed
Monday and Tuesday, Sept. 18 and
19,
contacts
:-v
Secretary of the Treasury Morgenthau announced on Sept. 19
that
Thursday, October 5, 1944
Dswsy Would Slash Posl-War Federal Taxes
Maturing Oct. 1
urday, Sept. 30.
"The application
decisions
on
their
& FINANCIAL CHRONICLE
maintained
the
mortgage
which held
was
"The
been
same
percentage
loans to total assets
on
June 30, 1943, when
73%.
difference
made
-fpsbmehts
up
has
mainly
in the heavier in-
of these
institutions in
Government bonds, their $89,379,378
"*0.
ever
of
such
holdings,
of June
they had
to that time."
the
held up
Hah^st
as
Volume
Number 4322
160
THE COMMERCIAL & FINANCIAL CHRONICLE
Gentes, 2nd Vice-President, the
Guaranty Trust Company of New
York, has been appointed discus¬
sion leader;
Philip J. Gray, man¬
ager, Foreign Credit Interchange
Bureau, National Association of
Need Of
Applying Human Relations To Program
Returning Vets, Nodyne-Urges .At Meeting
Of
George O. Nodyne, Assistant Vice-President of the East River
Savings Bafik of New York, in
an
Savings
the
Banks
Association
of
address at the Convention of the
State
of
New
York
of the bank and the
made.
.
sacrifices he
Speakers at the various sessions
"G. I. Joe should not be hurried
back
into
make
his
forced to
concerning the
job
and
decision
a
work he will undertake until after
period
a
transition
of
from
will
include
President,
Thomas
J.
International
Watson,
Business
life.
The
.
cause
us
to
earned for himself
equitable con¬
He likewise said:
sideration."
business
look¬
ing ahead to the creation of new
positions in their banks to give
the
returning
veterans
work.
These positions, even if only tem¬
porary,
will do much to help
bring banks up to date and create
"Bankers,
other
like
in the community, are
new
activities
only
a
which
have
been
dream in the past."
insurance
and
Oct.
9
Co.;
Felix
forum
where
Dayton,
Chairman
of
Chief
Assistant
Accountant,
of
the
Council's
Transportation
Manager, Export
Division, Fairbanks Morse & Co.,
Inc.
Participants in the banking
Committee
and
will
include
Orvis vA.
with the assistance of Mitchell B.
American
war
a sound post¬
foreign trade pol¬
will be provided at the 31st
Foreign Trade Conven¬
icy
National
which
tion
Oct.
York
will
9
held
be
to
in
New
non-members
well
as
as
members
of the
Council, will be held at the
Hotel
Pennsylvania.
One
of
the
first orders of business will be the
election
of
Committee
a
Final
Declaration
submit its
which will
findings for discussion and vote at
the closing session on Oct. 11. The
final declaration adopted at that
time will thus establish a basis;
Mr. Thomas said, for an
the
to
discussions
to
approach
take place
at the International Business Con¬
ference to be held at
November.
Rye, N. Y., in
-
Committee.
Far East session
A
for Oct.
M.
J.
9
at
8
to be led by
p.m.,
Buckley,
is scheduled
Council's
Committee
of
problems.
a
series of panel dis¬
major foreign trade
An annual feature of
presenta¬
Tele¬
The
Americas'
the
distinguished
advancement
foreign trade.
contribution
of
to
American
The dinner will be
Bankers
can
be
W.
Association.
Speak¬
will include Mr. Johnston fol¬
ers
lowing presentation of the Dollar
Award
J.
by
D.
Fletcher,
VicePresident, Caterpillar Tractor Co.,
and
Chairman
Award
Se¬
led
by
William
S.
the
discussion
panel
on
of property owned
listed
for
Wednesday
11.
It
will
be
protec¬
abroad is
morning,
under
the
Chairmanship of Robert F. Loree,
head
of
the
Council's
Foreign
Veterans of the
be
may
Program Viewed
employment
all
employees
of this
ing
Associated
man
the American
must temper antici¬
war
the
of
Commerce
and
In¬
that
out
for
of
Mexico,
the
planned
80%
is
pro¬
repre¬
sented
by irrigation and power
improvement projects. This pro¬
gram, he said, is to be spread over
the next
said
eight
nine
or
modernized
a
He
years.
steel
and
tex¬
tile
development
program
was
planned. These two programs of¬
fered
potential markets for Amer¬
ican
manufacturers, he said. Us¬
ing textile machinery as an ex¬
ample, he said that at the present
time
Mexican
a
four
looms
weaver
operates
100 looms
against
as
looms
30
operator
per
in
England.
Mr.
the
was
point
of
Mexicans themselves
vesting
in
their
they
other
are
dependent
with
six
months
power
under
now
be
in¬
up
to
upon
out
of
he
said,
factories
rainfall,
the
An item
development program
way,
manufacturers
.
assured
governing
of
year-round
American
busi¬
investment, he said the
pro¬
of stock must be
Mexican-owned
applied to "tran¬
He
many
money."
instances
said
that' in
American
with
long-range
100%
firms
American-owned.
Asked
or
programs
were
veterans
of
what effect the
decrease
purchase
by the United States of
sion
would
in
great
they
as
the mission
on
Material
Commis¬
Army, Navy,
Marine Corps, Coast Guard, Naval
Reserve, National Naval Volun¬
teers,
Wpmen's ./ Army, Corps
Reserve
of
the
U.
S.
Naval
Reserve, Women's Reserve
of
Coast
the
the
United
Guard
States
Reserve, and
Marine Corps
Women's Reserve.
Mr.
McNutt
local
offices
tinue
to
ment
and
emphasized
of
give
USES
all
will
that
con¬
possible place¬
counsel ' assistance
returning war veterans, and
though such veterans may be
ferred
without
referral, local
to
al¬
re¬
regard to priority
USES offices will
continue to offer referral and pri¬
ority and other essential openings
veterans.
to
changes in the nature
of life insurance purchases during
the war years are shown in a sur¬
Veterans of the present war are
Women's
issue of Aug.
our
Ordinary Life Insurance
ceiling.
advices from the
Maj. Gen. Hur¬
Purchases Over 1942
also said:
of ordinary insurance sales at
mid-year, compared with a sim¬
ilar survey in 1942, made by the
vey
Life Insurance Sales Research Bu¬
and released ori
reau
is
estimated
Sept. 27. It
ordinary insur¬
that
purchases
ance
amount
to
than
more
1942.
will
this
year
$8,000,000,000, or 26%
the $6,332,000,000 of
.
The advices from the Insti¬
of
tute
Life
Insurance
reporting
this, said:
"The
in
greatest
the
change has been
buying
by
insurance
who
women,
this
chasing 83%
according to
counted
year
are
the
two
35%
1942,
sampling
they ac¬
mid-year,
for
pur¬
in
than
more
At
surveys.
of
the
sales
of
ordinary ^insurance
policies
to
adults, compared with only <25%
in
1942.
In
of
amount
they
accounted
sales
to
for
insurance,
of
total
mid-year,
pared with 12% in 1942, the
com¬
18%
adults ajt
purchase
age
smaller
by
than
women
-
aver¬
being
that
by men.
In
keeping with the wartime trend,
who
are
working
ac¬
counted for the chief
gain, repre¬
senting 79% of sales to .women
Nelscsi Back From
have
Mission To Gblna
Donald M.
on
the
War
turned
exchange.
to
President
have
to
Nelson, Chairman of
Board, re¬
Sept. 24 from a special
China, undertaken for
Roosevelt, and is said
expressed
himself
as
Production
on
mission
enthusiastic
of
raw
ma¬
Mexican
about
the
prospects
increasing that nation's indus¬
trial
contribution
war
ing
his
plans
but
counsel
own
and
keep¬
his
about
in
prospects
the
War
Production Board.
Following
it
made
was
Mr.
dent
his
known
on
return
Sept.
30
Roosevelt, who in accepting
resignation
from
that
post,
asked him not to
resign from the
Government, stating that he was
counting on him to remain "in a
high post of major importance."
Major General Patrick J. Hurley,
who
accompanied Mr. Nelson on
his recent trip, remains in China.
They reached Moscow
arrived
port
on
there
at
Sept. 6,
on
that
a
this
on
Aug. 30
Chungking air¬
press
date
advices from
stating
that
they were accompanied on the
non-stop plane trip from India by
compared with 69%
year,
in
1942.
"Another
outstanding change in
buying is shown in connection
with juvenile insurance sales,
up
the
80%
since
1942.
This year's sur¬
shows these sales
vey
of
on
the lives
persons under 15 years of age
22% of total ordinary insurance
as
sales compared with 15% in 1942.
"The withdrawal of young men
into
Nelson's
that he had tendered his resigna¬
tion as WPB Chairman to Presi¬
the
flected
armed
in
forces
the
great
is
also
re¬
decrease
in
purchases by males of ages 18-29.
These
ages,
of
part
covering the
,
the
draft
greater
for
service,
showed a drop from 45% of total
number of male purchases in 1942
to
21%
this
of
in
year.
those
the mid-year survey
The insurance picture
in
this
age
bracket
is
not
complete, however, without
consideration of the $121,000,000,of
000
National
Service
forces, chiefly to the
age group.
to
37,
to
as
In¬
men
in this
In the age group of 39
within the draft age
facing some uncertainty
also
still
and
Life
sold to those in the armed
surance
call
Joseph W. Stillwell, com¬
mander of American forces in the
the
China-Burma-India theatre of op¬
chases
erations.
at the
time of the
1944
purchases increased from
survey,
General
group
Hurlev
ments
as
the
and any other groups
above the established
and
cessation of post-war
terials
bearing
ley appeared in
from
than
war
year
Referring to the present condi¬
tions
met
capable of making.
are
employment ceil¬
the applicable
local
in¬
From the point
development,
to the present time,
were
now
hesitant
power
up
stated
he
production contribution
a
may
be
exempted locally
be hired if employment is at
The
He said the
own/industries
were
few years ago.
a
of
optimistic
American
vestments in Mexico.
where
from
24
said
women
Stancliff
from
Nelson
determined to make
were
will be counted against
operator in the United States
and
Sept.
on
effort.
war
advices
cooperation
in
Chungking and said the Chinese
forces" includes the
dustry
Association,
New
York
City.
C.
A.
Richards*
Export
Manager, Interchemical Corpora¬
tion, 'presided. VMu
Stancliff
pointed
into the
Press
wholehearted
to
pation with a realistic view, ac¬
defined as those who have served
cording to Evert L. Stancliff, Sr., in the
armed forces of the United
Economic Analyst, American Em¬
States subsequent to Dec. 7, 1941,
bassy in Mexico City, at a meet¬ and have other
than dishonorable
ing on Sept. 19 in the Assembly
discharges.
The
term
"armed
Room
which he
Generalissimo
31, page 965.
may
potentials,
business
Mr.
that
ceilings.
However,
who 1 are veterans
veterans
simo
N.
trial potential
Washington
regard
to
Chiang Kai-shek, and which the
Chinese leader approved, on plans
to bring more of China's indus¬
pri¬
or
submitted
of Mr. Nelson and
credits
A,
war
unless
exchange, he said that the un¬
Haight, Secretary-Treas¬ doubted decrease in
buying after
urer, International General Elec¬
the war of presently strategic ma¬
tric Co., Inc., will preside at a,
third morning session, on foreign1 terials would necessitate adjust¬
collections.
had
present
present
without
of recommendations
set
the
employment stabilization program
provides for the
exemption of
viewing Mexico's industrial¬
M.
and.
auth¬
established
an
or
In
ization
York.
P.
hired
present
sient
Swingle,
4.
that
vision that 51%
export forum
of
veteran
regard to the essentiality
ority status of such job.
ers
Mexico's Industrial
voted to
wartime
Any
other
or
channels.
employment
ceiling determinations. No work¬
ness
a
referral
such
the
of
lection Committee.
Co., as Chairman. Tues¬
day afternoon, Oct. 10, will be de¬
mittee, and Vice-President, the
Guaranty Trust Company of New
his
will
mission were withheld pend¬
ing a report to President Roose¬
velt, Mr. Nelson stated on Sept. 24
that he brought back with him a.
referral, as a matter of right,
any job of his choice, without
to
Randolph Burgess, Vice - Chair-,
man, the National City Bank of
New York, and President, Ameri¬
Grace &
tion of the Captain Robert Dollar
States Chamber of Commerce, for
Dr.
toastmaster
capacity production.
Co.
luncheon will follow, with Robert
H. Patchin, Vice-President, W. R.
Property-Holders Protective Com¬
Johnston, President of the United
Dinner
the
International
these conventions is the
Award at the World Trade Dinner,
this year's recipient being Eric A.
Trade
the
war
who seeks employment
through USES will be entitled to
11, and
can
Oct.
on
&
3.
Chair¬
as
the
Telephone
ployment Service
orized
a
World
Co.; and John W. White,
President, Westinghouse Electric
topics, and
take
the
act
International
graph
A
will
general
of
man
will
production reduced 20% of capac¬
ity.
By next year, by virtue of
tion
three
Thomas
Friendship and Commerce, and
counsel, Socony-Vacuum Oil Co.;
Frank
C.
Page, Vice-President,
the
cussions
Treaties
on
Council's Vice-President.
convention
of
fol¬
Wednesday evening, Oct.
Vice-President,
American President Lines, Ltd.
C. M. Wynne, Managing Direc¬
sessions,
daily luncheons devoted to special
The
form
an'5
will
,
Mr.
per
it was an¬
nounced on Sept. 24, by Eugene P.
tor, Overseas Industries, Inc., Chi¬
Thomas, President of the National cago, will serve as Chairman of
Foreign Trade Council, in mak¬ the second
general
session
on
ing public the preliminary pro¬ Oct.
10.
Senator
Murray
will
gram of the convention. The con¬ -speak-at this session, as will Aus¬
vention, which will be open to tin T. Foster, Chairman of the
11,
third
and
Carroll, special counsel of the Tax
plore the basis for
The
session
gram
the
of
11.
$380,000,000 industrialization
country's business leaders will ex¬
many
Oct.
noon
the Tax Committee of the Council
International General Electric Co.,
and Carl W. Linschied, Chairman
Veterans of the present war
be hired by any employer
without referral by the U. S. Em¬
may
Chairmanship of
William K. Jackson, Vice-Presi¬
dent, United Fruit Co., Boston,/
for
Schmidt, Acting Director, Foreign
Funds Control, Treasury
Depart¬
ment,; and Dr. White.
The tax
panel program has been arranged
Trade Convention
A
at
the
Chairmanship,
respectively, of Clarence E. Hun¬
ter, head of the Council's Com¬
mittee on Monetary Policy and
Exchange Stabilization, and VicePresident, the New York Trust
session
Program For Foreign
scheduled
are
under
McNutt, Chairman of the War Manpower Commission,
on
Sept. 26 the lifting of all manpower controls for
2.
Export
Company,
Chairman, will be held
as
closing general
low, under the
work
penalize the non-veteran who by
virtue of his" inherent rights has
men
serving
the
•
sentiments should not
announced
United / Steel
will feel
be¬
men
different
for
V.
;
Machines Corp., and Chairman of
the New York Convention Com¬
mittee; Mr. Thomas; Vice Admiral
Emory S. Land, War Shipping
Administrator; Senator James E.
cause of some special, training re¬
Murray of Montana; George S.
ceived in service.
v ■
Messersmith, United States Am¬
"The G. I. Joes and the G. I.
bassador1 to Mexico; Edward Ri¬
Janes will need a period of re-' ley, Vice-President, General Mo¬
orientation when they return to tors
Corp.;
James
A.
Farjey,
work.
It will be wise to plan to
Chairman of the Board, the Cocalet
them
circulate
through the Cola Export Sales Co.; Eugene E.
bank and its departments for a
Wilson, Vice - Chairman, United
few days upon their return, to
Aircraft
Corp.,
East
Hartford,
provide them with reading mate¬ Conn.; Clark H. Minor, President,
International General Electric Co.;
rial, and to bring them up-to-date
on changes made during their ab¬
B. F. Haley, Director, Office of
sence.''
Economic Affairs, Department of
Mr. Nodyne stated "that in many
State; Dr Harry D. White, Assist¬
cases an office boy has become a
ant
to
the
Secretary, Treasury
Captain. A teller has attained a Department; Warren Lee Pierson,
high military rank and supervised President, Export-Import Bank of
large numbers of men. We should Washington; Herbert E. Gaston,
be realistic in our decisions.- We
Assistant Secretary of the Treas¬
should take advantage of those
ury, and Mr. Johnston.
who have grown in
stature, as
A
bankers
luncheon
will
be
well as rank, by placing them-in
held on Oct. 9 with Wilbert Ward,
higher positions, if it is possible. President, Bankers Association for
Let us not, however, lose sight of
Foreign Trade, and Vice-Presi¬
one
very
important point, that dent, National City Bank of New
success in a military capacity does
York, serving as Chairman. Panel
not necessarily equip a,; man for
discussions
on
monetary policy
-advancement in the banking field. and
exchange stabilization, taxes,
Furthermore, our obligations and and export traffic, transportation
military
qualified
-
tion program.
/< •% /":" •/ %%'.•/ QA
Announced By Mutt, WMG Head
Paul
veterans of the present war.
This action was taken, Mr. McNutt
ducting the session. The final
morning panel will be on adver¬ explained, to speed the reemployment of returning veterans and to
tising of American merchandise remove all employment obstacles in the way of their return to
civilian life.
in foreign
markets, led by Robert
Relaxation of manpower controls fcr war veterans is
H. Otto,
provided
President, Export Adver¬
<*>
tising Association, Inc., and Vice- for in the following manner:
1.
Veterans of the present war Chinese
leaders
in
connection
President, E x p o x t Advertising
will not be required to secure or with the Chinese
Agency, Inc. A foreign trade re¬
military effort
present statements of availability and American aid.
construction
luncheon,
w i t h
in order to change jobs.
While details of the results of
George Wolf, President, United
.■/;■/■//,/d
Sept. 29, said:
".v"We must apply human relations to the program of the return¬
ing veteran, and it should begin the day of his return by an official
greeting from his President who'*can best express the appreciation
the closing event on the conven¬
on
-
Lifting Of Job Restrictions For Veterans
Credit Men, will also help in con¬
Buffalo
at
1513
During their visit to
China, both Mr. Nelson and Gen.
conferred with Generalis¬
Chiang Kai-shek and other
26%
32%
to
the
of
of
the
this
in
the
total
year's
age
in
1942
total.
38 and
to
Pur¬
over
increased from 23 % in 1942
this year, while those in
age group of 15 to 17 increased,
37%
from 6% in 1942 to 10% this year.
t
woii**ivitfrt«iUMi«
Vj'i'r;k T y
j>i > *'.
w>i*n^«,M/mwt.ftwuflBiW; tfi'h,^,
»
Senate Committee
Approves Bill To
>
A
Backers of the bill, it was reported, in¬
would not press for its passage by the Senate until
of Congress, which began on Sept. 21 and will con¬
Judiciary Committee.
after the recess
own
approval of the bill,
Committee
came after
Senator O'Mahoney of Wyoming,
ll-to-J vote,
Democrat, who has led the oppo¬
sition in the Senate to the meas¬
The
insurance
reasonable and non-discrimina¬
lation to insure solvent
at
based
rates
tory
deter¬
a
the hazard assumed.
of
mination
upon
with
the
of
attention,"
President
Roberts,
of
Association
National
Mutual
of
dawn
in
diligent
W.
Isaac
ber, stated on Sept. 26 that::
"Industrial output and
•
Retail trade
August.
was
*■'
small further rise in retail'^-
a
was
v;\
employment showed little change in
at a new high level for the month.* There
•
commodity
continued:
announcement
deposits of businesses and
as well as currency
circulation,
have
increased
individuals,
Industrial Production
in
Output at factories and mines
produced this result and trustees of New York. "It is was 232% of the 1935-39 average
the theory evident," he continued, "that war in
August as compared with 231
ure, failed in a move to postpone
that
Congress so intended, al¬ financing to date and our forth¬ for
action until after a meeting of the
July, according to the Board's
National Association of Insurance though Congress has enacted legis¬ coming Sixth War Loan will be seasonally adjusted index of in¬
lation for the District of Colum¬ entirely successful.
The day-to¬ dustrial "production.
Steel pro¬
Commissioners, an organization of
bia which adopts the philosophy
was
day savings of 'the little man' and duction
maintained, while
State regulatory officials, in Chi¬
end
the
Nevada,
Democrat, Chairman of the Com¬
designed
the principle of State
insurance regulation.
reaffirm
in
control
Senator
with
issue
took
He
Con¬
O'Mahoney's assertion that
couldn't enact such an ex¬
gress
emption constitutionally, in view
of the Supreme Court's decision in
business
that the insurance
July
since
Loan Drive.
"In
of
McCarran
mittee, said the bill was
to
The Court has
of State regulation.
Sept. 29 and 30.
Senator
gress
"This bill is the first attempt on
part of Congress to recoup, or
least sustain, some of the rights
that
being taken
are
from
away
Federal Govern¬
the States by the
ment," Senator McCarran said.
"When the Sherman and Clay¬
laws
anti-trust
ton
passed,
that they
were
dreamed
ever
one
no
insurance
Court
always held that they did not, un¬
would
apply
the
to
business, and the Supreme
which
til this latest decision
was
4 to 3 vote that didn't even
represent a majority of the Court.
"In passing this bill, Congress
would
merely
be
reaffirming
what was the intention of Con¬
by
a
gress
But
in the beginning."
Senator
O'Mahoney
said
that "the Supreme Court has
that
insurance
is interstate
said
com¬
and. Congress can't change
merce,
passing a statute."
On Sept. 20, 38 States filed a
that by
petition with the Supreme
Washington asking a re¬
joint
Court in
hearing in the fire insurance case
in which the Court decided last
4-to-3 that fire insur¬
interstate commerce and,
June 5 by
ance was
anti-trust
Federal regulation.
A
therefore subjeet to the
afcts
and
problem of law enforcement to
the States, the extent of which the
Court did not fully recognize and
insurance
interstate
commerce
the Serman Act.
destroyed the foundation upon
is based."
The States point out that they
"respectfully urge on their owfi
behalf that a rehearing be granted
by reason of the far-reaching and
disruptive effect of the decision
in this case upon the interests of
the States and the problems of
law enforcement presented by the
which State regulation
,
decisions which we feel were not
foreseen
given
the Court or
consideration."
by
sufficient
regulation or to
combination thereof, to the ex¬
tion
a
Federal
to
tent desired by
States by this
State
jurisdiction
be
consideration
by the
It also raises the
the constitutional is¬
by less than a majority of the
whole Court.
The
says
business
and, therefore, subject to the po¬
lice power, with the result that
during this long period of time a
full and complete system of State
regulation of the business of in¬
surance has
developed in the 48
wms
commerce,
petition
of
the 38
States
We shall not fail and, in
long
the
shall see that it will
rank and file
run, we
be the efforts of the
—of
men
and
women
we
repre¬
sent—which add up to the sum
of
which, after many starts
and trials, has crystallized in the
philosophy that solvent insurance
be fur¬
shall
rates
reasonable
at
nished without discrimination be¬
the
of
class and hazard."
same
.
risks
and
insureds
tween
38
The
States
the
on
petition
are:
Arkansas,
Arizona,
Alabama,
Connecticut, Delaware,
Colorado,
Idaho,
Georgia,
Minnesota,
igan,
Illinois,
Mississippi, Ne¬
braska, Nevada, New Hampshire.
North
Dakota, Ohio, Oklahoma, Oregon,
New
Jersey, New Mexico,
Pennsylvania, South Dakota, Ten¬
nessee,
Texas,
Utah,
Vermont,
Virginia, West Virginia, and Wis¬
consin.
which
from
Sixth
War
November
sale
20, 1944. The
will
bonds
of
28
will
Loan
$5,000,000,000
the
Sept.
$14,000,000,000,
be
of
come
to
indi¬
said
Secretary
that
sub¬
scriptions for Savings Bonds and
Savings Notes processed through
Federal
Reserve
tween November
31
will
be
Banks
be¬
1 and December
counted
towards
the
of
some
items in
ordnance
ness
during the drive. Deposits at nonreporting
banks
probably
in¬
creased by nearly 2 billion dol¬
lars.
Treasury war loan accounts
shoe, at banks declined by nearly 8
ing declined.
the
increased-in
Output
and paper
August following a
worsted,
and
woolen
industries
in
in
July
which
reflected
chiefly the curtailment of oper¬
lowances
in
cities
foods,
of
war
purposes
was
of
fire
Pro¬
in
the
48
the field where Congress
legislative power—
the District of Columbia.
ply in
has exclusive
holding that the
busi¬
of fire insurance, has denied
"This Court, in
Sherman Act applies to the
ness
during this period.
announcement
also stated:
mission of the
American Bankers
Association
27.
"The
nation," A. L. M.
of
banks
on
the
preceding month.
foreword, "have performed an
service in financing
war,
production.
About
1,400
banks participated in the V-Loan
program which largely served the
prime and first tier subcontrac¬
a
outstanding
It
tors.
jority
the
that
believed
is
T-Loans will be those below
tier
subcontractors,
ma¬
requiring
contractors
of
and
first
conse¬
quently many more banks will be
called
to participate in this
upon
important program."
-
■,-*
,
-
,
added
are
the
that
equipped through their corre¬
spondent banking system to share
the knowledge acquired through
financing ' war
production, and
thereby participate efficiently in
contract
loans.
I
The
has been at
1935-39
the
highest level on record.
average
texts
Carloadings of railroad freight
were maintained in large volume
During the first three
September
loadings
in August.
in
of
No.
1
1944,
General
to be offered
during the drive
philosophy of State regulation
by substituting the principle of
and which
unrestricted competition for regu¬
ily by large investors and corpor-
the
in
the
of
dle
August
goods
industrial
such
increased.
prices of
■
ations
will
are
purchased primar¬
be
on
sale
from
De¬
terms
and
year ago,
a
according to the
index.
of Labor Statistics
marketable
major
were
this
crops
improved during
at
a
year
expected to be-
during
1943, have
securities will be
an¬
August
as
that
to
record
increase
an
dollars in the Gov- j
Federal Reserve Banks and there
also
j
slight increase in Re¬
a
Excess re¬
Bank discounts.
declined
serves
;
j
security portfolio of the
from
an
average
level of 1.4 billion at the close of
the
a
drive
to
somewhat less
billion by early September.
than
T
•
N. Y, Commerce
Alfred
P.
level
earlier:
Sloan,
Groups
Chairman
of
the General Motors Corp., will address the first fall
of
Commerce
the I
of
At
li¬
the business session preceding the
§
State of New York
speaking,
military
States;
tracts
reports
training
Oct. 5.
on
universal!
the United!
on
in
termination of
and
Commission
the
War
war
con-
Manpower
controlled
referral
15%
declined in July and
about the
same
prevailing last year.
level
|
meeting of the
higher than plan will come before the mem¬
first six months of bership for action. Leroy A. Lin¬
and
the
the
nounced later.
are
Market¬
of livestock products, which
the
concerning
characteristics
billion
ernment
Chamber
Agriculture
of
details
for
Sloan To Address
,
prices of food and other
of
living
items
increased
cost
ings
cember 1 to December 16.
through
largely
1.7
reserve
needs
bank
due to these factors were
reserves
met
absorb
to
Member
funds.
of
further decrease in gold
served
Retail
larger than last season.
answers.
some
stock
mid-September.
billion dollar in¬
in circulation
a
money
cotton
as
>
Contract
of ques¬
j
bricks were
cement, and
fabrics,
middle of
the
to
Maximum
September.
Regulation
form
and
serve
prod¬
showed
small
seasonal decreases from the mid¬
foods
and
ucts
in
crease
Prices
Commodity
Wholesale prices of farm
the
of the Director of
addition,
was
Bureau
Act
mil-
period, re¬
and
Drive
Fifth
In
termination slightly in August arid"the aver¬
age of all items was 2% higher
contains
the
over
department
the
full than
of the Contract Settlement
manual
dollars
decline of 800
flecting
mainly substantial bill
store sales by reporting banks partially
the Board's offset by some increase in bond
index, was holdings.
larger in August and the-first
As the result of the increase in
half of
September than in the
deposits of businesses and
in¬
first half of 1944 and averaged
dividuals, the average level of re¬
12%
above
the
corresponding
quired reserves at all member
period of last year.
In the third banks rose by about a billion dol¬
quarter the index at 90% above lars between the close of the
of
Value
weeks
nation's banks
net
a
sales, according to
seasonally adjusted
points out that were slightly less than during the
it is estimated that approximately same period a year ago, owing to
one
million war production con¬ decreases in all classes of freight
tracts will be terminated, in whole except merchandise in less than
or
in
lots
and
miscellaneous
part,
as
victories
are carload
achieved
in
the
European
and shipments.
is
showed
lion
Distribution
The Association
products when their war produc¬
tion contracts are terminated.
It
holdings
security
month last year.
Sept.
Wiggins, President of the Ameri¬
can
Bankers Association, says in
Further
The marketable securities which
are
i
offer to exchange
maturing on Septem- j
ber 1 and notes maturing on Sep- '
j
tember 15 for new issues. Loans
Treasury
certificates
giving
-
Secretary's
!
,
participate in the
the purchase of procedure
bonds
acquired
by weekly or tions and
semi
monthly
deductions from
The
j
the
through
their pay
and early September
information
Minerals output in August rose to others for
purchasing and carr j
contract termina¬ -2% from July, reflecting increases
rying securities declined steadily,
tion loan program has been sent in
coal
and ; crude
petroleum. but on September 13 were still |
to
all the banks of the .United Crude
petroleum production was well' above* the" ^"ie-drive" level.
States by the Credit Policy Com¬
at
a
rate 11%
above the same Government
manual
A
regarding
be permitted to
drive
of
late August
the
nondurable goods
maintained at the level of the
Crop prospects
insurance
level
presumably associated with market transactions stemming from
and output of about
reported.
carrying
and
purchasing
approximately equal to
the
pre-drive
period.
There was, however, a temporary j
increase in
such borrowings in
a
that
50,000,000 proof gallons of bever¬
was
for
deal¬
Government securities declined to
of August from pro¬
industrial alcohol for
month
duction
Loans to brokers and
dol¬
declined by 2.2 billion
ers
ing decreases in output of meats,
dairy products, and sugar prod¬
ucts.
Distilleries were shifted for
the
period loans and
weekly reporting
in
101
leading
lars.
August, largely reflect¬
clined
at
banks
member
after al¬
for seasonal changes, de¬
manufactured
same
investments
Output
ations around the Fourth.
the
In
drop
of
dollars.
billion
a
States but did not intend it to ap¬
three-quarters of the
over
August; aircraft production show¬
ed little change; while shipbuild¬
uation that Congress
Serman Act
by
close
the
mid-September,
and
drive
nearly 4
by
between
amount of reduction in such funds
remarkable sit¬ drive in order that the millions Settlement, the T-Loan Guarantee
intended the of persons employed in the na¬ Agreement, the T-Loan Agree¬ August ancl the early part of Sep-:
tember
and
harvests of mopt
to apply to the busi¬ tion's industrial corporations may ment and
interpretations of the
"Surely it is
dollars
the
or
duction of other
Termination Loan Program
financing
viduals.
The
Explains Contract
capital invested in in¬
ventories and partially completed
Secretary of the Treasury Moron
critical
increased
cities
billion
and
tanks,
trucks,
heavy
other
working
Start November 29
announced
were
Japanese war theatres. Many con¬
tractors will have most of their
Sixth War Loan To
genthau
ABA
ing
level
the
at
during the drive.
demand and time de¬
posits at member banks in lead¬
Adjusted
preceding month.
There
large increases in output of
age-spirits
local
a
States
the
in part:
tion.
to
for
Court,
tional view that insurance was not
question
full
of deciding
sue
should
economies
strike down
75 years, has
steadfastly held to this constitu¬
"This
will
certain
help the na¬
sonal
ance.
on
the
individual savings in mutual
and other institutions—by invest¬
ment in the war loans—and per¬
accounts built up
the
of
by
decision, and in no
to
necessary
goal
and
within
books
the
of
representative average
citizens have done a splendid job
victory and a better day ahead
for everybody."
the
Mr. Roberts is President of the
present system of State regulation Philadelphia Saving Fund Society,
by holding that the Serman Act holding
more
than $440,000,000
applied to the business of insur¬ d eposits.
.r;;
'■ : YY;.: ■■
it
start
established
State
Pacific, but at least we may
event, pending this transition, was
former long
basis for
of
overturning
Court."
Congress, could so
easily have been effected without
the
burden
imposed upon the
the
given
State regula¬
"A transfer from
that
full
the enactment of
appropriate legislation.
petition
declares that "we believe that the
York
New
The
is
Louisiana, Maine, Maryland, Mich¬
and is subject to
has
of insurance
business
the
that
subject to Federal regulation, and
Indiana, Iowa, Kansas, Kentucky,
is
have
shall
we
Our
Court, in holding that
"this
that
the
year's
prolonged troubles in
further and
half
Florida,
38-State
The
Doubtless
end.
the
before
Europe
continued
expenditures made
by the Treasury from its war-loan
fabricating
metal
thd
in
of
businesses
largely a re¬
is
individuals
flection of the
output of nonferrous metals con¬
to decline.
Over-all, ac¬
industries
War
Fifth
the
of
This increase in the
holdings
money
and
tinued
tivity
hope for good news
us
1944.
so
asserts
hearing.
from
of
clear
been
have
petition
on
"All
easily
could
which
Sept. 14
for re¬
York,
separate
a
operations." He likewise said:
avoided had the Court merely said
petition
39th State, New
filed
States, the Court has presented
a
the
at
has not acted to regulate the
of fire insurance in the
possible this greatest of financial
business
48
left to Congress
is interstate commerce.
'the little woman,' too, have made
the fact that Con¬
of
view
v^T'Vy---?
Bank
Banks,
at
Credit
Bank
Board's
The
prices.
for the 48 States upon
cago
Systems in its
of general business and financial conditions in the United
States, based upon statistics for August and the first halt of Septem¬
speaking
Buffalo, N. Y., on Sept. 28 be¬
fore mutual savings bank officers
Savings
Federal Beserve Board Reports
of Governors of the Federal Reserve
Board
summary
Europe, our
economy
must be
internal
studied
the
see
we
day
brighter
said
~~~
18. stated:
an
Washington Sept.
Associated Press advices from
tinue until Nov. 14,
that
"Now
a
Activity Uncfiaitged In August y
Y
^ v
on
was
dicated that they
by
litdissfrial
Galls intensive
Exempt Insurance From Anti-Trust Laws Savings Vilal To
bill, previously approved by the House, to exempt insurance
Entire Economy
anti-trust laws',
approved
Sept. 18 by the Sen¬
business from
ate
Thursday, October 5, 1944
THE COMMERCIAL & FINANCIAL CHRONICLE
1514
coln,
the
President,
meeting
at 65
will
preside
which will
Liberty St.
be
at
held
'
Volume
THE COMMERCIAL & FINANCIAL
Number 4322
160
Hational Fertilizer Association Commodity Price
index Advances To lew Ail-Time
High
The Association's report went on to say:
period of last year.
V:
made
and
extent and nature of his resources.
this
doctrine
the
war,
enterprise,
be.
system of private
we know
it, will
as
the defensive. The veteran
on
just returned to America will not
be
satisfied
that
ances
with
vague
assur¬
will have prosperity
we
perhaps a
job
and
a
He will want
year.
he
.will
it
want
sharp upturn in the general price level last week. The
products group reached a new high level as higher prices were
The only price to decline in this
a
promptly.
Now,
in? bringing - about the
proper functioning of private en¬
group was "good cattle."
The foods; group, also reached a. new high terprise in the period of readjust¬
peak as definite increases were registered for. eggs and flour.
The ment" following the war, banking
only decline in this group was a fractional one in the price of oranges. must play a very vital part.
It
The textiles group moved into higher ground and reached a new all- occupies a key position.
It is one
time high as a result of higher quotations for raw cotton and combed of the most potent weapons with
farm
.quoted for wheat, rye and lambs.
broadcloth.
week
Scrap
The
causing the metals index number to recede fractionally.
change
only other index number to
advanced
which
slightly.
the week
During
.
the third-consecutive
prices declined for
steel
the farm machinery one
was
,>•
<
index advanced and 8
price series in the
9
declined; in the preceding week there were 7 advances and 5 declines;
in
and
the
second
declines, f
f
•
v"v'
INDEX
Association
1935-1939= ioo* ?
>
v-yjr::yy
Each Group
Bears to the
:
'
Sep. 30,
Group
•
Year
Month
A<r0
Apo
Oct. 2,
Sep. 2,
Sep. 23,
1943
140.2
private
145.1
146.5.
business
159.6
163.1
162.4
162.4
161.7
157.2
200.9
204.7
194.7
155.8
153.9.
158.4
—
159.6
-—.•—,
1944
156.6
-
*
Farm Products
f.-YV
—
Cotton
•
—
—
Grains.
Livestock
—
152.2
130.1
130.1
122.8
132.2
132.2
131.4
154.0
152.9
150.5
104.2
104.3
104.4
154.0
154.0
"
8.2
Metals
6.1
1
Textiles
7.1
;
Building materials
1.3;.
,
_
154.0
and
,
Farm
127.7
118.3
117.7
119.9
119,7
119.8
104.7
104.5
104.5
104.1
138.5
135.8
"Indexes
2.
——
machinery
—_
All groups combined
100.0
;
126.9
118.3
—
Fertilizers
.3
—
126.1
138.8
drugs
Fertilizer materials
118.3
119.9?f
Chemicals
.3
.3
W:
Oct.
;—
1943.
base
1926-1928
on
105.8.
were:
Sept.
30,
1944,
108.5;
Sept.
108.1,
23,
and
■^■yy-yy-i.^r.y
new
telegraphic reports which
it had
Oct. 2 announced that
on
received
indicated
ating rate of steel companies having 94%
the
that
oper¬
of the steel capacity of
of
The
activities.
money
products,
processes, new
likewise
bankers
institution.
lic
is
tion
long
to
Its
Donald
so
us
pub¬
primary func¬
public,
Not
Nelson, Chair¬
of the War Production
in
a
the
serve
ago
Let
bank is
a
new
Must not
plan?
forget that
never
Board,
words:
many
"We
The
one
week ago, 95.1% one month ago and 100.8%
operating
rate
for the
week
beginning
Oct. 2
equivalent to
1,719,600 tons off
steel
ingots and castings, com¬ two important instances.
On rel¬
pared to 1,710,700 tons one week atively
small
tonnages
better
ago, 1,710,700 tons one month ago promises can be obtained where
and
:
1,756,900 tons
"Steel" of Cleveland, in its sum¬
of the iron and steel
mary
kets,
;•
one year ago.
mar-
Oct. 2, stated in part
on
as
follows:
-
civilian
for reconversion
goods
pectation of
generated
an
by
to
ex¬
Europe has been some¬
damped by recenL devel¬
opments
the
and
observers
industry
take
ahead.
of
the
should
in
beginning
are
account
war*
able
<
Should
situation
extend
into
the
to
if
or
such
entirely possible
that
renewed
buying of scrap
might be necessary, as few con¬
have
sumers
last
sufficient
stock
to
through the winter and have
been
keeping inventories low in
expectation of a sharp ' reduction
in
steel
demand.
war
of
ance
the
months
mills still
can
galvanized
on
grade is avail¬
late April and May.
before
an
tightness in sheets and
easier situation in plates some
observers look forward to release
of
continuous
some
strip
mills
rolling plates, to production
sheets, to equalize the situ¬
now
of
ation.
that there
are
And
I
good
a
have
surmise
many
peo¬
ple in
government
today who
woiild be only too glad to have an
do
to
excuse
all
it
if
given half
chance;
Continu¬
foundries
tion
as
increasing consump¬
slight improvement in
and
per
with
cheaper
iron
to
Producers
that
signs
and
a
from
results
man
weather.
production
better
some
abundant
more
scrap
scrap
coler
see
the ratio of pig
be changed
may
nearly normal basis
period in which pig iron
more
after
backs
obtainable.
in
war
demand
and
munitions
new
contracts
for
armament
and
to
might bring
provide contin¬
uing supply.
'
Up to this time
replaced
A
actual change
reflection
ore
fact
the
in attitude of steel producers and
consumers has resulted from this
Change of sentiment but
current
have
an
an under¬
discernible which may
effect-soon.
is
when
scrap
tion in iron
the
no
a
the
was
un¬
good posi¬
stocks is found in
ore
that
number
was
of
it
during
of
September
vessels carrying
reduced from 303 to 293,
Sheets continue the tightest de¬
partment of the market, with most
producers
March
quoting February and
which
the
tion
of
Mr.
Edwin
them¬
problems.
post-war
Fisher
Says
of
Barclay's
employment is our
"Full
policy
Bank,
banks
make toward the solu¬
can
declared
and
our
ardent
desire."
We
all
know
how
conservative
English banking has always been.
Yet Ave find Lord Warclington of
Lloyd's Bank pointing out that
the banks in England are now so
liquid that they could take a more
a
of
view
elastic
what
constitutes
legitimate banking loan.
of
true
many
in America
here
of
our
Is not
banks
today?
conservative
decline
price
$17.16,
for
a
carried
in
the
scrap
steelmaking
average
scrap
to
drop of 25 cents during
has
suggested in Eng¬
financing
might be for the banks to act to¬
gether in the share capital of one
or
Times"
method of
one
formed
institutions
more
to
work
separately for certain types
of post-war financing.
No doubt
the suggestion of the American
Bankers
Association
concerning
regional credit pools is a proposed
American adaptation of the Eng¬
lish idea.
in
bear
must
mind,
of
course, that banking conditions in
England are very different from
those here in America. There it is
chiefly conducted by several very
large institutions with branches
throughout all of England.
The
means
of meeting
the problem
here in America
may
well be,
therefore, very different, but the
problem to be met and the
sity
of
meeting
neces¬
remains
it
the
same.
Certainly
the
solvency of
and
soundness
of
many
institu¬
our
tions here at home would
justify
their setting aside a certain per¬
centage or proportion of their
assets to
be used
venture cap¬
as
ital
or
you
choose to call it.
risk
mind
capital,
whatever
Bearing in
responsibilities
our
the
or
banks will be called upon to meet,
a
conservative course would be
further
enlarge their capital
funds and to strengthen their po¬
sition for the future by continuing
to
restrict
dividends
their
reasonable
level
the
to
generally
pre¬
vailing at this time.
Suppose
certain community
a
the business.
rowed to start
that there
suppose
properly lend
are
entire
the
a
amount
required, but the six banks act¬
ing together could readily do so.
Why should not all of the six
contribute for this purpose
banks
such
proportion of capital as
and
solvency
would
a
nesses
which
down.
It
or
have
states
there:, will
to reopen busi¬
that,
doubt
no
shut
been
although
be
permit? Of course, there would be
problems to work out, such as the
allocation
of
deposits and the
representation of the banks in the
management.
The best qualified
locally, regardless of his
particular bank affiliations, should
person
the
be
local
be
selected.
man
Instead
of
jealousies, there would have
teamwork for the good of
community.
But as I
when
business
must be this
legitimate
this
kind
of
"Times"
The
continues:
the
how
work
is not
so
our
serve
The
banks
their
continue
to
are
to
is to be done but
ing
the
after
special
problems
country
returned from the
start
a
war
repair
bank
must
who wishes
or
viduals.
Recent
a
predicts
and
the
small group
of indi¬
legislation in the
Congress for the benefit of return¬
ing veterans
now
legitimate loans
government
amount,
The Midland Bank
shop,
needs of the in¬
legitimate local
dividual
war years
that time."
democracy
lies
in
the
land.
<
It
business, in the farm¬
er, the mechanic, the shopkeeper,
the small merchant, in the coun¬
try bank and in the small city
bank.
May the day never come
when local requirements must be
supplied by the government and
not by the banks of their own
communities.
be
age to
May our
citizens
placed in financial bond¬
Washington.
Up to the present time
nite
solution
of
the
must
be
is the
found
defi¬
no
problem has
finally been reached.
A solution
shortly.
So firm
conviction in certain quar¬
ters that private
banking will not
provide the necessary credit, that
legislation has been prepared for
introduction
in the Congress at
time providing for
such credit. Together with their
continued splendid service in the
financing of the war, let the bank¬
the
proper
of America
ers
effective
develop promptly
to finance
the end that unem¬
ployment may, to a large degree,
be privately averted. - Let them
develop an adequate program of
an
program
the peace, to
private financing before Congress
is compelled to develop one of
public financing.
But
if
;
bankers
our
here
in
America
are
to adopt the view¬
point of the English bankers, what
will be the attitude of the super¬
visory
and
authorities, both national
Will they lag behind
state?
progressive
trend
of
the
they render the banks
impotent to
combat
unemploy¬
times? Will
I
believe
but
up
our
makes possible
to
them by the
to
a
that
banks
our
are
ready, willing, and able to finance
our post-war requirements.
Sel¬
dom, if ever, have they held assets
of such high quality and liquidity
as
they do today.
Their capital
have
structures
continued
to
ex¬
pand, but their policies and opera¬
tions today
are
regulated, con¬
trolled
and
distinct
influenced
by three
agencies as well
Federal
by the State banking systems.
If
an enlightened and
progressive
policy is to be adopted, the team¬
work of all will be required.
Two of the federal
supervisors.
insures
chief
agencies are
third, however,
The
deposit liability. Its
is
protection
your
objective
against loss and its policies must
naturally be colored by the insur¬
ance
eral
do
point of view. Now,
company
branches of the Fed¬
to have two
Government
it
the
or
then
have
it"
do
"You must
say,
Government
a
third
will
say,
never
will"
"you
solve
anything.
communities.
small
"The
much
corporations, large aggre¬
capital, mass produc¬
of
lies in small
cannot
to
significant thing
a
if
other
that the banks stand ready
pro¬
balance.
consequent
low
cost
and large employment
necessary part of this indus¬
and
their share.
do
to
would
with
cooperation if small private busi¬
ness is to be locally financed and
agencies besides the banks to help
finance
the restarting of peace be prepared to do its share in fi¬
activities, it
is
encouraging to nancing the farmer, the mechanic
know
modern
more
future
trial age, but the real strength of
as
it,
businesses
Great
tion
the
the
ideal
gations
Let
half
dozen banks in
the community.
No one of tbem could safely or
us
houses will have to needs arise, there
built, capital furnished to de¬ sort of teamwork,
new
with
of
an
enterprise with able man¬ ment
by adhering too strictly to
and every prospect of the formulas of the
past? I hope
success.
Its
payroll would give not. New conditions
require new
employment to a number of per¬
formulas,
new
standards,
new
sons, thus increasing the prosper¬
viewpoints. We who are called
ity and well-being of the entire upon to
supervise must have them
community. A reasonable sum of
just as our banks must have them.
money
would have to be bor¬
to
with which to start
men
the
enterprise could
a new
vision,
agement
see
men
vide
to
entire
mobilized
past
spirit
never
We
the war, new
be
the
are
been
land that
men, men of
A- products
AA? 'A:,;'!''A
the
of the
and are not fight¬
ing shy of the prospect of having
to adapt their loan policies and
practices to the circumstances of
has
character and integrity above col¬
lateral..
It
new
young in spirit and in viewpoint.
A mixture of the conservatism of
J. P.
"London
engaged in transportation of grain.
Continued
Morgan, the elder,
was the outstanding banker of his
day and generation.
He placed
today?
points out that following
The
that the banks are already study¬
prices
America
soundness
the ten vessels thus released being
1
.
reading
bution
selves
are
manpower
and
Upon
this
beyond former
expectations also would limit cut¬
1
some
March
few
a
Pig iron demand holds well and
eventuality
an
to pass it is
come
While
for
With the
through the winter.
■
only
sheets little of this
early end of hos¬
tilities in
steel
promises
promise
Enthusiasm
what
spot openings appear.
In general
sheet
mills
can
make
definite
strange
a
in
—an
government will
them."
meet
compared with 95.1%
ago.
like
here
us
otherwise,
to
the
"London
Times," I find that in their re¬
cent annual reports the chairmen
of most of the principal banks in
England dwell upon the contri¬
year
sound
to
be located in
a
one
that
hope that the needs of the post¬
world can be privately met—
war
the industry will be 95.6% of capacity for the week beginning Oct. 2,
is
Does
legitimate
markets for the future.
said
The American Iron and Steel Institute
financing
forthcoming. The
only question is whether govern¬
ment must supply it or whether
our bankers can and, if they can,
to what extent. Every wide-awake
businessman
today
is planning
man
.Steel Operations Slightly Higher^Sheets
Maintain Lead, PlatesEasing—Scrap Declines
to
must and will be
152.5
Fuels
Miscellaneous commodities
132.2
155.4.
17.3
10.8
"
come
place greater emphasis upon re¬
employment — upon the preven¬
tion of unemployment through the
156.8
—
Cottonseed Oil
23.0
of discussion in the
press, by the various chambers of
commerce, by manufacturers and
by public officials concerning re¬
construction, reconversion, rene¬
gotiation of contracts and so on. I
140.7
1944
,
—
Fats and Oils
•■\\i
unemployment
private enter¬
great deal
a
144.1
:1944
,
Foods
combat
through enabling
prise to function. If banking can
only do its part, the future of pri¬
vate enterprise, politically and in a
business sense, is bright. We hear
142.1
Total Index
25.3
to
which
believe that the time has
•
Latest Preceding
Week
Week
«<
'.'A,?*'-
PRICE
The National Fertilizer
by
Compiled
and 6
advances
7
A'iA f ; UP A
^
WHOLESALE' COMMODITY
WEEKLY
/
week there were
preceding
tors
here in America for any period of
time following the conclusion of
in
Marked advances in the farm products, foods, and textile groups
resulted in
important that there begin to be
upon their boards of direc¬
placed
(Continued from first page)
index, compiled by The
public Oct. 2, showed a
marked advance to 139.3 in the week ending September 30, as com¬
pared with 138.8 in the preceding week, due to agricultural gains
which brought the index to a new all-time high.
A month ago this
index registered 138.5 and a year ago 135.8, based on the 1935-1939
average as 10.0. The index is now 2.6% higher than the corresponding
Association
Fertilizer
1515
Banking And Unemployment
^
The weekly wholesale commodity price
-
National
CHRONICLE
I
believe that
prompt
mutual
agreement. I propose that a con¬
ference
where
held at
be
accredited
an
early date
representatives
of each of the three Federal agen¬
cies,
of the National Association of
Supervisors
of
State
Banks
and
representatives of the bankers can
seek
sound
mutual
and
certain adequate
banks must be
entire situa¬
the
for
calls
tion
agreement
workmanlike
post-war
the banks of
our
upon
financing
nation.
a
plan for
by
The is¬
sues at stake, the problems likely
sup¬
prepared to do the rest.
enterprises
Now if the banks are to assume to arise from future unemploy¬
based as much upon the charac¬
position on cold-rolled, although $56.73, semifinished steel at $36, ter,
the new duties and the new re¬ ment, are too great to permit of
integrity, and business capa¬
January can be done in at least1 and steelmaking pig iron at $23.05. city of the borrower as upon the sponsibilities of another era, it is either disagreement or delay.
er
on
hot-rolled, several larg¬
mills being in about the same
the week.
ished
The composite for fin¬
steel
remains
steady
at
port
for
.
.promising
.
Thursday, October 5, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
1516
The increase,brought the all-commodity-index to 103.7% .of.
'lings**
corresponding Week Of August and
Moody's Bond Prices And Bond Yield Averages :tw"i'92o' ievciy uJ%; aooV6" xhirof September, last year," according
higher than at the end
End
0.8%
prices
bond
given in the following table.
computed
Moody's
bond yield averages are
and
PRICESt
(Based on Average Yields)
1944—
U. S.
Avge. '•
Govt.
Corpo¬
:.
.
•
•
•
Corporate by Groups*
Corporate by Ratings*
•'^
which continued:
the report,
to
Foods—Led by
and
Products
"Farm
MOODY'S BOND
r.
.
increase
an
of
for
1.2%
grains, particularly wheat and oats, average prices for farm prod¬
ucts in primary markets rose 0.6% during the week.
In addition,
Bicycle Rationiiig
In announcing on Sept. 23 that
.
rationing of bicycles was ended
that day by the Office of Price
Administration, OPA Administra¬
tor Chester Bowles said that "this
•:
119.45
112.56
1)8.60
117.00
112.56
103.13
106.74
114.08
2-—
119.50
112.56
118.60
117.00
112.56
103.13
11.9.50
112.56
118.60
116.80
112.56
103.13
103.13
106.74
106.74
106.74
106.92
106.74
106.13
106.74
106.74
106.74
106.74
106.74
106.74
106.74
106.74
114.08
114.08
114.08
114.08
114.08
114.08
114.08
114.08
114.08
114:27
apples, citrus fruits, hay and action was taken because so few
117.20 potatoes. Lower prices "were reported for cotton, for steers and live bicycles are on hand, and so few
117.20 poultry at New York, and for onions and sweet .potatoes.
In the scheduled for production that ra¬
117.00
tioning now serves little useful
117.00 past four weeks average prices for farm products have risen 0.8%;
purpose." He added:
117.00 they are, however, 0.8% lower than at this time last year.
117.20
"We began bicycle rationing in
"The 2.7%
advance in prices for fresh fruits and vegetables
117.20
(chiefly apples, citrus fruits and potatoes) largely accounted for an May, 1942, with a national stock¬
117.20
117.20 increase of 0.5% in average prices for foods at the primary market pile of about 200,000 bicycles. We
117.20 level
during the week ended Sept. 23. Minor price increases were have been rationing this stockpile
117.40
117.20 reported for cured pork, and for flour in some areas. Oatmeal, on plus the Victory model produc¬
117.20 the contrary, declined 5.0%. Average prices for foods have advanced tion. Now the stockpile is gone,
117.20
0.3% since the latter part of August, but are 0.6% lower than at and current production is too low
117.20
106.74
106.74
103.74
114.27
114.27
117.20
117.20
114.27
117.00
106.74
106.74
106.74
106.74
106.74
117.00
117.00
117.00
117.00
117.00
117.20
117.20
117.2D
Dally
Oct.
3
Sep,
30
29--1-
119.50
112.56
118.60
28—
119.28
112.56
118.60
116.80
112.56
119.28
112.56
118.60
117.00
112.37
103.13
119.30
112.56
118.60
117.00
112.37
103.13
25__;-
119.30
112,56
118.80
117.00
112.37
103.13
23-
119.30
112.56
118.60
117.20
112.37
103.13
22
119.22
112.56
118.60
117.20
112.37
21—
119.20
112.56
118.60
117.20
112.37
103.13
103.13
20—
119.33
112.56
118.60
117.20
112.37
103.13
19—
119.39
112.56
118.80
117.20
112.37
103.13
27
v
26
;
—
18
+
IS
•■
112.56
103.13'
103.13
112.19
119.42
112.56
118.80
117.20
119.42
112.56
118.80
117.20
112.37
103.13
119.42
—
——
15—
j
116.80
112.56
118.80
117.20
112.19
103.13
112.19
103.13
14—-
119.43
112.56
118.80
13—
119.48
112.56
118.60
117.20-
112.19
103.13
12—
.
.
117.20
119.39
112.56
118.80
117.20
112.19
103.13
112.19
103.13
114.08
114.27
114.27
114.27
6—-
119.64
112.56
118.80
117.20
112.19
103.13
.106.^4
112.56
118.80
117.20
112.19
103.13
106.74
114.27
114.27
114.27
114.27
114.27
114.27
114.27
114.27
119.45
112.56
US.C0
117.20
9——
119.47
112.56
118.80
117.20
112.19
103.13
8—
119.48
112.56
118.80
117.20
112.00
103.13
7——
119.63
112.56
118.80
117.20
112.00
103.13
11-
5——
119.64
4
Stock
Exchange
2.
Stock
Exchange
119.84
.
117.20
112.00
103.13
112.75
118.80
117.40
112.19
103.30
106.74
114.27
117.20
112.37
103.30
106.92
114.08
117.20
117.20
changes
Commodities—Few
"industrial
Quotations for sheepskins were off about 2%.
types of Douglas fir lumber; except timbers, declined and prices
also lower for maple flooring.
Rosin continued to advance
Most
were
area."
ceiling prices in the southwestern
in its
the following notation
Department included
Labor
Boards
.
and
the
Rationing
with ra¬
public
.
_
OPA also said:
The
,
"Although
bicycles are taken
rationing by today's action, bi¬
cycle dealers
all
report:
Price
and
tioning."
off
required to hold
are
records of rationing sales, in¬
caused by price con¬ ventories, etc., for six months.
Today's action has, been taken
the Bureau of Labor Sta¬
with the concurrence of the War
changing prices.
Indexes
Production Board."
(*), however, must be considered as preliminary and subject
Washington advices to the "Wall
adjustment and revision as required by later and more com¬
Note—During the period of rapid changes
119.84
112.56
118.60
117.00
112.37
103.30
106.92
114.08
112.56
118.80
117.00
112.19
103.30
106.74
114.08
117.23
120.10
112.37
118.60
116.80
112.19
103.13
106.56
114.27
117.00
marked
106.56
114.27
117.20
to such
I
21_——;—
120.18
112.56
118.60
117.00
112.19
103.13
14
120.23
112.56
118.60
117.20
112.19
103.13
106.39
114.08
117.40
7
120.27
112.56
118.60
117.00
112.37
102.96
106.21
114.08
117.40
June 30
120.15
112.37
118.60
116.80
112.00
102.80
106.04
113.89
117.40
..
120.13
—
16__
112.19
118.40
116.80
112.00
102.63
106.04
113.89
117.20
120.01
23
result of higher
prices for cement rose fractionaly as a
and average
War
our
trols, materials allocation, and rationing,
tistics will attempt promptly to report
—
4
23-—-
industrial
in
occurred
commodity markets.
117.20
118.60
to make it worth while to burden
the end of September 1943.
120.08
11
July
118.80
106.74
112.56
119.89
18——-.
quotations were higher for cows, eggs,
The
Closed.
Closed.
112.56
119.81
1—;
Aug. 25——'—
■;
Indus.
P. U.
R. R.
Baa
A
Aa
Aaa
rate*
Bonds
Averages
112.19
118.40
116.61
112.00
102.63
105.86
113.70
ll i.z J
111.81
102.46
105.69
113.89
117.20
111.81
102.46
105.86
113.89
117.00
9
119.88
112.19
118.60
116.61
2
119.99
112.19
118.60
116.80
26—
119.66
112.19
118.40
116.80
111.81
102.30
105.86
113.89
117.00
May
28
119.35
111.81
118.40
116.61
111.62
101.47
105.34
113.70
116.41
Apr.
111.44
118.20
plete reports.
Street Journal" of Sept. 25
'
•
index numbers for the principal
groups of commodities for the past three weeks, for Aug. 25, 1944
and Sept. 25, 1943, and the percentage changes from a week ago,
a month ago, and a year ago,
and (2) percentage changes in sub¬
group indexes from Sept. 16 to 23, 1944.
116.22
113.70
"
following tables show (1)
The
WEEK ENDED SEPT.
1944
23,
that
stated
bicycles may be produced for
civilian
put,
the
has
with
interfere
not
manufacture
if their
use
does
out¬
war
Production Board
In part these advices
War
ruled.
stated:
100.81
104.66
Feb.
25
120.21
111.25
118.20
116.41
111.07
100.32
104.31
113.50
116.22
Jan.
28
119.47
111.07
118.20
116.22
111.07
100.16
104.14
143.31
116.41
Percentage change to
ing
112.75
118.80
117.40
112.56
103.30
106.92
114.27
117.40
Sept. 23, 1944 from
amended limitation order L-52 to
120.44
119.68
Mar. 31——
1944
High
116.41
111.25
119.20
110.70
116.22
110.88
99.04
103.30
1943—
120.87
111.44
119.41
117.00
111.81
99.36
103.47
114.27
117.40
113.89
108.88
92.35
97.16
111.81
114.46
111.25
98.73
116.35
107.44
120.62
110.88
119.00
116.22
117.39
1943—
Dow
118.20
116.80
1943
2,
—
107.27
117.00
113.89
9-16
8-26
1944
1944
1943
1944
1944
*103.6
*103.5
102.9
+ 0.1
+ 0.2
122.1
122.2
121.8
123.8
+ 0.6
+ 0.8
—
122.8
All commodities-
—
products
1942—
3,
(Based
'
U. S.
1944—
Oct.
3
Aa
Aaa
3.35
2.95
2.79
2.95
2.79
2.72
2.81
3.03
3.56
3.35
2.95
2.80
2.81
3.03
3.56
3.35
2.95
2.80
3.03
2.72
2.81
3.03
3.56
3.34
2.95
2.80
All
2.80
3.04
3.56
3.35
2.95
2.79
2.80
3.04
3.56
3.35
2.95
2.7.9
2.80
: 3.04
3.56
3.35
2.95
2.79
3.04
3.56
3.35
2.95
2.79
3.03
3.03
2.72
3.03
2.71
1.85
3.03
2.72
2.79
1.86
3.03
2.72
2.79
,
2.95
3.35
3.56
3.04
All
farm"products and foods
2.79
3.03
2.72
2.79
3.04
3.56
3.35
2.95
1.85
3.03
2.72
2.79
3.04
3.56
3.35
2.94
2.79
3.03
2.71
2.79
3.04
3.56
3.35
2.94
1.83
3.03
2.71
2.79
3.05
3.56
3.35
2.94
2.94
2.79
Fruits'and
1.83
>. 3.03
2.71
2.79
3.04
2.71
2.79
3.05
U
3.56'
3.35
3.03
3.35
2.94
2.79
0.1
—0.2
—0.1
+
3.0
0
—0.4
+
4.7
0
*103.8
*103.8
116.1
116.0
116.0
112.5
104.9
104.9
105.3
100.2
106.1
106.1
*103.9
;
+ 0.1
+
1.8
0
0
+
0.8
+ 0.4
+ 0.7
+
0.6
104.2
106.0
93.3
93.3
93.3
92.6
112.8
112.8
112.5
112.6
94.1
94.1
93.9
92.8
0
+
0.2
+
1.4
*101.1
*101.0
100.1
0
+
0.1, +
1.0
<99.6
*99.6
*99.5
98.5
0
+
0.1
+
*98.8
*98.8
*98.8
*98.7
97.4
0
+
0.1
+
1.4
3.03
2.71
2.79
3.05
3.56,,;
3.35
2.94
2.79
Other
1.84
3.03
2.72
2.79 /':
3.05
3.56
3.35
2.94
'
:
,
12-
1.85
3.03
2.71
2.79
3.05
3.56
2.94
3.03
2.72
2.79
3.05
3.56
3.35
2.94
3.35
2.94
2.80
2.94
2.80
3.56
•
,
"
3.35
9——V
1.84
3.03
2.71
2.79
3.05
8——.'
1.84
3.03
2.71
2.79
3.06
3.56
3.35
7
1.83
3.03
2.71
2.79
3.06
3.56
3.35
2.94
1.82
3.03
2.71
2.79
3.05
3.56
3.35
2.94
2.71
2.79
3.05
3.56
3.35
2.94
•
——
6
—
0.2
Cement „—a——+—■———
Other foods.—
5
Stock Exchange
4
.
3.03
1.82
——;
Stock
2-—
Closed.
Exchange Closed.
■1
3.35
2.94
2.79
3.35
2.94
2.79
2.95
2.79
2.95
3.56
3.05
3.55
3.03
2.72
3.04
3.55
3.03
2.72
2.80
3.04
3.55
3.34
1.79
3.03
2.71
2.80
3.05
3.55
3.35
3.04
2.79
(
3.34
2.80
14
—
7
2.81
3.05
3.56
3.36
2.94
3.03
2.72
2.80
3.05
3.56
3.36
2.94
2.72
2.79
3.05
3.56
3.37
2.95
2.78
3.03
2.72
2.80
3.04
3.57
3.38
2.95
2.78
2.72
2.81
3.06
3.58
3.39
2.96
1.79
3.05
2.73
2.81
3.06 A
3.59
3.39
2.96
2.79
16
1.80
3.05
2.73
2.82
3.06
3.59
3.40
2.97
2.79
1.79
_
_
and
0.5
poultry—---——
Hides
1.82
3.05
2.72
2.82
3.07
3.60
3.41
2.96
2.7°
1.81
3.05
2.72
2.81
3.07
3.60
3.40
2.96
2.80
26—
Apr. 28
1.84
3.05
2.73
2.81
3.07
3.61
3.40
2.96
was
Institute, in its current weekly report,
approximately 4,365,907,000 kwh.,
3.43
corresponding week a year
output for the week ended
2.83
esti¬
electric light and
the week ended Sept. 30, 1944.
industry of the United States for
kwh. in the
'
2——
May
1.86
3.07
2.73
2.82
3.08
Mar. 31
1.83
3.09
2.74
2.83
3.10
3.70
2.97
compared with 4,359,003,000
ago, an increase of 0.2%. The
Sept. 23, 1944, was 0.4% higher
25
1.81
3.10
2.74
2.83
3.11
3.73
3.49
2.98
2.84
Jan.
28
1.87
3.11
2.74
2.84
3.11
3.74
3.50
2.99
2.82
2.84
3.12
3.81
3.55
3.00
2.85
2.78
2.03
3.55
3.34
2:9+
2.78
1.87
1944
Low
3.13 T
1.77
1944—
High
3.02
■
2.74
2.71
v
.,
3.66
1943.
;. .;•
PERCENTAGE INCREASE OVER
than that
3.47
Oct.
>
1943
3.23
4.25
3.93
3.07
2.93
West Central-
1.79
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
3,
1.80
3.12
2.70
2.05
1942—
3.32
2.80
2.96
3.83
3.56
2.96
2.83
yield
a
3.25
4.25
3.93
3.08
more
do not purport to show either the average
price
quotations.
They
merely
serve
complete list of bonds used In computing
the issue of Jan. 14. 1943. page 202.;.,
*6.2
3.4
*1.9
similar week
0.4
In
an¬
in place in the United States
31,
Aug.
1944,
of which 22,-
for
635,336
for July, 22,373 494
for
May,
and
22,-
22,387,784
for
April
June,
22,411.922
August
for
The
1943.
May. 22,411,922 for April and
for
for August
22,635,336
1943,
The
^"gregate number of active spin¬
dle hours reported for the month
was
9,952,330,677, an average of
spindle in place, compared
8,607,616.897, an average of
per spindle in place for last
428 per
with
370
month,
10,093,811,448,
and
of
431
in
Based
activity of 80 hours
spindles
in
an
spindle
per
on
week,
per
the
United
■■■■.•' .;••
were
operated during Au¬
gust 1944 at 116.3% capacity. This
*5.8
4.0
4.6
0.8
5.9
*9.6
*1.4
0.2
under
Census
the
Sept. 21 that, accord¬
on
preliminary figures, 23,cotton spinning spindles
ing to
254,192
States
4.3
*6.9
5.7
*10.2
—
these indexes
DATA FOR
was published
-.t'
3
*0.0
percentage compares,
with
basis,
for June,
April
1943.
115.5
for
on
the
July,
same
118.5
119.0 for May, 124.9 for
and
122.5
for August 1943,
0.1% For Week Ended
Sept. 23, Labor Department Deports
Higher prices for grains, and for fruits and vegetables caused
the Bureau of Labor Statistics' index of commodity prices in primary
0.1% during the week ended Sept. 23, said advices
the U. S. Department of Labor on Sept. 28, which also
stated:
""
Industrial commodity markets continued relatively steady with
by
reported for certain types of lumber and for shear-
(Thousands of Kilowatt-Hours)
WEEKS
July
1
% Change
over 1943
1942
+
5.6
3.372,374
1932
1929
)
1,435,471
4,040,376
+
5.5
3,463,528
1,441,532
1,699,227
4,098,401
+
4.6
3,433,711
1,440,541
1,702,501
4,325,417
4,120,038
+
5.0
3,457,024
1,456,961
1,723,428
4,327.359
4,110,793
+
5.3
3,424,188
1,341,730
1,592,075
Wednesday,
0,5
3,428,916
1,415,704
1,711,625
Thursday,
Fridav,
—
3.940,854
3,919,398
—
4,377,152
4,184,143
4.6
3,565,367
1,433,903
—
4,380,930
4.4
3,625,645
1,440,386
—
4,390,762
4,196,357
4,226,705
1,727,225
1,732,031
3.9
3,649,146
1,426,986
1,724,728
8
July 22
July 29
5
Sept.
—
4,240,638
3.7
3,637,070
1,415,122
4,287,827
3.0
3.654,795
1,431,910
1,729,667
1,733,110
4,451,076
3,673,717
1,436,440
2.2
3,639,961
1,464,700
1.5
3.672.921
1,423,977
0.0
1,476,442
1,801,259
4.358.512
0.8
2,563,403
3.706.922
1,490,863
Sept. 16
Sept. 23
4,377,339
4,359,610
3.720,254
1,499,459
1,777,854
Sept. 30
,
.
—
__
4,365.907
4,359,003
0.2
3,682,794
1,505,219
1,819,276
Sept.
Tuesday,
27—.
29—
Oct.
3
Month
Year
1943
ago,
ago,
1944
—
High,
Low,
253.4
253.3
253.7
2,
Jan.
Oct.
Jan.
253.0
250.4
2—
250.1
1943—
253.3
High,. April 1Low,
252.p;
253.2
j_
Sept.
Oct.
252.4
Sept. 19_.
Two weeks ago,
1,792,131
0.4
'
Sept,
Sept. ..28—L
Saturday, Sept, 30—Monday, Oct, - 2—
1,674,588
4,229,262
Tuesday. Sept. 26, 1944__„
1,761,594
4.350.511
4,394,839
9
4.4
4,322,195
4,227,900
__
4,264,824
4,438,298
—
.
1,750,056
I 4,414,735
Aug. 19
2
4,399,433
4,415,368
—
—.„
Aug. 26
Sept.
GostimosSify Index
4,264,600
4,287,251
_i—
______
Aug. 12
Moody's Baity
1,689,925
—
——
July 15
Aug.
3,925.893
'
—
June 10
July
1943
4,144,490
—
—„—
June 17
Wholesale Prices Op
RECENT
1944
Week EndedJune
June 24
minor reductions
1.4
to
comprehensive way the relative levels and the relative movement
tThe latest
issued
of
Bureau
nounced
0.1
6.4
2.1
2.94
averages* the latter being the true picture of the bond market.
markets to rise
2.0.
•
—
3acific Coast
•Decrease
coupon, maturing in 25 years) and
or
the average movement of actual
Illustrate in
in
3.10
Spinning
Angus!
computed from average yields on the basis of one "typical" bond
(3?i%
of
2.84
u
Total United States
•These prices are
level
——— —
Rocky Mountain
1943—
*2.1
2.2
'
4.6
Southern States.——.—
2,
*4.0
v
'
2.96
-7.%;
+•;:
Cotton
cotton
2.0
*i.6
2.3
1943-
-
power ).
an
Sept. 9
;
0.6
*4.9
England—,
Middle Atlantic——„—J—.
Central Industrial
2.81
2 Years Ago
Oct.
tfew
exist,
however, and each producer must
file
applications with WPB on
Form C.M.P.-4B (controlled ma¬
terials) and W.P.B.-3820
(man¬
place for August 1943.
Sept. 12
Sept. 23
Sept. 30
*0.3
3.31
1 Year Ago
of materials and manpower
average
■■
.
Weok Ended
Major Geographical Divisions-
2.08
High
Low
.
PREVIOUS YEAR
2.84
Feb.
similar period in
of the
bicycles
240,676 were operated at some
time during the month, compared
0.3
production of electricity, by the
the
that
mated
the
of
"Manufacture
still will be restricted if shortages
on
———_—
Eiesiric Giilpist For Week Ended Sspt. 30, 1944
Slightly Exceeds That Of Same Week In 1643
power
the
produc¬
with the two bicycle
that have been
making
them during the last two years.
with 22,209,904
The Edison Electric
in
plants
resume
along
were
2.80
2.97
9
to
plants
0.5
Lumber
and skins—————'a
2.78
3.04
23
June 30__
0.2
Decreases
Livestock
2.79
3.03
1.78
—
2.72
1.79
1.78
28-——
21
0.2
Paint and paint materials—,
„r-—
v 0.1
2.79
3.06
2.78
1.79
*.
2.79.
2.71
1.81
11.
2.71
3.02
1.81
18
3.03
1.81
_
1.0
Bituminous coal
...+i;■ '
2.79
2.95
1.81
-ii—j—
Aug. 25
—i_—
2.80
2.79
-■
•
1.2
jfarm products.——
2.79
>
tion
The
Increases
2.80
3.56
-
States
For
1944
16, 1944 TO SEPT. 23,
2.80
1.84
.
10
United
,
IN SUBGROUP INDEXES FROM
vegetables—2.7
2.80
—
bicycle
permit
and
civilians
to
1.1
Grains
1.84
I
,
+
than
SEPT.
Hi——:::
July
+ 0.1
-V'..
131
•
0
103.8
1.6
bicycles
of
•
1.83
1614.
•'
2.6
.
2.79
15
'
+
—
2.79
1.86
—
"
!
0
PERCENTAGE CHANGES
18
.
0
*101.1
—
•Preliminary.
1.84
—
20—
'
81.6
>*99.6
products——.—
commodities
other
19
•
1.3
83.7
than
other
commodities
farm
2.78
21
%•'.
+
83.8
+
94.1
Manufactured products
1.85
22
0.7
83.7
Semimanufactured articles
2.72
1.85
—
—0.1
0
*101.1
3.03
3.03
1.86
23_
+ 0.3
—0.1
97.0
93.3
Raw materials
25
•
+ 0.5
118.4
97.6
Miscellaneous commodities
3.35
2.72
27
104.9
116.6
98.2
113.3
3.56
3.56
26
:
Indus.
P. U.
R. R.
Baa
A
3.03
3.03
1.84
28—i
,
Corporate by Groups*
1.84
—
i.—■
104.0
116.5
98.3
materials——_
*103.9
Metals and metal products—
115.9
3uilding materials
104.9
Chemicals and allied products
106.1
Housefurnishing goods— L
—
1.86
30—
29
103,9
116.6
:
2.80
2.72
3.03
..
♦
0.6
103.8
83.7
2.80
2.72
3.03
1.84
2—„
Sep.
.
.
rate*
1.85
.
Individual Closing Prices)
Corporate by Ratings
Corpo¬
Bonds
Averages
on
Avge.
Govt.
Daily
0.8
98.3
Fuel and lighting
AVERAGES
0.8
104.3
Textile products
MOODY'S BOND YIELD
1943
+
116.5
—
products
Hides and leather
92.35
103.52
8-26
9-9
9-16
1944
?oods_
Oct.
9-25
9-25
1944
*103.6
9-23
."arm
2 Years Ago
;
"The Board discontinued ration¬
'103.7
Commodity Groups-
1 Year Ago
Oct.
FOR
(1926=100)
116.02
113.12
1944—
Low
High
PRICES
WHOLESALE
2_—
3—
5___
249.8
240.2
253.7
247.0
iVolume 160
THE COMMERCIAL
Number 4322
& FINANCIAL CHRONICLE
1517
buildings, $11,701,000; earthwork and drainage, $2,643,000; streets and
roads, $4,586,000; and unclassified construction, $5,784,000.
New capital for construction purposes for the week totals $2,265,000. It is made up of $1,365,000 in state and municipal bond sales,
$750,000 in corporate security issues, and $150,000 in RFC loans for
private industrial expansion.
Weekly Goaf And Coke Production Statistics
The Solid Fuels
Administration, U. S. Department of the Interior,
the
in¬
crease of 250,000 tons, or 2.2%, over the preceding week.
In the cor¬
responding week of 1943, output amounted to 12,180,000 tons. Cum¬
ulative production of soft coal from Jan. 1 to Sept. 23, 1944 totaled
459,030,000 net tons, as compared with 432,645,000 tons in the same
in its latest report, states that the total production of soft coal in
week ended Sept. 23, 1944 is estimated at 11,850,000 net tons, an
New construction financing for 1944
47%
ume
below
the
totals $1,612,620,000, a vol¬
reported for the 39-week 1943
$3,037,207,000
period.
'
'
.
Cotton Ginned from
The
census
Grop of 1944 Prior to Sept. IS
issued
from the in¬
of bales
prior to Sept. 16, 1944, and
comparative statistics to the corresponding date in 1943 and 1942:
report
Sept.
on
compiled
23,
dividual returns of the ginners shows as follows the number
of cotton ginned from the growth of 1944
ponding period in 1943.
RUNNING
production
of beehive coke in the United States for the week ended Sept. 23, 1944
showed a decrease of 2,800 tons when compared with the output for
the week ended Sept. 16, 1944; and was 45,400 tons less than for the
The Bureau of Mines also reported that the estimated
(Counting round
and
lignite—
Daily
average
"Revised.
Sep. 25,
1944
1.975,000
1,933,000
__
tSubject
1944
1943
(In Net Tons)
North
Carolina
Penn. anthracite—
1944
1943
1944
1943
1937
*Total incl. coll. fuel
1,282,000
1,263,000
1,306.000
47,848,000
45,259,000
tCommercial produc.
1,231,000
1.212,000
1,254,000
45,934,000
43,449,000
36,887,000
35,043,000
.
beehive
United
1944
coke—
total
States
"Includes
124,000
washery
and
126,800
dredge
tExcludes colliery
operations.
169,400
coal
fuel.
and
coal
^Subject to
5,750,700
5,488/700
by
shipped
2,592,500
from
authorized
truck
subject
are
Btate
sources
to
estimates
revision
are
carloadings and river shipments
,
'
,
Sep. 16,
1944
365,000
Sep. 18,
1943
372,000
Alaska
Sep. 9,
1944
Alabama
Sep. 18,
365,000
1937
256,000
3,000
5,000
5,000
5,000
Arkansas and Oklahoma
103,000
90,000
93,000
65.000
Colorado
133.000
118,000
172,000
1,000
1.355.000
1,235,000
1,527,000
560.000
465,000
559,000
Georgia and North Carolina—
1,000
Illinois
Indiana—
Iowa
,
—
1,005,000
370,000
44,000
•
Kentucky—Eastern——
Kentucky—Western
Maryland
39.000
48,000
75,000
150,000
143,000
Michigan
308,000
35,000
31,000
'
934,000
372.000
_
™
958,000 ?
states
—
48.182
the
in
bales
the
of
1.000
864,000
supply
91,GOO
34,000
43,000
';
500.000
662.000
T—
2,994.000
2,309.000
136,000
136,000
109,000
2,000
4,000
IWest Virginia—Southern
114,000
103.000
370,000
394.000
to
26,000
35,000
2,125,000
2,240,000
1.929.000
893,000
925,000
565,000
165,000
182,000
127,000
812,000
Wyoming
180,000
.
tOther Western States
«
v
1,000
lignite—
11,600,000
10,900.000
12,049,000
9.249,000
Pennsylvania anthracite-
1,263,000
1,143,000
1,270,000
794,000
12,863,000
12,043,000
13,319,000
10,043,000
on
tlncludes operations on the N. & W.; C.
the B. & O. in Kanawha, Mason and
& O.; Virginian; K. & M.; B. C. & G.; and
Clay counties.
tRest of State, including the
Panhandle
Oregon.
District
and
Grant,
Mineral
and
Tucker
counties.
§Includt-s Arizona
and
"Less than 1,000 tons.
Givif
Engineering Gonsfrustion $39,845,000
1943-44,
compared
with
and
107,053
—
J
cerning imports and exports.'
...
.
'
:
World
„....
Statistics
of
war
conditions and the
>
.
.
Hon-Ferrous
Metals—Purchasing Program
To Be Out by FEA Following Defeat Of Germany
"E. & M. J. Metal and Mineral
Markets," in its issue of Sept. 28,
stated:
"Though buying of major non-ferrous metals under the
domestic premium price plan and the foreign procurement program
is expected to continue until the end of the year, the industry is con¬
cerned about the possibility of cutbacks and growing pressure from
foreign sources when the Government's demands are reduced.
The
annual report of the Foreign Eco- ♦*
nomic
Administration, published previous and 399,309 tons a year
Sept. 25, states that after the de¬ ago. Fabricators' unfilled sales at
feat of Germany it will be pos¬ the end of August involved 350,sible to cut back our foreign pro¬ 848 tons, against 508,297 tons in
curement
program
for strategic August last year.
and
critical
Use
of copper
by fabricators
materials, although
many
will
will still be needed for the
has
been
maintained
at
be
in
made
such
a
way,
duction
as
war.
Long-term objec¬
Department are
tives of the State
as
soon
as
the
war
in Eu¬
rope
the
Private work tops last week by 21% and public construction is up
.72% as a result of the 27% gain in state and municipal work and the
94% gain in federal. Compared with the 1943 week, however, private
"
work is down
69%, and public is off 24% despite the 61% increase in
municipal.
'
"•"
construction brings
1944 volume to $1,379,561,000 for the 39 weeks, a decrease of 45% from the $2,488,373,000 re¬
ported for the 1943 period./Private construction, $291,267,000, is 12%
below last year, and public work,
$1,088,294,000, is 50% lower.
Civil engineering construction volumes for the 1943
week,
are:
i
:;
y
Sept. 30,1943
Sept. 21,1944
$50,722,000
17,146,000
33,576,000
$19,235,000
3,915,000
29,661,000
In the classified construction
waterworks,
4,397,000
14,838,000
4.955,000
9,883,000
groups/gains
.
over
earthwork
the 1943 week
omies
'■■■.
Sept. 28,1944
$30,845,000
" 5,338,000
25,507,000
"
6,306.000
are
we
for
must
do
look
tends
to
obscure
the
out¬
and
places great weight on
need of quick reconversion
for civilian
consumption.
in
are in waterworks, industrial
buildings,
drainage, and streets and roads.
Subtotals for the
supplying countries
firmer
occur.
market
Except
for
spot
situation
last week was unchanged."
The
publication further went on to say
a
the
quicksilver,
price
-'
part:
Copper
Fabricators
consumed
138,285
tons of copper
during August, ac¬
cording to figures circulated pri¬
vately last week. This compares
with 118,632 tons in July
and 135,The
193 tons in August last year.
April, when 160,335 tons were
consumed.
Average monthly con¬
for the Jan.-Aug. pe¬
140,413 tons. Stocks o*
copper in the
hands of
sumption
riod
was
refined
Lead
possible to the econ¬
the
of
as
fabricators at the end of August
waterworks, $964,000; sewer¬
age .$625,000;. bridges, $235,000; industrial buildings, $3 926,000; com¬ totaled 336,567 tons, which com¬
mercial buildings and iarge-scale private housing, $381,000; public pares with 335,327 tons a month
week in each class of construction
Schedule No.
81
charge of not
a
more
than 20c. per net ton that may be
added
to
the
maximum
base
prices
for
of
quest
zinc
the
when, at the re¬
buyer, the seller is
required to load primary slab zinc
in
railroad
in
cars
manner
a
to
facilitate unloading by automatic
devices (mechanical lift trucks).
To permit the use of such devices,
the slabs are placed on pallets or
skids, and piled in
handling.
manner
a
for
proper
In
discussions
with
Bolivian
authorities in connection with the
purchase
of tin concentrates, the
State Department let it be known
that it is not interested in extend¬
ing government - to - government
commodity contracts, and private
business
is
expected
strategic
is
to
resume
when
materials
The
Bolivians,
according to Washington advices,
have asked that the base price be
raised from 60c. to 66c. per pound
of
contained
tin, f. o. b. South
war
over.
American ports.
domestic
market
for
tin
unchanged.
Straits quality
tin
for
shipment, in cents per
pound, was nominally as follows:
was
21
Sept.
22
Sept.
Oct.
Nov.
52.000
52.000
52.000
52.000
„
52.000
52.000
52.000
23
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
Chinese, or 99% tin,
at 51.125c. per pound.
continued
Magnesium
Production
of primary magne¬
during June amounted to
29,372,000 pounds, against 34,308,000 pounds in May, according to
sium
the
War
marks
of
Production
the fifth
decreased
ing
production, reflect¬
Government-ordered
ment.
Production
curtail¬
of
magnesium
secondary sources during
June was 2,076,000 pounds, against
2,814,000 pounds in May.
from
Quicksilver
Increased
into
of
the
the
buying interest
market
week
and
toward
were
have
been
provided
for with few exceptions. Sales by
domestic producers for the week
amounted to 2,966 tons, against
6,800 tons in the preceding week.
.Domestic
refineries
end
most
operators
viewed the spot situation as tight,
with quotations firm at $104 to
$107 per flask. New York, depend¬
ing on quantity. The San Fran¬
cisco market,
received
firmer
according to advices
here, also presented a
in so far as
appearance
nearby metal
was
concerned. Buy-^
.
all that the
lead industry expected during the
last week, because
October re¬
quirements
came
the
Silver
Fill-in orders
This
Board.
successive month
ing interest in forward metal
light.
as
peak month for the current year
19,201,000
last week
that
when the cutbacks
was
over
effect
little harm
in
sewerage,
and
the
to
last
industrial and public buildings, earthwork
and drainage, streets and roads, and unclassified construction. In¬
creases
Price
provide for
^ a high
level during the
after the
continued
i
Federal
poorly
Sept. 26
Sept. 27
„
continuing war against Japan. The
adjustment to a reduced program
•
The report made public on Sept. 28,
follows;
Municipal..
be
Sept. 25
are
being.
ing 1943 week.
and
to
Sept.
de¬
being omitted from this report
'
State
said
are
.
difficulties in obtaining
which
Public Construction
on
amended by OPA Sept. 25 to
was
Sept.
Because
strengthen the foundations for a
higher level of international trade
Private Construction
smelters
The
defense, the Department of Commerce
notice the publication of statistics con¬
5% above the previous four-week moving average, but is 39% below
the total reported to "Engineering News-Record" for the correspond¬
Total U. S. Construction_
con¬
bulge in busi¬
develop.
the
United States
ends.
The
possibility
of
sharp cutbacks in the war pro¬
gram is overhanging the market,
week, and the current-week
small
Belgian zinc smelters, according
to unofficial
advices, remain sub¬
stantially intact, indicating that
the enemy had little opportunity
to damage the properties in retir¬
ing from Belgium. However, the
22,240,676.
has discontinued until further
point where
have little to fall back
even a
buying
Civil engineering construction volume in continental U. S. totals report declares, as to prevent un¬
$30,845,000 for the week. This volume, not including the construction necessary financial losses to Amer¬
by militray engineers abroad, American contracts outside the coun¬ ican taxpayers, to best preserve
try, and shipbuilding, is 60% higher than in the preceding week, and our
foreign
relations,
and
to
The current week's
should
the
to
Tin
the
state and
sumers
in
Sept. 1 is 577,178 bales.
was
instances have been
numerous
48,626
first eight months
of the year, but activity is ex¬
pected to drop on military pro¬
For Week
;
in
reduced
1942.
against the individual returns of the ginners beging trans¬
mail.
The revised total of cotton ginned this season prior
the month
YP0 009
it
*
y
__
Total, all coal
of
was
Cotton consumed during the month of August, 1944, amounted to
841,490 bales.
Cotton on hand in consuming establishments on Aug.
31, was 1,710,225 bales, and in public storages and at compresses 7,936,944 bales.
The number of active consuming cotton spindles for
298,000
28,000
r
2,018,000
Virginia—Northern
Total bituminous &
"
,
•*
30.000
—.—
1,481
which
1
Aug.
this report include
175 bales of AmericanEgyptian for 1944, 3,289 for 1943, and 1,204 for 1942; also included are
no
bales of Sea-island for 1944, 8 for 1943, and 135 for 1942.
The
gininng of round bales has been discontinued since 1941.
21,000
3.000 Y
135.000
:
season
to
522,000
2,605,000
352,000
—
Virginia--.—„—Y.
Washington--
6,327
prior
ginned
39.000
145,000
;
10,331
27.000
39,000
700.000 i
Texas (bituminous & lignite)—
Utah—
;
the
and
1944
pendable world statistics such data
29,000
2,950,000 i :
„
599,007
1,380
of
for the time
46,000
Pennsylvania (bituminous.
for
crop
15,000
•
33.000
Ohio
the
1S43
of
crops
of
60,000
3,000
92,000
.
1,122,682
32,000
3,000
;
33,860
—
bales
statistics
The
169,000
85,000
North & South Dakota (lignite)
Tennessee—
»•
37,000
__
New Mexico
-
*
304,000
.
lignite).—.
Montana (bituni. &
intent on holding down in¬
to a minimum. In
fact,
observers believe that inventories
.138.000
954,000
i
149,169
69,782
455,920
In the interest of national
173,000
-
Kansas and Missouri
XWest
v
:
26,501
213,958
39,580
_
counted
1,000
—
^
22,105
188,740
V
135,000
_
57,324
Consumption and Stocks
—Week Ended
v
State—
75,499
from district and
of
monthly tonnage reports
of final annual returns from the operators.)
or
59,318
_
mitted by
based on railroad
receipt
on
41,540
The statistics for 1944 in this report are subject to revision when
dn Net Tons)
(The current weekly
and
_
_
checked
ESTIMATED WEEKLY PRODUCTION OP COAL, BY STATES
Y;Y:Y
407,382
39,236
._
"Includes
^Revised.
revision.
199,300
738,564
*
Sep. 25,
Sep. 25,
Sep. 23,
Sep. 25,
372,840
Carolina
other
All
Calendar Year to Date
i?Sep. 16,
176,914
Texas
—Week Ended-
260,330
2<)2,133
——
Tennessee
'
$Sep. 23,
9,513
343,960
49,676
South
COKE
AND
ANTHRACITE
104,712
9,835
'
Oklahoma—
PENNSYLVANIA
5,150
302,561
188,227
——
Mississippi
1,433,000
1,900,000
2,028,000
10,128
148,010
—
r
Louisiana
12,180,000 459,030,000 432.645,000 322,991,000
2,030,000
2,489
_
Georgia
to'current adjustment.
PRODUCTION OP
ESTIMATED
198,934
6,656
Sep. 25,
1937
Sep. 25,
1944
11.600,000
tSep. 23,
1943
"Sep. 1G,
11.850,000
Total incl. mine fuel
2,077,933
404.008
;
__
the
on
consumers
ventories
Revised
1942
1943
3,735,881
•
Most
supplied with concentrates.
'
185,143
Arkansas
to Date
1
January
—
■
"1,816,291
COAL, IN NET TONS
PRODUCTION OP
Y
side.
seem
linters)
excluding
and
Alabama
Week Ended
Sep. 23,
bales
■'
1944
Arizona
Bituminous coal
half
as
BALES
State-
corresponding week of 1943.
;
buying continues well
cautious
ness
period last year, a gain of 6.1%.
According to the U. S. Bureau of Mines, output of Pennsylvania
anthracite for the week ended Sept. 23, 1944 was estimated at 1,282,000 tons, an increase of 19,000 tons (1.5%) over the preceding week.
When compared with the production in the corresponding week of
1943 there was a decrease of 24,000 tons, or 1.8%
The calendar year
to date shows an increase-of 5.7% when compared with the corres¬
ESTIMATED UNITED STATES
the
shipped
The
was
London
market
for
was
;
silver
quiet and unchanged at 23V2d.
The New York Official for foreign
silver
continued
at
44%c.,
with
domestic metal at 70%c.
Illinois Bankers
Groups Will Meet
40,884 tons of lead to consumers
during August, against 42,966 tons
Jjfroups 2, 4 and 6 of the Illinois
in July, the American Bureau of Bankers
Association
will
hold
Metal Statistics reports. Owing to their annual meetings on Oct. 12,
the tight labor situation, produc¬ 10 and 9, respectively.
Floyd M.
tion of refined from domestic ore Condit, President of the Illinois
amounted to only 35,934 tons, with Bankers Association, will be guest
recovery from secondary and for¬ speaker
at all
three
meetings.
eign material at 2,502 tons, or a Co-speaker of Mr. Condit at the
total of 38,436 tons. Stock at re¬ Group 2 meeting will be Leslie C.
fineries declined to 28,890 tons.
Arends, Congressman 17th Dist-*
trict, while Everett M. Dirksen,
Congressman 16th District, will
Zinc
are:
Though
been
controls
modified
in
in
zinc
recent
have
weeks,
be
a
speaker along with Mr. Con¬
dit at the Group 6 dinner.
•
wtiv
•i
wrjtwj'ifjfldf vw&w xmirVtbtfrCts**?'
rum.WttoMlC *
k
THE COMMERCIAL & FINANCIAL
1518
Sept. 23,1944 Off Only 1,050 Barrels
/
-,
'
by the Institute follow:
indicate that the in¬
Reports received from refining companies
whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,608,000 barrels of crude oil daily and produced 13,841,000
barrels of gasoline; 1,585,000 barrels of kerosine; 4,717,000 barrels
of distillate fuel oil, and 9,180,000 barrels of residual fuel oil during
dustry
a
as
kerosine;
barrels of distillate fuel, and 62,514,000 barrels of residual
78,372,000 barrels of gasoline; 14,138,000 barrels of
week:
44,781,000
are
transactions
the
on
Week
Allow¬
•P. A. W.
ables
begin.
Stock
Sales
for
WEEK
A.
New
the
on
Transactions
Sep. 23,
Sep.l
344,000
340,000
_
Ended
Stock
York
274,000
...
450
340,750
300
270,500
Nebraska
SEPT.
ENDED
9,
900
;
t%
Transactions
the
and
Rights"
they
1,800
for
Account
•
•
-
1
429,040
:
'
...
of
,
'
51,640
tOther sales-Ii.
after
the
for
men.
of
the
will
program
Doughton
A/■'''
specialists in stocks in which
Short sales.
of f
Bill
be
recon*
consid¬
Chairman
C.) of the
House Ways and Means Commit¬
tee having arranged for a study
Odd-Lot
Total purchases..
service
Supplementation
ered
the
and
"GI
provided, benefits
—
version
Members,
:
registered—
are
of
Accounts .of
Odd-Lot
so-called
discharged
5,158,850
—
Specialists:
Transactions of
1.
;
contracts
war
other—the
Total for week
-
enacted before the midr
recess,
nating
1944
137,210
for
Dealers
296,150
t900
1,000
_
chart
to
one part of which
blueprinted the method for termij-
(Shares)
Members*
of
Account
Stock
5,021,640
Except
325,250
+
t280.900
269,400
Round-Lot
1943
+
'
Kansas
B.
Sep. 25,
1944
Week
t342,850
version! " Administration
program
and Round-Lot
Exchange
Total Round-Lot Sales:
Ended
•
Sep. 23,
Previous
1944
September
Oklahoma
the War Mobilization and Recon¬
:
Week
4 Weeks
from
Ended
dations
two-point reconversion pro¬
gram laid on President Roosevelt's
desk in the closing days created
summer
Round-Lot
Total sales.
Change
Recommen¬
'S
1
•'
The
13.44% of total trading of 1,140,415 shares.
Total
Actual Production
♦State
,
likewise
Press
said:
IN BARRELS)
(FIGURES
/
Associated
Exchange of 5,158,850 shares.
Short sales__
PRODUCTION
OIL
veterans.
The
all
exchanges in the week ended Sept. 9, continuing
figures being published weekly by the Commission.
shown separately from other sales in these figures.
tOther sales
CRUDE
AVERAGE
DAILY
of
.
Coast.
not reflect conditions on the East
account
on
v;
This the transition from wartime to
compares with member trading during the week ended Sept. 2 of peacetime economy and set up the
1,123,500 shares, or 15.80% of the total trading of 3,555,720 shares. machinery for disposition of an es¬
On the New York Curb Exchange, member trading during the week timated $100,000,000,000 worth of
ended Sept. 9 amounted to 327,280 shares, or 13.17% of the total surplus war property.
'
volume on that exchange of 1,242,025 shares; during the Sept. 2 week
These .two
measures
supple¬
a
trading for the account of Curb members of 306,410 shares was mented
twofold
reconversion
the country as a whole, and do
The above figures apply to
fuel oil.
for the
transactions
stock
these
of the total
23, 1944; and had in storage at the end of that
the week ended Sept.
war
Exchange and the New York Curb Exchange and
round-lot
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Sept. 9 (in roundlot transactions) totaled 1,630,426 shares, which amount was 15.80%
1943 by
Daily production for the four weeks ended
Sept. 23, 1944 averaged 4,709,100 barrels.
Further details as reported
books!'
series of current
Short sales
figure recommended by the Petroleum Administra¬
September 1944. The current figure,
399,450 barrels per day.
of
members of
a
tion for War for the month of
however, exceeded the output in the week ended Sept. 25,
Stock
volume
the
4,743,850 barrels, a decrease of 1,650 barrels from the all-time high
record reached in the preceding week, and 12,350 barrels lower than
already-is
' <:Aa;
the statute
New York
crude oil production for the week ended Sept. 23, 1944 was
the daily average
islation
The Securities sand Exchange Commission made public, on; Sept;' ^ 4—The "GI Bill of Rights," also
made law, providing benefits for
figures showing the volume of total round-lot stock sales on the
27
The American Petroleum Institute estimates that the daily aver¬
age gross
Thursday, October 5, 1944
Trading On Hew York Exchanges
Daily Average Crude Oil Predisctien Fer Week
Ended
CHRONICLE
back-home
and
.
386,020
recess,
(Dem.-N.
Federal
travel
allowances*:
employee unemploy¬
ment benefits after the election.
Panhandle
North
Texas
98,700
104,000
148,000
140,600
98,700
'i '
147,750
Texas
504,050
499,250
149,800
149,250
131,200
East Texas
370,950
371,150
380,000
341,750
336,750
263,550
543,050
541,100
437,660
%
——
8.40
.
)
485,300
West
Texas
Southwest
Coastal
Texas
■';V
Texas
;
Total purchases
—
2,163,000 12,165,030
Texas.
2,156,050
; ;
"
;
Louisiana
Coastal
.(
.
■
|
74.550
Louisiana...
■'
.
81,500
288,550 :j
288,400
tional
140,300
;
for service
9,600
Total sales
350,000
396,200
362,950
78.000
78,235
81,050
50
362,700
360,000
300
81,000
5,300
46,550
48,850
50
300
4.
770,180
v.:
Short sales
Mississippi
45,000
Alabama
49,150
+
300
-
Florida
>
—
—
Illinois
210,000
195,200
14,000
12,750
202,300
13,300
14,400
69,200
75,200
Total
Round-Lot
Stock
Sales
Transactions
(Not inch 111., Ind.,
•
•
'74,200
-
_
'-i
68,450
2,450
-
.
the
on
for
York
New
Account
of
Curb
Members*
*
,
^
,
Exchange
Michigan
25,000
24,600
51,000
101,550
24,000
8,000
9,150
50,250
56,400
^
_
Wyoming
__
102,950
+
'
New Mexico
110,000
106,150
110,000
109,350
106,050.
50
+
Round-Lot
B.
Total East of Calif.
3,871.200
3,650
3,837.350
§885,000
882,200
871,750
770,700
1,650
+
4,709,100
Transactions
for
they are registered—
3,573,700
2,000
♦P.A.W.
production
4,756,200
recommendations
of
crude
4,743,850
and
oil
only, and
gas derivatives to be produced.
state
do
—
allowables,
include
not
shown
as
amounts
above,
Includes
is
the
shutdowns
fields
6everal
net
shutdowns
basic
and
which
were
from
of
as
for
exempted
for
Sept.
the
entirely
1
to
1
and
on
month.
of
certain
Committee of
116,085 >
Total sales
31,550
California
Oil
RUNS
AND
TO
STILLS;
UNFINISHED
PRODUCTION
GASOLINE,
FUEL
RESIDUAL
OF
GAS
OIL,
OIL
GASOLINE;
AND
STOCKS
DISTILLATE
WEEK ENDED SEPT.
23,
T
L
FUEL
FINISHED
4.
;
AND
plus
estimate of unreported amounts and are
on
a
Bureau of Mines basis
an
reported
therefore
tial
District—
*
tStocks
fineries
Finished
Includ.
and Un-
Runs to Stills
% Re-
Rate porting
Daily
% Op- Natural finished
tStocks tStocks
of Gas
sidual
Gulf,
iana
Average erated Blended Gasoline Fuel Oil
North
inland
Texas__
the
J,518
90.3
2,431
96.5
6,797
35,364
24,361
21,164
rules
1
130
83.9
104
80.0
307
2,259
518
271
District No. 2
47
87.2
58
123.4
164
1,517
223
85.2
735
89.2
2.596
16,466
6,099
2,046
1,550
these percentages the total of members' purchases and sales is
twice the total round-lot volume on the Exchange for the reason that
are
sa'les
short
included
with
Ind..
111.,
Okla.,
Ky._
418
Mo
Kans.,
80.2
373
89.2
1,472
Rocky Mountain—
District No.
4
California
17.0
141
-
13
58.3
116
82.3
390
1,634
392
which
"other
89.9
781
95.6
2,086
14,031
11,129
Four
76.9
29
58
13
29
STOCK
Week
Odd-Lot
are
are
basis Sept.
23, 1944
87.2
4,908
4,608
93.9
13,841
t78,372
44,781
62,514
basis Sept.
16,
1944
87,2
4,908
4,585
93.4
14.201
78,726
43,556
62,240
U. S. Bur. of Mines
basis Sept. 25, 1943
*At the
barrels;
in
and
gas
barrels
week
and
ended Sept.
8,214,000
1,367,000 barrels, 4,506.000
ended Sept. 25. 1943.
23,
1944,
barrels,
barrels
Note—Stocks
against
for
69,095
War.
39,116
fFinished,
and
which
compares
respectively, in
barrels,
8,594,000
with
1,380,000
barrels,
the
preceding week and
respectively, in the week
of kerosine at Sept. 23,
1944 amounted -to 14,138,000 barrels,
13,724,000 barrels a week earlier and 11,044,000 barrels a year before.
Sept.
16,
of
15,817
440,996
value
$17,043,461
;
-
Sept. 21, its session was
marked by the enactment of four major bills designed to afford
means for the smooth working of the country's programs incident to
the transition from war to peace, with Germany's collapse.
These
four major bills, it was noted on Sept. 20 by the Associated Press were:
mobilization and reconversion
,
short
sales.
184
/■Customers' other, sales
Customers'
v
for Week
orders..
Odd-Lot Purchases by Dealers—
total
.?
15,278 A
•_
sales.:
Number of Shares:
15,46l2
,
,
Customers'
•
*
short
sales.
Customers'
other
sales
Customers'
taken by Congress on
1—Creation of the
;
.
Total
shares
Customers'
recess
!
ODD-
1944
by Dealers
of
Dollar
Included with "other sales."
Cushion Transition From War To Peace Time
total
sales....
6,928
379,951
"
■
Dollar .value
Round-Lot Sales
' t
386,879
$13,486,751
by Dealers—
Number of Shares:
adminis¬
Short
sales
20
through the legislation1*
which the House, by an
This bill also is oh the
over¬ board.
whelming voice vote sent to the President's desk,
President today.
3—A
system for terminating
tOther
sales
87,500
Total
sales
66,896
65,614 000
12,758,000
barrels.
tStocks
at
refineries, at bulk terminals,
in pipe lines.
§Not including 1,585,000 barrels of kerosine, 4,717,000
oil and distillate fuel oil and 9,180,000 barrels of residual fuel oil pro¬
during the
4,470,000
12,290
Administration
unfinished,
transit
barrels of
duced
4,175
request of the Petroleum
Sales
Number
Major Bills Enasied By Congress To
Before the
Total U. S. B. of M.
THE
EXCHANGE
Ended
Number
sales."
exempt"
FOR
(Customers'purchases)
exempted from restriction by the Commission's
•
Total U. S. B. of M.
1
the
on
(Customers'sales)
34,616
10
"short
lots
Number of Orders:
651
817
District No. 3
§Sales marked
account
special¬
Stock
TRANSACTIONS
their
4,060
7,043
includes all regular and associate Exchange members,
partners, including special partners.
173
824
"members"
Exchange volume includes only sales.
tRound-lot
odd-lot
LOT ACCOUNT OF ODD-LOT DEALERS'
AND SPECIALISTS ON THE N. Y. , <7
45,808
calculating
compared with
Appalachian—
District No.
their
and
tin
Louisiana-Arkansas,
and
•The term
firms
for
tinuing a
being published by the Commis¬
sion. The figures are based upon
reports filed with the Commis.sion by the odd-lot dealers and
specialists.
;
13.17
STOCK
Oil
Exchange '})
public
on
for the week
47,829
Total sales..
Louis¬
Gulf,
purchases....
the
on
Exchange, con¬
series of current figures
47,829
Fuel
Combin'd East Coast
Texas
Total
of Re-
Oil and
Distillate
and
made
a summary
New York
0
i
;
surplus
of all odd-lot dealers and
Specialists—
Customers' short sales..—.-
of
ists who handled odd
172,960
^Customers' other sales
at ReCrude
-
1.93
.
7,020
Odd-Lot Transactions for Account of
C.
§Gasoline
Poten¬
■
154,320
Total sales
Production
Daily Refining
Capacity
;
165,940
totals
Securities
transactions
Short sales
was
ended Sept. 16 of complete figures
showing the daily volume of stock
-
25,325
tOther sales
in
include
22,740
1,400
Total purchases
Figures
section
■
disposal
Commission
Total-
1944
7
issue of Sept. 28, page /
the
Sept. 27
23,925
tOther sales
(Figures in Thousands of barrels of 42 Gallons Each)
this
2.50
.
Producers.
OF
reconversion bill
our
for
The
;
Nov.
HYSif Odd-Lot Trading
.
1,800
29,750
Short sales
the
-
30,665
.
Total purchases
in
Government property was referred
to in the same issue, page 1386.
8.74
11
the floor—
Other transactions initiated off the floor—
3.
terms, and the
1374; Congressional action
bill
112,265
Total sales
CRUDE
'
v
a
15
^Recommendation of Conservation
'
,
tOther sales...
With
new
contests
and
noted in
3,820
—
Short sales
Sept. 21, 1944.
30-day basis and
the exception of
other fields for which
calculated
entire
a.m.
-f
i
on
stiff
ization
'
*
of incumbent
score
duck"
.»
100,915
Other transactions initiated
2.
days, the entire state was ordered shut
down for 6 days, no definite dates during the month
being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases, a total equivalent to 6
days shutdown time during the calendar
month.
'
Total purchases.—.
allowable
exemptions
ordered
were
;
a
The enactment of the demobil- ;•
Members:
of
in stocks in which
Total sales—....
represent the
and natural
condensate
of
tOklahoma, Kansas, Nebraska figures are for week ended 7:00
tThis
Account
Total purchases
Short sales—
tOther sales..
Total United States
.
was
balloting.
4,344,400
3,861,650
885,000
it
list" may be "longer T
when the lawmakers return. Many
face
•'
1,242,025
—
Transactions of specialists
-A;;;;
■;
;Vk
\
'•
Total sales
1.
California
'Y:
• •
"lame
1,232,385
—
\L"Sf..av;•
•
7,050
9,050
300
—
Associated
failed to seek
tft
'
*9,640
tOther sales
21,750
—
Nov. ;
election—and
the
More than
A'A
Total for week
■
Short sales
95.450
19,600
Colorado
100
2,700
19,600
50,000
100,000
Montana
Total Round-Lot Sales:
K.
24,650
25,200
200
+
I
House members already have lost.;
their fights for re-election or have
Stock
and
(Shares)
WEEK ENDED SEPT. 9, 1944
'
Kentucky.
extend to
Press
15.80
860,246
—
...
Eastern—
Ky.)
will
recess
stated:
215,450
550
+
program,
14—one week after
777,506
tOther sales........:
Total sales
9,950
—
and women, pro-;
Lend-Lease
in
82,740
...——
50
50
Indiana
The
,
Total purchases
!
Arkansas
na¬
arranged for absentee voting
by members of the armed forces.
2.76
144,896
»-«.•—
—
Total-
76,300
—
the
$260,000,000^-
and
278,500
■;
Louisiana—
men
longed the
135,296
tOther sales—
•
Total
boosted
debt limit to
passed a $2,300,000,000 tax
bill, extended wartime price con¬
trols, provided mustering-out pay
4.64
off the floor—
Other transactions initiated
3.
Total purchases..
74,150
50
—
Congress appropriated
$67,199,237,127,
277,690
-
Short sales...
North
six-month session earlier t
000,
1,838,150
2,144,200
—.
»
256,190
tOther sales
Total sales...
Total
200,840
21,500
——-—.
Short sales...,
In its
in the year,
Other transactions initiated on the floor—
2.
333,500
East Central Texas..
Total sales
/
war
tration,
»
2—Machinery
of
about
for
the
disposal
$100,000,000,000 of
accumulated
as
supervision
war-
property, under the
of
a
three-member
war
tate
from
of
contracts, intended to facili¬
industry in speedily shifting
the
war
production
of weapons
to civilian goods.
This leg¬
87J52Q
Round-Lot Purchases by Dealers:
Number" of shares
•Sales
marked
ported with
"short
"other
exempt"
152,010
are
sales."
re¬
v
tSales to offset customers' odd-lot
orders,
and sales to liquidate a long
position which
is
less than
a
"other sales."
V
round
lot
are
reported
with
;
Volume
Number 4322
160
THE COMMERCIAL & FINANCIAL CHRONICLE
Revenue
Freight Gar Loadings During Week
Ended Sept. 23,1044 Increased 8,308 Oars
Loading of
freight for the week ended Sept. 23, 1944
the Association of American Railroads an¬
This was a decrease below the corresponding
week of 1943 of 8,644 cars, or 1%, but an increase above the same
week in 1942 of 1,240 cars or 0.1%.
/
Loading of revenue freight for the week of Sept. 23 increased
6,309 cars, or 0.7% above the preceding week.
Miscellaneous freight loading totaled 410,954 cars, an increase
of 3,828 cars above the preceding week, and an increase of 8,693 cars
above the corresponding week in 1943.
Loading of merchandise less than carload lot freight totaled
revenue
totaled
898,667 cars,
nounced on Sept. 28.
'
107,559
decrease of 138
cars, a
increase of 4,953
above the preceding
cars
week, but an
above the corresponding week in 1943.
cars
Coal loading amounted to 175,177 cars, an increase of 3,586 cars
the preceding week; but a decrease of 4,637 cars below the
above
corresponding week in
1943.
'
loading totaled 49,832 cars, a decrease
of 278 cars below the preceding week and a decrease of 3,382 cars
below the corresponding week in 1943.
In the Western Districts
alone, grain and grain products loading for the week of Sept. 23,
totaled 33,796 cars, a decrease of 1,414 cars below the preceding week
and a decrease of 4,161 cars below the corresponding week in 1943.
Livestock loading amounted to
above the preceding week but
cars
21.829 cars, an increase of 1.711
a decrease of 1,828 cars below
In the Western Districts alone load¬
the corresponding week in 1943.
ing of live stock for the week of Sept. 23 totaled 17,303 cars, an in¬
crease of 1,680 cars above the preceding week, but a decrease of 1,515
cars below the corresponding week in 1943.
Forest products loading totaled 44,029 cars, an increase of 637
'
cars above the preceding week and
corresponding week in 1943.
"
increase of 345
an
cars
above the
loading amounted to 75,567 cars, a decrease of 2,995 cars
below the preceding week and a decrease of 11,580 cars below the
corresponding week in 1943.
Coke loading amounted to 13,720 cars, a decrease
decrease of 1,208
a
Railroads
Total Revenue
of 42 cars below
below the corre¬
cars
Received from
Freight Loaded
Connections
Southern District—
1944
Alabama, Tennessee & Northern—
1943
368
Atl. & W. P.—W. R. R. of Ala_
813
Atlanta, Birmingham & Coast—
1942
245
1944
351
653
681
.
8
4
4
5
4
•5
Weeks
weeks
weeks
Januarv„
of
of
-'
weeks
weeks
4
weeks
4
weeks
of
of
May
3,159.492
3,135,155
—
—
4,068,025
.
2,607
2,601
784
623
712
1.226
1,012
10,697
11,268
9,799
9,425
Central of Georgia
Charleston & Western Carolina
3,486
3,766
4,800
4,476
4,519
413
324
393
1,636
1,336
Clinchfield—
1,669
1,629
1,757
3,010
2,532
;
Columbus & Greenville
.323
—:
Florida East Coast
—
Gainesville Midland—
Georgia
530
119
131
1,331
763
30
40
Ill
1,398
2,873
1,187
—.
Georgia & Florida—
Gulf, Mobile & Ohio
931
474
Illinois Central System
Louisville & Nashville—
182
706
107
2,858
365
321
600
507
4,581
4,277
3,989
31,893
29,240
32,017
17,449
26,519
12,212
197
692
,
.
759
408
284
222
632
434
.3,884
5,039
4,911
"
3,422
—.
Norfolk Southern—
3,557
1,039
...
1,010
•>
418
Richmond, Fred. & Potomac
340
390
-
:
1,373
1,779
321
1,232
1,209
424
■
9,381
9,972
413
.
8,825
10,202
8,604
21,256
23,703
23,371
23,533
Tennessee Central
596
520
538
918
938
Winston-Salem Southbound
121
138
119
989
123,340
116,003
127,245
115,870
112,467
Week
of
September
20,886
22,474
2,542
2,851
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
22,476
24,394
3,755
4,497
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic—
25,947
29,659
Ft.
14,974
15,868
2,843
3,406
September
9
Week
of
September
21,349
10,946
11,743
4,037
4,016
4,686
28,415
230
423
1,449
1,214
615
562
8,750
9,977
10,254
10,307
435
455
540
95
95
26,928
Great Northern
27,924
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
.
6,107
5,887
616
497
964
1,032
2,930
2,109
68
55
2,242
—
Ishpeming
26,673
552
2,177
& Western
2,709
2,141
2,858
Week
16...-
of "September
—
7,449
8,381
8,649
3,066
2,962
12,603
14,383
6,203
5,278
146
234
267
602
548
;
Spokane, Portland & Seattle
The following table is
a
the corresponding week a year ago.
REVENUE
FREIGHT
LOADED
AND
V
FROM
CONNECTIONS
''
'
Fort Worth & Denver
Railroads
Total Loads
Total Revenue
The
4,185
524
650
21,203
21,138
13,540
13,404
3,038
2,466
897
984
13,494
13,666
13,407
12,243
2,906
2,719
:
Eastern
District—
1944
Ann Arbor
1943
277
-
Bangor & Aroostook
1942
'
1944
Central Indiana
284
209
1,343
894
275
186
6,318
14,971
15,179.
1,317
1,467
2,020
2,223
28
38
39
40
1,135
1,089
1,047
2,607
2,648
Delaware & Hudson
5,6.98
6,452
6,609
12,629
11,591
Delaware, Lackawanna & Western——.
8,509
7,754
7,603
10.780
11,008
Central Vermont——
—-
Detroit & Mackinac
308
1,676
1,281
1,169
347
283
2,684
2,445
13,808
13,796
13,434
18,197
19,740
3,762
3,972
4,522
7,610
7,065
—
-
Erie
Grand Trunk Western
Lehigh & Hudson River—
127
158
2,838
2,080
2,089
2,285
=1,548
Maine Central—
8,837
12,813
225
2,748
2,348
2,352
2,320
3,640
6,348
6,156
287
1,515
2,401
1,388
1,903
1,972
2,326
1,267
665
Nevada Northern
1,554
2,184
2,273
117
1,194
1,200
1,147
793
723
5
6
11
0
2,380
2,425
20
35,092-
56,112
49,713
54,564
10,074
9,090
8,096
14,642
15,736
365
7,915
5,526
2,024
2,485
9,366
8,1.41
1,378
New York,
—
7,060
N. Y.,
—
'492
7,219
660-
•'
2,452
.8,082 w,-
5,332
———877
5,495
1,027
850
28
400
346
267
277
1,207
1,147
1,067
2,725
386
424
1,180
2,918
1,180
0,067
6,356
6,129
12,553
12,784
5,560
4,274
4,523
163,016
226,976
231,100
——
Pittsburg & Shawmut
Pittsburg, Shawmut & North
Pittsburgh & West Virginia—
.
:
-
.
2.'
Rutland
Wabash
—
Wheeling & Lake Erie-———-———
Total
:
———
14,403
2,005
2,090
19,878
18,210
601
660
3
2,425
2,456
2,674
5,378
4,740
138,210
139,605
111,546
105,633
897
215
796
487
'174
5,299
5,461
4,981
2,373
basis
accepted in full).
3,020
2,954
318
711
388
5,512
5,762
5,425
3,962
2,826
353
294
6,632
165,856
6,080
•
-
172,313
,
7,557
7,170
.
798
Range
of accepted
High, 99.908. Equivalent rate
discount approximately 0.364%
of
Low, 99.905.
per annum.
lent
of
rate
altimore & Ohio
essemer
L
uffalo Creek &
740
754
47,059
46,375
6,315
,—
& Lake Erie——
6,980
319
Gauley
ambria & Indiana—
—
entral R. R. of New Jersey—
.
'
752
'
mately 0.376%
per annum.
'
1,115
v
1,023
3,077
2,727
3,873
2,697
2,340
296
1,375
1,54"
of
bills
A
820
799
513
266
159
245
537
499
6,523
6,016
5,104
6,191
18,370
20,107
19,8.94
19,-3 59
127
118
296
235
8,990
10,152
9,176
9,221
eon
3,313
3,416
6,314
6,438
11,106
of
post-war
luncheon
York
i)cfr 12
on
air
will
is
1
at
13,487
6,057
4,797
5,089
4,922
7,091
6,664
us
138
61
Weatherfcrd M. W. & N. W
40
18
18
45
22
be
69,609
67,783
78,131
Aviation Section of the New York
Wm.
A.
The speaker will
M.
Burden, Assistant
Secretary for Commerce for Air,
U. S. Department of Commerce.
A
figures revised.
2,162
295
9
4
1,704
1,785
1,915
3
9
6,872
7,555
7,614
19,417
76
21,109
forum
on
U,
S.
We give herewith latest
figures received by us from the National
Paperboard Association, Chicago, 111., in relation to
activity in the
paperboard industry.
The
members
of
this
Association
represent
83%
of
the
total
industry, and its
program includes a statement each week from each
member of the orders and
production, and also a
cates
figure which indi¬
the
activity of the mill based
figures are advanced to equal 100%,
industry.
on
so
the
time
operated.
These
that they represent the total
'
tions.
Lumber Movement—Week
Ended September 23, 1944
According to the National Lum¬
ber
Manufacturers
June
June
3
674
June
235
10
11
June
24
igonier Valley—;
154
161
23
72
Tons
porting
39
1,547
1,817
1,215
3,472
4,223
July
enn-Reading Seashore Lines..
1,793
1,922
1,933
2,517
2,730
July
ennsylvania System——
89,057
82,968
63,983
68,506
July
22
eading Co.————
15,830
15.380
15,093
27,835
28,774
July
29
nion (Pittsburgh)
18,767
21,497
20,326
6,683
8,296
4,234
4,294
4,288
—_
15.^.
——.—
Island———
87,337
1—
152,461
157,794
ed
Percent of Activitv
the National
to
599,322
584,083
Current Cumulative
Maryland
Total
——
195,083
——
197,043
186,606
12,988
167,504
11,687
177,891
95
ing
577,721
95
95
156,338
stocks.
549,830
96
95
155,170
544,454
95
95
98,235
586,379
60
586,103
91
94
139,743
152,402
157,720
570,626
96
160,568
604,299
96
August12__
140,338
158,849
585,316
96
94
136,936
155,516
562,744
95
94
August 26
128,596
156,921
534,174
96
94
549,114
97
94
Pocahontas
District—
Virginian
—
,
2-
173,065
155,820
131.988
123,758
29,034
28,247
13i,631
14,558
20,796
22,303
..23,375
9,019
.4,707
4,790
2,475
2,584.
53,636
.
56,044
56,412
94
80
94
16
129,481
158,178
525.730
97
94
September
23—'
125,258
161,114
486,818
96
94
7,198
3,815
554.352
94
September
'
29,025
25,125
24,340
Notes—Unfilled
orders of the prior week, plus orders
received, less production do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, ordeis made for or filled from stock, and other Items made necessary
adjust¬
ments of unfilled orders.
.
same
mills
production.
mills
amounted
For
100%
to
reporting
of
softwood
are
equiva¬
lent to 39 days' production at the
current rate, and gross stocks are
94
9—o-—
than
the
these
.
94
195,161
September
less
In
of
mills, unfilled orders
94
147,478
September
Chesapeake & Ohio.——Norfolk & Western
—
3.9%
154,137
August 19—
Western
were
1944.
orders
Unfilled order files of the report¬
147,689
590,263
23,
new
130,510
157,041
be¬
95
5__
i
10.1%
96
145,775
..—
were
re¬
Lumber
93
145,317
—
8
August
Sept.
week
152,954
'
;
-
July
Orders
Remaining
Tons
170,421
——---—
17—
223
Tons
144,384
,
10—
643
.
Production
Received
Association,
lumber shipments of 508 mills
low production for the week end¬
Unfilled
Orders
Period
193
ong
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
1944—Week Ended
124
'
Canadian
Ecker, Secretary of the Aviation
Section,
New
York
Board
of
Trade, is in charge of reserva¬
Weekly Statistics Of Paperboard Industry
529
——___—
and
Aviation Views will follow. D. H.
umberland & Pennsylvania—
ornwall—
New
The lunch¬
p.m.
Board of Trade.
36
74,930
in
by the Port
Authority and the
York
13,055
76,096
held
sponsored
New
99
.
transportation
be
5,958
;
Sept. 28 in
City at Hotel New Yorker
Wichita Falls & Southern
Texas & Pacific
on
$1,207,844,000.
Post-War Air Transport
To Be Discussed
3,801
St. Louis Southwestern
issue
the amount of
10,679
St. Louis-San Francisco
29,057
1,780
approxi¬
(48% of the amount bid for at
the low price was accepted.)
There was a maturity of a sim¬
121
1,212
27,390
6,862
327
1,324
42,275
•
Equiva¬
discount
Trade Barometer
'
.
competitive
bids:
6,224
—
Texas & New Orleans
STATISTICAL
Allegheny District—
kron, Canton & Youngstown_
and
per annum.
18,302
year's
99.905
Average price,
plus.
Equivalent rate of
discount
approximately
0.375%
171
—
Quanah Acme & Pacific
Note—Previous
at
3,612
2,519
:
.
j
Total
as
99.905
ilar
.
Missouri Pacific
are
2,623
3,397
issue
for, $2,244,401,000.
fixed-price
6
143,171
Missouri-Kansas-Texas Lines
14
301
413
Pere Marquette
7,767
-
14,613
398
17,315
526
Missouri & Arkansas
20,317
1,100
18,961
3,100
New York, Ontario & Western—1,147
Chicago & St. Louis
Susquehanna & Western
Pittsburgh & Lake Erie.
310
18,5.92
Western Pacific
56,194
9,325
;
33,428 -""' 34,037
r
236
20,044
119
51,937
N. Y„ N. H. & Hartford
Total applied
0
,
437
Sept. 25.
on
details of this
Total accepted, $1,218,104,000 (in¬
cludes $55,103,000 entered
on
a
116
North Western Pacific—
486
2,674
New York Central Lines
10
1,266
City Southern
Banks
3,003
6,030
._
————-
24
1,845
13,780
—.
;
—
-
986
1,826
8,974
122
—
——
Montour
...
153
8,571
;
Lehigh & New England——
Monongahela
479
2,018
302
.
Detroit & Toledo Shore Line
Lehigh Valley
297
1,835
—
Detroit, Toledo & Ironton
8,016
711
•;
1,294
1,526
,
1,217
7,033
15
—
2,199
7,464
94.9
Litchfield & Madison—
Midland Valley.,—
1,322
Chicago, Indianapolis & Louisville—
5,506
3,060
4,783
1,428
;
Louisiana & Arkansas
6,799
—
5,410
1,089
4,656
980
—„—
1943
1,704
Boston & Maine
2,852
971
5,804
Kansas, Oklahoma & Gulf
previous
100
3,087
.
the
to
follows:
91.
2,094
Kansas
Connections
respect
14,542
___
Total
the
offering of $1,200,000,000,
thereabouts, of 91-day Treas¬
ury bills to be dated Sept. 28 and
to mature Dec. 28,
1944, which
were offered on Sept.
22, tenders
were
opened at the Federal Re¬
4,709
13,288
—
Oct. 5 in
on
$1,216,173,000.
week's
15,119
___
Southern Pacific (Pacific)
0.376%
or
3,149
International-Great Northern
Received from
'
With
25,626
1
Freight Loaded
amount of
20,824
Union Pacific System
approximately
lar issue of bills
3,365
878
City
0.364%
(47% of the amount bid for at
the low price was accepted.)
There was a maturity of a simi¬
24,347
Gulf Coast Lines—
.
competitive
annum.
3,469
Burlington-Rock Island
23
per
68,747
Southwestern District—
RECEIVED
WEEK ENDED SEPT.
(NUMBER OF CARS.)
accepted
approximately
discount
3,712
Peoria & Pekin Union
the week ended Sept. 23. 1944.
During the period 53 roads showed increases when compared with
approximately
annum.
of
annum.
serve
Denver & Salt Lake—
903,099
of the freight carloadings for
summary
v;
Low, 99.905, equivalent rate of
68,116
Denver & Rio Grande Western
902,766
the separate railroads and systems for
per
2,809
Utah
[
discount
bids:
146,412
Colorado & Southern—
814,897
897,427
per
25,794
Chicago, Burlington & Quincy—;
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
834,670
32,239,824
0.375
419
398,450
907,311
of
3,644
Illinois Terminal
31,508,394
ac¬
.
Average price 99.905, equivalent
2,842
1
Missouri-Illinois
r-
mature
applied for, $2,307,978,000.
rate
152,768
Central Western District—
3,487,905
887,960
—32,507,934
to
cepted in full).
2,624
Atch., Top. & Santa Fe System
Alton
4,139,395
898,667
23_v-l"—"
—
and
fixed price basis at 99.905 and
141,485
Total
Toledo, Peoria & Western
Total
Total
2,394
13,278
Northern Pacific.
Spokane International—
892,358
:
.L——————
5
Federal Reserve Banks on Oct. 2,
The details of this issue are as
3,438
«
1,242
Dodge, Des Moines & South
Green Bay
20,509
8,806
Elgin, Joliet & Eastern
825,953
2—
of
on
discount
Northwestern District—
Chicago & North Western
Chicago Great Western
3,431,395
-
Oct.
High, 99.908, equivalent rate of
3,554,694
901,075
3,579,800
,
the
1945, which were offered
Sept. 29, were opened at the
Range
Total
that
4,
984
4,003,393
3,463,512
Week
3,311,637
dated
Jan.
7.667
23,967
r
2
Total accepted,
$1,217,995,000 (in¬
cludes $56,097,000 entered
on
a
1,784
8,912
System
Oct.
on
$1,200,000,000, or there¬
abouts, of 91-day Treasury bills to
11,768
218
—.
Secretary of the Treasury"
follows:
17,111
25,006
181
The
announced
tenders of
be
328
1,570
25,651
—
Mississippi Central—
Nashville, Chattanooga & St. L
Piedmont Northern
366
1,517.
4,104
'
4,680
Macon, Dublin & Savannah—
Southern
379
126
728
48
Durham & Southern
3,455,328
4,343,193
———
July
August——-
3.858.479
3,122,942
3,174,781
4,209,907
3,363,195
3,446,252
.
June__,
of
of
3.531.811
3,055,725
3,073,445
3,924,981
3,796,477
February-..-,,
March
weeks of April-
1942
1943
1944
of
Bill
381
11,243
Atlantic Coast Line
Bingham & Garfield
cept the Eastern, Allegheny and Centralwestern.
Treasury
Offering
1943
368
sponding week in 1943.
All districts reported decreases compared with the correspond¬
ing week in 1943, except the Southern, Centralwestern and South¬
western and all districts reported decreasess compared with 1942 ex¬
Results Of
■
Lake Superior &
Ore
the preceding week, and
Total Loads
^
Seaboard Air Line
Grain and grain products
1519
equivalent to 37 days' production.
For the year-to-date, shipments
of
reporting
identical
ceeded
production
ders by 6.8%.
Compared to the
sponding
week
of
by
mills
ex¬
3.3%;
or¬
average corre¬
1935-39,
pro¬
reporting mills
16.2%
greater; shipments
7.6%
greater; and orders,
were
duction
9.8%
of
greater.
was
were
(Continued from page
amounted to $125,419,601,
$150,971,485;
of
holdings
United
$40,532,380.
$441,338,768, against $455,606,903, and loans and discounts
now
shown
are
$182,729,676, against
as
Capital and surplus
$188,349,955.
unchanged at $15,000,000 and
were
$30,000,000, respectively, and un¬
divided profits are now $7,769,783,
$7,138,293
against
the end of
at
June.
New York Trust Company
The
announced
Oct. 2 the appoint¬
Nyce as
Treasurer. Mr. Nyce, a
E.
Fletcher
of
ment
on
Assistant
A.B. De¬
has been employed by the
graduate of Yale, 1930,
gree,
War Production Board,
which
to
he
was
associated with
Clark, New
&
Stevens
Scudder,
Washing¬
1942,: prior
ton, D. C. since early
York.
condition
of
statement
The
of
the United States Trust Company
York,
New
of
on
Sept. 30, 1944,
of $150,641,-
shows total resources
757
deposits of $117,898,614,
and
with $165,651,192 and
$132,933,760, respectively, on June
30, 1944. Cash in banks Sept. 30
amounts
to
$18,893,859, against
compared
holdings
$2*0.239,074;
Government
States
of United
obligations,
with $92,882,931, and loans and bills pur¬
chased
$25,054,856 against $28,550.683. The bank's capital stock
$87,428,164,
compared
surplus are unchanged at $2,000,000 and $26,000,000, while unvided profits are now $2,442,207,
and
compared with $2,419,660 on
June
30.
Continental Bank & Trust
The
of
Co.
York
New
$34,927,729 against
Acceptances
out¬
standing were $7,254,690 against
customers
Government securities are
States
pared with $155,288,634 on June
30, 1944; holdings of U. S. Govern¬
ment securities increased to $450,-
1508)
against
reported as of
30, 1944, total deposits of.
$144,032,853 and total assets of
$154,989,096 compared respectively
with $157,157,449 and $168,431,308
on
June 30.
Cash on hand and
due from banks now amount to
Sept.
was
$5,189,515.
Sept. 30 resources of $36,191,803,
compared
with
$41,900,968 on
June 30; cash and due from banks
$5,258,236 against $5,469,852; U. S.
Government securities $27,009,703
against $32,538,158; loans and
sources
and deposits of $104,121,-
$97,748,265 as compared
$98,230,012 and $92,046,946,
and
074
with
respectively, as of June 30, 1944.
Of the September total deposits
$97,748,265, U. S. Government
of
deposits
totaled
$9,452,924,
as
compared with $13,320,307, shown
on June 30, last; commercial and
other deposits reached an all-time
high of $88,295,340, as compared
with $78,726,639.
Capital, surplus
and undivided profits totaled $4,807,372
against
as
$4,791,299
on
from banks
amounted to $26,184,782 on Sept.
June 30. Cash and due
1944, against $21,980,165 on
June 30; U. S. Government securi¬
ties were $46,674,365, as compared
30,
$47,720,375; State, municipal
and corporate securities amounted
to $1,646,474, compared with $1,•594,458;
loans
and discounts
reached an all-time high of $28,with
$26,047,844
against
535,269,
June 30. Stock
on
in Federal Reserve
Bank remained
the same, namely,
$135,000.
Reserves increased to
$772,232, as compared with $725,142 on June 30, 1944.
,
Schroder
Banking
Corp. of New York reports total
resources
of $51,365,706 on Sept.
Henry
J.
30,
1944,
June
against
Cash
30.
from banks was
$7,302,459.
curities
$54,870,638
on
hand and due
$5,909,731 against
on
U. S. Government se¬
$30,324,830 against
were
liability on
$6,561,891 compared
$33,825,806; customers'
acceptances
with
and
$4,662,713 in June. Surplus
profits were $2,-
undivided
ployes of the bank voted 75 to 48
to have the union act as their bar¬
Brown
for
y; j./
--v /
y
Brothers
■
Harriman
&
Co.,
private bankers, report de¬
posits and total assets as of Sep¬
tember 30, 1944, at
Deposits
on
that
Statement of condition
ton
Trust
The
Bank
of Clin¬
of New York
Co.
as
of
York
a
record high.
totaled
date
by
Savings of New
for
the
announced
has
made
gaining agent.
awards
125th
the judges in its
birthday celebration. For the best
letters
on
"Why I Opened My
Savings Account," Series E War
30, 1944, shows total assets Bonds with
maturity values listed
$19,482,569, a slight* decrease below were
given:
from the figure of $19,740,642 on
Fist
prize, $500—Mr. Wilfred
June
30,
1944.
This
compares
Webster, Editorial,Dept., American
with total assets of $16,752,509 on
Book
Co.; 2nd prize, $250—Lt.
Sept. 30, 1943. Surplus and undi¬ Harold P.
Meehan, U. S. Army
vided profits on Sept. 30, 1944,
overseas;
3rd prize, $125—Miss
totaled $505,000
compared with Meme
Yee, student.
$482,475 on June 30 and $462,969
For the best letters on "What
a year ago.
Deposits totaled $18,My Savings Account Has Done
232,170 on Sept. 30, 1944, com¬ For Me" the
following awards in
pared with $18,607,541 on June 30
Series E War Bonds were given:
of this year, and $15,539,475 on
First
prize, $500—Mr. Harold
Sept. 30, 1943.
Loans and dis¬
Kopp, Cost Accountant; 2nd prize,
counts of $2,958,299 were reported
$250—Mr. Robert L. Bergstresser,
as
of Sept.
30, 1944, compared
Actuary with Metropolitan Life
with $3,269,845 on June 30, 1944,
Insurance Co.; 3rd prize, $125—
and $3,149,632 on Sept. 30, 1943.
Mr. Mortimer J. Davis, Assistant
U. S. Government and municipal
Secretary, New York Credit Men's
bonds totaled $9,860,767. The cor¬
Sept.
of
a
amounted
end of
$9,302,268
ago $7,590,885.
Cash
year
hand
the
at
and
was
banks
from
due
$4,179,435 compared
to
with
$4,631,677 on June 30, 1944,
and with $3,518,996 a year ago.
Capital stock of the bank is now
$700,000 compared with $600,000
on June 30, 1944.
'\:J: /
\
Herbert
President
Lebau
and
Griggs,
former
former
Chairman
of the Board of the Bank of New
York
and
Trust
Company, died
Sept. 19 at Whitefield, N. H.
was
89 years old. :"vy
on
He
In
was
the
New
York
noted that Mr.
"Times"
it
Griggs had the
heading the oldest
bank in New York from 1901, as
of
distinction
President,
until its
merger
with
the New York Life and Trust Co.
compared with Land Title & Trust Co., Philadel-.
June 30, 1944; phia, Pa., on Sept. 24 brings the
investments in United States Gov¬ total of this stock retired since
ernment
securities
of
$145,983,- June 30, 1940, to $4,025,000. , ;
In announcing
579.52 compared with $184,336,this, Percy C.
533.54 on June 30, 1944.
Loans Madeira, Jr., President of the
and
Discounts
of
$46,206,423.24 bank, said that this additional re¬
compared with $51,724,201.11 on tirement was made possible by.
of
$46,238,640.63
$50,440,608.22
on
..
.
June
30,
plus
are
and
$35,878,536
compared
with
June' 30, 1944. :
,
$9,000,000 respectively, and
profits were $1,900,-
1944.
Capital
unchanged
and
sur¬
at $7,000,000
undivided
600
prizes
Included
were
a
among
in service.
winners
the
number of local
men
now
In celebrating its 125th
anniversary
The
Bank
for
Sav¬
1922, when he became Chair¬
man
of the
Board of Trustees
of
Griggs had retired in 1925.
The financial institution headed
by Mr. Griggs for a quarter of a
century was
established in 1784.
The
the
statement
of
Brooklyn Trust
condition
of
"Post":
"Ernest R. Wilson elevated from
Company, of
Brooklyn, N. Y., issued Sept. 30,
shows an increase of $100,000 in
surplus since the last previous
Auditor
E.
Assistant
1944,
surplus
being
$5,000,000
against $4,900,000. The new state¬
ment showed undivided profits of
Kendrick
$1,465,143 against $1,463,156.
"Previously, directors reelected
the following officers: M. D. Ro¬
was
issued
on
Deposits at the latest date are
$208,135,227, comparing with $219,-
137,078
June 30 last, and total
are
now
$224,498,336
on
resources
against $235,373,496.
United
ities
States
Government
reported
are
Holdings of
as
secur¬
$139,664,785
while total
loans and bills purchased are $27,829,264 against $32,481,513. Hold¬
ings of State and municipal bonds
stand
at
$6,341,524 against $5,510,416, and other securities are
$3,149,128 against $2,129,323.
against
At
$139,414,054,
regular quarterly meeting
of the Beverly Savings Bank of
a
Sept.
27,
elected
succeeding
the
late
Arthur K. Story.
Mr. Bott has
been in the employ of this bank
for over 23 years and had served
as Assistant Treasurer since 1922.
Beverly,
Thomas
Mass.,
on
Bott, Jr.,
H.
was
Treasurer
Auditor to Auditor."
The
senberg", Chairman of the Board;
Groom, President; Jo¬
Iiobey,
and
of
United
ier this month."
to
banking and investment circles
in Memphis, Tenn., died on Sept.
26.
He was 90 years of age.
In
Nashville advices to the Memphis
"Commercial
nand and due from banks
business in
from active
Caldwell
terest in the
private banking busi¬
Caldwell & Co.
of James E.
Nashville, and up until his ill¬
spent several hours daily at
ness,
the business.
the
From
advices
same
tures was the establishment
resenting all other deposits. This
compares with deposits of $735,-
we
banks aggregated
186,
against
Government
Stock Yards.
"Prior to that time he had been
ferred
stock
to
Fourth
National
000
held
value
of
preferred
stock
of
uie
Bank
First
National
come
$454,780,-
by
merged with the
here to be¬
ville which later
$168„560,~
U. S.
amounting to $650,-
presidency of the
Bank of Nash¬
the
named
$174,323,874;
securities,
of the
steam-powered street rail¬
way in Nashville, which was later
merged with the street car sys¬
tem of the capital city.
In 1914*
he organized the Nashville Union
first
199, compared with $794,030,392 at
end of June; cash and due
from
business ven¬
"One of his early
the
.
on
Appeal"
it
was
although he retired
1930, Mr.
had maintained an in¬
that
stated
ing of $91,146,397 of U. S. Treas¬
ury deposits and $605,580,186 rep¬
tal and surplus are unchanged at $1,000,000, and surplus and undi¬
vided profits amount to $410,021.
$7,000,000 and $9,000,000 respec¬
Exchange Bank Trust Company of
Robert L. Hilles, President, on re¬
tively, but undivided profits Sept.
New York as of the close of busi¬
30 were $4,195,941 after allowing porting the condition of the bank
ness
Sept. 30, 1944 shows total
for $150,000 dividend payable Oct. as of Sept. 30, 1944, pointed to
assets of $666,739,528 as compared
total assets of $16,874,021, includ¬
2, 1944, against $3,881,305 at the
with $659,896,456 on June 3Q, 1944.
ing cash and Government securi¬
end of June.
The
bank
reports ' deposit and
ties amounting to $14,363,865, and
other
liabilities
of
$628,900,159
loans and discounts totaling $1,The Commercial National Bank
and capital, surplus and undivided
Real estate other than
& Trust Co. of New York reported 716,346.
profits of $37,839,368, compared as of
bank building and furniture and
Sept. 30, 1944, total deposits
with deposit and other liabilities
at $2.
Total
of $220,909,472.89 and total assets fixtures is carried
of $622,347,105 and capital, surplus
of
$244,146,490.38 compared re¬ deposits on Sept. 30 amounted to
and undivided profits of $37,549,: /
• "
:
spectively with $267,411,618.13 and $15,429,436.
351 on June 30, 1944.
Cash in
$290,490,882.99 on June 30, 1944.
vaults
and
due
from
banks The bank at the latest date held
The retirement of $750,000 par
casn
prominent
Caldwell,
E.
James
in
quote:
the Reconstruction
$221,802,726 against $208,057,120, Finance Corp. has been retired.
and loans and discounts to $86,- As "a result of this new financing,
the capital has been increased to
234,154, against $.93,696,074. Capi¬
securities
Mr. Robey, Mr. Harris*
meeting.
Mr, Monk and Mr. Scheirer were
named to their present posts earl¬
the largest banking
institu¬
and which owned
tion in the city,
controlling stock in two Memphis
banks.
He retired from active
business
banking
Fourth
the
and
in
1930
First
when
National
merged with the American
Bank
National Bank here."
■
Anderson,prominent Cali-*
Alden
and one-time Lieu¬
of
California*
fornia banker,
tenant-Governor
died
on
23.
Angeles "Times'"
Sept.
From the Los
of Sept. 24 we
as
holdings
reelected at the stockholders
were
Sept. 30, 1944, shows deposits on
that date of $696,726,583, consist¬
of
Government
All directors
ant Vice Presidents.
in
$28,000,000. Undivided profits are
shown as $9,421,464 and compare
The Public National Bank and
with $8,893,002 on June 30.
Trust Co. of New York reported
States
and Francis
E.
Vice Presidents; Thomas
Cashier; John E. Monk
George L. C. Scheirer, Assist¬
Sanders
seph
J. Norris,
The statement of The Philadel¬
phia National Bank of Philadel¬
phia, Pa., for the quarter ended
advices state:
same
Thomas J.
ness
ings wished to focus attention on 178, compared with $478,944,728;
thrift and to give its depositors a State, county and municipal se¬
curities were $11,002,343, against
means
of
participating
in
its
birthday celebration through the $15,144,656; other securities $28,contest.
Several thousand letters 803,066, compared with $33,780,were
received.
In general they 083, and loans and discounts were
reflected a sensible attitude to¬ $87,973,300, compared with $86,758,159. The capital of the bank
ward
post-war spending and a
on Sept.
30, 1944, was unchanged
sound appreciation of the value of
at $14,000,000 as was surplus at
cash in the bank.
$69,939,163;
Bobb and
C. Loops were elected
Cashiers;
Robert
E.
promoted from assistant
T.
William
Frederick
George
Comptroller;
to
Cole,
June 30,
statement
Statement of condition of Corn
as corn-
normal
promotions, according to S. Oliver
Goodman
in
the
Washington
months of this year $3.25.
were
Stamps.
and further gains in its
deposits and loans and
gages,
30,
905,519—$159,230,382 U. S. Treas¬
ury
deposits
and
$576,675,137
awarded
in
the
two
contests, covering all other deposits—re¬
ranging from the above amounts ported on June 30, 1944.
Total
down
to
$5.00
War
Savings resources amounted to $755,416,of
total
and
estate
against
$1,628,392.11
on discounts.
1944, after payment of
The
Bank
of
Commerce and
the regular dividend.
Net earn¬
ings per share for the quarter Savings of Washington, D. C., an¬
nounced on Sept. 28 the following
were
$1.18
and
for
the
nine
June
Assn.
A
real
bank's
of
liquidation
mort¬
substantial
continued
414.92
of Sept. 30, 1944, total deposits
The Second National Bank of
$365,253,006 and total assets of
the
combined
business,
known $390,655,205, compared, respective¬ Philadelphia, Pa., announces com¬
after that as the Bank of New ly, with $358,937,591 and $383,866,* pletion of the sale to the public
York and Trust Company.
Cash on hand of 50,000 new shares of common
The 956 on June 30.
bank reverted to its original name, and due from banks on Sept. 30 stock, $10 par value, at $14 per
The entire issue of pre¬
Bank of New York, in 1938.
Mr. amounted to $69,047,575, against share.
in
646,404 against $2,641,227 in the
previous quarter; amount uue to amounted to $148,548,511,
as
$15,514,008
as
$13,438,613; while loans
discounts total $31,546,175 as
reported
$156,310,176, compared with $148,448,365 three months ago,
and
$141,108,047 a year ago.
Total
against $38,133,336.
assets on September 30 amounted
to
$176,766,919, compared with
The
signing by the Bankers
$169,940,171 on June 30, 1944, and
Trust Co.
of New York of an
$160,431,089
on
September
30,
agreement with the United Office 1943.
Capital and surplus of $13,and
Professional
Workers
of
585,802 compare with $13,566,234
America, C. I. O. Local 1, cover¬ three months
ago, and $13,506,217
ing 130 messengers, guards, floor- a
year ago..
Loans and advances
men
and watchmen,
was made
were
$41,555,915 against $42,150,known on Sept. 26.
The agree¬ 908
on June 30, 1944, and $30,335,ment, it is stated, establishes a 078 on
September 30, 1943. Other
weekly salary minimum of $30,
important asset items compared
with increases to $33
after six
as follows, with figures for three
months' employment, to $38 after
months and a year ago: Cash, $33,one year and $40 after two years.
073,616
against $33,869,085
and
The New York "Journal of Com¬
$34,071,167; United States Govern¬
merce" reports that the collective
ment securities $62,990,324 against
bargaining contract is subject to
$53,889,513 and $61,347,146.
War Labor Board approval.
Em¬
on
ling National Bank & Trust Co.
of New York at Sept. 30, 1944,
shows
an
all-time high in re¬
other securities
of
123.
and
Statement of condition of Ster¬
dis¬
$3,134,593 against $3,100,Surplus apd undivided proits were $2,049,664 against $2,044,903.
Deposits were $32,350,540
counts
$33,786,247,
against
$27,948,382;
lioldings of U. S. Government ob¬
ligations to $56,569,796, against
$77,717,110; loans and discounts to
$45,138,642,
against
$51,626,931.
Capital and surplus were un¬
changed at $4,000,000 each. Un¬
responding figure
divided profits are now $1,665,893,
the
last
quarter
against, $1,508,651.
are
holdings
against
and
reported
Co.
Trust
Schroder
compared with $434,184,-
497,322
224;
Thursday, October 5, 1944
& FINANCIAL CHRONICLE
THE COMMERCIAL
1520
had
"He
banking
in
quote:
long been interested
and acquired such
knowledge
of finance that he
appointed Superintendent of
Banks by Governor Gillette on
was
July
1/1909.
"His
in
list
of executive
California
positions
financing houses is
He was President of the
Capital Bank, Director of the Cal
ifornia
National Bank, both of
long.
Sacramento; Director of the Sac¬
ramento
man
Hotel
Chair¬
Company;
of the Board of Directors of
the California Western States Life
Insurance Company,
and President
Central California Traction
of the
Company in the early 1900s.
"He
was
Vice President and As¬
sistant Manager of the Anglo
and
London-Paris National Bank from
1908
until
pointment
he
as
accepted
his
Superintendent
ap¬
of
Banks in 1909.
"Mr.
Anderson
was
76
years
old, and at the time of his death
was President of the Capital Na¬
tional Bank of Sacramento, Calif,
@FedFRASER